金寶湯 (CPB) 2025 Q1 法說會逐字稿

Good morning, and welcome to the Campbell's Company Q1 fiscal 2025 earnings conference call. (Operator Instructions) As a reminder, this conference call is being recorded.

早安，歡迎參加金寶湯公司 2025 財年第一季財報電話會議。 （操作員說明）謹此提醒，本次電話會議正在錄音。

I would now like to turn the call over to Rebecca Gardy, Chief Investor Relations Officer at Campbell's. Please go ahead.

我現在想將電話轉給金寶湯首席投資者關係官麗貝卡·加迪 (Rebecca Gardy)。請繼續。

Good morning, and welcome to the Campbell's Company first quarter fiscal '25 earnings conference call. I'm Rebecca Gardy, Campbell's Chief Investor Relations Officer. And 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. The prepared remarks, the slide deck and earnings press release have been posted to the Investor Relations section of our website, thecampbellscompany.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.

早安，歡迎參加金寶湯公司 25 年第一季財報電話會議。我是麗貝卡‧加迪 (Rebecca Gardy)，金寶湯首席投資者關係長。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，我們將過渡到網路直播問答環節。準備好的評論、幻燈片和收益新聞稿已發佈到我們網站 thecampbellscompany.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。

Slide 2 outlines today's agenda. Mark will provide insights into our first quarter performance as well as our in-market performance by division. Please note, effective first quarter fiscal '25 and going forward, we are using Circana MULO+ for end market data. Carrie will then discuss the financial results of the quarter in more detail and review our guidance for the full fiscal year '25, which we reaffirmed last night.

投影片 2 概述了今天的議程。馬克將提供有關我們第一季業績以及按部門劃分的市場業績的見解。請注意，自 25 財年第一季起及今後，我們將使用 Circana MULO+ 來取得終端市場資料。然後，Carrie 將更詳細地討論本季的財務業績，並回顧我們昨晚重申的整個 25 財年的指導。

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.

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預期的結果有重大差異的因素清單。

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. Before I turn it over to Mark, one last time, I wanted to personally thank you, Mark, for your extraordinary leadership and unwavering commitment to excellence.

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。在我最後一次把它交給馬克之前，我想親自感謝你，馬克，感謝你非凡的領導力和對卓越的堅定承諾。

And now with that, Mark.

現在，馬克。

Before we review our results, I want to take a moment to address last night's announcement of my plans to retire from Campbell's and transition with the incoming CEO over the next 2 months. I'd like to congratulate Mick Beekhuizen on becoming the 15th CEO in Campbell's 155-year history. The Board and I have full confidence in his readiness to lead this great team and company.

在我們回顧我們的結果之前，我想花點時間談談昨晚宣布的我計劃從金寶湯退休並在未來兩個月內與即將上任的首席執行官過渡的計劃。我謹祝賀 Mick Beekhuizen 成為金寶湯 155 年歷史上的第 15 任執行長。董事會和我對他準備好領導這個偉大的團隊和公司充滿信心。

As I prepare to step back, Campbell's could not be better positioned for the future. I believe that Campbell's has the top leadership team in the business. They are experienced, engaged and fully committed to setting the standard for performance. Together, we've built the best portfolio in all of food and transformed the company. This enables me to make this decision with the utmost confidence in the company's trajectory going forward. With our strategy firmly rooted and our team highly engaged and aligned, I'm certain that Campbell's future is bright.

當我準備退後時，金寶湯已經為未來做好了最好的準備。我相信金寶湯擁有業界頂尖的領導團隊。他們經驗豐富、敬業並完全致力於制定績效標準。我們共同打造了所有食品領域的最佳產品組合，並實現了公司轉型。這使我能夠對公司的未來發展軌跡充滿信心地做出這一決定。憑藉我們牢固紮根的策略以及我們團隊的高度參與和協調，我確信坎貝爾的未來是光明的。

Leaving Campbell's was not an easy choice. Since I was a boy, sports have played a very important part of my life, and the idea of working in the world of sports and in particular, the NFL has been a lifelong goal. It is truly a once-in-a-lifetime moment to become the team President of the Washington Commanders. I'm incredibly grateful to Josh Harris and the Washington Commander's Ownership Group for the opportunity to lead this iconic franchise into a new chapter of growth.

離開坎貝爾並不是一個容易的選擇。從我還是個孩子的時候起，體育就一直是我生活中非常重要的一部分，在體育界，特別是 NFL 工作的想法一直是我一生的目標。成為華盛頓指揮官隊的主席確實是一個千載難逢的時刻。我非常感謝喬許·哈里斯和華盛頓指揮官所有權集團給我機會帶領這支標誌性球隊進入新的發展篇章。

I look forward to supporting ownership and the entire Commanders team and doing everything in our power to build a championship caliber organization.

我期待著支持所有權和整個指揮官團隊，並盡我們所能建立一個冠軍級別的組織。

These last 6 years have been an incredible privilege and honor as well as the most rewarding professional experience in my nearly 30 years of working in the food industry. Without question, what made it so special is the entire Campbell's team. Seeing their passion and commitment day in and day out was a great source of inspiration for me through what proved to be an incredible journey. I'd also like to thank the Campbell's Board of Directors and investors for their trust and support over these last 6 years.

過去的 6 年是我在食品業近 30 年的工作中令人難以置信的榮幸和最有價值的專業經驗。毫無疑問，讓它如此特別的是整個坎貝爾團隊。日復一日地看到他們的熱情和承諾對我來說是一個巨大的靈感源泉，事實證明這是一次令人難以置信的旅程。我還要感謝金寶湯董事會和投資者在過去六年的信任和支持。

Now let's turn to Campbell's first quarter results. We began fiscal '25 with the first quarter generally in line with our expectations with net sales up 10%, reflecting the momentum that Sovos added to our top line performance. Organic net sales were down 1%, reflecting a continued dynamic consumer environment and some impact due to movements in retailer inventory levels, influenced by the later timing of the Thanksgiving holiday this year.

現在讓我們來看看坎貝爾第一季的業績。我們從 25 財年開始，第一季的淨銷售額成長了 10%，整體符合我們的預期，反映出 Sovos 為我們的營收業績帶來的動力。有機淨銷售額下降 1%，反映出消費環境持續活躍，以及受今年感恩節假期推遲的影響，零售商庫存水準變動造成一定影響。

We delivered 6% year-over-year growth in adjusted EBIT and an adjusted EPS of $0.89. Excluding Sovos, end-market performance was flat, in line with expectations with the difference between our organic net sales and in-market consumption explained by the later Thanksgiving holiday that I mentioned earlier for meals and beverages and lower partner brands net sales in Snacks.

我們的調整後息稅前利潤年增 6%，調整後每股收益為 0.89 美元。排除Sovos 之外，終端市場表現持平，符合預期，我們的有機淨銷售額與市場消費之間的差異是由我之前提到的感恩節假期（我之前提到的餐食和飲料）以及較低的合作夥伴品牌零食淨銷售額所解釋的。

Importantly, our 16 leadership brands showed growth in both dollar consumption and share in the quarter, including Sovos on a pro forma basis, in-market dollar consumption was positive 2%. The team continues to do an excellent job navigating the complex environment while delivering strong productivity, cost savings and remaining ahead of our plans on the integration of the Sovos business.

重要的是，我們的 16 個領先品牌本季的美元消費量和份額均出現增長，其中包括 Sovos，按預計，市場美元消費量增長了 2%。團隊繼續出色地應對複雜的環境，同時提供強大的生產力、成本節約，並領先於我們的 Sovos 業務整合計劃。

We reaffirmed our fiscal '25 guidance, which reflects our expectation of steady progress and incorporates an appropriate level of pragmatism. The upcoming second quarter, which includes the critical holiday season will serve as an important milestone for progress in delivering our full year commitments.

我們重申了 25 財年的指導方針，這反映了我們對穩步進展的預期，並體現了適當的務實精神。即將到來的第二季度，包括關鍵的假期，將成為我們在履行全年承諾方面取得進展的重要里程碑。

We expect sequential top line and market share momentum in Q2 with continuing progression into the second half of our fiscal year. Carrie will provide more details on guidance in a moment.

我們預計第二季的營收和市佔率將持續成長，並持續進入本財年下半年。 Carrie 稍後將提供有關指導的更多詳細資訊。

On slide 6, I want to briefly expand upon the material benefit we are experiencing with the integration of Sovos. While our Q1 organic net sales declined 1% from the prior year with flat volume and mix, when including the pro forma contribution from Sovos, total company net sales would have been flat to the prior year with positive volume and mix. The growth of Sovos and specifically the Rao's brand is exceeding our expectation and adding important momentum to our Meals and Beverages division and the company.

在投影片 6 中，我想簡要闡述我們透過整合 Sovos 所獲得的物質利益。雖然我們第一季的有機淨銷售額比上年下降了1%，銷量和產品組合持平，但如果算上Sovos 的預期貢獻，公司總淨銷售額將與上年持平，銷量和產品組合為正值。 Sovos，特別是 Rao 品牌的發展超出了我們的預期，為我們的餐飲部門和公司增添了重要動力。

The overall food sector continues to reflect improvement with favorable trends across multiple fronts, starting with improving consumer confidence. We're seeing further stabilization in food volumes as prices continue to normalize, and we continue to anticipate ongoing recovery throughout fiscal year '25. Although not every category is recovering at the same pace, we continue to be encouraged by this overall progress. And with 75% of our portfolio in growing categories, we continue to be in an advantaged position as the consumer recovery continues.

整個食品產業繼續反映出多方面的有利趨勢的改善，首先是消費者信心的提高。隨著價格繼續正常化，我們看到糧食數量進一步穩定，我們繼續預計整個 25 財年將持續復甦。儘管並非每個類別都以相同的速度復甦，但我們繼續對這一整體進展感到鼓舞。我們 75% 的產品組合屬於不斷成長的類別，隨著消費者復甦的持續，我們將繼續處於優勢地位。

As we recently discussed at our Investor Day, we have transformed Campbell's portfolio and have evolved the way we talk about our most important brands. We call these 16 brands, our leadership brands with 8 in Meals and Beverages and 8 in Snacks. In the first quarter, these brands represented the majority of total enterprise net sales and segment operating earnings, and held advantage number 1 or number 2 positions in almost all of their respective categories.

