What happened? BRBY reported 2Q LFL at 2%. This was a 3ppt q/q improvement driven by APAC flat, with Greater China up 3% (vs. -5% in 1Q). Americas slightly decelerated to +3% and EMEA at +1%. By cluster, Chinese improved from - MSD % to flattish, Europeans were up LSD and Americans were flattish. 1H26 EBIT came in at GBP 19m. Gross margin was 67.9% (+450bps), owing to non-recurring inventory headwinds (+330bp) the previous year and operating efficiencies (logistics/transport). The company does not anticipate significant changes to adj. EBIT consensus of GBP 150m. This reflects (i) the holiday season still ahead, and (ii) a willingness to retain the flexibility to invest more. See our initial comment here: BURBERRY: 1H26 a touch better (2Q LFL +2%, slight EBIT beat); current trading in line with 2Q Not much incremental from the call, however positive management tone around brand building, positive brand momentum and products. Key highlight from the conference call: . Outlook: 3Q seems off to a good start, in line with 2Q. As a reminder, 3Q last year benefitted from some discounting activity, which contributed to c3ppt of top line. Broadly happy with the consensus want to have some firepower to invest. Anticipate sequential top line improvement (2H vs 1H); . Wholesale: now expected to decline MSD % for FY 2026. It was expected down Mid-teens in 1H26 (vs -11% actual). Have seen growth in the wholesale order book of opinion leading wholesale customers globally; . Products and categories: will be refreshing rainwear assortment in the new Year with the introduction of lighter tropical gabardine and strengthening iconic trench. Completing the look with stronger assortment of knitwear trousers, skirts and dresses. Strengthening the assortment of leather goods, shoes. Reduced the inventory the most in leather goods. There are some areas in leather in which they have seen green shoots; . Full-price sales: in 2Q saw the strength of newness in the...