In regards to profit per $ of revenue, I did notice that in the half-year. That being said, I would imagine the 25c is still healthy, especially in a retail climate such as this one.
I did re-visit their cash flow statement too. I remember there were two things that I noticed were the catalyst for the overall deduction in cash holdings, and these were:
- Payments to suppliers/employees: From what I can tell, they've had to increase their inventories because their range of brands/products has increased. I do want to check this out further though...
- Dividends paid: The payout ratio is huge and results in a net loss of cash. However, I remember reading that this is management's intention (they don't want to hold too much cash and have no interest in acquisitions, so they would rather return it to shareholders). If I can find this piece of info again, I'll link it to you.
One thing to look out for though is their mention of closing a few stores due to increased rents. From memory, I believe it was 3 stores that are closing. The impression I got though was that this would be offset with growth in other companies (SSS/RCG Brands).
As for DJS/MYR/JBH - I don't particularly believe management are on par with what I'd expect and their prospects for growth aren't so great, so I stay away.