Good morning, everyone, and thanks for joining us. I'm here with Shaun Wills, our Chief Financial Officer, to take you through our FY 2021 preliminary results. In a moment, Shaun will talk you through the numbers and the impact of the pandemic on the business. After that, I want to talk you through some of the detail behind our developing strategy. Before that, I'd like to give you a few headlines on how we've worked on that strategy during the lockdowns. Like most brands with a physical presence, COVID has had an unprecedented impact on trading and operations. However, we've used this time effectively to accelerate our brand reset and put the business in the best possible position for the future. We have sharpened our strategy to allow us to deliver on our mission, which is to inspire and engage style-obsessed consumers while leaving a positive environmental legacy. This extra clarity has allowed the entire business to align behind the strategy, which will be delivered through four key pillars. Firstly, to inspire through product and style. Design runs through our DNA, and we continue to improve our product offering through our distinct collections. Building on this clear segmentation, we are now ramping up our short order process to augment the mainline collections, capitalize on trends, and to generate excitement and newness in the range. These product improvements will be supported by a return to a full price stance, which is driving significant gross margin benefits and rebuilding the premium positioning of the brand. Our second pillar is engage through social. Digital is at the forefront of our growth plans, and social media will continue to be at the core of our marketing activity. In FY 2021, we substantially increased the number of influencers we are working with, allowing us to run more targeted campaigns, which supports our aim of growing our total following across our social platforms. Thirdly, we are focused on leading through sustainability. This is an issue very close to my heart, and I believe will be the differentiator for successful brands in the future as we see consumers and investors putting a growing priority on ethical, environmental reputation. At Superdry, we are already a leader, having won first place in The Financial Times inaugural Europe's Climate Leaders rankings, and we will support over 20,000 farmers on their conversion to organic cotton, which now makes up a third of our buy. There's so much more to do, and we've put in place the targets and ambition to be a leader on this journey. All of these pillars will be underpinned by our Make It Happen foundation. We've put in place the right leadership team to execute this strategy, and I continue to be amazed at the passion, dedication, and talent of our employees. As the world begins to recover, we have already started to invest in our IT and technology infrastructure, putting in place the platforms for the next phase of our journey. I'll talk to the progress we're making against each of these pillars in more detail shortly, but first, I'll hand over to Shaun to take you through the FY21 financial performance. Thank you for that, Julian. Good morning, everyone. May I say, it's a pleasure being here to deliver my first set of results in my second tenure here at Superdry as CFO, albeit not really ideal given the COVID disruption that we're about to see in the numbers I'll talk through this morning. Glad to see the business has made really good use of its time during the pandemic behind the scenes, developing the strategy that you're about to hear a little more about from Julian, but also focusing on cash preservation and stock reduction, both of which have delivered incredibly well during this year and played an important part in our story. If I just walk us through the financial headlines, let's start, as ever, with revenues. Our revenue last year was GBP 556 million, which is a decline of 21% year on year. Clearly, as everyone will be aware, that's heavily COVID affected. 39% of our store days were lost during the last financial year. As you'll know from our quarterly trading statements, there was an improving trend towards the end of the year, and we ended up with positive revenue growth in Q4. Despite a heavy promotional offer in the first half of the year to support cash generation, the gross margin is only down by 0.9 percentage points. As with sales, this did improve through the year as we started to move back towards full price trading, and we are seeing that trend continue into the new financial year. That means our adjusted loss for the year is GBP 12.6 million, which is an improvement of nearly GBP 30 million on the prior year. We do have adjusting items which remain significant at GBP 24.1 million, are materially lower than last year's GBP 125.1 million. The main change here is in impairments. Obviously, we took a significant impairment charge last year to the tune of GBP 125 million. There is a further GBP 16 million charge this year. Our working capital position has improved by GBP 21.5 million year-on-year. Part of that is driven by a reduction of 14% in our unit stock levels, despite the pressure of the pandemic, the rest of it really is the result of deferred rents and service charges, which we'll cover a little later. That's reflected in our net cash number, which stood a little under GBP 39 million at the year-end and was an increase on the prior year, which I have to say, we're really pleased with given the context of the pandemic. Let's dive into the moving parts in a little more detail. I'll walk through a building block or waterfall graph to address each of the major parts of our story. Starting with the adjusted loss of GBP 41.8 million, perhaps the most obvious drag is down to sales. The closure of our stores for, as I said before, around 40% of the potential trading days, coupled with hugely affected footfall even when those stores were open, led to global store sales being down 51% on the prior year. I think as we all probably know, that led to a massive shift in consumer behaviors with over a quarter of U.K. adults shopping for clothing digitally for the first time, and the result of that was big changes in the online market mix of which we saw some benefit. This chart shows quarterly revenue performance through FY21 by each of our primary channels. As you'd expect, we've seen volatile trading performance as a consequence of COVID. Nowhere is that more clear than in the dark orange blocks on the left-hand side for quarter one in stores and e-com. Our stores really performed in line with the lost store days throughout the four quarters, and the same is true to some extent of our franchise stores as well, which appear in wholesale. E-com, after an exponential growth in Q1, saw more modest growth in the remaining quarters, although steadily growing at around 20%. What's pleasing is that despite being on a lag in Europe, the wholesale business is starting to recover its confidence, and we are seeing some demand for stock starting to return. Moving into this year, we have confidence that we