Good morning, everyone. I am joined today by our interim CFO, Benedict Smith, to go through our FY 2021 interim results. Like all brands, the COVID-19 pandemic has brought challenges to Superdry. Our focus has been looking after our colleagues and customers and ensuring everyone is keeping safe, and I'm really proud of how well our team has stepped up. Against this backdrop, I'm really pleased with the progress we have made with our brand reset. Though this has clearly been impacted by the external environment, we were able to fully launch our Autumn/Winter 20 collection in the first half of the year, which is aligned to our four style choices, which I'll talk about in more detail later. We are also seeing the positive effects of our social first brand marketing approach with campaigns led by Hero Fiennes Tiffin and Zara Larsson, resulting in record levels of engagement across our platforms. I'm hugely excited about our recently announced partnership with Neymar Jr, who will be fronting our organic cotton underwear campaign. I am pleased about how we are embedding sustainability in every part of the business with responsibly sourced ranges really at the heart of our Autumn/Winter 20 collection. Sustainability is becoming critically important to our customers, and I'm committed to Superdry becoming the most sustainable listed fashion brand in the world. We have also continued to strengthen our leadership team, and Silvana Bonello will start as COO in March 2021. She brings with her fantastic experience at global brands. Looking at the financial performance for the first half of the year, we have maintained our strong liquidity position and have not had to touch our bank facility at any point, remaining net cash positive throughout the pandemic. E-commerce continued to outperform the prior year, offsetting some of the lost store sales we have seen because of lockdown. We have continued with the successful momentum from the full year results on rent negotiations, realizing significant permanent reductions through agreed waivers in addition to the savings from underlying lease renewals. During this time, we have taken the opportunity to clear excess stock, which had a dilutive effect on gross margin, which has temporarily undone some of the hard work we undertook last year in returning to a full price trading stance. However, we remain committed to returning to a full price stance in the long term. Moving to the next slide, which shows the performance for the 11 weeks to 9th of January, as expected, stores and wholesale have continued to be significantly impacted by the continuing national and regional lockdowns. Although, there have been some positive green shoots in wholesale with in-season orders, which are up year on year, driven by online partners. Store sales are down 52% year on year, with nearly 40% of store days lost to enforced closures this quarter, and a like for like decline of 31% as a result of reduced footfall and continued social distancing measures. With the ongoing lockdowns, particularly in the U.K., we now have around 170 stores closed, which is over 70% of our portfolio, which will continue to materially impact trading at a group level. E-commerce performance remains strong, with sales up 13% in the quarter to date, driven by our own sites. There has been significant volatility week on week because of the ever-changing lockdown rules and comparable periods. As you know, a key part of our turnaround plan has been to reduce the level of discounting in the business. Against the backdrop of the pandemic, and with a focus on cash preservation, we have looked to clear old product through markdowns while retaining our full price stance on core and current product as part of our brand reset plan. Over the extended Black Friday promotional period, this resulted in sales being down 10%, but importantly drove an improvement in gross profit and contribution due to both the product and site mix. I'll hand over to Benedict now so he can provide more detail on the numbers from the half year before I come back to go through the strategic update. Thank you, Julian, and good morning, everyone. I will run through a summary of our interim results for the 26-week period ending October 24, 2020. Starting with the financial overview, we report total group revenue for the period of GBP 283 million, some 23% below last year, reflecting the loss of almost a quarter of available store trading days in the period due to mandated lockdowns and the continued impact of social distancing on footfall even when those stores were open. Gross margin of 51.7% was 4.6 percentage points down on the prior year, predominantly due to increased online promotional activity to clear excess inventory. The underlying loss before tax was just under GBP 11 million, compared to a loss of about GBP 2 million in FY20. After exceptional charges, the statutory loss before tax was GBP 19 million compared to a loss of GBP 4 million last year. Our closing net cash position of GBP 34 million, which is a GBP 43 million positive swing from prior year's net debt position of GBP 9 million, reflects the success of our ongoing focus on managing cash and costs tightly, driven by stock phasing and rent deferrals and a significant reduction in our inventory levels. On slide eight, we show the year-over-year percentage change in revenue for our own store estate, e-commerce, and wholesale channels over each quarter and over the half year. Retail revenues declined 19% in H1, driven by reduced store sales from enforced temporary closures, as well as suppressed footfall and demand upon reopening. In Q1, we lost 43% of available store trading days to mandated lockdown closures, while only 3% of store trading days were lost in Q2. Overall, 23% of available trading days were lost due to lockdowns during the first half. As a result, total store sales were down 45% year-on-year, with like-for-like store sales down 30%, reflecting lower high street and shopping center footfall even outside of periods of lockdowns. At the same time, more customers shopped online benefiting our e-commerce channel, which was also supported by targeted clearance of older stock, leading to revenue growth of almost 50% year-on-year. This resulted in e-commerce generating half of all retail sales in the period. Wholesale revenue declined 29% compared to last year, largely due to our wholesale partners' physical retail network facing these COVID-19 related closures as the rest of the markets we trade in. Revenue from online-only