“As long as volume continues to be this strong, we are not planning to increase our promotional pressure at all.”

In context

“ean more heavily into promotions? And if it is promotions, can you just update us on what you're seeing from the promotional environment? Thank you. Dirk Van de Put: Yes. So the request was in the U.S. And as we explained before, we are certainly not seeing for 2023, our costs coming down. We still are seeing double-digit inflation in our cost. We just implemented a price increase in the U.S. We're implementing price increases in Europe. So we are not in a situation where we can say that costs are coming down, if anything, they're up versus last year. From a promotional perspective, since we are rebuilding our customer service and our inventories in clients, there is no need for us to promote more. In fact, what we've done in last month is promote less to get our customer service back up. As long as volume continues to be this strong, we are not planning to increase our promotional pressure at all. Operator: Thank you. Our last question will come from Steve Powers with Deutsche Bank. Your line is open. Stephen Powers: Great, thank you. Shifting gears a bit. On Slide 9, you talk about the accelerating benefits to total company organic growth from recent acquisitions. And I guess I was hoping you could talk a little bit more about plans and expected contributions from Clif and Chipita and Ricolino in 2023, but I was also hoping you could talk about the profitability of growth from those newly acquired businesses and how that compares at this point to base portfolio profitability, whether you describe the relative bottom line contributions as fairly comparable and proportional or whether there’s still remains upfront investment on the newer additions that will dampen profit margins for”