康尼格拉食品 (CAG) 2026 Q1 法說會逐字稿

Good morning everyone, and welcome to the Conagra Brands Q1 fiscal year 2026 earnings Q&A conference call. (Operator Instructions) Please note, today's event is being recorded.

大家早安，歡迎參加康尼格拉品牌 2026 財年第一季財報問答電話會議。（操作員指示）請注意，今天的活動正在被記錄。

At this time, I'd like to turn the floor over to Matthew Neisius, Head of Investor Relations. Please go ahead.

現在，我想把發言權交給投資人關係主管馬修‧內修斯 (Matthew Neisius)。請繼續。

Good morning, everyone, and thank you for joining us. Once again, I'm joined this morning by Sean Connolly, our CEO; and Dave Marberger, our CFO. We may be making some forward-looking statements and discussing non-GAAP financial measures during this session.

大家早安，感謝大家的收看。今天上午，我再次與我們的執行長 Sean Connolly 和財務長 Dave Marberger 一起出席。我們可能會在本次會議期間做出一些前瞻性陳述並討論非公認會計準則財務指標。

Please see our earnings release, prepared remarks, presentation materials and filings with the SEC, which can be found in the Investor Relations section of our website for more information, including descriptions of our risk factors, GAAP to non-GAAP reconciliations and information on our comparability items.

請參閱我們的收益報告、準備好的評論、演示材料和向美國證券交易委員會提交的文件，這些都可以在我們網站的投資者關係部分找到，以獲取更多信息，包括我們的風險因素描述、 GAAP 與非 GAAP 的對賬以及有關我們的可比性項目的信息。

I'll now ask the operator to introduce the first question.

現在我請接線生介紹第一個問題。

(Operator Instructions) Andrew Lazar, Barclays.

（操作員指示）巴克萊銀行的安德魯·拉扎爾。

Great, thanks so much. Sean, Conagra expects to return to positive organic sales growth in the fiscal second half, but also mentioned recent consumption trends been pointing to a low single-digit decline expected in the second quarter.

太好了，非常感謝。肖恩表示，康尼格拉預計公司下半年有機銷售額將恢復正成長，但他同時提到，近期消費趨勢表明，預計第二季銷售額將出現個位數的低幅下滑。

What's driving the fiscal second half inflection? Or is it really just easy year-ago comps and do recent consumption trends that you mentioned sort of give you any pause, particularly in light of the planned tactical pricing actions that you're taking? And I guess, to what do you attribute the recent consumption weakness?

是什麼推動了下半年財政情勢的轉變？或者這真的只是簡單的去年同期比較，而您提到的最近的消費趨勢是否會讓您有所停頓，特別是考慮到您正在採取的計劃戰術定價行動？我想問一下，您認為最近的消費疲軟是因為什麼原因造成的？

All right. Good morning, Andrew. Let me tackle that in reverse order. First, I wouldn't overly read into any recent consumption trend data. To the degree you saw any softening at the end of Q1 that was tied primarily to the two things I mentioned in my prepared remarks, which is the shift of a major Angie's BOOMCHICKAPOP promotional event to Q2 and the initial planned elasticity effect of the inflation-justified pricing that we took on Duncan Hines due to cocoa costs. So that's kind of the Q1 concept.

好的。早安，安德魯。讓我以相反的順序來解決這個問題。首先，我不會過度解讀任何最近的消費趨勢數據。就您在第一季末看到的任何疲軟程度而言，這主要與我在準備好的發言中提到的兩件事有關，即將主要的 Angie's BOOMCHICKAPOP 促銷活動轉移到第二季度，以及由於可可成本，我們對 Duncan Hines 採取的通脹合理定價的初始計劃彈性效應。這就是 Q1 概念。

This quarter, in Q2, some of our major frozen events are planned about a month or so later than a year ago based on our supply ramp-up. So pretty consistent with what we would expect in the full year just a little bit of a shift in timing. So not much else to really discuss there.

本季度，即第二季度，根據我們的供應增加情況，我們的一些主要冷凍活動計劃比一年前晚了一個月左右。這與我們對全年的預期非常一致，只是時間上略有變化。因此，這裡實際上沒有什麼可討論的。

As for the basis of our expectations for further sales progress in the second half, it will be a combination of volume momentum on Frozen, where we wrap last year's supply constraints, plus continued volume momentum on growing businesses like Protein Snacks.

至於我們對下半年銷售進一步成長的預期基礎，它將是冷凍食品銷售勢頭的結合，我們涵蓋了去年的供應限制，加上蛋白質零食等成長業務的持續銷售勢頭。

And then you have to also add what I'll call, dollar momentum on inflationary businesses where we're taking price. That combination of factors reflects the horses for courses plan that we built. And what I mean by that is we are investing to drive volume in Frozen and Snacks, while maximizing cash via inflation-justified pricing in staples.

然後你還必須添加我所說的通貨膨脹業務中的美元動量，我們正在對其進行定價。這些因素的結合反映了我們所製定的因地制宜的計劃。我的意思是，我們正在投資推動冷凍食品和零食的銷量，同時透過通膨合理的主食定價來實現現金最大化。

Got it, thank you for that. And then fiscal first quarter came in ahead of expectations. Fiscal second quarter was moderated a bit in terms of your outlook. Net-net, do you see fiscal first half as potentially coming in a bit better than originally planned? And then Dave, how much was the benefit from trade expense timing to organic sales growth in the quarter? Thanks so much.

明白了，謝謝你。第一財季業績超乎預期。從您的展望來看，第二財季的業績略有放緩。整體而言，您是否認為上半年的財政狀況可能會比原計劃好一些？那麼戴夫，貿易費用時機對本季有機銷售成長的效益有多大？非常感謝。

Yeah, Andrew. So taking the last part first, it was about 50 basis points of benefit in Q1, the trade timing and then that will flip to Q2. So 50 basis points in terms of sales. So in terms of first half, I would say, given the kind of the flip and timing of that, given the fact that Q1, we had some benefit in inventory, where we delayed some of the tariff costs and now they're going to be coming in Q2.

是的，安德魯。因此，首先考慮最後一部分，第一季的收益約為 50 個基點，這是交易時機，然後轉到第二季。因此銷售額為 50 個基點。因此，就上半年而言，我想說，考慮到這種情況和時機，考慮到第一季我們在庫存方面獲得了一些好處，我們推遲了部分關稅成本，現在這些成本將在第二季度到來。

I would say, generally, we're still on track with our original plan for the first half. There's kind of different pieces. We talked about in our guidance, we're a little favorable in interest expense, but our tax rate is a bit higher. So there's obviously some puts and takes. But I think we're pretty much on our first half plan.

我想說，總體來說，我們上半年的計畫還是照原計畫進行的。有多種不同的部分。我們在指導中談到，我們在利息支出方面有點優惠，但我們的稅率有點高。因此顯然存在一些得失。但我認為我們基本上是按照上半年的計劃進行。

Yeah, And I would say, Andrew, that what I was looking for this quarter really were two things. Number one, can we get the service issues behind us and getting to 98% check. I'm feeling good about that. And second, once we did that and could start to resume our merchandising activities and rolling out our innovation are we getting the consumer takeaway, and are we seeing inflection on key businesses and check, we saw that.

