I guess this is what you get when you invest in companies with...

I guess this is what you get when you invest in companies with quality management. EBIT up 201% and NPAT up four fold in 1H2023.

While 2022 was a difficult period, they refused to stop investing in all aspects of their business, including opening new stores and focusing on product availability that yields high margins, including their own brands. Now we see clear benefits when the store network remains fully open, they dominate the market - and a market proving pretty resilient based on LFL sales being up 16% so far in 2H2023.

I'm looking for faults but they're hard to find in this result. A generous 12c dividend over and above EPS of 10.7c, perhaps they could have paid down more debt. That's all I can offer. But when you pull in $81m of free cashflow, you can afford to be generous to your shareholders! Thank you management.