Thank you, Rachel. Good morning and welcome everyone to our Q3 sales results from Hawthorn East and locked Melbourne, I'm glad to say. I'm joined here by Leah Weckert, our CFO. Just a quick reminder that we'll be giving a strategic update in June and our FY 2021 results in August. The focus today is very much on sales. Given we are cycling COVID, we've incorporated two year numbers into our release, I think for the first time, and have been specific about supermarkets current trading to help paint a picture of how we think local shopping is beginning to unwind. Australia was one of the first countries to be impacted by COVID and is one of the first cabs off the rank in terms of what cycling COVID domestically looks like. I think when I reflect on Q3, there are a number of things to point out. The first is successful continued execution of our strategy. The second is we continue obviously to be in snap lockdowns from time to time, and I think we've had three now, but the good news is they've tended to be three to five days long, and they're having less and less impact on our business and in the community at large, which is good. Obviously, we've continued to support communities through those lockdowns and then also as we return to floods in Queensland and New South Wales. I think the most promising aspect of really the end of the quarter, and then very much for the four weeks that we've just experienced in April, is some very strong signs that Australian consumers are beginning to return to more normal behavior. We've highlighted in the release some of those things. I think firstly on Q3, we gave some very strong guidance at the half year that we expected to be cycling the biggest numbers that anybody has ever cycled. You'll recall that our Q3 last year was the best in our history and one of the strongest in the industry as our supply chain responded extraordinarily well to the increased demand of pantry stocking. We then saw was two prolonged lockdowns, the first of the federal and the second of Vic government, which had an impact on our business as people moved to local shopping. We're beginning to see are four strong indicators that local shopping is unwinding or beginning to unwind. The first of those is around Easter. You'll recall last Easter was very subdued, and we were in lockdown across the nation. What we saw this year was much higher levels of confectionery sales and entertaining products. It looks like Australians by and large, had a happy Easter, certainly happier than last Easter, which was good to see. We've talked about Coles being more exposed to shopping centers and the metro areas. We're beginning to see customers returning to the CBD as they return to work, and we're beginning to see customers not only returning to shopping centers, but shopping at supermarkets within shopping centers. That really started to happen post the removal of masks in Victoria, which I think gave people a bit more confidence, I think the Easter holidays and being with more people. As we start to enter that sort of autumn period, being indoors in shopping centers, is obviously a bit more popular as well. Some favorable sequencing of events there that are helping us as we approach the year end. What we also saw was increased transaction growth for the first time in a year, and increased number of shopping trips as basket sizes begin to subside slightly, but more than offset by transaction growth. What we've noticed is as transaction grows, the impulse categories grows, things like bakery, drinks, confectionery, all of those items increase as the number of shopping trips increases. Finally, but not least, is that we saw some unusual trading patterns during the peaks of COVID. People shopping on Mondays, well, throughout the week in different ways, less shopping at nights and so on. What we're seeing now is a return to Sundays being the dominant day of the week as people get ready for work on a Monday and the kids go back to school and much more of a normal back to school period. Just reflecting briefly on the strategic highlights, growth in eCommerce for both supermarkets and liquor was strong, and you'll see that we've increased the percentage of sales that they represent, which was pleasing through the period. We continue to focus on range change. There's still a lot of work to do, and there's still a lot of work to do in Own Brand, but we're delighted to report record Own Brand penetration alongside a very successful program that's working at both the entry price point level, but also on affordable treats at the other end of the spectrum as well. In Smarter Selling, we continue, which is not the focus of today, of course, but that continues to be on track to deliver AUD 250 million. The construction has started on Witron. All four of our automated sites, the two Ocado sites and the two Witron sites are now under construction and coming along very well. I think from a winning together point of view, the highlight of the quarter was not only supporting the flood victims and so on, but launching our Together to Zero strategy, which we did in conjunction with our Moonee Ponds renewal, which has been very successful to date. As far as the outlook is concerned, the main focus there is on supermarket, and we've