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Re: Re: Re: [sharechat] WHS

From: Malcolm Reid <>
Date: Fri, 27 Feb 2004 14:29:28 +1300 (NZDT)

If my memory serves me correctly, which it may not, it appears that
nothing much has changed from the very first results out of Australia -
poor merchandising mix/product range choice. i.e. not selling what the
customer wants or finds atrractive enough to come in for a browse. And
what they are selling ain't earning, 2003 margin was -2.6% and it's
dropped another 5.7% according to the lastest figure.

The phrase that says it all is "greater than expected operating loss". If
only they could've used "lower than expected operating profit", at least
that would give us some hope.

Blue Shed margins seem to be on a noticable trending down as well. That
doesn't exactly surprise me. The last couple of times I've visited the
local store I've got the impression of a lack of organisation. As a
part-time student I also noticed that this year they didn't seem to have
the same range of back to school stuff, and what they did have was hard to
sort your way through.

Looking on the bright side, plenty of room for upwards movement in share
price if and when they get a handle on Australia.



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