Yes, probably too big and expensive for PGR. I also saw an article in The Age this morning that Nike will be closing most of its Myer concessions due to poor recent sales performance. I guess this shows that PGR's problems are far from unique and, more importantly, that Myer will need to provide better support to its concessions to avoid losing more (after it took a strategy to focus on its own brands last year). The most challenging issue for PGR is trying to separate the structural from cyclical issues at the moment. I'm very keen to see the H1 results, particularly to look at online versus offline trends and segment performance.
PGR Price at posting:
23.5¢ Sentiment: Buy Disclosure: Held
