金寶湯 (CPB) 2025 Q3 法說會逐字稿

Good morning, and welcome to the Campbell's Company third quarter fiscal 2025 earnings conference call. Today's conference is being recorded. (Operator Instructions)

早安，歡迎參加金寶湯公司 2025 財年第三季財報電話會議。今天的會議正在錄製中。（操作員指示）

I would now like to turn the call over to Rebecca Gardi, chief investor relations officer at Campbell's. Please go ahead.

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 Gardi)。請繼續。

Good morning, and welcome to Campbell's third quarter fiscal 2025 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，歡迎參加坎貝爾 2025 財年第三季財報電話會議。我是 Rebecca Gardy，坎貝爾首席投資者關係長。今天與我一起出席的還有執行長 Mick Beekhuizen 和財務長 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 presentation, a transcript of management’s prepared remarks, 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。本次演講、管理層準備好的發言稿以及今天的收益新聞稿已發佈於我們網站 thecampbellscompany.com 的「投資者關係」版塊。問答環節結束後，網路直播的重播將在同一網站提供，電話會議的文字記錄也將在 24 小時內提供。

Slide 2 outlines today's agenda. Mick will provide insights into our third quarter performance as well as our in-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三季的業績以及各部門的市場業績。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。隨後，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。

On our call today, we will make forward-looking statements which reflect our current expectations. These statements rely on assumptions and estimates, which could be inaccurate and are subject to risk. Please refer to slide 3 of our presentation or our SEC filings for a list of factors that could cause our actual results to vary materially from those anticipated in the forward-looking statements. Because we use non-GAAP measures, we have provided a reconciliation of each of these measures to the most directly comparable GAAP measure in the appendix of our presentation.

在今天的電話會議上，我們將做出反映我們目前預期的前瞻性陳述。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，其中列出了可能導致我們的實際結果與前瞻性陳述中預期的結果有重大差異的因素。由於我們使用非 GAAP 指標，因此我們在簡報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。

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

現在，我很高興將權力移交給執行長 Mick Beekhuizen。米克？

Thanks, Rebecca, and good morning, everyone.Our third quarter earnings performance exceeded expectations, driven by solid contributions from our Meals & Beverages business due to strong in-market performance and a benefit from favorable shipment timing, which we expect to normalize in the fourth quarter. The performance of our Snacks business was mixed this quarter, reflecting continued category softness and an increasingly competitive environment. That said, we have an attractive snacking portfolio with a clear right to win, and we have been refining our plans to improve our in-market performance.

謝謝，麗貝卡，大家早安。我們的第三季獲利表現超出預期，這得益於餐飲業務的穩健貢獻，這得益於強勁的市場表現和有利的出貨時機，我們預計第四季將恢復正常。本季我們的零食業務表現好壞參半，反映出該類別持續疲軟且競爭環境日益激烈。話雖如此，我們擁有極具吸引力的零食產品組合，並且有明顯的獲勝機會，而且我們一直在完善計劃以提高我們的市場表現。

In the current dynamic macro environment, consumers are making thoughtful spending decisions, which is materializing in our categories. Consumers continue to cook at home and focus their spending on products that help them stretch their food budgets, and they’re increasingly intentional about their discretionary snack purchases. These behaviors supported growth in our Meals & Beverages categories and increased headwinds in our Snacking categories. Collectively, our 16 Leadership brands' in-market performance was in-line with overall category consumption, with Meals & Beverages consumption ahead of categories, and Snacks behind driven by heightened competitive pressures.

在當前動態的宏觀環境下，消費者正在做出深思熟慮的消費決策，這正在我們的產品類別中實現。消費者繼續在家做飯，並將支出重點放在有助於他們節省食品預算的產品上，並且他們越來越有意識地購買可自由支配的零食。這些行為支持了我們的餐飲類別的成長，並增加了我們的零食類別的阻力。總體而言，我們的 16 個領導品牌的市場表現與整體類別消費一致，其中餐飲消費領先於其他類別，而零食消費則落後，原因是競爭壓力加劇。

Given our performance year-to-date, we are reaffirming our full-year fiscal 2025 guidance ranges. That said, we now expect adjusted earnings to be at the low end of the guidance range due to the slower than anticipated recovery in the Snacks business. Consistent with what we said during our last earnings call and given the fluid operating environment, this guidance excludes any impact from the imposition of import tariffs by the US government and potential retaliatory actions taken by other countries, as the trade environment remains uncertain. We have separately estimated the fiscal ‘25 tariff impact, which Carrie will talk through in a few moments.

鑑於我們今年迄今的表現，我們重申 2025 財年全年指導範圍。話雖如此，由於零食業務的復甦速度低於預期，我們現在預計調整後的收益將處於指導範圍的低端。與我們在上次收益電話會議上所說的一致，鑑於不穩定的經營環境，該指引不包括美國政府徵收進口關稅以及其他國家可能採取的報復行動的影響，因為貿易環境仍然不確定。我們已經單獨估算了 25 財年關稅的影響，Carrie 稍後將對此進行討論。

We remain focused on near-term in-market execution and mitigating tariff impact, while investing in our brands, leveraging our scale for growth, elevating senior leaders to key roles and advancing critical capabilities for long-term value creation.

我們仍然專注於短期市場執行和減輕關稅影響，同時投資我們的品牌，利用我們的規模實現成長，提升高階領導擔任關鍵職務，並提升關鍵能力以創造長期價值。

Now, let’s turn to key highlights from our third quarter results on slide 6.

現在，讓我們來看看幻燈片 6 上第三季業績的重點。

Organic net sales growth of 1% was driven by volume growth, marking five consecutive quarters of flat or positive volume across the enterprise. Organic net sales growth was ahead of in-market consumption driven by timing of shipments, which we expect to normalize in Q4. The organic net sales growth was led by our Meals & Beverages division which more than outweighed the ongoing pressure in our Snacks business. It is important to note that the Sovos acquisition moved into organic net sales in the middle of the third quarter.

有機淨銷售額成長 1%，這得益於銷量的成長，標誌著整個企業的銷量連續五個季度持平或為正。受發貨時間推動，有機淨銷售額成長超過了市場消費，我們預計第四季度市場消費將恢復正常。有機淨銷售額的成長主要由餐飲部門帶動，遠遠超過了零食業務持續面臨的壓力。值得注意的是，Sovos 的收購在第三季中期轉入有機淨銷售額。

We delivered 4% net sales growth reflecting the before-mentioned organic net sales growth and contribution from Rao’s during the first half of the third quarter. Adjusted EBIT increased 2% versus prior year, which resulted in a slight margin decrease as lower net pricing realization was only partially offset by spending reductions. Adjusted EPS was down 3% with a net positive EPS contribution from the Sovos acquisition in the quarter.

我們實現了 4% 的淨銷售額成長，這反映了前面提到的有機淨銷售額成長以及第三季上半段 Rao 的貢獻。調整後的息稅前利潤較上年增長 2%，導致利潤率略有下降，因為較低的淨定價實現僅被支出減少部分抵消。調整後每股收益下降 3%，本季 Sovos 收購帶來了淨正每股收益貢獻。

Turning to slide 7, the in-market contribution of our 16 leadership brands, representing approximately 90% of total net sales, remained stable in the third quarter, with more than half holding or gaining share. As we mentioned last quarter, we started to see consumer sentiment softening in January. This continued throughout Q3 with consumers making more deliberate choices with their spending on food. A key outcome is a growing preference for home-cooked meals, leading to the highest levels of meals prepared at home since early 2020. Additionally, consumers are favoring ingredients that help stretch tighter food budgets.

轉到投影片 7，我們 16 個領導品牌的市場貢獻（約佔總淨銷售額的 90%）在第三季保持穩定，其中超過一半的品牌持有或獲得了份額。正如我們上個季度提到的，我們從一月開始看到消費者信心走軟。這種現像在整個第三季度持續存在，消費者在食品支出方面做出了更謹慎的選擇。一個關鍵的結果是，人們越來越喜歡在家做飯，導致自 2020 年初以來在家做飯的比例達到最高。此外，消費者也青睞那些有助於節省緊張食品預算的食材。

Both provided a tailwind for our Meals & Beverages business, especially for our condensed cooking soups, broth and Italian sauces. As a result, our Meals & Beverages leadership brands continued to outpace category consumption and grew dollar share by 0.4 points. Six of our eight Meals & Beverages leadership brands grew or held share in the third quarter. In total, Meals & Beverages leadership brand consumption increased by 2% in the quarter. Conversely, the consumer environment was a continued headwind in the quarter for some of our more discretionary categories in Snacks such as crackers and chips. However, while value is important, consumers favor better-for-you segments and are willing to selectively “splurge” when the benefits are clearly “worth it” as evident by the momentum of some of our recent innovation launches.

兩者都為我們的餐飲業務帶來了助力，尤其是濃縮烹飪湯、肉湯和義大利醬汁。因此，我們的餐飲領導品牌繼續超越品類消費，美元份額增加了 0.4 個百分點。我們的八個餐飲領導品牌中有六個在第三季度實現了成長或保持了市場份額。整體而言，本季餐飲領導品牌消費量成長了 2%。相反，對於我們零食中一些較為自由支配的類別（如餅乾和薯片）而言，本季的消費環境持續面臨阻力。然而，雖然價值很重要，但消費者更喜歡對自己更有利的產品，並且當好處明顯“值得”時，他們願意有選擇地“揮霍”，正如我們最近推出的一些創新產品的勢頭所證明的那樣。

In Snacks, three of our eight leadership brands grew or held share. Pepperidge Farm bakery and cookies brands held share, partially driven by our successful innovation. Snack Factory, with a presence in both the deli and snack aisles now, grew share by almost half a point, and our Lance sandwich crackers maintained momentum with a second consecutive quarter of share growth. Given the category trends and aggregate share headwinds, our overall Snacks leadership brand consumption declined by 3% in the quarter.

在零食領域，我們的八個領導品牌中有三個實現了成長或保持了市場份額。Pepperidge Farm 烘焙和餅乾品牌佔據了市場份額，部分原因是我們成功的創新。Snack Factory 目前已在熟食店和小吃店均有銷售，市場份額增長了近半個百分點，而我們的 Lance 夾心餅乾則保持了連續第二個季度市場份額增長的勢頭。鑑於類別趨勢和整體份額阻力，我們零食領導品牌的整體消費量在本季下降了 3%。

We remain confident in the strength and long-term growth potential of our Snacks brands and the plans we have to stabilize share while navigating the dynamic operating environment.

