Ann: FY24 Half Year Results Announcement, page-5

Good thoughts.
Like you, I'm a bit confused why these stores even exist. My wife likes them however. She says the differ from Aldi as their MO is having real "brands" they buy in bulk, passing on the savings to customers. She'd go much more but they aren't represented everywhere, certainly not near us.
I can imaging the pilfering going on.
It's a store network targeted at the value conscious shopper. No cost shop fitouts, basic signage etc. It screams Cheap like a $2 shop. I'm thinking that a lot of their customers are most likely not direct shareholders.