金寶湯 (CPB) 2026 Q1 法說會逐字稿

Good morning, and welcome to The Campbell's Company first quarter fiscal 2026 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，歡迎參加坎貝爾公司2026財年第一季財報電話會議。今天的會議正在錄影。（操作員指示）現在我將把電話轉交給坎貝爾公司首席投資者關係官麗貝卡·加迪。請繼續。

Good morning, and welcome to The Campbell's Company first quarter fiscal 2026 earnings conference call. I'm Rebecca Gardy, Campbell's Chief Investor Relations Officer. Joining me today are Mick Beekhuizen, Chief Executive Officer; and our new Financial Officer, Todd Cunfer.

早安，歡迎參加坎貝爾公司2026財年第一季財報電話會議。我是坎貝爾公司首席投資人關係長麗貝卡·加迪。今天與我一同出席的有執行長 Mick Beekhuizen 和我們新任財務主管 Todd Cunfer。

Today's remarks have been prerecorded. After the prepared remarks, we will transition to a live webcast Q&A. The presentation, a transcript of management's prepared remarks, and today's earnings press release are available on our website at thecampbellscompany.com in the Investors section. A replay of the webcast will be posted at the same location following the Q&A with a full call transcript including the Q&A session available within 24 hours.

今天的講話是預先錄製的。發言結束後，我們將進入現場網路直播問答環節。本次簡報、管理層準備好的演講稿以及今天的獲利新聞稿均可在我們的網站 thecampbellscompany.com 的「投資者」欄位中找到。網路直播的回放將在問答環節結束後發佈在同一地點，完整的通話記錄（包括問答環節）將在 24 小時內提供。

Slide 2 outlines today's agenda. Mick will provide insights into our first quarter performance as well as our in-market performance by division. Todd will then discuss the financial results of the quarter in more detail and review our guidance for the full fiscal year 2026. Please note that all references to the first quarter in-market performance refer to the 13-week period ending November 2, 2025, compared to the 13-week period ending November 3, 2024.

第二張幻燈片概述了今天的議程。Mick 將為我們第一季的業績以及各部門的市場表現提供見解。接下來，Todd 將更詳細地討論本季的財務業績，並回顧我們對 2026 財年全年的業績展望。請注意，所有關於第一季市場表現的提及均指截至 2025 年 11 月 2 日的 13 週期間，與截至 2024 年 11 月 3 日的 13 週期間進行比較。

In addition, beginning in fiscal '26, we are reporting share of our Cape Cod and Kettle brands chips against the total potato chip category, replacing the prior comparison to the kettle-cooked potato chip category. Late July will be compared against the total tortilla chip category rather than the natural inorganic tortilla chip segment. We believe these updates more accurately reflect our brands' in-market performance and underscore their strong positioning within the broader chips category.

此外，從 2026 財年開始，我們將報告 Cape Cod 和 Kettle 品牌薯片在整個薯片類別中所佔的份額，取代先前與壺煮薯片類別的比較。7 月下旬的數據將與整個玉米片類別進行比較，而不是與天然無機玉米片類別進行比較。我們相信這些更新能更準確地反映我們品牌在市場上的表現，並突顯它們在更廣泛的晶片類別中的強大地位。

And finally, beginning in fiscal 2026, the Snacking and Meals and Beverages retail business in Latin America is managed under our Meals and Beverages segment. Through the fourth quarter of fiscal 2025, the company's Latin America retail business was managed under the Snacks segment. Prior period results have been adjusted to reflect this change.

最後，從 2026 財年開始，拉丁美洲的零食、餐飲和飲料零售業務將由我們的餐飲和飲料部門管理。截至 2025 財年第四季度，該公司的拉丁美洲零售業務歸屬於零食部門管理。前期業績已進行調整以反映此變更。

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，我們將發表一些前瞻性聲明，這些聲明反映了我們目前的預期。這些陳述依賴假設和估計，這些假設和估計可能不準確，並且存在風險。請參閱我們簡報的第 3 頁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聲明中預期結果有重大差異的因素。

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

由於我們使用非GAAP指標，我們在簡報的附錄中提供了每項指標與最直接可比較的GAAP指標的調節表。現在，我很高興將發言權交給我們的執行長米克·比克豪森。米克？

Thanks, Rebecca. Good morning, everyone, and thank you for joining our first quarter fiscal 2026 earnings call. Before we review our results, I want to take a moment to welcome Todd Cunfer, our new CFO. With more than two decades of food industry experience, Todd brings the expertise and perspective we need.

謝謝你，麗貝卡。各位早安，感謝各位參加我們2026財年第一季財報電話會議。在回顧我們的業績之前，我想花一點時間歡迎我們的新任財務長托德·坎弗。Todd擁有超過二十年的食品業經驗，為我們帶來了所需的專業知識和視角。

Throughout his career, he has demonstrated a proven ability to drive change and deliver superior financial results. I'm confident he will be a strong business partner and a tremendous asset to our company. Welcome, Todd.

在他的職業生涯中，他展現出了推動變革和取得卓越財務表現的卓越能力。我相信他會成為我們強大的商業夥伴，也是我們公司的寶貴財富。歡迎你，托德。

Now let's review our first quarter results, which were in line with our expectations as we continued to navigate a dynamic operating environment. Organic net sales were down 1%, driven by a 2% decline in consumption, with the difference mainly due to retailers building inventory and snacks ahead of upcoming promotional activities.

現在讓我們回顧一下第一季的業績，該業績符合我們的預期，我們繼續在不斷變化的經營環境中穩步前進。有機淨銷售額下降 1%，主要原因是消費量下降 2%，而這一差異主要是由於零售商在即將到來的促銷活動之前囤積庫存和零食。

We have an attractive brand portfolio that meets the key attributes consumers are seeking, whether supporting at-home cooking, providing flavor forward options, premium experiences or health and wellness benefits.

我們擁有極具吸引力的品牌組合，能夠滿足消費者所追求的關鍵屬性，無論是支持家庭烹飪、提供風味至上的選擇、提供優質體驗，還是提供健康益處。

While our total in-market consumption was down 2%, our 16 leadership brands consumption was down 1% and, collectively, they held share for the eighth consecutive quarter. Within Meals and Beverages, our leadership brands benefited from consumers' ongoing cooking at home behaviors and the growing demand for elevated new experiences. However, our Snacks business remained under pressure as consumers continue to be increasingly intentional with their purchases.

雖然我們的市場總消費量下降了 2%，但我們的 16 個領先品牌的消費量下降了 1%，並且它們連續第八個季度保持了市場份額。在餐飲領域，我們的領先品牌受益於消費者持續在家烹飪的習慣以及對更高品質新體驗日益增長的需求。然而，由於消費者在購買商品時越來越注重理性消費，我們的零食業務仍面臨壓力。

Since the start of the fiscal year, we have made significant progress on our cost savings initiatives, improved overall productivity, and implemented selective in-market pricing increases. However, these actions were not sufficient to offset cost increases and top line headwinds, resulting in a decrease in our adjusted EBIT margin and an 11% year-over-year adjusted EBIT decline. We continue to be laser-focused on mitigating cost pressures while maintaining marketing support for our brands.

自本財年開始以來，我們在成本節約計畫方面取得了重大進展，提高了整體生產力，並實施了選擇性的市場價格上漲。然而，這些措施不足以抵銷成本增加和收入下滑的影響，導致我們的調整後息稅前利潤率下降，調整後息稅前利潤年減 11%。我們將持續全力以赴降低成本壓力，同時維持對旗下品牌的行銷支援。

Finally, as outlined in our press release, we reiterated fiscal 2026 guidance, which continues to include the expected tariff impact and the related mitigating actions. Todd will provide more details on our guidance in a moment.

最後，正如我們在新聞稿中概述的那樣，我們重申了 2026 財年的業績指引，其中繼續包括預期的關稅影響和相關的緩解措施。Todd稍後會詳細介紹我們的指導意見。

As highlighted last quarter, we are strengthening our focus on consumers and their evolving needs. I want to remind you of the framework we shared last quarter and underscore the strategic lens we apply when shaping how our brands show up. Our brands are uniquely positioned to compete and excel in these growth areas. While we use this framework to guide consumer-led innovation, it also guides our brand activations.

正如上個季度所強調的，我們正在加強對消費者及其不斷變化的需求的關注。我想提醒大家我們上個季度分享的框架，並強調我們在塑造品牌形象時所採用的策略視角。我們的品牌擁有獨特的市場定位，能夠在這些成長領域中競爭並取得卓越成就。雖然我們利用這個框架來指導以消費者為主導的創新，但它也引導著我們的品牌推廣活動。

A great example is our Rao's sauces campaign, which focuses on the elevated Rao's experience, highlighting the origin of its high-quality ingredients supporting the unique nature of the food we make. Additionally, we recognize that continued focus on providing an attractive value proposition is critical to be successful.

一個很好的例子就是我們的 Rao's 醬料宣傳活動，該活動著重宣傳 Rao's 的升級體驗，強調其優質原料的來源，從而支持我們所製作食品的獨特性質。此外，我們也認識到，持續提供有吸引力的價值主張對於成功至關重要。

An example of this during the past quarter is our multipack Goldfish focus during the back-to-school period, where we've seen double-digit increases in consumption versus prior year through strong retail execution and promotional support during the important consumer occasion, meeting the need for a wholesome convenient snack at the right value.

上個季度的一個例子是，我們在返校季期間重點推廣多包裝的 Goldfish 餅乾，透過在這一重要的消費時期強有力的零售執行和促銷支持，我們看到與上年相比，消費量實現了兩位數的增長，滿足了消費者對物美價廉的健康便捷零食的需求。

By concentrating our efforts and executing with clarity and discipline, our diverse and advantaged portfolio can build deeper consumer connections, meet their evolving needs and unlock meaningful sustainable growth. We remain committed to crafting high-quality food at the right value as well as investing in omni-channel execution, brand activation, and innovation.

