CMB International believes that XP's retail turnover is good...

CMB International believes that XP's retail turnover is good. Although discounts will be deep in the 4th quarter of '23, it is expected that the inventory to sales ratio will recover. Assuming a normal sell-out rate in the fourth quarter of FY23, retail and sales guidelines for FY24 will exceed expectations. Although the Sauony store is small in size, sales are good, and the number of stores is expected to grow.