Interestingly I believe Wilson Microcap sold out based on the same frustration (not expanding overseas). I actually agree with PMW I would rather just see them be conservative and get the Australian stores back to growing sales with the possibility of resuming growth in NZ if discretionary spending picks back up again. In the meantime I'd be ok with another 3c dividend early next year plus more directors buying on market to show some faith in the strategy. I visited the store in Geelong yesterday and it seemed to be trading quite well. Again my observation was that the more traditional products (candles/diffusers) etc. look very unique and interesting whereas the newer range of more generic gift items looked a little bit out of place.
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