Isn't expensive but also is that the true ratio? Next FY will...

Isn't expensive but also is that the true ratio? Next FY will not have the benefit of the acq being new revenue and profit, and if the NZD remains high against AUD, low against USD there is potential for gross margins to be hit, and will they need to discount to sell stock? The AU side seems stable, it's more macro-economic factors weighing on that market, but NZ is declining quickly and still makes up a large portion of revenue. KMD doesn't have a stellar brand name here, more with immigrants and students who come from Asia and equate price with quality. Now that those taps are on hold it might impact NZ sales with full RRP.

Final dividend was 11c last year so altogether 15c for the year assuming they don't cut isn't bad at these prices. Seems like there is good value below $2 and it might tempt Rod Duke to make another TO attempt. He commented recently saying he hasn't given up on buying more than his current 20% stake.

Overall if you're keen on retail this isn't a bad choice. Their shoe company does allow for cross-selling ops which might help drive nz/au sales. In my view retail isn't a good sector currently though.