Douglas - comment

The company reported a strong set of results today, even if corrected for a significant one-offs, mostly related to the restructuring of its Spanish business. German footfall is largely as expected and the company no longer assumes a return to pre-covid levels as many customers have migrated online for good. As return of footfall is topping out, however, the online channel is also showing signs of stabilising at correspondingly higher levels, leaving merely a slightly lower margin for the business than pre-covid. We will be updating our work and reviewing our position in due course.