Your frustration is understandable, presumably you're heavily...

Your frustration is understandable, presumably you're heavily underwater on this position (as I'd imagine most of us are) - but let's remove some emotion and be objective here..

• Sales are expected to be in line with FY22, so it's unfair to say that no one is buying their products.
• Similarly, gross margin is expected to be in line with previous years - PK stated at the half-year that 67% appeared to be their targeted sweet spot and there are contrasting headwinds/tailwinds neutralizing the cost impacts at GM level.
• As such, the decrease in EBIT must be attributable to rising operation costs, as you say. The problem is, these are primarily wages - so it's difficult to 'cut operational costs' without closing stores. And if the stores remain profitable on an individual basis (albeit less so than previously), then why close them? DSK's policy has always been to close loss-making stores - I can't imagine this has changed. Obviously, more insight is needed into how many stores remain profitable and by what margin etc - a valuable snippet of info for investors, which will be difficult to convey without any media/investor relations...

In terms of "correcting the decline" - it's tough to fight a business cycle. We have a conservative balance sheet and presumably the div policy may be amended to suit the forward-looking environment. It's important to bear in mind that our projected EBIT remains 2.5x above FY19 figures and 1.3x above FY20. Compare these 2 environments for a second: (1) was a time where money was free and positive sentiment was ubiquitous; compared with (2), a cost of living crisis shrouded with negative sentiment and eroding confidence in central banks ability to reel in inflation.

I agree with further comments that the Board/Chairman have handled our CEO's departure terribly - it makes it very hard to convince new or existing investors to believe in DSK when our Board can't get things right at the top.

By no means do I think it's going to be a smooth ride ahead, just felt the need to offer a differing perspective.