Ann: WNB December 2019 Appendix 4C & Commentary, page-5

Take these statements as examples:

"Sales of GBCo's tanning products in Australia were marginally lower than forecast for the period due to mild weather conditions subduing retail sales in Victoria and New South Wales and impacting reorder volumes for the quarter."

One would have to question the relationship between the weather and the desire for tanning and yet that is what we are expected to believe. ie in cooler weather people don't buy tanning products.

From the September Quarterly:

"A significant portion of expected cashflow from The Giving Brands Company (GBCo) was deferred to next quarter due to planogram onboarding into grocery affecting timing of payment post order fulfillment."

So which is it?

Turning around a business like this is not easy, but I don't think they are doing themselves any favours by not being open and honest and yet that is what I read into their announcements.