通用磨坊 (GIS) 2026 Q1 法說會逐字稿

Good morning, and welcome to General Mills' first-quarter fiscal 2026 earnings conference call. (Operator Instructions) As a reminder, this conference call is being recorded.

早安，歡迎參加通用磨坊 2026 財年第一季財報電話會議。（操作員指示）提醒一下，本次電話會議正在錄音。

I would now like to turn the call over to Jeff Siemon, Vice President, Investor Relations and Corporate Finance. Thank you. 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 Jeff Siemon。謝謝。請繼續。

Thank you, Julian, and good morning, everyone. Thanks for joining us today for this Q&A session on our first quarter fiscal '26 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. It's important to note that in this 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.

謝謝你，朱利安，大家早安。感謝您今天參加有關我們 26 財年第一季業績的問答環節。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的簡報資料，我們今天早上將這些資料發佈在投資者關係網站上。值得注意的是，在本次問答環節中，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。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，這些資訊可能會在今天的電話會議上討論。

I'm here with Jeff Harmening, our Chairman and CEO; Kofi Bruce, our CFO; and Dana McNabb, Group President of North America Retail and North America Pet. Now let me turn it over to Jeff for some opening remarks. Jeff, go ahead.

與我一起在場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。現在，請傑夫發表一些開場白。傑夫，繼續吧。

Yes. Thanks, and good morning, everybody. Before we start the call today for questions, I'd just like to share a few thoughts summarizing some of our key messages. And I think it's pretty evident. There's a lot of change in the world, a lot of uncertainty. I mean the same could be said of the food category. And there's been a lot of change within our business as you unpack the first quarter results and the Yoplait divestiture, which we're executing well, as well our Whitebridge acquisition, which we're also executing well. So there's a lot of change.

是的。謝謝，大家早安。在我們今天開始提問之前，我想分享一些想法，總結一些關鍵訊息。我認為這很明顯。世界上有很多變化，有很多不確定性。我的意思是，食物類別也是如此。從第一季業績來看，我們的業務發生了很大變化，Yoplait 資產剝離和 Whitebridge 收購也都執行得很好。所以有很多變化。

But what I want you to hear from me is that amidst all of this we are staying laser focused and clear on our strategy, which is returning to profitable organic growth as the best way to create value for our shareholders. And importantly, we are increasingly confident that our approach is working. And I'll take you back as a reminder to Q3 of last year.

但我想讓你們聽到的是，在這一切之中，我們始終專注並明確我們的策略，那就是恢復獲利性有機成長，這是為股東創造價值的最佳方式。重要的是，我們越來越相信我們的方法有效。我會帶您回顧去年第三季的情況。

When we told you we're going to make some significant investments to address price cliffs and gaps. And we said we're going to do that on Pillsbury and Totino's, and we saw really good results. And that gave us more confidence. So that in Q3 of last year, we told you that we would expand that to the Cereal category, as well as soup and fruit snacks. And again, we saw a pound share growth on that in line, or ahead of, what we expected.

當我們告訴您我們將進行一些重大投資來解決價格懸崖和差距時。我們說我們將在 Pillsbury 和 Totino 上這樣做，並且我們看到了非常好的結果。這給了我們更多的信心。因此，在去年第三季度，我們告訴大家，我們將把這個類別擴展到穀物類別，以及湯和水果零食。我們再次看到英鎊份額的增長符合甚至超出了我們的預期。

And so coming into this year, we had a heightened degree of confidence that our approach is working. And -- at the same time, while addressing price is important, I mean, especially in this environment where consumers are looking for value, it's not sufficient to generate long-term growth. And so coming this year, we also said we're going to invest significantly in innovation and new product news, new brand campaigns, and renovation across all of our top categories. And then we're going to support this with industry-leading HMM cost savings and transformational benefits.

因此，進入今年，我們更加相信我們的方法有效。同時，雖然解決價格問題很重要，但我的意思是，尤其是在消費者尋求價值的環境下，這不足以實現長期成長。因此，我們也表示，今年我們將大力投資創新和新產品新聞、新品牌活動以及所有頂級類別的革新。然後，我們將透過業界領先的 HMM 成本節約和轉型效益來支持這一點。

And so the other question is, how is that playing out? And the reason we're increasingly confident is playing out the way we thought that it was. So, so far, so good. We strengthened our pound share in 8 of our top 10 categories and now we're holding pound share in Pet. And we're continuing strong competitiveness in food services. As you probably saw, we've increased our growth and competitiveness in international at the same time.

那麼另一個問題是，事情進展如何？我們之所以越來越有信心，是因為事情正如我們所想的那樣發展。所以，到目前為止，一切都很好。我們在十大類別中的八個類別中提高了英鎊份額，現在我們在寵物類別中保持了英鎊份額。我們在食品服務領域持續保持強勁的競爭力。正如您可能看到的，我們同時提高了國際成長和競爭力。

On the P&L, we expect our profit results in Q1 will be pressured significantly by our increased investment profile, but also by the impact from the yogurt divestiture and a few phasing comparisons. And we think that will continue into Q2, but importantly, it will improve in the back half of this year, certainly in Q4, but throughout the back half of the year. So I want you to know, from my perspective, just stepping back, just a little bit, we're really encouraged by the early signs of improvements we're seeing. And we have great initiatives for Q2.

在損益表中，我們預期第一季的利潤結果將因投資規模增加而受到顯著壓力，同時也受到優格業務剝離和一些分階段比較的影響。我們認為這種情況將持續到第二季​​度，但重要的是，這種情況將在今年下半年有所改善，肯定是在第四季度，而是在整個下半年。所以我想讓你們知道，從我的角度來看，稍微退一步來看，我們看到的早期改善跡象確實讓我們感到鼓舞。我們對第二季有很好的計劃。

I'm sure we'll talk about fresh pet food. But that's not the only thing. I mean, our new product volumes are already up 25%. We have some other good new products coming in the second quarter, also backed up by really strong plans in baking and soup, and the fall and winter are key seasons for that. And we plan to improve -- continue our positive momentum in foodservice and international.

我確信我們會談論新鮮的寵物食品。但這並不是唯一的事。我的意思是，我們的新產品銷售量已經成長了 25%。我們在第二季度還會推出一些其他優質的新產品，同時在烘焙和湯品方面也有非常強勁的計劃，而秋季和冬季是這些產品的關鍵季節。我們計劃改進——繼續我們在餐飲和國際領域的積極勢頭。

And so again, with Q1 now in the rearview mirror and in line with what we expected and increased confidence, we reaffirmed our fiscal '26 guidance. So with that, Jeff, let's open it up for Q&A.

