通用磨坊 (GIS) 2025 Q3 法說會逐字稿

Good morning and welcome to General Mills' third quarter fiscal 2025 earnings conference call. All participants are in a listen-only mode. After the speaker's remarks, we will conduct a question-and-answer session. (Operator Instructions) As a reminder, this conference call is being recorded.

早安，歡迎參加通用磨坊 2025 財年第三季財報電話會議。所有參與者都處於只聽模式。演講者發言後，我們將進行問答環節。（操作員指示）提醒一下，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 & Corporate Finance. Please go ahead.

現在，我想將電話轉給投資者關係和公司財務副總裁傑夫西蒙 (Jeff Siemon)。請繼續。

Thank you, Julianne, and good morning. Thanks to everyone for joining us today for our Q&A session on our third quarter fiscal '25 results. I hope you all had time to review our press release, listen to our prepared remarks and view our presentation materials, which were made available this morning on our Investor Relations website.

謝謝你，朱麗安，早安。感謝大家今天參加我們關於 25 財年第三季業績的問答環節。我希望大家有時間閱讀我們的新聞稿、聽取我們的準備好的發言並查看我們的簡報資料，這些資料已於今天早上在我們的投資者關係網站上發布。

Please note that in our Q&A session, we may make forward-looking statements that are based on management's current views and assumptions. Please refer to this morning's press release for factors that could impact forward-looking statements and for reconciliations of non-GAAP information, which may be discussed on today's call. I'm here with Jeff Harmening, our Chairman and CEO; and Kofi Bruce, our CFO.

請注意，在我們的問答環節中，我們可能會根據管理層目前的觀點和假設做出前瞻性陳述。請參閱今天上午的新聞稿，以了解可能影響前瞻性陳述的因素以及非公認會計準則資訊的對賬，這些內容可能會在今天的電話會議上討論。我和我們的董事長兼執行長傑夫·哈默寧 (Jeff Harmening) 一起在場；以及我們的財務長科菲布魯斯（Kofi Bruce）。

So let's go ahead and get to the first question. Julianne, can you please get us started?

那麼讓我們繼續討論第一個問題。茱麗安，你能幫我們開始嗎？

Absolutely. (Operator Instructions) Andrew Lazar, Barclays.

絕對地。（操作員指示）巴克萊銀行的安德魯·拉扎爾。

Great, thanks so much. Good morning, everybody.

太好了，非常感謝。大家早安。

Good morning.

早安.

Jeff, you mentioned in the prepared remarks the sharp focus, right, on accelerating organic growth as you move into fiscal '26. And you highlight, at least, 5% HMM savings, the additional $100 million in cost saves on top of this. And I think you've said previously you plan to reinvest the 53rd week as well.

傑夫，你在準備好的演講中提到，在進入 26 財年時，重點將放在加速有機成長。而您強調了至少 5% 的 HMM 節省，在此基礎上額外節省了 1 億美元的成本。我記得您之前也說過，您計劃重新投資第 53 週。

So I guess my question is, with the sizable step up in investment planned for fiscal 4Q, how do we think about the incremental investment that you think is needed for fiscal '26 beyond what you're already doing in the fourth quarter this year? And in thinking about those investments, I guess, what does the balance of spend look like or the mix between work that still needs to be done on price points specifically versus let's say innovation, in-store activity and media expense. Thanks so much.

所以我想我的問題是，隨著計劃在第四財季大幅增加投資，您認為除了今年第四季已經在進行的投資之外，26財年還需要進行哪些增量投資？在考慮這些投資時，我想，支出的平衡應該是什麼樣的，或者在價格點上仍需做的工作與創新、店內活動和媒體費用之間的平衡應該是什麼樣的。非常感謝。

Yes, thank you, Andrew. Really fair question. Let me give you a couple pieces of context and then answer your question more because I think the context is important.

是的，謝謝你，安德魯。這確實是一個公平的問題。讓我給你一些背景信息，然後進一步回答你的問題，因為我認為背景很重要。

The first is that, coming into this year, we thought the consumer environment would improve as the year got on, and that hasn't really been the case, and consumers are still seeking value as much or more than they had when our fiscal year began. And if you look at the most recent confidence indices, it would indicate the consumer confidence is actually below where it was three months ago and about where it was in 2008. And so the situation we find ourselves in is different than we thought the one coming into the year. And so consumers are seeking value. We see that in the categories they're pursuing in many many ways.

首先，進入今年，我們認為消費環境會隨著時間的推移而改善，但事實並非如此，消費者仍然在尋求與財年開始時一樣多或更多的價值。如果你看看最近的信心指數，你會發現消費者信心實際上低於三個月前的水平，大約與 2008 年的水平相當。因此，我們現在所處的情況與我們想像的今年的情況不同。因此消費者追求的是價值。我們看到，他們在很多方面都在追求這個目標。

The other thing I would tell you as we think about our investment going forward, we kind of looked at what's worked for us over the last year. And when you look at Blue Buffalo, we were having a similar conversation a year ago and we sharpened our price points. We got really focused on the things that mattered. We improved our marketing, our new products, and we've gotten a place where we're competing effectively on Blue Buffalo.

我想告訴你的另一件事是，當我們考慮未來的投資時，我們會回顧去年哪些做法對我們有利。當您看到 Blue Buffalo 時，我們會發現我們在一年前也進行過類似的討論，並且提高了價格點。我們真正專注於重要的事情。我們改進了行銷方式，推出了新產品，並在 Blue Buffalo 上獲得了有效競爭的地位。

The same would be the case on Pillsbury. So we talked about last quarter what we needed to do. And yes, we sharpened our focus there on value, but also we have good new products there and our marketing is really good. And the focus on value actually allowed our marketing to work better. The same would be true of Totino’s. Again, we've got the value in line and our marketing is really good on Totino’s.

皮爾斯伯里 (Pillsbury) 的情況也類似。所以我們上個季度討論了我們需要做的事情。是的，我們確實更加重視價值，而且我們也有很好的新產品，我們的行銷也做得很好。而對價值的關注實際上使我們的行銷效果更好。托蒂諾的情況也是如此。再次強調，我們的價值已得到認可，而且我們在 Totino 上的行銷做得非常出色。

And so as we look at those things or how we're competing with Haagen-Dazs globally, we know that getting the value in the right zone and that adding on top of that really good innovation and more improved marketing is the way to go. So that's the context.

