金寶湯 (CPB) 2024 Q3 法說會逐字稿

Greetings, ladies and gentlemen, and welcome to the Campbell Soup Company third quarter fiscal 2024 earnings conference call. (Operator Instructions) As a reminder, this conference call is being recorded. It is now my pleasure to introduce your host, Rebecca Gardy, Chief Investor Relations Officer. Please go ahead.

女士們、先生們，大家好，歡迎參加金寶湯公司 2024 財年第三季財報電話會議。 （操作員說明）謹此提醒，本次電話會議正在錄音。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)。請繼續。

Good morning, and welcome to Campbell's third quarter fiscal '24 earnings conference call. I'm Rebecca Gardy, Chief Investor Relations Officer of Campbell. Joining me today are Mark Clouse, Chief Executive Officer; and Carrie Anderson, Chief Financial Officer. Today's remarks have been prerecorded. Once we conclude the prepared remarks, we will transition to a live webcast Q&A session.

早安，歡迎參加金寶湯 24 財年第三季財報電話會議。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。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。

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.

在問答環節結束後，幻燈片和今天的收益新聞稿已發佈到我們網站的投資者關係部分，campbellsoupcompany.com，同一地點將提供網絡廣播的重播，隨後將提供該報告的文字記錄。 。

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 risks. 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，我們將做出反映我們目前預期的前瞻性聲明。這些陳述依賴假設和估計，這些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預期的結果有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. Marc will provide insight into our third quarter performance as well as our end 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 updated this morning. As a reminder, we completed the acquisition of Sovos brands on March 12. And as such, Q3 and Q3 year to date, financial results include a partial quarter of contribution of Sovos brands.

第 4 投影片概述了今天的議程。馬克將深入了解我們第三季的業績以及按部門劃分的終端市場表現。然後，Carrie 將更詳細地討論本季度的財務業績，並概述我們今天早上更新的 2024 年整個財年的指引。提醒一下，我們在 3 月 12 日完成了對 Sovos 品牌的收購。

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

至此，我很高興將電話轉給馬克。

Thanks, Rebecca. Good morning, everyone, and thank you for joining our third quarter fiscal '24 earnings call. As we announced today, we had a solid third quarter with sequential volume improvement, stable organic net sales double digit year-over-year, adjusted EBIT and EPS growth, while expanding margins.

謝謝，麗貝卡。大家早安，感謝您參加我們的 24 財年第三季財報電話會議。正如我們今天宣布的那樣，我們的第三季度業績表現強勁，銷量環比增長，有機淨銷售額同比穩定兩位數，調整後的息稅前利潤和每股收益增長，同時利潤率不斷擴大。

The integration of the Sovos brands is off to a fantastic start and has already added significant incremental growth to our company in the third quarter. We feel great about the confirmation of our diligence during the acquisition process and are excited about services long runway for growth.

Sovos 品牌的整合有了一個良好的開端，並已在第三季為我們公司帶來了顯著的增量成長。我們對收購過程中盡職盡責的確認感到非常高興，並對服務的長期成長感到興奮。

We are also excited to be working with the many talented Sovos brands team members who have joined Campbell's, we saw a stabilizing end market performance on our base Meals and Beverage business, but faced some moderate category pressure in the snacks business. However, we've seen improvement in the latest weeks and remain very confident in the continued consumer demand for snacking and the strength of our portfolio of advantaged brands.

我們也很高興能與加入金寶湯的許多才華橫溢的 Sovos 品牌團隊成員合作，我們看到基礎餐飲業務的終端市場表現穩定，但在零食業務中面臨一些適度的類別壓力。然而，我們在最近幾週看到了改善，並對消費者對零食的持續需求和我們優勢品牌組合的實力仍然充滿信心。

Additionally, we are pleased with our continued snacks operating margin progress we are updating our fiscal '24 outlook to reflect the addition of Sovos brands and the ongoing pace of the consumer recovery. Carrie will provide further details on this guidance a bit later.

此外，我們對零食營業利潤率的持續成長感到滿意，我們正在更新 24 財年展望，以反映 Sovos 品牌的增加和消費者復甦的持續步伐。 Carrie 稍後將提供有關此指南的更多詳細資訊。

Turning to Slide 7. Organic net sales in the third quarter were comparable to the prior year period as we expected, volume improved compared to the second quarter, both adjusted EBIT and adjusted EPS increased by double digits with the recent acquisition having no material impact to adjusted EPS, in-market consumption was down 2%, but up 6% versus two years ago as we continue to normalize pricing and volumes.

轉向幻燈片7。成長了兩位數，最近的收購對公司沒有產生重大影響。化。

The two points of difference in organic net sales versus consumption was primarily driven by strength in unmeasured channels as foodservice in Canada both had strong quarters. It is exciting to see the positive impact on the business from adding Sovos brands in Q3 on a pro forma basis, we see a 200 basis point improvement in top line and volume and mix growth.

有機淨銷售額與消費量的兩點差異主要是由未衡量通路的實力所驅動的，因為加拿大的餐飲服務業都有強勁的季度表現。令人興奮的是，預計第三季添加 Sovos 品牌對業務產生了積極影響，我們看到營收、銷售和組合增長了 200 個基點。

Looking at the now combined Campbell's, we would rank among the fastest volume-driven growth companies in the food sector over recent periods. As integration progresses, we expect to realize further top line and bottom line benefits. I look forward to providing more details at our Investor Day in September about how this acquisition when paired with the rest of our iconic portfolio will fuel the next chapter of long-term growth for the company.

看看現在合併後的金寶湯，我們將躋身近期食品業銷量驅動成長最快的公司之列。隨著整合的進展，我們預計將實現進一步的營收和利潤效益。我期待在 9 月的投資者日上提供更多詳細信息，了解此次收購與我們標誌性投資組合的其他部分相結合將如何推動公司長期增長的新篇章。

On slide 9, I want to go into more detail about the current consumer environment, unquestionably, as prices have begun to moderate, consumers are starting to recover. This is substantiated by the first improvements in consumer confidence in a long-time. In addition, we are seeing significant growth in the percentage of the top 50 edible categories that are maintaining or increasing household penetration compared to the same period last year. Most importantly, we are seeing food volume stabilize as pricing normalizes.

在投影片 9 上，我想更詳細地介紹當前的消費環境，毫無疑問，隨著價格開始放緩，消費者開始復甦。長期以來消費者信心的首次改善證實了這一點。此外，與去年同期相比，我們發現前 50 名食用類別中保持或增加家庭滲透率的百分比顯著增長。最重要的是，隨著價格正常化，我們看到食品數量趨於穩定。

Yeah, it is fair to say that the pace of this recovery has varied depending on the specific category and the consumer's income level for example, our snacks business, which has been the most resilient to date, is now facing some short-term pressure, especially among the lower- and middle-income consumers. We are seeing some modest improvement in the snacking segment in the most recent weeks with the expectation of more of a full recovery in the first half of fiscal 2025.

是的，可以公平地說，這種復甦的速度根據具體類別和消費者的收入水平而有所不同，例如，我們迄今為止最具彈性的零食業務現在面臨一些短期壓力，尤其是中低收入消費者。最近幾週，我們看到零食市場出現了一些小幅改善，預計 2025 財年上半年將全面復甦。

Overall, we're staying focused on what we can control with an emphasis on execution, innovation and strong collaboration with our retail partners to remain relevant and win by meeting them both on quality and value growing and improving share trends along with stabilizing volumes are clearly a positive indication, and we expect that to continue going forward.

總體而言，我們將繼續專注於我們可以控制的事情，重點是執行、創新以及與零售合作夥伴的強有力合作，以保持相關性並通過滿足他們的質量和價值增長以及改善份額趨勢以及穩定銷量來贏得勝利。

Moving to our Meals and Beverages division on slide 10, we achieved comparable organic net sales in the quarter. More importantly, we delivered volume improvement from the second quarter as planned, organic net sales outpaced consumption, reflecting the strength in unmeasured channels. As mentioned earlier. This was primarily in foodservice and Canada.

前往投影片 10 上的餐飲部門，我們在本季實現了可比較的有機淨銷售額。更重要的是，我們按計畫實現了第二季銷售量的成長，有機淨銷售額超過了消費，反映了未衡量通路的實力。如前面提到的。這主要是在餐飲服務和加拿大。

As we look at Meals and Beverages on a pro forma combined basis with the addition of Sovos brands, Meals and Beverages net sales grew 5%. Similarly, combined dollar consumption grew 3% for the quarter. This supports the ongoing transformation of our Meals and Beverages business and demonstrates the ability for this key business to be a positive driver of Campbell's growth going forward.

當我們在預計的基礎上結合 Sovos 品牌的加入來考察餐飲和飲料業務時，餐飲淨銷售額增長了 5%。同樣，本季美元消費總量成長了 3%。這支持了我們餐飲業務的持續轉型，並證明了這項關鍵業務有能力成為金寶湯未來成長的積極推動力。

Now let me briefly cover our soup portfolio on slide 11. We had an improvement in share on soup during the quarter, fueled by improving trends across most key segments, in particular as consumers continue to focus on stretchable meals. The cooking side of the portfolio benefited in the quarter with notable dollar share gains in condensed, cooking and broth. It's important to note that the industry has been experiencing some supply issues more broadly on broth, given the strength of our supply chain.

現在讓我在投影片11 上簡要介紹我們的湯品組合。拉伸膳食的情況下。該投資組合的烹飪方面在本季度受益，濃縮、烹飪和肉湯的美元份額顯著增長。值得注意的是，鑑於我們供應鏈的實力，該行業在更廣泛的肉湯方面遇到了一些供應問題。

We've been able to step up production to help meet that need, which has accelerated growth in this normally stable category. Although we expect industry capacity to return over time, it's adding significant new households for Swanson that we see as a positive indicator for the future in our ready to serve business. Although more pressured as a segment, we now have real ready-to-serve soup business under our umbrella, which had strong dollar share gains in the quarter.

