金寶湯 (CPB) 2023 Q3 法說會逐字稿

Greetings, ladies and gentlemen, and welcome to the Campbell Soup Company Third 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，歡迎參加金寶湯公司 2023 財年第三季度收益電話會議。 （操作員說明）謹此提醒，本次電話會議正在錄音。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 Third Quarter Fiscal 2023 Earnings Conference Call. I'm Rebecca Gardy, Chief Investor Relations Officer at Campbell. And joining me today are Mark Clouse, President and Chief Executive Officer; and Carrie Anderson, Chief Financial Officer.

早上好，歡迎參加金寶湯 2023 財年第三季度收益電話會議。我是麗貝卡·加迪 (Rebecca Gardy)，金寶湯首席投資者關係官。今天加入我的還有總裁兼首席執行官 Mark Clouse；凱莉·安德森（Carrie Anderson），首席財務官。

Today's remarks have been prerecorded and reflect an effort to better accommodate more time for Q&A. Once we conclude the prepared remarks, we will transition to a live webcast Q&A session. For us to give as many participants as possible the opportunity to ask questions, we ask that you limit yourself to 2 questions. 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的，旨在更好地安排更多的問答時間。一旦我們完成準備好的發言，我們將過渡到現場網絡直播問答環節。為了給盡可能多的參與者提供提問的機會，我們要求您將自己的問題限制在 2 個以內。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，並在 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.

在今天的電話會議上，我們將做出前瞻性聲明，反映我們當前的預期。這些陳述依賴於假設和估計，可能不准確且存在風險。請參閱我們演示文稿的幻燈片 3 或我們向 SEC 提交的文件，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。

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. On Slide 4, you'll see today's agenda. Mark will share his overall thoughts on our third quarter performance as well as in-market performance by division. Carrie will discuss the financial results of the quarter in more detail and review our guidance for the full year fiscal 2023.

由於我們使用非 GAAP 衡量標準，因此我們在本演示文稿的附錄中提供了每項衡量標準與最直接可比的 GAAP 衡量標準的調節表。在幻燈片 4 上，您將看到今天的議程。馬克將分享他對我們第三季度業績以及各部門市場表現的總體看法。 Carrie 將更詳細地討論本季度的財務業績，並審查我們對 2023 財年全年的指導。

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

至此，我很高興將電話轉給馬克。

Thanks, Rebecca. Good morning, everyone, and thank you for joining our third quarter fiscal 2023 earnings call. As you read in our press release this morning, we delivered our third quarter very much in line with our expectations with strong mid-single-digit net sales growth, led by favorable net price realization, partially mitigated by the comparison to year ago retailer inventory rebuild.

謝謝，麗貝卡。大家早上好，感謝您參加我們的 2023 財年第三季度財報電話會議。正如您今天早上在我們的新聞稿中所讀到的那樣，我們第三季度的業績非常符合我們的預期，在有利的淨價格實現的帶動下，淨銷售額實現了強勁的中個位數增長，但與去年同期零售商庫存的比較部分緩解了這一增長。重建。

We also experienced planned low single-digit declines in adjusted EBIT and adjusted EPS year-over-year, primarily due to higher nonoperating items. Overall, it was another quarter of consistent strong results, fueled by in-market performance, best-in-class service levels driven by our sustained supply chain recovery and favorable inflation-driven net price realization. All of these have and continue to be key areas of focus for our company.

我們的調整後息稅前利潤和調整後每股收益也按計劃出現了個位數的同比下降，這主要是由於非經營項目增加。總體而言，在市場表現、我們持續的供應鏈復甦推動的一流服務水平以及有利的通貨膨脹驅動的淨價格實現的推動下，又一個季度取得了持續強勁的業績。所有這些已經並將繼續成為我們公司關注的關鍵領域。

Our performance was led by another tremendous quarter in Snacks, where we continue to build broad-based momentum on both growth and share and made a meaningful step change on margins. In Meals & Beverages, our brands continue to benefit from the strong value and convenience they provide consumers. We did experience some expected volume mix pressure as we cycled prior year retailer inventory rebuild.

我們的業績得益於零食業務的又一個強勁季度表現，我們繼續在增長和份額方面建立廣泛的勢頭，並在利潤率方面做出了有意義的一步改變。在餐飲領域，我們的品牌繼續受益於為消費者提供的強大價值和便利。當我們循環上一年的零售商庫存重建時，我們確實經歷了一些預期的銷量組合壓力。

It's worth noting that we are fully back to pre-COVID service levels in the mid- to high 90s, which is currently best in class as we continue to turn our supply chain operations into a competitive advantage.

值得注意的是，我們已完全恢復到新冠疫情爆發前 90 年代中高級的服務水平，這是目前同類中最好的，因為我們繼續將供應鏈運營轉變為競爭優勢。

In addition, we don't expect further significant inventory-driven volatility as retailers have returned to targeted inventory levels, taking advantage of these improvements in our service levels.

此外，我們預計庫存驅動的波動不會進一步嚴重，因為零售商利用我們服務水平的這些改進已恢復到目標庫存水平。

As we look to close out another strong fiscal year, we are reaffirming our full year fiscal '23 financial guidance ranges for net sales and adjusted EBIT, and we are currently tracking to the upper end of our adjusted EPS outlook range. Our guidance appropriately considers the current environment, prior year comparisons, normalized investment levels and absorbs the divestiture of the Emerald nuts business, which was announced on May 30. Now I'll turn to a quick discussion of our divisional results, starting with Meals & Beverages.

當我們希望結束另一個強勁的財年時，我們重申了 23 財年淨銷售額和調整後息稅前利潤的全年財務指導範圍，並且我們目前正在追踪調整後每股收益展望範圍的上限。我們的指導適當地考慮了當前環境、上一年的比較、正常化的投資水平，並吸收了 5 月 30 日宣布的翡翠堅果業務的剝離。現在我將快速討論我們的部門業績，從餐飲和業務開始飲料。

Organic net sales decreased 1%, while in-market dollar consumption grew 2% with the variance primarily driven by the cycling of significant retailer inventory rebuild in Q3 fiscal 2022, which was more pronounced in the Meals & Beverages division.

有機淨銷售額下降 1%，而市場美元消費量增長 2%，差異主要是由 2022 財年第三季度零售商庫存重建週期造成的，這在餐飲部門更為明顯。

Our supply chain recovery has been best-in-class and our top-tier execution led to significantly improved customer service levels, up approximately 25 points in the third quarter versus prior year, enabling retailers to return to pre-pandemic inventory levels. Volume in the quarter was impacted by the same inventory dynamic as well as below historical norm price elasticities and some increased competitive activity as other supply also improved.

我們的供應鏈復甦是同類中最好的，我們的頂級執行力顯著提高了客戶服務水平，第三季度比去年同期提高了約 25 個百分點，使零售商能夠恢復到大流行前的庫存水平。本季度的銷量受到相同的庫存動態、低於歷史正常價格彈性以及隨著其他供應也有所改善而一些競爭活動增加的影響。

Once we cycle the tough prior year comparisons, we expect volume trends to improve sequentially. We have made considerable progress in creating sustainable momentum and relevance across the Meals & Beverages business over the last several years and remain confident in the continued growth potential of our iconic brands.

一旦我們對去年的艱難比較進行循環，我們預計銷量趨勢將連續改善。過去幾年，我們在整個餐飲業務中創造可持續發展勢頭和相關性方面取得了長足進步，並對我們標誌性品牌的持續增長潛力充滿信心。

Turning to our soup portfolio on Slide 8. Dollar consumption was essentially flat versus prior year, reflecting inflation-driven pricing, mitigated by below historical norm elasticities and some increasing share pressure. As competitors improve supply, we are seeing some increased promotional activity.

轉向幻燈片 8 上我們的湯投資組合。美元消費與去年基本持平，反映了通脹驅動的定價，但由於低於歷史正常水平的彈性和一些不斷增加的股票壓力而有所緩解。隨著競爭對手改善供應，我們看到促銷活動有所增加。

On a net sales basis, soup was down 11%, primarily reflecting the disproportionate impact of cycling the inventory recovery from a year ago, which accounts for the majority of this decline. Strategically, we continue to believe strongly in our ability to grow the soup business and are pleased with the progress we've made in leading the renewed relevance of the category over the last 4 years.

按淨銷售額計算，湯品下降了 11%，主要反映了一年前庫存恢復週期帶來的不成比例的影響，這是造成下降的主要原因。從戰略上講，我們仍然堅信我們發展湯類業務的能力，並對過去四年來我們在引領該類別的新相關性方面取得的進展感到高興。

For example, the improved relevance of condensed soup, especially cooking, where we have supported the growth of in-home meals. Importantly, this has attracted new younger consumers to Campbell's.

例如，濃縮湯的相關性提高，尤其是烹飪，我們支持了家庭用餐的增長。重要的是，這吸引了新的年輕消費者來到金寶湯。

In addition to cooking, our condensed eating icons, including chicken noodle and tomato, are also up significantly from pre-COVID levels, providing a strong foundation for our business. However, some flankers like healthy requests in our kids flavors, which have been key drivers of recent share softness, remain an area of opportunity.

除了烹飪之外，我們的濃縮飲食標誌，包括雞肉麵和番茄，也比疫情前的水平大幅上升，為我們的業務提供了堅實的基礎。然而，一些後繼者喜歡我們儿童口味的健康要求，這是近期股價疲軟的關鍵驅動因素，仍然是一個機會領域。

Next is the complete restage and growth of Chunky soup. This brand has been fundamentally transformed from a product purchase primarily on deep discount promotion to a great everyday value with a compelling position that focuses on protein and quick in-home lunches. This positioning has been particularly relevant with younger consumers, especially given the current economic climate and in contrast to higher-priced frozen food or away-from-home options.

接下來是Chunky soup的完整重演和成長。該品牌已從根本上從主要通過大幅折扣促銷購買產品，轉變為具有引人注目的地位、專注於蛋白質和快速家庭午餐的巨大日常價值。這種定位與年輕消費者尤其相關，特別是考慮到當前的經濟形勢，並且與價格較高的冷凍食品或外帶食品形成鮮明對比。

The impressive 4-year growth in dollar consumption, up 31% and share up 2 points has been fueled by great marketing, effective inflation-driven pricing and innovation like our spicy line. We did experience a step-up in some competitive pressure in Q3, but we're already seeing the return to share growth, up 1 point in the latest 4 weeks.

