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So if LFLs are flat that means the additional 18 stores only account for 600K or 33K turnover each. In which case I can't believe any of them are making much of a profit then. I suppose it depends when each was opened in that last financial year.

I don't think I'd describe a fall in reserves of £16M in one year as particularly 'strong' though. That's more than an 80% drop.

In that context is further expansion without consolidation a wise move, especially if the trading environment is 'tough'?

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