通用磨坊 (GIS) 2025 Q4 法說會逐字稿

Good morning and welcome to General Mills' fourth quarter fiscal 2025 earnings conference call. (Operator Instructions) As a reminder, this conference call is being recorded. I would now like to turn the call over to Jeff Siemon, Vice President of Investor Relations and Corporate Finance. Thank you. Please go ahead.

早安，歡迎參加通用磨坊 2025 財年第四季財報電話會議。（操作員指示）提醒一下，本次電話會議正在錄音。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)。謝謝。請繼續。

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

謝謝你，茱麗安，大家早安。感謝您今天參加我們關於 25 財年第四季業績的問答環節。我希望每個人都有時間閱讀我們的新聞稿，聽取我們準備好的發言，並查看我們今天早上在投資者關係網站上提供的簡報資料。

Please note that in this morning's 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-gap information, which may be discussed on today's call.

請注意，在今天早上的問答環節中，我們可能會根據管理層當前的觀點和假設做出前瞻性的陳述。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差距資訊的調節，這些資訊可能會在今天的電話會議上討論。

I'm here today with Jeff Harmening, our Chairman and CEO; Kofi Bruce, our CFO; and Dana McNabb, Group President of North America Retail and North America Pet. Before we open for questions, I'm going to hand it over to Jeff Harmening for a few opening remarks.

今天和我一起來這裡的還有我們的董事長兼執行長 Jeff Harmening、我們的財務長 Kofi Bruce 以及北美零售和北美寵物集團總裁 Dana McNabb。在我們開始提問之前，我會把時間交給 Jeff Harmening 來做幾句開場白。

Yeah, thanks, Jeff, and I thought I'd start this morning and there's a lot going on up and down our P&L within our business, and then, certainly a lot going on in the broader world. So I thought I'd just take a couple of minutes to summarize, what we're trying to trying to accomplish.

是的，謝謝傑夫，我想從今天早上開始，我們的業務中有很多事情在損益表上上下下，當然，在更廣闊的世界中也發生了很多事情。所以我想我只需要花幾分鐘來總結我們正在努力實現的目標。

The first and most important thing is really returning to volume growth, specifically in NAR. And we're really encouraged by what we've seen. We started to invest in value in Q3 of last year with Pillsbury and Totino's topped by really good advertising, and we like the results of that so much that we decided that we'd expand the value investments we made in soup and cereal and fruit snacks in the fourth quarter, and we saw the results there that we expected.

第一件也是最重要的事情是真正恢復銷售成長，特別是在 NAR。我們所看到的景象確實令我們深受鼓舞。我們從去年第三季開始對價值進行投資，Pillsbury 和 Totino 的廣告效果非常好，我們非常喜歡這樣做的結果，因此我們決定在第四季度擴大對湯、穀類食品和水果零食的價值投資，我們看到了預期的結果。

And so as we go into this year, we're kind of just continuing the formula that we had in the fourth quarter, which is Which is to expand some of the value investments on targeted businesses that we saw, but also really importantly backing that up by significant consumer news.

因此，當我們進入今年時，我們只是延續了我們在第四季度的策略，即擴大我們看到的目標業務的一些價值投資，但更重要的是透過重要的消費者新聞來支持這一點。

In fact, I think our new product news and our core renovation news is the best that I've seen since I've been the CEO. And we use our remarkable experience framework. We talked a lot about these and our prepared remarks. So we are launched into fresh pet food, all the protein innovation we've seen in NAR portfolio.

事實上，我認為我們的新產品新聞和核心革新新聞是我擔任執行長以來見過的最好的。我們利用我們卓越的經驗框架。我們針對這些內容以及我們準備好的發言進行了大量討論。因此，我們推出了新鮮寵物食品，以及我們在 NAR 產品組合中看到的所有蛋白質創新。

Renovating Häagen-Dazs stick bars, and so forth, gives us confidence that that we can get our business back to the kind of growth we're looking for. Importantly, as we're doing all this work in NAR, we did see share growth in our international businesses this past year, as well as food service and health share and pet, and so, that gives us a lot of confidence.

翻新哈根達斯棒材等等讓我們有信心讓我們的業務恢復到我們所期望的成長水平。重要的是，當我們在 NAR 中開展所有這些工作時，我們確實看到去年我們的國際業務、食品服務和健康份額以及寵物份額都有所增長，因此，這給了我們很大的信心。

We're backing up all of this investment with record levels of holistic margin management and also productivity initiatives, so we're not sitting still on that front. But we know that it's an investment year, but we're very confident that these investments will pay off, given what we've seen over the last couple of quarters. So with that, let's open the floor to questions.

我們以創紀錄的整體利潤管理和生產力舉措來支持所有這些投資，因此我們在這方面不會停滯不前。但我們知道這是投資年，但根據過去幾季的表現，我們非常有信心這些投資將獲得回報。那麼，就讓我們開始提問吧。

Great, Julianne. You can go ahead.

太好了，朱麗安。你可以繼續。

(Operator Instructions) Ken Goldman, J.P. Morgan.

（操作員指示） 肯‧戈德曼，摩根大通。

It's certainly exciting to see Blue go national from a refrigerated standpoint. One of the things you had talked about previously in the past, to paraphrase is, you were always, I think, confident in the revenue opportunity. It was a little more on the margin and cash story that was, less tested.

從冷藏的角度來看，看到 Blue 走向全國確實令人興奮。您之前談到的一件事，換句話說，我認為您一直對創收機會充滿信心。這更多的是關於利潤和現金的故事，沒有經過太多的測試。

So I'm trying to get a better sense if possible of, if something has changed or you've learned a little bit more about the margin potential there. And then as a corollary to that, just trying to get a little bit of sense for your merchandizing strategy for that just given, the obviously limited shelf space for that particular category.

因此，如果可能的話，我試圖更好地了解是否發生了一些變化，或者您是否對那裡的利潤潛力有了更多的了解。然後作為其必然結果，只是試圖對剛才給出的商品推銷策略有一點了解，因為該特定類別的貨架空間顯然有限。

Yeah, so let me talk a little bit about -- this is Jeff -- let me talk a little bit about the past and Dana if you have any follow on comments, to follow on a little bit about our marketing plans, but yeah, we're like we're very excited about this launch, this big national launch. We learned a couple of important things in that last test market, one was that the Blue Buffalo brand really resonated.

是的，那麼讓我來談談——這是傑夫——讓我來談談過去的情況，如果你有任何後續評論，請和達娜談談我們的營銷計劃，但是是的，我們對這次發布、這次全國性的大型發布感到非常興奮。在上一次測試市場中，我們了解到一些重要的事情，其中​​之一就是 Blue Buffalo 品牌確實引起了共鳴。

The second, we could make great products. So our repeat rates were really good. I mean, we had dogs standing in front of refrigerators because they were so excited to eat this stuff. So we know that that works. What we didn't, because we launched recently, we really didn't have the scale to market the way we needed to generate trial.

