Morning everybody, and welcome to the JD Sports Half Year Results. I'm delighted to say that it's a set of results where we're on track for the year as we stand here today. I just really wanted to make a couple of introductory remarks before I hand over to the team. It's been a tough couple of years, really, in lots of ways. There's been a lot of challenges we're facing too. You know, the markets have not been great. Consumer markets have been uncertain. I think you all know about the political and economic background in our major markets. Of course, the cost base here in the UK in particular, with national insurance rises and various other things that have been very challenging. We've also internally, of course, had governance challenges that we've had to sort of face into as well, which have required investment and turnaround. I really just wanted to start by commending the team, really. The strategy is very much on track at the moment. I think they've shown great resilience in the face of a lot of those challenges. Of course, we're making great progress. The governance in particular, I think, commend Dominic and his team for the work they've done around the financial controls in the business. You know, all led by Régis, of course. Of course, the integration of things like the supply chain, the progress we've made on governance, the good work that we've done around the integration of the acquisitions we've made, and the great work we've done on our brands. If you need an example of that, go and see the Trafford Centre and see how that's moved JD on here in probably its most mature market. I think all of that is very commendable. You're seeing here today some of the results of that hard work, and with more to come. I just wanted to say thank you to all of the team in JD for the hard work that's gone on. It's never easy when markets are difficult. I think they're doing great stuff. Thank you very much, and I'll hand over now to Régis. Thank you, Andy, and thank you for your kind words. Good morning, everyone, and thank you very much for joining us. I'm Régis Schultz, CEO of JD Sports Fashion PLC, and we are here joined by Dominic Platt, our CFO, and Michael Armstrong, our JD Global Managing Director. I will start with our key message and highlight from the first half. I will then hand over to Dominic to go through the financials, and finally, I will take you through the key business update. As a reminder, at our April strategy update, we set out some clear priorities for the short and medium term. First, to deliver the vision to be the leading sport fashion powerhouse. Second, to build the infrastructure and the governance you would expect from a company of our size and for a world leader. Third, to focus on cash generation and shareholder return. I'm pleased to say that our first half results reflect our priority and demonstrate our operating and financial discipline against what was a tough trading environment. We are building a track record of focus and consistent execution against our strategic objective. As a result, we are gaining market share in North America and in Europe, and building on the very significant opportunity we see in both regions to develop the JD brand and leverage our complementary concept businesses. To finish our key message, we said we would provide you an update on the U.S. tariff impact. Dominic will go into more details on this, but you will be pleased to know that we see limited impact in the current reporting year. Let me now hand over to Dominic to run through the first half financial results with you. Thank you. Morning everybody, and thank you, Régis and Andy. Let's start with our summary financials for the group here on slide six. At constant FX rates, total sales were 20% higher year on year, reflecting a full half of sales from Hibbett and Courir that were acquired in July and November, respectively, last year. Stripping these businesses out, organic sales growth was 2.7%, comprising 2.5% lower like-for-like sales and 5.2% growth from net new space. Against a tough backdrop in all our markets, we maintained our trading disciplines. Gross margin was 48%, 60 basis points behind the prior year. Excluding Hibbett and Courir, which are slightly lower margin businesses, gross margin was 40 basis points lower year on year. This was driven by controlled price investments, particularly in our online offer to increase customer engagement and conversion. Turning to operating profit, as a reminder, earlier this year, we updated our definition of operating profit to include IFRS 16 lease interest, as we believe including all property-related costs gives a truer picture of the operating margin of each part of the business. On this basis, operating profit of £369 million was 6.3% lower at constant FX rates. Excluding Hibbett and Courir, operating costs were 4.7% higher at constant FX rates, and this was driven entirely by new stores. Through structural cost reductions and flexing the staffing levels and discretionary spend, we managed to fully offset the impact of higher labor rates and technology costs, as well as non-cash mark-to-market charge of £14 million in H1. More on that later. Overall, the group's operating margin was 6.2%, 170 basis points lower versus the prior year at constant FX rates. Profit before tax and adjusting items was £351 million, 11.8% lower at constant FX rates, and in line with our profit phasing guidance. Included in this is a £22 million increase in net finance expense, excluding lease interest, which was driven by lower cash balances and debt financing related to acquisitions. Our adjusted earnings per share were 8.5% lower year on year at constant FX rates. For completeness, the statutory PBT was £138 million, 9.5% higher year on year. This reflects lower adjusting items or exceptional items, as we all used to know them. These are essentially limited to non-cash revaluation of our Genesis put option, together with the amortization of acquired intangibles. The board has declared an interim dividend of £0.0033 per share, consistent with the prior year. In line with our dividend policy, this represents one-third of the final dividend for FY2025. Last but certainly not least, we delivered a 5% increase in operating cash flow to £546 million, demonstrating yet again the highly cash-generative nature of our business. Turning now to our revenue bridge from last half year to this. The left-hand side rebases H1 2025 for FX headwinds of 2 percentage points, as well as some small disposals from last year. As I mentioned earlier, like-for-like sales were 2.5% lower, and new stores contributed 5.2 percentage points to sales. This includes annualizations from stores opened last year, and also the fact that we opened four flagship stores in the period, including the Trafford Centre in Manchester, which is strongly outperforming against its plan. Overall, organic sales growth was 2.7% at constant FX rates. We believe this is faster than the growth of our addressable markets, driven by market share gains in North America and Europe. Finally, Hibbett and Courir added £869 million of sales for overall sales growth of 20%. As you can see from this slide, the JD Group is a very well-balanced and diversified global business. 71% of our sales come from North America and Europe, our key growth markets. Following the Hibbett acquisition, North America is our largest market, representing 39% of group sales. Our channel and category mix varies by region, which provides us with opportunities for growth. For example, our largest region for online sales penetration is the UK at around 25%, with our other regions overall in the mid-teens. We're building a fully flexible, omnichannel proposition in all our regions, offering customers a seamless service for purchasing, delivery, and return, whether they choose to use our stores or online channels, or, as we are increasingly seeing, a combination of the two. Within our omnichannel proposition, organic store sales grew by 3.6%, reflecting the continued resilience of our full-price business model and our store opening program. Online sales were 1.6% lower, with good growth in North America and Europe, offset by a weaker online performance in the UK. While UK store sales were positive year on year, the UK online market as a whole was slightly more promotional during the period, especially in the second quarter, driven by short-term discounting to clear inventory. To maintain our competitiveness, we made some controlled investments in our prices and have seen an improvement in customer engagement online in recent weeks. Turning to category, our agile and multi-brand model really comes into play across our combined footwear and apparel proposition. When we exclude Hibbett and Courir, which are more footwear-centric