該公司就其 24 財年業績舉行了問答會議,強調了國際銷售面臨的挑戰、影響第一季度業績的投資增加以及 25 財年的計劃。他們討論了透過再投資和提高消費者價值來推動銷售成長的策略,重點是品牌傳播、產品創新和有針對性的優惠券。
該公司對自己提高銷售表現和競爭力的能力充滿信心,並專注於核心品牌和新產品創新。他們也討論了巴西和中國面臨的挑戰,強調透過行銷和產品創新為消費者創造價值的重要性,並討論了資本配置優先事項、併購活動以及提高營收績效的計畫。
發言人也提到了對 COVID-19 大流行期間銀行業下滑的擔憂以及平衡產品供應量和高端化的必要性。電話會議最後討論了第一季的業績,強調了與前一年相比銷售額和營業利潤的下降,以及使用 SRM 工具包應對挑戰的情況。
使用警語:中文譯文來源為 Google 翻譯,僅供參考,實際內容請以英文原文為主
Operator
Operator
Good morning and welcome to General Mills fourth-quarter fiscal 2024 earnings conference call. (Operator Instructions)
早安,歡迎參加通用磨坊 2024 財年第四季財報電話會議。 (操作員說明)
As a reminder, this conference call is being recorded. I would now like to turn the call over to Jeff Siemon, Vice President of Investor Relations and Treasurer. Go ahead.
謹此提醒,本次電話會議正在錄音中。我現在想將電話轉給投資者關係副總裁兼財務主管傑夫·西蒙 (Jeff Siemon)。前進。
Jeff Siemon - Vice President - Investor Relations
Jeff Siemon - Vice President - Investor Relations
Thank you, Julian, and good morning, everyone. Thank you for joining us today for a Q&A session on our fourth quarter and full year fiscal '24 results. I hope everyone had time to review our press release, listen to our prepared remarks and view our presentation materials, which we made available this morning on our Investor Relations website.
謝謝你,朱利安,大家早安。感謝您今天參加我們關於 24 財年第四季和全年業績的問答環節。我希望每個人都有時間閱讀我們的新聞稿,聆聽我們準備好的發言並查看我們今天早上在投資者關係網站上提供的簡報資料。
It's important to note that in our Q&A session, we may make forward-looking statements that are based on management's current views and assumptions. Please refer to this morning's press release for factors that could impact forward-looking statements and for reconciliations of non-GAAP information, which we may be discussing on today's call.
值得注意的是,在我們的問答環節中,我們可能會根據管理階層目前的觀點和假設做出前瞻性陳述。請參閱今天上午的新聞稿,以了解可能影響前瞻性陳述的因素以及非公認會計準則資訊的調節,我們可能會在今天的電話會議上討論這些資訊。
I'm here this morning with Jeff Harmening our Chairman and CEO, and Kofi Bruce our CFO. So I think we can go ahead and get to the first question, Julian, and can you please get us started?
今天早上我和我們的董事長兼執行長 Jeff Harmening 以及我們的財務長 Kofi Bruce 一起來到這裡。所以我認為我們可以繼續討論第一個問題,朱利安,你能讓我們開始嗎?
Operator
Operator
(Operator Instructions)
(操作員說明)
Ken Goldman, J. P. Morgan. Your line is open.
肯‧戈德曼,摩根大通。您的線路已開通。
Kenneth Goldman - Analyst
Kenneth Goldman - Analyst
Hi, thank you very much. I appreciate it. I wanted to make sure, rather than I understood the dynamics in international, it's a bit of a specific question to start with the commentary in the prepared remarks about consumer challenges might indicate that volume would have been more pressure than price mix, but it was the latter that down by a greater degree so. I'm just curious we can walk us through the dynamic there, are there any unusual puts and take this past quarter and then I have a broad follow up?
你好,非常感謝你。我很感激。我想確定的是,這不是我了解國際動態,而是一個具體的問題,從準備好的有關消費者挑戰的評論中開始,這可能表明數量比價格組合帶來的壓力更大,但它是後者下降幅度更大。我只是好奇我們可以帶我們了解那裡的動態,是否有任何不尋常的看跌期權並採取上個季度,然後我進行廣泛的跟進?
Kofi Bruce - Chief Financial Officer
Kofi Bruce - Chief Financial Officer
Thanks for the question, this is Kofi. As you know, organic sales were down 10% in international and in Q4, I'm a bit more than half of that came from reclassification from net sales to a cost of goods sold in Q4, an adjustment to the company's full year results, but obviously important in the quarter for the segment. And the rest of the decline in international was really a function of the difficult market conditions in both Brazil and China.
謝謝你的提問,我是科菲。如您所知,國際有機銷售額在第四季度下降了 10%,其中一半以上來自第四季度從淨銷售額重新分類為銷售商品成本,這是對公司全年業績的調整,但對於該領域來說,本季顯然很重要。國際市場下跌的其餘部分實際上是巴西和中國市場條件困難的結果。
Our Brazil performance, some specifically both the consumer environment and value challenges at the shelf as well as the customer environment where customers reducing inventory levels pretty significantly versus last year.
我們在巴西的業績,特別是消費者環境和貨架上的價值挑戰,以及客戶環境,客戶的庫存水準與去年相比大幅降低。
And then on China, after a strong start to the year, we saw a real souring or downturn in consumer sentiment in the quarter, and that had a negative impact on our shop-in-shop traffic for Haagen-Dazs and our premium dumpling business. So that's sort of answer.
然後在中國,經過今年的強勁開局,我們看到本季消費者信心確實惡化或下滑,這對哈根達斯的店中店客流量和優質餃子業務產生了負面影響。這就是答案。
Kenneth Goldman - Analyst
Kenneth Goldman - Analyst
I'm stepping on your words. I apologize, but I appreciate that. The [VPM], the follow-up is, and thank you for all the detailed guidance you always provide from top to bottom in the P&L every year. I'm curious if you could break out for us a little bit of the cadence of the top line and EPS growth this year? And in particular, if there's any considerations as we think about modeling the first quarter?
我正在踐踏你的話。我很抱歉,但我很感激。 [VPM],後續是,感謝您每年在損益表中從上到下提供的所有詳細指導。我很好奇您能否為我們介紹今年的營收和每股盈餘成長的節奏?特別是,我們在考慮第一季建模時是否有任何考慮因素?
Kofi Bruce - Chief Financial Officer
Kofi Bruce - Chief Financial Officer
Yeah, I think that they all the way we won't get to detail other than to just to note that our Q1 results we would expect that result to try below the balance of the rest of the year, primary driven by the higher levels of investment that we step into the year with a focus on improved volume. And then obviously the comparison against our strongest quarter performance in fiscal '24.
是的,我認為他們一直不會透露細節,只是注意到我們第一季的結果,我們預計該結果將低於今年剩餘時間的平衡,主要是由較高水平的推動我們進入今年的投資重點是增加數量。然後顯然是與我們 24 財年最強勁的季度業績進行比較。
Operator
Operator
Andrew Lazar, Barclays. Please go ahead. Your line is open.
安德魯·拉扎爾,巴克萊銀行。請繼續。您的線路已開通。
Andrew Lazar - Analyst
Andrew Lazar - Analyst
Great. Thanks. Good morning, everybody.
偉大的。謝謝。大家早安。
Jeffrey Harmening - Chairman of the Board, Chief Executive Officer
Jeffrey Harmening - Chairman of the Board, Chief Executive Officer
Good morning, Andrew.
早安,安德魯。
Andrew Lazar - Analyst
Andrew Lazar - Analyst
Maybe you have to start off. I know in the prepared remarks you discuss sort of a clear mission to drive better volume results the reinvestment, which I know is contemplated in your outlook for '25 and you mentioned commonly the need to improve sort of the value equation for consumers.
