So all on track mostly.
Some key points from my perspective:
- 80 store renewals due this FY. This has the potential to reduce the cost base further as loss making stores can be pruned back.
- they really should halt the new store rollout until they sort out their merchandise mix especially considering the weak retail environment. This would immediately increase their FCF by a large degree.
- the dividend halt will be the main reason the SP drops today.
Other than that I think the result was as expected.
News: TRS Reject Shop full-year profit drops 27.8%, page-7
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