E-commerce PresenceMargins are not expected to return to pre-COVID highs as SBH is still underindexed in e-commerce.
Macroeconomic EnvironmentThere could be risk to F'25 guidance given that the macro environment remains uncertain with low-income consumer spending particularly pressured.
Tariff ImpactKey risks include tariff impact (China represents 10% of sourcing), which may result in price increases, as well as low-end consumer pressure at SBS and stylists buying closer to need at BSG.