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External broker reports(aggregated public sources)

Equity Bottom-Up

Universal Store Holdings Ltd / Equity Bottom-Up

<div><div><div><ul><li>Universal Store provided a trading update on Wednesday.</li><li>Trading conditions have deteriorated much faster than we expected and updated guidance for sales, gross margins and EBIT was - 6.4%, -130bps and -20.0% below our previous forecasts respectively.</li><li>While the EBIT miss appears to have largely been driven by sales, the gross margin miss was likely due to increased promotional activity and customers reducing basket sizes. </li></ul></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Universal Store provided a trading update on Wednesday.Trading conditions have deteriorated much faster than we expected and updated guidance for sales, gross margins and EBIT was - 6.4%, -130bps and -20.0% below our previous forecasts respectively.While the EBIT miss appears to have largely been driven by sales, the gross margin miss was likely due to increased promotional activity and customers reducing basket sizes. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Universal Store (UNI) - O/W: Still a Quality Outfit