通用磨坊 (GIS) 2025 Q2 法說會逐字稿

Good morning, and welcome to General Mills' second-quarter fiscal 2025 earnings conference call.

早安，歡迎參加通用磨坊 2025 財年第二季財報電話會議。

(Operator Instructions) As a reminder, this conference call is being recorded.

（操作員說明）謹此提醒，本次電話會議正在錄音。

I would now like to turn the call over to Jeff Siemon, Vice President of Investor Relations and Treasurer.

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)。

Thank you.

謝謝。

Please go ahead.

請繼續。

Hi.

你好。

Good morning, everyone, and thank you, Julian.

大家早安，謝謝你，朱利安。

We appreciate you all joining us today for our Q&A session on our second quarter fiscal 2025 results.

感謝大家今天參加我們關於 2025 財年第二季業績的問答環節。

I hope you all had time to review our press release, listen to the prepared remarks and view our presentation materials, which we made available this morning on our Investor Relations website.

我希望大家有時間閱讀我們的新聞稿，聽取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.

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。

And so 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 discuss on today's call.

因此，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原則資訊的調節，我們可能會在今天的電話會議上討論這些資訊。

I'm joined this morning by Jeff Harmening, our Chairman and CEO; Kofi Bruce, our CFO; and Dana McNabb, Group President of North America Retail; and Jon Nudi, Group President of our North America Pet, Food Service and our International segments.

今天早上我們的董事長兼執行長 Jeff Harmening 也加入了我的行列。科菲·布魯斯，我們的財務長；以及北美零售集團總裁 Dana McNabb；喬恩‧努迪 (Jon Nudi)，北美寵物、食品服務與國際部門的集團總裁。

Before we open for questions, I'm going to hand it over to Jeff Harmening for a few opening remarks.

在我們開始提問之前，我將請傑夫·哈梅寧做一些開場白。

All right.

好的。

Thanks, Jeff.

謝謝，傑夫。

And as he said, before we get into Q&A and a more detailed business discussion, let me lay out kind of an overarch perspective.

正如他所說，在我們進行問答和更詳細的業務討論之前，讓我先闡述一下整體觀點。

And I go back to June, we laid out our plans for fiscal '25.

我回到 6 月份，我們制定了 25 財年的計畫。

And then we said our top priority for this year is to accelerate our organic sales growth and specifically our volume growth, and we do that by leveraging a remarkable experience framework to improve our market share.

然後我們說，今年的首要任務是加速我們的有機銷售成長，特別是我們的銷售成長，我們透過利用卓越的體驗框架來提高我們的市場份額來做到這一點。

And through the first half of the year, we viewed that plan, and we're seeing good results with broad-based improvements in our volume and our share trends.

今年上半年，我們審視了該計劃，我們看到了良好的結果，我們的銷售和份額趨勢得到了廣泛的改善。

And we've done that by stepping up our investment in the business above our original plan in response to a more prolonged and I would say, significant value-seeking behavior in the part of consumers.

我們透過在原計劃之上加大對業務的投資來做到這一點，以應對消費者中更長期的、我想說的是顯著的價值追求行為。

We're bringing more value to consumers across all aspects of our total product offering, including increased product renovation news, increased brand building and promotional support.

我們在整個產品供應的各個方面為消費者帶來更多價值，包括增加產品翻新新聞、增加品牌建立和促銷支援。

And as I said, these investments are working.

正如我所說，這些投資正在發揮作用。

Leaning into our greening and superior messaging, for example, on Blue Buffalo Pet Food business has led us back to growth.

依靠我們的綠色環保和卓越的訊息傳遞（例如 Blue Buffalo 寵物食品業務）使我們恢復了成長。

Strong brand campaigns and innovation have helped return our US cereal business to pound share growth.

強大的品牌宣傳和創新幫助我們的美國穀物業務恢復了磅份額增長。

And we grow, accelerated our retail sales performance and some other really important US categories, including food snacks and Mexican foods, soups, snack bars as well as food service channels and in many of our international markets.

我們的零售業績以及其他一些真正重要的美國品類的成長、加速，包括食品零食和墨西哥食品、湯、小吃店以及食品服務通路以及我們的許多國際市場。

But we do have other work to do in other places like on US refrigerated dough.

但我們在其他地方確實還有其他工作要做，例如美國的冷藏麵團。

So we're adjusting our plans there, and already have adjusted our plans there, to ensure that Pillsbury brings more value to consumers across a broader portion of our portfolio.

因此，我們正在調整我們的計劃，並且已經調整了我們的計劃，以確保 Pillsbury 為我們更廣泛的產品組合中的消費者帶來更多價值。

And so stepping back, we are confident in our strategy and the investments we're making to further improve our momentum in the back half of the year.

因此，退一步來說，我們對我們的策略和我們為進一步改善今年下半年的勢頭而進行的投資充滿信心。

And while stepping up our investment is impacting our profit outlook for the back half of the year, I am very confident that it's the right choice to position us for stronger growth in fiscal '26 and beyond.

雖然加大投資正在影響我們今年下半年的利潤前景，但我非常有信心，這是使我們在 26 財年及以後實現更強勁增長的正確選擇。

And so with that, Jeff, I'll turn it back to you and let's get started on the Q&A.

那麼，傑夫，我會把它轉回給你，讓我們開始問答。

Okay.

好的。

Sounds good.

聽起來不錯。

Julian, I think we can go ahead and get started with the first question, please.

朱利安，我想我們可以繼續討論第一個問題。

(Operator Instructions) Andrew Lazar, Barclays.

（操作員指示）Andrew Lazar，巴克萊銀行。

Jeff, as you mentioned, this fiscal year was always meant to be about sort of improving in-market competitiveness across the portfolio.

傑夫，正如您所提到的，本財年始終旨在提高整個投資組合的市場競爭力。

And just now that we're halfway through, I still have to get a better sense on sort of what learnings you've taken away from maybe the initial efforts and how those learnings are kind of informing your back half expectations particularly in light of sort of the planned incremental spend.

現在我們已經進行了一半，我仍然需要更好地了解您從最初的努力中學到了什麼，以及這些學習如何告知您後半部分的期望，特別是考慮到某種情況計劃增量支出。

Is it that you now see the consumer is just more ready to engage than before and maybe better adjusting their reference price points?

您現在是否發現消費者比以前更願意參與，並且可能更好地調整他們的參考價格點？

Or simply just realizing that it requires more spend than had originally anticipated to drive sort of the requisite volume, even outside of refrigerated dough?

或者只是意識到需要比最初預期更多的支出才能達到所需的數量，即使是在冷藏麵團之外？

So I guess I'm just trying to get a better sense on sort of where the consumer is at this point, and maybe how much of the incremental investment is specific to dough versus some of the other brands in the portfolio?

所以我想我只是想更了解消費者目前的情況，以及與投資組合中的其他一些品牌相比，有多少增量投資是專門針對麵團的？

Yeah.

是的。

Thanks, Andrew.

謝謝，安德魯。

I think we've learned a couple of things.

我想我們已經學到一些東西了。

So we'll start with the consumer, as you said.

因此，正如您所說，我們將從消費者開始。

I mean, it's clear that from the beginning of the year to now, the consumer is -- we've seen more prolonged value-seeking behavior than we anticipated back in June.

我的意思是，很明顯，從今年年初到現在，消費者的價值追求行為比我們 6 月的預期要長。

And that manifests itself in a couple of ways.

這體現在幾個方面。

I mean, one is the consumer is doing more at home, which is good.

我的意思是，一是消費者在家做更多事情，這是好事。

So you see our categories are growing.

所以你會看到我們的類別正在成長。

And you see at-home consumption being about 87% of total consumption, which is quite high.

