金寶湯 (CPB) 2024 Q2 法說會逐字稿

Greetings, ladies and gentlemen, and welcome to the Campbell Soup Company Second 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 財年第二季財報電話會議。 （操作員說明）謹此提醒，本次電話會議正在錄音。

It is now my pleasure to introduce your host, Rebecca Gardy, Chief Investor Relations Officer.

現在我很高興向您介紹主持人，首席投資者關係長麗貝卡·加迪(Rebecca Gardy)。

Please go ahead.

請繼續。

Good morning, and welcome to Campbell's Second Quarter Fiscal 2024 Earnings Conference Call. I'm Rebecca Gardy, Chief Investor Relations Officer at Campbell. Joining me today are Mark Clouse, Chief Executive Officer; and Carrie Anderson, Chief Financial Officer.

早安，歡迎參加金寶湯 2024 財年第二季財報電話會議。我是麗貝卡‧加迪 (Rebecca Gardy)，金寶湯首席投資者關係長。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。

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

今天的發言已預先錄製。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 second 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. And with that, I'm pleased to turn the call over to Mark.

第 4 投影片概述了今天的議程。馬克將提供有關我們第二季度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。至此，我很高興將電話轉給馬克。

Thanks, Rebecca. Good morning, everyone, and thank you for joining our second quarter fiscal '24 earnings call. As you saw in our press release this morning, we once again delivered on our commitments, with sequential improvement in volume trends and year-over-year operating margin expansion in both divisions.

謝謝，麗貝卡。大家早安，感謝您參加我們的 24 財年第二季財報電話會議。正如您在今天早上的新聞稿中看到的那樣，我們再次兌現了我們的承諾，兩個部門的銷售趨勢連續改善，營業利潤率逐年擴大。

While it is true that category trends have slowed over the last year, I'm encouraged by a variety of stabilizing consumer indicators like consumer sentiment, household penetration and average categories purchased. However, we are also continuing to see economic pressure impacting select categories and certain consumer demographics.

雖然去年品類趨勢確實有所放緩，但各種穩定的消費者指標（例如消費者信心、家庭滲透率和平均購買類別）令我感到鼓舞。然而，我們也持續看到經濟壓力影響著某些類別和某些消費者群體。

While we expect these trends to improve over time, we're certainly not there yet. In the meantime, I continue to be very happy with our team's ability to control the controllables, including managing our supply chain and in-market execution.

雖然我們預計這些趨勢會隨著時間的推移而改善，但我們肯定還沒有實現這一目標。同時，我仍然對我們團隊控制可控因素的能力感到非常滿意，包括管理我們的供應鏈和市場執行。

Looking ahead, we are affirming our full year outlook, as we anticipate continued sequential improvement in top line, earnings and margin progress, while sustaining our best-in-class navigation of this volatile environment. Carrie will elaborate on that a bit later.

展望未來，我們確認全年展望，因為我們預計營收、獲利和利潤率將持續改善，同時在這種動盪的環境中保持一流的導航。嘉莉稍後會詳細闡述這一點。

With that strong foundation in place on the base business, we are eagerly anticipating the closing of the Sovos Brands acquisition in the coming week, adding the best volume-driven growth story in food to our portfolio.

憑藉基礎業務的堅實基礎，我們熱切期待在下週完成對 Sovos Brands 的收購，為我們的投資組合增添食品領域最佳的銷量驅動型成長故事。

At an upcoming Investor Day in late June, we look forward to sharing the vision for Campbell's next chapter, driven by what will be one of the most focused and advantaged portfolios in the industry.

在即將於 6 月下旬舉行的投資者日上，我們期待分享金寶湯下一章的願景，該願景將成為業界最專注、最具優勢的投資組合之一。

Turning to Slide 7. As expected, organic net sales in the second quarter decreased 1% to $2.5 billion, in line with consumption, with many of our brands exceeding their respective category growth rates and growing share. On a 2-year compound annual growth rate basis, (inaudible) grew 6%, adjusted EBIT increased 1% and adjusted EPS was comparable to the prior year, following double-digit increases in both key measures a year ago.

轉向幻燈片7。正如預期的那樣，第二季度的有機淨銷售額下降了1%，至25 億美元，與消費情況一致，我們的許多品牌都超過了各自的類別增長率和不斷增長的份額。以兩年複合年增長率為基礎，（聽不清楚）增長了6%，調整後息稅前利潤增長了1%，調整後每股收益與前一年相當，而一年前這兩項關鍵指標均實現了兩位數成長。

On Slide 8, we've highlighted the success of both businesses during the holiday season, including in strategic categories, such as condensed cooking in our Meals & Beverages division and cookies in our Snacks division. Our holiday focus brands delivered a 4% increase in total volume compared to the prior year, driven by our strong brand support programs, terrific in-store execution and robust consumer demand.

在投影片 8 中，我們重點介紹了兩家公司在假期季節的成功，包括策略類別，例如我們的餐飲部門的濃縮烹飪和我們的零食部門的餅乾。在我們強大的品牌支援計劃、出色的店內執行力和強勁的消費者需求的推動下，我們的假期重點品牌的總銷量比上年增長了 4%。

Specifically, we had healthy volume and dollar share gains across key seasonal categories such as condensed cooking soup, broth, Pepperidge Farm cookies and Pepperidge Farm stuffing. During the quarter, condensed cooking holiday volume share reached a 5-year high, with volume share gains in each of the 9 weeks during the holiday period.

具體來說，我們在濃縮烹飪湯、肉湯、Pepperidge Farm 餅乾和 Pepperidge Farm 餡料等關鍵季節性類別的銷售和美元份額方面取得了健康的成長。本季度，壓縮烹飪假期銷售份額達到 5 年來的新高，假期期間的 9 週的銷售份額均有所增長。

In addition, we saw momentum in our Snacks portfolio with brands like Lance, Snack Factory and Late July, all reaching 5-year highs in volume share. Importantly, we delivered these results while addressing an important question about our ability to achieve this, while also balancing profitability. I believe we demonstrated this, evidenced by the operating margin expansion in both divisions.

此外，我們的零食產品組合中 Lance、Snack Factory 和 Late July 等品牌的銷售份額均達到 5 年來的新高。重要的是，我們在實現這些結果的同時解決了一個重要問題，即我們實現這一目標的能力，同時也平衡了獲利能力。我相信我們已經證明了這一點，兩個部門營業利潤率的擴張就證明了這一點。

Turning to Slide 9. I wanted to take a moment to discuss the top line expectations for the second half of the fiscal year, as this is both an important driver and a somewhat difficult area to forecast. As we have consistently shared since providing initial guidance, our net sales expectations reflect a range of time lines for the category stabilization and consumer recovery.

轉向投影片 9。我想花點時間討論一下本財年下半年的營收預期，因為這既是一個重要的驅動因素，也是一個有點難以預測的領域。正如我們自提供初步指導以來一直分享的那樣，我們的淨銷售預期反映了品類穩定和消費者復甦的一系列時間線。

Our results through Q2 have been aligned with our outlook. As we look at far easier comparisons ahead, we remain confident in modest sequential improvement throughout the remainder of fiscal 2024. More specifically, we expect flat to low single-digit organic net sales growth in Q3, with continued sequential improvement in the fourth quarter.

我們第二季的業績與我們的前景一致。當我們展望未來更容易的比較時，我們仍然對2024 財年剩餘時間內的適度環比改善充滿信心。更具體地說，我們預計第三季度有機淨銷售額增長將持平至低個位數，而第四季將繼續環比改善。

Although this trajectory suggests the lower end of our net sales guidance range, we have half the year remaining at a variety of compelling drivers to help accelerate the recovery. With our supply chain in full force, effective marketing and accelerating innovation and strong but disciplined promotional activity, we look forward to monitoring the pace of consumer recovery closely with in-market results serving as a clear indicator of that progress.

儘管這一軌跡表明我們的淨銷售指導範圍處於下限，但我們在今年的半年仍將面臨各種令人信服的驅動因素，以幫助加速復甦。憑藉我們全力供應的供應鏈、有效的營銷、加速的創新以及強有力但嚴格的促銷活動，我們期待密切監測消費者復甦的步伐，並將市場結果作為進展的明確指標。

Turning to our Meals & Beverages business, we experienced a low single-digit organic net sales decline in the second quarter which, as expected, tracked closely to consumption. On a 2-year compound annual growth rate basis, top line grew 4%, while consumption grew 2%. For the balance of the year, we remain confident in the growth and margin trajectory of this business, as consumers continue to seek out our brands for value and quality in a dynamic environment and year ago comparisons moderate significantly.

談到我們的餐飲業務，我們在第二季度經歷了個位數的有機淨銷售額下降，正如預期的那樣，與消費密切相關。以 2 年複合年增長率計算，收入增長 4%，而消費增長 2%。在今年餘下的時間裡，我們對該業務的成長和利潤軌跡仍然充滿信心，因為消費者繼續在充滿活力的環境中尋求我們品牌的價值和質量，並且與去年同期相比顯著放緩。

Turning to Slide 11. Consumers continue to prioritize value as shown by their preference for home cooked meals, purchasing food that helped them prepare stretchable meals and smaller and less frequent shopping trips. Our soup portfolio is especially well suited to meet these needs.

轉向幻燈片 11。消費者繼續優先考慮價值，這從他們對家常飯菜的偏好、購買有助於他們準備可拉伸膳食的食物以及較小且頻率較低的購物行程中可見一斑。我們的湯品組合特別適合滿足這些需求。

Our condensed cooking portfolio saw both dollar and volume share increase in the quarter, marking the sixth consecutive quarter we've held or grew both metrics. We also saw similar strength in our broth portfolio, with Swanson Broth and stock growing above the category rate and dollar consumption up 13%. In addition, while growing consumption, this portion of our portfolio also had dollar and volume share gains in the quarter.