我們已經能夠提高產量來幫助滿足這一需求，從而加速了這個通常穩定的類別的成長。儘管我們預計行業產能會隨著時間的推移而恢復，但它為斯旺森增加了大量新家庭，我們認為這是我們未來為業務服務做好準備的積極指標。儘管作為一個細分市場面臨更大的壓力，但我們現在擁有真正的即食湯業務，該業務在本季度的美元份額增長強勁。

Slide 12 illustrates that we have now surpassed one of our main strategic plan goals, which was to build a $1 billion SaaS business. With the addition of the Ultra distinctive rails Italian sauce, Campbell's has strengthened its leading share position in the total Italian sauce category in terms of both dollars and units gaining 3.1 points of unit share and 3.1 points of dollar share in the third quarter. Even more encouraging is the household penetration momentum we are seeing for Prego and rails with both increasing compared to the prior year.

投影片 12 說明我們現在已經超越了我們的主要策略計畫目標之一，即建立 10 億美元的 SaaS 業務。隨著Ultra 獨特的軌道意大利醬的加入，金寶湯加強了其在整個意大利醬類別中的領先地位，無論是在美元還是單位數量上，第三季度的單位份額和美元份額分別提高了3.1 個百分點和3.1 個百分點。更令人鼓舞的是，我們看到 Prego 和 Rails 的家庭滲透勢頭與去年相比均有所增長。

On Slide 13, we updated this slide we presented in August when we announced the Sovos transaction as we had suggested at the time there were many factors that support the potential for additional growth on rails. I'm happy to say almost a year later, we have seen the validation of those assumptions as we continue to progress toward our next billion-dollar brand.

在投影片 13 上，我們更新了 8 月宣布 Sovos 交易時展示的這張投影片，因為我們當時曾表示，有許多因素支持鐵路的進一步成長潛力。我很高興地說，差不多一年後，隨著我們繼續邁向下一個十億美元品牌，我們已經看到了這些假設的驗證。

I'm excited that race is exceeding our expectations regarding household penetration that we're seeing faster growth among younger consumers the path ahead will continue to be fueled by household penetration gains and strengthening distribution and assortment with innovation and adjacent categories as additional growth drivers, the future is bright.

我很高興看到家庭滲透率的競爭超出了我們的預期，我們看到年輕消費者的成長速度更快，未來的道路將繼續受到家庭滲透率的提高以及透過創新和相鄰類別作為額外成長動力加強分銷和分類的推動，未來是光明的。

Moving to frozen on slide 14, although not a particularly big bet in our growth model, it was encouraging to see the progress in the quarter. Our total frozen meals business maintained positive momentum with strong velocity increases as the team has optimized assortments and distribution. And with the continued strong performance from our expanding frozen pizza portfolio, we continue to see strong potential in this business.

轉到幻燈片 14 上的凍結，儘管在我們的成長模型中不是一個特別大的賭注，但看到本季度的進展令人鼓舞。由於團隊優化了品種和分銷，我們的整體冷凍食品業務保持了積極的勢頭，速度強勁增長。隨著我們不斷擴大的冷凍披薩產品組合的持續強勁表現，我們繼續看到該業務的巨大潛力。

Overall, we continue to be encouraged by the success of real disciplined and thoughtful brand extensions, and we'll provide a comprehensive update on our plans going forward during our upcoming Investor Day.

總體而言，我們繼續對真正有紀律和深思熟慮的品牌延伸的成功感到鼓舞，我們將在即將到來的投資者日期間提供有關我們未來計劃的全面更新。

I'll wrap up my remarks on the Meals & Beverages division by discussing noosa on Slide 15. The noosa business has been one of the more positive surprises in the Sovos Brands acquisition. It is an excellent product and brand that continues to perform very well. In fact, in the quarter, the noosa's spoonable business returned to dollar growth, driven by the success of its 8oz yogurt.

我將透過在投影片 15 上討論 noosa 來結束我對餐飲部門的評論。這是一個優秀的產品和品牌，並且繼續表現出色。事實上，在本季度，在 8 盎司優格成功的推動下，noosa 的湯匙業務恢復了美元成長。

Additionally, the 8oz yogurt has now experienced 14 quarters of consecutive dollar consumption growth. Even though we have decided to explore strategic alternatives for the business, as yogurt is not a strategic category for Campbell's, the business has truly exceeded our expectations. I am grateful to the noosa team for their tremendous focus and commitment. It is a well-run business with a dedicated team and great tasting unique products.

此外，8盎司優格的美元消費量現已連續 14 個季度成長。儘管我們決定探索該業務的戰略替代方案，但由於優格不是金寶湯的戰略品類，但該業務確實超出了我們的預期。我感謝 noosa 團隊的巨大關注和承諾。這是一家經營良好的企業，擁有敬業的團隊和美味獨特的產品。

Turning to our Snacks business on Slide 16, organic net sales declined by 1%, slightly better than dollar consumption. On a two-year compounded annual growth rate basis, organic net sales increased 6%, matching dollar consumption growth for the quarter. Our power brands increased net sales by 2%, following a 16% increase in the prior year, showing the continued resilience of brands like Goldfish and Late July, which increased net sales by 5% and 26%, respectively.

轉向幻燈片 16 上的零食業務，有機淨銷售額下降了 1%，略好於美元消費。以兩年複合年增長率計算，有機淨銷售額增長了 6%，與本季的美元消費成長相符。我們的實力品牌繼去年成長 16% 後，淨銷售額成長了 2%，顯示 Goldfish 和 Late July 等品牌的持續彈性，淨銷售額分別成長了 5% 和 26%。

On a two-year compounded annual growth rate basis, our power brands grew net sales and dollar consumption by 9%. Now that our power brands represent two-thirds of our Snacks business, this is a great foundation for sustained growth going forward. The strength of the power brands in the quarter was tempered by declines in lower margin partner brands, contract manufacturing, and fresh bakery. We look forward to our Investor Day where we can provide both a clear growth acceleration path for power brands and a clear path to further optimize the remaining parts of our current Snacks portfolio.

以兩年複合年增長率計算，我們的實力品牌的淨銷售額和美元消耗成長了 9%。現在我們的強勢品牌占我們零食業務的三分之二，這是未來持續成長的良好基礎。本季強勢品牌的實力因利潤率較低的合作夥伴品牌、合約製造和新鮮麵包店的下滑而受到削弱。我們期待著投資者日的到來，屆時我們既可以為強勢品牌提供清晰的成長加速路徑，也可以為進一步優化我們當前零食產品組合的其餘部分提供清晰的路徑。

On Slide 17, I want to provide some context on the slower trends in the snacking categories seen over these past couple of quarters and add some proof points as to why we remain very bullish on the snacking occasion. First, over the past three years, Snacks categories have been the most resilient across food, essentially reflecting very little, if any, price elasticity.

在幻燈片 17 上，我想提供一些有關過去幾個季度零食類別放緩趨勢的背景信息，並添加一些證據來說明為什麼我們仍然非常看好零食市場。首先，在過去的三年裡，零食類別是所有食品中最具彈性的，本質上反映的價格彈性很小（如果有的話）。

Recently, we have experienced some slowdown as low and middle-income consumers have sustained economic pressure for so long it's finally impacting Snacks. However, even with this category moderation, we're still averaging 8% consumption growth over the last three years, which is well above total food and historical Snack growth averages. Second, the slowdown so far has been more modest compared to other edible categories, which is consistent with historical performance and learnings that Snacks meet a variety of consumer needs, including emotional support during difficult times, making it more resilient than many other categories.

最近，由於中低收入消費者長期承受經濟壓力，我們經歷了一些放緩，最終影響了零食。然而，即使在這種類別適度增長的情況下，我們在過去三年中的平均消費增長仍然為 8%，這遠高於食品總量和歷史零食增長平均水平。其次，與其他食品類別相比，迄今為止的放緩幅度更為溫和，這與歷史表現和認識一致，即零食滿足了各種消費者需求，包括困難時期的情感支持，使其比許多其他類別更具彈性。

Finally, we're already seeing improvement as we enter the important summer holiday windows where Snacks are the star of the show for backyard barbecues and entertainment. So although I anticipate some continued pressure in the short term, we expect Snacks will recover over the next couple quarters and are confident in our overall expectation for outsized growth in snacking over the longer term. In fact, a couple of standouts in the third quarter were Late July and Pepperidge Farm cookies, fueled by innovation and great marketing.

最後，當我們進入重要的暑假窗口時，我們已經看到了改善，零食是後院燒烤和娛樂節目的明星。因此，儘管我預計短期內會繼續面臨壓力，但我們預計零食將在未來幾季內復甦，並對我們對零食在長期內大幅增長的整體預期充滿信心。事實上，在創新和出色的行銷推動下，第三季的幾個亮點是 Late July 和 Pepperidge Farm 餅乾。

We spiced up our Late July portfolio with the addition of Scorchin' Sauce and Hawaiian Habanero, just in time for the summer snacking season. Late July net sales in the quarter increased 26% compared to prior year as the brand displays remarkable momentum supported by our great new product development, brand investment, and execution.

我們在 7 月底的產品組合中加入了 Scorchin' Sauce 和夏威夷 Habanero，正好趕上夏季零食季節。 7 月下旬，該季度的淨銷售額與去年同期相比增長了 26%，在我們出色的新產品開發、品牌投資和執行的支持下，該品牌表現出了顯著的勢頭。

On the sweeter side, we continue to drive strong levels of velocity in cookies with new innovations in our Pepperidge Farm Milano cookie portfolio, such as the launch of our London Fog limited time offering. Most importantly, our Pepperidge Farm cookies portfolio continues to grow buyers across all generations, a positive proof point that as consumers are more selective on how they spend their snacking dollars, our elevated brands are well positioned to win.