因此，現在第一季已經過去，並且符合我們的預期並增強了信心，我們再次重申了我們對 26 財年的指導。那麼，傑夫，讓我們開始問答環節。

Great. Thanks, Julian. I think we can go ahead with the first question. Thank you.

偉大的。謝謝，朱利安。我想我們可以繼續討論第一個問題。謝謝。

(Operator Instructions) Andrew Lazar, Barclays.

（操作員指示）巴克萊銀行的安德魯·拉扎爾。

Jeff, maybe picking up on your comments. The ongoing debate in the food space, right, continues to be whether or not the current challenging volume environment is more structural this time around than it has been in the past, or whether more of it is just a result of the significant pricing the industry was required to take combined with sort of a consumer that's under pressure?

傑夫，也許我注意到了你的評論。食品領域正在進行的爭論是，當前充滿挑戰的產量環境是否比過去更具結構性，或者是否更多的只是行業被要求承擔的巨額定價與消費者承受的壓力相結合的結果？

And I realize it's super early in your efforts. But as you've gotten some of the key price points in the right place and the other marketing levers can kind of start to work, as you said, you're starting to see some volume share improvement in a bunch of categories more recently. Yet I guess, if we look at NAR, right? Volume did not yet improve sequentially from fiscal 4Q.

我意識到你的努力還處於早期階段。但正如您所說，當您將一些關鍵價格點放在正確的位置，並且其他行銷手段開始發揮作用時，您最近開始看到一系列類別的銷售份額有所提高。但我想，如果我們看看 NAR，對嗎？與第四財季相比，交易量尚未連續改善。

So I guess what I'm wondering is, do you think recent results sort of support the thesis that while there are some external factors for the industry, maybe some of them are a little bit structural. There's still a lot more that in the industry's control and your control in terms of getting sort of volume back to bright?

所以我想知道的是，您是否認為最近的結果支持這樣的論點：雖然該行業存在一些外部因素，但其中一些可能有點結構性。在讓銷量恢復到最佳水平方面，行業和您的控制範圍還有很多嗎？

Yes, Andrew, I think it's a really good question, a really fair question. And we believe it's largely in our control. I mean if you look at -- if you look at the last year or so, volumes in our category are about flat, which is about 50 basis points below what we've seen historically, but not too far behind. And we -- there are a number of factors for that. Probably the most important, we believe, is that we saw in decades worth of inflation in a couple of years.

是的，安德魯，我認為這是一個非常好的問題，一個非常公平的問題。我們相信這在很大程度上是在我們的掌控之中。我的意思是，如果你看一下——如果你看一下去年左右，我們類別的交易量基本上持平，比我們歷史上看到的低了約 50 個基點，但也沒有落後太多。而我們——造成這種情況的因素很多。我們認為，可能最重要的是，我們在幾年內就看到了幾十年來的通貨膨脹。

And so consumers are still recovering that as wages have not yet caught up with all that inflation. And so we think that's the biggest driver. I mean GLP-1s has a -- we think, has had a small impact so far. And consumers seeking value [and a stressed] consumer may be a little bit. But again, it's a 50 point gap versus what we have seen historically. The bigger gap is actually on price/mix. And historically, we see some price and mix. But in this environment, we -- where the consumers are feeling the way they are, that's actually the more difficult piece rather than the volume piece.

由於薪資尚未趕上通貨膨脹的步伐，因此消費者仍在復甦。因此我們認為這是最大的驅動力。我的意思是，我們認為 GLP-1 到目前為止影響很小。而尋求價值的消費者（和有壓力的消費者）可能有點。但與我們歷史上所見的情況相比，這又有 50 個百分點的差距。更大的差距實際上在於價格/組合。從歷史上看，我們看到了一些價格和組合。但在這種環境下，我們——消費者的感受是這樣的，這實際上是更困難的部分，而不是數量部分。

So volumes are pretty stable. And as we look at our year, we don't -- we need to be able to hold share in our categories to achieve the results we suggested for the year. But we don't need to gain massive amounts of share to hit the guidance that we already said and get back to flat, or a little bit of growth. And so we think it's mostly up to our control.

因此交易量相當穩定。回顧今年的業績，我們不需要——我們需要保持各自類別的份額，才能實現我們今年所預期的業績。但我們不需要獲得大量的份額來達到我們已經說過的指導並恢復到平穩或略有增長的狀態。因此我們認為這主要取決於我們的控制。

Look, consumers, their habits change over time, and we've been really good at changing with them. I'll give you an example, like I mentioned GLP-1s was a little bit of a headwind. But as a result of consumers looking for that, they want more protein.

你看，消費者的習慣會隨著時間而改變，而我們非常擅長隨之改變。我舉個例子，就像我提到的 GLP-1 有點逆風。但由於消費者尋求這一點，他們想要更多的蛋白質。

And there's a reason why Cheerios Protein is off to such a great start. Or Progresso Pitmaster, which is high-end protein is off to a really good start. We introduced Nature Valley creamy protein, and we like what we've seen with that so far. Or at our Granola business is doing well.

這也是為什麼 Cheerios Protein 能取得如此好的開局的原因。或者 Progresso Pitmaster，高端蛋白質產品，開局非常好。我們推出了 Nature Valley 奶油蛋白，到目前為止，我們對它的效果很滿意。或者我們的格蘭諾拉麥片生意做得很好。

And so even though you can see something in a structure -- you can make is that a structural headwind, there are companies who are focused on the consumer, we are right now have means to seek opportunities in that, and that's what we're doing.

因此，即使您可以在結構中看到一些東西 - 您可以認為這是一種結構性逆風，但有些公司專注於消費者，我們現在有辦法在其中尋找機會，這就是我們正在做的事情。

Robert Moskow, TD Cowen.

羅伯特·莫斯科 (Robert Moskow)，TD Cowen。

So a couple of questions. One is, I just want to make sure I understand the path back to volume growth. Are you still expecting that to happen by fourth quarter of this year?

有幾個問題。一是，我只是想確保我了解恢復銷售成長的途徑。您是否仍預計今年第四季將出現這種情況？

And I'm trying to reconcile. So if your category volume is flat, but you're holding or gaining share in 8 out of 10 categories, why is your volume reported down negative 1. It would seem just optically that you would be a little bit above category volume growth, not a little bit below? That's my question.

我正在努力調和。因此，如果您的類別銷量持平，但您在 10 個類別中的 8 個類別中保持或增加份額，那麼為什麼您的銷量報告為負 1。從外觀上看，您的類別銷售成長會略高於該類別銷售成長，而不是略低於該類別銷售成長？這就是我的問題。

Yes. So let me -- let me have Dana McNabb take that math question from you, which is probably an important one.

