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FY Ending September 30201220132014201520162017201820192020202120222023202420252026202720282029
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 Income Statement
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USD in millions, except per share/ specified
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Total Revenue 336.4 430.7 520.7 624.7 705.5 769.0 849.0 903.6 1,036.8 1,055.5 1,089.6 1,140.6 1,243.2 1,339.8 1,442.6 1,552.1 1,668.6 1,792.6 7.8%
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 Y/Y %27.2%28.0%20.9%20.0%12.9%9.0%10.4%6.4%14.7%1.8%3.2%4.7%9.0%7.8%7.7%7.6%7.5%7.4%>> Reasoning in Revenue Model
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COGS & Occupancy Costs(236.9)(304.2)(368.4)(441.8)(502.9)(555.6)(622.7)(664.1)(752.9)(762.5)(783.7)(812.6)(880.2)(946.1)(1,016.1)(1,090.4)(1,171.0)(1,256.6)
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Gross Profit 99.5 126.4 152.3 182.9 202.6 213.4 226.3 239.5 283.9 293.1 305.9 328.0 363.0 393.7 426.5 461.7 497.6 536.0
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Gross Margin 29.6%29.4%29.2%29.3%28.7%27.7%26.7%26.5%27.4%27.8%28.1%28.8%29.1%29.3%29.5%29.7%29.8%29.8%
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23.1%21.8%21.3%21.3%22.2%22.1%21.4%21.4%21.7%22.3%22.7%23.4%23.0%22.7%22.4%22.1%21.8%21.5%
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Store Expenses(63.4)(77.6)(92.8)(112.5)(132.7)(147.3)(159.6)(170.6)(197.8)(207.1)(216.8)(231.5)(248.6)(265.3)(282.8)(301.1)(320.4)(340.6)
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% of Sales 18.9%18.0%17.8%18.0%18.8%19.2%18.8%18.9%19.1%19.6%19.9%20.3%20.0%19.8%19.6%19.4%19.2%19.0%
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Admin expenses (11.9)(13.1)(14.2)(16.6)(18.0)(18.7)(20.0)(21.7)(25.6)(27.1)(29.9)(33.9)(37.3)(38.9)(40.4)(41.9)(43.4)(44.8)
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% of Sales3.5%3.0%2.7%2.7%2.6%2.4%2.4%2.4%2.5%2.6%2.7%3.0%3.0%2.9%2.8%2.7%2.6%2.5%
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Pre-opening expenses(2.2)(3.2)(3.8)(3.8)(6.0)(3.8)(2.3)(1.4)(1.5)(0.9)(1.1)(2.0)(1.0)(1.5)(1.5)(1.5)(1.5)(1.5)
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% of Sales0.6%0.8%0.7%0.6%0.8%0.5%0.3%0.2%0.1%0.1%0.1%0.2%0.1%0.1%0.1%0.1%0.1%0.1%
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EBITDA21.9 32.6 41.5 50.0 45.9 43.6 44.5 45.7 58.9 58.0 58.1 60.6 76.1 88.1 101.9 117.2 132.4 149.1
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% 6.5%7.6%8.0%8.0%6.5%5.7%5.2%5.1%5.7%5.5%5.3%5.3%6.1%6.6%7.1%7.5%7.9%8.3%
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Admin D&A (0.7)(0.4)(0.6)(0.9)(1.2)(1.4)(1.5)(0.6)(0.4)(0.5)(0.9)(0.6)(0.6)(0.6)(0.6)(0.6)(0.6)(0.6)>> Straightline
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Store Expenses D&A (8.7)(12.4)(15.9)(19.6)(23.4)(27.0)(27.2)(27.2)(29.2)(27.5)(25.3)(25.8)(26.7)(28.7)(30.8)(33.0)(35.2)(37.5)>> Modelled
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COGS D&A(0.4)(0.7)(0.8)(0.8)(0.9)(1.1)(0.8)(0.7)(0.8)(0.9)(1.0)(1.1)(1.1)(1.1)(1.1)(1.1)(1.1)(1.1)>> Straightline
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Intangibles Amortisation: Admin(0.1)0.0 0.0 0.0 0.0 0.0 0.0 (0.5)(0.8)(0.8)(0.7)(1.5)(1.7)(1.7)(1.6)(1.3)(1.2)(1.1)>> Annual Report
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Total % of Sales3.0%3.1%3.3%3.4%3.6%3.8%3.5%3.2%3.0%2.8%2.6%2.5%2.4%2.4%2.4%2.3%2.3%2.2%
