Originally Posted by
macduffy
I'm sure you're right, Lizard and if so this is one instance where I think there's value in reporting the two numbers - one being the actual NPAT which includes the non-trading profits/losses and the other the "underlying" profit from trading. And in this case, unfortunately, the latter is the lesser of the two!
I don't know what to make of WHS. On the one hand I'd have thought that their bargain basement merchandise would be insulated to some degree from economic problems as consumers trade down. And less susceptible to on-line purchasing impacts. On the other hand, perhaps NZ consumers have had their fill of cheaper goods and are being more discerning in their choices. Buying less but better quality?
Who knows!