can get this business back on track. Moving on to margin, I've already just explained that our gross margin declined by about 0.9 percentage points. This was largely driven by the discounted products sold in the first half during the pandemic, where we were trying to preserve cash and clear stock, but also as a result of the mix shift out of stores where we generally hold higher margins than online. Whilst 0.9% sounds pretty chunky, in profit terms, it's a relatively small block at only GBP 5.2 million of impact year-over-year. The same is not true of costs, where there are some really material movements year-over-year. As I'm sure you're aware, this story is a bit more complicated by the impact of IFRS 16. Our operating support costs of GBP 22.2 million, better than last year, and large part of which is the release of a bad debt provision from FY20. Given the COVID uncertainty, we made a significant provision against some of our debtors at that point in time. The good news is that our recovery throughout FY21 has been much better than expected, leading to that release. The rest of that is almost entirely down to the business's efforts at preserving cash and implementing cost control. There is some furlough benefit in that number, but it's not material. Looking at store costs, they have benefited from a number of quite notable one-offs and changes in thinking during the year. We have had government business rates relief of just under GBP 16 million. We have been able to avoid payroll costs in stores of around GBP 11.5 million where they've been closed. We do expect that benefit to continue into next year following a restructure of all the store teams. COVID waivers and one-off rent savings delivered GBP 8 million through store costs, although there is more through depreciation that I'll go through in a moment. In total in stores, our furlough benefited amounted to about GBP 5.2 million. Our depreciation charge declined by GBP 34 million, and that's largely down to the impact of last year's GBP 125 million impairment charge. This, of course, reduced our right-of-use asset, which in turn reduces that depreciation charge proportionately under IFRS 16. Our royalty income has declined in the same way that other sales and trading numbers have, which is purely down to the reduced business in the pandemic. Finally, in terms of large movements year on year, we've seen a GBP 14 million benefit from IFRS 16 lease changes. These are shown in other gains and losses and are non-cash items, and they arise from a lease modification that removes the lease from IFRS 16 into a conventional accounting treatment. Taking all those movements together, our adjusted loss for this year is GBP 12.6 million. Moving on to the balance sheet. The major movements here are listed to the right of the summary balance sheet, so I'll allow you to read those through for yourselves. I think, to be honest, we've touched on most of them already, so I'm certainly not going to dwell on the top half. What is worth calling out just in terms of major movements is the change in lease liabilities, GBP 50 million, but pretty much all of that is just down to rent payments against that liability in the normal course of business. Moving on to cash flow. As I've already said, we closed the year in a stronger cash position than we opened to the tune of around GBP 2.2 million, despite the impacts of the pandemic. I have to say, we're really pleased we didn't need to draw down on the asset-backed facility put in place in August 2020. Around GBP 32 million of cash was generated from operations, although on this graph I am showing the rent number separately to help with additional clarity. That was augmented by working capital improvements of GBP 20 million, driven by a combination of deferred rents and inventory management. CapEx was reduced radically from our historic run rate of around GBP 13.5 million, but we do intend to increase this going into the current year as we invest in our IT infrastructure, and that's particularly prevalent around e-commerce and stock management, and Julian will cover those with you shortly. Just going back to that rent number, though, the cash rent paid in the year was GBP 39.9 million, which is substantially lower than normal, thanks to the rent waivers, deferments, lease renegotiations, and naturally lower turnover. We do expect the majority of that to unwind going into FY22, but of course, we'll continue to push hard through negotiations to try and crystallize as much as we possibly can. Offsetting some of this rent unwind will be our next phase of stock reduction, and we're seeking to reduce by another 2 million units this year. The impact of stock on the cash flow is shown as GBP 6.2 million, but I think this graph shows that the impact on the business through the year has been more dramatic than that. The black line here shows where stock levels were during FY 2021 phased by month, the two orange lines reflect the last two years, I think as you can see, at all points during the year, apart from right at the opening, we've worked with much lower stock levels than previously, ending the year at GBP 2 million lighter, as I've said. This has been achieved through stock liquidation, improved and more considered buying, importantly, rolling forward stock in the business that has a life through a future season. We do believe firmly there are more opportunities to push this and deliver that additional 2 million units in FY 2022. Let's move on to more recent information now. As you'll have seen, this morning we released our current trading numbers for the 18 weeks to the 28th of August. You can see these represented both numerically and graphically on the slide. We did have a couple of headwinds during this period. I mean, as you all know, the high street remains challenging, with average footfall still subdued across pretty much all the territories that we trade in across the world. In addition, we've made a conscious decision to accelerate the move towards our desired full price trading stance during the summer. We put significantly less current season stock into the summer sale than we would normally do. Now that of course, has had an impact on top-line performance, but certainly helped support the margin. You can see from this slide that we saw a 10.5 percentage point gain on e-commerce, which is significant. Throughout this year, the two-year measure is going to almost be more appropriate than the one-year measure, I think that's in common with a lot of other retailers. Sales across the period on a two-year basis were down just under 30%. Behind that, store sales were down 37% over the two years, they have recovered 33% on last year. Whilst this looks weak, given the footfall patterns being seen across the markets we trade in, that change in sell stance I just mentioned, this is somewhat better than we had expected. The sell stance has affected e-commerce even more materially, actually, as the shift back towards store trading has too. Despite that, we've still delivered over 8% growth on two years ago. What is