Core Insights - The company is experiencing a significant turnaround with ongoing progress in its new business model, which is stock-light and capital-light [2][3] - Financial performance is improving, with adjusted EBITDA up by GBP 20 million, net debt reduced by GBP 111 million, and a substantial decrease in loss before tax [3] Financial Performance - Adjusted EBITDA margin has increased to 6.7%, up 180 basis points compared to the same period last year [2] - The company has achieved a 20% growth in Gross Merchandise Value (GMV) during the period [3] - The loss before tax has decreased to GBP 3 million, down 97% year-on-year [3] Operational Efficiency - Stock levels have decreased to GBP 68 million, a reduction of 35% from the previous year [2] - Capital expenditures (CapEx) have been cut to GBP 7.5 million, down 50% compared to the same period last year [2] - Fixed cost base has been reduced by GBP 160 million, contributing to improved operational efficiency [3] Business Model - The company is pivoting towards a fashion-led marketplace, with the marketplace now accounting for 32% of GMV [3] - Debenhams.com is positioned as Britain's online department store, with an EBITDA margin of approximately 15% [4] - The business model is characterized as stock-light, capital-light, margin-rich, and highly cash generative [4]