第二，我們可以做出優秀的產品。所以我們的重複率非常好。我的意思是，我們讓狗站在冰箱前面，因為它們非常興奮地吃這些東西。所以我們知道這是有效的。我們沒有這樣做，因為我們剛剛推出產品，所以我們確實沒有足夠的規模來按照我們需要的方式進行行銷以產生試用。

And so as we go into this national launch, this gives us the opportunity to launch it at scale. You ask about the financials. We have learned a lot. It's been many years since we tried that that test, and we've actually been studying the market ever since.

因此，當我們進行全國發佈時，這為我們提供了大規模發布的機會。您詢問財務狀況。我們學到了很多。我們嘗試進行該測試已經很多年了，並且從那時起我們就一直在研究市場。

And one of the things we've grown quite a bit more comfortable with is that over time, I mean this investment will take a couple of years in generating trial. That's the most important job to do. But having done that and achieving scale, we're confident that we can build a profitable and growing business. If we weren't, we wouldn't get involved in this endeavor, but it'll take a little bit of investment, but we believe that we have the right activities to do it. Dana, you want to give any insights into that?

我們越來越確信的一件事是，隨著時間的推移，這項投資將需要幾年的時間才能產生試驗效果。這是最重要的工作。但在做到這一點並實現規模化之後，我們有信心建立一個獲利且不斷成長的企業。如果我們不這樣做，我們就不會參與這項事業，但這需要一點投資，但我們相信我們有正確的活動來做到這一點。達娜，你想對此發表一些見解嗎？

Yeah, well, as you said, the learning really helped us to build a stronger consumer proposition, and we really think that we have a path to an attractive financial model for a fresh business at scale. What we are coming with is, Love Made fresh nationally. It will be in all 50 states.

是的，正如您所說，這些學習確實幫助我們建立了更強大的消費者主張，並且我們確實認為我們找到了一條適合大規模新業務的有吸引力的財務模式。我們帶來的是，全國新鮮製造的愛。它將覆蓋全美 50 個州。

We have a wide variety of formats and flavors to drive appeal, and these formats have been designed for maximum flexibility. And why that's important is that we know that 80% of pet parents who use fresh, they use it with other food formats. So they'll top it, they'll mix it, they'll sometimes use it on its own, and then 55% of those users, they want to use kibble and fresh from the same brand.

我們擁有多種多樣的格式和口味來吸引消費者，這些格式的設計都具有最大的靈活性。這很重要，因為我們知道 80% 使用新鮮食物的寵物主人會將其與其他食物形式一起使用。因此，他們會在上面添加食物，將其混合，有時會單獨使用，而其中 55% 的用戶希望使用同一品牌的粗磨食物和新鮮食物。

So we're really confident that Blue Buffalo has a right to win here, that we've got a unique proposition. As Jeff said, we have improved our go to market approach and we're committed to investing and building quality, trial and awareness.

所以我們非常有信心，Blue Buffalo 有權在這裡獲勝，我們有一個獨特的主張。正如傑夫所說，我們改進了我們的市場進入方式，並致力於投資和建立品質、試驗和意識。

We have had really strong reception from retailers, and as we come to market, we're going to be the biggest pet brand that's across dry, across wet, treats, and fresh. So, we're still early days, but we're excited to share more about this launch as we get closer to the date.

我們受到了零售商的熱烈歡迎，隨著我們進入市場，我們將成為最大的寵物品牌，涵蓋乾濕兩用、零食和新鮮產品。所以，我們還處於早期階段，但隨著發布日期的臨近，我們很高興能分享有關此次發布的更多資訊。

Andrew Lazar, Barclays.

巴克萊銀行的安德魯·拉扎爾。

I think the level of reinvestment planned for fiscal '26 is certainly deeper than most anticipated, and I understand the organic top line growth priority and the investment behind fresh. My question is, how do you ensure that the margin profile that comes with this reinvestment is being done in a sort of responsible way?

我認為 26 財年計畫的再投資水準肯定比大多數人預期的要深，而且我了解有機營收成長的優先事項和新事物背後的投資。我的問題是，您如何確保這種再投資所帶來的保證金狀況是以負責任的方式進行的？

Than giving up too much margin that may be tougher to ultimately rebuild, I guess, are there certain aspects of the reinvestment that maybe you see as more one-off or temporary in nature that give you confidence that you can rebuild this margin in a reasonable time frame, versus being maybe at a structurally lower level sort of going forward, if you will.

我想，與放棄過多最終可能更難重建的利潤率相比，再投資的某些方面是否可能更具一次性或暫時性，讓您有信心在合理的時間範圍內重建這一利潤率，而不是在未來處於結構性較低水平，如果你願意的話。

Sure. Andrew, this is Kofi, and good morning and thanks for the question. Let me give you just a few thoughts. I think we see a few of the factors there, there's certainly a lot going on underneath the hood, and we provided from on that detail on the prepared remarks, but underneath the hood, there are a couple of factors that we would see as maybe more temporary in nature.

當然。安德魯，我是科菲，早安，謝謝你的提問。讓我給你講幾點想法。我認為我們看到了其中的一些因素，幕後肯定發生了很多事情，我們在準備好的評論中提供了這些細節，但在幕後，我們認為有幾個因素可能本質上是比較暫時的。

First, as Jeff alluded to, the fresh investment, well, multi-year investment, we would expect that once we build scale and it will be at a point of profitability and return on that investment. Second, as we think about the nature of tariffs, we expect to be able to mitigate some of the effects of tariffs, but not all within the year. So that'll put a little bit of drag from a timing perspective.

首先，正如傑夫所提到的，新的投資，也就是多年的投資，我們預計，一旦我們建立規模，它就會達到獲利點並獲得投資回報。其次，考慮到關稅的性質，我們預計能夠減輕關稅的部分影響，但無法在一年內全部消除。所以從時間角度來看這會造成一點拖延。

But again, not something that we see as structural necessarily long term. And then third, just a reminder that on the divestiture of Yoplait, we expect there to be a little bit of stranded cost rag as we are getting at some of the costs and eliminating some of those costs this year, but we'll have a tail end of the fiscal '27. So that, those are the factors that I think are important to take in even as you measure what is an important and significant investment behind getting growth restarted.

但我們認為這不一定是長期的結構性問題。第三，需要提醒的是，在剝離 Yoplait 業務時，我們預計會出現一些擱淺成本，因為我們今年會收回部分成本並消除其中的部分成本，但我們將在 27 財年末實現這一目標。因此，我認為，在衡量重啟經濟成長背後重要且重大的投資時，這些都是需要考慮的重要因素。

Peter Galbo, Bank of America.

美國銀行的彼得‧加爾博 (Peter Galbo)。

Maybe just a quick clarification and then a question. Kofi, I think on Pet specifically in Q4, you talked about the inventory build at retail that you're expecting to reverse. So is that a full reversal in Q1? I just want to kind of understand the magnitude there.

