I wonder if that is the retail value or the actual costs of goods? My bet would be the former and if we say there is a 500% markup on watches from the manufacturer, then that's £80MM in product that was recycled with a depreciated loss of say £40MM or just over 2.2% of £1.8BN in gross revenues. But wait! This was done over two years, so using the high end of £278MM in bought back inventory, that actually (using our markup and depreciation schedule) equates to a 1.54% hit.