Good question. There has been some negative media re early...

Good question. There has been some negative media re early December retail trading (not PGR specific) which may have had an impact on sentiment (although for me it is the last 2 weeks of Dec that are more important this year given the timing of Xmas. I haven't seen any info yet on late Dec). I would however note that there was also some media today commenting that wage growth should start to improve in 2018 which would bode well for retailers.

In any case, I have been buying more at 41c because even if you have a pessimistic view of retail, this is cheap, well run retailer, with a hedge fund owner looking to maximise value in the next couple of years. They should be able to maintain a minimum 3c annual FF dividend, which is a healthy dividend while you wait for the upside.