正如我們最近在投資者日討論的那樣，我們已經改變了金寶湯的投資組合，並改變了我們談論最重要品牌的方式。我們將這 16 個品牌稱為我們的領導品牌，其中 8 個為餐飲品牌，8 個為零食品牌。第一季度，這些品牌佔企業總淨銷售額和部門營業利潤的大部分，並在幾乎所有類別中佔據第一或第二的優勢。

In Q1, Leadership Brands grew dollar consumption by nearly 2% with positive share growth. We continue to experience pockets of competitive pressure in certain snack categories from new entrants and some continued trade down to private label in salty snacks and cookies. However, we remain confident in the strength of our leadership brands and our plans throughout the balance of the year.

第一季度，Leadership Brands 的美元消費成長了近 2%，份額呈正成長。在某些零食類別中，我們繼續面臨來自新進業者的競爭壓力，以及一些鹹味零食和餅乾繼續轉向自有品牌。然而，我們對我們的領導品牌的實力和全年的計劃仍然充滿信心。

Now let's take a closer look at each respective division. Moving to our Meals and Beverages division on slide 9. Organic net sales were flat compared to the prior year, with volume and mix growth of 1%. Net sales were impacted by movements in retailer inventory driven by the later timing of the Thanksgiving holiday this year. This is evident in the higher 2% dollar in-market consumption growth, reflecting a 200-basis point difference to organic net sales growth.

現在讓我們仔細看看每個部門。轉到投影片 9 的餐飲部門。今年感恩節假期推遲，導致零售商庫存變動，影響了淨銷售額。這一點在 2% 的市場內消費成長中顯而易見，反映出與有機淨銷售成長存在 200 個基點的差異。

On a pro forma basis, with the addition of Sovos Brands, Meals and Beverages net sales grew 2%, fueled by 3% volume and mix growth with in-market dollar consumption increasing 5%.

按預計，隨著 Sovos Brands 的加入，餐飲和飲料淨銷售額增長了 2%，銷量和組合增長了 3%，市場美元消費增長了 5%。

Turning to Page 10, our Soup portfolio strengthened in Q1 as expected, with Campbell's dollar consumption increasing modestly ahead of or in line with the category average. This is the third consecutive quarter of dollar share growth driven by broth and our condensed cooking segments, along with improving ready-to-serve trends as we head into soup season.

轉向第 10 頁，我們的湯產品組合在第一季如預期有所加強，金寶湯的美元消費增長小幅高於或與類別平均水平一致。這是美元份額連續第三個季度增長，這是由肉湯和濃縮烹飪領域推動的，同時隨著我們進入湯季節，即食趨勢也有所改善。

In broth, Swanson continued to benefit from the combination of increased category usage and private label service challenges. Private label is recovering, and we expect modest share headwinds in the second quarter with that increasing in the second half of the fiscal year as private label fully recovers. As we have said previously, although we expect share to normalize over the next 12 months, the incremental growth in households we added to our brands during this period gives us an excellent opportunity to retain more of those consumers going forward.

在肉湯領域，斯旺森繼續受益於品類使用量的增加和自有品牌服務挑戰的結合。自有品牌正在復甦，我們預期第二季的股價阻力將適度，隨著自有品牌的全面復甦，本財年下半年的阻力將會加大。正如我們之前所說，儘管我們預計份額將在未來12 個月內恢復正常，但在此期間加入我們品牌的家庭數量的增量增長為我們提供了一個絕佳的機會，可以在未來留住更多消費者。

Our condensed soup segment grew share for the fourth consecutive quarter, led by our red and white cooking soups, growing share and outpacing private label as consumers continue to cook at home with quality brands they trust. We expect condensed eating soup to improve with colder weather.

隨著消費者繼續使用他們信任的優質品牌在家做飯，我們的濃縮湯細分市場的份額連續第四個季度增長，其中紅白烹飪湯的份額不斷增長，並超過了自有品牌。我們預計隨著天氣變冷，濃縮飲食湯會有所改善。

And finally, as expected, we saw stabilization in our ready-to-serve portfolio. We gained share led by strong performance in Chunky, Rao's and Homestyle, driven by our focus on innovation, marketing and in-store execution across the entire ready-to-serve portfolio. This growth also includes the planned delistment of Well Yes! representing just under a share point of headwind in the quarter.

最後，正如預期的那樣，我們看到我們的即用型投資組合趨於穩定。在我們對整個即食產品組合的創新、行銷和店內執行的關注的推動下，我們在 Chunky、Rao's 和 Homestyle 的強勁表​​現的推動下獲得了市場份額。這一增長還包括計劃將 Well Yes! 退市。略低於本季的逆風股點。

Looking at our Italian sauce portfolio on slide 11, the combination of Rao's and Prego continues to deliver exceptional momentum across this billion-dollar platform. The remarkable performance of Rao's stands out with in-market consumption maintaining a robust 15% growth. This momentum pairs beautifully with Prego, which delivered a 5% increase in market by positioning these powerhouse brands to serve distinct consumer segments and price tiers, we've created an impressive platform to expand our market presence and fulfill diverse consumer preferences.

看看幻燈片 11 上我們的義大利醬料產品組合，Rao's 和 Prego 的組合繼續在這個價值數十億美元的平台上帶來非凡的動力。饒氏業績亮眼，市場消費維持15%的強勁成長。這一勢頭與Prego 完美契合，Prego 透過將這些強大品牌定位於服務不同的消費者群體和價格層，實現了5% 的市場成長，我們創建了一個令人印象深刻的平台來擴大我們的市場份額並滿足不同的消費者偏好。

Our sauce portfolio exemplifies our ability to capture growth across multiple segments while maintaining strong brand equity in both the premium and mainstream spaces. Rao's continues to perform better than expected, and now we expect pro forma growth in fiscal '25 to be slightly above 10% versus the previous guided high single digits.

我們的醬料產品組合證明了我們在多個細分市場中實現成長的能力，同時在高端和主流領域保持強大的品牌資產。 Rao's 的表現持續優於預期，現在我們預計 25 財年的預期成長將略高於 10%，而先前的指引為高個位數。

Over the long term, we continue to expect Rao's growth to settle in at a mid-single-digit growth range. Additionally, integration is progressing exceptionally well as the distinctive brands team drives both operational excellence and strategic advancement across the portfolio. What excites us most is a substantial headroom for expansion. While Rao's leads the Italian sauce category in dollar share, it achieves this despite reaching only half as many households as Prego and maintaining just 60% of the SKU assortment of Prego.

從長遠來看，我們繼續預計 Rao 的成長將穩定在中等個位數成長範圍。此外，由於獨特的品牌團隊推動了整個產品組合的卓越營運和策略進步，整合進展非常順利。最讓我們興奮的是巨大的擴張空間。雖然 Rao's 在美元份額方面領先義大利醬料類別，但儘管其覆蓋的家庭數量僅為 Prego 的一半，並且僅維持 Prego SKU 種類的 60%，但它仍實現了這一目標。

Our research shows particularly strong momentum with millennial household adoption surging at more than twice the category's pace. This remarkable traction with younger demographics strengthens our conviction about Rao's long-term potential. We are also excited about expanding into promising segments like Alfredo varieties and even more premium offerings such as white truffle marinara, which we believe will further accelerate household penetration.

我們的研究表明，千禧世代家庭採用率的成長勢頭特別強勁，其成長速度是該類別的兩倍以上。這種對年輕人口的顯著吸引力增強了我們對 Rao 長期潛力的信心。我們也很高興能夠擴展到阿爾弗雷多品種等有前景的細分市場，甚至白松露海員醬等更優質的產品，我們相信這將進一步加速家庭滲透率。

One area that continues to fuel incremental growth is the strong value and quality comparison between Rao's and mainstream Italian takeout. This position allows Rao's to source volume from a far bigger addressable market and a broader range of consumer income levels.

繼續推動增量成長的一個領域是 Rao's 與主流義大利外送之間的強大價值和品質比較。這一地位使 Rao's 能夠從更大的潛在市場和更廣泛的消費者收入水平獲取銷售。

Turning to our Snacks business on slide 14. We delivered encouraging progress in several key areas despite facing a 2% decline in organic net sales. Worth noting is that organic net sales were impacted by approximately 1 percentage point from our planned reduction in Partner Brands, reflecting our strategic and deliberate portfolio reshaping efforts discussed at our recent Investor Day. This strategy allows us to concentrate resources on our differentiated leadership brands where we see the greatest potential for sustainable growth and margin enhancement.

轉向幻燈片 14 上的零食業務。值得注意的是，我們計劃減少合作夥伴品牌，導致有機淨銷售額受到約 1 個百分點的影響，這反映了我們在最近的投資者日討論的戰略性和深思熟慮的投資組合重塑工作。這項策略使我們能夠將資源集中在我們差異化的領導品牌上，我們認為這些品牌具有可持續成長和利潤提升的最大潛力。

As shown on slide 15, in Q1, we saw overall snacking categories beginning to recover as expected. We held or grew share in several areas with solid performance in our crackers, fresh bakery and deli snack segments while navigating a more competitive environment in the salty snack segment and cookies.

如投影片 15 所示，在第一季度，我們看到整體零食品類開始如預期復甦。我們在餅乾、新鮮麵包店和熟食零食領域表現強勁，在多個領域保持或擴大了份額，同時在鹹味零食和餅乾領域的競爭更加激烈。

Let me start with what's working well. Goldfish held its number 1 position with teens in the first quarter during the important back-to-school season, and consumers' continued enthusiastic response to platforms like Goldfish Crisps, validating the extendability of this $1 billion brand. Pepperidge Farm Bakery continued its momentum from the fourth quarter growing both in volume and share as both innovation and in-market execution continue to fuel momentum.

讓我從效果良好的部分開始。第一季度，在重要的返校季期間，Goldfish 在青少年中保持第一的位置，消費者對 Goldfish Crisps 等平台的持續熱烈反響，驗證了這個價值 10 億美元的品牌的可擴展性。由於創新和市場執行繼續推動勢頭，Pepperidge Farm Bakery 延續了第四季度的銷售和份額成長勢頭。

And in deli, Snack Factory, including our seasonal pumpkin spice pretzels, delivered in-market growth and share gains. We are incredibly excited about Snack Factory expanding into the pretzel aisle with Pop 'ums and Bites, unique munchable and big flavor additions that will now sit alongside our Snyder's of Hanover unique platforms.

