Good morning, ladies and gentlemen, welcome to Shaver Shop's results presentation for the half-year ended 31 December 2020. Today's call is being recorded. There will be a presentation followed by a question and answer session. With us today is Cameron Fox, Shaver Shop's CEO and Managing Director, together with Larry Hamson, Shaver Shop's CFO and Company Secretary. If you wish to follow along with the slides, Shaver Shop's presentation has been lodged with the ASX and is also available from Shaver Shop's Investor Centre website. I will now hand you over to Cameron Fox. Please go ahead. Good morning, everyone, and thanks for joining us today. What a year 2020 was. Of course, it's been challenging for our business as well as for our people, but it has also been incredibly rewarding. I'm extremely proud of what we as the Shaver Shop team have achieved, and particularly the focus and resilience of our store teams, who have lived up to the values day in and day out throughout the pandemic. Our 2021 first half results further illustrate what a strong, successful and differentiated business model Shaver Shop has built over the last 35 years. Let me take you through some of the highlights from the first half before Larry explains the financial results in greater detail. Moving on to slide three. Once again, Shaver Shop reported new records across almost every financial metric. Starting with the top line, Shaver Shop sales grew 15.0% in the most recent half, driven by 17.3% like-for-like store sales growth, which in turn was driven by 102% growth in online sales across the corporate store network. Importantly, this incredible sales result was achieved despite approximately 25 of our Victorian locations not being able to trade face-to-face with customers for almost all of the first quarter. This result means we've now delivered 24 months of consecutive like-for-like sales growth, and with Q3 2021 now behind us, we're up to 25 months. No small feat, given what the retail industry has been through over that period of time. The strong sales growth was complemented by gross product margin expansion of 340 basis points to 44.7% as mix switched to our higher margin hair cutting category and we took a less aggressive approach to promotional pricing. We maintained strong cost control, driving 140 basis points in operating leverage, leading to first half NPAT and earnings per share increasing 85% to AUD 14.2 million and AUD 0.116 respectively. Looking to cash flow and our financial position, our balance sheet has never been healthier. We generated AUD 41.5 million in operating cash flow and had AUD 41.1 million of cash and zero debt as at 31st of December 2020. This put us in a great position to complete the buyback of the last six franchise stores for AUD 13 million-plus stock on hand in early February. The board today declared an interim dividend of AUD 0.032 per share, 100% franked, up 52.4% on the AUD 0.021 dividend from last year that was 80% franked. Even after these significant cash outlays in terms of the franchise buyback and dividends, our balance sheet remains very healthy, giving us increased flexibility to continue pursuing and accelerate where possible the omni-retail investment activities that have worked so well for us to date. In summary, a cracking set of numbers for our first half, with no contribution from JobKeeper over that period of time. Moving on to slide four, operational highlights. You've heard me say many times that Shaver Shop lives and breathes our core categories. It's fair to say we are basically product geeks, and we use this passion and expert product knowledge across our core categories to ensure we deliver exceptional service and delight our customers. Despite all the challenges in retail caused by the pandemic, our in-store service rating remains exceptional. To handle the increased volume of online questions and home delivery queries, we increased our customer service headcount and added key marketing roles that have started accelerating our progress towards one-to-one personalization in our digital communications to customers. This is a great segue to talking about our omni-retail progress. Online sales in the first half were more than AUD 40 million across the store network and represented more than 30% of total sales. Shaver Shop is a true omni-channel retailer, but I believe we still have so much more potential to grow from here. We're now up to more than 600,000 customers on our email database, what we call our opt-in customers, with an increasing proportion of online sales coming from the database each month. Delivery in full and on time for online customers is also critical. To this end, I'm pleased that we started offering customers multiple fulfillment options, providing express and same-day delivery choices to our existing home delivery and Click and Collect alternatives. This was something that was especially important in the lead up to Christmas last year, as many logistics providers struggled to cope with home delivery time frames. We also restarted our high volume online fulfillment center over peak online trading periods. This took the load off the store network and enabled those