Ann: Nick Scali Ltd FY16 Appendix 4E-NCK.AX, page-7

Mmm, attractive set of numbers indeed, congrats to holders.

Who knows, perhaps management did ramp up the expenses prior to year-end (prepay some marketing, lease expenses etc,) and moderated the 2H2016 NPAT. After all, the STI for executives would have well and truly been secured, based on NPAT, and such a strategy will give FY2017 a flying start to achieve the NPAT target for more STI's. (Being a little cynical).

I must say though, I can't see the need for performance rights. Surely the MD and CFO earned enough in bonuses (>700k) to buy more stock if they felt inclined.

Talk about a favourable business model, sales rise 30% but inventory climbs just 7%. No wonder they can keep cost of doing business under a tight reign when they don't need to keep finding more warehouses.

Happy to see NCK become 3rd largest position here, after ARB and CBA.