Ann: Trading update, page-2

Likely to disappoint the market. Looks to be about 10% light vs consensus. Consensus hasn't been updated since they flagged summer trading was not going according to plans. My calculations, EPS 26c vs 29c expected. Stock still cheap just have to deal with a earnings downgrade headwind and the need for a good 2H to meet their guidance )although trading in Q3 has started well). Perhaps yield support could come into play, they can certainly keep the dividend at 20c = yield of ~10%.
Good job managing inventory, perhaps at the expense of margin. Rather they do that than have more inventory and then need to discount substantially to move.