I'm surprised with the market reaction. While sales were not...

I'm surprised with the market reaction. While sales were not half the full year forecast, UK is really only just gaining momentum so the next quarter should be stronger there. On the downside, the second half does not include the peak Christmas period. While I think they might miss full year guidance, I don't think the market will be surprised and the business does look like it's growing at a good rate with new store expansions. I would have preferred to also see evidence of same store growth but that won't matter too much as long as they can keep expanding to new regions/new stores. Once subscription fees reach a certain level, the company will become more profitable. I believe there are strong gross margins in watch sales but I also think that much of that is reinvested in advertising. It's recurring revenue growth that I think will be more important.