Under the circumstances - and especially around some of the...

Under the circumstances - and especially around some of the market's concerns about perpetual sales - this is actually a decent result, I think.

Sure, the earnings growth slowed during the year, but I think that to still report positive growth numbers when your previous period base is one that reflected 40% growth, and when the business environment is challenging, is a not-too-sloppy outcome at all.

EBIT Growth by Half-Years (on pcp):
DH2016: 44%
JH2017: 40%
DH2017: 16%
JH2018: 4%

Part of me had expected a negative number for the second-half, based on all the anecdotal stuff I was hearing.  

(Of course, the market might very well adopt the stance of, "Well, the dreaded negative like-for-like outcome might not have happened yet, but it is on its way.")

The highlight for me is the Gross Margin, which is hanging in very well, I think:

Gross Margin by Half-Years (on pcp):
DH2016: 62.0%
JH2017: 63.1%
DH2017:62.6%
JH2018: 62.8%


The big lift in the final dividend did surprise me somewhat, and I'm not sure what the board is thinking in that regard; part of  me says that everyone would been better served with more modest dividend increases because all they have done is created an elevated base against which future dividends will be compared.  And, as we all know, to have to cut dividends is never a good look, which means they have created a bit of a high bar for themselves in the event of a cyclical downturn.

I'm not complaining too much; just find it curious.