said that for the first four weeks of April, we've seen an improvement in year-on-year sales, albeit against a subdued period last year, of 4%, and that our two-year number, which is probably the more important number in terms of trying to look through the impact of COVID, our two-year number has improved from approximately 7% in Q3 to approximately 8% in Q4. With that, I might now hand over to questions. Thank you. Your first question comes from David Errington from Bank of America. Please go ahead. Morning, Steve. Morning, Leah. Steve and Leah, this might be for Leah more than you, Steve, because she's always given us a really good update on where you're tracking with regard to COVID costs in the stores. I know it's a sales result, but it's such an important area. Leah, can you give us a bit of an update as to how you were tracking in that quarter? You said in the release that you're at the low end of guidance. Can you give us a bit of an update with regard to where you're at with the operating efficiencies of the stores and the warehouses? As Steve said, the customers seem to be getting back to COVID normal. Where are you at with regards to the operating efficiencies of the stores and the warehouses? Are you getting back toward COVID normality or are you still having to wear a bit in terms of for a little while yet, this extraordinary period that we've had to endure through COVID? Thanks, David. Yeah, as we said in the release, we are within the previous guidance of up to AUD 10 million per month, but at the low end of that. For the third quarter, the costs were around the AUD 10 million mark cumulatively. Within that, we had two months which were very low, and then we had one month which was a bit more elevated. That one month that was more elevated corresponded with the snap lockdowns of WA and Victoria, and that's where you're seeing additional costs being driven in, particularly in the logistics space as we respond to those to move stock to the right places, to ensure availability for customers. Outside of the snap lockdown incidents, we're getting to a stage now where we are getting back to what I would describe as quite normalized levels of efficiency. Really, those costs on a sort of a normal month without those snap lockdowns in place really consist of sanitizer at the front of store and some extra routines in the checkout areas with wiping down of belts and the screens in between the self-checkout units. What I would say, though, we are continuing to invest. While those COVID costs aren't coming through as high as they were in the past, we are, as we sort of messaged at the half, investing in the business, particularly in the area of eCommerce, and taking advantage of the ability to generate some momentum in that space. Would it be fair to say, Leah, that you're unwinding the unproductive element of those costs and redirecting those cost savings into more productive areas that should generate growth? Would that be a fair assessment of that statement? That's just as a follow-up. Would that be a fair assessment? I think that's a good way to describe it, David. Okay. Steve, just finally, my question. I remember it's a big thematic that your store footprint has been disadvantaged throughout COVID. I think your three biggest stores, I think you've called out World Square, Broadway and Bondi, were your hardest hit. You mentioned that you're starting to see some return in the performance. Can you give us a bit of, I suppose a little bit of sugar as to where you're at there? How much improvement? I think you said your biggest performing stores were down about 30-odd percent, 35%. Where would they be, those three biggest stores down now? What's the momentum going like? Just to give us an idea of normality of your best traders. Okay. Thanks, David. We probably won't go into individual stores on a continuous basis, but I'll tell you about the cohorts, which is that all of the cohorts now, with the exception of CBDs, are trading positively. CBD is a very, well, is a sort of low negative. Those are quite material changes from when we last reported. When did that start kicking in, Steven? Was that March, or when would that start kicking in? It was really the first week of Easter. Yeah. It's a continued trend. Well, thanks, Steve. Thanks, Leah. That's really helpful. Okay, thank you. Bye. Thank you. Your next question comes from Ross Curran from Macquarie. Please go ahead. Hi, team. It's Ross Curran from Macquarie. Appreciate your time this morning. We've got an extremely volatile trading period we're going through at the moment. Can you just help us understand how April trading might look relative to May and June last year, given the lockdowns over those periods and increased out-of-home consumption that we saw in May 2020 and June 2020? Good morning, Ross. I think the best thing I can guide you to is to look at the Q4 sales results last year. We've given you a very strong indication of what our results were for April. We've also, I think for the first time, said what our two-year performance is. I'm much keener to look at the two-year 8% number than I am looking at month-to-month at the moment, because as you say, it was very volatile. I'd be looking at that on a future basis. The only change to that is