Ann: Year Ended 30 June 2022 - Report Announcement, page-4

Good points Madam.

Also, how easy, convenient and plausible it could have been for management to cite all the common well worn reasons to miss the EBIT target as revenue growth moderated in 2H2022:
* Higher input costs of materials, labour, freight ...
* Supply issues, China lockdown ....
* Lower consumer confidence in the EU, retailers destocking...

But no, we saw management lift prices for their manufactured goods - and gross margin strengthened in 2H2022. I also note that unlike FY2021 where advertising and marketing spend was about 50 / 50 between the two halves, it was more like 60 / 40 in FY2022. Therefore some dialing down slightly on marketing spending in 2H2022 in order to meet the EBIT guidance.

A recurring theme from the best managers in the last 12 months on the elevated inventory and raw material levels. As succinctly put by the PWH CEO,
"Better to be looking at it, than to be looking for it".