因此，當我們審視這些事情或我們如何在全球範圍內與哈根達斯競爭時，我們知道，在正確的區域獲取價值，並在此基礎上進行真正優秀的創新和更加完善的營銷才是正確選擇。這就是背景。

As you look at our fiscal fourth quarter, obviously we're stepping up investment. We're investing some more in pricing, particularly in the fruit snacks area where consumers are really looking for value. That's very clear. But also, we're stepping up our marketing double digits, and we're doing that on some of our biggest brands. We think our marketing is really good. You'll see that on Blue Buffalo, you'll see that on Pillsbury, you'll see that in Cereal.

從我們的第四財季業績可以看出，我們顯然正在加大投資。我們在定價方面投入了更多資金，特別是在消費者真正追求價值的水果零食領域。這非常清楚。但同時，我們也以兩位數的速度推進我們的行銷，並且針對我們的一些最大品牌也採取了同樣的舉措。我們認為我們的行銷非常好。您會在 Blue Buffalo 上看到它，您會在 Pillsbury 上看到它，您會在 Cereal 上看到它。

And so as we look at next year, it'll be a year of reinvestment for us, and it'll be a combination of getting our value right. The place where you'll see that the most is in snacking, particularly for snacks, and no need to wait until fiscal '26, so we started in the fourth quarter. The same with -- so that's where the -- as we look at pricing for next year.

因此，展望明年，對我們來說這將是再投資的一年，也是我們實現正確價值的一年。您會看到最多的是零食，尤其是小吃，而且不需要等到26財年，所以我們從第四季就開始了。同樣 — — 這就是 — — 讓我們來看看明年的定價。

The other is that, on pricing is we're lapping a lot of pricing we've done in the back half of this year and into the first half of next year. But in terms of kind of incremental activity, we need to take on value, that fruit snacks is the incremental value. Beyond that though, we're going to improve our marketing on our core as we've done in some of the categories I've told you more broadly. We're going to increase our marketing spend, and we have some really good new products coming in the first half of next year. In fact, part of the investment we're making in the fourth quarter is the R&D resources, so the admin necessary to get those products to market as well as the supply chain.

另一個是，在定價方面，我們將在今年下半年和明年上半年進行大量的定價工作。但就增量活動而言，我們需要承擔價值，水果零食就是增加價值。除此之外，我們還將改進我們的核心行銷，就像我們在某些​​我更廣泛地告訴您的類別中所做的那樣。我們將增加行銷支出，明年上半年我們將推出一些非常好的新產品。事實上，我們在第四季度進行的投資的一部分是研發資源，因此需要管理這些產品以及供應鏈。

And so what we're looking at next year is to reinvest our HMM savings to reinvest in the 53rd week as well as these efficiencies to get back to growth. That is the job to do. The rest of our PNL looks great, and it'll look even better once we get back to growth. And my expectation is that our competitiveness will improve starting in the fourth quarter with the actions we've taken, and we'll look to carry that over into the first quarter, second quarter, third and fourth of next year.

因此，我們明年計劃將我們的 HMM 儲蓄重新投資於第 53 週，並提高這些效率以恢復成長。這就是要做的工作。我們其餘的獲利看起來都很棒，而且一旦我們恢復成長，情況會變得更好。我的預期是，透過採取這些行動，我們的競爭力將從第四季開始提高，並期待將這種競爭力延續到明年第一季、第二季、第三季和第四季。

Got it. Great. Thanks so much. I'll pass it on.

知道了。偉大的。非常感謝。我會傳達的。

Ken Goldman, JP Morgan.

摩根大通的肯‧戈德曼。

Hi, thank you. Just to build on Andrew's question, I was hoping we could run through a quick, very broad exercise of kind of the tailwinds and headwinds into next year just on a general basis, not looking at any numbers. And I'm wondering if I'm missing anything here.

你好，謝謝。為了回答安德魯的問題，我希望我們能夠快速、廣泛地了解明年的順風和逆風，只是一般性地了解，而不是看任何數字。我想知道我是否遺漏了什麼。

So as I think about the tailwinds, you've talked about a little more trade, better marketing in general that should help volume. Innovation, your tone is great there. Maybe you have some easier laps from some of the trade destocks, obviously you have a little more HMM maybe and you have those new cost efficiencies you talked about. And then, as I think about the headwind side, excuse me, obviously a little more trade than what you initially expected, although you talked about some easier laps there, some investments in brand communication. Maybe a bit more slotting. Then, you have tariffs, stock-based comp, Yoplait dilution.

因此，當我考慮順風時，您談到了更多的貿易，總體而言更好的營銷，這應該有助於提高銷量。創新，你的語氣很棒。也許你會因為一些貿易去庫存而獲得一些更輕鬆的體驗，顯然你可能會有更多的 HMM，而且你還獲得了你剛才談到的那些新的成本效率。然後，當我想到逆風方面時，對不起，顯然交易比你最初預期的要多一些，儘管你談到了一些更輕鬆的圈數，以及在品牌傳播方面的一些投資。或許還有更多插入操作。然後，你有關稅，股票補償，優諾稀釋。

I'm running through these very quickly, obviously, that I'm putting you on the spot, but is there anything obvious that I'm missing there? Because honestly, you talked about how your job is to get back to growth. It seems that those headwinds are a little stronger than the tailwinds, and that's kind of what we're hearing from the buy side today. So I really wanted to push a little bit on that if I could. Thank you.

我正在快速地瀏覽這些內容，顯然，我是在讓你為難，但是我是否明顯遺漏了什麼？因為說實話，你談到了你的工作是如何恢復成長。看起來這些不利因素比順風因素強一些，這正是我們今天從買方聽到的。所以如果可以的話我真的很想在這方面再努力。謝謝。

Okay. And I think, broadly, you've actually got almost all elements we want you to be tracking. I think, Yoplait, obviously, we don't know exactly when that's going to close. That'll be a significant, probably about 5-point headwind that we want to make sure you have visibility to. We flagged that at CAGNY. It started 5-point headwind on profit.

好的。我認為，從廣義上講，您實際上已經掌握了我們希望您追蹤的幾乎所有元素。我認為，Yoplait，顯然我們不知道具體什麼時候會關閉。這將是一次顯著的逆風，大概有 5 點左右，我們希望確保你們能夠看到。我們在 CAGNY 上標記了這一點。其利潤一開始就遭遇 5 點的逆風。

I think you've got kind of the texture of the rest of this. There'll be some annualization impact from the investments we've made this year that are important to factor in, and we are building flexibility just in terms of our posture for next year for additional investment.

我想你已經對其餘部分有了些許了解。我們今年進行的投資將產生一些年度化影響，這些影響是需要考慮的重要因素，而且我們正在為明年的額外投資態勢建立靈活性。

I think we're very committed to getting the job done on improving growth trends both in the categories and our own competitiveness. So to the extent that we go into next year, we want to make sure we have flexibility to do that. So I think we'll obviously give you a little bit more perspective on where the commercial investments are going as we step into our Q4 and give guidance. I think you have the fence posts about right though.

