Little insight into Q3, noting 'pleasing progress in China and English label IF sales', continued strengthening of market share and marketing campaigns 'on track' which I interpret as achieving target ROI.
I like they specifically mentioned no impact to e-commerce sales from new CBEC regulations in China.
Only thing is they mentioned that next FY the increase in milk prices will impact margins, but I just see that as being the nature of the industry and not outside of what's expected. This might be mitigated by a lower NZD anyway.
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