Pre-tax profits soared 10 per cent to£22 million in the year to January 26. Retail sales rocketed 15.5 per cent for the period and progress continued in the first seven weeks of the new financial year, rising 16.1 per cent.
Investec analyst David Jeary said: “Any company delivering positive like-for-likes in clothing at present is something of a hero.”
However, Investec lowered its target price from 575p to 500p, which Jeary said reflects “recent de-rating in both the retail and luxury goods sectors”.
Kaupthing retail analyst Matthew McEachran forecast another 10 per cent rise in pre-tax profits for this year to£24 million. “Given space growth and increased participation of licensing and international retailing, forecasts for the year should remain broadly intact,” he concluded.
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