我們的濃縮烹飪產品組合在本季度的美元和銷售份額均有所增加，這標誌著我們連續第六個季度保持或成長這兩個指標。我們在肉湯產品組合中也看到了類似的優勢，斯旺森肉湯和庫存的增長超過了類別增長率，美元消耗量增長了 13%。此外，在消費成長的同時，我們投資組合的這一部分在本季也實現了美元和銷售份額的成長。

While the eating soup landscape remains more challenging, we did see sequential improvement in the second quarter, as it relates to dollar share on Chunky and our condensed eating portfolio. The longer-term outlook for ready-to-serve soup remains quite strong, supported by a combination of continued Chunky innovation and marketing, expansion of the successful launch of Pacific ready-to-eat soup. And we're also excited about the impact of including the strength of the super premium Rao's soup line, adding approximately a full point of share growth to the portfolio.

雖然吃湯的前景仍然更具挑戰性，但我們確實看到第二季度的連續改善，因為這與 Chunky 和我們的濃縮飲食組合的美元份額有關。即食湯的長期前景仍然相當強勁，這得益於 Chunky 持續的創新和行銷，以及 Pacific 即食湯的成功推出。我們也對納入超優質 Rao's 湯品系列的影響力感到興奮，為投資組合增加了約一個百分點的份額增長。

On Slide 12, let's look more broadly at what the potential next chapter of this great division could be, as we prepare to welcome the talented Sovos team to Campbell's. As we announced last month, both companies have certified substantial compliance with the Federal Trade Commission's second request, and we're excited to be one step closer to completing the acquisition.

在幻燈片 12 上，當我們準備好歡迎才華橫溢的 Sovos 團隊來到 Campbell's 時，讓我們更廣泛地了解這個偉大部門的下一個篇章可能是什麼。正如我們上個月宣布的那樣，兩家公司都已證明基本上符合聯邦貿易委員會的第二項要求，我們很高興距離完成收購又更近了一步。

Just last week, with their fourth quarter and full year fiscal '23 earnings results, Sovos announced that they had surpassed $1 billion in annual net sales, a 16% increase versus prior year, led by Rao's, which continues to showcase its premium brand equity with consumers, with dollar consumption up nearly 32% in Pasta sauce and 53% in the combined frozen meals and pizza segment, jarred soup and dry pasta categories.

就在上週，Sovos 公佈了23 財年第四季度和全年盈利結果，宣布其年度淨銷售額已超過10 億美元，與上年相比增長16%，其中Rao's 領銜，該公司繼續展示其優質品牌資產消費者對義大利麵醬的美元消費量增加了近 32%，冷凍食品和披薩、罐裝湯和乾義大利麵類別的美元消費量增加了 53%。

When paired with our Meals & Beverages iconic category-leading brands and our distinctive fast-growing Pacific Foods brand, the Sovos Brands portfolio will strengthen the division for years to come. In fact, although not an apples-to-apples comparison, if we were to simply overlay Sovos results in the last quarter with our Meals & Beverages results, we would have gained approximately 4 points of organic top line growth.

當與我們的餐飲標誌性類別領先品牌和我們獨特的快速成長的 Pacific Foods 品牌相結合時，Sovos Brands 產品組合將在未來幾年增強該部門的實力。事實上，雖然不是同類比較，但如果我們簡單地將 Sovos 上季度的業績與我們的餐飲業績相疊加，我們將獲得大約 4 個百分點的有機營收成長。

Imagine for a moment now, the value of combining this with our differentiated Snacks portfolio, and you can appreciate our confidence in the strength of this portfolio headed into the future.

現在想像一下，將其與我們差異化的零食產品組合相結合的價值，您就會體會到我們對該產品組合面向未來的實力的信心。

So now let's turn to our differentiated snacks business on Slide 13. We delivered a second quarter organic net sales increase of 1%, a point ahead of consumption in measured channels.

現在讓我們轉向幻燈片 13 上的差異化零食業務。我們第二季度的有機淨銷售額增長了 1%，比所測渠道的消費領先一個百分點。

Our power brands net sales grew 4%, following a 20% increase in the prior year for 12% growth on a 2-year compound annual rate basis. We were pleased with the net sales performance on brands such as Goldfish, Lance, Kettle Brand and Cape Cod, adding to the remarkable track record of our power brands portfolio, even as consumers continue to navigate a tough economic environment.

我們的實力品牌淨銷售額繼上一年增長 20% 後增長了 4%，以 2 年複合年增長率計算，增長了 12%。我們對 Goldfish、Lance、Kettle Brand 和 Cape Cod 等品牌的淨銷售業績感到滿意，即使在消費者繼續面臨嚴峻的經濟環境的情況下，我們的實力品牌組合仍取得了驕人的業績記錄。

During the quarter, we experienced anticipated pockets of pressure in some of our lower-margin businesses, specifically partner brands and fresh bakery. We continue to balance short-term competitiveness and sustainable margins, while taking steps to optimize this portfolio for the future.

在本季度，我們在一些利潤率較低的業務中經歷了預期的壓力，特別是合作品牌和新鮮麵包店。我們持續平衡短期競爭力和永續利潤，同時採取措施優化未來的投資組合。

Partner brands were a 1 point growth headwind to the portfolio. Although we expect this to continue going forward, it further strengthens the focus of our portfolio on our advantage power brands.

合作夥伴品牌對此產品組合構成了 1 個百分點的成長阻力。儘管我們預計這種情況將持續下去，但它進一步加強了我們的投資組合對優勢品牌的關注。

On the next slide, we highlight the sustained resilience of our power brands. As dollar consumption has grown 24% versus 2 years ago, we're encouraged by the continued appetite for our core portfolio, which now represents 2/3 of total snacks net sales. More importantly, we see continued progress on dollar share, as power brands have held or gained share for 7 straight quarters.

在下一張投影片中，我們強調了我們的實力品牌的持續彈性。由於美元消費量比 2 年前增長了 24%，我們對核心產品組合的持續需求感到鼓舞，該產品組合目前佔零食淨銷售額的 2/3。更重要的是，我們看到美元份額持續進步，因為強勢品牌已連續 7 個季度保持或增加份額。

Turning to Slide 15. I want to highlight our Goldfish business, which has now held or grown dollar share for 6 consecutive quarters. Our exciting innovations, proven limited time-only strategy and strong marketing execution have fueled continued momentum for our portfolio. And our latest innovation, Goldfish crisps, are off to an amazing start.

轉向幻燈片 15。我想強調我們的金魚業務，該業務現已連續 6 個季度保持或增長美元份額。我們令人興奮的創新、經過驗證的限時策略和強大的行銷執行力為我們的產品組合注入了持續的動力。我們的最新創新產品－金魚洋芋片，已經有了一個驚人的開始。

Launched in January, we realized strong velocities greater than other recent category launches and it has exceeded our initial expectations, as we begin to move Goldfish into adjacent occasions. The news on Goldfish gets even more exciting. Goldfish has now officially crossed $1 billion in net sales, making it the second billion dollar brands in our portfolio, alongside Campbell's iconic red and white soup.

一月份推出後，我們意識到比最近推出的其他類別更快的速度，並且隨著我們開始將金魚轉移到相鄰的場合，它已經超出了我們最初的預期。關於金魚的消息變得更加令人興奮。 Goldfish 的淨銷售額現已正式突破 10 億美元，成為我們產品組合中第二個價值 10 億美元的品牌，與金寶湯標誌性的紅白湯並列。

Our strategy over the past few years and our continued innovation momentum has propelled Goldfish to its next phase of growth. We remain excited about this brand's momentum and see an incredible road for growth ahead, as we strive to make Goldfish a North American mega brand.

我們過去幾年的策略和持續的創新動力推動金魚進入下一階段的成長。我們對這個品牌的發展勢頭仍然感到興奮，並看到了未來令人難以置信的成長之路，因為我們努力使 Goldfish 成為北美超級品牌。

On Slide 17, I am also excited to share the continued progress we've made on our Snacks margin road map. On a 2-year compound annual growth rate basis, we grew organic net sales by 8% and operating earnings by 15%, with approximately 200 basis points of margin expansion.

在投影片 17 上，我還很高興分享我們在零食利潤路線圖上的持續進展。以 2 年複合年增長率計算，我們的有機淨銷售額增長了 8%，營業利潤增長了 15%，利潤率擴大了約 200 個基點。

We've made great progress this year and remain on track to finish fiscal '24 at an operating margin of approximately 15%. And as we continue to solidify our margin road map, we are confident in our ability to add about 100 basis points per year for the next couple of years, thus reaching our target of 17% operating margin for the division by the end of fiscal '26.

今年我們取得了巨大進步，並預計在 24 財年結束時實現約 15% 的營業利潤率。隨著我們繼續鞏固利潤路線圖，我們對未來幾年每年增加約 100 個基點的能力充滿信心，從而在本財年末達到該部門運營利潤率 17% 的目標。26.

Even more exciting is the fact that as we further refine our route to market and direct store delivery or DSD model, we are identifying even more potential efficiencies and savings to fund further investment in the brands or to further expand operating margins beyond 17% in the future.

更令人興奮的是，隨著我們進一步完善我們的市場路線和直接商店交付或DSD 模式，我們正在識別更多潛在的效率和節省，為品牌的進一步投資提供資金，或進一步將營業利潤率擴大到17% 以上。未來。

Turning to our DSD transformation initiative on Slide 18, I wanted to provide an update on our route strategy, which adds another important element for our plans to create essentially, a single snacks network. As we discussed during our first quarter earnings call, we're already executing the integration of our warehouse and depot network as well as upgrading technology across our network and the independent distributor network, with the goal of improving efficiency and effectiveness. This leaves independent distributor DSD routes as our next optimization area.

