金寶湯 (CPB) 2025 Q2 法說會逐字稿

Good morning, and welcome to the Campbell's second quarter fiscal 2025 earnings conference call. Today's conference is being recorded. (Operator Instructions) I would now like to turn the call over to Rebecca Gardy, Chief Investor Relations Officer at Campbell's. Please go ahead.

早安，歡迎參加金寶湯 2025 財年第二季財報電話會議。今天的會議正在錄製。（操作員指示）現在，我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 Campbell's second quarter fiscal '25 earnings conference call. I'm Rebecca Gardy, Campbell's Chief Investor Relations Officer. Joining me today are Mick Beekhuizen, Chief Executive Officer; and Carrie Anderson, Chief Financial Officer.

早安，歡迎參加金寶湯 25 財年第二季財報電話會議。我是金寶湯首席投資者關係長麗貝卡‧加迪 (Rebecca Gardy)。今天與我一起參加的是執行長 Mick Beekhuizen；以及財務長 Carrie Anderson。

Today's remarks have been prerecorded. Once we conclude the prepared remarks, we will transition to a live webcast Q&A session. The slide deck and today's earnings press release have been posted to the Investor Relations section on our website, 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.

今天的講話已經預先錄製好了。一旦我們結束準備好的發言，我們將轉入網路直播問答環節。幻燈片和今天的收益新聞稿已經發佈到我們網站 thecampbellscompany.com 的投資者關係部分。問答環節結束後，將在同一地點提供網路直播的重播，並在 24 小時內提供通話記錄。

Slide 2 outlines today's agenda. Mick will provide insights into our second quarter performance as well as our end market performance by division. Please recall that effective first quarter fiscal '25, we are using Circana MULO+ for in-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.

投影片 2 概述了今天的議程。米克將深入介紹我們第二季的業績以及各部門的終端市場業績。請記住，從 25 財年第一季開始，我們將使用 Circana MULO+ 來獲取市場數據。然後，Carrie 將更詳細地討論本季的財務業績，並回顧我們對 25 財年全年的指導。

As we noted in this morning's press release, the company's guidance does not reflect any impact from the imposition of import tariffs by the US and potential retaliatory actions taken by other countries as the tariff and trade environments are rapidly evolving at this time.

正如我們在今天早上的新聞稿中指出的那樣，由於目前關稅和貿易環境正在迅速變化，該公司的指引並未反映美國徵收進口關稅以及其他國家可能採取的報復行動的影響。

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，我們將做出前瞻性陳述，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。請參閱我們簡報的第 3 張投影片或我們向美國證券交易委員會提交的文件，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.

由於我們使用非 GAAP 指標，因此我們在報告的附錄中提供了這些指標與最直接可比較的 GAAP 指標的對帳表。

And now, it is my pleasure to turn it over to Mick Beekhuizen, our new Chief Executive Officer. Mick?

現在，我很高興將主席職務移交給我們的新任執行長 Mick Beekhuizen。米克？

Thanks, Rebecca. Good morning, everyone. Before I review our Q2 results, I want to start by expressing how honored and energized I am to lead the Campbell's team as CEO and accelerate the strategy that has been fueling our performance.

謝謝，麗貝卡。大家早安。在回顧我們的第二季業績之前，我首先想表達我的榮幸和活力，即以執行長的身份領導金寶湯團隊並加速推動我們業績成長的策略。

Having helped shape Campbell's strategy since joining the company in 2019, most recently as President in our meals and beverages division, I'm committed to building upon the strong foundation we have in place. That starts with our talented people who are engaged, accountable, and committed to winning.

自 2019 年加入公司以來，我一直幫助制定金寶湯的策略，最近擔任餐飲部門總裁，我致力於在現有的堅實基礎上再接再厲。這一切始於我們那些積極參與、勇於負責、致力於取得勝利的優秀員工。

We have the best portfolio in the industry with category-leading brands in both divisions. These brands are important to our customers and highly relevant to our consumers. I am confident that we are well-prepared to deliver top-tier formats.

我們擁有業界最佳的產品組合，兩個部門均擁有同類領先品牌。這些品牌對我們的客戶來說很重要，並且與我們的消費者高度相關。我堅信我們已經做好了充分的準備來提供頂級的格式。

Similar to the first quarter, our Q2 earnings performance was in line with our expectations despite the dynamic operating environment. Unfortunately, the anticipated recovery of some of our snacks categories did not materialize during the quarter. And as a result, our top line was slightly below expectations.

與第一季類似，儘管營運環境充滿活力，但我們第二季的獲利表現符合我們的預期。不幸的是，我們部分零食類別預期的復甦並未在本季實現。因此，我們的營收略低於預期。

We continued to invest behind our brands, resulting in good overall in-market results with an aggregate stable market share. 10 out of our 16 leadership brands grew or held share in the quarter, a testament of the overall strength of our leadership brand portfolio.

我們持續對自有品牌進行投資，取得了良好的整體市場業績，整體市佔率穩定。我們 16 個領導品牌中有 10 個在本季實現成長或維持份額，證明了我們領導品牌組合的整體實力。

Going into the second half of the year, we are focused on maintaining the momentum within our meals and beverages division, while in our snacks division, we are focused on successful innovation, select brand support, and price-pack architecture to meet consumer needs.

進入下半年，我們專注於保持餐飲部門的發展勢頭，而在零食部門，我們專注於成功的創新、精選品牌支援和價格包架構，以滿足消費者的需求。

From an operational perspective, we continued to make substantial progress on the Sovos integration and advanced various cost savings initiatives throughout the organization.

從營運角度來看，我們在 Sovos 整合方面繼續取得實質進展，並在整個組織內推進了各種成本節約措施。

On the flip side, our snacks margin fell short of our expectations, driven by unfavorable mix and some operational headwinds in our fresh bakery business during the important holiday period. We are actively addressing both areas. And combined with a normalization of our commercial support, we expect our snacks margin to improve sequentially throughout the second half of the fiscal year.

另一方面，由於產品組合不利以及重要節日期間新鮮烘焙業務遇到一些營運阻力，我們的零食利潤率低於預期。我們正在積極解決這兩個問題。結合我們商業支援的正常化，我們預計我們的零食利潤率將在整個財年下半年連續提高。

As reported in our press release this morning, we updated our full year guidance to reflect the slower-than-anticipated recovery of our snacking categories, impacting the outlook for our second half. We are committed to investing in our brand portfolio, while accelerating certain cost savings initiatives to manage through the current consumer environment.

正如我們今天早上的新聞稿中所報導的那樣，我們更新了全年業績預期，以反映零食類別的復甦速度慢於預期，從而影響了我們下半年的前景。我們致力於投資我們的品牌組合，同時加快某些成本節約措施以應對當前的消費環境。

We expect organic net sales to be in the range of down 2% to flat, adjusted EBIT of plus 3% to plus 5%, and an adjusted EPS range of $2.95 to $3.05. Carrie will provide more details in a moment. This updated guidance does not reflect any impact on our business from tariffs or other regulatory changes. This is a fluid situation, and we are working through mitigation plans for a variety of scenarios.

我們預計有機淨銷售額將在下降 2% 至持平之間，調整後息稅前利潤將在增長 3% 至增長 5% 之間，調整後每股收益將在 2.95 美元至 3.05 美元之間。嘉莉稍後將提供更多詳細資訊。此更新後的指引並未反映關稅或其他監管變化對我們業務的任何影響。這是一個不穩定的情況，我們正在針對各種情況制定緩解計畫。

Overall, we have work to do, but I feel confident in our plans for the second half. We have a strong brand portfolio supported by great talent that's focused on delivering results by partnering with our customers and meeting consumer needs.

總的來說，我們還有很多工作要做，但我對我們下半年的計畫充滿信心。我們擁有強大的品牌組合，並由優秀人才支持，專注於透過與客戶合作並滿足消費者需求來取得成果。

Now let's turn to key highlights of our second quarter results. Turning to slide 6, we delivered 9% growth in net sales, reflecting the contribution from Sovos. Organic net sales were down 2% driven by relatively consistent performance within meals and beverages and weaker-than-anticipated snacking categories amid a competitive environment.

現在讓我們來看看第二季業績的亮點。轉到投影片 6，我們的淨銷售額成長了 9%，反映了 Sovos 的貢獻。在競爭激烈的環境下，由於餐飲品類表現相對穩定以及零食品類表現弱於預期，有機淨銷售額下降 2%。

Importantly, volumes in the second quarter remained flat, marking the fourth consecutive quarter of flat or increasing volume for the total enterprise. Adjusted EBIT increased 2% versus prior year and adjusted EPS was $0.74. The Sovos acquisition was slightly accretive to adjusted EPS in the quarter.

重要的是，第二季的銷售量保持持平，這標誌著整個企業的銷售連續第四個季度持平或增加。調整後的息稅前利潤較上年增長 2%，調整後的每股收益為 0.74 美元。收購 Sovos 對本季調整後每股收益略有貢獻。

Turning to slide 7. In Q2, we saw stable performance with total company leadership brands flat on consumption, while the majority grew or held share. As a reminder, our leadership brands represent approximately 90% of our enterprise net sales.

翻到幻燈片 7。在第二季度，我們看到了穩定的業績，公司領導品牌的整體消費持平，而大多數品牌的份額則有所增長或保持不變。提醒一下，我們的領導品牌約占我們企業淨銷售額的 90%。

Our meals and beverages leadership brands continued to demonstrate their strength with dollar consumption up 1%. Seven of eight leadership brands grew or held share in the second quarter. And although Swanson broth consumption continued to grow during the quarter, the modest share decline was driven by the anticipated private label recovery.

我們的餐飲領導品牌持續展現實力，美元消費量成長了 1%。八大領先品牌中有七大品牌的份額在第二季度均有所增長或保持不變。儘管斯旺森肉湯消費量在本季度繼續增長，但份額的小幅下降是由於預期的自有品牌復甦所致。

In snacks, we made progress versus Q1 from a share perspective in a couple of key areas, such as Pepperidge Farm cookies, and, although still down year over year, Snyder's of Hanover pretzels. Similar to the first quarter, total snacks consumption for our leadership brands was down about 1%. We have a strong differentiated portfolio of brands within our snacks division, and while we need to continue to evolve with the consumer, they provide the strong foundation for long-term growth.

