I am not aware of any internet sales outlet that MCP have, rather their sales are channelled through retailers of all kinds - ranging from David Jones, to Woollies, to Spotlight.
As I posted back in July, a real threat for MCP is Coles and Woollies either substituting their products with house brands and/or reducing the shelf space to make room for house brands. It is my observation that both are happening.
With the little apart from the "down 30% number for the 1st half 2011/2012 it is difficult to dig deeper. Best I can come up with is that sales for period are down about 25% yoy - this gives a "underlying PBT/sales" % ratio which is consistent with tighter margins vis-a-vis pcp.
On another front, the average AUS/USD fx rate for the period was about 16% more favourable than the pcp. Seems that benefit has been gobbled up as well!
On balance I reckon their 2nd half forecast is pretty optimistic as I cannot see anything changing on the retail front to improve their position.
MCP Price at posting:
$2.06 Sentiment: None Disclosure: Held
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