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。 （操作員說明）謹此提醒，本次電話會議正在錄音。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)。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，朱麗安，祝大家早安。感謝您今天參加我們關於 25 財年第一季業績的問答環節。我希望您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。

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，在我們的問答環節中，我們可能會根據我們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，這些資訊可能會在今天的電話會議上討論。今天早上我和我們的董事長兼執行長 Jeff Harmening 一起來到這裡。和我們的財務長科菲·布魯斯 (Kofi Bruce)。朱麗安，我們可以繼續討論第一個問題。請你打開它好嗎？

(Operator Instructions) Matt Smith, Stifel.

（操作員說明）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?

嘿，早安。我相信，當您最初提供 25 財年指導時，您並沒有假設您的類別有太大改進，而是更加強調您的競爭力。更多家庭食品消費的轉變是否讓您對有機銷售前景更有信心，或者您發現持續的價值追求行為削弱了這種好處？

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。你知道，首先，我想說的是，這個季度是在宏觀環境下發生的，你知道，有點像我們預期的那樣。而且，你知道，我們認為我們的類別會逐漸改善，你知道，我們全年都看到了我們的類別的改進。

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，你就會知道，它們上漲了 [2%]，你知道，這些類別的銷售和定價都有所提高。因此，事情的發展符合我們的預期，對我們來說，正如我們在第四季度所說，我們的關鍵是不斷提高我們的競爭力。

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.

我們在第一季朝著正確的方向邁出了一步。你知道，我們的產品組合還有更多工作要做。因此，我們今年剩下的時間要做的工作就是不斷改進。我們確實看到本季國內食品消費略有上升。我們確實預計情況可能會如此，因為我們看到消費者尋求價值。

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，事實是，現在家裡的食物平均比外食便宜 4 倍。因此，在家吃飯對消費者來說具有很大的價值，而且你知道，消費者仍然面臨經濟壓力。所以事情就照我們的想法進行了。

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。它的基礎是我們競爭力的持續提高，我們有信心能夠做到這一點，甚至在第二季度獲得持續的動力，因為我們所有的[價值數十億美元的品牌]都得到了真正的好消息。

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，作為後續行動，我感謝您在創新以及一些優惠券和促銷活動方面的投資。但在優惠券和促銷投資方面，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。我首先要告訴你的是，消費者以多種不同的方式看待價值。我們進行了優惠券，我們增加了優惠券，我們看到了符合我們預期的良好回報。

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，消費者也在尋找品牌和產品，他們相信，我的意思是，生命保護配方持續成長。 Blue Buffalo 的股價上漲了中個位數，因為我們討論了成分優勢及其帶來的影響。

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，該業務在一個季度內就出現了虧損，並且看到了一些持續的勢頭。在穀物麥片方面，我們推出了 Fruity Cheerios 麥片，作為該類別中最熱門的新麥片，因為消費者信任 Cheerios 麥片，並且他們想要一些不同的東西。

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，還是包裝尺寸以及將它們放在正確的位置，所以我想說，有很多方法可以為消費者創造價值，尤其是當消費者感到有點經濟壓力時，我認為可能會被低估。

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.

但他們不能做的一件事就是丟掉食物。所以他們必須帶一些家人喜歡的東西回家。這就是我們的品牌發揮作用的地方，並確保我們在正確的地方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，我感覺更好的是我們品牌的大部分新聞實際上發生在第二季度，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，我們有很多烘焙產品，很多季節性產品，甚至寵物用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的寵物專業頻道 Wilderness 的一些接受度，我們覺得我們會在第二季度看到進步，因為我們收到了更多好消息。

Andrew Lazar, Barclays.

安德魯·拉扎爾，巴克萊銀行。

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.

Jeff，您明顯談到了對這一年市場份額和競爭力持續進步的預期，我想，您是否預計能夠在 NAR 細分市場中保持份額今年或者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，我想上個季度您提到了對今年銷售和價格組合做出同等貢獻的預期。您現在還是這樣看待事情的發展嗎？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。我認為今天的主題可能是進步和繼續努力，我們打算透過這些努力來提高我們全年的競爭力。對於 NAR 來說確實如此。 Blue Buffalo 也是如此，我想說第一季的表現符合我們對這兩個部分的預期。

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 方面的競爭力，但仍需要擴大市場佔有率。我們完全預料到了這一點，特別是因為我們的第一季銷售業績可能是今年最艱難的，而從銷售的角度來看，第二季會變得更加容易。

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，但其中大部分是在第二季度開始發生的。所以安德魯，我想說我不會預測我們年底的結果，這是漫長的一年。我相信，隨著時間的推移，我們將繼續變得更好，從第二季開始我們的競爭力。這就是我所期望的，因為第一季的表現正如我們所想的那樣，而且我們推出的消息似乎正在按照我們想要的方式進行。

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.

