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[sharechat] BGR

From:	"stockwatch" <stockwatch@baron.co.nz>
Date:	Tue, 5 Aug 2003 18:45:07 +1200

Figure the logic.

Sales up by 10% despite the 'tighter' retail climate (yet again). Result: overall profitability maintained (and likely to improve slightly) despite lower GP ratio due to company responding to a 'tighter' retail climate (yet again). Shareholders will probably receive a healthy final dividend(yet again). Reward for good management = share price goes down (yet again). Who says the NZX has left the 'bear' phase?

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