我們對我們的零食品牌的實力和長期成長潛力以及我們在動態營運環境中穩定市場份額的計劃仍然充滿信心。

Let’s take a closer look at each division, beginning with Meals & Beverages on slide 8. Organic net sales increased 6% for the quarter, led by volume and mix growth of 7%. Specifically, organic net sales increased year-over-year due to consumption growth of 2% and timing of customer shipments in our base business at the end of the quarter as well as Rao’s, in connection with the implementation of our existing SAP enterprise-resource planning system for Sovos Brands.

讓我們仔細看看每個部門，從第 8 張投影片上的餐飲部門開始。本季有機淨銷售額成長 6%，其中銷量和產品組合成長 7%。具體而言，由於消費量增長 2% 以及本季末我們基礎業務和 Rao 的業務的客戶發貨時間，有機淨銷售額同比增長，這與我們為 Sovos Brands 實施現有的 SAP 企業資源規劃系統有關。

Turning to slide 9. Our soup portfolio continued its strong performance in Q3, benefiting from the increased at-home cooking trend I mentioned earlier. Campbell’s total wet soup grew dollar-share by 0.4 points and saw the sixth consecutive quarter of volume-share growth driven by household gains, particularly among younger cohorts as they increasingly cook at home. The broth category has grown since 2020 and more recently further accelerated—fueled by the uptick in cooking behavior, making our broth business a continued bright spot within the portfolio.

翻到第 9 張投影片。受益於我之前提到的家庭烹飪趨勢的增長，我們的湯品組合在第三季度繼續保持強勁表現。金寶湯整體濕湯的美元份額增長了 0.4 個百分點，銷售份額連續第六個季度增長，這得益於家庭消費的增長，尤其是年輕一代在家做飯的增加。自 2020 年以來，肉湯類別一直在成長，最近由於烹飪行為的增加而進一步加速，使我們的肉湯業務成為產品組合中的持續亮點。

In Q3, we significantly outpaced category consumption and grew dollar-share by nearly 3 points in the quarter. Swanson saw strong consumption and volume growth and has now gained or held millennial households for seven consecutive quarters. Our strong performance in the broth category is further emphasized by Pacific’s continued double-digit consumption growth. The pace of the private label recovery has been slower than we originally anticipated, though we expect it to continue to recover. Our supply chain team has done an outstanding job of meeting customer demand in the face of private label supply constraints, and we are confident in our ability to continue to do so.

在第三季度，我們的消費量顯著超過同類產品，美元份額在本季度增長了近 3 個百分點。斯旺森 (Swanson) 的消費量和銷售增長強勁，目前已連續七個季度獲得或維持千禧世代家庭的青睞。太平洋持續的兩位數消費成長進一步證明了我們在肉湯類別中的強勁表現。自有品牌復甦的速度比我們最初預期的要慢，但我們預計它將繼續復甦。在自有品牌供應受限的情況下，我們的供應鏈團隊在滿足客戶需求方面做得非常出色，我們有信心繼續這樣做。

Our Ready-to-Serve in-market consumption declines were driven by increased competitive promotional intensity and our discontinuation of our Well Yes! brand. Our Chunky, Pacific, Rao’s and Homestyle brands all gained share in the quarter. Finally, our condensed portfolio continued its strong performance during the quarter, with a sixth consecutive quarter of dollar share growth, and increases in both dollar and volume consumption. Our brands outperformed the segment and grew share, partially driven by the successful Mac and Cheese activation.

我們的即食產品市場消費量下降是由於競爭促銷力度加大以及我們停止銷售 Well Yes！品牌。我們的 Chunky、Pacific、Rao’s 和 Homestyle 品牌在本季的市佔率均有所成長。最後，我們的濃縮投資組合在本季持續保持強勁表現，連續第六個季度實現美元份額增長，美元和消費量均有所增加。我們的品牌表現優於同類品牌，市佔率也成長，部分原因是 Mac and Cheese 的成功推廣。

In the current economic environment, we are constantly looking to provide consumers with exciting new options that let them use our products in more versatile ways to cook meals at home. A great example of that is our Mac and Cheese marketing activation. In the third quarter, we introduced a new, easy and delicious way to make this household classic. This activation helped drive the 11th consecutive quarter of condensed cooking soup share growth and added approximately one million households to Campbell’s condensed cooking portfolio—the highest household penetration gains for condensed in any quarter over the past four years. More than half of these new buyers were Millennials, displaying the brand’s growing popularity with this generation. This is a great example of our purpose at work, connecting people through food they love, and demonstrates the growth we can unlock by continuing to highlight the versatility of our condensed soups in making delicious, affordable and stretchable meals.

在當前的經濟環境下，我們不斷尋求為消費者提供令人興奮的新選擇，讓他們能夠以更多方式使用我們的產品在家中烹飪。我們的 Mac and Cheese 行銷活動就是一個很好的例子。在第三季度，我們介紹了一種製作這道家常經典菜餚的全新、簡單又美味的方法。這項活動推動了濃縮烹飪湯份額連續第 11 個季度的成長，並為金寶湯的濃縮烹飪湯產品組合增加了約一百萬個家庭——這是過去四年中任何季度濃縮烹飪湯家庭滲透率增幅最高的一次。這些新買家中超過一半是千禧世代，顯示出該品牌在這一代中日益增長的受歡迎程度。這是我們工作目標的一個很好的例子，即透過人們喜愛的食物將他們聯繫在一起，並展示了我們通過繼續強調濃縮湯在製作美味、實惠和可擴展的飯菜方面的多功能性而可以釋放的增長。

Year-over-year, the Italian sauce category grew roughly 2 points in Q3 and was relatively stable to Q2. Prego trailed dollar consumption for Q3 largely due to a shift in the timing of promotional activity. However, on a Q3 year-to-date basis, Prego consumption was more in line with the Italian sauce category and well ahead on share when excluding the ultra-distinctive segment. Rao’s dollar consumption growth in Q3 was in line with the overall category but underperformed our initial expectations. The main drivers of the lower-than-expected Rao’s sauce growth in Q3 can be attributed to a couple of points of headwind from certain prior year promotional events we decided not to repeat this quarter because they were below our premium price guardrails, combined with slightly increased consumer spending sensitivity and increased competitive promotional activity.

與去年同期相比，義大利醬料類別在第三季成長了約 2 個百分點，與第二季相比相對穩定。Prego 第三季的美元消費量落後，主要是因為促銷活動時間的改變。然而，從今年第三季至今的數據來看，Prego 的消費量與義大利醬料類別更加一致，並且在排除超級特色部分後，其份額遠遠領先。拉奧第三季的美元消費成長與整體水準一致，但低於我們最初的預期。第三季 Rao 醬料成長低於預期的主要原因可以歸因於某些去年促銷活動的阻力，我們決定本季度不再重複這些活動，因為它們低於我們的溢價護欄，再加上消費者支出敏感度略有增加以及競爭性促銷活動的增加。

That said, the Rao’s brand remains strong, and we still have significant opportunities to increase distribution, household penetration and awareness of Rao’s when comparing it to Prego. While we have made considerable progress growing the brand since acquiring it last year, there is still a significant opportunity ahead. We have a history of category growth and leadership and believe that the distinctive, premium nature of Rao’s sauces will allow us to continue that success. Rao’s sauce is reaching a point of maturity on core distribution, so we are investing in other levers to sustain growth, including marketing focused on highlighting the Italian origin of Rao’s ingredients, continued innovation and sharpened sales execution.

儘管如此，Rao’s 品牌依然強勁，與 Prego 相比，我們仍有很大機會增加分銷、家庭滲透率和 Rao’s 的知名度。雖然自去年收購該品牌以來，我們在發展品牌方面取得了長足的進步，但未來仍存在著巨大的機會。我們擁有品類成長和領導的歷史，並相信 Rao 醬料的獨特、優質特性將使我們延續這一成功。Rao 醬汁在核心分銷方面已達到成熟點，因此我們正在投資其他手段來維持成長，包括專注於突出 Rao 原料的意大利原產地的營銷、持續創新和加強銷售執行。

Now let’s turn to our Snacks business on slide 13. In the third quarter, the pressure on Snacking categories increased sequentially, which combined with heightened competitive activity resulted in year-over-year 3% lower in-market consumption. Organic net sales declined by 5% driven by lower volume and mix. The bulk of the 2-point variance to consumption was driven by partner, contract brands as we continue to reshape our portfolio to focus more on our differentiated leadership brands.

現在讓我們來看看第 13 張投影片上的零食業務。第三季度，零食品類的壓力較上季增加，加上競爭加劇，導致市場消費量較去年同期下降3%。由於銷售量和產品組合下降，有機淨銷售額下降了 5%。隨著我們繼續重塑我們的產品組合，將更多精力放在差異化的領導品牌上，消費量 2 點的差異大部分是由合作夥伴和合約品牌推動的。

Turning to slide 14. You can see how our Snacks portfolio performed relative to each respective snacking category, and key brand specific action plans to navigate the current landscape. In bakery and cookies, we outperformed category consumption through sustained momentum in Pepperidge Farm fresh bakery and cookies resulting in stable in-market consumption. Coming off a successful winter holiday, we elevated innovation and unlocked growth by giving consumers the indulgences they are looking for.

翻到第 14 張投影片。您可以看到我們的零食組合相對於各個零食類別的表現，以及針對當前情況的關鍵品牌特定行動計劃。在烘焙和餅乾領域，我們憑藉 Pepperidge Farm 新鮮烘焙和餅乾的持續成長勢頭，在品類消費中表現出色，從而實現了穩定的市場消費。在成功的冬季假期之後，我們透過為消費者提供他們所尋求的享受來提升創新並釋放成長。

In pretzels, consumption grew in the quarter in the salty aisle, although at lower levels than the broader category. We are meeting consumer needs through two distinct brands: Snyder’s of Hanover for pretzel traditionalists and Snack Factory which re-imagines pretzels. On Snyder’s of Hanover, we continue to proactively manage our assortment to higher performing items, and invest in expanding convenient, portion-controlled packs, but this was not enough to offset the category competitive pressures. With Snack Factory, we are pleased with the results of its expansion into the salty snack aisle, including the successful launch of Pop’Ums and Bites, which have garnered strong repeat purchases. We expect this momentum to fuel consumption for our pretzels portfolio.

