通用磨坊 (GIS) 2025 Q1 法說會逐字稿

Good morning and welcome to General Mills' first quarter fiscal 2025 earnings conference call. (Operator Instructions) 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. Thank you. Please go ahead.

早安，歡迎參加通用磨坊2025財年第一季財報電話會議。 （接線員指示）提醒一下，本次電話會議正在錄音。現在，我想將電話交給投資者關係副總裁兼財務主管傑夫·西蒙。謝謝。請繼續。

Hi, thank you, Julianne, and good morning to everyone. We appreciate you joining us today for our Q&A session on our first quarter, fiscal '25 results. I hope you had time to review our press release, listen to our prepared remarks, and view the presentation materials which we made available this morning on our investor relations website.

嗨，謝謝你，朱莉安，大家早安。感謝您今天參加我們關於2025財年第一季業績的問答環節。希望您有時間閱讀我們的新聞稿，聆聽我們準備好的發言稿，並查看我們今天上午在投資者關係網站上發布的簡報資料。

Please do note that in our Q&A session, we may make forward-looking statements that are based on our 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 may be discussed on today's call. I'm here this morning with Jeff Harmening our Chairman and CEO; and Kofi Bruce, our CFO. So Julianne, we can go ahead and get to the first question. Will you please open it up?

請注意，在問答環節，我們可能會根據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對帳情況，這些資訊可能會在今天的電話會議上討論。今天上午，我和董事長兼執行長傑夫·哈梅寧以及首席財務官科菲·布魯斯一起出席了會議。朱莉安，我們可以開始第一個問題了。請您先提問好嗎？

(Operator Instructions) Matt Smith, Stifel.

（操作員指示）馬特史密斯（Matt Smith），Stifel。

Hey, good morning. I believe when you initially provided fiscal '25 guidance, you weren't assuming much improvement in your categories with more emphasis on your competitiveness. Does the shift in more at-home food consumption give you more confidence in the organic sales outlook or are you seeing that benefit muted by continued value seeking behavior?

早安.我記得您最初提供2025財年業績指引時，並沒有預期您的產品類別會有太大改善，而是更重視競爭力。居家食品消費的增加是否讓您對有機食品的銷售前景更有信心？還是說，您認為這種優勢被持續的價值追求行為所削弱？

Hey, good morning. And thanks for the question. You know, first, I would say that, the quarter played out from a macro environment, you know, kind of as we had anticipated. And, you know, we thought we'd see gradual improvement in our categories, you know, throughout the year and we saw an improvement in our categories.

嘿，早安。謝謝你的提問。首先，我想說，從宏觀環境來看，本季的業績基本上符合我們的預期。我們原本預計全年各品類的業績會逐步改善，而事實上，我們也確實看到了改善。

In fact, if you look at our North America retail categories, you know, they're up [2%], you know, a mix of a little bit of volume and a little bit of pricing in the categories. And so it's played out kind of as we expected and, and for us that, you know, as we said in the fourth quarter, the key for us is to keep improving our competitiveness.

事實上，如果你看看我們的北美零售類別，你會發現它們上漲了 [2%]，你知道，各個類別的銷量和價格都有所上漲。所以事情的發展就像我們預期的那樣，對我們來說，正如我們在第四季度所說的那樣，關鍵是繼續提高我們的競爭力。

And we made a step in the right direction in that in the first quarter. And we have some more work to do, you know, across our portfolio. And so the job for us to do for the rest of the year really is to keep improving. We did see a slight uptick in food consumption at home, in the quarter. We did anticipate that might be the case as we see consumers seeking value.

我們在第一季就朝著正確的方向邁出了一步。你知道，我們在整個投資組合中還有一些工作要做。因此，今年剩餘時間我們要做的工作就是不斷改進。本季度，我們確實看到家庭食品消費略有上升。我們確實預料到這種情況可能會發生，因為我們看到消費者追求價值。

And you know, the fact is that now food at home is 4 times less expensive than food eating out on average. And so eating at home is a great value for consumers and, you know, consumers are still economically stressed. So that played out the way we thought.

你知道，現在在家吃飯的平均價格比外出吃飯便宜 4 倍。因此，在家吃飯對消費者來說非常有價值，而且你知道，消費者仍然面臨經濟壓力。事情正如我們想像的那樣發展。

And as we look at the rest of the year, I wouldn't say that our guidance is predicated on our categories, continued improvement. What it's predicated on is our continued improvement in competitiveness, which we're confident we can do, even get a continuing momentum into the second quarter here because we've got really great news on all of our [billion-dollar brands].

當我們展望今年剩餘時間時，我不會說我們的指導是基於我們的類別和持續改進。它的前提是我們競爭力的持續提升，我們有信心做到這一點，甚至可以在第二季度獲得持續的動力，因為我們在所有的[十億美元品牌]。

Thanks Jeff, and as a follow up, I appreciate that your investment span both innovation and some couponing and promotional activity. But on the couponing and promotional investments, can you talk about the re receptivity from consumers to your investment spending? Are you seeing incremental purchasing behavior from those consumers? And is the return on those investments in line with what you had expected?

謝謝傑夫，作為後續提問，我很欣賞你的投資涵蓋創新以及一些優惠券和促銷活動。但是關於優惠券和促銷投資，您能談談消費者對您的投資支出的接受度嗎？您是否看到這些消費者的購買行為增加？這些投資的回報是否符合您的預期？

Yeah. You know, I think it just kind of gets back to this question of value. And I would first tell you that, you know, consumers see value in a lot of different ways. And we did couponing, we increased our couponing, we saw good returns on those in line with what we would expect.

是的。你知道，我認為這又回到了價值問題上。首先我要告訴你，你知道，消費者用很多不同的方式看待價值。我們進行了優惠券發放，增加了優惠券發放量，並看到了與我們預期相符的良好回報。

But, you know, consumers also look for brands and products, they trust, I mean, Life Protection Formula continues to grow. It's up mid-single digits for Blue Buffalo because, you know, we talked about ingredient superiority and what that brings.