關於你的第二個問題，我們將繼續關注並期望隨著全年總銷售額的逐步改善。就我們對全年的預期而言，沒有什麼可以告訴我們，在我們全年朝著我們的指導方向努力的過程中，我們總體上偏離了預期，並且期望銷量和價格組合做出同等的貢獻。

Michael Lavery, Piper Sandler.

麥可萊弗里、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.當您談到一些持續的市場份額提高時，您提到了驅動因素之一是客戶服務水準的提高。您能否指出哪裡仍有問題以及路線圖是什麼或改進的時機是什麼？

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，我們已經看到大多數產品組合的客戶服務逐漸得到改善。因此，在我們的食品服務業務，特別是我們的寵物業務中，我想說的是，服務水平發生了更大的變化，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.

所以它不是任何一個特定的類別。這只是一個廣泛的改進。

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.

比方說，特別是我們的食品服務組合和冷藏服務，你知道，顯然在我們的寵物組合中，我們的內部和外部供應鏈可靠性都提高了所有業態的服務水準。

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，你說這個季度你知道，你看到了進步。正如你所預料的。能否進一步了解未來的狀況？即使下降幅度正在放緩，我也可能特別關注《荒野》。您是否知道預計實際成長何時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，我認為很好，非常公平的問題。是的，我對我們第一季在寵物方面的進步感到高興，特別是在銷售方面。我的意思是，我們下跌了 1%。我認為我們失去了 0.1% 的市場份額。我們的乾燥寵物食品業務是Wilderness和Life Protection Formula，實際上Tastefuls in cat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.

所以我們的份額增加了 60%。所以這是一個很好的改進。但下降一顯然不是目標，而且即使荒野有所改善，它也沒有按照我們想要的方式改善。所以我真的很高興有方向和動力，而且我認為荒野還有更多的事情要做。

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，我們剛剛在第一季末打開了廣告，你知道，這個新廣告顯示了相對於我們最接近的競爭對手的蛋白質。我們在遊戲中看到過（技術難度），但這些在寵物的餵食週期中需要一段時間。

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。但除此之外，我們正在《荒野》上做一些其他對我們有幫助的事情。首先是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.

另一個是我們正在調整尺寸並再次製作一些較小的尺寸，在當前的經濟環境下，小袋的狗糧往往會做得更好。因此，我們正在重新推出這些產品，而我們的一些寵物專業客戶也承諾改進他們在商店中展示荒野的方式。

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，我們將在第二季度繼續看到荒野和寵物的改善，我們將看看會產生什麼結果。因此，我不會給出具體的改善程度，而是尋求第二季度寵物業務和荒野的改善。

Max Gumport, BNP Paribas.

馬克斯‧岡波特，法國巴黎銀行。

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候選人，您打算以股票回購的形式向股東返還多餘現金。因此，我認為初步了解使用優格剝離的所有收益的意圖表明，那裡可能沒有有吸引力的併購。

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.

看來在今天準備好的發言中，您對關注更貼近本質的交易（特別是在 10 億至 20 億美元的交易規模範圍內）的評論更為尖銳。因此，我認為這有助於更清楚地說明為什麼要將收益回饋給股東。但我很好奇你在當前的環境中看到了什麼，讓你專注於尋找下一個安第斯山脈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。謝謝你的提問。我很欣賞這一點。你知道，首先我有點支持並說，在上一個財年，我們完全按照我所說的做了，那就是我們沒有找到任何我們真正喜歡的收購候選人。因此我們以購買股票的形式將錢回饋給股東。

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，我們實際上做了我們在上一財年所說的要做的事情。就今年而言，我們的資產負債表狀況良好。因此，透過剝離我們的美國優格業務，我們認為確保所有投資者都知道我們打算如何處理這些收益非常重要。

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.

