In a positive day for some of the
The retailer said worldwide sales rose 0.5% to £1.19bn - despite unfavourable currencies and a 7.5% drop in
After an encouraging set of interim results, third quarter trading over peak was a disappointment. We saw a recovery in the fourth quarter trading performance and have delivered full year results in line with market expectations set in
This momentum has been maintained into this quarter, and we look forward to sustaining this improvement in the new financial year.
The news lifted the company's shares 27p higher or more than 19% to 165.75p. Analyst
Full year trading results matched expectations, with reported pretax profit ahead of consensus due to a reduced share-based payment charge. Net debt was on track and the facilities headroom has increased to £100m.
Underlying trends in the international business remain robust but the group is facing into a stern currency headwind, especially in the first half. Meanwhile, the
The shares have fallen 65% this year and given the interim chief executive,
In our view, any management recovery plan might require more capital and higher lease provisions on an already weak balance sheet.
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