teams to focus on what they do best, engage with and provide exceptional service to our customers. Lastly, the pandemic required our entire business to remain highly adaptable while maintaining our highest priority on the health and safety of our customers and our store teams. Our store teams were exceptional on almost all fronts in the first half. As a result, this was recognized by Shaver Shop making record bonus payments to our store managers in early January. Moving on to slide five. As mentioned previously, our stores and store teams are a key ingredient in Shaver Shop's success and a core part of Shaver Shop's omni-retail strategy, and it's why we focus so heavily on staff training. With most online orders being shipped from the closest store to the customer, our store teams also ensure fast and accurate delivery, as well as offering our customers any assistance with after-sale service and support they need. We think this is crucial in delivering a true omni-retail experience, and especially in this category, which has very specialized products and is often used on sensitive parts of the body. I've talked a bit about our success in driving online sales, but slide five really encapsulates it. On the left-hand side, you can see Shaver Shop's total sales have consistently increased over the last five first halves to reach AUD 123.6 million. You can also see that an increasing proportion of the growth is represented by online sales each year, with online sales growing to almost AUD 40 million for corporate stores and representing 30.4% of total revenue. On the right-hand side, you can see that other than in first half FY 2019, which is when our CMO and Head of Digital and E-commerce joined the business, online sales growth has been exceptionally strong, most recently evidenced by the 102% growth in online sales in the most recent half. Importantly, the online sales growth has been achieved without Shaver Shop truly leveraging our customer database to its fullest extent. We are launching retargeting programs to increase mind share, sales conversion, and shopping frequency in the second half of this financial year. I look forward to being able to share some of the benefits from these programs in due course. While our online channel has been extremely successful, on the bottom right of the slide, you can also see that our stores outside of Victoria also drove strong sales growth. All states, excluding Victoria, reported 8.9% in-store sales growth on average, and New Zealand generated 17.0% growth across in-store sales. Unfortunately, this was completely offset by the decline across Victorian in-store sales of 40.2% due to the extended lockdown experienced in that state across quarter one, leading to corporate in-store like-for-like sales falling 1.2% for the half. Slide six goes to the heart of our service ethos and why our stores remain core to our omni-retail strategy. You can see that all our key service metrics have consistently improved and are world-class. Our NPS score averaged 85.5 in the first half, and our customer experience score was 9.7 out of 10. These metrics have consistently improved over the last three years. I am very proud of this, as these metrics best reflect the attitude and the culture across our store teams of more than 700 employees across the store network. Our store managers and we as a management team monitor these metrics daily, as well as any direct feedback received from our customers about their experience in our stores. Something else we track is outside and inside foot traffic, so we can manage our controllables and understand what external factors are influencing our results, like outside customer foot traffic. While foot traffic was significantly down in the second quarter, in the order of around 25%-30%, our in-store teams were able to almost fully offset this impact through sales conversion increasing 26% to 49.1%. The increase in sales conversion was one of the key drivers for in-store sales being up 8.9%, excluding Victoria, as indicated on the previous slide. This is an exceptional result. It shows our teams are engaged and providing a valuable shopping experience for the 70%-odd of customers that still prefer to shop in our stores. I'll now hand over to Larry for the financial results summary. Thanks, Cameron. As you touched on earlier, our first half results were outstanding and continue the record run we've had over the last two years or so. Moving on to slide eight. Please note that all the figures in this presentation are reported using the latest accounting standards and are reported on a consistent basis year-over-year. For those of you that are still analyzing Shaver Shop's results using the old lease accounting standard, there is a reconciliation provided in the appendix to this presentation. Total sales were up 15%, approximately AUD 16 million to AUD 123.6 million, a new record for the business. This sales growth was combined with gross profit margins increasing 340 basis points to 44.7%, driving dramatic growth in both gross profit as well as net profit after tax, given our relatively high fixed cost base. Operating expenses only increased 8.2%, leading to a 