我認為我們非常致力於改善各個類別的成長趨勢和我們自身的競爭力。因此，就明年而言，我們希望確保我們有足夠的靈活性來做到這一點。因此，我認為，當我們進入第四季度時，我們顯然會為您提供更多關於商業投資去向的觀點並提供指導。我認為你的柵欄柱子安裝得差不多了。

Great. Thanks, Kofi.

偉大的。謝謝，科菲。

David Palmer, Evercore ISI.

大衛·帕爾默（David Palmer），Evercore ISI。

Thanks, and thanks for those comments on innovation. I wanted to follow up on that. I've seen some data that, in general, in the food space, there's been less innovation. The innovation in the category in general packaged food is not really recovered to pre-COVID levels. It's been slow to essentially ramp back up. You're certainly ramping up innovation heading into fiscal '26. I wonder if you could sort of characterize for us the level of innovation activity into '26 and how it will compare to '25? And maybe you sound optimistic about it, like what are the ways you're changing the types of innovation, the messages that you think will work perhaps better per activity and marketing dollar next year?

謝謝，感謝您對創新的評論。我想繼續跟進此事。我看到一些數據表明，總體而言，食品領域的創新較少。一般包裝食品類別的創新並沒有真正恢復到疫情之前的水準。從本質上來說，它的恢復速度很慢。在邁向 26 財年之際，你們肯定會加強創新。我想知道您是否可以為我們描述一下26年的創新活動水準以及與25年的相比如何？也許您對此持樂觀態度，例如，您正在以何種方式改變創新類型，您認為明年每項活動和行銷費用中哪些資訊可能會發揮更好的作用？

Yes, David, good questions. I will give you as much context as I can without giving away exactly what we're going to be doing. First, you're right in that new product innovation kind of as a percentage of sales still lacking where it was pre-pandemic. That's also true for us, although we are up significantly in our new product innovation as percentage of sales this year than we were last year. So we are up but still below where we were pre-pandemic. I hope that's clear. It's clear in my mind when I say it, I hope it's clear to those listening on the line.

是的，大衛，問題問得好。我會盡可能地向你提供詳細的背景信息，但不會透露我們具體要做什麼。首先，您說得對，新產品創新佔銷售額的比例仍然低於疫情之前。對我們來說也是如此，儘管今年我們的新產品創新佔銷售額的百分比比去年大幅上升。因此，我們的水平有所上升，但仍低於疫情前的水平。我希望這很清楚。當我說這些話時，我心裡很清楚，我希望那些在電話裡聽到的人也很清楚。

As we look at next year, I think there are two things that we need to do. The first is that the types of innovation we have, we probably need to support more robustly and so we've had some good new product innovation like Cheerios Protein. We just talked about Pitmaster and what we've done with Old El Paso and Soup. And we've got stick bars coming in Asia and in Europe that are really good. Nature Valley Granola Protein is off to an amazing start.

展望明年，我認為我們需要做兩件事。首先，我們可能需要更有力地支持我們所擁有的創新類型，因此我們已經有一些很好的新產品創新，例如 Cheerios Protein。我們剛剛討論了 Pitmaster 以及我們對 Old El Paso 和 Soup 所做的事情。我們在亞洲和歐洲銷售的棒棒糖確實很好吃。Nature Valley Granola Protein 的開局令人驚嘆。

We've got some good new product innovation. I think we could probably do a better job even just supporting those a little bit more, which we intend to do. And then I think, the theme for next year is probably going to be fewer but bigger. And we have a few big innovations that we'll talk about in June that I would love to talk about now, but we're not going to, that are going to come in the first half of next year and in addition to kind of some of the things we already talked about. And so, fewer and bigger, I guess, would be -- and then making sure we support well the good ideas that we have, and we have some good ideas.

我們有一些很好的新產品創新。我認為我們可以做得更好，即使只是多提供一點支持，我們也打算這麼做。然後我想，明年的主題可能會更少，但規模更大。我們將在六月討論一些重大創新，我現在很想談論這些創新，但我們不會這樣做，這些創新將在明年上半年推出，除了我們已經討論過的一些事情之外。因此，我想，規模會更小、規模會更大——然後確保我們能夠很好地支持我們已有的好主意，而且我們確實有一些好主意。

Thanks. I'll pass it on.

謝謝。我會傳達的。

Michael Lavery, Piper Sandler.

麥可·拉弗里，派珀·桑德勒。

Thank you. Good morning. Just looking at -- you called that value and price gaps quite a bit and obviously that's a focus. Looking at Dough and Totino's where you kind of had the test cases already, it's maybe a little harder on Totino's to see how much it's coming through because it looks like it picked up kind of later in the quarter or into 4Q. But Dough had sales growth up I think around 4% with volumes up around 8%. I guess, maybe in those categories, how did you or do you understand or figure out what the right price adjustments are and then really, how does that translate more broadly?

謝謝。早安.只是看看——您說價值和價格差距很大，顯然這是一個重點。看看 Dough 和 Totino's，您已經有了測試案例，但對於 Totino's 來說，可能更難看出它實現了多少，因為它看起來是在本季度後期或第四季度才開始回升。但我認為 Dough 的銷售額成長了約 4%，銷量成長了約 8%。我想，也許在這些類別中，您如何理解或弄清楚正確的價格調整是什麼，然後實際上，如何更廣泛地轉換它？

I guess the kind of end point, the question is how do you know that as you've got your -- sounds like your '26 plans are broadly set. How do you know the price investments you're anticipating are enough and how do you think about -- just, you said maybe you can be nimble there. Is that part of how you plan for it as well?

我想，問題是你怎麼知道你已經有了最終目標——聽起來你的 26 個計劃已經大致確定了。您怎麼知道您預期的價格投資是否足夠，以及您是如何考慮的——只是，您說也許您可以在那裡靈活應對。這也是您計劃的一部分嗎？

Yes, so you mentioned (technical difficulty) call which were refrigerated Dough and Totino's. You also add Blue Buffalo into that mix of things that we have executed well and opened some price points (technical difficulty) but also improved our marketing. And that's the other piece of it is that getting the marketing right whether that's new product innovation, marketing behind that or marketing behind the core, which is also important.

是的，所以你提到（技術難度）呼叫的是冷藏麵團和托蒂諾。您還將 Blue Buffalo 添加到我們執行良好的產品組合中，打開了一些價格點（技術難度），同時也改善了我們的行銷。另一個面向是正確進行行銷，無論是新產品創新、背後的行銷或核心背後的行銷，這也很重要。

And so as we look at that, the new piece, [we see the] same price. We've got great brands. And so when we talk about that, that value piece really is kind of getting in the zone of (technical difficulty) cliffs and price differentials and that sort of thing. So it doesn't mean we have to price equally to everybody else. We just have to get into a zone in which our pricing is going to work.

