Ann: Trading Update, page-25

Disappointing results here. Again. How does this much capex gets splashed without sales growth or margin improvement?
Revenue outstripping profit growth in the much touted US market is a worrying sign. They must have given up margin to get the revenue.
Wondering what happens now that all these new stores in the US are stocked up. Slower sales coming I'd guess.
Aus and Middle East ugly. Eurasia growth sounds promising, but such a small percentage of total rev.

Can't understand the cash generated, with debt up and revenue flat, where has this come from?

They'll be praying resin and exchange rates work for them, this might be the only good news. Depreciation will be a killer if they can't find the sales.

Same old strategy I've been looking at for several years, although with the weird addition of 'grow retail in Australia'. Good luck with that.

Taking this one off my watch list, tread carefully.