I also remain unconvinced that online will threaten clothing...

I also remain unconvinced that online will threaten clothing retail to the same extent as books, dvds, perfume, makeup, skincare etc.

At risk of sounding presumptuous, I believe the average female enjoys and feels stimulated with her visits to the mall too greatly to find adequate replacement or substitution in front of a computer screen.

I also like La Senza for the margin expansion it should provide. SFH is clearly a counter cyclical play but also should offer growth via margin expansion.

Strong balance sheet, management with plenty of skin in the game are all positives.