The major point that you miss and is not represented in RFGs...

The major point that you miss and is not represented in RFGs financials is the state of the franchise network. RFG is paid on franchise turnover and revenue, not franchise profit. Franchisees stay in the game to make profit. If this is not happening then they won't stay in the game, and the first you'll know about it as an investor with RFG is six months down the track during reporting when the store count has dropped yet again. All the RFG financials will look fine though, they are based on revenue of the franchisees. Just you'll find that you'll get year after year of negative growth with RFG until conditions improve for the franchisees and then their store numbers will increase because it's now a profitable thing to do. In summary, growth or decline in RFG earnings are based on the profitability of the underpinning franchise network, and these numbers are not included in the RFG annual report. Good luck with investing without these numbers ;-)