Net profit down? Not sure about that! The listing related expenses should be added back.
Alot of talk in the call on suppliers and the overall industry. Some clear longer term tail winds for these guys IMO.
Other things to consider is the private label opp, online click and collect etc.
Risks around the rollout shouldn't be ignored and are evident in the cannibalisation of existing stores. The guys are pretty transparant with this though and made it clear that its nothing outside of prospectus expectations.
Their biggest competitor going bust in NSW will certainly help on that front..
I really wish I got in on this earlier, tough to pay a premium now - although usually that's when your buying a quality biz.
Net profit down? Not sure about that! The listing related...
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