在零食方面，與第一季相比，我們在幾個關鍵領域的份額取得了進展，例如 Pepperidge Farm 餅乾和 Snyder's of Hanover 椒鹽捲餅（儘管同比仍有所下降）。與第一季類似，我們領導品牌的零食總消費量下降了約 1%。我們的零食部門擁有強大的差異化品牌組合，雖然我們需要繼續隨著消費者的需要而發展，但它們為長期成長奠定了堅實的基礎。

As shown on the next page, consumers continue to turn to some of our key brands during the holidays, driven by strong in-market support, including our successful sides season cooking and holiday cookie campaigns. Although dollar consumption for our holiday-focused brand was flat during the period, the dollar share increased by 30 basis points.

如下頁所示，在強大的市場支持的推動下，消費者在假期期間繼續青睞我們的一些主要品牌，包括我們成功的配菜季節烹飪和節日餅乾活動。儘管我們以假日為重點的品牌的美元消費在此期間持平，但美元份額增加了 30 個基點。

Specifically, our Campbell's condensed cooking products had a successful holiday season, growing both dollar and volume share as well as volume consumption. The broth category was a top three driver of food growth during the holiday period, and Swanson and Pacific broth grew consumption, with share declines driven by the anticipated private label recovery.

具體來說，我們的金寶湯濃縮烹飪產品在假期季節取得了成功，銷售額和銷量份額以及消費量均有所增長。肉湯類是假期期間食品成長的三大推動力之一，其中斯旺森 (Swanson) 和太平洋 (Pacific) 肉湯的消費量均有所增加，而自有品牌復甦的預期則推動了市場份額的下降。

As planned, we made significant investments in our snacks brands to drive loyalty and win this important period. While both the bakery and cookie categories were soft, Pepperidge Farm, one of our $3 billion brands, delivered strong holiday performance, outperforming categories via innovation and best-in-class execution across both cookies and stuffing.

按照計劃，我們對零食品牌進行了大量投資，以提高忠誠度並贏得這一重要時期。雖然烘焙和餅乾類別的銷量均表現疲軟，但我們價值 30 億美元的品牌之一 Pepperidge Farm 卻在假日季表現強勁，憑藉在餅乾和餡料方面的創新和一流執行力，其表現超越其他類別。

Turning to our meals and beverages division on slide 9. Organic net sales declined 1% for the quarter, with continued volume and mix growth of 1%, which was consistent with the first quarter. On a pro forma basis, with the addition of Sovos Brands, meals and beverages' organic net sales were flat, with in-market dollar consumption increasing 1%.

轉向第 9 頁投影片上的餐飲部門。本季有機淨銷售額下降 1%，銷量和產品組合持續成長 1%，與第一季持平。從預測基礎來看，隨著 Sovos Brands 的加入，餐飲的有機淨銷售額持平，市場美元消費成長了 1%。

During the second quarter, we experienced a supplier disruption related to SpaghettiOs, which contributed a 1-point decline to organic net sales.

在第二季度，我們遇到了與 SpaghettiOs 相關的供應商中斷，導致有機淨銷售額下降 1 個百分點。

Turning to slide 10. Our soup portfolio continues to benefit from increased at-home cooking activity, leading to growth in both condensed cooking and broth. However, eating soup categories, both within condensed eating and ready-to-serve, was slightly weaker. That being said, we marked our fifth consecutive quarter of volume share growth in Campbell's total wet soup, including Rao's.

翻到第 10 張投影片。我們的湯品組合繼續受益於家庭烹飪活動的增多，從而帶動濃縮湯和肉湯的銷售增長。然而，無論是濃縮型或即食型，食用湯品類的銷售量都略弱。話雖如此，我們已經連續第五個季度在金寶湯（包括 Rao's）的總濕湯銷量份額上實現了成長。

Campbell's condensed segment maintained its positive trajectory, continuing to gain share driven by strong performance of our cooking portfolio used in meal prep, especially during lay season, and strong household penetration growth.

金寶湯濃縮奶粉業務保持了積極的成長軌跡，得益於用於備餐的烹飪產品組合的強勁表現（尤其是在產蛋季節），以及家庭滲透率的強勁增長，其市場份額繼續增加。

We have a broad and strong RTS portfolio with Chunky, Pacific, and Rao's, all of which performed well in the quarter, gaining or holding share. This was offset by pressure in our RTS convenience portfolio and about a point of share headwind related to the delisting of our Well Yes brand.

我們擁有廣泛且強大的 RTS 產品組合，其中包括 Chunky、Pacific 和 Rao's，這些公司在本季度均表現良好，份額增加或保持不變。這被我們 RTS 便利商店產品組合的壓力以及與我們的 Well Yes 品牌退市相關的市佔率下滑所抵消。

In broth, we benefited from continued category growth, particularly as private label has not yet fully recovered. We expect private label to continue to recover throughout the remainder of the year, resulting in slight share pressure in the second half. However, if category growth continues and private label recovery remains slow, we are well-positioned to meet increasing consumer demand with the strength of our supply chain network.

在高湯方面，我們受惠於品類的持續成長，特別是自有品牌尚未完全恢復的情況下。我們預計自有品牌將在今年剩餘時間內繼續復甦，導致下半年的市佔率略有壓力。然而，如果品類成長持續，自有品牌復甦仍然緩慢，我們將能夠憑藉我們強大的供應鏈網路滿足日益增長的消費者需求。

With the number one and number two leaders, Campbell's total Italian sauce portfolio, shown on slide 11, outpaced the category in Q2, with dollar consumption of plus 5% and a share gain of 1.4 points. With Prego and Rao's, we have two of the best-positioned brands in Italian sauce, both of which are performing well against their roles in our portfolio.

憑藉第一和第二名的領先優勢，金寶湯的意大利醬料整體組合（如幻燈片 11 所示）在第二季度超過了該類別，美元消費量增長了 5%，份額增長了 1.4 個百分點。Prego 和 Rao's 是義大利醬料領域中我們擁有的兩個最佳品牌，它們在我們的產品組合中都表現良好。

Starting with Prego, we saw steady growth both in dollars and volume consumption, and we grew dollar share by 20 basis points in the second quarter. Prego grew household penetration in the second quarter year over year with growth across all generational cohorts.

從 Prego 開始，我們看到美元和消費量都穩定成長，並且第二季度我們的美元份額增加了 20 個基點。Prego 第二季度家庭滲透率年增，各世代的消費者群均實現成長。

Our ultra-distinctive Rao's sauce continued to outpace the Italian sauce category resulting in 1.3 points of share gain in the quarter. The first quarter of fiscal '25 benefited from a shift in promotional timing, specifically in the club channel.

我們極具特色的 Rao 醬汁繼續超越義大利醬汁類別，導致本季份額增加了 1.3 個百分點。25財年第一季受惠於促銷時機的轉變，特別是在俱樂部通路。

On a first half basis, consumption increased by 11% and share was up 1.5 share points. This strong performance reinforces the strategic rationale for the acquisition and is a proof point of the successful inpatient of Sovos.

上半年消費成長11%，份額上升1.5個百分點。這一強勁表現強化了收購的策略理由，也是 Sovos 成功住院的證明。

Turning to slide 12. Rao's sauce delivered high single-digit net sales growth in the second quarter and low teens growth for the first half. We continue to expect pro forma year-over-year growth in fiscal '25 to be slightly above 10%. Over the long term, consistent with what we shared at Investor Day, we expect Rao's to grow in the mid-single to high single-digit range.

翻到第 12 張投影片。Rao 醬料的淨銷售額在第二季度實現了高個位數成長，上半年實現了低十幾個百分點的成長率。我們繼續預期 25 財年的預期年成長率將略高於 10%。從長遠來看，與我們在投資者日分享的內容一致，我們預計 Rao 的銷售額將以中等個位數至高個位數的速度成長。

Rao's brand equity remains exceptionally strong in terms of key metrics, awareness, household penetration, repeat, and loyalty. What's particularly exciting is the substantial runway for expansion. Despite leading the ultra-distinctive Italian sauce category in dollar share, Rao's currently reaches only half as many households as our Prego brand and maintains just 60% of Prego's product assortment.

從關鍵指標、知名度、家庭滲透率、重複性和忠誠度來看，Rao 的品牌資產依然異常強勁。尤其令人興奮的是其巨大的擴張空間。儘管在銷售額方面，Rao's 在極具特色的意大利醬料類別中佔據領先地位，但目前其普及的家庭數量僅為 Prego 品牌的一半，且僅佔 Prego 產品種類的 60%。

We're accelerating Rao's brand awareness initiatives and expanding our innovation pipeline, having launched 10 new sauce products in the last year. You may have seen the latest activation, which brings consumers along the Rao's Homemade journey, to experience what makes each jar of Rao's so special and is a major point of difference from our competitors in the ultra-distinctive space.

我們正在加快推進 Rao 的品牌知名度計劃並擴大我們的創新管道，去年我們已經推出了 10 種新的醬料產品。您可能已經看到了最新的活動，它帶領消費者踏上Rao's Homemade之旅，體驗每一罐Rao's產品的特別之處，以及我們在超級獨特空間中與競爭對手的重大區別。

Millennial household adoption continue to surge at more than twice the category pace, reinforcing our conviction in Rao's long-term growth. Compelling value proposition of Rao's compared to mainstream Italian takeout continues to fuel incremental growth, allowing the brand to source volume from a significantly larger addressable market across a broad range of consumer income levels.

千禧世代家庭的採用率繼續以高於同類產品的兩倍以上的速度成長，這增強了我們對 Rao 長期成長的信心。與主流義大利外送相比，Rao's 更具吸引力的價值主張，這繼續推動其逐步成長，使品牌能夠從更廣泛的消費者收入水平的更大目標市場獲得銷售。

With our strategic growth initiatives firmly in place, we remain confident in Rao's becoming our next $1 billion brand.

