Ann: DSK 1H FY24 Investor Presentation, page-100

It's just so hard to pick in this retail environment - DSK may be trading more resiliently than the broader market (which would make it an exception), however if DSK is experiencing similar trade to the diabolical reports released over the past few weeks by many other discretionary retailers, then look out below. Given the high fixed costs of retailing, a small drop-off in sales combined with ever increasing costs = bad news for profit. Many business models have flourished during the times of easy money, we will now learn which businesses are ultimately sustainable when money is no longer abundant nor cheap.