On the dividend, management intentions of a progressive dividend...

On the dividend, management intentions of a progressive dividend policy imply that they have confidence that the current 8% yield is sustainable even despite 40% of store closures.

Reading between the lines, I think what we are seeing is management casting an eye to the future of how the store network looks. Those remaining franchises bought back are important strong performers into the future (post lockdowns), but it seems the renewal of leases for some of the store network to shorter time periods is telling. My hunch is that we will see some store closures in the periods ahead without any harm being done to overall sales as online sales power ahead. When you consider about 30% of operating cash flow is made up of lease payments ($15m/$51m), there's a lot of margin to be gained if they can remove some of these costs!