Ann: ADH Trading Update and Stores Re-opening, page-65

i am not so fussed about currency. In best case there’s a small tailwind, in worst case it provides a market signal to diversify cost base.

Agree re: the results. Given the known information
about cash position disclosed to the market, prior to receipt of JK funds and prior to the discretionary rebound we’ve seen makes me optimistic. in fact I am optimistic about all physical retailers that survive- they’ve basically had idle staff + urgent need to improve online offering, and I’ve observed enormous catchup on the online side. Meanwhile the online retailers get no helping hand, and don’t have the advantage of a physical footprint and more importantly don’t have the know-how. It is crystal clear to me that the retailers that have survived have had a strong focus on the customer value proposition and focused upon the way the world is.

I have to disagree with you on international- in my opinion the hardest part of a business is assessing demand. If demand exists (and online is a beautiful channel for sampling demand without much cost), then it is more about working out a low risk way of fulfilling that demand at a marginal profit. Once a foothold is established and the procedural elements or playbook of international expansion is worked out, it could be a very profitable exercise, but I agree there are bigger problems for now.

*Aussie expats, of which there are many, would be great net promoters- my experience when I was domiciled overseas was constantly endorsing our products to locals (largely because they are almost on the whole better, which I attribute to the relatively high cost of labour in this country resulting in rapid implementation of processes that serve time-saving functions for both employees and customers, resulting in a better overall customer experience).