Revenue in the US was 31 percent up on 2010. The increase was driven by volume. The Walmart new business delivered the majority of the improvement in Q1. Walmart shipments started in the last quarter of 2010 and included the initial shipments of Better Homes and Gardens (BH&G) and Glidden brands. The store resets are going according to plan.
In Canada, Q1 revenue was 2 percent below 2010 (in constant currencies: down 8 percent), driven by lower volumes. The decrease in volumes was partly caused by changes in the Canadian government’s home purchase credit and tax incentive implemented in mid-2010.
In Latin America, Q1 revenue was 16 percent above 2010 (in constant currencies: 9 percent), driven by price and volume. All countries contributed to the growth, which was driven by improved market conditions and investments in brands and distribution.