I guess the risk is that discretionary spending drops further. We have already seen 30%+ of leases linked to CPI. A risk with superannuation + award wages increasing - so market is probably factoring in that many stores might fall into a state of being unprofitable. Unfortunately mostly out of Dusks control and the predominate store locations are smack bang in mortgage belt territory.
NZ is in this situation already. Three stores, but overall making a loss. Interesting to see how they fare this Christmas period (given they've had time to establish themselves in the market). A switch to NZ being profitable (and enough to carry them across the line for H2) and it definitely changes the outlook.
What's it worth ?, page-8
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