The biggest issue is the decline in margins and wolesale revenue.
From guidance I estimate margins have recovered somewhat although the second half is always stronger and it sounds like wholesale may have as well. Design works should recover with the new licensing agreements.
The opening of new retail stores will increase revenue over time and if margins recover my valuation increases to about $1.61
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- Yield of 10 to 11%.
Yield of 10 to 11%., page-6
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