When reviewing this company in July, I thought it was a great business, but way too expensive on 26 times earnings, leaving no room for slip-ups. That proved to be the case. The shares are now down 25% after a tough few months.
On the trading front, it seems that replicating the success of its UK business in Germany is not going to happen quickly, if at all. It will take longer than expected for losses to turn into profits.
Back in Britain, analysts are starting to fret that it won’t be able to open as many new stores as [...]
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