fascias, apparel participation increased to 31%, with footwear decreasing to 58% of sales. In footwear, we continue to see a fundamental shift in the global footwear product cycle, given the transition between newer franchises and some significant end-of-cycle product lines. Notwithstanding this, we saw strong growth across brands more in the middle of the cycle, which reflects the strength of our multi-brand model. The early signals of new product franchises, in terms of both launches and pipeline, are encouraging, albeit they are a small part of sales today. Overall, organic footwear sales were 1% lower year on year. The apparel product cycle is very different compared to footwear. Our apparel proposition is in excellent shape, supported by innovation and our own brands, and we believe there is significant scope to leverage this for growth, particularly in North America, where our apparel mix is low compared to other regions. Despite tough comparatives for replica shirt sales in the UK and Europe due to the Euro 2024 football tournament last year, organic apparel sales were 6% higher year on year. Our other category, which includes outdoor living equipment and gym memberships, maintained its share at 4% of sales mix. Turning now to our geographic regions. As a reminder, we have two different lenses on how we look at the JD Group. First, as you know, segmentation by fascia, JD, our complementary concepts, our sporting goods, and outdoor fascias. This is our primary lens because it aligns to our strategy, and most importantly, it's how our customers and brand partners engage with the JD Group. The geographic split that you see on this slide helps to focus internally on creating the most efficient operating model to support our range of fascias in each region and, in the process, maximizing the returns we make on our investments. Starting with sales by region. As reported in our trading update in August, like-for-like sales in H1 were resilient in Europe, supported by our JD and sporting goods fascias. We were encouraged by improved like-for-like trends quarter on quarter in both North America and Asia Pacific. In the UK, we see organic sales as a better KPI than LFL, given the ongoing evolution of our store footprint with bigger and better stores. Régis will cover this in his slides later. UK organic sales were 1.7% lower in H1, affected by tough prior year comparatives due to the Euro 2024 football tournament. Turning to margins, the group operating margin of 6.2% reflects the H2-weighted nature of our annual sales. By region, the North American margin was 340 basis points lower year on year. This was influenced by two significant but short-term factors. First, the ongoing wind-down of the Finish Line fascia. During the first half, Finish Line invested in price within its online offering to maintain competitiveness. It also closed 15 stores and transferred a further 22 to JD in the period. Those conversions continue to see significant uplifts in performance and profitability as the JD concept continues to resonate with North American customers. The remaining 220 Finish Line stores will be wound down over time, but will weigh on the North American margin in the short term. Second, the impact of Hibbett year on year. Last year, having completed the Hibbett acquisition on the 25th of July, the business recorded a spectacular first week due to back-to-school demand, making a significant proportion of its annual profit under our ownership in that seven-day window. Aside from these factors, as I mentioned earlier, Hibbett is a slightly lower margin business than the other North American fascias. The integration of the business is progressing well, and it's a key component in our multi-year program to create an integrated platform for the nationwide growth of all our fascias in North America, with an efficient supply chain and back office. We're on track to deliver annualized cost synergies of $25 million, with half to two-thirds of this, so about £10 to £12 million, expected in H2. In Europe, we saw a decline in the operating margin of 40 basis points. The main factor to call out here were our controlled price investments, particularly in the online offer, which saw good results in terms of customer traffic and conversion. As our supply chain investments in Europe come to an end in FY2027, we'll see the operating margin in this region start to step forward towards the higher single-digit levels we have elsewhere. To remind you of our broader medium-term guidance for the group, we expect to see over £20 million of cost benefits related to technology and supply chain double running costs across FY27 and FY28. Finally, the UK margin was lower by 130 basis points. This reflects the tough trading conditions as highlighted, as well as higher technology, labor, and costs related to new stores. We have and continue to make strong progress on our plans to enhance sales productivity and cost efficiency in the UK, and Régis will touch on that more later. Onto the group profit bridge. Starting from the left-hand side, lower like-for-like sales at a constant gross margin contributed £33 million to the decline, and that's net of £27 million of attributable variable OpEx savings. We then have a further £25 million from the like-for-like gross margin rate reduction. The next bar shows a £10 million net OpEx increase, which includes a higher salary and national insurance rates, as well as technology investments that we flagged back in May. It's a net number because we've also included structural OpEx reductions in the year. Alongside the higher mark-to-market charge of £13 million, we offset these increases in full with our variable cost reductions, as you can see with the arrows on this slide. For the year as a whole, as we stated in our FY25 results in May, we expect incremental OpEx of over £50 million, including higher labor and national insurance costs and tech spend. We're on track with our guidance of partly offsetting this through £30 million of structural cost reductions and US integration synergies of around £10 to £12 million. I would also highlight that we expect part of the mark-to-market charge to unwind in the second half. A contribution from new stores and annualizations is £24 million in H1. Hibbett and Courir added £32 million. Finally, we saw a £22 million increase in net finance expense, excluding lease interest. As I mentioned earlier, this was largely due to the interest on debt component of our acquisition financing, which anniversaries in the second half. On this slide, we set out our summary cash flows for the period. Depreciation and amortization was £467 million, up £120 million from the prior year. This increase was driven primarily by Hibbett and Courir, together with the impact of new stores and our supply chain investments. Lease repayments were £230 million. As a result, the group's operating cash flow was £546 million, up 5% versus the prior year. The change in working capital resulted in a net outflow of £312 million. This was due to an increase in inventory of £314 million, reflecting the rebuild of stock following the seasonally low year-end balance sheet position. Gross capital expenditure in the period was £216 million, down £29 million on the prior year, reflecting the tapering off of our supply chain investment phase. Tax, interest, and other cash payments were £86 million, leading to an overall free cash flow of minus £68 million, and that's an improvement of £35 million on last year. To reiterate, given the seasonality of our business, we expect to generate significant free cash flow in the second half. Dividend payments related to last year's final dividend were £34 million, and our first share buyback program of £100 million completed in July. Overall, we saw a reduction in net cash of £177 million, leading to net debt before lease liabilities on the balance sheet of £125 million. Turning to slide 12 and to reiterate the continued strength of our balance sheet and cash generation, we continue to manage our inventory effectively and in a disciplined manner. Net inventory increased by 14% year on year. This mainly reflects the acquisition of Courir, but also proactive stock management ahead of our distribution center transitions and City Gear store conversions. Régis will provide more detail on this later. Overall, we're well positioned on inventory heading into our peak trading period. Turning now to net debt, with cash of £502 million and borrowings of £627 million, our net debt at period end was £125 million before lease liabilities. We expect to move to a net cash position by the end of the financial year. Factoring in IFRS 16 lease liabilities, our net debt was just over £3 billion, representing net leverage of 1.7 times. Taking into account the