Thanks for the reply and additional comments. I hope I’ve done...

Thanks for the reply and additional comments. I hope I’ve done the same re job keeper and retail.

I listened to the hookup after posting the above. Listening essentially reinforced my above views. The press is pretty dry - but the Q&A very good (especially with the first analyst from Citibank). Some additional comments from the hookup ...

- TAF has been a standout performer - IMO certainly looks like they knew what they were doing when they decided to buy back the franchises.
- Landlords are keen to give them floor space. AX1 wants >30% ROI for new stores, landlord reducing asking rents and/or contributing to the fitout costs to ensure AX1 meets its hurdles.
- PIVOT first store success is so good that it’s pushing other concepts back. First store is massively outperforming sales expectations, its had little to no advertising, the store “is basically a car park” with very low fitout costs and low rent. Illustrates thirst for “value” segment that AX1 didn’t previously address (ave sale only $95). Model so successful they’re expecting to build 100 stores! ... presumably (IMO) with great incentives from landlords to make them highly profitable.
- Margins helped significantly by growing own branded product sales. They’re “just getting going” on this strategy and expect lots of room for further improvement.
- very optimistic on product coming from brands and the resilience of sales ... Daniel was surprised with sales in Melbourne saying “not sure where they’re wearing it”!
- wholesale orders are strong - so other retailers recovering too. Many brands are hitt8ng record sales.
- aged stock “very clean” with the best (lowest) aged stock Daniel can remember.

Bain Capital pushed questions of Jobkeeper. I’d have to listen again to check numbers but seems they both got and spent. ie. because they got jobkeeper they brought people back full time earlier. From the discussion that followed seemed Jobkeeper wasn’t a free kick as they flowed it through and “stood up” people to full times hours earlier than they would have. They seem very proud that they’re keeping all Vic and Auckland full time staff on full pay despite the shutdowns. Hence, if yo7 haven’t already, suggest its worth listening to this exchange.

Cheers