Most of Europe cannot sustain lockdowns with their economic...

Most of Europe cannot sustain lockdowns with their economic situation, it just isn't an option for places like Italy, Spain, Greece etc. They can't afford any more debt or lockdowns without crippling themselves any more, if you think logically, if you owe someone $50m will they lend you another $25m on top of what you struggle to pay back already?! No way! If they do lockdown, it will likely be for November, and by December everything will be open for Christmas before going back to lockdown. I personally don't think their lockdowns will be the same as ours were here in Aus, however, expect bars, restaurants and the like to shut. Christmas is a huge huge economic factor in Europe, and they will do anything to have as much benefit from Christmas as possible. It is really unfortunate for those countries because it really is a deadly flu in that region with higher average ages than we have here, however, it is the harsh reality.

The only places which can probably sustain a decent length lockdown are France and Germany (based on unemployment & debt data). The UK as well, however, knowing Boris Johnson, he too will only lockdown for November and be opening by December (recent news reports show this too). With regards to the USA, there will be lockdowns with a Biden victory, however, also not to the same extent as Australia, the virus is so far spread in the US they're better off slowing the spread and having better management of covid, the economic downfall of a complete US shutdown is far too big. Overall, as stated before, the gift card segment will absolutely take a hit and I have expressed my thoughts on this before, gift cards certainly do have a large profit impact for EML with margins being so high, however, expect the remaining sectors of the business to pick up the slack for the most part and provide us with yet another strong result for Q2 FY21.

Onwards and upwards after this quarter, all holders should have expected a lack of share price support in this quarter, once we get through Christmas, we should have clear visions for where EML is heading AND guidance!!!