隨著我們牢固實施戰略成長計劃，我們仍然有信心 Rao's 將成為我們的下一個價值 10 億美元的品牌。

Now let's turn to our snacks portfolio. As previously mentioned, we delivered some encouraging in-market progress in key brands, particularly during the holidays. However, the anticipated category recovery did not materialize, resulting in organic net sales decline of 3%. About half of that came from our planned reduction in partner and contract brands.

現在讓我們來看看我們的零食組合。如前所述，我們在主要品牌的市場中取得了一些令人鼓舞的進展，尤其是在假期期間。然而，預期的品類復甦並未實現，導致有機淨銷售額下降 3%。其中約有一半來自於我們計劃減少的合作夥伴和合約品牌。

A key driver for overall performance was the 1% decline in consumption of leadership brands, which was consistent with our performance in Q1. Although Carrie will go through the details in a moment, I would like to talk about our snacks margin for a minute.

整體業績的一個關鍵驅動因素是領導品牌的消費量下降了 1%，這與我們第一季的表現一致。儘管 Carrie 稍後會詳細介紹，但我還是想花一點時間談談我們的零食利潤。

The volume for our snacks business was down 370 basis points year over year, about half was driven by a planned increase in commercial investment to support incremental promotional activity and marketing during the holiday season.

我們的零食業務銷量較去年同期下降 370 個基點，其中約一半是由於計劃增加商業投資以支持節日期間的增量促銷活動和行銷。

The remainder was for short-term operational supply chain headwinds, particularly in our fresh bakery network, that resulted in increased manufacturing and logistics costs to maintain service levels during the holidays and unfavorable mix.

其餘部分是由於短期營運供應鏈逆風，特別是在我們的新鮮烘焙網路中，導致製造和物流成本增加，以在假期和不利組合期間維持服務水準。

We are proactively addressing snacks margin and anticipate a recovery in Q3, with a gradual improvement throughout the second half of the fiscal year. In fact, we are starting to lap more normalized promotional and marketing activity and we are already seeing improvements from a supply chain perspective.

我們正在積極解決零食利潤問題，預計第三季利潤將回升，並在整個財年下半年逐步改善。事實上，我們已經開始進行更規範化的促銷和行銷活動，並且從供應鏈的角度我們已經看到了改善。

Our Pepperidge Farm bakery business continued its in-market momentum from previous quarters as we maintained our overall share position. Additionally, we made sequential share progress on our Pepperidge Farm cookies business, driven by the holiday activation.

我們的 Pepperidge Farm 烘焙業務延續了前幾季的市場發展勢頭，保持了整體份額地位。此外，受假日促銷活動的推動，Pepperidge Farm 餅乾業務的份額也取得了連續成長。

Within the deli aisle, Snack Factory held share despite category headwinds. We continue to be excited about Snack Factory expanding into the snack aisle with Pop'ums and Bites, our unique munchable and big flavor innovations that will now sit alongside Snyder's of Hanover distinct platforms.

在熟食店貨架上，儘管面臨品類阻力，Snack Factory 仍保持著市場份額。我們繼續對 Snack Factory 向零食貨架擴張感到興奮，Pop'ums 和 Bites 是我們獨特的可咀嚼和濃鬱風味的創新產品，現在將與漢諾威的 Snyder's 獨特的平台並駕齊驅。

In salty snacks, our brands hold leading positions in attractive segments that are growing much faster than the total chips categories. Although new entrants and stepped-up promotions are putting pressure on shares, we have plans in place to continue to strengthen our position.

在鹹味零食領域，我們的品牌在具有吸引力的細分市場中佔據領先地位，而這些細分市場的成長遠快於整個薯片類別。儘管新進業者和強化促銷對股價造成壓力，但我們已製定計劃繼續鞏固我們的地位。

In crackers, Lance continue to expand share and grow consumption. Within Goldfish, we experienced weaker category permits and increased competitive promotional activity. Going into second half of this fiscal year, we have integrated plans in place to support our Goldfish brand, with a focus on innovation, marketing support, and price-pack architecture initiatives.

在餅乾方面，Lance 繼續擴大份額並增加消費量。在 Goldfish 內部，我們經歷了類別許可證較弱以及競爭性促銷活動增加。進入本財年下半年，我們制定了綜合計劃來支持我們的 Goldfish 品牌，重點是創新、行銷支援和價格包架構計劃。

Our snacking categories are attractive and resilient, and we are well-positioned with an advantaged portfolio of relevant leadership brands. We have confidence in the action plans we have in place to improve our in-market performance and build momentum in the second half of the year, starting with a robust innovation pipeline to deliver against consumer macro trends, including better-for-you choices with products like Kettle Brand chips made with avocado oil.

我們的零食類別極具吸引力且具彈性，我們擁有相關領導品牌的優勢組合，佔據有利地位。我們對已製定的行動計劃充滿信心，這些計劃將改善我們的市場表現並在下半年積聚動力，首先是強大的創新管道，以滿足消費者宏觀趨勢，包括為您提供更適合您的產品選擇，例如使用酪梨油製成的 Kettle Brand 薯片。

We're driving innovation and differentiation with new Goldfish LTOs, such as Harry Potter Butterbeer Grahams, and other differentiated flavors. We are also strategically expanding accessibility and enhanced value across our snacks portfolio by introducing new pack sizes and price points that provide consumers more choices for their favorite snacks, from Pepperidge Farm Chessman and Mini-Nantucket cookies in single-serve multipacks to Goldfish and small-size packs, offering an attractive opening price point. Overall, I'm excited about the opportunities within our Snacks portfolio.

我們正在透過新的 Goldfish LTO（例如哈利波特奶油啤酒全麥餅乾）和其他差異化口味來推動創新和差異化。我們還透過推出新的包裝尺寸和價格點，策略性地擴大了我們零食產品組合的可及性和提升的價值，為消費者提供了更多他們喜歡的零食選擇，從單份多包裝的 Pepperidge Farm Chessman 和 Mini-Nantucket 餅乾到 Goldfish 和小包裝，提供具有吸引力的起始價位。總的來說，我對我們的零食產品組合中的機會感到非常興奮。

Before I turn it over to Carrie, I want to highlight our core focus areas as we move into the second half of fiscal '25. We plan to continue to invest to support the long-term growth of our 16 leadership brands through highly relevant, compelling innovation and marketing to drive excitement awareness and volume.

在將其交給 Carrie 之前，我想強調我們在進入 25 財年下半年時的核心關注領域。我們計劃繼續投資，透過高度相關、引人注目的創新和行銷來支持我們 16 個領導品牌的長期成長，從而提高知名度和銷售量。

In our snacks division, we continue to stay focused on navigating consumer and competitive category dynamics. Specifically, in the second half, we are focused on select brand support, successful innovation launches and some price-pack architecture to stabilize our top line by the fourth quarter, while we sequentially improve our snacks margin.

在我們的零食部門，我們繼續專注於引導消費者和競爭類別的動態。具體來說，在下半年，我們專注於精選品牌支援、成功的創新發布和一些價格包架構，以在第四季度穩定我們的營收，同時我們持續提高零食利潤率。

In meals and beverages, we're focused on maintaining the at-home cooking momentum throughout our portfolio, which includes managing our broad business as we expect private label supply to continue to recover. Additionally, we are focused on sustaining Rao's growth by driving brand awareness and innovation, while we complete the integration.

在餐飲方面，我們專注於保持整個產品組合的家庭烹飪勢頭，其中包括管理我們的廣泛業務，因為我們預計自有品牌供應將繼續恢復。此外，在完成整合的同時，我們也將致力於透過提高品牌知名度和創新來維持 Rao 的成長。

Across the company, we are intensifying our efforts to improve efficiency and effectiveness to support top line growth and maintain a healthy margin profile. As mentioned, addressing margin performance in our Snacks division is a top priority.

在整個公司範圍內，我們正在加大努力，提高效率和效益，以支持營收成長並維持健康的利潤率。如上所述，解決零食部門的利潤表現是首要任務。

Finally, we remain steadfast in our disciplined capital allocation strategy, ensuring we balance growth investments with shareholder returns as we navigate the dynamic consumer environment.

最後，我們堅定不移地執行嚴謹的資本配置策略，確保在動態的消費環境中平衡成長投資與股東回報。

With that, let me turn it over to Carrie to go over the Q2 results and our updated guidance in more detail.

接下來，讓我將主題交給 Carrie，讓她更詳細地介紹第二季的業績和我們更新後的指引。

Thanks, Mick, and good morning, everyone. Our second quarter adjusted EPS was in line with our expectations despite the dynamic operating environment Mick discussed earlier. And while the anticipated recovery of snacks categories did not materialize to the extent we expected, and this translated into a softer top line with some added pressure on adjusted gross margin, our adjusted EBIT was in line with our expectations as well.

謝謝，米克，大家早安。儘管 Mick 之前提到營運環境充滿活力，但我們第二季的調整後每股盈餘仍然符合我們的預期。雖然零食類別的預期復甦並未達到我們預期的程度，這導致營收下降，並對調整後的毛利率造成一定壓力，但我們的調整後息稅前利潤也符合我們的預期。

Reported net sales increased 9%, driven by the strong sales contribution from Sovos. Organic net sales, excluding the impact of the Sovos acquisition, the Pop Secret divestiture and currency, decreased 2%.

受 Sovos 強勁銷售貢獻的推動，報告淨銷售額成長 9%。不包括 Sovos 收購、Pop Secret 資產剝離和貨幣的影響，有機淨銷售額下降了 2%。

Adjusted EBIT increased 2% due to the contribution from the acquisition, while adjusted EPS declined 8% to $0.74 due to higher interest expense from higher debt levels. The impact of the acquisition was slightly accretive to adjusted EPS in the quarter, which continued to exceed our expectations.