encouraging is that the performance of full price product right the way through this period has been really strong across both channels. Online full price performance over two years outperformed reduce by over 10 percentage points, and in stores, that was more like 30. That gives us increased confidence going into the new autumn season because customers generally move back towards full price during this period. Lastly, touching on wholesale. Wholesale has experienced a lag to the U.K. trading patterns given the slower vaccine rollout earlier this year, so it does remain a little behind on the recovery curve. We've certainly seen stronger signals more recently, and we do expect some timing reversals from later shipments in the coming weeks. Taking a step back and looking at the bigger picture that runs beyond this year and the period as we go post-pandemic, we do see a number of avenues to profit growth across our strategy. We expect to see a steady increase in footfall over coming months and years with building confidence. We don't think that high street traffic will ever recover to pre-COVID levels given the permanent shift to online shopping. The recovery in store trade will have some impact on online business, particularly in the short term, but there's many structural opportunities in our online operation which can be delivered through technological development, customer segmentation and style choices, and international expansion. Wholesale will continue to lag the U.K. retail market slightly, but we're already seeing returning confidence in this market and expect that to continue. Again, there's new customer opportunity through our style choices that with increased marketing, will deliver strong growth. In total, we think it'll take two to three years to recover turnover to pre-pandemic levels. Our operating margin should recover more quickly than that due to the cost engineering we've already undertaken and the margin improvements delivered through the full price trading strategy over the coming months and years. Finally, I'm aware that our cost base is quite difficult to understand, particularly with the impacts of IFRS 16 and the added complexity of impairments. On a one-off basis, I've included a slide with a little more detail to try and help steer you for next year. The important message here is that costs and other income will move against us quite considerably year-on-year, although this is very much down to the result of one-offs in FY21 that are not going to repeat. I must emphasize that this will still leave us with a cost base materially below pre-COVID levels. Taking all of that into account, including our trading so far this year, we believe we'll remain on target to deliver profits within the range of published analyst expectations. Right. Let me close there and pass you back to Julian, who will give us a bit more color on the strategy and some of the near-term actions the business will undertake. Julian? Thanks, Shaun. It would not be an understatement to say that COVID has radically changed the retail landscape. We're operating in a volatile trading environment with a subsequent impact on footfall and consumer behavior having accelerated the shift towards digital. At the same time, consumers are becoming more and more conscious as to how their purchases are sourced, both through an ESG lens, but also with a renewed focus on local provenance and renewed interest in vintage product. On top of this, we're dealing with new working patterns and environments, which has radically shifted the notion of how teams work and collaborate, particularly in a creative industry like ours. All of these trends have validated our sharpened strategy to reset the brand, allowing us to adapt to these market changes and connect with new consumers in line with their preferences. As I said in my intro, we have created the house, which we've been communicating across the business, which will guide all our future decisions to recover the brand to its premium position. A perfect example of this repositioning is the deal we've signed to relocate our flagship store to Oxford Street, having exited our Regent Street location earlier this summer. This is a great property deal that secures a substantially stronger footfall location adjacent to the new Bond Street Crossrail station. It provides us with a far more flexible trading space to showcase our segmented collections. The Oxford Street deal is far more than just a shop. It embodies our new strategy and supports each of the four pillars that I've spoken about. We now have about 20,000 square feet of trading space, allowing us to display our full range of collections through dedicated, distinctly merchandised spaces to allow customers to fully experience each style. We will be creating a wholesale and influencer showroom in the basement, driving both B2B sales, limited edition affiliations, as well as for hosting marketing and PR events. All of this will be delivered through one of our most sustainable stores using low energy fittings and repurposed fixtures, as well as more than half of the product being sustainable. Behind each of these pillars are clear initiatives to set the direction and track our progress. I'll summarize our progress and future priorities against each of these. Starting with product and style, in autumn-winter 2020, we introduced our distinct collections as we recognized the significant but different market opportunities for each. We also extended our design and marketing segmentation to include teens. This will continue to be an area of focus for us. To help to understand how best to deliver the full brand experience to our customers, during the year, we have refitted four key stores as a trial in line with this product segmentation. They've been seeing significantly favorable trading in these locations. We'll build on this in FY 2022 with the opening of our Oxford Street store, which will be the benchmark of how the product will be merchandised in a physical space. One of the initiatives I'm most excited about is the launch of our short order process, which will support our aim of providing outstanding choice to consumers. This enhancement to our design and supply chain provides flexibility in a number of ways. Firstly, as pure reactive short order, limited option count and volumes that allow us to capitalize on trends while remaining true to our design DNA and sustainable sourcing practices. Secondly, as new product initiatives allowing us to augment the mainline collection with a selected capsule of options, which may be large volumes. You'll able to see an example of this in autumn winter '21 with our reinvented Windcheater. Finally, we're able to create bespoke options in collaboration with influencers with items such as personalized recycled sweats that will soon feature as part of one of our future short order drops. Engaging consumers through social media remains the core focus of our marketing activity. In FY 2021, as well as partnering with Neymar Jr, we have worked with over 270 influencers with a combined following