1.   And, as Slater points out, too much supply will force discounting to clear excess stock.

2.   Allied said spirits sales at Christmas were below expectations, particularly in the U.S., as excess stocks were depleted.

3.   Allied said it has cut costs at its spirits division by firing workers, reducing excess stock and reviewing its supply chain.

4.   But he said participating airlines would not allow their names to be disclosed, just as name-brand manufacturers do not talk about how they liquidate excess stock.

5.   But that demand did little to eat into excess stock on warehouse shelves.

6.   Drain off the excess stock.

7.   German steelmakers had announced cutbacks for the period in response to customers running down excess stocks.

8.   Producer pricing power, he said, will have the extra constraint of excess stocks to keep it in check.

9.   Steel, chemical and paper companies among others were left with the excess stocks after they misgauged the impact of the tax increases on sales.

10.   The company plans to keep a lid on production while it sells off excess stock, he said.