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Strategies & Market Trends : Turnarund Investing

NOVS 0.0666

-16.0%

Aug 1 5:00 PM EST

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To: Covenant who wrote (992)	5/3/2012 7:37:04 AM
From: thatsnotluck	of 1876

Re: RSH I was looking a bit more at RSH numbers last night. I do not fully understand the numbers, but on a store operating basis they appear to actually be making some very decent money, and then pi$$ it away in 'unallocated expenses', much of which i assume is corp overhead. i am not familiar with the retail business and have no idea whether the level of 'unallocated' is reasonable. i saw something recently suggesting the CEO got a big raise, and given results i think the former salary was more than ample. the total 'unallocated' is close to a buck a quarter after tax. knock off 25% and that gets you a buck. at some point somebody (private equity, BBY, SLHD, ???) comes in and imposes a different cost structure. the question is at what price does that become compelling. we may have a ways to go.

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