of over 100 million, allowing us to target our campaigns and activity to the relevant segments, focusing particularly on younger consumers. In FY 2022, we'll be focusing on building out our affiliate influencer model, leveraging the personalized short order product that I've just mentioned. Growing our followers and active database will be critical measures of our success under this strategic pillar. Both saw solid growth during FY 2021 against the backdrop of a disrupted year and having only begun our influencer program during the autumn winter 2020 season. However, we are very pleased with the acceleration in follower numbers so far in FY 2022 as our influencer program gathers momentum. Supporting this will be the implementation of our microservices platform to replace our legacy website technology. As you can see on screen, this will give us substantially greater agility across key areas of the customer journey and will drive incremental sales, conversion, and customer satisfaction. This is a significant project for us, and I'm pleased to say that we're on track for launch in early 2022. This should mean we start to see a step change in e-commerce performance from FY23 onwards, once we can start to leverage the benefits of the new platform. Sustainability is at the heart of everything we do, and I'm pleased to say that we're on track for launch in early 2022. This should mean we start to see a step change in e-commerce performance from FY23 onwards, once we can start to leverage the benefits of the new platform. Sustainability is at the heart of everything we do, and I've been clear on my ambition to become the most sustainable listed fashion brand on the planet by 2030, and we will deliver this through three key initiatives. Firstly, by using low impact materials. We recently accelerated our pure organic cotton goal to 2025 and are converting 20,000 farmers to organic to support this. We believe we're a leader on this journey, and we've been vocal in our commitment to this for a number of years. In addition to the raw materials for our products, 95% of our packaging is now reusable, recyclable, or compostable, and we will continue to work to ensure we reach 100% by 2025. Next is our focus on net zero carbon emissions. We were delighted to be recognized by The Financial Times as the number one in Europe in any sector in Europe's Climate Leaders, which measured the reduction in greenhouse gases from 2014 to 2019. We aren't stopping there, however, and we are working to improve our Carbon Disclosure Project rating to A, having already improved to a B this year. We are one of the few companies that's made a public commitment to reduce the amount of air freight we will use, having capped this at 2% of volumes in FY22, far below the industry average. Finally, we're focusing on driving positive change in our communities. Superdry were recognized by Drapers this year by winning the Positive Change Award, and I was personally honored to win the Best Organic Ambassador from the Soil Association. I continue to believe that sustainability will now be the defining factor for a company's success, both from a consumer perspective but also as an investment opportunity. The fashion industry has a long way to go, but Superdry is committed to leading this change. We have huge and ambitious plans across these strategic pillars, but we know we need the infrastructure and processes in place to create the platform for success. During the past year, we have strengthened our leadership team, bringing the necessary expertise to really drive efficiency and optimize our processes. A huge focus for us in the next few years will be the transformation of our digital and IT infrastructure, from the microservices migration that I've already mentioned, to upgrades across our merchandising and operational support systems, which will enable a far greater degree of agility and data analysis. This will be a multi-year project, and we will continue to fund these investments through a shift of CapEx away from store-based expenditure into these technology projects. As well as rationalizing our distribution network in the U.S., we won a number of efficiency awards for our logistics progress this year, and we will continue to roll out automation across our supply chain. Tying all of this together are our strategic KPIs. Behind each of our pillars are a detailed dashboard of metrics that we are tracking and monitoring. As a business, we believe that these four will illustrate most clearly the success of our plan. We've seen solid growth in our active database and social followers this year, particularly as our influencer-based marketing drive did not begin until the launch of our autumn winter 2020 season, which was hugely impacted by COVID disruption. This growth has been accelerated as the trading environment begins to normalize and as our influencer program gathers momentum. Our sustainable product mix will continue to grow in line with our accelerated timelines, and we will leverage our center of excellence to utilize new and innovative fabric technology to support this sustainability goal. Finally, we expect our inventory days to improve significantly in FY22 as we continue to reduce our absolute inventory holding whilst also benefiting from recovering sales. This will be aided by the introduction of our short order process into our supply chain, driving further stock efficiency and turnover. That concludes our presentation this morning, and we will now open up to questions. The first question today is from the line of John Stevenson with Peel Hunt. Please go ahead. Morning, guys. A couple of questions to get us going. I guess you've just been through the spring, summer sort of sell process. I'm wondering if you can talk about the trajectory of recovery in wholesale. Maybe actually beyond that, you can talk about how wholesale distribution should change over the coming seasons going forward. Just at the end, you mentioned the stock days. Can you talk about where you could get to in terms of stock days? Let's start with wholesale. We have to remember that we are four weeks late with freight deliveries, so there is a lag. It will catch up. There's no reason to believe that we'll be in any problems going forward. In terms of autumn deliveries, there's nothing particularly to say apart from they are four weeks late, and we will catch up in four weeks. Sorry, more on thinking about spring, summer 2022. Oh, sorry. Yeah, that's all right. Just in terms of how, sort of trajectory and how the wholesale partners are thinking about next year. We've got people wanting to open new franchises, which is very positive. We are adjusting our models to take into account. You've watched what's happened with e-com, in the sort of marketplace mentality. We're sort of bringing that into the wholesale model, where we hold the stock and replan tables for wholesale partners. That, to me, is a bit of an unlocker. You saw what happened when we offered the same model to our e-com partners. We expect a strong uptake from a lot of department store areas