I don't see how you get to that conclusion. I see inventory reduction as a sign they are selling more product and the statement that they keep a sufficient inventory to meet demand a sign that their products are selling and they do not have excess inventory-like the old Dell model. My conclusion is that sales are increasing in a competive environment where margins are decreasing. With market share gains due to a superior product. The stock is currently being manipulated by shorts who would like to compare Garmin to Crocs, which is like comparing apples to oranges.
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