也許只是快速澄清一下然後提出一個問題。科菲，我認為特別是在第四季度的寵物方面，您談到了零售庫存累積的情況，您預計這種情況將會逆轉。那麼，這是第一季的徹底逆轉嗎？我只是想了解那裡的規模。

And then Jeff, like, there's been obviously a lot of lumpiness, I think, in the reported figures on Pet. So maybe you can just give us a broader sense from your prepared remarks on just the state of underlying Pet and how you're thinking about the different verticals within that, just, again, given some of the lumpiness that we've seen quarter to quarter.

然後傑夫，我認為，關於寵物的報告數據顯然存在許多不均勻之處。因此，也許您可以從您準備好的評論中給我們一個更廣泛的了解，關於基礎寵物的狀態，以及您如何看待其中的不同垂直領域，再次考慮到我們每個季度看到的一些不穩定性。

Yeah. Thanks for the question. You asked Kofi the first one and me the second, but I'm going to take one for the team here and answer both of those.

是的。謝謝你的提問。你問了科菲第一個問題，而我問了第二個問題，但我將代表團隊回答這兩個問題。

As we look at inventory levels, first, our inventory levels in Pet are in good place, kind of broadly speaking. As we look throughout all of last year, there was relatively any -- very little movement as you look across here in our levels of inventory at retail for our pet food business.

當我們查看庫存水準時，首先，從廣義上講，我們的寵物庫存水準處於良好狀態。回顧去年全年，我們發現我們的寵物食品業務零售庫存水準幾乎沒有什麼變化。

Our pet food business since we bought it has really had a lot more lumpiness, as your term, and the levels of retail inventory, and that's really largely due to the fact that it has a high proportion of e-commerce sales, which tend to be more volatile than to things going through grocery stores and mass merchants and so forth.

自從我們收購寵物食品業務以來，它的波動性確實很大，正如您所說的那樣，零售庫存水準也是如此，這主要是因為其電子商務銷售佔比很高，而電子商務銷售往往比透過雜貨店和大型商家等管道銷售的商品波動性更大。

And so I would expect that, that the lumpiness quarter-to-quarter will continue. And to the extent, we will reverse in the next quarter or not, maybe. And we just want to be transparent about last quarter and that we saw 3 points of inventory build last quarter as we head into this quarter and whether that will dissipate at the end of this quarter or not, we'll see.

因此我預期季度環比成長的不平衡態勢將會持續下去。就某種程度而言，我們可能會在下個季度扭轉局面，也可能不會。我們只是想公開上個季度的情況，進入本季後，我們看到上個季度庫存增加了 3 個點，至於這個數字是否會在本季末消失，我們拭目以待。

One thing I have decided to do is to not predict what's going to happen with Pet inventory from quarter to quarter, having been fooled a couple of times. So it's a fair question, but I want you to know there's -- our inventory is in a good place, both on our retail business, the human food business and our pet food business. And there's always going to be some level of variability as we go quarter to quarter.

我決定要做的一件事是，不要預測寵物庫存每季會發生什麼，因為我已經被愚弄過幾次了。所以這是一個公平的問題，但我想讓你知道——我們的庫存狀況良好，無論是零售業務、人類食品業務還是寵物食品業務。隨著季度的推移，總是會出現一定程度的變化。

And just anything on the underlying pet kind of performance, how you're --

以及寵物的基本表現，你如何--

Yeah, sorry. So I get so excited about that answer. Yeah. What I'm really excited -- I'm really encouraged that we got our Pet business back to stability. And we grew it a little bit this past year, and our share held. And some of the things we've done have really worked well, like the advertising on life protection formulas work well.

是的，抱歉。所以我對於這個答案感到非常興奮。是的。真正讓我興奮的是——我們的寵物業務恢復了穩定，這讓我感到非常鼓舞。去年我們的市佔率略有成長，並且保持了原有的份額。我們所做的一些事情確實取得了很好的效果，例如人壽保障配方的廣告就很有效。

Our cat business is back to mid-single-digit growth. And the cat population is growing, so that's important. We've integrated Tiki Cat effectively, and that's growing well. Edgard & Cooper is growing well in Europe on bringing back that to the US. So we have a lot of things that are working really well. I think, pointed in the right direction, our marketing is quite good in the pet food business now.

我們的貓業務已恢復中等個位數成長。而且貓的數量正在增長，所以這一點很重要。我們已經有效地整合了 Tiki Cat，它發展得很好。Edgard & Cooper 將其帶回美國後，在歐洲發展良好。因此，我們有很多事情進展得非常順利。我認為，只要方向正確，我們現在在寵物食品業務上的行銷就會相當好。

There's some things we still have to work on. Wilderness improved, but it's not all the way back to bright. And certainly, our Treats business would be the same. But I like the direction of travel, of our food business, even without this launch of fresh pet food. And it's important because our goal this year is to grow the core of our Blue Buffalo business and add this new fresh launch on top of that.

有些事情我們仍需努力。荒野有所改善，但還沒有完全恢復光明。當然，我們的零食業務也是一樣的。但即使沒有推出新鮮寵物食品，我也喜歡我們食品業務的發展方向。這很重要，因為我們今年的目標是發展 Blue Buffalo 業務的核心，並在此基礎上推出這項新產品。

And we're encouraged by what we see. There's still more work to do. But we've gone from a business that had declined in the prior year to one that we grew a little bit, and now we're looking to build on the successes and continue to work on the things that aren't working exactly the way that we had thought.

我們所看到的景象令我們深受鼓舞。還有更多工作要做。但是，我們的業務已經從前一年下滑的狀態轉變為略有增長的狀態，現在，我們希望在成功的基礎上繼續努力解決那些沒有按照我們想像的方式進行的事情。

Peter Grom, UBS.

瑞銀的 Peter Grom。

I was just hoping to get an understanding on just kind of the organic revenue phasing for the year, just in the context of the down 1% to plus 1%, and kind of starting off, I think, in kind of this down 3% range. So just curious how you're thinking about the phasing of growth as we move through the year.

我只是希望了解今年有機收入的階段性變化，在下降 1% 到增加 1% 的背景下，並且我認為從下降 3% 的範圍內開始。所以我很好奇您是如何看待我們這一年中成長階段的？

And I guess, specifically, do you expect to see a return to growth at some point in time? And then just related in the prepared remarks, you outlined an expectation for category growth to be similar. And not to get too specific, are you simply assuming what we're seeing today continues? Or do you expect to see some sequential improvement, but where you win for the year ultimately is similar to what we saw in '25?

我想，具體來說，您是否預計在某個時間點會看到成長的恢復？然後，正如在準備好的評論中所述，您概述了對類別成長相似的期望。並且不要太具體，您是否只是假設我們今天所看到的情況會持續下去？或者您期望看到一些連續的改善，但今年的最終勝利與我們在 25 年看到的類似？

Yeah. So I think it's important to note that as we exit this year, we had about 2 points of trade expense phasing in our organic sales number as we exit the quarter. So as you think about kind of the setup for next year, we will have trade expense phasing comps as we work our way through the first half of the year. And obviously, as we've made investments in the second half of this year, those comps will ease. So I would expect that to be reflected in the progression of our top line. So I think that's a critical point.

