Good morning, everyone, and thanks for joining us. I'm joined by Shaun Wills, our CFO, and Matt Horwood, our CTO, to take you through our preliminary results for FY22. In a moment, I'll hand over to Shaun, who will talk you through the numbers. I will then give you an overview of the strategic progress we've made this year before Matt takes you through the digital roadmap. Finally, I will look to the year ahead and our priorities before we end with the Q&A. I would like to start off this morning by reiterating some of the key messages from our announcement. The last two years have caused unimaginable levels of disruption and uncertainty, with COVID continuing to impact results in FY22 as a result of Omicron hitting a critical sales period. Despite the challenging environment, I am pleased that we have returned the business to profitability. However, I recognize we're not out of the woods yet, as in FY23 consumer sentiment is at an all-time low considering the current cost of living crisis. In line with the rest of the sector, we've experienced inflationary pressures exacerbated by the war in Ukraine and are mitigating some of this through selective price increases this year across our collections and through introducing delivery charges online. Although these actions are necessary to protect margins, the price increases are still below the current rate of inflation. Bearing all of this in mind, we recognize it's more important than ever to ensure that Superdry continues to be a high-quality brand at an affordable price for all our customers. Our performance has been helped by our product developments, particularly our jacket range, which performed very strongly a year ago and is performing even more strongly as we go into this autumn/winter. I'm particularly excited about our autumn/winter 22 range that's just launched. We're seeing some really encouraging results with very positive year-on-year comparatives since the start of the season, and our two biggest online weeks ever delivered during September. This has been thanks to a real renaissance in our product on third-party websites, but also because we now have the replatforming of our own website complete. With that exciting news in mind, I'll ask Shaun to give you some more detail on our performance. Thank you, Julian, and good morning, everyone. I'd like to start by outlining the key points from our results for the year to April 2022. As I'm sure you've seen from our release this morning, our sales increased in the year by just over 10% year-over-year. While there's some normalization of the COVID pandemic supporting those numbers, as Julian outlined a bit earlier, we were hit with Omicron in the lead up to Christmas 2021 as well. While this didn't close stores in the same way that we saw in 2020, it did lead to a reduced footfall across most areas, and it restricted trading hours and customer numbers in some of our key European territories. We're pleased overall with the outcome in those circumstances. If I split that down into channels, there's perhaps no real surprise that the reopening of stores led to a recovery in high street footfall and a material increase in store sales at the expense of e-commerce, which clearly benefited significantly in the early parts of the pandemic. Our wholesale business sales stood up relatively well, although we did always expect there to be a lag in this area which would impact future trading periods. I think the other thing to consider here is that 10% sales growth was delivered while returning the business to a predominantly full price trading stance, and that really took effect from the end of summer 2021. On the right of this slide, you can see that the shift in full price mix was material across the entire year, and this had an impact on top line sales obviously from that point onwards, but it did generate a very positive improvement in margin which can be seen back on the face of the profit and loss. You can see on here that gross margin increased by 350 basis points year-on-year. That's despite that full price strategy only really coming fully into effect during quarter two. The combination of that sales and margin growth was necessary to offset the normalization of the cost base last year as everything reopened and began to operate normally. The overall outcome was a return to a positive adjusted profit before tax, which at GBP 21.9 million was a significant improvement on the GBP 12.6 million loss made in the prior year. Now there are a lot of moving parts behind that, and I'll try and explain it in a little more detail. Using a simple volume rate variance analysis, that 10% sales growth added just under GBP 30 million to our profits last year. The margin gains I disclosed to you added a further GBP 21.3 million which, if you combine it with the sales, gave us around GBP 50 million from pure trading uplift against FY21. Now while there were some small movements across the operational support functions in totality, the major shift in costs was on the store cost base where payroll, rents and rates returned to a degree of normality and government subsidies were withdrawn. Despite some reasonably aggressive cost saving measures, particularly around store hours, and certainly around our lease renegotiations, this still added a net GBP 20 million to our cost base. Now the profit I quoted last year of GBP 21.3 million does include the benefit of a one-off mostly non-cash GBP 12.8 million gain from foreign exchange. Around GBP 3 million of that is from normal course of business forex activities, but GBP 9 million arose from the revaluation of a net intercompany balance with the U.S. This really resulted from a pandemic related decision to protect and hedge liquidity rather than P&L exposure. As we've left the pandemic now, we will look to remove that risk in this financial year. Coming back to our financial overview, I'd like to move on to the balance sheet. There's not really been any material shift in net working capital year on year, certainly at the balance sheet date, but this does hide some of the really good work that's being done in the