當我們審視環境時，你是對的，我在這個版本中得到了更具體的信息，這確實是我們在短期內所看到的，因為我們可以在以下方面使用這些東西：螺栓固定式，你知道，類似於我們在安第斯山脈所做的事情或類似於我們為泰森所做的事情。

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，當然，如果出現我們現在看不到的更大的東西，我們可以接受這個想法，但對我們來說，我們現在的重點以及我們在市場上看到的東西實際上可能是更小的產品的可用性我們可以依靠的規模資產來促進我們的成長，因此仍然會促進我們的成長，但要依靠我們已經擁有的企業。

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，你知道，這是因為你已經關注這一點有一段時間了，但對於那些還沒有關注的人，也許，你知道，我們能夠進行這些補強收購併同時回購股份。我們和泰森一起做到了，我們和安第斯山脈一起做到了，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，我們對近期的情況更加具體，因為這就是我們所看到的方式，並且看起來是我們未來一段時間的重點。你知道，我們的資產負債表能夠同時做這兩件事，再加上補強收購、優格資產剝離、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，很高興看到第一季的進展。我認識到您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上個月左右的數據過度重視，這表明您倒退了一步。

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.

我意識到這只是四個星期，可能會有波動，但就像麥片、冷藏麵團、小吃店、甜食一樣，有一點倒退。聽起來您確實會在第二季稍後發布更多產品新聞。所以只是好奇你認為我們應該如何閱讀最新的四周數據。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。所以你的問題是對第一個問題的評論。是的，我的意思是，我們沒有取得進展。目前還沒有宣布勝利，但我想說，我們有信心，第一季的表現符合我們的預期，無論是在宏觀環境方面還是在競爭力的提高方面。我們知道還有一項工作尚未完成，那就是一路回來分享成長和絕對成長。

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，下降一不是我們的目標，但鑑於我們所看到的我們的舉措即將出現的情況，我們有信心能夠實現這一目標。在過去的四個星期內，我不確定投資者在過去的四個星期內感受到的焦慮感。但我可以告訴你，這完全是因為商品化的時間從一個時期轉移到另一個時期所造成的。所以這其實是幾個大型的商品推銷計劃，時間上的轉變。因此，我並不擔心您在上個月的掃描器資料中看到的內容。

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。我想你早些時候談到了某種定價優惠券，但我只是很好奇，你知道，當我們思考時，我猜是第二季度，然後我也猜想是今年下半年，你知道，是是否會出現這樣一種情況，即今年北美的價格組合實際上可能是積極的？

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，很明顯，您知道，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事情進行了很多討論。但同時，在準備好的評論中，有一條評論說，例如以正確的價格銷售正確的包裝尺寸、正確的管道。但其中一些轉變可能會為價格組合帶來一些好處，所以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，讓我們看看今年在我們的類別中發生的情況，您會看到我們類別中的比率和混合或比率和數量的貢獻相同。這就是我們今年看到的情況，一種平等的貢獻，或多或少與我們在第一季看到的情況相同。

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%。這是完全混合的。事實上，超過完全混合和超過完全混合是一件很難真正預測的事情。我的意思是，當我們展望未來時，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，我認為重要的是要注意我們的類別仍然非常不合理。我們看到的是投入成本，通貨膨脹肯定會放緩，但我們對今年的預測仍然是 3% 到 4%。因此，當我們展望未來時，我們看到了理性的類別，我們看到了一點通貨膨脹，你知道我感到高興的是，我們擁有（技術難度）生產力節省，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，當我們展望未來幾個季度時，我們將看到價格組合會發生什麼，但今年到目前為止，情況完全符合我們的預期。

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，你知道，在我們前進的過程中，我們可能會看到一些適度的改進組合。但就傑夫而言，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，準備好的言論再次談到了平均 10 億美元或 20 億美元交易規模的吸引力。簡單的問題，你想去哪裡，對吧？這種建立是否更加國際化，也許更傾向寵物？所以你能提供的任何顏色都會很棒。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.

我會提供一點顏色，但可能不像你那麼豐富多彩——你知道，這將是與我們現有類別相關的東西。我想說的是，你知道，是你有權獲勝的類別，你知道，這在很大程度上是我們的全球業務。

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.

所以你看看寵物，或者看看我們在寵物或零食收購方面所做的事情，或者我們在食品服務方面所做的事情。我希望在優先業務上有更多這樣的機會，我們有權利獲勝，也可以看到成長，而且可能是國際的，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.

因此，我不會提供如此詳細的信息，但實際上，我們擁有競爭優勢的地方，我們看到成長，也許一路上幾乎沒有協同效應，這些都是我們將繼續關注的地方。

Bryan Spillane, Bank of America.

