extra $ in marketing to acquire new customers, and they had a site wide sale of 10%, these 2 factors reduced margins, that’s why profit was down in final month. Revenue
Marketing spend was $80m for year, so if they cut that in half. That’s $40m extra a year in profit this year, although lower growth rate.
now they are adapting by reducing marketing spend, growth will slow but they will have profitable growth
Ann: FY24 Results Presentation, page-56
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