GLP-1 Impact On Consumer BehaviourAnalyst views rapid uptake of GLP-1 weight-loss drugs as a structural headwind that is changing consumption patterns and reducing demand for savoury, high-calorie items central to the business.
Pricing Competitiveness DeteriorationAnalyst notes the latest price rise did not materially improve inflation metrics and that the company's price position has deteriorated versus competitors, eroding price competitiveness.
Strategic Execution And Margin PressureProgress on initiatives such as evening trading and delivery has slowed, while store-level and manufacturing deleverage is expected to weigh on margins and constrain profit growth.