出色的營銷、有效的通貨膨脹驅動定價以及像我們的辣味產品線這樣的創新推動了美元消費在過去 4 年裡實現了令人印象深刻的增長，增長了 31%，份額增長了 2 個百分點。我們在第三季度確實經歷了一些競爭壓力的加劇，但我們已經看到份額增長的回歸，在最近 4 週內上升了 1 個百分點。

Finally, the performance of Pacific as a growth engine. This organic premium line has proven to be a fantastic acquisition, driving incremental consumers to our portfolio. Its results over the last 4 years have been impressive, up 56% in dollar consumption and 0.9 share points with offerings across broth and ready-to-serve soup, Pacific gives us a high-growth premium platform to keep expanding the category and our soup business.

最後，太平洋作為業績增長引擎。事實證明，這條有機優質產品線是一次出色的收購，推動了更多消費者購買我們的產品組合。過去 4 年的業績令人印象深刻，美元消費量增長了 56%，肉湯和即食湯產品的份額增加了 0.9 個百分點，Pacific 為我們提供了一個高增長的優質平台，以不斷擴大該類別和我們的湯品商業。

These 3 areas of strength, paired with a robust pipeline for the future, solidifies our confidence that soup will be a steady contributor as we cycle through some of the tough comparisons and return to a level playing field.

這三個領域的優勢，再加上未來強大的渠道，堅定了我們的信心，即當我們經歷一些艱難的比較並回到公平的競爭環境時，湯將成為穩定的貢獻者。

Turning to Slide 9. Our Snacks business delivered its third consecutive quarter of double-digit net sales growth, continuing the strong momentum of this business. Our 12% net sales growth was fueled by our 8 power brands, reflecting the benefit of net pricing and below historical norm elasticities, which resulted in a slight decline in volume and mix.

轉向幻燈片 9。我們的零食業務連續第三個季度實現兩位數的淨銷售額增長，延續了該業務的強勁勢頭。我們 12% 的淨銷售額增長是由 8 個強勢品牌推動的，反映了淨定價和低於歷史正常彈性的效益，導致銷量和產品組合略有下降。

In-market dollar consumption in our total snacks business grew 15% over the prior year and 32% compared to 4 years ago, also driven by our power brands. Although not as significant as in Meals & Beverages, we were also lapping some of the inventory recovery from a year ago.

在我們的強勢品牌的推動下，我們整個零食業務的市場美元消費量比上年增長了 15%，與 4 年前相比增長了 32%。儘管不如餐飲部門那麼重要，但我們也取得了一年前的部分庫存恢復。

In fact, with our significant supply chain recovery, our customer service levels are now averaging 95%. Drilling into our power brands on Slide 10, dollar consumption increased 18% with strong dollar and volume share growth, which was driven by impactful marketing and a steady drumbeat of innovation.

事實上，隨著我們供應鏈的顯著恢復，我們的客戶服務水平現在平均為 95%。深入研究幻燈片 10 上的強勢品牌，美元消費量增長了 18%，美元強勁，銷量份額增長，這是由有影響力的營銷和穩定的創新推動的。

On a 4-year basis, dollar consumption was up 40% with all 8 brands growing double digits in the quarter. For 6 of our 8 power brands, our dollar consumption growth is outpacing their respective categories, highlighting the outsized consumer demand for our unique and differentiated snacks portfolio that spans both cookie, cracker and salty categories. With increased service levels, contributions from new product and packaging innovations and planned investments, the share trajectory of our power brands shows a significant improvement over the prior year, systematically rising for each of the last 4 consecutive quarters.

以 4 年為基礎，美元消費增長了 40%，所有 8 個品牌在本季度都實現了兩位數增長。對於我們 8 個強勢品牌中的 6 個來說，我們的美元消費增長超過了各自類別，突顯了消費者對我們獨特且差異化的零食產品組合（涵蓋餅乾、薄脆餅乾和鹹味類別）的巨大需求。隨著服務水平的提高、新產品和包裝創新以及計劃投資的貢獻，我們的強勢品牌的份額軌跡比上一年有了顯著改善，在過去連續四個季度中每個季度都有系統地上升。

Our marketing efforts also continue to win as we focus on engaging consumers where and when we can have the greatest impact. Goldfish, which is on pace to approach $1 billion brand, is a great example being named teens most preferred snack brand for the fourth time in a row according to Piper Sandler's Spring 2023, taking stock with Teen survey.

我們的營銷努力也繼續取得勝利，因為我們專注於在能夠產生最大影響的時間和地點吸引消費者。金魚品牌的品牌價值有望接近 10 億美元，根據 Piper Sandler 的 2023 年春季青少年調查評估，金魚連續第四次被評為青少年最喜愛的零食品牌，就是一個很好的例子。

Building on the success of our Goldfish innovation model, with LTOs such as Frank's RedHot and Old Bay Goldfish, we are now driving increased innovation on other brands in our snacking portfolio, such as the Kettle brand. Our new Kettle-cook and air-finish potato chips have performed extremely well in market. We've also released 2 LTOs with strong results, taking a page out of the successful Goldfish playbook.

基於 Goldfish 創新模式的成功，以及 Frank's RedHot 和 Old Bay Goldfish 等 LTO，我們現在正在推動零食產品組合中其他品牌（例如 Kettle 品牌）的創新。我們的新鍋煮薯片和氣炸薯片在市場上表現非常出色。我們還借鑒了 Goldfish 的成功經驗，發布了 2 個取得了良好成果的 LTO。

We're adding innovation on brands like Late July that has also fully recovered now on supply. As we continue to build momentum across the portfolio, we'll step up investment behind this innovation and brand building, which will continue in the fourth quarter.

我們正在為七月末等品牌增加創新，這些品牌的供應現在也已完全恢復。隨著我們繼續在整個產品組合中建立動力，我們將加大對創新和品牌建設的投資，這將在第四季度繼續進行。

Our snacks business has grown steadily these past 2 years, and we're now starting to see progress on our profit and margin road map. Over the same period, we have seen operating earnings growth averaged 13%, and even with the strength of our top line, we've also seen margins expand.

我們的零食業務在過去兩年中穩步增長，現在我們開始看到我們的利潤和利潤路線圖取得了進展。同期，我們的營業利潤平均增長了 13%，即使我們的收入強勁，我們也看到了利潤率的擴大。

In fact, Q3 year-to-date, we are up 130 basis points versus 2 years ago and pacing to an absolute operating margin for the year of over 14%. We remain confident that we'll continue to show steady improvement in fiscal 2024 while also remaining on track for our longer-term snacks operating margin goal.

事實上，今年第三季度迄今，我們比兩年前增長了 130 個基點，全年絕對營業利潤率有望超過 14%。我們仍然有信心，我們將在 2024 財年繼續穩步改善，同時繼續實現我們的長期零食營業利潤率目標。

In summary, although Q3 was a tougher comparison to cycle from a year ago, our results were in line with our expectations. We remain right on track for the full year. And more importantly, we're showing fantastic progress in many critical strategic areas such as momentum in every facet of our snacks business, including margins, strong sustained execution across our supply chain and momentum and continued relevance of our Meals and Beverages business.

總而言之，儘管第三季度與一年前的周期相比更加艱難，但我們的結果符合我們的預期。全年我們仍保持正軌。更重要的是，我們在許多關鍵戰略領域都取得了驚人的進展，例如我們零食業務各個方面的勢頭，包括利潤率、整個供應鏈的強勁持續執行力以及我們的餐飲業務的勢頭和持續相關性。

Overall, we continue to be pleased with the consistency and performance of the business leading to another strong year for Campbell. With that, I'll turn it over to Carrie.

總體而言，我們仍然對業務的一致性和業績感到滿意，這為金寶湯帶來了又一個強勁的一年。這樣，我就把它交給嘉莉了。

Thanks, Mark, and good morning, everyone. I'll begin with an overview of our third quarter results, which came in as expected, reflecting the benefit of prior waves of pricing and ongoing supply chain momentum as well as the in-market environment and retailer inventory dynamics, which Mark discussed earlier.

謝謝，馬克，大家早上好。我將首先概述我們第三季度的業績，該業績符合預期，反映了之前的定價浪潮和持續的供應鏈動力以及市場環境和零售商庫存動態的好處，馬克之前討論過這一點。

Third quarter organic net sales increased 5% versus prior year, reflecting favorable inflation-driven net price realization, partially offset by volume and mix declines. Adjusted EBIT decreased 2%, primarily driven by higher adjusted other expenses related to lower pension and postretirement benefit income this year. Higher adjusted gross profit more than offset higher adjusted administrative expenses and higher marketing and selling expenses.

第三季度有機淨銷售額較去年同期增長 5%，反映出通貨膨脹驅動的淨價格實現良好，但部分被銷量和組合下降所抵消。調整後息稅前利潤下降 2%，主要是由於今年養老金和退休後福利收入減少導致調整後其他費用增加。較高的調整後毛利潤足以抵消較高的調整後管理費用以及較高的營銷和銷售費用。

Adjusted EBIT margin declined by 110 basis points versus prior year to 14%. Adjusted EPS decreased 3% to $0.68, driven by lower adjusted EBIT and a higher adjusted effective tax rate. The impact of lower pension and postretirement benefit income reduced adjusted EBIT margin by 50 basis points and EPS by $0.03 in the quarter.

調整後息稅前利潤率較上年下降 110 個基點至 14%。由於調整後息稅前利潤下降和調整後有效稅率上升，調整後每股收益下降 3%，至 0.68 美元。養老金和退休後福利收入下降的影響使本季度調整後的息稅前利潤率下降了 50 個基點，每股收益下降了 0.03 美元。

Turning to a year-to-date view, top line and adjusted EPS were both up double digits compared to the period last year, and adjusted EBIT was up 9%. The impact of lower pension and postretirement benefit income reduced year-to-date adjusted EBIT by $37 million and adjusted EPS by $0.09.

