Yes i think there is an apparent but not necessarily real...

Yes i think there is an apparent but not necessarily real plateau effect with the dusk rewards customers as you get some people trying out but then not renewing the $10 p.a. fee while others remain loyal. What is positive is the average spend per member is still around $60 (prospectus proforma was $59 vs $42 for non members) which suggests that DSK maintain good engagement with those customers. i also note from the prospectus they made up the following % of sales (43.1%, 49.5%, 53.9%, 56.5% 2017/18/19/20 respectively) they look like they hit a high water mark around 62% in the pandemic and now settled (or normalized) at 59%. as i made the comment in my thesis above there are limited number of fully years info as a listed company to get confidence in their ability to handle full economic cycle but the rewards customers seem to be tracking ok given the pandemic spike.

Volume weighted price today up around 1.70 so far in a down market so hopes for short term consolation around 1.65 looking good.