Given the more challenging economic backdrop and widely reported consumer spending fragility this is, in our view, a very strong result.
The results are fine but we believe there are better investments elsewhere in the sector, not least given the stock overhang.
If things weren't bad enough already, the World Cup is likely to add to the trading woes. Plasma screens are being rolled out across the estate, but this process will not be complete ahead of June. A further deterioration in like-for-like sales should therefore be anticipated.
The threat of a smoking ban is clouding the issue, and it is wise to remain cautious.
This was well flagged, but these stocks will be quite tetchy this year. The bill's proponents appear to think this is their best chance in years.