probably next financial year when there was another kick on as the Victorian lockdowns happened. That was really very much the end of this financial year and the beginnings of the current financial year. I think maybe just to lean on that a bit, Ross, if I could. If you look back at last year, just at the events that occurred over that fourth quarter. In April, you had Easter, and if you remember back, none of us were really allowed to celebrate with our families, and so it was quite subdued. At the same time, we had the unwind of the pantry stocking that had occurred. A lot of people were kind of working through the pasta and the rice and the stuff that they had bought during the panic buying period, in April, and we were seeing that sort of de-stocking occur. You moved into May and June, where we were essentially under national restrictions across the country, and that was when we really started to see the shift from out-of-home consumption to in-home consumption, which led to strengthening of the grocery sales. There is quite a bit of volatility through that period in terms of the strength on a month-to-month basis, with April being the most subdued because of that Easter and de-stocking effect, which is why we're trying to offer up the two years as a way to look through that year-on-year volatility. What you're saying is that an 8% on FY 2019 is a better way to think about it than growth on current FY 2020? The year-on-years are going to be very volatile. Yeah. Yeah. The second question is around liquor. Can you just help us understand what's happening in the liquor business? You saw, again, quite a sharp slowdown over the second half of the quarter. Yeah. What we've noticed throughout the various lockdowns is that liquor followed supermarkets. Supermarkets had the initial spikes and then liquor. What we noticed with the restrictions is that the liquor market benefited far more from the restrictions than the supermarkets market did. What we should see as we move forward is we're going to head into that cycling. If you look at the supermarkets market last year, it grew by more than 10%, most of which was COVID related. If you look at the liquor market, it grew by well north of 20% over the equivalent period of time. Liquor is going into a different sort of cycling. It's later, but it's bigger. The underlying performance in liquor, we believe, is strong from a customer metrics point of view, like in supermarkets, and people are responding well to the new initiatives there. Thank you. Okay. Thank you. Your next question comes from Michael Simotas from Jefferies. Please go ahead. Good morning, everyone. The first question from me is just on Easter. You've spoken a little bit about the confectionery sales and sales growth you saw in the entertaining categories. Was there much of that in the third quarter, or did you see it predominantly in April? There was not a lot in Q3, but it did start with Easter. As I say, I think it was very helpful that the government sort of decided to take the masks away as mandatory in the week before that as well. I think that was helpful in the whole process of things, particularly here in Victoria. For us, Michael, that Easter was the first week of the Q4 period. Yep. Okay. That's good confirmation. Thank you. The second question from me, and just relating to the food price indices that you provide turning negative. There's a lot of discussion globally from FMCG players about some fairly material price inflation coming through. I'd just be interested on your thoughts around pricing in the market and Coles relative pricing, particularly in the context of some of the media coverage recently around potential for price wars and aggressive price investment from Coles, et cetera. To me, it looks like the market's been very rational over the last couple of years or so. I'd just be interested in your views on that dynamic and how that plays out, please. Yeah. Thanks, Michael. I think our customer metrics are in a very good space as they were when we reported at the half year. Coles is at record highs, and what we've seen throughout the year is that availability continues to improve from the various things that have happened as we went through COVID and bushfires and floods and so on. I think from a pricing point of view, again, we're in a place where customers think we are good value. Obviously, we're not static in that regard. We're always trying new things. We obviously brought Down Down back in a few weeks ago, or re-emphasized it, and we've been putting more lines onto that since January. Obviously, it's a very powerful marketing campaign that people understand. Alongside that, the biggest thing that's changing all of the time is our Own Brand offer, and that's what we've said we want to differentiate on, and we've hit a new high this quarter of 31.6% as we head towards 40. The Own Brand acceptance is gaining momentum both at the entry price point level and at the more affordable luxury end of the spectrum as well. As far as the deflation is concerned, what we said at the half year about current trading up to February was that what we'd seen is that Victoria was very subdued as a state. Obviously we talked about Victorian population at the time. It appears that since then, some