因此，當我們看一下新品時，我們看到的價格是一樣的。我們擁有優秀的品牌。因此，當我們談論這個問題時，價值部分實際上有點進入了（技術難度）懸崖和價格差異之類的區域。所以這並不意味著我們必須對其他人實行相同的定價。我們只是必須進入一個我們的定價可行的區域。

And then, we have to consider all the other elements of our marketing mix, and we use the remarkable experience framework to do that. And we kind of go category by category, say, what are the thing, where are we good? Where are we missing elements and then we go by that, and we use that throughout the entire company.

然後，我們必須考慮行銷組合的所有其他要素，並使用卓越的體驗框架來做到這一點。我們會逐一類別地進行分析，例如，這是什麼？我們缺少哪些元素，然後我們根據這個來判斷，並在整個公司範圍內使用。

And so I'm confident as we head into the fourth quarter and then in the fiscal '26, we have a much better handle category by category, what jobs need to be done. And in some cases, that's value. In some cases, that's marketing on the core. In some cases, that's innovation. And fruit snacks is probably all three of those things. And so that's the way we look at it and we have confidence because we've done it several times now with some big businesses, Blue Buffalo, Totino's and Pillsbury. They're all billion dollar plus brands, and we've done it effectively there.

因此，我相信，當我們進入第四季度以及 26 財年時，我們能夠更好地逐類處理需要完成的工作。在某些情況下，這就是價值。在某些情況下，這就是核心行銷。在某些情況下，這就是創新。而水果零食很可能就具備上述三種特質。這就是我們的看法，我們有信心，因為我們已經和一些大企業合作過好幾次了，像是 Blue Buffalo、Totino’s 和 Pillsbury。它們都是價值超過十億美元的品牌，而我們在那裡做得非常有效。

We just need to make sure -- the job to do now is expand that to the rest of our portfolio, which we have been working on, which will start to manifest itself in Q4. In fact, I would expect our Cereal business to come back in Q4. And I would expect our Soup business as well to show improvement in Q4 as we get the marketing in a good place and as the value is also in a good place.

我們只需要確保——現在要做的工作是將其擴展到我們一直在努力的其餘投資組合，這將在第四季度開始體現。事實上，我預計我們的穀物業務將在第四季度恢復。而且我預計我們的湯類業務在第四季度也會有所改善，因為我們的行銷處於良好狀態，價值也處於良好狀態。

That's great color. Would it be fair to assume that that evaluation exercise that you talked about, have you completed that across the company or is there still some brands or categories that maybe under review, so to speak?

顏色真棒。是否可以公平地假設，您談到的評估活動已經在整個公司範圍內完成了，或者是否仍有一些品牌或類別可能正在審查中？

We've completed that across the company, and that was just led to some of the improvements that you've seen so far. Some things take longer than others. And the work has already begun, and you'll see that in the fourth quarter, and we'll bleed into next year. So you'll see that in next year as well.

我們已經在整個公司範圍內完成了這項工作，而這也帶來了您迄今為止所看到的一些改進。有些事情比其他事情要花更長的時間。這項工作已經開始，您會在第四季度看到它，並且會持續到明年。所以明年你也會看到這一點。

But I would also say, it's an always on kind of capability because context changes and the environment around us changes. And so one of the things -- yes, I feel good that we kind of understand brand by brand what we need to do, but I also know that the context changes and we have to be agile enough to change with the world around us, and so I also know that.

但我想說，這是一種始終在線的能力，因為上下文在變化，我們周圍的環境也在變化。所以其中一件事——是的，我很高興我們能夠了解每個品牌需要做什麼，但我也知道環境在變化，我們必須足夠靈活地適應周圍世界的變化，所以我也知道這一點。

That's helpful.

這很有幫助。

Alexia Howard, Bernstein.

亞歷克西亞·霍華德，伯恩斯坦。

Good morning, everyone. Can I start with -- come back to snacks. As I think about previous economic slowdowns like the financial crisis and so on, snacks seem to do okay as a sort of feel-good treat at a low-ticket price. And they didn't seem to be behaving in previous cycles with this value-seeking discretionary problem that we seem to have today.

大家早安。我可以先——回到零食話題上來。當我回想起金融危機等以往的經濟衰退時，零食似乎還不錯，因為它是一種價格低廉、讓人感覺良好的享受。在先前的周期中，他們似乎並沒有表現出我們今天所面臨的這種價值追求的自由裁量問題。

So what's different this time around? And could this accelerated uptake of GLP-1 drugs, for example, or increasing consumer concerns about the healthiness of indulgent snacks be another part of the issue here? I'm just wondering what data you're looking at to really get at the root of what's driving the category weakness. Thank you, and I'll pass it on.

那麼這次有什麼不同呢？例如，GLP-1 藥物的加速吸收，或消費者對零食健康問題的日益擔憂，是否也是此問題的另一個部分？我只是想知道您正在查看哪些數據才能真正找到導致該類別疲軟的根本原因。謝謝您，我會傳達的。

Yes. Thanks, Alexia (inaudible) and let me give you a couple of thoughts. And as we look across some kind of salty snacks, grain snacks and fruit snacks, kind of, quarter-on-quarter, there's about a (technical difficulty) negative gap on the category between what was happening before and what is happening now.

是的。謝謝，Alexia（聽不清楚），讓我給你一些想法。當我們觀察某種鹹味零食、穀物零食和水果零食時，我們發現，與之前相比，這個類別現在出現了（技術難度）負向差距。

And our view is that a lot of that has to do with consumer confidence. I mean, yes, GLP-1 use is increasing. It's about 10% of the adult population now, about 5% or so used for weight loss, which is up significantly from the year before, but it didn't change that much quarter-to-quarter. And we've also seen the same kind of activity in dog treats. And to my knowledge, there is not GLP-1s for dog treats.

我們認為這很大程度上與消費者信心有關。我的意思是，是的，GLP-1 的使用正在增加。目前大約有 10% 的成年人口，其中約 5% 左右用於減肥，這比前一年有大幅增長，但季度間變化並不大。我們也在狗糧中看到了同樣的現象。據我所知，沒有專門用於狗糧的 GLP-1。

And so I don't think that -- even though we take the GLP-1 kind of trends seriously and as you see, we have a lot of protein coming in our new products and macronutrients and fiber are going to be important in portion size and lower sugar and all that. That's really not what we see in this environment.

