If you look in the accounts over time the obsolescence provision had been run down to a negative number by Jun-15.
I reckon they bought a lot of inventory early in the season (as outlined in AGM and annual report) but the couldn't move it - so had to do Christmas buying all over again this time with debt. They decided they needed to clear the previously bought inventory to reduce the debt burden - meaning that originally purchased stock would be sold below cost leading to the $60m provision.
Suspect ASIC and Administrators will be going over this and hitting the directors hard - but will take a long time before anything gets to Court (assuming they don't do a deal prior to going to Court).
DSH Price at posting:
35.5¢ Sentiment: None Disclosure: Not Held