由於收購的貢獻，調整後的息稅前利潤增長了 2%，而由於債務水平較高導致的利息支出較高，調整後的每股收益下降 8% 至 0.74 美元。此次收購對本季調整後每股收益產生了小幅增值影響，繼續超出我們的預期。

Turning to slide 19. As mentioned earlier, organic net sales for the second quarter were down 2% due to planned net price investment of 2% in support of the holiday season, with flat volume and mix. Sovos has contributed 13 percentage points to reported net sales growth.

翻到第 19 張投影片。如前所述，第二季的有機淨銷售額下降了 2%，原因是為支持假期季節而計劃進行 2% 的淨價格投資，且銷量和產品組合持平。Sovos 為報告的淨銷售額成長貢獻了 13 個百分點。

On slide 20, second quarter adjusted gross profit margin declined 100 basis points, with margin in the base business down 60 basis points and a 40 basis point impact related to the acquisition. Base business margins were impacted by cost inflation and other supply chain costs and unfavorable net price relation, partially mitigated by productivity improvements and cost savings initiatives.

在投影片 20 上，第二季調整後的毛利率下降了 100 個基點，其中基礎業務的利潤率下降了 60 個基點，而收購產生了 40 個基點的影響。基礎業務利潤率受到成本上漲和其他供應鏈成本以及不利的淨價格關係的影響，但生產力提高和成本節約措施在一定程度上緩解了這一影響。

Through the second quarter, we delivered approximately $65 million of total savings under the $250 million cost savings program announced at our Investor Day in September 2024.

在第二季度，我們根據 2024 年 9 月投資者日宣布的 2.5 億美元成本節約計劃，總共節省了約 6,500 萬美元。

Turning to slide 21. The total combined dollar spent on adjusted marketing and selling expenses and admin expenses increased compared to the prior year, primarily reflecting the integration of Sovos. However, these combined expenses remained flat as a percentage of net sales to the prior year.

翻到第 21 張投影片。調整後的行銷和銷售費用以及管理費用的總支出與前一年相比有所增加，主要反映了 Sovos 的整合。然而，這些綜合支出佔淨銷售額的百分比與前一年相比持平。

Within adjusted marketing and selling expenses, advertising and consumer promotions increased 25%. Adjusted administrative expense decreased 2%, driven by the benefits from cost savings initiatives, partially offset by the impact of the acquisition.

在調整後的行銷和銷售費用中，廣告和消費者促銷費用增加了 25%。調整後的管理費用下降了 2%，主要得益於成本節約措施帶來的好處，但部分抵銷了收購的影響。

As shown on slide 22, second quarter adjusted EBIT increased 2%, primarily due to higher adjusted gross profit, partially offset by an increase in adjusted marketing and selling expenses. On slide 23, adjusted EPS decreased 8% to $0.74, as adjusted EBIT growth was more than offset by higher interest expense primarily related to the acquisition.

如投影片 22 所示，第二季調整後的息稅前利潤增加了 2%，這主要歸因於調整後的毛利增加，但部分被調整後的行銷和銷售費用的增加所抵消。在投影片 23 上，調整後的每股盈餘下降 8% 至 0.74 美元，因為調整後的息稅前利潤成長被主要與收購相關的更高利息支出所抵銷。

Turning to slide 24. Meals and beverages reported a 21% increase in net sales growth due to the contribution of acquisition. Organic net sales declined 1% compared to prior year. With a planned 2% investment in net realized price to support incremental promotional activity during the important holiday period, soup season and innovation launches, and favorable volume and mix of 1%.

翻到第 24 張投影片。由於收購的貢獻，餐飲業務的淨銷售額成長了 21%。有機淨銷售額較上年下降 1%。計劃對淨實現價格進行 2% 的投資，以支持重要節日期間、湯品季節和創新產品發布期間的增量促銷活動，以及 1% 的有利銷量和產品組合。

Second quarter operating earnings in the division increased 18%, primarily due to the benefits of the acquisition, partially offset by higher marketing and selling expenses in the base business. Q2 operating margin for meals and beverages decreased 60 basis points to 17.3%, driven primarily by the impact of the acquisition.

該部門第二季營業收入成長了 18%，主要得益於收購帶來的好處，但基礎業務的營銷和銷售費用增加部分抵消了這一增長。第二季餐飲飲料業務的營業利潤率下降 60 個基點至 17.3%，主要受收購的影響。

Excluding the acquisition, operating margin in the base business was essentially flat year over year, as increased marketing investment was largely offset by higher adjusted gross profit margin and lower adjusted administrative and R&D expenses.

除收購外，基礎業務的營業利潤率與去年同期基本持平，因為增加的營銷投資在很大程度上被更高的調整後毛利率和更低的調整後管理和研發費用所抵消。

Second quarter organic net sales in snacks decreased 3%, driven primarily by declines in third-party partner and contract brands, Goldfish crackers, and Snyder's of Hanover pretzels. Sales were impacted by lower net price realization of 1% and volume and mix declines of 2%. About half of the sales declines were the result of lower third-party partner and contract brand sales.

第二季零食有機淨銷售額下降 3%，主要原因是第三方合作夥伴和合約品牌、金魚餅乾和漢諾威斯奈德椒鹽脆餅的銷量下降。銷售受到淨價實現下降 1% 以及銷量和產品組合下降 2% 的影響。大約一半的銷售額下降是由於第三方合作夥伴和合約品牌銷售額下降造成的。

Snacks operating earnings in the quarter declined 29% due to higher marketing and selling investments and lower gross profit, as the impact of inflation and other supply chain costs, unfavorable volume and mix, and lower net price realization were only partially offset by supply chain productivity and benefits from cost savings initiatives.

由於行銷和銷售投入增加以及毛利潤下降，本季零食營業收入下降 29%，而通貨膨脹和其他供應鏈成本、不利的數量和組合以及較低的淨價實現的影響僅被供應鏈生產力和成本節約舉措帶來的好處部分抵消。

Q2 operating margin for snacks increased 370 basis points to 11.3%. Roughly half of the margin decline compared to the prior year was driven by planned increased promotional and marketing investments to support our brands during the critical holiday season. The other half resulted from increased supply chain cost, which Mick mentioned earlier, primarily in our fresh bakery network as well as unfavorable mix.

第二季零食業務營業利益率增加 370 個基點，達到 11.3%。與前一年相比，利潤率下降的大約一半是由於我們計劃在關鍵假期季節增加促銷和行銷投資以支持我們的品牌。另一半則是由於 Mick 先前提到的供應鏈成本增加，主要是因為我們的新鮮烘焙網絡以及不利的產品組合。

Although we continue to advance our cost savings and productivity initiatives, these were not sufficient to offset these headwinds. We do anticipate snacks margins to improve sequentially throughout Q3 and Q4 as compared to Q2.

儘管我們持續推動成本節約和生產力舉措，但這些還不足以抵銷這些不利因素。我們確實預計，與第二季相比，第三季和第四季的零食利潤率將連續提高。

Supply chain costs have already shown improvement since the beginning of the calendar year. Marketing spend as a percentage of sales is expected to decrease post the holiday period, and we will have easier net price comparisons and expect a more favorable mix, particularly in Q4. Additionally, we are focused on driving SG&A efficiencies to further support margin enhancement going forward.

自今年年初以來，供應鏈成本已經出現改善。預計假期過後，行銷支出佔銷售額的百分比將會下降，我們將更容易進行淨價格比較，並預期更有利的組合，特別是在第四季度。此外，我們專注於提高銷售、一般及行政開支效率，以進一步支持未來利潤率的提高。

Turning to slide 26. We generated $737 million in operating cash flow in the second quarter year to date, an 8% increase from the prior year period. Capital expenditures were $211 million year to date and reflect investments to support growth, asset sustainability and initiatives to drive productivity, cost savings, and enhanced business capabilities.

翻到第 26 張投影片。今年第二季迄今，我們產生了 7.37 億美元的營運現金流，比去年同期成長了 8%。今年迄今的資本支出為 2.11 億美元，反映了支持成長、資產可持續性以及提高生產力、節省成本和增強業務能力的舉措的投資。

We also remain committed to returning cash to our shareholders, with $227 million of dividends paid and $56 million in anti-dilutive share repurchases year to date.

我們也將繼續致力於向股東返還現金，今年迄今已支付 2.27 億美元的股息併回購了 5,600 萬美元的反稀釋性股票。

Our net debt to adjusted EBITDA leverage ratio at the end of the second quarter was 3.7 times, reflecting the financing of the Sovos acquisition, which is similar to our ratio at the end of the first quarter. We remain committed to investment-grade ratings and our goal is to return to our 3 times net leverage target in fiscal '27.

我們第二季末的淨負債與調整後 EBITDA 槓桿比率為 3.7 倍，反映了收購 Sovos 的融資，該比率與第一季末的比率相似。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倍的淨槓桿目標。

At the end of the second quarter, the company had approximately $829 million in cash and cash equivalents, and approximately $1.85 billion available under our revolving credit facility.

截至第二季末，該公司擁有約 8.29 億美元的現金和現金等價物，以及約 18.5 億美元的循環信貸額度。

Based on year-to-date performance and the slower-than-anticipated recovery in some snacking categories, we are updating our full year fiscal 2025 guidance. Our updated guidance also reflects the divestiture of noosa, which was completed on February 24. As Mick mentioned earlier, our guidance does not incorporate the impact that may result from tariffs or other regulatory matters.

根據今年迄今的表現以及一些零食類別的復甦速度低於預期，我們正在更新 2025 財年全年指引。我們更新後的指引也反映了 2 月 24 日完成的 Noosa 資產剝離。正如米克之前提到的，我們的指導並未考慮關稅或其他監管問題可能造成的影響。

We are now expecting full year reported net sales to increase approximately 6% to 8%, which includes a 1 point impact from the noosa divestiture. Full year organic net sales is expected in the range of down 2% to flat, excluding the 53rd week. The lower organic net sales expectation is a result of a more muted volume mix contribution in the second half following the weaker-than-anticipated recovery in snacking categories in the second quarter.

