sales update, page-6

I have been watching this stock for sometime and have been negative on it for quite awhile. They were looking like they weren't going to hit their sales targets and their announcement on 1 July confirms this. What surprises me is that the stock hasn't fallen further.


They reported sales of $315 million, compared to their $400+ million last year, on which a profit of $66 million was made. I know a lot of last years unrecognised sales will be recognised this year, but this fall will seriously dent performance. They would not have expected this to occur, and I would not be surprised if they report a loss for this year. NTA wise, I know book value exceeds $2, but they are highly geared and a lot of the property is tied up in long term leases with low/nominal lease rates making them impossible to offload at a discount, so I'm not going to wait around until Danny Devito to rock up and liquidate. This share will tank.