Citi valuation - strange set of numbers, page-2

Observations on several Millers store visits-
1. Good traffic flow appears to have been generated by ‘under $10 sale’ racks at back of stores,
2. Accessories stand was not great in each store. Limited, poor selection available and currently wasted floor space. Noni B noted in their Dec 17 results release said they were launching an accessories upgrade, 3 fold increase in offering.
https://www.asx.com.au/asxpdf/20180306/pdf/43s6z7lt0zfz0h.pdf

3. Still selling elasticized pants prominently ie product offering still needs work.

Mother’s Day sales period coming; 13 May. Critical to get this right and for Bracken to better last year’s efforts.  Again, Noni B is super charging its focus on it and did over SFH/Millers comprehensively in 2017.

This is the easy fruit to be picked by a new buyer and therefore regrettable to be handed over on that basis.

Lift the side Bracken.