Genesis buyout option in FY30 and FY31, pro forma net leverage remains around investment grade levels. In July this year, we completed a comprehensive debt refinancing. Including our new undrawn RCFs, our total liquidity at period end was just under £1.4 billion. Finally, on shareholder returns, in April, we updated on our strategy and our capital allocation priorities, and with this, a commitment to enhance shareholder returns. In accordance with these priorities and reflecting our expectation of strong free cash flow generation, we announced a second £100 million share buyback program in August. We expect the program to commence in the coming days, and at current share price levels, we believe buybacks represent a compelling return on equity for shareholders. Finally, for completeness, the board has also declared an interim dividend of £0.0033 per share. Now let me take a moment to address the impact of U.S. tariffs on our business, which we said we'd provide an update on today. The overall message here is that we see limited financial impact in FY2026, though unsurprisingly, uncertainty remains going forward. First, a reminder of our direct exposure. This is the impact on our sourcing of own brands and licensed products, as well as store fixtures and fittings. Our own brand accounts for less than 10% of our U.S. sales, and we've already taken effective steps to diversify the sourcing base. As a result, the direct impact to JD Sports Fashion PLC of higher U.S. tariffs is not material, estimated at less than $10 million on an annualized basis. Turning now to our indirect exposure, we've spent several months closely monitoring the actions our brand partners are taking to mitigate tariff impacts and any shifts in U.S. consumer behavior. From a brand partner perspective, with a significant proportion of their sourcing concentrated in Southeast Asia, we're seeing them taking proactive steps across the supply chain to mitigate cost pressures and maintain competitive pricing. Where retail price increases have occurred, they've generally been targeted, with a broadly neutral reaction from customers so far. Based on what we've seen to date, we therefore anticipate limited financial impact from U.S. tariffs in the current financial year. This is supported in part by inventory purchase prior to the implementation of tariffs. Looking beyond FY2026, uncertainty remains over broader tariff as well as over U.S. consumer sentiment, as you might expect. We will, of course, provide updates as and when the landscape evolves further. Finally, on our outlook and guidance, we expect our full-year profit before tax and adjusting items to be in line with current market expectations. Our H1 results demonstrate our operating and financial discipline against a tough market backdrop. You can expect more of the same in H2 with continued effective management of our costs and cash. We remain cautious on the trading environment, reflecting continued pressures on consumer finances, elevated unemployment risk, and the ongoing footwear product cycle transition. Now, as a reminder, as we settle into our new reporting pattern, there's no update on current trading today, and we'll report our Q3 numbers on the 20th of November. Finally, as I highlighted on the previous slide, we anticipate the financial impact from U.S. tariffs to be limited in this financial year. With my review concluded, let me hand back to Régis, who will provide the business update. Thank you, Dominic. Let's move now to the business updates. First, a quick reminder of our investment case. JD Group operates on a large and global scale with a footprint in over 50 countries. Our market, sport fashion, will continue to grow over time, benefiting from ongoing casualization and active lifestyle trends. JD Group is a leading player in all key geographic regions we operate and is targeting further market share gain, in particular North America and Europe, where we see significant organic growth opportunity. JD Group has a strong and agile multi-brand model, allowing us to propose the best product to our customers and to navigate trends branded seamlessly. JD Group is an omnichannel retailer, leveraging the best of the online and offline world for our customers. JD Group is building the infrastructure and the governance needed for a group of our size and scale. In the last three years, we have invested significantly in our supply chain, in our technology, as well as centering our system control and talent. We will therefore unlock operational efficiency across the group. This puts us in a position to deliver profit growth ahead of sales over the medium term. JD Group is a highly cash-generative business with a powerful balance sheet. With disciplined capital allocation, we have headroom to invest for growth while delivering an answer return to our shareholders that translates into a £200 million share buyback program for this year. Everything we do, everything JD does starts with the consumer, the JD customer, the young customer, the 16, 24 years old customer. JD's greatest strength is our ability to see the world through the mindset of our customers. Our close relationship with the young customers gives us a strong partnership with the brands we sell. This unique brand partnership provides us the ability to offer the latest and the greatest product to our customers. Our concept, the JD Theatre, is modern, vibrant, multi-brand, premium, mixing sport, fashion, and music. We leverage the magic within our store to bring our proposition to life in an environment that elevates our brand partner's stories and delights our customers. Before you ask me the question, how is our customer feeling right now? I would say that the current level of uncertainty is impacting customer confidence across our different markets. More importantly for us, as we have said previously, unemployment is a key factor for our young customers. We are starting to see early negative signs on it, especially in Europe and the UK. Something for us to monitor in the coming months. Meanwhile, when we are delivering new, exciting products, we see our customers coming into our store. Talking about product, definitely it's not... Yes. Talking about product, let's turn to a very familiar slide, which demonstrates the power of our multi-brand model and our agility to navigate trends and brand it. Looking at the makeup of our sales in footwear on the left, on the left for you, yes, and apparel on the right. First, you will see that we are not building our range per brand. We are doing it by style, by category, to focus on customer needs. If you take footwear, we have four key categories. It's a simplified version of what we do internally. You have running, performance, and retro, basketball, skate. We have included terrace in this, classic or tennis, and others. You can see the movement between the categories. For example, retro basketball went from 20% of our sales in financial year 2020 to almost 40% of our sales two years ago, before slipping back in the last 18 months. On the other hand, running has moved back above the 50% mark where it was in financial year 2020, especially with the development of performance running with On, HOKA, Salomon, Adidas Evo, and the new Nike running product, Pomerleau 18, and Pegasus. Thanks to our agility, to our flexible merchandising, to our buying excellence, we are navigating, anticipating the product cycle, the change of trend, and the evolution of brand it. This is critical in the current challenging product cycle. As we always say, we will win with a winner. Turning to apparel, you can see how we have pivoted our offer toward performance apparel and street fashion. Performance apparel, mostly exclusive products designed by us, designed for us, with a brand, shows our agility to capture and create growth by extending our reach and leveraging our brand relationship with a big player and with emerging brands. This has been done very quickly, as we have more than doubled our sales in performance every year in the last three years and grown over five times over the last five years. Our growth in street fashion is another example of our agility to extend to a new category by developing our own brands to respond to customer trends. As you have seen from Dominic in our H1 results, our focus on apparel gives us a unique competitive advantage, and our investment in space, resources, and talent is clearly paying off. Our apparel strategy is a key differentiator, a key competitive advantage in every market we operate, and it brings to life our unique lifestyle proposition. Definitely. Next slide. It's not working. In the first half of our financial era, we have made strong progress against our key mid and long-term priorities. In North America, our focus is to