an instructive case study, page-2

Errata:

The descriptor for the first data listing (see below) is misstated; instead of "Promotional Expenses as a % of Revenue", it should have read "Selling and Marketing Expenses as a % of Revenue". The heading for the second listing is accurate, namely "Promotional Expenses as a % of Revenue"

So, the corrected version is:

"As an aside, it is a useful exercise to look at the driver of the deterioration in margins. Again, it’s not confined to one factor:

Selling and Marketing as a % of Revenue have ratcheted up:
DH09: 8.3%
DH10: 8.4%
DH11: 9.5%
DH12: 10.6%

Promotional Expenses and Rebates as a % of Revenue look even worse:
DH09: 8.9%
DH10: 10.1%
DH11: 10.4%
DH12: 14.9%"

[End quote]


Also, I clean forgot to add trends in Gross Profit Margins which reveal, that depsite the heavy promotional and marketing investment, GP Margin still eased in the last half:

GP Margin
DH09: 68.8%
DH10: 69.0%
DH11: 69.2%
DH12: 68.1%