It is a very long time since a major
Indeed, he says, trading is even worse than it looks if one strips out maturing space and ignores the contribution of new channels like convenience stores. McCarthy calculates sales are down 9% in the core estate and volumes are 10% lower. That's serious.
Recent experience suggests it is wise to treat
"If like-for-like sales do not improve soon, we could be facing another profit warning/downgrade," concludes McCarthy. It's not an unreasonable view.
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