從今年迄今的情況來看，與去年同期相比，營收和調整後每股收益均增長了兩位數，調整後息稅前利潤增長了 9%。養老金和退休後福利收入減少的影響導致年初至今調整後息稅前利潤減少 3700 萬美元，調整後每股收益減少 0.09 美元。

Of note, our Q3 year-to-date adjusted EBIT margin was relatively stable at 15.4% when compared to 15.6% for the 9-month period last year. As reflected on Slide 17, third quarter dollar consumption growth in measured channels of 8% outpaced net sales growth of 5%, driven largely by the expected lapping of retailer inventory rebuild in the prior year period when our service levels were recovering. This was partially offset by net sales growth in nonmeasured channels, which we estimate contributed approximately 2 percentage points in the bridge between dollar consumption growth and organic net sales growth in this quarter.

值得注意的是，我們今年第三季度迄今調整後的息稅前利潤率相對穩定，為 15.4%，而去年 9 個月期間為 15.6%。正如幻燈片 17 所示，第三季度測得渠道的美元消費增長率為 8%，超過了 5% 的淨銷售額增長率，這主要是由於上年同期我們的服務水平正在恢復時零售商庫存重建的預期放緩。這部分被非衡量渠道的淨銷售增長所抵消，我們估計該增長在本季度美元消費增長和有機淨銷售增長之間的橋樑中貢獻了約 2 個百分點。

Slide 18 summarizes the drivers of our net sales growth of 5% in the third quarter. We generated 12 percentage points of growth from inflation-driven net price realization. Volume and mix declined 7 percentage points, reflecting both the cycling of retailer inventory rebuild in Q3 of fiscal '22 as well as lower volume consumption due to higher elasticities. Excluding the impact of the cycling of retailer inventory, the underlying volume and mix decline was approximately mid-single digits, consistent with the implied run rate we expect for the balance of fiscal '23.

幻燈片 18 總結了第三季度淨銷售額增長 5% 的驅動因素。我們通過通貨膨脹驅動的淨價格實現實現了 12 個百分點的增長。銷量和組合下降了 7 個百分點，反映了 22 財年第三季度零售商庫存重建的循環，以及由於彈性較高而導致的銷量下降。排除零售商庫存循環的影響，基本銷量和組合下降約為中個位數，與我們對 23 財年餘額的隱含運行率預期一致。

We expect volume trends to improve into fiscal '24 as we fully cycle pricing. Price elasticities remain below historical levels, illustrating the continued underlying strength of our brands. Our third quarter adjusted gross profit margin was generally as expected, declining 60 basis points to 30.9% this year from 31.5% last year, driven primarily by unfavorable volume and mix.

我們預計，隨著我們完全循環定價，24 財年銷量趨勢將有所改善。價格彈性仍低於歷史水平，表明我們品牌的持續潛在實力。我們第三季度調整後的毛利率總體符合預期，從去年的 31.5% 下降 60 個基點至今年的 30.9%，這主要是由於銷量和產品組合不利。

As shown on the bridge, favorable net price realization and productivity improvements more than offset cost inflation and other supply chain costs. Within other supply chain costs, we are lapping a onetime insurance benefit of 50 basis points in Q3 fiscal '22 related to a temporary disruption in our Meals & Beverages supply chain operations caused by Texas storm in 2021.

正如橋樑所示，有利的淨價格實現和生產率的提高足以抵消成本通脹和其他供應鏈成本。在其他供應鏈成本中，我們將在 22 財年第三季度享受 50 個基點的一次性保險福利，該福利與 2021 年德克薩斯州風暴造成的餐飲供應鏈運營暫時中斷有關。

The next page highlights the steps we have taken to mitigate core inflation, which was approximately 8% on a rate basis in the third quarter compared to 15% in the third quarter of fiscal '22. Our actions include targeted pricing and trade optimization. For the third quarter, net pricing was 12% and reflected the impact of pricing waves 3 and 4. As a reminder, wave 3 pricing went into effect at the start of July of 2022 and wave 4 pricing, which was more selective compared to other rounds, was in place at the beginning of the third quarter of fiscal '23.

下一頁重點介紹了我們為減輕核心通脹而採取的措施，第三季度的核心通脹率約為 8%，而 22 財年第三季度的核心通脹率為 15%。我們的行動包括有針對性的定價和貿易優化。第三季度，淨定價為 12%，反映了第 3 波和第 4 波定價的影響。提醒一下，第 3 波定價於 2022 年 7 月初生效，第 4 波定價與其他定價相比更具選擇性。輪，於 23 財年第三季度初到位。

We continue to deploy a range of other levers to mitigate inflation, including supply chain productivity improvements and broader margin-enhancing initiatives, including a focus on discretionary spending across the organization.

我們繼續部署一系列其他槓桿來緩解通貨膨脹，包括提高供應鏈生產力和更廣泛的利潤提高舉措，包括關注整個組織的可自由支配支出。

In terms of commodity exposure, all of our raw materials are essentially covered for the balance of the fiscal year and we continue to closely monitor the overall commodity markets. Moving on to other operating items. Marketing and selling expenses increased $6 million or 3% in the quarter on a year-over-year basis. This increase was driven by higher selling expenses, partially offset by increased benefits from cost savings initiatives.

就大宗商品敞口而言，我們所有的原材料基本上都涵蓋了本財年的剩餘時間，並且我們將繼續密切關注整體大宗商品市場。繼續進行其他操作項目。本季度營銷和銷售費用同比增加 600 萬美元，即 3%。這一增長是由較高的銷售費用推動的，但部分被成本節約舉措帶來的收益增加所抵消。

Overall, our marketing and selling expenses represented approximately 9% of net sales for the quarter, and we continue to expect marketing and selling expenses to be at the low end of our targeted range of 9% to 10% of net sales for the full fiscal year.

總體而言，我們的營銷和銷售費用約佔本季度淨銷售額的 9%，並且我們繼續預計營銷和銷售費用將處於我們整個財年淨銷售額 9% 至 10% 目標範圍的低端。年。

Within marketing and selling, advertising and consumer promotion, or A&C, was down 2% versus prior year, driven by a mix of investments to focus on prioritizing value-driven programs to match the current consumer landscape. Adjusted administrative expenses increased by $8 million or 5% to $154 million due to higher general administrative cost and inflation, higher incentive compensation and higher benefit-related costs, partially offset by lower expenses related to the settlement of certain legal claims.

在營銷和銷售領域，廣告和消費者促銷（A&C）比上年下降了 2%，這是由於專注於優先考慮價值驅動計劃以適應當前消費者格局的一系列投資的推動。調整後的管理費用增加了 800 萬美元或 5%，達到 1.54 億美元，原因是一般管理成本和通貨膨脹、激勵薪酬和福利相關成本增加，但部分被與解決某些法律索賠相關的費用減少所抵消。

As a percentage of net sales, adjusted administrative expenses were 6.9% in line with prior year. As shown on Slide 22, adjusted EBIT decreased 2%, more than explained by the $12 million increase in adjusted other expenses related to lower pension and postretirement benefit income this year. Higher adjusted gross profit more than offset the combination of higher adjusted administrative expenses and higher marketing and selling expenses.

調整後的管理費用占淨銷售額的百分比為 6.9%，與上年持平。如幻燈片 22 所示，調整後的息稅前利潤下降了 2%，其原因是與今年養老金和退休後福利收入下降相關的調整後其他費用增加了 1200 萬美元。較高的調整後毛利潤足以抵消較高的調整後管理費用以及較高的營銷和銷售費用的總和。

Overall, our adjusted EBIT margin decreased 110 basis points to 14% in the quarter, primarily driven by a lower adjusted gross profit margin and the expected 50 basis point impact of lower pension and postretirement benefit income year-over-year.

總體而言，本季度調整後息稅前利潤率下降 110 個基點至 14%，主要是由於調整後毛利率下降以及養老金和退休後福利收入同比下降 50 個基點的預期影響。

The impact of higher marketing and selling expenses and higher adjusted administrative and R&D expenses was fairly neutral on margin in the quarter as net sales growth was higher than expense growth.

由於淨銷售增長高於費用增長，營銷和銷售費用增加以及調整後的管理和研發費用增加對本季度利潤率的影響相當中性。

Turning to Slide 23. Adjusted EPS of $0.68 was down 3% or $0.02 per share compared to the prior year. This was driven by the lower pension and postretirement benefit income we just discussed, which was a $0.03 impact to adjusted EPS, along with a slightly higher adjusted effective tax rate in the quarter.

轉向幻燈片 23。調整後每股收益為 0.68 美元，與上一年相比下降了 3%，即每股 0.02 美元。這是由於我們剛才討論的養老金和退休後福利收入較低，這對調整後每股收益產生了 0.03 美元的影響，而且本季度調整後有效稅率略有上升。

Turning to the segments. In Meals & Beverages, third quarter reported net sales decreased 2%. Organic net sales decreased 1%, primarily due to inventory in elasticity-driven volume and mix declines, partially offset by gains in foodservice and net price realization. Third quarter operating earnings for Meals & Beverages decreased 17% due to lower gross profit, with nearly 30% of the decline due to lapping the insurance settlement in the prior year.

轉向細分市場。在餐飲領域，第三季度淨銷售額下降 2%。有機淨銷售額下降 1%，主要是由於彈性驅動的庫存數量和組合下降，部分被食品服務和淨價格實現的增長所抵消。由於毛利潤下降，餐飲業務第三季度營業利潤下降了 17%，其中近 30% 的下降是由於上一年的保險理賠所致。

Third quarter operating margin in the segment decreased to 16.4%, driven by lower gross profit margin, which was due in part to an unfavorable mix shift between foodservice and retail and the 100 basis point impact of lapping the insurance settlement. Favorable net price realization and supply chain productivity improvements largely offset cost inflation and other supply chain costs.

該部門第三季度營業利潤率下降至 16.4%，原因是毛利率下降，部分原因是餐飲服務和零售之間的不利組合轉變以及保險結算的 100 個基點影響。有利的淨價實現和供應鏈生產率的提高在很大程度上抵消了成本通脹和其他供應鏈成本。

On a third quarter year-to-date basis, segment operating margin stayed relatively stable at 19.2% compared to 19.4% in the comparable year ago period. For Snacks, third quarter net sales, both reported and organic, increased 12%, driven by sales of Power Brands, which were up 16%, and reflected favorable net price realization, which was partially offset by modest declines in volume and mix. This is the third consecutive quarter of double-digit net sales growth for our Snacks business.