140 basis points reduction in our cost of doing business as a percentage of sales. All these factors, together with depreciation and amortization and interest expense being relatively consistent year-over-year led to net profit after tax increasing 85.5% to AUD 14.2 million, and our basic earnings per share increasing 85.4% to AUD 0.116 per share. That's up from the AUD 0.063 per share that we reported this same time last year. When you adjust for the impact of the franchise buyback tax benefit we received, cash EPS increased 77% to AUD 0.12 per share. I'll now walk you through a bit more detail on some of the key lines in the P&L. Starting with gross profit on slide nine. Gross profit from a dollar perspective increased 24.6% to AUD 55.3 million, driven by sales growth as well as margin expansion. Key to the growth in margin was strong sales in our haircutting category, a category that we dominate here in Australia with a high number of exclusive lines. While this category has been exceptionally strong for the business over the last 12 months or so, over the four prior years, so the four prior first halves prior to COVID-19, it had a compound annual growth rate of 8.9%, driven in particular by sales of beard trimmers and body groomers, two categories that we own here in Australia. While this category is a strong and a key contributor to Shaver Shop's recent financial performance, this category has been an extremely strong performer for Shaver Shop for many years. In addition to the strong growth in haircutting, we also reported strong top-line sales growth across hairstyling, long-term hair removal solutions, as well as our massage category. In addition to the benefits caused by category mix, Shaver Shop also chose to reduce the depth of discounting offered across most categories during the half. This was particularly the case in the lead up to Christmas, and was implemented across many of our higher selling and exclusive models. That said, we remained very price competitive on our trade-wide range, something that we've been doing for many years. The overall result of these initiatives was that substantially all categories had higher gross profit margins as well as higher gross profit dollar contributions in the first half. Pleasingly, our strategy of working with suppliers to secure exclusive access to new and innovative product lines also continued to work with 24 of our top 30 products by sales in the first half being exclusive to Shaver Shop. Finally, going to the quality of our sales and earnings, contribution continues to be broadly spread across our product portfolio, with no one product contributing more than 2.2% of sales in the first half. Moving on to slide 10. As touched on earlier, Shaver Shop drove 140 basis points of operating leverage in the first half. The biggest contributor to this was a drop in store roster costs as a percentage of sales. This was partially due to the extended lockdown here in Victoria, where we were forced to reduce the number of staff hours in store. Importantly, Shaver Shop did not receive any JobKeeper subsidies in the first half, or last year for that matter. Occupancy costs benefited from around AUD 500,000 in rent abatements negotiated and agreed with landlords in the first half. We don't expect any material abatements in the second half, that is unless there are extended store closures required in any states due to government-imposed trading restrictions. Marketing costs increased by about AUD 500,000, it still represents around 3.5% of sales. For those of you that have been following us for some time, you'll note that we've now split out operational costs from other expenses to try to get some additional visibility on the key drivers of our cost base. Operational costs are largely the variable costs required to run the stores, including merchant and other transactional fees, consumables for stores, as well as postage for online orders. You can see the impact of the higher proportion of online sales in the operational expenses line, which increased around AUD 1.3 million year-over-year, and as a percentage of sales, increased approximately 60 basis points to 4.4%. Overall, costs were once again well managed within Shaver Shop's business, driving 140 basis points of operating leverage. On slide 11, you'll see that the key drivers of net profit after tax growth was the incremental contribution from our like-for-like stores, which led to the growth in NPAT from AUD 7.6 million in the first half of 2020's financial year to AUD 14.2 million this year, an 85% increase. The contribution from our like-for-like stores was only slightly offset by higher direct marketing, corporate overhead, and other expenses. Moving on to slide 12. Shaver Shop has delivered relatively consistent growth in first half NPAT between FY 2017 and FY 2020. This, however, has accelerated strongly in the most recent half. This time last year, we were very pleased to be sitting here and reporting record NPAT and EPS results, but these have been well and truly eclipsed this year, with our basic earnings per share increasing 85.4% to AUD 0.116 and cash EPS increasing 77.6% to AUD 0.12 per share. For those