但是，你知道，消費者也在尋找他們信任的品牌和產品，我的意思是，生命保護配方不斷成長。Blue Buffalo 的銷售量上漲了中等個位數，因為，你知道，我們討論了成分優勢及其帶來的好處。

We launched advertising on Wilderness and that business has, you know, we kind of have the losses on that business in a quarter and, you know, see some continued momentum. And in cereal, we launched Fruity Cheerios as the top turning new cereal in the category because consumers trust Cheerios and they want something a little bit different.

我們在荒野上推出了廣告，你知道，這項業務我們在一個季度內出現了一些損失，但是，你知道，我們看到了一些持續的成長勢頭。在穀物食品方面，我們推出了 Fruity Cheerios，作為該類別中銷售最好的新穀物食品，因為消費者信任 Cheerios，而且他們想要一些有點不同的東西。

And so, you know, whether it's couponing, or whether it's new products, or whether it's advertising messaging, or pack sizes and getting those in the right place, so there are a lot of ways to create value for consumers, I would say, especially I think probably underappreciated when consumers feel a little bit economically stressed.

所以，你知道，無論是優惠券，還是新產品，還是廣告訊息，還是包裝尺寸並將它們放在正確的位置，有很多方法可以為消費者創造價值，我想說，特別是當消費者感到有點經濟壓力時，我認為這些方法可能被低估了。

But the one thing they can't afford to do is throw away food. And so they have to bring something home that their family is going to love. And that's where our brands come in and making sure that we have relevant messages in the right package in the right place.

但他們最不能做的一件事就是丟掉食物。所以他們必須帶一些家人會喜歡的東西回家。這就是我們的品牌發揮作用的地方，並確保我們在正確的位置以正確的包裝傳達相關訊息。

But to your point, I feel good so far, what I feel even better about is the majority of the news that we have on our brands actually takes place in the second quarter because it kind of starts in the second quarter. Because if you think about our portfolio, we have a lot of baking items, a lot of seasonal items even treating for pets is a little bit seasonal in the second quarter.

但就你的觀點而言，到目前為止我感覺很好，讓我感覺更好的是，我們品牌的大部分新聞實際上都發生在第二季度，因為它是從第二季度開始的。因為如果你考慮我們的產品組合，我們有很多烘焙食品，很多季節性食品，甚至寵物食品在第二季也有點季節性。

And so you combine that with some improvements we're seeing on Blue Buffalo and some receptivity from our pet specialty channel, Wilderness, we feel like we'll see a step up in the second quarter because we've got more good news coming.

因此，結合我們在 Blue Buffalo 上看到的一些改進以及我們寵物專業頻道 Wilderness 的一些接受度，我們覺得我們將在第二季度看到進步，因為我們會有更多好消息。

Andrew Lazar, Barclays.

巴克萊銀行的安德魯·拉扎爾。

Jeff, you talked a bit about obviously the expectation of continued sort of progress around market share and competitiveness as you go through the year, I guess, would you anticipate, you know, being in a position to sort of hold share across your NAR segment for the year or maybe just the more gradual start make this sort of outcome perhaps still a bit overly optimistic.

傑夫，您談到了對今年市場份額和競爭力持續增長的預期，我想，您是否預計自己能夠在全年保持 NAR 領域的份額，或者可能只是更漸進的開始，使得這種結果可能仍然有點過於樂觀。

And then Kofi, I think last quarter you mentioned an expectation for an equal contribution from volume and price mix for the year. Is that still how you sort of see things playing out at this stage? Thanks so much.

然後科菲，我想上個季度你提到了對今年銷售和價格組合貢獻相等的預期。您認為目前事情的發展還是這樣的嗎？非常感謝。

Yeah, thanks Andrew. I think the theme of the day is probably progress and continued work to do which we intend to do to improve our competitiveness throughout the year. That is certainly true for NAR. It's also true for Blue Buffalo, I would say the first quarter kind of played out as we anticipated for both of those segments.

是的，謝謝安德魯。我認為這一天的主題可能是進步和繼續努力，我們打算這樣做以提高我們全年的競爭力。對於 NAR 來說，這確實是正確的。對於 Blue Buffalo 來說也是如此，我想說第一季的進展就像我們對這兩個部分的預期一樣。

We improved our competitiveness in NAR, but there's still market share gains to get. And we fully expected that especially as our first quarter sales comp was probably the toughest of the year and Q2 gets quite a bit easier from a sales standpoint.

我們提高了在 NAR 中的競爭力，但仍需要增加市場佔有率。我們完全預料到了這一點，尤其是因為我們的第一季的銷售額可能是今年最艱難的，而從銷售角度來看，第二季的銷售額會容易得多。

And we talked a lot about our great news on our biggest brands, but most of that starts to hit in the second quarter. So Andrew I would say I'm not going to predict where we end up at the end of the year, it's a long year. My belief is that we'll keep getting better as the year progresses, starting in Q2 with our competitiveness. And that's what I would expect, given the first quarter play that as we thought and the news that we have introduced seems to be landing the way we wanted to.

我們談論了很多關於我們最大品牌的好消息，但其中大部分將在第二季度開始顯現。所以安德魯，我想說，我不會預測我們今年年底會取得什麼成績，因為這是漫長的一年。我相信，隨著時間的推移，我們會變得越來越好，從第二季開始我們的競爭力就會增強。這正是我所期望的，因為第一季的業績正如我們所想，而且我們推出的消息似乎也按照我們想要的方式實現了。

And to your second question, we continue to be focused on and expect gradual improvement as we move through the year in total sales. And to the point of our expectations for the full year, there's nothing that, that, you know, tells us we're broadly off mark and expecting equal contributions from volume and price mix as we work our way through the year towards our guidance.

對於您的第二個問題，我們將繼續關注並期望全年總銷售額將逐步改善。就我們對全年的預期而言，沒有什麼能告訴我們，我們大體上偏離了目標，並且預計在全年努力實現我們的指導目標的過程中，銷量和價格組合將做出同等的貢獻。

Michael Lavery, Piper Sandler.

麥可拉弗里、派珀桑德勒。

Thank you. Good morning. When you talked about some of the continued market share improvement, you cited one of the drivers has improved customer service levels. Can you call out maybe where that still has been an issue and what the kind of road map is or timing for improvement there?

