Improving Gross MarginA sustained gross margin above 50% (up 60bps to 53.4%) indicates structural pricing power, favorable mix and FX tailwinds. This margin buffer supports the business through cost cycles, underpins cash generation and gives flexibility to invest in digital and customer experience over the medium term.
Strong Free Cash GenerationRobust free cash flow with high conversion demonstrates durable cash-generation capacity, enabling dividends, special returns and investment even amid volatility. Strong cash conversion supports capital allocation optionality and resilience in funding operations and strategic initiatives over coming quarters.
Rising Digital Participation And App EngagementIncreasing digital penetration to 41% and strong early app engagement signal a durable shift to omnichannel sales, boosting reach and basket sizes. A stronger digital channel reduces reliance on store footfall, improves data-driven merchandising and supports long-term cost efficiencies and customer loyalty.