也許你必須開始。我知道在準備好的發言中,您討論了一種明確的使命,即推動再投資取得更好的銷售結果,我知道您在25 年的展望中考慮了這一點,並且您經常提到需要改善消費者的某種價值方程式。
You've been mentioning optimizing price points in certain areas, a 20% increase in [coupon] spending sort of as examples. And I know the consumer measures value in lots of different ways, not just price. So I was hoping to get maybe a better sense of how the mix of incremental spending for '25 is sort of broken out across what would you consider higher power quality through brand equity building versus, let's say, more trade or price oriented spend time, particularly as this is such a sort of a hot-button topic among investors right now?
您提到了優化某些領域的價格點,例如 [優惠券] 支出增加 20%。我知道消費者以許多不同的方式衡量價值,而不僅僅是價格。因此,我希望能夠更好地了解 25 年增量支出的組合如何在您認為透過品牌資產建設提高電力品質與更多以貿易或價格為導向的花費時間之間進行劃分,特別是因為這是目前投資人中的一個熱門話題?
Jeffrey Harmening - Chairman of the Board, Chief Executive Officer
Jeffrey Harmening - Chairman of the Board, Chief Executive Officer
Thank you, Andrew. That's right. I mean improving value for one mission. We have to get the competitiveness. If I take a step back and look at this past year, our categories in terms of volume performance at our performance improved to the first half of last year, which was they were down 2.4% in the fourth talked to previously either a few events in the back half of our fiscal year, which we thought would improve category performance and they did gradually they did.
謝謝你,安德魯。這是正確的。我的意思是提高一項任務的價值。我們必須獲得競爭力。如果我退後一步,看看過去的一年,我們的類別在銷量表現方面比去年上半年有所改善,第四季度下降了 2.4%,之前談到過一些事件我們本財年的後半段,我們認為這會改善品類表現,他們也逐漸做到了。
And that really is the lapping of pricing from a year ago that they have SNAP benefits to the on-shelf availability of private label and some of the other smaller brands. And so that indeed to place the so the nice job for us to do now is to increase our level of competitiveness. And the fact is that inflation has been higher than longer higher for longer than many people assumed.
這確實是一年前的定價,他們對自有品牌和其他一些較小品牌的貨架供應有 SNAP 優惠。因此,我們現在要做的工作確實是為了提高我們的競爭力水平。事實上,通膨持續時間比許多人想像的要長。
It would be non-food necessarily. Actually food inflation is actually coming down. But if you look at the broader macroeconomic environment, we're still seeing inflation of in oh 3% to 4% and the broader environmental, the job to do is create more value for our consumers.
它必然是非食物的。事實上,食品通膨實際上正在下降。但如果你看看更廣泛的宏觀經濟環境,我們仍然會看到通貨膨脹率在3% 到4% 之間,而更廣泛的環境,我們要做的工作就是為我們的消費者創造更多價值。
As you rightly point out, that value can take place in a variety broader ways and I guess I would start to the point of brand communication and the fact of the matters, we will have a meaningful increase in the amount of spending. We have a consumer spending next year; you've probably done the math and see that our productivity levels are higher than what we see for inflations.
正如您正確指出的那樣,這種價值可以透過多種更廣泛的方式實現,我想我會從品牌傳播的角度開始,事實上,我們的支出金額將會出現有意義的增加。明年我們有消費支出;您可能已經計算過,發現我們的生產力水準高於通貨膨脹水準。
Our gross margin should be okay. And so the job to do then is to spend the money there wisely and we start with brand communication. And so we'll have a meaningful increase, but also against some really good news.
我們的毛利率應該還可以。因此,接下來要做的工作就是明智地花錢,我們從品牌傳播開始。因此,我們將實現有意義的成長,但也有一些真正的好消息。
You know, I start with pet food and wilderness. We have some new advertising coming up next week. I just saw yesterday. It's fantastic advertising. We've already gotten Life Protection Formula back to growth and taste post the now wilderness as a job doing that.
你知道,我從寵物食品和荒野開始。下週我們將推出一些新廣告。我昨天才看到。這是很棒的廣告。我們已經讓生命保護配方恢復了增長,並在荒野後恢復了品味,作為一項工作。
If you look at what we're doing a serial, another big global business for us. We've got great taste news coming in our and our cereal category that Kelce Brothers highlight that in the first quarter, but we've got more coming in the second third quarter of bringing the doubling back after a few years and private label, they don't have a double what we do.
如果你看看我們正在做的連續劇,這對我們來說是另一個大型全球業務。我們在我們的穀物食品類別中收到了很棒的口味消息,凱爾斯兄弟在第一季度強調了這一點,但我們在第二季度和第三季度收到了更多消息,在幾年後和自有品牌之後,業績翻了一番,他們沒有我們所做的雙重。
And not only coming back, you've got all kinds of news to share about flaky aircraft and things like that. So we feel great about that.
不僅回來了,你還可以分享有關片狀飛機和類似事物的各種新聞。所以我們對此感覺很好。
We've got we're sponsoring the Olympics in many countries and then Totino's as good marketing. So we feel good about our brand investment, but also comes down to the product themselves, get we are really good product news. You'd probably twice the taste news that we did a year ago. And when you know in our categories, taste is really King, so whether that's whether that's like Pillsbury biscuits or Annieâs mac and cheese or Betty Crocker fudge brownies or reducing sugar in our kids, cereals and K through 12, those are all kinds of great taste news in our new products should be up somewhere around the neighbourhood of 40% where we're investing in new product activity and really good ones on our big brands.
我們贊助了許多國家的奧運會,托蒂諾的行銷也很出色。所以我們對我們的品牌投資感到滿意,但也歸結到產品本身,得到我們真正好的產品消息。您可能會看到我們一年前的口味新聞的兩倍。當你知道在我們的類別中,味道確實是王道時,所以無論是Pillsbury 餅乾、Annie's 奶酪通心粉、Betty Crocker 軟糖布朗尼還是我們的兒童、麥片和K 至12 中的減糖食品,這些都是全部我們的新產品中的各種美味新聞應該會增加 40% 左右,我們正在投資新產品活動,並且對我們的大品牌進行真正好的活動。
So Fruity Cheerios and the cereal category months, breakfast bars, which are off to a great start so far this year as well as Nature Valley lunch box, which is allergy free that we know the module like Totino's, you know, breakfast also we've got really good innovation and then there is there. So that. So those are a lot of ways that we can that we can add value, variety packs, things like that.
因此,果味麥片和穀類食品、早餐棒,今年到目前為止都有一個良好的開端,還有自然谷午餐盒,它是防過敏的,我們知道像托蒂諾這樣的模組,你知道,我們也知道早餐。以便。因此,我們可以透過很多方式來增加價值、品種包等。
But also we're increasing our couponing by about 20% or so in the beginning of the year. And we are I found because we have a lot of first-party data which differentiates us from many other manufacturers. We can target effectively with good ROIs that not every manufacturer and do that, but we have the ability to do that.
今年年初,我們也將優惠券價格提高了約 20% 左右。我發現我們是因為我們擁有大量第一方數據,這使我們有別於許多其他製造商。我們可以有效地瞄準良好的投資報酬率,並不是每個製造商都能做到這一點,但我們有能力做到這一點。
So we're increasing our coupon spending and we've we have the research that tells us that it's highly effective when we do that. So we'll do that and other some price once we have to sharpen there are. But there always are we talking about in pet food is wet pet food. We had to get under a price clip.
因此,我們正在增加優惠券支出,我們的研究告訴我們,這樣做是非常有效的。因此,一旦我們必須銳化,我們就會這樣做,並採取其他一些價格。但我們在寵物食品中總是談論的是寵物濕食品。我們必須降低價格。
But we didn't have pricing washes and other places. So we feel good about the amount of value that we will create for consumers. And that really is job number one. As we look at next year.