Victorians have returned to Victoria and from interstate, and it also appears that people are moving back to Metro from rural areas as well. We did talk about the beginnings of deflation in vegetables, which has continued based on supply and demand because the growing season is in good shape, pickers to one side. What we've seen is we are cycling, or we were cycling in March, obviously, a lower promotional intensity because of the availability of branded products, and that's also had an impact. If you look at that deflationary number, it's broadly half to do with promotional intensity and half to do with deflation in produce. We'd expect some of that grocery number to unwind slightly as we head through this quarter, but we would expect the produce to not change materially. As far as cost price increases are concerned, clearly, we're in an environment at the moment where we've got a reasonable Aussie dollar. We've got fairly low levels of inflation and wage growth, but areas that obviously are ramping up are things like shipping costs, but that doesn't really impact Coles as much as others because more than 90% of what we sell is grown or produced here in Australia. Good color. Thank you. Thank you. Thank you. Your next question comes from Grant Saligari from Credit Suisse. Please go ahead. Good morning, Steve and Leah. Thanks for the opportunity. Maybe just first of all, just to follow on from Michael's question on price. Do you believe that there is actually a price gap that you need to close? Is your intention to get there through Down Down and Coles branded product, or is this more part of just the normal progression of the Coles strategy? No, we don't believe we've got a price gap that we need to close. We constantly believe we can offer better value, that's what we try to do. We look at pricing a number of ways. One is day-to-day pricing, the other is pricing, including promotions. Whether it's promotions, day-to-day pricing, or your Own Brand participation, all of those have a factor in people's price perception. We're constantly trying to manage all three, obviously, what you want to try and do is to get the best out of your actual price position from a perception point of view, that's obviously what we try to do as well. No, I think, it's an everyday thing for us, making sure that we are constantly focused on improving the reality and perception of our price position. I said that's helpful. Can I ask about your Own Brand penetration? It's almost a truism that if you put Own Brand on the shelf, then the sales going to go up. What I'm interested is, can you provide any color on the sales productivity of your Own Brand product qualitatively? Is the sales productivity, whether you measure it on a unit of shelf space basis or however you measure it, is that going up at a fast enough rate to justify the continued shift into Own Brand? Yeah. Well, first of all, the purpose of Own Brand is not all about on-the-shelf productivity. If it was just about that, you'd probably end up with a small store and a small range and make yourself put on a pallet and call yourself a deep discounter. What you're trying to do, with range, is to make your stores more appealing than anybody else's overall and more differentiated. The purpose of Own Brand is certainly at the entry level to offer significantly better value, because you haven't got the marketing costs and all of those type of things. Then at the premium end, what you're trying to do is to offer unique products that you can't buy anywhere else, that people come back to the store for. At that end of town, you'd be talking more about things like Laurent bread, where you can get 30 hours sourdough for several dollars less than you'd be able to get it for from a specialist high street baker. The first port of call is it differentiated? Does it sell? Is it better value? All of those type of things. In terms of shelf productivity, there are Own Brands that have better shelf productivity than the brands. There's other areas where the brands would be higher than the Own Brands. It's still fair to say that Own Brand penetration in the fresh foods area is still materially higher than it is in packaged goods. When you look in packaged goods, there's certain categories where it's very high and others where it's still emerging. I don't think you can look at it as an average. What we're trying to do in Coles is de-average things as much as possible to find out- which of the stores we need to improve most, which of the products we need to improve most, all of those type of things. It's just not the way we look at Own Brand. Every product has to pay its way, of course, and if it turns out to be not a performer, then it gets replaced like a brand would. The overall Own Brand strategy is not about shelf productivity, it's about the appeal of the store overall and differentiating the offer versus competitors. It would sound to me like it's a drag on your sales numbers in AUD terms, though, from what you're saying. Sorry, Grant, I couldn't quite hear that one. Can you just repeat it, please? From the way you described that, it would sound like Own Brand penetration is somewhat of a drag on your total dollar sales growth. It depends. Certainly, if you're looking at an average of