Westlife Development (WLDL) delivered in-line SSSG, but lower-thanexpected sales growth, with just one new store addition in 4QFY21 and only five in FY21. Furthermore, the dine-in channel (45% of sales in 4QFY21) was still below normal levels. However, strong performance from the convenience channel is a positive. Gross margin (GM) expansion through volume recovery, channel optimization, and supply chain initiatives is encouraging. The recovery in McCaf would further support the GM. EBITDA margins were below expectations, with a one-time employee bonus and salary reversals putting...