是的。那麼，讓我——讓達娜·麥克納布來回答你的這個數學問題，這可能是一個重要的問題。

All right. Well, Rob, thanks for the question. It is true what you're saying in terms of our volume. But if you look at our top 10 categories, the volume improved by about 1 point in Q1 versus Q4. The total didn't, and that is because flour and desserts were down, and they significantly over-index on pound, not on dollars.

好的。好吧，羅布，謝謝你的提問。就我們的數量而言，您說的沒錯。但如果你看一下我們的前 10 個類別，你會發現第一季的交易量比第四季提高了約 1 個百分點。總體而言，並沒有下降，這是因為麵粉和甜點的銷量下降了，而且它們明顯高於英鎊，而不是美元。

What's important, I think, is that where we're putting the price investments, we're encouraged in almost every case that we're getting the volume response we expected. And this is particularly on categories in Q1 like refrigerated dough, on fruit snacks, on salty snacks. And I'd also call out snack bars. Even though we're comping a period where our competitor lost distribution, the elasticities we've seen on the investments are at, or ahead, of model. So we, again, are feeling very confident that these investments are working.

我認為，重要的是，無論我們在哪裡進行價格投資，幾乎在每種情況下，我們都能夠獲得預期的成交量反應。尤其是在第一季的類別中，例如冷藏麵團、水果零食、鹹味零食。我還會叫出小吃店。儘管我們正處於競爭對手失去分銷的時期，但我們所看到的投資彈性已達到或超過了模型。因此，我們再次非常有信心這些投資是有效的。

Now there's a few places where we still have work to do. Our Totino's business, volume was down a little bit in Q1, but we are in the middle of a price pack architecture change right now, where we're moving from a bag to a box. And so we need a little time to sort through that. And then, of course, our Cereal business, we did see an improvement, second consecutive quarter of pound share growth. Really good momentum behind Cheerios Protein, our Granola business up double digits.

現在我們還有一些地方需要做工作。我們的 Totino 業務，銷量在第一季略有下降，但我們目前正處於價格包架構變革之中，我們正在從袋裝轉向盒裝。所以我們需要一點時間來解決這個問題。當然，我們的穀物業務確實看到了改善，連續第二個季度實現了英鎊份額的成長。Cheerios Protein 的勢頭確實很好，我們的 Granola 業務增長了兩位數。

Our Cinnamon Toast Crunch business, when you get remarkability right and have great advertising and great product news, it works. But the pounds in that category were down. Our performance was still down, and we have a little more work to do. But again, what we're encouraged is that in our top 10 categories, pounds have improved. And we believe our plans get better each quarter through the year.

我們的肉桂吐司脆片業務，當你獲得卓越的聲譽並擁有出色的廣告和出色的產品新聞時，它就會成功。但該類別的體重卻下降了。我們的表現仍然不佳，我們還有很多工作要做。但再次讓我們感到鼓舞的是，在我們的前 10 個類別中，磅數有所改善。我們相信我們的計劃每年每季都會變得更好。

Maybe, Rob, I'd just add one more point. If you get beyond North America Retail, we did see a shipment timing headwind in Pets to the tune of about 4 points. That's worth a little bit -- almost a full point to the company, about a little bit more than 0.5 point to the company. So that also weighed on total company pounds in the quarter.

也許，羅布，我只想補充一點。如果您超越北美零售業，我們確實看到寵物的出貨時間面臨約 4 個百分點的逆風。這對公司來說價值不小——幾乎是整整一分，大約比 0.5 分多一點。因此這也對本季的公司總收入造成了壓力。

Leah Jordan, Goldman Sachs.

高盛的利亞喬丹 (Leah Jordan)。

Just if you could provide more detail on your trends in dog food. I guess what can you attribute the slowdown in wilderness to? And how are you thinking about your ability to drive an improvement there? And then I was just also curious, on trends on pet treats, just excluding Whitebridge acquisitions there, just given the discretionary nature?

如果您能提供更多關於狗糧趨勢的詳細資訊就好了。我想你認為荒野的放緩是因為什麼原因造成的？您如何看待自己推動該領域改進的能力？然後我也很好奇，關於寵物零食的趨勢，僅僅排除 Whitebridge 的收購，只是考慮到自由裁量權的性質？

Yes. So if I think about -- thanks for the question, our Blue Pet business, our core Pet business, our results in Q1 were generally in line with where we were last year. We held our pound share in Q1. Our dollar share is down just a little bit, about 15 basis points.

是的。所以如果我考慮一下——感謝您的提問，我們的 Blue Pet 業務，我們的核心寵物業務，我們第一季的業績與去年基本一致。我們在第一季保持了英鎊份額。我們的美元份額略有下降，約 15 個基點。

In terms of what is working, we're really encouraged by our Blue Life Protection Formula business. This is our biggest business. It grew dollars and pounds. We have the value right. We have really good comparative advertising and strong in-store execution. Our Cat Feeding business is actually doing really well.

就目前有效的措施而言，我們的 Blue Life Protection Formula 業務確實讓我們深受鼓舞。這是我們最大的業務。美元和英鎊都增加了。我們擁有正確的價值觀。我們擁有非常好的比較廣告和強大的店內執行力。我們的貓餵養業務實際上做得很好。

So Blue Tastefuls, mid-single-digit growth. Again, we have a really good taste preference claim, and the kibble and gravy new product. That's working well for us. And then our Tiki Cat retail sales, they were up double digits. We've got good nutrition, a science formula that's launched across different cat life stages, really good omnichannel excellence. So these big businesses are working really well for us.

因此，Blue Tastefuls 實現了中等個位數成長。再次，我們有一個非常好的口味偏好聲明，以及粗磨食物和肉汁新產品。這對我們來說很有效。我們的 Tiki Cat 零售額也實現了兩位數成長。我們擁有良好的營養，針對貓咪不同生命階段推出的科學配方，以及真正卓越的全通路服務。所以這些大企業對我們來說確實做得很好。

And then our Treats business, that has been a challenge, that inflected to some positive volume growth in Q1. So there are some things that we're really encouraged are working well on our Blue business.

然後，我們的零食業務一直是一個挑戰，但這在第一季帶來了一些積極的銷售成長。因此，我們真的很受鼓舞，有些事情在我們的藍色業務上進展順利。

The two areas that you rightly referenced that we need to see improvement on our Wilderness business. In this business, we have to improve our total product proposition. So we're coming with protein news and new products, comparative advertising, stronger in-store execution, we have to get better there, and we believe our plans are much stronger this year, but again, more work to do.