是的，我想說，安德魯，本季我真正在尋找的是兩件事。第一，我們能否解決服務問題並達到 98% 的檢查率。我對此感覺很好。其次，一旦我們做到了這一點，就可以開始恢復我們的商品銷售活動並推出我們的創新，我們是否會得到消費者的認可，我們是否看到關鍵業務的轉折點，檢查一下，我們看到了。

So the consumer is certainly not out of the woods yet. We're still seeing value-seeking behavior. We're still having to deal with inflation and tariffs. But after a quarter, I think we're feeling good about the setup for the balance of the year.

因此，消費者顯然尚未脫離困境。我們仍然看到尋求價值的行為。我們仍然需要應對通貨膨脹和關稅問題。但一個季度之後，我認為我們對今年餘下的安排感到滿意。

Great. Thanks so much.

偉大的。非常感謝。

Peter Galbo, Bank of America.

美國銀行的彼得‧加爾博 (Peter Galbo)。

Hi, good morning, thanks for the questions. Sean and Dave, I just wanted to maybe touch on the updated core inflation outlook that you gave. I know you talked about some of the moving pieces within kind of the Animal Proteins.

嗨，早上好，感謝您的提問。肖恩和戴夫，我只是想談談你們給出的最新核心通膨前景。我知道您談到了動物蛋白質中的一些活動部分。

But maybe you can just remind us, a, kind of how your bought for the remainder of the year on some of those items? Are you kind of locked in now for the rest of the year, just given that some of these cuts are very volatile that have moved, particularly chicken over the past month has maybe moved more favorably. So just want to understand the flex in that inflation guide as we get in the back half?

但也許您可以提醒我們一下，您在今年剩餘時間裡購買了哪些商品？您是否已經鎖定了今年剩餘時間的價格，因為其中一些產品的價格波動很大，尤其是過去一個月雞肉的價格可能走勢更為有利。那麼，當我們進入後半部分時，您只是想了解通膨指南中的彈性嗎？

Yeah. So Peter, our original guidance, our overall inflation was approximately 7%. That split 4% kind of core inflation and then 3% gross tariffs. Then we had mitigation, obviously, on tariffs of about 1% to 1.5% on that. And then we have our productivity, which helps us offset our core inflation.

是的。所以彼得，我們最初的指導是，我們的整體通膨率約為 7%。其中核心通膨率為 4%，總關稅率為 3%。然後，我們顯然將關稅降低了約 1% 至 1.5%。然後我們有生產力，這有助於我們抵消核心通膨。

As we've gone through this quarter, we're seeing more pressure on the core inflation. There's been a little bit of movement on the tariffs. But generally, that's immaterial. So the 3% gross tariffs we estimated at the beginning of the year about are the same. The increase in the overall inflation for the year is really coming from the core inflation, and that's really driven by the Animal Proteins.

經過這個季度，我們看到核心通膨的壓力越來越大。關稅方面有一些變動。但一般來說，這並不重要。因此，我們年初估計的3%的總關稅是相同的。今年整體通膨的成長實際上來自核心通膨，而核心通膨實際上是由動物蛋白質推動的。

And so particularly beef, pork, turkey and then, to some extent, eggs, relative to our original forecast. To your question about kind of where we are, from a kind of overall coverage perspective, for Q2, we're about 85% covered. Certain commodities are fully covered, but then the Animal Protein, which has been a pressure point, that's more spot market overall.

與我們最初的預測相比，特別是牛肉、豬肉、火雞肉，以及某種程度的雞蛋。對於您關於我們目前情況的問題，從整體覆蓋率的角度來看，對於第二季度，我們的覆蓋率約為 85%。某些商品已被完全覆蓋，但動物性蛋白質一直是一個壓力點，總體而言，這更多的是現貨市場。

We do take positions and freeze them, so we have capability to add coverage through freezing proteins, but generally, that's more market and spot based. And so about 85% covered Q2. And then for the full year, 60% to 65% coverage overall. But again, those proteins were exposed. If there's additional inflation or if the inflation moderates, we'll see a benefit from that.

我們確實採取立場並凍結它們，因此我們有能力透過冷凍蛋白質來增加覆蓋範圍，但一般來說，這更多是基於市場和現貨。因此約 85% 涵蓋了第二季。全年整體覆蓋率為 60% 至 65%。但這些蛋白質再次暴露出來。如果出現進一步的通貨膨脹或通貨膨脹有所緩和，我們就會看到好處。

Great. Thanks for that, Dave, very helpful. I wanted to pivot maybe to the balance sheet and the cash flow, Dave. I know you called out that there would be some debt down in the quarter. I've gotten a few questions this morning just on the cash flow generation in the quarter.

偉大的。謝謝你，戴夫，非常有幫助。戴夫，我想轉向資產負債表和現金流。我知道您說過本季債務會減少一些。今天早上我收到了一些關於本季現金流產生的問題。

It was a bit maybe lighter than expectations than some of the inventory build. So maybe you can unpack both the debt paydown, how we should think about that in 2Q and the remainder of the year? And then just anything around kind of inventory build that happened in the quarter? Thanks very much.

與一些庫存增加相比，它可能比預期要輕一些。那麼，也許您可以解釋一下債務償還問題，我們應該如何看待第二季和今年剩餘時間的債務償還問題？那麼本季庫存增加的情況如何？非常感謝。

Sure. So let me kind of start from the top. When we gave our guidance we had forecasted that we would pay down $700 million in debt for fiscal '26. That's from both the proceeds from the divestitures as well as $100 million from cash flow from operations to pay down debt. So we're still on track with that.

當然。那麼就讓我從頭開始講吧。當我們給予指引時，我們預測我們將在 26 財年償還 7 億美元的債務。這筆錢既來自資產剝離所得，也來自用於償還債務的 1 億美元經營現金流。所以我們仍在按照計劃進行。

Actually, we included in our materials that we're going to have additional favorability from the tax legislation. We are estimating that at $75 million. So we haven't built that into our specific free cash flow forecast yet, but that's clearly going to be a benefit.

實際上，我們在材料中提到，我們將從稅收立法中獲得額外的優惠。我們估計這個數字是 7500 萬美元。因此，我們尚未將其納入具體的自由現金流預測中，但這顯然會帶來好處。

As it relates to Q1, yeah, we have -- and this is just solely timing, we built more inventory in the first quarter because remember, we were coming off supply disruptions. And so we had to get back to service levels. So that was a priority.

就第一季而言，是的，我們有——這只是時間問題，我們在第一季建立了更多的庫存，因為請記住，我們剛剛擺脫了供應中斷。因此我們必須恢復服務水準。所以這是當務之急。

We built our inventory, so our normal seasonal build affects Q1, then we leaned in to make sure we had the right safety stocks on the areas, where we had disruptions. And so you normally will see that in Q1. It's a little bit more. So our inventory on hand, we have more days on hand, but that's been planned, that's timing, and we still feel comfortable about our full year forecast as it relates to inventory.