我們目前預計全年報告淨銷售額將成長約 6% 至 8%，其中包括努薩資產剝離帶來的 1 個百分點的影響。預計全年有機淨銷售額將在下降 2% 至持平之間（第 53 週除外）。有機淨銷售額預期下降是由於第二季零食類別的復甦弱於預期，導致下半年銷售組合貢獻減弱。

As a reminder, Sovos moves into organic growth in mid-Q3, and our base Meals & Beverages business will be cycling the broth net sales benefit in fiscal 2024, resulting from private label supply constraints. We expect adjusted EBIT growth of 3% to 5%, inclusive of the impact of the divestiture of noosa.

提醒一下，Sovos 將在第三季中期進入有機成長階段，而由於自有品牌供應限制，我們的基礎餐飲業務將在 2024 財年循環肉湯淨銷售額收益。我們預計調整後的息稅前利潤成長率將達到 3% 至 5%，其中包括剝離 Noosa 業務的影響。

While the slower recovery in snacking categories has translated into lower top line for the full year, we are driving a digital momentum in our enterprise cost savings initiatives to help mitigate some of this pressure on earnings and margin.

雖然零食類別的復甦放緩導致全年營收下降，但我們正在推動企業成本節約計畫的數位化勢頭，以幫助減輕部分收益和利潤壓力。

As a result of our strong year-to-date performance, we are increasing our cost savings expectations for the full year from $90 million to $120 million. This includes savings from the integration of Sovos and several pre-discussed network optimization projects across both divisions. Combined, our cost savings program and our planned 3% productivity initiatives are expected to more than offset inflation, which we anticipate to remain in the low single-digit range.

由於我們今年迄今的強勁表現，我們將全年成本節約預期從 9,000 萬美元上調至 1.2 億美元。這包括整合 Sovos 以及兩個部門之間幾個預先討論過的網路優化項目所節省的資金。綜合起來，我們的成本節約計劃和計劃的 3% 生產力舉措預計將超過抵消通貨膨脹的影響，我們預計通貨膨脹將保持在低個位數範圍內。

Additionally, we expect adjusted marketing and selling expense for the full year and second half to be at the lower end of our targeted range of 9% to 10% of net sales. Adjusted earnings per share is now expected to be in a range of $2.95 to $3.05, inclusive of the $0.01 dilutive impact of the divestiture of noosa.

此外，我們預計全年和下半年調整後的行銷和銷售費用將處於我們目標範圍的低端，即淨銷售額的 9% 至 10%。調整後每股收益目前預計在 2.95 美元至 3.05 美元之間，其中包括剝離 Noosa 帶來的 0.01 美元稀釋影響。

Full year net interest expense is expected to be between $325 million to $330 million, reflecting the benefit of the after-tax proceeds from the noosa divestiture, which will be used to reduce debt. At the midpoint of our guidance range, we expect second half organic net sales growth to sequentially improve from Q2, turning positive in the fourth quarter. And we would expect second half adjusted EPS to be more equal distributed, excluding the 53rd week.

預計全年淨利息支出將在 3.25 億至 3.3 億美元之間，反映了努沙資產剝離的稅後收益，該收益將用於減少債務。在我們的指導範圍的中點，我們預計下半年有機淨銷售額成長將較第二季度連續改善，並在第四季度轉為正值。我們預計下半年調整後的每股盈餘（第 53 週除外）分佈將更加均勻。

Finally, capital expenditures are expected to be approximately 4.7% of net sales, a slight change to reflect cash timing.

最後，預計資本支出約佔淨銷售額的 4.7%，這一小幅變化反映了現金時機。

To wrap up, we believe in the strength of our portfolio and our ability to continue to execute our strategic priorities. Looking ahead, we are focused on the elements within our control. We are committed to a balanced, disciplined approach to protect and expand our market-leading positions across both divisions, while maintaining operational excellence and delivering continued cost savings.

總而言之，我們相信我們的投資組合實力以及我們繼續執行策略重點的能力。展望未來，我們將專注於我們能夠控制的因素。我們致力於採取平衡、嚴謹的方法來保護和擴大我們在兩個部門的市場領先地位，同時保持卓越的營運並持續節省成本。

We have a flexible balance sheet, strong cash flow generation, and financial discipline. We have proven our resiliency navigate challenging environments, and I'm confident in our team's ability to deliver our second half plans, while exiting our road map for long-term sustainable value creation.

我們擁有靈活的資產負債表、強勁的現金流量產生能力和財務紀律。我們已經證明了我們有能力應對充滿挑戰的環境，我相信我們的團隊有能力實現我們的下半年計劃，同時退出我們的長期永續價值創造路線圖。

Before turning it over to the operator, I'll close by thanking the entire Campbell's team for their hard work and contributions, particularly as we maneuver through this dynamic environment.

在將其轉交給操作員之前，我想先感謝整個 Campbell 團隊的辛勤工作和貢獻，特別是在我們應對這一動態環境的過程中。

That concludes our prepared remarks. And with that, operator, let's begin the Q&A.

我們的準備好的演講到此結束。接線員，讓我們開始問答環節。

(Operator Instructions) Andrew Lazar, Barclays.

（操作員指示）巴克萊銀行的安德魯·拉扎爾。

Mick, as we think about the fiscal second half, I guess I'm trying to get a better sense of sort of what actions are specifically driving the lower profit outlook, really with an eye towards understanding if the revised guidance is sort of giving the company enough room to get snacks back on track in the context of a slower sort of category rebound and more competitive environment?

米克，當我們考慮財政下半年時，我想我試圖更好地了解哪些行動具體導致了較低的利潤前景，真正著眼於了解修訂後的指引是否為公司提供了足夠的空間，使零食業務在類別反彈較慢和競爭更激烈的環境下重回正軌？

And maybe as a second piece to this, last quarter, Campbell expected net price to be less than 100 basis point headwind to organic sales. And I'm just wondering if that's changed with the new guidance.

或許作為第二點，上個季度，金寶湯預計淨價格對有機銷售的影響將低於 100 個基點。我只是想知道這種情況是否會隨著新指南的出台而改變。

Great. So let me take the first part and then, Carrie, if you can follow up on the second piece. And maybe what I'll do, Andrew, let me step back for a minute and give you a little bit of context about the revised guidance and the different piece, which I think addresses what you're getting at.

偉大的。那麼，讓我先講第一部分，然後，Carrie，你能不能繼續講第二部分。安德魯，也許我會做的是，讓我退一步來看看，給你提供一些關於修訂後的指南和不同部分的背景信息，我認為這解決了你要問的問題。

If you look at the Q1 call, we said that it's going to be important to see how the second quarter and the holiday season come together, and that's going to be a good indicator for us for the outlook for the second half of the year.

如果你看一下第一季的電話會議，我們說過，專注於第二季和假期如何結合在一起非常重要，這將是我們預測下半年前景的一個好指標。

Of course, first of all, when I look at meals and beverages, and across the board, the business is performing in line with our original expectations. And if anything, I'm actually encouraged by some of the momentum that we have there in the business.

當然，首先，當我看餐飲和整體業務時，業務表現符合我們最初的預期。如果有什麼不同的話，那就是我實際上對我們在業務上取得的一些進展感到鼓舞。

Now with regard to our snacks business, obviously a believer in our business. However, unfortunately, the broader snacking categories didn't improve as we had originally anticipated. And particularly, that pertains to key categories, such as cookies and crackers. They were softer. So as a result, we revised our outlook for the full year to reflect that broader operating environment.

現在談到我們的零食業務，顯然我們對我們的業務充滿信心。然而不幸的是，更廣泛的零食類別並沒有像我們最初預期的那樣得到改善。具體來說，這涉及餅乾和薄脆餅乾等關鍵類別。它們更柔軟。因此，我們修改了全年預期，以反映更廣泛的營運環境。

Now that being said, at the same time, while we're making progress on cost savings productivity initiatives, you did see that our snacks margin for the quarter was lower than what we had anticipated. And although I believe we're going to continue to make sequential progress on the snacks margin, I don't think we'll achieve the margin level that we previously communicated for the year, which gets a little bit back to your question.

話雖如此，但與此同時，雖然我們在成本節約生產力計劃方面取得了進展，但您確實看到本季度的零食利潤率低於我們的預期。儘管我相信我們會在零食利潤率上繼續取得連續進展，但我不認為我們能達到我們之前公佈的今年的利潤率水平，這又回到了你的問題。

So if you then look at our midpoint of our EPS guidance range, excluding noosa, we're down about $0.16 which, with the reduction in interest expense, results in an EBIT reduction of about $80 million. I'll call $60 million of that is driven by the snacks top line reduction of, give or take, $200 million, and that translates in -- if you take a 30% gross margin and about $60 million of EBIT.

因此，如果您查看我們的 EPS 指導範圍的中點（不包括努薩），我們會下降約 0.16 美元，加上利息支出的減少，導致息稅前利潤減少約 8000 萬美元。我認為其中的 6,000 萬美元是由於零食營業額減少，大約 2 億美元，也就是說——如果毛利率為 30%，息稅前利潤約為 6,000 萬美元。

At the midpoint, we are assuming that the top line growth within our overall business is going to sequentially improve from Q2 and then turn positive in the fourth quarter.

從中間點來看，我們假設整體業務的營收成長將從第二季開始逐步改善，並在第四季轉為正值。

Now the other $20 million of the $80 million of EBIT reduction is the net effect of a reduction in our snacks margin outlook for the full year and incremental cost savings initiatives. And regarding our snacks margin, although we're still expecting to make sequential progress, I now expect that margins will be more in that 13.5% range for the full year.

現在，8,000 萬美元的息稅前利潤減少中另外 2,000 萬美元是我們全年零食利潤前景下降和增量成本節約舉措的淨效應。關於我們的零食利潤率，儘管我們仍預計會取得連續進展，但我現在預計全年利潤率將在 13.5% 左右。

So stepping back and you look at the range of our EPS at the mid-level, I described that we would have that sequential recovery on the organic sales. And if you look at the high end of the range, I basically expect that snacks goods more quickly recover on the lower end of the range, expecting basically that we have no top line recovery on our snacks business throughout the remainder of the year, while we continue to focus on cost-saving initiatives to support our brands.

