Ann: FY14 Guidance Update , page-6

The developments of project diamond seem staggering. 15-40% more sales per m2. If the initial studies apply across the business with the roll out of their new formats then this should lead to two outcomes

1. higher margin on goods sold at constant revenue.
2. maintained margin but increased revenue.

This story reminds me of iinet about 3-4 years ago, they have a strategy for growth that has very high indications of working and anyone can look at the strategy and say that'll improve profits by $xx on very rough numbers but they all undervalue the company because they are looking out the rear window.

Dividend payout ratio will return with time as capex dries up. The real challenge is working out how low this will go in the middle. I suspect big falls lay ahead. I'd be surprised if it doesn't drop to about $2-