Key takeaways:

• Fitter supply is tight due to lack of training and new recruits entering market during covid
• HWDN has advantage in that builders are booked out in advance and they earn more fitting for HWDN vs Wren
• The internet has changed the shopping experience for kitchens and favors retailers like Wren
• As kitchen demand and fitter supply normalizes, we will only then see the change in the relative competitiveness of HWDN vs Wren
• Even if HWDN maintains volume, it may have to extend the range and improve product to stay competitive with Wren