Steinhoff - comment

Pepco are holding their corporate marketing event today. The outline appears to be in line with our previous comments, in that store roll-out will be reduced - to 400 stores p.a. and that the company aims to re-invest in its core estate in E-Europe. Management are right to emphasise that CF is generally strong and the company should be able to rebuild its earnings with not too much difficulty. The event is live in Warsaw today and we’ll have more information tomorrow.