You're drawing a long bow Sircorp. Fact of the matter is,...

You're drawing a long bow Sircorp.

Fact of the matter is, Woolies has reigned supreme over the past decade or so under good management and little competition. I think it would be fair to say that management has fallen asleep at the wheel and now finds its turf being invaded by Coles...the same Coles that Luscombe had written off as a joke only a couple of years ago. In addition, Dick Smith is performing poorly and Big W is also under attack from a rejuvenated Kmart (which also appears to be cannibalising Target)
It is an interesting battle, but Coles is still gathering momentum with much work still to be done.

One wonders if Luscombe's neck would be in the noose if not for the recent run of news from the WES and WOW stables.

And for the record, aside from the shares issued to pay down debt etc, lets not forget the effect of the coal price on WES earnings during the GFC.