Sigma’s trading update revealed a small, but notable improvement in sales trends and an entry into the UK through a joint venture. Improved sales trends appear to be driven by GLP-1 drugs, resulting in margin dilution. The UK joint venture is small with five stores to be trialled in the Chemist Warehouse format in London. While Chemist Warehouse has impressive growth, expectations are high and the patience of company management may be higher than the patience of the market.