談到幻燈片 18 上的 DSD 轉型計劃，我想提供我們路線策略的最新信息，這為我們創建單一零食網絡的計劃添加了另一個重要元素。正如我們在第一季財報電話會議上討論的那樣，我們已經在整合我們的倉庫和倉庫網絡，併升級我們的網絡和獨立分銷商網絡的技術，目標是提高效率和效益。這使得獨立經銷商 DSD 路線成為我們的下一個最佳化領域。

Today, the majority of our routes are already operating efficiently, where the scale of the business supports separate routes for Pepperidge Farm snacks and Snyder's-Lance. We expect no change in these routes. However, for some of our routes, we do not have enough scale to help maximize the economics or efficiency of these routes if they remain separated.

如今，我們的大部分航線已經高效運營，業務規模支援 Pepperidge Farm 小吃和 Snyder's-Lance 的單獨航線。我們預計這些路線不會改變。然而，對於我們的一些路線，如果它們保持分離，我們沒有足夠的規模來幫助最大限度地提高這些路線的經濟性或效率。

To solve this, we've been testing the combination of the entire snacks portfolio on one truck. In these limited underscaled markets, we purchased certain Pepperidge Farm snacks and Snyder's-Lance routes, combine them and sell the combined routes back to independent distributors. We're seeing that beyond the efficiency of this, independent distributors have an opportunity to provide better execution and improved service for our customers.

為了解決這個問題，我們一直在一輛卡車上測試整個零食產品組合的組合。在這些規模有限的市場中，我們購買了某些 Pepperidge Farm 小吃和 Snyder's-Lance 路線，將它們組合起來，然後將組合後的路線賣回給獨立經銷商。我們看到，除了效率之外，獨立經銷商還有機會為我們的客戶提供更好的執行和改進的服務。

When we pair this improved route with our already existing plans to combine the warehouse system into a single location, the net impact should create better scale and help unlock growth for our business, while also helping to benefit both the area independent distributors and our customers with more compelling economics.

當我們將這條改進的路線與我們現有的將倉庫系統合併到一個地點的計劃相結合時，淨影響應該會創造更好的規模並有助於釋放我們的業務增長，同時也有助於使區域獨立分銷商和我們的客戶受益更引人注目的經濟學。

It's still early days, but the results we have seen thus far give us confidence to expand our pilots and execute a pay-as-you-go model in creating these combo routes. We expect to convert about 1/5 of the Snacks routes nationwide in the combo routes over a multiyear road map. This plan will not require significant upfront financial outlay. And as I mentioned earlier, we plan to manage it as a pay-as-you-go model.

現在還處於早期階段，但迄今為止我們所看到的結果讓我們有信心擴大試點範圍，並在創建這些組合航線時執行即用即付模式。我們預計在多年路線圖中將全國約 1/5 的小吃路線轉變為組合路線。該計劃不需要大量的前期財務支出。正如我之前提到的，我們計劃將其作為即用即付模式進行管理。

Let me share a little more detail behind this strategy. First, these routes will vary in location, including urban, rural and suburban areas. Second, there are no plans to combine the Pepperidge Farm bakery routes, as the focus is on gaining scale and capturing growth across our snacks portfolio. Third, in markets where we've executed this strategy, the time between purchase and resale has been swift.

讓我分享一下這個策略背後的更多細節。首先，這些路線會因地點而異，包括城市、鄉村和郊區。其次，我們沒有計劃合併 Pepperidge Farm 烘焙路線，因為重點是擴大規模並抓住我們零食產品組合的成長。第三，在我們執行此策略的市場中，購買和轉售之間的時間間隔很快。

And finally, given the financial attractiveness of these routes, we're seeing a meaningful increase in multi-route ownership by experienced independent distributors that are existing snacks and bakery IDPs.

最後，考慮到這些路線的財務吸引力，我們看到經驗豐富的獨立分銷商（即現有零食和麵包店 IDP）的多路線所有權顯著增加。

So wrapping up, the second quarter was another solid and consistent quarter, while keeping us on track for the year. Looking ahead, there is so much to be excited about, as we continue the transformation of Campbell's. And again, we look forward to providing these details this summer in a full Investor Day.

總而言之，第二季度是另一個穩定且穩定的季度，同時讓我們在今年保持在正軌上。展望未來，隨著我們繼續坎貝爾的轉型，有很多值得興奮的事情。我們再次期待在今年夏天的完整投資者日提供這些詳細資訊。

Next up, Carrie will take you through the second quarter and the second half outlook in a bit more detail.

接下來，Carrie 將帶您更詳細地了解第二季和下半年的前景。

Thanks, Mark, and good morning, everyone. I'll start by providing an overview of our second quarter results, with a top line that came in as expected, operating margin expansion in both the Meals & Beverages and Snacks divisions and adjusted EPS ahead of our expectations.

謝謝，馬克，大家早安。首先，我將概述我們第二季的業績，包括符合預期的營收、餐飲和零食部門的營業利潤率擴張以及調整後的每股收益超出我們的預期。

Second quarter organic net sales decreased 1%, lapping a 13% increase in the prior year, for a 2-year compounded annual growth rate of 6%. Adjusted EBIT increased 1% to $364 million, reflecting higher adjusted gross profit, partially offset by higher adjusted expenses, including other expenses, R&D expenses and administrative expenses. Adjusted EPS of $0.80 in the quarter was in line with prior year and lapped double-digit growth last year.

第二季有機淨銷售額下降 1%，較上年同期成長 13%，兩年複合年增長率為 6%。調整後息稅前利潤成長 1%，達到 3.64 億美元，反映出調整後毛利增加，但部分被調整後費用增加所抵消，包括其他費用、研發費用和管理費用。本季調整後每股收益為 0.80 美元，與去年同期持平，較去年實現兩位數成長。

Slide 22 provides the drivers of our second quarter net sales performance. Excluding the impact of the divestiture of the Emerald nut business, organic net sales were lower by 1%. During the quarter, we generated 1 percentage point of growth from net price realization, offset by volume and mix, which was unfavorable by 2 percentage points, in line with the sequential improvement from Q1 that we expected.

投影片 22 提供了我們第二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%。本季度，我們實現淨價增長 1 個百分點，但被銷量和產品組合抵消，增長了 2 個百分點，與我們預期的第一季環比改善一致。

As shown on Slide 23, second quarter adjusted gross profit margin was 31.4%. We were pleased with the 70 basis point margin expansion, which was driven by supply chain productivity improvements, net price realization, cost savings initiatives and the favorable impact of volume and mix, which more than offset cost inflation and other supply chain costs.

如投影片 23 所示，第二季調整後毛利率為 31.4%。我們對 70 個基點的利潤率擴張感到滿意，這是由供應鏈生產力提高、淨價實現、成本節約舉措以及數量和組合的有利影響推動的，這遠遠抵消了成本通膨和其他供應鏈成本。

Core inflation in Q2 was low single digits, consistent with Q1, and significantly lower than the 14% in the prior year, driven by attenuation in inputs such as flour and oil. We continue to expect core inflation to stay within this low single-digit range for the remainder of fiscal '24, down from the double-digit range last year.

第二季的核心通膨率處於較低個位數，與第一季一致，且顯著低於上一年的 14%，這是由於麵粉和石油等投入品減少所致。我們繼續預計，在 24 財年剩餘時間內，核心通膨率將維持在較低的個位數範圍內，低於去年的兩位數範圍。

Net pricing averaged 1% for the quarter, reflecting the remaining contribution from our Wave 4 pricing, our smallest and most focused pricing round. As a reminder, our Wave 4 pricing is now fully lapped. During the second half of the fiscal year, we do not expect net pricing to be a material driver of net sales growth, reflecting our continued balance and disciplined promotional activity.

本季淨定價平均為 1%，反映了我們第四波定價（我們最小且最集中的定價回合）的剩餘貢獻。提醒一下，我們的第 4 波定價現已完全生效。在本財年下半年，我們預期淨定價不會成為淨銷售成長的實質驅動力，這反映了我們持續的平衡和嚴格的促銷活動。

We continue to deploy a range of other levers to mitigate remaining inflation, including supply chain productivity improvements and broader margin-enhancing initiatives. We expect these other levers to contribute to margin performance in the second half of the year, as inflation remains moderate and volume trends continue to sequentially improve.

我們繼續採取一系列其他槓桿來緩解剩餘通膨，包括提高供應鏈生產力和更廣泛的利潤提升措施。我們預計這些其他槓桿將有助於下半年的利潤率表現，因為通膨仍然溫和，成交量趨勢繼續改善。

Through the first half, we have achieved $915 million of total savings under our multiyear cost savings program, inclusive of Snyder-Lance synergies. We remain on track to deliver savings of $1 billion by the end of fiscal 2025.

上半年，我們在多年成本節約計畫中實現了 9.15 億美元的總節約，其中包括 Snyder-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 were comparable to the prior year. Marketing and selling also remained approximately 9% of net sales, consistent with our targeted level. Adjusted administrative expenses increased by $2 million, primarily due to higher general and administrative costs and inflation, mostly offset by the benefits of cost savings initiatives.

繼續進行其他操作項目。調整後的行銷和銷售費用與前一年相當。行銷和銷售也保持在淨銷售額的 9% 左右，與我們的目標水準一致。調整後的行政費用增加了 200 萬美元，主要是由於一般和行政費用以及通貨膨脹增加，但大部分都被成本節約措施的好處所抵消。

As shown on Slide 25, adjusted EBIT for the second quarter increased 1%, primarily due to higher adjusted gross profit, partially offset by higher adjusted expenses, including other expenses, R&D expenses and administrative expenses. Overall, our adjusted EBIT margin increased 20 basis points to 14.8% in the quarter, primarily driven by a higher adjusted gross profit margin.

如投影片 25 所示，第二季調整後息稅前利潤成長 1%，主要是由於調整後毛利增加，部分被調整後費用增加所抵消，包括其他費用、研發費用和管理費用。總體而言，本季調整後息稅前利潤率成長了 20 個基點，達到 14.8%，主要是由於調整後毛利率提高所致。

Turning to Slide 26. Adjusted EPS of $0.80 was comparable to the prior year, and was driven by a slight increase in adjusted EBIT and the benefit of lower weighted average diluted shares outstanding, partially offset by a higher adjusted effective tax rate.

