Hi Nick and Wayne - fair points. Just highlighting Wayne's good point on property costs. The $62m of extra land and buildings should (at say a 6% cap rate) be about $3m of pre tax net rent savings ($3.7m less an extra $0.7m of depreciation). After tax that is $2.1m, good for an extra 0.8% of net margin benefit through owning the property. Of course keeping in mind that it ties up capital. I'd still be on the side of the new store rollout being curtailed/cut if same store sales falter.

On Party coming to an end for Nick Scali -