你看家庭消費佔總消費的87%左右，這是相當高的。

And that's because eating away from home is about 4 times more expensive than eating at-home.

這是因為在外面吃飯比在家吃飯貴大約 4 倍。

So we've seen this increased value behavior.

所以我們已經看到了這種增值行為。

And so in the sense it benefits the growth of our categories, and you see our categories growing.

因此，從某種意義上來說，它有利於我們品類的成長，你會看到我們的品類不斷成長。

But what it also does is it means within our categories, consumers are sticking behavior, and that takes a lot of different forms and certainly price is one of those things.

但它的作用還在於，它意味著在我們的品類中，消費者會堅持行為，而這種行為有許多不同的形式，當然價格就是其中之一。

And so what we have seen in the year on our businesses, as we have increased our investments, broadly speaking, whether that's in renovation or it's advertising, whether that's in promotional activity, the things that we're doing are working, and so we feel good about that.

因此，我們在這一年中看到了我們的業務，因為我們增加了投資，廣義來說，無論是在裝修還是廣告方面，無論是在促銷活動方面，我們正在做的事情正在發揮作用，所以我們對此感覺良好。

It's just going to take a little -- obviously, it's just going to take a little bit more than we had anticipated.

這只是需要一點——顯然，這只是比我們預期的多一點。

And I think the -- what I would say, Andrew, you asked about how we see it on dough versus other things.

我想，安德魯，我想說的是，你問我們如何看待麵團與其他東西上的情況。

What I would say is that we've -- as we look across the different categories, we've seen -- we made investments across a wide variety of categories, including in value.

我想說的是，當我們審視不同的類別時，我們已經看到，我們在各種類別上進行了投資，包括價值投資。

But within those categories, we've done it in some pretty specific and targeted ways.

但在這些類別中，我們以一些非常具體和有針對性的方式做到了這一點。

And I think maybe it might be good at this point just to have maybe Jon and then Dana share a little bit on pet and then North America retail in a couple of categories, you get a flavor of what those kind of targeted investments will look like.

我認為現在讓喬恩和達納分享一些關於寵物和北美零售的幾個類別可能會很好，你會了解到這些有針對性的投資會是什麼樣子。

So Jon, why don't we start with you and then pass it over to Dana.

那麼，喬恩，我們為什麼不從你開始，然後將其交給達納呢？

Yeah, absolutely.

是的，絕對是。

Andrew, so we're really pleased with the progress we're making on Pet.

安德魯，我們對寵物方面的進展感到非常滿意。

And if you think about our biggest businesses, it's Life Protection Formula as well as Wilderness, and really it's not price investment.

如果你想想我們最大的業務，那就是生命保護配方和荒野，實際上這不是價格投資。

It's advertising investment that's driving our business.

廣告投資推動了我們的業務。

PF is growing high single digits.

PF 正以高個位數成長。

We love what we're seeing as we've gotten back to ingredient superiority, advertising really works for us.

我們喜歡我們所看到的，因為我們已經回到了成分優勢，廣告對我們來說確實很有效。

And on Wilderness, we're not all the way home.

在荒野，我們並沒有一路回家。

But at this time last year, Q2, we were down 18%.

但去年第二季的這個時候，我們卻下降了 18%。

This year, we're down mid-single digits.

今年，我們的成長率下降了中個位數。

In every single week, we make progress.

每一周，我們都取得進步。

And we really believe that we're going to bend the (inaudible) back to growth in the back half of the year.

我們確實相信，我們將在今年下半年恢復成長（聽不清楚）。

And that's really about approaching messaging, it's about bringing back grain-free SKUs, and really making sure that we have sizes that really fit for consumers.

這實際上是關於傳達訊息，關於恢復無穀物 SKU，並真正確保我們擁有真正適合消費者的尺寸。

If anything, from a price standpoint in Pet, it has really been in dog wet as well as dog treats, where we've got adjusted a few price points.

如果有的話，從寵物的價格角度來看，它確實是在狗濕和狗零食方面，我們調整了一些價格點。

We're actually seeing that really pay off for us in terms of pound volume coming back, at the same time, making progress from a dollar standpoint.

我們實際上看到，就英鎊交易量而言，這確實為我們帶來了回報，同時，從美元的角度來看，也取得了進展。

So for us, in Blue, really proud of the team, really proud of the progress.

所以對我們來說，在藍色，我們真的為團隊感到自豪，為進步感到自豪。

It's probably more about advertising than it is about price investment at this point.

目前，這可能與廣告有關，而不是與價格投資有關。

And from a North America Retail perspective, what I would say is similar to what Jon said.

從北美零售業的角度來看，我想說的話與喬恩所說的類似。

We look at investment as broader than just price value.

我們認為投資的範圍不僅僅是價格價值。

We use a framework called the Remarkable Experience framework to try to assess where we are at relative to the competition across our total product offering, whether that's product, packaging, communications, price.

我們使用一個名為「卓越體驗」框架的框架來嘗試評估我們在整個產品供應中相對於競爭的位置，無論是產品、包裝、溝通或價格。

From a price standpoint, we have had to make a few targeted investments, but it's not everywhere.

從價格的角度來看，我們必須進行一些有針對性的投資，但並非無所不在。

It's on the refrigerated baked goods business, as we've talked about, a little bit fruit snacks, a little bit on our Totino's business.

正如我們所討論的，它涉及冷藏烘焙食品業務，還有一點水果零食，還有一點我們托蒂諾的業務。

But I want to reiterate that this is again more than just investment in price.

但我想重申，這不僅僅是價格投資。

If we look at other areas in refrigerated baked goods where we're investing, we're really seeing them work.

如果我們看看我們正在投資的冷藏烘焙食品的其他領域，我們確實看到它們發揮了作用。

Look at our cookie line, that's about a 1/3 of our business.

看看我們的餅乾生產線，這大約占我們業務的 1/3。

It's up high single digits behind new capacity that we've added.

它比我們增加的新產能高出個位數。

Our campaign where we brought back the Dough Boy, really resonating with consumers.

在我們的活動中，我們重新推出了 Dough Boy，真正引起了消費者的共鳴。

Our new products are up 10%.

我們的新產品上漲了 10%。

We're seeing our cereal campaigns really well.

我們的穀物食品行銷活動進展順利。

So yes, we're having to invest in price in targeted areas, but we're also leaning in on areas that are really resonating with the consumer, and we believe this investment will return for us in the back half of the year.

所以，是的，我們必須在目標領域進行價格投資，但我們也傾向於真正能引起消費者共鳴的領域，我們相信這項投資將在今年下半年為我們帶來回報。

Peter Galbo, Bank of America.

彼得‧加爾博，美國銀行。

Dana, maybe just to pick up on the back of Andrew's question there.

達納，也許只是為了回答安德魯的問題。

I think I heard you say that the incremental investment in the back half is targeted.

我想我聽你說下半年的增量投資是有針對性的。

I do think there's some concern this morning that it's more broad-based.

我確實認為今天早上有人擔心它的基礎更為廣泛。

So just wanted to clarify on that.

所以只是想澄清一下。

And just part b of that question is really how do you think about -- is this enough?

這個問題的第二部分其實是你如何思考——這就夠了嗎？

Obviously, you came into the year, you had certain plans.

顯然，當你進入這一年時，你有一些計劃。

You're now accelerating that.

你現在正在加速這一進程。

How do you get confidence around the fact that the investments you're making now are going to be enough such that in three, six, nine months, we're not necessarily revisiting this again?

您如何確信您現在所做的投資將足夠，以便在三、六、九個月內，我們不一定會再次重新考慮這一點？

Yes.

是的。

So let me -- you asked for Dana, so let me kind of provide a little context and then have Dana maybe provide some specifics.

