This is a strategic choice that Wal-Mart is making. We respect their decision to emphasize the private label.

Our distribution network is over capacity and has been for some time.

We're trying to be realistic and not trying to over-promise.

We planned on lower revenues because we are in the midst of transforming the business in Europe, and in the U.S. some of our retail customers are consolidating.

Wal-Mart is such a huge retailer that, when it changes its strategy, it's going to affect your business.