Other than in Feb (weak market), Q4 was in line with plan. Sales were flat YoY in March, a key milestone after a period of strategic contraction, which has seen gross margin expand to c63% (vs 56% -3Y). Crucially, April trading to date has been strong, and up YoY (the inflection point). Given getting back to growth is the no.1 pivotal issue and, with FY26 guidance reiterated, this outweighs the backward looking £0.5m FY25 PBT miss. The initial phase of 6 store openings has been a success and it also moved to a new warehousing & logistics partner during Q4.