因此，我不認為——儘管我們認真對待 GLP-1 類趨勢，而且如您所見，我們的新產品中含有大量蛋白質，而常量營養素和纖維在份量大小和低糖等方面將發揮重要作用。這確實不是我們在當前環境下看到的情況。

As to why we see the slowdown, you're right, in past recessions like in 2008, we didn't see this. Our view would be is that food at home is now elevated vis-a-vis what it was in 2008. And so it's elevated vis-a-vis what it was in pre-pandemic. And so pre-pandemic, food at home consumption was about 83% of occasions. It's now 87% and hasn't been 87% for a long time.

至於我們為什麼會看到經濟放緩，您說得對，在過去的經濟衰退（例如 2008 年）中，我們並沒有看到這種情況。我們的觀點是，現在家庭食品價格與 2008 年相比有所上漲。因此，與疫情之前相比，這一數字有所上升。因此，在疫情之前，家庭用餐消費佔比約為 83%。現在是87%，很久沒有達到87%了。

And so what has changed is that in price periods like we're experiencing now with consumer confidence, we had a lower percentage of people eating at home and that increased as they got more anxious. That level has already increased, and so that really hasn't changed much. And so our belief is that consumers have become much more value conscious and that not only determines what happens in category, but also what happens in the rest of the store.

因此，變化的是，在我們現在經歷的消費者信心價格時期，在家吃飯的人數比例較低，而隨著人們變得更加焦慮，這一比例會增加。該水平已經有所提高，因此實際上並沒有發生太大變化。因此，我們相信，消費者已經變得更加重視價值，這不僅決定了品類的銷售情況，也決定了商店其他地方的銷售情況。

So if you look at the rest of the grocery store, you would see that things that are staples are the ones that are growing faster than things that are more discretionary. And so staples like baking staples, for example, and some of the items on the perimeter, those are growing faster because they produce more value and the same would be true of why restaurant occasions are down slightly. So we think it's much more about value now and that's the biggest difference is the eating occasions the first of what we saw in the past recession.

所以如果你看看雜貨店的其他部分，你會發現主食的成長速度比非必需品要快。因此，像烘焙主食這樣的主食以及一些週邊產品的增長速度更快，因為它們創造了更多的價值，這也是為什麼餐廳營業額略有下降的原因。因此，我們認為現在更多的是價值問題，而最大的區別在於飲食場合，這是我們在過去的經濟衰退中第一次看到的情況。

Thank you very much. I'll pass it on.

非常感謝。我會傳達的。

Thanks.

謝謝。

Peter Galbo, Bank of America.

美國銀行的彼得‧加爾博 (Peter Galbo)。

Hey, Jeff, Kofi, good morning, guys.

嘿，傑夫、科菲，大家早安。

Good morning.

早安.

Jeff, just a couple questions, if we can dig in a little bit more on the snacks business. The first would just be around fruit snacks. I'm assuming when you're talking about kind of the value piece of it, you're talking more moths relative to gushers. I think you had like actually expanded gusher's capacity about a year ago. So just wanted to clarify on that.

傑夫，我有幾個問題想問一下，我們可以更深入地了解零食生意嗎？第一個是關於水果零食。我假設，當您談論它的價值部分時，您談論的是相對於噴油井而言更多的是飛蛾。我認為你們大約在一年前就實際上擴大了噴油器的容量。我只是想澄清一下這一點。

And then the second piece is just if you can expand a bit more on the remediation plans. I guess, in snack bars, you have a competitor who was off shelf and is now back on shelf. And maybe salty as well, just maybe in the same level of detail that you provided around fruit snacks would be super helpful. Thanks very much.

第二部分是您是否可以進一步詳細說明補救計劃。我想，在小吃店裡，你有一個競爭對手，他從貨架上下來，現在又回到貨架上了。也可能是鹹的，也許與您在水果零食上提供的相同程度的詳細程度會非常有幫助。非常感謝。

Yes, so let me start with fruit snacks a little bit. You're right. I mean, gushers capacity came back up in Q2 and we feel good about the trajectory of that business. When we look at the category, the fruit snacks category is down and part of that discretionary which we talked about, but we haven't distinguished ourselves in the shelf front either. And there are a couple of big retailers introduced, private label during that period. And so there's no question that the job to do on fruit snacks is one of making sure our value is in the range, but also then getting back to innovation. We talked a little bit about Harry Potter, fruit snacks and what we're doing there as well as marketing on the core.

是的，那麼讓我先從一些水果零食開始。你說得對。我的意思是，井噴能力在第二季度恢復了，我們對這項業務的發展軌跡感到滿意。當我們查看類別時，水果零食類別有所下降，並且屬於我們所談論的可自由支配的部分，但我們在貨架方面也沒有脫穎而出。在此期間，有幾家大型零售商推出了自有品牌。因此毫無疑問，水果零食要做的工作之一是確保我們的價值在範圍內，同時也要回歸創新。我們談論了一些關於哈利波特、水果零食以及我們在那裡所做的事情以及核心行銷。

And so I would like them what we have to do with fruit snacks a little bit to what we had to do with a couple of items on Blue Buffalo. Where, on Blue Buffalo, a year ago, our pricing was good on Life Protection Formula as it probably is on gushers, but all we had to do is market it better. And we started doing that and that was the job to do, that's probably gushers.

因此，我希望他們能夠了解我們對水果零食的處理方式，以及我們對 Blue Buffalo 的一些產品的處理方式。一年前，在 Blue Buffalo，我們的 Life Protection Formula 定價很合理，可能在井噴產品上也是如此，但我們所要做的就是更好地推銷它。我們開始這樣做，這就是要做的工作，這可能就是噴油井。

When you come to some other items, it's probably like wet pet food and treats where we had to improve the marketing, which we did and we had to improve the price points, which we did. And it took a little bit longer, but we eventually got back to where we needed to go. And so that's kind of why -- I think that's the corollary to fruit snacks if you would.

至於其他一些商品，可能就像濕寵物食品和零食一樣，我們必須改進行銷，我們也確實這樣做了，我們必須提高價格點，我們也確實這樣做了。雖然花了一點時間，但我們最終還是回到了我們要去的地方。所以這就是為什麼——如果你願意的話，我認為這是水果零食的必然結果。

On bars, bars was a tough quarter because we had a competitor who was off shelf a year ago, but I feel good about our bars business. Some of the innovation we have coming on bars. We didn't mention Cheerios Protein bars, I don't think, on this call but it's coming up, and so we feel good about that. Nature Valley, the marketing is good on Nature Valley. And so, our bars business, I would look to rebound you probably more quickly even than fruit snacks, but fundamentally, we're in a decent place on that.

