For a company like this most of their payables would relate to inventory for sale, so that's not really what most of their cash is for. The payables will fluctuate seasonally but will never approach zero no matter how much cash they have.
imho they are hoarding cash because management is both cautious and experienced. At this point in the cycle retail fashion is probably at it's lowest ebb, and NBL is posting relatively flat sales and small profits. It's a strong brand with loyal customers and an excellent database, profits will eventually return levels seen in previous years and the sp will follow.
I've been aquiring a stake with an investment timeframe of at least a few years, and from all the director buying notices at prices 35% above the current price I'm not alone in being confident about their future.
NBL Price at posting:
43.0¢ Sentiment: LT Buy Disclosure: Held
