Ann: CEO Transition Update, page-21

Hey Matt yea I agree that the EBIT will be different but I believe the footnotes will basically cancel each other. Going back through the FY22 Annual Report, Eroma termination fees were close to $1mil. I don't believe the cost will be that high again but lets say it is. This will obviously reduce the EBIT, however the rental concessions and NSW job saver more than offset those costs last year. This will probably be much much smaller this year but probably still offset the transactional costs.




The obvious clincher will be NZ startup costs. They have currently opened 3 stores in NZ and some sort of backend support. Once again according to the Prospectus new store deployment cost around $281k. Therefore with some margin of safety I assume the NZ costs to be in the range of $1-1.5mil.



I am no expert just interested in my investment development, I may be very wrong.