從更甜的方面來看，我們繼續透過 Pepperidge Farm Milano 餅乾產品組合的新創新來推動餅乾的高速發展，例如推出 London Fog 限時產品。最重要的是，我們的 Pepperidge Farm 餅乾產品組合不斷吸引各個年齡層的買家，這是一個積極的證據，表明隨著消費者對零食消費的選擇更加挑剔，我們的高端品牌完全有能力獲勝。

Slide 19 illustrates the continued margin progress in our Snacks business. On a two-year compound annual growth rate basis year-to-date, Snacks organic net sales grew 7% and operating earnings increased 14%. This growth came with approximately 190 basis points of margin expansion. Key drivers of this margin expansion are initiatives to optimize our network, better execution in our manufacturing facilities, and disciplined spending. We expect to reach our 15% operating margin goal for the full year and are on track to reach our longer-term target of 17%.

投影片 19 顯示了我們零食業務的利潤持續成長。以年初至今的兩年複合年增長率計算，零食有機淨銷售額成長了 7%，營業利潤成長了 14%。這一成長伴隨著利潤率擴張約 190 個基點。利潤率擴張的關鍵驅動因素是優化我們網路的舉措、更好地執行我們的製造設施以及嚴格的支出。我們預計全年將實現 15% 的營業利潤率目標，並且預計將實現 17% 的長期目標。

Before I wrap up, I wanted to address the recent announcement about further optimization of our supply chain. We are making significant investments to continue the transformation of our manufacturing and distribution network to maintain our competitive advantage, while also selectively rationalizing less efficient or redundant areas to lower cost. We are investing approximately $230 million through fiscal 2026 in various facilities to modernize our supply chain, including added capacity and capabilities.

在結束之前，我想談談最近關於進一步優化我們供應鏈的公告。我們正在進行大量投資，以繼續改造我們的製造和分銷網絡，以保持我們的競爭優勢，同時也有選擇地合理化效率較低或冗餘的區域以降低成本。到 2026 財年，我們將在各種設施上投資約 2.3 億美元，以實現供應鏈現代化，包括增加產能和能力。

These projects will create approximately 210 new roles, especially with new aseptic technology opportunities in Maxton, North Carolina. This is in addition to the previously announced $160 million investment in our Richmond, Utah site to expand Goldfish capacity. We are also closing our Tualatin plant as we shift soup and broth production to more advantaged sites, while also simplifying our Jeffersonville, Indiana plant to focus on Late July tortilla chip production and move potato chip production to more scaled locations.

這些項目將創造約 210 個新職位，尤其是北卡羅來納州 Maxton 的新無菌技術機會。除此之外，我們也宣布對猶他州里士滿工廠投資 1.6 億美元，以擴大 Goldfish 產能。我們還將關閉圖拉丁工廠，因為我們將湯和肉湯生產轉移到更有利的地點，同時也簡化了印第安納州傑斐遜維爾工廠，以專注於7 月下旬的玉米片生產，並將薯片生產轉移到更大規模的地點。

The impact of these changes will be the reduction of 415 roles and be executed over the next two years. We continue to evaluate additional optimization opportunities across the network to build our supply chain of the future. At our upcoming Investor Day we plan to provide full program details and savings to lay out the next source of fuel for growth and earnings.

這些變化的影響將是減少 415 個職位，並在未來兩年內執行。我們繼續評估整個網路的其他優化機會，以建立未來的供應鏈。在即將到來的投資者日，我們計劃提供完整的計劃細節和節省費用，以奠定下一個成長和獲利燃料來源。

In summary, the third quarter was a solid quarter where we advanced in every aspect of the business. We saw stabilizing trends on growth and volumes, compelling earnings with margin improvement, and a great start to the integration of Sovos Brands. As we continue to control the controllables in a dynamic environment, I remain confident in our outlook and continue to see this moment as a tremendous time for the company to begin its next chapter of sustained growth. I'm looking forward to laying out that path fully for you at our upcoming Investor Day in September in New York City.

總而言之，第三季度是一個堅實的季度，我們在業務的各個方面都取得了進步。我們看到了成長和銷售的穩定趨勢、令人矚目的利潤和利潤率的提高，以及 Sovos 品牌整合的良好開端。隨著我們繼續在動態環境中控制可控因素，我對我們的前景仍然充滿信心，並繼續認為此時此刻是公司開啟下一章持續成長的絕佳時機。我期待在即將於 9 月在紐約市舉行的投資者日上為您全面鋪開這條道路。

With that, let me turn it over to Carrie.

那麼，讓我把它交給嘉莉。

Thanks, Mark, and good morning, everyone. I'll start by sharing some highlights from our third quarter. We had a lot of positives, including the better than expected contribution of the Sovos brands business to our performance. Reported net sales were up 6%, driven by the partial quarter of sales contribution from several US brands.

謝謝，馬克，大家早安。我將首先分享第三季的一些亮點。我們有許多正面的一面，包括 Sovos 品牌業務對我們業績的貢獻好於預期。受幾個美國品牌部分季度銷售額貢獻的推動，報告的淨銷售額增長了 6%。

Organic net sales, excluding the impact of acquisitions, divestitures and currency, were comparable to the prior year and continued to show sequential volume improvement on a two year compounded annual growth rate basis, organic net sales grew 2%. Both adjusted EBIT and adjusted earnings per share increased double digits in the quarter, with expansion in both adjusted gross margin and adjusted EBIT margin.

有機淨銷售額（不包括收購、資產剝離和貨幣的影響）與前一年相當，並且在兩年複合年增長率的基礎上繼續顯示出環比銷量改善，有機淨銷售額增長了 2%。本季調整後息稅前利潤和調整後每股盈餘均達到兩位數成長，調整後毛利率和調整後息稅前利潤率均有所擴大。

Adjusted EBIT increased 13%, primarily driven by the contribution of US brands as well as higher adjusted earnings in the base business. Adjusted EPS increased 10% to $0.75, with the impact of the acquisition approximately neutral in the quarter, exceeding our initial expectations.

調整後息稅前利潤成長 13%，主要得益於美國品牌的貢獻以及基礎業務調整後收益的提高。調整後每股收益成長 10%，達到 0.75 美元，本季收購的影響大致為中性，超出了我們最初的預期。

Slide 24 shows that organic net sales were stable with nominal impacts from net price realization and volume and mix. We experienced sequential improvement in the third quarter and expect these volume trends to modestly improve in Q4 and during the quarter Sovos brand added seven percentage points to reported net sales growth, which exceeded our expectations.

投影片 24 顯示有機淨銷售額穩定，受到淨價格實現以及數量和組合的名義影響。我們在第三季度經歷了環比改善，預計第四季度這些銷售趨勢將略有改善，在本季度，Sovos 品牌報告的淨銷售額增長增加了七個百分點，超出了我們的預期。

On slide 25, third quarter adjusted gross profit margin expanded 30 basis points compared to the prior year to 31.2%. The drivers of margin expansion included supply chain productivity, cost savings initiatives and favorable volume and mix. These contributors more than offset cost inflation and other supply chain costs and the impact of the Sovos acquisition, which has a lower margin profile than the base business.

在投影片 25 中，第三季調整後毛利率比去年同期擴大了 30 個基點，達到 31.2%。利潤率擴張的驅動因素包括供應鏈生產力、成本節約措施以及有利的銷售和組合。這些貢獻足以抵消成本通膨和其他供應鏈成本以及 Sovos 收購的影響，Sovos 的利潤率低於基礎業務。

Core inflation in the quarter remained in the low single digit range, consistent with rates we experienced in the first half and much lower than the 8% reported in the prior year. We anticipate core inflation to remain in this range for the balance of fiscal '24. And we will stay focused in areas of our portfolio with increased input costs such as tomatoes, olive oil, cocoa and other areas of persistent inflation, such as labor cost and warehousing costs.

本季的核心通膨率仍保持在較低的個位數範圍內，與我們上半年的通膨率一致，並且遠低於去年報告的 8%。我們預計 24 財年餘下的核心通膨率將維持在此範圍內。我們將繼續關注投資組合中投入成本增加的領域，例如番茄、橄欖油、可可，以及其他持續通膨的領域，例如勞動成本和倉儲成本。

Through the end of the third quarter, we achieved $940 million of our $1 billion multiyear cost savings program. Similar to Q3. We expect our productivity initiatives and cost savings programs to offset the impact of inflation in the fourth quarter.

截至第三季末，我們在 10 億美元的多年成本節約計畫中實現了 9.4 億美元。與Q3類似。我們預計我們的生產力舉措和成本節約計劃將抵消第四季度通膨的影響。

Turning to Slide 26, other operating items include adjusted marketing and selling expenses, which increased 2% to $198 million. The increase was primarily due to the impact of the recent acquisition, partially offset by lower costs in the base business, including lower advertising and consumer promotion expense, lower incentive compensation expense and lower selling expense.

轉向投影片 26，其他營運項目包括調整後的行銷和銷售費用，增加 2% 至 1.98 億美元。這一增長主要是由於最近收購的影響，部分被基礎業務成本的降低所抵消，包括廣告和消費者促銷費用的降低、激勵補償費用的降低和銷售費用的降低。

Adjusted administrative expenses increased $2 million or 1% to $156 million due primarily to the addition of the recent acquisition. Adjusted administrative expenses benefited from approximately $3 million in cost synergy realization from our acquisition integration plan that I will touch on a bit more when covering our next slide.

調整後的管理費用增加了 200 萬美元或 1%，達到 1.56 億美元，這主要是由於最近收購的增加。調整後的管理費用受益於我們的收購整合計畫實現的約 300 萬美元的成本協同效應，我將在介紹下一張投影片時詳細介紹這一點。

As shown on Slide 27, third quarter adjusted EBIT increased 13% and adjusted EBIT margin increased 90 basis points, primarily due to higher adjusted gross profit from the contribution of the acquisition and the base business.

如投影片 27 所示，第三季調整後息稅前利潤成長 13%，調整後息稅前利潤率成長 90 個基點，主要是由於收購和基礎業務貢獻的調整後毛利增加。

This was partially offset by higher adjusted expenses, including marketing and selling administrative research and development and other expenses, primarily due to the addition of so was brands expense in these P&L categories. As mentioned earlier, these higher adjusted admin expenses were partially offset by approximately $3 million in cost synergies related to our sale was brands integration plans.

