Apr 15
Sean Larkin Internet Price 2020
Different issues equal, we anticipate Bloomberg consensus FY20E PBT to scale back c.£10mn to c.£455mn (adj. EPS 18.3p, -23% yoy). 1.5%), -65bp 2H20E UK gross margin delta (Meals -25bp, C&H -45bp), and -0.7% yoy 2H20E opex. 1.4%) and moderating Clothes & Residence LFL (1Q-5.2%, 2Q-5.7%, 3Q -1.7%) is encouraging, albeit close to time period that is tempered by decrease finish FY20 gross margin steerage (larger Meals waste that deliberate). Full-12 months steering