金寶湯 (CPB) 2023 Q2 法說會逐字稿

Greetings, ladies and gentlemen, and welcome to the Campbell Soup Company Second Quarter Fiscal 2023 Earnings Conference Call. (Operator Instructions) As a reminder, this conference call is being recorded. It is now my pleasure to introduce your host, Rebecca Gardy, Chief Investor Relations Officer. Please go ahead.

女士們先生們，大家好，歡迎來到金寶湯公司 2023 財年第二季度收益電話會議。 （操作員說明）作為提醒，正在錄製此電話會議。現在我很高興向您介紹主持人，首席投資者關係官麗貝卡·加迪 (Rebecca Gardy)。請繼續。

Good morning, and welcome to Campbell's Second Quarter Fiscal 2023 Earnings Conference Call. I am Rebecca Gardy, Chief Investor Relations Officer at Campbell Soup Company. Joining me today are Mark Clouse, President and Chief Executive Officer; Carrie Anderson, Chief Financial Officer; and Mick Beekhuizen, President, Meals and Beverages.

早上好，歡迎來到金寶湯 2023 財年第二季度收益電話會議。我是金寶湯公司首席投資者關係官 Rebecca Gardy。今天加入我的是總裁兼首席執行官 Mark Clouse；嘉莉·安德森，首席財務官；以及餐飲部總裁 Mick Beekhuizen。

Today's remarks have been prerecorded. Once we conclude the prepared remarks, we will transition to a live webcast Q&A session. The slide deck and today's earnings press release have been posted to the Investor Relations section on our website, campbellsoupcompany.com. Following the conclusion of the Q&A session, a replay of the webcast will be available at the same location followed by a transcript of the call within 24 hours.

今天的發言是預先錄製好的。準備好的發言結束後，我們將轉為網絡直播問答環節。幻燈片和今天的收益新聞稿已發佈到我們網站 campbellsoupcompany.com 的投資者關係部分。問答環節結束後，將在同一地點重播網絡廣播，然後在 24 小時內提供通話記錄。

On our call today, we will make forward-looking statements, which reflect our current expectations. These statements rely on assumptions and estimates, which could be inaccurate and are subject to risk. Please refer to Slide 3 of our presentation or our SEC filings for a list of factors that could cause our actual results to vary materially from those anticipated in forward-looking statements. Because we use non-GAAP measures, we have provided a reconciliation of each of these measures to the most directly comparable GAAP measure in the appendix of this presentation.

在我們今天的電話會議上，我們將做出前瞻性陳述，以反映我們當前的預期。這些陳述依賴於假設和估計，這些假設和估計可能不准確並且存在風險。請參閱我們演示文稿的幻燈片 3 或我們提交給美國證券交易委員會的文件，了解可能導致我們的實際結果與前瞻性陳述中預期的結果存在重大差異的因素列表。因為我們使用非 GAAP 措施，所以我們在本演示文稿的附錄中提供了這些措施中的每一項與最直接可比的 GAAP 措施的調節。

On Slide 4, you'll see today's agenda. Mark will share his overall thoughts on our second quarter performance as well as in-market performance by division. Mick will discuss the financial results of the quarter in more detail, and Carrie will then review our guidance for the full year fiscal '23.

在幻燈片 4 上，您會看到今天的議程。馬克將分享他對我們第二季度業績以及按部門劃分的市場業績的總體看法。米克將更詳細地討論本季度的財務業績，然後嘉莉將審查我們對 23 財年全年的指導。

And with that, I am pleased to turn the call over to Mark.

因此，我很高興將電話轉給馬克。

Thanks, Rebecca. Good morning, everyone, and thank you for joining our second quarter fiscal 2023 earnings call.

謝謝，麗貝卡。大家早上好，感謝您參加我們的 2023 財年第二季度財報電話會議。

As you read in our press release this morning, the momentum of our business continued as we delivered another strong quarter with double-digit growth across all key metrics: Net sales, adjusted EBIT and adjusted EPS compared to the prior year. These results continue to reflect the strength of our strategic actions over the last few years and consistent top-tier execution despite significant market volatility. We have grown our portfolio of highly relevant iconic brands in key categories with a strengthened supply chain, elevated marketing and investment, new capabilities and impactful innovation. We've delivered broad-based market share gains and positioned our business for sustained future growth.

正如您今天早上在我們的新聞稿中讀到的那樣，我們的業務勢頭仍在繼續，因為我們又一個強勁的季度實現了所有關鍵指標的兩位數增長：與上一年相比，淨銷售額、調整後的息稅前利潤和調整後的每股收益。這些結果繼續反映了我們過去幾年戰略行動的實力，以及儘管市場波動劇烈但始終如一的頂級執行力。我們通過加強供應鏈、提高營銷和投資、新能力和有影響力的創新，在關鍵類別中擴大了我們高度相關的標誌性品牌組合。我們已經實現了廣泛的市場份額增長，並為我們的業務做好了未來持續增長的準備。

We have also successfully navigated the dynamic economic environment using a variety of levers to mitigate inflation, including targeted pricing, cost savings initiatives and productivity improvements, and we've managed well below historical levels of elasticity as volume/mix declines remain modest. This challenging but critical algorithm of balancing growth, share, margins and volume has been a key focus of ours over the last several quarters, and the second quarter is another key proof point of our continued successful execution of this plan.

我們還成功地使用各種槓桿來緩解通貨膨脹，從而應對了動態的經濟環境，包括有針對性的定價、成本節約計劃和提高生產率，並且由於數量/組合下降幅度仍然適度，我們的彈性遠低於歷史水平。這種平衡增長、份額、利潤和數量的具有挑戰性但至關重要的算法一直是我們過去幾個季度的重點，第二季度是我們繼續成功執行該計劃的另一個關鍵證明點。

Our strong business fundamentals, together with the strength of the first half performance and the continued health of our brands, give us the confidence to raise our net sales guidance as well as raise the midpoint of the adjusted EBIT and adjusted EPS guidance we previously communicated for the 2023 fiscal year. This reflects continued momentum on top line with greater confidence in our profit and earnings despite some additional pressure from lower pension income.

我們強大的業務基本面，加上上半年業績的強勁表現和我們品牌的持續健康，使我們有信心提高我們的淨銷售額指導，並提高我們之前傳達的調整後 EBIT 和調整後 EPS 指導的中點2023 財年。這反映了儘管養老金收入下降帶來的額外壓力，但我們對利潤和收益更有信心，收入繼續保持增長勢頭。

Now let's cover some specifics from Q2. Organic net sales increased 13%, supported by favorable inflation-driven net price realization and strong consumer demand for our brands. Total company dollar consumption grew 10% in the quarter versus the prior year and 20% versus 3 years ago. As we expected, the gap between net sales and consumption was driven primarily by continued recovery in our foodservice business, albeit at a lower rate than in Q1.

現在讓我們介紹一下第二季度的一些細節。有機淨銷售額增長 13%，這得益於有利的通貨膨脹驅動的淨價格實現和消費者對我們品牌的強勁需求。本季度公司美元消費總額與去年同期相比增長了 10%，與 3 年前相比增長了 20%。正如我們預期的那樣，淨銷售額與消費之間的差距主要是由於我們的餐飲服務業務持續復甦，儘管復甦速度低於第一季度。

Overall, we held dollar share versus the prior year and continued to make significant progress, particularly in the Snacks business as we are successfully reinvesting in our brands and continuing to strengthen our supply chain. This performance in Snacks marks a significant step in our journey as we continue to emerge as a truly differentiated and best-in-class Snacks portfolio.

總體而言，與上一年相比，我們持有美元份額並繼續取得重大進展，特別是在零食業務方面，因為我們成功地對我們的品牌進行了再投資並繼續加強我們的供應鏈。隨著我們繼續成為真正差異化和一流的零食產品組合，零食的這一表現標誌著我們在旅程中邁出了重要一步。

In Q2, we had the strongest share growth in both cookie, cracker and salty snacks among all major branded players, even more impressive as we are among the very few who compete in both of these critical categories. Although benefiting from pricing, we also drove favorable volume mix. One additional important note is the Snacks margin also improved, while increasing investment by 19% on marketing and selling.

在第二季度，我們在所有主要品牌參與者中的餅乾、薄脆餅乾和鹹味零食的份額增長最為強勁，更令人印象深刻的是，我們是為數不多的在這兩個關鍵類別中競爭的公司之一。雖然受益於定價，但我們也推動了有利的銷量組合。另一個重要的注意事項是零食利潤率也有所提高，同時在營銷和銷售方面的投資增加了 19%。

Turning to profit for the company. Adjusted EBIT increased 14%, driven primarily by top line growth and modest gross profit expansion, despite increased marketing and selling expenses versus prior year. Our teams continue to successfully navigate the inflationary environment, leveraging a number of different tools beyond pricing, such as driving operational efficiencies and productivity improvements. We're confident that over time, we have compelling initiatives and road maps to drive margins and deliver our longer-term goals. Adjusted earnings per share was $0.80, up 16%, reflecting strong EBIT flow-through.

轉而為公司盈利。調整後的息稅前利潤增長了 14%，這主要是由於營收增長和毛利適度增長，儘管營銷和銷售費用較上一年有所增加。我們的團隊繼續成功應對通貨膨脹環境，利用定價以外的許多不同工具，例如提高運營效率和生產力。我們相信，隨著時間的推移，我們將擁有令人信服的舉措和路線圖來提高利潤率並實現我們的長期目標。調整後每股收益為 0.80 美元，增長 16%，反映出強勁的息稅前收益。

We did experience some limited pockets of volume declines in the quarter, specifically in our Meals & Beverages division and particularly in the last 4 weeks of the second quarter. These year-over-year declines were primarily due to lapping last year's significant Omicron surge and favorable year-ago winter storm impacts rather than increasing elasticities due to pricing. In fact, overall elasticities remain as we expected and are favorable to historical norms.

我們確實在本季度經歷了一些有限的銷量下降，特別是在我們的餐飲部門，尤其是在第二季度的最後 4 週。這些同比下降主要是由於去年 Omicron 的大幅上漲和去年冬季風暴的有利影響，而不是由於定價增加了彈性。事實上，整體彈性仍符合我們的預期，並且有利於歷史標準。

However, as we said several quarters ago, we do not expect all brands and categories to react exactly the same. Therefore, we remain highly vigilant of price gaps on key brands and are closely monitoring elasticities. In places where we are experiencing higher impacts from competition or slower category trends, like condensed soup or broth, we're taking appropriate and pragmatic actions to continue to remain competitive and drive sustained profitable growth.

