Some positive surprises among the consumer stocks, page-10

When I analyse my investing performance each year, I find that, regularly, two thirds of my income/profit comes from share price growth and one third is achieved through dividends.

I very seldom invest in any business that doesn't offer, at least in my eyes, some growth to add to the, say, 6% dividend yield.
When it comes to retail, I think you're right. Growth in this world is harder to find. Much of the retail growth does come from store growth but it's not the only way forward.

NCK grew, after its store growth, by buying into a different slice of the market (Plush) and are now looking to grow overseas.

REH is another company that has achieved the ultimate in terms of a share of the AUS/NZ market and has moved to the USA for growth. Not content with that they made an interesting point in their 2023 presentation where they talked about, under the heading Investing for Profitable Growth, "non-plumbing network expansion".

AX1 achieved growth through store openings, but the real underlying growth came from their foresight whereby they tapped into the casualisation of the work force dress code when leather shoes were replaced. Their move into clothing, and therefore more stores, was another way forward, albeit that this move higher up the fashion curve makes me nervous.

BLX has plans for some minimal store growth but, to me anyway, their growth potential rests with the idea that they are sitting inside the building cycle which is currently at its low point.

It's always amazing to me how the analysts tend to classify businesses that are involved in retail as being the same when that idea could not be further than the truth.