是的。因此，我認為值得注意的是，當我們在今年結束時，我們的有機銷售額中大約有 2 個點的貿易費用。因此，當您考慮明年的安排時，我們將在上半年逐步進行交易費用的比較。顯然，由於我們在今年下半年進行了投資，這些同比數字將會下降。因此我希望這將反映在我們的營收成長上。所以我認為這是一個關鍵點。

And then the second is, as we think about categories, we are laser-focused on what we can control, which is our competitiveness. So we're not counting on a significant rebound in categories as we work our way through the year.

第二，當我們考慮類別時，我們會專注於我們能夠控制的東西，也就是我們的競爭力。因此，我們並不指望今年各個類別會大幅反彈。

Chris Carey, Wells Fargo.

富國銀行的克里斯凱裡。

I think kind of a holistic question and more of a quantitative follow-up. From the more holistic side, you're probably the most intentional when it comes to pricing reinvestments in the space. And I think it's really a couple of questions related to that.

我認為這是一個整體性的問題，更多的是定量的後續問題。從更全面的角度來看，當談到該領域的再投資定價時，你可能是最有目的性的。我認為這確實與此相關。

First, what are you seeing from a competitive response to some of these early actions? And then secondly, how do you ensure that this isn't a race to the bottom with branded competitors or private label?

首先，您從競爭對手對這些早期行動的反應中看到了什麼？其次，您如何確保這不會是與品牌競爭對手或自有品牌的競爭？

And then the more quantitative question is, in the context of really strong HMM, 5%, you've got the incremental $100 million of savings, but obviously, like substantial pricing investments. Can you just frame kind of like gross margins versus SG&A, how you see those line up -- stacking up through the year?

然後更定量的問題是，在真正強大的 HMM 5% 的背景下，您可以獲得 1 億美元的增量節省，但顯然，這需要大量的定價投資。您能否簡單描述毛利率與銷售、一般及行政費用 (SG&A) 之間的關係，您認為它們在全年中如何變化？

Let me take the first part of that question. And then when it comes to margin versus SG&A, I'll pass it on to Kofi, and he can tackle that. On the pricing, it's a really good question, and I appreciate it. The things -- I think there are a couple of things to keep in mind is that the first is that even in the fourth quarter, as we looked at our price mix, it was down 3% in North America retail and down 1% as -- and we talk about pricing actions. And is it going to be race to the bottom? It's not going to be a race to the bottom.

讓我來回答這個問題的第一部分。然後，當談到利潤率與銷售、一般及行政費用時，我會將其轉交給科菲，他可以解決這個問題。關於定價，這是一個非常好的問題，我很感激。我認為有幾件事需要記住：第一，即使在第四季度，當我們查看我們的價格組合時，北美零售額下降了 3%，而我們談論定價行動時，零售額下降了 1%。這是否會引發一場逐底競爭？這不會是一場逐底競爭。

And the order of magnitude is about that much. We're also investing a lot in advertising this coming year on new products and all the rest. So it's not just about pricing. It's about investment and making sure that we get trial on all of our good marketing initiatives.

數量級大約就是這麼多。我們也將在來年對新產品和其他產品的廣告投入大量資金。所以這不僅涉及定價。這是關於投資，並確保我們所有好的行銷舉措都得到試驗。

The other is that in every category, it is not as if we are leading pricing actions down across the board. We're taking targeting actions in specific categories. I've talked about this before, but just to really give another example. For example, in pet food, we were over a price cliff on our wet pet food, and we got under that price cliff back in line with competition. But we didn't have any pricing action on life protection and pharma because that was in a good place, and the same with our cat food business.

另一個問題是，在每一個類別中，我們並不是全面降低定價行動。我們正在針對特定類別採取有針對性的行動。我之前已經談過這個問題，但只是想舉另一個例子。例如，在寵物食品方面，我們的寵物濕食價格處於懸崖之上，而我們又回到了懸崖之下，與競爭對手保持一致。但我們沒有對人壽保障和製藥採取任何定價行動，因為它們處於良好狀態，我們的貓糧業務也是如此。

And so as you -- as we look across our categories, the axis really are targeted to specific items, specific areas and specific categories. And really, just to get us back in the zone of where our marketing is going to be effective. And so our brands are generally premium brands, and they should be because we've got great brands. But the marketing works really well when the price is kind of in the zone. And kind of getting that in the zone is the first step.

因此，當我們查看我們的類別時，軸確實針對特定項目、特定區域和特定類別。事實上，這只是讓我們回到行銷有效的領域。因此，我們的品牌一般都是高端品牌，這是理所當然的，因為我們有優秀的品牌。但當價格處於適當的範圍內時，行銷效果確實很好。而進入這個區域是第一步。

But even more important than that really is that once having done that, how good is our marketing, how good are our new products, how good is our core news, and that's what we're really excited about because it's that combination of getting the pricing in, but then also making sure that your marketing is great on top of that, that's going to lead to better outcome.

但實際上比這更重要的是，一旦做到了這一點，我們的行銷有多好，我們的新產品有多好，我們的核心新聞有多好，這就是我們真正興奮的地方，因為這是獲得定價的結合，但同時也要確保你的行銷在此之上很棒，這將帶來更好的結果。

And we saw that with Pillsbury. We saw that with Totino's. We're confident we'll see that with many of our other businesses as we head into this year. In fact, we already have. I mean, if you look at North America retail, we're just three weeks into the year, but I think about 80% of our North America retail business is gaining share already in this quarter.

我們在皮爾斯伯里身上也看到了這一點。我們在托蒂諾身上看到了這一點。我們相信，隨著今年的到來，我們的許多其他業務也將迎來同樣的發展。事實上，我們已經這樣做了。我的意思是，如果你看看北美零售業，今年才剛過去三週，但我認為本季我們北美零售業務的 80% 的份額已經成長。

And then on your question on SG&A, we would expect SG&A to grow a little faster than our top line as a result of reinvestment, a portion of the reinvestment going back into increased media behind our fresh pet launch and certainly behind our brands and innovation in North America retail. In addition, just as a reminder, the incentive reset will be a big drag as you look at the corporate unallocated line and SG&A. So those factors will be the primary drivers of the increase.

然後關於您關於銷售、一般和行政費用 (SG&A) 的問題，我們預計由於再投資，銷售、一般和行政費用的增長速度將略高於我們的營業收入，其中一部分再投資將用於增加媒體投入，支持我們推出新鮮寵物產品，當然也支持我們在北美零售領域的品牌和創新。此外，需要提醒的是，當您查看公司未分配線路和銷售、一般及行政費用時，激勵重置將是一個很大的拖累。因此這些因素將成為成長的主要驅動力。

I'll just add. This is Jeff Siemon. I had one clarification. As Jeff said, our price mix in the quarter North America retail and Nielsen was down about 3 points. And for the quarter at the company level, excluding the trade timing, price mix was down 1%. So I think that was the point, down 3% in total, 2% of that was trade timing. So excluding trade timing, price mix was down about 1% in the quarter.