我們建立了庫存，因此正常的季節性庫存會影響第一季度，然後我們傾力確保在中斷的地區擁有正確的安全庫存。因此，您通常會在第一季看到這種情況。稍微多一點。因此，我們手頭上的庫存還有更多天數，但這是計劃好的，這是時間安排，而且我們仍然對與庫存相關的全年預測感到滿意。

So I would say we are on track. Q1 is the normal build. And in the first quarter, our net debt is down about a little over $400 million versus where we finished at the end of fiscal '25, and as we said in the comments, on a rolling 12, we've reduced our net debt by $1.1 billion. So we feel really good about cash flow generation, both where we are and how we're forecasting it for fiscal '26.

所以我想說我們正走在正確的軌道上。Q1 是正常建置。在第一季度，我們的淨債務與 25 財年末相比下降了約 4 億美元，正如我們在評論中所說，連續 12 年，我們的淨債務減少了 11 億美元。因此，我們對現金流的產生感到非常滿意，無論是我們目前的狀況還是我們對 26 財年的預測。

Just one other piece of perspective on that inventory build. Several of the peers in center store grocery have really struggled in the last year to generate consumer pull against their brands, even when investing. We have not had that problem.

這只是關於庫存建設的另一種觀點。去年，中心商店雜貨店中的幾家同行確實很難吸引消費者購買他們的品牌，即使在投資的情況下也是如此。我們沒有遇到這個問題。

So you may recall we had six or seven quarters of straight line top-line improvement as we invested -- in the pursuit of volume last year, and we returned to growth in Q2. So we've got clear evidence that the brands and the innovation are working for consumers.

您可能還記得，由於我們去年為了追求銷量而進行了投資，我們的營業額實現了六到七個季度的直線增長，並且我們在第二季度恢復了增長。因此，我們有明確的證據表明品牌和創新正在為消費者服務。

But we ran into the supply interruption, and we had to pull a lot of our merchandising. So now that we've got service levels back, armed with that confident that we can generate consumer pull because of these products, we are absolutely convinced, having inventory in place, so we don't fall out of stock again and fail to keep up with consumer demand, particularly going into holiday season is absolutely the right thing to do.

但我們遇到了供應中斷的問題，我們不得不撤下很多商品。因此，現在我們已經恢復了服務水平，並且有信心這些產品能夠吸引消費者，我們絕對相信，擁有庫存，這樣我們就不會再次缺貨，也不會無法滿足消費者的需求，尤其是在假期季節，這絕對是正確的做法。

Awesome thanks Chris.

太棒了，謝謝克里斯。

Thank you.

謝謝。

Tom Palmer, JPMorgan. Mr. Palmer, is it possible your phone is on mute? And just to confirm, the speaker room, are you able to hear me?

摩根大通的湯姆·帕爾默。帕爾默先生，您的電話是不是靜音了？只是為了確認一下，演講室，你聽得到我的聲音嗎？

Yes. We can hear you. It looks like we've got Palmer number two in the queue. So why don't we go there and we'll come back to Tom in a bit.

是的。我們能聽到你的聲音。看起來我們已經在隊列中排到了第二位帕爾默。那我們為什麼不去那裡，然後過一會兒再回到湯姆那裡。

David Palmer, Evercore ISI.

大衛·帕爾默，Evercore ISI。

Okay, thank you. Good morning. Frozen entrees, obviously, it's been a great long-term category for Conagra. Just looking at the recent data. And I know there's reasons for this, maybe some overhang, some of the past supply chain stuff. But wondering what is your state of the union with that category?

好的，謝謝。早安.顯然，冷凍主菜是康尼格拉長期以來的一個主要產品類別。只看最近的數據。我知道這是有原因的，也許是一些懸而未決的問題，一些過去的供應鏈問題。但想知道您對該類別的理解如何？

It looks like you guys are losing share and the category is declining for years, you guys were driving the majority of growth in the category that was oftentimes growing at least a little bit. So I wonder what your Frozen outlook is, frozen entree in particular, outlook is through the rest of the year? And I have a quick follow-up.

看起來你們的市場份額正在下降，而且這個類別多年來一直在下滑，而你們推動了該類別的大部分增長，而且該類別通常會有至少一點點的增長。所以我想知道您對《冰雪奇緣》的展望，特別是冷凍主菜，在今年剩餘時間的展望是什麼？我有一個快速的後續行動。

All right, David. Yeah, our outlook is positive. The simple way to think about Frozen Meals is the category goes as Conagra goes. That's been the rule for the last seven or so years. When we didn't innovate back in the day, the category didn't grow, when we committed to innovating Frozen, the category grew steadily for a long, long time.

好的，大衛。是的，我們的前景是積極的。思考冷凍食品的簡單方法是將其歸類為康尼格拉 (Conagra) 的類別。這是過去七年左右的規則。當我們過去沒有創新時，這個類別就沒有成長，當我們致力於創新《冰雪奇緣》時，這個類別在很長一段時間內穩步增長。

So including, by the way, in our Q2 last year, I think our Frozen business was up in the ballpark of 3%. So we're coming off of a back half of last year, where we had major service interruptions in that business. We walked away from major merchandising and that hands our merchandising to competitors, who then get in the plans, customer plans for a period of time, while we're working to get service levels back.

順便說一下，包括去年第二季度，我認為我們的冷凍食品業務成長了大約 3%。去年下半年，我們的業務遭遇了重大服務中斷。我們放棄了主要的商品銷售，將我們的商品銷售交給了競爭對手，然後他們在一段時間內進入計劃和客戶計劃，而我們正在努力恢復服務水準。

That contributed obviously to us being a shared donator, which is the first time that's happened in years and years and years, but that's obviously a temporary phenomenon tied to our supply interruptions. So what you're seeing now is our innovation is rolling into the marketplace.

這顯然促使我們成為共享捐贈者，這是多年來第一次發生這種情況，但這顯然是與我們的供應中斷有關的暫時現象。所以您現在看到的是我們的創新正在進入市場。

Our service levels are back to 98%, and we're getting kind of back in the queue on these major events and feel extremely bullish about it. We've got some absolutely fantastic innovations that we rolled out last year that were interrupted. We're rolling out new ones this year, and they're already off to a particularly strong start.

我們的服務水準已恢復到 98%，我們在這些重大活動中重新排起了隊，對此我們感到非常樂觀。我們去年推出了一些非常棒的創新，但後來被打斷了。我們今年將推出新的產品，並且已經取得了特別強勁的開局。

I will draw your attention to the new Dolly Parton Frozen Meals and Frozen Desserts, that are new in the marketplace and performing extremely well. And what's encouraging about that as well is they're not only performing well. That's a premium price product. So that's a good mix for us, too.