透過集中精力，以清晰的思路和嚴謹的作風執行，我們多元化且具有優勢的產品組合可以與消費者建立更深層次的聯繫，滿足他們不斷變化的需求，並釋放有意義的可持續增長。我們將繼續致力於以合理的價格打造高品質的食品，並投資於全通路執行、品牌活化和創新。

Turning to Slide 7. Total company leadership brands saw stable share performance in Q1 with consumption down 1%. As a reminder, our leadership brands represent approximately 90% of our enterprise net sales. The first quarter marked the ninth consecutive quarter that our Meals and Beverages leadership brands have held or grown share. Consumers at-home cooking behavior was once again a tailwind for several of our brands within the division, especially our condensed cooking soups, broth and Italian sauces.

請翻到第7張投影片。第一季公司領導品牌整體市佔率表現穩定，但消費量卻下降了1%。再次提醒，我們的領導品牌約占公司淨銷售額的 90%。第一季標誌著我們的餐飲和飲料領先品牌連續第九個季度保持或成長了市場份額。消費者在家烹飪的行為再次為我們部門的幾個品牌帶來了利好，尤其是我們的濃縮烹飪湯、肉湯和義大利醬料。

Turning to Snacks. Consumers are still snacking, but how people are snacking is evolving. We are maintaining our solid share position within snacking as consumers choose snacks that meet their needs within premiumization, flavor exploration, and health and wellness.

轉向零食。消費者仍然會吃零食，但人們吃零食的方式正在改變。我們保持著在零食市場穩固的份額地位，因為消費者在高端化、口味探索以及健康和保健方面都傾向於選擇能夠滿足自身需求的零食。

In Q1, four of our eight Snacks leadership brands grew or held share. We believe our powerful portfolio of Snack brands remains distinctly advantaged in today's environment, and we are staying close to consumers' evolving needs through our brand activations, innovation, and strong omnichannel execution.

第一季度，我們八個零食領先品牌中有四個實現了市場份額成長或保持穩定。我們相信，我們強大的零食品牌組合在當今環境下仍然具有明顯的優勢，我們將透過品牌推廣、創新和強大的全通路執行，緊跟著消費者不斷變化的需求。

Let's take a closer look at each division, beginning with Meals and Beverages on Slide 8. Organic net sales decreased 2% for the quarter. Unfavorable volume and mix of 3% reflects the elasticity impact of tariff-related pricing actions, which was partially offset by favorable net price realization. Additionally, although the in-market consumption of our leadership brands was flat, our overall consumption within the division was down 1%.

讓我們仔細看看每個部分，首先從第 8 頁的「餐飲」開始。本季有機淨銷售額下降了2%。3% 的銷售和產品組合不利影響反映了關稅相關定價措施的彈性影響，但有利的淨價實現部分抵消了這一影響。此外，儘管我們領導品牌的市場消費量保持平穩，但我們部門的整體消費量下降了 1%。

Turning to Slide 9. Our total soup portfolio slightly lagged the category on share as cooking varieties within our condensed soup portfolio and broths remained strong while eating soups remained under pressure. In the first quarter, broth consumption grew for the ninth straight quarter driven by segment momentum that included increased households and buy rates as well as distribution gains and healthy velocities.

翻到第9張投影片。由於濃縮湯和肉湯中的烹飪品種保持強勁，而食用湯則面臨壓力，因此我們的湯品組合整體市場份額略低於同類產品。第一季度，肉湯消費量連續第九個季度成長，這得益於該細分市場的成長勢頭，包括家庭數量和購買率的增加，以及分銷管道的拓展和健康的銷售速度。

Younger generations continue to drive the majority of the momentum with Swanson posting six consecutive quarters of millennial buy rate gains. Our Pacific brand also performed well with dollar consumption growth up 25% and volume consumption up 31%.

年輕一代繼續推動市場成長，Swanson 已連續六個季度實現千禧世代購買率的成長。我們的太平洋品牌也表現出色，美元消費成長了 25%，銷量成長了 31%。

Our condensed soup portfolio grew share for the eighth consecutive quarter. Dollar share gains in condensed were fueled by a focused strategy to drive more occasions for Campbell's cooking soups into the repertoire of consumers at home cooking behavior.

我們的濃縮湯產品組合連續第八個季度實現了市場份額成長。濃縮湯品市場份額的成長得益於一項重點策略，該策略旨在讓消費者在家烹飪時有更多機會使用坎貝爾的湯品。

Our condensed cooking momentum led to a continued household penetration gain within the overall condensed portfolio and added over 2 million new buyers, including 1.2 million Millennial and Gen X households versus a year ago, pointing to the strength of our cooking soups across cohorts.

我們濃縮烹飪產品的發展勢頭推動了濃縮產品組合的家庭滲透率持續增長，新增買家超過 200 萬，其中包括 120 萬千禧一代和 X 世代家庭，與一年前相比，這表明我們的烹飪湯品在各個年齡段都具有強勁的市場競爭力。

In the ready-to-serve segment, the headwinds we experienced in the past quarters continued in Q1 with dollar share down in the quarter. On the positive side, Pacific and Rao's were strong performers, gaining share on both a dollar and volume basis.

在即食食品領域，過去幾季遇到的不利因素在第一季仍在持續，該季度美元份額有所下降。從積極的方面來看，Pacific 和 Rao's 表現強勁，無論從銷售或銷售來看，市佔率都有所成長。

However, select price increases put pressure on our mainstream RTS portfolio consumption, resulting in market share declines. In addition, our RTS results reflect the last quarter of impact from the discontinuation of Well Yes!

然而，部分產品的價格上漲給我們的主流RTS產品組合消費帶來了壓力，導致市場佔有率下降。此外，我們的RTS結果反映了Well Yes!停產對最後一個季度的影響。

We believe that the pricing action is the right approach to be able to support this segment of our portfolio while we're experiencing disproportionate tariff-related inflation. However, we are conscious of the importance of providing appropriate value in the marketplace, particularly during the critical soup season.

我們認為，在當前關稅相關通膨加劇的情況下，採取這種定價策略是支持我們投資組合這一部分的正確方法。然而，我們意識到在市場上提供適當價值的重要性，尤其是在關鍵的湯品銷售旺季。

Turning to Slide 10. From holiday classics like the green bean casserole to new and fresh recipes, side dishes made with Campbell's products were served at Thanksgiving tables across the country. Over half of our condensed soup portfolio is cooking soups, including soups like Campbell's Cheddar Cheese Soup, used to make America's fastest-growing side dish preferred by Gen Z, mac and cheese.

翻到第10張投影片。從青豆砂鍋等經典的節日菜餚到新穎的食譜，全國各地的感恩節餐桌上都出現了用坎貝爾產品製作的配菜。我們濃縮湯品組合中超過一半是烹飪湯，包括像坎貝爾切達起司湯這樣的湯，這種湯被用來製作美國增長最快的配菜——Z世代最喜歡的通心粉和起司。

Our condensed cooking soups grew dollar share and consumption for the past five quarters, and we believe there continues to be ample opportunity for growth driven by recipes for the holidays and everyday occasions.

過去五個季度，我們的濃縮烹飪湯的銷售額和消費量均有所增長，我們相信，在節日和日常場合的食譜推動下，仍有充足的增長機會。

Rao's continued its growth in both consumption and overall share. During the quarter, Rao's outpaced the Italian sauce category by delivering low single-digit dollar consumption growth with growth in both dollar and volume share and remains the number one brand in the category. We continue to be encouraged by the growth potential of this great brand driven by sustained household penetration gains and high repeat rates as consumers continue to prioritize elevated experiences at home.

Rao's 的消費量和整體市佔率均持續成長。本季度，Rao's 的消費成長達到個位數，銷售額和銷售份額均有所增長，在意大利醬料品類中遙遙領先，並保持著該品類第一品牌的地位。我們對這個優秀品牌的成長潛力持續感到鼓舞，這得益於其持續的家庭滲透率提升和高復購率，因為消費者繼續重視在家中獲得更優質的體驗。

Earlier this morning, we announced we entered into agreements to acquire a 49% interest in two La Regina entities, the privately held producer of Rao's tomato-based pasta sauces. Founded in 1972 with the philosophy of producing the highest-quality Italian homemade premium and super premium tomato pasta sauces, La Regina has been a key partner of Rao's since 1993.

今天早些時候，我們宣布已達成協議，收購 La Regina 旗下兩家實體 49% 的股份，La Regina 是一家私營企業，生產 Rao's 番茄醬。La Regina 成立於 1972 年，秉承著生產最高品質的意大利自製高級和特級番茄意麵醬的理念，自 1993 年以來一直是 Rao's 的重要合作夥伴。

What makes Rao's the best pasta sauce in the world is the ingredients, the recipe and the care with how it's prepared. Rao's sauces are simmered slowly and made in small batches with only the finest ingredients like Italian olive oil and naturally ripe tomatoes from Southern Italy.

Rao's 之所以能成為世界上最好的義麵醬，是因為它的原料、配方以及製作過程中的用心。Rao 的醬汁採用慢火煮製，小批量生產，只選用義大利橄欖油和義大利南部自然成熟的番茄等最優質的原料。

Rao's sauces have no tomato blends, no paste, no water, no starch, no filler, no color, and no added sugar. The result is an authentic, nutritious, delicious tomato sauce consumers can rely on to serve as a restaurant quality meal at home.

Rao's 醬料不含番茄混合物、番茄醬、水、澱粉、填充劑、色素和添加糖。最終產品是一款正宗、營養、美味的番茄醬，消費者可以信賴它，在家就能做出餐廳品質的美食。

With this transaction, we are solidifying our strategic partnership with the Romano family to continue to fuel Rao's momentum. Over the years, La Regina has perfected its proprietary cooking process, invested in state-of-the-art capacity and maintained a commitment to excellence, ensuring every jar of Rao's sauce delivers a premium and unique experience.

