Agree.
But the real test was really H2 23.
H1 23 was very good in particular because they had a lot of stores closed during H1 22.
H2 23 was the real test as it was impacted by a sudden large deterioration of consumption, in particular during Q4.
I was not expecting such a good performance for H2 : lfl sales increase, slight increase of gross margin and good level of inventory at the end of the period.
That's a good performance vs the other retailers and in particular the ones who are targeting the same demographics.
Ann: FY23 Full-Year Investor Presentation, page-22
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