轉向幻燈片26。調整後每股收益為0.80 美元，與上一年相當，這是由於調整後息稅前利潤略有增加以及加權平均攤薄後發行在外股票的收益較低所帶來的，但部分被調整後有效稅率較高所抵銷。

Turning to Meals & Beverages. Second quarter organic net sales decreased 2%, driven by unfavorable volume and mix, lapping an 11% increase in organic net sales in the prior year quarter. Meals & Beverages organic net sales grew 4% on a 2-year compounded annual growth rate.

轉向餐飲。由於銷售量和產品組合不利，第二季有機淨銷售額下降 2%，較去年同期有機淨銷售額成長 11%。餐飲有機淨銷售額以 2 年複合年增長率計算，成長了 4%。

During the quarter, modest declines in U.S. retail were partially offset by increases in Canada and foodservice. Sales of U.S. soup decreased 3%, following a 7% increase in the prior year, primarily due to lower sales of ready-to-serve and condensed soups, partially offset by an increase in broth.

本季度，美國零售業的小幅下滑被加拿大和餐飲服務業的成長部分抵銷。美國湯品銷量繼上一年增長 7% 後下降 3%，主要是由於即食湯品和濃縮湯品銷量下降，但肉湯銷量增加部分抵消了這一影響。

We were encouraged by the sequential volume improvement trends we achieved in the quarter, with Meals & Beverages volume only down 2% year-over-year compared to a 6% decline in Q1. On a first half basis, organic net sales decreased 3%, lapping a 13% increase in the prior year.

我們對本季實現的銷售連續改善趨勢感到鼓舞，與第一季下降 6% 相比，餐飲銷量僅年減 2%。上半年有機淨銷售額下降 3%，去年同期成長 13%。

We were also pleased with the progress we've made on Meals & Beverages operating margins. While segment operating earnings in the quarter for Meals & Beverages were down just slightly, operating margin increased 20 basis points to 17.9%. This was better than expected, and we anticipate continued sequential improvement into the second half.

我們也對餐飲業務利潤率的進展感到滿意。雖然餐飲部門本季的營業利潤略有下降，但營業利潤率增加了 20 個基點，達到 17.9%。這好於預期，我們預計下半年將持續持續改善。

Meals & Beverages operating margin for the first half was 19.2%.

上半年餐飲業務的營業利益率為 19.2%。

In Snacks, second quarter organic net sales increased 1%. On a 2-year compounded annual basis, organic net sales increased 8%. For Q2, the increase reflects a net price realization of 3%, partially offset by unfavorable volume and mix of 2%.

在零食方面，第二季有機淨銷售額成長了 1%。以 2 年複合年計算，有機淨銷售額成長 8%。第二季的成長反映了 3% 的淨價實現，部分被 2% 的不利銷售和組合所抵消。

Similar to the comments I made when discussing Meals & Beverages results, we were also pleased with the sequential improvement in volume trends in our Snacks business, with Snacks volumes only down 2% year-over-year in the second quarter compared to a 4% decline in the first quarter.

與我在討論餐飲業績時發表的評論類似，我們也對零食業務銷量趨勢的連續改善感到高興，第二季度零食銷量僅同比下降 2%，而去年同期為 4%第一季下降。

Sales of our 8 power brands increased 4% in Q2, with volumes relatively flat. And for the first half, organic net sales increased 1%, lapping a 15% increase in the prior year.

第二季度，我們的 8 個動力品牌銷售額成長了 4%，但銷量相對持平。上半年，有機淨銷售額成長 1%，較去年同期成長 15%。

We delivered solid operating earnings and margin performance in Snacks, with a 7% increase in segment operating earnings and a 110 basis point improvement in operating margins in the quarter. The higher operating earnings were driven by higher gross profit, partially offset by planned higher marketing and selling expenses.

我們在零食業務領域實現了穩健的營運收益和利潤率表現，本季該部門的營運收益成長了 7%，營運利潤率提高了 110 個基點。較高的營業利潤是由較高的毛利推動的，但部分被計劃增加的營銷和銷售費用所抵消。

Gross profit margin increased due to the impact of net price realization, supply chain productivity improvements, the benefit from cost savings initiatives and favorable volume and mix more than offsetting higher cost inflation and other supply chain costs.

由於淨價實現、供應鏈生產力提高、成本節約措施的效益以及有利的銷售和組合的影響，毛利率有所增加，這足以抵消更高的成本通膨和其他供應鏈成本。

Snacks operating margin reached 15% in Q2, and for the first half, operating margin was 14.7%. As a reminder, the Snacks margin in the third quarter of fiscal '23 was 16%, up 330 basis points. This was driven by the benefit of last year's Wave 4 pricing, net of inflation and the timing of marketing spend.

第二季零食營業利益率達 15%，上半年營業利益率為 14.7%。提醒一下，23 財年第三季的零食利潤率為 16%，上升了 330 個基點。這是由去年第四波定價的好處（扣除通貨膨脹和行銷支出的時機）所推動的。

So although we do expect negative pressure on Q3 margins, given the lap from the prior year comp, we remain on track to approximately 15% margin for the year. As Mark mentioned earlier, we further expect Snacks margins to increase approximately 100 basis points per year over the next 2 years, reaching our stated goal of 17% by the end of fiscal '26.

因此，儘管我們確實預計第三季的利潤率將面臨負面壓力，但考慮到去年同期的表現，我們今年的利潤率仍將保持在 15% 左右。正如馬克之前提到的，我們進一步預期零食利潤率將在未來 2 年內每年增加約 100 個基點，到 26 財年末達到我們既定的 17% 目標。

I'll now turn to cash flow on Slide 29. We generated $684 million in operating cash flow in the first half and deployed that cash consistent with our capital allocation priorities to maximize long-term shareholder value.

現在我將討論幻燈片 29 上的現金流。上半年，我們產生了 6.84 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。

Year-to-date capital expenditures were $263 million, $108 million higher than in the prior year, reflecting our commitment to invest for growth, particularly in capacity for our Snacks division, as well as investments to drive productivity and enhance business capabilities.

年初至今的資本支出為 2.63 億美元，比上年增加 1.08 億美元，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，以及為提高生產力和增強業務能力而進行的投資。

We also continued our commitment to return cash to our shareholders, with $224 million of dividends paid and $29 million of anti-dilutive share repurchases in the first half.

我們也繼續履行向股東返還現金的承諾，上半年支付了 2.24 億美元的股息，並進行了 2,900 萬美元的反稀釋股票回購。

Our balance sheet continues to be stable, with net debt of $4.4 billion and a net debt to adjusted EBITDA leverage ratio of 2.6x. At the end of the second quarter, we had approximately $169 million in cash and cash equivalents and approximately $1.85 billion available under our revolving credit facility.

我們的資產負債表持續保持穩定，淨負債為 44 億美元，淨負債與調整後 EBITDA 的槓桿比率為 2.6 倍。截至第二季末，我們擁有約 1.69 億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。

All in, with the $2 billion delayed single draw term loan credit agreement, we are well positioned to close the pending Sovos Brands acquisition.

總而言之，憑藉 20 億美元的延遲單筆提取定期貸款信貸協議，我們已準備好完成即將進行的 Sovos Brands 收購。

As you'll see on Slide 30, given the consistent and improving performance in Q2, we are reaffirming our full year guidance provided on August 31.

正如您將在幻燈片 30 中看到的那樣，鑑於第二季業績的持續和不斷改善，我們重申 8 月 31 日提供的全年指引。

In the second half of fiscal '24, we continue to expect earnings growth and margin progress, particularly in Q4, benefiting from improving volume and mix trends, moderate inflation levels and the flow-through of ongoing productivity improvements as well as second half marketing and selling expenses at our stated targets, which will provide some year-over-year margin benefit in the second half.

在 24 財年下半年，我們繼續預期獲利成長和利潤率進步，特別是在第四季度，受益於數量和組合趨勢的改善、溫和的通膨水平、持續生產力提高以及下半年的營銷和銷售費用達到我們既定目標，這將在下半年提供一些同比利潤率收益。

To provide a bit more clarity about the phasing of the second half, in Q3, we would expect adjusted EPS to be in the lower $0.70 range. As Mark mentioned earlier, top line guidance reflects a range of outcomes based on the speed of in-market category stabilization. We are encouraged by the sequential improvement in year-over-year sales, with first half volumes coming in largely as anticipated, and we remain highly confident in the continued stabilization and ultimately returning to growth in the second half.

為了讓下半年的分階段更加清晰，我們預計第三季調整後每股盈餘將在 0.70 美元的較低範圍內。正如馬克之前提到的，營收指引反映了基於​​市場類別穩定速度的一系列結果。我們對同比銷售的連續改善感到鼓舞，上半年銷售基本上符合預期，我們對下半年的持續穩定並最終恢復成長仍然充滿信心。

We are currently pacing to the lower end of the net sales guidance range for the full year. However, we still have half of the year remaining, with excellent plans and innovation to help accelerate the rate of sequential improvement moving forward. We will continue to invest in our brands with marketing and selling expenses as a percent of net sales expected at the low end of our targeted 9% to 10% range.

目前，我們正朝著全年淨銷售額指引範圍的下限邁進。然而，我們還有半年時間，出色的計劃和創新將有助於加快後續改進的速度。我們將繼續投資於我們的品牌，行銷和銷售費用佔淨銷售額的百分比預計在我們的目標範圍 9% 至 10% 的低端。

From a phasing perspective, we expect to spend more in the third quarter relative to the fourth quarter. All other guidance assumptions remain unchanged. Additionally, the pending acquisition of Sovos Brands is currently expected to close the week of March 11, 2024, and is not included in our current fiscal '24 outlook. After the transaction closes, we expect to update guidance for the combined business during our third quarter call.

