Gross Margin ExpansionA 220bp uplift to a 62.2% trading gross margin demonstrates durable improvements to pricing, product mix and promotional discipline. Higher gross margins provide a persistent buffer to absorb fixed costs, support reinvestment in inventory and marketing, and materially improve the pathway to sustained profitability over coming quarters.
Improved Operating Cash GenerationMeaningful operating cash generation and a 21% inventory reduction improved liquidity and working-capital efficiency, while an undrawn $10m facility extended to 2028 provides optionality. These actions lower refinancing risk and create a multi-month runway to fund U.S. reinvestment and execution of margin-driven growth plans.
AI-driven Product And Allocation StrategyAdopting AI for SKU-level design, buy and allocation is a durable capability advantage: it can raise sell-through, reduce markdowns and inventory waste, and improve customer relevance. These systematic improvements to product decisioning support higher long-run margins and more efficient capital deployment.