在熟食店，Snack Factory（包括我們的季節性南瓜香料椒鹽捲餅）實現了市場成長和份額成長。我們對 Snack Factory 進軍椒鹽捲餅領域感到非常興奮，推出了 Pop 'ums 和 Bites，這些獨特的可咀嚼的大口味添加劑，現在將與我們的 Snyder's of Hanover 獨特平台並存。

In salty snacks, although new entrants and some stepped-up promotion are putting pressure on shares, the competitive environment has remained constructive. We have fully integrated plans in Q2 that include innovation, marketing and some increases in appropriate promotion to remain competitive and defend in key core segments.

在鹹味零食方面，儘管新進業者和一些加強促銷力度給股價帶來壓力，但競爭環境仍然具有建設性。我們在第二季制定了全面整合的計劃，包括創新、行銷和適當促銷的增加，以保持競爭力並捍衛關鍵核心細分市場。

In cookies and pretzels, we've experienced more pressure from private label. And these areas will remain disciplined on pricing while ramping up advertising and innovation, especially as we head into the key holiday season.

在餅乾和椒鹽捲餅方面，我們經歷了更多來自自有品牌的壓力。這些地區將繼續嚴格定價，同時增加廣告和創新力度，尤其是在我們進入關鍵的假期季節之際。

These past weeks, you would have seen our full line of Pepperidge Farm holiday cookies is on display with our first-ever collectible holiday cookie jars. Fancy Santa returns to help support the launch of White Chocolate Milano's and get ready to build Snyder's Pretzel log Homes and give the Gingerbread people a break this holiday season.

在過去的幾周里，您會看到我們的全系列 Pepperidge Farm 節日餅乾與我們首個可收藏的節日餅乾罐一起展出。精美聖誕老人回來幫助支持白巧克力米蘭的推出，並準備建造斯奈德椒鹽捲餅木屋，讓薑餅人在這個假期休息一下。

In summary, consumer trends and category recovery continue to make progress, although not every category is recovering at the same pace, we continue to expect an improving environment through the balance of our fiscal '25.

總而言之，消費者趨勢和品類復甦持續取得進展，儘管並非每個類別都以相同的速度復甦，但我們繼續預期 25 財年的餘額將改善環境。

Our first quarter results were generally aligned with our expectations, propelled by the Sovos Brands acquisition, strong leadership brand performance and continued best-in-class execution. We are ensuring that we are well positioned in Q2 for the key holiday season and expect Q2 to demonstrate sequential improvement as we maintain our pace toward delivering our full year fiscal '25 guidance.

在 Sovos Brands 收購、強大的領導品牌表現和持續一流的執行力的推動下，我們第一季的業績總體上符合我們的預期。我們確保我們在第二季的關鍵假期季節中處於有利地位，並預計第二季將表現出連續的改善，因為我們將保持實現 25 財年全年指導的步伐。

We've made significant progress with the Sovos Brands integration. And behind the strength of the Rao's brand, we now expect the acquisition to be accretive to adjusted EPS in fiscal '25. Overall, with our continued confidence in the team, portfolio and execution, we remain well positioned to continue to navigate the environment as it continues to improve.

我們在 Sovos 品牌整合方面取得了重大進展。在 Rao 品牌實力的背後，我們現在預計此次收購將增加 25 財年調整後每股收益。整體而言，憑藉我們對團隊、投資組合和執行力的持續信心，我們仍然處於有利位置，可以在環境不斷改善的情況下繼續駕馭。

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. Our first quarter results were generally in line with our expectations with overperformance from Sovos Brands and an earnings performance in line with expectations.

謝謝，馬克，大家早安。我們第一季的業績整體符合我們的預期，Sovos Brands 的業績超預期，獲利表現符合預期。

Reported net sales were up 10%, driven by the strong sales contribution from Sovos. Organic net sales, excluding the impact of acquisitions, divestitures and currency decreased 1%, reflecting a continued dynamic consumer environment and some impact due to the movements in retailer inventory levels, influenced by the later timing of the Thanksgiving holiday this year.

受 Sovos 強勁銷售貢獻的推動，報告的淨銷售額增長了 10%。剔除收購、資產剝離和貨幣影響的有機淨銷售額下降了 1%，反映出消費環境持續活躍，以及受今年感恩節假期推遲的影響，零售商庫存水準的變動產生了一些影響。

Adjusted EBIT grew 6%, reflecting the strong contribution from the acquisition, while adjusted EPS decreased 2% to $0.89 due to higher interest expense stemming from higher levels of debt. The impact of the acquisition was approximately neutral to adjusted EPS in the quarter, which continued to exceed our expectations.

調整後息稅前利潤成長 6%，反映出收購的強勁貢獻，而調整後每股收益下降 2%，至 0.89 美元，原因是債務水平較高導致利息支出增加。收購對本季調整後每股盈餘的影響大致為中性，持續超出我們的預期。

Turning to slide 21. As mentioned earlier, organic net sales for the first quarter were down 1%, this was driven by flat volume and mix, offset by anticipated unfavorable net price of 1%. Sovos Brands added 12 percentage points to reported net sales growth.

轉向幻燈片 21。 Sovos Brands 報告的淨銷售額成長了 12 個百分點。

On slide 22, first quarter adjusted gross profit margin declined 70 basis points, primarily driven by a 60-basis point impact from the acquisition. Excluding the acquisition, our base business adjusted gross margin was down a modest 10 basis points with productivity improvements and cost savings initiatives, largely offsetting inflation and other supply chain cost and planned unfavorable net price realization.

在投影片 22 中，第一季調整後毛利率下降了 70 個基點，主要是因為收購帶來了 60 個基點的影響。不包括收購在內，我們的基礎業務調整後毛利率小幅下降了 10 個基點，生產力提高和成本節約舉措在很大程度上抵消了通貨膨脹和其他供應鏈成本以及計劃的不利淨價實現。

For the full year, we expect our planned productivity and cost savings initiatives to be more than sufficient to offset the impact of low single-digit core inflation for the full year. In the first quarter, we delivered approximately $30 million of savings under the new $250 million cost savings program, of which approximately $9 million was Sovos integration savings.

對於全年，我們預計我們計劃的生產力和成本節約舉措將足以抵消全年低個位數核心通膨的影響。第一季度，我們根據新的 2.5 億美元成本節約計畫節省了約 3,000 萬美元，其中約 900 萬美元來自 Sovos 整合節省。

Turning to slide 23. Marketing and selling expenses and admin expenses increased in total dollar spend from the prior year, reflecting the integration of Sovos Brands. However, both expense areas remained flat as a percentage of net sales. Within marketing and selling expenses, advertising and consumer promotion expenses rose by 13%, primarily driven by the impact of the acquisition.

轉向投影片 23。然而，這兩個費用領域佔淨銷售額的百分比仍然持平。在行銷和銷售費用中，廣告和消費者促銷費用增加了 13%，這主要是受到收購影響的推動。

Adjusted administrative expenses increased 9% again, driven by the impact of the acquisition as well as higher general administrative costs and inflation, partially offset by the benefits from cost savings initiatives.

受收購影響以及較高的一般管理成本和通貨膨脹的推動，調整後的管理費用再次增長 9%，但部分被成本節約措施帶來的收益所抵消。

As shown on slide 24, first quarter adjusted EBIT increased 6% primarily due to adjusted gross profit, partially offset by an increase in adjusted marketing and selling expenses and adjusted administrative and R&D expenses.

如投影片 24 所示，第一季調整後息稅前利潤成長 6%，主要是由於調整後毛利，部分被調整後行銷和銷售費用以及調整後管理和研發費用的增加所抵銷。

On slide 25, adjusted EPS moved modestly lower to $0.89, primarily as EBIT growth was more than offset by higher interest expense related to the acquisition and the refinancing of $1.15 billion of our outstanding bonds. As was mentioned earlier, the acquisition was approximately neutral to adjusted EPS in the quarter.

在投影片 25 中，調整後每股盈餘小幅下降至 0.89 美元，主要是因為息稅前利潤的成長被與收購和 11.5 億美元未償債券再融資相關的較高利息費用所抵銷。如前所述，此次收購對該季度調整後每股收益的影響大致為中性。

Turning to slide 26. Meals and Beverages first quarter reported net sales increased 22% due to the contribution of the acquisition. Pro forma Q1 net sales growth for the division as if we had owned Sovos for all of Q1 fiscal '24, would have been approximately 2% driven by the respective pro forma Q1 growth of Sovos of 14%.

轉向投影片 26。如果我們在 2024 年第一財季整個財年都擁有 Sovos，該部門的預計第一季淨銷售額增長將約為 2%，而 Sovos 的預計第一季增長率為 14%。

Organic net sales were flat to prior year, driven by gains in Prego pasta sauces, Canada and foodservice, offset by later Thanksgiving timing-driven inventory declines. Positive volume and mix of 1% was offset by unfavorable net price realization. US soup in-market consumption was positive 1% compared to a decline in US Soup organic net sales with the difference driven in part from the impact on retailer inventory of the later Thanksgiving holiday this year.

受 Prego 義大利麵醬、加拿大和餐飲服務成長的推動，有機淨銷售額與上年持平，但被感恩節晚些時候驅動的庫存下降所抵消。 1% 的正銷量和組合被不利的淨價格實現所抵消。與美國湯品有機淨銷售額下降相比，美國湯品市場消費量增加了 1%，造成這一差異的部分原因是今年感恩節假期晚些時候對零售商庫存的影響。

Additionally, first quarter operating earnings in the division increased 17%, primarily due to the benefit of the acquisition and lower marketing and selling expenses in the base business. Q1 operating margin from Meals and Beverages decreased 60 basis points to 19.8%, driven by the impact of the acquisition as expected. Excluding the acquisition, operating margin improved year-over-year.

此外，該部門第一季營業利潤成長了 17%，這主要是由於收購帶來的好處以及基礎業務行銷和銷售費用的降低。受預期收購影響，餐飲業務第一季營業利潤率下降 60 個基點至 19.8%。不計入收購，營業利益率較去年同期改善。

First quarter organic net sales in snacks decreased 2%, driven by declines in partner and contract brands, Pepperidge Farm Cookies, Goldfish Crackers and Late July snacks. Sales were impacted by volume and mix declines of 1%, reflecting an approximate 100 basis point headwind from lower partner and contract brand sales and lower net price realization of 1%.