所以退一步來看我們的每股盈餘處於中等水平，我曾描述過，我們的有機銷售額將實現連續復甦。如果你看一下範圍的高端，我基本上預計零食產品會在範圍的低端更快地恢復，基本上預計在今年剩餘時間內我們的零食業務的營收不會出現復甦，同時我們將繼續專注於節約成本的舉措來支持我們的品牌。

So in that midrange if you look at particularly our snacks business, we expect that stabilization on top line by the fourth quarter.

因此，如果您特別關注我們的零食業務，我們預計第四季度的營收將穩定下來。

And then regarding your question on price, I'd say, certainly in Q1, we had about 100 basis points of net price investment. In Q2, we talked about stepping that up to about 200 basis points. And so as I think the second half, we're going to start to lap some of that increased promotion investment from the prior year, so we would expect promotions to be less of a headwind in the second half, but still a headwind.

關於價格的問題，我想說，在第一季度，我們的淨價格投資肯定是 100 個基點左右。在第二季度，我們討論過將這一比例提高到約 200 個基點。所以我認為，在下半年，我們將開始收回一些去年增加的促銷投資，因此，我們預計下半年促銷的阻力會減小，但仍然是阻力。

And I think our guidance, that Mick just walked through sufficiently, provides a room for the right amount of promotion investments to support the second half and our recovery. And look, when and where, we'll maintain competitive pricing gaps and support our innovation launches, and our guidance certainly would support that.

我認為，米克剛剛充分闡述的我們的指導方針為適量的促銷投資提供了空間，以支持下半年和我們的復甦。而且，無論何時何地，我們都會保持有競爭力的價格差距並支持我們的創新發布，我們的指導肯定會支持這一點。

Jim Salera, Stephens.

吉姆·薩萊拉、史蒂芬斯。

Mick, I actually wanted to follow up on some of your commentary there. So could you maybe walk us through what you're assuming for the consumer recovery in the back half of the year? And if I think about the mix of where potential outperformance, underperformance could come from in snacks, would it be that the category improves and you guys kind of improve alongside the category? Or there's opportunity with some of the innovation that you have and maybe some of the promotional activity you have to gain share even if the category remains softer?

米克，我實際上想跟進你的一些評論。那麼您能否向我們介紹一下您對今年下半年消費復甦的預期呢？如果我考慮一下零食領域中潛在的優異表現和不佳表現的組合，那麼這個類別是否會得到改善，而你們也會隨著這個類別一起改善呢？或者，即使產品類別仍然比較疲軟，您仍有機會透過一些創新和一些促銷活動來獲得市場份額？

Maybe as like a second piece to that, on slide 7, Goldfish was one of the brands, I believe, did not grow or hold share, and you spoke to some of that in the prepared remarks. But just thinking about some of the innovation there, and I know you guys had some flavor extensions on Crisps and you mentioned Harry Potter LTOs, just how should we think that particularly contributing to either share gains or holding or losing share in the context of the broader category of recovery?

也許就像幻燈片 7 上的第二部分一樣，Goldfish 是我認為沒有成長或保持份額的品牌之一，您在準備好的演講中談到了其中的一些內容。但是，只要想想那裡的一些創新，我知道你們對薯片進行了一些風味擴展，並且提到了哈利波特 LTO，我們應該如何看待它在更廣泛的複蘇背景下對份額增長、保持或損失的特別貢獻？

Yeah, yeah. Okay. Great. Thank you for the question. It's a good question, and let me try to take it in different pieces.

是啊是啊。好的。偉大的。感謝您的提問。這是個好問題，讓我試著從不同角度來解釋。

So first of all, with regard to our snacks business. As I mentioned, we are expecting, from a top line perspective, that Q3 will continue to be an environment, which I expect to look relatively similar to what we are seeing in Q2. Then if you go into Q4, we're assuming the stabilization from a top line perspective.

首先，關於我們的零食業務。正如我所提到的，從營收角度來看，我們預計第三季的環境將繼續與我們在第二季看到的環境相對相似。然後，如果進入第四季度，我們會從營收角度假設其穩定性。

Now if I take the overall second half and with what -- we are, on the one end, we're obviously focused on what the categories are doing. But on the other hand, we're obviously also very focused on what we are doing, which comes back a little bit to what you're describing with a brand or a core brand for us like Goldfish.

現在，如果我看整個下半部分，一方面，我們顯然關注的是各個類別的表現。但另一方面，我們顯然也非常專注於我們正在做的事情，這有點回到你所描述的品牌或我們的核心品牌，例如金魚 (Goldfish)。

And this does go across a broader portfolio, right? We have eight amazing leadership brands within our snacks portfolio, and we need to make sure that we work on every single one of them within these different categories.

這確實涉及更廣泛的投資組合，對嗎？我們的零食產品組合中有八個令人驚嘆的領導品牌，我們需要確保在不同的類別中對每個品牌都進行努力。

That being said, there are certain ones like, as you pointed out, in Goldfish, where we are particularly focused in making sure that we're making progress. Goldfish -- and you see it in some of the Scanner data and you also heard me talk about it in the context here, is not where we currently want it to be. We're focused on bringing growth back to Goldfish. Goldfish is highly relevant. And I think the team has great plans in place for the broader portfolio of snacking brands, but then also Goldfish specifically.

話雖如此，但正如您所指出的，在 Goldfish 中，我們特別注重確保取得進展。金魚——您可以在一些掃描器數據中看到它，並且您也聽過我在這裡談論它，但它並不是我們目前想要的樣子。我們致力於讓 Goldfish 恢復成長。金魚高度相關。我認為團隊已經為更廣泛的零食品牌組合製定了宏偉計劃，特別是針對 Goldfish 品牌。

And when I look at Goldfish, it's really coming back to, on the one hand, making sure that we have the proper support in place that the team is currently working through, whether it's, on the one hand, in and around the promotional support in the marketplace.

當我看著 Goldfish 時，它實際上回歸到了一方面，確保我們擁有團隊目前正在努力的適當支持，無論是一方面，還是在市場內部或周圍的促銷支持。

Carrie talked a little bit about that, the team is working through that. And then on the flip side, of course, making sure that we get the Goldfish message out there, which really designates with the consumer. And as a result, that support is going to be very important.

凱莉談了一點這個問題，團隊正在努力解決這個問題。另一方面，當然，我們要確保金魚的訊息能夠傳達出去，這對消費者來說是真正有意義的。因此，這種支持非常重要。

Now at the same time, the team has, as you described, some great innovation that is currently coming into the marketplace, and we're putting a lot of time and energy behind it to make sure if we are executing it to its fullest extent.

同時，正如您所描述的，團隊現在正在向市場推出一些偉大的創新，我們投入了大量的時間和精力，以確保我們能最大限度地執行這些創新。

Now then finally, when I think about value, which is an important component in the current consumer environment, and we obviously see it across our broader Campbell's portfolio, but right now maybe even a little bit more pronounced in -- on the snacking side because of its discretionary nature, we need to make sure that we have the right price points in the marketplace for the right occasion, for the right purchase occasion. That then also comes back to price-pack architecture.

最後，當我考慮價值時，這是當前消費環境中的一個重要組成部分，我們顯然在更廣泛的金寶湯產品組合中看到了它，但現在可能在零食方面更為明顯，因為它具有可自由支配的性質，我們需要確保在市場上為正確的場合、正確的購買場合提供正確的價格點。這又回到了價格包架構的問題。

And that's one of the other areas that you see within our broader snacking portfolio, but it also then comes to fruition within Goldfish, and making sure that we have this proper entry point into Goldfish as a brand or the cracker category.

這是我們更廣泛的零食產品組合中看到的另一個領域，但它也在 Goldfish 中實現，並確保我們擁有進入 Goldfish 作為品牌或餅乾類別的正確切入點。

Ken Goldman, J.P. Morgan.

摩根大通的肯‧戈德曼。

On snacking, just in light of some of the top line challenges as well as your comment that the margin will be down this year. How confident are you that you can still achieve your target of 17% in fiscal '27? And maybe more importantly, how confident are you that 17%, regardless of the timeline, is still a reasonable goal as we look ahead into future years?

關於零食，考慮到一些營收挑戰以及您所說的今年利潤率將下降。您對於27財年仍能達成17%的目標有多少信心？也許更重要的是，無論時間表如何，您是否相信，展望未來幾年，17% 仍然是一個合理的目標？

When I look at the snacks margin and particularly where we're currently at, of course -- so maybe just, first of all, stating what might seem obvious, is the Q2 level is not where we could be, will be, and now going to be going forward. And I think we laid that out pretty in a lot of detail in the prepared remarks.

當我看到零食利潤率，特別是我們目前的狀況時，當然——所以也許首先，要說明的是，顯而易見的是，第二季度的水平還沒有達到我們應有的水平，也沒有達到我們將要達到的水平，而且現在還沒有達到。我認為我們在準備好的發言中已經非常詳細地闡述了這一點。

But when I look forward and with where we're at, focused on that sequential improvement going into the second half, various reasons to believe -- I know the team is all over that. Of course, we're working through some of these operational challenges, but at the same time, the team is also identifying continued savings.

但當我展望未來，看看我們現在的處境，專注於下半場的連續進步，有各種理由相信——我知道全隊都為此而努力。當然，我們正在努力解決其中一些營運挑戰，但同時，團隊也在尋找持續節約的方法。

Obviously, ending the year at a lower level than we had originally where we wanted to be. That being said, as I step back and I look at the different building blocks that we had identified in the past and we stay focused on, whether it is our broader network that we've been working on, including the DSD, as well as some of the mix improvements, I still believe that these different building blocks are there in order to improve our overall snacks margin, while we also continue to support our brands. So that's not a key reason for us that we're continuing to stay very focused on it.

