lol he is not GOD.
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Don't know why I keep buying crap stocks. Hope you're right couta1.
Somebody asked what did the financials actually say.
Comparing H114 to H115 profit before tax is down $16.8m, like $15.0m last year to a loss of $1.8m this year. How come?
Well they did sell quite a lot more. Positive impact $7.5m. Good
Gross margin down 4.6% points from extra discounting and getting rid of excessive stock. Negative impact $8.3m Really bad
More stores more rent. Net increase in rents $3.5m. Part of growth strategy but not matched by increased sales.
More stores and growth probably contributed to increasee in Other Selling Expenses of $6.5m. Not really that good.
Don't know what caused this but Admin and General Expenses were up $6.2m. Doesn't look like things are under control does it.
Put all that together and that's why npbt was $16.8m down on last year.
Store expansion costing heaps but not resulting in increased sales and margins really under pressure. Surely these factors are going to come through H215 as well. A busier half and if things are not quite as bad as H1 I will stick to my $10m to $15m FY15 forecast. But things have to get better eh and this doesn't support a divie anywhere near last years level.
Man on radio said same store sales down last couple of months. Makes that chart I highlighted yesterday even more ominous. Something fundamentally wrong.
Very good analysis there W69.
It seems to me that they need a major restructure / efficiency review. Time for some of the fat cat exec's to take a serious haircut with their bloated salaries / perks ?
I completely agree that there seems to be systemic issues within this company.