Ann: Bank of America Merrill Lynch - Emerging Stars Symposium, page-10

electronics was one of the areas hurting most from a high AUD, people were okay making purchases of small goods like phones, games, fitbits, tablets and others online from overseas from retailers like amazon. looking at the most recent ABS retail figures, electronics were a stand out and my theory is that there was a pretty rapid slowdown on people purchasing online and returning to instore or local retailers online offerings as the dollar quickly deteriorated.

management made a great call to buy long-age stock when the dollar was higher. great foresight.

i mean, i don't know if any of you were keeping an eye on dsh's ebay sale, but they sold an absolute ridiculous amount of merchandise, with some standouts in their private labels, gopros, headphones and lcd screens.

i think online will be a standout next earnings; just look at their online penetration:

http://www.trafficestimate.com/

dicksmith.com.au original visits per month: 1,515,700 ($320m retailer)

jbhifi.com.au original visits per month: 2,069,300 ($1.9b retailer)

dicksmith.co.nz original visits per month: 290,500

jbhifi.co.nz original visits per month: 243,900

considering most aussie retailers like myr and dj's can barely get in to high single digits online sales, dsh is over 10% and growing rapidly. i just can't believe mr. market sold this down as much as it did. some shorters must be really panicking after a standard roadshow preso sends the stock up over 8%.