Kofi Bruce

“Pete, thanks for the question. just to give you some texture, we did see inflation roughly within the range, maybe a touch lower than we expected in Q1, but at the low end of our range, around 4%, which if I look forward, you know, and take into account sort of our hedge positions, I would expect Q1, Q2, Q3 to be…”

“So let me just start by saying I'm probably not going to satisfy your question because I don't want to get too much more specific and get in the habit of providing quarterly guidance other than just reiterate kind of what we said in our prepared remarks.”

“I think you're starting with the kind of the right frame as we see it. We do see stable to growing volume as an enabler for returning and restoring our margins.”

“I anticipate a significant impact in the first quarter and into the second quarter, where we are comparing to last year when we did not incur trade expenses in those periods.”

“And as a follow-up, you called out the trade expense phasing in North america retail was about a point of drag in the first quarter is that similar as we get into the second quarter and then normalizes we get in the second half thank you yeah yes uh you have it largely right um i would expect um it to be a big drag in…”