Inflation And Market DynamicsEnthusiasm is tempered by cumulative inflation and retailer private label aspirations, expectations for a growing DIFM headwind, and a view that more R&D and ad spend will be required to support approximately 1% volume growth medium-term.
Inventory And Guidance IssuesSMG had little room for error after surging year-to-date and needed to avoid FQ4 noise and guide debates, but it avoided neither, leading to a pullback.
Pricing And Market ExpectationsFlat net pricing leads to a belief that the category is bumping up against a temporary ceiling, with elasticity more likely to yield disappointment than not.