Ann: Half Yearly Report and Accounts, page-5

Yes, I think it is a very good result under the circumstances.

EBIT growth of 6.5% showed no deterioration from the 5.7% EBIT growth experienced in the previous half (i.e., JH2018). Given the general state of the consumer market, and the concerns about the housing market, it could have been a lot worse.

Combined with NCK's undemanding valuation, I reckon this result will put a floor under the share price, but given the cautious tone of the company's forward-looking statements, I suspect the market will wait to see what the full-year result looks like before share price will go up in meaningful way.

Still, another result which shows why NCK is a premium retailer whose management understand their business very well.

Kudos!

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