我想提請您關注新款 Dolly Parton 冷凍食品和冷凍甜點，它們是市場上的新產品，而且表現非常出色。同樣令人鼓舞的是，他們不僅表現良好。那是一種高價產品。所以這對我們來說也是一個很好的組合。

So I have tremendous confidence in our Frozen business to win in Frozen, you got to have scale and you've got to have an innovation machine, and we've got the best in the business. So we're looking forward to continued momentum on that business as we go through the year and wrap some of the weak spots in the last year second half.

因此，我對我們的《冰雪奇緣》業務充滿信心，相信它能夠取得成功，你必須擁有規模，你必須擁有一台創新機器，而我們擁有業內最好的產品。因此，我們期待在新的一年裡，該業務能夠繼續保持良好的發展勢頭，並彌補去年下半年的一些弱點。

And thank you for that. And just a very general big picture question. You're going to have those easier comparisons in the second half of the year, and you're going to be more on your front foot. I'm wondering what are some -- I don't know, if there's an exact metrics you can share, but what are the things you're going to be looking for in the second half that will really tell you that you get back to balanced sales and profit growth in fiscal '27, if that is -- the goal here is to get back to it on algo in '27.

對此我表示感謝。這只是非常普遍的大局問題。下半年，你將能夠更輕鬆地進行比較，並且你將能夠處於更有利的地位。我想知道有哪些——我不知道，您是否可以分享一些確切的指標，但是您在下半年要尋找什麼才能真正告訴您在 27 財年恢復平衡的銷售和利潤增長，如果是這樣的話——這裡的目標是在 27 年恢復到演算法上的平衡。

What would kind of let you know you're there, not clearly growing against some of these comparisons may not be enough for that. So perhaps give us a sense of it, what you think would be good enough in the second half to show us, you're really on track again? Thanks.

什麼會讓你知道你已經到達那裡，沒有透過這些比較清楚地了解成長情況可能還不夠。那麼也許請讓我們了解一下，您認為下半場需要做些什麼才能讓我們真正回到正軌？謝謝。

David, you once had a good piece of wisdom for me and said your hero businesses got to be heroes, meaning Frozen and Snacks need to grow. And I think that is well said. I think for this company, Frozen and Snacks are clear growth categories. It represents about 70% of our retail business.

大衛，你曾經對我說過一句很有道理的話，說你的英雄企業必須成為英雄，這意味著冷凍食品和零食需要發展。我認為說得非常好。我認為對於這家公司來說，冷凍食品和零食是明顯的成長類別。它約占我們零售業務的70%。

We've had tremendous momentum on both of those businesses leading up to the supply challenges we had last year. And by the time we exit this year, I want to see real momentum and inflection on those businesses. We've already got it within the key strategic snacks businesses.

在去年面臨供應挑戰之前，這兩項業務都取得了巨大的發展勢頭。到今年我們退出時，我希望看到這些業務出現真正的發展勢頭和轉折。我們已經將其納入關鍵策略零食業務中。

For example, Slim Jim, right now is tracking really well. Sea-store is coming back, that's very encouraging. And our new innovation on Slim Jim, which is our new Buffalo Wild Wings, Buffalo Chicken Slim Jim is performing really well out of the gates. That's a very positive sign.

例如，Slim Jim 目前的追蹤效果非常好。Sea-store 又回來了，非常令人鼓舞。我們對 Slim Jim 進行了創新，也就是我們的新款 Buffalo Wild Wings，Buffalo Chicken Slim Jim 的表現非常出色。這是一個非常正面的訊號。

On Frozen, it's all about getting back in the queue on merchandising events with customers and then making sure that it's innovation that we work so hard to build performs. And so far, it looks good. So those businesses with a positive trajectory as we move through the year, I think, is a very, very positive sign for next year, when we've got some of these margin claw back opportunities in front of us. So that will be a combination of good looking top line and an improving gross margin line as well, and I'm looking forward to that.

對於《冰雪奇緣》來說，最重要的就是重新回到與顧客一起參加商品推銷活動的隊列中，然後確保我們努力打造的創新能夠發揮作用。到目前為止，一切看起來都很好。因此，我認為，隨著我們度過這一年，那些呈現積極發展軌蹟的業務對於明年來說是一個非常積極的信號，屆時我們將面臨一些利潤回升的機會。因此，這將是良好的營業收入和不斷提高的毛利率的結合，我對此充滿期待。

Thank you very much.

非常感謝。

Bryan Adams, UBS.

瑞銀集團的布萊恩亞當斯。

Hey morning guys, thanks for the question. Maybe just first a quick housekeeping one, following up on David's question there. So 1Q volume performance for Refrigerated and Frozen came in a lot better than I think maybe scanner trends would have suggested.

大家早安，謝謝你的提問。也許首先只是進行一個快速的整理，跟進大衛的問題。因此，我認為第一季冷藏和冷凍食品的銷售表現比掃描器趨勢所顯示的要好得多。

And I think in the prepared remarks, you said volumes for Frozen itself were up like 3% or so. Was there any like elevated shipments in the 1Q as you were finishing up restoring supply shelf? Or is this pretty consistent with that the consumption trends that you were seeing?

我認為在準備好的評論中，您說過《冰雪奇緣》本身的銷量上漲了 3% 左右。在你們完成恢復供應貨架的過程中，第一季的出貨量是否有增加？或者這與您所看到的消費趨勢非常一致？

Hey Bryan, the 3% number that was -- I was referring to Q2 last year, when we -- Frozen was back growing strongly in Q2. So shipments were a little bit ahead in the quarter, which is pretty typical at a time when you've been out of stock and you're kind of replenishing.

嘿，布萊恩，3% 這個數字是指去年第二季度，當時《冰雪奇緣》在第二季度再次強勁增長。因此本季的出貨量略有提前，這在缺貨且需要補貨的時候很常見。

I wouldn't overthink this because if you look at our company on kind of a rolling four quarter basis, shipments and consumption are almost always equal. So for us, it doesn't really amount to much. So I wouldn't overthink that piece. Anything to add to that, Dave?

我不會想太多，因為如果你以連續四個季度為基礎來看待我們公司，出貨量和消費量幾乎總是相等的。所以對我們來說，這其實也沒有什麼大不了的。所以我不會過多考慮這一點。還有什麼要補充的嗎，戴夫？

The only thing I would say just if you're -- just really looking shipments to consumption within the quarter for R&F that Hebrew, obviously because prior year shipments were really strong. So there's a little bit of benefit shipments versus consumption related to Hebrew within Q1 for R&F.

我唯一想說的是，如果你真的關注 R&F 本季的出貨量與消費量，那麼希伯來語顯然是因為去年的出貨量非常強勁。因此，對於富力集團來說，第一季與希伯來語相關的出貨量相對於消費量有一點好處。

Okay, awesome. Thanks, like -- yeah, not my best reading comprehension, I guess. On the margin claw back opportunities that you just actually spoke to. Can you kind of just like run through those high level for us as we think about '27?

