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fiscal for outlook our to Turning XXXX.
taking half more on first demand global of us, half in outlook year behind are the cautious the of the we a the year. second consumer With
that goods like Europe. reversion of We the sales the inflation levels spending services historical consumer toward will energy and sustained demand in categories, moderate on more in and expect Americas our food core primarily impacting outlook our of and
the effect and guidance. recovered our account in has taken Mainland that which to year, due the strengthen have discretionary primarily had We also we spending policies prevailing consumer China dollar to fully also will category, this expect seen currency on not that previous relative rates, into COVID have
X%, international Using the lower mid-points First, from prior expect the to was taken just revised all flat than as change that minus follow: in full operating guidance. and of of standpoint, our the consumer in versus current can minus forecast guidance to guidance our is points revenue quantified we a previous range our our guidance, approximately previous moderation X%. divisions guidance expect of to constant from be our division revenue of currency in operating down now our assumed to XXX basis in demand impact previous our X% together, year So we be as
expectations spending impact continue based In reduced restrictions for growth Mainland that COVID to return on to consumer have XXXX. in will addition, we China, the discretionary on a in have our
Second, our headwind currency our of prevailing have points sales XXX basis prior to another versus added rates net projection.
XXX currency points of rates will we second the approximately of While XXX rates have sales, in basis prevailing of created the basis year-to-date to impact half net estimate year. create that approximately points headwind
XXX adjusted we margins, be with coupled expected approximately basis margin on full revised expect year, our now that’s the outlook, than revenue sales. to impact for operating perspective, gross a lower From point adjusted in an our of the So not prior rate. margin year, full on also of have It's X.X% compared for rates material exchange our a do note X% important to adjusted that X% to range to foreign guidance X.X%. margin the impact our prevailing to operating operating
translate at the translates expenses associated offsets inventory call turn like costs inventory lower revenue With now I'd the hedging While take with U.S. impact our higher a purchasing at subsidiaries our rate, of through lower our that, largely rate to program some us to dollars. back and a also questions. to Christine foreign in