第一季有機零食淨銷售額下降 2%，原因是合作夥伴和合約品牌、Pepperidge Farm Cookies、Goldfish Crackers 和 7 月底零食的銷售量下降。銷售額受到銷量和產品組合下降 1% 的影響，反映出合作夥伴和合約品牌銷售額下降以及 1% 淨價實現下降帶來約 100 個基點的逆風。

Snacks operating earnings in the quarter declined 12% due to lower gross profit as the impact of inflation and other supply chain costs and lower price realization were partially offset by supply chain productivity.

由於通貨膨脹和其他供應鏈成本以及較低的價格實現的影響被供應鏈生產力部分抵消，導致毛利下降，該季度零食營業利潤下降了 12%。

Q1 operating margin for Snacks decreased 120 basis points to 13.3%. This was driven by lower gross profit margin and higher marketing and selling expenses as a percent of net sales. We expect stronger operating earnings growth and margin performance in the second half of the year, reflecting improving volume trends, a more neutral second half net price impact compared to the prior year, favorable mix with stronger contribution from leadership brands and a higher benefit of productivity and cost savings, net of core inflation and other supply chain costs.

第一季零食營業利潤率下降 120 個基點至 13.3%。這是由於毛利率較低以及行銷和銷售費用佔淨銷售額的百分比較高所致。我們預期下半年的營業利潤成長和利潤率表現將更加強勁，反映出銷售趨勢的改善、下半年淨價影響較上年更為中性、領先品牌貢獻更大的有利組合以及更高的生產力效益扣除核心通膨和其他供應鏈成本後的成本節省。

Turning to slide 28. We generated $225 million in operating cash flow in the first quarter, a 29% increase from the prior year. We continue to prioritize reinvestment back into the business to drive incremental growth, productivity and enhanced business capabilities with Q1 capital expenditures of $110 million. We also remain committed to returning cash to our shareholders with $116 million of dividends paid and $54 million in anti-dilutive share repurchases in the quarter.

轉向幻燈片 28。我們繼續優先考慮對業務進行再投資，以推動增量成長、生產力和增強業務能力，第一季資本支出為 1.1 億美元。我們也繼續致力於向股東返還現金，本季支付了 1.16 億美元的股息，並進行了 5,400 萬美元的反稀釋股票回購。

We also announced a 5% increase in our regular quarterly dividend for dividends payable on January 27, 2025, reflecting confidence in our earnings, cash flow and long-term growth potential. Our net debt to adjusted EBITDA leverage ratio at the end of the first quarter was 3.7x, reflecting the financing of the Sovos acquisition and in line with our ratio at the end of fiscal '24. We remain committed to investment-grade ratings and our goal is to return to our 3x net leverage target in fiscal '27.

我們也宣布將 2025 年 1 月 27 日應付股息的常規​​季度股息增加 5%，反映了對我們的獲利、現金流和長期成長潛力的信心。第一季末我們的淨負債與調整後 EBITDA 槓桿率為 3.7 倍，反映了 Sovos 收購的融資情況，與我們 24 財年末的比率一致。我們仍然致力於投資級評級，我們的目標是在 27 財年恢復到 3 倍淨槓桿目標。

At the end of the first quarter, the company had approximately $808 million in cash and cash equivalents and approximately $1.85 billion available under our revolving credit facility. On October 2, we completed the issuance of $1.15 billion in bonds to refinance existing debt.

截至第一季末，該公司擁有約 8.08 億美元的現金和現金等價物，以及我們的循環信貸額度下的約 18.5 億美元可用資金。 10月2日，我們完成了11.5億美元債券的發行，為現有債務再融資。

Based on our Q1 performance, we are reaffirming our fiscal '25 full year guidance provided on our fourth quarter earnings call. Accordingly, guidance ranges reflect a balance between expected sequential progress and pragmatism as the company continues to navigate the current environment. The upper end of the range anticipates a quicker normalization of the consumer landscape, while the lower end of the range assumes a slower, more conservative pace of recovery.

根據我們第一季的業績，我們重申第四季度財報電話會議上提供的 25 財年全年指引。因此，指導範圍反映了隨著公司繼續應對當前環境，預期的連續進展和實用主義之間的平衡。該範圍的上限預計消費格局將更快正常化，而該範圍的下限則假設復甦速度較慢、更為保守。

As Mark mentioned, and like other companies in the food industry, we continue to operate in a dynamic macroeconomic and consumer environment. To continue to meet this near-term challenge, we have planned for less than 100 basis points of net price investment for fiscal '25 with a step up in Q2 to support the crucial holiday period.

正如馬克所提到的，與食品業的其他公司一樣，我們繼續在充滿活力的宏觀經濟和消費者環境中運作。為了繼續應對這一近期挑戰，我們計劃在 25 財年進行低於 100 個基點的淨價投資，並在第二季度加大力度，以支持關鍵的假期期間。

To balance this need, we have a robust pipeline of savings and performance opportunities to support this investment. These opportunities include the following. First, an acceleration in full year fiscal '25 cost savings pursuant to our new 3-year $250 million program. Savings for fiscal '25 are now expected to be in the range of $90 million, up from our prior expectation of $70 million.

為了平衡這項需求，我們擁有強大的儲蓄和績效機會管道來支持這項投資。這些機會包括以下內容。首先，根據我們新的 3 年 2.5 億美元計劃，加速 25 財年全年成本節約。目前，25 財年的節省預計將達到 9,000 萬美元，高於我們先前預期的 7,000 萬美元。

Second, full year adjusted net interest expense is now expected to be in the range of approximately $340 million to $345 million, a $10 million improvement from our prior guidance primarily driven by the lower coupons on the debt issued to refinance $1.15 billion of debt that matures later this fiscal year.

其次，全年調整後的淨利息支出目前預計約為3.4 億至3.45 億美元，比我們先前的指導增加了1,000 萬美元，這主要是由於為11.5 億美元到期債務再融資而發行的債務息票較低所致。

And third, as was mentioned earlier, Sovos brands, specifically Rao's, continues to perform better than anticipated. Accordingly, Sovos' pro forma growth for fiscal '25 is now expected to be slightly above 10%, an increase from our earlier expectation of high single-digit growth. The acquisition is now expected to be accretive to adjusted EPS in the second half and for the full fiscal year.

第三，如前面提到的，Sovos 品牌，特別是 Rao 的品牌，繼續表現好於預期。因此，Sovos '25 財年的預估成長目前預計略高於 10%，高於我們先前對高個位數成長的預期。目前預計此次收購將增加下半年及整個財年調整後每股盈餘。

Collectively, these 3 areas provide confidence to maintain our guidance range while also creating the necessary room to continue to invest behind our brands and stay competitive while navigating this dynamic environment. The second quarter will be an important indicator of progress in meeting our expectations. Should the consumer recovery be prolonged beyond the second quarter, the lower end of the company's sales and adjusted EPS guidance would become more likely.

總的來說，這三個領域為維持我們的指導範圍提供了信心，同時也為繼續投資我們的品牌並在這個充滿活力的環境中保持競爭力創造了必要的空間。第二季將是實現我們預期的進展的重要指標。如果消費者復甦持續到第二季​​之後，公司銷售額和調整後每股盈餘指引的下限將更有可能出現。

Specifically for Q2, we expect to see sequential improvement from the first quarter with organic net sales growth to be relatively flat versus the prior year with positive volume and mix. Adjusted EPS is expected to be in the low $0.70 range, reflecting a sequential step up in investment levels in both marketing and selling expenses as a percent of net sales and net price to support holiday and innovation launches and to maintain competitiveness.

具體到第二季度，我們預計與第一季相比將出現環比改善，有機淨銷售額成長與上年相比相對持平，銷量和產品組合均為正數。調整後每股收益預計將在 0.70 美元的低水平範圍內，反映出行銷和銷售費用佔淨銷售額和淨價格百分比的投資水平連續上升，以支持假期和創新推出並保持競爭力。

Looking at the second half of fiscal '25, we expect organic growth to modestly improve from the first half, reflecting the contribution of Sovos Brands moving into organic growth as of March 12, 2025 and improving trends on the base business, partially offset by lower expected net sales of our broth portfolio as we cycle outsized growth in the second half of fiscal '24 related to a competitor's supply issue.

展望25 財年下半年，我們預期有機成長將較上半年略有改善，反映出Sovos Brands 自2025 年3 月12 日起進入有機成長的貢獻以及基礎業務的改善趨勢，但部分被較低的業績所抵消由於競爭對手的供應問題，我們在 24 財年下半年出現了大幅增長，因此我們預計肉湯產品組合的淨銷售額將大幅增長。

In addition, we continue to expect adjusted EPS progress in the second half of fiscal '25, reflecting a more neutral net price and marketing expense impact compared to the prior year, higher net benefit of productivity and cost savings, including savings from the integration of Sovos, a lower year-over-year headwind from interest expense and a $0.07 benefit from the 53rd week in Q4.

此外，我們繼續預期 25 財年下半年調整後每股盈餘將取得進展，反映出與前一年相比更加中性的淨價格和行銷費用影響、生產力和成本節約的淨效益更高，包括整合Sovos，利息支出帶來的年比阻力較小，第四季第53 週收益為0.07 美元。

Recall, on November 12, we announced the planned divestiture of noosa. Our full year fiscal '25 guidance does not yet reflect the impact of the pending divestiture, which is expected to close in the first quarter of calendar year 2025. We'll plan to update our guidance on our next regularly scheduled earnings call following the closing of the transaction.

回想一下，11 月 12 日，我們宣布計劃剝離 noosa。我們的 25 財年全年指引尚未反映待決剝離的影響，該剝離預計將在 2025 年第一季度完成。

noosa's trailing 12 months of net sales through the end of October was $177 million, and the transaction is expected to be dilutive to earnings per share by approximately $0.01 in fiscal '25. All other underlying guidance assumptions remain unchanged.

截至 10 月底，noosa 過去 12 個月的淨銷售額為 1.77 億美元，預計此交易將在 25 財年稀釋每股收益約 0.01 美元。所有其他基本指導假設保持不變。

To wrap up, we were pleased with our Q1 performance, which was generally in line with expectations with strong results from Sovos Brands. We remain focused on delivering value to our consumers and partnership with our customers, making progress on our productivity and cost savings initiatives while continuing our capital discipline and consistent cash generation to reward our shareholders.

