So many interesting questions:
- Can they make NZ profitable?
- Will the refreshed store format produce sustained incremental sales that justify the investment?
- Will the new small format stores be incremental or cannabalise existing stores?
- Do Marketplace and the Retail Media play add value?
- Will they reintroduce a loyalty program, if so how do they do it without smashing margins again?
- Can they get CODB under control?
I think the share price reflects undue pessimism and we will see a bump off a result at the high end of guidance.
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