謝謝。早安.當您談到市場佔有率的持續提升時，您提到其中一個驅動因素是客戶服務水準的提高。您能否指出問題所在，以及改進的路線圖或時間安排是怎樣的？

So we have seen improved customer service gradually across most of the portfolio acutely. So in our food service business, our pet business, in particular, those have been aided by I would say bigger changes in the service levels, but in aggregate, our service levels are moving close to where they were pre-pandemic.

因此，我們看到大部分投資組合的客戶服務都在逐步改善。因此，在我們的食品服務業務中，特別是在我們的寵物業務中，我認為這些業務得益於服務水平的更大變化，但總的來說，我們的服務水平正在接近大流行前的水平。

So it's not any one particular category. It's just broad improvement for that.

所以它不屬於任何一個特定的類別。這只是一種廣泛的改進。

Say, specifically with our food service portfolio and our refrigerated, and you know, obviously across our pet portfolio, both our internal and external supply chain reliability has improved service levels across all the formats.

具體來說，對於我們的食品服務組合和冷藏產品，以及我們的寵物產品組合，我們的內部和外部供應鏈可靠性都提高了所有形式的服務水準。

Okay. That's helpful. And on pet you said that the quarter kind of, you know, you're seeing progression. It's as you had expected. Can you give a sense of a little bit more what's ahead? And I maybe specifically on Wilderness even if the declines are moderating. Do you have an idea of when actual growth is expected and what we should be looking for there?

好的。這很有幫助。在寵物方面，您說本季您看到了進展。正如你所預料的。能否進一步介紹一下未來的情況？儘管下降趨勢正在減緩，但我可能特別關注荒野。您是否知道實際成長預計何時實現以及我們應該在那裡尋找什麼？

Yeah, I think good, very fair question. Yeah, I was pleased by our improvement in Q1 on pet, particularly on the on the sales. I mean, we were down 1%. I think we lost 0.1% market share. And our dry pet food business was Wilderness and Life Protection Formula, and actually Tastefuls in cat actually gained share.

是的，我認為這是個好問題，非常公平。是的，我很高興看到我們第一季在寵物方面的進步，尤其是銷售方面的進步。我的意思是，我們下降了 1%。我認為我們失去了0.1%的市場份額。我們的乾寵物食品業務是荒野和生命保護配方，實際上貓糧中的 Tastefuls 實際上獲得了份額。

So we kind of gained share on 60%. So it's a good improvement. But down one is clearly not the goal and, and even if Wilderness improved, it did not improve all the way that we want. So I'm really pleased that there's direction and the momentum and there's, I think there's more to come on Wilderness specifically.

因此我們的市佔率大概達到了 60%。所以這是一個很好的改進。但下降一分顯然不是目標，而且即使荒野有所改善，也沒有達到我們想要的程度。所以我很高興看到《荒野》有了方向和動力，而且我認為它還有更多發展空間。

You know, we just turned on the advertising, you know, at the end of the first quarter, this new advertising, which, you know, shows the protein relative to our nearest competitor. We've seen in the games (technical difficulty), but those take a little while in the feeding cycle of pets.

你知道，我們在第一季末才剛開始投放廣告，這個新廣告展示了我們相對於最接近的競爭對手的蛋白質。我們在遊戲中已經看到過（技術難度），但這些在寵物的餵食週期中需要一點時間。

I would also say, you know, starting in the second quarter. So we're going to hack up on advertising in the second quarter. But in addition, you know, we're doing a couple other things on Wilderness that will help us. The first is that we're reintroducing some grain-free products. So we have some grain-free products that we're adding back to the Wellness portfolio, as we had a few years ago.

我還想說，你知道，從第二季開始。因此我們將在第二季加大廣告投入。但除此之外，你知道，我們在荒野上還做了一些其他對我們有幫助的事情。首先，我們重新推出一些無穀物產品。因此，我們將一些無穀物產品重新添加到健康產品組合中，就像幾年前一樣。

The other is that we're adjusting sizes and making some smaller sizes again in this current economic environment, smaller bags of dog food tend to do better. So we're reintroducing those and we have commitments from a couple of our pet specialty customers to improve the way that they feature Wilderness in store.

另一個原因是，我們正在調整尺寸並再次生產一些較小尺寸的產品，在當前的經濟環境下，小袋裝的狗糧往往賣得更好。因此，我們重新引入了這些功能，並且我們的一些寵物專業客戶承諾，我們將改進他們在店內展示荒野的方式。

And so we're working with our retail customers, all those things hit in the second quarter. So, you know, my expectation is that we continue to see improvement on Wilderness and pet into the second quarter and we'll see what that yields. So I'm not going to give a number for how much is going to improve, but looking for improvement on our pet business in the second quarter and on wilderness.

因此，我們正在與零售客戶合作，所有這些事情都在第二季發生。所以，你知道，我的期望是，我們將繼續看到荒野和寵物在第二季度的改善，我們將看到其結果。因此，我不會給出具體改善程度的數字，但期待第二季度我們的寵物業務和荒野業務有所改善。

Max Gumport, BNP Paribas.

法國巴黎銀行的馬克斯‧甘波特。

Hey, thanks for the question. Jeff last quarter, you discussed your intent to return excess cash to shareholders in the form of share repurchases if you couldn't find attractive acquisition candidates. So I think the initial read of the intent to use all the proceeds from the yogurt divestiture suggested there might not be attractive M&A out there.

嘿，謝謝你的提問。傑夫，上個季度，您討論瞭如果找不到有吸引力的收購對象，您打算以股票回購的形式將多餘的現金返還給股東。因此，我認為，從最初解讀使用優格剝離所得全部收益的意圖來看，可能不存在有吸引力的併購交易。

It seems like in today's prepared remarks, you had a bit more pointed commentary about focusing on deals that are more bolt on the nature specifically in that $1 billion to $2 billion transaction size range. So I think that helps to provide more clarity on the reason for why you're returning the proceeds to shareholders. But I'm curious what you're seeing in the current environment that has made you focus on finding the next Andes or Tyson pet treats business rather than the next Blue Buffalo. Thanks.