總而言之，我們對第一季的業績感到滿意，整體符合 Sovos Brands 的強勁業績預期。我們仍然專注於為消費者提供價值並與客戶建立夥伴關係，在生產力和成本節約計劃方面取得進展，同時繼續我們的資本紀律和持續的現金產生以回報我們的股東。

For the full year, we are reaffirming our guidance and are taking a measured, balanced approach to a more competitive environment by building out a pipeline of additional savings that enable us to continue to position our brands for the long term.

對於全年，我們重申了我們的指導方針，並採取審慎、平衡的方法，透過建立額外的節省管道，使我們能夠繼續長期定位我們的品牌，以創造一個更具競爭性的環境。

That concludes our prepared remarks. Before turning the call over to the operator, I want to congratulate Mark on his new opportunity, and I look forward to working with Mick and his new capacity as Campbell's future CEO.

我們準備好的演講到此結束。在將電話轉接給接線員之前，我要祝賀馬克獲得新的機會，並且我期待與米克以及他作為坎貝爾未來首席執行官的新職位合作。

Operator, let's open the call for Q&A.

接線員，讓我們開始問答通話。

(Operator Instructions)

（操作員說明）

Ken Goldman, JPMorgan.

肯‧戈德曼，摩根大通。

Mark, a hearty congratulations to you. It's incredibly exciting to hear about this. Doesn't happen every day where you see one of our CEOs going to the NFL. So it's unique, and I'm happy for you.

馬克，衷心祝賀你。聽到這個消息真是令人興奮不已。我們的一位執行長去參加 NFL 比賽的情況並不是每天都會發生。所以它是獨一無二的，我為你感到高興。

I wanted to ask about the gross margin and marketing. They came in both a little bit below consensus expectations. You provided a helpful breakdown of the gross margin drivers as usual. But just versus your own expectations, I know the quarter broadly came in line with what you were looking for, you said. But as we think about the gross margin and marketing kind of those building blocks of the EBIT margin, how did they perform versus what you anticipated coming into the quarter?

我想問一下毛利率和行銷情況。它們的表現都略低於共識預期。您像往常一樣提供了毛利率驅動因素的有用細分。但與您自己的預期相比，我知道該季度大致符合您的預期，您說。但是，當我們考慮息稅前利潤率的這些組成部分的毛利率和行銷類型時，與您對本季的預期相比，它們的表現如何？

Yes, it's a good question, Ken. I'll try to give you a little bit of insight on a couple of differences. And then have Carrie add some color to it. But I think the primary building blocks. So if you think about what we expected pricing to do, what we expected productivity to do and cost savings to do, all of those were very much in line with what we expected. So no surprises really across the board.

是的，這是個好問題，肯。我將嘗試讓您了解一些差異。然後讓嘉莉為它添加一些顏色。但我認為主要的組成部分。因此，如果你考慮我們期望的定價、我們期望的生產力和成本節約，所有這些都非常符合我們的預期。所以整體來說沒有什麼意外。

I think perhaps the piece that was a little bit difference was the mix of the business. So we had a, as you would have seen a very, very strong performance out of Rao's and Sovos. A little bit softer organic business really reflective of the later timing of Thanksgiving and the inventory shift that occurred primarily in meals and beverages.

我認為也許有點不同的是業務的組合。如您所見，拉奧和索沃斯的表現非常非常出色。有機業務的疲軟確實反映了感恩節的延遲以及主要發生在食品和飲料領域的庫存變化。

If you think about what those categories are, those are generally very favorable to our mix. And we would have seen a little bit of more pressure coming in through that combination. I mean as Carrie mentioned, if you take the Sovos mix impact out, you essentially were neutral, down slightly but neutral. But that was probably the biggest driver of maybe a little bit of the disconnect between what was expected and what came in, although I would say from a materiality standpoint, not a major swing.

如果您考慮一下這些類別是什麼，您會發現這些類別通常非常有利於我們的組合。我們會看到這種組合帶來了更多的壓力。我的意思是，正如 Carrie 所提到的，如果你剔除 Sovos 混合影響，你基本上是中性的，略有下降但中性。但這可能是預期與實際情況之間出現一點脫節的最大驅動因素，儘管我想說，從實質的角度來看，這並不是一個重大的波動。

Carrie, anything to add to that?

嘉莉，還有什麼要補充的嗎？

Yes. I would just elaborate on that is that as you think about that mix of gross margin, you had higher Sovos and Rao's, which is at a lower margin profile. And then our legacy business, which has a higher margin profile came in a little lower. So that created a mix issue there.

是的。我想詳細說明的是，當你考慮毛利率組合時，你會發現 Sovos 和 Rao 的毛利率較高，但利潤率較低。然後，我們的傳統業務利潤率較高，但利潤率卻略有下降。所以這就造成了一個混合問題。

In addition, in terms of the beat on the bottom line, the other thing that interest expense came in a little bit better. And I think that's a good thing. I think we've been proactively managing interest expense. We accelerated a refinancing of our debt that's coming due later this year. So all of that was helpful as we continue to move Sovos to that accretive nature for the full year.

此外，就利潤成長而言，利息支出的情況稍好一些。我認為這是一件好事。我認為我們一直在積極管理利息支出。我們加快了今年稍後到期債務的再融資速度。因此，當我們繼續將 Sovos 推向全年的增值性質時，所有這些都是有幫助的。

Yes. And maybe if we -- just to finish that that bridge all the way to walk down. I know in seeing some of the conversation over the evening and into this morning, the marketing and selling phasing that we've got for the year, if you would have seen in this quarter, we were on the base business, obviously, we're up because of the addition of Rao's, but essentially flat on the organic business.

是的。也許如果我們──只是為了完成那座橋，一路走下來。我知道從晚上到今天早上的一些對話，我們今年的營銷和銷售階段，如果你在本季度看到，我們是在基礎業務上，顯然，我們'由於Rao 的加入，股價有所上漲，但有機業務基本持平。

And as we had talked about, we do expect to step that up. I think you'll see that much more significantly in Q2 because obviously, that's where the holidays are, but that's also where a lot of our innovation is. So although I think that may have been a little bit of a disconnect, we were obviously in a very solid position on investment for Q1. But I think you should expect to see as we laid out kind of expectations for Q2 a little bit more of a step-up in investment there.

正如我們所討論的，我們確實希望加強這一點。我認為你會在第二季度看到更明顯的情況，因為顯然，那是假期所在，但那也是我們許多創新的所在。因此，儘管我認為這可能有點脫節，但我們在第一季的投資方面顯然處於非常穩固的地位。但我認為，當我們對第二季的投資提出更多預期時，您應該期待看到更多的投資。

Okay. And before my follow-up, I've already been messaged by 2 people saying I was overly effusive in my praise. So I guess I'll throw in a fly eagle fly to offset that. But the (multiple speakers)

好的。在我進行後續行動之前，已經有兩個人傳訊息給我說我的讚美過於熱情。所以我想我會投入一隻飛鷹來抵消這一點。但是（多個發言者）

Is the right one, Ken. That's the new one that you need to learn.

是對的嗎，肯。這就是你需要學習的新知識。

I don't acknowledge that. So the bar for 2H remains, I guess, a bit higher, just to jump back to Campbell, than some investors might be comfortable with, I guess, is the right way to say it. Is there anything unusual in terms of timing benefits, tailwinds we should be considering as we model the back half of the year? Just things that may not be obvious to the observers of the company at first glance.

我不承認這一點。因此，我想，2H 的門檻仍然比一些投資者可能滿意的要高一些，我想這是正確的說法，只是跳回坎貝爾。在我們對下半年進行建模時，我們應該考慮的時機效益和順風因素方面是否有任何不尋常的情況？只是公司觀察者乍看之下可能不明顯的事情。

Yes, I think there are. And so Carrie, why don't you walk through a little bit of the -- what we would describe as the, the pathway?

是的，我認為有。所以嘉莉，你為什麼不走一段我們所說的路徑呢？

Yes. As we think about the second half, we do expect organic growth to modestly improve from the second half -- for the first half, sorry, reflecting Sovos moving into that organic growth in March. And then as you think about the underlying business, we do expect improving trends, partially offset by lower expected broth net sales as we outsized that outsized growth from last year related to a competitor supply issue.

是的。當我們考慮下半年時，我們確實預計有機增長將比下半年略有改善 - 抱歉，上半年，這反映了 Sovos 在 3 月份進入了有機增長。然後，當您考慮基礎業務時，我們確實預期趨勢會改善，但部分會被預期的肉湯淨銷售額下降所抵消，因為我們超出了去年與競爭對手供應問題相關的大幅增長。

So overall, again, modest improvement, nothing that's significant in the second half as we think about organic growth trends. As we think about the P&L, this is where I think there is some items to call out. We would expect second half EPS progress and margin progress, reflecting a more neutral net price and marketing impact versus the prior year.

因此，總體而言，再次出現適度的改善，當我們考慮有機成長趨勢時，下半年沒有什麼顯著的變化。當我們考慮損益表時，我認為這裡有一些項目需要指出。我們預計下半年每股盈餘和利潤率將取得進步，反映出與前一年相比更中性的淨價格和行銷影響。

We would have a higher net benefit of productivity and cost savings in the second half compared to the first half. And that includes savings from the integration of Sovos as we talk about moving into accretive nature in the second half, lower headwind from interest expense. So we'll start to lap that from the acquisition that was mid-March last year. And so that will be a lower headwind than it was in the first half.

與上半年相比，下半年我們將獲得更高的生產力淨效益和成本節約。這包括我們談論下半年進入增值性質時整合 Sovos 帶來的節省，以及利息支出帶來的阻力減少。因此，我們將從去年 3 月中旬的收購開始記錄這一點。因此，與上半場相比，這將是一個較小的阻力。

And then the other thing to remember is that we have the 53rd week benefit in Q4. So that's a $0.07 benefit in Q4 that we'll be in other companies fourth quarter, right? That's unique to us in our fourth quarter in terms of the timing there. So I think -- as I think about those things, the areas that are doing better was around the interest expense coming in favorable cost savings being accelerated. So seeing some really strong out-of-the-gate performance on our cost savings and then overall Sovos.

另一件要記住的事情是，我們在第四季有第 53 週的福利。那麼，第四季我們將在其他公司第四季獲得 0.07 美元的收益，對嗎？就時間安排而言，這對我們第四季來說是獨一無二的。所以我認為，當我考慮這些事情時，做得更好的領域是圍繞利息支出，加速有利的成本節約。因此，在我們的成本節約以及整體 Sovos 方面看到了一些非常強大的出乎意料的表現。

And the last thing I would leave with is the fact that, again, as we think about all of that, continue to have good confidence in our earnings and our cash flow. And I just want to also end on the fact that we did increase our dividend as well.

