Nice to see Perennial are maintaining their conviction....

Nice to see Perennial are maintaining their conviction. Hopefully they will ask the CEO a few tough questions (including why he is not putting his own hard earned in this if he is convinced of a turnaround).

Its also worth noting that TRS is now at a 40% discount to tangible book value (or about 30-35% after adjusting for the DC and redundancy costs in the second half). I know BV is only a writedown away, but in 6 months Mr Market has decided that TRS has gone from a healthy investment case to the walking dead. Remember, consumer spending has been weak for everyone in the past few months, and will likely continue for at least the next 6 months, but anyone who invests in retailers and doesn't expect cycles should try a different game. If there were no cycles in retailing then we wouldn't know who Solly Lew was and he wouldn't live in Toorak. Stay positive holders, these are the times when you really earn your money.