“Everything can change. There's no guarantee. But with everything that we can see, we feel confident that that component of 85% of the sales is holding or strengthening as we go through the year.”

In context

“ope in the last quarter, it was actually 5% excluding the inventory effect year-over-year and we are seeing stabilizing to growing volume share trends in Europe, again, with very strong innovation in the back half. Latin America is stabilizing. We've articulated that we're growing the biggest two markets, Brazil and Mexico on a 14% base, and we expect within our construct that the Latin American market growth will return to mid-single digits, 5% to 6%, which is what we're seeing materialize. So every indication that we have in terms of data and in terms of the plans that the teams are executing now and into the second half give us confidence that we can continue the momentum at the run-rate level, which means with easing comps, it would mean an acceleration on a year-over-year comparison. Everything can change. There's no guarantee. But with everything that we can see, we feel confident that that component of 85% of the sales is holding or strengthening as we go through the year. You are right, China and the Middle-East are the least predictable components. That's why they introduced the volatility in the guidance range at this point in time. Look, we are -- the best way to increase the probability that we see an improvement is to focus on the fundamentals, which we are doing. In China, we have cleared the portfolio to focus the organization on those brands. We have the strongest growth potential. We are reinventing our go-to-market model with our distributor partners to increase coverage and quality of coverage. We have strong innovation across the portfolio, which is showing signs of revitalizing the categories. When you look at the Head & Shoulders and Pantene innovation, the baby care portfolio continues to perform strongly. And SK-II is making progress with t”