where foundation products, this is the beauty of foundation products. It allows you to have a longer outlook on their lifespan, which allows you then to have a proper wholesale and retail single stock pool. It really pushes us right to the front of wholesale thinking, if you like. Okay, brilliant. One of the biggest issues for wholesale accounts is their inability to predict exactly what they're going to sell. This takes that away from them. It takes out a human element, and actually is a real game changer. Does that start from next year? It started already. You will see this process starting in House of Fraser. We are pushing it across Europe as quickly as we humanly can. We're putting that process in place now, so hopefully there will be a strong uptake. Okay, brilliant. Just in terms of stock days, how far do you think you can get, not just this year, but looking forward a couple of years? We're challenging ourselves. We're getting the extra 2 million units out this year. I think Julian and I both believe there's more to go for, it would be right to just reassess that as that wholesale model that Julian talked about comes to fruition, and we reassess what stock we need to hold here centrally. I think we've probably got at least another 18 months of looking for further efficiencies on that. Some way to go. All right, brilliant. All right. Thanks, Shaun. The next question comes from the line of Georgios Pilakoutas with Numis. Please go ahead. Morning, team. I've got three topics I wanted to run through. I'll start, if that's all right. The first one's on just the current trading. Could you talk a little bit more on how full price sales have been trending relative to two years ago rather than relative to last year? If there's any commentary that you can provide on more recent trading and any additional color on geographic trends. Let me talk about the immediate response to autumn product. I'm delighted to say that even though we are four weeks late with our deliveries because of our foundation thought process and our reduction in sale activity, we feel in a better place than most, I would say, or most potentially. I think it's a 10 out of 10 of our biggest cash earners this week are all jackets, which is a fantastic place to be because, as you all know, I'm a great believer that we have arguably the best jacket range in the world and probably now the largest recycled fill jackets range in the world. Along the lines of our sustainability message. A big one for me is you've all heard me talk about long line jackets. Bit of a thing I get. There are moments in time when you can reset the brand through product. Long line jackets are very much one of those moments. We backed it heavily. Four of our top 10 products in the entire business are now long line jackets. That's really early for a winter product. Let's be clear about that. That is a massive win for us. Yeah. I think we've been really encouraged by the full price sales right the way through the summer period. That decision to not put so much stuff into sale was deemed a bit risky by some of us, but it's paid off, and the full price sales have responded really well. When you look at it on a two-year basis, I think there's a very positive story in that. If you look at the full price performance online against the reduced, there's a 10-point gap in performance. What I mean by that, and these are not the numbers, by the way, but if the reduced was at -5, the full price is at +5. That's the kind of gap. Whilst on stores, clearly it's negative on two years because we've got footfall issues. That gap's actually 30%, so 30 points. Full price has given us some real encouragement going towards the winter. Okay, great. No, that's really helpful. Anything geographically call out? Correlation really is with the recovery in the markets and the confidence. I think in common with a lot of retail, we saw big bounce backs in France very quickly. Germany's been a bit slower to do so. USA is performing reasonably well. Those are really the headlines. Just on a tiny aspect, we've been trialing two autumn sort of landing positions with two stores in Bristol, where one we are bringing all the jackets to the front of the store, and the other, we're having a jacket ownership of the window. Two different ways of delivering the season. Before we send out our communications to the entire store group as to what autumn is going to look like. Well, both of those stores are delivering a seismic change in numbers compared to the basket. It's very exciting. Once these stores are reset, we should see some recovery that's quite significant, I imagine. Okay, great. The second topic was on the social media collaboration. I guess it's a little bit of a different way of working with influencers. I was just wondering if you could provide a little bit more color about what you see as the opportunity and how big you think this can be going forward. Look, basically, this is about influence. We all know influencers are incredibly important, but this is about them having skin in the game. One imagines that given the opportunity to make money from their posts in a direct way or in an affiliate way, their engagement grows. We're really excited to be pushing that affiliate model going forward. We believe that is the right model. I think it becomes very exciting. Both at the sort of army level and at the top level to really get people engaged in the process. It can be very mind-numbing just to have somebody wear something but not communicate how excited they are about it. It really brings them to be a sort of much more engaged audience or influencer. You got to remember, Oxford Street is a very exciting moment as well because that, obviously, in London, there are the biggest number of influencers, and that will be an absolute hub for us in the basement there. Both the concept exciting, the growth in influencers already starting to be exciting, but also the future and what it looks like and how we intend to build a very strong army, if you like, of influencers. Okay, great. The final one was just, you mentioned the higher CapEx outlook for the year. I was wondering if you could talk a little bit more around both the additional investment into the fulfillment capabilities. Where is that going? What are you looking to achieve from that? Then also into the technology. You mentioned the microservices platform. What should that unlock? What kind of the timing on that? You mentioned an acceleration in e-commerce from 2023. How does that all tie in? I'll talk I didn't quite hear the first bit, I'll leave that to Shaun, but the second bit I did hear, which was microservices. Look, we've been knowing for a long time that the platform we're on isn't fit for purpose. Microservices is being implemented sort of January/February. That then will allow us to implement all sorts of changes to the site, in a much speedier way, much more efficient way, and will deliver us a much more personalized journey for each consumer. At the moment, it's slightly clunky and not fit for purpose, I would say. Moving into