Ann: Half Yearly Report and Accounts, page-4

Flat store sales is hardly a disaster when your return on capital/equity is well over 40% and your gross margin circ 60%.. plus paying a dividend at yesterdays price of  about 10% fully franked.  Thing you gotta remember is everyone is having to guzzy up their houses to sell and NCK have the best product to do it. Furthermore total retails sales were down in December while NCK had same store sales increase so relatively they are not doing bad. Yes Jan was down but I will take a 8% increase in profit with a 56% increase in dividends in this market.