我僅補充一點。這是傑夫·西蒙。我有一個澄清。正如傑夫所說，本季北美零售和尼爾森的價格組合下降了約 3 個百分點。從公司層級來看，本季不包括交易時間因素，價格組合下降了 1%。所以我認為這就是重點，總共下降了 3%，其中 2% 是交易時機。因此，如果不考慮交易時機，本季價格組合下降了約 1%。

Robert Moskow, TD Cowen.

羅伯特·莫斯科（Robert Moskow），TD Cowen。

Jeff, I wanted to know if you think pricing can get back into positive territory at some point during the course of the year. It's hard to get the algorithm to work without having some pricing power to some degree. So maybe you could talk about your philosophy in that regard.

傑夫，我想知道您是否認為價格在今年的某個時候會回到正值區域。如果沒有一定程度的定價權，演算法就很難發揮作用。那麼也許您可以談談您在這方面的哲學。

And then secondly, I wanted to ask about the assumptions on how big the fresh business can get in pet? When you started working on this, the category was probably growing at around 25%, but our channel checks indicate that it's more like 12% to 13% now, including DTC. So does that have any impact on your expectations for how big this business can get longer term?

其次，我想問寵物生鮮事業能發展到多大的假設？當你開始著手這項工作時，該類別的成長率可能在 25% 左右，但我們的通路檢查表明，現在的成長率更像是 12% 到 13%，包括 DTC。那麼這對您對該業務長期規模的預期有何影響？

Yeah. So Rob, a couple of answers to those really, really important questions. Look, I'm about to tell you things I know that you already know because you've been doing this a long time as I have, but over the long term, to get an algorithm to work in the food space, what you need is about half your growth from volume and half your growth from pricing. I, mean you get pricing and mix and all that. So you need both of those things over time.

是的。那麼 Rob，針對這些非常非常重要的問題，我給幾個答案。聽著，我要告訴你一些我知道你已經知道的事情，因為你和我一樣已經做了很長時間，但從長遠來看，要讓演算法在食品領域發揮作用，你需要的是大約一半的增長來自銷量，一半的增長來自定價。我的意思是，您可以獲得定價、組合和所有這些。所以隨著時間的推移，你需要這兩樣東西。

There's a period of time when we saw record in -- there's a dog in the background. I'm sure thing he's being fed Blue Buffalo, is probably asking for Blue Buffalo. But if you look over time, you need a mix of price, mix and volume. We saw when we had record inflation for a period of about three years, all we had was pricing, and there was no volume. Now we're a little bit of a period where there's a lot more volume than there is price/mix given the consumer sentiment kind of where we are.

有一段時間，我們看到了記錄——背景中有一隻狗。我確信他正在吃藍水牛，可能正在要求吃藍水牛。但如果從時間角度來看，您需要考慮價格、組合和數量的混合。我們看到，當我們經歷了大約三年的創紀錄通貨膨脹時，我們所擁有的只是定價，而沒有數量。現在我們正處於一個時期，考慮到消費者情緒，銷售量遠大於價格/組合。

But over time, those things came to level out. So you're right. Over the course of time, to get the P&L to really work the way you want it to, you need a mix of pricing and you need a mix -- price/mix and a little bit of volume as well. But this is a period where we're going to lean more on volume just as we did more on price/mix when we had record inflation a few years ago. And so you're right, but we're in a period of time where we know what we need to do.

但隨著時間的推移，這些事情逐漸趨於平穩。所以你是對的。隨著時間的推移，要使損益表真正按照您想要的方式運作，您需要混合定價，並且需要混合 - 價格/組合以及一點點數量。但在這個時期，我們將更依賴數量，就像幾年前通貨膨脹創紀錄時我們更依賴價格/組合一樣。所以你是對的，但我們正處於一個知道我們需要做什麼的時期。

In terms of what comes next and tariffs and inflation, I mean, your guess is kind of as good as mine. I mean, what's going to happen without -- we're not really sure. I mean, all of our options are still open as to how we deal with the inflation we see in front of us. If inflation continues to pick up, then, yes, we go to productivity, HMM, and all those things, but we have a great strategic revenue management toolkit.

至於接下來會發生什麼事以及關稅和通貨膨脹，我的意思是，你的猜測和我的一樣好。我的意思是，如果沒有——我們真的不確定會發生什麼。我的意思是，對於如何應對我們面臨的通貨膨脹，我們所有的選擇仍然是開放的。如果通貨膨脹持續上升，那麼，是的，我們會提高生產力、HMM 和所有這些方面，但我們有一個很棒的策略收入管理工具包。

And so we'll be very willing to work with that as well to the extent that we need to. And so -- but it's a pretty unpredictable environment right now. So we're not really sure how that's going to play out. But know that we're agile enough with enough of the capabilities to make that work.

因此，我們非常願意在需要的範圍內開展工作。所以——但現在的環境相當難以預測。所以我們不太確定事情會如何發展。但要知道，我們夠靈活，擁有足夠的能力來實現這一目標。

Your second question about fresh pet food, you talked about the growth rates and how they've slowed to 12%, I might add, and how we think about that. The first, I would say, vis-a-vis where we started looking at fresh pet food a few years ago, the category is like twice the size.

您的第二個問題是關於新鮮寵物食品的，您談到了成長率以及成長率如何放緩至 12%，我想補充一下，以及我們對此有何看法。首先，我想說，相對於我們幾年前開始關注新鮮寵物食品而言，這個類別的規模現在是現在的兩倍。

So the pool of the -- on to which we'll be fishing in will be about twice the size as it was a few years ago. So that would be the starting point, which gives us reason to believe that our fresh offering has a chance to be a really big offering. And growing 12% is nothing to sneeze at.

因此，我們釣魚的池塘面積將比幾年前擴大一倍左右。所以這將是一個起點，它讓我們有理由相信我們的新產品有機會成為一個真正大的產品。12% 的成長率也並不是什麼小數目。

And the continuation of humanization of pets is an ongoing trend. It's a 20-year trend. And it manifests itself in a lot of different ways versus how treating works, to wanting natural pet food, which Blue Buffalo serves, wanting fresh offerings, which we're about to get into.

而寵物人性化的持續發展是持續的趨勢。這是一個20年的趨勢。它以多種不同的方式表現出來，與治療的方式不同，它表現為想要天然寵物食品（Blue Buffalo 提供）和想要新鮮的產品（我們即將介紹）。

And so we're confident that the humanization of pet food is going to continue, especially because it's particularly relevant among Gen Z and millennial consumers. And so as they form households more and more and they buy pets, we're confident that this trend will continue.

