Ann: Response to AFR Article, page-17

I think so too.

Just did the numbers, Q1 18 sales were $699M (which had a drop of 2.8%), which means Q1 17 sales would have been $719M. Applying 8.9% drop to Q1 17 brings the sales down to $654M, the drop of 5.5% brings $699M to $661M. It is good 1.2% discrepancy. Not sure even if the figures are right, they used the gross sales pre concession, the concession to gross sales have dropped in 2018 compared to 2017, the continuous drop in concession may not be reflecting a true picture. I think it is important to confirm the profit guidance as Myer is constantly dropping their below the line expenses. If they save more than 6% in costs, it might be a good outcome. I doubt on the article big time.