Ann: 10 mths to 30-4-2017 agg sales by hn, dm & jm franchisees, page-251

headlines number, you soon learn the details in the cash flow statement is what matters.
shorters don't target company that has strong free cash flow generations.
weak cash flow is a sign of trouble ahead.

I give you something to think about, cash generation from operation is getting worse each year and they actually have a negative 60m this year, the talk about buyback isn't happening because they need to borrow money to do that, they don't have the cash.

I use a simple and very effective metrics to see how things are going from operation
taken from their annual report 2015 2016 2017

I add up all their sales from franchises, payment, rent, company stores sales (page 9)
divide by Net cash flows from operating activities.
this is the ratio you get

2015 - 4.4%
2016 - 5.2%
2017 - 4.0%

A good company should see this number rising not going from 4.4% to 4.0%

Still like the headlines number and none cash stuff? I only like cash, because they are real and hard to manipulate