金寶湯 (CPB) 2024 Q1 法說會逐字稿

Greetings, ladies and gentlemen, and welcome to the Campbell Soup Company First Quarter Fiscal 2024 Earnings Conference Call. (Operator Instructions) As a reminder, this conference call is being recorded.

女士們、先生們，大家好，歡迎參加金寶湯公司 2024 財年第一季財報電話會議。 （操作員說明）謹此提醒，本次電話會議正在錄音。

It's now my pleasure to introduce your host, Rebecca Gardy, Chief Investor Relations Officer. Please go ahead.

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 First Quarter Fiscal 2024 Earnings Conference Call. I'm Rebecca Gardy, Chief Investor Relations Officer at Campbell.

早安，歡迎參加金寶湯 2024 財年第一季財報電話會議。我是麗貝卡‧加迪 (Rebecca Gardy)，金寶湯首席投資者關係長。

Joining me today are Mark Clouse, Chief Executive Officer; and Carrie Anderson, Chief Financial Officer. Today's remarks have been pre-recorded. 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.

今天加入我的是執行長馬克‧克勞斯 (Mark Clouse)；凱莉·安德森（Carrie Anderson），財務長。今天的發言已預先錄製。一旦我們完成準備好的發言，我們將過渡到現場網路直播問答環節。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路廣播，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 the 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 our presentation.

在今天的電話會議上，我們將做出前瞻性聲明，反映我們目前的預期。這些陳述依賴假設和估計，可能不準確且有風險。請參閱我們簡報的投影片 3 或我們向 SEC 提交的文件，以了解可能導致我們的實際結果與前瞻性聲明中的預期產生重大差異的因素清單。由於我們使用非 GAAP 衡量標準，因此我們在簡報的附錄中提供了每項衡量標準與最直接可比較的 GAAP 衡量標準的調整表。

Slide 4 outlines today's agenda. Mark will provide insights into our first quarter performance as well as in-market performance by division. Carrie will then discuss the financial results of the quarter in more detail and outline our guidance for the full fiscal year 2024, which we reaffirmed this morning.

第 4 投影片概述了今天的議程。馬克將提供有關我們第一季業績以及按部門劃分的市場業績的見解。隨後，Carrie 將更詳細地討論本季的財務業績，並概述我們今天上午重申的 2024 年整個財年的指引。

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 first quarter fiscal 2024 earnings call. From Campbell's management team, we hope you enjoyed a happy Thanksgiving with family, friends and of course, some green bean casserole and Pepperidge Farm stuffing.

謝謝，麗貝卡。大家早安，感謝您參加我們的 2024 財年第一季財報電話會議。金寶湯的管理團隊希望您與家人、朋友一起度過一個快樂的感恩節，當然還有一些綠豆砂鍋菜和胡椒農場餡料。

As you saw in our press release this morning, we reported first quarter results with top line coming in consistent with our expectations. And adjusted EBIT and adjusted EPS coming in slightly ahead as we lapped one of our strongest quarters with 15% growth across all 3 key metrics in the prior year.

正如您在今天早上的新聞稿中看到的，我們報告了第一季業績，其營收與我們的預期一致。調整後的息稅前利潤和調整後的每股收益略有領先，因為我們經歷了最強勁的季度之一，上一年的所有 3 個關鍵指標均增長了 15%。

I am pleased with these results as we continue to negate and evolving and challenging consumer environment. We also made material progress advancing the key initiatives of our focused strategic plan and continue to build confidence in the next stage of Campbell's growth. I am encouraged by the consistency of our outstanding execution, including strong sustained performance across our supply chain, numerous successful innovations and marketing programs and more recently, improving share trends. We achieved all this while maintaining our margin and earnings expectations.

我對這些結果感到滿意，因為我們繼續否定、不斷發展和充滿挑戰的消費者環境。我們也在推動重點策略計畫的關鍵舉措方面取得了實質進展，並繼續為金寶湯下一階段的發展建立信心。我對我們出色的執行力的一致性感到鼓舞，包括整個供應鏈的強勁持續績效、眾多成功的創新和行銷計劃以及最近不斷改善的份額趨勢。我們實現了這一切，同時維持了我們的利潤率和獲利預期。

Going forward, we anticipate these areas of focus to fuel sequential improvement over the course of the year, generating momentum in terms of revenue, volumes, market share and profit margins, particularly as we head into the second half of fiscal '24.

展望未來，我們預計這些重點領域將推動今年的連續改善，在收入、銷售、市場份額和利潤率方面產生動力，特別是在我們進入 24 財年下半年之際。

As a result, we remain confident and are affirming our full year guidance. We believe this building momentum paired with the pending acquisition of Sovos Brands will set the stage for accelerated growth and solidify Campbell's position as one of the most dependable names in food.

因此，我們仍然充滿信心並確認我們的全年指導。我們相信，這一勢頭加上即將收購的 Sovos Brands 將為加速成長奠定基礎，並鞏固金寶湯作為食品領域最可靠品牌之一的地位。

Turning to Slide 7. As expected, organic net sales decreased by 1% to $2.5 billion, following a 15% increase in the prior year resulting in growth of approximately 7% on a 2-year compound annual growth rate basis. Adjusted EBIT and adjusted EPS declined 9% and 11% respectively, following a 15% increase in both key measures the prior year. Our dollar consumption was down 2%, but grew 8% versus 2 years ago.

轉向幻燈片 7。正如預期的那樣，有機淨銷售額下降 1%，至 25 億美元，上一年增長 15%，導致 2 年複合年增長率增長約 7%。調整後息稅前利潤和調整後每股盈餘分別下降 9% 和 11%，而前一年這兩項關鍵指標均成長 15%。與兩年前相比，我們的美元消費量下降了 2%，但增加了 8%。

In line with expectations, we communicated during our fourth quarter earnings call, the consumer landscape remains challenging. However, we have many opportunities within our portfolio to meet the shifting macro consumer trends and have optimized our strategies and plans concentrating on 3 key areas.

我們在第四季財報電話會議上表示，與預期一致，消費者環境仍充滿挑戰。然而，我們的投資組合中有很多機會來滿足不斷變化的宏觀消費趨勢，並優化了我們的策略和計劃，重點是三個關鍵領域。

First, we're dedicated to ensuring the affordability of our products and maintaining competitive price gaps within our margin goals. This is particularly important, especially as consumers seek to maximize the value of their spending, stretching their budgets to cover the cost of family meals every day and during the important holiday season.

首先，我們致力於確保我們產品的可負擔性，並在我們的利潤目標範圍內保持有競爭力的價格差距。這一點尤其重要，尤其是當消費者尋求最大化其支出價值、擴大預算來支付家庭每天和重要節日期間的膳食費用時。

Second, we are committed to sustaining our marketing and innovation plans. This is critical not only to reinforce the value and differentiation of our products but also to continue to build the long-term equity of our brands on which we've made significant progress in recent years.

其次，我們致力於維持我們的行銷和創新計劃。這不僅對於增強我們產品的價值和差異化至關重要，而且對於繼續建立我們近年來取得重大進展的品牌的長期資產也至關重要。

Finally, our approach to spending remains disciplined and balanced focused on high ROI and impactful programs. We are driving productivity and making appropriate trade-offs to fuel this investment. While we protect our margin and earnings objectives, where support has been added, we believe it's both sustainable and profitable.

最後，我們的支出方式仍然嚴格且平衡，並專注於高投資回報率和有影響力的項目。我們正在提高生產力並做出適當的權衡來推動這項投資。雖然我們保護我們的利潤和盈利目標，但在增加支持的情況下，我們相信它既可持續又有利可圖。

We intend to maintain this focused approach throughout fiscal '24, and we are confident that we will build momentum, as the year progresses and continue to deliver our financial commitments. We remain confident in this forecasted improvement in trends throughout the year for a number of reasons. It's important to recall that our growth rates in the first half of fiscal '23 averaged in the mid-teens and subsequently tapered down to mid-single-digit growth in the second half.

我們打算在整個 24 財年保持這種重點突出的方法，我們有信心隨著這一年的進展，我們將積累動力，並繼續兌現我們的財務承諾。出於多種原因，我們對全年趨勢的預測改善仍然充滿信心。重要的是要記住，我們 23 財年上半年的平均成長率為十幾歲左右，隨後在下半年逐漸降至中個位數成長率。

This approximate 10-point decline in part reflected a slowing in incremental pricing. These more modest comparables post Q2 support our expectations for improving top line and volumes.

大約 10 個百分點的下降部分反映了增量定價的放緩。第二季後這些較為溫和的可比較數據支持了我們對改善營收和銷售的預期。

In addition, we have a robust pipeline of innovation and marketing programs informed by the current consumer trends to also fuel the improving outlook. So although the consumer landscape remains dynamic, we are well positioned for improvement and we'll continue to plan contingencies and remain nimble, as we navigate the balance of the year.

此外，我們還根據當前的消費趨勢制定了一系列強大的創新和行銷計劃，以推動前景的改善。因此，儘管消費者格局仍然充滿活力，但我們已經做好了改進的準備，我們將繼續規劃突發事件並保持靈活性，以應對今年的剩餘時間。

Turning to our Meals & Beverages division. As planned, we experienced a low to mid-single-digit decline in top line and consumption in the first quarter. On a 2-year compound annual growth rate basis, organic net sales were up 6%, and dollar consumption was up 1%. The difference in net sales and consumption growth rates reflect the strength in our food service business and unmeasured channels as well as a year ago supply and inventory recovery. Within these results, we find many reasons to remain confident in the trajectory of the business, as consumers depend more and more on affordable, stretchable meal solutions, which is at the core of our Meals & Beverages division.

轉向我們的餐飲部門。按照計劃，我們第一季的收入和消費出現了低至中個位數的下降。以 2 年複合年增長率計算，有機淨銷售額成長 6%，美元消費成長 1%。淨銷售額和消費成長率的差異反映了我們食品服務業務和未衡量管道的實力以及一年前的供應和庫存恢復。在這些結果中，我們發現有許多理由對業務發展軌跡保持信心，因為消費者越來越依賴價格實惠、可擴展的膳食解決方案，這是我們餐飲部門的核心。

Turning to our Soup portfolio on Slide 11. As anticipated, throughout the summer, we experienced decreases in dollar consumption overall. However, within these results, there are pockets of strength. For example, as consumers sought to stretch their food budgets, they turn to the strong value and convenience of the cooking portions of our portfolio.

