L&S released its H1 update. Organic sales stood at 4.4% (cons. 5.3%) and were up +6.6% on reported figures. Weaker than expected OG is linked to adjustments to the Russell Stover portfolio (SKU reduction that does not fit into the strategy, coupled with price increases and decreasing promotional activity). Excluding Russell Stover, organic sales were up 6.6%. OG by region: 5.7%, NAFTA +0.8% (+6.6% excluding the effect of Russell Stover) and ROW +10.2%.