may be down 20% when reporting, page-3

GP - I suspect that net current assets, or working capital might be a hot item in the accounts that are coming up. Obviously NTA should have increased, as divs have been less than profits. Hopefully it looks better than expected. With all of the store openings, the balance sheet perhaps isn't reflecting the contingent liabilities of all of the property leases they have. They need to get SSSs up ASAP. The trend for Q2 SSSs is still down. It will be a year before we know if this most important Q is starting to turn around. Has gone up 1% in 2012, up 0.7% 2013 to down 0.9% last year to down 1.7% this year.

Good luck

PS - I am short too