Flowers Foods Inc (FLO) 2025 Q1 法說會逐字稿

Good morning, and thank you for standing by. Welcome to the Flowers Foods first quarter 2025 results conference call. Please be advised that today's event is being recorded.

早安，感謝您的支持。歡迎參加 Flowers Foods 2025 年第一季業績電話會議。請注意，今天的活動正在記錄。

I would now like to hand the conference over to your opening speaker today, J. T. Rieck, Executive Vice President of Finance and Investor Relations. Please go ahead.

現在，我想將會議交給今天的開幕演講者、財務和投資者關係執行副總裁 J. T. Rieck。請繼續。

Thank you, and good morning. I hope everyone had the opportunity to review our earnings release, listen to our prepared remarks and view the slide presentation that were all posted earlier on our Investor Relations website. After today's Q&A session, we will also post an audio replay of this call.

謝謝，早安。我希望每個人都有機會查看我們的收益報告、聽取我們準備好的發言並觀看先前發佈在我們投資者關係網站上的幻燈片演示。今天的問答環節結束後，我們也將發布本次通話的音訊回放。

Please note that in this Q&A session, we may make forward-looking statements about the company's performance. Although we believe these statements to be reasonable, they are subject to risks and uncertainties that could cause actual results to differ materially.

請注意，在本次問答環節中，我們可能會對公司的業績做出前瞻性的陳述。儘管我們認為這些陳述是合理的，但它們受風險和不確定性的影響，可能導致實際結果大不相同。

In addition to what you hear in remarks, important factors relating to Flowers Foods business are fully detailed in our SEC filings. We also provide non-GAAP financial measures for which disclosure and reconciliations are provided in the earnings release and at the end of the slide presentation on our website. Joining me today are Ryals McMullian, Chairman and CEO and Steve Kinsey, our CFO. Ryals, I'll turn it over to you.

除了您在評論中聽到的內容之外，與 Flowers Foods 業務相關的重要因素在我們的 SEC 文件中也有詳細說明。我們也提供非公認會計準則財務指標，並在收益報告中以及我們網站的幻燈片簡報結束時提供揭露和對帳。今天與我一起出席的還有董事長兼執行長 Ryals McMullian 和財務長 Steve Kinsey。賴亞爾斯，我將把它交給你。

Okay. Thanks, J.T. Good morning, everybody. While none of us here are satisfied with our absolute performance in the quarter, we did hold unit share in a category that faced greater-than-expected declines. Those results in an uncertain economic environment do highlight the importance of our portfolio strategy and the strength of our brands.

好的。謝謝，J.T。大家早安。雖然我們在座的各位對本季的絕對表現都不滿意，但我們確實在一個面臨超出預期下滑的類別中佔據了一定的份額。在不確定的經濟環境下所取得的這些成果確實凸顯了我們的投資組合策略和品牌實力的重要性。

To mitigate this category weakness, we're continuing to invest in on-trend innovation and targeting significant opportunities in faster-growing categories and adjacencies. By aligning our portfolio with evolving consumer taste and targeting new white space for growth, we aim to maximize near-term performance while developing our brands and capabilities to drive sustainable growth over the long term.

為了緩解這一類別的弱點，我們將繼續投資於流行趨勢創新，並瞄準成長較快的類別和鄰近領域中的重大機會。透過使我們的產品組合與不斷變化的消費者品味保持一致並瞄準新的成長空間，我們旨在最大限度地提高近期業績，同時發展我們的品牌和能力，以推動長期可持續成長。

I remain confident that the initiatives we have in place now will enable us to enhance shareholder value and grow in line with our long-term financial targets. Michelle, with that, we're ready to take questions.

我堅信，我們現在採取的舉措將使我們能夠提高股東價值並按照我們的長期財務目標實現成長。米歇爾，現在我們可以回答問題了。

(Operator Instructions)

（操作員指示）

Jim Salera, Stephens.

吉姆·薩萊拉、史蒂芬斯。

I wanted to start off and maybe just ask on the core package bread category. I appreciate some of the share holds that you guys highlighted and strength of some of the better for you, Dave's Killer and Keto obviously.

