Ann: FY24 Half Year Results Announcement, page-2

As a long suffering TRS shareholder it is a disappointing result.
However there are many positives one can take away.
Sales are up, but increased resulting margin offset negatively by cost pressures.
Those costs are partly depreciation being non-cash, but largely CODB over and above the proportionate sales increase. (inflation?)
Continued improvement in sales should persist due to decommissioning non productive stores and opening new.
Balance sheet clean
Continued capital management through buy-back.
Time to be patient a year or so longer?
Thoughts?