轉向幻燈片 11 上的湯產品組合。正如預期的那樣，整個夏季，我們的美元消費總體有所下降。然而，在這些結果中，也有一些力量。例如，當消費者尋求擴大食品預算時，他們會轉向我們產品組合中烹飪部分的強大價值和便利性。

In fact, in our condensed cooking portfolio, we gained dollar share for the fifth consecutive quarter, increasing 1.5 share points in the quarter. Even among younger households, we continue to see long-term potential as household penetration of total condensed cooking soups gained 0.4 points versus the prior year.

事實上，在我們的濃縮烹飪投資組合中，我們連續第五個季度獲得了美元份額，本季增加了 1.5 個份額點。即使在年輕家庭中，我們仍然看到長期潛力，因為家庭濃縮烹飪湯的滲透率比前一年增加了 0.4 個百分點。

In our broth business, we continue to drive relevance among consumers in this dynamic environment, as total broth was up 4% behind the strength of our Pacific broth portfolio, which saw dollar consumption grow 16% well above the category rate.

在我們的肉湯業務中，我們繼續在這個充滿活力的環境中提高消費者的相關性，肉湯總量增長了4%，落後於我們的太平洋肉湯產品組合的實力，該產品組合的美元消費成長了16%，遠高於類別成長率。

The ready-to-serve and condensed eating businesses experienced more pressure in the quarter as a result of more consumers shifting to more stretchable meals versus single-serve options.

由於越來越多的消費者轉向更具彈性的餐食而不是單份餐食，因此即食食品和濃縮食品業務在本季度承受了更大的壓力。

Turning to Page 12. As we have begun ramping up planned support in anticipation of the important holiday season, trends have been improving, especially as it relates to share. In fact, over the latest 4 weeks, including Thanksgiving, we've seen improvement in all segments driving overall dollar and unit share gains including a 0.2 improvement in dollar share as well as a 0.9 improvement in unit share for our very important total soup business.

翻到第 12 頁。隨著我們開始加大計畫支持力度，以應對重要的假期季節，趨勢一直在改善，特別是與份額相關的趨勢。事實上，在過去4 週（包括感恩節）中，我們看到所有細分市場的改善都推動了整體美元和單位份額的成長，其中包括我們非常重要的湯品業務的美元份額提高了0.2，單位份額提高了0.9 。

Importantly, we are doing this with modest incremental investment, as we are seeing more retailers actively returning to Campbell's brands from private label a year ago. This is providing an outsized benefit while we continue to balance the critical interplay between growing share, volumes and margins in line with our expectations. Although the category remains somewhat under pressure on dollars, it's very encouraging to see improvement in both share and units as we head deeper into our key season.

重要的是，我們正在以適度的增量投資來做到這一點，因為我們看到更多的零售商在一年前積極從自有品牌回歸金寶湯品牌。這提供了巨大的好處，同時我們繼續根據我們的預期平衡不斷增長的份額、銷售和利潤之間的關鍵相互作用。儘管該類別仍然承受著一定程度的美元壓力，但隨著我們進入關鍵季節，看到份額和銷售的改善是非常令人鼓舞的。

Turning to our Snacks business. We delivered first quarter organic net sales growth of 1%, consistent with the increase in dollar consumption. Our Power Brands grew net sales by a solid 5% following a 21% increase in the prior year for a 13% growth on a 2-year compound annual rate basis. Even with some emerging broader category pressure due to the consumer dynamics that we discussed earlier, our 8 power brands have showed a remarkable resilience with brands like Goldfish and Lance posting net sales growth of 5% and 15%, respectively.

轉向我們的零食業務。我們第一季的有機淨銷售額成長了 1%，與美元消費的成長一致。我們的實力品牌淨銷售額繼上一年成長 21% 後，穩定成長 5%，以 2 年複合年增長率計算，成長 13%。儘管由於我們之前討論的消費者動態而出現了一些更廣泛的品類壓力，但我們的8 個強勢品牌仍表現出了非凡的韌性，其中Goldfish 和Lance 等品牌的淨銷售額分別增長了5% 和15%。

The strength of our power brands was tempered in the quarter, by lower-margin partner brands and fresh bakery as those businesses are somewhat more vulnerable to private label and consumer trade down.

我們的強勢品牌的實力在本季度受到利潤率較低的合作夥伴品牌和新鮮麵包店的影響，因為這些業務更容易受到自有品牌和消費者貿易下降的影響。

On the following slide, we highlighted the continued strength of each of our power brands. Dollar consumption grew 3% versus the prior year and 19% versus 2 years ago, while 5 of 8 power brands held or gained share in the quarter. Our 8 power brands, which now represent approximately 2/3 of division net sales remain a powerful and consistent growth engine even in the current consumer environment.

在下一張投影片中，我們強調了每個強勢品牌的持續實力。美元消費量較上一年增長 3%，較兩年前增長 19%，而本季 8 個強勢品牌中有 5 個保持或增加了市場份額。我們的 8 個強勢品牌目前約佔該部門淨銷售額的 2/3，即使在當前的消費環境下，它們仍然是強大且持續的成長引擎。

Turning to Slide 15. A prime example of our Snacks power brand growth engine is Goldfish. For the fifth consecutive time, Goldfish has been named team's most preferred snack brand according to Piper Sandler's Taking Stock with Teens, most recently in the fall 2023 survey. This recognition is the result of the remarkable work of our cross-functional teams and expanding the brand to a broader audience and adding manufacturing capacity to meet the incredible demand for this product. We continue to see share strength in the overall portfolio as Goldfish marked its fifth consecutive quarter of holding or gaining dollar share.

轉向幻燈片 15。我們的零食動力品牌成長引擎的典型例子是 Goldfish。根據 Piper Sandler 的《青少年盤點》，最近一次是在 2023 年秋季調查中，Goldfish 連續第五次被評為團隊最喜歡的零食品牌。這項認可是我們跨職能團隊出色工作的結果，他們將品牌擴展到更廣泛的受眾，並增加了製造能力，以滿足對該產品的巨大需求。我們繼續看到整體投資組合的份額走強，金魚標誌著連續第五個季度持有或增加美元份額。

One of the keys to our Goldfish success has been a steady drumbeat of innovation. On this front, we're excited to bring to consumers our latest limited time offer for the holiday season. Goldfish Elf maple syrup flavored Grahams in partnership with Warner Bros Discovery, celebrating the 20th anniversary of its iconic movie Elf. Is there anything better than maple syrup Goldfish to spread holiday cheer and it's perfect for stocking stuffers or snacking all season long.

我們金魚成功的關鍵之一是持續不斷的創新。在這方面，我們很高興為消費者帶來我們最新的假期季限時優惠。金魚精靈楓糖漿口味格雷厄姆與華納兄弟探索頻道合作，慶祝其標誌性電影《精靈》上映 20 週年。有什麼比楓糖漿金魚更能傳播節日的歡樂，它非常適合整個季節的聖誕禮物或零食。

And there's even more exciting innovation in Goldfish in store this year. Adding to the incredible success of innovations like Goldfish Mega Bites and our run of limited time offers, we are reinventing the category again in a way only Goldfish can with the introduction of Goldfish Crisps. Crisps, for the way that Goldfish does chips, the best of Goldfish with the best of chips combined into an irresistible light, airy, crispy fish-shaped baked snack. Launching in 3 craveable flavors, Goldfish Crisp will be available at retailers nationwide in January.

今年，Goldfish 也將推出更多令人興奮的創新。除了 Goldfish Mega Bites 等創新產品取得了令人難以置信的成功以及我們的限時優惠之外，我們還推出了 Goldfish Crisps，以只有 Goldfish 才能做到的方式再次重塑該品類。薯片，顧名思義，金魚製作薯片的方式，將最好的金魚與最好的薯片結合在一起，製成一種令人難以抗拒的輕盈、通風、酥脆的魚形烘焙小吃。金魚酥推出 3 種令人垂涎的口味，將於 1 月在全國零售商處發售。

On Slide 17, I want to highlight the margin momentum that the Snacks division has demonstrated. On a 2-year compound annual growth rate basis, we grew Snacks organic net sales by 8% and operating earnings by 12% with approximately 130 basis points of margin expansion. Consistent with our long-term margin road map of achieving 17%, we remain confident in fiscal '24 expectations to finish above 15%. And now we're adding even more fuel to our Snacks growth and margin journey with our DSD transformation initiative. This includes 3 key elements you see on Slide 18, 2 of which were already progressing.

在投影片 17 上，我想強調一下零食部門所展現的利潤動能。以 2 年複合年增長率計算，我們的零食有機淨銷售額增長了 8%，營業利潤增長了 12%，利潤率擴大了約 130 個基點。與我們實現 17% 的長期利潤率路線圖一致，我們仍然對 24 財年達到 15% 以上的預期充滿信心。現在，我們透過 DSD 轉型計劃為我們的零食成長和利潤之旅增添更多動力。這包括您在投影片 18 中看到的 3 個關鍵要素，其中 2 個已經取得進展。

First, creating one snacking DSD logistics and warehouse network. This multiyear program will streamline our logistics and warehouse network, eliminate redundancy, simplify our network and improve our technology and capabilities within our warehouses and depots. Second, modernizing and harmonizing tools and technology used by our critical independent distribution partners.

一是打造零食DSD物流倉儲網路。這個多年期計劃將簡化我們的物流和倉庫網絡，消除冗餘，簡化我們的網絡並提高我們倉庫和倉庫的技術和能力。其次，對我們重要的獨立分銷合作夥伴所使用的工具和技術進行現代化和協調。

This will enable new capabilities and help enhance effectiveness and focus. In addition, this will also allow better retailer linkage and alignment to orders while improving in-store insights. And third, we'll focus on DSD routes. The good news is the vast majority of geographies already have scaled routes. And in combination with the upgrades from the first 2 elements of our DSD transformation, these will be fully optimized going forward.