所以讓我——你要求達納，所以讓我提供一些背景信息，然後讓達納提供一些細節。

So there's this question about is it broad based or is it targeted.

所以問題是它的基礎是廣泛的還是有針對性的。

What I would say is that we're investing in value across different categories.

我想說的是，我們正在投資不同類別的價值。

So in that sense, it's broad.

所以從這個意義上說，它是廣泛的。

But then within particular categories, it's not as if we're increasing value on every single thing that we do.

但在特定類別中，我們並不是增加我們所做的每件事的價值。

It's really targeted within categories and increasing investments in the places that matter most.

它確實有針對性地進行分類，並增加對最重要的地方的投資。

So I know there's a question about targeted versus broad.

所以我知道存在一個關於目標性還是廣泛性的問題。

I would say there's across a few different categories we're making investments.

我想說的是，我們正在幾個不同的類別進行投資。

But within those categories, they're very targeted.

但在這些類別中，它們非常有針對性。

I think Dana started already with Pillsbury, which was a good example on cookies, where it's really advertising and capacity.

我認為 Dana 已經從 Pillsbury 開始，這是關於 cookie 的一個很好的例子，它確實是廣告和容量。

But in some other places, it's more price.

但在其他一些地方，價格更高。

So Dana, you may want to give a whole examples of investments.

達納，你可能想給一個完整的投資例子。

I mean, my answer is what we just talked about with Andrew in the sense that the price investments are targeted.

我的意思是，我的答案是我們剛剛與安德魯談論的，即價格投資是有針對性的。

They're in areas like we talked about with refrigerated baked goods, a little bit Totino's, a little bit fruit snacks.

它們所在的領域就像我們談到的冷藏烘焙食品、一點點托蒂諾、一點水果零食。

But again, not everywhere.

但話又說回來，並非到處都是。

And in terms of is it enough, I do believe that we put investment into the areas that our analytics show will provide the best return.

就這是否足夠而言，我確實相信我們將投資投入到我們的分析顯示將提供最佳回報的領域。

And we'll watch the response, and then we'll pivot as we learn more.

我們將觀察大家的反應，然後隨著了解更多信息，我們將進行調整。

Okay.

好的。

No, that's helpful.

不，這很有幫助。

And maybe just a follow-up on Pet as well.

也許也只是寵物的後續行動。

I think if you kind of remove the retailer lap from last year, you probably still would have been up on an organic basis in Pet sales, which is encouraging.

我認為，如果你消除去年零售商的影​​響，你的寵物銷售可能仍然會有機增長，這是令人鼓舞的。

I'm just curious kind of how you think about the context of that underlying momentum into the back half.

我只是好奇你如何看待後半場潛在動力的背景。

Jon, why don't you take that one?

喬恩，你為什麼不拿那個？

Yes, absolutely.

是的，絕對是。

So Pete, you're exactly right.

所以皮特，你是完全正確的。

So we did see sales exceed movement by about 4 points in the quarter.

因此，我們確實看到本季銷售額超過變動量約 4 個百分點。

And you're right about fiscal '24 Q2.

您對 24 年第二財季的看法是正確的。

And really fiscal '23 Q2 as well, we saw the opposite.

事實上，在 23 年第二季度，我們看到了相反的情況。

So we're really just getting back to average inventory levels.

所以我們實際上只是回到了平均庫存水準。

And importantly, as we really look at our key customers' inventory models that we are right where we'd expect them to be.

重要的是，當我們真正審視主要客戶的庫存模型時，我們發現我們的庫存模型正是我們所期望的。

So again, we don't expect any inventory issues as we head to the back half of the year.

因此，我們預計今年下半年不會有任何庫存問題。

And overall, we really like the trends we're seeing on the business.

總的來說，我們真的很喜歡我們在業務上看到的趨勢。

The first quarter that we've been able to hold dollar share in 11 quarters.

第一季我們已經能夠在 11 個季度中持有美元份額。

We're back to pound share growth for the year.

今年我們又回到了英鎊份額的成長。

Our biggest businesses are performing well, like I said, and I feel like we've got really strong plans to get treats performing better in the back half of the year.

正如我所說，我們最大的企業表現良好，我覺得我們已經制定了非常強有力的計劃，以使下半年的餐飲表現更好。

That's probably the last business we want see an inflection on as we move.

這可能是我們最不希望在搬遷過程中看到變化的業務。

So we feel really good about where we're spending and don't anticipate any big inventory issues as we had in the back half of the year as well.

因此，我們對自己的支出狀況感到非常滿意，並且預計不會有像今年下半年那樣的大庫存問題。

Ken Goldman, JPMorgan.

肯‧戈德曼，摩根大通。

I wanted to ask a little bit just in light of the -- of Kofi, your comments about, I think, the -- most of the benefits, the onetime benefits in terms of trade inventory and the timing of spend in 2Q, that flipping into -- or reversal in 3Q.

我想問一些關於科菲的問題，我認為您對大部分好處的評論，貿易庫存方面的一次性好處以及第二季度的支出時間，這翻轉進入或在第三季度出現逆轉。

Is there any more color you can provide us on kind of how you want us to think about the shape of the third quarter, either relative to last year or relative to 2Q?

您是否可以向我們提供更多信息，說明您希望我們如何看待第三季度的形勢，無論是相對於去年還是相對於第二季度？

Obviously, we can do some of the math, but just wanted to get a better sense for how that all flows into the bottom line.

顯然，我們可以做一些數學計算，但只是想更好地了解這一切是如何流入底線的。

Sure.

當然。

And I will answer probably mostly to the lens of the second half and give you a little bit of shading and perspective on how that weighs in Q3.

我可能會主要回答下半年的鏡頭，並為您提供一些關於第三季度的影響的陰影和觀點。

So as I mentioned in my remarks, there's about an op profit, about a 6-point benefit in the quarter for a variety of timing items, Thanksgiving holiday sitting in Q3 this year versus in the last week of Q2 last year.

正如我在發言中提到的，本季各種計時項目的營運利潤大約有 6 個百分點的收益，今年第三季的感恩節假期與去年第二季最後一週相比。

Additional pipeline build outside of Thanksgiving and seasonal businesses are.

感恩節和季節性業務以外的額外管道建設是。

And then phasing on trade and HMM that fell into the quarter benefited and provide a tailwind in Q2, so the combination of those things are about 6 points of benefit.

然後逐步開展貿易，HMM 在本季度受益，並在第二季度提供了推動力，因此這些因素的結合約為 6 個百分點的收益。

And as you move into the back half, and if you take our guidance -- implied guidance midpoint will give you about an 8-point decline in operating profit in the back half.

當您進入後半段時，如果您採用我們的指導——隱含指導中點將使您後半段的營業利潤下降約 8 個百分點。

About 3 points of that comes from the reversal of those timing benefits, most of which is going to hit in Q3.

其中約 3 個百分點來自這些時機優勢的逆轉，其中大部分將在第三季實現。

And then we got about 2 points from the instant reset, which we expected and flagged at the beginning of the year.

然後我們從即時重置中獲得了大約 2 分，這是我們在年初所預期和標記的。

And then there's about 3 points from additional investment as we layer in spend in the back half to show our competitiveness as we mentioned earlier.

然後，正如我們前面提到的，我們在後半段分層支出以顯示我們的競爭力，因此額外投資大約有 3 個點。

So that gives you awfully the structure.

這樣你就得到了非常好的結構。

Hopefully, that answered your question, Ken.

希望這能回答你的問題，肯。

Okay.

好的。

And then a little bit of a random question, but just seeing double-digit declines in your Haagen-Dazs business in stores.

