Ann: Results Presentation - 2024 Half Year Results, page-63

Love this company as both a customer & long term holder but must admit I recently sold out. Recent SP definitely hit above my expectations.

Even with a strong family income, mortgages paid off, I've just got this tempered feeling of a revenue pull back and discounting required to maintain recent high water marks. Unemployment will probably be the key lagging factor. Recent layoffs in certain mining sectors have raised my brow that earning and spending a buck will be a little harder. This even when interest rates drop and inflation pulls back dramatically.

Personally since Albo/Chalmers pulled $9k rug from under my expected $18k the appetite for buying shiny new stuff has waned to zero. International family travel is back on the cards and a return to gathering life memories (not items) now COVID has dissipated.

Looking at my e-receipts history I was spending $12-$15k per annum alone just on physical media per year since COVID. JBH prices since Dec/Jan have got a bit lofty and their discounts periods just don't hold up to past on value.

Whilst my shopping habits are a certain demographic and mine alone my value radar as a retail shareholder feels a little uneasy and risk adverse at the moment.

My thoughts only and will miss those juice dividends.

Still a great company and will always look to re-enter if the price is right.