Gross margin expands led by cost savings and better product mix: Gross margin improved 170bp YoY to 36.9%, led by cost-saving measures (like value engineering initiatives with vendors) and a better product mix. KKC expects 2HFY18 gross margins to sustain at the current levels. Operating margin contracted 110bp YoY to 14.5%, given negative operating leverage. Cutting guidance on exports, but maintaining on domestic revenue: For FY18, KKC lowered its exports growth guidance to -5-10% growth (from flatto-negative 5%), and maintained its 5-10% growth outlook in the domestic business. It expects the domestic markets to bounce back over 2HFY18,...