Super Retail Group reported a decline in FY26 EBIT of 3%, but gross margin improvement combined with tight cost control bodes well for EBIT growth in FY27e. We forecast EBIT growth of 6% for the year ahead, with higher gross margins the key driver. Rebel is improving its inventory and promotional management and the higher Australian dollar will lower the cost of goods. While we see an improvement in EBIT, the economic backdrop will be a headwind.