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Essay text:
While we believe our second half
• performance is largely attributable to a deterioration in market
• conditions, like any retailer there are things we could have done
• better. For instance, although we sold significantly more volume,
• we under-potentialised products in the middle and top price
• categories – what we call ‘better’ and ‘best’ – during the key
• Christmas period.
• Although we can’t predict how severe the current downturn
• will be, or how long it will last, we expect its impact to be felt
• into 2009/10. However, we believe we have the potential to
• outperform the competition by planning for modest sales
• growth and keeping a tight control on costs and stock levels,
• while at the same time, driving our business using our five
• key values of: quality, value, service, innovation and trust...
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