布萊恩·斯皮蘭，美國銀行。

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.

對我來說有兩個，一個是我認為我們已經討論了一些進展和趨勢。所以也許科菲可以把你們結合在一起，我想在今年年初，我們一開始就在考慮更多的後半載計畫。因此，正如我們正在關注第二季度一樣，您知道，它看起來會與第一季有些相似嗎？我知道我們的比較在寵物中有點不穩定，但你可以在階段方面給我們的任何顏色，我認為都會有幫助，然後我得到了跟進。

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，當我們進入第二季度時，我們預計這一趨勢將持續改善。你知道，我認為對這些年進行描述是公平的，預計隨著我們在第二季度進入下半年，營收將逐漸改善，然後顯然，下半年的利潤會更加分階段。

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，科菲就剝離和稀釋問題進行了後續跟進，其中是否包含擱淺的管理費用，我想我的問題只是，你知道，它最初是否會稀釋？但當你計算出管理費用後，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，有滯留的開銷，這將花費我們一段時間。我們預計這個時間大約為兩年或更短，以便我們解決滯留的管理費用並擺脫成本結構。所以這是稀釋數學中拖累的一部分。

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

好的。還有哪些 TSA 是我們應該注意的？

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

是的，TSA 將作為與 Sodiaal 和 Lactalis 的銷售協議條款的一部分。

Okay, but not very material.

好吧，但不是很物質。

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

是的，我不會考慮稀釋和吸積的材料。

Leah Jordan, Goldman Sachs.

利亞·喬丹，高盛。

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。我只是想跟進更多家庭食品趨勢支持銷售提升的討論。您知道，這是一個廣泛的列表，與您跨類別的預期基線相比，還是有任何值得注意的驚喜，並且需求的變化是否會影響您對當前環境中如何進行促銷或傳遞信息的看法，包括有關您如何進行宣傳的任何更新您正在考慮全年旋轉的時間嗎？

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，當我們看到從遠離家鄉到在家的一點轉變時，首先，這是一點轉變。我的意思是，家裡的食物比例從 86% 上升到 87%。所以只是為了確保我們強調它並且不要誇大它。你知道，我要說的第二個，你知道，在這一趨勢中，它具有廣泛的基礎，我們看到餐館的客流量略有下降，而我們所說的非商業網點的客流量則略有下降。

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，像K 到12 所學校、學院和大學或類似的醫療機構，我們實際上看到了增長，這就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準。

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，它的成長基礎遠低於以前。但我們對這一非商業領域的成長進行了過度指數化，這就是為什麼我們對食品服務業務的成長充滿信心。就對我們零售業務的影響而言，它實際上在食品和飲料領域相當廣泛。因此，它並沒有真正對一個或另一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，關於花時間，我的意思是，我認為今年我們有相當一致的計劃來增加對媒體和品牌的投資。我們在第一季看到，第二季度實際上會增加更多。傑夫談到了我們的一些重大季節性舉措，無論是在 Pillsbury、Soup 還是其他方面。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，您將在第二季度看到品牌支援的增加，並且這種情況將在下半年繼續下去。

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，對於我的後續行動，我認為我們還沒有觸及國際。只是看看您是否可以提供有關該細分市場趨勢的更多資訊。我的意思是，聽起來巴西比上個季度有所改善，你知道，該地區的主要驅動因素是什麼，然後你是否也可以評論中國。我的意思是，這似乎仍然面臨挑戰，你知道，事情的趨勢如何，以及全年對該地區的最新看法如何？

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，我對我們歐洲的成績感到非常滿意。你沒有提到這一點，但我會提出這個問題並親自回答。我們確實看到了歐洲和澳洲業務的一些成長，這很好，因為這是一項對利潤貢獻很大的業務。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.

巴西，你是對的，我們第一季在巴西的營收有所成長，比上年有大幅提升。當我們之前討論過這個問題時，這是一個我們在過去幾年中看到相當多通貨膨脹的地方，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，在巴西，這是我們需要調整的地方之一。我們已經做出了調整，我們看到了這樣做的好處，對我們在巴西的表現非常滿意。我們面臨的挑戰確實是中國。在中國，我們有兩個業務，灣仔碼頭餃子和哈根達斯，各佔一半。

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，就連哈根達斯在零售店和電子商務上也賣得不錯。這是哈根達斯商店，商店的客流量下降了，就像你在市場上看到並可能聽到的其他人談論消費者撤退一樣，當他們這樣做時，你知道，商店的客流量下降了。

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，當我們展望今年剩餘時間時，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改善才能達到我們今年的指導。因此，當我們審視國際市場時，我實際上對其中的大部分感到非常滿意。面臨挑戰的一個領域是中國，這對我們來說並不是真正的執行挑戰，這實際上是對商店的宏觀經濟挑戰，商店的利潤很低，但固定成本很高。所以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一些情況。我們並不指望經濟狀況會在短期內好轉。因此，這是我們全年都必須繼續努力的事情。

Robert Moskow, TD Cowen.