我要離開的最後一件事是，當我們考慮所有這些時，我們仍然對我們的利潤和現金流充滿信心。我只想結束這樣一個事實：我們也確實增加了股息。

Yes, which is a good, I think, backstop of confidence in the business. I think just the only thing I would add is when you think about the -- what will end up being 4 months of contribution from a better-than-expected performing Rao's and the strength that we're seeing in the cost savings agenda overall and a little bit of help from lower interest. And as Carrie said earlier, I do see that as a successful execution of managing our debt, which is an important variable in this year. That is giving us a little more confidence even in light of needing a bit more investment.

是的，我認為這是對企業信心的良好支持。我想我唯一要補充的是，當你考慮到 Rao 表現優於預期的 4 個月貢獻以及我們在總體成本節約議程中看到的實力時，較低的利息有一點幫助。正如嘉莉早些時候所說，我確實認為這是管理我們債務的成功執行，這是今年的重要變數。即使需要更多投資，這也給了我們更多信心。

Again, when we think -- when we talk about price, just to make sure I'm managing folks' expectations when we say we're adding a little bit more support in Q2, I think important to understand the drivers of Q2, but for the full year, we're still expecting something less than 100 basis points for the full year. And that, I think, is not a material difference from really where we were when we started the year and gave guidance. So hopefully, that helps a little bit in bridging that back half expectation.

再說一次，當我們思考時——當我們談論價格時，只是為了確保當我們說我們將在第二季度增加更多支持時，我能夠管理人們的期望，我認為了解第二季度的驅動因素很重要，但就全年而言，我們仍預計全年漲幅將低於 100 個基點。我認為，這與我們年初並提供指導時的實際情況並沒有實質差異。所以希望這有助於彌補後半部的期望。

Andrew Lazar, Barclays.

安德魯·拉扎爾，巴克萊銀行。

Let me add my congratulations to you as well, Mark, and also congratulations to Mick. Maybe just following on with the prior question for a minute around the back half. Organic sales came in sort of down 1% in the quarter versus expectations for kind of a flattish result. And you now expect flat organic sales in fiscal 2Q, where the Street was looking for a sort of a modest year-over-year increase.

讓我也向你表示祝賀，馬克，也祝賀米克。也許只是在後半部分繼續之前的問題一分鐘。本季有機銷售額下降了 1%，而預期結果與持平。現在，您預計第二財季的有機銷售將持平，而華爾街希望該季度的同比略有增長。

And I guess we've seen many calendar year reporters in the food space recently discussed sort of their expectations for another below-algorithm year next calendar year, which would kind of correlate to Campbell's back half of your fiscal '25 when you expect results to continue to sort of improve.

我想我們已經看到食品領域的許多歷年記者最近討論了他們對明年另一個低於演算法的一年的預期，這與坎貝爾 25 財年的後半段相關，當你預計結果為繼續改進。

So I guess I'm just trying to get a sense of I know you went through some of the drivers just now around the back half. But I mean how much are you taking into account some of those factors, right, that many industry players are already kind of saying, hey, next year is kind of not a lot of cause, but like not going to be kind of where we want it to be. I'm trying to like square those 2 things, I guess.

所以我想我只是想了解我知道你剛剛在後半段經歷了一些車手。但我的意思是，你在多大程度上考慮了其中一些因素，對吧，許多行業參與者已經在說，嘿，明年的原因並不多，但就像我們不會那樣做。我想，我想把這兩件事擺平。

Right, right. And I think one of the things that's important in kind of landing expectations is that it's not as if we're anticipating a comprehensive hockey stick, if you will. I think the way I'm thinking about the back half when I look at both what we're cycling. And I do think if you go back and look at our back half a year ago, we were starting to experience a little bit of tougher headwinds already as we started to see the consumers behaving differently.

對，對。我認為，對於實現預期而言，最重要的一件事是，如果你願意的話，我們並不是在期待一個全面的曲棍球棒。當我觀察我們正在騎的自行車時，我認為我對後半部的看法是這樣的。我確實認為，如果你回頭看看半年前我們的背部，我們已經開始經歷一些更嚴峻的阻力，因為我們開始看到消費者的行為有所不同。

And I think that as a backstop different than the first half gives you a little bit of confidence in a step-up and then I overlay on top of that, the fact that we are going to add some organic help from Rao's into our organic numbers. You've got a very robust level of investment that's in our baseline already along with a very strong innovation program and platform on top of it.

我認為，作為與上半場不同的後盾，你會對升級有一點信心，然後我在此之上疊加，事實上，我們將在我們的有機數字中添加 Rao 的一些有機幫助。您已經在我們的基準中獲得了非常強勁的投資水平，以及在此之上的非常強大的創新計劃和平台。

So although I don't necessarily disagree with the perspective of how we feel, and we always have said we did not expect '25 -- fiscal '25 to be an on-algorithm year as it was more of a transitory period, which is inclusive of that back half as well, albeit a step up from where we were in the first half. Again, all very consistent with what we have expected.

因此，儘管我不一定不同意我們的感受，而且我們總是說，我們並不期望“25 - 25 財年”成為演算法年，因為它更多的是一個過渡時期，這是也包括後半場，儘管比上半場有所進步。同樣，一切都與我們的預期非常一致。

And I think -- again, I think we want to see Q2 as the first quarter. We've done a nice job, I think, navigating a variety of different variables to land where we did. I think we've got a very robust plan in Q2. And I think to be completely transparent, I want to see that impacting share and driving the expectations we have, which will give us greater confidence and what the back half looks like.

我認為，我認為我們希望將第二季視為第一季。我認為，我們做得很好，克服了各種不同的變量，最終達到了我們的目標。我認為我們在第二季度有一個非常穩健的計劃。我認為要完全透明，我希望看到影響份額並推動我們的期望，這將給我們更大的信心和後半部分的樣子。

And again, what you can always count on us to do is give you kind of a real-time view of how that's going. But for what we see today, and as we look at what we are cycling, we feel like we're in a good position to see that modest improvement as we get to the back half.

再說一次，您始終可以信賴我們所做的是讓您即時了解事情的進展。但就我們今天所看到的情況而言，當我們審視我們正在騎乘的東西時，我們覺得我們處於一個很好的位置，可以在進入後半段時看到適度的改進。

Got it. That's really helpful. And then just with the modest increase, it seems like in full year sort of marketing and promotional investment and such, most of that to fall in 2Q. Where would that sort of put you from a promotional perspective at the end of this year versus, let's say, where you were a couple of years ago, right, prepandemic and all of that. Would that still be relatively in line with where you were? Or does it take you beyond that? Just trying to get a sense of context there.

知道了。這真的很有幫助。然後，隨著全年的營銷和促銷投資等的適度增長，其中大部分將在第二季度下降。從今年年底的促銷角度來看，與幾年前的情況相比，這會讓你處於什麼位置，對吧，大流行前等等。這還是與你當時的情況相對一致嗎？或者它會讓你超越這個範圍嗎？只是想了解那裡的背景。

Yes, it's a good question. I mean, I feel like we very much are in line with where we have been historically. But I would say that I feel like from a promotional standpoint, given the competitive nature of the landscape, and again, none of that's a big, I would say, surprise to anyone.

是的，這是一個好問題。我的意思是，我覺得我們與歷史上的情況非常一致。但我想說的是，從促銷的角度來看，考慮到競爭的本質，我想說，這對任何人來說都不是一個大的驚喜。

I think we have cycled to a level that is consistent with where we've been before. I do not see nor do I believe we will need any type a disproportionate reduction in the price points, right? I think that's important, especially in categories like cookies and pretzels. We know that at the end of the day, we've got to win those fights through the balance of equity driven by marketing and innovation, appropriate levels of promotion, but we do not intend to lose sight of the fact that we need to remain disciplined on price. And so that's the plan that we have.

我認為我們已經達到了與之前的水平一致的水平。我不認為也不相信我們需要任何類型的價格點不成比例的降低，對嗎？我認為這很重要，尤其是在餅乾和椒鹽捲餅等類別中。我們知道，歸根結底，我們必須透過行銷和創新驅動的公平平衡以及適當的促銷水平來贏得這些戰鬥，但我們並不打算忽視這樣一個事實，即我們需要繼續保持領先地位。這就是我們的計劃。

And the good news is on both of those categories again, early into the next quarter. But if I look at the latest 4 weeks where we're starting to see the beginning of holiday and a lot of our programming, especially on cookies, I see shares beginning to stabilize. And that is a really good indicator for us as we go into the Q2 time frame.

下個季度初，這兩個類別的好消息再次出現。但如果我看看最近 4 週的情況，我們開始看到假期的開始和我們的許多節目，特別是關於餅乾的節目，我看到股價開始穩定。當我們進入第二季時，這對我們來說是一個非常好的指標。

I think in the other areas of salty, where we're also experiencing a fair amount of competitive pressure. In those particular cases, it's actually all coming from new entrants, right, whether it's salty or whether it's kettle, pretzels or even tortilla chips, really, what we're fighting there is some new entrants. These are subsegments that are doing very well relative to the broader salty universe. And so we've got a little more competition.

我認為在其他鹹味領域，我們也面臨相當大的競爭壓力。在這些特殊情況下，實際上都是來自新進入者，對吧，無論是鹹的還是水壺、椒鹽捲餅甚至玉米片，真的，我們正在對抗的是一些新進入者。相對於更廣泛的鹹宇宙來說，這些細分市場表現得非常好。因此我們面臨更多的競爭。

So again, there, I think -- the fight is not being waged on price, it's really about ensuring that we're bringing the appropriate news and innovation along with a competitive promotional calendar. So as I look at snacks, where we're experiencing more of the competitive pressure, I don't see anything that's pushing us into unsustainable or unreasonable levels of promotion.

因此，我認為，這場鬥爭並不是在價格上展開的，實際上是為了確保我們帶來適當的新聞和創新以及有競爭力的促銷日曆。因此，當我觀察零食時，我們正在經歷更多的競爭壓力，我沒有看到任何因素促使我們進入不可持續或不合理的促銷水平。

Peter Galbo, Bank of America.

彼得‧加爾博，美國銀行。

Congrats to Mark and to Mick. And Mark, I guess, we'll look forward to Jan Daniel's being in the Campbell's Chunky commercials next year.