這被調整後費用的增加部分抵消，包括行銷和銷售、行政研發和其他費用，這主要是由於這些損益類別中品牌費用的增加。如前所述，這些較高的調整後管理費用被與我們的銷售品牌整合計畫相關的約 300 萬美元的成本綜效部分抵銷。

We expect to realize a total of $50 million in annualized cost synergies by the end of the second year post close, of which about two thirds are expected in the administrative expense area and the balance in cost of products sold. As Mark indicated, we are pleased with the pace of the integration and look forward to sharing more about the next phase of our cost savings initiatives at our Investor Day in mid-September, which will encompass Sylvo synergy savings as well as incremental supply chain network savings.

我們預計到交易完成後的第二年年底，將實現總計 5,000 萬美元的年化成本綜效，其中約三分之二預計用於管理費用領域和銷售產品成本的餘額。正如Mark 所指出的，我們對整合的速度感到滿意，並期待在9 月中旬的投資者日上分享更多有關我們下一階段成本節約計劃的信息，其中將包括Sylvo 協同節約以及增量供應鏈網路節省。

On slide 28, adjusted EPS increased double digit to $0.75, primarily reflecting higher adjusted EBIT and a lower adjusted effective tax rate partially offset by higher adjusted net interest expense related to higher levels of debt to fund the acquisition. As we mentioned earlier, the acquisition was approximately neutral to adjusted EPS in Meals and Beverages.

在投影片28 中，調整後每股盈餘成長兩位數，達到0.75 美元，主要反映了調整後息稅前利潤的提高和調整後有效稅率的降低，部分被與為收購提供資金的債務水平較高相關的調整後淨利息支出較高所抵銷。正如我們先前提到的，此次收購對餐飲業調整後每股盈餘的影響大致為中性。

Third quarter reported net sales increased 15% due to the partial quarter contribution of the Sovos brands acquisition. Pro forma third quarter net sales growth for the division as if the acquisition had occurred at the beginning of the third quarter of fiscal '23 was approximately 5%, driven by the respective pro forma Q3 growth of Sovos brands of approximately 27%. This Q3 pro forma sales growth benefited from the timing of rail sourced inventory builds and a shift in the timing of a promotion in non-measured channels.

由於 Sovos 品牌收購的部分季度貢獻，第三季淨銷售額成長 15%。假定收購發生在 23 財年第三季初，預計該部門第三季淨銷售額成長約為 5%，主要得益於 Sovos 品牌各自預期第三季成長約 27%。第三季預計銷售成長得益於鐵路採購庫存的增加時機以及非衡量通路促銷時機的轉變。

Organic net sales for Meals and Beverages, excluding the acquisition, were flat with the favorable impact of volume and mix offset by net price realization in the quarter, gains in our foodservice business were offset by lower sales in US retail, where we saw declines in beverages, Campbell's pasta and Swanson canned poultry, partially offset by gains in Prego pasta sauce and US soup in US Soup sales increased 2%, an encouraging indicator in the business and supportive of the expected sequential improvement in the second half of fiscal '24 a 2% sales increase was primarily due to an increase in broth sales, partially offset by lower sales of ready-to-serve and condensed soups.

餐飲的有機淨銷售額（不包括收購）持平，銷售和組合的有利影響被本季度實現的淨價格所抵消，我們的餐飲服務業務的增長被美國零售業銷售額的下降所抵消，我們看到美國零售業的銷售額下降飲料、Campbell's 麵食和Swanson 家禽罐頭，部分被Prego 麵食醬和美國湯品的增長所抵消。 24 財年下半年的預期連續改善2% 的銷售額成長主要是由於肉湯銷售額的成長，但部分被即食湯和濃縮湯銷售額的下降所抵消。

In addition, we were pleased with the third quarter Meals and Beverages operating margin of 18%, which improved 160 basis points year-over-year, more than absorbing the impact of the recent acquisition, which, as I mentioned earlier, has a lower margin profile than the base business.

此外，我們對第三季餐飲業務營業利潤率為18% 感到滿意，同比提高了160 個基點，遠遠超過了吸收近期收購的影響，正如我之前提到的，該業務的營業利潤率較低。

Third quarter organic net sales and SaaS were slightly lower by 1%, but we were encouraged by the continued sequential improvement of the year-over-year volume trends from the second quarter. The lower sales were primarily driven by declines in third party partner brands, contract manufacturing and bakery, partially offset by a 2% increase in our snacks power.

第三季有機淨銷售額和 SaaS 略有下降 1%，但我們對第二季同比銷售趨勢的持續改善感到鼓舞。銷售額下降主要是由於第三方合作夥伴品牌、合約製造和麵包店的下降造成的，但我們的零食力量增加了 2%，部分抵消了銷售額的下降。

On a two year compounded annual basis, snacks organic net sales and power net sales increased 6% and 9% respectively. Net price realization was neutral in the quarter third quarter operating margin for Sacs was 15.2%. This was a lower margin compared to last year, but came in as expected due to lapping a tougher comparison with last year's Q3 margin benefiting from the combination of pricing waves and the timing of fiscal '23 marketing and selling expenses.

以兩年複合年計算，零食有機淨銷售額和電力淨銷售額分別成長 6% 和 9%。本季淨價格實現呈中性，Sacs 第三季營業利潤率為 15.2%。與去年相比，這一利潤率較低，但由於與去年第三季度的利潤率進行了更嚴格的比較，受益於定價波動以及23 財年行銷和銷售費用的時間安排，該利潤率達到了預期。

Year to date margins of 14.9% have improved 40 basis points from the prior year and are approaching our 15% goal for the full year fiscal 2024. We intend to share more details related to our longer-term road map for our snacks margin of 17% during our Investor Day.

年初至今，利潤率為 14.9%，比前一年提高了 40 個基點，接近我們 2024 財年全年 15% 的目標。在我們的投資者日期間。

Turning to Slide 31. We continue to generate strong cash flow from operations of nearly $900 million through the end of the third quarter. This result was slightly lower than prior year, primarily due to costs related to the acquisition. Year to date, capital expenditures were $376 million, up from $257 million in the prior year as we continue to prioritize key growth and capability building investments.

轉向幻燈片 31。這一結果略低於上年，主要是由於與收購相關的成本。今年迄今為止，資本支出為 3.76 億美元，高於去年的 2.57 億美元，因為我們繼續優先考慮關鍵成長和能力建設投資。

We also remain committed to returning cash to our shareholders with $334 million of dividends paid and $46 million in anti-dilutive share repurchases year to date with the closing of the sale was brands acquisition in the quarter.

我們也持續致力於向股東返還現金，年初至今已支付 3.34 億美元的股息，並進行了 4,600 萬美元的反稀釋性股票回購，本季品牌收購交易完成。

Our net debt to adjusted EBITDA leverage at the end of the third quarter was 3.9 times. As expected, we remain committed to investment grade ratings and our goal to return to our three times net leverage target by the end of year three post-close. At the end of the third quarter, we had approximately $107 million in cash and cash equivalents and approximately $1.85 billion available under our revolving credit facility, which we renewed this quarter.

第三季末我們的淨負債與調整後 EBITDA 槓桿率為 3.9 倍。正如預期的那樣，我們仍然致力於投資級評級，並目標是在交割後第三年年底前恢復到三倍淨槓桿目標。截至第三季末，我們擁有約 1.07 億美元的現金和現金等價物，以及本季更新的循環信貸安排下的可用資金約 18.5 億美元。

We are updating our fiscal 2024 full year guidance to reflect the expected performance of the base business and the impact of the recent acquisitions. Full year reported net sales are expected to increase approximately 3% to 4%, driven by the partial year of net sales contribution of Sovos brands.

我們正在更新 2024 財年全年指引，以反映基礎業務的預期業績以及近期收購的影響。受 Sovos 品牌部分年度淨銷售額貢獻的推動，全年報告淨銷售額預計將成長約 3% 至 4%。

Full year organic net sales growth is currently pacing to the midpoint of our updated range of approximately flat to down 1%, reflecting the current pace of consumer recovery at the midpoint. This represents about a half a point lower than what we indicated on our second quarter earnings call, when we said we expected organic net sales to be at the low end of flat to 2%.

全年有機淨銷售額成長目前正處於我們更新範圍的中點，大約持平至下降 1%，反映了目前處於中點的消費者復甦速度。這比我們在第二季財報電話會議上表示的低約半個百分點，當時我們表示預計有機淨銷售額將持平至 2% 的低端。

As Mark mentioned, unlike other companies in the food industry we continue to be impacted by a dynamic macro-economic environment and observing a discerning consumer that is particularly impacted at lower income levels at the midpoint of our updated net sales guidance implied fourth quarter organic net sales growth is expected to moderately increase sequentially from Q3, and we expect a low 10s pro forma net sales contribution from Sovos brands in Q4, reflecting the timing shifts from Q3 that I mentioned earlier.

正如馬克所提到的，與食品業的其他公司不同，我們繼續受到動態宏觀經濟環境的影響，並觀察到敏銳的消費者在我們更新的淨銷售指引的中點特別受到較低收入水平的影響，暗示第四季有機淨收入預計銷售成長將從第三季開始適度成長，我們預期Sovos 品牌在第四季的預期淨銷售額貢獻將達到10 倍左右，這反映了我之前提到的與第三季度相比的時間變化。

We feel really good about the performance of Sovos brands, specifically rails, with sales growing faster than our expectations at the time of the deal announcement, thus enabling us to benefit from a higher level of adjusted EBIT contribution since closing moving forward, we still expect long term. Sovos brands' net sales growth to be in the mid-single digit range.

我們對Sovos 品牌（特別是鐵路）的表現感到非常滿意，其銷售額增長速度超出了我們在交易宣佈時的預期，從而使我們能夠從交易結束以來更高水平的調整後息稅前利潤貢獻中受益，我們仍然預計長期。 Sovos 品牌的淨銷售額成長將在中個位數範圍內。

We'll provide more specifics on near term fiscal '25 expectations on our fourth quarter earnings call. Full year adjusted EBIT growth for the combined business is expected to be approximately 6.5% to 7%, reflecting the partial year contribution of the acquisition, inclusive of integration savings and base business performance, including lower adjusted marketing and selling expenses and favorable net price realization, productivity and cost savings more than offsetting inflation and other supply chain costs.

