Majestic Wine PLC Capital Markets Day Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: John Stevenson - Peel Hunt LLP, Research Division - Analyst : A couple of questions, please. First, just in terms of the allocation of the marketing spend, how are you sort of breaking it up between territories because if you just went on a, purely, on a maximum return basis, like I saw that marketing could be siphoned off into one particular market, so how are you doing that? And what stops you I suppose running to the completely [halts]? So your top end is sort of the, I suppose, the resources of the business. So if you're getting a lot of your returns, you're getting -- what's going on cap out that marketing?

Question: John Stevenson - Peel Hunt LLP, Research Division - Analyst : And just a second question in terms of the definition of lifetime value. I think we had this conversation a couple of years ago when you capped out at 3 years and we were looking at sort of 10. What was it -- when did you break sort of out the definition to get a sort of full lifetime? What gives you the confidence?

Question: John Stevenson - Peel Hunt LLP, Research Division - Analyst : So we're getting the strange lifespan...