從階段性的角度來看，我們預期第三季的支出將高於第四季。所有其他指導假設保持不變。此外，對 Sovos Brands 的待定收購目前預計將於 2024 年 3 月 11 日這一周結束，並且不包含在我們當前的 24 財年展望中。交易完成後，我們預計將在第三季電話會議上更新合併後業務的指引。

To wrap up, our second quarter tracked closely to our expectations, driven largely by the actions we undertook to position our business for second half momentum. We are confident in our plans for the rest of the fiscal year, and our team remains focused on executing our strategy.

總而言之，我們的第二季與我們的預期密切相關，這主要是由於我們為下半年的業務定位所採取的行動所推動的。我們對本財年剩餘時間的計畫充滿信心，我們的團隊仍然專注於執行我們的策略。

Within both segments of our business, we expect to deliver margin momentum in the second half, paired with improvements in the trajectory of volume and mix. In addition, we are excited to be one step closer to completing the Sovos Brands acquisition and look forward to welcoming their team to Campbell's.

在我們的兩個業務領域中，我們預計下半年將實現利潤成長勢頭，同時銷售量和產品組合軌跡也會有所改善。此外，我們很高興距離完成對 Sovos Brands 的收購又近了一步，並期待歡迎他們的團隊來到金寶湯。

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

接下來，我將其交給接線員開始問答。

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

（操作員說明）您的第一個問題來自巴克萊銀行的安德魯·拉扎爾（Andrew Lazar）。

Mark, maybe to start off, you talked about sales tracking towards the lower end for the full year. I don't think that comes as a big surprise, just given the broader sort of industry challenges that a lot of the food companies are facing at the moment. But obviously, even at that lower end, it does require a pivot, right? The positive growth in the second half.

馬克，也許首先，您談到了全年低端的銷售追蹤。考慮到許多食品公司目前面臨的更廣泛的行業挑戰，我認為這並不令人意外。但顯然，即使在較低端，它也確實需要一個支點，對吧？下半年實現正成長。

And with no benefit expected from pricing, obviously volumes got to drive that. Maybe you can go through just a couple of the key points. You mentioned a few, but just what really drives your visibility and confidence to that outcome? And then as Carrie talked about, EPS a little more fourth quarter weighted, given the cadence of spending and some other things. But maybe you can also comment a little bit on that and what drives that specifically, so we have a better handle on that?

由於預計定價不會帶來任何好處，顯然銷售必須推動這一點。也許您可以只瀏覽幾個關鍵點。您提到了一些，但真正推動您對這一結果的可見性和信心的是什麼？然後，正如嘉莉所說，考慮到支出節奏和其他一些因素，第四季度每股收益的權重增加。但也許你也可以對此發表一些評論，以及具體是什麼推動了這一點，以便我們更好地處理這個問題？

Sure, yes. And maybe Carrie and I can kind of tag team together. So yes, let's first talk about the top line. The first thing that I would just say is -- the good news is through the second quarter, we're essentially right where we expected to be on top line. And I think that sequential improvement that we saw from Q1 to Q2 is very important because that's kind of support, if you will, a little bit of the trajectory that we anticipated and planned for the back half.

當然，是的。也許嘉莉和我可以一起組隊。所以，是的，我們先來談談頂線。我要說的第一件事是——好消息是，到了第二季度，我們基本上就達到了我們預期的營收水準。我認為我們從第一季到第二季看到的連續改進非常重要，因為這是一種支持，如果你願意的話，是我們為後半段預期和計劃的軌蹟的一點點。

I think you hear a little bit more cautious tone relative to the ranges. And from the beginning, we've kind of said the guidance range kind of is predicated on a little bit of the sensitivity of the speed at which we see some of these categories responding, and I think what you're getting from us is just a little bit more probably -- not so much of a specific factor, but more of just a bit of caution and ensuring that we see the variables that we expect and whether that indicates low or high end of the range.

我認為您會聽到相對於範圍更加謹慎的語氣。從一開始，我們就說過指導範圍是基於我們看到其中一些類別響應的速度的敏感性，我認為您從我們那裡得到的只是更有可能——不是一個具體的因素，而是更多的一點謹慎，並確保我們看到我們預期的變量，以及這是否表明範圍的低端或高端。

So we're certainly not suggesting that we are for sure on the low end of the range. But from what we can see in variables today, I thought it was prudent to kind of position it that way. Now why do we see sequential improvement in the back half? Well, the first thing I just would point out, this is not some massive hockey stick, right? So we kind of down [2] in Q1, down [1] -- as we said, kind of flat to 1% in Q3, sequentially better in Q4.

因此，我們當然並不是說我們肯定處於該範圍的低端。但從我們今天在變數中看到的情況來看，我認為這樣定位是謹慎的。現在為什麼我們會看到後半場的連續改善？好吧，我首先要指出的是，這不是一個巨大的曲棍球桿，對吧？因此，我們在第一季下降了 [2]，下降了 [1]——正如我們所說，在第三季度持平至 1%，在第四季度依次更好。

So it's a pretty steady drumbeat of more modest improvement as we go through the back half of the year. And I think as we've said all along, one of the biggest variables that gives us confidence, and this is one of those areas that I think, in looking at kind of pacing or benchmarking with other companies in this moment of transition, part of it is what you're lapping and when you're lapping it, that sets up a little bit of the speed of recovery. But we're -- as you know, we are lapping in the first half of the year, growth rates that were closer to 13%, 14%. And in the back half, we're going to be lapping 5%.

因此，當我們經歷今年下半年時，這是一個相當穩定的、適度改善的鼓聲。我認為，正如我們一直以來所說的那樣，給我們信心的最大變量之一，也是我認為在這一轉型時刻與其他公司進行節奏或基準測試的領域之一，部分它的一部分是你正在研磨的東西，當你研磨它時，它會設定一點恢復速度。但如你所知，我們今年上半年的成長率接近 13%、14%。在後半段，我們將領先 5%。

On volume, just to give you a little bit of that delta, in the first half of '23, we were cycling about 1.5% of vol mix decline. We move into the back half, we're going to be lapping about a 6% vol mix decline. So both on the net sales and the vol mix, the comps are going to get significantly easier.

就成交量而言，為了給您一點增量，在 23 年上半年，我們的成交量組合下降了約 1.5%。我們進入後半部分，我們將經歷約 6% 的成交量混合下降。因此，無論是淨銷售額還是銷量組合，比較都將變得更加容易。

So in theory, if you didn't expect any improvement in consumer dynamics, you would essentially see some sequential improvement that kind of supports the glide path we're on. Now what we're hoping for is that the combination of what we're doing, which I think our execution to date it has been a point of pride for the company, especially as you look at our performance through the holidays.

因此，從理論上講，如果您預期消費者動態不會有任何改善，那麼您基本上會看到一些連續的改善，從而支持我們目前的下滑路徑。現在我們希望的是我們正在做的事情的結合，我認為迄今為止我們的執行已經成為公司的驕傲，特別是當你看到我們在假期期間的表現時。

And we've got a lot of ammunition. We probably have one of the strongest back half innovation funnels we have on paper, about 1% of growth contributed from our innovation, very strong marketing. You won't see the incremental step-up in the back half that you've been seeing as we've kind of settled in at that 9% of net sales for marketing and selling, as we go into the back half. But I would say very, very focused, highly relevant. We've continued to learn a lot about what's working in this environment, and we'll continue to drive it.

而且我們還有很多彈藥。我們可能擁有紙面上最強大的後半創新管道之一，大約 1% 的成長來自我們的創新和非常強大的行銷。您不會看到後半段出現的增量提升，因為當我們進入後半段時，我們已經將淨銷售額的 9% 用於行銷和銷售。但我想說的是，非常非常專注，高度相關。我們不斷了解在這個環境中什麼是有效的，並且我們將繼續推動它。

And then finally, it is not as if we're not seeing some green shoots. I always feel like I'm cheating a little bit. Reporting after CAGNY, I get to hear everybody's point of view on the consumer. The good news is I think much of the dialogue would be quite consistent with what we're seeing. Consumer sentiments improving, household penetration in many of the categories have kind of turned the corner.

最後，我們並非沒有看到一些萌芽。我總覺得我有點作弊。在 CAGNY 之後進行報道，我聽到了每個人對消費者的看法。好消息是我認為大部分對話與我們所看到的非常一致。消費者情緒有所改善，許多類別的家庭滲透率已經好轉。

We're seeing improvement, albeit still fewer trips to the supermarket, we're seeing a little bit of a step back up in the number of categories purchased, the number of servings purchased. All of those, to me, provide pretty compelling evidence that we will see the turn.

我們看到了改善，儘管去超市的次數仍然減少了，但我們看到購買的類別數量和購買的份量有所回升。對我來說，所有這些都提供了非常令人信服的證據，表明我們將會看到轉變。

And just as a reminder, our 2-year comps, right, are continuing to look very strong, plus 6% in the second quarter as an example. And even with the numbers that I was giving you relative to outlook for the back half, you'd be in a similar 2-year comp range. And so it's not as if on a 2-year basis, you're seeing some catastrophic structural change. But there is no doubt that the speed of recovery is what we're all trying to pay.

提醒一下，我們的 2 年比較（右）看起來仍然非常強勁，例如第二季成長了 6%。即使我給你提供了與後半段前景相關的數據，你也會處於類似的兩年補償範圍內。因此，在兩年的基礎上，你不會看到一些災難性的結構性變化。但毫無疑問，恢復速度是我們所有人都努力付出的代價。

So those are all good signs for us and give us the potential of seeing improvement faster than what we may be projecting today. But that gives you a little bit of probably pretty broad real estate of exactly why we feel very good about the back half, although we may be a little bit more pragmatic with our outlook right now, I'm still hopeful that there's a lot of variables in the last 6 months that we could see that accelerate.