我們將在第四季度財報電話會議上提供有關 25 財年近期預期的更多細節。合併後業務的全年調整後息稅前利潤成長預計約為6.5% 至7%，反映了收購的部分年度貢獻，包括整合節省和基本業務績效，包括較低的調整後行銷和銷售費用以及有利的淨價實現、生產力和成本節省超過抵消通貨膨脹和其他供應鏈成本。

This outlook implies fourth quarter double digit adjusted EBIT growth driven by the contribution of the acquisition and the performance in the base business, including improving adjusted gross margin as well as lapping a 23% increase in A&C in the prior year.

這一前景意味著第四季度調整後息稅前利潤將實現兩位數增長，這主要得益於收購的貢獻和基礎業務的業績，包括調整後毛利率的提高以及上一年A&C 業務增長23 %。

As a reminder, the adjusted EBIT contribution of Sovos in our results include stock-based compensation expense and acquisition related depreciation and amortization. Whereas historically, when Sovos was a stand-alone company. These costs were not included in their adjusted results. Annual transaction related depreciation and amortization expense is expected to be in the range of $15 million to $20 million in line with our original expectations.

提醒一下，Sovos 在我們的業績中調整後的息稅前利潤貢獻包括基於股票的補償費用以及收購相關的折舊和攤提。而從歷史上看，當時 Sovos 是一家獨立的公司。這些成本並未包含在調整後的業績中。年度交易相關折舊和攤銷費用預計在 1500 萬美元至 2000 萬美元之間，與我們最初的預期一致。

Full year adjusted EPS for the combined business is expected to be up approximately 2% to 3% in a range of $3.7 to $3.10. This includes expected dilution from the Whereas historically acquisition between $0.01 to $0.02 per share for fiscal '24 this full year, outlook also implies double digit growth in Q4 adjusted EPS driven by expected higher adjusted EBITDA, partially offset by higher net interest expense related to the acquisition, and then a few other guidance items that will update.

合併後業務的全年調整後每股收益預計將成長約 2% 至 3%，範圍為 3.7 至 3.10 美元。這包括預期稀釋，而歷史上的收購在本財年的24 財年每股0.01 美元至0.02 美元之間，展望也意味著第四季度調整後每股收益將在預期更高的調整後EBITDA 的推動下實現兩位數成長，部分被與收購，然後是其他一些將更新的指導項目。

Full year cost savings towards our $1 billion enterprise wide program are expected to be in the range of $55 million to $60 million. Full year adjusted net interest expense is now expected to be approximately $245 million versus our prior forecast of $185 million to $190 million, reflecting incremental interest expense associated with the new acquisition related debt and full year capital expenditures are expected to be approximately $500 million as we continue to invest in our business for the long run. All other underlying guidance assumptions remain unchanged.

我們 10 億美元的企業範圍計畫全年成本預計將節省 5,500 萬至 6,000 萬美元。全年調整後淨利息支出預計約為2.45 億美元，而我們先前的預測為1.85 億至1.9 億美元，反映了與新收購相關債務相關的增量利息支出，全年資本支出預計約為5 億美元，因為我們從長遠來看，繼續投資我們的業務。所有其他基本指導假設保持不變。

To wrap up, we were pleased with our third quarter results, delivering double digit growth in both adjusted EBIT and EPS and margin expansion as well as better than expected acquisition performance. As we head into Q4, we remain encouraged by the continued expectation for improving volume trends in the business. Another quarter of double-digit adjusted EBIT and earnings per share growth and building on the great start to the integration of the Sovos brands business.

總而言之，我們對第三季的業績感到滿意，調整後的息稅前利潤和每股收益均實現兩位數增長，利潤率擴大，收購業績也好於預期。當我們進入第四季時，我們仍然對業務量趨勢改善的持續預期感到鼓舞。調整後息稅前利潤和每股盈餘又達到兩位數成長，並建立在 Sovos 品牌業務整合的良好開端之上。

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)

（操作員說明）

Andrew Lazar, Barclays Bank PLC.

安德魯·拉扎爾，巴克萊銀行。

Thank you. Good morning, Mark and carry.

謝謝。早上好，馬克和攜帶。

A Hey, Andrew.

嘿，安德魯。

Hey there. Mark, maybe to start off, I guess, what gives you the confidence in a full recovery in your fiscal first half of ‘25, while kind of simultaneously taking down your ‘24 organic sales forecast by about 50 basis points? And I guess when you say full recovery, how do you sort of define that? Thank you.

嘿。馬克，也許首先，我猜是什麼讓您對 25 財年上半年的全面復甦充滿信心，同時將 24 財年的有機銷售預測下調了約 50 個基點？我想當你說完全康復時，你如何定義它？謝謝。

Yeah, that's a good question. So I think one of the things maybe just set a little bit of context. I think one of the things that is made from this predicting consumer recovery, a little more challenging than it probably seems that it should be is the nonlinear kind of path that it's followed where depending on income level of consumer and category that you're referencing, the pace of impact it has been I'm somewhat staggered and I gave the example this morning, which I think is a big reason for that moderation or inorganic outlook for the balance of the year, which is that the stacks business in many ways from a not inconsistent with history tends to be very resilient.

是的，這是個好問題。所以我認為其中一件事可能只是設定了一點背景。我認為，預測消費者復甦的結果之一，比看起來應該更具挑戰性的是它所遵循的非線性路徑，具體取決於消費者的收入水平和您所引用的類別，影響的速度我有點震驚，我今天早上舉了這個例子，我認為這是今年餘額的溫和或無機前景的一個重要原因，這是堆疊業務在許多方面與歷史不相矛盾的事物往往具有很強的彈性。

And I think a combination of the role that stacking plays a little bit of the emotional connection in tough times. All of those elements of have kind of made stacks a bit more resilient. But as we started the third quarter, we began to see what I would describe as kind of a catching up, if you will, of some consumer trade down a little bit more buying on promotion of things that we had seen on the meals and beverage categories almost a year ago.

我認為堆疊的作用組合在困難時期起到了一點情感聯繫的作用。所有這些元素都讓堆疊變得更有彈性。但當我們進入第三季度時，我們開始看到我所描述的某種追趕，如果你願意的話，一些消費者在促銷我們在餐飲上看到的東西時減少了一些購買大約一年前的類別。

And so as you look at Meals and Beverage. And especially as we watch these next four weeks or the last four weeks, you see kind of a full cycling of that consumer change in behavior on Meals and Beverage. And thus you're seeing meals and beverages to a certain degree recover. And when I say recover, it's not a hockey stick of a change to positive, but more of a neutral base than the categories kind of return, I would say more to a historical run rate.

當你看餐飲時也是如此。尤其是當我們觀察接下來的四個星期或過去四個星期時，您會看到消費者在餐飲方面的行為變化的完整循環。因此，您會看到膳食和飲料在一定程度上有所恢復。當我說恢復時，這不是曲棍球棒般的積極變化，而是比類別回報更多的中性基礎，我會說更多的是歷史運行率。

And so in the last four weeks, as an example, if you were to assume all the meals and beverage categories on a dollar basis were up about 1% and on units were about up the same. So you're seeing both units and dollars normalized positive, but fair to say, Meals and Beverage kind of felt the impact of a lot earlier.

舉例來說，在過去的四個星期裡，如果你假設所有的餐飲類別以美元計算都上漲了約 1%，而按單位計算則上漲了大約相同的價格。因此，您會看到單位和美元都正常化為正值，但公平地說，餐飲業更早感受到了影響。

So why we say the first half and again, that's a pretty broad six month window. I think I'm trying not to to create a false sense of accuracy of pinpointing it. But I do think through the first half of the year, snacks will have cycled a fair amount of what I would say their consumer adjustment or change in behavior is now a little bit of the underlying element in all of this.

所以為什麼我們一遍又一遍地說上半年，這是一個相當廣泛的六個月窗口。我想我正在努力不去製造一種精確定位的錯誤感覺。但我確實認為，在今年上半年，零食將經歷相當多的循環，我認為他們的消費者調整或行為變化現在是所有這一切的一些潛在因素。

That's important is still how well are we executing? What does the promotional landscape look like? How are we doing with innovation? All the other variables? And I do feel really good about that outlook in 2025. And so I think the combination of those, albeit about six months later than we would have liked it to be. But I think then as you cycle through that, that kind of full swing, and that puts you in a position where to see it in the first half of next year.

重要的是我們的執行情況如何？促銷環境是什麼樣的？我們的創新進展如何？所有其他變數？我確實對 2025 年的前景感到非常滿意。但我認為，當你經歷這個循環時，那種全面展開，會讓你在明年上半年看到它。

Now one thing that I will say is encouraging. And this was always a little bit of a question mark and a bit more real-time data as we go into the summer. Obviously, the holiday weekends and kind of the summer barbecue and entertainment is such a key moment for snacking. What is a little bit more encouraging is you're seeing the snacks categories in the latest four weeks, although not back to fully positive, a pretty close to neutral down about a quarter of a point units are off about a half a point, but that's significantly better than what we were seeing in Q3.

現在我要說的一件事是令人鼓舞的。當我們進入夏季時，這始終是一個問號和更多的即時數據。顯然，假日週末以及夏季燒烤和娛樂活動是吃零食的關鍵時刻。更令人鼓舞的是，你看到最近四個星期的零食類別，雖然沒有回到完全積極的狀態，但相當接近中性下降約四分之一個點單位下降了約半個點，但是這比我們在第三季看到的要好得多。

And even more interesting, I think, is some of the categories that index a little bit more to the upper end of middle income to higher income are actually performing really well in the latest four weeks, things like on Kettle potato chips, tortilla chips from some of our specialty like Pretzel Crisps. These categories are all growing in the latest four weeks kind of mid-single digits, which which again the recovery path is not necessarily linear.