對於酒吧來說，這是一個艱難的季度，因為我們有一個競爭對手，他一年前就下架了，但我對我們的酒吧業務感覺良好。我們在酒吧方面進行了一些創新。我認為我們在這次電話會議中沒有提到 Cheerios 蛋白棒，但它即將面世，因此我們對此感到很高興。自然谷，自然谷的行銷做得很好。因此，我希望我們的酒吧業務能夠比水果零食更快反彈，但從根本上講，我們在這方面處於不錯的地位。

Thanks, Jeff. And just salty, if anything there?

謝謝，傑夫。如果有的話，只是鹹嗎？

Yes, on salty snacks, there really probably is a value play. Although, salty is a relatively small part of our portfolio relative to fruit snacks and Nature Valley. But I think that one, value is certainly true, but I would also say it's very clear that consumers are looking for bold flavors. And so our ability to introduce some new products with some bolder flavors is also going to be part of our success in salty snacks.

是的，鹹味小吃確實可能存在價值發揮。儘管如此，與水果零食和自然谷相比，鹹味食品在我們的產品組合中所佔的比例相對較小。但我認為，首先，價值當然是正確的，但我也要說，很明顯消費者正在尋找濃鬱的口味。因此，我們推出一些口味更濃鬱的新產品的能力也將成為我們在鹹味小吃領域取得成功的部分原因。

Great. Thanks very much. I'll pass it up.

偉大的。非常感謝。我會傳遞它。

John Baumgartner, Mizuho Securities.

瑞穗證券的約翰‧鮑姆加特納 (John Baumgartner)。

Good morning. Thanks for the question. I just wanted to come back to the consumer and this interaction between value-seeking and Mills' mention of a functional ingredients and functional innovation set against the broader focus on RFK and ingredients more broadly. How do you assess the willingness and ability for consumers to pay up for healthier ingredients and better quality? I think in the past, the ability to extract premium pricing for premium ingredients, that capacity hasn't always been as clear relative to being just sort of table safe to remain competitive. Do you see them changing on that front in terms of pricing power and premium mix at this point?

早安.謝謝你的提問。我只是想回到消費者身上，以及價值追求與米爾斯提到的功能性成分和功能性創新之間的互動，而這種互動與對 RFK 和成分的更廣泛關注形成對比。您如何評估消費者為更健康的食材和更好的品質付費的意願和能力？我認為，在過去，以優質原料獲取高價的能力，這種能力並不總是那麼明顯，相對於僅僅保持餐桌安全以保持競爭力而言。您認為他們目前的定價能力和優質產品組合方面會改變嗎？

Consumers are still getting -- value comes in a lot of different ways. Part of that is pricing, but obviously, the benefit part is also important. And we see that playing out in proteins. We highlighted a lot of protein innovation we have coming now, whether that's Cheerios Protein or Progresso Protein, which is doing very well, and so you'll see that.

消費者仍然可以透過多種不同的方式獲得價值。其中一部分是定價，但顯然，收益部分也很重要。我們在蛋白質中看到了這個現象。我們重點介紹了目前許多蛋白質創新，無論是 Cheerios Protein 還是 Progresso Protein，它們都表現良好，所以您會看到這一點。

And the key for us is really we're seeing a lot of value players, but we're seeing some things at the high end as well, so it's kind of bifurcating. And for us value doesn't -- as I mentioned earlier, I'm going to repeat myself, value doesn't mean getting a race to the bottom on pricing or getting to the same place to private labels just making sure we have the gaps correct. And after a period of kind of record inflation for three years, those things can take a toll.

對我們來說，關鍵在於我們確實看到了很多有價值的玩家，但我們也看到一些高端玩家，所以這是一種分歧。對我們來說，價值並不意味著——正如我之前提到的，我要重複一遍，價值並不意味著在定價上展開一場逐底競爭，也不意味著與自有品牌處於同一水平，只是確保我們的差距正確。在經歷了三年創紀錄的通貨膨脹之後，這些因素可能會帶來負面影響。

And so it really is about getting the value right and beyond that, it really is about talking about the benefits of our products. In some cases, that's functional benefits like protein and other places like Pillsbury biscuits, it's about how flaky they are. When it comes to Betty Crocker, maybe how chocolaty they are. So it really depends brand by brand, the benefits you're looking for. Yes, some functional health, but it's food. People really like stuff that tastes good. And to the extent, like in Cheerios Protein, we can make it taste good, and it has a functional benefit, that's an even bigger win.

因此，這實際上是關乎正確價值，除此之外，這實際上還關乎談論我們產品的優勢。在某些情況下，這是功能性益處，例如蛋白質和其他地方，例如Pillsbury餅乾，它是關於它們的酥脆程度。說到貝蒂·克羅克 (Betty Crocker)，也許是因為它們有多巧克力味。所以這確實取決於每個品牌，取決於您所尋求的利益。是的，有一些功能性健康，但它是食物。人們確實喜歡味道好的東西。在某種程度上，就像 Cheerios Protein 一樣，我們可以讓它味道好，並且具有功能性益處，這是一個更大的勝利。

Okay. Thank you.

好的。謝謝。

Chris Carey, Wells Fargo.

富國銀行的克里斯凱裡 (Chris Carey)。

Hi, everyone. So one slight clarification and then a bigger picture question. Just on the clarification, with the savings targets for next year, is there a message today that the savings targets between HMM and the incremental $100 million are there to be fully reinvested back into the business? Or is the message today simply we're putting forth strong savings just to give us the ability to invest as we see fit, but the plans are still developing or something of the sort? So that's just a kind of clarification.

大家好。因此，先稍微澄清一下，然後再問一個更大的問題。只是澄清一下，關於明年的儲蓄目標，今天是否有消息說，HMM 和增量 1 億美元之間的儲蓄目標將全部重新投資到業務中？或者今天的訊息只是我們正在進行大量儲蓄只是為了讓我們有能力根據自己的意願進行投資，但計劃仍在發展中或諸如此類？這只是一種澄清。

And then the bigger picture question is, if I look at your category growth rates, the categories in which you compete, they're actually growing, which is really positive, right, because that means if you can close category gaps, you're back to growth. When you assess why your portfolio is not growing in line with category, what are the major diagnosis? Is it value, the innovation agenda, the marketing messaging? Because I think, we all think, oh, value is the key here. Invest in price and trade and that'll drive the improvement. But when you set the portfolio about why there's that relative amount of performance, what are the buckets that are standing out the most to you? So thanks for those.