然而，正如我們幾個季度前所說，我們並不期望所有品牌和品類的反應完全相同。因此，我們對主要品牌的價格差距保持高度警惕，並密切關注彈性。在我們受到競爭或類別趨勢放緩影響較大的地方，如濃縮湯或肉湯，我們正在採取適當和務實的行動，以繼續保持競爭力並推動持續的盈利增長。

Turning to our divisional results. Our Meals & Beverages portfolio remains well positioned in growing categories and consumers continue to seek out our brands, as they look for ways to stretch their food budgets and turn to value-driven meals that taste great and are easy to prepare. Organic net sales increased 11%, driven by favorable net price realization, partially offset by modest unfavorable volume and mix. In-market dollar consumption in our Meals & Beverages business grew 6% over the prior year and 17% compared to 3 years ago, reflecting the continued health of our portfolio.

轉向我們的部門業績。我們的餐飲產品組合在不斷增長的類別中保持優勢地位，消費者繼續尋找我們的品牌，因為他們正在尋找方法來擴大他們的食品預算並轉向以價值為導向的美味且易於準備的餐點。受有利的淨價格實現推動，有機淨銷售額增長 11%，部分被不利的銷量和組合所抵消。我們餐飲業務的市場美元消費比上一年增長 6%，比 3 年前增長 17%，反映出我們的投資組合持續健康。

Our U.S. soup business, which represents more than half of the wet soup category, grew dollar consumption by 4% in the second quarter despite increasing promotional pressure from private label. Our dollar share did decline by 0.6 points versus prior year as the category overall grew by 6%. We continue to feel great about the long-term health of the category and our ability to drive sustainable growth and share over time. In fact, we continue to grow share in key strategic areas of the portfolio in this quarter.

我們的美國湯業務佔濕湯類別的一半以上，儘管來自自有品牌的促銷壓力越來越大，但第二季度的美元消費增長了 4%。我們的美元份額確實比上一年下降了 0.6 個百分點，因為該類別整體增長了 6%。我們繼續對該類別的長期健康狀況以及我們推動可持續增長和分享的能力感到滿意。事實上，本季度我們在投資組合的關鍵戰略領域的份額繼續增加。

Condensed icons, for example, tomato, chicken noodle, cream of mushroom and cream of chicken, grew dollar share by 1 point versus prior year, driven by multipacks, which are resonating with consumers as they seek value. Also, condensed cooking SKUs overall are growing share as the cooking behavior and great recipe marketing is driving increased relevance as consumers feel continued pressure economically.

濃縮圖標，例如番茄、雞肉麵條、蘑菇奶油和雞肉奶油，在多件包裝的推動下，美元份額比上一年增長了 1 個百分點，這在尋求價值的消費者中引起了共鳴。此外，隨著消費者感受到持續的經濟壓力，精簡烹飪 SKU 的整體份額正在增加，因為烹飪行為和出色的食譜營銷正在推動相關性的提高。

A couple of great examples of this is our jacked-up mac and cheese recipe that features our cheddar cheese condensed cooking soup and our easy one-pan beef roast with vegetables recipe, which features our French onion soup, both of which cost under $4 a serving. Chunky also continued to perform well, with share gains of 0.2 points. This marks the sixth consecutive quarter that Chunky has grown dollar share and has held or grown volume share. This success has been further fueled by the expansion of our new spicy innovation platform.

這方面的幾個很好的例子是我們的自升通心粉和奶酪食譜，其中包括我們的切達干酪濃縮烹飪湯和我們簡單的一鍋蔬菜烤牛肉食譜，其中包括我們的法式洋蔥湯，兩者的價格都低於 4 美元服務。 Chunky 也繼續表現良好，股價上漲 0.2 個百分點。這標誌著 Chunky 連續第六個季度增加了美元份額，並保持或增加了銷量份額。我們新的辛辣創新平台的擴展進一步推動了這一成功。

Spicy Chunky Chicken Noodle continues to perform very well, and now we have three additional spicy SKUs on the Chunky roster, all of which are resonating exceptionally well with consumers. We also built significant buzz this winter with a limited time offering of Chunky Ghost Pepper, which we'll be returning nationwide for soup season this coming fall.

麻辣雞肉麵繼續表現出色，現在我們在 Chunky 名冊上增加了三個麻辣 SKU，所有這些都在消費者中引起了異常強烈的共鳴。今年冬天，我們還通過限時供應的 Chunky Ghost Pepper 引起了轟動，今年秋天我們將在全國范圍內回歸湯季。

Pacific Foods also had a very strong quarter, gaining share and momentum, particularly with millennials. Pacific is extremely well positioned across a variety of categories as a premium organic and healthy brand with offerings in broth, ready-to-serve soups and beverages. In the quarter, consumption was up 17%, and the brand held or grew share in its segments for a total share gain of 0.3 points. In the quarter, Pacific was the fastest-growing branded wet soup product on a dollar basis in all of the measured channels in IRI. And in soup, Pacific continues to hold the #1 share position in the organic category.

Pacific Foods 也有一個非常強勁的季度，獲得份額和勢頭，尤其是在千禧一代中。作為優質有機和健康品牌，Pacific 在各種類別中都處於非常有利的地位，提供肉湯、即食湯和飲料。本季度，消費增長 17%，該品牌在其細分市場中保持或增長份額，總份額增長 0.3 個百分點。在本季度，Pacific 是 IRI 所有衡量渠道中增長最快的品牌濕湯產品（按美元計算）。在湯品方面，Pacific 繼續在有機類別中佔據第一的份額。

We are never satisfied with any share loss on the business, but the share pressure we have experienced within condensed soup and broth are both consistent with expectations and concentrated more in the tail of the condensed business versus on our strategic core. The team continues to remain very vigilant, and we continue to ensure we remain competitive without undermining long-term profitability. The great news is we continue to see strength in the category. And in the longer run, given our decisive leadership position, it bodes well for the future.

我們對業務的任何份額損失從不滿意，但我們在濃縮湯和肉湯中所經歷的份額壓力與預期一致，並且更多地集中在濃縮業務的尾部而不是我們的戰略核心。該團隊繼續保持高度警惕，我們繼續確保我們在不損害長期盈利能力的情況下保持競爭力。好消息是我們繼續看到該類別的實力。從長遠來看，鑑於我們決定性的領導地位，這預示著未來的好兆頭。

In Italian sauces, dollar consumption grew 8%, while share declined slightly by 0.8 points. The Italian sauce category remains very relevant and continues to benefit from consumers seeking value and meals that the entire family loves and can easily be prepared at home. In Alfredo, we gained dollar share of 0.3 points versus prior year as service and availability improved. And finally, we saw the greatest incrementality in the last 5 years from our latest Prego innovation, which included spicy marinara, creamy tomato basal and other elevated flavor varieties.

在意大利醬汁中，美元消費增長了 8%，而份額略微下降了 0.8 個百分點。意大利醬類仍然非常重要，並繼續受益於尋求價值和全家人都喜歡並可以在家輕鬆準備的飯菜的消費者。在 Alfredo，隨著服務和可用性的提高，我們的美元份額比上一年增加了 0.3 個百分點。最後，我們看到了過去 5 年中最大的增量來自我們最新的 Prego 創新，其中包括辣味大蒜、奶油番茄基礎和其他風味更佳的品種。

In Mexican sauces, Pace performed well with dollar consumption up 12% in the quarter and share gains of 0.3 points, marking the fourth consecutive quarter of share growth. Volume share rose for the fourth consecutive quarter, up 0.4 points, enabled by service improvements of 20 points versus prior year. Pace held or grew share across all segments of its portfolio, and we're excited about our innovation launches with this brand, particularly our Pace ghost pepper habanero as we take advantage of the continued strength of Mexican meals prepared at home.

在墨西哥醬料方面，佩斯表現出色，本季度美元消費增長 12%，份額增長 0.3 個百分點，連續第四個季度實現份額增長。由於服務比去年同期提高了 20 個百分點，銷量份額連續第四個季度上升，上升 0.4 個百分點。 Pace 在其產品組合的所有細分市場中保持或增長了份額，我們對我們與該品牌的創新推出感到興奮，特別是我們的 Pace 鬼胡椒哈瓦那辣椒，因為我們利用了在家準備的墨西哥餐的持續優勢。

Turning to Snacks. The division had another excellent quarter as we continue to win versus the competition, supported by substantial brand building and recovery across our supply chain. Our strong top line growth of 15% was driven by favorable net price realization, volume gains and continued growth of our power brands. In-market dollar consumption grew 20% in aggregate on all 8 power brands, and 7 of 8 of those brands grew dollar share. All brands grew across dollars, volume and units, showing the power of our portfolio and the relevance of the consumer snacking behavior even in this current economic environment.

轉向零食。在我們整個供應鏈的大量品牌建設和復甦的支持下，該部門又迎來了一個出色的季度，因為我們繼續在競爭中獲勝。我們 15% 的強勁營收增長得益於有利的淨價實現、銷量增長和我們強大品牌的持續增長。所有 8 個強大品牌的市場內美元消費總計增長了 20%，其中 8 個品牌中有 7 個實現了美元份額增長。所有品牌都在美元、數量和單位方面增長，顯示了我們產品組合的力量和消費者零食行為的相關性，即使在當前的經濟環境下也是如此。

Our Snacks brands also had a very strong holiday season. Pepperidge Farm cookies gained 0.7 points of dollar share, driven by merchandising support, new packaging designs, limited time offers and the return of our Fancy Santa Milano marketing activation. Snack Factory Pretzel Crisps gained 4.1 points of dollar share, driven by the strength of the bites innovation and our seasonal sweet and salty drizzlers. Our Snacks division is demonstrating outstanding momentum, with the last 2 quarters growing double digits. Campbell Snacks has also significantly stepped up share growth among branded players in the cookie, cracker and salty snack categories.

我們的零食品牌也有一個非常強勁的假期。 Pepperidge Farm 曲奇的美元份額增加了 0.7 個百分點，這得益於商品銷售支持、新包裝設計、限時優惠以及我們 Fancy Santa Milano 營銷活動的回歸。 Snack Factory 椒鹽捲餅薯片的美元份額增加了 4.1 個百分點，這得益於咬合創新的力量和我們的季節性甜鹹細雨。我們的零食部門表現出驚人的勢頭，過去兩個季度實現了兩位數的增長。 Campbell Snacks 還顯著加快了餅乾、薄脆餅乾和鹹味零食類別品牌參與者的份額增長。

As you can see on Slide 14, we are #1 in both the cookie, cracker and salty snack categories in terms of share growth in the second quarter. This continues to highlight how unique our snack brands are and why we see such a bright future for this portfolio. One of those brands, Goldfish, which is climbing to our goal of $1 billion in annual sales, continues to be the star of the Snacks business. As one of the company's primary growth engines, the brand continues to perform extremely well with 21% consumption growth and share gains of 0.7 points. This was the second consecutive quarter of Goldfish being the largest driver of growth for the entire cracker category.