然後是一個隨機問題，但只是看到哈根達斯商店的業務出現兩位數的下降。

I appreciate that you're looking to sort of diversify the channels that you work with there.

我很欣賞您希望使合作管道多樣化。

But how sustainable do you see that double-digit decline?

但您認為這種兩位數的下降有多可持續？

What is your outlook there?

您在那裡的前景如何？

And is there any chance -- I guess, I'm getting at that you'll consider kind of the broader footprint of that retail store business that you have there?

我想，您是否有機會考慮擴大您在那裡的零售店業務的足跡？

Yes, Ken, this is Jon, I want to take that.

是的，肯，這是喬恩，我想接受這個。

Yes.

是的。

Yes, absolutely, Jeff.

是的，絕對是，傑夫。

So we're absolutely looking at our footprint of stores in China.

因此，我們絕對會關注我們在中國的商店足跡。

I talked over the last couple of years, we've actually closed quite a few underperforming stores, and clearly, our focus is really on retail as well as food service where we see better margins and really the better opportunity for growth moving forward.

我在過去幾年中談到，我們實際上關閉了相當多業績不佳的商店，顯然，我們的重點實際上是零售和食品服務，我們看到了更好的利潤率和更好的未來成長機會。

So the macroeconomic backdrop is tough right now.

因此，目前宏觀經濟背景很嚴峻。

Again, traffic is down, which is a challenge.

同樣，流量下降，這是一個挑戰。

But at the same time, we're actually growing our retail business in China.

但同時，我們實際上正在發展中國的零售業務。

So we'll continue to want to make that switch, really focus on really our most profitable stores moving forward, and that's something that we've been working out for a period of time here.

因此，我們將繼續想要做出這種轉變，真正專注於我們最賺錢的商店向前發展，這是我們一段時間以來一直在努力的事情。

From a profit standpoint, you'll know that International was down quite a bit this quarter.

從利潤的角度來看，您會知道國際本季下降了很多。

That was really, first of all, a small number.

首先，這確實是一個很小的數字。

And then secondly, we were lapping an insurance recovery on Haagen-Dazs last year.

其次，我們去年對哈根達斯進行了保險賠償。

So while the top line is down a bit, I would say that profit is about what we're (inaudible) at this point, and we're very clearly focused on improving our trends coming out of China as well.

因此，雖然營收略有下降，但我想說的是，利潤與我們目前的水平（聽不清楚）有關，而且我們非常明確地致力於改善來自中國的趨勢。

Leah Jordan, Goldman Sachs.

利亞·喬丹，高盛。

It looks like you've raised your input cost inflation for the year to 4% from 3% to 4% last quarter.

看起來您已將今年的投入成本通膨率從上個季度的 3% 提高到 4%。

Just think if you could provide more color on the drivers behind that?

試想一下，您是否可以為背後的驅動程式提供更多資訊？

Where are you seeing the most [mature] across your portfolio?

您認為您的投資組合中哪裡最[成熟]？

And how do you think about your ability to mitigate some of that going forward?

您如何看待未來緩解某些問題的能力？

Thanks for the question, Leah.

謝謝你的提問，莉亞。

So that is absolutely a fair assessment of how we read the year.

因此，這絕對是對我們如何解讀這一年的公平評估。

A couple of things that I'd give you just as framing.

我想給你一些作為框架的東西。

As you think about input costs, in particular, our ingredient costs and some of our total manufacturing where there's a high conversion cost linked to labor, that is passed through.

當你考慮投入成本時，特別是我們的原料成本和我們的一些總製造成本，其中存在與勞動力相關的高轉換成本，這是轉嫁的。

And that actually still remains sticky and a little bit more inflationary than we'd expect.

事實上，這仍然是黏性的，而且通膨率比我們預期的要高一些。

In addition, we're lapping several large contracts, packaging, dairy, our EU business, sugar where we had advantage prices that were kind of locked in right before the inflationary period.

此外，我們正在完成幾項大型合同，包括包裝、乳製品、我們的歐盟業務、糖業，我們在這些領域擁有優勢價格，這些價格在通貨膨脹時期之前就被鎖定了。

And so as we step off those, we're seeing some pressure points there.

因此，當我們擺脫這些壓力時，我們會看到一些壓力點。

So those are those kind of the big ones.

這些就是那些大的。

And then in addition to that, we do have a smaller exposure to items, which have been much in the news in particular cocoa and fats and oils that remain pressure points.

除此之外，我們對新聞中經常出現的物品的敞口確實較小，特別是可可和脂肪和油仍然是壓力點。

And then as you think about the second part of your question, how do we feel -- look, I think we're driving 5% HMM this year.

然後，當你思考問題的第二部分時，我們感覺如何——看，我認為今年我們將推動 5% 的 HMM。

And we continue to have confidence in our ability to drive at least the 4% historical run rate we've been driving.

我們仍然對我們至少推動 4% 歷史運行率的能力充滿信心。

We're getting benefits from digitization in our supply chain that's providing benefits in manufacturing and logistics, reducing waste, and providing better service.

我們從供應鏈的數位化中獲益，它為製造和物流帶來了好處，減少了浪費，並提供了更好的服務。

So I think we feel pretty good about our prospects of addressing inflation in roughly this range.

因此，我認為我們對解決大致這個範圍內的通膨問題的前景感到非常滿意。

(technical difficulty) separate the (technical difficulty) the quarter for a minute and just talk about the regulatory environment.

（技術難度）將（技術難度）季度分開一分鐘，只談監管環境。

We have a combination of page

我們有一個組合頁面

(technical difficulty).

（技術難度）。

Just could you discuss what you're thinking about (technical difficulty) back to your business.

您能否將您的想法（技術難度）回到您的業務中討論一下。

And I've seen it (technical difficulty) there has been a

我已經看到了（技術難度）

(inaudible).

（聽不清楚）。

Okay.

好的。

Sorry, there was a bit of a bad connection there.

抱歉，那裡的連接有點不好。

I think what I heard was a question on regulatory environment and any potential impact you see to the business.

我認為我聽到的是關於監管環境以及您看到的對業務的任何潛在影響的問題。

We'll go with that.

我們就這樣吧。

Hopefully, I got that question.

希望我能得到這個問題。

We're going to try.

我們要嘗試一下。

We got about one every two words.

我們大約每兩個字就有一個。

So if I don't answer the question, just know, we're not trying to get around.

所以，如果我不回答這個問題，請知道，我們並不是想逃避。

I just didn't hear all it clearly.

我只是沒聽清楚。

But look, I do appreciate the question.

但看，我確實很欣賞這個問題。

First, it's pretty early to talk about broadly what's going to happen in the regulatory environment.

首先，現在廣泛談論監管環境中將發生的事情還為時過早。

What I can tell you is that we have, and we always will follow what every regulations are in place, whether they're state regulations or whether they're federal regulations.

我可以告訴你的是，我們已經並且將始終遵守所有現行法規，無論是州法規還是聯邦法規。

The other thing I can tell you is that, I mean, we've got a great R&D team and very agile.

我可以告訴你的另一件事是，我的意思是，我們擁有一支出色的研發團隊，而且非常敏捷。

And we've been navigating regulatory environments for nearly 160 years and doing so really effectively.

近 160 年來，我們一直在應對監管環境，而且確實非常有效。

Let me give you a couple of examples that I think might be helpful.

讓我舉幾個我認為可能有幫助的例子。

As you think about our foodservice business, which you saw this quarter and for the last many quarters has been doing really well.

當你想到我們的餐飲服務業務時，你會看到本季和過去的許多季度都表現得非常好。

A lot of that business is through K-12 schools.

其中許多業務是透過 K-12 學校進行的。

And the USDA has nationwide nutrition standards, which they change every 5 to 10 years or so.