羅伯特·莫斯科，TD·考恩。

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,

目前，早餐食品在多大程度上採用了穀物和優格的綜合跨品類策略？在這方面對規模有什麼影響嗎？有穀物買家，有冷藏買家，而且是非常獨立的，

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.

羅布的答案更多的是後者。對於優格和麥片，沒有一類策略。我的意思是，他們早上都參加了很多活動。這些就是它們的共同點，而且，你知道，它們都是美味和對你有益的結合。所以他們也有這個共同點。

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沒有更廣泛的影響，對見解也沒有更廣泛的影響。我們對特定營運部門有深入的了解，而且我們對北美零售業這樣的跨度也有深入的了解。因此，從這個角度來看，坦白說，從製造的角度來看，這是一項相對容易分離的業務，我認為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?

並跟進。您說 10 個類別中有 6 個類別持平或有所改善。您能否評論一下其他四個，例如零食和麵團，以及加速其他四個增長的計劃是什麼？

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，我會說，你知道，與其環遊這四個世界，我會說最大的一個，你知道，最大的一個是麵團和一點零食。因此，這些是迄今為止最大的兩個，並且帶有冷藏麵團，我認為我們在第二季度將使用 Doughboy 製作一些驚人的廣告。

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.

我們有很多該類別的產品新聞，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度會好轉。我們將看看分享。我們的麵團市佔率已經是75%左右了。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。我們將看看它們的產量，但我對我們的麵團業務感覺良好。然後是水果零食，提醒一下——您可能不記得這一點，但我們將從第二季度開始增加產能，特別是針對我們的噴井業務，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，特別是 Gushers 也將在第二季推出。因此，隨著我們全年的發展，我預計這項業務會出現一些改善，你知道，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.

但隨著這一年的發展，我預計我們的水果零食業務將會有所改善。所以這是兩個最大的問題，羅布，我們覺得，好吧，我們在很多方面都取得了很好的進展，但這是我們需要繼續取得進展的兩個問題。

John Baumgartner, Mizuho Securities.

約翰·鮑姆加特納，瑞穗證券。

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，看看關於競爭力和更大的家庭用餐環境的評論。你看看最近的創新，它的吸引力似乎與消費頻率略有不同，托蒂諾早餐、玉米餅甜點殼、低糖貝蒂妙廚。您目前如何評估您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?

是否有某些品牌或類別的差距仍然很大？為了縮小這些差距，你知道，相對於改變包裝尺寸或針對當前業務進行不同的行銷，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，我們會廣泛地思考它，它可以以您確定的新產品創新的所有方式發生。它可以透過我們的行銷訊息發生，它可以透過包裝尺寸發生，它可以透過所有這些事情發生。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，但這將占我們今年業務的 5%，其餘 95% 是真正推動獲利能力、成長和家庭滲透率的因素。因此，我們的關鍵是確保我們擁有與類別相關的創新，有時是訊息傳遞，有時是新聞，有時是正確的包裝尺寸，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，所以我可能有重複自己的話的風險。但當我們放眼望去，在第二季度登陸時，我感覺很好，我們的[十億美元品牌]擁有良好的新產品創新。我們也提高了廣告水平。你會看到一些，一些我認為托蒂諾的一些令人興奮的廣告，從第二季度開始來到這裡，以及我們在市場上推出的老埃爾帕索的新產品和新的老埃爾帕索湯，以及我們的新聞核心，就像薄餅乾一樣。

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.

確實如此——我逐個類別進行分類，但我剛才提到的所有內容都是[十億美元品牌]的創新。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不同的好想法，順便說一句，這包括 Blue Buffalo，而不僅僅是北美零售業。

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.

好吧，我想這就是我們今天早上的全部時間了。感謝大家的參與，我們期待在未來幾個月內趕上。今天如有任何問題，請與我們聯繫，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。