wholesale customers declined a modest 3%, while revenue from franchise and other wholesale customers declined by 33%. Wholesale sales were also impacted year-on-year by the later phasing of AW20 forward order deliveries due to widespread supply chain disruption at the start of the pandemic. On slide nine, we show the year-on-year change in the share of full price sales in the total mix by sales channel each quarter in half one. This illustrates the impact in Q1 of the prolonged period of store closures, which removed 43% of store trading days across that quarter, resulting in a need for tactical stock clearance activity to drive cash and clear excess stock. With the launch of AW20 in Q2 and stores largely open, we were able to move to a slightly higher full price stance than in the same period in the prior year. It is this adverse full price sales mix in H1 which drove most of the 4.6 percentage points reduction in gross margin across the half, as shown on slide 10, to which I now turn. Gross margin for the period was 51.7%, 4.6 percentage points lower than the prior year's 56.3%. Four percentage points of the reduced percentage gross margin is rate variance as a result of the need for wider discounting due to the prolonged period of store closures, which removed 23% of store trading days as described earlier. 0.6 percentage points of the decline is down to channel mix. E-commerce sales rose in the mix to 50% of direct-to-consumer sales this year, compared to 27% in the same period last year. Slide 11 analyzes the year-on-year movement in underlying profit before tax. The biggest driver of the decline is clearly the reduction in sales due to store closures and lower footfall, and the lower gross margin from the resultant change in full price mix. More positively, selling general and administrative expenses, pre-exceptional costs as a percentage of revenue improved by 0.3 percentage points to 57.1% of revenue despite significant store closures. The GBP 22 million reduction in store costs is a result of a mixture of self-help actions such as store payroll efficiencies and reductions, and lease negotiations, and various governments' COVID-19 support packages, including U.K. business rates relief and job retention furlough schemes. There are a number of non-recurring prior year charges which result in lower reported costs this year, including a GBP 7 million reduction in bad debt expense included within head office costs relating to one-off provisions for Norway and China taken in half one last year, and a reduction in depreciation of GBP 17.5 million stemming from the GBP 137 million impairment charge booked at the end of FY 2020. Given the impact of mandated lockdowns on the business, on slide 12, we set out more details of the main cost actions taken across our store estate and the extent to which they might endure. It's noteworthy that while we have received GBP 11.5 million of U.K. business rates and furlough support from various governments, our own actions have driven a further GBP 13.5 million of cost savings. Due to the continued store closures, as Julian noted earlier, we now have around 170 stores, over 70% of our portfolio closed due to mandated lockdowns. We expect to continue to receive furlough support. We also have a program of lease reviews and expect further savings from both renewals and COVID-19 related waivers across the second half. Although absent any guidance to the contrary from the U.K. government, we are modeling a return to U.K. business rates from April. Slide 13 shows a movement in cash from our last financial year end in April, resulting in a positive net cash of GBP 34 million at the end of the first half. Within the limited net movement in working capital, there are some large underlying swings. An increase in trade and other receivables from last year end is driven mainly from the later phasing of the AW20 forward orders in 2020, while the increase in trade and other payables is primarily a result of about GBP 30 million of COVID-19 rent deferrals and ongoing waiver negotiations. Later phasing of stock supports an additional increase in accounts payable. Since the end of the last financial year, inventory has increased by GBP 8 million, but compared to half one last year, it has in fact reduced by nearly GBP 27 million. We did not draw on our ABL facility in the period. The company's cash position of GBP 34 million compares to a net debt position at the last half year end of GBP 9 million, despite the first half being a period of working capital investment as inventories are built in advance of the peak trading period within the third quarter. Indeed, on slide 14, you can see that at all points through the half, we maintained a higher net cash balance than over the same time last year. Since the outbreak of the pandemic, there has been a significant focus on cash preservation, which has ensured we remain cash positive throughout the first half without having to use any of our available facility. As of January the 9th, our net cash position of GBP 55 million, together with our asset-backed lending agreement facility of up to GBP 70 million and an uncommitted overdraft of GBP 10 million, provided us with GBP 135 million of liquidity. Finally, before I hand back to Julian, a few words on how we see the outlook for the rest of the year. Slide 15. The continued uncertainty and disruption caused by COVID-19, including the impact from sudden and protracted store closures across our estate as a result of government restrictions, makes it more difficult than ever to forecast the outcome for the year. We're not providing formal guidance at this time for FY 2021 or beyond. That said, in the balance of the year, we know that we continue to have further mandated store closures in the U.K. and internationally. This, and continued subdued footfall in early 2021, will continue negatively to impact revenues. We would expect these shortfalls to be partially offset through furlough claims and rent waivers. Given the elevated levels of clearance activity throughout the 2020 calendar year, and as we adopt a more balanced promotional stance in 2021, we expect e-commerce growth to decelerate in Q4 2021. However, we expect wholesale revenues to end the year to be broadly in line with current market expectations. Finally, the group's liquidity will remain well controlled, and through initiatives across the U.K. and internationally, such as a reduction and rephasing of stock intake, rent deferrals, and associated COVID-19 waiver negotiations, rigorous