business to improve stock efficiency and to continue to bring down stocks from the historic highs that Julian inherited back in FY19. Now I'll come back to inventory in a moment, but looking at other elements of working capital, you can see here that payables are broadly in line with last year, and our receivables have increased to GBP 117.5 million. While that might look alarming at first glance, our trade debtors, which are the bulk of that, have actually decreased from GBP 62 million to GBP 60 million, and encouragingly, our debtor book is as clean as it's ever been. The increase in overall, that line overall, is essentially down to prepayments on rent and rates which there was hardly any of those. They were almost nonexistent in FY21, of course, have returned by the end of FY22. Turning back to inventory, you can see from the table that stock's down over 10% to GBP 132.7 million from GBP 148.3 million last year. This reduction is directly as a result of the stock initiatives in play, which include moving aged stock through clearance routes, but more importantly, the much more disciplined approach to buying, supported by the use of our continuity or evergreen stock to support sales through more than one season in full price stores. This next chart shows the continued progress that's been made on that front with stock from the initial high levels of FY19. The CAGR here, or I guess more specifically, the compound annual decrease, is 10.3% over the three years, and I'd like to think we would be able to release a similar number throughout this current year. Finally, to conclude on last year's numbers, I'd like to explain the movement in net debt. This is the number we published at the year-end in our pre-close trading statement and does demonstrate a GBP 40 million reduction year-on-year despite a positive profit number. There are three significant components to reconciling cash to our profit number. The first is our non-cash items, including the FX gain I talked about earlier. If these are stripped out, the ongoing pandemic effects mean that we were still there or thereabouts in terms of cash generation last year from operations. The second is GBP 17 million of CapEx investment. It feels like a return to normal. It's not quite, but what we were really keen to do last year was protect the already underway Project Horizon merchandising replacement system, and more importantly, as you'll hear about shortly, to protect the replatforming of our e-commerce offering, because we know that comes with many readily identifiable benefits. The third element, and really a one-off I guess, is the payment of rental costs deferred during the pandemic in FY 20. These were paid where either we were legally obliged or where they formed part of a lease renegotiation that resulted in a reduced onward rental cost. Now last year, those effectively double payments of rent amounted to just under GBP 60 million, so are very much a sort of pandemic hangover to some extent. Now going forwards, we expect this to bring significant benefits to our profitability in stores with our rental costs reducing. They were running at a high in FY 19, FY 20 of around GBP 84 million, and that will come down by the end of the next financial year to around GBP 60 million which will be the new run rate going forwards. The other thing we've referenced in our announcement this morning is, the refinancing exercise that we're undertaking right now. You're probably aware we have an asset-based lending facility, and that is due to expire at the end of January 2023. Because of our peaky working capital cycle, we only really need a facility at certain times during the year to finance working capital peaks, and that's very much in the lead up to the autumn-winter season. Now I think it's likely, given current market conditions, that any new facility we put in place will be more expensive than the current one, but we are currently in negotiations with a number of parties about refinancing, that proposal ahead of the expiration, and we remain confident of a positive outcome. I really hope to be able to update you further at our next announcement which will be after the close of the half year which is only a matter of weeks away now. Okay, moving on to a more recent period of time now. This morning we announced our trading for the 22 weeks from the year-end through to the first of October. Our group revenue for this period was up 7%. Now while this is largely COVID free in both periods, the timeframe last year still had discounting and promotional periods, whereas this year we've been very much running mostly at full price. Encouragingly, we've seen sales growth across all three channels with ongoing shift back into stores from e-commerce as we saw during last year. The table really says it all. You can see the stores are in double-digit growth, e-commerce up just under 5% and wholesale at 1.6%. Now the last couple of months have been quite variable. August was a difficult month. I mean, not just for us, but for retail across Europe. I think the 40 degrees Celsius heat and the vacations abroad subdued demand, and this has been quite well publicized by other businesses. However, since the launch of autumn winter at the tail end of August going into September, our performance has been really, really encouraging, especially when you set that against the current economic mood music. Our margin over this time period has seen some pressure from intake prices and from channel mix, which is exacerbated a little by some further stock clearance activity we undertook during the first half. The outcome of that is a margin that's down 230 basis points. Now whilst we expect some recovery in that in the remainder of the year, we do remain cautious about the outlook and the impact of inflation on the consumer and therefore we're guiding to a profit before tax of around GBP 10 million-20 million for FY23. I think that's largely it from me for this morning, so I will pass you back over to Julian. Thanks, Shaun. Right. I want to talk to you a bit more about our strategy, the things we've done this year, and more