Analysts predicted he would announce plans to scale back the expansion of Simply Food and abandon the homewares concept, Lifestore - as well as unveiling a back to basics blueprint for the group’s wider clothing and food strategies. There was also speculation he would announce a scheme to return cash to shareholders, possibly through a sale and leaseback of a tranche of its freehold properties.
Richard Hyman, chairman, Verdict Research, said: “The food strategy is not clear and hasn’t been clear. The least that’s going to happen is a more cautious line with Simply Food.”
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