cost control, and cash management, we currently expect to remain in a net cash position for the remainder of FY 2021. I'll now hand back to Julian to take you through the strategic overview. Thank you, Benedict. On to our strategy overview. We are moving ahead with the brand reset and making good progress against our three key priorities, product, social, and sustainability. When I spoke to you last, I explained how Autumn/Winter 20 would be delivered through four distinct style choices, and I'll take you through an update on each of these, including both the Code and Performance collections within Sport. First up is Original and Vintage. In September, we ran our Hero campaign, the first of our influencer-led campaigns, which attracted record levels of engagement across our social media channels. Our Autumn/Winter 20 padded outerwear jackets were made from 100% recycled materials, which I'm very proud to say used 34 million plastic bottles, which would otherwise have ended up in the ocean or landfill sites. Leveraging this focus on sustainability, our longline jackets were a key trend for the season, with the most popular options achieving an 80% sell-through. Capitalizing on the demand for loungewear, sales of joggers were up 15% year-on-year, even with the stores closed. Up next is Superdry X, our mainline collection under the streetwear and energy style choice. In October, we launched our first ever TikTok campaigns with Zara Larsson and to support the launch of our vegan trainers, both of which allows us to connect with our target audience of 16 - 24-year-olds. For this target demographic, a key trend which we've seen in Autumn/Winter 20 has been our unisex product offering. This distinct segmentation by style choice has opened up new wholesale opportunities through more targeted selling, and we are delighted to be selling into Nordstrom for the first time ever, with Superdry X offering them a completely new proposition. Next, let's look at Superdry Studios, our sophisticated and minimal mainline collection. This distinct collection is aimed at cultured consumers who wear beautiful, simple product and only want subtle branding. The focus of the product is on quality, using natural materials with lasting character that look incredible and feel just as good, and experimenting with sustainable fabrics. This collection is a great opportunity for us to reengage customers, and in FY 2022, we plan to open a standalone pilot studio store in Cheltenham to really showcase this distinct collection. Now let's have a look at Sport Performance, the pinnacle expression of our sport style, but which itself represents a huge market opportunity. Supporting this, we launched our Win Differently campaign this autumn, which highlighted our credibility as a performance sports brand and reminded customers that we have a legitimate offering for those looking for more than athleisure wear. As with Superdry X, the clear product segmentation has opened up wholesale opportunities, including with key partners at INTERSPORT, Kaiser Sport, and JD Sports. The mainline collection within our sport style choice is known as Code. This covers the more athleisure product and is targeted at those consumers aged 16 - 24 years old, and we are currently seeing the biggest demand for this product in the USA. To date, our Autumn/Winter 20 best-selling style within the Code collection is the Sport Puffer, which sold 16,000 units. As you're all aware, lockdowns have had a material impact on our trading performance in the first half, and this has continued into the second half. You can see this on the slide, the impact of the localized November lockdowns in the U.K., France, and Belgium, followed by a further tightening in January. As of today, we have around 170 of our stores closed, the highest proportion since April last year. In the quarter to date, we have already lost nearly 40% of trading days to closures. However, with every challenge comes opportunities. Regearing our leases remains a priority of our store strategy, and we have now renegotiated just over 20% of the portfolio, with 29 stores moving to turnover-based agreements. In addition, we have secured GBP 3.7 million of COVID-19 rent waivers in the first half and expect this to increase in H2 as a consequence of enforced closures, in addition to the underlying rent savings we have already guided. With the ongoing store closures, we have rolled out fulfill from store to 39 further stores, making a total of 70 that we're able to run dark. This provides us with an even greater opportunity to clear stock and avoid broken lines, maximizing sales without having to incur additional cost of moving product back to the DCs. However, negotiations are only one element of improving the profitability of stores. The other side is creating an exciting and enticing environment where consumers want to shop time and time again. That is why the team have been working hard to reinvigorate our stores, completing 33 store resets in the first half of this year, and ensuring they showcase the best expression of our brand for when customers are able to visit us again. I know how eager you must all be to see what the new store layouts look like, we have created a short video to show you, but we'd encourage you to go and see for yourself once lockdown restrictions end. One of the key elements of the brand reset, which is not impacted by lockdowns, is our focus on acting more like a brand using a brand-focused mindset. I'm not going to go through every figure on this slide, I've been incredibly encouraged by the early signs that the reset is resonating across all our customers. Examples of these include Net Promoter Score for both men and women remaining ahead of the competitor set averages. Our number of followers across all social media channels has increased by 5% since the start of the financial year, with Instagram followers up nearly 8% since we launched Autumn/Winter 20. The number of active customers who have made a purchase in the last six months has increased by 17%. New customers are up 52% this year. Not only that, our existing customers are buying 20% more. A large part of the success is down to our use of influencers, which is something we hadn't focused on enough before, and we have now engaged over 100 influencers across the U.K., France, Germany, and Sweden who have a combined total reach potential of around 80 million followers. We have seen traffic through our social sites increase 60% this year, and are confident that our