因此，我們相信寵物食品的人性化將會繼續下去，特別是因為它與 Z 世代和千禧世代消費者特別相關。隨著越來越多的人建立家庭併購買寵物，我們相信這種趨勢將會持續下去。

And the only thing I'd add to that is that the first segment is a $3 billion segment now. And our data indicates it will be $10 billion in 10 years. And so there's still significant growth in this segment to get. We believe Blue Buffalo has a right to win here, and it can help spur on that category growth.

我唯一要補充的是，第一部分現在的價值是 30 億美元。我們的數據顯示，10 年後這數字將達到 100 億美元。因此，這一領域仍有顯著的成長空間。我們相信 Blue Buffalo 有權贏得勝利，並且可以幫助刺激該類別的成長。

David Palmer, Evercore ISI.

大衛·帕爾默（David Palmer），Evercore ISI。

First, a quick one and a clarification off of a line in slide number 38. You said category growth below long-term expectations and similar to fiscal '25, reflecting lower price/mix. What was your category growth all in for fiscal '25?

首先，快速澄清一下第 38 張投影片中的一行。您說類別成長低於長期預期並且與 25 財年類似，反映出較低的價格/組合。25 財年您的產品類別成長如何？

And I asked that because it looks like, lately, the category growth on a weighted basis for mills would be over 2% lately, just looking at the MULO+ data, which would be in line with -- so it looks like the -- hearteningly, the categories that you're in are doing pretty well. So just curious about what sort of category growth assumptions you are seeing.

我之所以問這個問題，是因為最近看起來，按加權計算，工廠類別的增長率最近將超過 2%，僅查看 MULO+ 數據，這將與 - 所以看起來 - 令人振奮的是，您所在的類別表現相當不錯。所以我只是好奇您看到的是什麼樣的類別成長假設。

Dave, it's Jeff Siemon. Yeah, that references our global growth exposure, kind of take our categories and geographies combined. And yes, in the US human food, I'd say our categories are a little bit shy of maybe where we would expect our long-term growth to be, with volume in line and price/mix not quite maybe to the level that we would have expected normally based on our go-forward category mix.

戴夫，我是傑夫西蒙。是的，這指的是我們的全球成長風險，有點像是結合我們的類別和地理。是的，在美國人類食品中，我想說我們的類別可能有點低於我們預期的長期增長水平，數量與價格/組合可能沒有達到我們根據未來類別組合通常預期的水平。

Pet category-wise is growing, but modestly less than what we would expect long term. Maybe it's about 1% today. We'd expect 3%-plus long term.

寵物類別正在成長，但略低於我們的長期預期。今天可能約為 1%。我們預計長期成長率將達到 3% 以上。

And then some of our international categories, China, in particular, and even Europe growing a bit less, China down, and Europe maybe a bit less than long term. So when you take that in aggregate, that was the remark about overall category growth across our enterprise being a bit below where we would expect long term that 2% to 3% growth rate.

然後我們的一些國際類別，特別是中國，甚至歐洲的成長都稍微慢一些，中國有所下降，歐洲的長期成長可能也略低一些。因此，當你從總體上看，這就是關於我們整個企業的整體類別成長率略低於我們預期的長期成長率（即 2% 至 3%）的評論。

So if we were to kind of keep it simple and thinking about your business in terms of getting your sales trends in line or better than your categories, '26 versus '25, for all of us look -- trying to think about whether -- how you're thinking about the must get rights for this year, what categories and brands perhaps will get the most improved awards? What are going to be those?

因此，如果我們簡單一點，從銷售趨勢與類別保持一致或更好的角度來考慮您的業務，那麼 2026 年與 2025 年相比，對於我們所有人來說，試著思考一下 - 您如何考慮今年必須獲得的權利，哪些類別和品牌可能會獲得進步最大的獎項？這些會是什麼？

It looks like from your slides, you have a lot in snacks, Totino's, maybe even cereal. You mentioned Pets on firmer footing. But what are really going to be the must get rights from a total sales perspective that you're looking for improvement into '26?

從您的幻燈片上看，您有很多零食、Totino，甚至可能是穀物。您提到寵物的基礎更加牢固。但是從整體銷售角度來看，您真正希望在 26 年取得進步的必須獲得的權利是什麼？

Yeah. So let me take that. I'm kind of looking for improvement across the board, to be honest with you. The -- and I think we can get there because our marketing is better. Our new products are better. Our value is going to be in the right place. And I mean, we win when our biggest, most important categories get better.

是的。所以讓我來接受這一點。說實話，我正在尋求全面進步。我認為我們可以實現這一目標，因為我們的行銷做得更好。我們的新產品更好。我們的價值將會被放在正確的位置。我的意思是，當我們最大、最重要的類別變得更好時，我們就贏了。

And so as you look across our global brands and our local gems, that's where we expect to see the improvement. I mean, you can't really get the growth we're kind of looking at by growing your small businesses really well. You really need to grow your biggest, most important business as well. That's where I would expect to see improvement, but I would also expect it to see it broad-based.

因此，當您看到我們的全球品牌和本地精品時，我們期望看到它們的進步。我的意思是，你不可能透過讓小企業發展得非常好來獲得我們所期望的成長。您確實需要發展您最大、最重要的業務。我希望看到這方面的改進，但我也希望看到它廣泛的發展。

And I think we have the initiatives to back that up. And we feel good about the start of the year, and we'll see how it progresses. But so far, I would say that, importantly, what we have to do is grow in line with our categories. We think if we do our job right, we can hopefully get our categories to grow a little faster, but we're not counting on that.

我認為我們有舉措來支持這一點。我們對今年的開始感到滿意，我們將拭​​目以待未來的發展。但到目前為止，我想說，重要的是，我們要做的就是按照我們的類別發展。我們認為，如果我們做好自己的工作，我們希望我們的類別能夠成長得更快一些，但我們並不指望這一點。

What we're counting on is just being more competitive within our categories. But because we're the leader in so many categories, to the extent that our marketing efforts really stick well, hopefully, we can drive a little bit more improvement in category growth as well, but we're not counting on that.

我們所期望的只是在我們的產品類別中更具競爭力。但是，由於我們在許多品類中都處於領先地位，只要我們的行銷工作能夠取得良好的效果，我們就有希望推動品類成長取得更大的進步，但我們並不指望這一點。

Scott Marks, Jefferies.

史考特馬克斯，傑富瑞。

I have two quick ones. The first, I guess, on the innovation front, I guess, we saw a lot of products that are putting protein front and center. So just wondering how those are performing thus far in kind of initial launches and markets where you're getting into.

我有兩個簡短的。首先，我想，在創新方面，我們看到很多產品都把蛋白質放在第一位了。所以只是想知道這些產品在初始發布和進入的市場中的表現如何。

And then secondly, on the price investment front. We've heard some of your competitors investing around key events and key seasons as opposed to more kind of steady-state investment. So just wondering how you're thinking about that and whether you see different consumer responses throughout the year at different points in time.