unfamiliar with our reference to cash EPS, Shaver Shop has an ATO private ruling that allows the company to deduct the cost of terminating the franchise license associated with a franchise buyback over a five-year period using a straight-line calculation methodology. This tax deduction results in our actual income tax payable being lower than income tax expense on the P&L over that period, all else being equal. Cash NPAT reflects the tax benefit from our franchise buyback program and is a closer representation of the cash profits the business has generated in a reporting period. Importantly, because the latest buyback of the last six franchise stores occurred in February 2021, the annual tax deduction associated with these buybacks will be fully reflected in our second-half cash EPS number, and will represent for those six stores alone, around AUD 0.006 per share. Moving on to our balance sheet, Shaver Shop ended the half with AUD 41.1 million in cash and no debt. As is normal at this time of year, our cash balance at 31 December benefits from extended trading terms received from suppliers for Christmas stock purchases. This is why you see our trade payables balance being AUD 41.2 million at the end of December 2020, compared to only AUD 18 million six months earlier. I'd expect this trend to continue in our second half of this financial year. Pleasingly, and continuing on from the trend in the second half of last financial year, we were able to significantly increase inventory turns in the first half, and keep average stock levels in stores significantly lower than the same time last year. We achieved this without any noticeable impact to sales, which was a tremendous result by the buying and merchandise teams, as well as our store teams, who were able to switch sell to other lines when a few of our top sellers ran low on stock. In looking at our lease assets and lease liabilities balances, you should expect to see these reduce in future results, given we are only committing to two or three-year terms in our renewal negotiations with landlords, as we continue to evaluate tenancy mix across the centers that we operate in. Finally, our net asset balance grew to AUD 75 million, the highest level the business has reported since inception. Even with this higher balance, though, our return on equity is close to 20% for the first half alone, reflecting the continued efficient use of capital within the business. Moving on to our cash flow statement. Operating cash flow has improved 41.7% to AUD 41.5 million in the first half, benefiting both from the significant growth and profitability, as well as reduced working capital investment, most particularly in stock. Shaver Shop continued to invest for growth, completing two full store refits at Carousel and Kotara in the first half, as well as continuing our omni-retail investments in our CRM and e-commerce platforms. The AUD 5.9 million in dividend paid in the first half reflects the payment of an AUD 0.021 per share special dividend in July that was a replacement for the canceled FY 2020 interim dividend, as well as the AUD 0.027 per share fully franked final dividend from last year. Which leads us on to slide 17. Sorry, slide 15, I should say, and the trend in our dividend payments. Shaver Shop's board today announced an AUD 0.032 per share fully franked interim dividend, which represents a 52% increase over the AUD 0.021 per share dividend that was only 80% franked this time last year. This represents the fourth consecutive year that we have increased shareholder returns through our interim dividend payout. Today's dividend announcement reflects the board's decision to balance the desire to continue increasing dividend payments with both the opportunities it sees to continue investing to drive Shaver Shop's growth. This is most recently evidenced by the acquisition of the last six franchise stores for just over AUD 15 million, including stock, as well as the desire to retain a degree of fiscal conservatism to mitigate some of the ongoing trading risks associated with COVID-19. I'll now hand you back to Cameron, who will take you through our trading update and outlook. Thank you, Larry. The first six weeks of the second half have started strongly with total sales up 17.3% through February 11th, driven by like-for-like sales growth of 17.6% and online sales growth just above 100%. Gross profit margins are relatively consistent with the first six weeks of last year, reflecting the consistent application of our Boxing Day catalog sale throughout January, as well as our typical off-promotion period in February. The category trends from the first half are largely continuing, with hair cutting, hair styling, and long-term hair removal continuing to see strong sales momentum. Importantly, Shaver Shop now has full control of our store network, which will simplify internal processes and drive improved customer experiences over time. Lastly, we've started full store refits or relocations at Erina Fair in New South Wales, Epping in Victoria, and North Lakes in Queensland. In terms of outlook, the retail trading environment remains quite strong, albeit incredibly volatile and