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  1. #661
    Legend Balance's Avatar
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    Quote Originally Posted by percy View Post
    The pain continues.
    Sigh - tough space to be in - bricks & mortar retailing of a semi-luxury discretionary product in today's retailing environment.

    Very painful indeed.
    Last edited by Balance; 11-07-2019 at 11:15 AM.

  2. #662
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    Quote Originally Posted by winner69 View Post
    Yes percy they did mention margins - a full year gross margin of 61.1%, compared against 62.8% for the prior year.

    That’s 1.7% points gross margin drop

    On $560m that’s nearly a $10m margin hit ...aussie dollars ...straight through to bottom line.

    Once a trend starts (during transformations) it usually continues or at best it’s hard to arrest a down trend
    Every quarter they mention gross profit margin. It's not news.

  3. #663
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    They said the margin drop was due to getting rid of old stock.
    They also previously said that they were targeting up to $10m in overhead savings.

  4. #664
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    This $10-25 million back pay issue better not affect our dividends or well see below 40c

  5. #665
    percy
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    Quote Originally Posted by percy View Post
    The fizz is out of the bottle.
    Their business model was based on discounting? Discounting bringing the price back to what I would call the normal retail price.
    As is in the case of most failed retail models rebranding costs a great deal and more often than not fails.
    Same store sales are flat or negative while overheads are increasing.
    Finally waking up years too late to online sales ,means that they are behind the pack here too.
    My own view is LOV have taken the low end of the market leaving either the middle or upper end to MHJ,and I doubt they will survive in either of those.
    A lot of clever people have lost a great deal of capital in the changing retail market.
    Different this time.?
    Above posted 23/10/2018.
    About right too.

  6. #666
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    The Hill family must have most of their wealth invested in this business.
    They won't want to see that destroyed.

  7. #667
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    Quote Originally Posted by clearasmud View Post
    The Hill family must have most of their wealth invested in this business.
    They won't want to see that destroyed.

    The Hill family own nearly 50% of MHI

  8. #668
    percy
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    Quote Originally Posted by clearasmud View Post
    The Hill family must have most of their wealth invested in this business.
    They won't want to see that destroyed.
    Share price has halved in the past year.
    So like us. they can see it being destroyed on a daily basis.
    Not good for any shareholder,large or small.
    Last edited by percy; 11-07-2019 at 05:10 PM.

  9. #669
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    No doubt MHJ operate in a tough industry, and they haven't done well in the past a few years. But the Company have no going concern issues. For half year ended 31/12/2018, the company have $7.7m cash on hand and over $220m inventory, with only $28m bank loans. Assets very easily cover liabilities. With net tangible asset backing of 0.49 AUD per share. The Company is extremely safe and largely undervalued. Shareholders only need patience to wait share price rise from current level.

  10. #670
    percy
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    Quote Originally Posted by Lease View Post
    No doubt MHJ operate in a tough industry, and they haven't done well in the past a few years. But the Company have no going concern issues. For half year ended 31/12/2018, the company have $7.7m cash on hand and over $220m inventory, with only $28m bank loans. Assets very easily cover liabilities. With net tangible asset backing of 0.49 AUD per share. The Company is extremely safe and largely undervalued. Shareholders only need patience to wait share price rise from current level.
    Consider their huge ongoing lease commitments.They are liabilities.
    Mall rentals are savage.Only way out is at renewal, or at the end of the lease.
    So huge liabilties to be funded from a broken business model.?
    Stock valuations .Take extreme care. Depends on a lot of variables.
    When a business is under pressure, stock loses value very quickly.
    Fixtures and fiitings become near worthless.

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