date:Mar 28, 2014
ong term.
Higher dairy commodity prices have put increasing pressure on margins in our consumer and foodservice businesses. We had to strike a balance between passing on rising costs immediately or continuing to build our market presence to secure long term growth.
Taking the longer term view has constrained profitability during this run of strong commodity pricing, but we are positioning ourselves for the future with consumer and foodservice volumes in key strategic markets like Asia (up 10