difficult to predict, given snap lockdowns appear to be a reoccurring theme across many states. We believe this is likely to be the case for months to come. While we have started the second half strongly and look forward to being able to report a pleasing FY 2021 result in six months' time, due to the ongoing uncertainties caused by COVID-19, Shaver Shop's board does not consider it appropriate to provide sales and earnings guidance at this point in time. As a wrap-up, let's just go through our investment summary. Shaver Shop operates in a large and growing market driven by changing consumer preferences and new product innovation. We still have significant potential to further increase our market share in a large category. Over the last 35 years or so, we've developed an incredibly strong and trusted brand in Australia, and we are well on our way to replicating this in New Zealand. Our specialty retail business model is agile, differentiated, and resilient, and is based around customer service excellence and unparalleled product knowledge, product exclusivity and competitive pricing. The investments we have made in building our online capabilities in the last two to three years means we are now a leading omni-retailer in our core categories with strong online sales growth. We have an exceptional balance sheet, zero debt, and have strong cash conversion. We also have an experienced management team that has executed extremely well over challenging periods. Finally, our board and leadership team is focused on investing for growth and improving total returns for shareholders, as evidenced by the continued increase in the interim dividend. Thank you for your time today, and that concludes the investor briefing. I'll hand over to Kaylee, our moderator, who'll ask for questions from the audience. Thank you. If you wish to ask a question, please press star one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star two. If you are on a speakerphone, please pick up the handset to ask your question. Your first question comes from Danny Younis with Shaw and Partners. Please go ahead. Hi, Cameron. Hi, Larry. Congratulations on a really strong result. I'm actually finding it very difficult to find any fault with the result, but I've got a few questions if I can. The first one. That's not what you said. The first one is around gross margins. They were significantly better than what you were forecasting a month or so ago. If you were to look at a crystal ball, at what point does reversion likely occur back to your historical average over the last four years of your gross margins being in the realm of 40%-42%? Clearly, you've got the customer demand forward pull, and you've got the lesser discounting lever. But longer term, is 43%, 44% the new optimal gross margin, or should we see a reversion back to around 40%-42%? Yeah. Thanks, Danny. Really difficult question to answer. Clearly, we're seeing the trends that we saw in the first half continue so far in the second half, with haircutting being one of those categories that has really continued to be quite strong for us early in the second half. I do believe at some point there will be a normalization in the margins back to the order of, I think you said 40%-42%. I would say closer to 42%-43%, would be the long-term average for the business. That, I would expect, is probably 12 - 24 months away. I do think as we put in our trading update and outlook, there's already been a bit of a reversion to our historical margins from last year, as our first six weeks of margins for this financial year are roughly the same as the first six weeks of the second half last financial year. I think that still the strong trends that we're seeing in haircutting, and some of the other categories where we've been able to drive margin expansion mean that hopefully it's not a quick reversion. It's some time still to come. Okay. Thanks for that. That's helpful. The second question is around the sales conversion. That's gone from 39% to 49%, which looks like a pretty strong move considering foot traffic is down 20%, 25%, 30%, depending on which retailers you speak to. Can you maybe talk about that sales conversion rate across the three different buckets, like in-store traffic conversion, database of 600,000 that you've got there, the conversion that you're getting on there versus, say, those that are directly going to online and searching? I'll certainly mention about the in-store conversion first, Danny. I think we've mentioned a number of times that our percent of traffic, what we're certainly seeing is foot traffic down around 20%-25%. That seems to be broadly consistent by each region. Some variances are broadly pretty consistent. What we are seeing is a higher propensity of customers to actually spend. Those customers who have made the decision to go to a shopping center, I think are doing less so browsing and hanging around in food courts, et cetera. The propensity there is to spend, and I think that's where our investment in staff training, product knowledge, and having really good customer service levels is paying off. The staff are hungry. They're able actually to spend a little bit more quality time