我認為更有趣的是，一些對中等收入到較高收入的高端指數更高的類別實際上在最近四週內表現得非常好，例如 Kettle 薯片、玉米片我們的一些特色菜，如椒鹽捲餅薯片。這些類別在最近四個星期內都以中等個位數的速度成長，這再次表明復甦路徑不一定是線性的。

Unfortunately, for the middle and lower middle and lower income, they feel it a little bit more. And I think the durations weighed a bit heavier. So that may be a little more than you bargained for Andrew on and why why we're pinpointing this. But but it is complicated. And I think you're trying to help people understand why it's not so simple to just put a pin in the ground on what it's going to turn on by every category is probably important to understand.

不幸的是，對於中下層收入的人來說，他們的感受更多一點。我認為持續時間有點重。所以這可能比你為安德魯討價還價的要多一點，以及為什麼我們要指出這一點。但是卻很複雜。我認為你試圖幫助人們理解為什麼僅僅在每個類別將開啟的東西上紮根並不是那麼簡單，理解這一點可能很重要。

No, I appreciate the context. Thanks very much. I'll pass it on.

不，我很欣賞這個背景。非常感謝。我會把它傳遞下去。

James Salera, Stephens.

詹姆斯·薩萊拉，史蒂芬斯。

Good morning. Thanks for taking our question. Mark, I wanted to maybe size up the longer-term opportunity for rails given the strength and the performance that the sauces seen. Can you just give us some thoughts around what do you think the upside is on the SaaS side and then maybe speak to some of the other growth avenues like frozen pizza, frozen meals, ready-to-serve soup. And as we integrate radios into our models, how we should think about that as a growth engine moving forward?

早安.感謝您提出我們的問題。馬克，考慮到醬汁的強度和性能，我想也許可以評估鐵路的長期機會。您能否給我們一些關於您認為 SaaS 方面的優勢的想法，然後也許談談其他一些增長途徑，例如冷凍披薩、冷凍食品、即食湯。當我們將無線電整合到我們的模型中時，我們應該如何將其視為向前發展的成長引擎？

Yeah, obviously, there's a lot of a lot of good detail in that question. And I will say that that I think coming from excuse me, part of the part of the advantage of doing our Investor Day in September is it will give us a chance to really have that wired pretty tight and arguably be able to give you a little more depth on it, but here's what I'll say so far on, I could not be more. I'm happy with how the rails integration's going.

是的，顯然，這個問題中有很多很好的細節。我要說的是，我認為，對不起，在九月份舉辦投資者日的部分好處是，它將給我們一個機會，真正讓這一切變得非常緊密，並且可以說能夠給你一點幫助。的內容，但這就是我到目前為止要說的，我不能說更多了。我對 Rails 整合的進展感到滿意。

And really, I have to say it's almost every variable from within how you would assess an acquisition for a company. And again, I'm not entirely surprised. We were very patient and I think a lot of great diligence, but almost to the point, we have validated all of our assumptions, if not identified, upside, just about everything that we laid out for you at the time of the announcement.

事實上，我必須說，這幾乎是你評估一家公司收購時的每一個變數。再說一遍，我並不完全感到驚訝。我們非常有耐心，我認為我們付出了很大的努力，但幾乎到了這一點，我們已經驗證了我們所有的假設，如果沒有確定的話，我們在宣布消息時為您列出的所有假設都有好處。

So whether you're looking at the deal economics, right. All of those are more positive today than they were a great job executing on the deal financials really across the board on the health of the business. If you remember, I mentioned this in my comments, but we laid out a list of reasons to believe on why growth on radios would continue and really to the item.

因此，無論您是否考慮交易經濟學，對吧。今天，所有這些都比在交易財務上執行的出色工作更加積極，真正全面影響了業務的健康狀況。如果你還記得的話，我在評論中提到了這一點，但我們列出了一系列理由來相信為什麼收音機的增長會持續下去，而且確實會持續增長。

We're pacing ahead of what we would have expected those to look like and against another really incredible testament to the team, which is another point I really on again applaud the work that Todd and team has done in assembling an organization and a group of folks that really know this business and how to drive it.

我們的步伐超出了我們的預期，這也是對團隊的另一個令人難以置信的證明，這是我再次讚揚托德和團隊在組建一個組織和一群人方面所做的工作的另一點。這個行業以及如何推動它的人。

And I could not be more happy about the number of sell those employees that have joined Campbell's. You're starting with research who's leading our efforts, including our Pacific business and doing just an amazing job so I mean, honestly, as I tick down the list, I just would say everything so far really feels good. Now I do recognize it's early and there are some things in your question that I want to spend a little more time on understanding like the role of frozen.

我對加入金寶湯的員工數量感到非常高興。你從領導我們努力的研究開始，包括我們的太平洋業務，並且做得非常出色，所以我的意思是，老實說，當我在清單上打勾時，我只想說到目前為止的一切都感覺很好。現在我確實意識到現在還為時過早，您的問題中有些事情我想花更多的時間來理解，例如凍結的角色。

We did not depend on that heavily Palm in our growth model, but I will say, when I look at the performance of frozen pizzas, an example it is really encouraging. And if I think about other adjacencies like soup and dry pasta, both of which are doing very, very well. As you know, as I said on the call today, I think perhaps one of the most pleasant surprises to be it is really the strength of the news business.

我們的成長模式並沒有那麼嚴重依賴 Palm，但我會說，當我看到冷凍披薩的表現時，這個例子確實令人鼓舞。如果我考慮其他鄰接品，例如湯和乾麵食，兩者都做得非常非常好。如你所知，正如我今天在電話會議上所說，我認為也許最令人驚訝的事情之一確實是新聞業務的實力。

And although we had a fairly clear understanding that yogurt is probably not a long-term strategic category for us, the strength of that business, the uniqueness and even the performance of it. Again, a testament to a really great team that's leading it and doing a terrific job of running it. So when I think about it, I don't think we're willing to change.

儘管我們非常清楚地認識到優格可能不是我們的長期策略類別，但該業務的優勢、獨特性甚至性能。再次證明，這是一支非常出色的團隊的領導，並且在營運方面做得非常出色。所以當我思考這個問題時，我認為我們不願意改變。

And by the way also on synergy, Tom, you know, I think really clear our line of sight to the [$50 million] is arguably the path to achieving that may be a little bit faster, which will certainly help in the accretion and dilution, although I do expect still to be some dilution as we look at it '25, but I think the net of all of it is a really encouraging start of significant and comprehensive validation of our assumptions. And I think in September, we'll tried to give you a little bit more detail and unpacking each of the pieces. So hopefully that helps gets you started with that a little bit more to come as we as we get to get together in September.

順便說一句，關於協同效應，湯姆，你知道，我認為真正明確我們對 [5000 萬美元] 的視線可以說是實現這一目標的途徑可能會更快一些，這肯定有助於增加和稀釋，雖然我確實預計在25 年我們看到它時仍然會有一些稀釋，但我認為所有這些的淨值是對我們的假設進行重大和全面驗證的一個非常令人鼓舞的開始。我想在九月，我們將嘗試為您提供更多細節並拆開每個部分。因此，希望這能幫助您在九月聚會時進一步了解這一點。

Yes, that's great. Appreciate the color. I'll hop back in the queue.

是的，那太好了。欣賞顏色。我會跳回到隊列中。

David Palmer, EVERCORE ISI.

大衛·帕爾默，EVERCORE ISI。

Thanks. Good morning. Yes, interesting to hear your comments about the low income consumer and the pullback in stacks and it kind of reminds me of what's happening in fast food in both segments. I would imagine that key players are keen not to lose the upcoming key summer selling season. You talked about that. I just wonder I guess the question is what should we expect from price mix from that segment over the next one or two quarters as you probably face that type of environment? Thanks.

謝謝。早安.是的，很有趣地聽到你對低收入消費者和堆疊減少的評論，這讓我想起了這兩個領域的快餐業正在發生的事情。我想主要參與者都不想失去即將到來的關鍵夏季銷售季節。你談到了這一點。我只是想知道我想問題是我們應該對未來一兩個季度該細分市場的價格組合有何期望，因為您可能面臨這種環境？謝謝。

Yeah, you know, I think that we've talked about this a little bit before that, that from a historical perspective, you know, well before COVID on the specs categories in general tend to be a bit more from the promotable. I think it's a function of bit of the, um, the impulse nature of the categories and the competitive nature of the categories. I do think what you should expect to see from us is continuing to remain competitive.

是的，你知道，我想我們之前已經討論過這個問題，從歷史的角度來看，你知道，早在新冠疫情之前，規格類別上的產品一般都傾向於促銷。我認為這是一個功能，嗯，類別的衝動性質和類別的競爭性質。我確實認為您應該期望從我們身上看到的是繼續保持競爭力。

Now, I do think given our categories and brands, we're not going to win this fight on the longer term by by taking price down dramatically or going to promoted levels that are not sustainable on, that's not going to be the right playbook for more elevated brands. And I think a great example of that is right now in cookies, which is a tough category where we are seeing a fair amount of trading down into private label. The good news is our Pepperidge Farm business is really kind of holding its own, not by dealing the price points, but by continuing to bring added value.

現在，我確實認為，考慮到我們的品類和品牌，從長遠來看，我們不會通過大幅降價或提升到不可持續的水平來贏得這場戰鬥，這不會是正確的策略更多高端品牌。我認為現在的餅乾就是一個很好的例子，這是一個艱難的類別，我們看到大量的交易轉向自有品牌。好消息是我們的 Pepperidge Farm 業務確實保持了自己的地位，不是透過調整價格點，而是透過繼續帶來附加價值。

And so, kind of in the mindset of if I'm being a little more thoughtful with my snack dollars, let's make it really count on. It's been more of the strategy on our more premium cookie business, which is proving and to kind of be holding our own in that category, which has been probably one of the more difficult. I think as you get into salty, what we're going to want to do there is make sure that we've got reasonable price gaps on that. We are in the key windows and on display at those key moments, while continuing to bring a really robust level of innovation and news on our brands.