averages, if you sell up more Own Brand, you've certainly got the equivalent volume, but you'd have a lower sales value. It really depends what it is. If we're selling the Laurent bread for AUD 6 and the average bread value might be three in the category, you've added AUD 3 to your sale if you convert someone from a standard item into a premium one. Okay. All right. Thanks very much. Okay. Thank you. Thank you. Your next question comes from Bryan Raymond from Citi. Please go ahead. Thanks. My first one was just on the profile into April, and really the drivers of that. Obviously, the step up there is not surprising given the trends in industry growth. Just thinking about the magnitude of the uplift you've seen, how much of that do you think is the industry growth accelerating on a two-year view, versus your market share losses narrowing? Is it a combination of the two? If you could give some color on that'd be really interesting. Yeah. Again, I don't particularly want to make a five-year plan into a weekly sales report. Of course. If you look at the quarters to start with, the quarter that we had last year was the highest on record in Australia. You'll remember that I think Coles was 13% or something, which was ahead of the industry. We were cycling very significant comp sales. What we said at the half year was that month-on-month, our market share was stable coming out of the two lockdowns. Really what we're saying now is that the two-year number at Coles is improving slightly, but you're always up against a prior year number, which is going up and down. To the best extent possible when we look at market share numbers are month-on-month, not year-on-year, but our month-on-month market share numbers are stable. When we look below that, we can see that, as we've said, transactions and customer numbers are starting to improve as that shopping goes from one or two bigger shops a week into two or three. I think the most important thing to take out of the results is that it's the first time we've really seen any evidence that the local shopping phenomenon, which is the biggest phenomenon during COVID, that the local shopping phenomenon is beginning to unwind. Thanks for that. Just on, we've spent a lot of talk about the deflation figure, and the way I view it is on a two-year view. It's the CAGR deflation. CAGR inflation is still reasonably healthy, a bit over 1% on your numbers. I'm just interested more in the percentage sold on promotion versus pre-COVID levels. Obviously, we saw promotions get pulled out of the industry during COVID due to availability issues. Forgetting that period, which will distort the year-on-year figures, how would you describe the promotional environment currently versus, say, pre-COVID levels? Is it improving, do you think, or is it getting a bit more competitive out there? Yeah, that's a good question. We saw promotional intensity increase during the course of, I'm talking month-on-month again now rather than year-on-year. We saw promotional intensity increase during the quarter, we've seen that sort of come off a bit in April. Certainly, we've seen a bit more of a focus on everyday pricing and so on. Where it's at currently is probably nearer where we were tracking pre-COVID. Okay. Feeling normal levels. Sounds like. Excellent. All right, thanks, guys. Thanks, Ben. Thank you. Your next question comes from Ben Gilbert from Jarden. Please go ahead. Morning, Steven and Leah. Just first question from me. Just in terms of the shopper trends, when you're out there sort of listening and doing surveys and understanding what they're seeing, are you starting to see more of a lean or tilt towards value from shoppers? Because I know through COVID, obviously ALDI's found things a bit more challenging as well, but more heavily skewed private label retailers or sort of ones with more of a value tilt probably haven't been in as strong a position. Are you seeing maybe people having a bit more of a value tilt now? Do you think that's also starting to benefit you guys, given you've got a stronger private label offering or a larger private label offering than your biggest competitor? Yeah, it's interesting. I thought we would have seen probably a bit more than we have seen. What's been true, I think, through the COVID period is that when we look at our store cohorts of whether they're more value orientated format Cs or whether it's As, that value format has held up pretty well throughout. If anything, it's more the other formats where we've seen a bit of weakness as I guess people have had the chance to move interstate or into the country, and all of those sort of things. Our shopping center stores tend to be in more average and above average catchments. If you look at the sort of Bondis and the Southlands and those type of things, we've seen those come back. To your point, I think we're well positioned with our Own Brand offering, at both the entry price point level and at the affordable luxury end of town. We haven't yet seen what we'd call a massive shift into value more across the board. That's helpful. Thanks. Just second one from me, just looking a bit more medium term, and even maybe just more recently too, is just around data and how you guys feel that you're leveraging your loyalty data, and