$HVN reported a YTD Trading Update today.

Australian franchisee sales down 13.9% on a LFL basis.

Unaudited operating PBT down 49.1% (before non-controlling interests and exclding AASB16 and property revals) again highlighting the strong negative operating leverage in this sector.

SP up almost 5% on the announcement of the share buy-back.

(Seems to be faring significantly worse than my pick $NCK, albeit with a longer period reported into FY24.)

Disc: Not held. I hold $NCK in RL