截至今年第三季度，分部營業利潤率相對穩定，為 19.2%，而去年同期為 19.4%。對於零食，在 Power Brands 銷售額增長 16% 的推動下，第三季度淨銷售額（報告銷售額和有機銷售額）增長了 12%，反映出良好的淨價格實現，但部分被銷量和產品組合的小幅下降所抵消。這是我們的零食業務連續第三個季度實現兩位數的淨銷售額增長。

Segment operating earnings in the quarter increased 41%, primarily due to higher gross profit, partially offset by slightly higher marketing and selling expenses. Gross profit margin increased due to favorable net price realization and supply chain productivity improvements more than offsetting cost inflation and other supply chain costs.

該季度的部門營業利潤增長了 41%，主要是由於毛利潤增加，但營銷和銷售費用略有增加部分抵消了這一影響。由於有利的淨價實現和供應鏈生產力的提高，毛利率的增加超過了成本通脹和其他供應鏈成本的抵消。

Overall, within our Snacks division, third quarter operating margin increased year-over-year by 330 basis points to 16%. On a third quarter year-to-date basis, operating margin increased 150 basis points to 14.5% versus 13% in the comparable year ago period.

總體而言，我們的零食部門第三季度營業利潤率同比增長 330 個基點，達到 16%。截至今年第三季度，營業利潤率增長 150 個基點，達到 14.5%，而去年同期為 13%。

This year-to-date margin is more indicative of the Snack margin we expect for the full year as we continue to invest in the momentum of the business. I'll now turn to our cash flow and liquidity.

今年迄今為止的利潤率更能反映我們對全年零食利潤率的預期，因為我們將繼續投資於業務勢頭。我現在談談我們的現金流和流動性。

Our cash generation remains strong with cash flow from operations of $918 million through the end of the third quarter. In line with our commitment to return value to shareholders, year-to-date, we have returned over $475 million through dividends and share repurchases. Cash flow from operations was lower than the prior year, primarily due to changes in working capital, partially offset by higher cash earnings.

我們的現金生成能力依然強勁，截至第三季度末運營現金流為 9.18 億美元。根據我們向股東回報價值的承諾，今年迄今為止，我們已通過股息和股票回購回報了超過 4.75 億美元。運營現金流量低於上年，主要是由於營運資本的變化，但部分被現金收益增加所抵消。

Our year-to-date cash outflows from investing activities were reflective of capital expenditures of $257 million, up from $179 million in the previous year. Our year-to-date cash outflows from financing activities were $535 million, including $336 million of dividends paid and $141 million of share repurchases.

我們年初至今的投資活動現金流出反映了 2.57 億美元的資本支出，高於上一年的 1.79 億美元。年初至今，我們的融資活動現金流出為 5.35 億美元，其中包括 3.36 億美元的股息支付和 1.41 億美元的股票回購。

At the end of the quarter, we had approximately $301 million remaining under the current $500 million strategic share repurchase program and approximately $104 million remaining under our $250 million anti-dilutive share repurchase program. We ended the quarter with cash and cash equivalents of $223 million.

截至本季度末，我們當前 5 億美元的戰略股票回購計劃剩餘約 3.01 億美元，2.5 億美元的反稀釋股票回購計劃剩餘約 1.04 億美元。本季度結束時，我們的現金和現金等價物為 2.23 億美元。

Turning to Slide 27. We are reaffirming our net sales, adjusted EBIT and adjusted EPS outlook provided on our second quarter earnings call. Given our year-to-date performance, we are tracking to the upper end of our full year fiscal 2023 adjusted EPS guidance. And given the momentum of our core brands, we anticipate that the recent divestiture of the Emerald nuts business, which closed on May 30, will not have a material impact on our fiscal year adjusted 2023 results.

轉向幻燈片 27。我們重申第二季度財報電話會議上提供的淨銷售額、調整後息稅前利潤和調整後每股收益前景。鑑於我們今年迄今的業績，我們正在追踪 2023 財年調整後每股收益指引的上限。鑑於我們核心品牌的發展勢頭，我們預計最近於 5 月 30 日完成的翡翠堅果業務剝離不會對我們調整後的 2023 財年業績產生重大影響。

And accordingly, our full year guidance is inclusive of the lost sales and profits of that business for the remaining 2 months of the fiscal year. Our reaffirmed adjusted EBIT and adjusted EPS guidance reflects planned fourth quarter investments in sales and marketing, especially in our Snacks business as we drive continued momentum and value for consumers into these important summer months.

因此，我們的全年指導包括該業務在本財年剩餘 2 個月的銷售額和利潤損失。我們重申的調整後息稅前利潤和調整後每股收益指引反映了計劃的第四季度銷售和營銷投資，特別是我們的零食業務，因為我們在這些重要的夏季月份為消費者帶來了持續的動力和價值。

Additionally, we are now expecting full year capital expenditures of $360 million for fiscal '23, up from our previous guidance of $325 million as we look to accelerate key manufacturing capacity investments in our Snacks business. Our full year guidance for all other items remain unchanged, including the full year pretax pension and post-retirement benefit income, which is expected to be lower by approximately $45 million or $0.12 per share compared to the prior year. This represents approximately 3.5% of adjusted EBIT growth and approximately 4% of adjusted EPS growth.

此外，我們目前預計 23 財年全年資本支出為 3.6 億美元，高於之前的 3.25 億美元指導，因為我們希望加快零食業務的關鍵製造能力投資。我們對所有其他項目的全年指導保持不變，包括全年稅前養老金和退休後福利收入，預計比上一年減少約 4500 萬美元或每股 0.12 美元。這約佔調整後息稅前利潤增長的 3.5% 和調整後每股收益增長的約 4%。

To wrap up our third quarter tracked to our expectations driven by strong price realization and operational execution, including in our supply chain. While we did see volume and mix decline in the quarter, it was largely a function of year-over-year comparisons, which masked base volume trends. We are meeting consumer needs for value, quality and convenience while managing private label and competitive activity, particularly in our Meals & Beverage business, while our Snacks business continues to demonstrate accelerated growth and steady year-to-date margin progression.

在強勁的價格實現和運營執行（包括我們的供應鏈）的推動下，我們的第三季度達到了我們的預期。雖然我們確實看到本季度的銷量和組合有所下降，但這很大程度上是同比比較的結果，這掩蓋了基本銷量趨勢。我們正在滿足消費者對價值、質量和便利的需求，同時管理自有品牌和競爭活動，特別是在我們的餐飲業務中，而我們的零食業務繼續呈現加速增長和年初至今穩定的利潤增長。

Our capital allocation priorities are well defined and consistent, and we look forward to deploying our strong cash flow against the highest ROI opportunities. And with that, let me turn the call over to the operator to begin Q&A.

我們的資本配置優先級明確且一致，我們期待針對最高投資回報率機會部署強大的現金流。接下來，讓我將電話轉給接線員以開始問答。

(Operator Instructions) And 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安德魯·拉扎爾（Andrew Lazar）。

Mark, you mentioned that results were in line with your expectations. But we've seen some sizable upsides to results on both organic sales growth and gross margin for really a bunch of packaged food peers recently. And maybe it's not fair to compare, and some, I suppose, could be timing related. But I'm curious how we should think about that as it relates to Campbell's results this quarter.

馬克，你提到結果符合你的預期。但我們最近看到許多包裝食品同行的有機銷售增長和毛利率都出現了相當大的增長。也許比較不公平，我想有些可能與時間有關。但我很好奇我們應該如何考慮這一點，因為它與坎貝爾本季度的業績有關。

And then maybe more important, as the group starts to approach a more normal operating environment, do you see Campbell as being able to manage through this sort of transition period in, let's say, a relatively even keeled way? Or should we expect some volatility as the benefit from pricing starts to wane and sort of volume needs to ultimately sort of pick up the slack? So just sort of a 2-part question.

然後也許更重要的是，隨著團隊開始接近更正常的運營環境，您認為坎貝爾是否能夠以相對平穩的方式度過這種過渡期？或者，隨著定價帶來的好處開始減弱，並且最終需要某種數量來彌補這一不足，我們是否應該預期會出現一些波動？這只是一個由兩部分組成的問題。

Sure, sure. Yes, thanks, Andrew. I think it's always when we're cycling a quarter like we had in the third quarter last year, where we had such a dramatic step-up in our supply chain that enabled us to catch up what had been essentially 2 years of kind of hand-to-mouth service levels and kind of hovering in the 70s and low 80s for quite a while.

一定一定。是的，謝謝，安德魯。我認為，總是當我們像去年第三季度那樣循環一個季度時，我們的供應鏈有瞭如此巨大的提升，使我們能夠趕上基本上兩年的時間- 口口相傳的服務水平在相當長一段時間內徘徊在 70 年代和 80 年代低水平。

It's always a little tough to help people see through all those variables as we set up what that lap will look like. But maybe if I can try to distill down why I do not think Q3 of this year optically is necessarily an indicator or harbinger of things to come. There are a few pieces that I think are quite unique.

當我們設置那一圈的樣子時，幫助人們了解所有這些變量總是有點困難。但也許我可以嘗試提煉出為什麼我認為今年第三季度不一定是未來事情的指標或預兆。有幾件我認為非常獨特的作品。

So if you look at the top line, we delivered 5% net sales growth with about a 7% negative on vol/mix. We know that when we cycle the inventory replenishment from a year ago, it was worth about 5 points, right, which is going to impact dramatically or directly net sales, but also significantly on the vol/mix side.

因此，如果你看一下營收，就會發現我們實現了 5% 的淨銷售額增長，但銷量/組合的負增長約為 7%。我們知道，當我們從一年前開始循環補充庫存時，它的價值約為 5 個點，對吧，這將極大地或直接影響淨銷售額，但也會對銷量/混合方面產生重大影響。

And so if you kind of back that out, and although look, I don't know where other players are in their returns to inventory levels with retail or how supply chains have recovered. But I would make the case that our supply chain for perhaps a lot of good reasons that we needed to do it recovered at a faster pace than many. And in fact, if you look at our service levels right now in the marketplace, they would absolutely be best-in-class.

因此，如果你反駁這一點，儘管看看，我不知道其他參與者的零售庫存水平回報如何，也不知道供應鏈如何恢復。但我想說的是，我們的供應鏈也許有很多充分的理由，我們需要以比許多人更快的速度恢復。事實上，如果您看看我們現在在市場上的服務水平，它們絕對是一流的。

We're essentially fully back to pre-COVID levels of service. And so arguably, our supply chain probably gave us a benefit a little bit faster than it might have in some other places. But nonetheless, if you kind of put that into context with the 5% growth rate for the quarter, especially given that you've got the underpinning consumption in market of 8%, you're feeling much better about what I would tell you is kind of the underlying, let's call it, run rate.

