If they are able to maintain margins at anywhere near a historical level, they are going to shoot the lights out with a cracking result. |
The top-line growth is pretty solid. They're continuing to get their cost strategy right. |
There's going to be some disappointment in the Big W result, but that is going to be largely offset by continued strength in the hotels division. Hotels seems to go from strength to strength. |
They've been delivering at least a 20 basis point improvement in costs year in and year out, and while that has to stop sometime, it isn't going to be this year. |
They've set themselves up astonishingly well for the next couple of years, especially so when you see that some of the big growth has come in high-margin businesses. |
This result is disappointing as they have increased their cost estimates. Anyone hoping for a better result is going to walk away disappointed. |