就椒鹽脆餅而言，本季鹹味食品區的消費量有所增長，儘管增幅低於其他類別。我們透過兩個不同的品牌來滿足消費者的需求：針對椒鹽捲餅傳統主義者的漢諾威斯奈德 (Snyder's of Hanover) 和重新構想椒鹽捲餅的 Snack Factory。在漢諾威的斯奈德，我們繼續積極管理我們的產品組合，以增加產品的性能，並投資擴大方便的、分量控制的包裝，但這不足以抵消品類競爭壓力。我們對 Snack Factory 在鹹味零食領域的擴張成果感到非常滿意，其中包括成功推出 Pop'Ums 和 Bites，並獲得了大量重複購買。我們預計這一勢頭將推動我們的椒鹽脆餅產品組合的消費。

In crackers, reduced overall consumer sentiment has put pressure on the category. The outsized consumption decline for our business was partially driven by lapping the significantly supported Goldfish Crisps launch in the prior year, which peaked in Q3. While there were bright spots within Goldfish, especially related to the Harry Potter Butterbeer limited time offering, we have more work to do to reinvigorate this brand and get it back on its historical growth trajectory. We plan to focus on core relevancy through marketing support, strategic promotional activity and the critical Back-to-School season.

對於餅乾而言，整體消費者信心的下降給該類別帶來了壓力。我們業務的消費量大幅下降，部分原因是去年大力支持的金魚薯片的推出，在第三季達到頂峰。雖然 Goldfish 品牌也有一些亮點，尤其是與哈利波特奶油啤酒限時供應相關的亮點，但我們仍需做更多工作來重振品牌並使其重返歷史成長軌跡。我們計劃透過行銷支援、策略促銷活動和關鍵的返校季節來關注核心相關性。

Finally, our chips portfolio is well-positioned but continues to face strong competitive pressures. We have seen positive consumer and customer response to our product innovation and have increased household penetration through some of our better-for-you offerings such as Kettle Brand Avocado Oil and Air Fried options. And while in-market consumption fell short of our expectations compared to the narrower kettle cooked chips segment, it was in line with the broader chip category. We have specific plans to drive incremental volume growth through optimized distribution, promotion, and continued limited edition innovation ahead of the all-important summer chip season.

最後，我們的晶片產品組合定位良好，但仍面臨強大的競爭壓力。我們看到消費者和客戶對我們的產品創新做出了積極的反應，並透過一些對您更有益的產品（如 Kettle Brand 酪梨油和空氣炸食品）提高了家庭滲透率。雖然與範圍更窄的鍋煮薯片市場相比，市場消費量低於我們的預期，但與範圍更廣的薯片類別相符。我們制定了具體計劃，透過優化分銷、促銷和持續的限量版創新來推動銷量成長，以迎接至關重要的夏季晶片季。

Moving to slide 15. We are pleased to share the latest results in our efforts to re-ignite Pepperidge Farm, one of our billion-dollar brands. In Q3, our Pepperidge Farm Bakery business delivered the highest volume and dollar share growth in nine quarters driven by the Farmhouse Brioche platform. This platform now includes delicious items in Sandwich Bread, Buns & Rolls, and Swirl breakfast bread. Growth in our Pepperidge Farm Cookies business is coming from Milano cookies, which had the strongest household penetration gains in nine quarters in Q3 driven by the Milano White Chocolate platform launch. This has helped fuel the core Milano brand, attract a younger demographic, maintain its trajectory coming out of the winter holiday and resulted in strong dollar and volume growth.

移至投影片 15。我們很高興與大家分享我們為重振價值數十億美元的品牌之一 Pepperidge Farm 所做的努力的最新成果。在第三季度，我們的 Pepperidge Farm Bakery 業務在 Farmhouse Brioche 平台的推動下實現了九個季度以來最高的銷售和美元份額增長。該平台現在包括三明治麵包、小圓麵包和麵包卷以及漩渦早餐麵包等美味食品。我們的 Pepperidge Farm Cookies 業務的成長來自 Milano cookies，在 Milano 白巧克力平台推出的推動下，Milano cookies 在第三季度實現了九個季度以來最強勁的家庭滲透率成長。這有助於推動米蘭品牌的核心發展，吸引更年輕的消費群體，保持其在冬季假期後的發展軌跡，並帶來強勁的銷售額和銷售成長。

Other Milano innovation included the on-trend Limited Edition Caramel Café au Lait and the return of the popular London Fog variety. We are excited about the recent results and additional upcoming opportunities to innovate and provide consumers with the touch of premium indulgence that they seek from our bakery and cookies portfolio.

米蘭的其他創新包括流行的限量版焦糖咖啡歐蕾和廣受歡迎的倫敦霧品種的回歸。我們對最近的業績和即將到來的更多創新機會感到非常興奮，並為消費者提供他們在我們的烘焙和餅乾產品組合中尋求的優質享受。

Before I turn it over to Carrie, I wanted to thank the entire Campbell’s team for their focus on delivering solid Q3 results in such a dynamic operating environment. Our Meals & Beverages division had strong in-market performance fueled by growing consumer demand for home cooking. Our Snacks results were mixed as consumers are being more intentional with discretionary dollars and the categories are increasingly competitive. We recognize that we need to continue to sharpen our execution to win in the marketplace and drive future growth.

在將時間交給 Carrie 之前，我想感謝整個 Campbell 團隊，感謝他們專注於在如此動態的營運環境中實現穩健的第三季業績。受消費者對家庭烹飪日益增長的需求推動，我們的餐飲部門在市場中表現強勁。我們的零食業績好壞參半，因為消費者在可自由支配的金錢方面更有意識，而且各類別的競爭也越來越激烈。我們認識到，我們需要繼續提高執行力，才能在市場上取勝並推動未來的成長。

As we look to the fourth quarter, we will continue to navigate the current environment and stay focused on near-term in-market execution while we actively work to mitigate as much of the potential direct impact of tariffs as possible. These dynamics are also pushing us to focus on what matters most to our customers and consumers and invest in the capabilities that will position us for long-term growth. We’re building a stronger foundation for the future by improving our efficiency and effectiveness across the organization to facilitate growth.

展望第四季度，我們將繼續掌握當前環境，專注於短期市場執行，同時積極努力盡可能減輕關稅的潛在直接影響。這些動態也促使我們專注於對我們的客戶和消費者最重要的事情，並投資於能夠讓我們實現長期成長的能力。我們正在透過提高整個組織的效率和效力來促進成長，為未來奠定更堅實的基礎。

With the creation of the growth office, supporting both divisions, we’re taking advantage of our scale while we elevate the focus on growth across the organization. The growth office will elevate capabilities within consumer insights, brand activation, innovation and revenue growth management. Additionally, we have hired a Chief Digital and Technology Officer to accelerate digital tools and capabilities, to improve our efficiency and effectiveness. Finally, we remain focused on identifying incremental productivity and cost savings opportunities to create more fuel to invest in our brands. All told, our focus remains firmly on disciplined short-term execution, as we lay the groundwork for consistent, sustainable growth.

隨著支持兩個部門的成長辦公室的成立，我們正在利用我們的規模優勢，同時提高整個組織對成長的關注。成長辦公室將提升消費者洞察、品牌活化、創新和收入成長管理的能力。此外，我們還聘請了一位首席數位和技術長來加速數位工具和能力，以提高我們的效率和效力。最後，我們將繼續致力於尋找提高生產力和節省成本的機會，以創造更多的動力來投資我們的品牌。總而言之，我們仍然堅定地專注於有紀律的短期執行，為持續、可持續的成長奠定基礎。

Let me turn it over to Carrie to go over the Q3 results in more detail.

讓我把主題交給 Carrie，讓她更詳細地介紹一下第三季的表現。

Thanks Mick, and good morning, everyone. As Mick said earlier, our third quarter performance exceeded our expectations. The overperformance in the quarter was primarily attributable to our Meals & Beverages division, which benefited from timing of customer inventory orders. Reported net sales increased 4%, driven by the sales contribution from Sovos Brands. Organic net sales, excluding the impact of currency, the Pop Secret and noosa divestitures, and approximately half a quarter of Sovos, increased 1% as over-delivery in Meals and Beverages more than offset continued pressures in our Snacks business. As a reminder, Sovos moved into organic growth mid quarter as we lapped the anniversary date of the acquisition on March 12, 2024.

謝謝 Mick，大家早安。正如米克之前所說，我們第三季的業績超出了我們的預期。本季度的出色表現主要歸功於我們的餐飲部門，該部門受益於客戶庫存訂單的及時性。報告淨銷售額成長 4%，這得益於 Sovos Brands 的銷售貢獻。有機淨銷售額（不包括貨幣影響、Pop Secret 和 noosa 資產剝離以及約四分之一的 Sovos）增長了 1%，因為餐飲業務的超額交付足以抵消零食業務的持續壓力。提醒一下，隨著 2024 年 3 月 12 日收購週年紀念日的到來，Sovos 在本季度中期進入了有機成長階段。

Adjusted EBIT increased 2% primarily due to the contribution from the acquisition, offsetting lower base business performance. Adjusted EBIT margin was down 30 basis points, with limited impact from tariffs. Adjusted EPS exceeded our expectations, at $0.73, down 3% from the prior year. The impact of the acquisition was accretive to adjusted EPS in the quarter.

調整後的息稅前利潤成長 2%，主要由於收購帶來的貢獻，抵消了較低的基礎業務表現。調整後的息稅前利潤率下降了 30 個基點，關稅的影響有限。調整後的每股盈餘超出我們的預期，為 0.73 美元，較上年下降 3%。此次收購對本季調整後的每股收益產生了增值作用。

Turning to slide 19. As mentioned earlier, organic net sales for the third quarter were up 1% due to favorable volume and mix, partially offset by planned lower net price realization. The favorable volume and mix component was attributable to both Sovos as well as over-delivery within our base Meals and Beverages’ business, which I’ll discuss more in a moment. Reported net sales in the quarter of 4% reflected a 4-point net contribution from acquisitions and divestitures, which included 6pts from the Sovos acquisition and negative 2 points from the Pop Secret and noosa divestitures.

翻到第 19 張投影片。如前所述，由於銷量和產品組合有利，第三季有機淨銷售額增長了 1%，但部分被計劃中的較低淨價格實現所抵消。良好的銷售和產品組合部分歸功於 Sovos 以及我們基礎餐飲業務的超額交付，稍後我將對此進行詳細討論。本季度報告的淨銷售額為 4%，反映了收購和資產剝離帶來的 4 個百分點的淨貢獻，其中包括收購 Sovos 帶來的 6 個百分點以及 Pop Secret 和 noosa 資產剝離帶來的負 2 個百分點。

On slide 20, third quarter adjusted gross profit margin declined 110 basis points, with margin in the base business down 100 basis points and a negative 10-basis point impact related to the acquisition. Base business margins were impacted by approximately 80 basis points of net price investment and 20 basis points of other cost headwinds as inflation and other supply chain costs were largely mitigated by productivity improvements, cost savings and favorable volume and mix. As mentioned earlier, the direct tariff impact to the business was not material in the quarter.