似乎在今天的準備好的演講中，您對於重點關注更具性質的交易（特別是交易規模在 10 億美元至 20 億美元範圍內的交易）發表了更尖銳的評論。所以我認為這有助於更清楚地說明您將收益返還給股東的原因。但我很好奇，在當前的環境下，您看到了什麼，使得您專注於尋找下一個安第斯或泰森寵物零食業務，而不是下一個藍色水牛。謝謝。

Yeah. So thanks for the question. I appreciate that. And you know first I was, you know, kind of back up and say in the last fiscal year, you know, we did exactly what I said, which is we didn't find any acquisition candidates that we really liked. And so we returned the money to the shareholders in the form of share purchases.

是的。感謝您的提問。我很感激。首先，你知道，我回顧一下上個財年的情況，你知道，我們確實做了我所說的事情，那就是我們沒有找到任何我們真正喜歡的收購對象。因此，我們以股票購買的形式將資金回饋給股東。

So we actually did what we said we're going to do in the last fiscal year. When it comes to this year, our balance sheet is in a great place. And so with this divestiture of our American yogurt businesses, we felt it important to make sure that all of our investors know what we intend to do with those proceeds.

因此，我們實際上完成了我們在上個財政年度所承諾的事情。就今年而言，我們的資產負債表狀況良好。因此，在剝離美國優格業務時，我們認為必須確保所有投資者都知道我們打算如何處理這些收益。

And as we look at the environment, you're right, I got a little bit more specific in this release and it really is kind of what we see in the near term as the kinds of things that might be available to us in terms of bolt-ons and, you know, similar to what we had done in Andes or similar to what we had done for Tyson.

當我們觀察環境時，您說得對，我在這個版本中說得更具體一些，它確實是我們在短期內看到的，是我們可能在附加功能方面可以使用的東西，你知道，類似於我們在安第斯山脈所做的，類似於我們為泰森所做的。

I mean, certainly if something bigger came along that we don't see now, we could entertain the notion, but for us, it seems like our, our focus right now and what we see in the marketplace really is probably more availability of smaller size assets that we could bolt on that would enhance our growth, so still enhancing our growth, but bolted on to businesses we already own.

我的意思是，如果出現我們現在看不到的更大的事情，我們當然可以考慮這個想法，但對我們來說，似乎我們目前的重點以及我們在市場上看到的實際上可能是更多可用的小型資產，我們可以利用這些資產來促進我們的增長，所以仍然在促進我們的增長，但要與我們已經擁有的業務掛鉤。

And importantly, I mean, I know that, you know, this because you've been following this for a while, but for those who haven't been, maybe, you know, we're able to do these bolt-on acquisitions and repurchase shares at the same time. We did it with Tyson, we did it with Andes, we've done it for a long period of time.

重要的是，我的意思是，我知道這一點，因為您已經關注這個問題有一段時間了，但對於那些還沒有關注的人來說，也許，您知道，我們能夠同時進行這些附加收購和回購股票。我們與泰森一起做過這件事，我們與安第斯一起做過這件事，我們已經這樣做了很長一段時間。

And so we got a little bit more specific on the near term only because that's the way it looks to us and looks to be our focus over the coming time. And you know, we have the balance sheet to be able to do both of those things at the same time, add on bolt-on acquisitions and do this yogurt divestiture and as well as repurchase shares.

因此，我們對短期情況進行了更具體的說明，因為在我們看來，情況就是這樣，而這看起來也是我們未來一段時間的重點。你知道，我們的資產負債表可以同時完成這兩件事，增加附加收購，進行優格資產剝離以及回購股票。

Thanks. And then with regard to improving your competitiveness, which is clearly a focus for this year, it was nice to see the progress in the first quarter. And I recognize you're far from declaring victory on that front just yet. But I'm wondering if you think investors would be making too much of a big deal out of the last month or so data, which would suggest you took a step backwards.

謝謝。然後關於提高競爭力，這顯然是今年的重點，很高興看到第一季取得的進展。我體認到你們還遠未宣佈在這方面取得勝利。但我想知道，您是否認為投資者會對過去一個月左右的數據過於重視，這表明您已經倒退了一步。

I realized it's just a quad week and there can be volatility, but it was like in cereal, refrigerated dough, snack bar, sweet snacks, there was a bit of a step backwards. It does sound like you have more product news coming later on in 2Q. So just curious how you think we should all be reading that latest quad week of data. Thanks.

我意識到這只是四周，可能會有波動，但就像穀物、冷藏麵團、小吃店、甜食一樣，有點倒退。聽起來您在第二季晚些時候會有更多產品新聞發布。所以我很好奇您認為我們應該如何解讀最近四周的數據。謝謝。

Yeah. So your question says commentary on Q1. It's right, I mean, we didn't make progress. There's no victory being declared, but I would say that we're confident in that, you know, the first quarter played out the way we thought both in terms of the macro environment and our improved competitiveness. And we understand that there's a job left undone, which is to kind of get back all the way to share growth and absolute growth.

是的。所以您的問題是對問題 1 的評論。是的，我的意思是，我們沒有取得進展。雖然沒有宣布勝利，但我想說，我們對此充滿信心，你知道，第一季的表現正如我們想像的那樣，無論是從宏觀環境還是從我們競爭力的提高來看。我們知道還有一項工作尚未完成，那就是恢復份額成長和絕對成長。

I mean, down one is not the goal, but we're confident we can get there given what we see coming up on the horizon in terms of our initiatives. Over the last four week period, I'm not sure the angst of investors feel over the last four week period. But I can tell you it's entirely due to a timing of merchandizing shift from one period to another. So it's really a couple of big merchandizing programs, that shift in timing. So I am not worried about what you see in scanner data for the last month.

我的意思是，下降一並不是目標，但根據我們所看到的舉措，我們有信心可以實現這一目標。在過去四周的時間裡，我不確定投資者在過去四周感受到了什麼焦慮。但我可以告訴你，這完全是由於商品銷售從一個時期轉移到另一個時期的時間所致。所以這其實是幾個大型商品推銷計劃，只是時間上改變了。所以我並不擔心您在上個月的掃描器數據中看到的內容。

Rob Dickerson, Jeffries.

羅布·迪克森，杰弗里斯。

Great. Thank you so much. I guess you touched on kind of pricing couponing a little bit earlier, but I'm just curious, you know, as we think through, I guess Q2 and then I also I guess back half of the year, like, you know, is there a scenario that kind of plays out such that in North America price mix could actually be positive this year?

