Report by Woozle Research
Woozle upgrades the stock to Buy based on findings from their recent surveys - store managers report LFL sales growth of +3.5% in 2Q23 vs. the same period last year with sales rising sharply in recent weeks after a muted start to the quarter. 40% of respondents report sales are trending ahead of internal targets (with only 10% underperforming). This is a much stronger performance than other names under Woozle's coverage such as H&M and Superdry. Promotional activity is unchanged due to healthy inventory levels and strong sell-out trends. While summer ranges have been particularly strong, menswear has seen stagnant sales trends due to rising competition.