這將啟用新功能並有助於提高效率和重點。此外，這也將使零售商能夠更好地聯繫和調整訂單，同時提高店內洞察力。第三，我們將重點放在 DSD 路線上。好消息是絕大多數地區已經擁有規模化的路線。結合我們 DSD 轉型前兩個要素的升級，這些將在未來得到全面優化。

To help improve geographies where routes are not operating at full scale, we're piloting a variety of potential solutions with encouraging early results. I'll share more about this third and very important element in our Q2 earnings call.

為了幫助改善航線未全面運作的地區，我們正在試驗各種潛在的解決方案，並取得了令人鼓舞的早期成果。我將在第二季財報電話會議上分享更多有關第三個也是非常重要的要素的資訊。

We're excited to have made so much progress on such a unique and critical part of our business. And in the end, this will result in a strong and differentiated DSD platform to fuel both the growth and margins of the Snacks business.

我們很高興在我們業務的如此獨特且關鍵的部分中取得瞭如此大的進展。最終，這將形成一個強大且差異化的 DSD 平台，以推動零食業務的成長和利潤。

Before I conclude, let me provide a brief update on the status of our pending acquisition of Sovos Brands. As we announced in October, we received a second request for information from the Federal Trade Commission as part of the agency's review of Campbell's proposed acquisition. We are working hard to complete those requests and are advancing our integration planning.

在結束之前，讓我先簡單介紹一下我們即將收購 Sovos Brands 的最新情況。正如我們在 10 月宣布的那樣，我們收到了聯邦貿易委員會的第二次資訊請求，這是該機構對金寶湯擬議收購進行審查的一部分。我們正在努力完成這些請求，並正在推進我們的整合計劃。

I continue to be impressed with the strong results the Sovos team is delivering and could not be more excited about completing the acquisition and fueling our next chapter of growth. We expect to complete the deal in the next calendar year, and we'll continue to engage with the FTC on their review with the objective of closing the transaction in mid-2024.

Sovos 團隊所取得的強勁業績仍然給我留下了深刻的印象，並且對完成收購並推動我們下一個成長篇章感到無比興奮。我們預計將在下一個日曆年完成交易，並將繼續與 FTC 合作進行審查，目標是在 2024 年中期完成交易。

In closing, the first quarter unfolded much as we anticipated, continuing our consistent track record of meeting our commitments. Looking ahead, I am confident and optimistic about the balance of the year. We will remain vigilant and agile to meet the evolving demands of consumers while continuing to progress our strategic plans.

最後，第一季的進展與我們的預期基本一致，繼續我們履行承諾的一貫記錄。展望未來，我對今年的剩餘時間充滿信心和樂觀。我們將保持警惕和敏捷，以滿足消費者不斷變化的需求，同時繼續推進我們的策略計劃。

With that, I'd like to wish all of you and my colleagues across the company a happy holiday season and thank the entire team at Campbell's for their ongoing incredible and impactful work.

在此，我謹祝福你們和我公司的同事們度過一個愉快的假期，並感謝金寶湯整個團隊持續進行的令人難以置信和有影響力的工作。

And now I'll pass it to Carrie.

現在我會把它交給嘉莉。

Thanks, Mark, and good morning, everyone. I'll begin with an overview of our first quarter results.

謝謝，馬克，大家早安。我將首先概述我們第一季的業績。

As Mark indicated, our top line finished as we anticipated and adjusted EBIT and adjusted EPS came in slightly better primarily due to the timing of adjusted marketing, selling and administrative expenses. Our organic net sales decline of 1% reflects mid-single-digit expected volume declines, a lower contribution from pricing and disciplined levels of promotion activity. Lapping a 15% increase in organic net sales in the prior year, organic net sales grew approximately 7% on a 2-year compounded annual growth rate.

正如馬克所指出的那樣，我們的營收結果符合我們的預期，調整後的息稅前利潤和調整後的每股收益略有好轉，主要是由於調整了行銷、銷售和管理費用的時間表。我們的有機淨銷售額下降 1%，反映出預期銷售下降幅度為中個位數、定價貢獻較低以及促銷活動的嚴格水準。繼上一年有機淨銷售額成長 15% 後，有機淨銷售額在 2 年複合年增長率上成長了約 7%。

Adjusted EBIT decreased 9% to $407 million, reflecting lower adjusted gross profit, a commitment to continued marketing and selling investments and lower benefits from pension and postretirement income, partially offset by lower adjusted administrative expenses. Adjusted EPS decreased 11% to $0.91, driven primarily by lower adjusted EBIT and slightly higher interest expense, partially offset by a reduction in the weighted average diluted shares outstanding.

調整後息稅前利潤下降9%，至4.07 億美元，反映出調整後毛利下降、對持續行銷和銷售投資的承諾以及退休金和退休後收入福利減少，但部分被調整後管理費用減少所抵消。調整後每股收益下降 11%，至 0.91 美元，主要是由於調整後息稅前利潤下降和利息支出略有上升，但部分被加權平均稀釋後流通股的減少所抵消。

Slide 22 summarizes the drivers of our first quarter net sales performance. Excluding the impact of the Emerald nut business divestiture, organic net sales declined 1%. We generated 3 percentage points of growth from net price realization and volume and mix declined 5 percentage points, in line with expectations.

投影片 22 總結了我們第一季淨銷售業績的驅動因素。排除翡翠堅果業務剝離的影響，有機淨銷售額下降了 1%。我們的淨價格實現成長了 3 個百分點，銷量和組合下降了 5 個百分點，符合預期。

As shown on Slide 23, our first quarter adjusted gross profit margin of 32.1% decreased a modest 10 basis points with the year-over-year change in margin driven primarily by unfavorable volume and mix. As shown on the bridge, the combination of net price realization, productivity improvements and cost savings initiatives offset higher cost inflation and other supply chain costs.

如投影片 23 所示，我們第一季調整後毛利率為 32.1%，小幅下降 10 個基點，利潤率年比變動主要是由不利的銷售和組合所推動的。如圖所示，淨價實現、生產力提高和成本節約措施相結合，抵消了更高的成本通膨和其他供應鏈成本。

Turning to Slide 24. We continue to successfully mitigate inflationary headwinds with core inflation moderating to 2% in the first quarter driven by attenuation in key inputs such as flour and oil. We expect core inflation to stay within this low single-digit range for the full year, down from the 12% we saw in fiscal '23.

轉向投影片 24。我們繼續成功緩解通膨阻力，在麵粉和石油等關鍵投入品減少的推動下，第一季核心通膨率降至 2%。我們預計全年核心通膨率將維持在這個較低的個位數範圍內，低於 23 財年的 12%。

Net pricing averaged 3% for the quarter, reflecting the contribution from our wave 4 pricing, our smallest and most focused pricing round. As a reminder, our wave 4 pricing will be fully lapped at the end of Q2 fiscal '24.

本季淨定價平均為 3%，反映了我們第四波定價的貢獻，這是我們最小且最集中的定價輪次。提醒一下，我們的第 4 波定價將在 24 財年第二季末完全生效。

In addition to pricing, 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. These other levers will start to have a greater contribution to margin performance, as inflation continues to moderate and volume normalizes especially as we move into the second half of the fiscal year.

除了定價之外，我們還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計劃，包括專注於整個組織的可自由支配支出。隨著通貨膨脹持續緩和，交易量正常化，特別是當我們進入本財年下半年時，這些其他槓桿將開始對利潤率表現產生更大的貢獻。

We are pleased with the progress we have made on our cost savings initiatives. Through the first quarter, we have achieved $895 million of total savings under our multiyear cost savings program, inclusive of Snyder's-Lance synergies. We remain on track to deliver savings of $1 billion by the end of fiscal 2025.

我們對成本節約計劃所取得的進展感到高興。截至第一季度，我們根據多年成本節約計畫實現了 8.95 億美元的總節約，其中包括 Snyder's-Lance 協同效應。我們仍有望在 2025 財年末節省 10 億美元。

Moving on to other operating items. Adjusted marketing and selling expenses increased 9%, driven by higher selling expenses, higher advertising and consumer promotion expense or AMC, which increased 6% compared to the prior year and higher other marketing expenses.

繼續進行其他操作項目。調整後的行銷和銷售費用增加了 9%，這是由於銷售費用增加、廣告和消費者促銷費用（AMC）增加（與去年相比增加了 6%）以及其他行銷費用增加。

On both a reported and adjusted basis, marketing and selling expenses represented approximately 9% of net sales for the quarter. Adjusted administrative expenses decreased by $5 million due to lower general administrative costs partially offset by inflation. We saw some timing favorability in adjusted marketing, selling and other administrative expenses in the quarter, but expect this to be rephased into Q2 to keep the first half in line with expectations.

在報告和調整後的基礎上，行銷和銷售費用約佔本季淨銷售額的 9%。調整後的管理費用減少了 500 萬美元，因為一般管理費用的降低被通貨膨脹部分抵消。我們在本季調整後的行銷、銷售和其他管理費用方面看到了一些時機優勢，但預計這將重新進入第二季度，以使上半年與預期保持一致。

As shown on Slide 26, adjusted EBIT for the first quarter decreased 9%, primarily due to lower adjusted gross profit, higher adjusted marketing and selling expenses and lower benefits from pension and postretirement income, partially offset by lower adjusted administrative expenses. Overall, our adjusted EBIT margin decreased to 16.2% in the quarter, primarily driven by higher adjusted marketing and selling expenses and changes in pension and postretirement benefit income.

如投影片26 所示，第一季調整後息稅前利潤下降9%，主要是由於調整後毛利降低、調整後行銷和銷售費用增加以及退休金和退休後收入福利減少，但部分被調整後管理費用減少所抵銷。總體而言，本季調整後的息稅前利潤率下降至 16.2%，這主要是由於調整後的營銷和銷售費用以及退休金和退休後福利收入的變化所致。

Turning to Slide 27. Adjusted EPS of $0.91 was down 11% or $0.11 per share compared to the prior year. This was primarily driven by the decrease in adjusted EBIT and slightly higher interest expense, partially offset by a reduction in the weighted average diluted shares outstanding. Changes in pension and postretirement benefit income drove an approximate $0.01 impact to adjusted EPS in the quarter.