我想先詢問一下核心包裝麵包類別。我很欣賞你們強調的一些持股，以及對你們更有利的一些優勢，顯然是 Dave's Killer 和 Keto。

But if we think about what it takes to drive whether your brands in particular or the category back to kind of even just a stabilization point. What should we be looking for to see unit share kind of stabilize and ideally get back to positive. Is that something that can happen this year? Or are we looking more towards the '26 already at this point?

但是如果我們考慮一下需要做些什麼才能讓您的品牌或類別回到穩定點。我們應該期待什麼才能看到單位份額穩定下來並理想地恢復到正值。今年會發生這種事嗎？或者我們現在更傾向於關注 26 年？

Thanks for the question. So there's a lot going on. Things remain quite dynamic and fluid from consumer health to economic uncertainty, the whole situation with tariffs, et cetera. And it makes it very, very difficult to forecast when you're in an environment like that.

謝謝你的提問。所以有很多事情發生。從消費者健康狀況到經濟不確定性，再到整個關稅局勢等等，情況仍然相當動態且多變。當你處於這樣的環境時，預測就會變得非常非常困難。

I was asked a similar question. I think back in February, when I thought things might improve. And at that time, I said probably no sooner than the second half, but frankly, given the trends that we saw in the first quarter where things actually weakened further than we had anticipated. My mind is already moving to '26. So I don't know that we see a tremendous amount of improvement this year.

我也曾被問過類似的問題。我回想起二月份，當時我認為情況可能會好轉。當時我說可能不會早於下半年，但坦白說，考慮到我們在第一季看到的趨勢，情況實際上比我們預期的要弱。我的思緒已經飄向 26 年了。所以我不知道今年我們是否會看到巨大的進步。

Now certainly for our business, specifically with the new business wins that we're getting that are just now coming online, significant space gains that we've won in the spring, resets are just out coming online. We think we have things there to mitigate some of those headwinds.

現在，對於我們的業務來說，特別是我們剛剛獲得的新業務勝利，我們在春季贏得的重大空間收益，重置也剛剛上線。我們認為我們已經採取了一些措施來緩解一些不利因素。

But I think the biggest positive influence on our results going forward are going to be better consumer health. If you look at what's going on in the category, there's definitely a premiumization versus a value play going on here. What's getting squeezed is the middle. And the middle, unfortunately, is where we have the most exposure. So that traditional loaf and white bread. Those traditional loaf and white bread segments of the category.

但我認為對我們未來業績最大的正面影響是消費者健康狀況的改善。如果你觀察一下該類別中發生的事情，你會發現這裡肯定存在著高端化與價值化之間的博弈。受到擠壓的是中間部分。不幸的是，中間部分是我們曝光率最高的地方。所以那是傳統的麵包和白麵包。此類別中的傳統麵包和白麵包部分。

We believe that the key to reinvigorating that part of the business is further differentiation. And we have plans in that regard that we're putting in place. That's a huge segment for us. We need to address it and further differentiate ourselves from the competition.

我們相信，重振該部分業務的關鍵是進一步實現差異化。我們已經制定並正在實施這方面的計劃。這對我們來說是一個很大的部分。我們需要解決這個問題並進一步在競爭中脫穎而出。

Our philosophy is when we're in economic situations like this, the way out of it is not to try to promote your way out of it. We believe in using promotion primarily to drive trial, particularly as we bring out new innovative products and brands and not necessarily to drive volumes because that can devalue our business and the category.

我們的理念是，當我們處於這樣的經濟狀況時，擺脫困境的方法不是試圖透過推銷來擺脫困境。我們認為促銷主要是為了推動試用，特別是當我們推出新的創新產品和品牌時，而不一定是為了推動銷量，因為這可能會降低我們的業務和類別的價值。

So we're focused on smart promotions certainly but heavily focused on brand investment and innovation. When we get that improved consumer health, the way we positioned ourselves and our brands, I think we're going to be in a great position to benefit when consumer health returns and it eventually will. So long answer, Jim, but that's how we're thinking about it.

因此，我們當然專注於智慧促銷，但更注重品牌投資和創新。當我們改善消費者的健康狀況時，我們對自己和品牌的定位方式，我認為當消費者健康最終恢復時，我們將處於有利地位並從中受益。吉姆，答案很長，但我們就是這麼想的。

And maybe a follow-up question drilling down a little bit on the Wonder cake innovation. I believe in the prepared remarks, you said that's pacing ahead of your expectations on the distribution front and actually contributed to the unit share gain.

