CK,
year .....naar .....
what should be obvious is the tapped-out consumer - leading to inc in franchise "rebates" .......and falls in margins (due to competition that you described) ......
however - like a (good) pair of shoes - its a touchy-feelly kind of thing re household items ..........
HVN still needs to improve its "sales force" .......
competition will always be there - its a fact of life ......
I like it in the low 3's .....
rgds
V_H
Ann: Half Yearly Report and Accounts, page-11
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