轉向幻燈片 27。調整後每股收益為 0.91 美元，與前一年相比下降了 11%，即每股 0.11 美元。這主要是由於調整後息稅前利潤的下降和利息支出的小幅上升所致，但部分被加權平均稀釋後流通股的減少所抵消。退休金和退休後福利收入的變化對本季調整後每股收益產生了約 0.01 美元的影響。

Turning to the segments. In Meals & Beverage, first quarter organic net sales decreased 3%, driven by an approximate 6% volume and mix decline partially offset by 2% net price realization. Lapping a 15% increase in organic net sales in the prior year, Meals & Beverage organic net sales grew approximately 6% on a 2-year compound annual growth rate. During the quarter, declines in U.S. retail products were partially offset by an increase in food service.

轉向細分市場。在餐飲領域，第一季有機淨銷售額下降了 3%，這是由於銷量和組合下降約 6%，但被 2% 的淨價格實現部分抵消。餐飲部門有機淨銷售額比前一年增長了 15%，兩年複合年增長率約為 6%。本季度，美國零售產品的下降被食品服務的成長部分抵銷。

Sales of U.S. Soup decreased 5%, following an 11% increase in the prior year, primarily due to declines in condensed and ready-to-serve soups, partially offset by an increase in broth.

美國湯品銷量繼上一年增長 11% 後下降 5%，主要是由於濃縮湯和即食湯的銷量下降，但肉湯銷量的增長部分抵消了這一影響。

Segment operating earnings in the quarter for Meals & Beverages decreased 13% to $287 million, largely due to lower gross profit. As expected, first quarter operating margin declined 230 basis points to 20.4%, driven by the lower gross profit margin, which was largely driven by higher cost inflation and other supply chain costs as well as the unfavorable volume and mix between retail and food service, partially offset by supply chain productivity improvements and net price realization.

本季餐飲和飲料部門的營業利潤下降 13% 至 2.87 億美元，主要原因是毛利下降。如預期，第一季營業利潤率下降230 個基點至20.4%，原因是毛利率下降，而毛利率下降主要是由於成本通膨和其他供應鏈成本上升以及零售和食品服務之間不利的數量和組合造成的，供應鏈生產力的提高和淨價實現部分抵消了這一影響。

In Snacks, first quarter organic net sales increased 1% and on a 2-year compound annual basis increased 8%. The organic net sales increase reflects net price realization of 5% and unfavorable volume and mix of 4%. Sales of our 8 power brands increased 5% in the quarter.

在零食領域，第一季有機淨銷售額成長 1%，兩年複合年增長率為 8%。有機淨銷售額成長反映了 5% 的淨價實現以及 4% 的不利銷售和組合。本季我們 8 個動力品牌的銷售額成長了 5%。

Segment operating earnings in the quarter increased 5% to $161 million, primarily due to higher gross profit, partially offset by higher marketing and selling expenses. Gross profit margin increased due to the impact of net price realization and supply chain productivity improvements more than offsetting higher cost inflation and other supply chain costs. Overall, within our Snacks division, first quarter operating margins increased year-over-year by 80 basis points to 14.5%.

該季度的部門營運利潤成長 5%，達到 1.61 億美元，主要是由於毛利增加，但行銷和銷售費用增加部分抵消了這一影響。由於淨價實現和供應鏈生產力提高的影響，毛利率增加，足以抵消更高的成本通膨和其他供應鏈成本。整體而言，我們的零食部門第一季營業利潤率年增 80 個基點，達到 14.5%。

I'll now turn to cash flow on Slide 30. We generated $174 million in operating cash flow in the first quarter and deployed that cash consistent with our capital allocation priorities to maximize long-term shareholder value. We see some great opportunities to reinvest back into the business to drive incremental growth, productivity and enhanced business capabilities. And as such, we stepped up our capital spend in fiscal '23, and this will now continue into fiscal '24 after a few years of lower spend levels through 2022.

現在我將討論幻燈片 30 上的現金流。第一季我們產生了 1.74 億美元的營運現金流，並根據我們的資本配置優先事項部署了這些現金，以實現長期股東價值最大化。我們看到了一些重新投資業務的絕佳機會，以推動增量成長、生產力和增強業務能力。因此，我們在 23 財年加大了資本支出，在 2022 年支出水準經歷了幾年的較低水準之後，這種情況現在將持續到 24 財年。

In Q1, capital expenditures were $143 million, $66 million higher than in the prior year, reflecting our commitment to invest for growth, particularly in capacity for our Snacks division. We also continued our commitment to return cash to our shareholders with $114 million of dividends paid and $28 million of anti-dilutive share repurchases in the quarter.

第一季度，資本支出為 1.43 億美元，比上年增加 6,600 萬美元，反映了我們對成長投資的承諾，特別是在零食部門的產能方面。我們也繼續履行向股東返還現金的承諾，本季支付了 1.14 億美元的股息，並進行了 2,800 萬美元的反稀釋股票回購。

Our balance sheet continues to be in a strong position with net debt of $4.6 billion and a net debt to adjusted EBITDA leverage ratio of 2.8x below our target of 3x. At the end of the first quarter, the company had approximately $91 million in cash and cash equivalents and approximately $1.85 billion available under its revolving credit facility.

我們的資產負債表繼續處於強勢地位，淨債務為 46 億美元，淨債務與調整後 EBITDA 槓桿率為 2.8 倍，低於我們 3 倍的目標。截至第一季末，該公司擁有約 9,100 萬美元的現金和現金等價物，以及循環信貸額度下約 18.5 億美元的可用資金。

In addition, on October 10, we entered into a $2 billion delayed single draw term loan credit agreement. The proceeds of the loan under this credit agreement can only be used in connection with the acquisition of Sovos Brands. This $2 billion credit facility, along with our current revolving credit facility will provide ample liquidity and flexibility, as we plan for the pending Sovos Brands acquisition.

此外，10 月 10 日，我們簽訂了 20 億美元的延遲單筆提取定期貸款信貸協議。本信貸協議下的貸款收益只能用於收購 Sovos Brands。這筆 20 億美元的信貸額度以及我們目前的循環信貸額度將提供充足的流動性和靈活性，因為我們計劃進行即將進行的 Sovos Brands 收購。

As you'll see on Slide 31, we are reaffirming our full year fiscal 2024 guidance provided on August 31. Organic net sales outlook for the full year remains in an expected range of 0% to 2% and reflects volume declines in the first half of fiscal 2024 with positive volume trends in the second half.

正如您將在投影片31 中看到的，我們重申8 月31 日提供的2024 財年全年指引。全年有機淨銷售額前景仍保持在0% 至2% 的預期範圍內，反映了上半年銷售量的下降2024 財年下半年銷售量呈現正向趨勢。

Specifically for Q2, we expect net sales to again follow in market trends with likely modest sequential volume improvement from Q1. However, we still expect volume and mix to be negative compared to the prior year. Additionally, our net sales performance will reflect lower contribution from pricing, as we move through the year and continue our disciplined levels of promotion.

具體到第二季度，我們預計淨銷售額將再次追隨市場趨勢，銷售量可能會較第一季略有改善。然而，我們仍然預期銷量和結構與上年相比為負值。此外，隨著我們在這一年中繼續嚴格的促銷活動，我們的淨銷售業績將反映出定價貢獻的下降。

Our full year guidance range for net sales is largely reflective of what we see as the potential variability in the speed of volume recovery for the balance of the year.

我們的全年淨銷售額指導範圍在很大程度上反映了我們認為今年剩餘時間銷售恢復速度的潛在變化。

Full year adjusted EPS guidance remains in the range of $3.09 to $3.15 with an expectation of modest earnings growth and margin progress in fiscal 2024 weighted to the second half, benefiting from a moderating inflationary environment and ongoing productivity improvement benefits. As I mentioned earlier, the expense timing favorability we saw in our Q1 results will be rephased into Q2.

全年調整後每股盈餘指引仍維持在 3.09 美元至 3.15 美元的範圍內，預計 2024 財年下半年的獲利成長和利潤率將實現溫和成長，受益於溫和的通膨環境和持續的生產力提高效益。正如我之前提到的，我們在第一季業績中看到的費用時機有利性將重新調整到第二季。

As a reminder, the sale of our Emerald nuts business, which we divested in May of fiscal '23, is estimated to reduce net sales by approximately 0.5% and have a $0.01 per share dilutive impact in fiscal '24.

提醒一下，我們在 23 財年 5 月剝離的翡翠堅果業務預計將導致 24 財年的淨銷售額減少約 0.5%，並產生每股 0.01 美元的攤薄影響。

Additionally, the acquisition of Sovos Brands is expected to close in calendar year '24 and therefore, is not included in our current fiscal '24 outlook. We will continue to commit to investing in our brands with marketing and selling expense as a percent of net sales expected at the low end of the targeted 9% to 10% range, with second quarter having higher sequential spend than Q1.

此外，對 Sovos Brands 的收購預計將於 24 日曆年完成，因此不包含在我們目前的 24 財年展望中。我們將繼續致力於投資我們的品牌，行銷和銷售費用佔淨銷售額的百分比預計在目標範圍 9% 至 10% 的低端，第二季的連續支出高於第一季。

We are increasing our capital expenditure guidance to approximately 5% of net sales, as we make additional investments in the business and strategically increase capacity to fuel organic growth. With the timing shift of the Sovos Brands transaction, we're accelerating certain key growth and infrastructure products from fiscal '25 into fiscal '24, all other guidance assumptions remain unchanged.

