Ann: Business Update and FY25 Outlook, page-18

This company continues to be a shocker! They repeatedly release bad results, try to spin it onto something positive and try to get the market to "look over there, we have something shiny and new to show you" as a distraction and hope the market buys it. The track record of management in this rinse and repeat cycle is terrible.

They are no longer a growth stock and won't be again for a very long time - if nothing else, momentum within the business is against them and that simple fact is very very difficult to turn around quickly. They have opened too many stores in the misguided belief of "if you build it they will come...and buy....and come back....and buy again....". This hasn't worked for them for many years and the rot is there for all to see in the vague information that they release that should drill down into core performance metrics at a granular level. There must be heaps and heaps of unprofitable, poor performing stores all across the network, not to mention franchisees struggling and going broke - but they will never lift the covers on this level of detail which will tell the true story.

I sold out years ago after the CEO starting raising red flags and I'm glad I did as the red flags are everywhere still. I keep an eye on the company as it would be a decent business if they came clean and got rid of all of the rot in the business and the share price reflected proper value of this as an ex-growth fast food business.