在投影片 20 上，第三季調整後的毛利率下降了 110 個基點，其中基礎業務的利潤率下降了 100 個基點，而收購產生了 10 個基點的負面影響。由於通貨膨脹和其他供應鏈成本在很大程度上因生產力提高、成本節約和有利的產量和產品組合而得到緩解，基本業務利潤率受到約 80 個基點的淨價格投資和 20 個基點的其他成本不利因素的影響。如前所述，本季關稅對業務的直接影響並不大。

As of the end of the third quarter, we delivered approximately $110 million of total savings under the $250 million cost savings program announced at our Investor Day in September 2024, of which approximately 30% were realized in costs of products sold.Slide 21: Other operating items as % of Net Sales improved vs. PY

截至第三季末，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，共節省約 1.1 億美元，其中約 30% 體現在銷售產品成本中。投影片 21：其他經營項目佔淨銷售額的百分比較上年有所提高

Turning to slide 21. The total combined dollar spend on adjusted marketing and selling expenses and admin expenses increased slightly compared to the prior year, primarily reflecting the integration of Sovos. However, these combined expenses improved as a percentage of net sales compared to the prior year. Within adjusted marketing and selling expenses, advertising and consumer promotion expense increased 3 percent, primarily reflecting the acquisition of Sovos. Adjusted administrative expenses decreased 4%, mainly driven by the benefits from cost savings initiatives. These savings include the benefits of the integration of Sovos, which continues to exceed expectations. As of the beginning of the fourth quarter, we have now transitioned the Sovos business into our Campbell’s ERP system, which will unlock additional back-office savings in IT, finance and order management into fiscal ‘26.

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略有增加，主要反映了 Sovos 的整合。然而，與前一年相比，這些綜合支出佔淨銷售額的百分比有所改善。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 3%，主要反映了對 Sovos 的收購。調整後的管理費用下降了 4%，主要得益於成本節約措施帶來的好處。這些節省包括整合 Sovos 帶來的好處，而 Sovos 的整合效果持續超出預期。自第四季度初起，我們已將 Sovos 業務轉移至 Campbell 的 ERP 系統，這將在 26 財年帶來 IT、財務和訂單管理方面的額外後台節省。

As shown on slide 22, third quarter adjusted EBIT increased 2%, primarily due to lower adjusted administrative, R&D, and other expenses, along with higher adjusted gross profit, which were partially offset by an increase in adjusted marketing and selling expenses.

如投影片 22 所示，第三季調整後的息稅前利潤成長 2%，主要原因是調整後的管理、研發和其他費用降低，以及調整後的毛利增加，但調整後的行銷和銷售費用增加部分抵銷了這一成長。

On slide 23, adjusted EPS decreased 3% to $0.73, as adjusted EBIT growth was more than offset by higher adjusted interest expense primarily due to higher levels of debt and higher average interest rates on the overall debt portfolio. As I mentioned earlier, the Sovos acquisition as accretive to adjusted earnings per share in the quarter.

在幻燈片 23 上，調整後的每股收益下降 3% 至 0.73 美元，因為調整後的息稅前利潤增長被更高的調整後利息支出所抵消，這主要是由於債務水平較高以及整體債務組合的平均利率較高。正如我之前提到的，Sovos 的收購將增加本季的調整後每股盈餘。

Turning to slide 24, Meals & Beverages reported a 15% increase in net sales growth, including the contribution of the acquisition, and net of the divestiture impact of noosa that was completed earlier this calendar year on February 24. Organic net sales increased 6% compared to the prior year driven by favorable volume and mix of 7% in US soup, Rao’s and Canada, partially offset by a 1-point lower net price realization. Approximately one third of the organic growth was attributable to growth in condensed, broth and ready-to-serve soups and Rao’s sauces which benefitted from the continued shift to at-home meals that Mick mentioned earlier. The remaining growth was related to the timing of customer shipments at the end of the quarter in our base business, as well as in Rao’s, in connection with the integration of Sovos into Campbell’s ERP system. We expect inventory orders to normalize in the fourth quarter.

翻到第 24 張投影片，餐飲業務報告淨銷售額成長了 15%，其中包括收購的貢獻，以及今年稍早（2 月 24 日）完成的 noosa 資產剝離的影響。有機淨銷售額較上年同期增長 6%，這得益於美國湯品、Rao's 和加拿大的銷量和 7% 的市場份額增長，但淨價格實現下降 1 個百分點，部分抵消了這一增長。大約三分之一的有機增長歸因於濃縮湯、肉湯、即食湯和 Rao 醬料的增長，這些產品受益於 Mick 之前提到的持續向家庭用餐的轉變。剩餘的成長與我們基礎業務以及 Rao 業務在本季末向客戶發貨的時間有關，這與 Sovos 與 Campbell 的 ERP 系統的整合有關。我們預計庫存訂單將在第四季恢復正常。

Third quarter operating earnings in the division increased 8% primarily due to the benefits of the acquisition, partially offset by a decline in the base business. Meals & Beverages operating margin was lower by 100 basis points, which was primarily driven by lower realized net price, and in part due to the mix impact of the Sovos acquisition not being included in our base for half the quarter. The remaining cost headwinds, including higher cost inflation and other supply chain costs, were offset by favorable volume and mix, productivity and cost savings, as well as reduced marketing, selling, and administrative expenses as a percent to net sales.

該部門第三季營業利潤成長 8%，主要得益於收購帶來的好處，但基礎業務的下滑部分抵銷了這一成長。餐飲業務的營業利潤率下降了 100 個基點，這主要是由於實現淨價較低，部分原因是由於 Sovos 收購的混合影響在本季度的一半時間裡未計入我們的基數。其餘成本不利因素，包括更高的成本通膨和其他供應鏈成本，被有利的產量和產品組合、生產力和成本節約以及降低的營銷、銷售和管理費用佔淨銷售額的百分比所抵消。

Turning to slide 25. Snacks reported an 8% decrease in net sales. Excluding the impact of the Pop Secret divestiture, organic net sales decreased 5%, driven primarily by lower net sales in Goldfish crackers, third party partner and contract brands, and Snyders of Hanover pretzels. As a reminder, we lapped the launch of Goldfish Crisps in the prior year. In addition, net sales were also lower in Late July snacks due to a promotional shift versus prior year, and Lance sandwich crackers as we lapped a pipeline fill in the prior year due to a change in pack sizes. Snacks organic net sales were impacted by unfavorable volume and mix of 5% and neutral net price realization.

翻到第 25 張投影片。零食淨銷售額下降了 8%。不計 Pop Secret 資產剝離的影響，有機淨銷售額下降 5%，主要原因是 Goldfish 餅乾、第三方合作夥伴和合約品牌以及 Snyders of Hanover 椒鹽脆餅的淨銷售額下降。提醒一下，我們在去年就推出了 Goldfish Crisps。此外，由於促銷活動與去年同期相比有所轉變，七月下旬零食的淨銷售額也有所下降，而由於包裝尺寸的變化，我們在去年的管道填充中也出現了同樣的情況。零食有機淨銷售額受到 5% 的不利銷售和產品組合以及中性淨價格實現的影響。

Snacks operating earnings in the quarter declined 13% due to lower gross profit as the impact of lower volume and mix, inflation and other supply chain costs were only partially offset by supply chain productivity, benefits from cost savings initiatives, and lower administrative expenses. Q3 operating margin for Snacks decreased 90 basis points to 14.3% mainly driven by higher selling expenses as a percent of net sales and lower gross profit. Notably, Snacks operating margin sequentially improved 300 basis points compared to Q2, driven by an improvement in supply chain costs as expected.

本季零食營業收入因毛利下降而下降 13%，因為銷售量和產品組合下降、通貨膨脹和其他供應鏈成本的影響僅被供應鏈生產力、成本節約措施帶來的好處以及管理費用的降低部分抵銷。零食業務第三季營業利潤率下降 90 個基點至 14.3%，主要原因是銷售費用佔淨銷售額的百分比上升以及毛利下降。值得注意的是，由於供應鏈成本如預期改善，零食營業利潤率較第二季環比提高了 300 個基點。

Turning to slide 26. We generated $872 million in operating cash flow year-to-date, slightly lower than the prior year period driven by changes in working capital. Capital expenditures were $296 million year-to-date and reflect investments in chip and cracker capacity expansion for our Snacks business, network optimization for our Meals & Beverages business, and enhancements to business capabilities.

翻到第 26 張投影片。今年迄今為止，我們的營運現金流為 8.72 億美元，由於營運資本變化，略低於去年同期。年初至今的資本支出為 2.96 億美元，反映了我們對零食業務的薯片和餅乾產能擴張、餐飲業務的網絡優化以及業務能力的增強的投資。

We remain committed to returning cash to our shareholders, with $343 million of dividends paid–reflecting a 5% increase in the third quarter–and $60 million in anti-dilutive share repurchases year-to-date. Our net debt-to-adjusted EBITDA leverage ratio at the end of the third quarter was 3.6 times, a slight improvement from our ratio at the end of the second quarter, as we continue to focus on de-leveraging the balance sheet towards our goal of 3 times net leverage.

我們仍致力於向股東返還現金，今年迄今已支付 3.43 億美元的股息（第三季成長 5%），並回購了 6,000 萬美元的反稀釋性股票。我們的淨負債與調整後 EBITDA 槓桿率在第三季末為 3.6 倍，較第二季末的比率略有改善，因為我們繼續致力於降低資產負債表的槓桿率，以實現 3 倍淨槓桿率的目標。

At the end of the third quarter, the company had approximately $143 million in cash and cash equivalents and approximately $1.5 billion available under our undrawn revolving credit facility. Our full-year fiscal 2025 guidance provided on March 5, 2025 remains unchanged, excluding the impact of tariffs. Adjusted earnings are expected at the low end of the guidance range due to the slower than anticipated recovery in the Snacks business. We have estimated the net incremental headwind of tariff-related costs to be up to 3 to 5 cents per share to fiscal ‘25 adjusted EPS. This is not factored into our fiscal ‘25 guidance as the trade environment remains uncertain.

