My estimates take into account much slower store expansion saving approx $1.2m for the half, savings of the $1.6m store reline cost in the comparable half, savings on interest costs of around $400k based on lower interest rates and less debt BUT slightly offset by a higher development contribution for the distribution centre (total guess at $2-2.5m compared to previous $1m) and an extra $2m from the increased revenue to be booked on NPAT.
Previous comparable half was $12.9 NPAT on $402m sales.
All in all I think I'm being pretty conservative, only banking on circa 3% increase in same store sales but may be being optimistic with cost controls with underperforming stores and shutdowns.
TRS Price at posting:
$10.60 Sentiment: Hold Disclosure: Held
(20min delay)