您正確提到的兩個領域是我們荒野業務需要改進的。在這個產業中，我們必須改善我們的整體產品主張。因此，我們推出了蛋白質新聞和新產品、比較廣告、更強大的店內執行，我們必須在這些方面做得更好，我們相信今年我們的計劃會更加強大，但同樣，還有更多的工作要做。

And then our Pet specialty channel continued to be a challenge. And this year, we're bringing Edgard & Cooper. So that's the super premium business that we had in Europe. We're launching an exclusive partnership with PetSmart, and that's already in market in Q1, and our turns are in line or a little bit ahead of expectations.

然後我們的寵物專業管道繼續面臨挑戰。今年，我們將帶來 Edgard & Cooper。這就是我們在歐洲的超高端業務。我們正在與 PetSmart 建立獨家合作夥伴關係，該公司已於第一季進入市場，我們的業績符合或略高於預期。

So there's a lot that we like about our Pet business that's working. And two areas that we know we need to get better, and we're encouraged by the plans that we have in place.

因此，我們對正在運作的寵物業務非常滿意。我們知道有兩個方面需要改進，我們所製定的計劃也讓我們感到鼓舞。

That's very helpful. And then I just wanted to step back, and I have a higher-level question. There just seems to be a bigger debate around the industry, scale versus complexity, and what's the right balance? I mean -- and you guys, you sound confident in the plan that you're putting forward today, but you've been battling a number of fronts over the last few quarters.

這非常有幫助。然後我只是想退一步，我有一個更高層次的問題。似乎圍繞著這個行業存在著更大的爭論：規模與複雜性，以及正確的平衡是什麼？我的意思是——你們聽起來對今天提出的計劃很有信心，但在過去的幾個季度裡，你們一直在與多個方面作鬥爭。

So just maybe how do you think about what's the right balance? And as you go through driving better remarkability across your portfolio, what have been advantages, or disadvantages, with your portfolio mix today?

那麼，您認為什麼是正確的平衡呢？當您不斷提高整個投資組合的卓越性時，您目前的投資組合有哪些優勢或劣勢？

Yes, Thank you. The -- well, I'm going to turn the question a little on its side. So which is to say the most important thing is to focus on the consumers, and what they're looking for, and what they want, and then delivering that to them. And whether that's through better advertising, or product news, or new products, or whatever the case may be. That is the most important thing. Whether you're in one category or 15, that's the most important thing to do.

是的，謝謝。嗯，我稍微從側面來思考一下這個問題。所以，最重要的是專注於消費者，專注於他們正在尋找什麼、他們想要什麼，然後把這些提供給他們。無論是透過更好的廣告、產品新聞、新產品，或是其他任何方式。這是最重要的事。無論您屬於一個類別還是 15 個類別，這都是最重要的事情。

Scale has some advantages for us. It's allowed us to invest in our capabilities like digital technology, digitizing our supply chain and SRM, and doing bundling consumer offerings across categories of stores, especially in the fall and back-to-school are really important for us. So we do see some scale advantages from that. Especially working across categories. When we kind of understand the consumer, I think more deeply than many others can, who are only in one category because we see the consumer from many different angles.

規模對我們來說有一些優勢。它使我們能夠投資於數位技術等能力，數位化我們的供應鏈和 SRM，以及跨類別商店捆綁消費者產品，尤其是在秋季和返校期間，這對我們來說非常重要。因此我們確實看到了一些規模優勢。尤其是跨類別工作。當我們了解消費者時，我會比許多其他人想得更深入，他們只屬於一個類別，因為我們從許多不同的角度看待消費者。

Having said that, we've never been a believer in scale just for the sake of scale. And I don't think that just because you have scale it automatically accrues benefits. You have to be able to have -- to use scale that you have to advantage and to make sure you're -- through all of the complexity that you have that you're staying focused on what the consumer wants in that particular occasion and that particular demand space, if you will.

話雖如此，我們從來都不相信為了規模而規模。我不認為僅僅因為你有規模就會自動產生效益。你必須能夠利用你所擁有的規模優勢，並確保你能夠克服所有複雜情況，並始終專注於消費者在特定場合和特定需求空間中的需求。

David Palmer, Evercore ISI.

大衛·帕爾默，Evercore ISI。

Thanks for the great commentary in the prepared remarks. It looks like you continue to expect very strong growth from innovation and contribution to growth from innovation, but it also looks like there's a little bit more of an elongated timetable of the price promotion investments stretching into the second half of fiscal '26, perhaps more than you might have thought a few months ago.

感謝您在準備好的發言中提出的精彩評論。看起來您繼續期待創新帶來非常強勁的成長以及創新對成長的貢獻，但看起來價格促銷投資的時間表會稍微延長一些，延伸到 26 財年下半年，可能比您幾個月前想像的要長。

Perhaps where are the biggest changes in your reality when it comes to certain categories where the price promotions or investments are sticking around a little longer? And perhaps what are the categories where you're, perhaps, seeing what you would hope to see where you can, perhaps, get a little bit more balanced with price versus volume? And I have a quick follow up.

當談到某些類別的價格促銷或投資持續更長時間時，現實中最大的變化可能在哪裡？或許，您希望在哪些類別中看到價格與銷售之間的平衡？我有一個快速的跟進。

Thank you for the question. I think I'll start first with the price investment. And I think it's important to understand that initially, as Jeff said in his opening remarks, last year when we knew we had to improve value for the consumer, we had to move fast. And so the way we did that was we adjusted depth and frequency of promotion. And we are encouraged by the positive response that we saw.

謝謝你的提問。我想我會先從價格投資開始。我認為首先要明白的是，正如傑夫在開場白中所說的那樣，去年當我們知道必須提高消費者的價值時，我們必須迅速採取行動。因此，我們採取的方法是調整促銷的深度和頻率。我們看到的正面反應令我們感到鼓舞。

And as we shifted to this fiscal year, our focus has been on adjusting our base shelf price. Trying to get below key cliffs, or to make sure that we have a gap that's manageable to the competition. We need to do this across two-thirds of our portfolio, and we got the majority of that done in Q1, and again, results are ahead of what we expected. And we saw really good results on bars, on fruit snack, on salty snacks.

隨著進入本財政年度，我們的重點是調整基本貨架價格。嘗試到達關鍵的懸崖下方，或確保我們與競爭對手之間存在可控的差距。我們需要在三分之二的投資組合中實現這一目標，並且我們在第一季已經完成了大部分工作，而且結果再次超出了我們的預期。我們在能量棒、水果零食和鹹味零食上都看到了非常好的效果。

We will complete the remainder of the base price adjustments in Q2, and that's going to make sure that we have the right market leading execution on our baking and on our soup season. And all of this gives us a guidance that we're on the right track. But as you pointed out, when you started the question, price is just one element of remarkability. Once we get the price rate, we're really focused on elevating our work on new products. We're moving from about 3.5% of net sales on new products to 5%. We feel really encouraged about the performance that we're seeing on things like Cheerios Protein, our Mott's Bars.

