Ann: FY2019 Full Year Results Investor Presentation, page-4

Agree - a tough market and ordinary result but balance sheet remains intact.
The positive comps in the first 8 weeks, together with what I assume will be continued good growth in wholesale/ Designworks (as the contracts were only ramping up in 2019) provides a glimmer of hope for 2020. The upside of a cyclical retail business is that once things turn the high operating leverage means growth flows largely through to the bottom line.
Couple of questions from me though - why is the new CEO still transitioning?? and why do central costs continue to grow?? They probably include the houlihan lokey fees but they have been working with HL for a couple of years and not sure what the $900k this year actually delivered for them.
Overall, looks like patience will be required once again on this one and hopefully the H1 results will show a continuation of the first 8 weeks.