Strong brand in the U.K. home market with solid market share in its niche segments and multichannel presence. Growing presence in the convenience focused U.K. food retail market, despite intense competition. Challenging trading conditions due to the fashion-oriented and highly competitive nature of the U.K. apparel and general merchandise retail market. Credit metrics constrained by relatively substantial debt burden, including off-balance sheet liabilities such as operating lease commitments. Historically strong credit metrics with short-to-medium term pressure from soft trading in the non-food segment and announced restructuring program. Cash flow supported by a meaningful reduction in capital expenditure (capex) and the suspension of additional returns to shareholders in the current fiscal year. Well-spread medium-term debt maturity profile. The stable outlook on