the future, and very near future, we will get there. Peter, our new chairman, has actually implemented quite a few of these before. He's very excited in his ability to help us get through this and really take advantage of what we're going to achieve. I think other investments, look, the CapEx is expected to go back up to around GBP 25 million this year, and a small proportion of that is allocated to stores. You've probably heard about the store refit trials we've done, but the bulk of it, the great bulk of it, is about technology. As well as the microservices that Jules just mentioned, we're replacing our merchandising system as well, which is over a decade old now. As the business get more complex, we need something that helps us manage that tighter stock pool much more efficiently and effectively. That's where the bulk of the investment's going this year. Great. Thanks very much. The next question comes from Michael Benedict with Berenberg. Please go ahead. Morning, all. Thanks very much for taking my questions. Just a couple from me, please. Similar to the previous questions, but from a slightly different angle, I guess. Mention in the statement e-com gross margin is up 10.5 percentage points on a one-year basis. Are you able to give that number on a two-year basis, please? The second point, just around sustainable products. Have you seen any sign of consumers shifting their preference towards sustainable products? I guess, if not, what do you think the catalyst might be for both yourselves and the wider industry as a whole, please? I haven't got the exact stat in my head, but I think Adam's about to write it down. It's 33% of the buy and 35% of the sales. I think the actual percentage, I think it's actually accelerating. As customers become more aware, we're able to put our products in new areas and new sites, and new areas of sites, because you'll see that people are putting together sustainability parts of their website, and we can feature heavily on those because we're so far ahead of most other people. Look at the percentage of our products that are sustainably sourced in one way or another, be it organic cotton or recycled fill, and we are way ahead of the game. As marketplaces sort of crop up with sustainable areas, we will feature heavily on those. Expect that rate to accelerate. On the margin, look, the 10 and a half points was put in there really to be illustrative of the shift that we're seeing in terms of our trading stance year-on-year. Not to be really extrapolated through the rest of the year, but even if you look at it on a two-year basis, given the numbers I've already told you, which is that full price outperformance by 10%, we've still got a chunky margin gain on a two-year basis in e-commerce as well. In fact, it's positive in both e-commerce and stores on two years. Great. Thanks very much, guys. The next question comes from the line of Manjari Dhar with RBC. Please go ahead. Hi. Hi. I just had one on conversion rates and ATVs in stores. Have you seen much shift in that on a two-year basis? I suppose in e-com, the microservices platform should help in time, too. Also, just quickly following up on the sustainable product, and the cost to produce that, is that materially different to producing a non-sustainable product? I will pass the conversion rate over in one minute, but I'll talk about the sustainable product. The cost of producing is slightly ahead, but we're mitigating that through two price rises across the entire range, not necessarily on those products. We believe that people shouldn't be asked to spend more money on an organic product versus a non-organic product. The important thing is not putting the price up, and that's really key to our strategy, that you don't feel you're paying more for sustainability. It's just a natural choice that you make. I think that's really key to the sort of mass market delivery of a sustainable product mix. No real problems here at all. I think, sorry, Manjari, it was footfall in stores you were talking about, wasn't it? Conversion? Yep. It was conversion and average basket value in stores. I think in common with the market, what we've seen post-pandemic or coming out of the pandemic is customers that are really out there to shop. Footfall is down, and our sales are down on two years as you'd expect, but actually, those that are coming out are converting much more effectively than they did two years ago and spending a little bit more as well. I think when you look at our two-year store numbers on the face of it, they're quite heavily negative, but if you compare them to the footfall that we're seeing in the actual towns and cities we trade in, we are trading ahead of that, so we're quite pleased with that as an outcome. Thank you. As a reminder, if anyone would like to ask a question, please press star followed by 1 at this time. The next question is from the line of Matthew McEachran with Singer Capital Markets. Please go ahead. Yeah. Thank you very much. Morning, guys. Hello. Could we just go on to some of the activity in the store base? Obviously, you've been running the store trials and you've done another couple- Yeah in terms of your window merchandising. Yeah. Could you just elaborate a little bit in terms of the outperformance versus the control group? Just give us a sense as to how much difference they're generating. Yeah, I can talk about that. We're actually presenting this to our board tomorrow. We've got high single-digit outperformance, which is better than I've seen for a long time in a store modernization program, and particularly for one that's so light touch as the one we've done in terms of costs. In terms of an investment opportunity going forward as we release CapEx, we think it's quite exciting. Just helps the consumer to identify those style brands, or style choices, much more easily. Really pleased with that so far, and it seems to be sustained. The two trial stores with the two stores in Bristol, that have gone through the window stroke jackets reset, is even greater than that. It's really quite significant. When you look at the sort of journey that we're on, the pandemic did not play into Superdry's strength, which is going on holiday. For autumn, it does play much more as normality comes back to life. Our other strength is jackets. In the winter, our strength is really our outerwear, and in summer, our strength is I'm going on holiday and I'm going for my summer outfit. When people weren't going abroad, obviously I would suspect that we were more effective than some with that part, equally we're going to be better placed when people come out of the pandemic, and when they're looking to replace their jackets, I think we'll be a winner. There's some quite exciting stuff going on, I feel. That's great. Thank you. In terms of the Oxford Street opening, that also. Yeah sounds quite a change in terms of where- Yeah. Big time. Yeah. you've moved from. Yeah. Is there any chance you could just give us a flavor as to the potential scale of that, the business coming through that store compared to what you were