因此，這些對我們來說都是好兆頭，使我們有可能比我們今天預計的更快地看到改進。但這給了你一些可能相當廣泛的空間，確切地說了為什麼我們對後半部分感覺非常好，儘管我們現在對我們的前景可能更加務實，但我仍然希望有很多在過去6 個月中，我們可以看到這種變化正在加速。

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。

Just to dig in a bit deeper on the wording of the back half -- I guess, in really implied back half guidance. Mark, you said you're currently on pace for the lower end of annual guidance, and that's really in the name of pragmatism or prudence. But you also, I think, said that the first half's top line came in broadly as expected. So I'm just curious if I can get a little more precise on -- our 3Q shipments maybe starting off a little more slowly than you might have anticipated?

只是為了更深入地研究後半部分的措辭——我想，在真正隱含的後半部分指導中。馬克，你說你目前正朝著年度指導的下限前進，這實際上是以務實或審慎的名義。但我認為你也說過上半場的收入大致符合預期。所以我只是好奇我是否能更準確地了解一下——我們第三季的出貨量可能比您預期的要慢一些？

And within that, you mentioned that Chunky share trends are improving, but it's still a bit challenging. So I'm just trying to, I guess, get a little more focused on which parts of the business are the main reasons for the added prudence, kind of the right way to think about it.

其中，您提到 Chunky 份額趨勢正在改善，但仍然有點挑戰。因此，我想，我只是想更加關注業務的哪些部分是更加謹慎的主要原因，這是正確的思考方式。

Yes. No, I think, Ken, what I would tell you, from a Campbell's standpoint, our performance relative to the categories is very consistent in the sequence of improvement and the strength in different areas. Again, from what we've seen in the beginning of the year, through, I mean, continued strength on broth and all of our cooking businesses, as that stays highly relevant for consumers very, very strong, a little bit more softness on ready-to-eat soups but not different than what we would have expected.

是的。不，我想，肯，我要告訴你的是，從坎貝爾的角度來看，我們相對於類別的表現在改進順序和不同領域的實力方面非常一致。再說一次，從我們今年年初看到的情況來看，我的意思是，肉湯和我們所有烹飪業務的持續強勁，因為這與消費者保持高度相關，非常非常強勁，準備就緒的程度更加柔和-吃湯，但與我們想像的沒有什麼不同。

I think the -- let's call it a little bit of the hesitation has probably been more anchored in the speed at which the categories are recovering. And I would say, from a Meals & Beverage standpoint, pretty much in line with the trajectory. I mean, I think everybody is aware that January was obviously a very strong month and arguably a little bit better due to the weather, although what I would tell you is, as we think about it and look at it, the good news is that weather is more normal than what we've had the last couple of years.

我認為——讓我們稱之為一點猶豫可能更多地取決於類別復甦的速度。我想說，從餐飲的角度來看，這與發展軌跡非常一致。我的意思是，我想每個人都知道一月份顯然是一個非常強勁的月份，並且可以說由於天氣的原因稍微好一點，儘管我要告訴你的是，當我們思考並觀察它時，好消息是天氣比過去幾年更正常。

So we'll always difficult to talk about weather. But I think January generally pretty strong, but the trend -- the underlying trend in the categories, pretty much where we expected. I would say Snacks is a little bit slower. If there's one where in the category dynamics, we're seeing a little bit more moderation. But I do continue to be reminded that when I look at these businesses and look at these categories on a 2-year basis, you continue to see really strong results.

所以我們總是很難談論天氣。但我認為一月份總體上相當強勁，但趨勢——各類別的基本趨勢，幾乎與我們預期的一樣。我想說小吃有點慢。如果說品類動態中有一個地方的話，我們會看到更溫和一些。但我確實不斷被提醒，當我以兩年為基礎審視這些業務並審視這些類別時，你會繼續看到非常強勁的業績。

I mean, in fact, our power brands which are 2/3 of our business on a 2-year basis are up 12%. So there probably was a little bit maybe of overshooting relative to expectation on the speed of recovery in the Snacks ones. But I think relative to what we expected or what's giving us a little bit of, I would say, pragmatism. Because, again, I want to be really clear, we've got a lot of months left in the year to see us continue to shape the curve based on our own execution. But I would say those are the areas that are giving us a little bit more of this outlook that's moving a bit down.

我的意思是，事實上，我們的實力品牌占我們業務的 2/3，在 2 年的基礎上成長了 12%。因此，相對於零食恢復速度的預期，可能有點超調。但我認為相對於我們的期望或為我們帶來一點實用主義的東西。因為，我想再次澄清，今年我們還有很多個月的時間可以看到我們繼續根據自己的執行來塑造曲線。但我想說的是，這些領域讓我們對前景的看法下降。

And remember, we guided in pretty tight ranges, too. So the difference between 1 and 0, not insignificant, but certainly, I think in a world where it's pretty variable right now, I think a little bit of pragmatism is probably appropriate.

請記住，我們的指導範圍也非常窄。因此，1 和 0 之間的差異並非微不足道，但當然，我認為在現在變化很大的世界中，我認為一點實用主義可能是合適的。

And then can I ask a very quick follow-up to that, and thank you for the color. When I speak with investors about, I guess, the bull and bear cases on your stock and other companies, one of the bearish cases I hear is that the salty snacks category in general is a little weaker than what people expected, and that maybe that will continue if some of the larger players get a little bit more nervous about their share, maybe invest a little more in price.

然後我可以要求一個非常快速的後續行動，並感謝您的顏色。當我與投資者談論你們的股票和其他公司的牛市和熊市情況時，我聽到的一個看跌情況是，鹹味零食類別總體上比人們預期的要弱一些，也許如果一些較大的參與者對自己的份額更加緊張，也許會在價格上投入更多，那麼這種情況將會繼續下去。

Are you seeing any of these dynamics take place, whereby there's an irrational amount of maybe price investments? Or just trying to get a little bit better sense of what you're seeing in salty snacks that's maybe not going quite as well, because it's been such a great category for so many years and decades.

您是否看到任何這些動態發生，其中存在不合理數量的可能價格投資？或者只是想更好地了解鹹味零食中的內容，但這可能不太好，因為多年來它一直是一個很棒的類別。

Yes. So no, I think what you're seeing is generally a pretty consistent with history. As funny as I -- a lot of the devil is in the detail of unpacking these categories. And it's interesting, as I talked about, that 2-year CAGR on power brands for us, as you pull back and look a little deeper at the salty categories, they are the strongest 2-year growth rates that we have within the business.

是的。所以不，我認為你所看到的通常與歷史非常一致。就像我一樣有趣——很多問題都在於解開這些類別的細節。有趣的是，正如我所說，我們的實力品牌的 2 年複合年增長率，當你回過頭來更深入地研究鹹味類別時，它們是我們行業內最強勁的 2 年增長率。

So arguably, salty is lapping the most challenging comps of -- given the strength of where it was a year ago. I do think, as I've said all along, this is salty snacks, right? So this is not a category where you're not going to have promotion, where you're not going to have competitiveness as you think about the players that are in this space. But I'm not seeing anything that indicates to me that people are becoming irrational or that they're trying to chase the cycling down.

因此，考慮到一年前的實力，鹹味可以說是最具挑戰性的組合。我確實認為，正如我一直以來所說的，這是鹹味零食，對吧？因此，當你考慮到這個領域的參與者時，這不是一個你不會晉升的類別，你不會有競爭力。但我沒有看到任何跡象表明人們正在變得不理性，或者他們正在試圖追趕自行車運動。

Again, I would say, whether it's -- we under anticipated the strength that we were lapping or whether the category is a little more challenged than we expected in the near term, I am really not worried about this being structural.

我再說一遍，無論是我們低估了我們所追求的實力，還是該類別在短期內面臨的挑戰是否比我們預期的要大一些，我真的不擔心這是結構性的。

And even when I look at some of those early lead consumer indicators, like I mentioned before, you're seeing positive movement. I truly believe this is not a matter of if these categories respond, it's just a matter of when and trying to time it, engage it is what makes the current moment we're in a little bit more challenging.

即使當我查看一些早期的主要消費者指標時，就像我之前提到的那樣，你也會看到積極的變化。我堅信，這不是這些類別是否做出反應的問題，而只是時間和嘗試把握時機的問題，參與其中才是讓我們當前所處的時刻更具挑戰性的原因。

But structurally speaking, I'm not seeing anything that gives me any real pause, relative to what I think is going to be a very, very healthy longer-term trajectory for us, both in the salty side but also in the cookie and cracker side.

但從結構上來說，我沒有看到任何讓我真正停頓的東西，相對於我認為對我們來說將是一個非常非常健康的長期軌跡，無論是在鹹味方面，還是在餅乾和餅乾方面邊。

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

您的下一個問題來自美國銀行的 Peter Galbo。

Carrie, maybe just to start, can you just help us out, like the contribution from both foodservice in Canada to Meals & Beverages? I think you said was a positive offset in the quarter. Maybe just what that was and what's embedded kind of throughout the second half on those 2 pieces of Meals & Bev.

嘉莉，也許只是開始，你能幫我們一下嗎，例如加拿大餐飲服務對餐飲的貢獻？我認為你說的是本季的積極抵消。也許這就是整個下半場那兩份餐點和飲料中嵌入的內容。

So maybe I'll jump in first on the top line. So Canada and foodservice continue to be performing extremely well. Now as you might remember, Peter, we had the nice recovery of a year ago in foodservice, but it was still positive, low single digits.

所以也許我會先跳到最上面。因此，加拿大和餐飲服務繼續表現得非常好。彼得，你可能還記得，我們​​的餐飲服務業在一年前有了很好的復甦，但仍然是積極的、低個位數的。

Canada had an especially strong quarter, and it contributed about a point of growth. And so if you're doing the math between net sales and end-market consumption, one might ask the question of, all right, if you got a point of contribution from NAFS and Canada and Meals & Beverage, why were you a little bit lower?