透過此交易，我們鞏固了與 Romano 家族的策略合作關係，以繼續推動 Rao 的發展勢頭。多年來，La Regina 不斷完善其獨特的烹飪工藝，投資最先進的生產能力，並始終秉持追求卓越的承諾，確保每一罐 Rao's 醬料都能帶來優質獨特的體驗。

Campbell's investment in La Regina secures access to unique high-quality ingredients, expands our innovation capabilities and reinforces our commitment to producing Rao's sauces with only the finest ingredients. Together with the Romano family, we look forward to continuing this journey. We could not be more excited about the momentum and growth strategy of our Rao's brand.

Campbell 對 La Regina 的投資確保了我們能夠獲得獨特的優質原料，擴大了我們的創新能力，並鞏固了我們只使用最優質的原料生產 Rao's 醬料的承諾。我們期待與 Romano 家族一起繼續這段旅程。我們對 Rao's 品牌的發展動能和成長策略感到無比興奮。

Now let's turn to our Snacks business on Slide 12. While snacking occasions are growing, consumer preferences continue to evolve to health and wellness and the desire for worth it experiences, many of which are aligned with the consumer growth pillars I discussed earlier.

現在讓我們來看看第 12 張投影片中的零食業務。雖然零食消費場景不斷增加，但消費者的偏好也在不斷演變，他們越來越注重健康和保健，並渴望獲得物有所值的體驗，其中許多都與我之前討論過的消費者成長支柱相一致。

We believe our powerful portfolio of brands remains advantaged in today's environment, especially in terms of premiumization and flavor exploration. We are taking steps to further improve the health and wellness benefits of our Snacks leadership brands. for example, by providing consumers with avocado oil in our chips portfolio, and we have an exciting innovation pipeline for both the short and long term.

我們相信，我們強大的品牌組合在當今環境下仍然具有優勢，尤其是在高端化和口味探索方面。我們正採取措施，進一步提升旗下零食領導品牌的健康益處。例如，在我們的薯片產品組合中為消費者提供酪梨油，並且我們擁有令人振奮的短期和長期創新計劃。

Organic net sales declined by 1% driven by volume declines, which were partially offset by positive net price realization, reflecting pricing actions taken to address input cost inflation, primarily in cocoa and eggs. The headwind from partnering contract brands was about 1 point to net sales as expected. The difference between the year-over-year decline in net sales and consumption is driven by shipment timing of holiday-related activities.

受銷售下降的影響，有機淨銷售額下降了 1%，但淨價格實現的正面影響部分抵消了銷量下降的影響，這反映了為應對投入成本上漲（主要是可可和雞蛋）而採取的定價措施。正如預期的那樣，合作代工品牌帶來的不利影響對淨銷售額造成了約 1 個百分點的影響。淨銷售額和消費量年減的差異是由假日相關活動的出貨時間造成的。

As shown on Slide 13, we held our gain share in about half of our portfolio with solid performance in Pepperidge Farm cookies, Snack Factory and Late July and are focused on accelerating share recovery in pretzels and crackers. To support this momentum, we are prioritizing delivering clear consumer value, including leveraging price pack architecture while accelerating our innovation pipeline.

如幻燈片 13 所示，我們在大約一半的投資組合中保持了增長份額，其中 Pepperidge Farm 餅乾、Snack Factory 和 Late July 表現穩健，我們正專注於加速椒鹽脆餅和餅乾的份額恢復。為了保持這一勢頭，我們將優先考慮提供清晰的消費者價值，包括利用價格包裝架構，同時加快我們的創新進程。

We're also strengthening in-market omni-channel execution with targeted activation during key drive periods such as the holidays and upcoming sports championships where snacks play a big role in gatherings.

我們也加強了市場全通路執行，在假日和即將到來的體育錦標賽等關鍵銷售旺季期間開展有針對性的推廣活動，因為零食在聚會中扮演著重要角色。

Let's talk more about our Pepperidge Farm fresh bakery and cookies business, which held share and was relatively flat from a consumption perspective. I will start with the standout performance in cookies, where we outperformed the category and gained share in both dollars and volume through successful innovation launches, including the fall LTOs like Pepperidge Farm Milano Pumpkin Spice, Milano Chai Latte, and Soft Baked Pumpkin Cheesecake.

讓我們更詳細地談談我們的 Pepperidge Farm 新鮮烘焙食品和餅乾業務，該業務保持了一定的市場份額，並且從消費角度來看相對平穩。首先，我要介紹一下餅乾業務的突出表現。我們憑藉著成功的創新產品，包括秋季限時特供產品（如 Pepperidge Farm Milano 南瓜香料餅乾、Milano 柴拿鐵餅乾和軟烤南瓜起司蛋糕餅乾），在銷售額和銷量方面都超越了同類產品，並獲得了市場份額。

The double-digit consumption growth we are driving in Milano continues to contribute materially to overall category growth for the third consecutive quarter.

我們在米蘭推動的兩位數消費成長連續第三個季度持續為整個類別的成長做出實質貢獻。

Within our fresh bakery business, dollar and volume share were both relatively flat. However, the overall category remained under pressure as consumers are more selective in their purchases of fresh bread, favoring premium differentiated products. Our latest innovation in farmhouse, Thin Slice, is outpacing sandwich segment trends. delivering strong repeat rates, reflecting consumer demand for healthy products without compromising in taste.

在我們的新鮮烘焙業務中，銷售和銷售份額都相對持平。然而，由於消費者在購買新鮮麵包時更加挑剔，更傾向於選擇高端差異化產品，因此整個品類仍面臨壓力。我們最新推出的農家風味薄片三明治，其銷售成長速度超過了三明治市場的整體趨勢，復購率很高，這反映了消費者對健康產品的需求，同時又不犧牲口感。

Now let's talk about our salty portfolio. In chips, we held share with relatively flat consumption due largely to sequential improvement in our Late July brand as we continue to be well positioned with consumers that are looking for better-for-you offerings. We're also benefiting this quarter from a club promotion that shifted into the first quarter from Q2 last year. Our Kettle brand held market share while Cape Cod lost share against the broader potato chips category.

現在我們來聊聊我們那份充滿風險的投資組合。在薯片方面，由於我們的 Late July 品牌銷量環比增長，我們保持了市場份額，消費量也相對持平。我們繼續在尋求更健康產品的消費者中佔據有利地位。本季我們也受惠於一項俱樂部推廣活動，該活動從去年的第二季提前到了第一季。我們的 Kettle 品牌維持了市場份額，而 Cape Cod 品牌在大薯片類別中市場份額有所下降。

In pretzels, we experienced overall share and consumption pressure as strong performance of our Snack Factory franchise was not sufficient to offset the softness in Snyder's of Hanover. Snack Factory saw share and volume gains for the quarter, driven by the innovation of Pop'ums and Bites.

在椒鹽脆餅方面，由於我們的 Snack Factory 特許經營店表現強勁，不足以抵消 Snyder's of Hanover 的疲軟表現，我們整體市場份額和消費量都面臨壓力。零食工廠在本季實現了市場份額和銷量的成長，這主要得益於 Pop'ums 和 Bites 的創新。

Additionally, as consumers are increasingly seeking flavor experiences, our Pumpkin Spice LTO was a great driver of growth for Snack Factory in the quarter, and we are excited about the White Peppermint LTO that's on the shelves now in time for the holiday season.

此外，由於消費者越來越追求口味體驗，我們的南瓜香料限時特供產品在本季度成為 Snack Factory 增長的重要推動力，我們很高興白薄荷限時特供產品現已上架，正好趕上假日季。

The softness in Snyder's of Hanover was driven by our intentional removal of less effective promotions as well as continued competitive pressure. However, with core expansion at club, impactful holiday messaging and an upcoming new visual identity to drive shelf presence, we have a lot of conviction in both our pretzel brands.

Snyder's of Hanover 的業績下滑是由於我們有意取消了效果不佳的促銷活動，以及持續的競爭壓力所致。然而，隨著俱樂部核心業務的擴張、具有影響力的節日宣傳以及即將推出的全新視覺形像以提升貨架佔有率，我們對我們的兩個椒鹽脆餅品牌都充滿信心。

Now let's talk about crackers. In crackers, we are encouraged by Goldfish's successful back-to-school campaign, which beat key competitors in the 10-week back-to-school window. The success of the campaign helped Goldfish finish Q1 as the cracker share leader over the last 13 weeks.

現在我們來聊聊餅乾。在餅乾方面，我們受到 Goldfish 成功開展返校季活動的鼓舞，該活動在為期 10 週的返校季期間擊敗了主要競爭對手。這項行銷活動的成功幫助 Goldfish 在過去 13 週內保持了第一季餅乾市佔率領先地位。

Despite the great back-to-school campaign, consumption declined in the quarter, which shows we still have more work to do. I am confident that our strategy of incremental marketing support, exciting innovation and a strategic approach to value will return this flagship billion-dollar brand back to growth.

儘管返校季促銷活動非常成功，但本季消費量卻有所下降，這表明我們還有很多工作要做。我相信，我們透過逐步加大行銷支援力度、推進令人興奮的創新以及採取策略性價值創造方法，將使這個價值十億美元的旗艦品牌重回成長軌道。

As we enter the holiday season, our Snacks portfolio will play an important role in driving moments of connection and celebration. Our Pepperidge Farm cookies, crackers and bakery items remain a staple of holiday gatherings.

隨著假期季節的到來，我們的零食產品組合將在促進人與人之間的聯繫和慶祝方面發揮重要作用。我們的 Pepperidge Farm 餅乾、薄脆餅乾和烘焙食品仍然是節日聚會的必備品。

Additionally, we are leading into holiday activations like white cream and peppermint Snack Factory pretzel crisps, Snyder's of Hanover holiday cabin kits and brown sugar vanilla tortilla chip from Late July to capture heightened seasonal demand while maintaining a sharp focus on execution and in-store displays. Collectively, these actions will position our Snacks business to deliver strong engagement throughout the season and support our broader commitment to consistent, profitable growth.

