Inventory ManagementInventory days increased to 109 days, which is quite close to the level back in FY20; if this persists, retail discounts may be widened or more provisions may be needed.
Offline SalesEnduring pressure on offline sales per store is partly due to sluggish foot traffic and a rise in competition, which might result in weaker sentiment for future trade order growth.
Store ClosuresThere are risks about the store-opening plans, with the possibility of associated distributors closing some regular stores, which might drag down future sales or trade fair order growth.