我們正在將資本支出指導提高至淨銷售額的約 5%，因為我們對業務進行了額外投資，並策略性地提高了推動有機成長的能力。隨著 Sovos Brands 交易的時間轉變，我們正在加速某些關鍵成長和基礎設施產品從 25 財年到 24 財年的速度，所有其他指導假設保持不變。

Turning to Slide 32. We thought it would be helpful to provide some additional insight behind the adjusted gross margin and adjusted EBIT drivers we expect to come to fruition in the second half of fiscal '24. As shown on the slide and referenced in our guidance, our core inflation outlook for fiscal '24 is materially improved from the low double-digit levels we averaged in the prior year.

轉向投影片 32。我們認為，提供一些關於調整後毛利率和調整後息稅前利潤驅動因素的額外見解將很有幫助，我們預計將在 24 財年下半年實現這一目標。正如幻燈片所示和我們的指導中所提到的，我們 24 財年的核心通膨前景比上一年的平均低兩位數水準有了實質改善。

With cost inflation expected to remain in the low single-digit range for the balance of the year, we expect to see a greater net contribution from productivity and cost savings to our bottom line. Other factors that we expect will contribute to improving margin trends in the second half will be more favorable mix as volumes stabilize, especially on profitable businesses like Soup, normalizing year-over-year changes in marketing and selling costs as well as lower pension and post-retirement income headwinds.

由於今年剩餘時間成本通膨預計將保持在較低的個位數範圍內，我們預期生產力和成本節約將對我們的利潤產生更大的淨貢獻。我們預計，隨著銷售穩定，下半年有助於改善利潤率趨勢的其他因素將變得更加有利，尤其是像湯這樣的盈利業務，營銷和銷售成本的同比變化正常化，以及養老金和職位的降低。- 退休收入的逆風。

In closing, first quarter results were largely as expected, and our fundamentals are strong as we head into this important winter season. Our Snacks business continues to progress its margin journey, while we continue to invest in the equity of our brands. Our Meals & Beverages business continues to attract consumers seeking stretchable meals, which is especially important for winning the holiday season given the current consumer environment. With a clearly defined strategy in a best-in-class supply chain, Campbell is well positioned to deliver the rest of its fiscal year.

最後，第一季的業績基本上符合預期，在進入這個重要的冬季時，我們的基本面強勁。我們的零食業務繼續推進其利潤之旅，同時我們繼續投資於我們的品牌股權。我們的餐飲業務繼續吸引尋求可拉伸膳食的消費者，考慮到當前的消費環境，這對於贏得節日季節尤其重要。憑藉在一流供應鏈中製定的明確策略，金寶湯已做好充分準備，能夠在本財年剩餘時間內實現目標。

From the management team at Campbell's, we want to thank all of our teams for their hard work and wish everyone a wonderful holiday season.

金寶湯的管理團隊感謝所有團隊的辛勤工作，並祝大家有個美好的假期。

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

接下來，讓我將其轉交給接線員進行問答。

(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安德魯·拉扎爾（Andrew Lazar）。

Mark, you mentioned an encouraging start to the holiday season. And of course, we don't want to make too much of any given 4-week period, but for Campbell, obviously, the recent data is pretty critical. I guess I was hoping you could dig in a bit more on this data, particularly how you see sort of category dollars progressing to help inform how fiscal 2Q is unfolding? And more important, how do you see the rest of the year given the expectation that '24 is going to be a somewhat back-end loaded year?

馬克，你提到了假期季節令人鼓舞的開始。當然，我們不想在任何給定的 4 週期間做太多的事情，但對於坎貝爾來說，顯然，最近的數據非常關鍵。我想我希望您能更多地了解這些數據，特別是您如何看待類別美元的進展，以幫助了解第二財季的進展？更重要的是，考慮到「24 年」將是後端負荷較大的一年，您如何看待今年剩餘時間？

Yes. So yes, great question, Andrew. And yes, I think it's always important to see trends over longer periods of time. But of course, for us, Thanksgiving. I think from a barometer as far as the consumer -- kind of macro consumer trends, but also for the business is quite important and I guess the headline I give you is that the holidays as we had hoped are, especially Thanksgiving, was very resilient.

是的。所以，是的，很好的問題，安德魯。是的，我認為了解較長時期的趨勢總是很重要的。但當然，對我們來說，感恩節。我認為，從消費者的晴雨表來看，宏觀消費趨勢，而且對企業來說也非常重要，我想我給你們的標題是，我們所希望的假期，特別是感恩節，非常有彈性。

I think consumers, for the most part, as we had anticipated were very present, and especially in those categories that are most relevant to Thanksgiving. And as you may be aware, we're -- outside of the protein, we're in the 3 biggest with pretty strong positions in all 3, which is broth, condensed soup and stuffing. Those are your top 3 household penetration categories beyond protein for the holiday.

我認為，正如我們預期的那樣，消費者在很大程度上非常活躍，尤其是在那些與感恩節最相關的類別中。正如您可能知道的那樣，除了蛋白質之外，我們在肉湯、濃縮湯和餡料這三個領域中都處於相當強勢的地位。這些是假期中除蛋白質外最受家庭歡迎的 3 個類別。

And I would say, in all 3 of those segments, we saw improvements and significant step up in share. So on condensed, we grew dollar share by 1.1; in broth, 1.2 and stuffing 0.2.

我想說，在所有這三個細分市場中，我們都看到了改進和份額的顯著提高。因此，簡而言之，我們的美元份額增長了 1.1；肉湯1.2，餡料0.2。

I will say one of the dynamics that we are also seeing is that the shopping dynamic has evolved a little bit, as you might expect in a tough economic backdrop. And what I mean by that is one of the dynamics we saw was much later purchases. So the key week of Thanksgiving was much bigger than the prior week.

我要說的是，我們也看到的動態之一是購物動態已經發生了一些變化，正如您在嚴峻的經濟背景下所預期的那樣。我的意思是我們看到的動態之一是很久以後的購買。所以感恩節的關鍵一周比前一周重要得多。

And historically speaking, those tend to be a bit more balanced. And as part of that, we did see a lot of consumers very actively seeking promotion. And so I will say that on the dollar side of the categories, in some cases, although overall, improvement in total Thanksgiving categories, if you cum them together were positive, you still see some headwinds on dollars.

從歷史上看，這些往往更加平衡。作為其中的一部分，我們確實看到許多消費者非常積極地尋求促銷。因此，我要說的是，在這些類別的美元方面，在某些情況下，儘管總體而言，感恩節類別總數有所改善，但如果將它們加在一起是積極的，那麼您仍然會看到美元面臨一些阻力。

What I will tell you, though, is it's not a function of what I would call disproportionate or inconsistent with precedent, promotion or spending. And so I know always when you see a little bit of separation between units and dollars, there's always that question. What. I would tell you is that we did a very good job of executing within the holiday.

不過，我要告訴你的是，這並不是我所說的與先例、促銷或支出不成比例或不一致的情況。所以我知道，當你看到單位和美元之間有一點分離時，總是會有這個問題。什麼。我想告訴你的是，我們在假期內的執行工作做得非常好。

One of the things I mentioned on the -- in the fourth quarter was that a year ago, at Thanksgiving, a lot of customers had chosen to go with private label as their lead item. We saw that reverse in a material way this year. And so Campbell's products were back in the lead position, which was very important for us relative to ensuring that we get off to a good start in the season.

我在第四季提到的一件事是，一年前的感恩節，許多客戶選擇使用自有品牌作為他們的主導產品。今年我們看到了這種實質的逆轉。因此，坎貝爾的產品重新回到了領先地位，這對於確保我們在本賽季取得良好開局而言非常重要。

So although I wouldn't say a comprehensive, went across to every measure, I think the things that we could control and the things we really needed to see we were able to see and I think bodes well, as we go into the December holiday and Christmas period, as we roll through the winter.

因此，雖然我不會說一個全面的、涵蓋每項措施的內容，但我認為我們能夠控制的事情以及我們真正需要看到的事情我們能夠看到，而且我認為隨著我們進入12 月假期，這是一個好兆頭聖誕節期間，我們將度過冬天。

You'll still see some headwinds on some of the non-Thanksgiving related products that dampened a little bit the overall category, but nothing that's inconsistent with what we've seen or quite frankly, what we expected.

您仍然會看到一些非感恩節相關產品的一些阻力，這些產品稍微削弱了整體類別，但沒有任何與我們所看到的或坦率地說與我們的預期不一致的情況。

Great. And then just a quick follow-up, and it's related to this, obviously, gross margins came in well above the forecast. And I mean that helps suggest that there -- backs up your point around promotional tactics from Campbell maybe you're playing sort of as you'd expect it in a somewhat more rational way. I guess maybe you can discuss what you're seeing there and more importantly, what you're seeing in terms of lifts? Are the lifts around some of the promotional activities sort of consistent with what you've seen historically?

偉大的。然後進行快速跟進，顯然，與此相關的是，毛利率遠高於預測。我的意思是，這有助於表明——支持你關於坎貝爾促銷策略的觀點，也許你正在以更理性的方式按照你的預期進行遊戲。我想也許你可以討論一下你在那裡看到了什麼，更重要的是，你在電梯方面看到了什麼？有些促銷活動的效果是否與您以往所看到的一致？

I'd say better. And I think part of this, again, as I suggested, I do think we are getting a bit of tailwind. And you can see it, right? What you'll notice is a fairly substantial step down in private label in certain of these categories, as you'll see that flip occur between us getting kind of key week. And for those that may not understand exactly what I mean, retailers have a decision to make on who's in their ad, who's on the end cap for the key week.

我會說更好。我認為，正如我所建議的，這也是其中的一部分，我確實認為我們正在獲得一些順風。你可以看到它，對吧？您會注意到，在某些類別中，自有品牌出現了相當大的下降，因為您會看到我們之間發生了關鍵的一周的轉變。對於那些可能不明白我的意思的人來說，零售商可以決定誰在他們的廣告中，誰在關鍵的一周的結尾。

These are the things that are really important to enhance the return on investment for our promotion and the lifts that you're describing. And this year, opposed to last year, where I think private label might have been a little bit more new, and I think retailers felt like, "Well, let's just get to a low price" and maybe that's what's most important.