excitingly, the things we're gonna work on going forward. I'll put this graphic on screen to remind you of the strategy work we did towards the end of the pandemic and talked about in detail at last year's results. As I told you back in January, with style and sustainability continuing to be the overarching focus in everything we do, we have simplified our mission further to be the number one sustainable style destination. Our four strategic pillars underpinning this mission statement are still the same, and we made good progress against each of them. Firstly, for inspire through product and style, the achievement I'm most proud of is our commitment to move back to a full price trading stance. This has meant significantly reduced levels of sale activity in our stores, limiting our markdown activity and protecting our best product. As a result, our full price mix increased by over 25 percentage points year-on-year, and we saw a 6.5 percentage point increase in our retail gross margin. As a reminder, our autumn/winter 2021 collection was the first where we were able to really showcase our new customer experience in stores. Jackets continued to be at our core, and we saw sales increase 40% year-on-year. Our long line jackets and skirts were standouts in the season, really resonating with the female consumer and driving the womenswear mix up by 4 percentage points compared to FY 2020. The spring/summer 2022 season continued to build on this momentum, and we saw a sell-through increase of 16 percentage points year-on-year. Short order product completed its first full season, and we saw real demand from the consumer with a mix of nearly 15 percentage points in womenswear, the highest we've ever seen for any launch product, showing real resonance, particularly with the younger demographic. As with short order product, our social pillar is focused on building engagement with a younger target audience. We've increased the number of influencers we're working with to over 2,300, which largely cover the UK, France, and Germany. We've also been encouraged by performance on our TikTok channel, which launched last year and has already grown to over 450,000 followers with over 20 million video views. As I've said before, targeting the younger demographic has been a key element of the brand turnaround. There are a number of other initiatives we're working on, and one of the ways we are measuring the success of these is through our new brand heat metric. This is based on three questions measuring the resonance of Superdry asked to over 17,000 people. I've been particularly pleased to see this moving in the right direction with a year-on-year increase of three percentage points. I'll cover our great achievements on sustainability in the next slide, so let me move on to make it happen. A key objective we have now delivered on is the replatforming of our websites to microservices, which was completed at the end of August. In a moment, Matt is gonna take you through the key changes which have been delivered so far and what our future roadmap looks like. Another important priority we've been working on since my return has been the reduction of inventory units in the business. As Shaun showed, since FY19, we have reduced the number of units by around 5 million, and in the last year, we've reduced the number by over 2.5 million. We aren't done yet. I believe there's still more progress to be made, and through the implementation of a framework to drive better data-led decision making, we will achieve this. I'll explain this in more in detail as part of the future priorities. Now looking at the next pillar, lead through sustainability, which is closest to my heart and integral to the DNA of the brand. Nearly half of our autumn winter 21 and spring summer 22 buy was either organic, recycled, or made from low impact materials, and we continue to increase this each season. Our share of sales from sustainable product continues to grow, and in FY 22, this increased by over 10 percentage points. I'm incredibly proud of the progress being made by our team against our 2025 targets, which you can see on the slide below. You'll also be able to see that for every KPI we exceeded our FY 22 target and are on track to achieve our FY 25 goals. Just to call out one of the KPIs in particular, which highlights what makes us different. At the end of this year, we'd invested in training to convert over 7,500 farmers to organic farming practices in India and donated over 65 million cotton seeds, reaffirming our market-leading ambitions to ensure we produce enough cotton to cover all our product needs by the end of FY25. To top it all off, our CDP rating, a recognized independent scoring of environmental performance, increased to an A minus, the fourth consecutive year of improvement. Okay, moving on to our investment in our e-commerce platform. It has remained a protected investment this year because of the significant wins we all know it will deliver. Let me hand over to Matt to explain this to you more fully. Thanks, Julian. Now I'm gonna give you a quick summary on the progress we've been making on our digital commerce capabilities at Superdry. Superdry's previous e-commerce website was based on aging legacy technology which had largely been unmodified from its desktop design in the last four years. In the meantime, our customer base has become increasingly mobile with nearly 80% of our traffic engaging from a mobile device. Our new platform leverages the latest technology, including microservices and highly scalable serverless computing technologies from Amazon Web Services, combined with industry standard technology for our front-end framework supporting our new design. This solution provides a foundation for our digital commerce platform and have completed the migration of all our sites to the new technology. We've recently launched the first iteration of our new look and feel. Informed by external industry expertise, our new design modernizes across the customer journey and incorporates a focus on optimizing the mobile experience. Our new mobile homepage introduces cleaner and