A premium British lifestyle brand engaged in the design and sale of lifestyle clothing, related accessories and a homeware range, through the multi-channel business structure embracing retail stores, e-commerce, county shows and events and wholesale.
12-Dec-2017 – 263p – £231.4m – PER 21.4
Trading Update For The 26 Weeks To 26 November 2017 – Revenue up 17.5% (CC) to £96.2m (H1 FY17: £81.4m), Gross Margins in-line with H1.
There’s a lot to like here. Recent growth looks good as do forecasts. ROCE and Operating Margin well above industry norms. There’s Cash and a tiny Dividend (<1% – Why bother?). Down 20% from recent highs – Another 20% and I would be much more interested here. I’ll put it on my Watchlist.
9-Jan-2018 – 310p – £271.3m – PER 24.5
Christmas Trading Update – For the 7 weeks to 7-Jan-2018 Sales are up 19.2 (there are now 117 stores versus 107 last time).
Quite a lot to like here as I mentioned previously, growth looks good as do forecasts. ROCE and Operating Margin well above industry norms. There’s Cash and a tiny Dividend (<1% – Why bother?). It’s just way too expensive for me so I am going to take it off my Watchlist for now.
31-Jan-2018 – 325p – £284.4m – PER 25.0
Interim Results For The 6 Months To 26 November 2017 – Revenue up 18.2% YoY (17.5% CC) to £96.2m, PBT up 24.3% to £9.3m with Net Cash of £3.0m (up from £1.4m). The Board expects full year profit to be slightly ahead of the range of analysts’ expectations.
Still like this and although I think it’s expensive, it may well be justified. It’s going back on my Watchlist, 290p.
Subsequently revised Watchlist price, 280p.
7-Jun-2018 – 329p – £287.9m – PER 23.7
Trading Update For The 12 Months To 27th May 2018 – Revenue up 18.4% to £185.9m, expects PBT to be marginally ahead of analyst expectations (£12.6m).
I quite like this but will leave it on my Watchlist at 280p for now.
25-Jul-2018 – 346p – £297.5m – PER 24.7
Results For The 12 Months To The 27th May 2018 – Revenue up 18.4% to £185.9m, Underlying PBT up 28.5% to £13.0m and Basic Underlying EPS up 28.5% to 11.8p.
This was on my Watchlist at 280p and I will leave it there for now in order to keep an eye on it. Results like this though, on a PER of 24.7, may even see me paying up here.
Subsequent note: Further research suggests a fair price here of about 338p or so but with the sector being out of favour I will resort to Neutral here for now.
5-Dec-2018 – 207p – £190.5m – PER 14.7
Trading Update For The 26 Weeks To The 25th November 2018 (H1) – Revenue up 17.6%, expecting H1 PBT to be ahead and FY (Brexit mainly used to caution) to be in-liine.
There could be reasonable value here and if it were not for (you know what) I would be very tempted here – Decent resilience in a “troubled” sector due to, it seems, a reasonable geographic and retail (50% online)/wholesale mix.