此外，我們正在為 7 月下旬開始的節日促銷活動做準備，例如推出白奶油薄荷味 Snack Factory 椒鹽脆餅、Snyder's of Hanover 節日小屋套裝和紅糖香草味玉米片，以抓住節日期間不斷增長的需求，同時保持對執行和店內展示的高度重視。這些舉措將使我們的零食業務在整個銷售季中保持強勁的客戶參與度，並支持我們實現持續盈利增長的更廣泛承諾。

Before turning it over to Todd, I would like to highlight again how we're delivering today while building for tomorrow. As the operating environment remains dynamic and consumer preferences continue to evolve, strong day-to-day execution is critical.

在把發言權交給托德之前，我想再次強調一下，我們是如何既保證當下的業績，又著眼於未來的。由於經營環境不斷變化，消費者偏好也不斷演變，因此，強而有力的日常執行至關重要。

Our portfolio is well positioned. We remain confident in our leadership brands and our ability to serve delicious at-home cooking options, better for you options and elevated experiences that delight and excite consumers. We are committed to crafting high-quality food at the right value with a continued focus on omni-channel execution, brand activation, and innovation.

我們的投資組合佈局合理。我們對我們的領先品牌以及為消費者提供美味的家庭烹飪選擇、更健康的選擇和令人愉悅和興奮的優質體驗的能力充滿信心。我們致力於以合理的價格打造高品質的食品，並持續專注於全通路執行、品牌活化和創新。

Specifically, in Meals and Beverages, we remain focused on brands and offerings that will continue to shape at-home cooking momentum because we believe it's a trend that's here to stay. While we continue to enhance our Snacks portfolio, reigniting Goldfish is a top priority.

具體來說，在餐飲領域，我們仍然專注於那些將繼續推動家庭烹飪發展勢頭的品牌和產品，因為我們相信這是一種會持續下去的趨勢。在我們持續豐富零食產品組合的同時，重振金魚餅乾是我們的首要任務。

We continue to focus on productivity and cost savings initiatives across the organization to mitigate elevated inflation and invest in our brands, while we strengthened our overall foundation as we drive change to deliver sustainable, profitable growth.

我們繼續專注於提高整個組織的生產力和節省成本的舉措，以緩解高通膨並投資於我們的品牌，同時，我們加強了整體基礎，推動變革，以實現可持續的盈利增長。

With that, let me turn it over to Todd.

那麼，接下來就交給托德吧。

Thank you, Mick, and good morning, everyone. As Mick mentioned, our first quarter performance was in line with our expectations and reflected focused execution amidst a dynamic operating environment. At a high level, organic net sales decreased 1%. Adjusted EBIT decreased 11% to $383 million, primarily due to lower adjusted gross profit, partially offset by lower adjusted administrative, marketing and selling expenses, while adjusted EPS decreased 13% to $0.77.

謝謝你，米克，大家早安。正如米克所說，我們第一季的業績符合預期，反映了我們在動態的經營環境中專注的執行力。從總體上看，有機淨銷售額下降了 1%。調整後的息稅前利潤下降 11% 至 3.83 億美元，主要原因是經調整後的毛利下降，部分被經調整後的管理、行銷和銷售費用下降所抵消；經調整後的每股收益下降 13% 至 0.77 美元。

Now let me provide more details on our financial performance and guidance. Turning to Slide 18. Net sales were $2.7 billion, a decrease of 3%. Organic net sales decreased 1%, primarily due to unfavorable volume and mix, partially offset by net price realization.

現在讓我詳細介紹一下我們的財務表現和業績展望。翻到第18張幻燈片。淨銷售額為27億美元，下降了3%。有機淨銷售額下降 1%，主要原因是銷售量和產品組合不利，部分被淨價實現所抵銷。

On Slide 19, first quarter adjusted gross profit margin decreased 150 basis points to 29.9%, driven by cost headwinds of 520 basis points inclusive of cost inflation and other supply chain costs and the impact of gross tariffs.

第 19 頁顯示，第一季調整後的毛利率下降 150 個基點至 29.9%，主要原因是成本上漲和其他供應鏈成本以及關稅總額的影響導致成本上升 520 個基點。

These costs were partially offset by cost savings and supply chain productivity improvements and favorable net price realization. Gross tariffs had a 200 basis point negative impact on the adjusted gross profit margin in the quarter.

這些成本部分被成本節約、供應鏈生產力提高和有利的淨價實現所抵消。關稅總額對本季調整後的毛利率產生了 200 個基點的負面影響。

In the first quarter, Campbell made progress towards its fiscal 2028 cost savings target of $375 million by delivering approximately $15 million in new savings, bringing total cost savings achieved to $160 million. The company intends to use these savings as one of several levers to help offset tariff headwinds. As we look at the second quarter, we expect an increase in both promotional activity and marketing investment to further strengthen top line performance.

第一季度，坎貝爾公司在實現 2028 財年 3.75 億美元的成本節約目標方面取得了進展，新增節約額約為 1,500 萬美元，使總成本節約達到 1.6 億美元。該公司打算利用這些節省下來的資金作為抵消關稅不利影響的多種手段之一。展望第二季度，我們預期促銷活動和行銷投入的增加將進一步提升營收表現。

Turning to Slide 20. Adjusted marketing and selling expenses decreased 2% versus prior year, primarily due to lower selling expenses, the benefit from cost savings initiatives and lower incentive compensation, partially offset by higher marketing expenses.

翻到第20張投影片。經調整的營銷和銷售費用較上年下降 2%，主要原因是銷售費用降低、成本節約措施的收益以及激勵性薪酬降低，但部分被較高的營銷費用所抵消。

Adjusted marketing and selling expenses were 9% of net sales, consistent with the prior year. In the second quarter, we expect marketing and selling expenses to be at the upper end of our target range of 9% to 10% of net sales. Adjusted administrative expenses decreased 9%, mainly driven by the benefit from cost savings initiatives and lower incentive compensation.

經調整後的行銷和銷售費用佔淨銷售額的 9%，與前一年持平。第二季度，我們預期行銷和銷售費用將達到淨銷售額 9% 至 10% 的目標範圍的上限。經調整後的行政費用下降了 9%，主要原因是成本節約措施和激勵性薪資的降低。

As shown on Slide 21, first quarter adjusted EBIT decreased 11%, primarily due to lower adjusted gross profit, partially offset by lower adjusted administrative and lower adjusted marketing and selling expenses.

如投影片 21 所示，第一季調整後 EBIT 下降 11%，主要是由於調整後毛利下降，部分被調整後管理費用和調整後行銷及銷售費用的下降所抵銷。

On Slide 22, adjusted EPS decreased 13% to $0.77, driven by lower adjusted EBIT. Lower interest expense provided a $0.01 benefit, offset by a 60 basis point increase in the adjusted tax rate, which was EPS dilutive of $0.01. The divestiture of noosa also had a $0.01 negative impact for the quarter. As a note, the gross impact of tariffs to Q1 adjusted EPS was $0.14, while the net impact of tariffs was $0.04 through EPS for the quarter.

第 22 頁顯示，由於調整後的息稅前利潤下降，調整後的每股盈餘下降了 13% 至 0.77 美元。利息支出減少帶來了 0.01 美元的收益，但調整後稅率上升 60 個基點，抵消了這一收益，導致每股收益稀釋 0.01 美元。此外，出售 Noosa 也對本季業績產生了 0.01 美元的負面影響。需要注意的是，關稅對第一季調整後每股收益的毛影響為 0.14 美元，而關稅對該季度每股收益的淨影響為 0.04 美元。

Turning to Slide 23. Meals and Beverages first quarter reported net sales decreased 4%. Excluding the impact of the noosa divestiture, organic net sales decreased 2%, mainly driven by declines in US soup, Canada, SpaghettiOs, Pace Mexican sauces, and V8 beverages, partially offset by gains in Rao's. An unfavorable volume mix decline of 3% and was partially offset by favorable net price realization of 1%.

翻到第23張幻燈片。餐飲飲料第一季淨銷售額下降 4%。不計 Noosa 出售的影響，有機淨銷售額下降 2%，主要原因是美國湯品、加拿大、SpaghettiOs、Pace 墨西哥醬料和 V8 飲料的銷售額下降，部分被 Rao's 的增長所抵消。銷量組合不利下降 3%，但淨價實現有利下降 1%，部分抵消了銷量下降的影響。

First quarter operating earnings in the division decreased 13%, primarily due to lower gross profit and the impact of the noosa divestiture.

該部門第一季營業利潤下降了 13%，主要原因是毛利下降以及出售 Noosa 業務的影響。

Operating margin was lower by 190 basis points, primarily due to lower gross profit inclusive of a 280 basis point gross impact from tariffs and cost inflation and other supply chain costs. This was partially offset by cost savings and supply chain productivity improvements and favorable net price realization.

營業利潤率下降了 190 個基點，主要是由於毛利下降，其中包括關稅、成本上漲和其他供應鏈成本造成的 280 個基點的毛影響。成本節約、供應鏈生產力提高和有利的淨價實現部分抵消了這一損失。

On Slide 24, Snacks reported a 2% decrease in net sales, which includes the impact of the Pop Secret divestiture. Organic net sales decreased 1%, driven primarily by lower net sales in third-party partner and contract brands, Snyder's of Hanover pretzels, fresh bakery, Goldfish crackers and Cape Cod potato chips, partially offset by gains in Pepperidge Farm cookies. Organic net sales were impacted by unfavorable volume mix decline of 3% and favorable net price realization of 2%.

在第 24 張投影片中，零食業務報告淨銷售額下降了 2%，其中包括 Pop Secret 剝離的影響。有機淨銷售額下降 1%，主要原因是第三方合作夥伴和合約品牌、Snyder's of Hanover 椒鹽脆餅、新鮮烘焙食品、Goldfish 餅乾和 Cape Cod 薯片的淨銷售額下降，但 Pepperidge Farm 曲奇餅乾的增長部分抵消了這一影響。有機淨銷售額受到不利的銷量組合下降 3% 和有利的淨價格實現 2% 的影響。

Snacks first quarter operating earnings decreased 10%, while operating margin decreased 100 basis points. The margin contraction reflected cost inflation and other supply chain costs, gross tariff impact, and unfavorable volume mix, which more than offset benefits from cost savings and supply chain productivity improvements and favorable net price realization.