因此，如果我對我的零食錢考慮得更周到一點，那就讓我們真正依靠它。這更多是我們更優質的餅乾業務的策略，這已經證明並在該類別中保持我們自己的地位，這可能是最困難的類別之一。我認為當你進入鹹味市場時，我們要做的就是確保我們在這方面有合理的價格差距。我們出現在關鍵窗口並在那些關鍵時刻進行展示，同時繼續為我們的品牌帶來真正強勁的創新和新聞。

And I think in particular, one of the places we're seeing a lot of competition is in Kettle potato chips, which has been an extremely successful segment and continues to be, but we're also seeing a lot more competition there. And so, we're going to want to make sure that we get the balance right. So what does that actually mean?

我特別認為，我們看到大量競爭的地方之一是 Kettle 薯片，這是一個非常成功的細分市場，並將繼續如此，但我們也看到了更多的競爭。因此，我們要確保取得正確的平衡。那麼這實際上意味著什麼呢？

I think in the fourth quarter, you'll see a little bit of balance between promo and investment in marketing. The net of it, I think will be a pretty healthy investment, nothing that that is out of the realm of of history relative to promotion. But certainly we want to stay nimble and make sure that we're as competitive as possible and so on, would you see 100 basis points or so investment in promo as we think about Q4?

我認為在第四季度，您將看到促銷和行銷投資之間的一些平衡。我認為它的淨值將是一項相當健康的投資，與促銷相比，這沒有什麼超出歷史範圍的。但我們當然希望保持靈活性並確保我們盡可能具有競爭力等等，當我們考慮第四季度時，您會看到 100 個基點左右的促銷投資嗎？

I think that's probably a generally good proxy as we kind of navigate these next couple of quarters now.

我認為這可能是一個總體上很好的指標，因為我們現在正在經歷接下來的幾個季度。

And that's helpful. Thank you. And on Meals and Beverages, just a quick one there. Just the pricing down 1%, I was a little surprised to see that. Why did that happen? And what's your outlook for pricing in that in that segment going forward?

這很有幫助。謝謝。至於餐點和飲料，只是簡單介紹一下。只是價格下降了 1%，我對此感到有點驚訝。為什麼會發生這種事？您對該細分市場未來的定價前景有何看法？

Yeah. I think you know, part of them, interestingly enough. I as I said earlier, this kind of staggered approach to consumer behavior. I think we're a lot further down the road as it relates to the meals and beverage categories. Which arguably we're experiencing a little bit of a trade-down pressure and some of the competitive dynamics that we're seeing now in snacks, we were dealing with a year ago and what we've what we've been doing is really making sure that we've got the right framework in place relative to price gaps.

是的。我想你知道，其中一部分，很有趣。正如我之前所說，這種對消費者行為的交錯方式。我認為我們在餐飲類別方面還有很長的路要走。可以說，我們正在經歷一點貿易下降的壓力，以及我們現在在零食領域看到的一些競爭動態，我們在一年前就遇到過這種情況，而我們一直在做的事情確實是這樣。我們針對價格差距制定了正確的框架。

So give you a great example of getting that balance right when you think about our condensed soup business, that's one of the areas where we've tended to really see a lot of competitive pressure, and that's probably where private label has been a bit more relevant as we've looked at trade down and where we've experienced.

因此，當您考慮我們的濃縮湯業務時，給您一個很好的例子，說明如何實現這種平衡，這是我們往往真正看到很大競爭壓力的領域之一，而且這可能是自有品牌更多的地方相關的，因為我們已經研究了貿易下降以及我們所經歷的情況。

So over the course of the last six months or so, we've really been fine tuning what that price gap needs to be while continuing to support some innovation and marketing on the business. And in the third quarter, we were able to kind of restabilize, if you will, the share position, but the category was still down about 4% as you go into the latest four weeks and recognizing we are coming into the summer where the magnitude of the numbers are certainly smaller,

因此，在過去六個月左右的時間裡，我們確實一直在微調價格差距，同時繼續支持業務的一些創新和行銷。在第三季度，如果你願意的話，我們能夠重新穩定股票頭寸，但進入最近四個星期後，該類別仍下跌約 4%，並認識到我們即將進入夏季，其中的數字肯定更小，

But you're now seeing even an acceleration or step up, if you will, in the in the soup business and accelerating of both top line, which is now positive on the condensed business as well as share and units looking better, while private label has taken a bit of a step back in that category.

但如果你願意的話，你現在甚至可以看到湯品業務的加速或提升，以及營收的加速，這對濃縮業務以及份額和單位看起來都更好，而自有品牌現在是積極的在該類別中退了一步。

So think in many ways that may have been a little bit more muted pricing that that was was recognized as probably not the right thing to do for the category. This is not a significant deal down, you know that because you're also seeing a very material gross margin and not feels back in time. I know that the consensus estimates were a little lower than what some people had modeled, but please remember that the mix impact of sell those into that number.

因此，從很多方面來看，這可能是一個更低調的定價，這被認為可能不是該類別的正確做法。這並不是一個重大的下降，你知道，因為你也看到了非常可觀的毛利率，而且感覺沒有回到過去。我知道共識估計略低於某些人的模型，但請記住，將這些數字出售給該數字會產生混合影響。

It is diluting that about 30 basis points in the quarter. If you were to add that you'd be a lot closer to, I think where people's expectations were. So generally speaking, I feel very good about the profit trajectory for meals and beverage. But I also think we've got that playbook pretty well refined and you see it in soup as the recovery really continues to build momentum and actually moving into positive territory, both on units and on which is really important.

該季度稀釋了約 30 個基點。如果你要補充一點，我認為你會更接近人們的期望。所以總的來說，我對餐飲的利潤軌跡感覺非常好。但我也認為我們的劇本已經相當完善，你可以在湯中看到它，因為復甦確實繼續建立動力，並實際上進入積極的領域，無論是在單位上還是在非常重要的方面。

That's helpful. Thank you.

這很有幫助。謝謝。

Peter Galbo, Bank of America.

彼得‧加爾博，美國銀行。

Hey, maybe if I could just pick up on the last point you had there on the trajectory of gross margin. I think kind of the revised guidance implies a meaningful kind of ramp into the fourth quarter both sequentially and year-over-year, relative certainly to where the quarter came in. So maybe you can just unpack kind of what's driving the acceleration or reacceleration on the gross margin line as we get into 4Q and then start starting to think about '25?

嘿，也許我能了解一下你在毛利率軌跡上的最後一點。我認為修訂後的指導意味著第四季度的環比和同比都會出現有意義的增長，當然相對於本季度的情況而言。當我們進入第四季並開始考慮'25'時的毛利率線？

Yeah, why don't I -- I'll give a little bit of broader context. I'll let Carrie do a little bit of the bridge or the do-to, but you're absolutely right. It is important to remember that fourth quarter a year ago, we're cycling a pretty tough quarter from a year ago where we were feeling a lot of the kind of cumulative impact in absorption in some of our facilities given the volume reduction that we'd experienced through that cycle of pricing. If you remember, we talked a lot about this other supply chain cost line, which was a combination of some inflation, but also what I would describe as some of the inefficiency that we were navigating on the business.

是的，我為什麼不呢——我會提供一些更廣泛的背景。我會讓嘉莉做一些橋接或做的事情，但你絕對是對的。重要的是要記住，一年前的第四季度，我們正經歷著一個與一年前相比相當艱難的季度，考慮到我們的產量減少，我們感受到了一些設施吸收的累積影響。了該定價週期。如果你還記得的話，我們談論了很多其他供應鏈成本線，這是一些通貨膨脹的組合，但也是我所描述的我們在業務上的一些低效率的結合。

And so when you take that away and you start to stack on top of it, the productivity that we have at the same time, as well as one of the linchpins to the quarter was the recovery or improvement in the soup trajectory, which gives us an underlying tailwind on mix, which also was depressed in the fourth quarter, along with the Snacks roadmap and all of the other variables that we have attributing, we are expecting a significant step-up in EBIT and in margin.

因此，當你把它拿走並開始疊加時，我們同時擁有的生產力以及本季度的關鍵之一是湯軌蹟的恢復或改善，這給了我們混合的潛在推動力（第四季度也受到抑制） ，再加上零食路線圖和我們歸因的所有其他變量，我們預計息稅前利潤和利潤率將大幅上升。

Again, a very healthy gross margin expansion, but where I talked a little bit about the dilution associated with Sovos, you'll see that more to the tune of about 40 basis points on the company. It's about 80 bps or so. Again, not a problem, not inconsistent with what we expect, but generally will depress a little bit of the upside. Still a significant upside even with that, but at the end of the day, a little bit more modest than what might be in a few models, but the net of all of that is you're going to be looking at EBIT growth that is probably in the 30s for percent growth, very, very strong EPS growth, and margin expansion really across the board.

同樣，毛利率增長非常健康，但在我談到與 Sovos 相關的稀釋時，您會發現該公司的稀釋程度約為 40 個基點。大約是 80 bps 左右。同樣，這不是問題，與我們的預期並不矛盾，但通常會抑制一點上行空間。儘管如此，仍然是一個顯著的優勢，但最終，比一些模型中可能出現的情況要溫和一些，但所有這些的淨結果是，你將看到息稅前利潤的增長，即增長率可能在30 多歲，每股盈餘成長非常非常強勁，利潤率確實全面擴張。

So, a very good quarter of sustained sequential recovery, which has really been albeit maybe a little bit behind the pace of recovery that we wanted in the total business. The march forward has been very consistent and methodical, and fourth quarter will continue that. I don't know, I may have covered all of it, Carrie. Did I cover it all? I'm sorry.

因此，這是一個非常好的季度持續連續復甦，儘管可能有點落後於我們希望的整體業務復甦速度。前進的步伐非常一致和有條不紊，第四季將繼續如此。我不知道，嘉莉，我可能已經涵蓋了所有內容。我都涵蓋了嗎？對不起。

You did. You covered it perfectly. It is a lot like Q3 in terms of the drivers of that expected expansion.

你做到了。你完美地覆蓋了它。就預期擴張的驅動因素而言，這與第三季非常相似。

Yeah, I think with the notable exception that Snacks, as we noted in the Q2, had a very, very good Q3. That's why you see a little bit of pressure in Q3. I would expect to see them return to growth in the fourth quarter.

