@neotericI listened to their conference call this week (after...

@neoteric
I listened to their conference call this week (after listening also their half year conference call).
I can only agree with you.
That's a rather impressive retailer :
- real ability to boost sales and gross margin thanks to the development of new brands* (not only Perfect Stranger, but also Worship or Neovision),
- with a proven track record in term of cost control.

Like every company, they have their own challenges (wholesale business of CTC and risk of canibalisation with some of their brands or chains), but so far, they show a good ability to manage them.

Their H1 25 results could show a really significant growth, looking at their top line growth so far in FY 25 (15 %+), while they expect to increase further their gross margin and well control their CODB.

Interesting also to see that they are accelerating the store roll out in FY 25 :
- Universal store chain : 4 to 6 new stores in FY 25 vs 2 in FY 24,
- Perfect Stranger : 4 to 6 new stores in FY 25.

* interesting to see their performance vs struggling independants or comparable chains like Glue.