正如您在幻燈片 14 中看到的那樣，就第二季度的份額增長而言，我們在餅乾、薄脆餅乾和鹹味零食類別中均排名第一。這繼續凸顯了我們的零食品牌有多麼獨特，以及為什麼我們看到這個產品組合有如此光明的未來。其中一個品牌 Goldfish 正在向我們年銷售額 10 億美元的目標攀升，它仍然是零食業務的明星。作為公司的主要增長引擎之一，該品牌繼續表現出色，消費增長 21%，份額增長 0.7 個百分點。這是 Goldfish 連續第二個季度成為整個餅乾類別的最大增長動力。

And our strategy to expand our consumer target has been even more successful than expected with growth versus prior year in both buy rates and repeat rates among households without children about equal to households with children. We continued our track record of having top-performing new items in each of the last 6 quarters, where Goldfish has had limited time-only launches. The Goldfish LTO strategy that we put in place is working with consumers twice as likely to purchase LTOs alongside other Goldfish items.

我們擴大消費者目標的戰略比預期更成功，沒有孩子的家庭的購買率和重複購買率與有孩子的家庭相比有所增長。我們繼續保持在過去 6 個季度中每個季度都有表現最好的新產品的記錄，其中 Goldfish 推出了限時產品。我們實施的 Goldfish LTO 戰略正在與消費者合作，將 LTO 與其他 Goldfish 商品一起購買的可能性提高一倍。

We're also driving strong momentum on innovation for our snack brands. We recently announced the new Kettle Brand air fried potato chips. We're the first company to commercialize air frying as a manufacturing technique in snacking, enabling us to be first to market with an air-fried chip. We've developed a patent-pending technology to kettle cook and air finish potato chips to deliver a light and crispy texture with 30% less fat than the original version. Initial customer and consumer reaction has been extremely positive.

我們還在為我們的零食品牌推動強勁的創新勢頭。我們最近發布了新的 Kettle Brand 氣炸薯片。我們是第一家將氣炸作為零食製造技術商業化的公司，這使我們能夠率先將氣炸薯片推向市場。我們開發了一項正在申請專利的技術，用於對薯片進行水壺烹飪和空氣處理，以提供輕盈酥脆的質地，脂肪含量比原始版本低 30%。最初的客戶和消費者反應非常積極。

Overall, I'm pleased with our performance this quarter. With focused execution, strong end market results and strengthened supply chain capabilities, we are well positioned for continued growth, even in a dynamic consumer and economic environment of today. As we go forward and begin to cycle some of these unprecedented periods we've experienced, I've never been more confident in the strength and relevance of our brands, our ability to deliver best-in-class execution and the path for sustained, compelling and differentiated value creation.

總的來說，我對我們本季度的表現感到滿意。憑藉專注的執行力、強勁的終端市場業績和強化的供應鏈能力，即使在當今充滿活力的消費和經濟環境中，我們也能為持續增長做好準備。隨著我們向前邁進並開始循環我們所經歷的這些前所未有的時期，我對我們品牌的實力和相關性、我們提供一流執行力的能力以及持續發展的道路充滿信心，引人注目和差異化的價值創造。

Before we review the financial results in more detail, I want to quickly comment on the announcement we made in January to consolidate our offices in Charlotte, North Carolina and Norwalk, Connecticut into our Camden headquarters. Closing these offices, although not an easy decision, is the right thing to do for our business and culture. Unifying the company in one headquarters will drive cost savings, while increasing our connectivity, collaboration and career opportunities for our people leading to even stronger performance.

在我們更詳細地審查財務結果之前，我想快速評論一下我們在 1 月份宣布的將我們在北卡羅來納州夏洛特和康涅狄格州諾沃克的辦事處合併到我們的卡姆登總部的公告。關閉這些辦事處雖然不是一個容易的決定，但對我們的業務和文化來說是正確的做法。將公司統一在一個總部將推動成本節約，同時為我們的員工增加我們的聯繫、協作和職業機會，從而帶來更強大的績效。

The cost savings will be reinvested in the business and are included in our plan to increase margins in the Snacks division. I'm pleased to share that the Snacks leadership team has committed to relocate to Camden. We hope that all our colleagues in Norwalk and Charlotte will join us in Camden, but we recognize that some will not.

節省的成本將重新投資於業務，並包含在我們增加零食部門利潤的計劃中。我很高興地告訴大家，Snacks 領導團隊已承諾搬遷至卡姆登。我們希望我們在諾沃克和夏洛特的所有同事都能加入我們在卡姆登的行列，但我們認識到有些人不會。

Finally, before turning it over to Mick, who will review our second quarter results in more detail, I want to introduce Carrie Anderson, our new Chief Financial Officer, who joins us on the call today and will review our outlook for the second half of the fiscal year.

最後，在將其交給 Mick 之前，他將更詳細地審查我們第二季度的業績，我想介紹一下我們的新任首席財務官 Carrie Anderson，她今天加入我們的電話會議，並將審查我們對下半年的展望財政年度。

Carrie is a seasoned leader with a strong background in complex business models across a wide range of industries. She is experienced in multi-division operating models and has extensive experience in manufacturing and supply chain-driven industries, which are all very relevant to this role. I'm confident Carrie will be a fantastic partner and will build upon the momentum we've established, while continuing to drive our finance team to best-in-class capabilities and performance. She's definitely hit the ground running.

Carrie 是一位經驗豐富的領導者，在眾多行業的複雜商業模式方面擁有深厚背景。她在多部門運營模式方面經驗豐富，在製造和供應鏈驅動行業擁有豐富的經驗，這些都與該職位非常相關。我相信嘉莉將成為一個出色的合作夥伴，並將在我們已經建立的勢頭的基礎上再接再厲，同時繼續推動我們的財務團隊達到一流的能力和績效。她肯定已經開始行動了。

I also want to thank Mick for his partnership and his role as CFO. Under his leadership, we've made significant progress in increasing the capabilities of the finance team and improving the company's financial performance. As the President of our Meals & Beverages division, Mick brings his strategic, financial and high commercial acumen to the role. I'm confident he'll continue to advance our growth agenda.

我還要感謝米克的合作夥伴關係和他作為首席財務官的角色。在他的領導下，我們在提高財務團隊能力和改善公司財務業績方面取得了重大進展。作為我們餐飲部門的總裁，米克將他在戰略、財務和高度商業方面的敏銳度帶到了這個職位上。我相信他會繼續推進我們的增長議程。

With that, I'll turn it over to Mick.

有了這個，我會把它交給米克。

Thanks, Mark, and good morning, everyone. We are pleased with our strong second quarter fiscal '23 results, reflecting double-digit growth versus prior year across all three key metrics: Net sales, adjusted EBIT and adjusted EPS. These results were consistent with our expectations and reflect inflation-driven pricing and supply chain productivity improvements to offset inflation pressures and increased marketing investments to support our brands.

謝謝，馬克，大家早上好。我們對 23 財年第二季度的強勁業績感到滿意，這反映出所有三個關鍵指標均比上一年實現了兩位數的增長：淨銷售額、調整後的息稅前利潤和調整後的每股收益。這些結果與我們的預期一致，反映了通脹驅動的定價和供應鏈生產力的提高，以抵消通脹壓力，並增加營銷投資以支持我們的品牌。

Second quarter organic net sales increased 13%. Top line growth this quarter was lifted by favorable net price realization, partially offset by a slight volume and mix headwind. Price elasticities remain well below historical levels, illustrating the underlying strength of our brands. Second quarter net sales outpaced 10% dollar consumption growth in measured channels, due in large part to the continued recovery of our foodservice business.

第二季度有機淨銷售額增長 13%。本季度的收入增長受到有利的淨價實現的提振，部分被輕微的銷量和混合逆風所抵消。價格彈性仍遠低於歷史水平，說明了我們品牌的潛在實力。第二季度淨銷售額在衡量渠道中超過了 10% 的美元消費增長，這在很大程度上歸功於我們的餐飲服務業務的持續復甦。

Our ability to mitigate continued cost inflation through a combination of levers led to a slight increase of our adjusted gross profit margin. Simultaneously, we increased support of our brands. And despite higher adjusted other expenses as a percentage of net sales versus prior year, adjusted EBIT margin increased by 20 basis points to 14.6%. On a dollar basis, adjusted EBIT increased 14% versus prior year. Adjusted EPS increased by $0.11 or 16% versus prior year quarter.

我們通過組合槓桿來緩解持續的成本通脹的能力導致我們調整後的毛利率略有增加。同時，我們加大了對品牌的支持力度。儘管調整後的其他費用占淨銷售額的百分比高於上一年，但調整後的息稅前利潤率增長了 20 個基點，達到 14.6%。按美元計算，調整後的息稅前利潤較上年增長 14%。調整後的每股收益與去年同期相比增加了 0.11 美元或 16%。

Our cash generation remains strong, with cash flow from operations of $732 million through the first half. In line with our commitment to return value to shareholders, year-to-date, we have -- over $290 million. Organic net sales increased 13%, driven by 14 points of favorable inflation-driven net price realization. This was partially offset by a 2-point volume and mix headwind, which reflects increased elasticities, though they remain well below historical levels.

我們的現金產生能力依然強勁，上半年的運營現金流為 7.32 億美元。根據我們向股東回報價值的承諾，年初至今，我們已經——超過 2.9 億美元。有機淨銷售額增長 13%，這得益於 14 個有利的通貨膨脹驅動的淨價格實現點。這部分被 2 點成交量和混合逆風所抵消，這反映了彈性的增加，儘管它們仍遠低於歷史水平。

Turning to Slide 21. Our second quarter adjusted gross profit margin increased 30 basis points from 30.4% last year to 30.7% this year. Favorable net price realization drove 1,020 basis point benefit due to the impact of our pricing actions, which only partially offset the impact of inflation and other supply chain costs in the quarter. Inflation and higher other supply chain costs had a negative impact of 1,140 basis points with much of the impact driven by continued cost inflation. That said, our supply chain productivity program drove a 280 basis point benefit to our adjusted gross profit margin, partially offsetting these inflationary headwinds. Unfavorable volume mix had a negative impact of 130 basis points in the current quarter.

