Lots of positives and risks in this resultthe big positive is...

Lots of positives and risks in this result

the big positive is stores are back trading to more normal levels. the hard part from here is cycling these impressive growth rates, which IMO will be challenging over the next 2 halves.

as you pointed out cash flow is an issue and there is a debt refi looming. IMO another equity raising can not be ruled out. Especially if there is a new CEO who may look to take decisive action and clean the slate upfront.

again, the biggest issue for me is there ability to grow the network. domestic store numbers down another 5%. international was largely flat. Based on my numbers they generated approximately $46k in revenue from each domestic store and $9k per international store.

with the legal issues out of the way, this year will be all about the balance sheet. how they refi and what will be the split between debt and equity. growing store numbers is going to very challenging in an environment of high interest rates, flat to falling property prices and higher fit out costs.

IMO you won't see another leg up in the share price until the balance sheet is sorted out. new investors maybe waiting for an equity raising to get in