我們將在第二季完成剩餘的基本價格調整，這將確保我們在烘焙和湯品季節擁有正確的市場領先執行力。所有這些都告訴我們，我們正走在正確的道路上。但正如您在提出這個問題時指出的那樣，價格只是引人注目的一個因素。一旦我們確定了價格，我們就會真正專注於提升新產品的開發工作。我們將新產品的淨銷售額從約 3.5% 提高到 5%。我們對 Cheerios Protein、Mott's Bars 等產品的表現感到非常鼓舞。

We have a lot of really good new products coming through the remainder of the year. And this just gives us confidence that this focus on remarkability and getting the total proposition right is the right thing to do.

今年剩餘時間我們將推出許多非常好的新產品。這讓我們相信，關注卓越性和正確制定整體主張是正確的做法。

Great. And then just a follow-up on pet. You mentioned the 5,000 coolers going into initially some -- a big competitor out there as well over 30,000. What -- how does that work where you get past this first step? I mean is it in the plans that this will continue to ramp? Or are you digesting this first sleeve of coolers, seeing how it goes, and will modulate the growth from there? And I'll pass it on.

偉大的。然後只是對寵物的後續關注。您提到最初有 5,000 個冷卻器進入市場——市場上還有超過 30,000 個大型競爭對手。什麼—您如何完成這第一步？我的意思是，這是否在計劃中，將繼續增加？或者您正在消化這第一批冷卻器，觀察其進展情況，並從那裡調節增長？我會把它傳遞下去。

Well, we are excited to be moving from the planning phase of the fresh launch to the execution phase. And the plant production has started up really well. Our initial products are looking really strong. And as you mentioned, we're in the middle of installing coolers as we speak. So we'll have 1,000 coolers in place by the end of this month. 5,000 coolers by the end of our fiscal Q2. And our plan is to ramp up that distribution into the next calendar year in 2026.

嗯，我們很高興從新產品發布的規劃階段進入執行階段。工廠生產啟動情況非常好。我們的初始產品看起來非常強大。正如您所說，我們正在安裝冷卻器。因此，到本月底我們將安裝 1,000 台冷卻器。到本財季末我們將安裝 5,000 台冷卻器。我們的計劃是將這一分佈擴大到 2026 年。

So again, so far, everything is going really well. We are encouraged by what we're feeling with cooler distribution. And I should remind you that we have over 50 years experience in the refrigerated channel. When you think about our Pillsbury business and our Yogurt business, and so we feel like we have a very strong product and a measured plan for getting coolers that will increase. And again, we're feeling very good about this launch right now.

所以，到目前為止，一切都進展順利。我們對更涼爽的分佈感到鼓舞。我應該提醒您，我們在冷藏通路方面擁有超過 50 年的經驗。當您考慮我們的Pillsbury業務和優格業務時，我們會覺得我們擁有非常強大的產品和可增加冷卻器的周密計劃。再說一次，我們現在對這次發布感到非常滿意。

Matt Smith, Stifel.

馬特史密斯，Stifel。

Kofi and Jeff. Kofi, I wanted to talk about the margin performance in the quarter. It was above your expectations. Can you provide a little more detail on the gross margin composition? I believe you called out the international timing benefit was about 3 points of that segment's net sales, or is that like 50 basis points to the overall company? And then how we should think about the phasing of inflation investment through the year from here?

科菲和傑夫。科菲，我想談談本季的利潤表現。這超出了你的預期。您能否提供一些有關毛利率組成的更多細節？我相信您所說的國際時機效益大約佔該部門淨銷售額的 3 個百分點，還是佔整個公司的 50 個基點？那麼從現在開始我們該如何考慮全年通膨投資的分階段實施呢？

Sure. I appreciate the question, Matt. So I think as you rightly pointed out, we did flag that our profit performance in the quarter was a little bit better than expected on operating profit and EPS. Some of that coming through gross margin.

當然。我很感謝你提出這個問題，馬特。因此，我認為正如您正確指出的那樣，我們確實指出，本季的利潤表現在營業利潤和每股收益方面略好於預期。其中一部分來自毛利率。

The first factor, probably in a slightly heavier measure, was that our inflation phasing was a little bit lighter than we expected in the quarter. Probably closer to 2%, a little bit below the annual run rate of 3% that's sitting in our annual guidance. So that factor first, followed by the trade expense timing benefit in international, which would put it at about $20 million on the top and the bottom line.

第一個因素，可能影響較大，就是本季我們的通膨階段比我們預期的要輕一些。可能接近 2%，略低於我們年度指導中的 3% 的年運行率。因此，首先是這個因素，其次是國際貿易費用時機效益，這將使其最高和最低利潤達到約 2,000 萬美元。

We expect both of these to kind of unwind largely in Q2. So given that these are timing-related items, as we see them unwind in Q2, I'd expect our operating profit to be down more in Q2 than in Q1. And I expect that, that doesn't change our outlook for the sort of first half aggregate profit looking roughly in line with Q4 of fiscal '25.

我們預計這兩項因素將在第二季大幅緩解。因此，考慮到這些都是與時間相關的項目，正如我們在第二季度看到的那樣，我預計我們的營業利潤在第二季的下降幅度將大於第一季。我預計，這不會改變我們對上半年總利潤與 25 財年第四季大致持平的預期。

We do think, kind of just as we look at the Q2 profit decline, it's important to think the supply chain phasing costs on inflation. I'd expect Q2 to be a little bit higher, probably maybe even above the annual run rate as we step into some of the inflationary pressure plus some inflation or some inventory absorption headwinds.

我們確實認為，就像我們看待第二季度利潤下降一樣，重要的是要考慮供應鏈分階段成本受到通貨膨脹的影響。我預計第二季的成長率會略高一些，甚至可能高於年成長率，因為我們面臨一些通膨壓力以及一些通膨或一些庫存吸收阻力。

It's important to note we won't have any contributions from yogurt in the quarter as well. This quarter, we had one month of sales and profit in our results from the recently divested US Yogurt business. We'll start to see normalization of our comp and incentive comp benefits in Q2. And obviously, the international trade expense timing benefits are online. So there is a bit of a transitory effect here, both on margin and profit growth as you think about how to digest this.

