FY results call summary A brief conference call centred primarily on the Debenhams brand. The management team expressed confidence in its marketplace strategy and considers the Debenhams turnaround as the blueprint for the wider group. While acknowledging the underperformance of the youth brands, management remains committed to a multi-year turnaround aimed at enhancing profitability and maximising shareholder value. Where do the shares go from here? Boohoo shares are +4% as we write (GBp 15), though we note that it has been volatile since the release of the full-year results yesterday midday. While the market may appreciate the potential sale of PLT to maximise shareholder value, the absence of profit growth in the H1 FY26 guidance and the poor performance of the remaining youth brands are disappointing. We maintain our Underperform rating. Next news Boohoo has not scheduled its H1 results, but we would expect it to be in November (in line with the prior year). Results recap FY results first take: bye bye PLT Key takeaways from the call . H1 outlook: Boohoo guides to H1 FY26 adjusted EBITDA for continuing operations to be ''ahead'' of H1 FY25, which was GBP 16.6m excluding PLT. . Consumer outlook: Management anticipates continued market challenges, particularly in the UK, and will concentrate on controllable factors. Given the group''s primary operation in the value space, management believes this market is better positioned in a challenging environment. It also sees international opportunities and notes that, despite uncertainty, the US could present a larger opportunity for Boohoo compared to some competitors. . The US: This market represents around 20% of group revenue. Boohoo has taken appropriate action by raising prices to safeguard margins. Management has observed a slowdown in the US market. . Sale of PLT: Management is focused on maximising shareholder value and has used the Topshop sale by ASOS as a proxy to understand...