with each customer as well because the foot traffic is down, and that's leading to significantly higher ratios of conversion, as well as higher ATV as well. In many respects, ironically, the in-store environment, I actually think suits specialty retailers very strongly because they're able to invest quality time with people about the decision to buy a product that's best suited to their skin type or how to use it on their body, et cetera. It's obviously a very personal decision. Okay. Sorry. No, go on. Yeah. on. Yeah. In terms of the online sort of numbers that we're seeing, we're basically seeing a lot of repurchases now come through from the existing database numbers, which have effectively doubled in 12 months. We've seen a lot of traction. A lot of those users are new users, and they've started to come back and repurchase. I feel, Danny, we're pretty well-positioned as the omni-channel retailer because we kind of benefit no matter which way it swings. If the situation normalizes, we've obviously got our bricks-and-mortar business to capitalize on that. Yeah. Having said that, if there's an extended lockdown, obviously our online business kicks into gear, where we've had a heavy investment over the last two years. We're seeing the benefit now of that increased database. Right. With the rollout of the CRM, is the expectation that conversion rate could foreseeably increase further? Absolutely, Danny. Yeah, online, certainly. I think a number of measures, conversion to increase repeat purchase, ATV and basket size as well, units per transaction. I think that's a big opportunity for Shaver Shop in that we're very good at selling the finished items like electric shavers or beard trimmers, but we need to connect with those customers after six months or 12 months to say they need to buy a new foil to keep the electric shave optimized. Again, we dominate those categories. The commodity-type categories related to our business were very, very strong and margins are excellent in, but we need to actually reach out and be a bit more proactive in reminding people that a repeat purchase is required after a certain period of time. Yeah. I think that's where we can significantly leverage that database growth. Danny, just to cut in there. The percentages that are referred to on that slide, the 49.1%, just to be clear, that is in-store sales conversion only. It does not include online sales, just in case that was not clear. Sure. The next question is around those six new stores you have acquired in February. In first half FY 2021, according to the preso, they did about AUD 8.8 million revenues for six stores. So let us say double that for the year, AUD 15 million-AUD 16 million. So roughly, the average revenue per store is about AUD 2.6 million-AUD 2.7 million. Is there a big dispersion between the six locations? Are they all around that median AUD 2.6 million-AUD 2.7 million turnover? And what is the likely change in strategy from moving them from franchise to corporate-owned? Well, firstly, Danny, they're certainly all key stores. Yep. All very strong stores. Probably the possible exception or the weakest store within that mix, you'd probably say Blacktown. I think Blacktown you'd call as a probably a B-grade center that's growing into an A-grade corridor. All the other stores, Chatswood, Castle Towers, The Galeries, they are without question A-grade, Parramatta, Burwood. Yeah. In terms of how, I guess, since we've acquired it, Danny, and why, there's a number of reasons. They're fantastic growth stores. Obviously, they have a very high online catchment as well, which previously was going to those franchise stores. Effectively, those stores formed a ring around Sydney Metro. By buying back those stores, obviously we benefit from buying, picking up the bricks-and-mortar customers, but we also benefit because we pick up the online corridor across Sydney Metro, which is critical. Yeah. From a branding point of view, Danny, I think the key from our point of view is some of the differences in ethos between corporate store and franchise stores was in relation to after-service care. In terms of if there was a product issue or warranty issue, our ethos is across corporate stores, we always look after the customer. There was a slight different perception around that with those six franchise stores. We feel we can apply customer service standards a little bit more consistently across such a key region now in Sydney Metro, and we feel that apart from the commercial benefit, Danny, there's a long-term branding benefit by buying those six franchise stores and ensuring the customer service standards, the policies around returns are now consistent across every single store in Australia and New Zealand. Right. No, thank you. Just a final one, just on the outlook. Clearly things in the first six weeks don't appear to have slowed down, so that's a fantastic result for you guys. You've talked about, in the investment summary, a further increase in market share. Can you maybe talk about how you are likely to execute on that? Is it more new store openings post the acquisition of these last remaining six? Is it pushing further into New Zealand? Is