也許接下來的問題會更深入探討 Wonder 蛋糕的創新。我相信在準備好的發言中，您說這超出了您在分銷方面的預期，並且實際上促進了單位份額的增長。

In the retailers that are adding that lineup on to shelves. Do you find that it's incremental to your other offerings? Or is that kind of a swap for your legacy cake business and the one that just performed better. So net-net, it gained unit share? Just any details you could offer there would be helpful.

零售商正在將該系列商品上架。您是否發現它對您的其他產品有增量作用？或者這是對你原有的蛋糕業務和剛剛表現更好的業務的一種交換。那麼，淨額方面，它獲得了單位份額嗎？您提供的任何詳細資訊都會有所幫助。

Yes. It's a little early to call. Right now, it's sort of more than offset the other part of the cake business. Again, it just launched, one retailer went a little bit early, but it's only been in that retailer for a few weeks. So I think we need a little more time to see how that all shapes out. So hopefully, by next quarter, I think we'll have probably a bit of a clearer picture on what that trade-off looks like.

是的。現在打電話有點早。目前，它的收益已經超過了蛋糕業務的其他部分。再說一次，它剛剛推出，一家零售商稍微早了一點，但它只在那家零售商那裡銷售了幾個星期。所以我認為我們需要更多時間來看看這一切如何發展。因此，我希望到下個季度，我們能夠對這種權衡有更清晰的認識。

Max Gumport, BNP Paribas.

法國巴黎銀行的馬克斯‧甘波特。

It sounds like there's been a change in your stance on promotions a bit, particularly in the prepared remarks, where it sounds like you're seeing higher lifts more recently. And that's led to you maybe to lean-in on promotions a bit heavier than you would have previously anticipated. I think particularly for Dave's Killer Bread and some of your other differentiated offerings.

聽起來您對晉升的立場有所改變，特別是在準備好的發言中，聽起來您最近看到了更高的提升。這可能會導致您在促銷方面比之前預期的更加努力。我認為特別是對於 Dave's Killer Bread 和您的一些其他差異化產品。

Can you talk a bit about what you're seeing from the consumer and how that's getting you to maybe be lean-in promotions a bit more? And then what that could mean for price mix, particularly in branded retail this year?

您能否談談您從消費者那裡看到的情況以及這如何幫助您進行更深入的促銷？那麼這對價格組合意味著什麼，特別是今年的品牌零售價格組合？

So most of that increase in promotional activity was around our more differentiated offerings like Dave's Killer Bread, and a lot of that came towards the end of the quarter and period 4. As I just responded to Jim, we've never been the most highly promoted player in the fresh packaged bread category. We like to use it selectively, and we primarily use it to drive trial.

因此，大部分的促銷活動成長都圍繞著我們更具差異化的產品，例如 Dave's Killer Bread，其中許多都發生在本季末和第 4 期。正如我剛剛回覆吉姆的那樣，我們從來都不是新鮮包裝麵包類別中宣傳最大的企業。我們喜歡選擇性地使用它，並且主要用它來推動試驗。

Certainly, there are sometimes opportunities to get some volume lift from promotions. But when you look at category and understand that 93% of the sales are base sales, there's not a lot of opportunity for incrementality from a volume standpoint on top of that.

當然，有時也有機會透過促銷來提高銷量。但是，當您查看類別並了解 93% 的銷售額都是基礎銷售額時，從數量的角度來看，增量機會並不多。

And so promoting at very high levels from our perspective. Our philosophy has always been, that's just going to get you lower volumes and lower sales over time and devalue your brands. So we talk a lot about our trade promotion system capabilities that have enhanced our understanding of how promotions work and their effectiveness so that we can be a lot more granular in how we think about our promotional strategy to ensure that we're getting a good return on that investment.

從我們的角度來看，這是在非常高的水平上進行推廣。我們的理念一直是，隨著時間的推移，這只會降低您的銷售和銷售額，並降低您的品牌價值。因此，我們大量談論了我們的貿易促銷系統功能，這增強了我們對促銷運作方式及其有效性的理解，以便我們能夠更加細緻地思考我們的促銷策略，確保我們獲得良好的投資回報。

Got it. And then going back to Jim's question on the bread category. I realize a lot of what we're seeing is due to the consumer health leading to value-seeking behavior, which is weighing on the category, which, as you said, should improve at some point, but you're also attributing the weakness to this broader shift to healthier eating.

