Alonso - I shorted a tiny number - so luckily not annoyed as such. I am surprised the SP has hung in there. Looked at the business excl rivers - it seems that EBITDA has gone from 27.7 to 29.5m (pcp). Like for like sales went from -4.9% v pcp to 5.7%. So Ebitda outstripped LFL by a tiny bit. However interest due to the new strategy that requires more working cap would subtract $1m possibly for the half. The extra spend in 2014 on Millers brand rejuv, omni channel growth, and City Chic was $25.4m, and depreciation over 5 years would subtract $2.5m for the half??? - so adjusting for this you have my adj EBITDA going from 27.7 to 26m this year - which does dovetail with the tougher retail climate. My numbers are very rough here obviously.
Koro - re Perlstein - just checked and it is $836k. Quite a good amount of pay - not sure the value is there ATM. If Rivers can be rejuvenated - then he is good value - if not - then maybe he has been a bit over-confident and maybe should move up to board level and give somebody else a go. It is nearly time to make a decision on that I suspect. This business had great metrics in the past - but I think those times might be gone forever. If they are targeting the budget end of the market - they need to get omni working superbly. New blood may be needed for that? I see that there are no etail rivers shoes listed on ebay for example - just private listings by the looks.
I'm trying to work out whether more direct sourcing is positively or negatively impacted by the lower AUD, v their previous strategy. Maybe they have staffing costs OS that are higher now in AUD?
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