Ann: 2023 AGM Presentation, page-8

For me DSK is FY25 play so I am less interested in FY24 as long as it is not a disaster that eats capital.

That being said, of course I looked at the trading update.

FY24 has improved from -15% to -11% on FY23 from earlier in the year, although FY22 positive comp has disimproved (sometimes the percentages fool you!).

Dollar-wise they're only -$4.9m behind which on the surface isn't too bad top-line but at a bottom-line given high GM and starting profitability amount it will have a greater % impact, especially if extrapolate the percentage forward for full year. IMO Market seems to be pricing as such in ST.

For me, a couple of other points.

I'm glad to see store rollout continue - 150 stores is a good milestone - it's an investment for the future that will impact current results (that I don't care about) - at some point sentiment will turn up so best be ready for it.

Market store saturation in AU is a valid concern (did PK mention 200 one time??) which is why international expansion is imperative - no mention here yet.

The pop-up stores for Christmas might be a cheap way of capturing the xmas busy period.

And Amazon is a good idea too - though selling flagarance online is more for repeat customers.

Good to see no BB too - IMO BBs get too much attention - especially on ASX where franked divis is more appreciated for excess capital.

Plus the asx has limits in place (both price & volume) to prevent that immediate upside people expect.

P.S. not sure why they said no on the grounds of requiring borrowings to do it.

-5% today but on tiny volume.

Anybody go to the AGM?