是的，我認為有一個值得注意的例外，正如我們在第二季中指出的那樣，零食在第三季的表現非常非常好。這就是為什麼你會在第三季看到一點壓力。我預計它們將在第四季度恢復成長。

Got it. Okay. That's super helpful. And then, Mark, maybe just a quick one on Meals & Bevs, I think you called out in the press release, foodservice actually as a source of upside that you would seem to kind of buck the trend relative to what we're hearing from a lot of other folks. So maybe you can just touch on that a bit.

知道了。好的。這非常有幫助。然後，馬克，也許只是簡單介紹一下餐飲服務，我想您在新聞稿中指出，餐飲服務實際上是一種優勢來源，相對於我們所聽到的情況，您似乎有點逆勢而行還有很多其他人。所以也許你可以稍微談談這一點。

Yeah, I think the big enabler for us on the foodservice kind of divergence, if you will, from many of our peers has been the benefit of the supply chain progress we've had. As a reminder, our foodservice business, which sits in our Meals & Beverage division, is actually made up of both Meals & Beverage and Snacks businesses. And one of the things that we're seeing a lot of growth on right now is the expansion in capacity that we've been adding on snacking and enabling our foodservice teams to be able to sell with confidence against those brands.

是的，我認為我們在餐飲服務方面與許多同行的分歧的最大推動因素是我們所取得的供應鏈進步的好處。提醒一下，我們的餐飲服務業務屬於餐飲部門，實際上由餐飲業務和零食業務組成。我們現在看到的大量成長的事情之一是我們一直在增加零食的產能擴張，並使我們的餐飲服務團隊充滿信心地銷售這些品牌。

So, that's gone very well. And then I also think, again, interesting when we think about the world of soup and we look for positive signs or positive indicators of stabilization of this category and the role it can play, one of the areas we're seeing an uptick in demand is our frozen soup business in foodservice.

所以，一切進展順利。然後我也認為，當我們思考湯的世界時，我們尋找該類別穩定的積極跡像或積極指標及其可以發揮的作用，這是我們看到需求上升的領域之一，這很有趣是我們在餐飲服務領域的冷凍湯業務。

So, more selling of soup as a menu item has been a pleasant surprise and that I think continues to be those two drivers, our soup business and our Snack business are really the two drivers for why I think you're seeing a little bit of a disconnect, if you will, in the growth of our foodservice business versus what you're seeing more macro trend-wise in that particular industry.

因此，湯作為菜單項目的銷售量增加是一個驚喜，我認為這仍然是這兩個驅動因素，我們的湯業務和零食業務確實是兩個驅動因素，這就是為什麼我認為你會看到一些如果您願意的話，我們的餐飲服務業務的成長與您在該特定行業中看到的更宏觀趨勢的成長存在脫節。

Thanks very much.

非常感謝。

Nik Modi, RBC Capital Markets.

尼克莫迪，加拿大皇家銀行資本市場。

Just two quick ones for me. Hey, Mark. Just on Snack, it was obviously been something that's been called out as potential tailwind as we kind of rolled through the years. So just wanted to get any perspective from your side on if you're seeing any benefits of that. But the broader question, I guess, is just kind of pricing has been a key theme for this Q&A.

對我來說只有兩個快速的。嘿，馬克。就小吃而言，這顯然是我們這些年來被稱為潛在順風車的東西。所以只是想聽聽您的觀點，看看您是否看到了這樣做的好處。但我想，更廣泛的問題只是定價一直是這次問答的關鍵主題。

Mark, do you worry about price thresholds right now? I mean it seems like just given the amount of inflation, consumers are just feeling the burden. And I just wonder if like we've kind of gone too far. And I know rollbacks are not part of the historical strategy here for the entire CPG industry. But we seem to be in a very anomalous situation right now. So I just would love your thoughts around that.

馬克，你現在擔心價格門檻嗎？我的意思是，考慮到通貨膨脹的程度，消費者似乎只是感受到了負擔。我只是想知道我們是否已經走得太遠了。我知道，回滾並不是整個 CPG 產業歷史策略的一部分。但我們現在的處境似乎非常不正常。所以我很想聽聽你對此的想法。

Yeah. I know that is a significant topic of discussion right now, which is, were we seeing an overpricing on an absolute basis? When I look at the data today, I'm not yet seeing that as a significant concern other than as it relates to the context of where price gaps may be sitting. One data point that hopefully will make everyone feel a little bit better, if you look at the last four weeks through Memorial Day, salty as a broader category was essentially flat and that's not a good thing, right, given the historical growth that we've seen, but relative to what we had been seeing in the third quarter as a more material slowdown in that segment was a little bit better.

是的。我知道這是目前討論的一個重要主題，即我們是否看到絕對定價過高？當我今天查看數據時，除了與價格差距可能存在的背景有關之外，我還沒有認為這是一個重大問題。一個數據點希望能讓每個人感覺好一點，如果你看看陣亡將士紀念日的過去四個星期，鹹味作為一個更廣泛的類別基本上持平，這不是一件好事，對吧，考慮到我們的歷史成長我們已經看到了，但相對於我們在第三季看到的情況，該領域的實質放緩要好一些。

Now, arguably, that's a fairly promoted period around Memorial Day. And so I think you'll see that drumbeat of promotion fairly consistent. But I'm not yet concluding that any of our, I can't speak to the industry broadly. But from our standpoint, I can't I wouldn't yet say that there's a place where we price too far. I do think there are some places where we have to mine the price gap perhaps a little bit better, a little bit tighter, maybe a little bit more frequency, but not necessarily a more dramatic step down in depth.

現在，可以說，這是陣亡將士紀念日前後的一個相當促銷的時期。所以我認為你會看到促銷的鼓聲相當一致。但我還沒有得出結論，我們不能廣泛地談論這個行業。但從我們的角度來看，我還不能說我們在某個地方定價過高。我確實認為在某些地方我們必須挖掘價格差距，也許更好一點，更緊一點，也許更頻繁一點，但不一定是更大幅度地降低深度。

So I think we need to watch that, and this is why I think these next few months through the summer and into the fall will be quite important for us to kind of do a little bit of what we've done on Meals & Beverage, which is settle in where we think the right price architecture looks like, the right promotion strategy, and make sure that we've got that balance right.

所以我認為我們需要關注這一點，這就是為什麼我認為接下來的幾個月從夏季到秋季對我們來說非常重要，我們需要在餐飲方面做一些事情，這是我們認為正確的價格架構、正確的促銷策略的解決方案，並確保我們實現了正確的平衡。

But I'm not yet seeing a compelling call to action to necessarily lower pricing. But as I said, I do think you'll see a pretty good drumbeat of promotion, not wild price points, but a fairly good drumbeat of promotion in the fourth quarter.

但我還沒有看到令人信服的行動呼籲來降低價格。但正如我所說，我確實認為您會在第四季度看到相當不錯的促銷活動，不是瘋狂的價格點，而是相當不錯的促銷活動。

Right. And then just on the Snack perspective?

正確的。然後只是從小吃的角度來看？

Yeah, look, I think Snacks, again, I am not as we dug into this information more, I look at this and I go, you got a three-year CAGR of 8% if you take the third quarter on a three-year basis. Which, third quarter was our toughest underlying trend. I mean, the latest four weeks looked better, actually. As I said before, when you think about it in that context, a lot of discussion around is there are structural changes in the demand or the role of snacking. I just don't see it.

是的，看，我認為零食，再次，我不是因為我們更多地挖掘了這些信息，我看看這個，我想，如果你把第三季度作為三年的年複合增長率，你會得到8 % 的三年複合年增長率基礎。其中，第三季是我們最艱難的基本趨勢。我的意思是，實際上最近四個星期看起來好多了。正如我之前所說，當你在這種背景下思考時，很多討論都是關於零食的需求或作用發生了結構性變化。我就是沒看到。

Do I see some normalization and some catching up a little bit of wearing down economically of consumers. I do agree and I think that is the primary driver, but I don't think in my mind I see anything that indicates to me that we don't still have a great runway ahead. Now, what I will say is I do think our portfolio is a bit better position because if you look at where the fight is really happening in snacking with private label and there's no question that private label has made some headway into snacking, but a lot of that is happening in the main as you would expect, in the mainstream segments.

我是否看到一些正常化以及一些追趕消費者經濟衰退的情況？我確實同意，而且我認為這是主要驅動力，但我認為在我看來，我沒有看到任何跡象表明我們前面仍然沒有一條很好的跑道。現在，我要說的是，我確實認為我們的投資組合處於更好的位置，因為如果你看看自有品牌零食領域的鬥爭真正發生在哪裡，毫無疑問，自有品牌在零食領域取得了一些進展，但還有很多正如您所期望的那樣，這種情況主要發生在主流領域。

And so the fact that our portfolio indexes much more to elevated categories, I actually like the setup for the future. Even in a world where private label may play a bit more of a role in Snacks, we tend to be in that elevated level above. And even as I mentioned in the latest four weeks, those segments, you're actually seeing a little bit more recovery.

事實上，我們的投資組合更多地針對高級類別進行索引，我實際上很喜歡未來的設置。即使在自有品牌可能在零食中發揮更大作用的世界中，我們也往往處於更高的水平。正如我在最近四個星期中提到的，這些部分實際上您看到了更多的復甦。

It's early, and I don't want to overcast the Memorial Day performance as a trend line, but I do think it's all encouraging and supports what we have believed, which is that the future of snacking and where the growth is really going to come from is more of these added value segments. And that bodes very well for how our portfolio is set up versus some of our competitors.

現在還為時過早，我不想將陣亡將士紀念日的表現視為趨勢線，但我確實認為這一切都令人鼓舞並支持我們所相信的，即零食的未來和增長真正將到來的地方來自更多這些附加價值部分。與我們的一些競爭對手相比，這對我們的投資組合的建立方式來說是一個很好的兆頭。

Great, thanks. I’ll pass it on.

萬分感謝。我會把它傳遞下去。

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

我們的問答環節已經結束。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。