Yes but we think the number has been there for a while and is not new info. They had stated it clearly well before today and the BPS was blown out ages ago and now back on track according to the lastest numbers.
Surely you cant shut stores and expect your bottom line profit to continue on as per normal.
WHS has had a HUGE year of technology roll outs and they have HIT some major milestones that have gone un noticed.
Their technology platform work has been extensive and may well position them for the rebound from the hit over COVID if thats what it was.
A Short term hit to the bottom line.
the numbers were out there long before this.
The full profit and loss audited is needed to see where the cost lay. There is a huge series of developments in bringing all these changes into place and i think we stated before bringing the legacy systems into a group interconnected platform will and will have cost a lot of money..
At some point they have to take the hits to bring themselves into the modern world and the 2021 annual report detailed the huge changes they proposed and the time frame rolling out to late 2022.
If their next QTR is on track it will be so what. If they indeed take a hit from post covid spending then it will warrant a rerating.
They are sourcing from global supply chains and they need to track component parts from source and it will need in the future to be as clean and green as they can get it.
This is a period of big change for all these retail chains across the western world. Its a big job and the scale of the changes these companies must now undertake is not simple and does not go without an investment in technology and time.
Are we post covid? No and it may go on for a lot longer as AUS is now starting to look to reintroduce restrictions.
It isnt over yet.