Quoted from Whysnow:What was the percentage of price increase and BOM decrease via cost cutting in 2015, 2016 and 2017?
In 2015 you could buy a NIB Stern pro for $4200
in 2016 you could buy a NIB Stern pro for $4800
in 2017 you could buy a NIB Stern pro for $5400
I would guess that BOM went down a couple hundred each year?
That along accounts for 20% or more change each year.
Also in that time they have a few big cash grabs like the BM66le and SLE stuff.
This to me in evidence of how mush more they are charging for a cheaper product and less about increased sales.
I agree with the elements in your post, but keep in mind that revenue and income are not the same things. Price increases impact revenue as well as volume, other items--including lower BOM, increased productivity impact the bottom line. Also, sales mix as represented by higher priced games like BM66 or other Premium or LE releases would positively impact the top line. In simple terms, Stern is selling more pins at higher prices, and might be selling more of the expensive pins, Premium and LE, as a percent of overall sales.