但我們沒有定價清洗和其他地方。因此,我們對將為消費者創造的價值感到滿意。這確實是第一位的工作。當我們展望明年。
Andrew Lazar - Analyst
Andrew Lazar - Analyst
Thank you for that. And then just a quick one Kofi. The commentary around HMM for fiscal '25 versus cost of goods inflation suggests, as Jeff highlighted, some gross margin flexibility to reinvest given the amount of reinvestment you're planning, not just in SG&A, but that reinvestment that goes against gross margin.
謝謝你。然後就是快速的科菲。正如Jeff 所強調的那樣,圍繞HMM 對25 財年與商品成本通膨的評論表明,考慮到您計劃的再投資金額,再投資的毛利率具有一定的靈活性,不僅是在銷售、管理費用方面,而且是與毛利率相反的再投資。
Do your plan, I guess, anticipate that you can at least protect if not expand gross margins a little bit for the full year? Or could there still be some gross margin pressure for the full year, given kind of what you need to do across both sort of trade and consumer? Thank you.
我想,你的計劃是否預計你至少可以保護全年的毛利率(如果不能稍微擴大的話)?或者考慮到您需要在貿易和消費者方面採取哪些措施,全年毛利率是否仍會面臨一些壓力?謝謝。
Kofi Bruce - Chief Financial Officer
Kofi Bruce - Chief Financial Officer
Great question. Appreciate the question, Andrew. So I would say we've got enough flexibility that we would see a modest amount of gross margin expansion even with the levels of investment. And the key here is, as we look at the business, we're going to play flexibly with an eye towards investing in growth, driving activity from some of which Jeff did an eloquent Java listing off.
很好的問題。感謝這個問題,安德魯。因此,我想說,我們有足夠的靈活性,即使在投資水準不變的情況下,我們也會看到毛利率適度成長。這裡的關鍵是,當我們審視業務時,我們將靈活地投資成長,推動其中一些活動,Jeff 雄辯地列出了 Java 清單。
Andrew Lazar - Analyst
Andrew Lazar - Analyst
Thank you.
謝謝。
Operator
Operator
Bryan Spillane, Bank of America. Please go ahead. Your line is open.
布萊恩·斯皮蘭,美國銀行。請繼續。您的線路已開通。
Bryan Spillane - Analyst
Bryan Spillane - Analyst
Thanks, operator. Good morning Kofi and Jeff. I had just had one question, and it's come in a couple of different angles to us this morning. And it really the starting point on had has have you guided low enough for fiscal '25. And I say that in the context of there are some reinvestment rate that for increased investment, I should say that that's implied in your plan for this year.
謝謝,接線生。早上好,科菲和傑夫。我剛剛有一個問題,今天早上我們從幾個不同的角度提出了這個問題。這確實是 25 財年的起點,你的指引是否夠低。我說,在增加投資的情況下,有一定的再投資率,我應該說,這已經隱含在你們今年的計畫中。
If we look back over the last four quarters, you know, we've been kind of waiting for the time to come around the corner, and that's just General Mills. I think that's true across the whole Group. And so it seems like, you know, there's just more uncertainty.
如果我們回顧過去四個季度,你知道,我們一直在等待時機的到來,而這就是通用磨坊。我認為整個集團都是如此。所以,你知道,似乎存在著更多的不確定性。
We're planning the business this year versus most. And I'm just, you know, given the opportunity right to give yourself the I guess, more cushion or actually more than that gets you more potential money to spend back. Why not take that opportunity now?
與大多數情況相比,我們今年正在計劃業務。我只是,你知道,有機會給自己更多的緩衝,或者實際上更多,讓你有更多潛在的錢可以花回來。為什麼現在不抓住這個機會呢?
Jeffrey Harmening - Chairman of the Board, Chief Executive Officer
Jeffrey Harmening - Chairman of the Board, Chief Executive Officer
Yeah. So Brian, thanks for the question. You talk about more volatility and uncertainty, as I said, that for each of the last five years so that we are waiting for that wait for the year.
是的。布萊恩,謝謝你的提問。正如我所說,過去五年中每年都有更多的波動性和不確定性,因此我們正在等待這一年。
We don't have volatility and the market does continue to evolve. So there's no question about that. Obviously, we think we've given ourselves enough cushion here without being too unduly conservative and the market, you're right, the market is does continue to evolve. But as I said, we are we've got really good marketing support new products are up. We've got really good news on our core brands.
我們沒有波動性,市場確實在不斷發展。所以這是毫無疑問的。顯然,我們認為我們已經給了自己足夠的緩衝,而沒有過於保守,而且市場,你是對的,市場確實在繼續發展。但正如我所說,我們已經獲得了非常好的行銷支持,新產品已經上市。我們有關於我們核心品牌的好消息。
And so my expectation is that we would improve our volume performance this coming year, which was down 3% this current year. We would improve our volume performance across our different segments this year. So I know that each of our operating segments, whether it's North America retail or foodservice or international or [PAT], are committed to improving our volume performance, our competitiveness and I'm confident with the level of activity that we have in the news that we have that we can that we can actually do that supported by gross margins that are already good that are back to pre-pandemic levels already. And as you say, are our productivity out outstrip several PCL inflation.
因此,我預計我們明年的銷售表現將有所改善,今年銷量下降了 3%。今年我們將提高不同細分市場的銷售表現。因此,我知道我們的每個營運部門,無論是北美零售、餐飲服務、國際還是 [PAT],都致力於提高我們的銷量表現和競爭力,我對新聞中我們的活動水平充滿信心我們有能力,我們實際上可以做到這一點,因為毛利率已經很好,已經回到了大流行前的水平。正如你所說,我們的生產力是否超過了 PCL 通膨率。
So reinvesting some of that to make sure that we have that we had the fuel we need to drive the growth, and we're not counting on a change in the environment necessarily to drive our growth and that's within our control. And so we feel good about our ability to do that.
因此,我們需要對其中的一些進行再投資,以確保我們擁有推動成長所需的燃料,並且我們並不指望環境的變化必然會推動我們的成長,而這在我們的控制範圍內。因此,我們對自己有能力做到這一點感到滿意。
Bryan Spillane - Analyst
Bryan Spillane - Analyst
Thank you Jeff. Maybe just a quick follow on that is, as you've planned this year, what's your expectation on competitiveness? Meaning, you know, do you expect competitors to make similar moves? And just how you are anticipating that how the competitive environment with set up this year again, given just how dynamic things are the one.
謝謝傑夫。也許緊隨其後的是,正如您今年的計劃,您對競爭力的期望是什麼?意思是,你知道,你期望競爭對手採取類似的行動嗎?考慮到事情的動態性,您對今年的競爭環境將如何再次建立有何預期。
Jeffrey Harmening - Chairman of the Board, Chief Executive Officer
Jeffrey Harmening - Chairman of the Board, Chief Executive Officer
I certainly can't speak for my competitors, but we're all looking for more growth. And we know what's been interesting is that the environment has been exceptionally irrational and it's not it's hard for me to see that changing.
我當然不能代表我的競爭對手,但我們都在尋求更多的成長。我們知道有趣的是,環境異常不合理,我不難看到這種改變。
And the reason I say that because I mean, we still have some level of inflation. I mean that we have 3% to 4% inflation and so in that kind of environment, absent a lead in a leading level of productivity like we have, it really begs for an environment that continues to be rational. If you look at the last 12 months, promotional spending is up, frequency up a little bit.
我之所以這麼說是因為我的意思是,我們仍然存在一定程度的通貨膨脹。我的意思是,我們的通貨膨脹率為 3% 到 4%,因此在這種環境下,如果沒有像我們這樣的領先生產力水平,它確實需要一個持續理性的環境。如果你看看過去 12 個月,促銷支出增加,頻率也有所增加。
Depth of discount was up a little bit relative to the year before. But if you look before pandemic as kind of back to that back to that level, promotional intensity and they start out, I think it was Andrew asked a question about value.