顯然，今年年底我們的業績水準低於我們最初想要達到的水準。話雖如此，當我退一步並審視我們過去確定的不同構建模組時，我們會集中精力，無論是我們一直致力於的更廣泛的網絡，包括 DSD，還是一些組合改進，我仍然相信，這些不同的構建模組是為了提高我們整體零食的利潤率，同時我們也繼續支持我們的品牌。所以這不是我們繼續關注它的主要原因。

So putting all these different pieces together, I'm still confident that we're going to see a positive trajectory towards that 17%. I think to your point in and around timing, I do agree that with where we're currently at, it feels a little bit like you're pushing that a little bit back.

所以把所有這些不同的部分放在一起，我仍然相信我們將看到朝著 17% 的積極軌跡。我認為，對於你提到的時間問題，我確實同意，就我們目前所處的情況而言，感覺你有點把它推遲了。

And I think we're going to learn a lot about the overall environment that we're operating in from a snacks perspective in the next six months, and that is going to be really important. And it's going to inform us also going into fiscal '26 to make sure that we support our brands portfolio for long-term value creation.

我認為，在接下來的六個月裡，我們將從零食的角度了解很多有關我們運營的整體環境的信息，這將非常重要。這也將告訴我們進入26財年時要確保我們支持我們的品牌組合創造長期價值。

Just to pick up on what Mick said in terms of -- if you go back to some of our comments around Investor Day, we did outline a lot of those drivers and margin, and to Mick's point, those building blocks are still there. A key one is around favorable mix that should lead to margin expansion around growth in the leadership brands.

只是想回顧一下米克所說的內容——如果你回顧我們在投資者日的一些評論，我們確實概述了許多驅動因素和利潤率，正如米克所說，這些基礎要素仍然存在。關鍵之一是有利的產品組合，這將導致領導品牌成長帶來的利潤率擴大。

And with a lower scale brand, so your partner contract brands will be coming down over the next few years relative to the growth in leadership brands, that will be a mixed driver along with what Mick talked about in terms of network optimization and our DSD optimization.

對於規模較低的品牌，未來幾年您的合作夥伴合約品牌相對於領導品牌的成長將會下降，這將是一個混合驅動因素，與 Mick 談到的網路優化和我們的 DSD 優化一樣。

As it relates to both the warehousing logistics piece, but also as we talked about the route optimization pieces that we talked about last year. So all of those things are there. Obviously, we've got some short-term pressure that -- top line pressure that's putting that pressure on the margin right now, but all of those levers are still there.

因為它既與倉儲物流部分有關，也與我們去年討論的路線優化部分有關。所以所有這些東西都在那裡。顯然，我們面臨一些短期壓力——營收壓力正在給利潤率帶來壓力，但所有這些槓桿仍然存在。

Can I ask a very quick follow-up? And thank you for that. Rao's, you kept your guidance. The data has been decelerating in both one and two-year basis or on those bases. How comfortable are you with the rate of change in consumption? I mean, obviously, you seem to be pretty comfortable given that you reiterated.

我可以快速問一個後續問題嗎？對此我表示感謝。拉奧，您繼續給予指導。無論是以一年期還是兩年期計算，數據一直在減速。您對消費變化率有何感想？我的意思是，顯然，鑑於你重申這一點，你似乎對此感到很舒服。

But how should investors think about what we're seeing from some of the syndicated and alternative data out there for that brand?

但是投資者應該如何看待我們從該品牌的一些聯合數據和替代數據中看到的情況呢？

Yeah. Ken, thank you for having the question because we are obviously also very focused on making sure that we continue to grow Rao's. Also because I'm a very big believer in the brand, and you do see it in the broader results. However, to your point, a little bit of that deceleration looks like between in Q2 versus Q1.

是的。Ken，感謝您提出這個問題，因為我們顯然也非常注重確保 Rao's 的繼續發展。也因為我非常相信這個品牌，而且你確實從更廣泛的結果中看到了這一點。不過，正如您所說，第二季與第一季相比，出現了一點減速。

Now when you peel that onion a little bit further back, what you're going to find is that there's actually certain particular club activity that shifted between the two quarters. And as a result, going into the second half, we feel pretty good where all the different pieces come together in order to expect that that's slightly above, call it, 10% is what we are working towards to for the full year.

現在，當你進一步深入研究時，你會發現實際上某些特定的俱樂部活動在兩個區域之間轉移。因此，進入下半年，我們感覺非常好，各個部分都齊心協力，預計全年增長率將略高於 10%。

Peter Galbo, Bank of America.

美國銀行的彼得‧加爾博 (Peter Galbo)。

I wanted to sort of go back on the EPS cadence for the back half of the year. I believe, Carrie, in your remarks, you mentioned that EPS delivery would be relatively even between 3Q and 4Q if we kind of ignore the 53rd week.

我想回顧一下今年下半年的每股盈餘節奏。我相信，Carrie，在您的評論中，您提到如果我們忽略第 53 週，那麼第三季和第四季之間的每股盈餘交付將相對均勻。

And I just -- like very quickly going back to the history, that's just never been the case. 4Q has always been a much lower EPS delivery quarter relative to 3Q, maybe outside of one year over the past 20. But historically, it's been much, much lower seasonally.

我只是——很快回顧一下歷史，事實從來就不是這樣。在過去 20 年中，第四季的 EPS 交付季度一直遠低於第三季。但從歷史上看，季節性因素導致的漲幅要低得多。

So just what gives you the confidence in delivering kind of on that even delivery in the back half of the year, given seasonality, given what we've seen historically, I think that's going to be just a big question from investors as they kind of contemplate the updated guidance?

那麼，考慮到季節性，考慮到歷史經驗，是什麼讓您有信心在下半年實現這樣的業績？我認為這將成為投資者在考慮更新後的指引時提出的一個大問題？

Yeah. I think as you think about the third quarter, a couple of things to think in mind is that, as Mick talked about, snacks top line, we wouldn't expect to see that stabilization until the fourth quarter. So you're still going to see some pressure there in the third quarter on the snacking margin as we move through the year. So I think my comment on that equal split, excluding the 53rd week is reflecting the fact that you'll still have some pressure there on the snacking side in the P&L.

是的。我認為，當您考慮第三季時，需要考慮的幾件事是，正如米克談到的，零食營收預計要到第四季度才能穩定下來。因此，隨著時間的推移，您仍然會看到第三季零食利潤面臨一些壓力。因此，我認為我對第 53 週之外的均等分割的評論反映了這樣一個事實，即在損益表中的零食方面你仍然會面臨一些壓力。

And you also have, I think, the fact that in the fourth quarter, I think you're right, Peter, in terms of acknowledging that, that maybe not be the seasonal trend, but you've also got the benefit of lapping some higher promotional investment from last year that will help, obviously, the top line, but it will also help the bottom line as well. So it's those two pieces that, I would say, are a big piece of how we think about the phasing for the third and the fourth quarter.

而且我認為，在第四季度，我認為你是對的，彼得，就承認這一點而言，這也許不是季節性趨勢，但你也從去年的一些更高的促銷投資中獲益，這顯然將有助於提高營業收入，但也將有助於提高利潤。所以我想說，這兩個部分是我們如何考慮第三季和第四季分階段實施的重要部分。

Got it. That's helpful. And Mick, just if I could, I think your tone has -- or the company's tone has changed a bit in your prepared remarks as it relates to broth. It seemed like there was maybe a better delivery in the quarter, maybe even than you expected, and potentially that there's been a slight change in how you're viewing the back half as you think about private label coming back online. Not that that's not contemplated, but that at least maybe things are holding up a touch better.

知道了。這很有幫助。米克，如果可以的話，我認為你的語氣——或者說公司的語氣在你準備好的關於肉湯的發言中發生了一些變化。看起來本季的交付情況可能會更好，甚至可能超出您的預期，而且當您想到自有品牌重新上線時，您對下半年的看法可能會略有變化。並不是說沒有考慮到這一點，而是至少情況可能會有所改善。

So just wanted to understand, anticipating the broth headwinds, kind of whether your expectations have changed at all in the back half from maybe more negative to maybe slightly less negative versus your initial expectations.

所以只是想了解，預測湯的逆風，你的預期在下半年是否有所改變，從可能更加負面到可能比你最初的預期稍微不那麼負面。

Yeah, good observation. And you're right. If I look back at about, call it, even last quarter around the overall broth trajectory, I think it's probably twofold. I think on the one hand, I think the category is holding up really well.

是的，觀察得很好。你說得對。如果我回顧一下，甚至可以說上個季度的整體趨勢，我認為它可能有兩個面向。我認為一方面，我認為該類別表現得非常好。

And it comes back to what I described in my prepared remarks as well in and around meals and beverages. We're definitely seeing that trend of continued cooking at home supporting a variety of the categories and a variety of the brands within our meals and beverages portfolio, and broth, with both Swanson as well as Pacific, being one of those.

這又回到了我在準備好的發言中所描述的有關餐飲和飲料的問題。我們確實看到了這種繼續在家做飯的趨勢，這支持了我們餐飲產品組合中各種類別和各種品牌，而肉湯，包括 Swanson 和 Pacific，就是其中之一。

And so category is doing well. We've got two great brands that continue to do well in the marketplace. And at the same time, private label is recovering, however, a little bit slower than anticipated. Now if I look at the back end, specifically to your question, yes, I still expect that to be a little bit of a headwind. However, a little bit less than what was previously anticipated.

所以類別表現良好。我們擁有兩個在市場上持續表現良好的優秀品牌。同時，自有品牌也在復甦，不過速度比預期慢一些。現在，如果我看一下後端，特別是針對你的問題，是的，我仍然預計這會有點逆風。不過，比之前的預期少一點。

If either the category performs better than what we expect or private labels recovering slower, we will obviously try to do whatever we can with our supply chain who's done -- they've done a phenomenal job in order to make sure that we can provide supply. We will continue to work with our customers to make sure that our product is on the shelf.

