Super Retail Group reported FY24 EBIT of $400 million, which was down 9% year-on-year, but up 57% on FY19 levels. This represents a compound annual growth rate of 9%. Given sales trends are starting to improve EBIT should also start to rise. The question is how much. We expect LFL sales to remain between 1%-3% and EBIT margins will be largely steady. Increased competition in auto keeps us cautious about group profit margin expansion. The company’s FY24 EBIT margin of 10.3% is about 80bp higher than FY19 supported by higher gross margins.