知道了。然後回到吉姆關於麵包類別的問題。我意識到我們看到的許多現像是由於消費者的健康狀況導致了價值追求行為，這對該類別產生了壓力，正如你所說，這種情況在某個時候應該會有所改善，但你也將這種疲軟歸因於這種向更健康飲食的更廣泛轉變。

I'd imagine GLP-1 rise in penetration is a factor as well. So curious on that piece. How do you see the bread category getting out of its current slump with those headwinds likely to be more structural in nature?

我認為 GLP-1 滲透率的提高也是一個因素。對那件作品很好奇。鑑於這些不利因素可能更具結構性，您如何看待麵包類別擺脫目前的低迷狀態？

Yes. That's part of what I was alluding to in answer to Jim's question. I can't say too much about it right now, but we have plans to directly address that. We're already doing a lot of things from a health and wellness standpoint. When you think about our offerings under DKB, Canyon Bakehouse, obviously, our Keto offerings and now with the Simple Mills acquisition coming on, those are outstanding choices for people who are interested in health and wellness.

是的。這就是我在回答吉姆的問題時提到的部分。我現在不能透露太多，但我們有計劃直接解決這個問題。從健康和保健的角度來說，我們已經做了很多事情。當您想到我們旗下的 DKB、Canyon Bakehouse 產品，顯然還有我們的 Keto 產品，以及現在即將進行的 Simple Mills 收購時，對於關注健康和保健的人來說，這些都是絕佳的選擇。

The largest part of the category, soft variety and white brands are less oriented that way. And we see ourselves as an innovation leader in the category. We intend to continue to be an innovation leader in the category and address those consumer needs as we go forward.

這個類別中的大部分產品、軟性產品和白色品牌都不太注重這一點。我們將自己視為該領域的創新領導者。我們打算繼續成為該領域的創新領導者，並在未來滿足消費者的需求。

Mitchell Pinheiro, Sturdivant & Company.

米切爾·皮涅羅（Mitchell Pinheiro），Sturdivant & Company。

So I'm just looking at your EBITDA margin guidance. It's down about 30 basis points or 40 basis points from the prior. Where is that -- how do you think that's going to be distributed between that gross margin and SD&A?

所以我只是在看你的 EBITDA 利潤率指導。與之前相比，下降了約 30 個基點或 40 個基點。那在哪裡——您認為它將如何在毛利率和 SD&A 之間分配？

I mean when you look at kind of what's impacting that, obviously, we said category trends are big consideration when we pulled together our guidance change. So obviously, that's going to impact the gross margin line tariffs, obviously impact the input cost. So that's primarily gross margin.

我的意思是，當你看看是什麼影響了這一點時，顯然，我們說，當我們匯總指導變化時，類別趨勢是一個重要的考慮因素。因此，顯然這將影響毛利率線關稅，顯然會影響投入成本。這主要是毛利率。

We're doing some things from a cost saving perspective, primarily in SD&A to try to offset some of the -- and mitigate some of the impact of the top line challenge as well as the tariffs. So I would say the majority of that we would expect to see flow through the gross margin line versus the SD&A.

我們正在從節省成本的角度做一些事情，主要是在 SD&A 方面，試圖抵消一些影響，並減輕一些營業收入挑戰和關稅的影響。因此我想說，我們預計大部分資金將流經毛利率線而非 SD&A。

Got you. And then so as you look your long-term targets between 12% and 14% EBITDA margin, and we're going to be in the low 10s. Ryals, how is your confidence in getting there? And any changes to how you're going to get there, i.e., fixed cost leverage more branded, et cetera? Any change in your view of your long-term EBITDA margin?

明白了。那麼，當您看到您的長期目標在 12% 至 14% 之間的 EBITDA 利潤率時，我們將處於 10% 出頭。賴亞爾斯，你對到達那裡有信心嗎？那麼您為實現這一目標將做出哪些改變，例如，固定成本槓桿更加品牌化等等？您對長期 EBITDA 利潤率的看法有任何變化嗎？

Mitch, there's no change in the longer- term outlook, but we have to acknowledge that the environment that we find ourselves in is a bit of a setback, right? So it may take us a little longer as we all together as a country we work our way out of this current situation. But the building blocks of that strategy and our path to get there remain the same.