latest announcement will continue to accelerate this. I'm incredibly excited about the future of our partnership with Neymar Jr, which is a genuine statement of our intent for the brand's ambition. Just to remind you, we have secured a three-year global deal which will focus on championing sustainability through our organic cotton underwear and sleepwear. Neymar provides us with the ability to communicate with his global audience of 143 million social media followers, 39% of which are 18-24-year-olds, a key target demographic for us. With the World Cup in 2022 maximizing this exposure, this will drive a step change in digital marketing activity. As well as increasing traffic to our sites through this social-led brand investment, we have also been focused on our ongoing journey to improve our e-commerce platform. Aligned to our Autumn/Winter 20 reset moment, we improved the look and feel of the website, segmenting product into the four different style choices. This has been supported by more engaging photography, as well as embedding enhanced search functionality, allowing customers to shop across our collections more easily. Ahead of peak trading, we have also increased option availability and visitor capacity, ensuring that even with significantly increased customer choice and traffic, we suffered no slowdown in performance. We also improved our promotional mechanics towards basket building brand led promotions rather than blunt retail mentality discounting. As I've said before, we're at the start of this journey. We continue to accelerate and prioritize our investment in e-commerce and digital capabilities to support our fastest growth channel. Sustainability is in my DNA and in the roots of Superdry, which is why I've made our ambition clear: to become the most sustainable listed global fashion brand on the planet. We're embedding sustainability across all our style choices, and it is at the forefront of everything we do. Consumer demand for responsibly sourced clothing and transparency is only going to increase, which is why I see this as an opportunity, and we are well placed to capitalize on going forward. Already, nearly 40% of Autumn/Winter 20 sales were from products which are made from either organic cotton, recyclable or low impact materials. It isn't only product where we've been striving to be more responsible. Currently, 95% of all our packaging has been moved away from single-use plastic. In 2020, we launched our new retail bags, which use Forest Stewardship Council certified paper, making it easier for our customers to recycle and without us compromising on quality. I'm delighted to say that our Carbon Disclosure Project score has increased to a B in the current year, which is above the retail industry average. We won't stop until we achieve an A grade and have a clear plan in place to get us there. Sustainability reaches beyond Superdry, and we do our best to ensure all our suppliers produce our product in automated and sustainable factories where people are treated with respect and dignity. This year, we partnered with our key suppliers in India to launch a COVID helpline for workers. 8,000 factory workers in India have utilized our training and empowerment program. Sustainability will continue to be at the heart of what we do, ensuring we produce the most sustainable product whilst protecting our planet and supporting our people. To wrap up, as you all know, this continues to be an extremely challenging year with the impacts of the pandemic and more recently, Brexit being felt across our industry and far beyond. However, despite all the uncertainty and disruption, I'm proud of the positive steps we have taken in the first half. We are fully launched Autumn/Winter 20, aligned to our style choice segmentation, and in SS21, we'll focus on accentuating this and increasing customer choice through regular drops of limited edition product. We signed an exciting partnership deal with Neymar, building on our growing portfolio of influencers, a statement of intent as to the ambition of the brand. We have continued to prioritize digital investment to support the accelerating channel shift to e-commerce, recognizing this is the future channel of growth for the brand. We have achieved all of this with a relentless focus on cash preservation, providing us with sufficient headroom to weather this continued storm and remaining net cash positive throughout 2020. Despite the unprecedented challenges that we're facing, I remain more confident than ever that we have the right strategy and people in place to reset the brand and return the business to long-term sustainable growth. Thank you, and we'll open it up to questions now. If you wish to ask a question, please press star followed by one on your telephone keypad. If you change your mind and wish to remove your question, please press star followed by two. Remember, prior to ask your question, please ensure that your phone is unmuted locally. To confirm that, star followed by one to ask the question. The first question is the line of John Stevenson of Peel Hunt. You may, please go ahead. Morning, guys. A couple of questions, please. Start on the numbers. Obviously, there's fairly substantial cost savings at the moment. I guess there's still quite a bit in the pot. Can you sort of set out exactly where we are on the cost-saving program now and what's sort of coming through as we move into, I guess second half and full year 2022? Second question, just in terms of the stock position, obviously stocks are well down. Can you sort of comment on the sort of mix of old versus current stock and how we expect the sort of clearance activity to pan out? Then, Julian and Benedict sort of set out thoughts on Autumn/Winter 20. Yeah. In terms of how obviously the new stuff's coming through and how we think that's gonna start coming into whether it's wholesale and own retail or maybe commenting on that trial store as well. Okay. Which one would you like to start with? I don't mind. You go for it. I don't know. Happy either way if you want to start on the product and then move on to cost. Okay. Shall we start with stock? I just pulled out a figure here. 61% of stock in H1 now is up from 49% last year. 8.2 million out of 13.4 million units versus 7.4 million out of 15.1 million. We are very much moving from a retail philosophy to a brand philosophy, and that means holding our prices on foundation product and not putting them into sale and moving that forward through the seasons. The ultimate goal is to move to sort