do you think that there's an opportunity to step that up significantly? You've got the partnership with Flybuys. Just interested in how you feel that's performing, whether you feel there's opportunities to step that up and potentially even utilize that to bring more dollars in around some of these alternative revenue streams for the business. Yeah, good question, Ben. I think there's always an opportunity to do things better. There's no question about that's the question we ask ourselves every time we meet. I think the good thing is that when I look at the Flybuys performance, I think we're at record scan rates and record sales participation of Flybuys. Flybuys is alive and well as a consumer card, if you like, and program. They do like it. Clearly what we're always trying to do is to make sure that we have better data analytics and so on, both in Flybuys and in Coles. The number of team members involved at Flybuys and Coles that's involved in all those areas is growing rapidly. Clearly it's an opportunity for the future, and it's clearly something that we want to continue to improve. Flybuys as a program is very popular, and it appears to be growing if you look at the transactions and participation within our overall business. Just to follow up there sort of quickly, Steven. Just I noticed that they've been doing some more things. They're partnering with Klarna, et cetera, recently. It seems like they're doing a bit more out there. Do you feel that they're in a stronger position now, sort of ready to step up and as you said, they do deliver a lot of value, but to do a step change in value for you guys? Yeah. The support from Wesfarmers and Coles is significant for Flybuys. Over the last two years since demerger, Flybuys has moved out of the Coles support center. For the first time in the last few months, it's been able to get into its new CBD office. I think we started renting that in the middle of last year, and no one's really been able to go in. The team is growing significantly at Flybuys, and obviously they're looking at partners that will grow the overall consumer proposition and that buy now, pay later one is obviously something that's very popular with consumers in the general merchandise space. Yeah, I think you'll see over time more partners joining Flybuys to create a better proposition for customers. That's really helpful. Thanks very much. Thanks. Thank you. Your next question comes from Phil Kimber from E&P. Please go ahead. Hi, guys. My question just around clarification where you talked about the cohorts, I think you were talking about the shopping center stores and the CBD stores' sales are now positive since Easter. Can I just say, something like CBD, I assume that's cycling pretty big negatives for the same period last year. I just wanted to get a sense of the base that they're coming off when you say they've now turned positive or I think CBD is still slightly negative. Yeah. Thanks, Phil. It would be a lower base, but you've got to start building from somewhere. Certainly, it's different by CBD as well. I was in Sydney CBD recently and absent the tourists and the backpackers, the rest of town looked like it was pretty busy and certainly going into Melbourne CBD, it's starting to get busier. I think if you took a Melbourne CBD out of things, the rest of the CBDs year-on-year would be in growth again now, which is good, but as you say, off a relatively low base. Yep. Okay. It's just really since Easter that you're talking about those numbers? Yes. Yeah. My second question was just a clarification on sales per square meter, which I think is up 2.9%. The footnote says it's on a moving annual turnover basis or an exit run rate calculated on rolling 12 months of data basis. Do you actually state which one it is? Is it a MAT or is it an exit run rate? I just wasn't sure which basis you were using for sales per square meter. It's the 12 months rolling basis, Phil. Lisa or Mark would be happy. Another exit. Lisa or Mark would be happy to pick that up with you afterwards, just talk through the technical calculation of it. Yeah, it's 12 months. It's not an annualization at exit. No. Yeah. It's a 12 month rolling. Yeah. Yep. Okay. That's great. Thank you. Thank you. Thank you. Your next question comes from Richard Barwick from CLSA. Please go ahead. Thanks. Hi, Steve. Hi, Leah. Hi. Just sort of a quick one, I guess, just clarifying some of the stuff that's already been touched on. When you're talking about normalizing consumer behavior, what details can you share in terms of what that actually means in terms of market share? Obviously, we're interested in how Coles is tracking versus the other supermarket operators. Can you also give a color more broadly in terms of perhaps versus some of the specialist grocers and butchers? I would have assumed that there'd be a bit of a swing back to those guys as well if behavior is normalizing. Just love to hear whatever color you can give. Yeah. Thank you. Well, first of all, there's lots of market share numbers that are out there. The ones that we tend to focus on and report on are those ones every six months, which I think we're the only company. I don't think it might be the only supermarket in the world that does that, by the way. We don't get a