i didnt even know rod had done a talk so thanks to porknpuha for bringing the interview to everyones attention and no its not me buying i already own a few
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I'm up nearly 12% since I got in last week so been a very tidy little earner. Thanks to Bull for mentioning the breakouts a few pages back. Planning on an exit just below $4.20 if it heads that way next week. Will be interesting to see how many get on board before ex div
Anybody knows why BRG annual report ended period is for 26 Jan 2020, rather than 31 Mar 2020?
Many retailers have periods ending ending January ....sort of ties In with seasonality, like all of christmas/New Year period and then July post winter peak.
Briscoes also do a 52 week reporting period (comparative periods equal) ending on a Sunday. Hence an ‘odd’ looking date this year of Jan 26th
From their AR -
Reporting period
These consolidated financial statements are in respect of the 52 week period 28 January 2019 to 26 January 2020 and provide a balance sheet as at 26 January 2020. The comparative period is in respect of the 52 week period 29 January 2018 to 27 January 2019. The Group operates on a weekly trading and reporting cycle resulting in 52 weeks for most years with a 53 week period occurring once every 5-6 years.
Nick Mowbray on the case of Briscoe’s and other large employers who have claimed the Government COVID-19 wage subsidy but still reporting large profits:
https://www.rnz.co.nz/national/progr...g-wage-subsidy
Businesses like Briscoe’s need to act appropriately or run the risk damaging their social licence. I note Rod Duke is quoted by Radio New Zealand as declining to comment. Will be interested to see if Mowbray’s call gains momentum.
Mixed feelings on this. If they played by the "rules" then it becomes a moral rather than a compliance issue. There's something to be said for the confidence that the wage subsidy provided to large employers to keep all their staff on board and not reduce their wages - which ultimately means fewer people claiming benefits and continuing income tax for the government. Realise it's a very complex issue though.
Briscoe 2020 annual reported for period ended 26th of Jan 2020, the wage subsidies kicked in after that. The 2020 EPS does not reflect the situation, right? If Rod mentions this, investors may think about 2021 FY EPS, cause price fluctuation. I hope that is the reason, he refused to refund and kept quiet.
I was hoping Rod would take them out at $4.20 /s
no I dont actually regrettably - it was just an off hand joke reference Elon and his naughty tweet a while back. Lol shows where my mind is at I thought you were asking if I had some weed.
I had noted your comments earlier and I had freed up some funds for retail sector by selling Michael Hill (+25% in 6 weeks) , and was going to buy some BGR a few days ago but I slept in and missed the starting bell that day and I do hate chasing trains that have left even though its often not that a bad move.
Ashamedly I actually got greedy and thought it might push through 4.20 and find some support above that, based on the strength of the rise, so I held on...doh.
It had a strong close today (albeit on unimpressive volume) so will be looking to get out tomorrow. If it finds support above 4.20 after ex div I may look to get back in but I don't see that happening in the short term. Of course I'm wrong with alarming frequency so pay me little attention.
Go bull!!! I would do the same....but no position in BGR...
If HLG announcemened would follow...I am happy to do so....so far happy with the capital gain
This shareholder going to donate his $17.85 Briscoes divie to charity (for moral reasons)
Making a $100 donation so if the rebate is claimed get $30 odd bucks back
Hope charity more worthy of government support than the likes of Rod (his words)
https://www.stuff.co.nz/business/ind...to-do-the-same
at the time it was definately the right thing to do to take the subsidy for any business.
Housing is hot – so why aren’t realtors repaying the wage subsidy
https://thespinoff.co.nz/business/08...-wage-subsidy/
how many businesses really needed it in hindsight?
Paying back the Wage Subsidy: https://www.nzherald.co.nz/business/...FZWOGVVY24EGM/
Rod Duke is an incredibly wealthy man. The company is legally entitled to it but its nice to see him giving back but forcing minority shareholders to give their share back is debatable in my opinion. Extremely wealthy people shouldn't impose their philanthropic inclinations on others. My 2 cents.