截至第三季末，該公司擁有約 1.43 億美元的現金和現金等價物，以及約 15 億美元的未提取循環信貸額度。我們在 2025 年 3 月 5 日提供的 2025 財年全年指引保持不變，不包括關稅的影響。由於零食業務復甦速度慢於預期，預計調整後收益將處於指導範圍的低端。我們估計，關稅相關成本的淨增量阻力將對 25 財年調整後每股收益造成高達 3 至 5 美分的影響。由於貿易環境仍不確定，這一點並未計入我們的 2025 財年指引中。

This estimate reflects our assumption that the current tariff actions stay in place and incorporates the proactive steps we’re taking to minimize the overall impact, including strategic inventory management, working in close partnership with our suppliers, pursuing alternative sourcing and product cost optimization, and, where absolutely necessary, consideration of surgical pricing actions.

這項估計反映了我們對當前關稅行動保持不變的假設，並包含了我們為盡量減少整體影響而採取的主動措施，包括策略性庫存管理、與供應商密切合作、尋求替代採購和產品成本優化，以及在絕對必要時考慮採取外科定價行動。

To finish out the discussion of fiscal ‘25 guidance, as a reminder, fiscal ‘25 comprises 53 weeks, one additional week compared to fiscal ‘24. The benefit of the 53rd week is included in our fiscal ‘25 guidance and is estimated to be worth approximately 2 points of growth to reported net sales and adjusted EBIT, along with approximately 5 cents of adjusted EPS.10Although we expect an increase in core inflation in the second half as compared to the prior year and a sequential increase from the first half, we expect core inflation for the full fiscal year to remain in the low single-digit range and to be mitigated by productivity improvements and higher expected cost savings. We are increasing our cost savings expectation for the full year from $120 million to $130 million as a result of our continued strong year-to-date performance. This includes savings from the integration of Sovos and several previously discussed network optimization projects across both divisions. Capital expenditures for fiscal ‘25 are expected to be approximately 4.5% of net sales compared to our prior guidance of 4.7% due to timing of expenditures.

為了完成 25 財年指導的討論，需要提醒的是，25 財年共 53 週，比 24 財年多一週多。第 53 週的收益已包含在我們的 2025 財年指引中，預計可使報告淨銷售額和調整後息稅前利潤增長約 2 個百分點，並使調整後每股收益增長約 5 美分。 10 儘管我們預計下半年核心通膨率將較上年同期上升，且較上半年環比上升，但我們預計整個財年的核心通膨率將保持在較低的個位數範圍內，並將透過生產力提高和預期成本節約的增加來緩解。由於今年迄今的業績持續強勁，我們將全年成本節約預期從 1.2 億美元提高至 1.3 億美元。這包括整合 Sovos 以及之前討論過的兩個部門之間的幾個網路優化項目所節省的成本。由於支出時間安排，預計 25 財年的資本支出將佔淨銷售額的約 4.5%，而我們先前預測的比例為 4.7%。

To wrap up, our Q3 performance exceeded our expectations, driven by over-delivery by the Meals & Beverages division. And while we are not satisfied with the results of our Snacks division, we remain confident in the strength of our Snacks portfolio and continue to take steps to regain our momentum. We remain focused on delivering high-quality, high-value food that consumers trust, while advancing our productivity and cost savings initiatives. Our long-standing supply chain excellence and scale position us to effectively navigate a dynamic operating environment. We’re committed to driving long-term growth and maintaining capital discipline to deliver value to our shareholders. This concludes our prepared remarks. Operator, let’s begin the Q&A

總而言之，由於餐飲部門的超額交付，我們第三季的業績超出了預期。雖然我們對零食部門的表現並不滿意，但我們仍然對零食產品組合的實力充滿信心，並將繼續採取措施恢復發展勢頭。我們始終致力於提供消費者信賴的高品質、高價值食品，同時提高生產力和成本節約計畫。我們長期以來的供應鏈卓越性和規模使我們能夠有效應對動態的營運環境。我們致力於推動長期成長並保持資本紀律，為股東創造價值。我們的準備好的演講到此結束。接線員，我們開始問答吧

(Operator Instructions) Andrew Lazar, Barclays.

（操作員指示）巴克萊銀行的安德魯·拉扎爾。

Great, thanks so much, Mick, I wanted to dig in obviously on snacks some more that's the area where the company is seeing sort of the most pressure. How much of the pressure is overall category versus Campbell's in-market execution, and I guess what's the company specifically doing, I guess, to control what it can while also not contributing to any sort of race to the bottom, so to speak, from a category of pricing and competitiveness standpoint. I guess I'm trying to get a sense of how we think about the next few quarters in this segment in terms of sort of volume and price.

太好了，非常感謝，米克，我顯然想進一步了解零食，這是公司面臨的最大壓力的領域。整體類別的壓力與金寶湯的市場執行力相比有多大？我想，從定價和競爭力的角度來看，公司具體做了什麼來控制它所能控制的，同時又不助長任何形式的競相壓價。我想我想了解一下，從數量和價格來看，我們對未來幾季這一領域的看法。

Yeah. Okay, great. Morning, Andrew. I appreciate the question and obviously a core focus of us. If you look at the quarter Q3 and you put it in perspective versus Q2. You see that actually sequentially the aggregate categories deteriorated, which is one driven by the deteriorating consumer confidence that we've obviously all seen, and then on top of it that the consumer continues to become increasingly intentional, and that is really that focus on value, better for you and indulgence.

是的。好的，太好了。早安，安德魯。我很感謝這個問題，這顯然也是我們關注的核心問題。如果你看一下第三季度，並將其與第二季度進行比較。您會發現，整體類別實際上逐級惡化，這是我們都看到的消費者信心惡化所致，最重要的是，消費者繼續變得越來越有目的性，這真正關注的是價值、對您更好和放縱。

If you look at our in market consumption. You saw that in Q2 we were down 1%. In Q3 we're down 3%. About 2/3 of that is driven by the worsening of the aggregate categories, and about 1/3 of that is driven by our in-market performance.

如果你看看我們的市場消費。您會發現，第二季我們下降了 1%。第三季我們下降了 3%。其中約三分之二是由於總體類別的惡化，約三分之一是由於我們的市場表現。

And if you look at the in-market performance during the quarter, there are a couple of areas that actually worked well, and I talked about it in my preparatory remarks, which comes back to beverage farm bakery and cookies as well as pretzels, where you saw some innovation really driving our brands and Supporting overall consumption, I expect us to continue to focus on innovation, which is important as the consumer, as I described earlier, is really intentional about the dollars that they're spending, and we are really focused with our innovation on meeting those consumer needs.

如果你看一下本季的市場表現，你會發現有幾個領域確實表現良好，我在準備發言中也談到了這一點，這些領域涉及飲料農場烘焙和餅乾以及椒鹽脆餅，你會看到一些創新真正推動了我們的品牌並支持了整體消費，我希望我們繼續專注於創新，這一點很重要，因為正如我之前所描述的，消費者確實花費金錢的需求。

Then on the flip side, if you look at Q3, on the first, on the one hand we've got the chips categories.

另一方面，如果你看一下第三季度，首先，一方面我們有晶片類別。

And within chips, we are actually our brands are are within the right subsegments of the broader chips category. So I feel good from that perspective. That being said, there's some increased competition and the team is working through making sure that we're successful in this environment with on the one hand, focus on in-market execution with distribution expansion where possible, but also back to some of the innovation and also bringing the excitement to the category with some LTOs. Then finally I'd call out instead of And focus just purely on promotional activity, really bringing much more back to price pack architecture and making sure that we have the right price points in the marketplace. And if anything, actually one of the things that we've seen multipacks within chips has worked well. Now then finally crackers and specifically goldfish, we got some work to do on goldfish and I talked a little bit about that.

在晶片領域，我們的品牌實際上處於更廣泛的晶片類別的正確子領域內。所以從這個角度來說我感覺很好。話雖如此，競爭還是有所加劇，團隊正在努力確保我們在這種環境中取得成功，一方面，我們專注於市場執行，盡可能擴大分銷，另一方面，我們也回歸到一些創新，並通過一些 LTO 為該類別帶來興奮點。最後，我要呼籲大家不要只專注在促銷活動，而要真正將更多的精力放在價格包架構上，確保我們在市場上有正確的價格點。如果有的話，實際上我們所看到的晶片多包裝之一效果很好。現在最後是餅乾，特別是金魚，我們要做一些與金魚有關的工作，我談了一點這方面的事情。

In my preparatory remarks, but if you look at the headwind that we had on goldfish, about half of it is driven by the category and the goldfish crisps launch from last year, and then the other half is really back to core declines. So when you think about our focus areas, we're focused on reigniting that core with advertising. Activations, LTOs, but on top of it, back to my earlier comments around the focus of the consumer on value, we need to make sure they provide value in the marketplace and that is Not so much coming back to incremental promotions, but it's much more coming back to on the one end, making sure that we allocate the promotional activity to where we're actually getting the best ROI and then on top of it, also making sure that we have the right price point in the marketplace and you might recall we talked before about that 2.5 ounce.

在我的準備發言中，但如果你看看我們在金魚方面遇到的逆風，大約一半是由該類別和去年推出的金魚薯片推動的，而另一半則真正回到了核心下滑。因此，當您考慮我們的重點領域時，我們專注於透過廣告重新點燃這一核心。激活、LTO，但最重要的是，回到我之前關於消費者關注價值的評論，我們需要確保它們在市場上提供價值，這並不是回到增量促銷，而是回到一方面，確保我們將促銷活動分配到我們真正獲得最佳投資回報率的地方，然後最重要的是，還要確保我們在市場上有正確的價格點，你可能還記得我們之前談論過 2.5 盎司。

A grab back for goldfish and I expect that there's that's that's a good entry price point and I expect us to continue to expand distribution and also displace within that and then there might be an opportunity to a multipack as well. So hopefully, Andrew, that gives you a little bit of a sense of kind of the dynamics more broadly within our portfolio and what we're planning on doing about it.

奪回金魚，我預計那是一個很好的入門價格點，我希望我們能夠繼續擴大分銷範圍並在其中進行取代，然後也可能有機會進行多包裝。所以，安德魯，希望這能讓你對我們的投資組合的更廣泛的動態以及我們計劃採取的措施有一點了解。

And thanks for thanks for that. A very quick follow up. Just I know it's too early to guide for fiscal 26, and it's still an incredibly dynamic environment, but what are the key ups and takes for us to consider just as we think to next year, particularly as it seems there's a need for some continued reinvestment in the snack space, some of the food companies have been increasingly transparent about the need for, greater in-market pressure to sort of nudge the consumer a bit. Thanks so much.