如果該類別的表現好於我們的預期，或者自有品牌的恢復速度較慢，我們顯然會盡我們所能與我們的供應鏈合作——他們已經做了出色的工作，以確保我們能夠提供供應。我們將繼續與客戶合作，確保我們的產品能正常上架。

Yeah. And I mentioned that in my prepared remarks that a reminder that Sovos moves into our organic growth mid-Q3, but we will still have the broth year-over-year headwinds as we lap that benefit that we had last year in the second half. But to Mick's point, lower than what we initially expected. And again, another shout-out to our supply chain team that is really over-delivering as it relates to our -- satisfying that broth demand.

是的。我在準備好的發言中提到，提醒大家 Sovos 將在第三季中期進入有機成長階段，但當我們在彌補去年下半年的收益時，我們仍將面臨同比逆風。但正如米克所說，這低於我們最初的預期。再次向我們的供應鏈團隊致謝，他們在滿足肉湯需求方面確實超額完成了任務。

Robert Moskow, TD Cowen.

羅伯特·莫斯科（Robert Moskow），TD Cowen。

You mentioned on the call that competitive intensity in crackers is heightened now. And for the past three quarters or so, I think we've been dealing with competitive intensity being higher in salty snacks. So Mick, do you view both of these as similar phenomenon?

您在電話中提到，現在餅乾產業的競爭強度加劇了。在過去三個季度左右的時間裡，我認為我們一直在應對鹹味零食領域的更激烈競爭。那麼 Mick，您認為這兩種現像是相似的嗎？

I can see it in the data, there's been price investments in crackers. Do you need to make similar investments for Goldfish to keep up with that? And should we be thinking about kind of a bit of reset for the Goldfish margin as well?

我可以從數據中看到，對餅乾的投資價格有所上漲。您是否需要對 Goldfish 進行類似的投資才能跟上這一步伐？我們是否也應該考慮對金魚邊緣進行一些重置？

So first of all, of course, with regard to salty, you're right, it is a competitive category. We have experienced that for a couple of quarters. That being said, we have a couple of highly differentiated brands that are leaning a little bit more towards the better-for-you proposition in that particular category, and it's something that we are going to continue to build upon specifically with regards to some of the innovation, and I mentioned that also in my prepared remarks.

因此首先，當然，關於鹹味，你是對的，這是一個競爭激烈的類別。我們已經經歷了幾個季度的這種情況。話雖如此，我們有幾個高度差異化的品牌，它們在特定類別中更傾向於「對您更有利」的主張，這是我們將繼續在某些創新方面特別加以構建的，我在準備好的發言中也提到了這一點。

The categories that, call it, like subcategory within salty as a result that we are participating in is a category that has a little bit of tailwind. So I feel pretty good about it. Now that being said, back to what I said earlier around price-pack architecture and making sure that we have proper attractive value proposition, that's probably the second thing that we think a lot about to making sure that we, as a result, provide our product at the proper price points, including an entry price point for the consumer in salty.

我們所參與的類別，可以稱之為鹹味子類別，是一個有點順風的類別。所以我對此感覺很好。現在說回來，回到我之前所說的關於價格包架構和確保我們有適當的吸引力價值主張，這可能是我們考慮的第二件事，以確保我們以適當的價格點提供我們的產品，包括鹹味消費者的入門價格點。

So salty, long story short, differentiated brands in combination with attractive innovation that plays right into some of those consumer needs. And then we need to make sure that we focus on the price pack architecture aspects to provide that value to the consumer.

長話短說，差異化的品牌與有吸引力的創新結合，正好滿足了部分消費者的需求。然後，我們需要確保專注於價格包架構方面，以便為消費者提供價值。

If I then go to crackers, I think crackers is a little bit of a different dynamic. So first of all, we have actually 2 brands within crackers. We have obviously Lance. Lance is doing well. And I think it is a brand that's obviously a little bit in the background, but it provides an attractive entry price point. It is great value for the consumer. And on top of it, it provides that affordable protein proposition that consumers are looking for.

如果我接著吃餅乾，我認為餅乾的動態會有些不同。首先，我們的餅乾其實有兩個品牌。我們顯然有蘭斯。蘭斯表現很好。我認為這個品牌顯然有點不為人知，但它提供了一個具有吸引力的入門價格。這對消費者來說非常有價值。最重要的是，它提供了消費者所尋求的經濟實惠的蛋白質。

So when I look at Lance, and we put consumption there, share has been relatively flat. I know the teams are working hard to continue to get more out there in and around Lance. And from a Goldfish perspective, to your point, around what are we doing on that? As I mentioned earlier, that is a key focus area for us. Because it is a core brand for us, it's really important to make sure that we get Goldfish back to growth.

因此，當我查看蘭斯並將消費放在那裡時，份額一直相對穩定。我知道各支球隊正在努力工作，以在蘭斯及其周邊地區取得更多成績。從金魚的角度來看，就您的觀點而言，我們在這方面做了哪些工作？正如我之前提到的，這是我們關注的重點領域。因為它是我們的核心品牌，所以確保 Goldfish 恢復成長真的很重要。

And I don't look at it as a -- or let's put it this way, I look at it much more like we need to really continue to reiterate our overall Goldfish proposition, which is very attractive. Goldfish is a brand that is generally well-positioned, has grown with its core consumer.

我並不認為這是——或者讓我們這樣說，我更認為我們需要真正繼續重申我們的整體金魚主張，這是非常有吸引力的。Goldfish 是一個定位良好、伴隨核心消費者一起成長的品牌。

Yes, we are starting to lapse some of that Crisps launch from last year, which obviously did really well. That's something that we're going to manage through. But the core Goldfish proposition is an attractive proposition that we need to continue to reiterate.

是的，我們開始放棄去年推出的一些Crisps，顯然它們賣得非常好。這是我們要解決的事情。但金魚的核心主張是一個很吸引人的主張，我們需要繼續重申。

Now at the same time, back to your point around competitive intensity, we do need to make sure that we have the proper level of promotional activity, and that's what the team is currently working through. And that also comes back to having a proper entry price point, which is a reference to the price-pack architecture that I had earlier. So a lot of, call it, like moving pieces there. But I know the team is all over it. And obviously, Goldfish is a core brand for us to make sure that we're successful there.

現在，同時回到你關於競爭強度的觀點，我們確實需要確保我們有適當程度的促銷活動，這就是團隊目前正在努力解決的問題。這又回到了擁有一個合適的入門價格點，這是對我之前的價格包架構的參考。所以很多東西，稱之為，就像那裡的移動碎片。但我知道整個團隊都為此而努力。顯然，Goldfish 是我們確保在那裡取得成功的核心品牌。

Okay. Can I ask a quick follow-up? Have you started doing any math on what the tariff environment might mean for your steel can costs? I know it was an issue several years ago, and these tariffs even more substantial than that, so would it pass through in terms of like price surcharges from your suppliers?

好的。我可以快速問一下後續問題嗎？您是否已經開始計算關稅環境對您的鋼罐成本可能造成的影響？我知道這是幾年前的一個問題，而且這些關稅甚至比這還要高，那麼它會以供應商的價格附加費的形式轉嫁出去嗎？

Yeah, maybe Rob, yeah, of course, maybe I'll actually talk a little bit more broadly about tariffs, because it sounds like you dealt with some of this with Campbell's in the past. But kind of if you look at this particular situation, it's obviously evolving.

是的，也許羅布，是的，當然，也許我實際上會更廣泛地談論關稅問題，因為聽起來你過去曾與金寶湯處理過一些這方面的問題。但如果你看一下這個特定情況，它顯然正在改變。

It's multifaceted. It's, on the one hand, we have the country tariffs, with both Canada and Mexico specifically for us, and then also some of the proposed steel and aluminum tariffs. And then there might even be additional tariffs that we're obviously closely monitoring the situation and making sure we develop plans if they were to come to fruition.

它是多方面的。一方面，我們對加拿大和墨西哥等國家徵收關稅，此外也對一些國家提出了鋼鐵和鋁關稅。然後甚至可能會有額外的關稅，我們顯然會密切監視局勢並確保我們制定計劃以應對這些關稅的實施。

Now with regard to the mention of the fluid situation, as you might have heard yesterday, the Commerce Secretary actually hinted yesterday, is that some of the country tariffs might actually be adjusted today. So again, we'll see what it all means. We don't know all the specifics yet. But if it gets implemented as is currently announced, we are importing from Canada both tinplate steel, which is used in our cans, as well as canola oil used for our chips.

現在關於提到的不穩定局勢，正如大家昨天可能聽到的，商務部長實際上昨天暗示，一些國家的關稅實際上可能會在今天進行調整。因此，我們再一次看看這一切意味著什麼。我們尚不清楚全部細節。但如果按照目前宣布的方案實施，我們將從加拿大進口用於製造罐頭的馬口鐵鋼，以及用於製造薯片的菜籽油。

On the flip side, with some of the reference to the retaliatory tariffs, those mainly relate to Canadian exports. So we are producing our soup in the United States and we're importing it into Canada. And that would obviously have an impact on that business.

另一方面，一些關於報復性關稅的提及主要與加拿大出口有關。因此，我們在美國生產湯，然後將其進口到加拿大。這顯然會對該業務產生影響。

Now from a mitigation perspective, we're closely working with our suppliers to mitigate potential impact. At the same time, depending on how long these tariffs would be in place, as well as the extent of the tariff, we might need to take other actions. And that could include, for instance, pricing for some of our products. Now that being said, I'm obviously going to be very focused to make sure that we provide a good value to our consumers.

現在從緩解的角度來看，我們正在與供應商密切合作，以減輕潛在的影響。同時，根據這些關稅的持續時間以及關稅的幅度，我們可能需要採取其他行動。例如，這可能包括我們某些產品的定價。話雖如此，我顯然會非常集中精力確保我們為消費者提供良好的價值。

We are out of time for questions today. This will conclude today's conference call. Thank you for your participation. You may now disconnect.

今天我們已經沒有時間回答問題了。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。