Our Consumer Durables coverage universe posted a top-line beat versus our estimates, which on a 3Y-CAGR-basis stood at 7.9% (ex-Dixon/Amber). Profitability remained challenging – Ebitda margins dipped 180bp below our estimate, albeit flat y-o-y, owing to high-cost inventory, limited pricing action and higher ad-spends during the quarter. In our view, with commodity costs easing, margins …