develop the JD brand, to leverage our complementary fascia, and to deliver the back-office synergy following the acquisition of Hibbett. In Europe, we are leveraging our multi-fascia strategy to gain profitable market share, with JD to address the young customer, Courir to reach a more female, older customer, and Sprinter Cosmos to a more family sport fashion, a sport customer, sorry. We focus on key countries: France, Iberia, Italy, the Benelux, Greece, and Poland, where we have a leading market position to drive efficiency and profitability. We are building a more efficient supply chain with the automation of our JD, European, DC, and Ireland. In the UK, our focus is to have fewer, bigger, and better stores to be more productive and to optimize our central overheads. We have made a lot of progress in the first half of the year, which I will now take you through in more details. This one, it works. In the US, we are developing the JD brand, gaining again market share in H1, and increasing the awareness of our brand. Our number one brand awareness action is to open stores. In H1, we have opened a net of 52 stores in the US. This includes 22 conversions from Finish Line to JD fascia, delivering on average more than 20% of lift-in sales. The second priority is to target key markets in the US, with community marketing, activation, local advertising like billboards, buses, local sponsorship, and ambassadors. The third priority is about national influencers targeting digital media, performance, search, and shopping. Mike will provide and can provide more color on the program during the Q&A session. As a result, as you can see on the slide, we are delivering a significant increase in national aid brand awareness from 34% two years ago to 59%. This is even more marketed in our key battleground markets such as New York. More impressively and impactful, 26% of the consumers purchase in JD, almost tripled versus three years ago. North America is the largest market in the world, and it is now our largest market, accounting for almost 40% of group sales in H1. Our different fascias provide us with a full reach of the American customer, from coast to coast, with DTLR on the East Coast, Shoe Palace on the West Coast, from top mall key trading parts with JD to local communities with Hibbett, from all ethnicity and all gender. The acquisition of Hibbett has been transformative, as it gives us an extensive geographic and demographic reach in the U.S., creating scale for our strategic partner, the large and emerging sports brand. We see great opportunity in North America for the development of both the JD brand and our complementary fascia. Part of Hibbett's acquisition, we acquired City Gear Store, a chain of 200 city specialty stores situated in the Southeast with a similar customer base to DTLR. As explained in the details in April, we will convert all the City Gear Store, the 198 stores, to DTLR, giving us an opportunity to improve our sales and profit. City Gear has a return of $250 per square foot, whilst DTLR averages more than double at around $500, so a lot of value to harvest for us. We have already transferred the City Gear operation to DTLR back in June, and the system cut over on time, on budget, and with no issue. Another demonstration of our operational excellence. At the same time, we are starting the conversion program with an initial six-store conversion trial. As of last week, that shows a strong uplift in sales around the plus 60%. The second priority is synergies and leveraging our scale in the U.S. As mentioned by Dominic, we are on track in terms of our action and the planned synergies. On back office and system change, our U.S. businesses are moving quickly with the ongoing implementation of Workday for finance and HR, leveraging Hibbett's expertise. With our new scales in North America, we are starting to see significant benefits in areas such as transport, logistics, and insurance, and we are bringing learning from JD to develop Hibbett's range and merchandising. Hibbett delivers a positive Q2 like-for-like, the first for some time. Another source of synergy is the supply chain and the distribution center. We are converting our U.S. DC to become multi-fascia to deliver significant cost savings in the future, as well as a quicker replenishment for our store by covering the country from east to west. Our first multi-fascia DC will be live at the beginning of next financial year with a new West Coast DC in Morgan Hill near San Jose, to be followed quickly by Alabaster, the historical DC of Hibbett in Alabama. Turning to the development in Europe, we are leveraging our multi-fascia strategy to gain profitable market share. We have refined our plan and focus on key countries: France, Iberia, Italy, the Benelux, Greece, and Poland, where we have a leading market position to drive scale, efficiency, and profitability. As mentioned in April, Germany and the Nordics have been more challenging due to high costs to operate and less appetite from the consumer for sports fashion. We have taken this learning and are directing future investment on the markets where we see more room for profitable growth. In H1, we have focused on the JD store opening program in Spain, Italy, France, and Portugal with a net increase of 35 stores. Overall, I'm pleased to report that we gained market share in the first six months. The integration of Courir is proceeding according to plan. Courir operates 307 stores across six European countries, including its own market in France, where the majority of the stores are located, as well as 33 franchise stores across nine further countries. We see the potential to develop Courir in Europe by leveraging our existing infrastructure. We have successfully entered Italy in the first half with three stores opening, and we are preparing to re-enter Portugal. We also have our European sporting goods fascia in Iberia, Greece, and Cyprus. Those businesses provide us with scale, infrastructure, and a different customer. In H1, they saw sales growth of +1.2% and six new store openings, taking the total store number to almost 400. Finally, an update on our European supply chain project. Our long project around L&D scenes and LLMs continues to ramp up, and it will launch automation in the coming days. In fact, on Monday, we will start the automation. Initially, this will be for store replenishment, with online to follow in the first half of next year. To give you an idea of the scale of the operation, the target is a throughput of 100 million units a year. Automation will unlock significant efficiency within Europe, including faster fulfillment, better stock availability, and a reduction in the fulfillment cost per unit. It will eliminate our current dual running cost in Europe and the unnecessary cost and duty of shipping to Europe from the UK. To minimize the risk of disruption during our upcoming peak trading period, we will maintain our dual running with our site in Belgium until the beginning of next year. As Dominic said earlier, we are on track to deliver over £20 million of cost benefits relating to the supply chain double running costs across financial year 2027 and 2028. Before we turn to look at the UK, I want to give you a behind-the-scenes tour of the build of what is our biggest JD store in the world, in Manchester's iconic Trafford Centre. We believe it is also on track to become one of the world's largest sports fashion stores by sales, with a triple figure turnover in US dollars. This destination store opened in June and set a new benchmark in innovation and merchandising for JD worldwide. It will bring to life the JD Theatre, as mentioned earlier, and this small video gives you just a taster. Enjoy it. It is a 4,000 square meter store. It means that we could play with a lot of new ideas, new brands, new products. Trafford Centre has 19 customer engagement areas. This includes customization, sneaker refurbishment, social media recording studio, even a barber, not for me, but... I'm looking forward to host you and to see you in the JD Theatre of Dream in Manchester. As you know, the UK is our most established market. As a result, our primary focus is on enhanced productivity, larger through fewer, bigger, better stores, optimizing the store footprint in the best location, and reinvesting in the best location and in our current estate to make sure that our stores continue to be the best in town. In line with our strategy in H1, we saw a net reduction in UK store numbers of 13, but an overall increase in selling space. Productivity is also about driving operational efficiency and cost savings, so to highlight just a few for you. With our DC, we are now seeing the benefit of closing Derby last year and reviewing our transport costs, bringing in further savings