of 50% foundation product within the physical stores. Okay, perfect. That's very clear. As such, our full price sales are up in line. Yeah. Okay, perfect. Just in terms of then how are we still thinking about full year 2021, how the range has continued to sort of develop? Yeah. How wholesale picking up on the segmentation? Obviously, the segmentation is a key part of it. I am more excited by, I mean, spring we made huge progress, but I've got to say we are laid out in our showroom here is autumn. End of July, sort of August deliveries. I mean, it is chalk and cheese. We are really moving very quickly towards some product that is unassailable from anybody else in terms of value and quality. Of course, we're layering on short order as well this year. That's a huge opportunity for us. This isn't a lowering of quality, this is a movement towards a shorter lead time to allow us to grow the e-commerce proposition, to really develop that. Very excited. Sell-through process for Autumn/Winter 20, I guess is kind of ongoing now. I mean, what sort of response are you getting? Look, it's very early, to be honest. I mean, they've literally just started. It's all done at a distance, obviously. We are waiting here. They have just started to sell it properly now. All right. Brilliant. Thank you. What this does, the segmentation, the sort of vegan trainers, the organic products separated, it allows us to open up the wholesale market to new customers. Whereas before the wholesale market was very much limited to, you are the Superdry stockist in a town and therefore you have access to everything Superdry, we now can divide the product areas up into different segments to sell to different customers, which is a very exciting opportunity. Okay, brilliant. Do you want us to talk about the cost savings for a bit, Benedict? Yeah, definitely. They split into some. The way we talked about them are the ones which are government-funded and the ones which are our own actions. The government-funded ones will clearly continue so long as we're locked down and the governments are providing that support. On our own self-help activities, the biggest area probably is rent, be it a combination, as Julian said, of regearing the leases, some forms of extend and blend, while we then get lower run rate rent as a result and/or move to turnover-based rents, coupled with the one-off benefits of COVID-19-related waivers, where we get rent forgiveness for not having been able to trade over a period of time. We recognized just under GBP 4 million of that benefit in the half one. We have more that is under negotiation and/or verbally agreed, just subject to documentation. That will endure. To the extent that we've got successful lease years, clearly they carry forward over the life of the lease. The COVID-related waivers that we talk about are one-off, but the benefit of the lease years will continue. The other thing that the team has done is manage well their store costs in those periods in which the stores were trading, and some of the efficiencies built into that should be expected to be able to continue as well. Okay. When we think about next year in terms of your internally generated sort of annualized cost benefit, what are we going to be seeing in full year 2022? On lease renewals, which is probably the one that's easiest to talk to because it gets embedded in the run rate costs, we should be looking at about a GBP 10 million reduction. We've got about GBP 12 million of payroll as well. Okay. Perfect. Those two should endure. Okay. Oh, that's brilliant. Thank you very much. Thank you. The next question is from Georgios Pilakoutas of Numis. Please go ahead. Morning, team. Thanks very much for the time. The first one, Julian, can you speak a bit more on the wholesale side? I guess, it sounded like there was a few new wholesale partners that you've been able to get. It sounded like the e-commerce guys have been ordering a bit more, and that's resulted in a bit more in season. Can you just talk a bit more about some of the different wholesale channels, how the segmentation is opening doors? That's the first topic. The second one is on marketing spend. It sounds like there's clearly an intention to continue driving the marketing spend. Would that even be going up in absolute terms with Neymar coming in and everything? Is this more kind of a shift to digital spending, and so that's really what we're seeing? Just the second one on that marketing side, have you noticed any change in the returns that you're seeing on that marketing spend following the launch of the new product launches, i.e., are you seeing a better return now that you've got better products? Right. I will do my best. Okay, we'll start with wholesale. The question really is about new partners and opportunity. Obviously, with sport, we talked about JD, and a couple of others, Intersport and so on, Kaiser Sport. Patently, the opportunity is starting now. This is the season that really we are absolutely targeting the breaking down of style choice and range, and product areas into new wholesale opportunities. An incredibly exciting moment for us, I would say, going forward, because if you take any town, if you have a town of, say, a couple of 100,000 people, potentially you're looking at three, four, five accounts as opposed to just one. It's very significant. In terms of Sorry, where were we? We were at wholesale. Can I just follow up there please, Julian, on the wholesale side? Yeah, of course. In terms of last year, you walked away from a few wholesale contracts. Yes. Russia, U.S., is there a selectivity of you're trying to move away from department stores and towards, say, someone like a JD? No, it's towards profit. The last, what I inherited were deals that just didn't make any sense, didn't make any money. This isn't about channel, this is about making money. You would have noticed, obviously we dropped Macy's as a partner. That was because economically it was never going to work. The deal just didn't make any sense. Equally, when we look at third-party online sales this period, there is a shift. What that is a recognition that the deal just doesn't make sense for us. You will see that there has been a shift towards own sites. It is basically just down to the economics of each and every deal. We are either renegotiating deals to make sure that they make economic sense, or we're pulling away from them. There is no point in vanity projects or. Sales are vanity, but this is about profit. When we look at marketing, obviously we will