零食業務第一季營業利潤下降10%，營業利益率下降100個基點。利潤率下降反映了成本上漲和其他供應鏈成本、關稅總額影響以及不利的銷售組合，這些因素抵消了成本節約和供應鏈生產力提高以及有利的淨價實現所帶來的收益。

Turning to Slide 25. We generated $224 million in operating cash flow in the first quarter, in line with prior year. We continue to prioritize reinvestment back into the business to drive incremental growth with Q1 capital expenditures of $127 million.

翻到第25張投影片。第一季度，我們實現了 2.24 億美元的營運現金流，與去年同期持平。我們繼續優先考慮將資金再投資於業務，以推動業務成長，第一季資本支出為 1.27 億美元。

We also remain committed to returning cash to our shareholders with $120 million in dividends paid and $24 million in anti-dilutive share repurchases in the quarter. As of November 2, 2025, the company has approximately $174 million remaining under its anti-dilutive share repurchase program.

我們也將繼續致力於向股東返還現金，本季已支付 1.2 億美元的股息，並進行了 2,400 萬美元的反稀釋性股票回購。截至 2025 年 11 月 2 日，該公司在其反稀釋性股票回購計畫下還有約 1.74 億美元剩餘資金。

Our net debt to adjusted EBITDA leverage ratio at the end of first quarter was 3.7 times. We remain committed to deleveraging the balance sheet towards our goal of 3 times leverage. At the end of the first quarter, the company had approximately $168 million in cash and cash equivalents and approximately $1.4 billion available under our revolving credit facility.

第一季末，我們的淨負債與調整後 EBITDA 的槓桿比率為 3.7 倍。我們將持續致力於降低資產負債率，朝著3倍槓桿的目標邁進。第一季末，該公司擁有約 1.68 億美元的現金及現金等價物，以及約 14 億美元的循環信貸額度。

With respect to the La Regina transaction Mick mentioned earlier, we anticipate closing in the second half of fiscal 2026. The transaction is expected to be neutral to the reaffirmed guidance for fiscal 2026 adjusted EPS. Further details on the acquisition can be found in the company's Form 8-K filed today with the Securities and Exchange Commission.

關於 Mick 先前提到的 La Regina 交易，我們預計在 2026 財年下半年完成。預計該交易對 2026 財年調整後每股收益預期不會產生影響。有關此收購的更多詳情，請參閱該公司今天向美國證券交易委員會提交的 8-K 表格。

Based on the company's first quarter performance, we are reaffirming our full year fiscal 2026 guidance ranges provided on September 3, 2025. Fiscal 2026 guidance ranges are based on the exclusion of the additional week in fiscal 2025, which represented approximately 2% to net sales, 2% to adjusted EBIT, and $0.06 to adjusted EPS.

根據公司第一季的業績，我們重申我們在 2025 年 9 月 3 日提供的 2026 財年全年業績指引範圍。2026 財年業績指引範圍是基於排除 2025 財年額外一周的數據而製定的，該額外一周的數據分別使淨銷售額、調整後息稅前利潤和調整後每股收益分別增加了約 2%、2% 和 0.06 美元。

In fiscal 2026, we continue to expect a significant impact from tariffs. Gross tariffs are projected to be approximately 4% of cost of products sold, approximately 60% related to Section 232 steel and aluminum tariffs and the remainder largely from global tariffs.

預計在 2026 財年，關稅仍將產生重大影響。預計關稅總額約為產品銷售成本的 4%，其中約 60% 與第 232 條的鋼鐵和鋁關稅有關，其餘部分主要來自全球關稅。

We continue to expect to mitigate approximately 60% of this impact in fiscal 2026 through a number of actions, including continued inventory management, supplier collaboration, alternative sourcing opportunities, productivity and cost savings, and where absolutely necessary, surgical and responsible pricing actions.

我們預計在 2026 財年透過一系列措施，包括持續的庫存管理、供應商合作、替代採購機會、提高生產力和節約成本，以及在絕對必要的情況下採取精準且負責任的定價措施，來減輕約 60% 的這種影響。

I will close by saying that just 50 days in, I share a mixed conviction in the strength of our leadership brands, our capabilities, and our people. Maintaining focus on our strategic priorities will be key as we continue to navigate short-term macroeconomic challenges, while investing to build long-term shareholder value.

最後我想說，僅僅 50 天過去了，我對我們領導品牌的實力、我們的能力以及我們的人員都抱持著複雜的感受。在應對短期宏觀經濟挑戰的同時，我們將繼續專注於策略重點，並投資以創造長期股東價值。

That concludes our prepared remarks. Now let's turn it over to the operator and begin the Q&A session.

我們的發言稿到此結束。現在我們把麥克風交給接線員，開始問答環節。

(Operator Instructions)

（操作說明）

Tom Palmer, JPMorgan.

湯姆‧帕爾默，摩根大通。

Todd, welcome. I wanted to follow up on the La Romano announcement. Perhaps we could get some added detail on the reason for the acquisition and the timing and also perhaps some added details on the option on the remaining 51% such as how the purchase price would be determined.

托德，歡迎。我想跟進一下拉羅馬諾的聲明。或許我們可以了解收購的原因和時間安排，以及剩餘 51% 股份的選擇權如何確定等更多細節。

Yeah. Good morning, Tom. And so when I look at the La Regina investment, first of all, it obviously supports our conviction around Rao's. And as we've obviously talked in the past about sauce is boss for Rao's, so partnering up with the proprietary producer of the tomato-based sauces is absolutely critical from my perspective. Rao's has had a long relationship with La Regina, as I described earlier.

是的。早上好，湯姆。因此，當我審視 La Regina 的投資時，首先，它顯然支持了我們對 Rao's 的信心。正如我們之前討論過的，醬料對 Rao's 來說至關重要，因此，從我的角度來看，與番茄醬料的專屬生產商合作絕對至關重要。正如我之前所描述的那樣，Rao's 與 La Regina 有著長期的合作關係。

And since the acquisition, we've also been developing that relationship with the Romano family. This investment is really strengthening that partnership with both La Regina but also with, as you're pointing out, the Romano family. And I'm really looking forward to bringing that relationship to the next level.

自收購以來，我們也一直在發展與羅曼諾家族的關係。這項投資確實加強了與 La Regina 的合作關係，正如你所指出的，也加強了與 Romano 家族的合作關係。我非常期待將這段關係提升到一個新的層次。

On the one end, it obviously secures supply. And we describe a lot of the uniqueness of the product, and we've talked about that. It's obviously a key component of Rao's and Rao's growth, the unique ingredients, but overall also the process with which we're making the sauce and with which the sauce is cooked, as we described earlier. So making sure that we have supply of the high-quality Rao's sauce is absolutely critical. That's what this investment helps us with.

一方面，它顯然保障了供應。我們詳細介紹了該產品的許多獨特之處，我們也討論過這一點。顯然，獨特的食材是 Rao's and Rao's 發展壯大的關鍵因素，但總的來說，我們製作醬汁和烹調醬汁的過程也是關鍵因素，正如我們之前所描述的。因此，確保我們有充足的優質 Rao's 醬料供應至關重要。這就是這項投資對我們有幫助的地方。

That's what this supports. It kind of supports the overall conviction around the growth story. On top of it, also the partnership with the Romano family will allow us to continue to work closely together in areas like innovation, really a kind of mutual interest in order to continue to support the growth of this amazing brand, which I personally think has a long way to go.

這就是它所支持的。這在某種程度上印證了人們對成長故事的整體看法。除此之外，與 Romano 家族的合作也將使我們能夠在創新等領域繼續緊密合作，這確實是一種共同的利益，以便繼續支持這個了不起的品牌的發展，我個人認為它還有很長的路要走。

And if you look at -- we obviously described some of the details. We were currently acquiring 49% of La Regina for $286 million. This represents a high single-digit EBITDA multiple. And as Todd also described in his prepared remarks, we expect it to be EPS-neutral in fiscal '26. I personally think this comes at an opportune time where we have integrated the Rao's acquisition and we have continued to build this relationship, back to your question around timing.

如果你仔細看——我們顯然已經描述了一些細節。我們當時正以 2.86 億美元的價格收購 La Regina 49% 的股份。這相當於一個較高的個位數 EBITDA 倍數。正如托德在事先準備好的演講稿中所描述的那樣，我們預計這將對 2026 財年的每股收益產生中性影響。我個人認為，現在正值良機，我們已經完成了對 Rao's 的收購，並且一直在鞏固這種關係。回到你關於時機的問題。

We continue to build this relationship, and as a result, this is a very logical, call it, like addition to building that overall conviction around the Rao's brand.

我們將繼續鞏固這種關係，因此，這可以說是進一步增強人們對 Rao's 品牌的信心的一個非常合乎邏輯的補充。

I don't know, Todd, any additional thoughts around the option that we have?

托德，我不知道，你對我們目前的選擇還有什麼其他想法嗎？

Yeah. So just to be clear on the timing. So the first payment, again, we anticipate closing sometime in the second half of this year, $146 million cash payment immediately. One year later, there will be a second payment of $140 million, I guess, the $286 million for the 49% ownership portion. After that first year, we do have a call option.

是的。所以，為了明確時間安排。因此，我們預計第一筆款項將於今年下半年完成支付，即立即支付 1.46 億美元現金。我猜，一年後會有第二筆款項，金額為 1.4 億美元，這筆款項是 2.86 億美元，用於支付 49% 的股權。第一年後，我們還有買入選擇權。

We can purchase the remaining 51%. There will be likely a premium depending on the performance of up to 20% of premium on the second half of the piece.

我們可以收購剩餘的51%。根據表現情況，該作品後半部可能會有高達 20% 的溢價。

The valuation approaches around $600 million ultimately if we exercise that option. And the Romano family has a put option of four years after we close on the transaction for us to purchase the remaining. So again, about as close to around a $600 million ultimate valuation. As Mick pointed out, high single-digit multiple. Just super excited about this opportunity. It's going to be a great partnership. It's going to improve the margins of the Rao's brand. So it's a win-win for everybody.