轉到幻燈片 21。我們第二季度調整後的毛利率從去年的 30.4% 增加了 30 個基點到今年的 30.7%。由於我們的定價行動的影響，有利的淨價實現帶來了 1,020 個基點的收益，這僅部分抵消了本季度通貨膨脹和其他供應鏈成本的影響。通貨膨脹和更高的其他供應鏈成本產生了 1,140 個基點的負面影響，其中大部分影響是由持續的成本通脹驅動的。也就是說，我們的供應鏈生產力計劃為我們調整後的毛利率帶來了 280 個基點的收益，部分抵消了這些通脹逆風。不利的銷量組合在本季度產生了 130 個基點的負面影響。

The next page highlights the various initiatives we have deployed to mitigate core inflation, which on a rate basis, was approximately 14% in the second quarter versus 9% in the second quarter of fiscal 2022. Our actions include targeted pricing and trade optimization. For the second quarter, net pricing was 14% and reflected the impact of waves 2 and 3 pricing. As we move into the second half, only waves 3 and 4 will benefit our year-over-year comparisons, with wave 4 having a lesser impact than wave 2. Wave 4 pricing, which relative to prior rounds was much more selective in nature, has been fully implemented and was in place at the beginning of the third quarter.

下一頁重點介紹了我們為緩解核心通脹而採取的各種舉措，按利率計算，第二季度的通脹率約為 14%，而 2022 財年第二季度為 9%。我們的行動包括有針對性的定價和貿易優化。第二季度，淨定價為 14%，反映了第 2 波和第 3 波定價的影響。隨著我們進入下半年，只有第 3 波和第 4 波將有利於我們的同比比較，第 4 波的影響小於第 2 波。與前幾輪相比，第 4 波定價本質上更具選擇性，已全面實施，並於第三季度初到位。

In addition, we continue to deploy a range of other levers, including supply chain productivity improvements and cost savings initiatives as well as a continued focus on discretionary spending across the organization. For the second half of the fiscal year, we have the vast majority of our raw materials covered and continue to closely monitor the overall commodity markets.

此外，我們繼續部署一系列其他槓桿，包括提高供應鏈生產力和節約成本的舉措，以及繼續關注整個組織的可自由支配支出。在本財年的下半年，我們涵蓋了絕大多數原材料，並繼續密切關注整體商品市場。

Moving on to other operating items. Marketing and selling expenses increased $20 million or 10% in the quarter on a year-over-year basis. This increase was largely driven by higher advertising and consumer promotion expense, or A&C, which increased by 17% versus the moderated levels in the prior year, and higher selling expenses, partially offset by increased benefits from cost-saving initiatives. Overall, our marketing and selling expenses represented approximately 8.7% of net sales.

繼續其他經營項目。本季度營銷和銷售費用同比增長 2000 萬美元或 10%。這一增長主要是由更高的廣告和消費者促銷費用 (A&C) 推動的，與上一年的適度水平相比增加了 17%，以及更高的銷售費用，部分被成本節約舉措帶來的收益增加所抵消。總體而言，我們的營銷和銷售費用約占淨銷售額的 8.7%。

Adjusted administrative expenses increased by $13 million or 9% to $157 million due to higher general administrative costs and inflation, higher benefit-related costs and higher incentive compensation, partially offset by lower expenses related to the settlement of certain legal claims. As a percentage of net sales, adjusted administrative expenses were 6.3%, a 20 basis point decrease compared to last year.

調整後的行政費用增加了 1300 萬美元或 9%，達到 1.57 億美元，原因是一般行政費用和通貨膨脹、與福利相關的費用增加以及激勵補償增加，部分被與解決某些法律索賠相關的費用減少所抵消。調整後的管理費用占淨銷售額的百分比為 6.3%，比去年下降 20 個基點。

On Slide 24, we are providing an adjusted EBIT bridge to summarize the key drivers of performance this quarter. Adjusted EBIT increased 14% in the quarter, primarily driven by the $92 million improvement in adjusted gross profit. Despite marketing and selling expenses increasing $20 million versus the prior year, it was slightly lower as a percentage of net sales versus the prior year, and therefore had positive impact to our adjusted EBIT margin of 20 basis points.

在幻燈片 24 上，我們提供了一個調整後的息稅前利潤橋來總結本季度業績的主要驅動因素。本季度調整後息稅前利潤增長 14%，這主要是由於調整後毛利增加 9200 萬美元。儘管營銷和銷售費用比上一年增加了 2000 萬美元，但它占淨銷售額的百分比比上一年略低，因此對我們調整後的息稅前利潤率 20 個基點產生了積極影響。

Similarly, adjusted administrative and R&D expenses were $178 million, an increase of 8% over prior year and contributed 30 basis points to our adjusted EBIT margin. Adjusted other expenses of $6 million compared to adjusted other income of $9 million in the prior year had a negative adjusted EBIT margin impact of 60 basis points. This $15 million headwind is largely due to a reduction in pension and postretirement benefit income compared to prior year. Overall, our adjusted EBIT margin increased 20 basis points to 14.6% in the quarter.

同樣，調整後的行政和研發費用為 1.78 億美元，比上年增長 8%，為我們調整後的息稅前利潤率貢獻了 30 個基點。調整後的其他費用為 600 萬美元，而上一年調整後的其他收入為 900 萬美元，對調整後的息稅前利潤率產生了 60 個基點的負面影響。這 1500 萬美元的不利因素主要是由於與上一年相比養老金和退休後福利收入減少。總體而言，本季度我們調整後的息稅前利潤率增加了 20 個基點，達到 14.6%。

The following chart breaks down our 16% increase in adjusted EPS growth between operating performance and below-the-line items. An $0.11 positive impact from higher adjusted EBIT was only slightly offset by a $0.01 impact of a higher adjusted effective tax rate as our net interest expense was relatively flat year-over-year. All in, adjusted EPS of $0.80 was 16% or $0.11 per share higher than prior year.

下圖詳細說明了我們在經營業績和線下項目之間調整後的每股收益增長 16%。由於我們的淨利息支出同比相對持平，因此調整後息稅前利潤增加 0.11 美元的積極影響僅被調整後有效稅率增加 0.01 美元的影響略微抵消。總而言之，調整後每股收益為 0.80 美元，比上年增長 16% 或每股 0.11 美元。

Turning to the segments. In Meals & Beverages, we delivered another strong quarter with reported net sales growth of 10%. Organic net sales increased 11% versus the prior year, primarily due to increase in U.S. retail products, including U.S. soup, Prego pasta sauces and Pace Mexican sauces as well as gains in foodservice. Favorable net price realization was partially offset by modest volume and mix declines. Sales of U.S. soup increased 7%, primarily due to sales increases in ready-to-serve soups and condensed soups.

轉向細分市場。在餐飲方面，我們又迎來了一個強勁的季度，報告的淨銷售額增長了 10%。有機淨銷售額比上一年增長 11%，這主要是由於美國零售產品的增長，包括美國湯、Prego 意大利麵醬和 Pace 墨西哥醬以及餐飲服務的增長。有利的淨價實現部分被適度的銷量和組合下降所抵消。美國湯的銷售額增長了 7%，主要是由於即食湯和濃縮湯的銷售額增加。

Within our Meals & Beverages division, second quarter operating earnings increased 17%, primarily due to higher gross profit, partially offset by higher marketing and selling expenses. Gross profit margin increased slightly due to the impact of favorable net price realization and supply chain productivity improvements, partially offset by higher cost inflation and other supply chain costs and unfavorable volume and mix. Overall, our second quarter operating margin in our Meals & Beverages division increased by 100 basis points year-over-year to 17.7%.

在我們的餐飲部門，第二季度營業收入增長了 17%，這主要是由於毛利潤增加，部分被較高的營銷和銷售費用所抵消。由於有利的淨價實現和供應鏈生產力提高的影響，毛利率略有上升，部分被更高的成本通脹和其他供應鏈成本以及不利的數量和組合所抵消。總體而言，我們餐飲部門第二季度的營業利潤率同比增長 100 個基點至 17.7%。

Within Snacks, net sales, both reported and organic, increased 15%, driven by sales of power brands, which were up 20% and reflected favorable net price realization and volume increases, lapping significant supply constraints in the prior year. Segment sales growth was driven by increases in cookies and crackers, primarily Goldfish crackers and Pepperidge Farm cookies, and in salty snacks, primarily Snyder's of Hanover pretzels, Snack Factory Pretzel Crisps and Kettle Brand potato chips.

在零食中，報告和有機的淨銷售額增長了 15%，這主要受強力品牌銷售額的推動，後者增長了 20%，反映出有利的淨價實現和銷量增長，克服了上一年的嚴重供應限制。分部銷售額的增長受到餅乾和薄脆餅乾（主要是 Goldfish 餅乾和 Pepperidge Farm 餅乾）以及鹹味零食（主要是 Snyder's of Hanover 椒鹽捲餅、Snack Factory 椒鹽捲餅薯片和 Kettle 品牌薯片）增長的推動。

Segment operating earnings in the quarter increased 24%, primarily due to higher gross profit, partially offset by higher marketing and selling expenses. Gross profit margin increased due to favorable net price realization and supply chain productivity improvements, partially offset higher cost inflation and other supply chain costs. Overall, within our Snacks division, second quarter operating margin increased year-over-year by 90 basis points to 13.9%.

本季度分部營業收入增長 24%，這主要是由於毛利潤增加，部分被較高的營銷和銷售費用所抵消。由於有利的淨價實現和供應鏈生產力的提高，毛利率有所增加，部分抵消了更高的成本通脹和其他供應鏈成本。總體而言，在我們的零食部門，第二季度營業利潤率同比增長 90 個基點至 13.9%。

I'll now turn to our cash flow and liquidity. Fiscal '23 cash flow from operations decreased from $766 million in the prior year to $732 million, primarily due to changes in working capital, partially offset by higher cash earnings. Our year-to-date cash outflows from investing activities were reflective of the cash outlay for capital expenditures of $155 million, which was an increase from $129 million in the previous year. We continue to forecast full year capital expenditures of $325 million for fiscal '23.