great deal of recognition for it, but we do actually sort of try to help everybody with what's the market doing and how we're doing, because we said over the five years of the plan that we wanted to at least maintain or grow our share, and that's what was happening as we entered into COVID, and then we've seen this local shopping. What we said at the half year when we last reported was that the two long lockdowns impacted our share, and then what we saw was either a gradual improvement in share month-on-month or a stabilization. That's what we've seen for the data that we've got so far that relates to calendar 2021. We'll report properly on more of that either at the strategy day or at the full year results. As far as we can tell, things are stable or improving. Certainly when we look at the customer numbers through Flybuys or other data that we've got, then it feels like we are returning to a bit more of a normal. I think with regards to how everyone else is doing, that's probably best directed at other people rather than ourselves. I'm always happy to report on how we're doing, but I'm not here as a commentator on how everybody else might be doing. Okay. We'll learn a bit more on that tomorrow and look forward to the more fulsome update at the strategy day in June. Okay. Thanks, Richard. Thank you. Your final question comes from Niraj Shah from Morgan Stanley. Please go ahead. Good morning. You've obviously provided a lot of good color on sort of the store footprint and how that's impacted your relative performance. I think online's been another point of difference. I'm just curious, do you think having two websites and a non-transactional app, I suppose, is a big part of that? Just a reminder on when you expect to consolidate the websites and launch a transactional app? Yeah, good question. There's clearly a benefit from having everything in one place, because there are people who go to the company website to see what the catalogs are or what the opening times are or what the recipes are, versus those that go to the shop online. There's clearly a benefit in terms of getting more people to transact by bringing everything together. We haven't said when that will be, but it will be later in the year. What we are doing in the meantime is constantly improving both our website and our shopping app, and that's clearly coming through in the customer feedback that we're getting, that things are getting simpler and easier all of the time, and that our what we call perfect order rate continues to improve. There's a lot of focus on making sure we've got a good online offer, and then obviously we'll bring everything together later in the year. We think that the performance, both in food and liquor for the quarter, it was a solid one. Looking forward to talking more about that in June in terms of how we're continuing to progress. Okay. Apologies if the follow-up is a better one for June as well. Kroger at their recent strategy day indicated sort of a profile on profitability for the CFCs, I think breakeven in years two-three, and then profitability in line with the stores by year four. Broadly speaking, would you be expecting a sort of similar profile for the ones being built for you? We're not at all privy to what terms and conditions Kroger has signed up to. I suspect that everyone's terms might be a little bit different. I think people have got different numbers of modules. People have got different splits between home shopping and click and collect. The only thing I'm focused on when I see what other people doing, whether it's Casino, Kroger or Sobeys, is what the customer reaction has been and whether it appears to still be best in market. As you know, we signed up to Ocado just over two years ago. We believe that central fulfillment is a key part of the platform, and we believe that automation is key in places as well. Certainly, all the feedback we've had so far is that Ocado is still by far and away the best automated offer anywhere in the world, because it has the widest range on offer anywhere in the world, and it has the best delivered in full on time. That's the thing I'm sort of focused on. The profile versus Kroger, I wouldn't read into that too much. Clearly, like all automation projects, you open as an investment and then they pay back over time, or certainly that's the expectation. How long that is, we'll probably talk more about in due course. Fair enough. Thanks for the comment. Thanks. Thank you. There are no further questions at this time. I'll now hand back to Mr. Cain for closing remarks. Okay. Thank you, everybody, for your questions this morning. No doubt you'll be in touch with the team if you have any follow-ups. I hope you all managed to have a better Easter like most Australians did. We're really looking forward to seeing you in Melbourne in June to talk a little bit more about what's been achieved at what will then be the two-year annualization of our strategy. We'll talk a little bit about the new initiatives that are currently taking place, but also talk a bit more about how the plan is evolving over the next couple of years. We look forward to seeing you all then. Thank you. Thank you. That does conclude our conference for today. Thank you for participating. You may now disconnect.