加拿大的季度表現尤其強勁，貢獻了約一個百分點的成長。因此，如果您在淨銷售額和終端市場消費之間進行數學計算，人們可能會問這樣的問題：好吧，如果您從NAFS 和加拿大以及餐飲部門獲得了一點貢獻，為什麼您要貢獻一點點呢？降低？

And that was a function of actually seeing a bit more depletion of inventory in the second quarter. And again, I think I wouldn't call that a big indicator of an upsized recovery in Q3, but I think a little bit of just normalizing as we ran through the holiday season, which is always a little bit of a guessing game relative to inventory.

這是因為第二季庫存實際上有所減少。再說一遍，我認為我不會稱其為第三季大幅復甦的重要指標，但我認為，隨著我們度過假期，這會有點正常化，相對於存貨。

So I think we're finishing in a very good spot, but we got a little bit of help from NAFS and Canada that we're able to balance a bit, a little bit of inventory pressure on the base business, but you're talking in totality within about 1 point of movement on the Meals & Beverage side.

所以我認為我們的成績非常好，但我們從 NAFS 和加拿大得到了一些幫助，我們能夠平衡基礎業務的一點點庫存壓力，但你餐飲方面的總體變動幅度約為 1 個點。

Great. That's helpful. And then maybe, Mark, just to switch over, you did spend some time talking about the combo strategy on the DSD routes. I know it's pretty early days, but maybe you can just give us a sense of that 20%? Are you less than 1% kind of converted at this point? And what have you kind of learned I guess, both positive and maybe any challenges you brought into thus far?

偉大的。這很有幫助。也許，馬克，只是為了切換一下，你確實花了一些時間談論 DSD 路線的組合策略。我知道現在還為時過早，但也許您可以讓我們了解那 20% 的情況？此時你的轉換率還不到 1% 嗎？我想你學到了什麼，既有正面的一面，也可能有迄今為止你遇到的挑戰？

Yes. So needless to say, this is maybe more exciting to us than the outside world, but this is a really important step in the journey because really, since I've been on the business, when you look at our business and you see the complexity of multiple DSD routes on snacking and you see the disparity geographically in scale, it does really beg the question of is there no way to put these businesses together?

是的。所以不用說，這對我們來說可能比外界更令人興奮，但這是旅程中非常重要的一步，因為實際上，自從我從事這項業務以來，當你看到我們的業務時，你會看到複雜性零食方面有多個 DSD 路線，而且您會看到地理規模上的差異，這確實引出了一個問題：是否沒有辦法將這些業務整合在一起？

And I think what we did, which was smart was to kind of tread lightly and move in a very methodical and pragmatic way. But you now hear us kind of through what has been a couple of years of really working on what's possible and feeling really good about what we're learning on the combo routes.

我認為我們的做法是明智的，就是輕裝上陣，以一種非常有條理和務實的方式行事。但你現在聽到的是，我們花了幾年的時間來真正研究可能的事情，並對我們在組合路線上學到的東西感覺非常好。

And so as you can imagine, one of the questions we had to answer is, okay, you have an independent distributor that's now going to 2 aisles in the store. And so what you -- what inherently you're going to have to have is enough scale that represents or that is still economically beneficial for that independent distributor to spend more time in a single store.

正如您可以想像的那樣，我們必須回答的問題之一是，好吧，您有一個獨立經銷商，現在正在商店的 2 個過道上銷售。因此，您本質上必須擁有足夠的規模，以代表獨立分銷商在單一商店中花費更多時間，或仍具有經濟利益。

So the math in this to get it to really work well to make it the win-win that we want it to be is this opportunity of maximizing in-store execution, while the economics of the drop size is being substantial enough that it really encourages or make these routes attractive, while also dealing with the fact that when you're underscaled on these routes, and this may not be as obvious to everybody, is, as you might imagine, if the economics are not good on routes for an independent distributor, it's a real challenge for them and the ability to invest in their business, the ability for them to dedicate the time and effort is a real challenge. And so the better we make the economics, the better it is for the IDP and the better the service and support is for our business and for the customer.

因此，要讓它真正發揮作用，實現我們希望的雙贏，關鍵在於最大限度地提高店內執行力，同時下降規模的經濟效益足夠大，足以真正鼓勵或者使這些路線具有吸引力，同時還要處理這樣一個事實：當您在這些路線上的規模過低時，這可能對每個人來說都不是那麼明顯，正如您可能想像的那樣，如果獨立路線的經濟狀況不佳對於經銷商來說，這對他們來說是一個真正的挑戰，投資他們的業務的能力，他們投入時間和精力的能力是一個真正的挑戰。因此，我們的經濟效益越好，對於 IDP 來說就越好，對於我們的業務和客戶來說，服務和支援就越好。

And so I think what you hear us saying today is that we actually feel really good about it. And I just would say the other big question that we had was, okay, if we're buying back routes, how complicated or difficult, how long will we have to hold the routes before we get a buyer? And I would say what's been really exciting, although, again, I think you hear a level of, again, pragmatism in the rollout as we continue to validate this as we go, but the early signs is it's a fairly expedited process, right?

所以我認為你今天聽到我們所說的是我們實際上對此感覺非常好。我只想說，我們遇到的另一個大問題是，好吧，如果我們回購航線，有多複雜或困難，在找到買家之前我們必須保留這些航線多長時間？我想說的是，什麼是真正令人興奮的，儘管，我想你再次聽到了一定程度的實用主義，因為我們繼續驗證這一點，但早期跡象表明這是一個相當快速的過程，對嗎？

We kind of line up the right buyers, we get them ready, we acquired the routes and then in many cases, these are people that are in our network already. They may be an owner of existing Pepperidge Farm route or a Snyder's-Lance route. And so the speed at which to convert on that has been very good.

我們會安排合適的買家，讓他們做好準備，我們獲得路線，然後在很多情況下，這些人已經在我們的網路中了。他們可能是現有 Pepperidge Farm 路線或 Snyder's-Lance 路線的所有者。因此，轉換速度非常快。

And so now this gives us kind of the final piece of the puzzle to being able to plot forward, to really a single snacks network, even though in much of the country, you'll still see a dedicated Pepperidge Farm and a dedicated Snyder's-Lance truck, it's all running through the same singular network. And in places where we didn't have the scale, you'll see these combo routes that are going to give us a great expansion of, what I would call, the same level of support we're getting in those scaled markets. We'll now be able to deliver in a much larger percent of the country, which is why we're so excited about it.

所以現在這給了我們最後一塊拼圖，讓我們能夠向前推進，建立一個真正的單一零食網絡，儘管在這個國家的大部分地區，你仍然會看到一個專門的Pepperidge 農場和一個專門的Snyder's— —蘭斯卡車，它們都透過同一個單一網路運作。在我們沒有規模的地方，你會看到這些組合路線，它們將為我們帶來巨大的擴張，我稱之為，我們在那些規模化市場中獲得的相同水平的支持。現在，我們將能夠在全國更大比例的地區提供服務，這就是我們對此感到如此興奮的原因。

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

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

I just wanted to start following up a little bit more on that DSD color. And I would love to get a sense -- I know it sounds like it's 1/5 or so of the total, so a smaller piece, but can you quantify what the savings might look like from this and how to think about the economics of how this progresses?

我只是想開始對 DSD 顏色進行更多跟進。我很想了解一下——我知道這聽起來像是總數的 1/5 左右，所以是一個較小的部分，但是你能量化一下由此節省的費用以及如何考慮其經濟效益嗎？進展如何？

Yes. So obviously -- so as we said, it's about 20 -- to do the all of the markets that we've sorted into kind of, let's call it, underscaled with the potential of combo, it's about 1/5 or about 20% of the routes we have.

是的。很明顯，正如我們所說，大約是 20 個市場，我們對所有市場進行分類，讓我們稱之為，根據組合的潛力進行低估，大約是 1/5 或大約 20%我們擁有的路線。

As you may remember, we've talked about this part of the journey, really being a component of several different elements that come together to really address route to market. So the combination of the warehouses, the combination of the depots, added technology and capability both for the IDPs as well within our warehouse network, and now this ability to convert into combo routes in 1/5 of the country.

您可能還記得，我們​​已經討論了旅程的這一部分，它實際上是幾個不同元素的組成部分，這些元素結合在一起真正解決了市場路線。因此，倉庫的組合、倉庫的組合，為國內流離失所者以及我們的倉庫網路增加了技術和能力，現在這種能力可以在全國 1/5 的地區轉換成組合路線。

The economics of this, relative to how we've managed the investment, is both an efficiency and an effectiveness play. So the good news is you're getting margin and efficiency, arguably a bit more through the warehouse consolidation and the depot consolidation, although I would say combo routes are going to give you some intrinsic savings as well.

相對於我們管理投資的方式，這種做法的經濟學既是效率又是效益。因此，好消息是，您可以獲得利潤和效率，可以說透過倉庫整合和倉庫整合獲得更多，儘管我想說組合路線也會給您帶來一些內在的節省。

But then as you move to the idea of where the effectiveness comes from, I think the technology upgrades as well as the combo routes are going to give us a very healthy boost in some markets where arguably, we've been underperforming as we've been just lighter on scale and support. And so the economics of this are really the combination of both what we perceive to be the improvement in top line, which, of course, is still at the heart of what we want Snacks doing, but also contributing to the business.

但當你轉向有效性從何而來的想法時，我認為技術升級以及組合路線將為我們在一些市場上帶來非常健康的推動，可以說，我們在這些市場中一直表現不佳，因為我們已經只是規模和支持上有所減輕。因此，這種經濟效益實際上是我們認為的收入改善的結合，當然，這仍然是我們希望零食做的事情的核心，也為業務做出了貢獻。

So what -- and we'll talk a little bit more about this Investor Day, but what you're seeing, not inconsistent with what we talked about in the past is, it's probably 50 basis points of margin that I would say is more directly related to distribution. I think the -- and that's really through a time frame of '26.