值得注意的是，本季我們也不會有來自優格的任何貢獻。本季度，我們的業績中有一個月的銷售額和利潤來自最近剝離的美國優格業務。我們將在第二季開始看到我們的薪資和激勵福利的正常化。並且顯然，國際貿易費用時機優勢是存在的。因此，當您考慮如何消化這一點時，無論是利潤率還是利潤成長，都會產生一些暫時性的影響。

And as a follow-up, you called out the trade expense phasing in North America retail was about a point of drag in the first quarter. Is that similar as we get into the second quarter, and then normalize as we get into the second half?

作為後續提問，您指出北美零售業的貿易費用分階段下降是第一季的拖累因素。當我們進入第二季度時，情況是否類似，然後當我們進入下半年時，情況是否恢復正常？

Yes. You have it largely right. I would expect it to be a big drag in Q1 -- in Q2 as we're comping last year where we had Q1 and Q2 was effectively no trade expense. So it was a benefit relative to the other quarters in last year. And modest headwind in Q3 last year, and a huge headwind in Q4. So we expect those comps to turn favorable as we step into Q3, modestly and then a pretty significant tailwind in Q4.

是的。你說的基本上是對的。我預計這會對第一季造成很大的拖累——與去年同期相比，第二季第一季和第二季實際上沒有交易費用。因此，與去年其他季度相比，這是一個好處。去年第三季逆風不大，第四季逆風巨大。因此，我們預計，隨著我們進入第三季度，這些比較數據將適度轉好，然後在第四季度出現相當明顯的順風。

Michael Lavery, Piper Sandler.

麥可拉弗里、派珀桑德勒。

Can you touch on what categories or brands drove the household penetration gains? And maybe how broad that was? And how much you feel like was driven maybe by pricing adjustments versus innovation or other factors?

您能否談談哪些類別或品牌推動了家庭滲透率的成長？那可能有多廣泛？您認為這在多大程度上是由價格調整、創新或其他因素所推動的？

Thanks for the question. As you stated, we did see our household penetration grow overall for NAR for the first time since fiscal '22, really encouraged by that result.

謝謝你的提問。正如您所說，我們確實看到自 22 財年以來 NAR 的家庭滲透率首次整體增長，這一結果確實令人鼓舞。

In terms of where we saw penetration improvement, we saw it on bars, on fruit snacks, on salty snacks, on our Cereal business. And we do believe that getting our price value, and again, this is about getting below key cliffs on the shelf, making sure we have manageable gaps relative to the competition that was a driver of that penetration improvement. But also it's not a coincidence that where we had a great remarkability approach, where we had good advertising, really good new product innovation or product quality, price-back architecture, that is where we saw the best results.

就滲透率提高而言，我們在能量棒、水果零食、鹹味零食和穀物業務上都看到了這一點。我們確實相信，獲得我們的價格價值，再說一次，這是為了讓產品低於貨架上的關鍵價格，確保我們與競爭對手有可控的差距，這是滲透率提高的驅動力。但這也並非巧合，當我們擁有出色的卓越方法、良好的廣告、真正優秀的新產品創新或產品品質、價格回饋架構時，我們就看到了最好的結果。

We called out in the presentation, Cinnamon Toast Crunch is a really good example. Really good product news, great advertising. We have the price right on that business, and we gained pound, dollar share, and penetration. So again, we still have more work to do, but we believe that we are on the right track with these investments, and we're confident in what we're seeing so far.

我們在示範中指出，肉桂吐司脆片就是一個很好的例子。確實是好產品新聞，很棒的廣告。我們對該業務的定價是正確的，並且獲得了英鎊、美元份額和滲透率。所以，我們仍然有很多工作要做，但我們相信這些投資正走在正確的軌道上，我們對目前所見的情況充滿信心。

Okay. That's helpful. And I just wanted to follow up on some of the comments in the prepared remarks around demand planning. I think it can be maybe an underappreciated challenge. But it sounds like you've got improvement there. Can you maybe elaborate on kind of how that worked and what some of the benefits are? And it's maybe a little surprising the human touch seems unhelpful. Can you just kind of bring that to life a little bit?

好的。這很有幫助。我只是想跟進一下有關需求計劃的準備好的評論中的一些評論。我認為這可能是一個被低估的挑戰。但聽起來你已經有進步了。您能否詳細說明一下它的工作原理以及有哪些好處？或許有點令人驚訝的是，人情味似乎毫無幫助。你能稍微讓它生動一點嗎？

So let me take that one a little bit, Michael. The -- I would start by saying, I mean, we have a phenomenal supply chain as you well know. I mean during COVID we showed that, we continue to show. We showed in the Q1 this year, whether it's productivity, or service, or low cost. I mean our supply chain is fantastic, and we've got a great marketing team, too.

那麼，請容許我稍微解釋一下這個問題，麥可。首先我想說的是，正如你們所知，我們擁有非凡的供應鏈。我的意思是，在 COVID 期間我們展示了這一點，我們將繼續展示這一點。我們在今年第一季展示了無論是生產力、服務還是低成本。我的意思是我們的供應鏈非常棒，而且我們還有一支優秀的行銷團隊。

And over time, our forecasting has been pretty good. It's just taken us a lot to get to an accurate forecast. And so what you see us doing now is that we're having -- we were using AI and leveraging technology to get to good forecasting much more efficiently. And the importance of that then is it frees up our marketing team to do better demand generation. And I think that's why you're seeing some of these better ideas that we're talking about right now. Because our market are having more time doing marketing than forecasting.

隨著時間的推移，我們的預測一直相當準確。我們花了很多時間才獲得準確的預測。所以，您現在看到我們正在做的是——我們正在使用人工智慧和利用技術來更有效地做出正確的預測。這樣做的重要性在於，它可以讓我們的行銷團隊更好地進行需求挖掘。我想這就是為什麼你會看到我們現在正在談論的一些更好的想法。因為我們的市場花在行銷上的時間比預測上的時間還要多。

And then our supply chain people, they're not double-checking numbers that people give and spending all their times and meetings looking at forecast. They're just trying to figure out, okay, you're making the right stuff at the right time in the right place. And you see our waste elimination improve.

然後，我們的供應鏈人員不會再檢查人們提供的數字，也不會將所有的時間和會議都花在查看預測上。他們只是想弄清楚，好吧，你在正確的時間、正確的地點做了正確的事情。並且您會看到我們的廢棄物消除效果有所改善。

And so really what we wanted to highlight that it seems small, but it's actually quite large, and it's a great way for technology to enable a little bit better accuracy, but a lot more efficiency. And that frees up the talented people we have. We have a really talented team, really talented people to do what they do best. And that's what we wanted to highlight in this particular case.

