“I think we will continue to see a gradual improvement of our North American business because we are increasing our brand reinvestments.”

In context

“mains very concerned about affordability, economic outlook and job security. Our main category, biscuits, the value is flattish. And where there is growth that's usually in the value club channels and in better-for-you and premium. We feel that we had a good first quarter with slightly positive net revenue growth in North America, driven by that momentum in the growth channels that I was saying. We gained some share in crackers led by strong performance of Ritz. And also our candy business is doing quite well as well as our North American ventures, particularly, Perfect Bar and Hu, they continue to grow well. Oreo was a little bit less, but we had a limited time offer this year that didn't perform as well as last year's, but we have strong plans in place to improve Oreo in the year to go. I think we will continue to see a gradual improvement of our North American business because we are increasing our brand reinvestments. We're trying to sharpen our PPA and hit the right price points as well as in Europe, of course. We have the growth channels and the new occasions, and we've got some strong good innovations that are in flight. So on developed markets, I would say, a good performance. Then emerging markets, we are very pleased with our performance in emerging markets. It remains very strong. It's about 40% of our business, as you know, we grew 6.3% in Q1. If I first go to the consumers, of our 4 key markets, the only place where the consumer is softer is in China, although it improved versus the last quarter, the confidence. And we remain positive that, that consumer confidence in China will continue to improve. We see a very positive confidence in India. And also Mexico and Brazil, we feel the consumer is”