我們基本上完全恢復到了新冠疫情之前的服務水平。因此可以說，我們的供應鏈可能比其他地方更快地給我們帶來好處。但儘管如此，如果你將這一點與本季度 5% 的增長率聯繫起來，特別是考慮到你的市場基礎消費增長率為 8%，你就會對我要告訴你的內容感覺好多了一種底層的，我們稱之為運行率。

Although we do expect pricing to begin to come down and volumes to improve, that's important to kind of look at it through that lens. What may not have been as immediately clear is when as you kind of ripple down into the margin.

儘管我們確實預計價格會開始下降，銷量會增加，但從這個角度來看待它很重要。可能不太清楚的是，當你有點波及到邊緣時。

So we were off about 60 bps on gross margin and about 110 bps on EBIT margin. But there's 3 really important factors that you have to build into that. First, it is as frustrating as it is for me to share this each quarter, there was about 60 bps of the pension income headwind that we've had all year, and we'll expect that to continue into Q4. There was also about 50 bps of the insurance settlement related to the storm. And perhaps the less obvious one, and if you really see this on the Meals & Beverage business, is the impact of the mix dynamic of that inventory cycling.

因此，我們的毛利率下降了約 60 個基點，息稅前利潤率下降了約 110 個基點。但您必須考慮 3 個非常重要的因素。首先，儘管我每個季度分享這一點都令人沮喪，但我們全年都遇到了約 60 個基點的養老金收入逆風，我們預計這種情況將持續到第四季度。與風暴相關的保險結算也有大約 50 個基點。也許不太明顯的一個，如果你真的在餐飲業務中看到這一點，那就是庫存循環的混合動態的影響。

And so a lot of the benefit a year ago was in soup. So what you see, especially in Meals & Beverage, is a lower soup number, better away from home number and the mix impact of that was well over 100 basis points.

因此，一年前的很多好處都來自於湯。因此，您會看到，尤其是在餐飲方面，湯品數量較低，離家數量更好，其混合影響遠遠超過 100 個基點。

So when you kind of put those pieces together relative to where the EBIT margin and EBIT came in, you see a pretty different picture. And in fact, when we say it's in line with our expectations, that was how we were planning it. And if you think about why we're also saying, hey, we're kind of right on track for guidance for the year, those elements were contemplated as we laid out the year.

因此，當你將這些部分與息稅前利潤率和息稅前利潤放在一起時，你會看到一幅截然不同的圖景。事實上，當我們說這符合我們的預期時，這就是我們的計劃。如果你想一想為什麼我們還說，嘿，我們今年的指導方針是正確的，這些元素是我們在製定今年的計劃時考慮到的。

Now we're always going to want to make sure as we look into a Q4 that we've got the room to invest. And it is true that as others are recovering in supply competition, I expect to continue to be stepping up a bit, but nothing that I see that's dysfunctional or out of line with historical levels. So we're going to keep ourselves in a position to be able to invest.

現在，當我們研究第四季度時，我們總是希望確保我們有投資空間。確實，隨著其他國家在供應競爭中復蘇，我預計會繼續加快步伐，但我沒有看到任何功能失調或與歷史水平脫節的情況。因此，我們將保持自己能夠投資的位置。

But really from my standpoint, when you peel that back and you look at what's going on underlying in the business, and this is a little bit of a lead into your second part, I feel great about where we are. I mean there's no question the Snack business is really just on fire. I mean it's hitting on all cylinders. We're seeing the broad-based growth, significant share improvement, strong and improving vol/mix and for the first time, really starting to see the traction on margin as we're now above 14, about 150 basis points up for the year, which is kind of a runway. This quarter might be a little better than what we'll see next quarter.

但實際上從我的角度來看，當你把它剝離出來並看看業務中正在發生什麼時，這對你的第二部分有一點引導，我對我們所處的位置感覺很好。我的意思是，毫無疑問，零食行業真的很火爆。我的意思是它正在全力以赴。我們看到了基礎廣泛的增長、份額的顯著改善、強勁且不斷改善的交易量/組合，並且第一次真正開始看到利潤率的牽引力，因為我們現在已經超過 14，今年上漲了約 150 個基點，這是一種跑道。本季度的情況可能會比我們下季度看到的要好一些。

But in essence, we're going to be delivering, I think, a really meaningful step forward for the business in the year. And so as I look forward, again, notwithstanding a full outlook or guidance for '24, I feel very good. It is going to be a different dynamic as price does come down and volume improves. But I see very strong potential to continue to make progress across all fronts. And that's including margins and profit and being able to sustain growth.

但本質上，我認為，我們將在今年為業務邁出真正有意義的一步。因此，當我再次展望未來時，儘管對 24 年有全面的展望或指導，但我感覺非常好。隨著價格確實下降和銷量增加，這將是一個不同的動態。但我看到了在各個方面繼續取得進展的巨大潛力。這包括利潤率和利潤以及維持增長的能力。

So I think although this quarter, we have to unpack a few of those variables. At the end, very much in line with what we expected. And I do not think this is a bellwether necessarily for us or the industry for that matter as far as the way the world will unfold over the quarters ahead.

因此，我認為儘管在本季度，我們仍必須解開其中一些變量。最後，非常符合我們的預期。我認為，就未來幾個季度世界將如何發展而言，這不一定是我們或整個行業的風向標。

And 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肯·戈德曼。

I wanted to ask about what you're seeing in the marketplace for soup. And you touched on some of this, but it looks like unit share losses for Campbell are decelerating in condensed, but maybe it's requiring a little bit of a heavier price investment. And then RTS, your primary competitor, is investing a little more in price. So I don't want to overstate what's in scanner. You're clearly getting a benefit from nonmeasured channels. But one of the questions that we're getting is, hey, is there a risk that soup is starting another race to the bottom, right? It's been a long time since we've seen that kind of dynamic in this category. It's been much more rational than it used to be. But those of us who are a little longer in the tooth kind of remember when those price competitions for lack of a better phrase, were not really uncommon. So just curious on your thoughts about direction the category is heading.

我想問一下你在市場上看到的湯有什麼。您談到了其中的一些內容，但看起來坎貝爾的單位份額損失正在放緩，但也許需要更大的價格投資。然後，你的主要競爭對手 RTS 在價格上投入了更多。所以我不想誇大掃描儀中的內容。您顯然從非衡量渠道中受益。但我們遇到的一個問題是，嘿，湯是否有可能開始另一場逐底競爭的風險，對嗎？我們已經很久沒有在這個類別中看到這種動態了。現在比以前理性多了。但我們這些年紀稍長的人還記得，那些因缺乏更好的措辭而進行價格競爭的情況並不少見。所以只是好奇你對這個類別的發展方向的想法。

Yes. No, it's a good question because it is -- we tend to talk about soup and the macro. And there are, as you begin to point out, a variety of different variables underneath it.

是的。不，這是一個很好的問題，因為我們傾向於談論湯和宏觀。正如您開始指出的那樣，其背後存在各種不同的變量。

I would tell you that we do not see that dynamic that you're describing. I do think the fights are kind of by different segments. So if you think about what we've set up previously, for us, as we look about long-term health and sustainability of soup, we're really focused in 3 big areas.

我想告訴你，我們沒有看到你所描述的那種動態。我確實認為這些爭鬥是由不同的部分組成的。因此，如果您考慮一下我們之前為我們所做的設置，當我們考慮湯的長期健康和可持續性時，我們實際上專注於三大領域。

The first is the relevance question around condensed, which arguably, over the longer horizon, has perhaps been the biggest question that certainly I've gotten over the years here is are we able to continue to drive that relevancy that we saw picking up through COVID and really, for the last 4 years, soup has been growing at a CAGR of about 4% a year. I don't remember any time that in history, we may have seen it. A lot of factors why. But nonetheless, a pretty steady performance. Can we sustain it?

第一個是圍繞壓縮的相關性問題，從長遠來看，這可能是我多年來在這裡遇到的最大問題，即我們是否能夠繼續推動我們在新冠疫情中看到的相關性事實上，在過去 4 年裡，湯類的年復合增長率約為 4%。我不記得歷史上我們曾見過這樣的事。原因很多。但儘管如此，表現還是相當穩定的。我們能維持下去嗎？

And I think that as condensed, we look at it, there are 2 areas that we're really dialed in on. The first is making sure that, that core set of icons continues to be a solid foundation. And I get asked a lot, are you better off versus pre-COVID? How does it look? Those icons have grown 5 share points in condensed. And that's a good thing for us because those are really where we have strong competitive differentiation, chicken noodle, tomato, cream of mushroom, cream of chicken, very, very compelling and strong.

我認為，概括起來，我們看看，有兩個領域是我們真正關注的。首先是確保核心圖標集仍然是堅實的基礎。很多人問我，與新冠疫情爆發前相比，你的情況是否更好？看起來怎麼樣？這些圖標濃縮後增加了 5 個分享點。這對我們來說是一件好事，因為這些確實是我們具有強大競爭優勢的地方，雞肉麵條、番茄、奶油蘑菇、奶油雞肉，非常非常引人注目和強大。

I think the most exciting part of condensed, which was the other big strategic focus, was to drive the versatility of the category and see it more relevant with cooking. And if you look at the last quarter, we were up 0.6 of a share point on condensed even in a world where we were seeing some pressure overall from private label. But within the cooking area, we continue to grow. And that's a great signal for the future. In particular, a lot of that growth is coming from younger households where I think there was a lot of questions on can you attract people into the condensed business that are millennials, and I think, the answer is a clear yes.

我認為，Condensed 最令人興奮的部分是另一個重要的戰略重點，那就是推動該類別的多功能性，並使其與烹飪更加相關。如果你看看上個季度，即使在我們看到來自自有品牌的整體壓力的情況下，我們的濃縮股價也上漲了 0.6 個百分點。但在烹飪領域，我們繼續成長。這對未來來說是一個很好的信號。特別是，大部分增長來自年輕家庭，我認為有很多問題是你能否吸引人們進入千禧一代的濃縮業務，我認為答案是肯定的。

In fact, if you go back pre-COVID to now, we're up about 3 share points in cooking as we've continued to see a little bit of distortion based on our focus and the versatility of that segment. Now what that does imply is that some of our more higher-priced flankers, we're going to have to get a little bit sharper at that value proposition and make sure not on price, but on benefit.

