A valuation only and I would only buy if I thought they had a new cohesive plan to reinvigorate the brand and drive profit growth going forward. The chances of this happening look slim to me. I think its highly likely this stock maintains its long term structural decline. As noted by other posters above, one of the key issues is staff morale and attitude. They have generally seemed disinterested and unhelpful on the very rare occasion I've stepped inside a red shed. Pretty much along the lines of Jetstar staff, they seem to exude the attitude of I'd really rather not be here but would prefer to be working for a better quality company. Go into a Briscoes, Rebel sports, K Mart or Farmers store and there's simply a better attitude, better product, better environment, just better all round and when you take into account the continuing proliferation of product online and the large store expensive lease footprint of WHS I don't think the Warehouse brand is fixable. Sure they can reintegrate Warehouse stationery which is a good idea but its not a game changer.
How do you see it playing out long term Winner ?