我現在將轉向我們的現金流和流動性。 '23 財年運營現金流從上一年的 7.66 億美元減少到 7.32 億美元，這主要是由於營運資金的變化，部分被較高的現金收益所抵消。我們年初至今的投資活動現金流出反映了 1.55 億美元的資本支出現金支出，比上一年的 1.29 億美元有所增加。我們繼續預測 23 財年的全年資本支出為 3.25 億美元。

Our year-to-date cash outflows from financing activities were $525 million, including $226 million of dividends paid and $66 million of share repurchases. At the end of the second quarter, we had approximately $375 million remaining under the current $500 million strategic share repurchase program and approximately $106 million remaining under our $250 million anti-dilutive share repurchase program. We ended the quarter with cash and cash equivalents of $158 million.

我們年初至今的融資活動現金流出為 5.25 億美元，其中包括 2.26 億美元的已付股息和 6600 萬美元的股票回購。截至第二季度末，我們在當前 5 億美元的戰略性股票回購計劃下剩餘約 3.75 億美元，在我們的 2.5 億美元反稀釋股票回購計劃下剩餘約 1.06 億美元。本季度末，我們的現金和現金等價物為 1.58 億美元。

As we close out my last quarter as CFO, I would like to thank everyone for the support throughout my tenure as CFO at Campbell. I look forward to working closely with Carrie in my new role.

在我們結束擔任首席財務官的最後一個季度時，我要感謝大家在我擔任金寶湯首席財務官期間的支持。我期待著在我的新角色中與 Carrie 密切合作。

And with that, I'll hand it over to Carrie to talk through our updated full year guidance.

有了這個，我會把它交給嘉莉來討論我們更新的全年指南。

Thank you, Mick, and good morning, everyone. I'm happy to be a part of the Campbell's team, and I look forward to contributing to our future success. As Mick mentioned, I will review our fiscal '23 outlook.

謝謝你，米克，大家早上好。我很高興成為 Campbell 團隊的一員，我期待著為我們未來的成功做出貢獻。正如米克提到的，我將回顧我們的 23 財年展望。

Turning to Slide 30. We have updated our guidance, reflecting our confidence in our full year plan. Net sales growth for fiscal '23 is now expected to be in a range of plus 8.5% to plus 10%, up from our prior guidance of 7% to 9%. We have also raised the midpoint of our adjusted EBIT and adjusted EPS guidance for the full year. We now expect adjusted EBIT growth of plus 4.5% to plus 6.5% and adjusted EPS growth of plus 3.5% to plus 5% compared to the prior year, resulting in fiscal '23 adjusted EPS of $2.95 to $3.

轉到幻燈片 30。我們更新了指南，反映了我們對全年計劃的信心。現在預計 23 財年的淨銷售額增長在 8.5% 到 10% 之間，高於我們之前 7% 到 9% 的指導。我們還提高了調整後的 EBIT 和調整後的全年 EPS 指引的中點。我們現在預計與上一年相比，調整後的息稅前利潤增長 4.5% 至 6.5%，調整後的每股收益增長 3.5% 至 5%，導致 23 財年調整後的每股收益為 2.95 美元至 3 美元。

Our higher expectation for revenue reflects the strength of our brands with price elasticities remaining favorable to historical norms as well as stronger supply chain execution and sustained marketing investment to fuel demand and support innovation. As we think about the second half, our plans contemplate several evolving drivers from the first half. Specifically, we will begin to lap our most significant year-ago pricing. We have been successful in executing our wave 4 pricing, but the net of this will result in lower overall growth rates than the first half.

我們對收入的更高預期反映了我們品牌的實力，價格彈性仍然有利於歷史標準，以及更強大的供應鏈執行和持續的營銷投資，以刺激需求和支持創新。當我們考慮下半年時，我們的計劃考慮了上半年的幾個不斷發展的驅動因素。具體來說，我們將開始計算我們最重要的一年前定價。我們已經成功地執行了我們的第 4 波定價，但除此之外，整體增長率將低於上半年。

As it relates to profit and EPS, our revised guidance remains consistent with our prior plans. We will continue to navigate expected inflation with pricing, albeit lower incremental pricing levels in the second half as compared to the first half and with continued productivity. We will also continue to invest in our business to drive demand and profitably defend share.

由於它與利潤和每股收益有關，我們修訂後的指引與我們之前的計劃保持一致。我們將繼續通過定價來應對預期的通貨膨脹，儘管與上半年相比下半年的增量定價水平較低，並且生產力持續。我們還將繼續投資於我們的業務，以推動需求和盈利地捍衛市場份額。

Additionally, in the second half, we'll see a headwind from lower pension income. Fiscal '23 pension income is now expected to be lower by approximately $45 million or $0.12 per share compared to the prior year. This represents a headwind of approximately 3.5% to adjusted EBIT growth and approximately 4% to adjusted EPS growth for the full year, or an increase of 50 basis points or $10 million from previous estimates as a result of interim remeasurements. However, given the strength of our top line and the greater visibility and year-ago cost, we are confident in raising the midpoint of our adjusted EBIT and adjusted EPS guidance ranges.

此外，在下半年，我們將看到養老金收入下降帶來的阻力。與上一年相比，現在預計 23 財年的養老金收入將減少約 4500 萬美元或每股 0.12 美元。這代表全年調整後息稅前利潤增長約 3.5% 的逆風和調整後每股收益增長約 4% 的逆風，或者由於中期重新衡量，比之前的估計增加 50 個基點或 1000 萬美元。然而，鑑於我們的收入實力以及更高的知名度和去年同期的成本，我們有信心提高調整後 EBIT 和調整後 EPS 指導範圍的中點。

As we covered earlier, some of our inflation-driven pricing actions in the second half of fiscal '22 will now lap in the second half of fiscal '23. With inflation still expected in the low teens for the full year, we are driving other margin-enhancing initiatives in addition to price. We've already delivered $870 million of our multiyear cost savings program and remain on track to achieve $1 million by the end of fiscal 2025. For fiscal '23, the total benefits of our cost savings initiatives and productivity improvements remain unchanged, with a slight update to the split of the two programs as you'll see on the slide.

正如我們之前所述，我們在 22 財年下半年採取的一些通脹驅動的定價行動現在將在 23 財年下半年實施。由於預計全年通貨膨脹率仍處於較低水平，我們正在推動除價格之外的其他提高利潤率的舉措。我們已經交付了 8.7 億美元的多年成本節約計劃，並有望在 2025 財年末實現 100 萬美元。對於 23 財年，我們的成本節約計劃和生產力提高的總收益保持不變，略有增加正如您將在幻燈片上看到的，更新到兩個程序的拆分。

As we look to the second half of the fiscal year, with our brand momentum, strength in supply and continued competition, we will continue to invest in our brands, such that for the full year we expect marketing and selling expenses to be near the low end of our targeted 9% to 10% of net sales.

展望下半財年，憑藉我們的品牌勢頭、供應實力和持續競爭，我們將繼續投資於我們的品牌，因此我們預計全年的營銷和銷售費用將接近低位我們的目標是淨銷售額的 9% 到 10%。

To summarize, we feel good about the momentum we've created thus far as well as our plans for the second half of the year, which translates into another raise in guidance for the full year.

總而言之，我們對迄今為止創造的勢頭以及我們下半年的計劃感到滿意，這將轉化為全年指導的另一次上調。

All in, our second quarter was aligned with our expectations. And for the full year, we remain confident in our strategy, our compelling portfolio of leading brands, our strength in supply chain capabilities and our team's focused execution.

總而言之，我們的第二季度符合我們的預期。全年，我們對我們的戰略、我們引人注目的領先品牌組合、我們在供應鏈能力方面的實力以及我們團隊的專注執行力仍然充滿信心。

I'd like to close by thanking our teams for a warm welcome. I'm excited to be part of Campbell's continued progress towards unlocking its full growth potential.

最後，我想感謝我們團隊的熱烈歡迎。我很高興能參與 Campbell 在釋放其全部增長潛力方面的持續進步。

And with that, let me turn it over to the operator to begin Q&A.

有了這個，讓我把它交給接線員開始問答。

(Operator Instructions) Your first question comes from the line of Andrew Lazar from Barclays.

（操作員說明）您的第一個問題來自巴克萊銀行的 Andrew Lazar。

Welcome, Carrie. So Mark, your momentum in the business is clearly quite strong. My question is, with the magnitude of the upside in the quarter, why only raise the low end of the full year EBIT and EPS guidance by less than that? I guess, if you could walk us through some of the key puts and takes and more specifically, you mentioned some stepped up investment behind a few of the key brands. Just trying to get a sense of how we think about this incremental spend. Is it spending back some of the upside to continue to strengthen the brand equities? Or are you seeing something in the market or with consumer behavior that is requiring more investment?

歡迎，嘉莉。所以馬克，你的業務勢頭顯然非常強勁。我的問題是，考慮到本季度的上行幅度，為什麼僅將全年息稅前利潤和每股收益指引的下限上調幅度小於此？我想，如果你能帶我們了解一些關鍵的投資和投資，更具體地說，你提到了一些關鍵品牌背後的一些加大投資。只是想了解我們如何看待這種增量支出。是不是為了繼續加強品牌資產而收回一些上行空間？或者您是否在市場上看到某些東西或需要更多投資的消費者行為？

Yes. Great. Thanks, Andrew. So first, let me just start from the perspective of the full year. I don't know that we would see material difference in kind of how we view the full year. It is -- it continues to be an extremely strong year on the back of really the strength of the brands, which certainly continued through Q2 and the continued really strong execution, both whether that reflects the mitigating efforts of inflation and/or our supply chain, which really just continues to make great strides and really thrilled to see that.

是的。偉大的。謝謝，安德魯。所以首先，讓我從全年的角度開始。我不知道我們會在看待全年的方式上看到實質性差異。這是 - 在品牌真正實力的支持下，它仍然是非常強勁的一年，這肯定會持續到第二季度並且持續非常強勁的執行力，無論這是否反映了通貨膨脹和/或我們供應鏈的緩解努力，它真的只是繼續取得長足進步，看到這一點真的很激動。

I also think that as you think about the full year, though, we also now have some greater conviction to both the cost side. We have 93% of our cost basket essentially covered, and we now see the implementation of way for pricing. So that gives us a little bit more clarity or precision, if you will, in how we're managing or positioning the balance of the year.

不過，我還認為，當你考慮全年時，我們現在對成本方面也有了更大的信心。我們基本上涵蓋了 93% 的成本籃子，現在我們看到了定價方式的實施。因此，如果您願意，我們將如何管理或定位今年的餘額，這讓我們更加清晰或準確。

Arguably, there would have been some upside. I think we're giving a bit of that back in the incremental pension income headwind that Carrie just talked about. I do think if you just take a second and you look at that particular factor, that's now $45 million for the full year. It's about $0.12 of EPS and about 50 bps of margin over the course of the year. So that's not insignificant for something that really has no relationship to the operational performance of the company.