折扣幅度較上年略有上升。但如果你把大流行之前的情況看成回到那個水平,促銷強度,然後他們開始,我認為這是安德魯問了一個關於價值的問題。
There are a lot of ways to create value for consumers. And we see that I'm sure our competitors do. And so we'll be pulling all the levers we can to make sure that consumers know the value of our big brands. A lot of that gets back to the marketing and the product news, that anything else.
為消費者創造價值的方法有很多。我確信我們的競爭對手也看到了這一點。因此,我們將竭盡全力確保消費者了解我們大品牌的價值。其中很多都回到了行銷和產品新聞,以及其他任何事情。
Bryan Spillane - Analyst
Bryan Spillane - Analyst
Okay. Thank you.
好的。謝謝。
Operator
Operator
Steve Powers, Deutsche Bank. Please go ahead. Your line is open.
史蒂夫鮑爾斯,德意志銀行。請繼續。您的線路已開通。
Steve Powers - Analyst
Steve Powers - Analyst
Yes, hi, good morning. Apologies if you hear construction there, someone who start drilling has we've had in the call started to behind me on one. I guess what I have started, you talk about a roughly equal contribution from price and volume through the year, at the company level so it take to mean sort of flat to slightly positive in each case.
是的,嗨,早安。如果您聽到那裡正在施工,我們深表歉意,我們在電話中已經有一個開始鑽孔的人開始在我身後進行鑽孔。我想我已經開始了,你談到了全年價格和銷量在公司層面的貢獻大致相等,因此在每種情況下都意味著持平到略為積極。
I guess is there any deviation from that as you think about the sequence through the year or across the different business segments? Or do you expect that sort of who we are roughly equal contribution to be a representative of kind of expect across the totality of the enterprise?
我想當您考慮全年或不同業務部門的順序時,是否存在任何偏差?或者您期望我們貢獻大致相等的人能夠代表整個企業的期望?
Jeffrey Harmening - Chairman of the Board, Chief Executive Officer
Jeffrey Harmening - Chairman of the Board, Chief Executive Officer
Yeah, the we look it by the way, but I can't hear the drilling in the background, Steve. But as we as we look at it, first of all, you were talking about, you know, price and volume rate relatively same is price and mix. I think that mix pieces is really important.
是的,順便說一下,但我聽不到背景中的鑽孔聲,史蒂夫。但當我們看到它時,首先,你在談論,你知道,價格和成交量相對相同的是價格和組合。我認為混搭非常重要。
As we as we look at it, I wouldn't expect an undue differential performance, many one of our segments. So it's not as I say, we're looking for or, you know, lots of one thing in one segment, lots of something in another segment, really the job to do is really a volume growth across the across the different segments.
正如我們所看到的,我不認為我們的許多細分市場會出現過度的差異化表現。所以,這並不是像我說的那樣,我們正在尋找,或者,你知道,一個細分市場中有很多東西,另一個細分市場有很多東西,真正要做的工作是跨不同細分市場的銷量增長。
And I think we have opportunities to improve even in foodservice, which did really well. We have opportunities to improve, but across the board. In terms of the sequencing, I guess my only comment would be as you as you look at the first quarter of last fiscal year, which was the which went in terms of sales growth, was there was our highest sales growth quarter.
我認為我們甚至在餐飲服務方面也有機會改進,這方面做得非常好。我們有機會改進,但全面改進。就順序而言,我想我唯一的評論是,正如您所看到的上一財年第一季一樣,就銷售成長而言,這是我們銷售成長最高的季度。
You see a lot of pricing in that quarter were going up against that as we go into the year ahead. And so that probably has an impact on what we see. But on price mix in the first quarter, which has copious that along with some reinvestment makes the comp and our first quarter of the toughest of the four quarters in the year, I would expect gradual improvement as we look at our sales and profitability over the course of the year.
當我們進入未來一年時,您會看到該季度的許多定價都在上漲。所以這可能會對我們所看到的產生影響。但就第一季的價格組合而言,加上一些再投資,使得公司和我們的第一季度成為今年四個季度中最艱難的一個季度,我預計,當我們審視我們的銷售和盈利能力時,我們會逐步改善。
And gradual doesn't mean it happens even every quarter, but gradually over the course of the year with Q1 being the toughest, I would say that's especially true in North America retail, where the comp from a year ago was quite good. We had a really nice Q1 and North America retail last year.
漸進並不意味著它甚至每個季度都會發生,而是在一年中逐漸發生,其中第一季是最艱難的,我想說這在北美零售業尤其如此,一年前的業績相當不錯。去年第一季和北美零售業的表現非常好。
Steve Powers - Analyst
Steve Powers - Analyst
Yes. Okay, great. Thanks for the clarification as well, You know on the Kofi, may be going back to where you started or Jeff started the call on international, you've talked about some of the challenges in Brazil and China at the moment.
是的。好的,太好了。也感謝您的澄清,您知道科菲可能會回到您開始的地方或傑夫開始國際電話會議的地方,您談到了巴西和中國目前面臨的一些挑戰。
I guess, any perspective on how you expect those regions, countries markets to develop as the year progresses? Just kind of what you've embedded in terms of contribution in '25?
我想,您對這些地區、國家市場隨著時間的推移將如何發展有何看法?這就是你在 25 年所做的貢獻嗎?
Kofi Bruce - Chief Financial Officer
Kofi Bruce - Chief Financial Officer
We'll just pick up on kind of just last point. We are expecting volume improvement in all of our segments. But as we look at international, I think the critical thing for us in Brazil, we certainly see improvement off of this year's performance and are expecting that similarly.
我們將討論最後一點。我們預計所有細分市場的銷售都會有所改善。但當我們放眼國際市場時,我認為對我們巴西來說最重要的是,我們當然看到了今年表現的改善,並期待同樣的情況。
So with China and continued strength of performance and EU, AU in our [gems] markets, which performed really well this past year.
因此,隨著中國和歐盟、非盟在我們[寶石]市場的持續強勁表現,去年表現非常好。
Steve Powers - Analyst
Steve Powers - Analyst
Thank you very much.
非常感謝。
Operator
Operator
Alexia Howard, AllianceBernstein. Please go ahead. Your line is open.
亞歷克西婭·霍華德,聯博公司。請繼續。您的線路已開通。
Connor Cerniglia - Analyst
Connor Cerniglia - Analyst
Hi, good morning, this is Connor Cerniglia stepping in for Alexia Howard. Jeff, I'd like to ask about your ready to eat cereal. Measured channel data suggests you've experienced a bit more challenged market share dynamics at a time when promotional spend has increased at what our competitors.
大家好,早安,我是康納·切爾尼利亞 (Connor Cerniglia) 接替亞歷克西婭·霍華德 (Alexia Howard)。傑夫,我想問一下你的即食麥片的情況。測量的通路數據表明,當促銷支出比我們的競爭對手增加時,您經歷了更具挑戰性的市場份額動態。
Can you talk about how you think about this segment in 2025 and you can see irrational pricing behavior? Or is there a concern on this front? Thanks and I'll pass it on.
您能談談您如何看待2025年這個細分市場以及您能看到的非理性定價行為嗎?或者說在這方面有什麼顧慮嗎?謝謝,我會轉達的。
Jeffrey Harmening - Chairman of the Board, Chief Executive Officer
Jeffrey Harmening - Chairman of the Board, Chief Executive Officer
Yes. Connor, you know we've seen rational behavior in cereal. I would expect that to continue with the you know; our focus is primarily on our game and other competitors games.
