Earnings momentum is going to continue to be a key driver. Those companies that are in a good position in the market, that can engineer their own momentum, are going to be in demand.

They're targeting two different markets. H&M is on the younger and sort of cheaper end of the market. Perhaps one of the reasons that they haven't done so well is that this is a much more competitive part of the market.

We're anticipating margins will go up in the next couple of years.

As long as we see signs of stable growth in the economy, you could have gains in the market. Things are not as bad as some people expect.

We think that their profitability going forward will benefit from this.

They've done well to have enough gains from the sale of assets to be able to offset these losses because they were in fact quite a bit bigger than the initial estimates.