Overall result has been in line with our estimates. Westside continues to outperform its competitors based on strong same store sales growth performance during a period when consumption slowdown is at its peak. Decline in gross margin has been due to higher discount during end of season sale and increase in revenue share from Zudio. This is not too concerning as Trent, unlike branded retailers, is able to follow strict discounting policy; 2 months a year. Gross margin dilution coming from Zudio should not have significant spill-over EBITDA margin dilution impact. This is because, in value retailing its always high inventory turn (and not gross margin) which helps to build on...