Post-Christmas sales presumably. Last AGM address is worth a...

Post-Christmas sales presumably. Last AGM address is worth a read regarding their sourcing strategy.

They have too much inventory and presumably have various supply commitments to bring in more stock come what may. You know this but that mistake is in the past and now they need to move both the old and the new stuff to address cashflow and reduce warehousing expense.

Basically they need to manage this tap dance until consumer sentiment returns in Europe and the US and until they get their inventory back to target state.

Not great but that's why they've taken the hit. Don't think they've ever been Peter Alexander or LuLuLemon. I also think any "50% discount" signs I see from a retailer as somewhat fungible.