I apologise for mentioning NLS recently, a company which never fails to surprise and not always in a good way. I am trying to work out why direct-to-consumer sales ($33.7m) were down 21% while retail sales ($46.2m) saw double-digit organic growth; no doubt the CC will clarify.
The essential point of interest for me is the likely organic growth eliminating (for the moment) the recent acquisition.
It seems an attractive small company but I think it may be seeing the same malaise that is affecting houses, HS and the consumer more generally. Whether growth, and therefore valuation, should now be sharply reassessed will depend on what emerges from the CC. I continue to be tempted by the long-term view on NLS so I hope my faith is not too shaken.