Ann: Appendix 4C - quarterly and Progress Report Q1 FY17-GRB.AX, page-4

Not good, but not bad either

At its worst, the company reported no growth PCP, and $1m increase in working cap to prepare for summer demand, which isnt really a bad thing. Temporary blip in sales to Woolies reduced quarterly sales by 36% isn't great, but that said, they still had 20% greater sales to consumers out of Woolies, so it's a supply issue more than a demand one. If the adjustment is really a temporary thing, then it will be fine, and I'd be much more worried if this was reversed. Margins are indeed improving, and consumer demand appears strong.

Only issue is, how many times have we heard excuses before?