恭喜馬克和米克。馬克，我想，明年我們會期待簡·丹尼爾出現在坎貝爾的矮胖廣告中。

Two separate universes, Peter.

兩個獨立的宇宙，彼得。

Mark, maybe just one kind of nuance question that we're getting this morning just around the inventory timing shift related to Thanksgiving. A, just maybe you can unpack that a bit more, given your kind of an October quarter end with Thanksgiving later? And if you can just quantify at all kind of how much you think it moved?

馬克，也許只是我們今天早上在與感恩節相關的庫存時間變化期間收到的一種細微差別問題。答，考慮到您十月季度結束後的感恩節，也許您可以進一步了解？如果你能量化你認為它移動了多少？

Yes. So the easiest way to think about it is if you look at the meals and beverage profile for the quarter, you'll see about a 2-point -- roughly a 2-point delta between the in-market consumption and the net sales. I would tell you that from a Canada and foodservice, we did just find in those. And so really, the majority of that difference is coming through some of that pressure in inventory.

是的。因此，最簡單的思考方法是，如果您查看本季度的餐飲情況，您會看到大約 2 點——市場消費與淨銷售額之間大約有 2 點的增量。我想告訴你，我們確實在加拿大和餐飲服務中找到了這些。事實上，大部分差異是來自庫存壓力。

Now I do think it's fair to say that retailers in general have been very focused on managing inventory levels down in general. But I do think the later week of -- or the week later of Thanksgiving certainly had an impact, and I would say more than half of that would have been related to that swing.

現在我確實認為可以公平地說，零售商總體上非常注重管理整體庫存水準。但我確實認為感恩節後一周或感恩節後一周肯定會產生影響，我想說其中一半以上與那次波動有關。

And again, I think the good news is, as we pivot into the month of November. Still too early to give kind of a full picture of Thanksgiving. But certainly, we saw some of that inventory build earlier in the month of November, which would have been a little bit later and moved out of the first quarter into the second.

再次，我認為好消息是，隨著我們進入 11 月。全面了解感恩節還為時過早。但當然，我們在 11 月早些時候看到了一些庫存的增加，這可能會晚一些，並從第一季轉移到第二季。

Got it. Okay. No, thanks for that. And if I just go back to the slide you had on Rao's and some of the sourcing occasions that you mentioned, I'm just curious kind of what data you're looking at internally or what you're seeing that suggests that that's actually the case that you are seeing Rao's specifically kind of source share from some of the Italian concepts in the restaurant channel?

知道了。好的。不，謝謝你。如果我回到 Rao 的幻燈片以及您提到的一些採購場合，我只是好奇您在內部查看的數據或您所看到的數據表明這實際上是您是否在餐廳頻道中看到Rao 從一些意大利概念中分享的特殊資源？

Yes. I think one of the -- a couple of things that. First, more broadly speaking, I would say you're still seeing from a broader consumer dynamic, you're still seeing migration from away from home into home for meal occasions. We're up in the low 80s. 83%, which is still up versus a year ago. And so that migration continues. I think what we're seeing in Rao's so encouraging is a fair amount of this growth that we're experiencing is coming from middle and lower middle-income households.

是的。我認為其中之一是——有幾件事。首先，更廣泛地說，我想說，你仍然從更廣泛的消費者動態中看到，你仍然看到人們從外出到家裡用餐的情況。我們正處於 80 年代初。 83%，與一年前相比仍有上升。因此遷移仍在持續。我認為，我們在拉奧身上看到的令人鼓舞的情況是，我們所經歷的成長有相當一部分來自中等收入和中低收入家庭。

And as we explore with consumers, the appeal, and remember, these are also consumers that are buying Prego as well. And so in trying to understand and segment how to focus on the Prego business as well as the Rao's business, we really want to try to understand occasion. And one of the areas that we've consistently uncovered and the team actually has been focused on this even before the acquisition is this idea of significant value versus what you may get from a takeout or online order, DoorDash and so forth.

當我們與消費者探討其吸引力時，請記住，這些消費者也在購買 Prego。因此，在嘗試了解和細分如何專注於 Prego 業務以及 Rao 業務時，我們確實想嘗試了解場合。我們一直在探索的領域之一，團隊實際上甚至在收購之前就一直關注這一點，那就是與從外賣或線上訂單、DoorDash 等中獲得的東西相比，這種想法具有重大價值。

And that tracks very well with that income level where we're seeing a lot of growth from the Rao's business coming. And I think we want to continue to focus on that. And you would have seen a new advertising campaign for Rao's that really focuses on our point of difference in quality kind of our Italian routes and really what makes Rao's different and so much worth that that price point.

這與營收水準非常吻合，我們看到 Rao 的業務即將出現大量成長。我認為我們希望繼續關注這一點。您可能會看到 Rao's 的新廣告活動，該活動真正關注我們義大利航線的品質差異點，以及真正使 Rao's 與眾不同且物有所值的原因。

And again, when you put it in the right context, I think it becomes very compelling as you would have seen in that. And I think that's something you're going to continue to hear us talk more about is, is really the power of Rao's being able to compete in different occasions across multiple income levels.

再說一次，當你把它放在正確的背景下時，我認為它會變得非常引人注目，正如你在其中看到的那樣。我認為您將繼續聽到我們更多地談論的是，拉奧能夠在不同收入水平的不同場合進行競爭的真正力量。

Robert Moskow, TD Cowen.

羅伯特·莫斯科，TD·考恩。

And Mark, congratulations to you. Best wishes. One question on Snacks. The margins were around 13.5% in the quarter. That's quite a bit lower than what I had expected. And I think what Campbell expected too. And I just wanted to know, with this environment for pricing being under pressure and cost -- you seem to have some supply chain inflation that's a little bit higher than what I would have thought. Can you still hit your margin target for this year?

馬克，祝賀你。最好的祝愿。關於零食的一個問題。本季利潤率約 13.5%。這比我的預期要低很多。我想這也是坎貝爾所期望的。我只是想知道，在這種定價環境面臨壓力和成本的情況下，供應鏈通膨似乎比我想像的要高。您還能達到今年的利潤目標嗎？

I think there was like a 50-basis point expectation for margin expansion. And maybe just longer term, I think we're all kind of concerned that the salty snacks category took prices too high during the pandemic and that there's a value correction -- value equation correction that needs to be established going forward. So how does that inform the 17% margin goal longer term?

我認為利潤率擴張的預期約為 50 個基點。也許從長遠來看，我認為我們都擔心鹹味零食類別在大流行期間價格過高，並且存在價值修正——未來需要建立價值方程式修正。那麼，這對 17% 的長期利潤率目標有何影響呢？

Yes, great question, Rob. So let me kind of flip the batting order if I could, and I'll talk a little bit about the longer-term objectives. I think the first thing I would say is that the road map that we've put in place as it relates to cost savings and a variety of different areas from route to market, network optimization to improvement in mix as we continue to work down the partner brands number, all remain very much intact.

是的，很好的問題，羅布。因此，如果可以的話，讓我稍微改變一下擊球順序，然後我會談談長期目標。我想我要說的第一件事是，我們已經制定了路線圖，因為它涉及成本節約以及從路線到市場、網絡優化到組合改進的各種不同領域，因為我們繼續努力合作夥伴品牌數量均完好無損。

And if anything, I would say that the team under Chris' leadership, Chris Foley's leadership, has done a very nice job of continuing to not be satisfied and recognizing that we are in a competitive landscape, how do we continue to identify savings that can be utilized to ensure that we've got a bit of a buffer to manage the pressure that is in the marketplace today.

如果有什麼不同的話，我想說的是，克里斯·弗利（Chris Foley）領導下的團隊做得非常好，他們繼續不滿足，並認識到我們處於競爭格局中，我們如何繼續確定可以節省的成本用於確保我們有一定的緩衝來應對當今市場的壓力。

I would tell you on that broader question, too, of, hey did snacks price too much or is it going to need to be a reset. I think perhaps the difference might -- why it might feel a little bit that way is we were arguably able to walk back a lot of the promotional level during the COVID period and even in the period past that without a significant amount of elasticity.

我也會告訴你這個更廣泛的問題，嘿，零食價格是否太高了，或者是否需要重新調整。我認為也許差異可能是——為什麼可能會有一點這樣的感覺，因為我們可以說在新冠疫情期間，甚至在過去的一段時間裡，沒有很大的彈性，我們能夠回撤很多促銷水平。

And I think that's a fact. I think as we've moved now and cycled several years past that, the reality is, and if you remember several years ago, I said this and it wasn't wonderfully received. But I think it's played out in a very similar fashion, which is this is a very competitive segment. And so having a level of promotion that drives display remains a very important component of the snacks category.

我認為這是事實。我認為，隨著我們現在的發展，並且已經過去了幾年，現實是，如果你還記得幾年前，我說過這句話，但並沒有得到很好的反響。但我認為它的表現方式非常相似，這是一個競爭非常激烈的領域。因此，推動展示的促銷水平仍然是零食類別的一個非常重要的組成部分。

I think the good news for Campbell's is where we primarily play, are in elevated or added value segments. And that's a place where we do not anticipate having significant recalibration and value. As I said before, I do think we've got to be very mindful in watching our base pretzel and our base cookie business as it relates to private label and some of the price pressure that's there.

我認為對坎貝爾來說好消息是我們主要從事的領域是高附加價值領域。我們預計這不會有重大的重新調整和價值。正如我之前所說，我確實認為我們必須非常注意觀察我們的基本椒鹽捲餅和基本餅乾業務，因為它與自有品牌和存在的一些價格壓力有關。

But at the end of the day, I don't feel like we need a material change or structural change backwards. But what I do think is we're going to continue to be appropriately plan to promote and to drive that impulse purchase so critical to snacking. As we get to the near term, maybe, Carrie, you can cover that a little bit and talk about this year because I think there'll be a little bit of discussion as well.

但歸根結底，我不認為我們需要進行實質的改變或結構性的倒退。但我確實認為我們將繼續制定適當的計劃來促進和推動對零食至關重要的衝動購買。當我們進入近期時，也許，Carrie，你可以稍微介紹一下並談論今年，因為我認為也會有一些討論。

Yes, there are certainly reasons to believe in a second half margin improvement for snacks. And I think it's outlined with what I had answered earlier that, that's applied for the total enterprise, but it also is applicable to the Snacks division as well. In the second half, our expectation would be improving year-over-year volume trends are going to help the Snacks division versus the first half.