generating through Regent Street? Look, the reality is, the space configuration is a sort of million times more conducive to success. It was quite a difficult configuration in the old store. Three floors, so you're never quite sure how to deliver that. Two wholesale floors, never quite sure how to deliver that effectively. I think this is a very clear, it's two floors, much larger, both singly much larger, so able to deliver the style choices. You've got a brand reset, a store reset, so a journey reset. You've got an affiliate basement area to talk about the future and the present, to allow them to see the future, which they haven't been allowed to until very recently in Cheltenham, which is much harder obviously than delivering in London. It is sort of cost neutral, but we have an ability to communicate the new world of Superdry in terms of its sustainability, its new product ranges. Let's not look at the fact that it's hundreds of percent more footfall currently, and Crossrail is opening next door. We will be talking hundreds and hundreds of percent more footfall. Better configuration reset, more footfall. What's not to like about it? London, we needed a flagship in London. We need a flagship in London. It's really important for us. This delivers on all fronts. I don't know if you all know which site it is now, but it's just down the road from Selfridges. It's the old Forever 21 site. It's opposite South Molton Street. It's a very strong position on the street. Yeah, it's a great site. What are you talking, are you talking kind of a 2x-3x revenue opportunity off the same cost base as you had previously? Is that the sort of metric there? I'm not getting led into it. It depends on the footfall that comes through Crossrail. Yeah as London recovers. It is certainly an uplift on footfall for the same cost, which will make the profit better for us. Yeah. The tangible benefit is clear from that. Yeah The intangible benefit for influencers and the wholesale market and the brand as a whole gets led on top of it. It's huge. Let's face it, if you're getting a celebrity into Britain or whatever, and you say, "Come to our flagship," or, "Come to our head office," dragging them out to a head office in Cheltenham or taking them to Oxford Street and everything is there as it should be in its newest, shiniest form, it's obvious which one is going to win. Yeah. It's really important for the whole brand reset, not just the retail reset. Yeah. Thanks. If we just flip back to availability and the shipping delays. Okay. You talked about a four-week- Yeah delay currently. Yeah. Could you just give us a flavor, is there a risk that that four-week delay could worsen as we go through to peak? Is the product already on the water, it's coming in, so therefore you're confident? Yeah, it's already on the water, most of it. It's already in flow, so there's little risk now. Yeah. There was a slight cost uplift, but dealt with the increased margins. What that shows, though, is the strength of the jacket line when we haven't had them all, and I'm really excited about what's coming. We're delivering 10 out of 10 of our best, biggest cash earners are jackets already. When there's a lot more to come and we have complete ownership of that category, that's going to be very exciting for us. Okay, thanks. Then just the final question was in relation to the segmentation and style choices. You've put in the RNS today about the opportunity to expand the initial push that you've delivered into the 13 to 15-year-old age range. Could you elaborate a little bit on how you plan to do that? Is that going to be an online-only model, or is it a lot? It's predominantly online. Oxford Street will be a beneficiary as well. Look, it's been evident that if you don't move the product forward, you are going to lose your younger customer base because they move quickly. The short order program allows us to communicate with those customers directly. They are my target group because if you get that funnel sorted, as a brand, you are sorted. They are really important to us, and the short order program is the way to deliver that, and we've had some real early success. If you looked at our boyfriend area on the website where we've just moved into a new area, and look at the miniskirts that they're all wearing, they're flying out. That's really, really positive because that is absolutely that age group. I've also, dragging forward, we've just done our line pick for next autumn, and one of the products in there is what I call a skater jean. It's the perfect jean, I believe, for this market. We're dragging it forward. Not only is it going to be 100% organic denim, but actually the fit and the shape is geared towards the 15-year-old market, or 15-20-year-old market, I should say. That's really exciting because if you've got a real ownership in a jeans product, which we haven't been able to do for a number of years, that's really game-changing. Again, short order and long lead time products sort of melding into, let's drag forward a long lead time product. Yeah Let's move quickly with our short lead time product. It's a win-win in terms of product and where we're going. Yeah. No, that's really helpful. Thanks very much, guys. The next question comes line of Andrew Wade with Jefferies. Please go ahead. Morning, all. Morning. Morning. First one from me, I know it's sort of been asked twice before. Quite keen to sort of get a number in terms of the gross margin versus two years ago in store and e-commerce. You've given it versus last year. That doesn't really mean much. Just keen to see how that's progressing versus two years ago, given you talked about much more on full price, much less sale. Yeah, go on then. Look, it's been asked three times, it's clearly being asked for the right reasons. On e-com, on a two-year basis, we're somewhere between three and four, and in stores, it's just low one. Positive? Yeah. Online it's 300-400 basis points up on two years ago and in stores it's about 100 basis points up on two years ago. About half back. Online it's about 150 basis points up and in stores it's about 50 basis points up. No. Online is 3-4 percentage points up on two years ago and stores is about half a percentage point. Right. Okay. Sorry, made that not very clear. He didn't want to say it, did he? No, it's positive though. That's the main thing. It is. The deterioration overall comes from mix shifts and an absolute margin decline in wholesale over that time period. Yeah. Okay. Yeah. Okay. Helpful. Second one on trading. Obviously, we've heard a few other clothing retailers reporting over the period. Next were -6% in adult clothing, Marks -3%, Primark, well +3% for the first quarter and for Q3 and -17% for the second. You're quite a bit behind that. What do you put that down to? Well, don't forget we've decreased our sale activity massively, so just look at the full price product. The full price product has continued to be strong, and that will continue further and further. We've done this on purpose. We talked about coming out of full price stores going on