是的。康納,你知道我們已經在麥片中看到了理性行為。我希望這種情況能夠持續下去;我們的重點主要是我們的遊戲和其他競爭對手的遊戲。
We obviously we feel like we have the best brands in the category and a key job for us to do in cereal is get back to playing our game. And we had we had good new product innovation last year. We have the top five new products.
顯然,我們覺得我們擁有該類別中最好的品牌,而我們在穀物食品領域要做的一項關鍵工作就是重新開始我們的遊戲。去年我們有很好的新產品創新。我們有排名前五的新產品。
Actually, I think some of our product innovation this year is better than we had a year ago. I referenced Fruity Cheerios and the first half. We have some good new product innovation coming in the second half. But even more important, that is a lot of news we have coming on our core brands and our messaging, as I talked about with the calcium relative.
事實上,我認為今年我們的一些產品創新比一年前更好。我參考了 Fruity Cheerios 和前半部。下半年我們將推出一些好的新產品創新。但更重要的是,正如我與鈣親戚談到的那樣,我們有很多關於我們的核心品牌和資訊的新聞。
I also think some of our merchandise, like in the back-to-school period, making sure we have a big program with box tops, you know what I'm excited about rolling out and some today's news we have coming in the second half of the year as a big brands, which I promise the brand teams I wouldn't talk about on this call, but I'm excited about coming.
我還認為我們的一些商品,例如在返校期間,確保我們有一個帶有盒頂的大型項目,你知道我對推出什麼感到興奮,以及我們在下半年發布的一些今天的新聞作為一個大品牌,我向品牌團隊保證我不會在這次電話會議上談論這一點,但我很高興能來。
And so our job really is to get back to the core growth are our big hero brands was really good news and content. The innovation as good as or innovation was this past year, not that it was quite good. I think our innovation this coming year as it has the opportunity to be even better at an early returns, which suggests that that will be pretty good.
因此,我們的工作實際上是回到核心成長,我們的大英雄品牌確實是好消息和內容。去年的創新與創新一樣好,但並不是說非常好。我認為我們明年的創新有機會在早期回報方面表現得更好,這表明這將是相當不錯的。
Operator
Operator
Tom Palmer, Citi. Please go ahead. Your line is open.
湯姆·帕爾默,花旗銀行。請繼續。您的線路已開通。
Tom Palmer - Analyst
Tom Palmer - Analyst
Good morning and thanks for the question. I appreciate your earlier comments, I want to be overly specific here, but I guess I'll give it a dry look, if we exclude the inventory reductions in trade accrual, I think organic sales growth was down around 3%.
早安,謝謝你的提問。我很欣賞你之前的評論,我想在這裡說得過於具體,但我想我會簡單地看一下,如果我們排除貿易應計中的庫存減少,我認為有機銷售增長下降了 3% 左右。
Should we look at this is kind of a slow starting point as we entered the year? Or are there other considerations we should be thinking about as we move into the first quarter?
當我們進入這一年時,我們是否應該認為這是一個緩慢的起點?或者在進入第一季時我們還應該考慮其他因素嗎?
Jeffrey Harmening - Chairman of the Board, Chief Executive Officer
Jeffrey Harmening - Chairman of the Board, Chief Executive Officer
I appreciate the question. So let me see if I can step back. And just if you'll give me a point of privileged cereal tried and tried to give you a little bit broader perspective starting at the enterprise and then drilling down to pet in North America retail.
我很欣賞這個問題。所以讓我看看我是否可以退後一步。如果你能給我一點特權麥片的嘗試,並試著給你一個更廣闊的視角,從企業開始,然後深入北美零售業的寵物。
So while we saw the slowdown in organic net sales, I think the critical thing here as we look at our measured retail sales, they're pretty consistent as we move from Q3 to Q4. So as you rightly noted, there was a headwind from the comparison on the trading expense phasing from Q3 or Q4 of fiscal '23.
因此,雖然我們看到有機淨銷售額放緩,但我認為關鍵的是,當我們查看測量的零售銷售額時,它們從第三季度到第四季度非常一致。因此,正如您正確指出的那樣,從 23 財年第三季或第四季開始的交易費用比較中存在阻力。
At the enterprise level, we also saw a modest decline in retailer inventory in our and pet in Q4 versus Q3, where we had a net tailwind. And then it, I think third important I reference again the point I made on international that are in Brazil.
在企業層面,我們也看到第四季我們和寵物的零售商庫存與第三季相比略有下降,第三季我們有淨順風。然後,我認為第三重要的是,我再次提到我在巴西國際比賽中提出的觀點。
We had an adjustment to net sales of the move to COGS, which was worth about a point of drag on us. And so in aggregate, about five points of drag from those three factors as you peel it back. And then as you look at it on a segment basis that it not that trade expense comparison is about four points of drag.
我們對轉向銷貨成本的淨銷售額進行了調整,這對我們來說大約是一個拖累。因此,總的來說,當你將其剝離時,這三個因素會產生大約五個點的阻力。然後,當您以細分市場為基礎進行查看時,會發現貿易費用比較並不是大約四個點的阻力。
We also had we saw the retailer inventory adjustment impact are about a point a tailwind flipping to appoint a tailwind in the Q4 versus a point of headwind in Q4. Then we also benefited in Q3 from some weather patterns in North. Then as we look at pet, we had about two points of headwind from the trade expense comparison.
我們也看到,零售商庫存調整的影響約為第四季的順風點,而第四季的逆風點。然後,我們在第三季也受益於北部的一些天氣模式。然後,當我們觀察寵物時,我們在貿易費用比較中遇到了大約兩點阻力。
We also saw retailer inventory reductions for Q4 versus Q3, and then we did have a modest amount of headwind of losses in the key prices. So in aggregate that kind of you get you the picture, I think the critical thing here is the read through for you US is thinking about how you look at the quarter milestones Q3 to Q4, roughly in line.
我們還看到第四季度零售商庫存比第三季度有所減少,然後我們確實在關鍵價格方面遇到了一定程度的損失。因此,總的來說,您可以了解情況,我認為這裡關鍵的一點是,美國的通讀是思考您如何看待第三季度到第四季度的季度里程碑,大致一致。
Tom Palmer - Analyst
Tom Palmer - Analyst
Got it. Okay, thank you. And then in the presentation, you listed M&A above share repo in terms of capital allocation priorities. I had kind of two pieces here. Of course, to what extent this is a 3% share count declining guidance assume that free cash flow in excess of the dividend is deployed for share repo versus other uses.
知道了。好的謝謝。然後在演示中,就資本配置優先順序而言,您將併購列為股票回購之上。我這裡有兩塊。當然,這在多大程度上是 3% 的股份數下降指引,假設超過股息的自由現金流被用於股票回購而不是其他用途。
And then look, I know you've been at quality of assets over the past year, but could you give us an update on your M&A criteria and appetite from a size standpoint? Thank you.
然後,我知道您在過去一年中一直關注資產質量,但是您能否從規模的角度向我們介紹一下您的併購標準和興趣的最新情況?謝謝。
Kofi Bruce - Chief Financial Officer
Kofi Bruce - Chief Financial Officer
Sure, right. So I think I'd first start by acknowledging that our capital allocation priorities have been pretty evergreen. So I think the first is currently we want to make sure we have and allocate investment for capital spending internally for growth.
當然,對。因此,我想我首先要承認我們的資本配置優先事項一直是非常長久的。因此,我認為首先是目前我們希望確保我們擁有並分配內部資本支出投資以實現成長。
That's roughly 4% is kind of the top number. We've averaged around 3.5%. If you look at the last handful of years, second, that we're allocating our capital for increasing our dividend, roughly in line with our after-tax earnings. And again, we've paid a dividend uninterrupted for 125 plus years.
