These guys certainly know how to spin a line.
Operating cash outflow of $17.6m may be technically correct, but they also spent $17.5 on 'other' financing items, which must be mainly lease payments. (The document says 'provide details if material' but there is no information. Typical. There's also no cash outflow shown which corresponds to the share buy-backs reported in the period. Perhaps they weren't bought back for cash, but rather by cancelling a receivable.)
The receipts from customers for the quarter were 7% down on last year: a fact that isn't mentioned. What is mentioned is that like for like store sales were up by 18% on last year. So the rest of the business: on-line sales and stores closed/opened must have had a major negative effect on the figures.
Store sales were 73% of the total in the first half: if like for like stores in Q3 were 70% of the total sales, increasing 18%, the balance of the business must have declined by 65%. (70%*18%=13%; 30%*-65%= -20%. Total= -7%)
On a separate issue, one of my footwear buddies got caught by the Ezibuy debacle and sent me some of the details. It turns out that the administrators had previously done work for Richard Facioni (MOZ chairman) when he tipped Ginger and Smart into administration. So there's form in walking away from supplier debt and trying to wipe the slate clean. Claims against Ezibuy are apparently in excess of NZ$100m.
DOYR on this.
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These guys certainly know how to spin a line.Operating cash...
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