Not unexpected given the conditions out there. High inventory levels that cost more to store and have to be discounted to sell through. This coupled with the fact that there are serious Cost of Goods headwinds being experienced across manufacturing especially to do with shipping containers - I know of a number of importers who are seeing a container cost rise 5 fold compared to pre- Covid levels.
fundamentally still a good business but they are going to take the rest of the year to sort this out and get back on track.
Ann: May 2021 Business Update, page-10
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