I expected a slight drop in SP to be honest, given the LFL sales decline of 3% since the start of Financial Year. Proves how much I know about short-term SP movements...
Nevertheless, Hammerschlag's team never cease to amaze me in ways to increase profits. RCGB is growing at ridiculous speeds and is close to 40% of EBITDA, with no real signs of slowing just yet. Wholesale sales just keep flying, as the presentation suggests. I look forward to the outcome from the Instride licensing purchase.
Another aspect that I'm yet to completely figure out (or fool myself with a decent narrative) is that of the 'premium retailer' assigned to TAF. How is it high end retailers can be cutting prices, yet TAF can retain margins and not partake in the price wars?
Don't get me wrong, I'm not complaining! It just doesn't make sense...
Ann: FY2014 Results Press Release, page-3
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