Very solid trading update imo. Once again clueless brokers with...

Very solid trading update imo. Once again clueless brokers with their "discretionary retail is going to snap back to FY19 levels!" theory proved to be hopelessly wrong. To achieve flat LFL on a period last year which was +28% is strong. Obviously heavily driven by online but that was another +53% on an incredible +187% last year. Maybe benefitting from category tailwinds but even online pure-plays would struggle to match those comps.

Maybe they won't replicate quite replicate the incredible FY21 in FY22, although who knows what Christmas trading will look like if we open up and they do have those additional NSW stores. But even if they don't match FY21 you're still only paying ~12x for FY20 earnings, and they're are miles ahead of that year despite massive disruptions to the store network.

Real mystery as to why there was so much insider selling over the past 18 months, the business looks to be in a great position.