Ann: Business Update, page-17

BAL is always so conservative in their approach to reporting.
Shorters will no doubt focus on on the references to "temporary volume dislocation" in China and the fact that Singles Day sales were below company expectations, whereas it would have been nice for them to place more emphasis in the report on Singles Day sales being significantly above last years figures.

It's a bit frustrating, as they seem to be focused too much on the under promise and over deliver approach.