Well - they did mention the word margin: "There are some signs that the retail consumer is being more cautious so it will be very important that our businesses get the balance right between driving sales and managing margin as we move into the major trading period of the year."
I made the judgement that the statement about a more cautious consumer and margins was not surprising, but everybody will interpret that differently. Macpac was 10% lfl in the June q, v 8% sep q - but that is still a good number. The other lfls seemed similar to previous figures to me.
It is nearly all about the resignation IMO. Seems like the market likes Birtles, and that is the issue. They way he is leaving is very reasonable in my view.
SUL Price at posting:
$8.44 Sentiment: Buy Disclosure: Held
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