偉大的。太感謝了。我想您之前提到過某種定價優惠券，但我只是好奇，您知道，當我們仔細思考時，我想是第二季度，然後我想是今年上半年，是否存在這樣一種情況，即今年北美的價格組合實際上可能是正數？

I mean, clearly, you know, there's a lot of discussion around promotional needs and what we're doing on pricing and the value based consumer, et cetera. But at the same time, there's a comment in the prepared remarks that spoke to like selling the right, you know, pack size, the right channel at the right price. But then also maybe there is some price mix benefit on some of those shifts, so just trying to get a sense of kind of the price mix outlook for the year.

我的意思是，顯然，你知道，圍繞促銷需求以及我們在定價和基於價值的消費者等方面所做的工作有很多討論。但同時，準備好的評論中提到，要以合適的價格透過合適的管道銷售合適的包裝尺寸。但也許這些轉變也會帶來一些價格組合優勢，所以我們只是想了解今年的價格組合前景。

Yeah, let's look at what's happened this year in our categories where you see kind of an equal contribution from rate and from mix or from rate and volume in our categories. And that's kind of what we see playing out for the year, kind of an equal contribution and it's more or less what we saw in the first quarter.

是的，讓我們看看今年我們的類別中發生的情況，您可以看到我們的類別中來自費率和組合或費率和數量的貢獻是相等的。這就是我們所看到的今年的業績表現，貢獻相當，與我們在第一季看到的差不多。

Then if you look at our business, you look at our price mix was down 1%. It was entirely mixed. In fact, more than entirely and more than entirely mixed and mix is a hard thing to really predict. As we look ahead, I mean, we don't comment on pricing or promotion plans as we look ahead.

如果你看看我們的業務，你會發現我們的價格組合下降了 1%。它完全是混合的。事實上，完全混合和混合程度的差異確實很難預測。展望未來，我的意思是，我們不會對定價或促銷計劃發表評論。

But I mean, I think it's important to note that our categories remained very irrational. And what we see is input cost, inflation is certainly moderated, but still our for our forecast for us for the year is 3% to 4%. And so as we look ahead, we see rational categories and we see a little bit of inflation and you know what I'm pleased with is that we have the (technical difficulty) productivity savings that can really offset that.

但我的意思是，我認為需要注意的是，我們的分類仍然非常不合理。我們看到的是投入成本，通貨膨脹肯定有所緩和，但我們對今年通貨膨脹率的預測仍然是 3% 至 4%。因此，當我們展望未來時，我們看到了合理的類別，也看到了一點點通貨膨脹，你知道，我很高興的是，我們擁有（技術難度）生產力節約，可以真正抵消這一點。

And so now our job is to drive growth. And so as we look at the coming quarters, we'll see what happens with price mix, but it's played out exactly so far this year, kind of as we thought it would.

所以現在我們的工作是推動成長。因此，當我們展望未來幾季時，我們將看到價格組合會發生什麼變化，但今年到目前為止，它的表現正如我們想像的那樣。

And, you know, we could see some modest improvement mix as we work our way forward. But to Jeff's point, it is hard to predict

而且，您知道，隨著我們不斷前進，我們可以看到一些適度的改進。但正如傑夫所說，很難預測

Fair enough. And then just on the M&A side, you know, again, prepared remarks, you know, spoke to kind of bolt on attraction $1 billion or $2 billion transaction size on average. Simple question, kind of where you would like to go, right? Is this kind of build up a little bit more international scale, maybe leaning into pet? So just any color you could provide would be fabulous. Thank you.

很公平。然後就在併購方面，你知道，再次準備好的評論，你知道，談到了平均 10 億美元或 20 億美元的交易規模的吸引力。簡單的問題，你想去哪裡，對嗎？這種建設是否更具國際規模，也許更傾向寵物？因此，只要您提供顏色，任何顏色都會很漂亮。謝謝。

I'll provide a little bit of color, but maybe not as colorful as you're -- it's going to be things that, you know, that kind of bolt on to our existing categories. I would say specifically, you know, are the category where you have a right to win, which, you know, in a large degree are our global businesses.

我會提供一點色彩，但可能不像你想像的那麼豐富多彩——它會是一些與我們現有類別相關的東西。我想特別說的是，你知道，這是你有權獲勝的類別，你知道，在很大程度上，這是我們的全球業務。

And so you look at pet or you look at what we've done in acquisition in pet or snacking or what we've done in food service. I would expect more of those both on the priority business where we have a right to win and where we see growth and it could be international it could be domestic.

因此，您可以看看寵物，或看看我們在寵物或零食收購方面所做的工作，或我們在食品服務方面所做的工作。我希望在我們有權贏得的、我們看到成長的優先業務上能有更多這樣的人，這些業務可能是國際性的，也可能是國內的。

So I'm not going to get that level of detail, but really where we have a competitive advantage where we see growth, maybe get little synergies along the way, those are the places where we will continue to look.

所以我不會講到那麼詳細，但實際上我們在哪些方面有競爭優勢，哪些方面我們看到了成長，哪些方面可能在這過程中產生一些小的協同效應，這些都是我們將繼續關注的地方。

Bryan Spillane, Bank of America.

美國銀行的布萊恩·斯皮蘭。

So two for me, one just I think we've talked a little bit about, you know, kind of progress and trends. So maybe Kofi could you just tie together, I think at the start of the year, we were kind of looking at more of a back half loaded plan to begin with. So just as we're looking at the second quarter, you know, will it look somewhat similar to 1Q? I know we've got the comps are kind of wonky in pet but any color you can give us in terms of phasing, I think will be helpful and then I got a follow up.

所以對我來說有兩個，首先我認為我們已經談論了一些進展和趨勢。所以也許科菲可以和我們一起考慮，我想在年初的時候，我們一開始就考慮的是後半部分加載計劃。那麼，當我們回顧第二季度時，您知道它看起來是否與第一季有些相似？我知道我們的寵物組合有點不穩定，但你能在階段方面給我們任何顏色，我認為都會有所幫助，然後我會跟進。

Sure. So we would expect to see continued improvement off of this trend as we step in the Q2. You know, I think it would be fair to characterize the years, expecting gradual improvement in the top line as we work our way Q2 into the back half of the year, and then obviously, profit a little bit more phased in the back half.