非常感謝。非常快速的跟進。我只是知道現在預測 26 財年還為時過早，而且現在的環境仍然非常活躍，但是當我們考慮明年時，我們需要考慮的關鍵因素和注意事項是什麼，特別是看起來有必要在零食領域繼續進行再投資，一些食品公司已經越來越透明地表明需要施加更大的市場壓力來推動消費者。非常感謝。

Yeah. Okay. Obviously, I mean we're not yet ready to give fiscal '26 guidance, but when I look at where we're at with regard to the snacks business, as as you might recall from last time around, we actually expected a recovery of the snack, snacking business throughout this year and actually ending the year. Relatively flat.

是的。好的。顯然，我的意思是我們還沒有準備好給出 26 財年的指導，但是當我看看我們在零食業務方面的現狀時，正如您可能還記得上次的情況一樣，我們實際上預計零食業務將在今年全年乃至年底復蘇。比較平坦。

And then going with that into fiscal '26, obviously where the current trend is and looking at into Q4, we still have ways to go on that. And as a result, I expect that recovery to take place now in fiscal '26. I do think that's coming back to The different tactics that I previously described probably combined with making sure that we continue to invest in our brands and and one of the things that you see right now is that we are spending from a marketing selling perspective. At the lower end of a 9% to 10% range, I do expect that going into next year we might need to lean into that a little bit more as we need to make sure that we support our brands in the marketplace.

然後進入 26 財年，顯然當前的趨勢是這樣的，展望第四季度，我們仍然有辦法繼續前進。因此，我預計復甦將在 26 財年發生。我確實認為這又回到了我之前描述的不同策略，可能與確保我們繼續投資於我們的品牌相結合，而您現在看到的一件事是我們是從行銷銷售的角度進行支出。在 9% 到 10% 範圍的低端，我確實預計到明年我們可能需要更多地傾向於這個範圍，因為我們需要確保我們在市場上支持我們的品牌。

The other thing is, Andrew may be kind of from a call it broader incentive comp perspective. Our incentive comp is not surprising in light of kind of overall results that you're seeing. I expect that that will be a little bit of a headwind going into next year. Thanks very much.

另一件事是，安德魯可能從更廣泛的激勵角度來看待它。從您所看到的整體結果來看，我們的激勵補償並不令人意外。我預計這會對明年造成一些不利影響。非常感謝。

Ken Goldman, JPMorgan.

摩根大通的肯‧戈德曼。

Hi, thanks. Good morning. In meals and beverages, you did highlight a few times the uptick in at home cooking and eating trends, which of course is great to see. I'm just curious, I guess, to what extent you have optimism in this positive trend to continue. You know how much of it do you think is driven by sort of, just lower consumer confidence or are there other factors you'd highlight? I'm really just trying to get a sense of the sustainability of that tailwind as you see it.

你好，謝謝。早安.在餐飲方面，您確實多次強調了家庭烹飪和飲食趨勢的上升，這當然是令人高興的。我只是好奇，你對這種積極趨勢的持續有多大程度的樂觀。您認為這在多大程度上是由消費者信心下降造成的，還是有其他您想強調的因素？我實際上只是想了解您所看到的順風的可持續性。

Yeah, okay, yeah, thanks. If I look at the meals and beverages, business meals and beverages, obviously a bright spot within our portfolio, and you see that in the results. We now have six quarters of positive in market consumption growth within meals and beverages.

是的，好的，是的，謝謝。如果我看一下餐飲、商務餐飲和飲料，顯然這是我們產品組合中的一個亮點，你可以在結果中看到這一點。目前，食品和飲料市場消費已連續六季實現正成長。

And if you look at the results this time around, they were exacerbated a little bit by the timing of shipments, and we do expect those to reverse in Q4 and will likely be in about 3 points headwind in MMB for the fourth quarter. Now, that being said, from an in-market consumption perspective, I feel pretty good about where we're at and and particularly if you look at what the team has been able to do over the past for it 6 quarters.

如果你看一下這次的結果，你會發現發貨時間稍微加劇了這種情況，我們確實預計第四季度這種情況會逆轉，而第四季度 MMB 可能會面臨約 3 個百分點的逆風。現在，話雖如此，從市場消費的角度來看，我對我們所處的位置感到非常滿意，特別是如果你看看球隊在過去 6 個季度中所做的工作。

When you start looking at the overall portfolio, the portfolio is well positioned with providing that value, quality, and convenience in an environment where the consumers continue to look more at cooking at home. And you also see the power of our portfolio at work with us being, for instance, both having mainstream as well as premium offerings.

當您開始查看整體產品組合時，您會發現該產品組合在消費者繼續關注在家烹飪的環境中能夠很好地提供價值、品質和便利性。您還可以看到我們的產品組合的強大功能，例如，我們既有主流產品，也有高端產品。

And a good example, obviously we often talk about rag on rails, but if you look at for instance in broth, we also have Swanson and Pacific, and particularly during a time where there's disproportionate demand for broth and a little bit of supply pressure, you see actually both brands doing really well in this marketplace. Now it isn't only coming back to those you also saw some of the Condensed activation that we had in the marketplace this time around with mac and cheese, which is really driving to cooking with condensed as an everyday behavior versus just during the holidays, and I think the activation this past quarter was a great proof point of that.

一個很好的例子是，顯然我們經常談論鐵路上的破布，但如果你看看肉湯的例子，我們也有 Swanson 和 Pacific，特別是在對肉湯的需求不成比例且供應有一點壓力的時期，你會看到這兩個品牌實際上在這個市場上都做得很好。現在，它不僅回歸到這些，你還看到了我們這次在市場上推出的一些濃縮激活產品，包括通心粉和奶酪，這確實推動了人們將濃縮烹飪作為日常行為，而不僅僅是在節假日期間，我認為上個季度的激活就是一個很好的證明。

I'm obviously a continued big believer in the reos brand. I'm sure we'll talk a little bit more about that. And then other areas within the portfolio that we don't talk as much about for instance V8 and if you look at V8 over the past nine quarters, the team has done a great job to actually stabilizing that business and in certain areas like for instance V8 energy we've actually seen double digit growth.

顯然，我一直是 reos 品牌的忠實信徒。我確信我們會就此進行更多討論。然後，我們在投資組合中談論較少的其他領域，例如 V8，如果你看看過去九個季度的 V8，你會發現團隊在穩定業務方面做得非常出色，在某些領域，例如 V8 能源，我們實際上看到了兩位數的成長。

So overall I feel very good about meals and beverages and the meals and beverages portfolio in light of some of the trends that we're seeing with regard to the consumer and the continued focus on cooking at home in combination with our portfolio and the breadth of our portfolio. Now that being said, I don't expect us per se to repeat the Q3 results. As we are coming out of the soup season, obviously, but all set, I feel good about where we're at, and I still believe that there's a lot of opportunity going forward within the portfolio.

因此，總體而言，考慮到我們看到的消費者方面的一些趨勢以及對家庭烹飪的持續關注，以及我們的產品組合和產品組合的廣度，我對餐飲和餐飲產品組合感到非常滿意。話雖如此，我並不指望我們能夠重複第三季的業績。顯然，我們即將走出湯的季節，但一切就緒，我對我們所處的位置感到滿意，我仍然相信投資組合中未來有很多機會。

Thank you very quickly, understanding it's too soon for specifics. You mentioned a couple of factors influencing the bottom line next year. One of them was higher marketing, below the gross margin line, just in light of some of the competitive activities you mentioned today, whether it's RTS, premium pasta sauce, or snacks. Is it also reasonable at this point to anticipate an uptick in your promotional activities as well, not that these activities, so to speak, won't have an ROI that's beneficial, but just on a gross level, I want to get a better and, I guess sense or idea of investments ahead. Thank you.

非常感謝您，我知道現在談論具體細節還為時過早。您提到了幾個影響明年底線的因素。其中之一是更高的行銷，低於毛利率線，考慮到您今天提到的一些競爭活動，無論是 RTS、優質義大利麵醬還是零食。此時預期促銷活動也會增加是否也合理，並不是說這些活動不會產生有益的投資回報率，而只是從總體層面上講，我希望獲得更好的，我想對未來的投資有更好的認識或想法。謝謝。

Yeah. Good question. And it's something that we're obviously very focused on it. If anything, I actually, whereas if I looked at about 12 months ago, we were very much continue to increase the overall promotional activity and it was not just us you saw it more broadly in the categories and I'm starting to see that that is stabilizing and it's much more about not so much about adding promotional activity or and it's much more to my earlier point, making sure that the promotional activity that's in the marketplace is in the marketplace when it really matters, like for instance, during key drive periods.

是的。好問題。顯然我們非常關注這一點。如果有什麼不同的話，實際上，如果我回顧大約 12 個月前，我們會繼續增加整體促銷活動，而且不僅僅是我們，你在各個類別中都看到了這一點，我開始看到這種情況正在穩定下來，這更多的不是關於增加促銷活動，而是關於我之前的觀點，即確保市場上的促銷活動在真正重要的時候出現在市場上，例如在關鍵驅動期。

On top of it, and what do I mean by key dry periods, for instance, during the Easter time period, important for, to broth. And that is, a good moment where the brands really matter and you want to make sure that you're out there with the proper price point. I do think the other piece, particularly when I think about snacking and on a day to day basis, is making sure that we have the right starting price points in the marketplace, and that comes back to that price back architecture and when you heard me talk a little bit about goldfish, for instance, small.

最重要的是，我所說的關鍵乾旱期，例如復活節期間，對肉湯來說很重要。這時候，品牌就顯得特別重要，您需要確保自己的產品有適當的價格。我確實認為另一點，特別是當我考慮零食和日常生活時，是確保我們在市場上有正確的起始價格點，這又回到了價格回歸架構，當你聽到我談論金魚時，例如小金魚。

Pack size but also across broader salty some of these multi-pack initiatives and that's actually really working. So again, I'm not looking at much as increased promotional activity from a dollar's perspective. It's much more making sure that we allocate the promotion, promotional dollars properly and on top of it we continue to evolve around PPA.

包裝尺寸，而且涵蓋更廣泛的鹹味食品，其中一些多包裝舉措確實有效。所以，我再說一遍，從金錢的角度來看，促銷活動並沒有增加。更重要的是確保我們合理分配促銷和促銷資金，並在此基礎上繼續圍繞 PPA 進行發展。

Peter Galbo, Bank of America.

美國銀行的彼得‧加爾博 (Peter Galbo)。

Hey, Mick, Carrie. Good morning. Thanks for the question.

