Accent Group reported FY25 EBIT of $110 million, in line with guidance and flat on the pcp. The trading update indicated LFL sales turned slightly positive on the 2H25 drop of 1.5%. The first Sports Direct store is due to open in November 2025. Guidance provided is for EBIT growth of high single digits, close to $120 million. We forecast $115 million EBIT for FY26e, growth of 4.5% with a view that competition will crimp gross margins.