GXL investment thesis, page-38

Fair call that......with a tightening of discretionary spend starting to trend in the first half, was not surprised at a contraction....having said that, now the seasons are into the warmer months interactive activities with owners n pets etc increase thus their spend focus will switch....why mention this / sounds a bit airy fairy but it is the way management strategically think at times as they stated at last AGM....just some random thoughts... but I do believe that your analysis is sound for sure.

Cheers WTF.