事實上，如果你回到新冠疫情之前到現在，我們在烹飪方面的份額上升了大約 3 個點，因為我們繼續看到基於我們的重點和該細分市場的多功能性的一些扭曲。現在這確實意味著，我們的一些價格更高的側翼產品，我們將必須在價值主張上變得更加敏銳，並確保不是價格，而是效益。

So I do not see this as a race to the bottom at all. Although we do experience some pressure on private label, we're being very thoughtful about the longer-term strategic game in condensed. So I think this is a different day, Ken. And I get it, and I know that people are going to want to really probe on that to understand it. But I really do see it in a very different space than it was in the past.

所以我根本不認為這是一場逐底競爭。儘管我們確實在自有品牌方面遇到了一些壓力，但我們對長期戰略遊戲的凝結非常深思熟慮。所以我認為這是不同的一天，肯。我明白了，我知道人們會想要真正探究這一點以理解它。但我確實在一個與過去非常不同的空間中看到了它。

On ready to serve, you're right. I think some people have come back into supply, and we're seeing a little bit more competition, but nothing dysfunctional. And in fact, the game there is really chunky, which has just been an unbelievable transformation, as I said in my comments, repositioning it from this kind of low-cost value on promotion item to something that's delivering value, protein and convenience has really proven to be successful, especially when you pair it with some of the innovation.

準備發球時，你是對的。我認為有些人已經恢復供應，我們看到競爭有所增加，但沒有出現功能障礙。事實上，那裡的遊戲真的很厚重，這是一個令人難以置信的轉變，正如我在評論中所說，將其從這種低成本的促銷項目重新定位為提供價值、蛋白質和便利性的東西確實事實證明是成功的，尤其是當你將它與一些創新結合起來時。

Although we saw a little bit of share pressure in the quarter, overall, in the last 4 weeks, we're up a share point again. And if you go back in time, we've grown this business 2 points since COVID. And I just feel great about where it's at and where it's headed.

儘管我們在本季度看到了一點股價壓力，但總體而言，在過去 4 週內，我們的股價再次上升了一個點。如果你回顧過去，自新冠疫情以來，我們的業務增長了 2 個百分點。我對它的現狀和發展方向感覺很好。

I think perhaps a little bit of the sleeper in the ready-to-serve category has been our Pacific business. Interestingly enough in this world of concern of trading down, our Pacific brand was the fastest-growing ready-to-serve brand in the quarter. That's faster than some other jarred premium soups that are out there, really kind of debunking this whole myth of whether cans or jars with good food people are going to buy it, especially if it's a great value.

我認為，也許我們的太平洋業務在即食食品類別中處於休眠狀態。有趣的是，在這個關注降價促銷的世界中，我們的太平洋品牌是本季度增長最快的即食品牌。這比其他一些罐裝優質湯要快，這確實打破了人們是否會購買罐裝或罐裝優質食品的神話，尤其是如果它物有所值的話。

And I think Pacific has done extremely well in setting that combination with Chunky. And perhaps something you don't see in the numbers is that some of our value elements within ready-to-serve like Homestyle, which is a little bit lower priced, but high quality was up 10% and growing share in the quarter. So you may see us distort a little bit more between not just Chunky, but adding Homestyle and Pacific to the ready-to-serve story. So as I look forward, I think we're really well positioned to benefit from this kind of resurgence in the category overall.

我認為 Pacific 在與 Chunky 的組合上做得非常好。也許您在數字中看不到的是我們即食食品中的一些價值元素，例如 Homestyle，其價格稍低一些，但高質量增長了 10%，並且本季度所佔份額不斷增長。因此，您可能會看到我們不僅在 Chunky 之間做了更多的扭曲，還在即食故事中添加了 Homestyle 和 Pacific。因此，展望未來，我認為我們確實處於有利地位，可以從整個類別的這種複蘇中受益。

And I feel like that, in contrast to some of the places where we're feeling pressure, is a great sign for things to come, even though in some of these flanker or more premium spaces within the categories, we've got to keep working there.

我覺得，與我們感到壓力的一些地方相比，這是未來事情的一個很好的跡象，儘管在一些側翼或更高級的空間中，我們必須保持在那里工作。

I don't want to see any share loss. But generally speaking, we're right in line with where we expected to be. And I talked about Pacific. The third area, of course, is Pacific, more broadly to include broth. But that's just been a great acquisition for us. It's been up almost 60% since the beginning of COVID.

我不想看到任何股份損失。但總的來說，我們的情況符合我們的預期。我談到了太平洋。第三個區域當然是太平洋，更廣泛地包括肉湯。但這對我們來說是一次偉大的收購。自新冠疫情爆發以來，該數字已上漲近 60%。

And as I said, it's been growing share rapidly, especially in ready-to-serve, where we launched the new line of canned products. So probably a little bit longer on soup, but I know that's a big question. I'm just not at all convinced that there's a return to history. I really think this is a different day, different portfolio and certainly a different level of commitment.

正如我所說，它的份額正在迅速增長，特別是在即食領域，我們推出了新的罐裝產品系列。所以湯的時間可能會長一點，但我知道這是一個大問題。我只是完全不相信歷史會回歸。我真的認為這是不同的一天，不同的投資組合，當然還有不同程度的承諾。

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

您的下一個問題來自美銀美林的 Peter Galbo。

Mark, I know we spent a lot of time on soup. Maybe just to put a little bit finer point on maybe the marketing side. You talked a bit about ramping the marketing spend, I think, on Snacks in the fourth quarter. But just as we get into next year, as part of that strategy to get sharper value positions, again, maybe not wanting to get competitive on price. But is it more marketing in soup as you get into soup season in fiscal '24? Just kind of help us understand the lever to pull to eventually kind of drive the volume.

馬克，我知道我們在湯上花了很多時間。也許只是為了在營銷方面提出一些更具體的觀點。我想，您談到了第四季度加大零食營銷支出的情況。但正如我們進入明年一樣，作為獲得更清晰價值定位的戰略的一部分，也許不想在價格上具有競爭力。但是，隨著 24 財年進入湯品季節，湯品營銷是否會更多？只是幫助我們了解最終推動成交量的槓桿。

Yes. Well, I think, as we said, been pretty consistent through the year. As we start to cycle a little bit of this kind of return to supply, let's call it a little more of a level or equalized playing field. I think it's going to be, again, this balancing act or combination of ensuring that we've got the right price points, promotion frequency, but also the equity has really been at the end of the day, what's driven a significant amount of the benefit on the business, right?

是的。嗯，我認為，正如我們所說，這一年的表現相當穩定。當我們開始循環一點這種供應回報時，我們可以將其稱為更公平或平等的競爭環境。我認為這將是，再次，這種平衡行為或組合，確保我們有正確的價格點、促銷頻率，但歸根結底，是什麼推動了相當大的份額對企業有好處，對嗎？

So the idea that we've been able to position cooking and condensed as a quick great value tool for solving this dilemma, whether it's in the economic backdrop we're in right now or just the dilemma of what I'm eating for dinner, that is -- that work will continue into next year.

因此，我們已經能夠將烹飪和濃縮作為解決這一困境的快速、有價值的工具，無論是在我們現在所處的經濟背景下，還是只是我晚餐吃什麼的困境，也就是說，這項工作將持續到明年。

And again, you pair that with Chunky, some great innovation there, the runway for Pacific. As I said, I do think you might see us, Peter, dial up a little bit of some of our flankers. One of the things that's interesting more broadly in Meals & Beverages, some of the businesses that are not insignificant, but perhaps we don't talk as much about, like spaghettios or Swanson Chicken or Homestyle ready-to-serve. These are all really well positioned.

再一次，你將它與 Chunky 配對，那裡有一些偉大的創新，太平洋的跑道。正如我所說，我確實認為你可能會看到我們，彼得，對我們的一些側翼進行一些調動。餐飲中更廣泛有趣的事情之一是，有些業務並不無關緊要，但也許我們談論得不多，例如意大利麵條或斯旺森雞或即食家庭式。這些都定位得非常好。

In fact, in the third quarter, all 3 of the businesses I just named were up 10% and growing share. And so we've got quite a few tools in the bag, if you will, that can complement our core businesses. The goal in mind here is not to chase price down, right? That's not what we need to do. I think the good news for us is these 4 years have given us an opportunity to really strengthen the brand and equity.

事實上，在第三季度，我剛才提到的所有 3 家企業都增長了 10%，並且份額不斷增長。因此，如果您願意的話，我們已經準備了很多工具，可以補充我們的核心業務。這裡的目標不是追低價格，對嗎？那不是我們需要做的。我認為對我們來說好消息是這四年給了我們真正加強品牌和資產的機會。

And so our goal here is going to be a balanced attack, right? We've got to get pricing right and promotion right, but we also want to really drive it on the basis of differentiation. And I -- as I said, I think, although we can always point to, well, why was -- it's been 4 years, but there's always a reason why it's better or good. At the end of the day, our soup category growing at the rate that it's grown consistently over the 4 years gives us a lot of conviction and confidence in the future.

所以我們的目標是平衡攻擊，對吧？我們必須制定正確的定價和正確的促銷，但我們也希望在差異化的基礎上真正推動它。我——正如我所說，我想，雖然我們總是可以指出，嗯，為什麼——已經過去了 4 年，但總有一個理由讓它變得更好或更好。歸根結底，我們的湯類產品以過去四年來持續增長的速度增長，這讓我們對未來充滿了信心和信心。

Got it. And then, Carrie, maybe just a real quick one. In the gross margin bridge, I think this quarter, the spread kind of between the core market inflation rate, whatever you want to call it, and kind of what came through the P&L was a bit wider than last quarter. And I think that's just hedging. But wondering if you can unpack that quickly and just when we might start to see that gap start to shrink between the 2 kind of numbers that you reported?

知道了。然後，嘉莉，也許只是一個非常快的。在毛利率橋樑中，我認為本季度核心市場通脹率（無論你怎麼稱呼它）與損益表之間的差距比上季度要寬一些。我認為這只是對沖。但想知道您是否可以快速解開這個問題，以及我們什麼時候可以開始看到您報告的兩種數字之間的差距開始縮小？

Yes. I think overall, let's start with the fact that core inflation came in at 8% in the quarter, which is trending in the right direction. Last quarter, it was 14%. So definitely, we're still in an inflationary environment, but it's going in the right direction.

