On the one hand, the top line is being flattered by the contribution of Mighty Ape - perhaps a circa 10% contribution vs Q3 FY 20. On the other hand, Q3 FY 20 experienced such a surge in sales at March, that that entire quarter still constitutes a 'pandemic hurdle'. For context, here are month by month growth in gross sales vs pcp:
Jan 2020: +17% (presentation of 2 Feb 2020, slide 31)
Feb 2020: +17% (assume)
March 2020: +107% (my estimate based based on total HY growth of +71%, and subsequent monthly updates within HY).
All of that equates to a Q3 FY20 period that was probably already up some 47% from pre-pandemic levels. So when we consider that the latest numbers are comparing an unwinding of the pandemic effect against a ramp up of it, I'm not particularly dissatisfied.
On the one hand, the top line is being flattered by the...
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