Kapow! Take that Noni B! Solid result - $25m cash a real...

Kapow! Take that Noni B!

Solid result - $25m cash a real surprise, they've cleaned up payroll and store network (no loss making continuing stores), GP margins were excellent, CODB % reducing, dividends in pipeline, like for like store sales growth double digit and momentum continues, US warehousing improved, focused team, large format stores pipeline. At +12 times EBITDA, plus net cash (given strong growth outlook and niche) you get upwards of $1.50 a share.