好的，太棒了。謝謝，就像——是的，我想這不是我最好的閱讀理解能力。關於您剛才談到的保證金追回機會。當我們思考 27 時，您能否為我們簡單介紹一下這些高層次的事情？

Because some of the stuff -- like some of the costs you've had this year, like tariffs, like that's not necessarily something you can assume goes away, but then I also know you have some work in process on the chicken and then I'm not really sure the puts and takes on SG&A. Do you mind just running through those, Sean, as you've seen today?

因為有些東西——比如今年產生的一些成本，比如關稅，這些不一定是可以假設會消失的東西，但我還知道你在雞肉方面正在進行一些工作，而且我不太確定銷售、一般和行政費用的利弊。肖恩，你介意簡單看一下你今天看到的那些嗎？

Well, absolutely. Yeah, I'll tick off five things that I mentioned last quarter that remain intact. It starts with productivity. So in fiscal '26 this year, between core productivity and tariff mitigation, that number is just over 5%, which is very strong. And by the way, Q1 came in right in -- above that level, which is a super strong quarter. So that will continue supply chain team is doing a nice job.

嗯，絕對是如此。是的，我將列出上個季度提到的五件保持不變的事情。一切始於生產力。因此，在今年 26 財年，核心生產力和關稅減免之間的差距略大於 5%，這是非常強勁的。順便說一句，第一季的表現剛好高於這個水平，這是一個非常強勁的季度。因此，供應鏈團隊將繼續出色地完成工作。

Second, at some point, we're going to get inflation relief. Somebody mentioned Proteins a little bit ago, hopefully back closer to our typical 2%. If you look back 100 years as we have, any time we've had these kind of runaway inflation cycles like this, there's always been relief on the other side of the hill. So at some point, that will happen. We obviously can't call exactly when.

其次，在某個時候，我們將會得到通膨緩解。剛才有人提到了蛋白質，希望能回到我們典型的 2% 左右。如果你像我們一樣回顧過去 100 年，你會發現每當我們經歷這種失控的通貨膨脹週期時，山的另一邊總會有緩解。所以在某個時候，這將會發生。我們顯然無法確切知道具體時間。

Third, the advancement of our supply chain resiliency investments, including the chicken plants will enable us to repatriate some of that outsourced production going forward at lower cost. Fourth, we are taking pricing in certain categories. So after you get past the initial lag of inflation hits and you wait 90 days or so to get pricing in, you get -- start to get the benefit of that.

第三，包括雞肉加工廠在內的供應鏈彈性投資的推進將使我們能夠以較低的成本將部分外包生產轉移回國內。第四，我們正在對某些類別進行定價。因此，在您度過通貨膨脹的最初滯後並等待 90 天左右的時間讓價格反映出來之後，您就會開始從中受益。

And then fifth, I mentioned last quarter, we were kicking off an ambitious initiative to reengineer our core work processes, leveraging technology, including AI, we have kicked that work off to accelerate growth and lower costs.

第五，我上個季度提到過，我們正在啟動一項雄心勃勃的計劃，重新設計我們的核心工作流程，利用包括人工智慧在內的技術，我們已經啟動了這項工作，以加速成長並降低成本。

We'll have more to report on that going forward, but that's an exciting possibility. So between those actions and our ongoing efforts to reshape the portfolio for faster growth and better margins, we do expect good margin expansion following fiscal '26.

我們將對此進行更多報道，但這是一個令人興奮的可能性。因此，透過採取這些行動以及我們不斷努力重塑投資組合以實現更快的成長和更好的利潤率，我們確實預計 26 財年後利潤率將實現良好的成長。

Okay, really helpful. Thanks Sean. Thanks, Dave, we'll pass on.

好的，真的很有幫助。謝謝肖恩。謝謝，戴夫，我們會繼續的。

Thank you.

謝謝。

Robert Moscow, TD Cowen.

羅伯特·莫斯科，TD Cowen。

Hi, thanks. I have a phasing question about 2Q volume, Dave and Sean. Just looking at comparisons versus a year ago on volume. And it would appear that the volume growth comp would get tougher in 2Q compared to 1Q, because of the Hebrew comparison and also because you had a lot of frozen vegetable volume in 2Q.

你好，謝謝。戴夫和肖恩，我有一個關於第二季交易量的階段性問題。僅看一下與一年前相比的數量。而且由於希伯來語的比較以及第二季度冷凍蔬菜的銷售量很大，與第一季相比，第二季的銷售成長似乎會變得更加困難。

So should I assume that volume growth is -- or volume declines are similar in 2Q as in 1Q because of those comps? Or is the merchandising activity enough to provide some sequential improvement in volume?

那麼我是否應該假設銷售成長——或者由於這些比較，第二季度的銷量下降與第一季相似？或者商品銷售活動足以帶來銷售量的持續改善？

Hey Rob, this is Dave. We have obviously a ton of brands. And so there's a lot of moving pieces, a lot of dynamics on merchandising. Generally speaking, the volume that we had in Q1 should be similar in Q2. And when you net it all together for total company.

嘿，羅布，我是戴夫。我們顯然擁有大量品牌。因此，商品銷售中存在著許多變動因素和動態因素。整體而言，第一季的交易量與第二季的交易量應該差不多。當您將所有這些整合在一起，形成一個完整的公司。

In terms of growth, okay.

從成長角度來說，還不錯。

In terms of volume --

就數量而言--

Thank you very much.

非常感謝。

year-on-year growth.

年成長。

Yeah, thanks a lot.

是的，非常感謝。

Yeah. And just for perspective, Rob, on the year-to-go basis, we had strong investment profile and merchandising last year, we had to pull back on some of that in the second half. We have a very strong investment in merchandising behind this innovation for the year to go period as well.

是的。羅布，僅從今年的情況來看，去年我們的投資狀況和商品銷售情況都很好，但下半年我們不得不減少一些投資。我們也為未來一年的這項創新行銷投入了巨額資金。

And as I mentioned, some of those innovations, we just are getting growing now are already performing quite well. So we're looking forward to that. And you saw in the promotion chart I shared in the prepared remarks that while we've -- we've had some of the merchandising restored in Q1. There is room to go as we move through the back half of the full year.

正如我所提到的，我們現在正在發展的一些創新已經表現得相當不錯。所以我們對此充滿期待。您可以從我在準備好的發言中分享的促銷圖表中看到，我們已經在第一季恢復了部分商品銷售。隨著我們進入下半年，我們還有很大的發展空間。

Got it. Thanks, Sean.

知道了。謝謝，肖恩。

Megan Clapp, Morgan Stanley.

摩根士丹利的梅根·克拉普。

Hi, thanks. Good morning. I wanted to start with maybe a follow-up, Sean, to Andrew's second question at the beginning just around how the quarter played out and how you're tracking so far. You made a comment last quarter that you view the fiscal '26 guidance prudent given the operating environment. And you talked about a lot of encouraging things that you saw in 1Q.