嘿，米克，凱莉。早安.謝謝你的提問。

Mick, I maybe want to ask a slight variation on the Snacks question and understanding we've kind of already addressed a bit of it. But I mean, like your results in the quarter were more or less in line with how the category has been performing. And I think the broader question is probably just that the category continues to be such a drag. And as we get into what should be a pretty peak demand season over the summer and even just over the next 12 months, I think it would be maybe more helpful to just understand what you think needs to happen from a category perspective in Snacks to actually be able to see some improvements.

米克，我可能想問一些關於零食問題的一些變化，並且了解到我們已經討論過其中的一些內容了。但我的意思是，您本季的業績或多或少與該類別的表現一致。我認為更廣泛的問題可能只是這個類別繼續成為一種拖累。隨著我們進入夏季甚至未來 12 個月的需求高峰期，我認為從零食類別的角度了解需要發生什麼可能會更有幫助，這樣才能真正看到一些改進。

So we have all this discussion about race to the bottom on pricing or lack thereof. But just you're using comments in your prepared remarks like our consumers deeming that it's worth it to actually indulgent snacking. So just like maybe help us from a much higher level to understand what needs to happen from a category perspective for that demand profile and consumers to actually deem the category to be worth it over the next 12 months?

因此，我們對價格競爭或缺乏價格競爭進行了大量的討論。但是，您在準備好的評論中使用了這樣的評論，例如我們的消費者認為實際上放縱地吃零食是值得的。那麼，也許可以從更高的層次幫助我們從類別角度了解需要發生什麼才能滿足需求概況，而消費者真正認為該類別在未來 12 個月內是值得的？

Yeah. Okay. Let me try to frame it up as follows. So first, Peter, when I look at the overall category dynamics and you look at that sequential, call it, deterioration that I described earlier, I think one of the key components of that is the deteriorating consumer confidence, and you see that disproportionately play out in categories like Snacks because of the discretionary nature. So that is one thing that if there's one area that I could point to, that's one area that I think would actually be helpful is improving overall consumer confidence.

是的。好的。讓我嘗試將其闡述如下。首先，彼得，當我觀察整體品類動態，並觀察我之前描述的連續惡化時，我認為其中一個關鍵因素是消費者信心的惡化，你會看到，由於零食的可自由支配性，這種惡化在零食等品類中尤為明顯。因此，如果我可以指出一個領域，那就是我認為真正有幫助的一個領域，那就是提高整體消費者信心。

Then I think the other aspect of it is back to your specific question around some of the "worth it," worth it not being as much of the dollars, but much more about like the experience. And I think that comes really back to that continued focus on intentionality that we have seen within the Snacking categories with a broader focus, on the one hand, value, better-for-you and then indulgence or flavors or experience, if you want to call it, and the last three all within that, call it, one pocket.

然後我認為它的另一個方面又回到了你關於「值得」的具體問題，值得不在於花多少錢，而在於體驗。我認為這實際上又回到了我們在零食類別中看到的對意向性的持續關注，一方面是更廣泛的關注點，即價值、對你更好，然後是放縱、口味或體驗（如果你想這麼稱呼的話），最後三個都在其中，稱之為一個口袋。

And what do I think is important within that is making sure that we continue to meet the consumers' needs. And you see, for instance, with a good example of that is in the innovation of Pepperidge Farm cookies, with the launch of the Milano White Chocolate and the resulting lift that we have had, of course, on the one hand, around that particular innovation but also then the broader Milano brand.

我認為其中最重要的是確保我們繼續滿足消費者的需求。舉個例子，Pepperidge Farm 餅乾的創新就是一個很好的例子，隨著 Milano 白巧克力的推出，我們獲得了隨之而來的提升，當然，一方面是圍繞這一特定創新，另一方面是圍繞更廣泛的 Milano 品牌。

So I just think it's coming back to making sure that we continue to evolve our brands and meet those consumer needs. And if anything, actually, the broader CPG industry has actually done a real good job over time to continue to meet those consumer needs. And that's what we continue to focus on and work through as well.

所以我認為這只是為了確保我們能夠繼續發展我們的品牌並滿足消費者的需求。事實上，更廣泛的 CPG 行業長期以來確實做得很好，並繼續滿足了消費者的需求。這也是我們繼續關注、努力的方向。

Okay, thanks for that, Mick. No, that's helpful context. And Carrie, if I can ask a clarification comment. The $0.03 to $0.05 of tariff-related impact that you outlined that that's not included in the guidance but presumably hit the Q4 numbers, should we be viewing that as a full quarter impact? Presumably, you would have carried some inventory maybe into the fourth quarter. So I just want to understand that $0.03 to $0.05 is truly a three-month impact that if things don't change, we could kind of run rate forward or if there's some nuance around inventory?

好的，謝謝你，米克。不，這是有幫助的背景。凱莉，我可以問一下澄清意見嗎？您提到的 0.03 美元到 0.05 美元的關稅相關影響並未包含在指導中，但可能會影響第四季度的數據，我們是否應該將其視為整個季度的影響？據推測，您可能會將一些庫存保留到第四季度。所以，我只是想了解 0.03 美元到 0.05 美元確實會對三個月產生影響，如果情況沒有變化，我們是否可以提前計算利率，或者庫存方面是否存在一些細微差別？

Thanks, Peter. I would say when I think about the $0.03 to $0.05, tariffs are being phased in, right? So I would say three main areas of impact that, that's in that $0.03 to $0.05. First, currently, we're seeing an impact from the Canada wave one retaliatory tariffs. Those went into effect at the beginning of March, and they remain in place, and they relate to our Canadian exports of a portion of our soup business that we ship to Canada.

謝謝，彼得。我想說，當我想到 0.03 美元到 0.05 美元時，關稅正在分階段實施，對嗎？所以我認為主要有三個影響領域，也就是0.03美元到0.05美元。首先，目前我們看到了加拿大第一波報復性關稅的影響。這些措施於 3 月初生效，並且一直有效，與我們運往加拿大的部分湯品業務出口有關。

You have other tariffs that are starting to phase in, in Q4, if your Section 232 tariffs that impact [tinplate] and aluminum where obviously we source for our soup and our beverage cans. And then you also have the phase-in of reciprocal trade actions, which does include the impact of our Rao's portfolio, which is made in Italy, both finished goods as well as raw materials coming from Italy.

如果您的第 232 條關稅影響到 [馬口鐵] 和鋁，那麼在第四季度，您還將開始分階段實施其他關稅，顯然，這兩種材料是我們湯和飲料罐的原料。然後，你還可以逐步實施互惠貿易行動，其中包括我們的 Rao 產品組合的影響，該產品組合是在義大利製造的，包括來自義大利的成品和原材料。

So to your point, we are -- that's a net impact, net of mitigation. And as I mentioned in my prepared remarks, we're working to minimize that overall impact, including strategic inventory management as you referenced earlier, and then working closely with our suppliers here.

所以就你的觀點而言，我們——這是一個淨影響，扣除緩解。正如我在準備好的演講中提到的那樣，我們正在努力將整體影響力降至最低，包括您之前提到的策略性庫存管理，然後與我們的供應商密切合作。

I wouldn't be, right now, taking that $0.03 to $0.05 and annualizing it. I wouldn't go there at this point. I think it's a bit too early to say what the fiscal '26 impact may be, mainly because of the rapidly evolving trade landscape. I would say also, as we mentioned, those tariff impacts are being phased in, and we've had more limited ability to minimize that gross impact. So the range provided doesn't reflect all of the levers that we are working towards, which some take more time to effect.

我現在不會將那 0.03 美元到 0.05 美元進行年化。我現在不會去那裡。我認為現在談論 26 財年的影響還為時過早，主要是因為貿易狀況正在迅速變化。我還想說，正如我們所提到的，這些關稅影響正在逐步顯現，而我們在盡量減少整體影響方面的能力比較有限。因此，提供的範圍並不能反映我們正在努力實現的所有槓桿，有些槓桿需要更多時間才能實現。

So I would just be cautious to annualize that (inaudible) import impact at this time and obviously working to minimize the overall impact as much as we can that will inform us ultimately for our fiscal '26 view.

因此，我目前會謹慎地將（聽不清楚）進口影響按年化，顯然我們會盡力將整體影響降到最低，這最終將為我們對 26 財年的看法提供參考。

Great, thank you.

太好了，謝謝。

Megan Clapp, Morgan Stanley.

摩根士丹利的梅根·克拉普。

Hey, good morning. Thanks so much for taking our question. I wanted to just ask on Rao's, and apologies if I missed it, but I don't think I saw you reiterate the expectation for Rao's growth to be slightly above 10% this year. So could you just maybe give us an update on how you're thinking about Rao's growth for this year?

嘿，早安。非常感謝您回答我們的問題。我只是想問 Rao 的情況，如果我錯過了，請見諒，但我認為我沒有看到您重申今年 Rao 的增長率將略高於 10% 的預期。那麼，您能否向我們介紹一下您對 Rao 今年的發展有何看法？

Yes, Megan. So let me talk about Rao's. So one, and some of it is also in the prepared remarks, I continue to be very bullish around Rao's, and I'm very excited to have Rao's in the portfolio, which is playing also right into or supporting the overall Meals & Beverage divisional growth. And particularly in light of some of the consumer trends we just talked about now.

是的，梅根。那麼讓我來談談 Rao 的。因此，首先，其中一些內容也已在準備好的評論中提到，我仍然非常看好 Rao's，並且我很高興將 Rao's 納入投資組合，這也對整個餐飲部門的增長起到了積極作用或提供了支持。特別是考慮到我們剛才談到的一些消費趨勢。

If you look at the -- and maybe I'll step back for a second. It is -- or let me first answer your question, like we expect still -- I probably, with where I sit right now, expect high single digits for fiscal '25. If I look at the year-to-date, in-market consumption is about 10% and 2% this past quarter. That was obviously in line with the overall category, but below our expectations. And as I mentioned in the prepared remarks, we have a pretty good handle on the individual drivers and the team is all over in market execution. And as a result, I have a lot of confidence in the continued trajectory or growth trajectory of the brand.

如果你看一下——也許我會退後一步。是的——或者讓我先回答你的問題，就像我們仍然預期的那樣——根據我現在的情況，我可能會預計 25 財年的成長將達到個位數。如果我看一下今年迄今為止的情況，市場消費量約為 10%，上個季度為 2%。這顯然與整體類別一致，但低於我們的預期。正如我在準備好的發言中提到的那樣，我們對各個驅動因素有很好的把握，團隊在市場執行方面也做得很好。因此，我對該品牌的持續發展軌跡或成長軌跡充滿信心。

Now if you look at the [L4] so the last four weeks,in-market consumption, you actually see some of that already come to fruition. It's obviously always tricky to look just at like [L4] periods, but you actually do see that sauce is up 9%, and the overall brand is up about 11%. So we feel good where we are with Rao's and you might have a little bit of timing here and there, but the team is continuing to expand the brand and we're glad to have Rao's in our portfolio.

