Good question - the half year numbers had a $1.3m hit to the...

Good question - the half year numbers had a $1.3m hit to the P&L. This was all to do about make good at Tullamarine. The new Distribution Centre will not be operational until early 2017 so there will not be any depreciation. They have already stated $7.3m will be provided in redundancies in the full year numbers (this will be non cash as I assume they would not have been paid out) . So total full year hit of at least $8.6m. I dont think there will be a lot of interest - and if there was I would park it in the balance sheet until the centre is operational. My experience says they will find a lot of crap in the old warehouse. You could easily w/off another $0.5m in old stock. So my gut feel the full year 2016 numbers will have a hit of $9.1m best case and (if things go pear shape) $10.0m. A very big number and one I think is way too much for TRS. Remember none of these numbers include the cost of building the bloody thing. I expect the full year dividend to be cut back because of the DC but the company have not made this clear.

Overall I believe it will take the gloss of a very good trading result and I an hoping like hell this has already been costed into the share price performance already. Guess we will find out in 8 weeks time!