其次，關於價格投資方面。我們聽說你們的一些競爭對手圍繞著關鍵事件和關鍵季節進行投資，而不是進行更穩定的投資。所以只是想知道您是如何看待這個問題的，以及您是否在一年中的不同時間點看到不同的消費者反應。

Yeah. So I think from a new product standpoint or a new standpoint, you're absolutely right. Protein is a trend that people are really looking for right now. We see mid-single-digit growth across the grocery store from protein items. And while I'm biased, we make protein taste incredibly good.

是的。所以我認為從新產品的角度或新的角度來看，你是完全正確的。蛋白質是人們現在真正尋找的趨勢。我們看到整個雜貨店的蛋白質商品銷售量都呈現中位數個位數成長。儘管我有偏見，但我們讓蛋白質的味道非常好。

So what you're going to see in the plan coming this year is almost $100 million worth of ideas. We have really strong protein across most of our big categories. I'll use Cheerios Protein as an example. That's only been in the marketplace for six months and has far exceeded our expectations. So we are bringing new SKUs into the marketplace starting now.

因此，您將在今年的計劃中看到價值近 1 億美元的創意。我們的大多數大類產品中都含有非常強大的蛋白質。我將使用 Cheerios Protein 作為範例。這款產品上市才六個月，就已經遠遠超出了我們的預期。因此，我們從現在開始將新的 SKU 引入市場。

So we really believe that this is a trend that is here to stay and that we are well-positioned to win with this trend. So that is how we're thinking about new products.

因此，我們確實相信這是一個將會持續下去的趨勢，並且我們有能力抓住這一趨勢並取得勝利。這就是我們對新產品的想法。

And then price steady state versus kind of seasonal.

然後價格穩定狀態與季節性。

Right. I mean, as Jeff has said, the plan for this year is really to make sure that we have really the right price value and a very strong news, innovation and advertising across the entire year. But we also know that when the consumer is struggling, parents won't sacrifice spending in the season.

正確的。我的意思是，正如傑夫所說，今年的計劃實際上是為了確保我們擁有真正合適的價格價值以及全年非常強勁的新聞、創新和廣告。但我們也知道，當消費者陷入困境時，父母不會犧牲這個季節的支出。

They want their families to have a good Halloween or a good Valentine. And so we will make sure that we are leveraging seasons where appropriate. We have about 50% more seasonal innovation in our plan this year. And I think that will be important to complement the innovation and news that we have throughout the entire 52 weeks.

他們希望家人度過一個愉快的萬聖節或情人節。因此，我們將確保在適當的情況下利用季節。我們今年的計劃中季節性創新增加了約 50%。我認為這對我們整個 52 週的創新和新聞的補充非常重要。

Max Gumport, BNP Paribas.

法國巴黎銀行的馬克斯‧甘波特。

You're clearly stepping up your investment posture as you're prioritizing, turning volumes positive. And it's nice to see that in the platforms that you started investing earlier like refrigerated dough and Totino's and dog food. You're seeing that improved volume performance.

您顯然正在加強投資態勢，因為您正在確定優先順序，使投資量變為正數。很高興看到您早期開始投資的平台，如冷藏麵團、Totino 和狗糧。您會看到音量性能有所改善。

The question is, though, taking refrigerated dough as an example, the improved volume, it is not outpacing the price decline. So even though refrigerated dough is a great example of the place where you've turned volumes positive, dollar sales really are still struggling at least in the Nielsen data we're looking at.

但問題是，以冷藏麵團為例，銷售量的增加並沒有超過價格的下降。因此，儘管冷藏麵團是銷量實現正增長的一個很好的例子，但至少根據我們所看到的尼爾森數據，其銷售額仍然很低。

And given the midpoint of your guidance calls for flat organic sales growth, I'm trying to get a sense for what's giving you the confidence that as you roll out these investments more fully, you'll see a more favorable relationship between volume and price.

鑑於您的指導中點要求有機銷售成長持平，我試圖了解是什麼讓您有信心，隨著您更全面地推出這些投資，您會看到銷量和價格之間更有利的關係。

Yeah. So you're right, Max. The fact that our volumes have increased ahead and our volume shares have increased ahead of our dollar share is certainly true, and it's something that we expected and something that we had modeled. In fact, the modeling that we did has turned out to be very, very accurate to what has actually transpired.

是的。所以你是對的，馬克斯。事實上，我們的銷售和銷售份額的成長都超過了美元份額的成長，這是事實，這也是我們預期和模擬的情況。事實上，我們所做的建模與實際發生的情況非常非常吻合。

But the modeling doesn't always -- didn't just end with how you invest in price. What we would expect is that over the course of the first half of this coming year that our volume shares will outpace our dollar shares for the very reasons that you talked about.

但建模並不總是——不僅僅取決於你如何投資價格。我們預計，在今年上半年，我們的交易量份額將超過美元份額，原因正如您所說。

That's why, though, it's so important that as we get into the second half of the year, particularly the fourth quarter, but starting in the second half of the year, that we keep our marketing investment up, that we've improved our new product profile. Our new products are up 25%. That would be our expectation in North America retail and 30% overall as a company.

這就是為什麼當我們進入下半年，特別是第四季時，這一點非常重要，但從下半年開始，我們要繼續加大行銷投資，改善我們的新產品形象。我們的新產品漲幅達25%。這是我們對北美零售業的預期，也是對整個公司 30% 的預期。

And why we have more core news because once we lap the pricing, our assumption is that our dollar shares would then begin to grow. And that really happens when you get your investments in the right zone on value. But then when you add on top of that, really good marketing, which we have.

我們之所以有更多核心新聞，是因為一旦我們確定了定價，我們的假設就是我們的美元份額就會開始成長。當你將投資置於正確的價值區域時，這種情況就會真正發生。但是，如果你在此基礎上再加入一些真正好的行銷手段，那麼我們就有這些了。

And so the first half of the year, we would expect that our volume growth will outpace our value growth, our sales growth, but then that will start to reverse as we continue to invest in new product marketing and great advertising and core business news.

因此，我們預計今年上半年銷售成長將超過價值成長和銷售成長，但隨著我們繼續投資於新產品行銷、優質廣告和核心業務新聞，這一趨勢將開始逆轉。

Great. And your guidance, it is clearly embedding a pretty big step-up in investment spend in FY26. And it feels like a portion of that is around the national expansion into fresh pet food. Is there's any way you could quantify just how much investment is going behind that national expansion into fresh pet food? And I'll leave it there.

偉大的。您的指導顯然將在 26 財年大幅增加投資支出。感覺其中一部分是圍繞全國各地向新鮮寵物食品的擴張。您能否量化一下在全國範圍內拓展新鮮寵物食品業務需要多少投資？我就把它留在那裡。

It's a fair question, but we're going to pass on that for now. Just know that there's another test market. It's a national launch, and we fully intend to make pet parents aware of this launch with our marketing investment. We're going to spend the money required to get the trial because we know the repeat is going to be really good. And so we're not going to give a number on that, but just know that it's important to get the trial, and that really comes with good marketing, but significant levels of marketing investment.

