Gross Margin & EBITDA ImprovementA sustained ~220bp gross margin uplift and an 86% EBITDA increase indicate structural improvements in product mix, pricing discipline and cost control. These dynamics increase operating leverage, support reinvestment in growth initiatives and improve the company's path to durable profitability across cycles.
Improved Cash Generation & LiquidityPositive operating cash flow, a materially reduced inventory base and an undrawn facility extended to 2028 materially improve liquidity and working capital flexibility. This strengthens resilience to seasonal cycles and funds strategic reinvestment without immediate refinancing pressure, aiding multi‑period execution.
AI Investment And Strong Customer MetricsInvesting in AI-driven design, allocation and marketing combined with a large customer base and high NPS supports higher SKU productivity, lower markdowns and better lifetime value. These capabilities are structural advantages that can sustainably lift sell‑through and gross margin over time.