當然。因此，我們預計，隨著進入第二季度，這一趨勢將持續改善。你知道，我認為這樣來描述這些年是公平的，隨著我們進入第二季度，預計營收將逐步改善，然後顯然，下半年的利潤將逐步提高。

Okay, thank you. And then the follow up Kofi just on the divestiture and the dilution, is there stranded overhead incorporated in that, I guess underneath my question is just, you know, is it dilutive initially? But then you work through the overheads and over time it actually isn't as dilutive.

好的，謝謝。然後，科菲的後續問題是關於資產剝離和稀釋，其中是否包含擱淺的間接費用，我想我的問題在於，你知道，它最初是否具有稀釋性？但當你解決了管理費用問題後，隨著時間的推移，它實際上並沒有那麼稀釋。

Yeah, our expectation, you're exactly right. Our expectation is that there's stranded overhead that it will take us a period of time. We would expect that period to be about two years or less for us to get that stranded overhead addressed and out of the cost structure. So that is a part of the drag in the dilution math.

是的，我們的期望，你完全正確。我們的預期是，存在擱淺的開銷，這將花費我們一段時間。我們預計這段時間大約需要兩年或更短，以便我們解決擱淺的間接費用並將其排除在成本結構之外。所以這是稀釋數學中阻力的一部分。

Okay. Are there any TSAs also we should be aware of?

好的。我們還應該注意哪些 TSA 嗎？

Yeah, there will be TSAs as part of the terms of both of the sale agreements with Sodiaal and Lactalis.

是的，TSA 將成為與 Sodiaal 和 Lactalis 簽訂的兩份銷售協議條款的一部分。

Okay, but not very material.

還行，但不是很實質。

Yeah, I would not consider the material to the dilution and accretion.

是的，我不會考慮材料的稀釋和增生。

Leah Jordan, Goldman Sachs.

高盛的利亞喬丹 (Leah Jordan)。

Good morning. Thank you for taking my question. I just wanted to follow up to the discussion on the more food at home trends supporting the volume lift. You know, is that a widespread list versus your expected baseline across categories or any notable surprises to call out there and has that demand shift impacted your view on how you're promoting or messaging in this current environment, including any update on how you're thinking about the timing of the spin throughout the year?

早安.感謝您回答我的問題。我只是想跟進更多關於支持銷售提升的家庭食品趨勢的討論。您知道嗎，這是一份廣泛的清單，而不是您預期的跨類別基線，或者有什麼值得注意的意外情況，這種需求轉變是否影響了您對當前環境下推廣或傳遞信息方式的看法，包括您對全年旋轉時間的看法的任何更新？

Yeah, as we look at a little bit of a shift from away from home to at home, first, it's a little bit of a shift. I mean, it's from like 86% of food at home to 87%. So just to make sure we highlight it and don't overplay it. You know, the second I would say, you know, within the trend, it is broad based and what we see is that the traffic at restaurants is down a little bit and the traffic at what we call non-commercial outlets.

是的，當我們觀察從離家到在家的一點轉變時，首先，這是一個小小的轉變。我的意思是，從家裡的食物佔比來看，有 86% 到 87%。因此，我們只需確保突出這一點，不要過度強調。你知道，我想說的第二點是，你知道，在這種趨勢中，它具有廣泛的基礎，我們看到的是餐廳的客流量略有下降，我們所說的非商業網點的客流量也有所下降。

So places like K through 12 schools or colleges and universities or healthcare places like that, we actually see growth and which is where we over-indexed, and importantly, we see growth versus the prior year, but neither are actually at pre-pandemic level.

因此，在從幼兒園到 12 年級的學校、學院和大學或醫療保健機構等地方，我們實際上看到了增長，這是我們過度指數化的地方，重要的是，我們看到了與前一年相比的增長，但實際上都沒有達到大流行前的水平。

So it's growth off a base that was much lower than it was before. But growth in this non-commercial space, which we over-indexed, which is why we have confidence in the growth of our food service business. In terms of the impact on our retail business, it's actually been quite broad based across food and beverage. So it hasn't really impacted one category or the other significantly because again, it's a one point change versus what we saw a year ago.

因此，其成長基礎比以前低得多。但我們對非商業領域的成長給予了過度關注，這也是我們對食品服務業務成長充滿信心的原因。就對我們零售業務的影響而言，它實際上已廣泛地滲透到食品和飲料領域。因此，它實際上並沒有對某個類別產生重大影響，因為與我們一年前看到的情況相比，這只是一個點的變化。

And Leah, about time to spend, I mean, we have had I think pretty consistent plans to increase our investment behind media and brands this year. We saw that in Q1, that'll actually be up even more in Q2. Jeff talked about some of the big seasonal initiatives that we have, whether it's on Pillsbury or Soup or others. And so making sure we're supporting our brands through that period of time is important. So you'll see even a bit more of an increase in brand support here in the second quarter and that will continue in the back half.

利亞，關於投入的時間，我的意思是，我認為我們今年已經有了相當一致的計劃來增加對媒體和品牌的投資。我們在第一季就看到這一點，而第二季這一數字實際上還會進一步上升。傑夫談到了我們的一些重大季節性舉措，無論是關於皮爾斯伯里 (Pillsbury) 還是湯或其他。因此，確保我們在這段時間內支持我們的品牌非常重要。因此，您會看到第二季度品牌支持度進一步增加，並且這種趨勢將在下半年持續下去。

Okay, great. Thank you. And then for my follow up, I don't think we've touched on international yet. Just seeing if you could provide more color on trends in that segment. I mean, it sounds like Brazil has improved from last quarter, you know, what were the key drivers in that region and then if you could comment on China as well. I mean, that seems to still be challenged, you know, how are things trending sequentially and any updated views on that region as we go throughout the year?

好的，太好了。謝謝。然後就我的後續問題而言，我認為我們還沒有觸及國際問題。只是想看看您是否可以提供更多關於該領域趨勢的資訊。我的意思是，聽起來巴西的情況比上一季有所改善，您知道該地區的主要驅動力是什麼嗎？然後您是否可以對中國的情況發表評論。我的意思是，這似乎仍然受到挑戰，你知道，事情的連續趨勢如何，以及我們對該地區全年的任何更新看法？

Sure. On our international business, I was really pleased; first of all, I was really pleased with our European results. You didn't mention that, but I'll tee up the question and answer it myself. We did see some growth in our European and Australian business, which is good because it's a business that is a strong profit contribution. And so I like the way we're competing in Europe.