如果我們行使該選擇權，最終估值將接近 6 億美元。羅曼諾家族擁有在交易完成後四年內購買剩餘股份的選擇權。所以，最終估值大概在 6 億美元左右。正如米克指出的那樣，接近兩位數的倍數。我對這個機會感到無比興奮。這將會是一項非常棒的合作。這將提高 Rao's 品牌的利潤率。所以這對每個人來說都是雙贏。

Andrew Lazar, Barclays.

安德魯·拉扎爾，巴克萊銀行。

Great. Welcome, Todd. I think last quarter, Campbell's spoke about its intention to stabilize the Snack segment in the second half of the fiscal year, and it looks like you're still expecting that to be the case. I guess based on the data we can all see, it doesn't seem that trends improved maybe as much sequentially in the fiscal first quarter as you might have expected. I was hoping you could go through what gives you the conviction in a back half stabilization? And how do you think this is impacted, if at all, from a key snacks player, more about affordability going forward?

偉大的。歡迎你，托德。我認為上個季度，坎貝爾公司曾表示打算在本財年下半年穩定零食業務，看來你們仍然預期情況會如此。根據我們都能看到的數據來看，第一財季的趨勢似乎並沒有像你預期的那樣較上季改善。希望你能詳細說說是什麼讓你對後半身穩定手術充滿信心？那麼，您認為這（指價格因素）會對一家主要的零食公司產生怎樣的影響？

Yeah. Thank you, Andrew. So maybe stepping back, first, with regard to the overall categories. And when I look at the snacks categories that we are participate in, in the aggregate, the dollar consumption trend was sequentially relatively stable, i.e., it didn't deteriorate further for the third quarter in a row. So I do expect as a result that you're basically going into next quarter.

是的。謝謝你，安德魯。所以，或許我們應該先退一步，從整體類別的角度來檢視一下。當我查看我們參與的零食類別時，總體而言，美元消費趨勢相對穩定，也就是說，連續第三個季度沒有進一步惡化。因此，我預計你們基本上已經進入下一個季度了。

You're going to continue to see that category pressure, and I don't expect that to immediately change within the next couple of months.

你將會繼續看到這種品類壓力，而且我預期這種情況在未來幾個月內不會立即改變。

However, as we're getting into the second half, arguably, comps should become a little bit easier, and that should allow categories overall to start to stabilize. That being said, we're obviously, as I described also during my prepared remarks, we are focused on what we control. And we clearly see that snacking is evolving, and I described it extensively in my prepared remarks, but like we are very focused on making sure that we continue to evolve our portfolio with that.

然而，隨著比賽進入下半程，比賽難度可能會降低一些，這應該會讓各個類別的整體情況開始趨於穩定。也就是說，正如我在事先準備好的演講稿中所描述的那樣，我們顯然專注於我們能夠控制的事情。我們清楚地看到零食產業正在不斷發展，我在準備好的演講稿中對此進行了詳盡的描述，但我們非常注重確保我們能夠繼續發展我們的產品組合以適應這種變化。

When I look specifically at our portfolio performance in Q1, if you look at bakery, cookies, one of the things that actually worked well is the innovation and particularly the cookie innovation. And that really is something that we've got to make sure that we keep that momentum going. If I look within salty, within chips, some benefit from timing of certain promotional activities. So I expect that we're going to continue to feel a little bit of pressure on chips, also a relatively competitive, call it, like subcategory within salty.

如果你具體看一下我們第一季的投資組合表現，如果你看一下烘焙食品和餅乾，你會發現真正做得很好的一點是創新，尤其是餅乾創新。而這正是我們必須確保保持這種勢頭的事情。如果我仔細觀察鹹味薯片，會發現某些促銷活動的時機對某些產品有益。所以我預期薯片市場會繼續感受到一些壓力，薯片也是鹹味食品中一個競爭相對激烈的子類別。

Within pretzels, we have great results around Snack Factory. They're really encouraging. We got to make sure that we keep that momentum going, a lot around innovation but also in market execution. With regard to Snyder's of Hanover, we still got some work to do. And then when I look at crackers, which is the third major category within our Snacks portfolio, it's really coming back to making sure that we reignite Goldfish.

在椒鹽脆餅領域，我們在Snack Factory附近取得了非常好的成績。他們真的很鼓舞人心。我們必須確保保持這種勢頭，這不僅體現在創新方面，也體現在市場執行方面。關於漢諾威的史奈德公司，我們還有些工作要做。然後，當我審視餅乾時，餅乾是我們零食產品組合中的第三大類別，我發現關鍵在於確保我們能夠重振金魚餅乾的市場。

Now when I look at Goldfish in Q1, as we also described, the back-to-school performance was quite good and encouraging.

現在，當我查看第一季的 Goldfish 數據時，正如我們之前描述的那樣，返校季的表現相當不錯，令人鼓舞。

Really also focused back on price pack architecture, I mentioned that in the past and the importance of that during the right moments, making sure we provide the right value to the consumer. And that came through with the multipack execution during the back-to-school period.

我還專注於了價格包裝架構，我之前提到過這一點，以及在合適的時機確保我們為消費者提供合適的價值的重要性。而這一點在返校季的多件裝促銷活動中得到了體現。

So there's definitely some green shoots throughout. That being said, making sure that, for instance, we are getting Goldfish back to growth is absolutely critical for not only the cracker performance within our cracker category, but also more broadly within our Snacks portfolio. So that's something that we are very focused on.

所以，各處確實都出現了一些正面的跡象。也就是說，確保金魚餅乾等產品恢復成長，不僅對我們餅乾類別的整體表現至關重要，而且對我們零食產品組合的整體表現也至關重要。所以這是我們非常關注的事情。

When I look at Q1, we made some progress. We got still more work to do. As I pointed out, there are some proof points that we are going to continue to amplify throughout the year. I also think it's going to be really important to make sure that we see some of these proof points come together in Q2. And that will inform us around the second half trajectory of our Snacks business. So hopefully, that gives you a little bit of context around kind of our performance.

從第一季的情況來看，我們取得了一些進展。我們還有更多工作要做。正如我所指出的，有一些證據點我們將在今年繼續加以強調。我認為，確保我們在第二季度看到其中一些驗證點得到證實，這一點也非常重要。這將有助於我們了解零食業務下半年的發展軌跡。希望這能讓您對我們的表現有一定了解。

David Palmer, Evercore ISI.

David Palmer，Evercore ISI。

Just a follow-up on salty snacks. I know you won't be surprised to hear that people are really thinking about mega trends with regard to salty snacks right now. And obviously, GLP-1 usage, people are concerned that, that's going to be ramping into 2026. And of course, there's that issue that some cited about COVID era overpricing, just a hangover particularly within certain income cohorts.

關於鹹味零食的後續討論。我知道你不會驚訝地發現，人們現在都在認真思考鹹味零食的巨大趨勢。顯然，人們擔心 GLP-1 的使用量將在 2026 年大幅增加。當然，還有一些人提到的新冠疫情期間物價過高的問題，這尤其在某些收入群體中是一種後遺症。

I'm wondering if you feel like these factors are relevant more to some subcategories. I know that salty snacks right now overall is up 1% in the latest dollar sales that we see ending November 30. So it doesn't look like it's that bad of a category.

我想知道您是否認為這些因素與某些子類別更相關。我知道，根據截至 11 月 30 日的最新美元銷售額數據，鹹味零食目前整體銷售額成長了 1%。所以看起來這個類別並沒有那麼糟。

So it's a little bit confusing just it sounds worse than it is, so to speak. But I'm wondering how you're thinking about those mega trends and how they might interact with certain subsegments and how you're perhaps thinking about that going into '26.

所以有點令人困惑，聽起來比實際情況要糟糕得多。但我很好奇您是如何看待這些大趨勢的，以及它們可能會如何與某些細分市場相互作用，以及您是如何看待 2026 年的。

Yeah. Thanks, David. It's something that we are very focused on. And you heard me talk a little bit about this in the beginning of the prepared remarks as well. And I really -- kind of that focus on the consumer value across those different occasions or those distinct needs, as we described it on one of the pages, is really the way that we are approaching it.

是的。謝謝你，大衛。這是我們非常關注的事情。在事先準備好的發言稿開頭，你們也聽到我稍微談到了這一點。而我確實——正如我們在其中一頁所描述的那樣，關註消費者在不同場合或不同需求中的價值，這正是我們採取的方式。

First of all, and this has been a focus since I became the CEO, is really making sure that we elevate the focus on the consumer needs across the organization. You see that come through in these different mega trends that we've identified around whether it's premiumization, flavor exploration, health and wellness, and cooking and comfort.

首先，也是我擔任執行長以來一直關注的重點，就是確保我們在整個組織內提升對消費者需求的關注。您可以看到，在我們已經確定的各種大趨勢中，無論是高端化、口味探索、健康與保健，還是烹飪與舒適，都體現了這一點。

Snacking specifically, people are still snacking, as you're describing, However, snacking is evolving. And we see that really taking place within those three key pillars that I described earlier, whether it is that elevating the experience or people want an exciting experience, which comes back to premiumization of flavor exploration or the focus on health and wellness. And our brands are, call it, premium snacking brands, really have a place to win within those different trends.

具體來說，人們仍然像你描述的那樣吃零食，但是吃零食的方式正在改變。我們看到，這確實發生在我之前描述的那三個關鍵支柱之中，無論是提升體驗，還是人們想要令人興奮的體驗（這又回到了口味探索的高端化，或關注健康和福祉）。而我們的品牌，姑且稱之為高端零食品牌，在這些不同的趨勢中確實佔有一席之地。

We just need to make sure that when we innovate, we're very conscious of what the consumer is looking for. So that allows us to continue to evolve our portfolio. And at the same time, from a messaging perspective, when we communicate to connect with the consumer, we need to make sure that we bring it back to these core focus areas that we know the consumer is focused on. So we're working through that. And definitely, some areas are working. Others, we've got some more work to do.