是的。我認為總體而言，讓我們從本季度核心通脹率為 8% 的事實開始，這是朝著正確的方向發展的。上季度為 14%。所以可以肯定的是，我們仍然處於通貨膨脹環境中，但它正在朝著正確的方向發展。

And certainly, price was still a healthy contributor for us in the quarter as well. And so when you look at that bridge on a dollar basis, if you look at net price realization and inflation and other, we covered are essentially our inflation coming through the bridge there. And then you combine that with the productivity improvements, I think we're doing a really nice job of showing that core improvement in the business.

當然，價格在本季度仍然是我們的一個健康貢獻者。因此，當您以美元為基礎查看這座橋樑時，如果您查看淨價格實現和通貨膨脹等，我們所覆蓋的實質上是通過那裡的橋樑的通貨膨脹。然後你將其與生產力的提高結合起來，我認為我們在展示業務的核心改進方面做得非常好。

But going back to what Mark said earlier, what you've got there is a little bit of unpack on the fact that you've got some unfavorable volume and mix with some of this inventory cycling impact that you talked about as well as the 50 bps of favorability we had last year in this insurance storm settlement that we didn't have this year. So those are the 2 items that I think make the bridge a little bit more challenging. But the core inflation is going in the right direction. We've got some still healthy price there that is offsetting those items.

但回到馬克之前所說的，你所得到的事實是，你有一些不利的數量，並與你談到的一些庫存循環影響以及 50 混合在一起。去年我們在這場保險風暴和解中獲得的好感度是今年所沒有的。所以我認為這兩個項目使橋樑更具挑戰性。但核心通脹正在朝著正確的方向發展。我們那裡有一些仍然健康的價格，可以抵消這些項目。

And remember, too, Peter, you had about 50 bps there that was the insurance that we were cycling that shows up in that bucket as well.

還要記住，彼得，你那裡有大約 50 個基點，這是我們騎行的保險，也出現在那個桶中。

And your next question comes from the line of Michael Lavery from Piper Sandler.

你的下一個問題來自 Piper Sandler 的 Michael Lavery。

You had mentioned that A&C was down a couple of percentage points in the quarter. And just to attribute that [to some version] of I'm trying to be mindful of the value consumer and just can you unpack some of those adjustments and how you think about it? And what the shifts look like? And if at a point in time where you're mindful of consumer switching, you would actually maybe spending down a little bit? That was a little bit of a surprise.

您曾提到 A&C 在本季度下降了幾個百分點。只是為了將其歸因於我正在努力關注價值消費者的某些版本，您能否解開其中一些調整以及您如何看待它？轉變是什麼樣的？如果在某個時間點你注意到消費者的轉變，你實際上可能會減少一點開支？這有點令人驚訝。

Yes. I think a little bit of -- so if you look at marketing and selling overall, we were up. It was a little bit of a relatively very small number in the reduction.

是的。我認為有一點——所以如果你看看整體營銷和銷售，我們就上升了。減少的數字相對較小。

What I would say is most of our investment, we're trying to get this balance right between what we would call traditional A&C and then in-market marketing and support. One of the things that we did, and that difference, by the way, was primarily in our Meals & Beverage business.

我想說的是我們的大部分投資，我們正在努力在我們所謂的傳統 A&C 與市場營銷和支持之間取得正確的平衡。順便說一句，我們所做的事情之一，以及這種差異主要在於我們的餐飲業務。

And one of the tactics that is working extremely well for us right now, it's going to sound a little bit like a throwback to days gone by, but the whole meal solution platform in store is a really effective tool where we're helping people through the lens of value, how do you put together a simple meal for a low price.

目前對我們來說非常有效的策略之一，聽起來有點像回到過去，但商店中的整個膳食解決方案平台是一個非常有效的工具，我們正在幫助人們渡過難關。價值的鏡頭，如何以低廉的價格準備一頓簡單的飯菜。

I think what we're seeing with consumers is this ever-growing desire to really stretch their dollar as you would expect. And so trying to gear our marketing, especially on categories like soup or Prego, where we could even pace for that matter, which had a really good quarter, up double digits and upward share. These are very effective in that context.

我認為我們在消費者身上看到的是，他們越來越渴望真正像你所期望的那樣充分利用自己的錢。因此，我們試圖調整我們的營銷，特別是在湯或 Prego 等類別上，我們甚至可以在這方面進行調整，該類別的季度業績非常好，增長了兩位數，份額也有所上升。這些在這種情況下非常有效。

So it's a little bit of the mix of the spending that might make the A&C a little bit more stable. I do think as we go into Q4, you're going to see us continuing to invest. Remember, we've talked about this before that the goal in mind for marketing and selling is to get to kind of that 9% to 10% range for the company.

因此，混合支出可能會使 A&C 更加穩定。我確實認為，當我們進入第四季度時，你會看到我們繼續投資。請記住，我們之前已經討論過這一點，營銷和銷售的目標是讓公司達到 9% 到 10% 的範圍。

In this quarter, we were at about 8.7%, so just under 9%. If you go back to the first quarter, we were just under 8%. So we have been creeping that up. I think in Q4, we're going to try to do better. I'd like to see us getting pretty close to 10% in Q4, really with the thought in mind of fueling the momentum on Snacks and continuing to provide that good underpinning value equity message on our Meals & Beverage business.

本季度，我們的增長率約為 8.7%，略低於 9%。如果你回到第一季度，我們的增長率略低於 8%。所以我們一直在慢慢加強這一點。我認為在第四季度，我們將努力做得更好。我希望看到我們在第四季度的增長率接近 10%，真正考慮到要推動零食業務的發展勢頭，並繼續為我們的餐飲業務提供良好的價值支撐信息。

And so although it shows a little bit on A&C down, it really wasn't a big number. And where we did focus a little bit more than where we would have been a year ago was more in store.

因此，雖然 A&C 略有下降，但實際上並不是一個大數字。與一年前相比，我們確實更加關注的地方，也有更多的準備。

Okay. That's helpful. And just shifting gears a little bit, going back to the Investor Day about 1.5 years ago. Can you just update us on the $1 billion sauces plan? And maybe specifically, it looks like 15-ish or so percent of that target was meant to come from premium brand extensions and M&A, a little bit of your kind of white space opportunities. Any progress there or anything we should be thinking about in terms of if those plans might have changed? Or what's the latest?

好的。這很有幫助。稍微改變一下節奏，回到大約 1.5 年前的投資者日。您能給我們介紹一下 10 億美元醬汁計劃的最新情況嗎？也許具體來說，該目標的 15% 左右似乎是來自優質品牌延伸和併購，這是一種空白機會。是否有任何進展，或者我們應該考慮這些計劃是否可能發生變化？或者最新的是什麼？

No. I think that we still see sauces as a great kind of second punch, if you will, in the Meals & Beverage business, right? When you think about what the consumer dynamic is right now and where the muscle really is in center of store of the grocery, we feel this area around cooking and quick meals is really the sweet spot that we want to be in, where we think there's truly momentum, high consumer relevance and an opportunity to win.

不。我認為，如果你願意的話，我認為在餐飲行業中，我們仍然將醬汁視為一種很好的第二擊，對嗎？當你想到現在的消費者動態是什麼以及雜貨店商店中心的真正位置時，我們覺得烹飪和快餐周圍的這個區域確實是我們想要進入的最佳位置，我們認為那裡有真正的動力、高度的消費者相關性和獲勝的機會。

I love the brands we have. And I think that between Prego and Pace, we've got a great mainstream foundation that gives us a lot of runway. But it is fair to say that there's also a lot of growth that's happening in the more premium segments of some of these spaces.

我喜歡我們擁有的品牌。我認為在 Prego 和 Pace 之間，我們擁有一個偉大的主流基礎，為我們提供了很多跑道。但可以公平地說，其中一些領域的更高端細分市場也出現了很大的增長。

And so I think in some combination of the brands that we already have in the portfolio while continuing to think about M&A, our balance sheet is in a great position. I mean nothing on the swing for the fence there, I'd say, a more tuck-in and strategically aligned M&A makes sense for us in our endeavor to continue to drive.

因此，我認為，在繼續考慮併購的同時，通過對我們投資組合中已有品牌的某種組合，我們的資產負債表處於有利地位。我的意思是，我想說的是，在我們繼續努力的過程中，更加深入和戰略一致的併購對我們來說是有意義的。

So I think our vision has not changed at all, and I feel like we're in a great spot. I mean remember, we've got brands like Pacific and brands like Late July even on our Snacks business that we think also could play a contributing role. So I think it's very consistent to what we said in Investor Day. We really see that sauces area is a great complement to a rejuvenated and sustainable soup business.

所以我認為我們的願景根本沒有改變，我覺得我們處於一個很好的位置。我的意思是記住，我們有像 Pacific 這樣的品牌和像 Late July 這樣的品牌，甚至在我們的零食業務上我們認為也可以發揮貢獻作用。所以我認為這與我們在投資者日所說的非常一致。我們確實看到醬汁領域是對複興和可持續的湯品業務的一個很好的補充。

Your next question comes from the line of David Palmer from Evercore ISI.

您的下一個問題來自 Evercore ISI 的 David Palmer。

First, a question on Snacks. That segment margin already at 16% this quarter was a strong step up. I wonder how you're thinking about that. Is that sustainable? You just mentioned that A&C, that step down was more on the Meals & Beverage side. So I'm wondering if you're sort of ahead of that journey on segment margin.

首先是關於零食的問題。本季度該部門利潤率已經達到 16%，這是一個強勁的進步。我想知道你是怎麼想的。這是可持續的嗎？您剛才提到了 A&C，這一下降更多是在餐飲方面。所以我想知道你們在細分市場利潤方面是否領先於這一旅程。

Yes. I would say for the Snacks margin, it was great to see this quarter. And it continues to kind of support what I would describe as the overall thesis of the Snyder's-Lance acquisition, where we imagined a world where we could take some really, really unique and differentiated brands, infuse our marketing and innovation muscle from Pepperidge Farm and drive those results.

