Yes two new stores in 1H22 per the announcement (Bunbury WA, Hervey Bay QLD). And potential for one more 2H22.
They are also targeting 4-6 refits in FY22.
NZ was target 5-6 new stores over next 24 months. Total capex $1.5-2m.
Also worth noting they mentioned in non-lockdown States they are seeing positive mid-to-high single digit LFL sales comps, presumably including online in those states.
For me the weaker LFL in-store sales is the only question mark over the business. They were down in FY21 despite what has been very strong underlying demand for their products. And they're down again in FY22 even after adjusting for lockdowns. Online is doing all the lifting at the moment. Lockdowns do make it harder to see what the true underlying trend is. The way they present the sales comps is also slightly confusing as in some parts they adjust for lockdowns in LFL, but in other parts they don't. And sometimes they include online as part of "LFL stores" sales but other times they break out "LFL in-store" sales separately from online. Hopefully we can get some cleaner comps post-lockdowns. If actual in-store sales are trending weaker it will be interesting to see how they manage the store network over the coming years. Sounds like they've got some decent flexibility in the leases.
SSG Price at posting:
$1.07 Sentiment: None Disclosure: Held
(20min delay)