這些對於提高我們的促銷和您所描述的電梯的投資回報非常重要。今年，與去年相反，我認為自有品牌可能有點新，我認為零售商的感覺是，“好吧，讓我們把價格降到最低”，也許這才是最重要的。

I think we'll continue to believe and what we saw again in this holiday is that when the chips are really down, the Campbell's brands matter, and that is evident in the performance that we saw.

我認為我們將繼續相信，我們在這個假期再次看到的是，當籌碼真正下降時，金寶湯的品牌很重要，這在我們看到的表現中很明顯。

I do think you point out a very good proof point, and that is how our margins progressing. And I think the reality is as it is in the first quarter, you did not see any type of material change in investment relative to promotion or trade. Our margins came in very much consistent with where we expected.

我確實認為你指出了一個非常好的證據，這就是我們的利潤率如何成長。我認為現實情況是，與第一季一樣，你沒有看到與促銷或貿易相關的投資發生任何類型的實質變化。我們的利潤率與我們的預期非常一致。

We continue to do a very, very good job on our productivity and some of our other levers in managing costs. I think as we go forward, you will see us being very judicious, right? This continued balancing act that we've been talking about for a while of making sure that we're affordable and that the price gaps are managed right when we most need them to be, along with ensuring that the margin and the volumes all kind of work together to give us this kind of optimal position.

我們在生產力和其他一些成本管理手段方面繼續做得非常非常好。我想當我們前進時，你會發現我們非常明智，對嗎？我們已經討論了一段時間的這種持續的平衡行為，以確保我們負擔得起，並在我們最需要的時候正確管理價格差距，同時確保利潤和數量都在共同努力給我們帶來了這樣的最佳位置。

Not easy to do and in a dynamic environment, we got to make sure that we're staying agile. But I would say so far, I see nothing on the horizon that suggests to me that there's any variation from we would have planned or expected.

這並不容易，在動態環境中，我們必須確保保持敏捷。但我想說，到目前為止，我沒有看到任何跡象表明我們的計劃或預期有任何變化。

Even though in certain periods of the year, you may see a sharp in price point or make sure that we're strongest in a key week, but not outside of the precedence that we've set in the past or within the margin construct that we've laid out.

即使在一年中的某些時期，您可能會看到價格急劇上升，或者確保我們在關鍵的一周中表現最強，但不會超出我們過去設定的優先順序或在保證金結構範圍內我們已經安排好了。

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

您的下一個問題來自摩根大通的肯‧戈德曼。

Carrie, you mentioned the opportunity to manage discretionary spending, maybe a bit more as the year unfolds. I'm just curious, is it possible to provide, I guess, some examples of where the biggest opportunities might be within discretionary spending? And I suppose I'm also asking for a bit of help with how you find discretionary as well?

Carrie，你提到了管理可自由支配支出的機會，隨著今年的展開，可能會更多。我只是好奇，我想是否有可能提供一些例子，說明最大的機會可能在可自由支配支出中？我想我也在尋求一些幫助，告訴你如何找到自由裁量權？

So I would say a lot of that goes back to some of our enterprise-wide cost savings initiatives. So we have a vast program that we look at opportunities to enhance business capabilities drive efficiencies in all parts of our organization that are part of our $1 billion cost savings initiatives. So it's -- I would say it's really across the board, not only in our COGS areas in our manufacturing facilities, but also going into the SG&A areas as well. And that's where we're seeing it across the board, some of those cost savings opportunities coming through.

所以我想說，這很大程度上可以追溯到我們的一些企業範圍的成本節約計劃。因此，我們有一個龐大的計劃，我們尋找機會增強業務能力，提高我們組織所有部門的效率，這是我們 10 億美元成本節約計劃的一部分。所以我想說，這確實是全面的，不僅在我們製造工廠的 COGS 領域，而且也進入 SG&A 領域。這就是我們全面看到的地方，其中一些節省成本的機會正在出現。

Yes. A lot of that, Ken, I would say, it would be in 2 big buckets. One is what we would call the nonworking bucket. So that's kind of think of it as production or materials or things that are not necessarily driving immediate impact in the marketplace.

是的。肯，我想說，其中很多，會裝在兩個大桶裡。一種是我們所謂的非工作桶。因此，可以將其視為不一定會對市場產生直接影響的生產或材料或事物。

And then secondarily, what I would call the non-people cost within our SG&A, where we're looking at everything. I mean, I think in a world where we want to make sure that every dollar is working as hard as it possibly can in this moment, especially -- as I said before, as we kind of wrestle with this balancing act, we want to make sure that we've got every penny possible available to either invest in the right areas and/or help us deliver the earnings.

其次，我稱之為 SG&A 中的非人員成本，我們正在考慮一切。我的意思是，我認為在這個世界上，我們希望確保每一塊錢在此時此刻都盡其所能地發揮作用，特別是——正如我之前所說，當我們努力應對這種平衡行為時，我們希望確保我們有足夠的每一分錢來投資正確的領域和/或幫助我們實現盈利。

So I think those 2 buckets are where we have been although always vigilant, I would say at a whole different degree of rationalization as we really make sure that we're working as hard as we can to get those dollars to work hard.

因此，我認為這兩個桶子是我們一直保持警惕的地方，但我想說的是，在完全不同的合理化程度上，因為我們確實確保我們正在盡最大努力讓這些錢努力工作。

Okay. And then just a quick follow-up. It's great to see the improving share data within Soup, and thank you for the explanation as to what's going on maybe behind the scenes there. I'm curious, do you believe your key customers are satisfied with overall category volumes with Soup, right? Sort of understanding that the comparison is challenging.

好的。然後進行快速跟進。很高興看到 Soup 中共享數據的改善，並感謝您解釋幕後可能發生的情況。我很好奇，您認為您的主要客戶對湯的整體品類銷售感到滿意嗎？有點理解這種比較是具有挑戰性的。

You did talk about how maybe you expect shipments and consumption to kind of match in the next few months so maybe that answers the question. But just trying to get any kind of sense of how those customers are looking at the category right now in the scheme of affordability and so forth?

您確實談到了您預計未來幾個月的出貨量和消費量將如何匹配，所以也許這回答了問題。但只是想了解這些客戶目前在可負擔性等方面如何看待該類別？

Yes. It's a great question. And I do think it's a conversation that we have frequently with our customers. And you've heard me talk about this before, and I'm always a little guarded because it should come with the big caveat that we're not going to do anything to undermine the long-term profitability of these businesses and margins.

是的。這是一個很好的問題。我確實認為這是我們經常與客戶進行的對話。你以前聽過我談論過這個問題，我總是有點警惕，因為它應該帶有一個很大的警告，即我們不會做任何事情來破壞這些業務和利潤的長期盈利能力。

But I will say it is important for us to ensure that the volume on these businesses continues to be in an appropriate range relative to ensuring that the health of the category and really, the health of our overall network continues to sustain.

但我想說，對我們來說，重要的是確保這些業務的數量繼續保持在適當的範圍內，以確保該類別的健康以及我們整個網路的健康繼續維持。

And so I think one of the other things you will see, Ken, in the holiday period, not surprising with a little bit of the disparity I shared between the unit share and the dollar share being a greater expansion in units, you will see a better step-up in units from where we've been on Soup.

因此，我認為你會看到的另一件事，肯，在假期期間，毫不奇怪，我在單位份額和美元份額之間分享的一點差距是單位的更大擴張，你會看到與我們在Soup 上的單位相比，有了更好的提升。

And I think, again, it's coming with the right investment package behind it. But -- look, I think that's encouraging. And I think over a period of time where we are looking for this business not just for the next month or the next event but really for the balance of the year and going forward, I think it continues to support what we believe is true, which is that this category continues to be strong.

我再次認為，它背後有正確的投資方案。但是——看，我認為這令人鼓舞。我認為，在一段時間內，我們不僅在下個月或下一個活動中尋找這項業務，而且實際上是在今年的剩餘時間和未來，我認為它繼續支持我們所相信的事實，即是這個類別繼續強勁。

And look, just as a context, right, I know we forget this sometimes and there's a lot of reasons why we can go back in these last several years and point to maybe non-normal onetime elements that affected it. But if I would have told you that the 4-year CAGR on the Soup category was going to be around 3% to 4%, we would have all felt really good about that given this is the greatest growth period the categories had.

看，就像一個背景，對吧，我知道我們有時會忘記這一點，並且有很多原因可以解釋為什麼我們可以回顧過去幾年並指出可能影響它的非正常一次性因素。但如果我告訴你，湯品類的 4 年複合年增長率將在 3% 到 4% 左右，我們都會對此感到非常高興，因為這是該品類增長最快的時期。

And so even though we're experiencing some slowdown in this year, I continue to believe that the underpins of this category, especially in the areas that we've identified as the most important growth areas, continue to have a good, solid runway ahead. And I think Thanksgiving just becomes maybe a little bit, as I said, not the complete victory, but another proof point in that story.

因此，儘管我們今年經歷了一些放緩，但我仍然相信這一類別的基礎，特別是在我們確定為最重要的成長領域的領域，繼續擁有良好、堅實的發展前景。我認為感恩節可能只是一點點，正如我所說，不是完全的勝利，而是這個故事的另一個證明點。

Your next question comes from the line of Robert Moskow from TD Cowen.

您的下一個問題來自 TD Cowen 的 Robert Moskow。

Mark, last quarter, you did some work to segment outgrow versus optimize Soup brands, and I want to know if the grow brands performed any better than optimized in the quarter or were there comparisons at play to kind of change it around? And also maybe a little bit into the tactics you used for grow compared to optimize. How are they different?

馬克，上個季度，您做了一些工作來細分成長與優化湯品牌，我想知道成長品牌在本季度的表現是否比優化的更好，或者是否存在比較來改變它？也許還可以了解您用於成長和優化的策略。它們有何不同？

Yes. So an interesting quarter on that front because you had I would say, some real strength and some challenges in both of the 2 buckets. So they were fairly consistent in the quarter, a little bit better I would say on share as Broth recovered in the optimize, which was a good thing given its significance at the holiday.