當然。對於我們的國際業務，我感到非常高興；首先，我對我們的歐洲業績感到非常滿意。您沒有提到這一點，但我會提出問題並自己回答。我們的歐洲和澳洲業務確實有所成長，這是好事，因為這些業務能夠帶來強勁的利潤貢獻。所以我喜歡我們在歐洲的競爭方式。

And Brazil, you're right, we grew in the first quarter in Brazil on the top line and a much improved from the year before. It's one place when we've talked about this before, it was one place where we saw quite a bit of inflation over the last few years and probably didn't fully utilize our strategic revenue management tools in the right way.

至於巴西，您說得對，我們第一季在巴西的營業額實現了成長，比去年同期有了很大的提高。這是我們之前討論過的一個地方，在過去幾年中，我們看到了相當多的通貨膨脹，並且可能沒有以正確的方式充分利用我們的策略收入管理工具。

And so we've adjusted pricing and in Brazil, it's one of the places where we needed to adjust. We've made the adjustments, we're seeing the benefits of that, so pleased with how we performed in Brazil. The challenge for us really is China. And within China, we have two businesses, Wanchai Ferry dumplings and Häagen-Dazs, kind of equally split.

因此我們調整了定價，巴西是我們需要調整的地方之一。我們已經做出了調整，並且看到了其帶來的好處，我們對我們在巴西的表現感到非常滿意。我們面臨的真正挑戰是中國。在中國，我們有兩家企業，灣仔碼頭餃子和哈根達斯，兩家企業份額大致相當。

Wanchai Ferry dumplings is doing fine and even Häagen-Dazs at retail stores and through e-commerce also doing pretty well. It's the Häagen-Dazs shops, the shop traffic is down, and much like you've seen and probably heard others in the market talk about the consumers pulling back and when they do, you know, the shop traffic is down.

灣仔碼頭的餃子賣得很好，甚至哈根達斯在零售店和電子商務上的銷售也相當不錯。哈根達斯商店的客流量下降了，就像您在市場上看到或聽到的其他人談論消費者減少一樣，當他們這樣做時，您知道，商店客流量就會下降。

And so as we look at the rest of the year, while we would like that trend to improve, we're not banking on that trend improving for us to hit our guidance for the year. And so as we look at international, I'm actually pretty pleased with most of it. And the one area that's challenging is China and it's not really an execution challenge on our part, it really is a more of a macroeconomic challenge with the shops, the margins on shops are low, but the fixed costs are high. So it has an impact on profitability.

因此，展望今年剩餘時間，雖然我們希望這種趨勢有所改善，但我們並不指望這種趨勢的改善能讓我們達到今年的預期。因此，當我們放眼國際時，我對其中的大部分內容實際上感到非常滿意。而一個具有挑戰性的地區是中國，這對我們來說實際上不是一個執行挑戰，而是一個與商店相關的宏觀經濟挑戰，商店的利潤率很低，但固定成本很高。因此，它對盈利能力有影響。

So that's what we're seeing a little bit in China. We're not counting on the economics to get better in the near term. So it's something we'll continue to have to work with throughout the year.

這就是我們在中國看到的情況。我們並不指望經濟狀況在短期內會好轉。因此，我們將在全年繼續致力於此。

Robert Moskow, TD Cowen.

羅伯特·莫斯科（Robert Moskow），TD Cowen。

To what extent does morning foods currently operate with an integrated cross category strategy across cereal and yogurt and does the divestiture of yogurt require you to alter your approach to the retailer or your consumer insights? And are there any implications regarding scale in that regard or is it just like there's different buyers? There's a cereal buyer, there's a refrigerated buyer, and it's very separate,

早餐食品目前在多大程度上採用了穀物和優格的綜合跨品類策略？優格的剝離是否需要您改變對零售商或消費者洞察的態度？這方面是否存在規模上的影響，還是僅僅因為有不同的買家？有穀物買家，有冷藏買家，而且非常獨立，

The answer Rob is much more the latter. There's not a category of strategy when it comes to yogurt and cereal. I mean, they both participated in a lot in the morning occasion. So those are the things they have in common as well as, you know, kind of a combination of taste good and good for you. So they have that in common as well.

羅布的答案更傾向後者。當談到優格和穀類食品時，不存在策略類別。我的意思是，他們倆都參加了很多上午的活動。所以，這些就是它們的共同點，你知道，它們既美味又有益於健康。所以他們也有共同點。

But there's not broader implication with our retailers, there's not a broader implication on insights. We have insights embedded in that particular operating unit, but also we have insights in North America retail, that kind of span. So it's a business from that standpoint and frankly, from a manufacturing standpoint, that's relatively easily separable and I wouldn't see an impact on serial from that divestiture,

但這對我們的零售商來說並沒有更廣泛的影響，對於洞察力也沒有更廣泛的影響。我們對特定的營運部門有深入的了解，而且我們對北美零售業也有深入的了解，諸如此類。所以從這個角度來看，這是一項業務，坦白說，從製造的角度來看，這是相對容易分離的，而且我認為這種剝離不會對連續劇產生影響，

And a follow up. You said 6 of your 10 categories are flat or getting better. Can you comment on the other four, like if it is snacks and dough and what's the plan for accelerating the growth in those other four?

並進行後續跟進。您說，您的 10 個類別中有 6 個持平或正在好轉。您能否評論一下其他四個業務，例如是否是零食和麵團，以及加速其他四個業務成長的計劃是什麼？

Yeah, I would say that, you know, rather than taking a tour around the world of all four, I would say that the biggest one, you know, the biggest one is dough and a little bit of snacks. So those are kind of the two biggest by far and with refrigerated dough, think we have some phenomenal advertising coming up in the second quarter using the Doughboy.

