Had a quick look at the result and note the following:
* Not much cash generated and hence the company has had to ratchet up the debt to pay dividends. Accounts payable has declined, so possibly just a one-off year of low operating cash flow.
* July sales have slipped and no mention that consumer confidence has yet picked up. Management maintain a forecast of sales growth for FY2015 to $3.6b.
* Management seem very confident about the progress of the HOME expansion, and the upside to earnings in coming years.
Directors own less than 200,000 shares which would concern me if I was a shareholder. Like the competitive position of the company, but a few concerns presently IMO.
Mixed Result
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