你好，謝謝。早安.肖恩，我想先回答安德魯一開始提出的第二個問題，即本季度的進展情況以及您目前的進展情況。您在上個季度曾表示，考慮到經營環境，您認為 26 財年的指導是謹慎的。您談到了第一季看到的許多令人鼓舞的事情。

At the same time, consumer sentiment suite. You talked about value-seeking behavior, cost inflation is a bit higher. So just putting all those puts and takes together, I guess when you think about the fiscal '26 guide today, you reiterated it. Would you still characterize it as prudent and maybe where is the guide in your mind, the most conservative? Thank you.

同時，消費者情緒也隨之高漲。您談到了價值追求行為，成本通膨有點高。因此，只要將所有這些投入和產出放在一起，我想當您今天考慮財務 26 指南時，您就會重申這一點。您是否仍將其描述為謹慎的，也許您心目中最保守的指南在哪裡？謝謝。

Well, I think it remains prudent. As I mentioned to somebody this morning that. The two things I was really looking for in this quarter is we got to get service back, right, because we had a lot of momentum that momentum was very materially interrupted in the back half of last year because of service, and we've got confidence if we get service back, we will get the consumer takeaway. And so we got service back to 98%. That's good.

嗯，我認為這仍然是謹慎的。正如我今天早上向某人提到的那樣。本季我真正期待的兩件事是，我們必須恢復服務，因為我們有很大的發展勢頭，這種勢頭在去年下半年因服務問題而受到嚴重干擾，我們有信心，如果我們恢復服務，我們就會獲得消費者的青睞。因此我們的服務恢復到了 98%。那挺好的。

And the fact that the innovation is off to as stronger start this year, actually stronger than what we had last year. So we had a very strong innovation performance last year in terms of not only customer acceptance, but the velocity of that innovation right up to the point, where we pulled our merchandising, particularly in Frozen, and so it's good to see the innovation out of the gate this year performing even higher level in terms of units per store per week, velocity, things like that. So that's a positive.

事實上，今年的創新開局更加強勁，實際上比去年更加強勁。因此，去年我們的創新表現非常強勁，不僅體現在顧客接受度方面，也體現在創新速度方面，直到我們撤出商品銷售，特別是《冰雪奇緣》的銷售，因此，很高興看到今年的創新在每家商店每週的銷售量、速度等方面表現得更高。這是積極的。

And between that and the plans we've got calendared-out for the balance of the year, I think the outlook is prudent and we're pretty optimistic about building that momentum that I talked about with Dave Palmer a few minutes ago as we moved through the year.

從這些以及我們為今年餘下時間制定的計劃來看，我認為前景是審慎的，而且我們對在今年的發展過程中建立我幾分鐘前與戴夫·帕爾默 (Dave Palmer) 談到的勢頭非常樂觀。

Specifically, this is a horses for courses annual operating plan that we built. There are some businesses where we've planned out the year to invest to drive volume growth, specifically Frozen and Snacks. We're seeing movement in the right direction there. I expect to see more of that as we get to the back half.

具體來說，這是我們所製定的因地制宜的年度營運計畫。我們計劃在今年對某些業務進行投資，以推動銷售成長，特別是冷凍食品和零食。我們看到那裡的進展正朝著正確的方向發展。當我們進入後半部分時，我希望看到更多這樣的情況。

There are other businesses that we are facing more acute inflation because of things like tinplate tariffs, where we're taking more inflation justified pricing, there it's of dollar. So between the volume plans that we've got and the dollar plans that we've got, I think it comes together and puts us in a prudent position.

由於馬口鐵關稅等原因，其他業務也面臨更嚴重的通貨膨脹，我們採取了更合理的通貨膨脹定價，這是美元。因此，我認為，我們制定的數量計劃和金額計劃結合起來，可以讓我們處於審慎的地位。

Okay, great, thanks. And that's a good segue to my follow-up, which is as you think about implementing tariff-related pricing, which I think you said will come on late in the second quarter, have your views on elasticity and the expected elasticity change at all?

好的，太好了，謝謝。這與我的後續問題有很好的銜接，即當您考慮實施與關稅相關的定價時，我認為您說過這將在第二季末實施，您對彈性和預期彈性的看法是否有所改變？

Just given you're still seeing some value-seeking behavior with the consumer. And if we just think bigger picture around the macro, the consumer is going to be seeing a lot of -- it seems like inflation-driven pricing start to roll in around the same time. Thank you.

只是鑑於您仍然看到消費者的一些尋求價值的行為。如果我們從宏觀角度考慮，消費者將會看到很多——似乎通貨膨脹驅動的價格開始在同一時間出現。謝謝。

Good question. We track elasticities weekly, and we've kind of built-in historical elasticity expectation in categories as we build the plan. Specifically, what we've seen is within categories. Conagra average elasticity is a bit better than our competitors across channels.

好問題。我們每週都會追蹤彈性，並且在製定計劃時，我們在類別中內建了歷史彈性預期。具體來說，我們所看到的是在類別之內。康尼格拉的平均彈性比我們各個通路的競爭對手好一些。

And then further at a company level, if you look at just total pricing versus total volume change, you'll also see that our elasticity has been a bit better than most peers over the past year. So I don't feel like we are assuming anything heroic in terms of elasticities going forward, even in the face of the pricing actions that we've got.

然後進一步從公司層級來看，如果你只看總定價與總量變化，你還會發現，在過去的一年裡，我們的彈性比大多數同業都要好一些。因此，我認為，即使面對我們已經採取的定價行動，我們也不會對未來的彈性做出任何大膽的假設。

Awesome. Thank you.

驚人的。謝謝。

Thank you.

謝謝。

Max Gumport, BNP Paribas.

法國巴黎銀行的馬克斯‧甘波特。

Hey, thanks for the question. Sean, I'm curious for an update on the value-seeking behavior that you're still seeing. It's been a few years now. So I'm just wondering how you see this cycle playing out, and how you're positioning Conagra to come out of this cycle in a better place? Thanks very much.

嘿，謝謝你的提問。肖恩，我很好奇你仍然看到的價值追求行為的最新情況。現在已經過去好幾年了。所以我只是想知道您如何看待這個週期的進展，以及您如何定位康尼格拉，以便更好地擺脫這個週期？非常感謝。

Yeah. I mean it's -- I think you're probably hearing the same thing from just about everybody in consumer packaged goods on this is -- it is kind of this barbell economy, where you've got higher income consumers and that are showing more resiliency and they're still spending.

是的。我的意思是——我想你可能從幾乎所有消費包裝商品行業的人那裡聽到了同樣的事情——這是一種槓鈴經濟，消費者的收入更高，而且表現出更強的彈性，他們仍在消費。

You've got lower income consumers across different age groups that are being more discerning. They are absolutely doing what they've got to do to kind of maximize their household balance sheet. So we've got to deal with that.

不同年齡層的低收入消費者越來越挑剔。他們確實在盡其所能地最大化他們的家庭資產負債表。所以我們必須解決這個問題。

But clearly, there is more value-seeking behavior that is evident in the lower income group. So our job is to give those consumers the value they're seeking. And with the portfolio scope that we have, there are a lot of great value choices, and that's a big part of why sales are improving and so our shares.

