Ann: Q2 Trading Update, page-104

The write downs of the items is non cash write downs. 43m for writing off an extinct Brand.

The NPAT of 11.9m would mean that was the only amount taxable as income. 43m written down on one item, a Brand asset now classed as gone.

But the sales in $ terms per sqm has risen 3.7%

3 stores closed with the 3% loss in sales caused almost entirely from the 3 closed stores.

Otherwise sales down by 0.2% Thats just 1/5th of one percent.

Profit margin is still in the range of 37%.

Part of the write downs was 6m for redundancy for closing the dud stores and dud staff.

Online sales rising by over 60%pa

Click and collect sales rising as well.

3 or 4 more dud stores to go, most likely some better placed stores in the future.

An extra weekend in December pre-Christmas this year with Christmas on the Monday.

That has to clip some kind of boost vs a previous Christmas with one less weekend in december pe-Christmas.

The last report was prior to this weekend , and prior to next pre-Christmas weekend.

Theres alot of prouct selling to happen post Christmas as well.

Low interest rates, low unemployment.

All the bad stuff is out now, cant squeeze any more bad stuff out. All priced in.

All sitting in the box seat ready for Santas Rally.

All planned in advance, The Fund managers probably wrote half of Umbers report.