Nick Scali/NCK

The NCK MD selling a fair chunk of shares, which is notable given they are, on face value, trading at 11x forward and have a gross yield of c10%.

This is absolutely one of those moments where you “scratch record”, pause, and wonder what will the next 12 months look like. We know foot traffic is down double digits (see below trading update at the AGM), and that hitherto fore mgmt had been “surprised” at how well sales had held up (those comments from the Q&A session at the August result).

Since then we’ve had more hikes (with possibly more to come) into the key Christmas trading period, just as the consumer “reels” from higher cost of living and mortgage rate resets.

Now maybe none of that comes to pass, things are fine, we forget the fork (branch in the timeline) was ever even there. Equally, if things do go a bit pear-shaped, you’d think back to this moment and go, “oh yeah, that was probably a sign”.

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