因此，我們真正想要強調的是，它看起來很小，但實際上相當大，這是一種很好的技術方式，可以提高準確性，但效率卻大大提高。這可以釋放我們現有的人才。我們擁有一支非常有才華的團隊，有才華的員工做著他們最擅長的事。這正是我們在這個特殊案例中想要強調的。

Alexia Howard, Bernstein.

亞歷克西亞·霍華德，伯恩斯坦。

Can I ask about your efforts on reformulation. You're obviously ahead of the game on the elimination of the artificial dyes, getting rid of those by next summer. But there are other state-level legislations that have been approved, for example, in Texas, I think there's something that's already been ratified by the governor. It's gone through, that's about 44 additive. So it's a broader list.

我可以問一下您在重新配方方面所做的努力嗎？你們在消除人工染料方面顯然走在了前面，到明年夏天就可以擺脫這些染料了。但其他州級立法也已獲得批准，例如在德克薩斯州，我認為有些立法已經得到了州長的批准。已經通過了，大約有 44 個添加劑。所以這是一個更廣泛的清單。

First of all, I guess, as you've gone through your remarkable efforts with some of these brands, are the ingredient list and additives coming up as concerns for some group of consumers? And is that something that you're working through the portfolio to actively drive out not just the dyes, but maybe other additives that people are concerned about? Or are you going to wait until the regulations and the legislation settles, which could be a year or two down the line, and then you'll do it once everything is very, very clear? Just trying to get a sense for how aggressive you're going after that, or whether it's really not something beyond the artificial dyes that you're focused on at the moment?

首先，我想，既然您已經為這些品牌做出了巨大的努力，那麼成分錶和添加劑是否會成為某些消費者所擔心的問題？您是否正在透過產品組合積極淘汰染料，甚至淘汰人們所擔心的其他添加劑？或者您要等到法規和立法確定下來，這可能需要一兩年的時間，然後等一切都非常明確後您再這樣做？只是想了解您在追求這一目標方面會採取多大的積極行動，或者您目前關注的重點是否真的不是人工染料以外的其他東西？

Yes, Alexia, I would start by saying we're always -- we always do our best when we follow what the consumers are looking for. And that's kind of our North Star and why we have this remarkability framework. And as you know, 10 years ago, we took some certified colors out of tricks and that didn't work so well here in the US. By the way, it worked really well in Canada. And Canadians mom love it, it didn't work as well here. And that's because consumers in the US weren't quite ready for it yet.

是的，Alexia，首先我想說的是，我們始終－我們始終盡力滿足消費者的需求。這就是我們的北極星，也是我們擁有這個卓越框架的原因。如你所知，10 年前，我們從魔術中去除了一些經過認證的顏色，但在美國效果並不好。順便說一句，它在加拿大確實運行得很好。加拿大的媽媽很喜歡它，但在這裡效果不太好。這是因為美國消費者還沒做好準備。

10 years later, the reason why we made the commitments we have is that consumers are more ready for this. An increasing number of consumers don't want to certify colors and some of their food. And so that's why we look to remove those. And we have better technology now than we did 10 years ago. And we can get customers what they want. Whether it's the colors they want, or the shapes they want it, the texture, or what have you. And so that's why we're undertaking our efforts.

10年後，我們之所以做出這些承諾，是因為消費者對此有了更充分的準備。越來越多的消費者不願意對色素和某些食品進行認證。這就是我們要消除這些的原因。我們現在的技術比十年前更先進。我們可以為客戶提供他們想要的東西。無論他們想要的是顏色、形狀、紋理或其他什麼。這就是我們做出努力的原因。

When it comes to the regulatory environment, I'll start with a couple of things. One is that, I mean, we've been around for 160 years, and now getting global federal and state regulation for more than a century. And so I have high confidence we can do that now. When it comes to things like colors, I mean, 98% of our K-12 school offerings don't have certified colors now, and 85% of our retail doesn't. So we're talking about a relatively small sample.

談到監管環境，我將從幾件事開始。一是，我的意思是，我們已經存在了 160 年，現在已經受到全球聯邦和州的監管一個多世紀了。因此我非常有信心我們現在可以做到這一點。說到顏色之類的，我的意思是，我們 98% 的 K-12 學校產品現在沒有經過認證的顏色，85% 的零售產品也沒有經過認證的顏色。所以我們討論的是一個相對較小的樣本。

What I will say without commenting on any particular state is that there are a lot of state regulations being brought up now. And I think there's a challenge in that. And it's a challenge really for consumers because there's a cost associated with trying to do something state by state, rather than a federal level. And ultimately, consumers will pay the cost for that. As well as confusion, how can something be good in one state and not good in another state?

我不想對任何特定州發表評論，但我想說的是，現在有很多州推出了相關法規。我認為這其中存在著一個挑戰。這對消費者來說確實是一個挑戰，因為嘗試在各州而不是聯邦層級做某事會產生成本。最終，消費者將為此付出代價。除了令人困惑之外，為什麼某件事在一種狀態下是好的，而在另一種狀態下就不好呢？

And so the -- we've always been a believer working at a federal level, working with health and human services as we have been, working with the FDA and the USDA to work on federal legislation and regulation that really makes sense for consumers. And we believe that's the best approach that we have right now.

因此，我們始終堅信在聯邦層級開展工作，與衛生和人類服務部門合作，與 FDA 和 USDA 合作，制定真正對消費者有意義的聯邦立法和法規。我們相信這是我們目前最好的方法。

And so we're confident we can navigate this environment. We're making really good changes, really good progress. And -- but I think there's a challenge for the whole industry with a state-by-state approach. And it's certainly not just our challenge. And ultimately, I think it's better if we can get to something that's consistent on a federal level.

因此我們有信心能夠應對這種環境。我們正在進行非常好的改變，並且取得了非常好的進步。但我認為，採取逐州做法對整個產業來說是一個挑戰。這當然不只是我們面臨的挑戰。最終，我認為如果我們能夠在聯邦層級達成一致，那就更好了。

Great. As a quick follow-up, you mentioned that the pace of innovation is stepping up, I think, 25%, I believe that was in North America Retail. Are you able to say what percentage of sales are now coming from new products introduced over the last year, or over the last three years? Where are you at in absolute terms on that front?

偉大的。作為一個快速的後續問題，您提到創新步伐正在加快，我認為是 25%，我相信這是在北美零售業。您能否說出目前銷售額中有多少百分比是來自去年或過去三年推出的新產品？從絕對意義上來說，您在這方面處於什麼位置？

Yes, I'm glad you asked. Really, I'm really proud of the way our entire team is innovating. And we're at about -- we're roughly 5% of new products coming from new product innovation where we were at 3.5% a year ago. But I think there are a couple of important things that lie beyond that, which I want you to know.

