Ann: Trading Update, page-24

Was a great opportunity to pick up more a good prices today. And I did just that.

There is so much potential long term as they roll out new stores progressively in strategic locations (up to 160+ stores within the 2-3 years, from 128 today). And what excites more is the potential international expansion. I notice that web traffic to Dusk website is almost 3.5% coming from the US (up almost 3 folds). This is interesting and I wonder why, and whether this is normal.

It's also fortuitous that things have opened up in good time before the biggest trading period of the year, and people have increased savings to buy gifts.

A $6-7m NPAT impact from recent lockdowns is not significant (max 7-8 cents impact to EPS as a starting point). This does not factor in potential LFL sales growth in the period post lockdown in the first half, compared to last year, which would offset this impact. Further, there are 6 new stores compared to last year, that are open for Christmas trading. A good dividend is still likely forthcoming for this interim period.