Sorry, i should have said potential drop in earnings -- as without knowing the effective tax rate for this year, we are left to guess. But if we exclude the FX charge, and assume the tax rate to be about the same as last year, the lower end of guidance is below last year's result.
If true, that could be the result of lower gross margins.
Or do I have that wrong? (very likely!)
Ann: June 2015 Trading Update, page-12
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