"(Of course, some might reasonably suggest that to avoid sales...

"(Of course, some might reasonably suggest that to avoid sales going backwards, in a period of the most rapid increase in interest rates in generations, is a credible achievement.)"

That's exactly what I would reasonably suggest. North America was hit hard and fast with rising rates and the UK was all about inflation. Surprisingly, the company had a respectful performance within the EMEA segment. APAC was a laggard, although the company identified continued strong Asian performance. I think that it would be reasonable to assume that here in Australia, the consumer is more focused on 'budget' conscious spending. But as you pointed out, BRG management had not yielded on pricing.

Considering the pull-forward in spending during Covid, I'm actually surprised that the company has held up so well. Breville was most definitely a covid beneficiary and I view this result from a glass half full perspective rather than the opposite.

I would suggest that BRG is well overpriced. This stock has served me well over the journey and I won't buy into it until my alert gets triggered at $21.Some of the Directors seem to have a habit of selling large amounts of stock in the $21-23 range and tend to buy under that range. I will continue to follow their lead.

I'm not an astute analyst like yourself. I'm a simpleton retail investor who buys what I perceive to be good companies on healthy pullbacks. I leave the analysing to those who have the time. But in reference to arrows 6 & 7, I've played with your chart and added my own arrows, but not had the time to populate with revenue %. The reason I added the extra arrows was simply to highlight that it's easy to view a company's performance based on a set of numbers using a macro lens. But if you zoom out and look at the big picture, revenue has virtually tripled over 10 years and their gross margins remain consistent, if not slightly elevated. EPS has doubled in that time and ROE remains in the double digits. It's a truly global business so in all honesty, I hope BRG pulls back substantially and provides people like myself the opportunity to go shopping.

Thanks for your post. Always insightful.