可以說，會有一些好處。我認為我們在 Carrie 剛剛談到的增量養老金收入逆風中回饋了一些。我確實認為，如果你花點時間看看那個特定因素，那麼現在全年是 4500 萬美元。全年每股收益約為 0.12 美元，利潤率約為 50 個基點。因此，對於與公司運營績效真正無關的事情來說，這並不是微不足道的。

But nonetheless, that's providing a bit of that headwind or offset to where you might have expected to see some upside, but maybe easier to talk about it through the lens of Q2 in particular. So when we look at Q2, thrilled with the performance. I will say we came in about 100 basis points on margin better than we expected, and that was really delivered in three areas.

但是，儘管如此，這還是給您帶來了一些不利因素或抵消了您可能期望看到一些上行空間的地方，但尤其是通過第二季度的鏡頭來談論它可能更容易。因此，當我們查看第二季度時，對性能感到興奮。我要說的是，我們的利潤率比預期高了大約 100 個基點，這確實體現在三個方面。

The first was on productivity. We did more of what we would have expected for the full year savings we got in Q2, and that's great. I mean you're always happy to get the savings in the barn a little bit faster and supply chain, again, doing a great job. Not ready yet to say for the year, I see upside on productivity, but certainly good to have that in the bank already. So I do expect that to be more of a timing or phasing element.

首先是生產力。我們做了更多我們在第二季度獲得的全年節省的預期，這很棒。我的意思是你總是很高興能更快地在穀倉裡節省開支，供應鏈也做得很好。還沒有準備好說今年，我看到了生產力的上升空間，但肯定已經在銀行里有了它。所以我確實希望這更像是一個時間或階段性因素。

And then on investments, both from a promotion standpoint as well as marketing, we were a bit more efficient in the second quarter than we expected. And I guess what I would say about that is I'm not yet ready to say that, that is incremental opportunity for the year. I think with half the year to still play, having a little bit of flexibility as we think about the year is not a bad place to be. I feel great about where we are. I don't think there's anything that is radically different in the back half that we're adjusting spending to address. But I think in the current moment we're in, it's pragmatic to really try to manage this algorithm I talked about in my prepared remarks of making sure that the growth in demand is balanced with managing the margin.

然後在投資方面，無論是從促銷的角度還是從營銷的角度來看，我們在第二季度的效率都比我們預期的要高一些。我想我會說的是我還沒有準備好說，這是今年的增量機會。我認為還有半年的比賽時間，在我們考慮這一年的時候有一點靈活性並不是一個糟糕的地方。我對我們所處的位置感覺很好。我認為我們正在調整支出以解決後半部分沒有任何根本不同的事情。但我認為，在我們所處的當前時刻，真正嘗試管理我在準備好的發言中談到的確保需求增長與管理利潤率平衡的算法是務實的。

Again, let me be clear, this is not about chasing volume or chasing share in a nonprofitable way, but it is about making sure that we're managing this business to remain healthy and sustain the performance going forward. And that means making sure that we get the right levels of investment in place. So nothing dramatically different, but arguably a little bit of favorability and timing in the second quarter that would move -- that would, in theory, move into the back half.

再次，讓我明確一點，這不是以非盈利方式追逐銷量或追逐份額，而是要確保我們管理這項業務以保持健康並維持未來的業績。這意味著確保我們獲得適當水平的投資。所以沒有什麼顯著不同，但可以說第二季度的一些有利因素和時機會發生變化——從理論上講，這會進入後半部分。

Just a couple of maybe other qualifying elements on the first half, second half as I would imagine that could be a question as well. But if you remember, when we set this plan up, we always talked a bit about the dramatic difference first half to second half of the comps a year ago, where in the back half of last year, we had significant upside on EBIT growth, whereas in the first half, it was down versus a year ago. So that tougher comp is one element.

上半場只有幾個可能的其他排位賽元素，下半場我認為這也可能是一個問題。但如果你還記得，當我們制定這個計劃時，我們總是談論一年前上半年和下半年的巨大差異，在去年下半年，我們在息稅前利潤增長方面有顯著上升空間，而在上半年，與一年前相比有所下降。因此，更強硬的組合是一個要素。

Also less incremental pricing, although successful and getting wave 4 in, the net of all of that will be less incremental pricing, which will have an impact on the growth rates as we think about the second half and then, of course, overlay with it, the pension of 50 basis points and some of the incremental investment. And that's why you get a slightly different profile in the second half versus the first half.

增量定價也減少了，雖然成功並進入了第 4 波，但所有這些的淨額將減少增量定價，這將對我們考慮下半年的增長率產生影響，然後當然會疊加它、50個基點的養老金和部分增量投資。這就是為什麼下半場與上半場的情況略有不同。

But the underlying fundamentals on the business and the structure of the business, very much in line with what we expected, arguably, a little better with a little more pension. But at the end of the day, we really feel terrific about where we are. This is kind of exactly where we would hope to be relative to how we're watching in market performance move. So I don't know if that's helpful, Andrew, but -- good lay of the land.

但業務的基本面和業務結構非常符合我們的預期，可以說，隨著養老金的增加，情況會好一些。但歸根結底，我們真的對自己所處的位置感到非常棒。這正是我們希望相對於我們觀察市場表現走勢的方式。所以我不知道這是否有幫助，安德魯，但是 - 地勢良好。

Your next question comes from the line of Ken Goldman from JPMorgan.

你的下一個問題來自摩根大通的 Ken Goldman。

Carrie, I look forward to working with you. Congratulations. Mark, you said you're taking actions to remain competitive in soup. Just quickly curious if it's as simple as promoting back more to combat private label if there's other relevance of that, too? And then my broader question, I do appreciate you had hopeful commentary about how condensed losses are largely in the tail. Overall, you're pleased with the performance. But I'm really curious for your broader point of view, given that you run a number of categories and see a lot of different things in the space. Can an argument be made in your opinion that this dynamic in which branded players deal back prices to narrow gaps that that's going to spread a little bit more across food at-home ahead?

Carrie，我期待與你合作。恭喜。馬克，你說你正在採取行動來保持湯的競爭力。只是很快好奇它是否像推廣更多以打擊自有品牌一樣簡單，如果還有其他相關性，也是嗎？然後是我更廣泛的問題，我非常感謝你對濃縮損失如何主要出現在尾部發表了充滿希望的評論。總體而言，您對性能感到滿意。但我真的很好奇你更廣泛的觀點，因為你經營了很多類別並且在空間中看到了很多不同的東西。在您看來，是否可以提出這樣一個論點，即品牌玩家通過退價來縮小差距的這種動態，這種差距將在未來的家庭食品中傳播得更多？

I'm really just curious on whether you think this is kind of a canary in the coal mine or just a one-off in a single category that has an unusually strong store brand presence? Hope that makes sense.

我真的很好奇你是否認為這是煤礦中的金絲雀，或者只是具有異常強大的商店品牌影響力的單一類別中的一次性產品？希望這是有道理的。

Yes, I get it. So really, let me try to pull that apart into kind of the, I think, the two questions that you're really asking. So first, on soup, I would say, I think our approach has been probably more strategic than simply deal a few things back, or do you just try to manage price gaps. I think there's a more longer term and strategic play on what we're doing with soup that might be helpful to kind of hear how we're thinking about it.

好了，我懂了。所以真的，讓我試著把它分解成你真正要問的兩個問題。所以首先，關於湯，我想說，我認為我們的方法可能比簡單地處理一些事情更具戰略意義，或者你只是試圖管理價格差距。我認為我們正在做的湯有更長期和戰略性的作用，這可能有助於了解我們是如何考慮它的。

But in essence, I think on soup, right now, our strategy is really three things. The first one is to win -- kind of we describe it as winning the fights that matter most, right? So when you think about areas like our condensed icons, which I talked about, up a full share point, or winning on Chunky within the ready-to-serve soup area, where Chunky was up 8% in the quarter, almost 0.5 a share point. Just as a sidebar, Chunky now has been up -- over the last 3 years is up 35% as a brand and has grown over 2.5 share points within the world of soup. And that is absolutely paramount to our strategy of really winning that lunchtime occasion with a superior product that Chunky is living into and doing it among younger consumers, which is, again, where Chunky has been incredibly successful.

但從本質上講，我認為湯，現在，我們的戰略實際上是三件事。第一個是勝利——我們將其描述為贏得最重要的戰鬥，對吧？因此，當你考慮像我提到的濃縮圖標這樣的領域時，我談到了一個完整的份額點，或者在即食湯領域贏得了 Chunky，Chunky 在本季度上漲了 8%，接近每股 0.5觀點。作為一個側邊欄，Chunky 現在已經上升了——在過去的 3 年裡作為一個品牌增長了 35%，並且在湯的世界中增長了超過 2.5 個份額點。這對於我們的戰略來說絕對是最重要的，我們的戰略是真正贏得午餐時間，推出一款 Chunky 正在接受並在年輕消費者中使用的優質產品，這也是 Chunky 取得了令人難以置信的成功的地方。

I think the third kind of strategic fight is on Pacific, right? We now have supply back in place. This, again, we see as a highly differentiated brand, a leader in organic in the soup category, and that business was up 17% and grew share by 0.3 point in the quarter. And so as I think of those three areas, those are really important competitive battles that we see critical to winning. And so far, we feel very good about how we're performing in those spaces.

我認為第三種戰略鬥爭是在太平洋上，對吧？我們現在有供應回來了。這再次被我們視為一個高度差異化的品牌，是湯類有機產品的領導者，該業務增長了 17%，本季度份額增長了 0.3 個百分點。因此，當我想到這三個領域時，這些都是我們認為對獲勝至關重要的非常重要的競爭性戰鬥。到目前為止，我們對我們在這些領域的表現感到非常滿意。

The second strategy is really around driving -- continuing to drive that long-term relevance of the category. And that's really reflected heavily in both the versatility and the value that's driven within soup. And so cooking is a good proxy that we use for that. And the trends on cooking in home just continue to be incredibly powerful. Over 80% of meals are being prepared in home, that's about 400 basis points higher than it was in a pre-COVID world.