and driving more efficiency in Kingsway. We have some of our tech infrastructure key projects starting to land. Our new HR system, Dayforce, has launched in the UK, which will start to bring scheduling benefits in stores, as well as overhead savings in our head office. We are also using technology to support both colleagues and customers. We are, as we speak, implementing ERFID in all our stores to facilitate click and collect, ship from store transactions, and making replenishment much more efficient for our people, saving critical minutes in store tags. This is alongside the self-service checkout and mobile point-of-sale terminals that we are starting to roll out. I will add one that Dominic is particularly proud of: reducing our audit fees, having enhanced our process and system in finance. As a final update, we see loyalty as a key driver of our sales. Our now established global loyalty program, JD STATUS, is progressing well, and in the UK alone, it's capturing more than 25% of our turnover. STATUS serves us as a foundation for developing a more targeted and personalized relationship with our customers. In H1, we ran tests of personalized offers during the campaign period, which resulted in significant incremental sales. This gives us a strong indication regarding the scope and the potential for future development. As a conclusion, in a tough trading environment, we are staying focused on our strategic priorities, our operating and financial discipline. This is demonstrated by our market share gain in H1 and our operating cash flow up. We are cautious about the trading environment. In the second half of the year, we expect full-year profit before tax and adjusting items to be in line with our current market expectations. We are focused on delivering a strong free cash flow, and we have confidence in the medium-term growth prospects of our industry. We are reaffirming our commitment to enhance shareholder return, and we will soon start our second £100 million share buyback program. Before I hand over for our Q&A session, I'd like to thank all my colleagues for their hard work and dedication. Their commitment and their agility are moving us forward, forever forward. Thank you. Over to you. All right, thank you very much, Régis. We're going to start the Q&A now. I'll wait for my colleagues with the microphones. Lorraine, could you start with Grace, please? Hi, good morning. Thank you. It's Grace Smalley from Morgan Stanley. My first question would just be on apparel. You mentioned the improved product assortment after a period of weakness. I'd just be interested to hear more details on what exactly has changed in the apparel assortment, what's making you more optimistic on that category. Régis, I think in the past you've spoken about a more competitive environment in apparel, how you see that competitive landscape today. My second question would be on the footwear side. Love the new slide with the different categories. If you could just talk about, based on your consumer insights, what you're seeing from the brands' product pipeline into next year, how you see those trends evolving, do you expect running to continue to save market share, what you're seeing in basketball, terrace, and skate as well would be very interesting. Thank you. I think the first two answers are... Yeah, I think apparel, I mean, if you remember earlier, 12 months ago we were saying the apparel market was really challenging. I think what we find is because there was a bit of a shift in the market a couple of years ago, and particularly with the bigger brands, we work on about generally about an 18-month timeline. There's a lag between when the market shifts for us to be able to capitalize on that shift or get at the market, the shift in the market with the bigger brands. We've just seen the brands catch up with the consumer. That's really all it is. We had a really strong, we still have a really strong business in the performance categories, as you can see on the slides. We've had some new entrants come in in that space, which have worked extremely well for us, like Trailberg, Abel, Monterick still continues to be amazing. We've got a really good business with Under Armour. On the fashion and more lifestyle side of things, that's where we're seeing the real upside. Adidas is looking really good on apparel. We introduced a new home brand called Unlike Human. There's just a lot going on. It's just quite an exciting place right now. On footwear, as Régis mentioned, we're still just managing out of this period where we had three really big items dominating the footwear business. It's a marketplace where consumers want to try and test new products. There's a lot of new, or not new brands, but brands that are reestablishing themselves in the marketplace. Again, because the supply chain timelines, we're not necessarily fully able to get at everything that we would want to get at today because there's a 12-18 month lag on everything. Over time, we'll start to catch up on that stuff. What we're seeing right now is it's still, the market's very fluid. You can see the backdrop's generally pretty challenging. The appetite isn't necessarily the same as it was during the COVID years, so getting those newer models and brands up to speed as quickly as their big franchises are declining is still a challenge for us. I think the other thing worth mentioning is, obviously, we went through a bit of a honeymoon period with women's footwear. She was consuming a lot of product, and that softened. That has had a bit of an impact on us as well. Okay, let's move to Jonathan at Peel Hunt. Good morning, Jonathan Pritchard at Peel Hunt. Just on the brand awareness point, obviously you've outlined to a degree what you're doing, but what really has changed because those numbers are pretty impressive that you've gone from, I think, 34 to 59. What has been the golden bullet, as it were, for that? Again, I think, as you mentioned, it's store owners. We've got a good footprint in all the best malls now, and the majority of the best malls. We've opened a few new flagship stores, Las Vegas as an example. I think a lot of the great work the team have been doing over the last two years has started to, you know, we've started to benefit from that, particularly in the communities. The brand awareness, the brand awareness in the key markets for us, New York, Texas, Miami, is significantly higher than that, and a lot of that is around the work we do in the communities. There's local sponsorships, activations, partnerships, and we're just starting to benefit from that now. Again, just to follow on from Grace's question, it does follow on a little bit from what you've just said, but apparel, the mindset of the U.S. consumer for you and apparel, obviously, you know, it's pretty much half and half of sales in the UK, getting there in Europe, but quite a bit behind that in the States. Do people still, do people start to genuinely think of JD as an apparel retailer, or is it still a work in progress? The category, you know, in the U.S. is still very much dominated by footwear, but we are building momentum. The apparel business has been the growth driver for us this year in the U.S., you know, with a backdrop of the challenges that we have in footwear being the same in Europe as they are in the U.S. We think we are starting to make really good progress. I think, you know, in the US, it's linked to the market leader, which is only footwear. I think that the more people know JD, the more they get, they understand the footwear, the fact that we are not a footwear and we are a full lifestyle. The awareness is helping the apparel business too. That's the two work together. Go to Richard Chamberlain at the front row, please, Lorraine. On the end. On the end here, Richard. Thank you. Thank you. Yeah, thanks, Richard Chamberlain, RBC. Three for me, please. I wonder if you can see how Europe online performed in the period. I appreciate you've obviously got the automation benefits still to come through. On Europe, Régis, what are the plans for the Courir store estate going forward? How do you see that shaping? Third, I was intrigued by your comment in the U.S. about a sort of neutral reaction from consumers to price increases or tariff-induced price increases there. Do you think we're going through a sort of temporary window where, you know, consumers just haven't reacted yet to those price increases, or is there something else behind that, like an improving product pipeline or something that's actually still stimulating demand and helping to offset those price increases? Thank you. European online is doing well, I think, but we are starting from a low base. I think that we have implemented in the last 18 months much more ship from store, and that's created a