be increasing our marketing spend. That is a key part of our plan. That will keep going. Year on year, we will keep investing in marketing. The brand is now key. The opportunities are obvious. Neymar is a start. Brand marketing is absolutely at the key of our future, with a digital bias, obviously. That is the vast majority of our marketing spend. I guess just on the returns on the marketing spend, there's so much noise going on at the moment, which might make that a little bit hard to calculate. I guess it sounds like you can now work with new influencers, that the doors have been opened because the product is there and the kind of divided brands enables that in a way that wasn't possible. Is there anything changing in how you're approaching the deployment of marketing spend? Yeah. If we take influencers, for example, I'm a great admirer of the way Gymshark has gone about using influencers and conquering the online market in their segment. Obviously, if you look at our brand and our product choice, the opportunity for us is hugely greater. You have an influencer that's interested in vegan, you have an influencer that's interested in performance sport, you have an influencer that's interested in vintage-inspired clothes, you have an influencer that's city orientated. There's a whole product area that I'm hoping you lot will buy. Absolutely, it's about segmentation and opportunity, and it's a huge opportunity for us. Great. Thank you very much. Don't forget, this is an area that was completely undiscovered and untapped for us. Just in moving in is a very significant moment in our history. The next question is from Matthew of N+1 Singer. Please go ahead. Morning, guys. Thanks for taking the question. A few bits and bobs. Can we go back to the rental question, and the discussion you're having about the ongoing savings? Can I just come at a slightly different way and ask what proportion of your rental base will be on turnover rent by the end of the year, just as an approximation? That's a great question. Do we? It feels like it's moved quite a bit, but it's hard. Oh, yeah it is. Obviously, as many sites as we can, we are turning into turnover-based deals. I haven't got a number. It's a high percentage of rent. Somebody's going to have to come back to you with the precise number. Okay. All right. Thank you. You've guided towards a moderation of growth in online in the final quarter. I get a sense that partly reflects the full price strategy and shift away from heavy clearance of aged stock. I just wondered if you could, within that, in this environment with lockdown three, it feels like there may be still an opportunity to drive growth, even with a focus on the full price. We don't know the exact dynamics of how trading played out in the fourth quarter of last year vis-a-vis clearing old stock versus selling full price. Could you just elaborate a bit more on that to give us some encouragement to that? There's quite a few factors going on. It would be, I think, just churlish to be over bullish. The reality is, over the last three to four weeks because of Brexit, we switched off out-of-region fulfillment, which did impact our sales for the last four weeks. We can't work out exactly what that's going to bring back. It's a reasonable number, and it is all switched back on. Yeah. We have moved to, like I say, the moving away from a retailer mentality to a brand mentality. We're holding on to a lot more full price product. Look, the net result, even without out-of-region fulfillment, is the contribution has remained above last year. That's the key factor here. We're not just chasing sales. This isn't anything more than a shift from that retailer mentality to a brand mentality. That's very positive. Julian, just pulling on that trend, the other point you talked about earlier was a reduction in sales in our third-party sites. Yes. Which get reported in our overall numbers, but is actually, they're smaller in the mix. That has a bit of a pull, but it's actually more profitable when they're happening. Yeah. If we look at our third-party sites, not only are they responsible for very little contribution relatively, but actually the returns that they have are far greater than ours. The shift from third party into our own sites, from a contribution point of view, will be positive. Yeah. What's roughly been the trend in terms of returns rates through your own sites? You do flag that up and it's been a widely reported trend. You have quite good returns rates relative to others to start with, didn't you? I think I haven't got the exact number in front of me, but, Yeah. I mean, historically, we've always been better than the average. Yeah, we don't call it out now because there isn't a change in trend on that. Yeah. Sorry, you haven't seen a reduction in returns rates or? No, we have seen a reduction because of the non-use of third party more than anything else. Okay, right. Fine. Okay. Less use of third party. Yep. Yep. Thank you. The final question, just coming back to wholesale, obviously a key focus of everyone's attention. I mean, effectively you're pointing towards unchanged consensus numbers on wholesale sales. Could we infer from that that had it not been for lockdown three, which obviously is influencing the dynamics, that at this point you might be upgrading guidance for wholesale as the style choices start? I think we would have been more confident. The range is fundamentally better. Yeah. It's just very hard to get an exact. The other, yeah. Viewpoint, and it's happening as we speak. Wholesale is happening. There was a shift towards much more in-season ordering. One suspects that will happen. You've got to remember, wholesale, 75% of the revenues come from physical space, i.e. franchises and department stores. While those have been shut, that obviously has been impacted. Yeah. Okay, that's helpful. Thank you very much, guys. Pleasure. Thank you. The next question is from Amy Curry of Morgan Stanley. Please go ahead. Hi there. Good morning. Hi. Hi. Thanks for taking my question. It's regarding the cash position you talked to. Yeah. At the January stage. I just wondered, could you talk us through how much the cash position is flattered at the moment by, first of all, the non-payment of rent, and second, by delaying of tax payments? Secondly, could you talk through when you expect these payments to be made? Delaying of tax, that's essentially the only one I can think of that's a tax is rates, and that's across the board. That's not a delay. That's just a free