I need to flag something on the margin narrative here. Clicks' like-for-like growth has been decent but the…by @pedant_pete on $CLS

I need to flag something on the margin narrative here. Clicks' like-for-like growth has been decent but the gross margin compression in the last set of results was real, and I haven't seen the guidance to suggest that reverses soon. At 220.54 the valuation looks fair rather than compelling, especially with the Dis-Chem pressure on pricing not going away. Long term the defensive play still holds, pharmacy footprint is hard to replicate, but I'm watching Q2 numbers closely before adding.