米奇，長期前景沒有改變，但我們必須承認，我們所處的環境有點挫折，對嗎？因此，我們可能需要更長的時間，作為一個國家，我們必須共同努力擺脫當前的困境。但該戰略的基本內容和我們實現該戰略的途徑保持不變。

Okay. And then -- and I guess just back again, not to harp on healthy eating or those trends. But as you look the bifurcated consumer bread and sandwiches and the portability, convenience aspect of fresh bread is always been, it's always been sort of a benefit in growth to, let's say, the lower income cohorts.

好的。然後——我想還是回到剛才，不再談論健康飲食或那些趨勢。但是，當你看到消費者對麵包和三明治的分化，以及新鮮麵包的便攜性和便利性時，它總是對低收入群體的成長有益。

And I think why wouldn't you be seeing that now? Is there really a healthy eating switch? Is that in the lower -- even in the lower income to what traditional, I guess, would be higher cost items. So I was just curious, any more color that you could add there?

我想你為什麼現在還看不到這一點呢？真的有健康飲食轉變嗎？我猜，對於較低收入者來說，傳統的物品成本會更高。所以我只是好奇，您可以添加更多顏色嗎？

Yes, I certainly think -- I mean, we're focused on the lower income. I certainly think there is some of that. But I also think that given the environment, I mean, we have seen an overall pullback in consumption across income groups. And so I think that's playing a role as well.

是的，我當然認為──我的意思是，我們關注的是低收入者。我確實認為有這樣的情況。但我也認為，考慮到當前的環境，我們看到各個收入群體的消費總體出現回落。所以我認為這也發揮了一定的作用。

Steve Powers, Deutsche Bank.

德意志銀行的史蒂夫·鮑爾斯。

Ryals, it sounds like overall initiatives like DKB snacking and Simple Mills overall are trending more in line with your expectations despite everything we've been talking about in terms of where the consumer is and value-seeking behavior. And I'm setting aside the accounting change, obviously, in Simple Mills. First off, is that the correct read?

Ryals，聽起來，儘管我們一直在談論消費者的所在地和價值追求行為，但 DKB 零食和 Simple Mills 等整體舉措的趨勢更符合您的預期。顯然，我把 Simple Mills 中的會計變更放在一邊。首先，這是正確的讀法嗎？

And then secondly, if it is, is there -- how do you assess the risk that maybe those initiatives as well kind of fall victim to some of these macro pressures as the year progresses? And is that sort of encapsulated in the new guidance range?

其次，如果是的話，那麼，您如何評估這些措施在未來可能成為某些宏觀壓力犧牲品的風險？這些內容是否包含在新的指導範圍內？

Yes. Thanks for the question, Steve. Well, first of all, let's remember that both Simple Mills and our new snacking business are just that. They're very new. And so you're still picking up a lot of distribution gains, ACV gains, velocities picking up, that kind of thing. They're helping to drive growth.

是的。謝謝你的提問，史蒂夫。好吧，首先，讓我們記住，Simple Mills 和我們的新零食業務都是這樣的。它們非常新。因此，您仍然可以獲得大量的分銷收益、ACV 收益、速度提升等等。他們正在幫助推動成長。

Having said that, both are performing very, very well, but we've also incorporated some of the caution around the consumer and to the outlooks for both of those businesses. And all of that is reflected in the numbers you've already seen.

話雖如此，兩家公司的表現都非常非常好，但我們也對消費者和這兩家公司的前景持謹慎態度。所有這些都反映在您已經看到的數字中。

And then Steve, you quantified the incremental tariff impact. I guess beyond obviously kind of layering in the impact on Simple Mills. Can you just give a little bit more color as to where that incrementality is coming from? That would help. That would be helpful.

然後史蒂夫，你量化了增量關稅的影響。我想這顯然會對 Simple Mills 造成影響。您能否更詳細地解釋一下這種增量來自哪裡？那會有幫助的。那將會很有幫助。

Yes. I mean obviously, when we gave guidance back in February, the focus was on Canada and Mexico. There really wasn't much focus beyond that from a tariff perspective. And then things changed. And obviously, Canada and Mexico are exempt, and we moved to other countries kind of in the supply chain. So that's really where the big impact is coming in.