simpler navigation, as well as incorporating video to create visual impact and better storytelling. Our product listing pages incorporate clear visual filtering, showcasing our product more effectively with easier searching to improve product discovery, and again, integrating video and callouts as part of the category story. With over 40% of our customers arriving directly on our product pages, we've made color, style, and size selection easier, improved the showcasing of alternative options, and we've introduced clearer prompts for purchasing and checkout. Our basket and checkout functionality now includes a three-step simplified process with list functionality and a range of up-to-date payment options such as Apple Pay and Express Checkout with PayPal. The new platform has enabled us to address other challenges, such as our search engine optimization performance, where we've been able to make significant improvements in organic search. It's important that this is the start of a journey to evolve our digital commerce platform. Our teams continue to develop the functional and technical improvements as we develop that customer experience. As we move forward, we are driven by data, experimentation, and prioritizing based on value and opportunity. This includes leveraging the insight from how customers are interacting with our new site, as well as our newly implemented customer data platform, where we already are enhancing the insight we have around the customers across our business, and this continues to develop as we go. Looking forward, our roadmap for our digital commerce platforms focuses on the following objectives, engaging our customers in relevant ways, leveraging the insight from our new customer data platform and communicating them effectively, and landing customers on the right experience whichever channel they've arrived from. Enabling great informed product discovery, making it easier to find the right products for them, including data-driven recommendations and intelligent search results, regardless of whether that's shopping online or accessing from the extended range from within our stores. Making it easier for customers to choose how they want to receive or collect a product with a range of delivery options tailored to their locations. Enabling them to check out with confidence by continuing to expand a modern set of payment options aligned to each market. All of this will be supported by enhanced customer services capabilities, leveraging the power of our stores from the channel experiences and enhancing the commercial tradability of the sites. Underpinning this is making data accessible across the whole business. In addition to our customer data platform, we've also been working to improve the management of our business through aligning the business cross-functionally on a series of key data elements that we call the vital few. This covers how we describe our ranges, how we describe our channels, how we describe inventory, and how we describe products and the attributes about them. Now, these data concepts have now been aligned across the business, enabling consistency of our performance management, planning, and operational decisioning across Superdry, regardless of which function we are in. I'm really excited about the progress we're making in digital and data. There's lots more to do, but we've made clear positive steps with the new platform and approach. I'd like to hand back to Julian now. Thanks, Matt. Our key priorities for FY23 are on the screen now, but I just want to call out a few. We're really starting to see the benefits of our short order program as we capitalize on the successes seen, particularly in the team products such as crop tops, parachute pants, which are then incorporated into the mainline seasons. Over summer, we launched our first sustainability focused marketing campaign, Better Choices Better Future, which highlighted the tremendous progress Superdry is making on organic cotton, net zero, and circularity. As part of this campaign, we created a sustainability hub that allowed consumers to take a deeper look at these three pillars. In a continuation of our dedication to sustainability, our autumn winter 2023 performance sport range will be fully recycled as we continue to push ahead with our sustainability agenda. Finally, underpinning all the choices we're making is our integrated framework to drive fewer, better options without the loss of customer choice. This covers how we classify our product range, how we describe and code our product, and how our wholesale partners are classified, and how we classify different types of inventory. This structured framework is in place to deliver a simpler business that has a clearer, better customer offer and a higher sell-through. There's a lot to look forward to and so much to be excited about in the business. Finally, I want to show you our autumn/winter 22 jacket campaign video, our largest campaign ever, which showcases the incredible product on offer this season and reinforces the progress we are continuing to make. Just before I open this up for questions, I'd like to give a quick summary of where we are overall with our turnaround. The product is getting stronger and stronger, and this autumn winter's range is a very visible manifestation of that. It looks amazing whether online or in stores, and the numbers we're starting to see across all our channels and all our territories are backing us up here. Stores are starting to get back on track with sales improving and costs being reduced through the lease negotiations. As the final hangovers of the pandemic clear, we will have a profitable store portfolio once again. The new online platform is launched and is really starting to deliver benefits with a full program of development scheduled for this year. Third-party online sales are growing significantly and opening our minds to the opportunities that could bring worldwide. Costs and working capital are being carefully managed to improve the cash generation and efficiency of the business. The next area to work on is wholesale, a part of the business where the cycles lag behind retail by a season or two, and the impact of the pandemic is still being felt more keenly. We recognize the huge opportunity within this channel, which is why it is a key focus for the team as we move through the rest of this year and into the next. Thank you for your time this morning. That concludes the formal presentation, and I'd like to open up for questions. 