大約 4% 是最高的數字。我們的平均成長率約為 3.5%。其次,如果你看看過去幾年,我們正在分配資本來增加股息,大致上與我們的稅後收益一致。再說一次,我們已經連續 125 年以上不間斷地支付股利。
And then third, as you rightly pointed out, M&A and again, M&A is both episodic and it's not something we build into the plan. But generally, as you look at our M&A patterns, unless we have done something being, which is pretty rare, last big acquisition was Blue Buffalo. Most of the acquisitions we do are coming in $1.5 billion price range which we can easily accommodate with the modest adjustment in our share purchase patterns.
第三,正如您正確指出的那樣,併購,再一次,併購都是偶發的,不是我們納入計劃的內容。但總的來說,當你觀察我們的併購模式時,除非我們做了一些事情(這是相當罕見的),否則最後一次大型收購是 Blue Buffalo。我們所做的大多數收購價格範圍為 15 億美元,我們可以透過對股票購買模式進行適度調整來輕鬆適應這一範圍。
So share repurchase remains the most discretionary element. And obviously, we will make changes to our share repurchase expectations as we identify and act on M&A opportunities. Onto your to your second point around criteria for M&A, as you know, obviously, the critical filter for us that we start first with our strategic priorities, which leads us to have to look at critical occasions, which would get us to priorities around breakfast and convenient to meet convenient meals and snacking, as well as, obviously our pet food.
因此,股票回購仍是最可自由裁量的因素。顯然,當我們發現併購機會並採取行動時,我們將改變我們的股票回購預期。關於併購標準的第二點,正如您所知,顯然,我們首先從戰略優先事項開始,這使我們必須考慮關鍵時刻,這將使我們能夠優先考慮早餐方便滿足方便的膳食和零食,當然還有我們的寵物食品。
And I think the criteria for us anchor around places where we can add value leverage points around our capabilities that will allow us to unlock cash for growth, but also on improved margins as we as we execute transactions.
我認為我們的標準圍繞著我們可以圍繞我們的能力增加價值槓桿點的地方,這將使我們能夠釋放現金以實現成長,而且在我們執行交易時也能提高利潤率。
So we've candidly, working with are always on M&A capability throughout the cycle. We continue to look aggressively at opportunities. At the same time, we remain very disciplined and have very strong filters in terms of both returns and value creation.
因此,我們坦率地說,在整個週期中始終與併購能力合作。我們繼續積極尋找機會。同時,我們仍然非常自律,並在回報和價值創造方面擁有非常強大的過濾器。
Tom Palmer - Analyst
Tom Palmer - Analyst
Great. Thank you.
偉大的。謝謝。
Operator
Operator
Matt Smith, Stifel. Please go ahead. Your line is open.
馬特史密斯,史蒂菲爾。請繼續。您的線路已開通。
Matthew Smith - Analyst
Matthew Smith - Analyst
Hi, good morning. And one of the dive in a little bit on the profitability or the profit performance in the pet segment, you are solidly in the mid-20s, even with the volume decline in the quarter. You talked about some increased investment behind wilderness as you tried to stabilize that business and get it back to growth. But is this a sustainable margin performance in the fourth quarter that we should look to as we look at fiscal 2025?
早安.寵物細分市場的獲利能力或利潤表現略有下降,儘管本季銷量有所下降,但仍處於 20 多歲左右。您談到了在荒野背後增加的一些投資,因為您試圖穩定該業務並使其恢復成長。但在展望 2025 財年時,我們應該關注第四季可持續的利潤率表現嗎?
Kofi Bruce - Chief Financial Officer
Kofi Bruce - Chief Financial Officer
Sure. Let me yes, let me start. I think we benefited from both a more stable supply chain environment and our ability to drive higher than expected levels of each of them. Even in the face of the volume declines we saw we continue to have capitalized on opportunities, both to internalize production that was previously external, but also to drive HMM.
當然。讓我說是的,讓我開始。我認為我們受益於更穩定的供應鏈環境以及我們推動每個供應鏈高於預期水準的能力。即使面對銷售量下降,我們仍繼續利用機會,既將以前外部的生產內部化,又推動 HMM 的發展。
That was some was frankly, less available when we were struggling to supply in the supply chain disruption period. So we feel good about sort of the exit point. What I would -- what I think is critical as we look at business right now is we're very focused on driving improved volume trends.
坦白說,當我們在供應鏈中斷期間努力供應時,有些東西不太可用。所以我們對退出點感覺很好。我認為,當我們現在看待業務時,最重要的是我們非常專注於推動銷售趨勢的改善。
So I think the probability very competitive and Okay, the 20% plus level, I wouldn't expect that 24% is the level we would necessarily target. We continue to expect to be able to drive strong HMM and much like we're doing at the enterprise.
所以我認為可能性非常有競爭力,好吧,20% 以上的水平,我不認為 24% 是我們必然目標的水平。我們仍然期望能夠推動強大的 HMM,就像我們在企業中所做的那樣。
I would say our focus is going to be on reinvesting gross margin improvement back into the bill business to drive growth.
我想說,我們的重點是將毛利率的提高重新投資到票據業務上,以推動成長。
Jeffrey Harmening - Chairman of the Board, Chief Executive Officer
Jeffrey Harmening - Chairman of the Board, Chief Executive Officer
As Kofi said, I mean, if you know, a year ago, we were challenged both on our gross margin and you know, and with our sales growth and I'm really pleased with the Blue Buffalo came on job. They have done to restore the margin profile.
正如科菲所說,我的意思是,如果你知道,一年前,我們在毛利率和銷售成長方面都面臨挑戰,我對 Blue Buffalo 的上任感到非常滿意。他們已經採取措施恢復利潤狀況。
And we've done a lot of work over the past over the past year to do that to get us back into a place for the margins year over the last year or roughly 20% or so. So, you know, now the job to do is to and that's without volume leverage. And so now that job to do is to really improve our top line performance and we feel good about what we've done on Life Protection Formula.
在過去的一年裡,我們做了很多工作,以使我們的利潤率回到去年的水平,大約 20% 左右。所以,你知道,現在要做的工作是在沒有成交量槓桿的情況下。因此,現在要做的工作是真正提高我們的營收績效,我們對在生命保護配方方面所做的工作感到滿意。
We're going to double down on that. We feel good about our tasteful cap business. And then the last quarter, we've been more advertising on that. We've seen that business get back to growth. And so we're going to we're going to put more fuel on that. And now the job to do the next job to do is on wilderness.
我們將加倍努力。我們對我們高雅的帽子業務感覺良好。然後上個季度,我們在這方面做了更多的廣告。我們已經看到業務恢復成長。因此,我們將為此投入更多燃料。而現在要做的下一個工作就是在荒野上。
And we've been talking about it for a little while, but we're putting on advertising on air and in July and good levels of advertising behind really good messaging. And so that really is the job to do. And you know, to the extent that we can get Blue Buffalo back to growth, I mean, I think the rest of the flow quite nicely.
我們已經討論了一段時間,但我們將在 7 月投放廣告,並且在真正良好的訊息傳遞背後提供良好的廣告水平。這確實是我們要做的工作。你知道,就我們能讓 Blue Buffalo 恢復成長而言,我的意思是,我認為其餘的流程相當不錯。
We do have good productivity, but the real job to maintain really good margins while accelerating our top line performance.
我們確實擁有良好的生產力,但真正的工作是保持良好的利潤率,同時加快我們的營收表現。
Matthew Smith - Analyst
Matthew Smith - Analyst
Thank you. And just a quick follow-up. You talked about distribution losses in the pet division. Any more detail to add to that. Is that something that remains a drag as we look at fiscal '25, that perhaps keeps volume growth, a little profit to achieve as we look into next year?
謝謝。只是快速跟進。您談到了寵物部門的分銷損失。任何更多細節都可以添加到其中。當我們展望 25 財年時,這是否仍然是一個拖累因素,也許會保持銷量成長,並在我們展望明年時實現一點利潤?