美國農業部製定了全國性的營養標準，每 5 到 10 年左右就會改變一次。

And coincidentally, they're going to change in the next school year in '25 or '26.

巧合的是，他們將在 25 或 26 學年發生變化。

And in that environment, when those have changed, General Mills has grown and grown share.

在這種環境下，當這些發生變化時，通用磨坊的份額不斷增長。

And it's not an accident.

這並非偶然。

And it's because we're able to reformulate our products, frankly, better and more effectively than our competitors and provide nutritional value as well as great taste and values and brands that the kids love and that the school operators like.

坦白說，這是因為我們能夠比我們的競爭對手更好、更有效地重新配製我們的產品，並提供孩子們喜愛和學校經營者喜歡的營養價值以及良好的口味、價值和品牌。

And so as a result, for example, our cereal share in schools is more than twice what it is in retail.

因此，例如，我們在學校的穀物食品份額是零售市場的兩倍以上。

And so as we think about the regulatory environment and our ability to navigate it, just know that we have been navigating regulatory environments.

因此，當我們思考監管環境以及我們應對監管環境的能力時，只需知道我們一直在應對監管環境。

And even though it's tough to predict what's going to come, I'm confident in our ability to navigate through these things.

儘管很難預測將會發生什麼，但我對我們應對這些事情的能力充滿信心。

The last thing I think might be helpful as we think about what might come to pass is kind of what already is, and that is what's happening in California, where those legislations have been passed about certified colors and food that goes into effect in 2027.

當我們考慮可能發生的事情時，我認為可能有幫助的最後一件事是已經發生的事情，這就是加州正在發生的事情，那裡已經通過了有關經過認證的顏色和食品的立法，並將於2027 年生效。

And with that, about 85% of our cereal portfolio is already compliant.

至此，我們大約 85% 的穀物產品組合已經符合要求。

And the rest of it will be compliant by '27.

其餘部分將在 27 年之前實現合規。

So as we think about the regulatory environment, I mean, obviously, we take a food safety we take very seriously, and we're going to follow all the regulations, but know that I'm wildly confident in our ability to pivot because we have been able to do that historically.

因此，當我們考慮監管環境時，我的意思是，顯然，我們非常重視食品安全，我們將遵守所有法規，但要知道，我對我們的轉型能力非常有信心，因為我們歷史上已經能夠做到這一點。

(inaudible) BNP Paribas.

（聽不清楚）法國巴黎銀行。

It's nice to see the progress in your own Pet results with the return to growth and the continued progress on market share.

很高興看到您自己的寵物表現隨著成長的恢復和市場份額的持續進步而取得進展。

And I think this is suggestive of the success you're having with the action plans that you've laid out and improving your own competitiveness.

我認為這表明您制定的行動計劃取得了成功，並提高了自己的競爭力。

But I'm curious for any updated thoughts you have on the broader pet food industry, particularly given pet population growth appears to be muted right now, maybe following some normalization post COVID.

但我很好奇你們對更廣泛的寵物食品行業有什麼最新的想法，特別是考慮到寵物數量的增長目前似乎很溫和，也許是在新冠疫情后的一些正常化之後。

And then more recently, there's been news in New York State regarding spanning the retail sales of dogs and cats.

最近，紐約州出現了有關貓狗零售的新聞。

So just curious for broader thoughts on the food industry beyond your own success on competitiveness.

因此，除了您自己在競爭力方面的成功之外，我只是對食品行業更廣泛的想法感到好奇。

I'll let you take that one, and the comment on New York state, that's a stuffer.

我會讓你拿那個，還有關於紐約州的評論，那是一個填充物。

But I'll -- Jon, I'll let you answer the rest of

但我會——喬恩，我會讓你回答剩下的問題

--

--

Yes, you got it.

是的，你明白了。

So I think what we're seeing in the categories that really turned more prepandemic type of trends, and you're seeing dollars come back to the category.

因此，我認為我們在這些類別中看到的情況確實變成了大流行前類型的趨勢，您會看到美元回到了該類別。

You're seeing segments like treats that have been a bit more challenging to get a bit better over time as well.

您會看到像款待這樣的細分市場隨著時間的推移變得更加具有挑戰性。

So I think we're getting back to more normal levels of growth in the category.

因此，我認為我們正在恢復該類別的正常成長水準。

Will we see a surge in adoption like we did at COVID?

我們會像新冠疫情期間一樣看到採用率激增嗎？

Likely not, but again, I don't think we need to see a lot of the population growth over time.

可能不會，但我再次認為，隨著時間的推移，我們不需要看到人口大幅增加。

I think getting back to where we were prepandemic led to a healthy category and healthy dynamics.

我認為回到大流行前的狀態會帶來健康的類別和健康的動態。

Encouragingly for us, we're actually seeing premium bounce back a bit as well more recently.

對我們來說令人鼓舞的是，我們實際上看到保費最近也有所反彈。

So it does feel like we're getting back to some of the trends that we saw prepandemic with humanization, premiumization really leading the way.

因此，我們確實感覺到我們正在回到大流行前的一些趨勢，人性化、高端化確實引領了潮流。

And we like where we sit.

我們喜歡我們坐的地方。

The Blue Buffalo brand is incredibly strong.

Blue Buffalo 品牌非常強大。

I think you're aware, we announced the acquisition of White Bridge brands.

我想您知道，我們宣布收購 White Bridge 品牌。

We're excited about getting bigger in cat wet, which is the fastest-growing segment in the category.

我們很高興能在貓尿領域做大，這是該類別中成長最快的細分市場。

So we like the category a lot, and we like our position as we move forward.

所以我們非常喜歡這個類別，我們喜歡我們前進過程中的立場。

Great.

偉大的。

And then a follow-up on the US cereal business.

然後是美國穀物業務的後續行動。

So you called it out in the prepared remarks.

所以你在準備好的發言中指出了這一點。

So in the last couple of (inaudible) weeks you've definitely seen some improvement in trends in terms of your sales growth and particularly your dollar share.

因此，在過去的幾週（聽不清楚）中，您肯定會看到銷售成長，特別是美元份額的趨勢有所改善。

It sounds like you attribute it to consumer news, advertising and merchandising execution.

聽起來你將其歸因於消費者新聞、廣告和行銷執行。

But just any more color on what you're seeing in cereal, how you frame the competitive environment, and what you think about your back half expectations there?

但是，您對穀物麥片的看法、您如何建立競爭環境以及您對後半部分的期望有何看法？

As you noted, we did see an improvement in our retail sales trends on both dollars and pounds.

正如您所指出的，我們確實看到美元和英鎊的零售銷售趨勢有所改善。

We grew pound share.

我們增加了英鎊份額。

And we've really been focused on bringing excitement back to the category and reminding people about our big brands.

我們確實致力於讓該類別重新煥發活力，並提醒人們我們的大品牌。

And two big activations that worked very well for us in Q2 were the Kelce Brothers promotion.

第二季對我們來說非常有效的兩項重大活動是凱爾斯兄弟的促銷活動。

This is where the Kelce Brothers spontaneously mentioned on their podcast for favorite cereals were Reese's Puffs, Cinnamon Toast Crunch, Lucky Charms.

凱爾斯兄弟在他們的播客中自發性地提到了他們最喜歡的穀物食品：里斯泡芙、肉桂吐司脆餅和幸運符。

And so we launched a new campaign with them to bring awareness to those brands that worked really well to improve unit growth.

因此，我們與他們一起發起了一項新的活動，以提高人們對那些在提高銷售成長方面效果顯著的品牌的認識。

We also launched a new Kelce mix new product, and we got great in-store activation from both and 4 times the media impressions that we did this time last year.