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EBIT12.0 19.1 24.2 28.6 20.4 14.1 15.1 16.8 27.7 28.3 30.2 31.7 46.1 56.1 67.9 81.2 94.3 108.8 22.8%
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%3.6%4.4%4.7%4.6%2.9%1.8%1.8%1.9%2.7%2.7%2.8%2.8%3.7%4.2%4.7%5.2%5.7%6.1%
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Interest Expense, net(0.6)(2.2)(2.5)(3.0)(3.0)(3.8)(4.6)(5.0)(2.0)(2.3)(2.4)(3.3)(3.4)(3.5)(3.6)(3.7)(3.9)(4.0)
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EBT 11.4 16.9 21.7 25.6 17.4 10.3 10.5 11.8 25.7 26.0 27.8 28.4 42.7 52.6 64.2 77.5 90.5 104.8
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Tax (4.0)(6.4)(8.3)(9.4)(5.9)(3.4)2.2 (2.4)(5.7)(5.5)(6.4)(5.1)(10.3)(12.6)(15.4)(18.6)(21.7)(25.2)
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Tax Rate 34.6%37.8%38.1%36.8%33.7%33.2%-21.0%20.4%22.1%21.0%23.1%18.1%24.0%24.0%24.0%24.0%24.0%24.0%
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Net Profit 7.5 10.5 13.5 16.2 11.5 6.9 12.7 9.4 20.1 20.6 21.3 23.2 32.5 39.9 48.8 58.9 68.8 79.7
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%2.2%2.4%2.6%2.6%1.6%0.9%1.5%1.0%1.9%1.9%2.0%2.0%2.6%3.0%3.4%3.8%4.1%4.4%
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Noncontrolling interests (0.8)0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
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NI Attributable6.6 10.5 13.5 16.2 11.5 6.9 12.7 9.4 20.1 20.6 21.3 23.2 32.5 39.9 48.8 58.9 68.8 79.7
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Weighted Average Share Outstanding 22.5 22.4 22.5 22.5 22.5 22.5 22.4 22.6 22.6 22.7 22.8 22.8 22.8 22.8 22.8 22.8 22.8 22.8 25
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Diluted EPS 0.30 0.47 0.60 0.72 0.51 0.31 0.56 0.42 0.89 0.90 0.94 1.02 1.42 1.75 2.14 2.58 3.02 3.50 22.8%
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 $ 48.36 39.1%
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 Balance Sheet\
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USD in millions, except per share/ specified
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Cash & Cash Equivalents 17.3 8.1 5.1 2.9 4.0 6.5 9.4 6.2 28.5 23.7 12.0 18.3 10.0 16.7 44.3 78.2 128.6 186.4
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Accounts Recievables 1.8 2.4 2.1 2.6 3.7 4.9 4.7 5.1 8.5 8.5 10.5 10.8 9.6 12.4 11.3 14.2 13.2 16.2
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Inventory 37.5 45.5 58.4 74.8 86.3 93.6 94.2 96.2 100.2 100.5 113.8 119.3 121.9 137.3 141.1 157.7 163.1 181.1
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Other 2.3 3.9 1.5 2.0 3.2 3.2 2.6 7.7 6.2 2.9 4.4 4.2 4.2 4.2 4.2 4.2 4.2 4.2
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Total Current Assets 58.9 59.9 67.1 82.3 97.3 108.2 111.0 115.2 143.4 135.6 140.7 152.6 145.7 170.5 200.9 254.2 309.1 387.9
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PP&E64.6 98.9 120.2 145.2 178.3 184.4 188.8 201.6 147.9 151.4 157.2 169.1 181.1 193.6 204.9 214.8 223.5 230.8
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ROU (Operating)0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 339.2 316.4 307.1 287.9 257.8 236.1 212.6 187.1 159.7 130.1
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ROU (Financial)0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 40.1 39.4 43.6 45.1 46.5 47.9 49.1 50.3 51.4 52.4
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Intangible Assets0.4 0.9 0.9 5.6 5.6 5.7 5.6 8.6 10.5 11.7 14.1 14.1 12.4 10.8 9.2 7.9 6.7 5.6
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Other 1.7 0.2 0.7 0.8 1.0 1.7 1.7 1.7 0.6 0.6 0.5 0.4 0.4 0.4 0.4 0.4 0.4 0.4
