Great business, page-22

Although this person is clearly misinformed, the question raised is an interesting one. I myself have wondered how profitable new regions are compared to the bread and butter that was ANZ. The only way to have full peace of mind would be for the company to report the margins for each region. Barring that information, all we can do is make educated guesses as to the profitability of each region. To that end, here is the info I have found

Europe contributes around 30% of total revenue



If this region was not being profitable, the EBITDA margin for sales would have dropped dramatically over the last few years since so much of the revenue is coming from this region. However there is no sign of EBITDA margins changing meaningfully in this time period. Margins peaked at 34% and are currently at 30%. This is still up from high 20s margins before international expansion.



It is interesting to see the EBIT margins are weaker than they were 5 or 6 years ago. I think this is likely owing to the capex relating to opening of new stores.

I am keen to hear thoughts on the above. Looking through financial statements is not my strong suit so happy to be corrected where I have interpreted numbers incorrectly.