Reflecting the austere state of mind of Danone’s conference room, Faber insisted that this ‘strong aspiration’ for margin improvement will not come through development, however through driving expenses out of the organization.
” The focus of this release is practically entirely on cost cutting rather than what they will do to accelerate growth,” Bernstein expert Bruno Monteyne observed.
” We do not believe it is excellent to decouple margin growth from sales growth.
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