是的。我想說，就零食利潤率而言，看到這個季度真是太好了。它繼續支持我所描述的斯奈德-蘭斯收購的總體論點，我們想像一個世界，我們可以採用一些真正、真正獨特和差異化的品牌，注入我們來自 Pepperidge Farm 的營銷和創新力量，推動這些結果。

And in fact, if you look at those Snyder's-Lance brands from kind of 4 years ago pre-COVID to now, Kettle and Cape are up 4 share points late as of 3. Snack Factory, right, which is in the deli, our pretzel crisps business is up 5. Goldfish even on the Pepperidge side, up 1. And Lance sandwich crackers are up 6 points of share.

事實上，如果你看看 4 年前新冠疫情爆發前到現在的 Snyder's-Lance 品牌，Kettle 和 Cape 的股價截至 3 月底上漲了 4 個百分點。 Snack Factory（右），位於我們的熟食店裡。椒鹽捲餅薯片業務增長了 5 個百分點。Pepperidge 方面的 Goldfish 增長了 1 個百分點。Lance 三明治餅乾的份額增長了 6 個百分點。

So an evidence of the thesis of what we can do with these brands, I really feel like we're demonstrating now exactly what that proposition was. I think in fairness, what we've been waiting to see a little bit is the translation of all of the synergy that we've driven from the acquisition and the benefit of scale for Snyder's-Lance as the ability to step up our margins.

因此，作為我們可以用這些品牌做什麼的論點的證據，我真的覺得我們現在正在準確地展示這個主張是什麼。公平地說，我認為，我們一直在等待看到的是我們從收購中帶來的所有協同效應的轉化以及斯奈德蘭斯的規模效益，即提高我們利潤的能力。

And so I think when you look at us year-to-date, where we're up about 150 basis points, that's probably a better indicator of how we're expecting the year to finish. And if you think about us being a little bit stuck at 13 the last couple of years, although I'll just point out that, that was also in a period where there was a lot of external pressure at the same time.

因此，我認為，當你看看今年迄今為止的情況時，我們上漲了約 150 個基點，這可能是我們對今年結束情況的更好指標。如果你認為過去幾年我們有點陷入了13歲的困境，儘管我只是指出這一點，但那也是一個同時面臨很大外部壓力的時期。

But to see us up over 14 on track for that for this year, I think is a great step forward. And again, I think as we look forward, we see that trajectory continuing and feel like in many ways, we're going to hit a run here where we're really able to live into that vision that we talked about at Investor Day and at the point of acquisition.

但看到今年我們在這一目標上領先 14 名以上，我認為這是向前邁出的一大步。再說一次，我認為，當我們展望未來時，我們看到這種軌跡仍在繼續，並且在很多方面感覺我們將在這裡開始奔跑，我們真正能夠實現我們在投資者日討論的願景，在收購時。

So I think a lot to believe in right now in Snacks and feeling quite good about the evidence, if you will, that we're putting on the board relative to what we believe was possible.

因此，我認為現在對零食有很多信心，並且對證據感到非常滿意，如果你願意的話，我們將相對於我們認為可能的事情放在董事會上。

That's helpful. And you mentioned in your prepared remarks about supply chain trying to make that a competitive advantage. I know you've had some change in leadership there. Could you just talk about sort of what that journey has been like, what that ultimately will mean for results heading into fiscal '24?

這很有幫助。您在準備好的評論中提到了供應鏈試圖使其成為競爭優勢。我知道你們那裡的領導層發生了一些變化。您能談談這段旅程是什麼樣的嗎？這最終對 24 財年的業績意味著什麼？

Yes. It's a great question. In fairness, and I think we've been pretty open about this. If I turn back the clock 2 years, I would argue that probably our supply chain was probably average, if I was kind of being a bit optimistic in that view.

是的。這是一個很好的問題。公平地說，我認為我們對此持開放態度。如果我把時間倒回兩年，我會認為我們的供應鏈可能很平均，如果我對此觀點有點樂觀的話。

I think the good news about that starting point was it did not give us the luxury of waiting through COVID in this kind of volatile environment to really attack the supply chain and making improvements. And so we did that -- had to do that really during that period.

我認為這個起點的好消息是，它並沒有讓我們在這種不穩定的環境中等待新冠疫情爆發後真正攻擊供應鏈並做出改進。所以我們就這麼做了——在那段時期確實必須這樣做。

And I think what we found is that now several years later, where it may have been a challenge or even a liability, it's now really emerged as a strength.

我認為我們發現幾年後的今天，它可能是一種挑戰，甚至是一種負擔，但現在它確實成為了一種優勢。

Our service levels are operating at pre-COVID levels. And that is pretty unique in this environment right now and puts us really in a best-in-class position. And as you know all too well that when that supply chain is running efficiently, there's also additional opportunity as you think about driving productivity going forward.

我們的服務水平處於新冠疫情爆發前的水平。這在目前的環境中非常獨特，使我們真正處於一流的位置。正如您所知道的那樣，當供應鏈高效運行時，當您考慮提高未來的生產力時，還會有額外的機會。

So as we imagine the world in the future, we really do see supply chain as an opportunity to be a contributor and a proof point to why we think we can keep the momentum going. I would also just say that as you think about that in the world of Snacks in particular, I do see us as one of the unique businesses that has a truly credible self-help story on margin where we still have opportunity, I think, to create organically opportunity and outsized growth on the margin and earnings side to help fuel that momentum as we come out of this period and into the next chapter.

因此，當我們想像未來的世界時，我們確實將供應鏈視為成為貢獻者的機會，並證明了為什麼我們認為我們可以保持這種勢頭。我還想說，當你想到這一點時，特別是在零食領域，我確實認為我們是獨特的企業之一，在利潤方面擁有真正可信的自助故事，我認為我們仍然有機會在利潤和收益方面創造有機機會和超額增長，以幫助推動我們走出這一時期並進入下一章時的勢頭。

Perhaps one of the reasons, to Andrew's first question today, why I feel very good about our ability to navigate through this environment and why I think in many ways, albeit a lot to work through in the quarter, that the underlying elements that are in our business right now give us great conviction and confidence that we feel that we're advantaged and positioned well going into this next chapter.

對於安德魯今天提出的第一個問題，也許原因之一是，為什麼我對我們在這種環境中駕馭的能力感到非常滿意，以及為什麼我從很多方面認為，儘管本季度還有很多工作要做，但我們現在的業務給了我們很大的信心和信心，我們認為我們在進入下一個篇章時具有優勢和定位。

And your final question comes from the line of Pamela Kaufman from Morgan Stanley.

你的最後一個問題來自摩根士丹利的帕梅拉·考夫曼。

Mark, I just wanted to take a step back and see how you would characterize the current consumer and operating backdrop. How are you thinking about elasticities going forward? Do you think that we're at a point where we're likely to see accelerating trade down? And then from a retailer perspective, do you anticipate more [leading into price and] private label?

馬克，我只是想退後一步，看看您如何描述當前的消費者和運營背景。您如何看待未來的彈性？您認為我們現在可能會看到貿易加速下滑嗎？然後從零售商的角度來看，您是否預計會出現更多[導致價格和]自有品牌的情況？

So I think first on the overall consumer perspective, I think the consumer has continued and proven to be -- I think the word of the day is probably resilient. But I do find that as time goes on, there is no question that consumers are beginning to feel that pressure. Whether it's through the lens of what categories they're buying, what we're seeing relative to share of the grocery store and migration to things like shelf-stable away from more expensive perimeter items, when they're buying, we've seen a migration to a greater amount of purchase at the beginning of the month, as you can imagine, people trying to stretch paychecks as long as they can.

因此，我認為首先從整體消費者的角度來看，我認為消費者一直在持續並被證明是——我認為當今這個詞可能是有彈性的。但我確實發現，隨著時間的推移，毫無疑問消費者開始感受到這種壓力。無論是通過他們購買的類別、我們所看到的相對於雜貨店的份額以及從更昂貴的周邊商品轉向貨架穩定之類的東西的角度，當他們購買時，我們都看到了正如你可以想像的那樣，人們會在月初進行更多的購買，試圖盡可能延長工資。

But I also think that, that in itself creates really the opportunity to both, as I said, focus on value within our messaging without necessarily having to chase pricing all the way down. No question that it's important that we protect affordability and that we make that relevant in the categories that we're in.

但我也認為，正如我所說，這本身確實創造了機會，讓我們能夠專注於我們的信息傳遞中的價值，而不必一路追低價格。毫無疑問，保護負擔能力並使其與我們所屬的類別相關是很重要的。

But I also think there's a lot of ways to frame value in different ways, right? We gave the example earlier of the comparison of a meal cooked with condensed soup versus something that you may be buying in the frozen section or something that you're ordering from away from home or even within our portfolio, focusing on different brands that may not always be the primary focus but that can be highly relevant in the moment we're in as it relates to value.

但我也認為有很多方法可以以不同的方式構建價值，對嗎？我們之前舉了一個例子，比較了用濃縮湯烹製的飯菜與您可能在冷凍區購買的東西或您從外地甚至在我們的產品組合中訂購的東西，重點關注可能不包括的不同品牌始終是主要關注點，但這在我們所處的時刻可能是高度相關的，因為它與價值相關。

And then I think a lot of what will determine success of the operating environment or customer relationships, a lot of this is going to be about who's bringing real solutions to customers that are helping address what the consumers need. And so how we execute our marketing plans, how we're bringing innovation, how we're thinking about the timing and sequence of our promotions, all of those things will, I think, play very much into the environment we're in.

然後我認為很多因素將決定運營環境或客戶關係的成功，其中很多因素將取決於誰為客戶帶來真正的解決方案，幫助滿足消費者的需求。因此，我們如何執行營銷計劃，如何帶來創新，如何考慮促銷的時間和順序，我認為所有這些都將對我們所處的環境產生很大影響。

And that's why also, I think, feeling like that the supply chain being in a strong position is going to be very, very important as I do think we're heading into a period where those that are able to execute well and outperform, if you will, competition, whether that be private label or other competitors, is going to be a real hallmark of those that are winning in the market that we're in.

這就是為什麼，我認為，感覺供應鏈處於強勢地位將非常非常重要，因為我確實認為我們正在進入一個時期，那些能夠良好執行並表現出色的時期，如果你會的，競爭，無論是自有品牌還是其他競爭對手，都將成為那些在我們所處的市場中獲勝的人的真正標誌。

Ladies and gentlemen, this concludes today's conference call. We thank you for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。我們感謝您的參與。您現在可以斷開連接。