it trying to garner more exclusivities across your SKUs? How do you see that increase in market share playing out strategically? What exactly should we be looking for there? Well, I think there's a couple of different strategies, Danny, depending on the market. New Zealand is a bit of a no-brainer in our opinion. We've got seven stores doing exceptionally well. Growth, we're very pleased with, but our brand awareness is still quite low. The obvious opportunity in New Zealand for growth is some more stores. We'd like about another half a dozen stores in New Zealand in the right locations, obviously, that can really drive that brand awareness to levels similar in Australia. Because we're finding very similar market conditions in New Zealand as in Australia. We have a high ratio of exclusives in New Zealand. Customer demand is significant for our categories. Average transaction value is very similar. It's a really prosperous market. We just need a few more stores. Australia's probably a little bit different. Obviously, we've mentioned in the past, our investment in Australia will continue to go into digital and e-coms. Very, very cautious about new stores in Australia. Generally, our capital and our investment will continue across the digital channel. It would have to be an absolute no-brainer, Danny, for us to invest in new stores in Australia. I think in Australia, what we're continuing to do is make sure that all the new product innovation, key product lines, we have a stranglehold on the category through exclusives. You heard Larry mention before, 24 of our top 30 lines were exclusive, over the half, and clip and trim we're particularly dominant in. Then we've also got category expansion, Danny. We've obviously expanded into fragrances over the past 18 months, which we're very happy with, and we continue to expand our range across some of those growth categories which are really underrepresented in Australia, such as long-term hair removal solutions. There's an enormous channel-switching opportunity for Shaver Shop. We know that IPL treatments, laser treatments are a monstrous business in Australia through beauty salons. Shaver Shop obviously sells that same technology and we're the market leader in that in DIY home use. Obviously in the current climate, with a lot of beauty salons being closed and impacted, we're finding the ladies are very keen to trial DIY long-term hair removal solutions, which we, as I said, are very, very dominant in. We see that as one category that's going to provide significant growth for a number of years. Excellent. That was very good. Thank you very much. Thank you, Danny. Your next question comes from William MacDiarmid with Ord Minnett. Please go ahead. Hi, Cameron and Larry. I think Danny took all the good questions, but I've got a couple. Just playing off one of the questions just a few moments ago on growth in New Zealand, do you have a rough timeline on when you'd like to see those additional half dozen stores rolled out in New Zealand? Yeah, it's a good question. Ideally, I'd love them tomorrow, we also, like everything, we don't want to show our hand to the landlords too much as well, because we obviously want to make sure that they're the right location and the right deal. Travel's a little bit difficult at the moment, obviously, it's fair to say we are looking at site locations in New Zealand right now. I would hope that we at least have a couple of new stores in New Zealand, certainly prior to the all-important Christmas trade of this year. Hopefully, we'd have at least two or three stores, the right stores in New Zealand this year to get us that scale that we desperately need. Okay. That's interesting. In terms of the product mix between in-store and online, can you talk about the dynamics around that? Are you sort of getting new customer capture in-store around maybe haircutting, and then they go to online and they're buying more of those consumable items? You did allude to this, the margin impact of that. As you see more of those repeat purchases, what that might do to margin? Yeah. I'll deal with the first question first. In terms of the repeat purchases coming in, a lot of those, when we're trying to leverage the database going forward and just really retarget those customers with the consumable products, like our Guard range, for example, those have extremely high margins. At the moment, the category trends online tend to have lower than company average gross profit margins online. Part of the reason for that is the strength that we're seeing in the long-term hair removal solutions category, which I think what happens there, and we're yet to be able to tie in our customer behaviors in store with online and track that this is actually happening, but this is what we expect is happening. The customer may go into a store, talk to our store staff, understand how a long-term hair removal solution IPL unit works, how they should best use it. They go online, do some more research, maybe come back into the store and buy it, or often choose to buy it online because they realize that Shaver Shop has the broadest range and often the best price IPL units in the category. That