I came here to post the same thing. I exited a few months ago but was watching for a re-entry. I think it will be a bit longer now.
Probably worth a thread of it’s own. Admittedly, it only confirms what a lot of the brokers have been hinting at in the reports - franchisees are struggling and the store growth hasn’t been reported in a transparent way to enable differentiation between new opening and closure of unprofitable stores.
Ann: Chairmans Address to AGM, page-22
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