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.
8-Jan-2019 – 245p – £215m – PER 16.3
Trading Update For The 7 Weeks To 6th January 2019 – Expects FY to be in-line.
I considered that there may well be value here at 207p. That remains the case at 245p if you have faith in the sector and the potential effects of the Brexit result.