big difference because in the past we were shipping a lot of things from the UK, so we were not competitive in terms of time to get to the consumer. We've seen a growth in terms of our online business in Europe, thanks to a better service. The things that are coming with LLM now have been coming to the first half, will become to fulfill online orders, and will continue to do that. We are just playing catch-up, but we're starting from a low base, but growing. In terms of store estate for Courir, I think what we see is that Courir will continue to develop out of France. France, we max out in terms of number of stores, so we cover all except the ones that we had to divest because of the anti-trust. Now we are recoming to the same part, which, you know, it's a stupid thing around that, but that's life. That's the way it works. We will expand in Italy and Portugal. Portugal is to be back in Portugal, and Italy is a growth country for us. For JD, it's a key country, and I think that we see the benefit of expanding our offer a little bit to offer the same as we offer in France, in Spain, in Portugal with Courir and JD. That's the plan. In terms of the price impact, as you know, what has happened in the US, it's a targeted price increase. When the product is good, price is not the issue. I think what is still to be seen is what will impact when, because at the end, everything will translate into price. For the moment, it has been targeted on products that everyone feels that it will support a price increase. What will happen when a lot of other prices will start to come to the system? That's another question because for the moment, and it's more not an industry question, it's more an economic question. I think that a lot of US companies have really shadowed the tariff. At one point of time, this will come to the consumer. What will impact at that time? What we know, and that's the last three years' experience, is that the US consumer is the most resilient in the world. They just keep buying. Hopefully it will continue. Okay, thank you. Let's go to Ashton next door. Thank you. A couple of questions from me. I guess the first one, just on the European margin, I think you mentioned that you get around a £20 million benefit from Helen. I guess what's the roadmap towards high single-digit margins beyond that? Is it cost out or is it sales led? The second question I have is just on sort of the online approach. You mentioned that gross margin at the group level was down 40 bps from investment and price. Online sales were down, you know, slightly. I appreciate the market's not really helping, but you know, just could you elaborate on your approach to online and whether there's more that you can do there? I think, Dominic, you mentioned with regards to tariffs that you helped by purchasing ahead of tariffs. I'm not sure if I got that right, but I suppose as we look into FY2027, when you are purchasing at more normal rates, what should we think of the moving parts there? Is it gross margin down or is it more pricing to come? I think Dominic would take the first and third, and I will take the online at the end. Okay, so I mean in terms of European margin, it's a multifaceted story. Obviously, you saw the half one margin there. Overall, it's around 4-5% operating margin. There are a number of things we're doing which give us confidence. We can see that improving over time. I think the first is sales led. As we grow scale in the market and we're taking market share, we'll start to see more sales on a fixed cost base, so that flows through in part. Second is efficiency, and that comes in things like supply chain. At the moment, we are bearing significant costs by having three warehouses in Europe for JD, plus shipping stuff from the UK. As we bring Helen online over the next, you know, before peak for stores next year for online delivery, and we start then to step away from the double running costs and distribution for the UK. It'll always remain a little bit, but you know, in the grand scheme of things, not very much. That will play through to a better cost base and more efficient cost base, but also a better service for customers. As Régis said, at the moment, in some cases, if you buy something in Lisbon, you may have to wait six days for it to get to you from Rochdale, which isn't a great service. As we do more of that through Helen online, that will improve the customer piece. The final piece is picking up on what Régis said around being more targeted in the markets where we invest. As we learn more about where our position, our concept resonates better with customers, we can tailor our investment to make sure we're getting the best returns on our investment and taking action to improve performance where it's slightly weaker. A combination of those things over a period of time should see us having the European margin moving closer to that sort of higher single digit that we see in some of our other markets. Should I do tariffs as well? Yep. On the tariff points, there's always a lead time when you buy goods. When you're buying for Q3, a lot of that was bought well before even the tariffs were announced. That means we do get the benefit of that. I think it's the same in many industries. You get the benefit of that in this financial year for us. Looking through to FY2027, I think it's too early to tell. As we go through and look at what our buys are going to be, look at what our terms and conditions with our brand partners are going to be, we'll have a better feel. We'll provide an update on that in the new year. Concerning online, I think that it's mainly, as I said before, I think online in the US and Europe is doing well. I think in the UK it's been more challenging, especially in terms of traffic and conversion, and that's where we have been investing more in price in order to make sure that we are competitive in a very promotional market. That's the things, and as it is weighted, the UK weight is much higher. That has an impact on the online margin. Let's move to this side, please. Dom, let's go to Will in the middle and then Kate Calvert in front. Good morning. William Woods from Bernstein. Two questions. The first one's just on the ongoing shift in the footwear product cycle. You mentioned women's footwear softening. Do you think there's anything more fundamental going on in that cycle, or do you think it's just the classic brand and style cycle happening? I suppose when you look at the apparel business, do you think that cycle still applies there? You'll go through the same with sports fashion and performance that you've grown quite well in the next couple of years. The second one is obviously you've done a lot of work on UK productivity through fewer bigger stores, customization and loyalty, etc. Are you applying any of those learnings to the US and Europe? I suppose I'm particularly thinking about the new stores that you're opening. Are you changing what you're doing because of what you've learned from the UK at this stage? Thanks. Mike, how would you like to? Yeah, I mean, I think with reference to women's, I mean, you know, women generally compared to men have a lot more choice, and they like to change their mind more. As I said, they were consuming a lot of sports shoes, and she's finding other things to buy right now. That's just the nature of women's fashion, right? You know, we'll have another up cycle sometime soon, I reckon, but you know, we don't know when. We'll just take it when it comes. I think when it comes to the apparel cycle, all I can say is we've got a very adaptable business model. We've got, you know, a wide range of brands that we can access. We have the ability to build what we need to build from a product point of view with pretty much every brand. We have complete flexibility in that respect, which again, none of our competitors have that. We're very agile, and we have our own brand portfolio and licensed brand portfolio as well that chip in and help us deliver good things like speed to market and a sort of, you know, a pricing architecture as well. Second question around learning from you. Yeah, the stories, I mean, I think specifically, you know, the UK, how consumers are shopping is clearly changing. I think especially when you look at JD as a business, and you know, we have seen some fairly significant price increases in our world over the last three or four years. I think what the expectations of the consumer now have changed slightly when they are buying a pair of shoes, which is £150. They want a great experience. We're also seeing, you know, in particular, the traffic declines primarily are coming from high street locations, and we are seeing a big shift. We're not seeing the same declines. We're not necessarily seeing a big shift, but into the retail