On the one hand, once again and despite the sequential improvement in LFL, the relationship between the top-line and the underlying bottom-line in Iberia (i.e. excluding El Arbol and Eroski) may seem somewhat inappropriate to the market (i.e. -2.3% LFL vs a +40bp estimated appreciation of the underlying margin). On the other hand, one could emphasise the rather positive tone from management who talks openly about the objective of positive LFL sales growth in Iberia for 2016. On the whole, following this publication, each party should stick to its previous position.
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