GXL investment thesis, page-32

What are you talking about? who care about top line revenue with new store roll out

The key figure is like for like store growth and they achieved that with respectable figure.

Margin is not that bad it varies up
and down between years if you go back a few years and look up to now, but it is within a very good margin number.

They reinvest money into new store and online and loyalty program which is a good thing for the business long term, you wear the short term pain due to initial capital out lay but you gain long term benefits

All in all not spectacular result but a good result if it get whacked down for whatever reason toward $5.50 I will load up a bit more.