He has done extremely well, let's not take that away from him.
We still worry about next year, with fierce competition at the value end of the market, and...still look for a ceiling of around 800 million pounds on (fiscal year profits).
Given the importance of Per Una to M&S, it could have been disastrous had this happened at the current time. Even so, we wonder how long the agreement will last.
Whilst the last time it was a '24-hour wonder', we think that there may be a reasonable chance that a deal could go through this time around, but it will take time for an offer to be formulated.
Whilst much of what Stuart has done has been relatively easy fixes, at least he has been perceptive enough to grasp the low-hanging fruit -- many wouldn't know what to do.
This looks like a knock-out bid as the management, in our view, would be unable to raise the additional finance.
It's a poor (Boots) statement. The bulls will cling to the hope of a bid, but will anyone commit significant funds to buy a retailer until one thinks that the market has bottomed?
The general impression was very good, with merchandise well displayed, and clear differentiation between the departments -- not running into each -- and clever use of graphics.
Management is going to have to take it. I'm sure it will go through. People will think it's mean, but the alternative would be pretty ghastly.
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