Given the sample sizes and underlying margins of error in these polls, most of these polls were not that far from the actual result.
Aside from currency volatility, we are concerned on the impact this may have on underlying margins for autumn/winter before the season has started (ie the assumed rate for the buying team may be very different from the actual).
The group, which operates three hospitals and 17 clinics in the United Arab Emirates, said underlying margins had slipped back due to wage inflation for staff and significant investment in its facilities and services.
"We haven't had a real clear vision of what the underlying margins are, and this is the first indication that they are coming in line with the rest of the industry," said Nancy Weaver, a Stephens Inc. analyst.
Despite the downturn in the financial industry the company reaffirmed its previous outlook that revenues are expected to grow in 2009 and underlying operating margin and free cash flow will be comparable to 2008.
Nestle aims every year for 5-6% organic growth and improvements in its trading operating profit margin, underlying earnings per share and capital efficiency.
Underlying operating profit margin fell to 19.3percentt from 21.2percentt a year ago due to investments and planned increases in expenses.
"We set out this year to sustain our growth momentum and deliver an underlying improvement in operating margin," Mr. Cescau said.