是的。所以在這方面這是一個有趣的季度，因為我想說，在這兩個方面都有一些真正的優勢和一些挑戰。因此，他們在本季度相當穩定，我想說的是，隨著布羅斯在優化中恢復，在份額方面要好一點，考慮到它在假期中的重要性，這是一件好事。

But the tactics, I think, for both -- and again, if I look at this over the last couple of years, as I said in the fourth quarter, you do have a pretty dramatic difference where the growth businesses over the last couple of years CAGR is about 3% of upside and growing and the optimized businesses are down about the same amount and even a little bit more. More importantly, in the growth areas over the last 2 years, you're seeing relatively strong shares across most of the key areas like Chunky and the icons on Condensed and Pacific.

但我認為，對於兩者來說，策略都是如此——而且，如果我回顧過去幾年的情況，正如我在第四季度所說，你確實有一個相當大的差異，過去幾年的增長業務年複合成長率約為 3%，並且還在成長，而優化後的業務則下降了大約相同的量，甚至更多一點。更重要的是，在過去兩年的成長領域中，您會看到大多數關鍵領域（例如 Chunky 以及 Condensed 和 Pacific 上的圖標）的份額相對強勁。

I think in this particular quarter, what helped the optimize was some of the work and some of the benefit that we saw on broth kind of regaining its footing relative to private label. And I would say that was more of a function of just cycling private label than anything dramatic we did.

我認為在這個特定的季度，幫助優化的是一些工作和我們看到的肉湯相對於自有品牌重新站穩腳跟的一些好處。我想說，這更多的是自行車自有品牌的功能，而不是我們所做的任何戲劇性的事情。

I will say, as we went into key weeks, and if you remember, when I said on broth, even it's an optimized, what's important is that we win those key holiday weeks. And I think the good news is for a reasonable investment relative to what we expected, we saw that, where broth for the quarter or for the 4 weeks was up 4% on dollars and up 1.2 share points in the latest 4 weeks, which is a great sign, while private label was down pretty significantly.

我想說，當我們進入關鍵幾週時，如果你還記得，當我在肉湯上說時，即使它是優化的，重要的是我們贏得了那些關鍵的假期週。我認為好消息是相對於我們預期的合理投資，我們看到，本季或 4 週的肉湯價格上漲了 4%，最近 4 週上漲了 1.2 個股點，這是這是一個很好的跡象，而自有品牌的銷售量卻大幅下降。

I think on the growth, Rob, what we're seeing that's a headwind, right? I'd say, condensed cooking, icons, Pacific. All of those are doing extremely well. I will say the pressure on ready-to-serve has been a bit more pronounced in the last quarter. And this is really -- we believe a dynamic of consumers, especially our lower income consumers that are under a lot of pressure that are migrating a bit more to what we would call stretchable meals from single serve.

我認為就增長而言，羅布，我們看到的是逆風，對嗎？我想說，濃縮烹飪、圖標、太平洋。所有這些都做得非常好。我想說的是，上個季度準備服務的壓力更加明顯。這確實是——我們相信消費者的動態，尤其是我們的低收入消費者，他們承受著很大的壓力，他們正在從單一服務轉向我們所說的可拉伸膳食。

And so one of the things that you'll see us doing on Chunky, in particular, is really positioning it more through the lens of the protein content and its ability to also stretch in meals to match a little bit where those consumers are going.

因此，你會看到我們在 Chunky 上所做的一件事，特別是，實際上更多地透過蛋白質含量的鏡頭來定位它，並且它還能夠在膳食中延伸以適應消費者的飲食習慣。

But I do think in the quarter, what dampened into a little bit of the growth trajectory was that ready to serve. I'm not particularly concerned. I think we'll continue to see, as we get into the season. A lot of activity on that business and all the other areas of growth are doing extremely well.

但我確實認為，在本季度，成長軌跡受到了一點抑制，那就是準備服務。我不是特別擔心。我想隨著賽季的到來，我們會繼續觀察。該業務的許多活動以及所有其他成長領域都表現得非常好。

Your next question comes from the line of Jason English from Goldman Sachs.

您的下一個問題來自高盛的 Jason English。

So in terms of inflation, as an enabler to gain the margin recovery in the back half, it sounds like you're looking for core commodity inflation to remain roughly stable where you were in the first quarter, the low single-digit rate. But when you show us the margin bridge, there's a big gap there. Like the 2% core inflation rate would suggest far less gross margin compression than the 460 basis points you show with the inflation in other bucket. So what's going on with the other? And what should we expect going forward?

因此，就通貨膨脹而言，作為下半年實現利潤率復甦的推動因素，聽起來您正在尋求核心大宗商品通貨膨脹率保持在第一季度的低個位數水平上大致穩定。但當你向我們展示邊緣橋時，你會發現那裡有一個很大的差距。就像 2% 的核心通膨率所暗示的毛利率壓縮遠小於您在其他桶中顯示的 460 個基點的通膨率。那麼另一個人又是怎麼回事呢？未來我們該期待什麼？

Yes. So the other supply chain cost is a variety of variables and maybe Carrie and I can tag team on this one a little bit together.

是的。因此，另一個供應鏈成本是各種變量，也許嘉莉和我可以一起在這個問題上標記團隊。

But I'd say there's 3 things in there that are influencing that margin pressure that we're seeing now. The first is I would describe some inflation, albeit not core inflation, cost of the supply chain, some of the intrinsic costs within our [plant] cost, have been a headwind and have moved kind of in concert, I would say, with inflation. And so although we don't categorize it as core inflation, I would say, generally, that's what's behind it.

但我想說，有三件事正在影響我們現在看到的利潤壓力。首先，我會描述一些通貨膨脹，儘管不是核心通貨膨脹，供應鏈成本，我們[工廠]成本中的一些內在成本，一直是一種逆風，並且我想說，與通貨膨脹是一致的。 。因此，儘管我們沒有將其歸類為核心通膨，但我想說，一般來說，這就是背後的原因。

I think the second is, it's also there is a mix dynamic that is within that cost structure that's related more to SKU mix. And even as we see some of the brand and category mix, even through SKU, we've seen a bit of a headwind there.

我認為第二點是，成本結構中還存在著與 SKU 組合更多相關的混合動態。即使我們看到一些品牌和類別的混合，即使透過 SKU，我們也看到了一些阻力。

And then the third area is -- and again, not completely unexpected, that's also where you see absorption and some of the fixed cost leverage that you would experience in circumstance where volumes might be a little bit down from where they've been, and that's pressure that's there.

然後第三個領域是——再說一次，這並不是完全出乎意料的，這也是你看到吸收和一些固定成本槓桿的地方，在交易量可能比以前略有下降的情況下，你會遇到這種情況，並且這就是壓力。

So as you can expect that normalization, whether it be from the mix standpoint, inflation standpoint and/or even the volume standpoint, that's why we do not see those continuing forward. And you will begin to cycle if you were to go back and look at our Q3 and our Q4 from '23. You'd see rather significant contributions from those buckets as well.

因此，正如您可以預期的那樣，無論是從混合角度、通膨角度還是從交易量角度來看，正常化都將持續，這就是為什麼我們看不到這種情況會持續下去。如果你回頭看看我們 23 年的第三季和第四季度，你就會開始循環。您也會看到這些儲存桶做出了相當大的貢獻。

Yes. I would just add that think about some of those elements that Mark just talked about is cost of manufacturing versus cost of sales. There is a timing element that ultimately moves from your balance sheet to your P&L, and we're cycling some of those things, as Mark talked about on absorption, as you mentioned.

是的。我想補充一點，想想馬克剛才談到的一些要素，也就是製造成本與銷售成本。有一個時間因素最終會從你的資產負債表轉移到你的損益表上，正如你提到的，正如馬克談到吸收一樣，我們正在循環其中一些事情。

That's helpful. And Mark, Carrie, another sort of higher-level question on the outlook for Snack Foods. The notion that Snack Foods or Growth Advantage has come under some pressure recently, supported by the data. If you look at consumption data, there has been pretty sharp deceleration of volume trends across numerous Snack Food categories. I'd love to hear you opine on what you believe is driving that deceleration whether or not you think we are sort of pivoting into a period where the growth advantages of Snack Foods are behind us? And if so or if not, what drives that expectation?

這很有幫助。馬克、嘉莉，還有一個關於休閒食品前景的更高層次的問題。在數據的支持下，休閒食品或成長優勢的觀點最近受到了一些壓力。如果你看一下消費數據，你會發現許多休閒食品類別的銷售趨勢急劇下降。我很想聽聽您對您認為導致減速的因素的看法，無論您是否認為我們正在進入休閒食品成長優勢已成為過去的時期？如果是這樣或不是的話，是什麼推動了這種期望？

Yes. It's a good question, Jason. I think what you're starting to see is a little bit more bifurcation within snacking. So I do think there are places where we are seeing great pressure, especially where I would say segments are a bit more commoditized. What's interesting in the first quarter, if you look at our results, you saw power brands, right, which are now about 2/3 of our business continuing, I would say, albeit a slightly lower rate of growth than we may have had in the past, but still certainly a healthy delta versus what I would say the average for total food was, doing fairly well and continuing to perform well and even the underlying ball mix trends on that business for the quarter, they were essentially flat for the -- I think down just under 1% for the power brands.

是的。這是個好問題，傑森。我認為你開始看到的是零食內部出現了更多的分歧。因此，我確實認為在某些地方我們面臨著巨大的壓力，特別是在我認為細分市場更商品化的地方。第一季有趣的是，如果你看看我們的業績，你會看到實力品牌，對吧，我想說的是，這些品牌現在約占我們業務的2/3，儘管成長率略低於我們去年的水平。過去，但與我所說的總食物平均值相比，仍然肯定是一個健康的三角洲，表現相當不錯，並且繼續表現良好，甚至本季度該業務的基本球混合趨勢，它們基本上持平 - - 我認為強勢品牌的跌幅略低於 1%。

But what you are seeing is some of the -- a pretty healthy step down on a couple areas, both the partner and the contract brands. That's a little bit more of our catalyst of managed continuing to optimize DSD and I talked about that for the first time in more of a complete way. And I know a couple of questions there that I'll answer in Q2 and give everybody kind of a full picture of margin timing and a few other things that I know we -- we owed books. But I think what I would say is we continue to work actively, although an important part of business to manage that effectively.

