G5's results are above expectations, driven primarily by an expanded cost savings programme than the company signaled in Q2 (now at USD 14m vs USD 11m previously). At first glance, this should support earnings estimates ahead although our interpretation is that the sustained cost focus points to the revenue turnaround still being a few quarters out, marking an offsetting factor. Mix shift towards G5 Store continues, yielding a 3pp y/y increase in gross margin.
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