BEARMAN,
I entirely agree that the GFC is overused as an excuse by businesses that weren't affected by it that much: GOLD companies in particular, benefitted from the 'flight to safe havens' that saw the gold price (at least in US$) hit record highs.
Someday perhaps some economist will explain to me why the US$ STRENGTHENED at the peak of the GFC as a 'flight to safe havens' when the country is big-time insolvent!
Anyway, a mega-retailer is truly affected by consumer confidence falling off a cliff in the worst of the GFC. Groceries, however, are not a highly discretionary purchase!
the turnaround we had to have, page-7
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