“Commodities will be in the low singles range overall, some pressures on the agricultural particularly juice and coffee that are a big part of our base.”

In context

“but this is about leaning into growth, continuing to invest to drive the franchise and being able to capture some of the benefits of the transformational work that's been going on over a number of years. John, do you want to add some considerations? John Murphy: Sure. Let me go off a little bit and talk about gross margin. Steve, so I can provide some additional commentary. We're not building an enormous amount of expansion on the gross margin front into our guidance we do expect to continue to have some underlying expansion. But as you alluded to the FX, that's largely maybe offset by currency. It's anticipated for '25, there's quite a lot of moving parts inside of the gross margin equation. So we've -- as I said, we've not for guidance purposes built in an enormous amount of expansion. Commodities will be in the low singles range overall, some pressures on the agricultural particularly juice and coffee that are a big part of our base. We have the usual set of levers that will deploy to cover those. But for -- as I said, for guidance purposes, you can assume modest expansion at the gross margin line. And as Jim said, we've been anticipating for quite some time, the; 25 environment and the sort of the more for same, more for less mantra is certainly alive and well. Operator: Next question comes from Filippo Falorni from Citi. Filippo Falorni: I wanted to ask you your thoughts on just the global trade environment, obviously, with tariff coming more into play here. It seems your supply chain is largely localized in most countries. But can you talk about some exposures in terms of import to export? And also just the secondary impact on commodities. I know a lot of it is on your bold system, but just thoughts on the recent t”