Sep 09, 2021 / 02:40PM GMT
Warren Lester Ackerman - Barclays Bank PLC, Research Division - Head of European Consumer Equity Research
Hello everybody, welcome to the Barclays Global Consumer Staples Conference. I'm Warren Ackerman, Head of the EU Consumer Staples team. I'm delighted to welcome Nestlé today. We have CFO, François-Xavier Roger; and the Head of Zone Americas, Laurent Freixe. Welcome gentlemen. And the format will be a fireside chat. We will have about 30, 35 minutes, and I will be hosting that. So with that, let's get cracking.
Questions and Answers:
Warren Lester Ackerman - Barclays Bank PLC, Research Division - Head of European Consumer Equity ResearchSo first one to François, I want to kick off with margins. You slightly lowered your margin guidance this year to around 17.5%, mainly due to input cost inflation where you talked about a 4% COGS inflation in 2021. But you've also said that the margin reduction in the second half is transitory and you expect next year to be back showing progress.
Can I ask as we stand at the moment, I know it's difficult
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