It reaffirms that SBB is on track to implement their strategic...

It reaffirms that SBB is on track to implement their strategic plan, and it shows managements willingness to please shareholders.

This is what I got out of

• Recent operational developments – indirectly implying revenue growth
• The possibility of margin expansion for Dec’ half
• On track to reach 60 stores by years end as part of their direct to consumer strategy - Direct to consumer is a global trend within the consumer durables sector
• Hinted at an acquisition – a likely use for their current war chest. I would be disappointed if SBB released this money as a dividend given their ROC/ROE at present
• Detailed use of new office building i.e. flagship store and office block. Seems a valid approach and will reduce operation lease expenses in the future albeit a small amount
• Outlining their focus on sales/marketing which is imperative in retail
• Facilitating growth through investment in a distribution centre
• Construction costs were expensed in the first half provides evidence of potential margin expansion in the second half

Can anyone provide clarity on the trading seasons in China i.e. is revenue biased to the Jun’ or Dec’ half?