Ann: 1H22 Results & Update, page-7

During 2021 139 stores were closed and only 8 new outlets open. The network continues to shrink by about 9%.

If this was a tech company loosing 9% of its clients, or an oil company having 9% of its wells drying up how do you think the market would view this. Store network has been in decline for 5 plus years and with no sign of reversing.

A major concern is the ageing network as hardly any new stores have opened over the last 5 plus years. I know my local DK has not had any work down to it in over 10 years and it looks a disgrace. The cost of any refurbishment rests with the mum and dad franchisees. Given the crazy costs of things these days I can't see many forking out 100s of thousands to do this.

Forget about the ACCC. The issue is growth and its ability to increase outlet numbers. Outlet numbers equal revenue as RFG earn the bulk of there money from loyalty's.

IMO this stock goes nowhere until this changes.