parks and the mega malls, and it's really the retail parks that have grown the most within our store estate over the last two or three years, which has grown the space significantly. The learning from Trafford Centre is for us, it's the same point. Consumers just want a great experience. What we have found is the impact of that creating that, you know, fabulous store has been far greater than what we expected. Outwards are like 30-mile catchment areas. There's a lot of learnings in that for the future in terms of how we look at the store estate generally. Does that change the U.S. and European strategy, or do you think you're just experiencing slightly different trends in those areas? It doesn't change. It It influences, and it helps us maybe make some different decisions in the future. Morning, Kate Calvert from Investec, a couple from me. First one, sorry to return to inflation and tariffs, but what sort of level of inflation are the brands putting through at the moment in the U.S.? Do you think it's enough to have offset the sort of the initial 10% increase? We're kind of yet to see the August increases. What sort of inflation is going through in Europe and the UK at the moment? In terms of my second question, just on gross margin. Gross margin ex-acquisitions was down 40 bps. I suppose the question is really on direction in terms of the trend of the gross margin because obviously apparel has been much stronger and you have gone through quite a few years of good full-price sales. Do you think we're kind of back to a more normalized gross margin post-COVID? I will do the first one and you do the second one. I think on inflation, as we said before, roughly what happened with tariff is a third has been shadowed by the manufacturer, a third has been through the supply chain and the manufacturer, and a third to the consumer. That's roughly what has happened. The part which has been, and in total, the tariff impact for our industry is on average a sort of 10% if you put everything to the consumer. What has been passed to the consumer is around 2 to 3% if you take that on total. That's a type of magnitude. That has been done on some product, not all, and with a very targeted view and has no impact in terms of volume. The question will be the 70% which has not been passed to the consumer at one point of time will be in the systems, you know, when you go to new products and those things like that. That is what will impact at that moment. I think we are more, we are not so nervous about our industry. I'm more nervous about the global impact in terms of what happened to the U.S. consumer when they discover that everything goes up in terms of price because that will happen over time. It's not happening now, but it's going to happen. That's a key question that we don't have the answer. For our industry, I think the way it has been managed, I think it has been well managed and I think that we've seen no impact for the time being. I'm swapping on the margin point, Kate. I think in the first half, the 40 basis points really reflects more tactical moves than something structural. If you look at where it happened, it's sort of online in Europe where we just needed to be more, you know, chose to be more competitive in a more promotional market. In the U.S., something we talked about at the year end, I think, around Finish Line, which is, as it winds down, it's less differentiated. Price plays more of a role than would be the case in JD and some other faces. I think you hinted at, but maybe you didn't mean, that with more apparel is that lower margin. Actually, apparel and footwear are similar margins for us. Apparel is supported by having a higher proportion of own label. As Mike said earlier on, they play a really crucial role in the overall offering that they bring to customers, unlike humans and others. That in itself isn't a driver. Actually, the main driver is really the product cycle. In a cycle where people want the product, we're a full-price retailer, we get the margins and we get the price. Where it's slightly softer, you just have to be, you know, you have to respond to that a little bit at the margins. That's what we're seeing. I don't think there's a structural shift. I think it is just reflecting where we are at this point in time on some of our products. Can I just come back on the gross margin question, just in terms of the full-price sales? As you came out of COVID, because there was a lot of stock shortage, you had very high full-price sales. I know you're being tax-cut at the moment, but do you think the underlying has got back to a more normalized level? I mean, they're all high. Just generally in the industry and everything? Yeah, I think, I mean, the position that we're in just now is far, you know, there is a shift slightly back towards apparel in the mix, which will be beneficial. We don't know how long that's going to, that run's going to maintain itself, obviously. I'll just reiterate what Dominic Platt said. It really does just come down to the product cycle and the appetite for that product at full price. What we're seeing right now is the good stuff's really good. The stuff in the middle is slightly more challenging to sell at full price. We would like to assume that if the market can course correct and along with our brand partners, we can drive that demand into new franchises, that we'll see a higher level of full-price sale through. There's no question. It does come down to the brands and the ability to create energy in the marketplace as much as anything. To be precise on your question, which is around the COVID, I think it's already done. It's no more the COVID where we were. I think it has been going down slightly, but surely, I think we are in a stable... Yeah, that's what's working behind you. Thank you. Thank you. Morning, Warwick O'Connors, BNP Paribas. One question for Dominic, actually. Could you talk a bit more about the H2 profit expectations? You know, first half PBT down about 50, second half implied about plus 10. What drives this swing? You talked about a few items like mark-to-market, finance charges, and hybrid synergies. Maybe you could just flesh out that swing, please. Good question, Warwick. If you look at the first half and the profit bridge helps there in some of the things that you saw, as I saw the headwinds there, we'll still get a benefit from acquisitions, slightly less in the second half. Obviously, we've got Courir coming in for a few months. Interest was a drag in the first half. Actually, as we anniversary the acquisitions, that could become a slight positive in the second half. Half on half, quite a big swing. Mark-to-market, we expect some of that to unwind in the second half. Half on half, quite a big swing. Then new space with Trafford and others coming online. We've had a lot of sort of pre-opening costs related to that in the first half. We should see that stepping up a bit into the second half. I think the phasing of our OpEx synergies is weighted towards the second half rather than the first half. Although, as you saw on the slide, I think we've done a very good job in the first half in terms of neutralizing some of those headwinds. Taking all of those things together, actually, you see a step forward in those points. In some cases, mechanical, more than offsetting the ongoing pressure from like-for-like and margins through the second half. Just before we go to Anne next to you, Warwick, quick question on the lines from Richard Taylor at Barclays. Question for Dominic is that, can you explain why the Genesis option has been revalued upwards by £160 million? Yep, I can. At the full year, we explained that as a result of the change in the payment dates, we've moved it out from 2025/2026, starting in 2025 to 2030/2031. That would result in about a £250 million increase. That was in the annual report. The actual increase at the first half is £163 million. We've got the £250 million uplift, but then there's a currency impact on the overall option bringing that down to £163 million for the first half. Broadly aligned with what we explained. I think you have been quick. Just for everyone, we have the option to buy back the 20% that is owned by the Mershaw family. The initial agreement was to do that in four years from this year to 2028. 