Jeffrey Harmening - Chairman of the Board, Chief Executive Officer
Jeffrey Harmening - Chairman of the Board, Chief Executive Officer
We have we have some distribution losses on a little bit on trees and a little bit on wet food and those because during kind of the pandemic, there were some other competitors who couldn't supply as well that we could as we have some extra shelf placement that's rolling off.
我們在樹木上和濕糧上都有一些分銷損失,因為在大流行期間,有一些其他競爭對手無法像我們一樣供應,因為我們有一些額外的貨架正在滾動的展示位置。
But it is really not our big flavors that are big customers. And so even if and with that, we have seen improved performance on an increasingly group performance on Blue Buffalo business (Inaudible) even with that, our expectation is for improved volume performance in the coming year for Blue.
但真正的大客戶並不是我們的大口味。因此,即使如此,我們也看到 Blue Buffalo 業務的集團業績不斷提高(聽不清),但我們的預期是 Blue Buffalo 來年的銷量業績會有所改善。
Matthew Smith - Analyst
Matthew Smith - Analyst
Thank you. I'll pass it on.
謝謝。我會把它傳遞下去。
Operator
Operator
David Palmer, Evercore ISI. Please go ahead. Your line is open.
大衛·帕爾默,Evercore ISI。請繼續。您的線路已開通。
David Palmer - Analyst
David Palmer - Analyst
Thanks. I'll just follow up on pets for a second. I know one of the big areas of focus was the specialty pet segment clearly was a drag into the fourth quarter. Do you talked about in the prepared remarks about revenue growth for pet in fiscal '25?
謝謝。我會跟進一下寵物。我知道重點關注的領域之一是特種寵物細分市場顯然是第四季度的拖累。您在準備好的演講中是否談到了 25 財年寵物收入的成長?
Do you also see the that that pet specialty segment also slicing and growing in fiscal '25?
您是否也看到寵物專業細分市場在 25 財年也出現了切片和成長?
Jeffrey Harmening - Chairman of the Board, Chief Executive Officer
Jeffrey Harmening - Chairman of the Board, Chief Executive Officer
Yes. So I know I'm not going to get into specific channel by channel, but and business as you ask, I won't avoid a completely, Dave. At the end of the. What I would say is that what I would see as an improvement in that channel, we've actually seen an improvement in the channel. Now the job for us to do is improvement in our own performance.
是的。所以我知道我不會透過管道進入特定管道,但是正如你所要求的,我不會完全迴避,戴夫。在結束時。我想說的是,我認為該頻道的改進,我們實際上已經看到了該頻道的改進。現在我們要做的工作就是提升自己的表現。
It really is about wellness and about getting our sizing right and about working with the retailers there to improve the performance of wilderness by the way there in on until we all want to improve the performance of wilderness. And so we're all rowing in the same direction.
這確實是關於健康,關於正確尺碼,關於與那裡的零售商合作,以提高荒野的性能,直到我們都想提高荒野的性能。所以我們都朝著同一個方向划船。
And so my expectation would be improved performance for us and the pet specialty channel, we'll see what that yields over time. But it feels that we have the right actions in place, nice to improve our performance in that channel, particularly with wellness, which is the most important thing to approve.
因此,我的期望是提高我們和寵物專業管道的績效,我們將看到隨著時間的推移會產生什麼結果。但感覺我們採取了正確的行動,很高興能提高我們在該管道的表現,特別是在健康方面,這是最值得批准的事情。
David Palmer - Analyst
David Palmer - Analyst
And just a question on the banking segment, that seem to be an area that we did very well during COVID. You said that one of the areas that was most declining in this quarter. Are you seeing I just wanted to get your pulse on that segment and be consumer behaviors around that, right and make sure that's not going to be an ongoing drag for you in fiscal '25.
關於銀行業的問題,這似乎是我們在新冠疫情期間做得很好的領域。您說這是本季下降最嚴重的領域之一。您是否看到了,我只是想了解您對該細分市場的脈搏,並了解該細分市場的消費者行為,對吧,並確保這不會在 25 財年持續拖累您。
Kofi, how are you feeling about that segment in the consumer behaviors around baking and the at-home occasions that would drive that? I know it's a high margin segment for you, and I'll pass it on. Thanks.
科菲,您對與烘焙相關的消費者行為以及推動這一趨勢的家庭場合有何看法?我知道這對你來說是一個高利潤的細分市場,我會把它傳遞下去。謝謝。
Kofi Bruce - Chief Financial Officer
Kofi Bruce - Chief Financial Officer
Yeah. So let me start with at-home occasions. You know, at-home occasions are actually quite high. I mean, about 86% to 87% of food is now eaten at home. And given the challenges consumers are facing with inflation, we would expect that to continue so, I don't see a drag on category performance for at-home eating occasions. So that would be the first point.
是的。讓我從家庭場合開始。要知道,家裡的場合其實是相當高的。我的意思是,現在大約 86% 到 87% 的食物是在家吃的。考慮到消費者面臨的通膨挑戰,我們預期這種情況將持續下去,我認為家庭就餐場合的品類表現不會受到拖累。這是第一點。
The second is, you know, the category itself in terms of volume has hung in there, you know, pretty well, our share position, particularly as we look at Pillsbury, that has been the challenge.
第二個是,你知道,就數量而言,該類別本身一直存在,你知道,我們的份額地位,特別是當我們看到皮爾斯伯里時,這一直是挑戰。
And after many years of the year, we saw a return of private label to shelf some small competitor, but mainly private label. And so this this past year, I think, is going to be an anomaly annual. I think the key for the key for us really not a change in the environment.
經過多年的一年,我們看到自有品牌的回歸,讓一些小競爭對手陷入困境,但主要是自有品牌。因此,我認為,過去的一年將是不尋常的一年。我認為對我們來說關鍵的關鍵並不是環境的改變。
The key for us is our change in level of activity. And I tell you our plans and there are quite good as I talked about, we're bringing the [Dope] way back, but also but also we've got product improvements, taste improvements on things like biscuits was, I think will serve us very well.
對我們來說,關鍵是我們活動量的變化。我告訴你我們的計劃,正如我所說的,我們正在把[Dope]帶回來,而且我們還對產品進行了改進,對餅乾之類的東西進行了口味改進,我認為會有所幫助我們很好。
We have seen a variety packs coming in and cookie, though with a brand like Reese's and Oreo and Master cookies. And so we have a really good plan and really good news to share on our Pillsbury business this year. And so that is really within our hands to get us back to growth on Pillsbury, and I feel good about our plans there.
我們已經看到了各種各樣的包裝和餅乾,儘管有像里斯、奧利奧和大師餅乾這樣的品牌。因此,我們今年有一個非常好的計劃和好消息要分享我們的皮爾斯伯里業務。因此,我們確實有能力讓皮爾斯伯里恢復成長,我對我們在那裡的計劃感到滿意。
David Palmer - Analyst
David Palmer - Analyst
Thanks for that.
感謝那。
Operator
Operator
Robert Moskow, TD Cowen. Please go ahead. Your line is open.
羅伯特·莫斯科,TD·考恩。請繼續。您的線路已開通。
Robert Moskow - Analyst
Robert Moskow - Analyst
Hey, thanks, question. Good morning, Jeff. I wanted to know if you and a lot of your peers has shifted the emphasis more to volume, and I'm not denying the importance of it right now. But it is it just sounds different than the strategy that a lot of CPG companies have used over the years to create value through premiumization, convenience, that's been a win improves historically.
嘿,謝謝,問題。早安,傑夫。我想知道您和您的許多同行是否已將重點更多地轉移到數量上,我現在並不否認它的重要性。但這聽起來與許多消費品公司多年來透過高端化、便利性創造價值的策略不同,這在歷史上是一種勝利。
Can you do both of these things at the same time? It seems like there's a lot of discussion volume today. And I'm wondering if there's still a consumer can still absorb or except that's more premium offerings in this environment.
