Forum Archive Index - December 2002

["Peter Riches" <peter@kairos.ws>]

What a classic: "deleveraged operating margins" - indeed!!!

Interesting that the downturn was both "unexpected" and "cyclical". I
thought the two would be mutually exclusive.  That is: if it was unexpeced
how do they know it is (or is going to be) cyclical and if it is cyclical
why didn't they expect it?!!

On an semi-related note: Does anyone else get the feeling that a good sell
indicator is when successful NZ companies announce that they are expanding
into Oz? eg: Telecom (AAPT), AIRNZ (Ansett), RBD (Victorian Pizza Hutt),
Baycorp.....


>
>
> RBD on Pizza Hut Victoria sales
>
> ".........the business was adversely affected by an unexpected cyclical
> downturn in takeaway food sales in Australia that affected Pizza Hut sales
> in all Australian states. This has deleveraged operating margins and
> exacerbated the issues involved in the Victorian turnaround."
>
> meaning
>
> We stuffed up,
>
> or
>
> We thought we would sell millions of pizzas but the market isn't that big
> after all
>
> or
>
> are our pizzas that yuk?
>
> or
>
> have we been a lot of porkies about the size of the business, Was that why
> it was so cheap?
>
> or
>
> ???  other contributions welcome
>
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