waiver for a year. We're not delaying tax payments. On the rent, we call out it's about GBP 30 million of our increase in trade creditors as accounted for by rental creditors. Some of that will be paid out over the second half, and actually probably into the next financial year. Remember, some of that will actually never be paid out because it's exactly the rent that we're negotiating with landlords over rental waivers. Some of that will actually end up a credit to the income statement as we agree the final waiver. Sure. That's clear. Thank you. As a reminder, if you wish. Sorry, can I just flag up something? I'm not sure you're all aware of a particular fact. KPMG have put out a report of our sector. Actually, on both menswear and womenswear, we've outperformed. Actually, even though the numbers don't look too exciting, we've actually, in terms of market share, it would seem, accelerated. Which sort of plays into the fact that the product has improved. I'm sure you can all get a copy of the KPMG report, but I think it's very significant, particularly with womenswear. As a reminder, if you wish to ask a question, please press star and one on your telephone keypad. The next question is from Kate Calvert of Investec. Please go ahead. Morning, everyone. Morning, guys. Morning. A couple of questions from me. The first one is on spring-summer. Can you give an idea on how your stock buy has changed year on year? Sort of how much flexibility do you still have to change at this moment in time, depending on demand? Yes, very good question. We will continue to reduce our total stock holding. We are eliminating wholesale risk, in terms of the gambling that has occurred. There has been, dare I say, a less than accurate phasing of product through the season towards need as opposed to a slight laziness, I would say, historically, where we had so much cash that actually nobody really bothered to phase the product effectively. That is now happening. We talk about foundation products quite a lot. That is very key to our philosophy of coming back as a brand and not as a retailer. In my absence, there would have been a huge amount of product that was put on sale every season, regardless of whether it was core product. We are eradicating that process. Ultimately, your risk buys will lessen and lessen and lessen. The foundation products will grow and grow and grow. Like any brand, that is how it works. Really moving away from that retailer mentality, moving to a brand mentality should enable us to keep reducing our total stock holding over the next couple of years. But in terms of. As a percentage of sales. Okay. In terms of Spring/Summer specifically, in absolute terms. Yeah. How much have you reduced your buy? Yeah. What we phased the buy, so like I was saying, the phasing is the key. Whereas before we would have great big lumps of stock in January, February, and March, and virtually the entire season would have been delivered by April, we've now phased that product all the way through the season. Not in terms of options, but in terms of backup quantity of options. It's just a more intelligent use of cash flow, really. Therefore, the long-term lumps that we've incurred should gently dissipate. At the moment, you would say you've still got quite a bit of flexibility to be able to order the back end of the season? Yeah. For Sp ring/Summer, yeah. Okay. Yeah. The second question is? If you consider what we achieved, you have to remember most of our orders are placed eight months in advance. To actually reduce our stock holding and increase our cash in the last 12 months, I think is quite an achievement, really. Indeed, yeah. The second question's on sort of the current situation, port issues and things like that, and container issues. Do you think you're going to be able to sort of launch your Spring/Summer on time or earlier, or will it end up being later than last year, do you think? Last year's Spring/Summer was phased, and started much earlier. If you remember what I've always talked about, is for me, spring/summer starts at Easter. It does not start in January. I think historically there has been a push to start spring/summer too early. If you remember our inherited shorts in January. That kind of behavior has stopped. There's no massive delay to our spring/summer because it was purposely delayed anyway. We had a later start date. Okay, great. Final question is on wholesale in terms of your order book for Spring/Summer. How's that building compared to last year's Spring/Summer at the moment? Sorry, I will go back to the Actually, that wholesale will be delayed slightly, but that again, is partly because there are store closures and later deliveries. From a retail perspective, it's planned. Yeah. In wholesale there is a delay, but it's not material, I don't believe. Okay. in terms of the order book for Spring/Summer coming up. Yeah. How's that shaping up in terms of, is it up or down versus last year? I'm not sure we give that exact number. I don't know, to be honest. We're creating the order book for autumn currently. Spring/Summer obviously was done six months ago. Right. Okay. I don't know whether we give guidance on the order book currently. I'm not sure. I haven't got a clue. Right. Okay. All right. Great. Thanks so much for that. The next question is from Adam Tomlinson of Liberum. Please go ahead. Morning all. Hope you can hear me. Just a couple of follow-up questions, please. First of all, in terms of the style choices that you're now putting in place, I know it's early days, but any indication you can give in terms of the relative performance of those choices? Anything perhaps surprising in there, more popular than you thought, if that gives you any sort of greater confidence in terms of other areas that you might be looking at that you haven't already identified? Very good question. Shall I start with that? Yeah, go for it. Yeah. Thank you. Okay. It actually depends largely on how developed we are as a brand in a particular market. The sophisticated and minimal side of life, the Studios part, is really relevant in the mature markets, but the immature markets, it doesn't perform as well. For instance, in the U.K., huge confidence behind that product because we've taken a consumer on a brand journey for the last 15 years. It's keeping that and just moving with that consumer. Yeah. Interestingly, like for instance, America, Studios is not as popular as say, Code, which is much more exciting to the younger consumer. Where we are less developed as a brand, you