I thought that the result was roughly as expected. It is great that they have been holding up margins - but in the future that is an intention rather than an outcome, requiring running up hill as the Aussie dollar is falling. You drop prices if turnover falls.
They were slightly below target on store openings, but that is understandable. There have been a lot of openings into what is now a tough retail market .
Having trouble being excited about retail, and trouble with the retailers being able to hold up margins story too. I think it can work for a while, and then the downside of having competition hits, where the first chickens swerve.
AX1 Price at posting:
$2.13 Sentiment: Sell Disclosure: Held
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