date:Aug 29, 2014
rease that occurred at the start of the calendar year.
As expected, top-line results in the United States were negatively impacted by difficult comparisons with the prior year's price-driven buy-ins, resulting in flat underlying net sales (-2% reported). The reduction in inventory levels at both distributors and retailers resulted from the company's decision to slow the rate of price increases versus each of the prior two years. In addition to more favorable inventory comparisons over the balan