Ann: AGM Trading Update November 2023, page-6

LFL has gotten slightly worse but on the plus side total sales have improved compares to the first 7 weeks of FY24.
The store growth rate is still around the same as it was for the first 7 weeks so nothing here to the downside or upside.
China entry was largely expected and anyone following their jobs posted online should know an entry to China was imminent in the short term. Nonetheless, this is a positive I think.

The most important question is how the bottom line is doing with the reduced LFL sales. We'll have to wait for the H124 results to find out. If margins from FY23 could be retained on lower LFL sales, the bottom line is growing in the teens which would be great. However, the bottom line always suffers disproportionately when LFL sales drop so I'm expecting flat earnings growth on FY23.

What the SP does is anyones guess. It could go down based on further deteriorating LFL sales and the slower store growth rate compared to FY23. On the other hand entry into China could start an accelerated store growth rate so the SP could even up. It's also important to remember the SP has already dropped down to $18 from $27 when things were going well so one would think a lot of bad news is already baked into the SP.