Alexia Howard - Sanford Bernstein
That''s great. Thank you very much and can I – a real quick follow-up. On the rush in bulk shipped into more packaged product, is that likely to be finished by the end of the first half of the year, or is there a time frame by which that might be completed?
A. D. David Mackay
It will be ongoing. I think the magnitude we started at about mid-last year, so while it won''t finish for the second half of this year, the degree of change will probably drop off.
Alexia Howard - Sanford Bernstein
That''s great. Thank you very much. I''ll pass it on.
Operator
Our next question comes from Ken Zaslow of BMO Capital Markets. Please state your question.
Ken Zaslow - BMO Capital Markets
My questions been answered, thank you.
Operator
Thank you. And our next question comes from Vincent Andrews of Morgan Stanley. Please state your question. Hello Vincent, are you on the line?
Vincent Andrews - Morgan Stanley
Oh yeah I am. Sorry about that, I''m trying to juggle between a couple of calls here. My question would be – can you remind us when or what you were expecting in your fourth quarter 2009 guidance as it relates to both Eggo and then also what took place in Latin America. And then also help us understand or quantify if you can what the impact will be in 2010 relative to what your guidance is?
A. D. David Mackay
I think you''ve got two or three questions there on the Eggo supply situation in Q4. It had about a 1% to 2% NSV impact on the total company for the quarter. We absorbed the OP impact into the year. For 2010 it''s built into our guidance. We have said that you will see more of an impact on top line in the first half, but the OP impact is included in our guidance. On Latin America, Q4 was a difficult quarter but very understandable. There were some inventory reductions in Mexico and the Caribbean. We had some issues in Venezuela. We had massive advertising. So it was more an issue driven by those three things. For 2010 our expectation is that Latin America will continue to grow at mid-single digits, so while the quarter might look a little odd we don''t have any worries about Latin America for 2010, see it growing strongly again.
Vincent Andrews - Morgan Stanley
So the 4Q – I guess I''m trying to understand for Latin America if that 4Q is sort a one-off and the rate that it should grow off would be a little more normalized fourth quarter or if we should consider that the base?
A. D. David Mackay
Yes, on the top line that''s a one off. And the bottom line is distorted from the factors I think Ron gave you during the call. |