第二個戰略實際上是圍繞推動——繼續推動該類別的長期相關性。這在 soup 的多功能性和價值上得到了很大體現。因此，烹飪是我們為此使用的一個很好的代理。在家做飯的趨勢仍然非常強大。超過 80% 的飯菜是在家裡準備的，這比 COVID 之前的世界高出約 400 個基點。

I will say what's different than COVID now, though, is that the focus on those in-home meals revolve around both value and time to prepare. So the magic numbers on dinner are 20 minutes and the magic number on lunch is 10 minutes on speed, and that's where our categories really land well as well as being a great value. And so when I look at our cooking condensed business, right, as a subset where we're growing share and outperforming the category, that's exactly we want to see, along with, of course, the strength in Chunky at lunchtime that I already talked about.

不過，我要說的是，現在與 COVID 的不同之處在於，對家庭用餐的關注圍繞著價值和準備時間。所以晚餐的神奇數字是 20 分鐘，午餐的神奇數字是 10 分鐘，這就是我們的類別真正落地的地方，也是一個巨大的價值。因此，當我審視我們的濃縮烹飪業務時，對，作為一個子集，我們正在增加份額並超越該類別，這正是我們想要看到的，當然還有我已經談過的 Chunky 在午餐時間的實力關於。

So remember, at the end of the day, we're over half of this category. So if the health of the category remains robust, we're going to win in the long run, and that's exactly what we're trying to do in that second strategic area. And then the third area is really kind of holding the line on the balance, right? So these are not unimportant parts of our portfolio, but they definitely play a supporting role. And arguably, where we've had to make some trade-offs, has been in this area.

所以請記住，歸根結底，我們已經超過了這一類別的一半。因此，如果該類別的健康狀況保持強勁，從長遠來看，我們將獲勝，而這正是我們在第二個戰略領域試圖做的事情。然後第三個區域真的有點像平衡線，對吧？所以這些並不是我們投資組合中不重要的部分，但它們肯定起到了輔助作用。可以說，我們不得不在這個領域做出一些權衡。

Now I just will say when you describe it as being pleased, I don't know that I would describe myself as pleased. Look, any time we're losing share in the category, I'm not happy about that. And so I do think as we think about the balance of the year, we want to make sure we continue to get that algorithm right on the balance of our portfolio, not overspending, but making sure that we stay competitive. That's things like in the condensed world, sub-brands, like Healthy Request or our Kids line or broth, right, more broadly. And so again, we're going to really focus on value, continue to support those businesses appropriately to really kind of keep this algorithm in track with where we want to be.

現在我只想說當你形容它很高興時，我不知道我會形容自己很高興。看，每當我們在該類別中失去份額時，我都對此感到不高興。所以我確實認為，當我們考慮今年的平衡時，我們希望確保我們繼續在我們的投資組合平衡上獲得正確的算法，而不是超支，但確保我們保持競爭力。這就像濃縮世界中的子品牌，例如 Healthy Request 或我們的 Kids 系列或肉湯，對，更廣泛。因此，我們將再次真正關注價值，繼續適當地支持這些業務，以真正讓這種算法與我們想要達到的目標保持一致。

So that hopefully gives you a little better lay of the land of where we are in soup and why we feel good about the areas we're focused on, while still being very vigilant on the areas that may not be as robust.

因此，希望這能讓你更好地了解我們所處的位置，以及為什麼我們對我們關注的領域感覺良好，同時仍然對可能不那麼強大的領域保持高度警惕。

I think to your bigger question of -- so therefore, do we imagine the beginning of more substantial shifts and the support on the business? I honestly think that when I look -- and I can't speak, obviously, always been dangerous speaking on behalf of the industry. But from a Campbell standpoint, I think what we're doing is we're being very pragmatic and thoughtful, right? This is about understanding the balance between ensuring that we don't erode profitability in our businesses that we're going to regret in the long term, while also recognizing that it's paramount that we remain competitive and driving value.

我認為你更大的問題 - 因此，我們是否想像更實質性轉變的開始和對業務的支持？老實說，當我看時——顯然，我不能說話，代表行業說話總是很危險。但從坎貝爾的角度來看，我認為我們正在做的是我們非常務實和周到，對吧？這是關於在確保我們不會侵蝕我們將長期後悔的業務盈利能力，同時也認識到保持競爭力和推動價值至關重要之間取得平衡。

And so although, I do think some categories may require a different level of support to achieve that goal, at the end of the day, when I look at our profile as a business, I think it's very healthy, right? I mean this -- I'll hope that I get a question on Snacks. I'd love to talk about that with this quarter. But that's a business that is just literally firing on all cylinders. And yes, there's a component of reinvestment that's happening, but it's happening in support of really accelerating growth across the board.

因此，儘管我確實認為某些類別可能需要不同程度的支持才能實現該目標，但歸根結底，當我將我們的形象視為一家企業時，我認為它非常健康，對吧？我的意思是——我希望有人問我關於 Snacks 的問題。我很想在本季度討論這個問題。但這是一項真正開足馬力的業務。是的，有一部分再投資正在發生，但它的發生是為了支持真正加速全面增長。

So no, I don't think this is some harbinger of bad things to come. I really think, as I've said all along, right, if you go back 3 quarters, I talked about the fact that the balancing act here or the winners in this moment are going to be the ones that get this balancing act right, where you don't overspend and erode profitability, while you don't get too greedy and not invest properly in your brands. And that's really what we're trying to balance right now. And I think Q2 is a great proof point of us I think doing that in a pretty compelling way.

所以不，我不認為這是壞事即將來臨的預兆。我真的認為，正如我一直所說的，對，如果你回到 3 個季度，我談到了一個事實，即這裡的平衡行為或此刻的贏家將是那些正確平衡這種行為的人，在這種情況下，您不會超支和侵蝕盈利能力，同時您不會過於貪婪而不會對您的品牌進行適當投資。而這正是我們現在正在努力平衡的。我認為第二季度是一個很好的證明，我認為我們以一種非常引人注目的方式做到了這一點。

Your next question comes from the line of Peter Galbo from Bank of America.

你的下一個問題來自美國銀行的 Peter Galbo。

Mark, I guess maybe just 2 questions, one more appointed question on kind of the guidance and then I'll grant your wish on Snacks. Just around the inflation guide for the year. I mean, I think you came in the first half at 16%. You're talking to low teens. So if you can just talk about kind of how you see the cadence over the back half of the year on inflation?

馬克，我想也許只有 2 個問題，一個關於指導類型的指定問題，然後我會滿足你對零食的願望。就在今年的通貨膨脹指南附近。我的意思是，我認為你上半年的支持率為 16%。你在和低齡青少年說話。那麼，如果你能談談你如何看待今年下半年通貨膨脹的節奏？

And then maybe just broader around Snacks. You did spend a good portion of the prepared remarks talking about both pricing and volume growth in the segment and particularly share gains in salty. Just if you can maybe speak to the sustainability of how you see that, particularly around salty snacks would be helpful.

然後可能只是圍繞零食更廣泛。你確實花了很大一部分準備好的評論來談論該細分市場的定價和銷量增長，特別是鹹味的份額收益。如果你能談談你如何看待它的可持續性，特別是圍繞鹹味零食會有所幫助。

Yes. Carrie, why don't you take the inflation question and then I'll hit the Snacks one.

是的。嘉莉，你為什麼不回答通貨膨脹問題，然後我會點零食。

Sure. We do expect core inflation to moderate through the year and consistent with my prepared remarks talking about low teens for the full year. So you're right, the first half was about 16%. We did see some improvement as we were from Q1 to Q2 in a few categories that attenuated like flour, resins and meat and steel and even some of the transportation costs. As I think about the second half of the year, I would anticipate that, that will move in that 10% to 11% range on inflation. So for the year, again, you're talking about low teens.

當然。我們確實預計核心通貨膨脹率將在今年放緩，並且與我準備好的關於全年低十幾歲的評論一致。所以你是對的，上半年大約是 16%。從第一季度到第二季度，我們確實看到了一些改善，比如麵粉、樹脂、肉類和鋼鐵，甚至是一些運輸成本。當我考慮今年下半年時，我預計通脹將在 10% 至 11% 的範圍內移動。所以今年，再一次，你在談論低齡青少年。

Yes. So let me take the -- thank you for asking about Snacks. Look, I think there's -- you sensed it in our remarks and certainly in my desire to want to talk about it. I do think Q2, in many ways, is a somewhat of a pivotal moment in kind of the validation of the strategy on snacking for us as a company. And that's why I'm as happy or as positive with it as I am.

是的。所以讓我來——謝謝你詢問零食。看，我認為有 - 你在我們的評論中感覺到了這一點，當然在我想要談論它的願望中。我確實認為，從許多方面來說，第二季度是驗證我們作為一家公司的零食戰略的關鍵時刻。這就是為什麼我和我一樣快樂或積極。

It was a quarter where essentially, we delivered every element that you'd want to deliver, right? So top line was up 15%, in-market consumption up 17%. Our power brands were growing at 20%. Those partner brands that have been plaguing us are down to less than, I think, mid-single digits in the company or in the category from when their high was at 10%. And margin grew at the same time, really driven by productivity and cost savings as much as pricing did a fairly good job of covering inflation.

這是一個季度，基本上，我們交付了你想要交付的每一個元素，對吧？因此，收入增長了 15%，市場消費增長了 17%。我們的強力品牌以 20% 的速度增長。我認為，那些一直困擾我們的合作夥伴品牌在公司或類別中的比例低於 10% 的中等個位數。利潤率同時增長，這實際上是受到生產力和成本節約的推動，因為定價在抵消通貨膨脹方面做得相當好。

And that profile then resulted in us being the fastest-growing share player in cookie, cracker and in salty among major branded players. And that's exactly where I think this portfolio should be, right, growing top line. We also grew units and unit share on those businesses, and it was broad-based, right? This wasn't just one brand. If you go through the last couple of years, as we kind of got the ship right, we had some brands up, some down.

然後，這種形象使我們成為主要品牌參與者中餅乾、薄脆餅乾和鹹味產品中增長最快的份額參與者。這正是我認為該投資組合應該增長的收入的地方。我們還增加了這些業務的單位和單位份額，而且基礎廣泛，對吧？這不僅僅是一個品牌。如果你回顧過去幾年，當我們把船做對時，我們有一些品牌在上升，一些在下降。

It was never a period where you could really look across the portfolio and go, gosh, what can this thing do when everything is firing? And this quarter was a great example. And even as you roll into the more recent Nielsen and IRI data, you see that momentum just continuing to go forward. And it really is a combination of great marketing support, the right innovation and then a supply chain that's stepping up to meet that growing and expanding demand. And that's exactly what we want working.

