GXL investment thesis, page-2

This post is too accurate... I've been accumulating for very similar reasons. Initially I hated the speed of the petbarn roll-out., but I think in five years time this company should be worth more. Lack of organised competition is a positive... But I still wouldn't underestimate the power of a single focused vet to compete with petbarn in a local catchment.

The dynamics of this industry is very interesting. I think it will take a few years to see whether gxl is truly sustainable and if so it will get rerated. Paying down debt and improving sales at the vets is still important.