但你看到的是一些——在合作夥伴和合約品牌等幾個領域的相當健康的下降。這是我們繼續優化 DSD 的催化劑，我第一次以更完整的方式談論了這一點。我知道其中有幾個問題，我將在第二季度回答，並向每個人提供保證金時間的全貌，以及我知道我們欠帳的其他一些事情。但我認為我想說的是，我們繼續積極工作，儘管這是有效管理業務的重要組成部分。

And then some of our noncore snack businesses were weaker in the quarter. And they tended to be segments where you had a little bit more pressure from private label or competition in general. I would point to bread, was a little bit weaker in the quarter and things like microwave popcorn and some other areas that albeit not power brands, certainly are not insignificant and had a little bit of a headwind.

然後我們的一些非核心零食業務在本季度表現疲軟。而這些細分市場往往會面臨自有品牌或一般競爭的更大壓力。我想說的是麵包，本季有點疲軟，微波爐爆米花和其他一些領域雖然不是強勢品牌，但肯定不是微不足道的，並且有一點逆風。

So I think there's going to be a period here, Jason, where although I would suggest that overall, you may see a little bit of pressure on some of those categories. But we have to remember too, I mean, these snacks businesses, last year at this time, most of these power brands were growing at 20%. And so even when I put the in-market 3% growth up against that business and combine it, over a 2-year horizon, you're still talking about strong double-digit growth over the last couple of years.

所以我認為這裡將會有一段時間，傑森，雖然我建議總體而言，但您可能會看到其中某些類別面臨一些壓力。但我們也必須記住，我的意思是，這些零食企業去年這個時候，大多數這些強勢品牌的成長率都在 20%。因此，即使我將市場內 3% 的成長與該業務相比較，並將其合併起來，在兩年的時間裡，你仍然在談論過去幾年強勁的兩位數成長。

And so it's always a little hard to get the calibration of what's a trend that's going to sustain and what's kind of the normalization a little bit of the business. So I still feel very bullish about it. I think we're going to, again, unlike we're doing in other categories, have to stay very vigilant on what consumers are looking for and making sure that we're positioned well. But I would say, so far, so good relative to how we're seeing that play out.

因此，要校準什麼是將持續的趨勢以及什麼是業務的正常化總是有點困難。所以我還是非常看好它的。我認為，與我們在其他類別中所做的不同，我們必須對消費者的需求保持高度警惕，並確保我們處於有利的位置。但我想說，到目前為止，相對於我們所看到的結果來說，情況非常好。

Your next question comes from the line of Jim Salera from Stephens.

您的下一個問題來自史蒂芬斯的吉姆·薩萊拉。

Mark, I wanted to drill down a little bit on the snacking, particularly Lance in Late July posted, I thought very impressive share gains. Just offer some color on what's driving the strength of those 2 brands in particular compared to kind of the broader power brands portfolio?

馬克，我想深入了解零食，特別是蘭斯在七月下旬發布的帖子，我認為份額收益非常可觀。只是提供一些關於是什麼推動了這兩個品牌的實力，特別是與更廣泛的實力品牌組合相比？

Yes. There's a lot. Those are quite -- those are 2 quite interesting brands because they do both highlight I think consumer dynamics that may feel a little bit of tension with one another, but are fueling the categories. We actually see this on Meals & Beverage and on Snacks. So let me take Late July first. I would say Late July is a more premium added value brand. And we are seeing our premium brands doing extremely well. And part of the factor that underpins this is a lot of the decline that we're experiencing actually a significant outsized contribution, is coming from low-income households, which index on snacking only at about 20%.

是的。有很多。這是兩個非常有趣的品牌，因為它們都強調了我認為消費者之間的動態可能會感到有點緊張，但正在推動這些類別的發展。我們實際上在餐點和飲料以及零食上看到了這一點。所以讓我先來談談七月下旬。我想說七月末是一個更優質的附加價值品牌。我們看到我們的優質品牌表現非常出色。支撐這一現象的部分因素是，我們所經歷的下降實際上是一個巨大的貢獻，而這實際上是來自低收入家庭的，他們的零食指數僅為 20% 左右。

But they represent a much bigger portion of our declines, whereas the premium brands that index higher to the mid- and higher income levels have been very stable, if not growing at fast rates. And so I think Late July is a well-positioned brand and that added value in elevated space and thus, within those consumer segments remains extremely relevant and the growth rates continue to perform very well.

但它們在我們的下降中所佔的比例要大得多，而對中高收入水平指數較高的高端品牌即使沒有快速增長，也非常穩定。因此，我認為 Late July 是一個定位良好的品牌，它在高架空間中增加了價值，因此，在這些消費者細分市場中仍然非常相關，並且增長率繼續表現良好。

Lance is interesting because Lance is really a brand that in our snacking portfolio does really index high to value. And one of the things that we're seeing is demand for that sandwich cracker segment, and in particular, Lance has been extremely high. And when you think about the price point, the value, even the content, right, protein delivery, the perception of value of food relative to spend, it is a very, very high performing brand and one that is doing very well. So you can imagine among the more challenged consumer base that particular business is just right on target, and we've seen demand doing -- going up pretty dramatically across that whole portfolio.

Lance 很有趣，因為 Lance 確實是一個在我們的零食產品組合中價值指數很高的品牌。我們看到的一件事是對三明治餅乾市場的需求，特別是蘭斯的需求非常高。當你考慮價格點、價值、甚至內容、蛋白質輸送、食品相對於消費的價值感知時，它是一個非常非常高績效的品牌，而且做得非常好。因此，您可以想像，在面臨更大挑戰的消費者群中，特定業務恰好達到了目標，而且我們已經看到需求在整個投資組合中急劇上升。

So it is a really good example of 2 very different macro trends that we're experiencing within the businesses, both snacking and Meals & Beverages.

因此，這是我們在零食和餐飲業中經歷的兩種截然不同的宏觀趨勢的一個很好的例子。

Great. That's helpful. And then maybe to wrap up on some of the innovations you guys have. If we think about, especially in Goldfish, are these innovations meant to brand new households to the brand? Obviously, Goldfish is a very well-known brand. Is it meant to kind of expand the buy rate with core Goldfish consumers? Or are you still kind of in search of adding incremental households that they don't buy the core product, but would be enticed by an innovation?

偉大的。這很有幫助。然後也許可以總結一下你們所擁有的一些創新。如果我們思考一下，尤其是在 Goldfish 中，這些創新是否意味著為該品牌創造新的家庭？顯然，金魚是一個非常知名的品牌。這是為了提高金魚核心消費者的購買率嗎？或者您仍在尋求增加不購買核心產品但會被創新所吸引的增量家庭？

Yes. I would say consistent with what our ongoing strategy has been, which is broadening the usage of Goldfish to the entire household. We have always been a powerhouse with kids and not surprising, I think, to many of ourselves as our own behavior may indicate that once it's in the household, more of the family tends to eat it.

是的。我想說的是，這與我們目前的策略是一致的，即將金魚的使用範圍擴大到整個家庭。我們一直是孩子的強者，我認為，對我們許多人來說，這並不奇怪，因為我們自己的行為可能表明，一旦它進入家庭，更多的家庭成員就會傾向於吃它。

But we've not necessarily brought offerings that index a little bit more or specifically meet more of the expectations of either teens or even adults in the household. And that strategy over the last couple of years, whether it was Frank's RedHot or Old Bay or Mega Bites, the innovation has been paramount into driving that.

但我們不一定會推出索引更多一點或專門滿足更多青少年甚至家庭成年人期望的產品。過去幾年的策略，無論是 Frank's RedHot、Old Bay 還是 Mega Bites，創新對於推動這項策略至關重要。

And one of the things that we mentioned in the call today, this is now going on 2 years of being the #1 requested snack among teens. And that's everything, right? That's the brands you think of as being kind of these mega teen snacks and Goldfish has been #1. And so when you think about a product like Crisps, where you really are intermingling kind of potato chip behavior with cracker behavior to get this kind of light munchable texture on Goldfish, it's a perfect fit for that. But we also want to make sure that kids target, we continue to meet their expectations as well. So you love to see a maple flavored Elf product on Grahams as well.

我們在今天的電話會議中提到的一件事是，它已經連續兩年成為青少年中排名第一的零食了。這就是一切，對吧？您認為這些品牌屬於大型青少年零食，而金魚一直排名第一。因此，當你想到像薯片這樣的產品時，你實際上將薯片的行為與餅乾的行為混合在一起，從而在金魚上獲得這種可咀嚼的輕盈質地，它非常適合這一點。但我們也希望確保孩子的目標，我們也繼續滿足他們的期望。所以你也喜歡在 Grahams 上看到楓味的精靈產品。

So I think the goal for us is to continue to be that #1 choice for kids while enabling the entire household to be fans of it. So I would say I would expect that to be -- to manifest itself in both buy rate as you hope that the kids household is buying a couple more packages of some of these other innovations or flankers or that we hold on the households longer. So as the kids age up, you're actually maintaining Goldfish in that repertoire even if it may be through a Crisp or a Mega Bites as an extension into a longer and older set of kids or households.

因此，我認為我們的目標是繼續成為孩子們的第一選擇，同時讓整個家庭都成為它的粉絲。因此，我想說，我希望這會在購買率中反映出來，因為您希望孩子們家庭購買更多一些其他創新或側翼產品，或者我們希望孩子們持有該家庭更長時間。因此，隨著孩子年齡的增長，你實際上是在保留金魚的保留曲目，即使它可能是透過脆片或超級叮咬作為對更長和年齡更大的孩子或家庭的延伸。

Ladies and gentlemen, we have reached the end of our question-and-answer session. This does conclude today's conference call. Thank you for your participation. You may now disconnect.

女士們先生們，我們的問答環節已經結束了。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。