• Annual revenue guidance: The company achieved 15% top-line growth in Q1 following a strong June and targets 15% to 18% full-year revenue growth. This target is expected to be driven by mid-to-high single-digit same-store sales growth, new store rollouts, and full-year contributions from stores opened last year.
• Full-year margin outlook: Management expects gross margins to hold steady between 57% and 58%, with EBITDA margins around 30% for the year. Full-year PAT margin is projected to finish between 13% and 15%, matching or improving on the 13% reported in Q1.
• Bottom-line cost pressures: Q1 profitability was weighed down by continuing marketing investments, leadership hiring for the sports and athleisure portfolio, lower treasury income year-on-year, and rising rental costs from 140 stores opened last year that are still maturing.
• Sales per square foot: Revenue per square foot held flat at around 4,350, diluted by the ramp-up phase of 140 newly added stores across the company's 9-banner portfolio.