A UK-based fashion retailer focusing on the branded footwear and apparel markets.
11-Jan-2018 – 253p – £264.3m – PER 44.1
Trading Update – Strong growth. Revenues of £89.8m (up 33.4%) for the 18 weeks to end December 2017. Revenues of £173.0m (up 34.7%) for the 44 weeks to end December 2017. Trading continues to be in-line with expectations.
Although the Revenue growth is impressive there’s no mention of Profit in this latest update. On a PER of 44.1 I would prefer to wait and see the actuals here. Can’t even find a single broker note.
3-Sep-2018 – 84p – £87.8m – PER 16.4
Trading Update For The 6 Months To 25th August 2018 – Revenue up 18.5% but will report an EBITDA loss (due to margins and costs). Expects FY revenue growth to be belowcurrent market expectations with EBITDA to be significantly lower (ouch!).
Can’t do much more than remain Neutral here.
16-Oct-2018 – 32.5p – £34.0m – PER n/a
Trading Update For The 26 Weeks To The 25th August 2018 – “Currently trading in line with the FY19 expectations that were rebased with the trading update of 3 September 2018”.
I still can’t do much more than remain Neutral here.
8-Jan-2019 – 32.5p – £34m – PER n/a
Trading Update For The 18 Weeks To 29th December 2018 – Revenue growth in-line, margins down, covenents mentioned!
I’m staying well away from this for now.