Will be no dividend until CEO determines there are no better ways to invest the money and drive the business further than to return the money to holders. The company's success will be judged based on the decisions of the board and the returns they create for shareholders, so if any investments result in higher return on capital than what we are seeing now, expect a major rerating. So far the money invested in new and refurbished stores is showing as money well spent, however only in holding back the tide of the downturn in the Chinese retail market, the stock is currently dogged more by the macro than the micro - and as I see a lot of the people on this site don't seem to be conscious of that fact. One turn in top line growth upwards to stem the downward trend over the last 2 years could see the commencement of the reversal - let's see if that's next quuarter, either way these are great prices to nibble.