從來沒有一個時期你可以真正瀏覽整個投資組合然後去，天哪，當一切都在開火時這東西能做什麼？這個季度就是一個很好的例子。即使您查看最近的 Nielsen 和 IRI 數據，您也會看到這種勢頭在繼續向前發展。它確實是強大的營銷支持、正確的創新以及正在加緊滿足不斷增長和擴大的需求的供應鏈的結合。而這正是我們想要的工作。

And again, each of the brands have kind of a unique story, but Goldfish, up 22% in the quarter, up over 30% over the last 3 years, growing share, almost now a $1 billion brand and driven by a really smart strategy of expanding the appeal of the product between both families with kids and families without of kids. Our innovation is working extremely well. The limited time offer flavors has grabbed all the buzz that you'd want it to.

再一次，每個品牌都有一個獨特的故事，但金魚在本季度增長了 22%，在過去 3 年中增長了 30% 以上，份額不斷增長，現在幾乎是一個價值 10 億美元的品牌，並且受到非常明智的戰略的推動擴大產品在有孩子的家庭和沒有孩子的家庭之間的吸引力。我們的創新非常有效。限時優惠口味已經吸引了您想要的所有關注。

And I think it's also maintained a great value, right? When you think about the snacking world and kind of better-for-you snacking as you asked, right, Goldfish really does live in this unique permissible space of being a bit premium, but also a bit better. And that's really a good description of our whole portfolio. And that's why I love it so much is because the differentiated nature of these brands, whether you're in salty or whether you're in bakery, just position us for the long term, I think, in a really great way.

而且我認為它也保持了很大的價值，對嗎？當你想到零食世界和你問的那種對你更好的零食時，對，金魚確實生活在這個獨特的允許空間裡，有點高級，但也更好一點。這確實很好地描述了我們的整個投資組合。這就是我如此喜歡它的原因，因為這些品牌的差異化性質，無論你是鹹的還是麵包店，我認為，從長遠來看，這都是一種非常好的方式。

And again, Kettle, Cookies, Lance, even Late July, both of which have been brands that have been a little bit under the gun because of supply chain were up 19% and 27%, respectively. Lance grew almost 3 share points and Late July grew over 4 share points. So these are businesses that now we've got the firepower behind it. Snack Factory, another kind of sleeping giant in the portfolio sitting in the deli, growing 19% and grew 4 share points this quarter.

再一次，Kettle、Cookies、Lance，甚至 Late July，這兩個品牌都因供應鏈而受到一些壓力，分別上漲了 19% 和 27%。 Lance 增長了近 3 個份額點，7 月底增長了 4 個以上的份額點。所以這些企業現在我們已經有了火力支持。 Snack Factory 是熟食店投資組合中的另一種沉睡巨人，本季度增長 19% 並增長了 4 個份額。

I mean these are extraordinary numbers, and I'm hopeful that what it will begin to do is really solidify what we've been talking about, which is when we think about the world of snacking, we believe we've got an advantaged portfolio, and we're going to be an extremely formidable competitor as we go forward.

我的意思是，這些都是非凡的數字，我希望它開始做的是真正鞏固我們一直在談論的東西，也就是當我們思考零食世界時，我們相信我們擁有一個優勢組合，隨著我們前進，我們將成為一個極其強大的競爭對手。

Your next question comes from the line of Robert Moskow from Credit Suisse.

你的下一個問題來自瑞士信貸的 Robert Moskow。

I was hoping two things. Can you quantify how much foodservice helped the company in terms of the growth rate and also, specifically, the meals division? I used the Nielsen data here, and your results today are much better than the Nielsen data. So good news there. And then secondly, on Snacks, your slide that shows the market share gains versus year ago, last year, you had significant market share losses from supply chain issues. Can you give us -- can you quantify what your market share is in salty snacks, for example, on a 2-year basis? Are you still below where you were 2 years ago? And maybe talk about what the upside there is and how you can chase after it?

我希望有兩件事。您能否量化餐飲服務在增長率方面對公司的幫助，特別是餐飲部門？我這裡用的是尼爾森的數據，你們今天的結果比尼爾森的數據好很多。那裡有好消息。其次，在 Snacks 上，你的幻燈片顯示了市場份額與前一年相比的增長，去年，你的市場份額因供應鏈問題而損失慘重。你能給我們——你能量化你在鹹味零食中的市場份額嗎，例如，在 2 年的基礎上？你還低於兩年前的水平嗎？也許談談有什麼好處以及如何追逐它？

Yes. Great question, Rob. Let me take the first one first. So you're right, foodservice had another very strong quarter. It now represents about 10% of our Meals & Beverages business, and it was up 34%. So when you think about the 5-point delta of net sales being up 11% and consumption being up 6%, there's a good chunk -- actually, majority of that is coming from foodservice. Although I will say, also in that number, is some very strong performance from Canada.

是的。好問題，羅伯。讓我先拿第一個。所以你是對的，餐飲服務有另一個非常強勁的季度。它現在約占我們餐飲業務的 10%，增長了 34%。因此，當您考慮淨銷售額增長 11% 和消費增長 6% 的 5 點增量時，有很大一部分——實際上，其中大部分來自餐飲服務。儘管我會說，同樣在這個數字中，加拿大的表現也非常強勁。

Canada has been a business that in the world of supply chain was suffering a bit with foodservice as we were prioritizing different parts of the business. Now that we're back into full supply, you see a much healthier Canadian business. That team has done an extraordinary job navigating a difficult market, but really bringing back the brands and growing the business. In fact, Canada was up 16% in the quarter. And that's not insignificant either. That's probably just under -- between 7% or 8% of the Meals & Beverages business. So yet another contributor to that difference between 11% and 6%. So it is great.

加拿大一直是供應鏈領域的一個企業，因為我們優先考慮業務的不同部分，所以在餐飲服務方面受到了一些影響。現在我們已恢復全面供應，您會看到加拿大企業更加健康。該團隊在艱難的市場中取得了非凡的成就，但真正帶回了品牌並發展了業務。事實上，加拿大本季度增長了 16%。這也不是微不足道的。這可能略低於 - 餐飲業務的 7% 或 8%。因此，造成 11% 和 6% 之間差異的另一個因素。所以這很棒。

And look, those are trends, as we've said, we would expect to continue to be tailwinds probably or will not be at the magnitude that we've seen in the last couple of quarters, but continuing to be a positive influence.

看看，正如我們所說，這些是趨勢，我們預計可能會或不會達到我們在過去幾個季度看到的規模，但會繼續產生積極影響。

Here's an interesting little tidbit on soup as well. As you might imagine, a big part of our foodservice business is soup. And it's interesting as we start to look at the entire world of soup. But if you look at our underlying growth on soup in the second quarter, it would have added 2 points of growth to the total franchise of soup based on the performance of foodservice. So those are all good I think, supporting elements within our Meals & Beverage business. And like I said, I think those are things that will continue to help us as we move forward.

這裡還有一個關於湯的有趣小花絮。正如您想像的那樣，我們餐飲服務業務的很大一部分是湯。當我們開始審視整個湯的世界時，這很有趣。但如果你看看我們第二季度湯的潛在增長，根據餐飲服務的表現，湯的總特許經營權將增加 2 個百分點。所以我認為這些都很好，支持我們餐飲業務中的元素。就像我說的，我認為這些東西會在我們前進的過程中繼續幫助我們。

As far as the Snacks trends, what I would tell you, Rob, is it's a bit of a mixed bag, right? So there -- you're absolutely right. There were places where we were struggling a year ago on certain parts of the business and market share primarily as it related to supply chain. So certainly, Late July, Lance, there were a few other places, but we've come back at an equitable level of strength.

就零食趨勢而言，我想告訴你的是，Rob，它有點魚龍混雜，對吧？所以 - 你是絕對正確的。一年前，我們在某些業務和市場份額方面苦苦掙扎，主要是因為它與供應鏈有關。所以當然，七月下旬，蘭斯，還有其他一些地方，但我們已經回到了公平的實力水平。

I think what we'll do is I can give you the kind of blow by blow by brand, but we'll do that -- we can do that after the call. But I think the net of it is, if you take kind of where we are holistically from where we started the journey, we feel really good about the share gains -- cumulative share gains that we've had over time. So although, yes, we would expect strong rebound.

我想我們要做的是我可以逐個品牌地給你一個打擊，但我們會這樣做——我們可以在電話會議後這樣做。但我認為它的淨值是，如果你從我們開始旅程的地方全面了解我們所處的位置，我們對份額收益感覺非常好 - 我們隨著時間的推移獲得的累積份額收益。因此，雖然，是的，我們預計會出現強勁反彈。

But I will say in snacking, part of what you always worry about is it's such a dynamic aisle. And with DSD, if you're not there, someone else is. And so when you come back into the section, I think we all hold our breath a little bit to make sure that the consumers immediately come back. And the great news is on those 2 brands, in particular, they absolutely came back. And that just, again, I think, gives you a little confidence in it.

但我要說的是，在零食方面，你總是擔心的部分原因是它是如此動態的過道。有了 DSD，如果您不在，就會有其他人在。所以當你回到這個部分時，我想我們都會屏住呼吸，以確保消費者立即回來。好消息是關於這兩個品牌，特別是，他們絕對回來了。我認為，這再次讓你對它有了一點信心。

So I think the net of all of it is, yes, certainly, a tailwind on supply chain. But overall, trends on the business and the strength of what we're seeing from a marketing and innovation side are giving us more confidence of this being more sustainable over time. I mean I'm not telling you that we're going to see 15% growth into perpetuity. But I do think that ability to grow above the category, which is really what we aspire to do, I continue to feel more confident than ever that we can do that.

所以我認為所有這一切的網，是的，當然是供應鏈的順風。但總的來說，業務趨勢以及我們從營銷和創新方面看到的力量讓我們更有信心隨著時間的推移變得更加可持續。我的意思是我不是在告訴你我們將看到 15% 的永久增長。但我確實認為，超越類別的能力，這確實是我們渴望做的事情，我仍然比以往任何時候都更有信心，我們可以做到這一點。

Your next question comes from the line...

你的下一個問題來自......

Sorry. All right. I think we're out of time right now, really appreciate everyone's questions and participation on the call.

對不起。好的。我想我們現在沒時間了，非常感謝大家提出的問題和參與電話會議。

Thanks, everybody. We'll talk to many of you later. If you have questions, please follow up. But thank you.

謝謝大家。稍後我們將與你們中的許多人交談。如有疑問，請跟進。但是謝謝你。

This concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。