The WOW and COL quarterly sales updates read like companies in completely different lines of business. COL with solid numbers, a positive outlook. WOW with weak numbers, and quite pessamistic commentary.

It’s hard to imagine that “that many” customers took umbrage at BB’s (WOW CEO) many PR issues and shopped elsewhere. It’s hard to imagine that “4th dimension chess” is afoot, in which one tries to equate improved PR via with “no profiteering here, look at these numbers”. Not impossible, perhaps, but still, I don’t think it’s likely anyone is choosing to massage down their numbers to please Canberra.

It is also hard to imagine that the macro backdrop is affecting WOW so differently to COL, either operationally or narratively (e.g., how the economic backdrop strikes each company in their interpretation, that led to such different framing/commentary).

It’s hard to imagine that the competitive landscape should affect them so differently, i.e. the actions of Amazon or Aldi.

It’s also hard to imagine Pokemon did it, with the idea that Coles Pokemon campaign was so compelling it produced all the difference.

Maybe Occam’s is all of it together (a percent here, a fraction there), and that there’s nothing more magic to it (sales can vary, you can have a poor quarter, the world moves on).

Either way, very interesting, and, it seems clear that a) the WOW outlook and b) the lingering regulatory intervention issues are causing a solid sell-off.

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