是的，我想說，你知道，與其環遊世界這四種食物，不如說，最大的一種，你知道，最大的一種是麵團和一些零食。因此，這是迄今為止最大的兩個，對於冷藏麵團，我們認為我們在第二季將使用 Doughboy 推出一些非凡的廣告。

We have lots of product news in that category, launching some new products. And so I would anticipate our dough business to get better in the second quarter. We'll see about share. Our market share in dough is already about 75% or so. So the key to dough is really just to get, you know, to kind of grow it.

我們在該類別中有很多產品新聞，並推出了一些新產品。因此我預計我們的麵團業務在第二季會好轉。我們將關注共享。我們的麵團市場份額已經達到75%左右。所以，麵團的關鍵其實就是讓它生長。

And so I have a high degree of confidence in our plans as we look forward. We'll see what they yield, but our dough business I feel good about. And then fruit snacks, reminder -- you may not remember this, but we're bringing additional capacity starting in the second quarter particularly for our Gushers business, which has been capacity constrained.

因此，我對我們的未來計劃充滿信心。我們將看看它們會產生什麼結果，但我對我們的麵團業務感到很滿意。然後是水果零食，提醒一下——您可能不記得了，但我們將從第二季度開始增加產能，特別是針對我們的 Gushers 業務，該業務的產能一直受到限制。

We have some really good new products, especially and Gushers is also coming in the second quarter. So that's a business where I would expect to see some improvement as we move throughout the year, you know, it will all happen in the second quarter.

我們有一些非常好的新產品，尤其是 Gushers 也將於第二季上市。因此，我預計隨著全年的發展，這項業務將會有所改善，這一切都將在第二季發生。

But as we move through the year, I would expect us to see improvement in our fruit snacks business. So those are the two biggest ones, Rob, the one where we feel like, okay, we made a good progress on a lot of them, but those are two we need to continue to make progress.

但隨著時間的推移，我預計我們的水果零食業務將會有所改善。所以，羅布，這是最重要的兩個問題，我們覺得，好吧，我們在很多問題上都取得了很好的進展，但這兩個問題是我們需要繼續取得進展的。

John Baumgartner, Mizuho Securities.

瑞穗證券的約翰·鮑姆加特納。

I wanted to come back to North America and the comments on competitiveness and the larger eating at home environment. You're looking at recent innovation, it seems to appeal maybe a bit differently to the frequency of consumption, the Totino's Breakfast, the taco dessert shells, the low sugar Betty Crocker. How do you assess your portfolio at this point and the frequency of consumption relative to its potential?

我想回到北美，對競爭力和更大的在家吃飯環境發表評論。您正在關注最近的創新，它似乎對消費頻率的吸引力可能有點不同，托蒂諾的早餐，玉米捲甜點殼，低糖貝蒂克羅克。您如何評估您目前的投資組合以及相對於其潛力的消費頻率？

Are there certain brands or categories where that gap is still significant? And in closing those gaps, what's the relative importance between, you know, even more innovation relative to making pack size changes or marketing differently against the business in its current state?

是否存在某些品牌或類別仍有顯著差距？在縮小這些差距時，相對於改變包裝尺寸或針對當前業務狀況進行不同的行銷，更多的創新之間的相對重要性是什麼？

Yeah. When we think about innovation, we kind of think about it broadly and it can happen in all the ways you identify which is new product innovation. It can happen through our marketing messaging, it can happen through pack sizes, it can happen through all those things. A lot of times people focus on just the new product innovation.

是的。當我們思考創新時，我們會進行廣泛的思考，它可以以所有您認為是新產品創新的方式發生。它可以透過我們的行銷訊息實現，可以透過包裝尺寸實現，可以透過所有這些事情實現。很多時候人們只關注新產品的創新。

And by the way, I think our new product innovation is good, but it'll be 5% of our business this year and the rest of the 95% is really what drives profitability and growth and household penetration. And so the key for us is to make sure we have innovation that's relevant category by category and sometimes that's messaging, sometimes that's news, sometimes that's having the right pack sizes in place, and other times is new product innovation.

順便說一句，我認為我們的新產品創新很好，但它只占我們今年業務的 5%，其餘 95% 才是真正推動獲利能力、成長和家庭普及率的因素。因此，對我們來說，關鍵是確保我們的創新與每個類別都相關，有時是訊息傳遞，有時是新聞，有時是合適的包裝尺寸，有時是新產品創新。

Fortunately, I've said it before, so I'm maybe at the risk of just repeating myself. But as we look broadly, landing in the second quarter, I feel good that we have good new product innovation on our [billion-dollar brands]. We also have stepped up levels of advertising. You'll see some, some I think some exciting advertising on Totino's coming here starting in the second quarter as well as new products from Old El Paso and new Old El Paso soups that we've launched in the marketplace as well as news on our core, like flakier biscuits.

幸運的是，我之前已經說過了，所以我可能只是在重複我自己。但從整體來看，進入第二季度，我感覺我們擁有良好的新產品創新。[十億美元品牌]。我們也提高了廣告宣傳力道。您會看到一些，我認為是一些關於 Totino 的令人興奮的廣告，這些廣告將從第二季度開始推出，還有來自 Old El Paso 的新產品和我們在市場上推出的新款 Old El Paso 湯，以及有關我們核心產品的新聞，比如酥脆餅乾。

So it really is -- and I go category by category, but everything I just mentioned is innovation on [a billion dollar brand]. And I think that's the key when you have good ideas on big brands, you tend to do better. And I think we have differentially good ideas on big brands, which by the way includes Blue Buffalo, not just North American retail.

所以確實如此——我會逐一進行分析，但我剛才提到的一切都是創新[價值十億美元的品牌]。我認為這是關鍵，當你對大品牌有好的想法時，你往往會做得更好。我認為我們對大品牌有著不同尋常的好主意，順便說一下，這些大品牌包括 Blue Buffalo，而不僅僅是北美零售品牌。

Okay, I think that's all the time we have this morning. Appreciate everyone's engagement and we look forward to catching up over the course of the coming months. Please reach out with any questions through today and I look forward to speaking with you again next month. Take care. Thanks, Julianne over to you.

好的，我想我們今天早上的時間就這麼多了。感謝大家的參與，我們期待在接下來的幾個月繼續交流。如有任何疑問，請透過今天與我們聯繫，我期待下個月再次與您交談。小心。謝謝，茱麗安，交給你了。

This concludes 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。