RE:RE:A Statistical Outlook for Q1 of 2023There were no subsidies in F23.....the year which ended Jan /23.
You are confusing $21,5 million in subsidies in F22 with the year 2022.
Note that Q4 entered with $160 million in Inventory at cost, sold $104 million of that to generate $211 million in sales in Q4, then added $86 million of new Inventory to exit Q4 /23 with $142 million in Inventory at cost.
That level of Inventory converts to at least double that amount at 50% gross margin to about $285 million in retail sales .......much too much for Q1 sales imo........most likely an excess of $50 million in inventory ...which will also supply finished spring goods for Q2 requiring perhaps $75 million in extra finished goods for Q3 sales.
Note also that price increases cannot be ruled out ..