我們只需要確保在創新時，我們非常清楚消費者想要什麼。這樣一來，我們就可以不斷發展我們的投資組合。同時，從訊息傳遞的角度來看，當我們與消費者溝通並建立聯繫時，我們需要確保將重點放在我們知道消費者關注的核心領域。所以我們正在努力解決這個問題。當然，有些方面確實在發揮作用。其他方面，我們還有一些工作要做。

The one thing that is an overarching, call it, like important feat that I pointed out also when I talked about Goldfish is to continue to focus on value. And that you see across the overall consumer spectrum, and that's something that goes for both divisions.

我談到 Goldfish 時也指出過，最重要的一點，或者說一項整體性的重要成就，就是繼續專注於價值。這一點在整個消費者群體中都適用，兩個部門都是如此。

Robert Moskow, TD Cowen.

Robert Moskow，TD Cowen。

I guess I really have two. I wanted to know, Mick, you said two things about the soup business. You said that it's important for you to raise price to cover costs, but also you recognize the importance of providing value and that there's been some share losses in eating soup. So these two things kind of clash with each other. Do you think you'll need to improve affordability of eating soups? And how have competitors responded to the price increases?

我想我其實有兩個。米克，我想知道，你之前提到過關於湯品生意的兩件事。您說，提高價格以彌補成本對您來說很重要，但您也認識到提供價值的重要性，並且您在喝湯方面已經失去了一些市場份額。所以這兩件事有點互相矛盾。你認為需要提高湯類食品的可負擔性嗎？競爭對手對價格上漲有何反應？

Yeah. So definitely something we're very conscious of, right? And by the way, Rob, maybe stepping back for a minute. If you look at our total soup portfolio, obviously, on the one hand, cooking. Cooking is really working.

是的。所以這絕對是我們非常重視的事情，對吧？順便說一句，羅布，或許我應該退後一步。如果你看我們所有的湯品產品組合，很顯然，一方面是烹飪。烹飪真的有效。

We're really feeling some of the pressure on the eating side. Within cooking, that's really coming back to broth on the one hand. We are seeing, by the way, that private label is recovering. And as a result, though, I still expect continued, one, growth of the category, but also growth for us. I do expect that we're going to feel some of that share pressure that we've talked about in the past to start to materialize as private label continues to recover.

我們在飲食方面確實感受到了一些壓力。從烹飪的角度來看，這實際上又回到了肉湯的問題上。順便說一句，我們看到自有品牌正在復甦。因此，我仍然預計，一方面，該品類會持續成長，另一方面，我們本身也會成長。我預計，隨著自有品牌持續復甦，我們過去討論過的市佔率壓力將會開始顯現。

Now from a condensed perspective, the condensed portfolio is really split in two. And it's interesting when you peel that back and you really see the growth on the cooking side of condensed, which you're really back to a lot of the creams, for instance, that are being used in recipes as ingredients and then some of the more eating-focused oriented products within our condensed portfolio.

從概括的角度來看，這個精簡的投資組合其實分為兩部分。當你深入了解後，你會發現濃縮食品在烹飪方面的成長很有意思，例如，許多奶油產品被用作食譜中的配料，以及我們濃縮食品產品組合中一些更注重食用的產品。

That's where you're feeling some of the pressure in general. Then when I get to RTS, or ready-to-serve soups, which is a broader portfolio for us, right? That includes Chunky. It includes Home Style. It did include in the past Well Yes!, which we've now discontinued.

這就是你普遍感受到壓力的地方。然後，當我談到即食湯（RTS）時，這對我們來說是一個更廣泛的產品組合，對吧？其中包括 Chunky。其中包括家居風格。過去確實包含過《Well Yes!》，但我們現在已經停用了它。

That's where we felt the most pressure, which is on the one hand, because of what I described earlier, a little bit of the pressure on eating soups in general. And then in combination with some of the pricing actions that we have taken that -- listen, we've taken them -- we talked about it last quarter. We've been really surgical about it. But because of the disproportionate inflation, we did believe it was important to implement some of the pricing. Elasticities have materialized the way that we expected.

那是我們感到壓力最大的地方，一方面是因為我之前描述的情況，另一方面是人們對喝湯這件事本身所感受到的壓力。然後，再加上我們採取的一些定價措施——聽著，我們已經採取了這些措施——我們在上個季度討論過這個問題。我們在這方面一直非常謹慎。但由於通貨膨脹失衡，我們認為實施一些定價措施非常重要。彈性效應正如我們預期的那樣顯現出來。

We also believe that it's important for, as you're pointing out, the long-term value of our brands, although in the short term and particularly during the beginning of this quarter, it's definitely led to some pressure from a consumption as well as overall share perspective, which you saw on one of the slides.

我們也認為，正如您所指出的，這對於我們品牌的長期價值至關重要，儘管在短期內，尤其是在本季度初，這無疑從消費和整體份額的角度帶來了一些壓力，正如您在其中一張幻燈片中看到的那樣。

Now that being said, we're also very conscious to bring it back to your piece around value is important. And value is important when it really matters. So going into the soup season, we have taken selective incremental actions in order to make sure that we are competitive in the marketplace. And if you look at the L4 trend, you actually see that RTS is growing slightly and that share declines are much more subdued.

話雖如此，我們也非常清楚，把重點放在你文章中關於價值的論述上非常重要。價值在真正重要的時候才顯得重要。因此，在進入湯品銷售旺季之際，我們採取了有選擇、循序漸進的措施，以確保我們在市場上具有競爭力。如果你觀察 L4 趨勢，你會發現 RTS 實際上略有成長，而且份額下降幅度要小得多。

Michael Lavery, Piper Sandler.

麥可·拉弗里，派珀·桑德勒。

Just wondering if you could come back to La Regina for a minute. You mentioned the margin benefit. But I suppose at 49%, would that still come through in operations? Or would that only occur after, if and when you have full consolidation? And then in either case, maybe could you just touch a little bit on what if any implications the deal has for top line momentum.

想問您能否回 La Regina 一分鐘。你提到了利潤率優勢。但我想，49%的比例還能在營運中反映出來嗎？或者說，這種情況只有在完成全面合併之後才會發生？那麼，無論如何，您能否稍微談談這筆交易對營收成長勢頭有何影響（如果有的話）。

It's always been a strong brand, but it's certainly, as it gets bigger and bigger, grows a little bit more slowly. How do we think about just what you can do to keep the momentum going on the strength of the top line as well?

它一直是一個強大的品牌，但隨著規模越來越大，其成長速度確實有所放緩。我們該如何思考，才能在營收強勁成長的基礎上，繼續維持這種發展動能呢？

Maybe I'll start off with the top line and, Todd if you can then add a little bit around the consolidation piece and the margin piece. So from an overall growth perspective, you did see that we continue to have growth this past quarter. We talked about this in the past as, call it, net to high single-digit growth has always been the focus going into this fiscal year.

也許我可以先從頂線開始，然後，托德，如果你可以的話，再在合併部分和邊距部分周圍添加一些內容。所以從整體成長的角度來看，我們在上個季度確實繼續保持了成長。我們過去也討論過這個問題，可以說，本財年的重點一直是實現接近兩位數的淨增長。

We had 4% consumption growth this past quarter. A little bit of timing of promotional activity between Q1, Q2 and, still, I'm very comfortable that we're going to see that mid- to high single-digit growth trajectory materialize.

上個季度我們的消費成長了4%。在第一季和第二季之間稍微調整促銷活動的時機，但我仍然非常有信心，我們將看到中高個位數的成長軌跡成為現實。

From a P&L impact, because of the call option that we have, we will actually consolidate 100% of the P&L into our business. So we will get the full gross margin impact. It will be significant for Rao's, obviously not terribly significant for the entire company, but will have a very favorable impact on the brand. We will then back out 51% of the earnings of La Regina through a minority interest line. And then obviously, we'll have any additional interest expense coming through as we finance the purchase.

從損益影響來看，由於我們擁有認購選擇權，我們將把 100% 的損益併入我們的業務。因此，我們將獲得全部的毛利率影響。這對 Rao's 來說意義重大，雖然對整個公司來說意義不大，但對品牌會產生非常正面的影響。然後，我們將透過少數股權融資機制收回 La Regina 51% 的收益。顯然，由於我們需要融資購買，因此還會產生額外的利息支出。

As we talked about earlier for this year, it should be a wash to EPS over time. Obviously, we believe it will be accretive.

正如我們今年早些時候討論的那樣，從長遠來看，這對每股收益應該不會產生太大影響。顯然，我們相信這將帶來成長。

And can I add a quick follow-up? If that's the case then, and you've got greater margin opportunity and flexibility, does that do anything to impact how you might think about funding AMC?

我可以補充一個後續問題嗎？如果情況確實如此，並且您擁有更大的利潤空間和靈活性，這是否會對您考慮如何為 AMC 提供資金產生任何影響？

More to come, Michael. It gives us obviously flexibility from lots of aspects to invest in the business, as you intimate. Innovation, channel, strategy, just gives us a lot more flexibility on the brand. And so we think it's going to be a great impact for us.

邁克爾，還有更多內容。正如您所暗示的，這顯然給了我們從許多方面進行業務投資的靈活性。創新、通路、策略，這些都讓我們在品牌方面擁有更大的彈性。所以我們認為這將對我們產生巨大的影響。

Peter Grom, UBS.

Peter Grom，瑞銀集團。

So Todd, I kind of had a broader question for Todd, and I guess I know it's only been a few weeks. But maybe just some initial perspectives as you step into this role, kind of where you see the biggest opportunities for improvement, where you see them today and whether that be growth, profitability, cash flow. What kind of stands out to you?

所以托德，我有一個比較廣泛的問題想問托德，我知道這才過了幾個星期而已。但或許在你擔任這個職位之初，可以先談談一些初步的看法，比如你認為最大的改進機會在哪裡，你目前是如何看待這些機會的，以及這些機會是增長、盈利能力還是現金流。你覺得哪一種類型最突出？

Yeah. Look, I took this position for a couple of reasons. One is, I think the brands are just incredible, powerful, absolutely have a right to win, slightly declining today, but I'm very confident they're going to be growing in the future. And I want to be a meaningful part of that. The people here that I met through the interview process, amazing.