是的。我的意思是，顯然，當我們在二月給出指導時，重點是加拿大和墨西哥。從關稅角度來看，除此之外確實沒有​​太多關注。然後事情發生了變化。顯然，加拿大和墨西哥是豁免的，我們的供應鏈轉移到了其他國家。所以這才是真正產生巨大影響力的地方。

If you set aside you set aside China, I mean, we either -- there's a variety of ingredients to come from outside the US, even though we're wholly domestic. And those are pretty impactful overall within our products. A lot of it's sugar, wheat gluten, palm oil, cocoa. So those are coming from countries with a decent tariff percentage. So those are really the impacts that are driving the change from back in February.

如果你把中國排除在外，我的意思是，我們要么——有各種各樣的原料來自美國以外，儘管我們完全是國內的。這些對我們的產品整體影響很大。其中大部分是糖、小麥麩質、棕櫚油、可可。所以這些都來自關稅比例合理的國家。所以這些確實是自二月以來推動改變的影響。

What I would say when you look at our guidance and forecast, we're taking a fairly conservative view in that tariffs began at the end of April for 10% until for 90 days, roughly August 1, setting China aside, and then they go to 100% of the forecasted rate. And that's how we built the tariff impact into our model.

我想說的是，當你查看我們的指導和預測時，我們採取了相當保守的觀點，即關稅從 4 月底開始徵收，稅率為 10%，持續 90 天，大約 8 月 1 日，不包括中國，然後稅率將達到預測稅率的 100%。這就是我們將關稅影響納入模型的方式。

If there's any change to that, there will be some benefit. But not knowing what's going to happen until we get closer to that date. We just thought it was more prudent to just go ahead and lay out what we thought the worst case scenario could be.

如果對此有任何改變，就會帶來一些好處。但直到接近那個日期我們才知道會發生什麼事。我們只是認為，更謹慎的做法是繼續前進，並列出我們認為最壞的情況。

Yes, that's helpful. And just on -- do you have much exposure to imports or inputs from China specifically? Or are you just using that as an example?

是的，這很有幫助。您是否特別關注來自中國的進口或投入？還是你只是用它作為一個例子？

No, we do. We do get some things from China. There are some ingredients that are specific actually to China. Obviously, we're working on other sources, but right now, they primarily come from China. And I would say when I look at the overall impact, they're probably in the top 4 or 5 countries.

不，我們有。我們確實從中國得到了一些東西。有一些成分其實是中國特有的。顯然，我們正在研究其他來源，但目前，它們主要來自中國。我想說，從整體影響來看，他們可能位列前四或五名。

Scott Marks, Jefferies.

史考特馬克斯，傑富瑞。

Wanted to ask quickly about the kind of the private label and away-from-home business. I think you mentioned some weakness in both of those segments in the prepared remarks. So just wondering if you can kind of share some color on what you're seeing there and how that's impacting the business?

想快速詢問一下自有品牌和戶外業務的種類。我認為您在準備好的發言中提到了這兩個部分的一些弱點。所以我想知道您是否可以分享您在那裡看到的情況以及這對業務有何影響？

Sure. I'll start with the away-from-home. It's sort of a continuation of the story from the last couple of quarters. There has been continued weakness in overall food service sales, and we're experiencing that just like everyone else. So that's just an overall theme for the Food Service business.

當然。我先從客場開始。這可以說是前幾個季度故事的延續。整體食品服務銷售持續疲軟，我們和其他人一樣正在經歷這種情況。這只是食品服務業的整體主題。

We'll continue to point out, though, that with the restructuring that we've done in our Food Service business, our profitability continues to improve and margins were up, yet again in the first quarter. So that's the good news on that front.

不過，我們將繼續指出，隨著我們對食品服務業務進行重組，我們的獲利能力持續提高，利潤率在第一季再次上升。從這方面來說，這是個好消息。

And we continue to work to refill some of the exited business that we've talked about in the last couple of years that we're now passed with higher-margin Food Service business. So we've been very pleased with the progress on that front.

