What happened? We recently caught up with Danone post publication of its aide-memoire and ahead of its closed period (Danone reports Q125 sales on 23rd April) to get clarification and an update on what it has been saying to investors over recent weeks. Overall, we felt that the tone was slightly cautious, primarily as a consequence of the recent slowdown that we have witnessed in US retail sales data driven by coffee creamers (see Nielsen, Mar''25). Bloomberg consensus currently looks for +4.3% LFL sales growth for Q125 (we are consensual) and we would not be surprised to see consensus drift down into high-3% territory. Points of note: . North America: Danone acknowledged that it has also seen the sequential slowdown in its US retail sales data, primarily driven by coffee creamers. While it stressed that this data does not cover all channels, we understand that Danone is reviewing its execution and has innovation to come later in the year. . Price/mix: We would not be too surprised to see some rebalancing of consensus Q125 LFL sales growth between price and volume/mix to reflect an increase in the weighting of the former and reduction in the weighting of the latter. Bloomberg consensus currently looks for +1.1% price and +3.2% volume/mix. . Trading day: Danone reminded us that there is one less trading day in the quarter. . Destocking: Most of Danone''s North American business is fresh and hence relatively less prone to retailer destocking (which has been cited by many of its more ambient-focused peers as being a recent phenomenon in the US market). . Guidance: There is no change to FY guidance.