True only $115m of underlying sales. But the way I'd look at...

True only $115m of underlying sales. 

But the way I'd look at this is that they probably have at least 600,000 users now. If we assume these users are like the Aussie users, then this should give $720m of underlying sales (on an annual basis) based on $150 average basket value (in AUD terms) transacting 8x per year. The $115m of underlying sales isn't an annualised figure - it's an actual based on a few months of trading and albeit, early trading. The $150 and 8x will be realised with time but at this stage the key here is to see those store numbers grow and see APT continue to add "relevant" stores and continue to grow it's user base. Over time, we need to see that the users are returning like they are in here in Australia. I think the early signs are very encouraging!

As a side note, based on industry articles I've been reading, the $150 might actually be undercooked - it could be higher but let's not get ahead of ourselves!