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ACME Inc. - FY26 review
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Margin bridge - FY26 review

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The Company attributes the FY2026 gross margin decline of 240 basis points to input costs. On its own cost base, the principal input categories rose 6.1 percent, which supports no more than 90 basis points.
The remaining movement is not addressed in the MD&A, and the segment tables do not reconcile to the bridge as presented.
The contemporaneous record points elsewhere. Distributor discounting in the Industrial segment widened materially in the second and third quarters
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JJohnadded by John
Meridian Partners - ACME channel checks, Q1
Nine of ten reported deeper quarter-end discounting than in the prior year, and two described list-price concessions on renewal business
, a development the Company does not quantify.
Segment-level price and volume data would settle the allocation directly. It has not been disclosed for FY2024 through FY2026, and the two analyst questions on the Q3 call that asked for it were not answered.
Absent that disclosure the 240 basis point movement cannot be apportioned between cost and price on the record as it stands, and the Company’s attribution should be treated as an assertion rather than a finding.
Linked sources
JJohnadded by John
Meridian Partners - ACME channel checks, Q1
Nine of ten reported deeper quarter-end discounting than in the prior year, and two described list-price concessions on renewal business
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Meridian Partners - ACME channel checks, Q1

We contacted eleven distributors carrying ACME’s Industrial line during the quarter. Ten responded; the sample skews toward the Midwest and the Southeast.

Nine of ten reported deeper quarter-end discounting than in the prior year, and two described list-price concessions on renewal business. None attributed the change to input costs.

Promotional intensity of this magnitude is not consistent with a pure cost-push explanation of the margin decline.

The margin bridge cannot be closed on input costs alone; discounting of this size would cover most of the residual.

Lead times were unchanged at four to six weeks across the sample, and no respondent described allocation or shortage behavior on the affected lines. Two carried quarter-end inventory above their normal seasonal range.

The sample is small and self-selected, and these checks are directional rather than a substitute for reported figures. We would revisit on a second consecutive quarter of the same pattern, or on evidence that the concessions were volume-linked.