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. When preparing to ask your question, please ensure your phone is unmuted locally. To confirm, hit Star followed by one to ask a question. Your first telephone question today is from the line of Manjari Dhar from RBC. Please go ahead. Morning, guys. Thanks for taking my questions. I just had a couple if I may. First, hello? Hello? We missed you there. Sorry, what was your question? Hi. Thanks. Could you give some color on your short order product? How much of the buy is this now, and how far do you see this going? Secondly, possibly, on the US dollar, could you give some color on the hedges for the remainder of fiscal 2023 and maybe how far you're hedged into fiscal 2024? Thank you. What we have with the short order product is a dedicated team. Rather than thinking of it as short order, think of it as a 12-monthly a year design process to fill in the gaps, and to follow trends that are emerging in the market. What happens is we do tests. The Afghan Coat that I think you saw, for instance, at the end of that film was actually part of the short order process and is delivering great results. The parachute pants that have been hugely successful are delivering massive results. It depends whether you sort of take the option count or the end buys because it isn't about the numbers you're putting down in the beginning. It's how it's changing the mainline range and the whole brand experience. It's a very significant part of our strategy to deliver a new customer base. That is why we are successful because all the products that are populating the top 100 have been influenced or are directly as a result of the short order process. On the US dollar, we are hedged very much fully out to the end of this financial year. We have what I would call a fairly mainstream hedging policy after that which is a diminishing curve through the next financial year, starting at sort of 80% and running down to about 20%. We run our hedging over 18 months. We're reasonably well covered, and there's no sort of panic to go out and buy anything right now. We're going to let the dust settle. I think the other thing just to bear in mind is this is not necessarily a US dollar issue. It's a sterling versus other currencies issue. There is some protection from the amount of business we do in euros as well as some small income from the US business too. Great. Thanks so much. I'll just go back to the short order for two seconds. The reality is what I inherited was a backward-looking business, and that's because it didn't have a short order capability or a ability to constantly design products filling in gaps. It was always designing a year and a half in advance, which is impossible as a fashion business to keep in tune with the mood of the nation or the world. We now have that capability. The transformation from this team to the whole business and the brand, I can't tell you how important it is and how it's probably the biggest thing that I've implemented since I've been here. Great. Thank you. Thanks for the color. Thanks, Manjari. Next question is from the line of John Stevenson from Peel Hunt. Please go ahead. Good morning. A couple of questions as well, please. Can you talk about how much you think is gonna come out in terms of options and how long it's gonna take to come through, Julian? Second question is on the P&L. I don't know if you can sort of set out some of the efficiencies you think are still going to come out to help mitigate the headwinds that we know is coming. Finally, just on current trade, I don't know if you could talk about some of the more recent trends, whether in terms of how people are shopping, whether that's you know online, in-store, by territory, anything that's clearly accelerated into winter. Maybe you could give a little bit more color. Yes. I can only do one question at a time. By the time I've answered the first question, I'll have forgotten the other two. Got it. As I mentioned before, now I'm right at the very beginning of every single creative process. What that's meant is, the need for over-delivering a range to then be edited is no longer there. We're editing right at the very beginning. Our option count is moving from approximately 4,200- Yes. To 2,400, I think it is about. Yes. It will be no loss of choice. It will mean by the end of the season, you have much more, much more ability to fulfill. You'll have much less broken sizes. You won't have the internal competition between product areas. The brand is very much in tune with itself. There will be no loss to the experience. It just makes us more efficient, and those efficiencies will run through the entire business. If you go, okay, next autumn, we will be at that number, and this spring is a journey to that number. The big benefits will come next autumn and onward. We're very excited. We think it's gonna make us a clearer business. It will make the consumer journey easier, and most importantly, it chops up inefficiencies and delivers a better holding of your product range throughout the season. That latter part where you might be broken is less broken. I think going on to your second point about efficiencies, John, I think those are very linked. Julian's mentioned efficiencies a lot in that answer. Ultimately, there are some real cost savings in the business that are gonna come out from that, and I think there are some really obvious ones that we can work out today. If you have 2,000 PO options, then multiply that by seven photos on the website times X GBP per photo, those savings are gonna be quite material. The sample sets that we send to all our wholesale partners, there's lots of very clear mathematical savings we can make from that, but there