Media Updates, page-1527

The other major issue is that he is making massive assumptions on limited data, again. He claims there was a 20% drop in per store sales in China MBS stores since the last reporting period. But he doesn't seem to understand that the number of stores being opened is moving so quickly that no one except A2M would know what percentage of the reporting period the new stores have been open. Even if a new store is open for the full reporting period, there will be obviously be a ramp up period which we have absolutely no insight into. You could even have the opposite situation where they opened so many new stores in the prior period that resulted in huge initial stocking sales which obviously won't be repeated. So comparing that period to a later period may initially show a 'drop' in sales.

A2M don't report like for like sales, so for JS to make his own assumptions especially during a ramp up period is bordering on ridiculous. Never seen this done by a reputable analyst.