$4 PARTY ON MONDAY, page-81

You're probably correct. I was thinking a bit further back to the May 21 update which contained this:



However the subsequent FY21 report did say that the targeted EL inventory levels had been achieved. CL was forecast to take longer, but like you say, it probably meant just longer to sell down to the target level.

The language around CL sell-in being weaker than expected concerns me a little, but I'd also assume that if any material inventory writedown had been made in 1H22 then this would have prompted an announcement much like the May 21 one did. There would also be clear indicators, such as weaker pricing. Most likely any excess inventory in that area was cleared during 11/11, and so even if there has been weaker demand than expected, it was accomodated by constraining CL supply until demand rose again.