are a lot of hidden efficiencies in the business as well, where we will get a lot slicker, whether it's through marketing, whether it's through logistics, that's a big project we're undertaking now to identify and unlock all those savings. On top of that, there is a cost-saving project going on, both with management internally and also we've engaged a third-party procurement agency that have been with us for about 12 months now, just to get this business into shape for the new world coming out of the pandemic. A real sort of run through the whole P&L to give us protection against uncertain economic conditions. The last bit from John was on current trading by geography and channel. Yeah. The current trading is, you know, it's everywhere. All retail, physical retail channels have been positive across the globe, owned, so that's America, Europe and the UK, e-com likewise. You know, we're really pleased that it is a true product-led brand turnaround. Yeah. Okay. Brilliant. Any changes in trends in the way sort of people are shopping, you know, sort of this autumn? We're definitely seeing people coming back into stores. Yeah. I think, you know, if you walk the high street on a Saturday or Sunday in the UK, you can see that in real life. It's definitely clear in the numbers. I mean, what we're really pleased about is a large part of our growth in current trading is still coming through our own platform and more importantly, through the third party e-commerce operators we work with. There is definitely a trend, but we seem to be generating some growth off all of those channels at the moment. Okay. Brilliant. Great stuff. Thank you very much. As a reminder, if you'd like to ask a question, please press star followed by one on your telephone keypad. Next question is from the line of Adam Tomlinson from Liberum. Please go ahead. Morning, everyone. Morning, Adam. Just a couple of follow-ups, please. The first one is just on products. It'd be useful just to have a little bit more color in terms of how the products evolved over the last year and where it's going, perhaps with reference to some of the different style choices, the foundation products. Just a little bit more on that would be great, please. And then the second question is just on the guidance you've given. Appreciate, you know, very difficult to guide in this environment, but just some idea of the sort of the caution that you've built into that guidance and how much, if things do turn worse, you know, what's sort of factored in there. That'd be great. Thanks. In terms of product, and you know, you saw the gross margin increase, one of the biggest factors of that is making sure that the foundation products are protected and understood within this business. What I inherited three years ago was a business that went on a cycle of putting a white T-shirt on sale every six months and then buying a white T-shirt the day after. Yeah. Obviously, that was not a bright way to build a brand. We're back to understanding what the foundation products are. My job is to make sure that we increase our percentage of foundation products at all times. How do I identify those trends that are gonna go, those product areas that are gonna keep delivering, which we are doing. We're de-risking the business. The style choices have been brilliant as a tool for us to design into different age groups. And that is fundamental and key. That's continuing. And obviously now with like, as I explained before, the forward-looking view of the constant design process means we can test for different demographics and really understand where they're going and what they're doing. For instance, bringing back a female teenage customer is really starting to happen as a result of our design changes, which is vital to the health of the brand, obviously, because they are the most prolific shoppers. They're the ones that are the future of the business. The teen consumer, particularly with women, has been a big focus and is really starting to resonate. We've found trends out there that I suspect other people may not have found. It looks like we're in a good place with that consumer base. On all levels, quality is getting better, really understanding who we are and being able to communicate to different consumers is happening. Yeah, I'm very proud of the progress we're making. Great. Just so when you talked about the foundation product, I think in the past you've referenced, you know, stores getting to about 50% of sales being foundation. I know it's probably gonna be a bit of a moving target, but. Yeah. I mean, that is fundamentally true. Obviously you'll have heard me talk about my wholesale replenishment model and how I see the future of the world that plays into that. Creating a safe product range that you can year in, year out feed into is as you break down the range, you're de-risking it on a constant basis. Yes, we are constantly moving to a number that resembles 50%. Great. Your second part of the question was on guidance. Yeah. We're very aware that we haven't really given full guidance for a couple of years now since the pandemic started and there's quite a lot of uncertainty to go ahead and giving your first guidance at this point in time. I think it's been proven by our government over the last 10 days or so that producing a forecast is quite challenging. If I'm really honest, what we're running in-house is a series of scenarios that make sure that we can react and be agile in each of those different outcomes. I mean, I think if I'd done my forecast 10 times, I probably wouldn't have predicted what happened in August and how that then turned around going into September. That said, we do have some confidence with the numbers we're putting out today. There is caution baked into that. There is, and I'd be daft not to do that. I think we do have the opportunity to come back to you in around six weeks time after we do our sort of pre-close for the half year, and we'll have a much stronger indication of how these trends for autumn/winter are emerging. I think at that point we'll be able to give a lot more color on certainty for this