The retailer joined Beacon Lighting in reporting improving trading momentum in a market where shoppers have largely been shunning bigger ticket items.
shares rose on Thursday after the sofa and homewares company provided first-half profit guidance ahead of market expectations, with trading still down but steadily improving.
“While store traffic was down 10 to 15 per cent in the first quarter, store conversion rates improved, driven by our better value product offer for both brands,” he said. Citi analyst Sam Teeger has a “buy” call on the stock and said trading is still tough but has improved in the first quarter with group written sales orders down 5.4 per cent compared with an 8.1 per cent drop in July.
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