“I think you're going to see a rebound of the North American profitability, particularly in Q4.”

In context

“ing to take effect in a few weeks in North America. I won't elaborate much, but we are clearly at a point in time where we see inflation going up. Our cost base is higher, particularly because of cocoa but not only, and I think that will boost revenue and top line. We have done quite a bit of work in terms of being very selective. Instead of picking the items, for instance, that were most impacted by cocoa, we went pretty much across the board with more limited price increases. We had protected certain points where we see consumers going. We also had protected specific formats that consumers favor in -- during their buying habits. We have a plan that aims at boosting productivities in the second part of the year, and the team has done a very good job in terms of ensuring cost control. And I think you're going to see a rebound of the North American profitability, particularly in Q4. The team continues to pursue incremental opportunities, particularly in alternate channels. We mentioned a few times that our share gains in channels like club and dollar and value, they are clearly outstanding. And we have, again, deep opportunity to get to our fair share or closer to our fair share in those alternate channels. So quite a bit of actions that are planned for the second half. But again, we are not putting out wishful thinking in terms of category rebounds, et cetera. I think it is a fair assumption and safe one. Operator: We'll go next to Peter Galbo with Bank of America. Peter Galbo: Dirk and Luca, I wanted maybe to put a finer point on the previous question, particularly around the lack of change in guidance for the second half. Clearly, you had a strong delivery on the”