是的。我接受這個職位有兩個原因。一方面，我認為這些品牌非常出色，實力雄厚，絕對有資格獲勝，雖然目前略有下滑，但我非常有信心它們未來會發展壯大。我想成為其中有意義的一份子。我在面試過程中遇到的這些人，都很棒。

And as I continue to meet more people through this organization, the people here are just terrific. And that's, quite frankly, when you work every day, that's 80% of the battle, coming in and making sure you're working with people as you really appreciate and want to work with.

隨著我透過這個組織認識的人越來越多，我發現這裡的人都很棒。坦白說，當你每天工作時，成功的 80% 就在這一點上：確保你和那些你真正欣賞和想要共事的人一起工作。

Look, this is a big business. It's a complex business. I think I can add value in streamlining analysis, making sure we focus on the right things, making sure we have the right people working on the right things, making the right investments.

你看，這是一門大生意。這是一個複雜的行業。我認為我可以在簡化分析、確保我們專注於正確的事情、確保我們有合適的人在做正確的事情、進行正確的投資等方面發揮作用。

Having worked for 20 years for a similar-sized company, that being Hershey, and then working for two $1 billion companies over the last eight years, gives me, I think, a unique perspective on both larger cap food companies and then the advantages of smaller companies who are higher growth and how they think, how they act, and how they're more nimble. So hopefully, I can bring some of that perspective to the company over the next several years.

我曾在一家規模相近的公司——好時公司工作了 20 年，然後在過去的八年裡又在兩家市值 10 億美元的公司工作過，我認為這讓我對大型食品公司以及小型高增長公司的優勢，以及它們的思維方式、行動方式和靈活性，都有了獨特的見解。所以，希望在接下來的幾年裡，我能把這些視角帶到公司。

Jim Salera, Stephens.

吉姆·薩萊拉，史蒂芬斯。

Mick, I wanted to maybe circle back on Goldfish because it sounds like that's going to be really the key lever to reigniting the Snack segment growth as a whole. Can you just walk us through, has Goldfish lost households? Or have you seen consumption frequency step back among existing households? And maybe if you could give a detail on what the focus of the incremental marketing is going to be there.

米克，我想再跟你聊聊金魚餅乾，因為聽起來它很可能是重振整個零食市場成長的關鍵槓桿。能簡單介紹一下嗎？金魚牌產品是否流失了使用者？還是您注意到現有家庭的消費頻率有所下降？或許您還能詳細說明增量行銷的重點是什麼。

Yeah. Sure. So you're absolutely right. It's making sure that we get Goldfish right is really important. Obviously, one of our billion-dollar brands across our broader portfolio and making sure that we have that growth back will help Snacks, but obviously will help our broader organization.

是的。當然。所以你的說法完全正確。確保我們正確地製作金魚遊戲至關重要。顯然，我們旗下眾多價值十億美元的品牌之一能夠恢復成長，這對零食業務固然有益，但顯然也會對我們整個組織有所好處。

When I look at Goldfish itself and I look at kind of these key focus areas, first of all, maybe specifically to your question, household penetration, relatively stable. It's really buy rate that we felt a little bit more of the pressure.

當我審視 Goldfish 本身，並審視這些關鍵的關注領域時，首先，也許具體來說，針對你的問題，家庭滲透率相對穩定。我們真正感受到壓力的是購買率方面。

When I think about what are you, as a result, going to do about it, making sure that we provide, one, a clear message with regard and reminder of what Goldfish is and that Goldfish is here and what Goldfish provides, at the same time, from an innovation perspective, making sure that we give people also choices within the Goldfish portfolio.

當我思考我們最終要如何應對時，首先要確保我們提供清晰的信息，提醒人們 Goldfish 是什麼，Goldfish 就在這裡，Goldfish 提供什麼；同時，從創新的角度來看，也要確保我們在 Goldfish 產品組合中為人們提供更多選擇。

And one of the examples of that is, for instance, the Goldfish pretzel innovation that is coming out. So making sure that we provide kind of the full power of the franchise is really important in order to support that buy rate in combination with reminding people what Goldfish stands for.

例如，即將推出的 Goldfish 椒鹽脆餅創新就是其中一個例子。因此，確保我們充分發揮品牌的強大影響力對於維持銷售至關重要，同時也要提醒人們 Goldfish 代表著什麼。

At the same time -- and so that comes back to innovation, brand messaging. At the same time, as I described earlier, and I described this also in the past, is price pack architecture, I think, is really important, which brings it back to making sure that we have the right value at the right moment.

同時——所以這又回到了創新和品牌訊息傳遞的問題。同時，正如我之前所描述的，而且我過去也描述過，我認為價格包架構非常重要，這又回到了確保我們在正確的時間提供正確的價值這一問題上。

And that's something that we're very focused on across not only Goldfish, but the broader portfolio, but that also is really important for Goldfish itself. And a proof point of that is what you saw with the multipack growth during the back-to-school period this past quarter.

這一點不僅是我們在 Goldfish 產品線中非常關注的，也是我們整個產品組合中非常關注的，而且對 Goldfish 產品線本身來說也非常重要。上個季度返校季期間多件裝銷量的成長就證明了這一點。

And then the last thing that I'd say is, call it, like the daily blocking and tackling. I referred to omnichannel execution in my prepared remarks as well, I really look at it as making sure we have really good execution in the marketplace is absolutely critical. So it's really those different components that should allow us to get back to growth with Goldfish in a brand that arguably has a right to win in the marketplace.

最後我想說的是，可以把它比喻成日常的阻擋和擒抱。我在事先準備好的發言稿中也提到了全通路執行，我認為確保我們在市場上擁有真正良好的執行力至關重要。所以正是這些不同的組成部分，才使得 Goldfish 品牌能夠重回成長軌道，而 Goldfish 也確實有理由在市場上取得成功。

Chris Carey, Wells Fargo.

克里斯凱裡，富國銀行。

I wanted to ask about margins. Guys, I think this is historically low gross margin in the quarter going back some time. And so I wanted to get a sense of how the quarter from a gross margin perspective has come in relative to your own expectations and whether you think that the rest of the year gross margin relative to current levels, whether on an absolute basis or a year-over-year basis, see some steady improvement.

我想問一下利潤率的問題。各位，我認為這是近年來該季度毛利率的歷史新低。因此，我想了解從毛利率的角度來看，本季業績與您自己的預期相比如何，以及您是否認為今年剩餘時間的毛利率相對於當前水準（無論是絕對值還是同比）會有穩步改善。

And I ask that in the context of, I think, this is going to be the peak inflation quarter, relative for your guidance anyways. And there potentially is some relief through the rest of the year. So it's kind of how it came in relative to expectations and phasing from here? And then as you look at the business and you've handled this inflation cycle, just any thoughts on the prospects for margins over time?

而且我認為，就你們的預測而言，這將是通膨最高的季度，所以我想問一下這個問題。而且今年剩餘時間情況可能會有所緩解。所以，這有點像是它相對於預期和後續階段的發展？那麼，當你審視公司業務並應對了此次通膨週期後，你對利潤率的長期前景有何看法？

Sure. Look, so obviously, incredible inflation both from just normal inflationary input costs, labor costs, plus a very large impact from tariffs in the quarter and throughout the majority of the year. So it came in exactly as we expected it would be, and as we had in our slides, over 500 basis points of total cost pressures with 200 basis points approximately of that being tariffs.

當然。很明顯，通貨膨脹非常嚴重，這不僅是正常的投入成本上漲、勞動成本上漲造成的，而且本季和今年大部分時間裡關稅也產生了非常大的影響。結果正如我們預期的那樣，正如我們在幻燈片中所述，總成本壓力超過 500 個基點，其中約 200 個基點是關稅。

Inflation throughout the entire cost system also was a similar amount to the tariffs for the quarter. And then we had incremental depreciation, higher logistics costs, and a number of other items that put some additional pressure on it.

整個成本體系的通貨膨脹率也與該季度的關稅水準相近。此外，還有逐步折舊、更高的物流成本以及其他一些因素，這些都給它帶來了額外的壓力。

Now the good news is the supply chain team is doing an incredible job and was able to offset 70% of those costs. So kudos to them. We would be in much worse shape if not for their incredible efforts. This inflation will remain for the vast majority of the year. It will be a similar impact in Q2.

好消息是，供應鏈團隊做得非常出色，成功抵銷了 70% 的成本。所以，向他們致敬。如果沒有他們付出的巨大努力，我們的處境就會糟糕得多。這種通貨膨脹局面將在今年絕大部分時間持續下去。第二季也將受到類似影響。

Just FYI, gross margins, which was down 150 basis points in Q1 will be down a similar amount, maybe even a little bit more in Q2, probably will get a little bit better as we get into Q3. And then as we begin to lap some of the tariff impacts that we started to have in Q4 and some of the cost improvement opportunities that the supply chain is working on now come to full fruition, as second half comes together, we will see improvement throughout the quarters, particularly in Q4, again, because we will be lapping some of those tariff impacts.

僅供參考，第一季毛利率下降了 150 個基點，第二季毛利率將下降類似的幅度，甚至可能下降更多，但隨著我們進入第三季度，情況可能會略有改善。隨著我們開始逐漸消除第四季度開始出現的一些關稅影響，以及供應鏈正在努力實現的一些成本改善機會全面實現，隨著下半年的到來，我們將看到各個季度都有所改善，尤其是在第四季度，因為我們將再次消除一些關稅影響。

Look, we're not happy about where the gross margins are clearly. We know we need to get them well above 30% over time, and we have a number of cost initiatives in place to ensure that happens.

顯然，我們對目前的毛利率並不滿意。我們知道，隨著時間的推移，我們需要將它們提高到遠高於 30%，我們已經制定了一系列成本控制措施來確保實現這一目標。

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

今天提問時間已到。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了。