然後更大的問題是，如果我看一下你的類別成長率，你競爭的類別實際上正在成長，這確實是正面的，對吧，因為這意味著如果你可以縮小類別差距，你就會恢復成長。當您評估為什麼您的投資組合沒有按照類別成長時，主要的診斷是什麼？它是價值、創新議程還是行銷訊息？因為我認為，我們都認為，哦，價值是這裡的關鍵。投資價格和貿易將推動改善。但是，當您設定投資組合時，關於為什麼會有這種相對的表現，哪些類別對您來說最為突出？所以謝謝你們。

Yes, let me take the second part of your question first, and then I'll pass it over to Kofi to take the first part of your question. On the category growth, you make a really important point, which is that our categories are growing and they're growing about 1%, and that's below the kind of 2% to 3% we think will happen as we look into the future. And the biggest delta, really the delta is price mix.

是的，我先回答你問題的第二部分，然後我會把這個問題交給科菲來回答你問題的第一部分。關於品類成長，你提出了一個非常重要的觀點，那就是我們的品類正在成長，成長率約為 1%，低於我們預期的未來 2% 到 3% 的成長率。而最大的差異，其實就是價格組合差異。

And so as we look at volumes, they're roughly in line with what we could expect and what we could expect for 2% to 3% top-line growth, except that there's not much price mix in this environment, which given what we said about the consumer, I think kind of lines up. And so our categories are growing.

因此，從銷售來看，它們大致符合我們的預期，也符合我們預期的 2% 至 3% 的營收成長，只不過在這個環境下沒有太多的價格組合，考慮到我們所說的消費者情況，我認為這是一致的。我們的類別也在不斷擴大。

Because of that, the most important job we have to do is to get back to being competitive, which is what we will look to largely do in the fourth quarter. We have lots of areas that are competitive now. If I look at food service, if I look at Haagen-Dazs internationally, if I look at Blue Buffalo or what we've done with Pillsbury or Totino's, there are places where our market shares are increasingly good. And the job for us to do is to get back to that more broadly, probably starting with volume share first, ultimately. The ultimate arbiter is dollar share, but volume share first as we're getting our value realigned.

因此，我們最重要的任務就是恢復競爭力，這也是我們在第四季要專注的事情。我們現在有很多領域競爭激烈。如果我看一下食品服務，如果我看一下國際上的哈根達斯，如果我看一下 Blue Buffalo 或者我們與 Pillsbury 或 Totino’s 合作的情況，就會發現我們的市場份額在某些地方越來越好。我們要做的工作是更廣泛地回歸這個目標，最終可能會先從銷售份額開始。最終的裁決者是美元份額，但由於我們正在重新調整價值，因此首先要考慮的是數量份額。

So that's the job to do. And then to get back to algorithm, then it takes a little bit of a price mix on top of that, which we're not expecting in the near term, which we're pretty confident we'll come back eventually. And then, that's the most important thing that we need to do.

這就是要做的工作。然後回到演算法，然後它需要一點價格組合，這是我們短期內不會想到的，但我們非常有信心我們最終會回來。這就是我們需要做的最重要的事情。

I'll probably turn it over to Kofi to talk a little bit more about the reinvestment profile and what we're expecting there.

我可能會讓科菲進一步談談再投資的狀況以及我們的預期。

And just kind of picking up on where Jeff left off, but I think to the extent that we see the path ahead next year really focused on driving improved growth and competitiveness. The purpose of the $100 million plus additional cost savings, the net HMM above inflation is to free up resources to reinvest for growth, right? So the efficiency is there to drive growth. We're not trying to drive specific improvements in margin. Obviously, to the extent, we have additional flexibility above that $100 million you can expect our dial to be tilted probably towards reinvestment back into the business.

這只是接續了傑夫之前所說，但我認為，就我們明年的前景而言，我們將真正專注於推動成長和競爭力的提升。1 億美元加上額外的成本節約，高於通貨膨脹的淨 HMM 的目的是釋放資源以進行再投資以實現成長，對嗎？因此，效率可以推動成長。我們並未試圖推動利潤率的具體改善。顯然，在某種程度上，我們在 1 億美元之上擁有額外的靈活性，你可以預期我們的資金可能會傾向於重新投資於業務。

We'll talk more about specifically where and the nature of that investment a little bit more detail obviously as we go into our Q4 and give guidance for the next year.

在進入第四季度並為明年提供指導時，我們將更詳細地討論投資的具體地點和性質。

Kofi, let me come back to the second part of Chris' question, which I think I forgot the first time around. Being competitive is not only about price. I mean, we need to get the pricing back in the zone, but it's value holistically. And as a CPG company, the recipe for success is relatively simple, even if it's difficult to execute, which is you need really good marketing on your core. You need good new product innovation, and you need the value to kind of be in the zone where your marketing can work.

科菲，讓我回到克里斯問題的第二部分，我想我第一次回答的時候忘記了。競爭力不僅僅在於價格。我的意思是，我們需要讓價格回到原來的範圍，但從整體來說這是有價值的。身為一家快速消費品公司，成功的秘訣雖然執行起來有些困難，但相對簡單，那就是你需要真正優秀的核心行銷。您需要好的新產品創新，並且您需要將價值置於您的行銷能夠發揮作用的區域。

And we know this has been true for decades and we've proven it again on the categories that I've talked about earlier, and we're going to start to prove it on some other areas as well. And I think you'll see that in Cereal on the fourth quarter where we've got good value, but we also have a double digit increase in media. You'll see it on soup where we have good new products that we're going to market.

我們知道這幾十年來一直都是正確的，我們已經在我之前談到的類別上再次證明了這一點，我們也將開始在其他一些領域證明這一點。我認為您會看到，在第四季度，我們的穀物業務具有良好的價值，而且我們的媒體業務也實現了兩位數的成長。您將在湯品上看到我們將要推向市場的優質新產品。

And so, yes, we need to get the pricing roughly in line, but it is not only about that, and it can't only be about that. We've got the best brands in our categories, and so it really is about marketing them effectively, which is marketing the core as well as new product innovation, and we'll look to dial up both as we look at the year ahead, starting in Q4.

所以，是的，我們需要讓定價大致一致，但這不僅僅關乎此，也不能只關乎此。我們擁有各自類別中最好的品牌，因此，真正的重點是對它們進行有效的營銷，也就是營銷核心產品以及新產品創新，展望未來一年，從第四季度開始，我們將著眼於這兩方面。

Thanks guys. Really helpful.

謝謝大家。真的很有幫助。

Leah Jordan, Goldman Sachs.

高盛的利亞喬丹 (Leah Jordan)。

Good morning. Thank you for taking my question. I just wanted to go back to Cereal. I know that's been a big area of concern for investors recently, and with the mid-single digit decline in US retail in the quarter. Just curious if you provide more detail on that, how it compared to your internal expectations. And then going back to what gives you the confidence to driving the improvement in the fourth quarter. And really just how are you thinking about the durability of the category longer term. Thank you.

