Ann: SFH FY17 Investor Presentation, page-3

Slightly better than average given that, although disappointing in some respects, it is still an improvement on last year. Underlying NPAT positive for the first time in a few years, rivers now profitably and continuing to improve, City Chic growing ...

Ongoing problems with the traditional brands reflects the price wars between the large discount retailers e.g. Big W and Target.

Very cautious on the outlook statement, perhaps deliberately. No mention of the benefit of higher exchange rate - they normally provide more detail on hedging.