“I feel confident about the plans that the U.S. is putting in place. I think we are moving a little bit the price point of Chips Ahoy!, and that would allow us to recuperate share and volume.”

In context

“nk you also said likely for each of the segments once we x out some of the European disruptions? And then lastly, I think you had also originally said it was probably more high end than the 3% to 5% sales growth, so just curious on the volume piece and then if you're still at the high end. Luca Zaramella: Look, the volume piece is we expect volume to be flattish for the year. Reality is, as we gave guidance, we had a little bit of headroom, as you might expect. I think that headroom is still, for the most part, there. We'll have to see how a couple of ticket items play out for the remainder of the year, particularly the boycott in AMEA as it relates to some of our brands, how will that play out in the quarters to come. And the other thing is the share recovery, particularly in the U.S. I feel confident about the plans that the U.S. is putting in place. I think we are moving a little bit the price point of Chips Ahoy!, and that would allow us to recuperate share and volume. And Chips Ahoy! is the #1 driver of the volume declines that you see in the North American segment. But then we will have to see how elasticity plays out as well. I feel quite good about the Latin American business. As I called out, I think 3 out of the 4 business units, and the only one that is declining in volume in real terms, is Argentina. But the other 3 are doing quite well. We feel good about China. I think India, we're going to see some slowdowns. But all in all, it should be fine. And then I could go around the globe and tell you that reality is once we land the final customer in Europe, we hopefully see some reviving of the trade stock. And hopefully, the chocolate market will continue displaying acceptable elasticity. So a long answer to say expect flattish volume, but in real”