Amid a heightened competitive environment in the U.S., what is the outlook for Colgate’s North American business?
A. Bill Shanahan: Colgate’s leadership of the U.S. toothpaste market continued in 2003 with a full-year national ACNielsen market share of 34.2%. Although Colgate’s toothpaste market share in the U.S. declined briefly late in the fourth quarter, it has since returned to previous high levels, reaching 35.7% mid-way through first quarter 2004. As we enter 2004, we are encouraged by our continuing stream of innovative new products and have budgeted a significant increase in advertising and commercial spending behind both new and existing products. This increased support coupled with the strength of our very healthy core businesses in North America bodes well that we will continue to meet competitive challenges in the U.S. and should deliver profitable growth in North America once again in 2004.
