Ann: AGM Trading Update November 2023, page-2

In advance of our Annual General Meeting today, we would like to provide an update on the status of the company’s store network and current trading conditions.

Global comparable store sales for the first 20 weeks of FY24 were down 6.2% on FY23 for the year to date, with total sales for this period up 17% on FY23, benefiting from continued growth in the store network over the past year.

We continued our focus on expanding our store footprint through the first 20 weeks of the financial year, with 35 net new stores opened for the financial year to date, including 55 new stores opened and 20 closures (including 12 related to the conversion of our UAE franchise business to company owned). This has taken the store network to 836 stores across 40 markets, with one new franchise market opened for the year to date in Ecuador in September. Compared to this time last year we are currently trading from 160 more stores in 14 additional markets, and expect to open our first stores in Vietnam and mainland China over the coming month.