你能同時做這兩件事嗎?看來今天的討論量很大。我想知道是否還有消費者可以吸收,或者除了在這種環境下提供更優質的產品之外。
Jeffrey Harmening - Chairman of the Board, Chief Executive Officer
Jeffrey Harmening - Chairman of the Board, Chief Executive Officer
Yeah, Rob, I don't see it as a trade-off between volume and premiumization. And I think, I'll take our Blue Buffalo, which is a premium offering. But Life Protection Formula has done particularly well behind really good marketing and so really that's why I talked about value or getting back to a really good marketing and really good messaging on our big brands is really crucial.
是的,羅布,我不認為這是銷量和高端化之間的權衡。我想,我會選擇我們的 Blue Buffalo,這是一種優質產品。但生命保護配方在真正良好的營銷背後做得特別好,所以這就是為什麼我談論價值或回到真正良好的營銷和我們大品牌的真正良好的信息是非常重要的。
So I don't see a trade-off between getting back to volume and premiumization in the categories. I think it's an ad and Pillsbury is another example where it's at a premium offering in that category. And we've got really good market against it.
因此,我認為在恢復銷售量和類別的高端化之間沒有權衡。我認為這是一則廣告,Pillsbury 是另一個例子,它在這個類別中提供優質服務。我們有非常好的市場來反對它。
And I think there is you hear us talking about volume is obviously your volumes were down versus a year ago. And so that's really the job for us to do is to get back to that. But and then I think you're right to ask, but that doesn't mean that we can't preimmunize.
我認為你聽到我們談論交易量,顯然你的交易量比一年前有所下降。所以我們真正要做的工作就是回到這個問題。但是我認為你的問題是對的,但這並不意味著我們不能預先免疫。
So those things are not are not mutually exclusive. And in fact, I think in many cases they go together. The key is to make sure that the value that we offer, as we think about it is commensurate with the with the brand itself. And so that's why you hear me talking a lot about the news we have on our big core billion-dollar brands because that really is going to be the key to our success.
所以這些事情並不是互相排斥的。事實上,我認為在很多情況下它們是相輔相成的。關鍵是要確保我們所提供的價值與品牌本身相稱。這就是為什麼你聽到我談論很多關於我們價值數十億美元的核心品牌的新聞,因為這確實將成為我們成功的關鍵。
And we talk about value, a lot of people immediately go to price, and that's certainly as a component, but not the component. I mean, if you think about it, when it comes to fuel past one of the most important things that they actually do is feed their families and what they can afford to waste and the family has to really want it. And so you're talking about patient news and things like that in this environment. And so I appreciate the question.
當我們談論價值時,很多人立即轉向價格,這當然是作為一個組件,但不是組件。我的意思是,如果你仔細想想,當涉及到燃料時,他們實際上做的最重要的事情之一就是養活家人,以及他們能夠承受的浪費,而家人必須真正想要它。所以你正在談論患者新聞以及在這種環境下的類似事情。所以我很欣賞這個問題。
I think it's a really good when you hear us talking about volume because obviously that's the most important job to do, but it is not the opposite of increasing premiumization of the same time.
我認為當你聽到我們談論銷量時,這真的很好,因為顯然這是最重要的工作,但它並不與同時提高高端化相反。
Robert Moskow - Analyst
Robert Moskow - Analyst
Great, thank you.
太好了謝謝。
Operator
Operator
Chris Carey, Wells Fargo. Please go ahead. Your line is open.
克里斯凱裡,富國銀行。請繼續。您的線路已開通。
Chris Carey - Analyst
Chris Carey - Analyst
Hi, thank you all. Just wrap it up with a couple of follow-ups on. So number one, coffee on gross margins, you said expansion for the full year, in the prepared remarks you did highlight, however, that gross margin compares are harder in Q1. You'll be doing more couponing in Q1.
大家好,謝謝大家。只需進行一些後續操作即可結束它。第一,咖啡的毛利率,您在準備好的評論中提到了全年的擴張,但是,第一季度的毛利率比較更困難。您將在第一季進行更多優惠券活動。
We expect gross margins be down year over year to start the fiscal year but improve as couponing becomes more balance in comps get easier. Apologies if I missed that, but that would be number one.
我們預計,在本財年開始時,毛利率將年減,但隨著優惠券變得更加平衡,比較變得更加容易,毛利率將有所改善。如果我錯過了,我很抱歉,但這將是第一個。
And then second, just you know, the recurring debate throughout the Q&A this morning has been the sales re-accelerate, our acceleration and slide in the outlook.
其次,正如您所知,今天早上的問答中反覆出現的爭論是銷售重新加速,我們的加速和前景的下滑。
If you just think about SRM couponing and perhaps other items, how would you frame the relative contribution of these items to the acceleration that you're expecting in your outlook for the year? So thanks so much of those two.
如果您只考慮 SRM 優惠券和其他項目,您將如何建立這些項目對您今年展望中預期的加速的相對貢獻?非常感謝這兩個人。
Kofi Bruce - Chief Financial Officer
Kofi Bruce - Chief Financial Officer
Okay. Well, I mean let me start. I would just say on Q1, I'm not going to get too much more detail than I already have in, which is effectively we'd expect the comparison on sales, Jeff mentioned the price mix comparison component of that obviously. And then profit comparable operating profit compared to the same quarter prior year will be a net headwind. So we do expect that the complexion of our Q1 to be lower than the subsequent quarters.
好的。好吧,我的意思是讓我開始。我只想說,在第一季度,我不會獲得比我已經掌握的更多的細節,這實際上是我們期望的銷售比較,傑夫顯然提到了價格組合比較部分。然後,與去年同期相比,可比營業利潤將成為淨阻力。因此,我們確實預計第一季的情況將低於隨後幾季。
I am not going to get too much more detail below that. Obviously, I think implied in our guidance and our expectations is that we're going to use all the levers of our SRM toolkit. So, there's always a lot of focus on the price component of that.
下面我不會透露太多細節。顯然,我認為我們的指導和期望中暗示我們將使用 SRM 工具包的所有槓桿。因此,人們總是非常關注其中的價格部分。
And certainly that is important in this environment. But I think there, we are using everything from trade optimization to mix will be front and center and focuses. We're pulling the levers of SRM. Obviously, as we work through this year, it's been clear prices that price mix, it's been less of a driver of sales as we've as we've lapped all the pricing from the prior year, but we would expect to continue to use SRM toolkit and it's full totality next year. I can't get too much more specific about the components sort of the complexion at this point.
當然,這在這種環境下很重要。但我認為,我們正在使用從貿易優化到組合的一切,這將成為前沿、中心和焦點。我們正在拉動 SRM 的槓桿。顯然,在我們今年的工作中,很明顯,價格組合對銷售的推動作用較小,因為我們已經採用了上一年的所有定價,但我們預計將繼續使用SRM 工具包將於明年全面完成。目前我無法對膚色的組成成分進行太多具體的了解。
Chris Carey - Analyst
Chris Carey - Analyst
Okay. Thank you.
好的。謝謝。
Jeffrey Harmening - Chairman of the Board, Chief Executive Officer
Jeffrey Harmening - Chairman of the Board, Chief Executive Officer
Okay. I think we'll go ahead and wrap it up there. I appreciate everyone's good questions and time and attention.
好的。我想我們就這樣結束吧。我感謝大家提出的好問題以及時間和關注。
And as always, we're available for follow-ups throughout the day, if you have more questions that you need to get to us. So appreciate the time today and we look forward to catching up soon.
像往常一樣,如果您有更多問題需要聯絡我們,我們全天都可以提供跟進服務。感謝今天的時間,我們期待盡快趕上。
Operator
Operator
This conclude s today's conference call. Thank you for your participation. You may now disconnect.
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。