那又怎樣——我們將更多地談論這個投資者日，但你所看到的，與我們過去談論的並不矛盾的是，我想說的保證金可能是 50 個基點更多與分佈直接相關。我認為——這實際上是在 26 年的時間範圍內。

I do think as you look beyond it and the time line for completing this will give us a little bit of dry powder, even beyond the 17%, that will give us some optionality, either to spend back and invest in the business or potentially drive margin even further beyond the 17% that we talked a little bit about today in fiscal '26. But in the near term, probably relative speaking, about 50 bps of margin benefit from it is a good kind of approximation.

我確實認為，當你超越它時，完成這項工作的時間線將為我們提供一點乾粉，甚至超過 17％，這將給我們一些選擇，要么回去投資業務，要么潛在地推動利潤率甚至進一步超出了我們今天在26 財年談到的17%。但從短期來看，或許相對而言，約 50 個基點的利潤率從中受益是一個很好的近似值。

Okay. That's really helpful. And just a quick follow-up on some of the comments on the portfolio. You've touched on the attractive balance and the Investor Day slide, looks like you'll highlight how you're thinking about that. We've had questions in the past about would a split ever makes sense. It sounds like that's not on your radar. Is that how you're thinking about, how you go forward and just how the 2 pieces of the business fit together?

好的。這真的很有幫助。以及對投資組合的一些評論的快速跟進。您已經談到了有吸引力的平衡，並且投資者日幻燈片看起來您將強調您對此的看法。我們過去曾質疑過分裂是否有意義。聽起來這不在你的雷達範圍內。這就是您的想法、您的前進方式以及這兩個業務部分如何結合在一起嗎？

Look. Yes. No, good -- very good question. I think the short answer to that is we're going to let shareholder value kind of drive a little bit of that dialogue. I will say that I've been very consistent, I think, from the beginning, that even if for whatever the economic case is for a split of the company, I would want to do that from a position of strength.

看。是的。不，很好——非常好的問題。我認為對此的簡短回答是，我們將讓股東價值推動一些對話。我想說，我認為，從一開始，我就一直非常一致，即使無論經濟狀況如何，公司分裂，我都希望從強勢地位來做到這一點。

And so the moves that you see us making and what we've been doing to kind of transform, I would say, the portfolio and the business over the last several years, is going to set up what I think is going to be a best-in-class grocery business with Meals & Beverage and a best-in-class snacking business.

因此，你看到我們採取的舉措以及我們一直在進行的轉型，我想說，過去幾年的投資組合和業務，將建立我認為最好的一流的雜貨業務，包括餐飲業務和一流的零食業務。

On the Meals & Beverage side, you're now adding these very compelling growth stories in what we're calling more of the distinctive or premium brands, while having a very solid foundation of mainstream brands and a more differentiated snacks business that now has a simplified both route to market and manufacturing platform that really gives us now, I would say, both halves of the business in its strongest position.

在餐飲方面，您現在正在將這些非常引人注目的成長故事添加到我們所說的更多獨特或優質品牌中，同時擁有非常堅實的主流品牌基礎和更加差異化的零食業務，現在擁有簡化了市場路線和製造平台，我想說，這確實讓我們的業務的兩半都處於最強大的地位。

And so now with that, as we kind of live into that over the next year or so, I think we'll have a great understanding of what is the value potential and how should we judge it versus other options, but know that we'll always look and evaluate. But right now, I feel like all roads through -- lead through executing and delivering on this vision that we have for both of the divisions. And I think if we do that, we're going to have a very compelling story within food.

因此，現在，隨著我們在未來一年左右的時間裡融入這一點，我認為我們將對價值潛力是什麼以及我們應該如何判斷它與其他選擇相比有一個很好的理解，但要知道我們'會一直觀察和評估。但現在，我覺得所有的道路都通過了——透過執行和實現我們為兩個部門所製定的願景。我認為如果我們這樣做，我們將在食品中講述一個非常引人注目的故事。

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

我們的下一個問題來自史蒂芬斯的吉姆·薩萊拉。

Mark, I wanted to circle back to some of the commentary around the back half cadence for the top line. If I look at Goldfish in particular, I believe they gained dollar share in the second quarter, which is up from flat in the first quarter. Just any color around what's driving the success there, if that's something that can be kind of replicated across some of the other snacking brands? And if we think about reacceleration or an acceleration in the back half, what components of the snacking portfolio, would you expect that to come from?

馬克，我想回到關於頂線後半節奏的一些評論。如果我特別關注金魚，我相信他們在第二季度獲得了美元份額，而第一季持平。任何推動那裡成功的因素，是否可以在其他一些零食品牌中複製？如果我們考慮後半段的重新加速或加速，您預期零食組合的哪些組成部分會來自？

Yes. So it's a great question. Goldfish is, as we said, kind of foundational in many ways, has been this great example for us of how do we drive these iconic differentiated snack brands. And the magic in Goldfish has really been this combination, I would say, of good base business support while expanding into adjacent consumer targets initially, and now with crisps really into adjacent occasions. So that we're now able to begin to source from other snacking categories that fit better, like think of chips or more of a munching occasion that Goldfish is now competing with an off to an extraordinary start. You pair that with the success of our limited time offerings and much of our innovation in the past has been successful as well.

是的。所以這是一個很好的問題。正如我們所說，金魚在許多方面都是基礎性的，對於我們如何推動這些標誌性的差異化零食品牌來說，它是一個很好的例子。我想說，金魚的魔力確實在於這種良好的基礎業務支持的結合，同時最初擴展到鄰近的消費者目標，現在又將薯片真正擴展到鄰近的場合。因此，我們現在可以開始從其他更適合的零食類別中採購，例如薯片或更多咀嚼食品，金魚現在正在競爭中，並取得了一個非凡的開端。您將其與我們限時產品的成功相結合，並且我們過去的許多創新也取得了成功。

You might have heard a little bit too of kind of a subtle nod to geographic opportunity, as I mentioned, as a more North American mega brand, and there is significant runway on Goldfish, as we think about Canada and even Latin America. As we continue to dig deeper there, we're seeing real opportunity for white space in those areas.

正如我所提到的，你可能聽過對地理機會的微妙認可，作為一個更北美的大型品牌，當我們想到加拿大甚至拉丁美洲時，金魚有重要的跑道。隨著我們繼續深入挖掘，我們在這些領域看到了真正的空白機會。

And so when I think about Goldfish, and I think about what we've done now to prove the expandability of the brand, I think it is a great blueprint. Now I would argue that we've done a very good job in other brands like Late July or Kettle Brand, where we've been able to add different occasions like air fried, on Kettle, flavor variety that really brings excitement, the limited time offering model. You see us expanding that to other parts of the business, even more recently to cookies. If you haven't tried the London Fog, Milano, excellent product.

因此，當我想到金魚，想到我們現在為證明品牌的可擴展性所做的事情時，我認為這是一個偉大的藍圖。現在我想說的是，我們在其他品牌上做得非常好，例如Late July 或Kettle Brand，我們能夠添加不同的場合，例如空氣炸的、在Kettle 上的、真正帶來興奮的口味品種、有限的時間提供模型。您會看到我們將其擴展到業務的其他部分，最近甚至擴展到 cookie。如果你還沒有嘗試過米蘭倫敦霧，那麼這是一個很棒的產品。

And so there's a lot of -- I think, a lot of great learning that's going to travel to brands that are highly relevant in doing that. And I think you put those elements together, not only do you feel good about the continued runway on Goldfish, but even more along the way.

因此，我認為，有許多很棒的學習成果將傳授給與此高度相關的品牌。我認為你把這些元素放在一起，你不僅對金魚號的持續跑道感覺良好，而且對整個過程都感覺更好。

And look, I don't think it's exclusive to snacking. I think the ability for us to bring the Goldfish playbook to Meals & Beverage is equally relevant. And I would argue that although, yes, we're cycling through a little tougher time on ready-to-eat soup, if you look over the last several years, I mean, Chunky has just had a great, great run, again, driven by a very similar approach of great foundational based marketing and just some super innovation that we've been bringing to the table including some limited time offerings that have been quite effective as well.

看，我不認為這只是零食的專利。我認為我們將金魚劇本引入餐飲領域的能力同樣重要。我想說的是，雖然我們在即食湯方面經歷了一段艱難的時期，但如果你回顧一下過去幾年，我的意思是，Chunky 剛剛再次取得了非常非常好的成績，由非常相似的基於基礎的營銷方法和我們一直在討論的一些超級創新驅動，包括一些也非常有效的限時產品。

So I think the company, in general, has distilled down a pretty good playbook now that, yes, was probably born of Goldfish and Chunky, but that you see us applying now more broadly across the portfolio. And I'll just conclude by saying, I think we're going to inherit another great playbook in the Sovos team and what they've been doing on building the Rao's brand.

所以我認為，總的來說，該公司已經提煉出了一本相當不錯的劇本，是的，它可能是由Goldfish 和Chunky 誕生的，但你會看到我們現在在整個產品組合中更廣泛地應用。最後我想說的是，我認為我們將繼承 Sovos 團隊的另一本偉大劇本以及他們在打造 Rao 品牌方面所做的工作。

So I'm excited to kind of get that on the table as well and continue to use that as kind of evidence or support for why I think these businesses in the future are going to really be best-in-class in contributing steady, predictable, sustainable growth.

因此，我很高興能將這一點擺在桌面上，並繼續將其用作證據或支持，以說明為什麼我認為這些企業未來將在穩定、可預測的貢獻方面真正成為一流企業， 可持續增長。

Ladies and gentlemen, this concludes today's conference call. 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。感謝您的參與。您現在可以斷開連線。