Ann: 1HFY21 Appendix 4D and Half Year Report, page-13

Got it. Thanks all.

So, they've launched a new product range last year (face masks in a pandemic), and within six months written the value down by $2.5M. Presumably they can't sell these. Talk about an own goal. Any insights if this mask issue has got more bad news to give?

Their 'broader product range' story makes me nervous - GAP makes money when the sun shines (and when the grain season is strong). Presumably it's their bread and butter range that has delivered the result this year. Largely out of their control I'd argue, and hence their unpredictable performance and hesitation to give solid forecast/guidance performance. Full year results will depend on how hot the US summer is.
IMO this ingrained uncertainty is why they don't (and won't) trade at multiples much higher than current.