Accent Group reported 1H26 EBIT of $57m, down 30%. Underlying gross margin of 54.3% was down 130bp. The trading update for the first eight weeks was flat. We have rebased our forecasts for FY27e on the proforma earnings base of FY26e which strips out the exit of Glue Store and OzSale. We lower our sales forecasts on closures and lift our gross margin and cost of doing business forecasts. A Strategy Day will be held in May 2026 to provide an update on growth priorities.