我們還推出了新的 Kelce mix 新產品，我們在店內獲得了很好的激活，媒體印像是去年這個時候的 4 倍。

So we're really encouraged by that work.

所以我們對這項工作感到非常鼓舞。

And then this is the time of the year where we also have Our Chex party mix promotion where Chex sells a lot of cereals and party mix.

每年的這個時候，我們也會舉辦 Chex 派對組合促銷活動，Chex 出售大量穀物和派對組合。

And we focused on nostalgia.

我們專注於懷舊。

We had a Peanut's strip comic promotion, a free tin on the pack, big surround campaign, and that also drove share.

我們進行了《花生漫畫》的促銷活動，包裝上提供免費罐頭，大型環繞活動，這也推動了市場份額的成長。

So what we're learning is that when we get on our front foot and do what we're good at, we see growth.

所以我們學到的是，當我們積極行動並做我們擅長的事情時，我們就會看到成長。

As we look to the back half of the year, we intend to take the same principles forward.

展望今年下半年，我們打算繼續遵循同樣的原則。

We're the leader of the category, so we have to behave like the leader.

我們是該類別的領導者，所以我們必須表現得像領導者。

We will bring our new Game Day campaign.

我們將帶來新的遊戲日活動。

We have Cheerios Protein launching, Cheerios heart health [news] So we will keep progressing with remarkability across the mix, and I think we will continue to see progress in our market share.

我們推出了 Cheerios Protein 麥片、Cheerios 心臟健康麥片 [新聞] 因此，我們將在整個產品組合中不斷取得顯著進展，我認為我們將繼續看到我們的市場份額取得進展。

Chris Carey, Wells Farrell.

克里斯凱瑞，威爾斯法瑞爾。

I have a kind of like an M&A quick question, then a bigger picture follow-up.

我有一個類似於併購的快速問題，然後是一個更大的後續問題。

I know the guidance does not include the yogurt divestiture nor White Bridge.

我知道該指導不包括酸奶剝離或白橋。

But how do you see that two of these -- or perhaps can you provide any color on how the two of these deals together may impact the dilution yogurt was seeing, I think low single-digit percentage dilutive, White Bridge, fairly de minimis.

但是你如何看待其中的兩項——或者也許你能提供任何關於這兩項交易如何共同影響稀釋酸奶所見的顏色，我認為低個位數的稀釋百分比，白橋，相當微不足道。

But is there -- will you be using any of the proceeds from yogurt to fund of White Bridge?

但你會用優格的收益來資助 White Bridge 嗎？

How do these two deals work together to inform implications for the model over the next 12 to 18 months?

這兩筆交易如何共同發揮作用，對未來 12 至 18 個月的模式產生影響？

If you have any incremental color on that, I'd be curious then I have a quick follow-up.

如果您對此有任何增量顏色，我會很好奇，然後我會快速跟進。

No, I think all very fair.

不，我認為一切都很公平。

I think your read of the dilution impact on both those is in roughly the right range.

我認為您對稀釋對這兩者的影響的解讀大致在正確的範圍內。

What I would tell you is obviously White Bridge just closed.

我要告訴你的是，顯然白橋剛剛關閉。

So we are right on that today.

所以我們今天的觀點是正確的。

I think we are still, and it's an important point, waiting closure of both legs of the yogurt divestiture.

我認為我們仍在等待酸奶業務剝離的結束，這一點很重要。

And so they aren't (inaudible) hand.

所以它們不是（聽不清楚）手。

And my expectation, though, is that there will still be substantial amount of proceeds going back into share repurchase activity.

不過，我的預期是，仍會有大量收益重新投入股票回購活動。

We are generally comfortable with the leverage range we're running in, which is in kind of the low 3 times net debt-to-EBITDA area.

我們總體上對目前的槓桿範圍感到滿意，該範圍位於淨債務與 EBITDA 之比的 3 倍低區域。

So I think that's going to give us flexibility to both return cash to shareholders as well as accommodate the modest amount of financing necessary for White Bridge.

因此，我認為這將使我們能夠靈活地向股東返還現金，並為 White Bridge 提供必要的適度融資。

We'll obviously provide you guidance once we have started closing either in both legs of the divestitures, which will have a much more material impact obviously on dilution expectations.

一旦我們開始完成剝離的兩條腿，我們顯然會為您提供指導，這顯然會對稀釋預期產生更大的實質影響。

I'll just add -- Kofi was able to give you the first glimpse.

我只想補充一下——科菲能夠讓你第一眼看到。

So we did actually get new year closing White Bread this morning.

所以今天早上我們確實得到了新年結束白麵包。

So you'll see a release coming out later today on that news.

因此，您將在今天晚些時候看到有關該訊息的發布。

So that's good news for that deal.

所以這對這筆交易來說是個好消息。

Okay.

好的。

Okay.

好的。

Great.

偉大的。

A bigger picture question.

一個更大的問題。

If we go back over the, I don't know, many, many months at this point, of sustained normalization in the broader packaged food space, Jeff has been vocal about various things that would need to happen to drive an uptick in promo activity if you think about, I don't know how far that commentary goes back at this point.

如果我們回顧一下，我不知道，很多很多個月以來，更廣泛的包裝食品領域持續正常化，傑夫一直在直言不諱地談論需要發生的各種事情來推動促銷活動的增加如果你仔細想想，我不知道這個評論可以追溯到多遠以前。

And anyway, and here we are with the sector trends getting better.

無論如何，我們看到行業趨勢正在變得更好。

But clearly, based on today, not getting better or fast enough.

但顯然，從今天來看，情況還不夠好或不夠快。

And I realize there are caveats with Pillsbury and some other dynamics.

我意識到皮爾斯伯里和其他一些動態也有一些警告。

But what do you think is your, I guess, bigger picture assessment of just the slow pace of recovery here?

但我想，您對這裡復甦緩慢的整體評估是什麼？

I know GLP-1s and all these other things are mentioned, which sometimes feel less tangible, but is it simply as simple as the consumer is seeking value?

我知道 GLP-1 和所有其他提到的東西，有時感覺不太有形，但它真的像消費者尋求價值那麼簡單嗎？

Are private label operators becoming a lot more aggressive in going after consumers?

自有品牌經營者是否會更積極地追逐消費者？

How does this all kind of fit together to where we are today with clearly things taking longer?

這一切如何與我們今天的情況相適應，而顯然事情需要更長的時間？

And if we can diagnose that, maybe there's a chance to build a bit more confidence over the next 12 months.

如果我們能夠診斷出這一點，也許我們有機會在接下來的 12 個月中增強一點信心。

I know it's not an overly specific question, but if that incites any thoughts, I'd be curious.

我知道這不是一個太具體的問題，但如果這引發了任何想法，我會很好奇。

Yes.

是的。

Let me take a step back and answer that a little bit.

讓我退一步回答這個問題。

As we look at over the -- I'm just going to take over the last five years or so, and what I would say is we're getting back to an environment that is more normal -- that is normalizing, but not yet all the way back to normal.

當我們回顧過去五年左右的情況時，我想說的是，我們正在回到一個更正常的環境，即正在正常化，但尚未實現一切恢復正常。

And you see that in the promotional environment where the levels of promotion, whether it's frequency of discounting or depth of discounting is about back to where it was in 2019.

你看，在促銷環境下，促銷的水平，無論是折扣的頻率還是折扣的深度，都差不多回到了2019年的水平。

And I would say the same for our margin structure.

對於我們的利潤結構我也這麼說。

So if you look at our margins, our gross margins, our operating margins, given the guidance that we just gave, they're at the same level, about maybe a little higher than they were in 2019.

