Inventory step changes upwards have been a common element in retail companies through the Covid period due to the supply chain issues that prevailed,
So as a one off in FY2022 I am not that concerned.
The FY23 numbers will be important though to see if they have unwound it. CCX, KGN fell into a hole in this department.
The market has beaten BLX up, so maybe the background goss is that BLXs numbers in August are going to be a bit ugly...
But then again, it could just be the current ugly market sentiment towards retailers.
Gosouth
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