When you look at the numbers the downgrade is not all that...

When you look at the numbers the downgrade is not all that significant.
Ebitda is only really lowered by $2.7m
The other 5.8m is just the new CEO trying to leave his mark on the business.

The other point to mention is that pet spending tends to be quite inelastic so anyone trying to link a downturn in the economy or decrease consumer spending to decrease money people spend on their pets may be barking up the wrong tree.

My last point, humans are tending to 'humanise' their pets at an increasing rate. This will lead to increase spending on their pets. Our attitudes towards animals is changing quite quickly.

So I am long-term bullish on GXL but will wait until the SP stabilises before buying