had a look at the accounts - not good at all, page-3

This extract from today's IWL report might help: (I don't hold MRL and don't intend to purchase in the forseeable future):

"After taking into account a writedown of intangibles of $12.6 million, Miller's Retail recorded a fall in net profit after tax for the year ended 30 June 2004 of 71%. The result was adversely impacted by a price war in the Discount Variety segment which saw margins in that part of the business slashed 3.6% to 2%. Interest cover deteriorated as a result of the poor profitability falling from 5.7x to 3x. Net debt fell during the period from $118.9 million to $102.5 million. The large amount of intangible assets ($109 million) as a proportion of total assets ($442.6 million) remains a concern despite Miller's Retail writing off $12.6 million during the last financial year. We suspect further writedowns of intangibles need to occur.
Upgrade to rating Our forecast profit for the current financial year has been revised down sharply from $31.1 million to $23.1 million. A fall of similar magnitude has also occurred in our 2006 profit forecast. It is difficult to get enthusiastic about the outlook for Miller's Retail given the likely prospect of retail sales growth slowing in 2005 and no sign of the current price war in the Discount Variety segment abating......"