year and what that means going into next year. Great. Okay, that's very helpful. Thank you. Thank you, Shaun Wills. Thanks, Adam Tomlinson. Next question is from the line of Andrew Wade from Jefferies. Please go ahead. Morning, all. Hi, Andrew. Hi there. A quick one on sort of cash from me. Looking at your FY23 guidance, just trying to put that GBP 10-20 million, just trying to get my head around what the non-cash elements within there are, because we obviously saw quite a lot in the FY22 around FX and lease modifications and so on. And sort of following on from that, and sort of linked to it, obviously, I'm just trying to understand what the differential between your P&L charges on sort of rent or right of use assets is gonna be versus your cash through the cash flow. Depreciation on interest and leases this year was sort of just over GBP 30 million. You're talking a rent of GBP 60 million next year or a normalized rent of GBP 60 million. Would I be right in thinking there's sort of a GBP 30 million difference between P&L and cash flow, or am I getting muddled up there? Just some color. Yeah, you're not far off on that, Andy, and it does move around each year 'cause we continue to make impairments on the store base based on recovery in each of our territories. It is a very messy thing to try and unpick. In broad terms, you're absolutely right, that is about the difference between the two. It's around the GBP 30 million mark. We're expecting cash after CapEx investment and everything this year to be broadly level year-over-year. That's where we think the business will come out. I think what we probably need to do is talk you through individually with each of your models, how the IFRS 16 is working and what those charges look like. It's quite complex to try and convey on an audio call alone. Yeah. Yeah. Yeah. I think we owe you that, so we'll get Candice to book something in. Yeah, that'd be super helpful. Just to be clear on, I guess cutting to the chase, what your point there was that based on that, say the midpoint of your 10-20, then you'd expect net debt to be around the level it was at FY 2022. Is that correct? Yeah. I mean, you know, secretly with our current trading, I'm hoping that we'll do a lot better than that 'cause it does throw cash off very quickly. But yeah, in my conservative view, that's where we're planning and I think the good news for that is it means I can manage the business to keeping costs tightly under control as well, until we're really sure we're coming out into these new trading trends. Okay. That is, that's very helpful. Yeah, I think anything else I've got we'll take offline, but that's super helpful. Thanks, guys. Thanks, Andy. Next question is from the line of Kate Calvert from Investec. Please go ahead. Morning, everyone. Kate Calvert from Investec. Morning, Kate. Hi. The first question is on consumer price increases. How much did you put through in FY22? What sort of level have you put through this autumn/winter, and what do you expect to put through next year? The second question is, could you just talk a little bit more about the phasing pressures on gross margin in the current year and going into next year from sort of the perspective of commodity inflation, falling shipping, FX, those sort of things, and mix, I guess, those sorts of things, please. Sure. Do you want to do price? Yeah. This autumn was about 4%, wasn't it? I think something like that. Spring comes in about 6%. Yeah, we averaged about 5% this year. Nothing in FY 22. No, this is, sorry, FY23. There was nothing last year. Perfect. Just looking at the gross margin story. You can see that this year so far, we're down by 2.3%, and that's split broadly into parts on two things. One is mix, and that mix is affected by a couple of things. One is we're outperforming on our third-party e-commerce websites. The commission charge for those goes into the gross margin. You'll end up with a lower gross margin into our own sites on that. That is causing some of that deterioration. The second part on mix is that we have done some more wholesale clearance as part of that inventory reduction program. Did a good deal with TK Maxx in the first half. The rest of it is the input price inflation that we are experiencing from cotton prices, which I think, you know, we've flagged before is while it's a reasonably small proportion of the overall cost price of a garment, it isn't insignificant. Some of the repricing activity that Julian just talked about will start to mitigate that in the second half. The answer going into next year is, we have to keep it under review. I mean, the dollar price is moving quite aggressively day to day. We're clearly gonna need to react to that at the point we have to place those buys, and the amount we secure. I mean, also notwithstanding, we've got to see what the market can sustain. I think what we're seeing from our sales at the moment, particularly on jackets, is that even with the reasonably small prices we've put through, it's improved our value equation against a lot of the competition. I think that's why we're getting some traction as well as all the other sort of intangible reasons. From your consumer research, do you think, as far as your customers' perception is concerned, that if you had to, you could put more price increase through to help offset any pressures coming through? you always worry when you put a price up, but our most significant price rises for this autumn have been in our jackets, and our jackets are currently massively outperforming both last year and our expectations. It would look like Shaun says, the differential between us and everyone else is, it has actually grown. Yeah. We are perceived as a brilliant value product in the branded world, and I don't think that's gonna change even with more price increases. Yeah. We did trawl a lot of the sort of market to look at what was happening before we chose to make these sort of average 5% increases this year, and we saw that brands across Europe, which is what we're benchmarking against, not just the UK, were running at about 7%-8% at that point in time. We