tends to lead to some of those, like that particular category, having a higher proportion of sales online than in store. That category has a lower than company average margin. It's slightly lower online overall from a category mix, resulting in slightly lower gross profit margins online. That's something I think with retargeting those customers, through those consumable products, we're looking to close that gap over the next 12 - 24 months. Okay. That's clear. Thanks. Then just finally, just in terms of the inventory, obviously carrying lower inventory than the same time last year. Is that partly related to any shipping concerns and any risk of perhaps missed sales as we go into second half? No. It's a very fair question, but I don't think so. I think where we've gotten far better as a business is actually managing our inventory and leveraging our greater strength, which is our store teams. Our store teams, their ability to align their merchandising and their selling skills to our promotional program, honestly, is second to none. I think that's really been able to make sure that we get the right inventory of the right lines that we're promoting into stores. Some of those slow-moving stock lines that we may have carried in the past, now we've really cleaned up. I think overall, certainly from my perspective, in the 15 years I've been here, I don't think we've ever been so strong in managing inventory and getting the inventory right at each store location. Okay, great. You wouldn't expect to have a sort of a big inventory build at the end of the financial year as anybody would urge, would they? No. I think the new levels we're seeing are effectively our new base that we will be operating on moving forward. Terrific. Okay. Thanks, guys. Appreciate it. Thanks, William. Once again, if you wish to ask a question, please press star one on your telephone and wait for your name to be announced. Your next question comes from Rodney Denroiden, who is a private investor. Please go ahead. Hi. Hey, Rodney. Thanks again. Great results. Great questions, too. Mine are going to be quite general. For both of you, one is just I really like the focus as a customer and a shareholder on customer service and getting people what they need and optimizing that purchase for them as a customer and you as a business. Any good news stories, I guess, you'd like to share? It's been a great financial set of results, but any sort of on the ground good news stories you want to share? Well, I think for me, it's partly incorporated with the NPS results. I know their numbers, our customer service score of 9.7 out of 10, that's just incredible. I read the customer feedback comments every morning. It's the first thing I do through the Radarr. What just comes through is the customers, even in the current climate, has almost made good customer service stand out more. Our customers seem genuinely appreciative that our guys are authentic. They're respecting the social distancing. All the measures are there with the hand sanitizers, but they're providing just really good omni-service, and they're smiling. For me, that's kind of what it's all about, is you've got people at the store level that generally are really engaged and love this business, and it comes through when you're on the floor. They know their products inside out. That to me is, it's the heart of retail, and it means everything, given how challenging it's been over the last nine months. It's been tough for a lot of people, they've come to work, they've put on a smile, and they've done an amazing job. Great. That's what I mean about using tough times to build brand loyalty and make an impression. A good one, too, which I think will last. That builds to my second question, too, which is great. In terms of customer mix, and obviously being a public co, whatever you want to disclose, but have you noticed any major changes or trends with your customer mixes, demographics? Not particularly. Our demographics have generally been roughly 50%, a little bit more than 50% women customers versus men. That's now reverted to roughly 50/50 based on the latest data that we have for online only. Again, we're not gathering the data in-store yet. We hope to be able to start gathering that in the second half of this year. In terms of the demographic changes, where we're looking to try and grow and where I think we have grown over the last 12 months is in sort of the younger demographics or the 19 - 35-year-olds, which is where we've been really focusing a lot of our attention on Facebook advertising and social media spend. That has significantly increased year-over-year, and we see that as a real growth opportunity for the business. Some of our historical market research shows that we have strong brand awareness and appreciation in the older demographics, particularly men. Where we see the biggest opportunity is in that younger demographic, and we're starting to get that coming through some of our social media advertising and online and digital advertising. Terrific. Thank you. There are no further questions at this time. That does conclude our conference for today. Thank you for participating. You may now disconnect.