29/30. We just moved back to two years between 2029 and 2031. That's correct. That's what Dominic was referring to. We did that in order to manage our cash flow and to manage the best way to do that. That's the context, yeah. All right, let's go to Anne. Thanks, it's Anne Critchlow from Berenberg. A question on tech infrastructure. I appreciate you're in a catch-up mode at the moment on infrastructure, but just wondering what the potential might be to invest in, say, systems for pricing and promotions or allocation of product by store, various AI systems we're hearing about from other retailers. Also, whether there's any timeline for an RFID rollout from the UK to the rest of the world and any implications in CapEx for that. Thank you. Yeah, so I think on tech, we've done a lot. I think that unfortunately, it is mostly OpEx than CapEx. We have done the big one, which was our HR system in the UK, which is done, which is day four. We are looking at the finance system and HR system in the US, which is worked there. That's as we speak. In terms of our merchandising tool, we are looking at the implementation of all nine, which will include AI tools to do that. We are not so keen on pricing and all that stuff for the time being because I think we believe that with our buyer, we are doing the job and a fantastic job around that. RFID, the rollout is in the UK, but we'll go to the rest of the world just after. It's just that we start everything in the UK. We are pretty advanced. There will be the self-checkout, the same. Most of that is OpEx. That's why our OpEx has been inflated by around £20 million in the last three years around system and all that stuff. That is, it's not a big impact on CapEx, but a significant impact in terms of our OpEx. Please can you pass to Alison? Thank you. Hi, Alison Lago from Deutsche Numis. Just a couple of mine left. Could I ask on the working capital, please, just in terms of the stock build we saw in the first half? Could you talk a bit about where that's gone in terms of the stock, and I suppose what you're thinking about in terms of requirement for H2, particularly in terms of anything further required for investing or pivoting the range in the new acquisitions. The second one just on City Gear and that change into DTLR. Interested as to how much you're kind of changing in that proposition. Are we talking here about, like, you're talking about some relatively large uplifts? Are you really changing the range? What are you doing in terms of store fit out? Yeah, and I guess what the kind of potential CapEx behind that might look like. Thank you. Yeah, I would do the City Gear and do the stock one. City Gear, what we are doing with City Gear, we have done a test of six stores where we have done a full conversion with new merchandising, a new refurbishment, in fact. That sort of costs around $200,000, yeah, around $200,000 per store. That is with the full rebranding and merchandising. What we have done for all the estate is to put that under the management of the DTLR team. That implies the fact that we are slowly but surely changing the range. We do that in a very, you know, when the product gets out of stock, we bring new products. That is what we're doing. There is a limit around that. That's why we will have a program big enough next year to refurbish a significant part of the estate and doing what we have done with the six tech stores. We didn't want to rush too quickly. We just wanted to make sure that we have, we do the system, the management, and all that stuff in order to put the basis before doing a conversion. We learn a lot from the Finish Line program, you know, and what we are applying there is what has been very successfully applied by the JD team when we move from Finish Line to JD. We do the same recipe and with the same potential because, you know, you have a double turnover per square foot. There is no reason. The level of investment is lower because the DTLR concept is much less sophisticated than the JD one. If you want to model it, it's a $200,000, $250,000 investment in a store and with an uplift, which is for the moment around 50%, 60%. On the stock point, yes, I mean, stock was up 14% in the first half. A large part of that was Courir, which we didn't have in the numbers last year. We also were carrying more stock as we went into the first half. We've got quite a bit of distribution center changes coming. We want to make sure we're well set up for those. That does sometimes result in a sort of slightly elevated position. Just picking up on the City Gear piece, as we start to range those stores more with what DTLR and Shoe Palace use versus what they had, you end up with a slight sort of overlap. That's manageable. It's something we've done in the past. I think, you know, heading towards peak, I don't, you know, there's no material shift and pivoting in terms of stock we're bringing in. We're actually hitting, coming to the biggest part of our year now. As we go into that, we feel comfortable overall with the quality of the stock that we have. The real position to look at our stock is at the year end once we've been through peak. Okay, we've got time for two more. We'll go with Wendy, first of all. Hi, thanks for taking my questions. Wendy Liu from JP Morgan. I have two, please. One is a follow-up on the footwear cycle you mentioned about. There's a couple of small, promising, smaller franchises. I was wondering if you can expand on that. Are you talking about specific brands or are you talking about particular categories? Is it running? Is it more lifestyle? This is question number one. Number two, I understand you don't comment on current trading, but I was wondering if you can share a few observations about what you are seeing in different markets in terms of customer behavior. You mentioned about early signs of unemployment in the UK and the US, if I hear that correctly. I was wondering if you can expand on that. I guess broadly, what are you seeing in the various markets from what you can see today? Yeah, I would start for the current trading. As you say, we don't update on current trading. I think what we said around customer, we see the level of uncertainty is high, which is never good for consumption. We know that the key KPI we are looking at is unemployment because our young customer is the first one to be impacted by that. For the time being, nothing has happened, but we see the signs are more negative than positive. That's what we are at. For the time being, nothing has happened on this side, but we're really looking at that. That will be a negative for us if that happens. That's what we flag. I think that at the same moment, we are in an industry where it's about fashion, it's about new products. If the new product is good, the consumer finds the money to buy it. That's what I would say. I think on the footwear, I think that... Yeah, I think you mentioned a lot of the things that are happening in the market already. We're seeing the market shift back to where it was around 2019, 2020, running back to being the dominant category. The brands that play in that space are, you know, we know who they are. You've got a few of the smaller brands gaining a bit of momentum just now, Saucony, Salomon, those guys. Really, it's On running. ASICS, New Balance, Adidas are doing some really good stuff in the performance categories. We're seeing some new products from Nike that's hit the ground running, pardon the pun. Wendy, could you pass to David, please, behind you? Hi, David Hughes from Shore Cap. Just on the U.S. and obviously the margin drop, you talk about a part of that being driven by the Finish Line conversions. Could you just touch on what part of the conversions is driving that margin drop and how long you kind of expect that to carry on since you're still going through with quite a lot of conversions left to do? Also, with the City Gear conversions, will we accept similar margin pressure in the U.S. as a result? No, what we're saying is not the conversions that is driving the margin. The Finish Line is our biggest online business in the U.S. so far. It's no more. It was still three months ago, now it's JD, but it has been. On this Finish Line online business, that's where, you know, because the brand doesn't have any more resonance with the consumer, less store, this is where we have been more aggressive promotionally to drive sales. That's what we were referring. It's not about the conversion. It's more that the brand City Gear website doesn't exist anymore. We will not have this issue. Our biggest online business for a long time has been Finish Line in the U.S., and this is where we see, you know, been more challenging for us because we have no more store presence or the store presence is reducing. The appetite for the consumer for the Finish Line brand is reducing. In order to drive volume, we need to be more aggressive on promotions. That's what we're referring to. The good news is that JD now website in the U.S. is bigger than Finish Line, which is a great achievement of the team. Any final questions at all from the floor? There's nothing on the lines either. In that case, we will close the meeting there. Thanks very much for joining us, everyone. Appreciate your support. Thank you. Thank you. Thank you.