因此，如果你看看我們的利潤率、毛利率和營業利潤率，考慮到我們剛剛給出的指導，它們處於同一水平，大約可能比 2019 年高一點。

And there are ups and downs as there always are.

一如既往，總會有起起落落。

But if you look versus five years ago, the margin structure is about the same and our business is actually quite a bit larger.

但如果你對比五年前，你會發現利潤結構大致相同，而且我們的業務實際上要大得多。

And so the question is where do we go from here?

所以問題是我們該何去何從？

And the answer is really where we go from here is making sure we're responsive to consumer needs.

答案是，我們接下來要做的就是確保我們能夠滿足消費者的需求。

And Dana talked a little bit about that through the remarkability framework.

達納透過顯著性框架對此進行了一些討論。

And us driving consumer view through promotional activity or whether it's through new products, which are up 10% or (technical difficulty) campaigns, which you just highlighted in cereal or Jon highlighted in pet food (technical difficulty) back to what consumers are looking for.

我們透過促銷活動或透過提高10% 的新產品或（技術難度）活動來吸引消費者的注意力，您剛剛在穀物食品中強調了這一點，或者喬恩在寵物食品中強調了這一點（技術難度），回到了消費者正在尋找的東西。

And so I think the environment -- we think the environment will continue to normalize.

所以我認為環境——我們認為環境將繼續正常化。

As you say, there's (technical difficulty) inflation.

正如你所說，存在（技術難度）通貨膨脹。

Our inflation, we said 3% to 4%.

我們的通膨，我們說3%到4%。

It's about 4%, slightly higher than it was before.

大約是4%，比之前稍微高一些。

And our productivity as we said 4% to 5% is now 5%, so our productivity is actually slightly higher than it was.

我們之前說的 4% 到 5% 的生產力現在是 5%，所以我們的生產力實際上比以前稍微高一些。

And so I want you to know, we feel good about our increasing level of competitiveness and what we've done in the middle of our P&L to get this ability to maintain margins and to accelerate our growth at the same time.

所以我想讓你知道，我們對我們不斷提高的競爭力水平以及我們在損益表中所做的工作感到滿意，以獲得維持利潤率並同時加速我們成長的能力。

The tale of tape really is about growth.

磁帶的故事實際上是關於成長的。

At the end of the day, it's about dollar growth.

歸根結底，這與美元的成長有關。

Our pound growth is growing slightly faster than our market share growth at the moment.

目前我們的英鎊成長速度略快於我們的市佔率成長速度。

But one of the things we see is that tends to catch up over time if we're taking the right activities, and we feel great about the activities we're taking and the things we're doing to drive increased consumption.

但我們看到的一件事是，如果我們採取正確的活動，隨著時間的推移，這種情況往往會迎頭趕上，而且我們對我們正在採取的活動以及我們正在做的推動消費增加的事情感覺很好。

And by the way, it started in the second quarter.

順便說一句，它是從第二季開始的。

It doesn't start in the back half.

它不是從後半部開始的。

It actually started in the second quarter.

其實是從第二季開始的。

Look at our market share gains.

看看我們的市佔率成長情況。

In the second quarter, 60% volume gains and 40% on dollar, significant increase from where we were in Q1.

第二季度，銷量成長 60%，美元成長 40%，較第一季大幅成長。

So we don't have to wait until the back half for our competitiveness to improve, but it's already started.

所以我們不必等到下半年我們的競爭力才能提高，但它已經開始了。

And that's what gives us confidence in that metric.

這就是讓我們對這個指標充滿信心的原因。

Yes, the investments are a little bit higher.

是的，投資有點高。

So that is acknowledged.

所以這是承認的。

But it is investments, which is to say it's not just spending.

但這是投資，也就是說不只是支出。

It's investments, and with investments, you get a return.

這是投資，有了投資，你就會得到回報。

And the return for us is our market share results, which are broad.

我們的回報是我們廣泛的市場份額結果。

And we're very encouraged by that even if the investment levels are slightly higher than what we anticipated at the beginning of the year.

即使投資水準略高於我們年初的預期，我們仍感到非常鼓舞。

Steve Powers, Deutsche Bank.

史蒂夫鮑爾斯，德意志銀行。

Two quick ones for me.

對我來說兩個快點。

The first one, just focusing on North American Retail.

第一個，只關注北美零售業。

If I -- if we look at the consumption data this quarter, the yogurt business has actually been doing well in terms of accelerating growth.

如果我們看一下本季的消費數據，優格業務在加速成長方面實際上表現良好。

It's actually -- I think it's contributed about 50 basis points to growth in the consumption data.

實際上，我認為它為消費數據的成長貢獻了大約 50 個基點。

I'm just curious if that's consistent with the impact on reported results, just as we think about the underlying kind of run rate of the business with that business set for divestment?

我只是好奇這是否與對報告結果的影響一致，就像我們考慮準備撤資的業務的基本運作率一樣？

That's question number one.

這是第一個問題。

And then question number two is actually for Kofi.

第二個問題其實是針對科菲的。

You mentioned the incentive comp reset in the back half.

您在後半部提到了激勵補償重置。

And as you said, that was contemplated from the start.

正如你所說，這是從一開始就考慮到的。

But the language changed a little bit this quarter, and I think it said something like partial reset.

但本季的語言發生了一些變化，我認為它表達了類似部分重置的意思。

I'm assuming because of the guidance range today, the incentive comp build may not be 100%.

我假設由於今天的指導範圍，激勵補償構建可能不是 100%。

So is there any kind of quantification of that, the relative change versus prior?

那麼，是否有任何形式的量化，即相對於先前的相對變化？

That would be helpful.

那會有幫助的。

Okay.

好的。

I'll let Dana start, and then I'll pick up the second part of the question.

我讓達納開始，然後我將回答問題的第二部分。

Right.

正確的。

So as you've rightly pointed out, the yogurt category is growing in Q2.

正如您正確指出的那樣，酸奶類別在第二季度正在增長。

It's up about 10% year to date.

今年迄今已上漲約 10%。

But it's in categories that we don't compete in.

但這屬於我們不參與競爭的類別。

But we're seeing it in weight management line, in the group protein line, the premium lines.

但我們在體重管理系列、蛋白質組和高端系列中看到了它。

The lines that we compete in, we're actually losing share in.

在我們參與競爭的領域，我們實際上正在失去份額。

So when I look at what you're seeing in terms of broad-based performance for North America Retail overall, they're in our big businesses like cereal improving, soup improving, fruit snacks improving, (inaudible) improving.

因此，當我觀察北美零售業整體的廣泛業績時，我們發現它們在我們的大型業務中，例如穀物改進、湯改進、水果零食改進、（聽不清楚）改進。

So that's how we look at the total portfolio and consider the divestiture to come.

這就是我們如何看待整個投資組合併考慮即將進行的剝離。

And then your second question on the impact of the incentive comp, the partial reset isn't exactly the right read on that, which is we would have expected going into the year that we reset this to 100%.

然後你的第二個問題是關於激勵補償的影響，部分重置並不完全是正確的解讀，我們預計進入這一年我們會將其重置為 100%。

With the guidance adjustment, we now expect that we'll pay out a little less than 100% but above last year's rates.

透過指導調整，我們現在預計支付率將略低於 100%，但高於去年的水平。

So that's what the 2 points of drag I referenced is.

這就是我提到的兩個阻力點。

Tom Palmer, Citi.

湯姆·帕爾默，花旗銀行。

In past quarters, you've highlighted that your categories are growing 1% to 2%.

在過去的幾個季度中，您強調了您的類別成長了 1% 到 2%。

And I think share losses was really the focus that needed to be mitigated.

我認為股票損失確實是需要緩解的焦點。

You gave some helpful commentary on the share loss side, but I wondered what you're seeing for aggregate category growth.

