Sales growth but lack of margin expansion due to competition.

The e-commerce business continues its sales momentum despite challenging backdrop.

Our view after US restaurants are closed.

Weakening consumer demand a temporary headwind for ASX retailer.

Competition restrains long-term margins.

Struggling customers limit upside.

German expansion offers blue sky.

US stores are struggling, but our investment thesis hinges on the Australian rollout.

Weaker profit result drives cut to fair value yet shares remain undervalued.

Undervalued ASX share on the right track.