這是一個合理的問題，但我們現在不討論這個問題。只知道還有另一個測試市場。這是全國性的發布，我們打算透過行銷投資讓寵物主人了解這次發布。我們將花費所需的資金來進行試驗，因為我們知道重複試驗的效果會非常好。因此，我們不會給出具體數字，但要知道，獲得試用非常重要，這確實需要良好的行銷，但需要大量的行銷投資。

Michael Lavery, Piper Sandler.

麥可拉弗里、派珀桑德勒。

Two quick ones. Maybe just following up on the launch spending comment. Can you give a sense of how you evaluate and balance organic innovation versus acquiring a fresh pet business? And obviously, the consideration set is extremely limited to acquire. But how do you just think about which is the better way to go? Or what drove you to come back after a test a couple of years ago to launch now?

兩個簡單的。也許只是跟進有關啟動支出的評論。您能否談談如何評估和平衡有機創新與收購新寵物業務？顯然，可獲得的對價極為有限。但是您如何思考哪條路比較好呢？或者是什麼促使您在幾年前測試之後回來現在推出該產品？

Yeah. Look, in general, the ways to grow your own brands organically, to buy -- and to grow through M&A, which we've also done successfully or use equities that other people have, to enter categories that we have with -- and cereal, for example, for protein. And we've done all three of those things effectively.

是的。總的來說，有許多方式可以實現自有品牌的有機成長，例如購買——以及透過併購實現成長，我們也成功地做到了這一點，或者利用其他人擁有的股權，進入我們擁有的類別——例如穀物、蛋白質。我們已經有效地完成了這三件事。

And so as we think about what profile it will take, we ask ourselves, do we have the right to win to do this organically? And with Blue Buffalo, the answer is a resounding yes. We found that out during the first phase of the trial.

因此，當我們思考它將採取什麼樣的形象時，我們問自己，我們是否有權贏得勝利並有機地做到這一點？對 Blue Buffalo 來說，答案是肯定的。我們在試驗的第一階段就發現了這一點。

The second is, do we have the capabilities in order to win? And we've been doing refrigerated products since like the beginning of time. I think since the '50s. And so this idea of getting refrigerated, we know how to run a refrigerated network. And so we certainly know how to do that.

第二，我們有沒有能力贏得勝利？我們從一開始就一直在生產冷藏產品。我認為從 50 年代開始。因此，關於冷藏的想法，我們知道如何運行冷藏網路。所以我們當然知道如何做到這一點。

And then we look at the investment profile and do we think we have the investment profile to be able to enter a category successfully. And in this case, we think we do. And so we -- that's what we evaluate as we look at all of our growth opportunities.

然後我們來看看投資概況，我們是否認為我們的投資概況能夠成功進入某個類別。在這種情況下，我們認為我們確實如此。所以，我們在評估所有成長機會時都會這樣做。

We'd like to be able to grow organically. That's the most important thing for us to do, but we're really pleased that we think we have an offering in this case that will be significant, that will be innovative, that ties really well with the Blue equity. But in other areas, you've seen us do M&A over time because we felt like we needed to enter a category like we did with Blue Buffalo originally and thrilled that we did that.

我們希望能夠有機地成長。這對我們來說是最重要的事情，但我們真的很高興，我們認為在這種情況下我們提供的產品將是重要的，將是創新的，並且與 Blue 股權緊密相關。但在其他領域，您會看到我們隨著時間的推移進行併購，因為我們覺得我們需要進入一個類別，就像我們最初對 Blue Buffalo 所做的那樣，並且很高興我們這樣做了。

That's helpful. And can I just come back to one other comment you said about hoping for improvement across the board? Where does salty snacks fit into that? It didn't really get much mentioned. I know it's a smaller piece of the portfolio, but is that just more challenged because of a discretionary component or some reason that it isn't maybe getting some of the same investments? Or how does that just fit into your thinking and strategy for the year?

這很有幫助。我能否回到您所說的另一條關於希望全面改善的評論？鹹味小吃在其中扮演什麼角色？它實際上並沒有被過多提及。我知道這在投資組合中只佔較小份額，但這是否只是因為可自由支配的部分或由於某些原因而面臨更大的挑戰，以至於它可能沒有獲得一些相同的投資？或者這與你今年的想法和策略有何關聯？

Yeah. So thanks for the question. What I would say for snacks broadly overall in a tough economic environment, we see that it's a bit more of a discretionary spend. And so our categories and our businesses have had a tougher time this year.

是的。感謝您的提問。我想說的是，在嚴峻的經濟環境下，整體而言，零食消費更多的是一種可自由支配的支出。因此，我們的產品類別和業務今年經歷了更艱難的時期。

And the onus us is really to do what Jeff talked about, which is to get our value proposition right across all our snacks portfolio and then make sure that we have the best marketing new products and news to make sure that we're worth it for the consumers to buy.

我們的責任實際上是按照傑夫所說的去做，也就是在我們所有的零食產品組合中明確我們的價值主張，然後確保我們擁有最好的營銷新產品和新聞，以確保我們的產品值得消費者購買。

From a salty snack standpoint, it didn't have a great year this year because we just had undersized participation in some of the largest growth trends. So what's working in salty snacks right now is really bold flavors, having the right value sizes and then, of course, making sure that you use that news to ground merchandising and display. And I think we're all really excited about the salty plans that are coming this year.

從鹹味零食的角度來看，今年的業績並不理想，因為我們在一些最大的成長趨勢中的參與度不足。因此，目前鹹味零食的賣點在於大膽的口味、合適的價值尺寸，當然，也要確保利用這些優勢進行商品銷售和展示。我認為我們都對今年即將實施的鹹味計劃感到非常興奮。

We renovated three of our top flavors, significantly increasing flavor intensity. We've spicy innovation coming, spicy dill and checks mix and hot-and-spicy check mix, and we've got a partnership with Tabasco and Bugles. We've got value coming in tubs for checks. So we just got really good salty innovation. And I think you'll see our performance improve significantly in the upcoming fiscal year.

我們革新了三種主要口味，顯著提高了口味強度。我們即將推出辣味創新產品，辣味蒔蘿和格子混合物以及香辣格子混合物，並且我們已與 Tabasco 和 Bugles 建立了合作夥伴關係。我們有價值的東西可以用來檢查。所以我們獲得了非常好的鹹味創新。我相信您會看到我們的業績在即將到來的財政年度顯著改善。

Okay. I think we're going to go ahead and wrap there. Appreciate the time and attention. And as always, we'll be available for follow-up calls today. Julienne, I'll pass it back to you.

好的。我想我們會繼續前進並到達那裡。感謝您的時間和關注。和往常一樣，我們今天將接受後續電話採訪。朱利安，我會把它還給你。

Thank you. This concludes today's conference call. You may now disconnect.

謝謝。今天的電話會議到此結束。您現在可以斷開連線。