但顯然，低收入群體中存在著更多的價值追求行為。因此，我們的工作就是為消費者提供他們所尋求的價值。憑藉我們擁有的投資組合範圍，我們擁有許多極具價值的選擇，這也是銷售和股價不斷上漲的重要原因。

So going forward, we'll continue to put that value lens on our innovation and marketing effort because it matters. And you weren't seeing this kind of behavior. I think you look at our innovation slate over the last 10 years, you've probably seen it skewed toward more premiumized products.

因此，展望未來，我們將繼續把這種價值視角放在我們的創新和行銷工作上，因為這很重要。但你沒有看到這種行為。我認為，看看我們過去 10 年的創新歷程，您可能會發現它偏向於更高端的產品。

But when you have a large cohort of consumers that are value oriented, you take a different lens around your innovation for both price pack architecture and the kinds of innovation that you want to deliver. Why? Because the benefit of superior relative value is a benefit that's going to move the sales line.

但是，當你擁有大量以價值為導向的消費者時，你會從不同的角度看待你的創新，包括價格包架構和你想要提供的創新類型。為什麼？因為優越的相對價值所帶來的好處是可以推動銷售線的好處。

And so you should imagine that we not only have a good slate of great value offerings already out there. But it does inform our innovation pipeline going forward to make sure that we've got products that are very provocative, not because of maybe an ultra-premium benefit, but because of a value benefit.

因此，您應該想像，我們不僅有一系列已經推出的超值產品。但它確實為我們未來的創新管道提供了訊息，以確保我們擁有非常具有吸引力的產品，這可能不是因為超高端的優勢，而是因為價值優勢。

Right. And then as a follow-up, it was nice to see service levels get back to 98% and then that enabling a recovery to some degree, in quality merchandising and improved volume share performance as well. As we look to the remainder of the year, is there any color or guardrails you could provide on how you expect your promotional levels and your volume share performance to progress from here? Thanks very much.

正確的。然後作為後續行動，很高興看到服務水準恢復到 98%，這在一定程度上實現了商品品質的恢復，並提高了銷售份額表現。展望今年剩餘時間，您能否提供一些預測，說明您預期促銷水準和銷售份額表現今後將如何發展？非常感謝。

Yeah, I'll point to some data that I shared last quarter, which is if you look across the group and specifically the near-end kind of center store peers, what you've seen is that promotional levels in terms of percent of total volume sold on promotion has kind of migrated back to just about pre-COVID levels. It's uncanny. It's almost pre-COVID levels company by company.

是的，我會指出我上個季度分享的一些數據，如果你縱觀整個集團，特別是近端中心商店的同行，你會發現促銷水平（以促銷佔總銷量的百分比計算）已經回到了 COVID 之前的水平。這太不可思議了。各家公司的情況幾乎都恢復到了疫情前的水準。

And so we're a little lower than that because we're so -- we're recovering from supply interruptions, but moving back toward that. But I have not seen promotional levels go above that kind of pre-COVID norm. So that's a positive sign, I think.

因此，我們的水平略低於這個數字，因為我們正在從供應中斷中恢復，但正在回到這個水平。但我還沒看到促銷水平超過新冠疫情之前的標準。我認為這是一個積極的信號。

And then the second metric we track is kind of depth of discount. Are we seeing this more broad-based desire to have a return to volume growth now lead to deeper discounts. And the answer is no. We've not seen that, and that's been that way for several quarters running. And I think that's positive because I think what it shows is that it's a rational environment. Everybody is, to some degree, investing margin in the service of volume.

我們追蹤的第二個指標是折扣深度。我們是否看到了這種更廣泛的願望，即恢復銷售成長，從而導致更大幅度的折扣。答案是否定的。我們還沒有看到這種情況，而且這種情況已經連續幾個季度發生了。我認為這是積極的，因為我認為這表明這是一個理性的環境。在某種程度上，每個人都在為數量而投資保證金。

And I think that kind of keeps your feet on the ground here. So it's been a rational environment, and I think there's room for us to do more in terms of [merch]. We moved back in the right direction, but we're not back to where we were, but obviously, do it in a very rational way. So that's our intent.

我認為這能讓你腳踏實地。所以這是一個理性的環境，我認為我們還有空間在[商品]。我們回到了正確的方向，但我們並沒有回到原來的位置，但顯然，我們以非常理性的方式去做了。這就是我們的意圖。

Scott Marks, Jefferies.

史考特馬克斯，傑富瑞。

Hey, good morning, Sean, Dave. Thanks so much for taking your questions. First thing I wanted to ask about coming back to some of the recovery of the supply chain disruption from earlier this year, you've spoken about, obviously, recovery in your own service levels, rebuilding of your own inventories as well. Wondering how you're seeing it from the retailer side? In terms of their inventory levels relative to where they were prior to the disruption on Frozen Vegetables and some of the chicken products. Thanks.

嘿，早上好，肖恩，戴夫。非常感謝您回答問題。首先我想問一下關於今年早些時候供應鏈中斷的恢復情況，您顯然談到了您自己服務水平的恢復，以及您自己庫存的重建。想知道從零售商的角度來看您是如何看待它的嗎？就其庫存水平而言，與冷凍蔬菜和部分雞肉產品中斷之前的水平相比有所下降。謝謝。

Yeah, good question, Scott. It's probably not a lot of drama in the answer, though. We're not seeing anything particularly noteworthy. So I would say pretty typical and nothing I can report that would really be of any real news. Anything you'd add to that, Dave?

是的，斯科特，問得好。不過，答案可能沒有太多戲劇性。我們沒有看到任何特別值得注意的事情。所以我想說這很典型，我無法報道任何真正的新聞。戴夫，您還有什麼要補充的嗎？

No. When we use the term service levels, there's very specific metrics in terms of where they are with their levels and inventory. And so customers are kind of back where they need to be, generally speaking.

不。當我們使用「服務水準」這個術語時，對於其水準和庫存有非常具體的指標。因此，總體而言，顧客已經回到了他們需要去的地方。

Got it, thanks for that. And then a follow-up question just on some of the chicken facility modernization, I know you made the comment that you're still expecting the bake chicken facility to be completed in Q2. I think you're still working through a fried chicken modernization that's a little bit later.

明白了，謝謝。然後是關於一些雞肉設施現代化的後續問題，我知道您說過您仍然預計烤雞設施將在第二季度完工。我認為你們仍在努力進行炸雞現代化，但時間稍晚。

How should we be thinking about maybe cadence of recovery of the margin, let's say, I know you spoke about some benefits in H2, but just trying to gauge how we should be thinking about the restoration of margin from that perspective? Thanks.

我們應該如何考慮利潤率的恢復節奏，比如說，我知道您談到了下半年的一些好處，但只是想衡量我們應該如何從這個角度考慮利潤率的恢復？謝謝。

Sure. Well, the baked chicken project is that's the one we kind of started with. So that's farther along. And then the fried chicken is kind of a newer development because the demand for fried chicken has just exploded in the last couple of years, and we had tremendous success last year with our Banquet MEGA Filets.

