Question-and-Answer Session
Operator
(Operator Instructions) Your first question comes from the line of Bill Pecoriello - Morgan Stanley
Bill Pecoriello - Morgan Stanley
My question is around your price increases and the commodity outlook, you mentioned you were going to take some pricing, I guess post Labor Day, can you talk about the magnitude of the price increases planned and given that we can see another tough COGS outlook for 2009, do you anticipate taking more pricing post Super Bowl, or are you going to take the majority of it post Labor Day.
Rob King
So first off, the markets are very rational right now on pricing and we actually would continue to expect that to take place over the balance of this year. Consistent with our practices over the past really seven to nine years, we are going to take pricing post Labor Day. We’re committed to managing our revenue and our margins and we’ve got a track record of doing that. So post Labor Day price increase, we think is consistent with that and will take place. We’ll continue to evaluate the marketplace post Labor Day to determine if additional pricing needs to take place post Super Bowl, but what I think I can tell you is that the market is rational and we’re committed to our revenue and our margin strategies as an element of our business plan.
Bill Pecoriello - Morgan Stanley
If I could just follow-up, you said that you don’t anticipate any further COGS pressure in 2008, is it too early to look out to 2009 at all and some of the moving pieces to anticipate what you might be facing in 2009 or what areas are the most concerning be it the resin energy and then the corn?
Alfred Drewes
Well I think anybody that’s got a Bloomberg terminal can see what’s happening with corn and oil prices during the course of this year so they’re up and you know, we’re taking some positions now—we’ve already taken a few positions but really we typically try and talk about our outlook for next year during Q4 and back to your question to Rob about pricing, all of this is going to factor into what we do for next year and we’ll talk in specifics about it for 2009 in Q4.
Operator
Your next question comes from the line of Lauren Torres - HSBC
Lauren Torres – HSBC
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