您對份額損失方面給出了一些有用的評論，但我想知道您對總體類別增長的看法。

Is that holding into the extent that you anticipated?

是否達到了您預期的程度？

Are there things you can do, especially in categories where you're a quite large share to kind of stimulate the category as a whole?

您可以做一些事情，特別是在您佔有相當大份額的類別中，以刺激整個類別嗎？

Yes.

是的。

From a North America Retail perspective, great question, what I would say is that the commentary we've provided is still consistent.

從北美零售業的角度來看，這是個好問題，我想說的是，我們提供的評論仍然是一致的。

We're seeing our categories normalize to prepandemic levels.

我們看到我們的類別正常化到大流行前的水平。

They're still in that 1% growth range.

他們仍然處於 1% 的成長範圍內。

And so the onus is on us to improve our competitiveness and make sure that we're bringing a total product offering that is more remarkable than the competition across our product, packaging, in-store execution and communication.

因此，我們有責任提高我們的競爭力，並確保我們提供的整體產品在產品、包裝、店內執行和溝通方面比競爭對手更出色。

And Jon, you want to comment on Pet, maybe foodservice and International a little bit.

喬恩（Jon），您想對寵物，也許餐飲服務和國際化發表一些評論。

Yes.

是的。

So on Pet, as I mentioned earlier, we're seeing the category improve and start looking a lot more like it did prepandemic in terms of humanization and premiumization growing and the category getting back to growth overall which is terrific.

因此，在寵物方面，正如我之前提到的，我們看到該類別有所改善，並且在人性化和高端化方面開始看起來更像大流行前的情況，並且該類別總體上恢復了增長，這是非常棒的。

NAF, obviously, it's a huge world.

NAF，顯然，這是一個巨大的世界。

We play in a pretty small part of it.

我們只參與其中很小的一部分。

And we really like the place that we play, and we're seeing a lot of growth really in nonrestaurant types of bullets, things like schools as well as away from home and airports, things like that.

我們真的很喜歡我們打球的地方，我們看到非餐廳類型的子彈確實有很大的成長，例如學校、遠離家鄉和機場等。

So that's growing nicely for us.

所以這對我們來說發展得很好。

We're growing a lot of share.

我們正在增加很多份額。

And as Jeff mentioned, we've got quite a large share position in schools.

正如傑夫所提到的，我們在學校中佔有相當大的份額。

I like how that's trending.

我喜歡這種趨勢。

We also have a big frozen breads business.

我們還有很大的冷凍麵包業務。

So we've got a couple of key retailers that are driving a lot of growth for us with double-digits growth.

因此，我們有一些主要零售商正在以兩位數的成長為我們帶來巨大的成長。

So the area that we play in the food service is probably different than what most folks are seeing in terms of trends.

因此，我們在餐飲服務領域所涉足的領域可能與大多數人所看到的趨勢有所不同。

That's quite advantaged, and we like our share positions there.

這是相當有利的，我們喜歡我們在那裡的股票頭寸。

In International, obviously, a big role that we have parts of the world that we really like what we're seeing.

顯然，在國際領域，我們扮演的一個重要角色是我們在世界各地擁有我們真正喜歡所看到的東西。

In Europe, our team continues to deliver.

在歐洲，我們的團隊繼續交付。

The categories are starting to get back to prepandemic levels, similarly in the US, and we're growing share.

這些類別開始回到大流行前的水平，在美國也是如此，而且我們的份額正在增長。

GEMS is our distributor markets.

GEMS 是我們的經銷商市場。

It's our fastest-growing and most profitable part of our international business, and that team's doing a great job driving mid-single-digit topline growth and grow share in most of our markets as well.

這是我們國際業務中成長最快、利潤最高的部分，團隊做得很好，推動了中個位數的營收成長，並提高了我們大多數市場的份額。

So again, a bit of a mixed picture around the world.

再說一次，世界各地的情況有點複雜。

But generally, we like the way we're performing at some of the headwinds that we're seeing in China from a Haagen-Dazs standpoint.

但總的來說，從哈根達斯的角度來看，我們喜歡我們在中國遇到的一些逆風中的表現。

Also wanted to ask on expected margin trajectory for the Pet segment.

還想詢問寵物細分市場的預期利潤軌跡。

I know there were some timing benefits called out in North America Retail.

我知道北美零售業提出了一些時機優勢。

It sounded like the inventory benefits that you had this year were less so about this year having an unusual sales level in more prior years being maybe artificially low with inventory cuts.

聽起來今年的庫存效益不太好，因為今年的銷售水準與往年不同尋常，可能是由於庫存削減而人為地降低了。

So I guess with that, if I look at the margin base that we've seen in the past couple of quarters has been more favorable year on year, is that something that can continue as we move through the back half of the year?

因此，我想，如果我看看過去幾季我們看到的利潤率比去年同期更加有利，那麼隨著我們進入今年下半年，這種情況是否可以繼續下去？

Or are there timing or investment considerations for Pet in addition in North America?

或是在北美除了寵物還有時間或投資的考量嗎？

Maybe I'll take that one as well.

也許我也會選擇那個。

So I think two things are happening in Pet and both of them are really positive, and the team is doing a great job on the margin side.

所以我認為 Pet 中發生了兩件事，而且這兩件事都是非常積極的，而且團隊在利潤方面做得很好。

One, if you think about Blue Buffalo, it has only been a part of General Mills for six years, and we're starting to fully integrate all of our HMM tools.

第一，如果你想想 Blue Buffalo，它成為 General Mills 的一部分才六年，而我們正開始完全整合我們所有的 HMM 工具。

And we're seeing outsized HMM as a result of that.

因此我們看到了巨大的隱馬可夫模型。

So again, the team has done a really nice job taking our know-how and experience run HMM and (inaudible) to practice, and we're starting to see the full effects of that.

再說一遍，該團隊做得非常出色，將我們運行 HMM 的專業知識和經驗運用到實踐中（聽不清楚），我們開始看到其全部效果。

I think that will continue as we move towards the back half.

我認為當我們進入後半場時，這種情況將會繼續下去。

The thing that we want is that we've internalized quite a bit of volume over the last year, and we started doing that in the back half of last year.

我們想要的是，我們在去年已經內部化了相當多的交易量，我們從去年下半年開始這樣做。

So we started lapping that.

所以我們開始研磨它。

So I do believe that we'll continue to make good margin progress over time.

因此，我確實相信，隨著時間的推移，我們將繼續取得良好的利潤率進步。

I don't think you should expect to see the kind of margin gains that we've made more recently.

我認為您不應該期望看到我們最近取得的那種利潤成長。

But again, we're doing all the right things to keep driving our margins as we move forward.

但同樣，我們正在做所有正確的事情，以在我們前進的過程中繼續提高我們的利潤率。

Okay.

好的。

Unfortunately, that's -- we're going to have to cut it off there.

不幸的是，我們將不得不在那裡切斷它。

I know we didn't get to nearly as many people as we normally would like.

我知道我們接觸到的人沒有我們通常想要的那麼多。

I think our conversations probably went (technical difficulty) per question.

我認為我們的談話可能會針對每個問題進行（技術難度）。

So sorry for everyone still in the queue.

對仍在排隊的每個人感到抱歉。

Obviously, we'll follow up later today to make sure that we get everyone's questions answered.

顯然，我們將在今天晚些時候進行跟進，以確保每個人的問題得到解答。

Thank you so much for the good engagement and for the time this morning.

非常感謝您的積極參與和今天早上的時間。

Happy holidays to everyone, and we'll see you again in the new year.

祝大家節日快樂，我們新的一年再見。

This will conclude today's conference call.

今天的電話會議到此結束。

Thank you for your participation.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。