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Total Assets 125.7 159.9 189.0 233.9 282.2 300.0 307.1 327.1 681.8 655.1 663.1 669.2 643.9 659.3 677.1 714.8 750.8 807.2
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Trade Payables 26.0 28.9 33.8 49.9 53.6 56.8 61.1 63.2 69.2 68.9 71.3 80.7 88.1 93.3 101.6 107.6 117.0 124.0
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Accrued Expenses 7.8 8.6 10.2 13.2 11.6 13.3 16.4 17.7 23.2 24.4 25.0 31.2 26.2 34.9 30.0 38.9 34.1 43.2
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Debt Due (LT) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1.8 1.8 1.8 5.9 0.0 0.0 0.0 0.0 0.0
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Lease Due (LT) Operating0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 32.2 33.3 34.7 34.9 34.9 34.9 34.9 34.9 34.9 34.9
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Lease Due (LT) Financing0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2.8 3.2 3.2 3.7 3.7 3.7 3.7 3.7 3.7 3.7
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Other 0.3 0.9 5.8 6.7 1.3 1.5 2.2 2.5 1.8 2.2 1.8 1.9 1.9 1.9 1.9 1.9 1.9 1.9
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Total Current Liabilities 34.1 38.4 49.9 69.9 66.5 71.6 79.7 83.3 129.2 133.8 137.7 154.0 160.7 168.7 172.0 186.9 191.5 207.6
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Debt0.0 0.0 0.0 0.0 27.4 28.4 13.2 5.7 0.0 21.9 13.9 5.9 0.0 0.0 0.0 0.0 0.0 0.0
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Operating Lease0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 325.6 301.9 295.1 276.8 246.6 225.0 201.5 176.0 148.5 119.0
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Financing Lease5.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 39.5 39.5 44.7 47.1 49.6 52.0 54.4 56.8 59.8 62.8
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Other 13.1 37.0 40.2 48.6 61.6 66.2 67.5 81.2 14.4 15.3 15.9 14.4 14.4 14.4 14.4 14.4 14.4 14.4
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Total Liability 52.7 75.4 90.1 118.4 155.5 166.1 160.4 170.2 508.7 512.3 507.3 498.3 471.3 460.1 442.3 434.1 414.3 403.8
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Total Equity 72.9 84.5 98.9 115.5 126.7 133.9 146.7 156.9 173.1 142.7 155.8 170.8 172.5 199.2 234.8 280.6 336.5 403.4
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Total Equity + Liability 125.7 159.9 189.0 233.9 282.2 300.0 307.1 327.1 681.8 655.1 663.1 669.2 643.9 659.3 677.1 714.8 750.8 807.2
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Parity 0.0 (0.0)0.0 (0.0)0.0 0.0 0.0 (0.0)0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
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*Click for Cash Conversion Cycle *
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CCC21.0 18.6 22.0 21.8 22.6 24.9 22.5 20.2 17.9 17.9 20.4 21.6 18.0 18.0 18.0 18.0 18.0 18.0
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AR1.5 1.8 1.6 1.4 1.6 2.0 2.1 2.0 2.4 2.9 3.2 3.4 3.0 3.0 3.0 3.0 3.0 3.0
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Inv51.9 49.8 51.4 55.0 58.5 59.1 55.1 52.3 47.6 48.0 49.9 52.3 50.0 50.0 50.0 50.0 50.0 50.0
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AP32.4 33.0 31.1 34.6 37.6 36.3 34.6 34.1 32.1 33.1 32.7 34.1 35.0 35.0 35.0 35.0 35.0 35.0
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Accrued % of operating expenses8.7%8.7%8.5%8.8%7.9%7.3%8.2%8.8%9.1%10.1%10.0%10.5%10.0%10.0%10.0%10.0%10.0%10.0%
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