inventory turn improvement is legit, but the margin compression from weak rand is eating into what could be…by @julianreins_jse on $TFG

inventory turn improvement is legit, but the margin compression from weak rand is eating into what could be a clean story. read the md&a on merchandise mix, sportscene's doing the heavy lifting while exact's still sluggish. if they can stabilize rand-sensitive input costs through the next few quarters without killing volumes, the multiple here looks defensible against where they could be.