早安.感謝您回答我的問題。我只是想回到穀物。我知道這最近一直是投資者關注的一大焦點，本季美國零售額出現了中等個位數的下滑。只是好奇，如果您能提供更多細節，看看它與您的內部期望相比如何。然後回過頭來談談是什麼讓你有信心推動第四季的改善。您實際上如何看待該類別的長期耐用性？謝謝。

Yes, as we look at the third quarter, let's see how deep to go on this. As we look at the third quarter in Cereal, I mean, it was pretty close to what our expectations were in terms of what our reported net sales were. We knew we had a little bit of inventory built up from the second quarter. We talked about timing and that related to a few categories in our second quarter earnings call. Cereal was certainly one of those.

是的，當我們回顧第三季度時，讓我們看看對此要進行多深入的研究。當我們回顧穀物食品第三季度的情況時，我的意思是，就我們報告的淨銷售額而言，它與我們的預期非常接近。我們知道從第二季開始我們已經累積了一些庫存。我們在第二季財報電話會議上討論了時機以及與幾個類別相關的問題。穀物當然是其中之一。

And Leah, besides that, we did have a competitor who was off shelf in the third quarter of the year, and we had a little bit less media and merchandizing. Look, our Cereal performance wasn't great in the third quarter, but it was about what we expected. The reason why I'm confident that it will get better in the fourth quarter is that we have an increase in media. We don't have the overhang from the inventory. And our merchandizing is good. We've got a really good promotion in the fourth quarter.

莉亞，除此之外，我們確實有一個競爭對手，他在今年第三季下架了，而且我們的媒體和商品推銷也少了一些。你看，我們的穀物食品在第三季的表現並不出色，但這與我們的預期差不多。我之所以有信心第四季情況會好轉，是因為我們媒體業務有所成長。我們沒有積壓庫存。我們的商品推銷也很好。我們在第四季取得了非常好的促銷效果。

And so we have all the things lined up kind of like we did in the second quarter. We had a pretty good second quarter last year. Well, I think, we'll have a good fourth quarter on Cereal. And the key to longer term honestly is giving consumers more of what they want. And so as we look at Cheerios Protein, clearly what they want. We want [core] cereal, which is done well. Our Nature Valley Granola Protein has also done well.

所以我們已經把所有的事情安排好了，就像我們在第二季所做的那樣。去年第二季我們的表現相當不錯。嗯，我認為，我們的穀物食品第四季度的業績會很好。而老實說，長期的關鍵是向消費者提供更多他們想要的東西。因此，當我們看一下 Cheerios Protein 時，我們就知道他們想要什麼。我們想要的是[核心]穀物，而且做得非常好。我們的 Nature Valley Granola Protein 也表現良好。

And so it really is giving consumers more of what they want. All those things happen to be protein, but Lucky Charm is still magically delicious, and people want that as well. And Cinnamon Toast Crunch is still, in our view, the best tasting cereal in the category and people want that as well. And so the key to our growth, as it always has been, is giving consumers what they want. In some cases, that's functional benefits like protein, and other times, it's great taste. And if we can get the two together, that's when we usually win the most.

因此它確實為消費者提供了更多他們想要的東西。所有這些東西恰好都是蛋白質，但 Lucky Charm 仍然具有神奇的美味，人們也想要它。我們認為，肉桂吐司脆片仍然是同類麥片中味道最好的，人們也想要這樣的麥片。因此，一如既往，我們成長的關鍵是滿足消費者的需求。在某些情況下，這是蛋白質等功能性益處，而其他時候，這是美味。如果我們能夠將兩者結合起來，那我們通常就能獲得最大的勝利。

Max Gumport, BNP Paribas.

法國巴黎銀行的馬克斯·甘波特（Max Gumport）。

Hey. Thanks for the question. With regard to the unexpected portion of the retailer inventory headwinds in North America retail in pet, can you provide a bit more color on what drove it? Is this an industry-wide phenomenon or is it specific to some of the categories you compete in or your product specifically? And then what's informing the view that there won't be any material changes in retailer inventory levels in the fourth quarter. Thanks very much.

嘿。謝謝你的提問。關於北美寵物零售業庫存逆風的意外部分，您能否詳細說明原因？這是整個產業的現象嗎？那麼，有什麼因素促使人們認為第四季零售商庫存水準不會發生任何重大變化呢？非常感謝。

Well, first of all, in pet, it was across some of our biggest retailers. And pet inventory through the six years or so that we've owned this business has always been more volatile than the rest of our business. I suspect it will be a bit I think because of the e-commerce nature of the business. And so there's a 5 point drag on pet this quarter from retail inventory. A lot of that was dry pet food, which is why you saw the results in dry pet food, especially dry dog food, the way that you did.

嗯，首先，在寵物方面，它涉及我們一些最大的零售商。在我們擁有這項業務的六年左右時間裡，寵物庫存的波動性一直比我們其他業務更大。我認為會有一點，因為該業務屬於電子商務性質。因此本季寵物零售庫存下降了 5 個百分點。其中許多都是乾寵物食品，這就是為什麼您會在乾寵物食品，特別是乾狗糧中看到這樣的結果。

Our inventory levels weren't high before. They're even lower now. For the year, our inventory is about -- our retailers about flat to where it was at the beginning of the year, and so that's what gives us the confidence that we won't have another drawdown in inventory in the rest of the year. As well that's an inventory trend -- an industry trend or just us, I'll let everybody else talk about what their trends are, I just know what ours are.

我們的庫存水準以前並不高。現在甚至更低了。今年，我們的庫存與零售商的庫存大致與年初持平，因此我們有信心在今年剩餘時間內不會再次出現庫存下降。這也是一種庫存趨勢——一種行業趨勢或只是我們的趨勢，我會讓其他人談論他們的趨勢是什麼，我只知道我們的趨勢是什麼。

Okay, Julianne, I think we're going to -- given that we have, kind of, hit the past the time allotted here, I think we'll go ahead and wrap up. Thanks, everyone, for the attention and the time this morning. We're available all day for follow-ups as usual, and so I look forward to connecting here in the next few days, and we'll be back to discuss Q4 when we get to June. Thanks so much.

好的，朱利安，我想我們會——考慮到我們已經超出了這裡分配的時間，我想我們會繼續結束。感謝大家今天上午的關注和時間。像往常一樣，我們可以全天跟進，因此，我期待在接下來的幾天裡在這裡進行聯繫，到六月時我們將回來討論第四季度。非常感謝。

This concludes today's conference call. Thank you for your participation. You may not disconnect.

今天的電話會議到此結束。感謝您的參與。您不能斷開連線。