當然。嗯，烤雞計畫就是我們開始的計畫。這已經是更進一步了。炸雞是一種較新的發展，因為過去幾年對炸雞的需求激增，去年我們的 Banquet MEGA Filets 取得了巨大的成功。

So that's an investment that will go on a little bit longer. And in the meantime, it will be an investment that moved some of that production out of house, which has kind of a double whammy in that we lose the absorption of not producing it ourselves and we pay a tolling fee for that. But that will correct as we go forward as well.

所以這是一項將持續更長時間的投資。同時，這將是一項將部分生產轉移出公司內部的投資，這具有雙重打擊，因為我們失去了不自行生產的興趣，我們為此支付了加工費。但隨著我們不斷前進，這種情況也會得到糾正。

So baked comes on first in terms of the benefit and fried will follow that. I mean the good news here is -- we sell a lot of healthy meals in Frozen. And these days, the ones that contain protein are the ones that not surprisingly people are really buying. Unfortunately, it's also been the inflationary part of the basket.

因此，從益處來看，烘焙食品是第一位的，其次是油炸食品。我的意思是，這裡的好消息是——我們在《冷凍》雜誌上銷售許多健康食品。如今，人們真正購買的是含有蛋白質的食物，這並不奇怪。不幸的是，它也是籃子中的通膨部分。

So we've got -- that's where we had a decision to make in terms of what are we after short-term volume or margin? And we fundamentally believe that the best thing for future cash flows of our Frozen business is to keep that consumer pull strong and keep our market share strong, and that's why we're investing some margin in the short term to really get that volume cranking.

所以我們必須做出決定：我們追求的是短期交易量還是利潤？我們從根本上相信，對於我們的《冰雪奇緣》業務的未來現金流來說，最好的事情就是保持強勁的消費者吸引力並保持強大的市場份額，這就是為什麼我們在短期內投入一些利潤來真正實現銷量增長。

Got it. I'll pass it on. Thanks very much.

知道了。我會傳達的。非常感謝。

Thank you.

謝謝。

Tom Palmer, JPMorgan.

摩根大通的湯姆·帕爾默。

Hey, thank you. Is round two here, you can hear me?

嘿，謝謝你。第二輪到了，你聽得到我說話嗎？

We got you, Tom.

我們抓到你了，湯姆。

All right, a third Palmer on the call. I wanted to just ask on the timing of inflation and kind of how it plays out over the course of the year. It's -- I think from the materials, it seems like to start off the year, maybe it was a little bit favorable to that kind of 7% plus. Is 2Q just given what we're seeing with protein maybe heightened or just, I guess, any help in kind of the cadence over the next three quarters as you see it today?

好的，第三個帕爾默接了電話。我只是想問通貨膨脹的時間以及它在一年中如何發揮作用。我認為從材料來看，從今年開始，可能對 7% 以上的成長率有點有利。鑑於我們所看到的蛋白質含​​量可能會增加，第二季度是否只是對未來三個季度的節奏有幫助，就像您今天看到的那樣？

Yes, Tom, it's Dave. The Q1, the real favorability there was for tariffs and timing on tariffs. The core inflation was kind of where we thought it would be actually a little bit -- tad bit higher. So when you kind of look at Q2 through Q4 and you look at overall inflation, it's pretty consistent from a percentage perspective to the full year guide of slightly above 7%. There's no material change in the year-on-year percentage of the inflation.

是的，湯姆，我是戴夫。第一季度，人們對關稅和關稅時機確實持利態度。核心通膨率其實比我們想像的要高一點。因此，當您觀察第二季到第四季的整體通膨情況時，您會發現，從百分比角度來看，它與略高於 7% 的全年指導值相當一致。通貨膨脹率較去年同期沒有實質變化。

Okay. Understood, thank you for that. And then, Sean, I just wanted to kind of clarify, I guess, one item, and I know it's been asked about already a little bit. But it seems like you are seeing benefits from promotional activity, but at the same time, as you have kind of taken some pricing initially, maybe you noted a little bit lower elasticity than you might see in the past.

好的。明白了，謝謝你。然後，肖恩，我只是想澄清一件事，我知道這個問題已經被問過幾次了。但看起來您看到了促銷活動的好處，但同時，由於您最初已經採取了一些定價措施，您可能注意到彈性比過去略低。

I mean, look, I get some of this is maybe we're talking about different products, where these two are applied. But I guess in the current environment, are you guys kind of baking in that one of these two sides shifts a little bit to converge?

我的意思是，你看，我明白我們可能正在談論不同的產品，這兩種產品都適用。但我想，在當前的環境下，你們是否認為這兩方面中的一方會發生一些轉變並趨於融合？

I think what we're baking in, Tom, is that as we roll out our innovation and our marketing support, including our advertising and our major merchandising events, click, we're going to have the kind of consumer pull that we've seen in the past. So that's on the more volume-oriented businesses.

湯姆，我認為，我們正在醞釀的是，隨著我們推出創新和行銷支持，包括我們的廣告和主要的行銷活動，我們將獲得過去所見過的那種消費者吸引力。所以這是更注重數量的業務。

And then on the more dollar oriented businesses, I think we've baked-in a historically accurate elasticity level. Usually, that's around a minus [1]. And we have not seen any elasticities to suggest that, that is an overly optimistic point of view at all.

然後，對於更以美元為導向的業務，我認為我們已經融入了歷史準確的彈性水平。通常情況下，大約是負數[1]。我們沒有看到任何彈性來表明這一點，這根本不是一個過於樂觀的觀點。

So I think in total, the outlook for both sides of the horses for courses concept is that it's prudent. And I expect good consumer response in the areas where we're investing to drive volume on Frozen and Snacks as the year progresses. And I expect there will be an elasticity effect on canned goods and some other things that we're taking price on, but they'll be -- they should be fairly predictable effects consistent with history.

因此我認為，整體而言，對於「因地制宜」這一理念的雙方來說，前景都是謹慎的。我預計，隨著時間的推移，我們所投資的領域將獲得消費者的良好反應，從而推動冷凍食品和零食的銷售。我預計罐頭食品和其他一些我們正在定價的商品將產生彈性效應，但它們應該是與歷史一致的相當可預測的影響。

Thank you for that.

謝謝你。

Ladies and gentlemen, at this time, we'll conclude today's question-and-answer session. I'd like to turn the floor back over to Matthew Neisius for closing remarks.

女士們、先生們，今天的問答環節到此結束。我想把發言權交還給馬修·內修斯 (Matthew Neisius) 來做最後發言。

Thank you, Jamie, and thank you all for joining us today. Please reach out to Investor Relations with any additional questions. Have a great day.

謝謝你，傑米，也謝謝大家今天加入我們。如有任何其他問題，請聯絡投資者關係部。祝你有美好的一天。

And ladies and gentlemen, with that we'll conclude today's conference call and presentation. We do thank you for joining. You may now disconnect your lines.

女士們、先生們，今天的電話會議和演講就到此結束。我們非常感謝您的加入。現在您可以斷開線路了。