是的，我們當然有理由相信下半年零食的利潤率會有所改善。我認為它概述了我之前回答的內容，這適用於整個企業，但它也適用於零食部門。與上半年相比，我們預計下半年銷售趨勢將有所改善，這將有助於零食部門。

You're going to have improving snacks mix with a higher leadership brand mix and a lower impact of that partner and contract brands and a lower impact of the Pop divestiture as well the pop secret divestiture, going to have more neutral year-over-year net price and marketing impact in the second half and that step-up in productivity and cost savings initiatives.

你將改善零食組合，提高領導品牌組合，降低合作夥伴和合約品牌的影響，降低流行剝離和流行秘密剝離的影響，逐年變得更加中性下半年的淨價格和營銷影響，以及生產力和成本節約舉措的提高。

Remember, in our Snacks business, we've got some announced restructuring in our Jefferson manufacturing plant, and we've got our ongoing DSD warehouse and route optimization. All of those things will continue to help us continue to get a pathway to 15%.

請記住，在我們的零食業務中，我們已宣布對 Jefferson 製造工廠進行一些重組，並且我們正在進行 DSD 倉庫和路線優化。所有這些都將繼續幫助我們繼續邁向 15%。

And I think we'll be -- I think Q2 is going to be a very helpful quarter to understand. I am encouraged by some of the more recent trends on share as it relates to snacking over the latest 4 weeks. And I think I want to see that continue to play out through the holiday season. And just remember, as important as the margin agenda is for us on snacking and very much committed to seeing that come to fruition.

我認為我們會——我認為第二季將是一個非常有助於理解的季度。我對最近 4 週內與零食相關的一些最新分享趨勢感到鼓舞。我想我希望看到這種情況在整個假期期間繼續發揮作用。請記住，對我們來說，零食與利潤議程一樣重要，我們非常致力於看到這一目標取得成果。

It's also about ensuring that the growth trajectory on snacks can be sustained as well. And that balancing act is one that we're going to continue to be very thoughtful about as we navigate through in the short term. Longer term, again, I continue to feel very good about how we're positioned and where snacks will be and where the margin trajectory can continue to grow too.

這也是為了確保零食的成長軌跡也能持續下去。在短期內，我們將繼續深思熟慮這種平衡行為。從長遠來看，我仍然對我們的定位、零食的定位以及利潤軌跡可以繼續增長的方向感到非常滿意。

Jim Salera, Stephens.

吉姆·薩萊拉，史蒂芬斯。

Mark, just want to echo the congratulations. It's tough to find an industry that's more exciting than packaged food, but I think Pro Football categorized as one. I think I wanted to just maybe follow up on some of the comments on snacking. And correct me if I'm wrong here, but I believe that the level of volume sold on promo is still lower than pre-COVID. And given some of the industry category headwinds, rather, is the industry just taking kind of, let's say, a more tactical approach on promo and just being less broad-based than in the past?

馬克，只是想表達祝賀。很難找到一個比包裝食品更令人興奮的行業，但我認為職業足球屬於其中之一。我想我只是想跟進一些關於零食的評論。如果我錯了，請糾正我，但我相信促銷活動的銷售量仍然低於新冠疫情之前。考慮到一些行業類別的逆風，該行業是否只是在促銷方面採取了一種更具戰術性的方法，並且基礎比過去不那麼廣泛了？

And maybe if I can back on the second part to that question. If the consumer does normalize throughout the year, do some of these price gap distinctions just become less important, and that's kind of what the industry is looking to.

也許我可以回到這個問題的第二部分。如果消費者確實全年正常化，那麼其中一些價格差異是否會變得不那麼重要，而這正是該行業所希望的。

Yes. I think there's a couple of things in there. I do -- again, I think the nature of promotion in snacking, I am not seeing anything that I feel is out of line or inconsistent with what we would expect. I'm not seeing deep discounting. I'm not seeing unreasonable or unprecedented levels of promotion either.

是的。我認為裡面有幾件事。我確實——再說一次，我認為零食促銷的本質，我沒有看到任何我認為不符合或與我們期望不一致的東西。我沒有看到大幅折扣。我也沒有看到不合理或前所未有的晉升水平。

I think your point on the level of volume. I've been -- we've been watching that closely. And although I agree, I think it's moving up. And as I expect, through the year, we'll see some stabilization there. I think what's important to remember about the second half of our fiscal year is you're going to begin to cycle where we really started to see the step back on snacking or the normalization of snacking occurring.

我認為你的觀點是關於音量水平的。我一直在密切關注這一點。儘管我同意，但我認為它正在上升。正如我預期的那樣，今年我們會看到一些穩定的情況。我認為，關於我們財政年度的下半年，要記住的重要一點是，我們將開始循環，我們真正開始看到零食的倒退或零食的正常化。

And so you're -- in Q3, our Q3, you're going to begin to compound the impact of what we saw as a more normalized level. And again, I think it's important to note, although we are not back to historical levels. We are back into positive territory as it relates to category trends. I mean you see certainly a bifurcation between certain categories.

因此，在第三季度，我們的第三季度，您將開始加劇我們所認為的更正常化程度的影響。再次，我認為值得注意的是，儘管我們還沒有回到歷史水平。我們又回到了與品類趨勢相關的正面領域。我的意思是，你肯定會看到某些類別之間存在分歧。

And I think, again, when I look at our business, and I get why people may say, well, Campbell seems to see a little bit rosier outlook than some other businesses. But the reality of that is because we are in essence, playing in some different categories. Although we're in salty, we're really in natural organic tortilla, we're in Kettle chips. We're in the deli. We're in maybe a little bit more balanced and a little bit more mainstream in pretzel.

我再次認為，當我審視我們的業務時，我明白為什麼人們可能會說，好吧，坎貝爾似乎比其他一些企業看到了更樂觀的前景。但現實是因為我們本質上是在一些不同的類別中玩耍。雖然我們是鹹的，但我們實際上是天然有機玉米餅，我們是水壺薯片。我們在熟食店。我們的椒鹽捲餅可能更平衡一點，也更主流一點。

But we're playing in some categories that I think inherently are advantaged and doing a bit better. And like I said, as we get to the back half, we're going to begin to cycle that. So I think -- again, I always hate to use comps is the reason why something may be going to get better. But I think in this particular case, as we get to Q3 and Q4, you're just going to simply have a lower base that you're beginning to cycle.

但我們在一些我認為本質上有優勢的類別中進行比賽，並且做得更好一些。就像我說的，當我們進入後半部分時，我們將開始循環。所以我想——再說一次，我總是討厭使用比較，這就是為什麼某些事情可能會變得更好的原因。但我認為在這種特殊情況下，當我們進入第三季和第四季時，你只會有一個較低的基數，開始循環。

Now whether that gets us all the way back to that 3% to 4%, we'd love to all see in snacking is not necessarily what we're expecting or what we're modeling. But certainly, sequential improvement is part of what's underpinning our expectations as we go into the back half.

現在，無論這是否能讓我們一路回到 3% 到 4%，我們希望大家看到零食不一定是我們所期望的或我們正在建模的。但當然，當我們進入後半段時，連續的改進是支撐我們期望的一部分。

Great. And then if I could maybe sneak in a higher-level question. In your prepared remarks, you talked about really strong momentum with rails with among millennial households. And that doesn't quite fit with maybe some of the broader narrative on -- it's a very premium product and millennials tend to have a little bit less spending power than other groups.

偉大的。然後我是否可以偷偷提出一個更高層次的問題。在您準備好的演講中，您談到了千禧世代家庭對鐵路的強勁勢頭。這可能不太符合一些更廣泛的敘述——它是一種非常優質的產品，而千禧世代的消費能力往往比其他群體低一些。

And so are there any learnings that you can take from Rao's to apply to other parts of the portfolio where maybe you could have a premium or better-for-you clean label value proposition that would drive consumer groups that would typically not spend on premium products to engage with different brands?

那麼，您是否可以從Rao's 中汲取經驗，並將其應用到產品組合的其他部分，在這些部分中，您可能可以擁有優質或更適合您的清潔標籤價值主張，從而推動通常不會花錢購買優質產品的消費者群與不同品牌合作？

Yes. And I don't want to sound flippant here with my response. But Rao's is incredibly differentiated product. And the quality of the product and the experience of the product, it is just flat out better. And so I think the fact that you've got broad-based acceleration across different households, including those that may be feeling a little bit more economic pressure. I think that conversation we had a little earlier on framing the occasions is really a great lesson.

是的。我不想讓我的回答顯得輕率。但Rao's 是一款極其差異化的產品。而且產品的品質和產品的體驗，簡直更好了。因此，我認為事實上，不同家庭都得到了廣泛的加速，包括那些可能感受到更大經濟壓力的家庭。我認為我們之前就確定場合進行的談話確實是一個很好的教訓。

And I do think there is some application of that to other premium brands where we have a distinct benefit in quality. And so as we talk about things like holiday entertaining or moments where it's important to bring the best quality or the highest quality to the table or to the occasion.

我確實認為這一點也適用於其他優質品牌，我們在品質方面具有明顯的優勢。因此，當我們談論節日娛樂或重要時刻時，必須將最好的品質或最高的品質帶到餐桌或場合。

I think framing that in a way that allows those points of difference to be most recognizable for consumers and in essence, making it worth perhaps the premium price with the broader or mainstream segments is a great lesson. But I think it all begins and must have those true quality points of difference. And I'm not sure that's always the case in every premium priced product. But certainly, in Rao's, we feel that we have that point of difference.

我認為，以一種讓這些差異點最容易被消費者認可的方式來構建這一點，從本質上講，使其在更廣泛或主流的細分市場中物有所值，這是一個很好的教訓。但我認為這一切都開始了，而且必須有那些真正的品質差異點。我不確定每個高價產品都是如此。但當然，在Rao's，我們覺得我們有這一點不同。

And I think consumers as they try it, reinforce that. And so I think there are some lessons learned. But I think the biggest lesson learned is you got to make the experience working.

我認為消費者在嘗試時會強化這一點。所以我認為我們吸取了一些教訓。但我認為最大的教訓是你必須讓經驗發揮作用。

And we're all out of time for questions today. This will conclude today's conference call. Thank you for your participation. You may now disconnect.

今天我們都沒有時間提問了。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。