will find that the younger products have more relevance. Code and Sport are doing better in the U.S., for instance. Sure. Okay. Great. That's great. Great. That's great. Obviously Original and Vintage is like the core around all the territories. Yeah. Okay. Very interesting. It's all relative to how far advanced we are as a brand in that territory. Understood. Okay. Thank you very much. The second question was just a lot of strong stats you gave around engagement, NPS, all those elements. Yeah. I guess 52% new customer growth really stand out there. Anything you can say about areas that are particularly attracting those customers? Is it across the board? Anything you're seeing in terms of the, I guess the quality of those customers at this point? Product-wise? Yeah. Product-wise, womenswear obviously has the most dramatic increase online. One has to point out that the real success has been the long line women's jackets, been very popular. Women's jackets in general have really resonated this season. There's been a lot of new products this season which have really resonated. Whereas the innovation, yeah, I mean, there's been a lot of female innovation this year. Okay. Great. That's great. Thank you very much. Pleasure. We have a follow-up question from Matthew of N+1 Singer. Please go ahead. Thanks. Just a quick couple of follow-ups. You mentioned that the rent deferrals would hopefully be reducing in part because of a more permanent nature in terms of some of the waivers. Would you be disappointed if you only matched the GBP 3.7 million that was waived in H1 in the second half, is the number likely to be considerably greater than that? I would be disappointed if it were matched. It would be greater. I don't want to say considerably greater, but it'll be greater than that. Yeah. Yeah. Great. There was a question on the call earlier about the trial store in Cheltenham, which I'm not sure if you came back to. Is that something that could potentially be replicated in terms of launching. Absolutely. Superdry elsewhere, yeah? We're having a couple of experiments this year, well, in the next sort of six months, by the autumn season, to trial different formats where we're splitting up the style choices and giving them room to breathe. It will have a significant impact on our retail fascias going forward should it be successful. Yeah. Just thinking out loud, might that involve carving up an existing store into Superdry and then into Studio? Yes. Rather than having them mixed into a single store, or would they be completely discrete units? They will be segmented by area in the larger stores, and where we have the ability potentially, I can think of one shopping center up north that we're very likely going to be dividing the fascias, yes. One in Europe that we're doing two fascias. We will be experimenting. Yeah. To provide for our future. Yeah. Got it. Sounds very clear. Thank you very much. The next question is from Manjari Dhar of RBC. Please go ahead. Hi. Morning. Thanks for taking my questions. Hi. Just a couple from me, please. Firstly, on shipping. Are you seeing any shipping delays in stock coming from Asia, potentially any infill from Turkey? Secondly, on liquidity, where do you stand now versus your covenants, and how do you feel relative to those? Do you want to? Well, shall I start with the freight? Yes, there have been some freight delays, but nothing that we can't deal with. It just happens to have coincided with most of the closures in Europe, so it's become much less of an issue. As I was saying earlier, we don't really have a massive launch in our own retail until sort of end of March. We feel okay about the. There's a slight cost implication from freight coming from China. I think we're largely booked, so our real impact is going to be that it's less on timing and it's more on, there's a higher cost of shipping now. Yeah. We secured, I think, most of the containers that we needed. Yeah. Then on liquidity, sorry, can you just repeat the question? It was about covenants or it was about where are we against prior year? It was about covenants. As we mentioned in the note, we've reset the covenants, all the way through until the end of FY 2022, so including the upcoming Q3, we're reset for the next six quarters. That gives us the confidence to know that we have every expectation always to be able to access our facility. We've not drawn on it, so we've not been tested from a drawn point of view, but we're now reset going forward. Great. Thank you. This concludes the question and answer session. I'd like to turn the conference back over to Julian Dunkerton for any closing comments. I'd just like to point you to the sort of basic pillars of the future and what we've achieved. I'll just repeat, from a cash perspective, I think we've done an incredibly good job of cash management this year. We have liquidity of GBP 130 million between a GBP 70 million facility, GBP 50 million in cash, and a GBP 10 million overdraft. That's a great position to be in. I will remind you of the KPMG report. Against the market, it looks like we've overperformed, which is very encouraging. That really plays into the reset, particularly on womenswear. Our stock holding continues to reduce and will continue to do so, but our full price mix within that is also improving. The team is very strong. We've got Silvana joining in March. Justin joined in e-com, which leads on to where we are going in social, and our investment going forward to be a world-class e-com player. Let's not forget Neymar on the social and the whole influencer journey that we're on. From a product perspective, we really are making huge advances. The quality of the product, how we've segmented the product is so much more sophisticated than historically it's ever been. Of course, you've got to layer on top of that the short order opportunity and what that will deliver for e-com. The sustainability journey. Are we going to become the most sustainable listed clothing brand in the world? That is our intention. That is a journey we are clearly on, and I think both from a consumer point of view and an investment point of view, how important that journey is. In short, we are very confident as a team that we're making the right moves, we're set up correctly, and we're excited about the future. I hope you can all see that we or feel that we have that confidence. Thank you very much for your time. Hope we've answered all your questions clearly, and speak to you all soon. Thank you. This presentation has now ended.