現在，如果你看一下 [L4] 過去四周的市場消費情況，你實際上會看到其中一些已經實現。顯然，光是觀察 [L4] 時期總是很棘手，但你確實看到醬汁上漲了 9%，整體品牌上漲了約 11%。因此，我們對 Rao's 的現狀感到滿意，雖然您可能會在這裡或那裡遇到一些時間問題，但團隊正在繼續擴大品牌，我們很高興將 Rao's 納入我們的投資組合。

Okay. Great. That's helpful. Thanks. And, Carrie, maybe a follow-up for you just on the margin profile in the fourth quarter and the expectations there. Clearly, you're expecting EBIT and EPS now at the low end on a slower Snacks recovery. Previously, you talked about Snacks margins recovering sequentially in 3Q and 4Q, that did occur nicely in 3Q. Is that still the expectation in the fourth quarter? Or are there some incremental actions that you're taking that might mean that's not the case anymore?

好的。偉大的。這很有幫助。謝謝。凱莉，也許您可以跟進第四季度的利潤率狀況和預期。顯然，由於零食復甦速度較慢，您預計息稅前利潤和每股收益現在將處於低端​​。之前，您談到零食利潤率在第三季和第四季連續回升，這在第三季確實表現良好。第四季的預期仍是如此嗎？或者您正在採取的一些漸進措施可能意味著情況不再如此？

Yes. I think we were pleased with our Q3 sequential improvement knowing that we had some discrete items that impacted us in Q2, saw that rebound nicely in that 300 basis point sequential improvement into Q3. I would say as we look at first half versus second half, still expecting that sequential improvement from first half to second half. However, given the slower-than-anticipated recovery of our Snacks business, that obviously took us to that lower end of our earnings guidance. We're now expecting Snacks margins to be at 13% for the full year.

是的。我認為我們對第三季的連續改善感到滿意，因為我們知道第二季有一些對我們產生影響的個別項目，但在第三季連續 300 個基點的改善中看到良好反彈。我想說，當我們比較上半年和下半年時，我們仍然期待上半年和下半年會有一個連續的改善。然而，考慮到我們的零食業務復甦速度慢於預期，這顯然使我們的獲利預期處於較低水平。我們現在預計全年零食利潤率將達到 13%。

I think what we're still focused on is all of those Snacks margin building blocks, including our broader network initiatives that we've been working on, including DSD, warehouse and route optimization as well as those mix improvements in our -- as we grow our leadership brands. So I think it's -- but it's also important that we remain competitive in the marketplace and to continue to support our brands for the long-term value. So we're really trying to make sure we balance both.

我認為我們仍然關注的是所有這些零食利潤構建模組，包括我們一直在努力的更廣泛的網絡計劃，包括 DSD、倉庫和路線優化以及我們的組合改進——隨著我們領導品牌的發展。所以我認為——但同樣重要的是我們在市場上保持競爭力並繼續支持我們的品牌以實現長期價值。所以我們確實在努力確保兩者之間的平衡。

Okay. Great. Thank you.

好的。偉大的。謝謝。

Jim Salera, Stephens.

吉姆·薩萊拉、史蒂芬斯。

I wanted to dig in, Mick, on this conversation around the splurge worthy portion of your portfolio and really trying to categorize how much of Meals & Beverages and how much of Snacks would you kind of put under that broader better-for-you umbrella? And is that, on a go-forward basis, is that really going to be kind of the driver for growth? And do we need to see the innovation focused around there and maybe a revamp of some of the overall Snack brands to target that consumer? Or is it really just get consumer confidence back and that's kind of the first leg forward?

米克，我想深入探討一下您投資組合中值得揮霍的部分，並真正嘗試對多少餐飲和零食進行分類，以便您能將其歸入更廣泛的、對您更有利的範疇？從未來來看，這真的會成為成長的動力嗎？我們是否需要看到圍繞該目標的創新，以及對一些整體零食品牌進行改造以瞄準該消費者？或者它實際上只是恢復消費者信心，這是向前邁出的第一步？

(technical difficulty)

（技術難度）

Basically, the core of the question was what percentage of your portfolio do you kind of view as being under this better-for-you splurge worthy umbrella? And if we think about what drives the recovery on a go-forward basis, is it really pivoting the portfolio to have a broader focus there and having innovation focus there? Is it, we need consumer focus to rebound and then the innovation and the better-for-you expansion is kind of secondary to that?

基本上，問題的核心是，您認為您的投資組合中有多少比例屬於這個對您更有利、值得揮霍的保護傘之下？如果我們思考推動未來復甦的因素，那麼它是否真的能夠將投資組合轉向更廣泛的領域並將創新作為重點？我們是否需要消費者關注度的反彈，而創新和更有利於您的擴張則是次要的？

Yeah. So when I look at where we're at right now and with -- if you look at the sequential performance that I described and also the sequential performance of the categories, as I mentioned, the deterioration of consumer confidence definitely did have an impact, right, on the -- particularly with the discretionary nature of the categories. So an improvement in overall consumer confidence would support the categories as a whole.

是的。因此，當我回顧我們目前的狀況時，如果你看一下我所描述的連續表現以及各類別的連續表現，正如我所提到的，消費者信心的惡化確實產生了影響，特別是對各類別的自由裁量性質。因此，整體消費者信心的提高將對整個類別帶來支持。

That being said, we obviously got to make sure that we stay focused on the pieces that we can control and we should -- and we are going to continue to evolve with the environment. Hence, you hear me also talk a little bit more about some of these [PPA] initiatives and the strategic promotional activity. Now that being said, I think for the long-term health of the brands and the broader, particularly Snacking portfolio, I think that innovation around indulgence and experiences is important, and you've seen that with, for instance, the Milano example that I gave previously.

話雖如此，我們顯然必須確保我們專注於我們能夠控制的部分，我們應該這樣做——並且我們將繼續隨著環境而發展。因此，您也會聽到我進一步談論一些 [PPA] 舉措和策略促銷活動。話雖如此，我認為對於品牌和更廣泛的產品組合的長期健康發展，特別是零食產品組合而言，圍繞放縱和體驗的創新非常重要，例如，在我之前給出的米蘭例子中，您已經看到了這一點。

I don't think it's as much of a complete reset of the portfolio. I don't want you to take that away. I think we have a lot of things that are actually working well. And if you look, for instance, at our pretzels portfolio, I feel very good about, on the one hand, having Snyder's of Hanover, which is much more focused on the pretzel traditionalists. And then the Snack Factory portfolio, which is really in and around that reimagining of pretzels, and they work really nicely together as you saw this past quarter as well.

我不認為這是投資組合的徹底重置。我不想讓你把它拿走。我認為我們有很多事情實際上都運作良好。舉例來說，如果你看一下我們的椒鹽脆餅產品組合，一方面，我很高興擁有漢諾威的斯奈德公司，它更專注於椒鹽脆餅的傳統主義者。然後是 Snack Factory 產品組合，它真正圍繞著對椒鹽脆餅的重新構想，正如您在上個季度看到的那樣，它們配合得非常好。

And then on chips, we're actually already in the better-for-you broader segment that is actually growing, whether it's through Kettle or Cape or even Late July. So we feel good about that. And then on the cracker side, I think we have a unique proposition more broadly with Goldfish, and I'm very confident that the team, with all the things that are working through it is going to change the trajectory over time. So that is probably hopefully giving you a little bit of a sense. It is much more surgical than it is a complete repositioning.

然後在晶片方面，我們實際上已經進入了對您更有利的更廣泛的領域，而這個領域實際上正在成長，無論是透過 Kettle 還是 Cape 甚至是 Late July。因此我們對此感到很高興。然後在餅乾方面，我認為我們在 Goldfish 方面有一個更廣泛的獨特主張，而且我非常有信心，透過團隊的努力，隨著時間的推移，我們的發展軌跡將會改變。希望這能給你一點啟發。它更像是一次外科手術，而非一次徹底的重新定位。

And then finally, if I look at the Meals & Beverage portfolio, I actually think there we have a very good collection of brands with premium mainstream as we've talked about in the past as well as the way that they are positioned that I think they're meeting consumer needs really well, and we see that in the results this past quarter.

最後，如果我看一下餐飲組合，我實際上認為我們擁有非常好的品牌集合，這些品牌具有我們過去談到的高端主流產品以及它們的定位方式，我認為它們能夠很好地滿足消費者的需求，我們在上個季度的業績中看到了這一點。

Great. And if I could just sneak in one quick one for Carrie. Carrie, you mentioned some of the impact on Rao's from the import tariffs. Are you guys able to shift more production to Alma or can you give us any sense of what the capacity is there and if that has a meaningful impact on the unit economics? If you can just have more stuff produced in Alma and just import, I would assume, the raw materials versus the finished product?

偉大的。如果我可以偷偷地為 Carrie 做一件事。凱莉，您提到了進口關稅對 Rao's 的一些影響。你們能否將更多的生產轉移到 Alma，或能否告訴我們那裡的產能是多少，以及這是否會對單位經濟產生重大影響？如果您可以在阿爾瑪生產更多的東西並只進口原材料而不是成品，我想？

Yeah. I mean I would say just generally, I'd answer it with all of the steps. We're going to look at all of the levers that we have to mitigate tariffs. So whether it's strategic inventory management, which we're obviously leaning on that hard this quarter here, working in close partnership with our suppliers, and that would include our partnership with La Regina, looking at their -- all of what they can bring to help us look at the overall minimizing overall impact. And then also looking at product cost optimization.

是的。我的意思是，我會一般性地回答這個問題，並說明所有步驟。我們將研究所有可以減輕關稅的手段。因此，無論是策略性庫存管理（我們本季顯然非常重視這一點），還是與我們的供應商密切合作，其中包括與 La Regina 的合作，專注於他們所能帶來的一切，以幫助我們最大限度地減少整體影響。然後還要考慮產品成本優化。

So I think all of those levers will come into play as we manage that relationship and manage the overall impact for the Rao's brand.

因此，我認為，當我們管理這種關係並管理 Rao 品牌的整體影響時，所有這些槓桿都會發揮作用。

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。