knew we were covering our bases but also improving our value equation. We also had up our sleeves the fact that we weren't charging for delivery on e-commerce, so that was always something else we could use to mitigate some of that pressure. That's a bit more invisible. Early days on that, but it doesn't appear to be affecting demand online at all. As I say, early days to be able to call that. Great. Thanks very much. As a reminder, if you'd like to ask any further questions, please press star followed by one on your telephone keypad. Next question is from the line of Anubhav Malhotra from Liberum. Please go ahead. Hi, guys. A couple of questions from me, please. Firstly, on the pricing range that you offer to the consumer at the moment, so in the first 22 weeks, can you give us an idea if the consumer has been buying more of the higher-end range, more of the lower-end range, just to understand a bit of the consumer behavior that you are seeing. Secondly, on the returns rate, if you have seen any increase in the returns rate over the last 6, 12 months. Lastly, on your growth that you are seeing in e-commerce, can you split that between how much growth is coming from your own platform, how much is coming from third-party platforms you use? Thank you. Starting with price architecture, whether we're seeing people buying into top-end or You know, our whole jacket range, which is the most expensive part of our range, is selling. You know, it's outperforming across the range. That's. Yeah. There's no evidence that they're buying from the bottom of the range at all. It's, you know, every part of our range is value. I mean, that's the whole point of it. It's value for where it sits in the market. Even if it looks expensive as a product, just as a price, within the architecture against the competition, it's still perceived to be great value. There doesn't seem to be any pushback on price at all. No, interestingly, I would say probably more top-end buying going into autumn than there was coming through summer when Yeah. You'd expect as we got closer to the gas bills coming through, you might see that working the other way. But not so far. We might be benefiting from everybody imagining they can't turn the heating on and buying a nice duvet coat or something. Maybe. Returns rate is not really a feature in our conversations at the moment. Apart from the issues we saw and fluctuations through the pandemic, it's remained. Once that reset itself, it started to come back to sort of normalized levels, and we're benefiting now from traffic coming back into stores because obviously the returns rate is a lot lower there. I will point out that we are doing incredibly well in Germany again. Yes. Their returns rate is higher than the rest of Europe. That's, yeah. Well, that's a symptom of just the geographical success, not any underlying issue that we can see. Yeah. While I'm not gonna split out the e-com into its sort of component parts, I mean, I will say that the third parties have been significantly outperforming our own site so far because the own site really has been going through its. You know, we expect to see that start to deliver once the initiatives that Matt talked about start to land and make quite a big difference to the consumer. Thank you so much. Can I just ask one follow-up on the CapEx, plans for this year? I mean, which parts of the business you think you still need to invest in and where you are investing in at the moment? Just maybe talk in general of next couple of years, where do you think the CapEx is going to land? How much do you need to invest more in the business? Yeah, I think our CapEx for this year will be probably broadly in line with where we came out last year, maybe a bit slightly more, GBP 2 million more. That's to sustain the ongoing investment in the e-com platform and make sure that really delivers. It's to introduce some digitization into wholesale so that we can communicate with our partners better. The biggest one that's going on this year by a long way is the completion of the merchandising system, which is now sort of so far in train. It's more economic to finish that off and deliver the benefits it's going to bring than to reconsider. We'll be at the same levels. Going forward, as we start to invest in data more and drive our digital business, I'd like to see that ramping up. We're planning to go back to historic levels by the end of our five-year plan, but of course, we again, having to be agile, we're gonna have to react to that based on performance. Okay, thank you so much. This concludes our question and answer session, and I would like to turn the conference back over to Julian for closing remarks. Please go ahead. I just wanna remind you of the sort of big wins here. e-com is now in a very positive space and moving forward. Physical stores are on track and moving forward and back to positive growth. The brand itself is evidently in a great space moving forward again and lots of progress to achieve, but you know, we are definitely in a positive territory. Marketing, which I would say has been very difficult for this company, has really now got a pace behind it and an identity. We feel very much that we're making huge progress on a day-by-day basis. Sustainability speaks for itself. We're now. You've seen the movements there. All territories back in growth, which is fantastic. I will point out the opportunity and what I would say is the next level of focus for this business, which is wholesale. Because of the pandemic, because of our inability to travel and our real focus on the internal functions and getting those right, we haven't focused as much on wholesale as we could have done. We are about to. You've got to see it as a massive opportunity now for this brand and this business to take advantage of the good work we've done everywhere else. It's exciting and there's the next level of opportunity. Thank you all and see you all soon. Yeah, thank you for your time. Thank you. Ladies and gentlemen, this concludes today's conference. Thank you for joining, and you may now disconnect. Goodbye. This presentation.