Ann: CEO Resignation and Q3 Trading Update, page-32

I agree about the store numbers.
Well I suspect Smiggle has a bit more market differentiation than LOV for the time being. I'm not saying that LOV is not a great business. But there are certainly more elements that could be negative, than there are elements that could be positive, and that should be proportionally factored in to the SP. If the business had not run so well over the last few years, and the SP had not tripled or more, then the net asymmetric downside would be far less. The market will rightfully pay a bit less for LOV until they feel reassured that the business can keep spitting out similar metrics to the last few years.