date:Aug 10, 2012
ble-digit growth in second-tier markets such as Switzerland, Benelux, France and Spain, and triple-digit growth in the rest of the world.
On a later analyst call, Deutsche Bank analyst Jamie Isenwater said:If my maths is correct, excluding that one customer, German sales growth has gone from about +20% in Q1 to down nearly 10% in Q2. I know the weather was bad, but, are these broadly the right sort of numbers?
There must have been a underlying slowdown beyond all the various one-offs.
Kunze-C