Balance-sheet StrengthVery low leverage and a high equity ratio provide durable financial flexibility. Conservative capital structure supports inventory financing, dividend distribution and investment in stores during downturns, reducing refinancing risk and preserving strategic optionality over months.
Consistent Revenue GrowthSteady top-line expansion demonstrates ongoing consumer demand and effective retail execution. Continued growth, even if modest, supports scale benefits in purchasing and store productivity, underpinning longer-term revenue stability across the luxury retail cycle.
Improving Cash GenerationRising free cash flow and full operating cash conversion indicate stronger cash conversion ability. This durable cash generation supports working capital for inventory, reinvestment in boutiques and steady shareholder returns without relying on external funding.