sale. That has begun. This was a big reduction in that process. Next, after Christmas, there will be no physical sale. This is an absolutely on purpose moment. The other aspect is, like I've said about the going on holiday, look at where we are with our jackets. I suggest you all look at the website and actually look at the women's jackets in particular, both. Look at both genders' jackets. Look at the journey. Look at the strength of product that is now there, and I would hope that you're all going to become customers. I think the other thing, Andy, that is clearly boosting some of those mid-market retailers is the demise of Debenhams and Arcadia. You're talking about GBP 2 billion worth of market share there that I think more naturally falls to them given the age demographics of where that came from. We're not necessarily picking that up. I don't think for a minute that M&S has suddenly overhauled their entire product line to change their trajectory. It's definitely coming from some of that market share win. Yeah. Okay. Very helpful. Thanks. Sorry to keep asking questions, I've got one on two in your appendix. Slightly boring question, I'm going to ask it anyway. You've got the FY 2019, which is your rent-free IFRS 16, which was about GBP 70 million, and a similar sort of level in FY 2020 under IFRS 16. FY 2021, it's about GBP 40 million. What's looking for that combination in FY 2022 across those categories? Sorry, I missed the end there. It cut out. For FY21 it was £40 million. What are we looking for FY22 if we continued that chart on? You'd see a slight decline, Andy, in the depreciation as a roll-on of the FY 2021 impairment. Yeah. We've not given any further guidance on the interest and the non-IFRS 16. Clearly, we're continuing to focus on renegotiating the leases, and we said that we've got COVID waivers to come through. There's a lot of complexity and there's a lot of contingency on what those commercial terms are as to whether they show up in the IFRS 16 or the non-IFRS 16 numbers when we conclude those. Okay. If we look at the GBP 70 million that you had in FY 2019 and the GBP 40 million you've got in FY 2021, some of that will be renegotiations and some of it will be impairments, which mean that the rent doesn't now show up in the P&L. Is that right? Yeah, that's right. I think the difficulty with predicting it going forward is some of it we will achieve in rent waivers, some of it we will achieve in renegotiating rents going forward. The complexity of IFRS 16 means that gets pushed everywhere. To give a sort of simple answer now might give you the right answer for any of your models, so I suggest it is probably better to talk to Adam and Candice about that in a bit more detail. I am sure everyone will have the same kind of question. Okay. Maybe simplify the whole thing. You had broadly GBP 70 million of cash rent in FY 2019. What do you expect cash rent to be on a go-forward basis? Maybe that's the easiest way to answer. Yeah. The answer is, I don't know, but I would expect it to creep back up from the GBP 40 we paid this year. But no, only at GBP 70. I would hope we can get back to sort of GBP 55. Within three years, that's going to drop to half its historic. Well, let's take a finite number, 30-odd million GBP, not half, but GBP 30 million over a three-year period, I think is probably about right, isn't it? Yeah. It was 70. It might be 5 in the short term, and then going down to 40 in the longer term. Ish. It's within the art of the possible, but to give guidance on that right now. Hello negotiations. That's helpful. Thanks, guys. Yeah. As a reminder, if you wish to ask a question, please press star followed by 1 on your telephone. The next question is from the line of Emmanuel de Figueiredo with LBV. Please go ahead. Hello. Thanks for taking my question. I have three. The first one is, can you just from a risk management point of view, give some color on where your sourcing is coming from a country point of view? That's the first one. The second one is just on raw materials, and cost pressures, particularly cotton, on the cost of goods sold. Is there anything you would like to single out? My last question is, in terms of sustainability, there's some debate on the use of cellulose fibers. I'm just wondering, are you using cellulose fibers? Do you think that will grow or not? Thank you. Oh, yeah, which countries? Largely Turkey, China, India are the three biggies for us. We don't take huge risks with difficult countries because, well, we just don't. We have a much sort of, let's say, more static supplier base than most. That feeds into the quality of our goods, and also enables us to work with the factories to bring along their sustainable journey, which is key to the whole piece. We're not exposed to that China issue at the moment, are we? No. We're very India-centric when it comes to cotton. Raw materials and prices, cotton prices. I'm not feeling any particular inflationary pressure. No. There's no margin. Obviously, the organic and the sustainable aspect is putting a small cost increase, but we think the volumes are going to offset that anyway. Yeah The increased sell-through will offset that. There is a little bit of cotton price creep, but it's generally quite a responsive crop, supply and demand, and it balances itself out. You're right, the organic bit is a bit, but we'll see. We're going to be selling in transition cotton, so that puts us well ahead of everyone else. It's all very well going into the marketplace and buying up market share of cotton, but we are increasing the market share of cotton, organic cotton, and we're going to be selling in transition cotton. That's really important because we believe that the consumer will understand what that means, and will value that as much as we do because they're part of the journey of the transformation of the world in terms of sustainability. The last bit was on cellulose fibers, use of cellulose fibers. Yeah. Look, I can't be very specific. We do use cellulose fibers. Yeah. How specific I can be, I can't at this point. I would be wrong. We can find out for you and come back to you, for sure. Yeah. Yeah. Thank you. Pleasure. At this time, there are no further questions. I would like to turn the conference back over to Julian Dunkerton for any closing remarks. Well, just looking forward, it feels like we're in really a good place. We spent the last 12 months obviously making sure that behind the scenes we were getting ready for now. We made sure that we had enough cash to deliver. We've got the right team in place. We've got the right thought process in place. We're aligned on the strategy. We've got lots of exciting opportunities. The product is undoubtedly better this autumn than it's ever been. Now it's our job to communicate that to our consumers, which is a process that we are really, again, on the beginning of the journey. I'm very excited about being here. I love being here. I love working with our team. I'm personally very positive. Thank you very much, everyone. Thank you, everyone. Good luck for this morning.