mead johnson takeover rumour, page-26

Have been thinking about the EBIT margin guidance, it really will depend on the channel mix, which is difficult to forecast. Could easily come in higher than expected if China direct and own stores sales outperform. These 2 channels also have unrestricted stock, so that won't hold them back.

Channels - Highest to Lowest margin

China Direct - Tmall/JD.com + local distributor sales
Direct web store
Pharmacy/Specialty retail
Supermarkets