我們將繼續努力補充過去幾年中談到的一些已退出的業務，現在我們已將這些業務轉移至利潤率更高的食品服務業務。因此，我們對這方面的進展感到非常滿意。

For private label, private label has -- from a market share standpoint, has marginally reversed its downward trends over the last couple of quarters. I think it was up 10 basis points or so in the last quarter. Units -- total units in private label are still down, just not as much as the category was down, thus the pickup in unit share.

對於自有品牌，從市場佔有率的角度來看，自有品牌在過去幾季中略微扭轉了下降趨勢。我認為上個季度它上漲了 10 個基點左右。單位－自有品牌的總單位數仍在下降，但下降幅度不及類別下降幅度，因此單位份額有所回升。

And for us, -- remember that a lot of our private label business is bid business, and it comes in and out from time to time. And a lot of our decline was that lost business and a little bit of price mix. However, as I mentioned earlier, a lot of the new business that we are pulling on is good private label business at good margins that will help refill that volume as we move through the year.

對我們來說，請記住，我們的許多自有品牌業務都是競標業務，而且它時不時地出現和消失。我們的下滑很大程度上是由於業務損失和價格組合下滑。然而，正如我之前提到的，我們正在進行的許多新業務都是利潤豐厚的優質自有品牌業務，這將有助於我們在全年補充業務量。

Understood. And then I think also during the prepared remarks, if I'm not mistaken, I saw a call out that your team closed one of your bakeries. Was that related to the Food Service business? Or is that on the branded side?

明白了。然後我想，如果我沒記錯的話，在準備好的發言中，我還看到有人喊道，你們的團隊關閉了你們的一家麵包店。這與食品服務業務有關嗎？或者說是品牌方面？

That's -- well, I mean, a lot of our bakeries do both, but it was a fresh bread button roll plant, an old one. And we've been undergoing the supply chain optimization work for a number of years now. So that's just part of that program.

那是——嗯，我的意思是，我們的許多麵包店都同時做這兩件事，但那是一家新鮮麵包捲工廠，一家老工廠。我們已經進行了多年的供應鏈優化工作。這只是該計劃的一部分。

Got it. And just last one for me. I know you called out some more push into smaller loaves. Just wondering if you can kind of share some color on how those have been performing thus far relative to what you're seeing on the more traditional sized products?

知道了。對我來說這只是最後一個。我知道您呼籲大家多多嘗試更小的麵包。只是想知道您是否可以分享一些關於這些產品迄今為止的表現與您所看到的更傳統尺寸的產品相比如何？

Yes. So I mean, this is all about addressing consumer needs, right? I mean, both from a value standpoint, but also acknowledging that households are smaller. A lot of single individuals and households, family starting later, that kind of thing, and having that smaller loaf that you can consume without half of it going stale is something that consumers want.

是的。所以我的意思是，這都是為了滿足消費者的需求，對嗎？我的意思是，不僅從價值的角度，也承認家庭規模變小了。許多單身人士和家庭，家庭開始得晚，諸如此類，擁有較小的麵包，可以吃完而一半不會變質，這是消費者想要的。

So we've had two SKUs out for a while. We just added three new SKUs, which is going to be great for us, obviously, improving our shelf presence and visibility. And early returns are good. Also, we have a Wonder mini-half loaves as well that directly addresses both the smaller household and that value-oriented consumer.

因此，我們已經推出兩個 SKU 一段時間了。我們剛剛增加了三個新的 SKU，這對我們很有幫助，顯然可以提高我們的貨架存在感和可見度。早期回報良好。此外，我們也推出了 Wonder 迷你半麵包，直接針對小家庭和注重價值的消費者。

I'm showing no further questions at this time. I'd like to turn the call back over to Ryals McMullian, Chairman and CEO, for any closing remarks.

我目前沒有其他問題。我想將電話轉回給董事長兼執行長 Ryals McMullian，請他做最後發言。

Okay, Michelle, thanks. Thanks, everybody, for joining us for questions. As always, we appreciate your interest in our company, and we look forward to speaking with you again next quarter. Take care.

好的，米歇爾，謝謝。感謝大家參加我們的提問。像往常一樣，我們感謝您對我們公司的關注，並期待下個季度再次與您交談。小心。

This does conclude the program. You may now disconnect. Everyone, have a great day.

該計劃確實就此結束。您現在可以斷開連線。祝大家有個愉快的一天。