是的，我很高興你問這個問題。真的，我為我們整個團隊的創新方式感到非常自豪。目前，我們大約有 5% 的新產品來自新產品創新，而一年前這一比例為 3.5%。但我認為除此之外還有一些重要的事情，我想讓你知道。

First, it's not that we're introducing more things. Its that really that what we're introducing, we think, has our bigger and better ideas with more staying power, which is not only good for this year, but in years to come. And that's true in North America retail. When you look at Cheerios Protein, for example, some of the granolas that we are bringing to market. Some of the Mott's fruit snacks that we're bringing to market, really good new product innovation. It's true in our Pet Food business, bringing fresh pet food to the market and investing behind that.

首先，我們並不是想要引入更多的東西。我們認為，我們所推出的產品具有更大、更好的理念和更強的持久力，這不僅對今年有利，而且對未來幾年也有利。北美零售業確實如此。例如，當您看到 Cheerios Protein 時，您就會知道我們正在向市場推出一些格蘭諾拉麥片。我們向市場推出的一些 Mott 水果零食確實是很好的新產品創新。在我們的寵物食品業務中確實如此，我們將新鮮的寵物食品推向市場並進行投資。

It's true in international, where I mean, look, we grew Haagen-Dazs retail double digits in China in the first quarter. And the reason we did that was because we introduced stick bars. And so now we're taking that all over China, and it's really working well. And in food service. We have -- we -- again, we picked up share in foodservice have continued great momentum there behind some biscuit innovation.

在國際上確實如此，我的意思是，你看，第一季哈根達斯在中國的零售額實現了兩位數的成長。我們這樣做的原因是我們引入了棒條。現在我們正在中國各地推廣這項做法，而且效果非常好。以及食品服務業。我們——我們——再次，我們在餐飲服務領域獲得了份額，並在一些餅乾創新的推動下繼續保持強勁發展勢頭。

And so what I'm pleased with is not just one part of the company that's innovating better. We have all of the segments innovating better and by better, I mean I think bigger more on consumer trend ideas, and we're supporting those with investment. And so that's what's exciting to me.

因此，令我感到高興的不僅是公司的一部分在不斷創新。我們所有的細分市場都在不斷創新，我說的更好，是指我對消費者趨勢的想法更加深入，我們正在透過投資來支持這些想法。這就是令我興奮的事情。

Megan Clapps, Morgan Stanley.

摩根士丹利的梅根·克拉普斯。

I have a quick follow-up and then another question for Kofi, if that's okay. So the first is just following up on some of the earlier line of questioning. Jeff, I think you mentioned you don't need massive share gains to hit the guide. But based on some of the things I think Dana mentioned later, it sounds to me like maybe some category trends are softer than you expected. So could you just clarify how category performance has evolved thus far year-to-date relative to your initial expectations? And whether we need to see improvement in areas like cereal, for instance, to deliver on the guide?

我有一個快速的後續問題，然後想問科菲另一個問題，如果可以的話。因此，首先只是對之前的一些問題進行跟進。傑夫，我想你提到你不需要大量的份額增長來達到指南。但根據我認為 Dana 後來提到的一些事情，我覺得某些類別的趨勢可能比你預期的要弱。那麼，您能否解釋一下今年迄今為止該類別的表現相對於您最初的預期有何變化？我們是否需要看到穀物等領域的改善才能實現指南目標？

And just related as well, since you brought it up, Jeff, can you maybe just expand a little bit on the GLP-1 comment in terms of what you're seeing in the data that you track?

同樣相關的是，既然你提到了這一點，傑夫，你能否根據你在追蹤的數據中看到的內容，稍微擴展一下 GLP-1 的評論？

Okay. I'm going to try to get to all your questions. You have a lot of good ones, and if I miss one, I just forgot. But I would say that the year so far has played out as we thought it would, and the consumer environment is what we thought it would be. In terms of how our progress looks in Nielsen, our top 10 -- our top 10 categories in North America retail are about a point better than what we expected.

好的。我將盡力回答你們的所有問題。你有很多好東西，如果我錯過了一個，那我就忘記了。但我想說，今年迄今的進展正如我們想像的那樣，消費環境也正如我們想像的那樣。就我們在尼爾森的進展而言，我們的前 10 名——北美零售業的前 10 個類別比我們預期的要好一點。

And so -- it's when you get beyond that like Flour and Betty Crocker desserts and things like that, where you see a little bit softer. And look for those key baking season starts in September. So we'll see when the weather gets colder. But the -- but our top 10 are performing at or a little bit better, actually a little bit better than what we anticipated. So I would say broadly, consumer sentiment is what we anticipated.

所以——當你超越麵粉和貝蒂克羅克甜點之類的東西時，你會看到一些更柔軟的東西。並尋找那些從九月開始的關鍵烘焙季節。所以我們會看到天氣何時變冷。但是 - 但是我們的前 10 名的表現比我們預期的要好一些，實際上要好一些。所以我想說，整體而言，消費者情緒符合我們的預期。

The growth in our categories is about what we anticipated. And certainly, our performance within those categories, growing share in our and foodservice and international holding that is kind of what we anticipated. So I would say so far so good as kind of as we expected, with the GLP-1s, there's been some impact on our categories but not significant yet.

我們產品類別的成長符合我們的預期。當然，我們在這些類別中的表現、食品服務和國際控股中的份額不斷增長，這正是我們預期的。所以我想說，到目前為止一切都很好，正如我們預期的那樣，GLP-1 對我們的類別產生了一些影響，但還不顯著。

I would expect GLP-1 usage will continue to grow. Everything I read says that it will continue to grow. And -- and with that comes reduced calories, obviously clearly, for those who are using GLP-1, but also there's opportunity because we know that people taking those medications. We know a couple of things.

我預計 GLP-1 的使用量將持續成長。我讀到的所有內容都表明它將繼續增長。而且 — — 顯然，對於使用 GLP-1 的人來說，這可以減少卡路里攝入，但同時也有機會，因為我們知道人們正在服用這些藥物。我們知道一些事情。

One is that they are looking for more protein because people tend to lose muscle mass when they're reducing their calories and they need more macro nutrients, things like fiber. And things like breakfast cereal are high in protein, that's why Cheerios Protein, I think, is doing so well. It's good in protein. It's high-end fiber. By the way, oats is also high in fiber.

一是他們尋求更多的蛋白質，因為人們在減少卡路里攝取時往往會失去肌肉質量，並且需要更多的宏量營養素，例如纖維。早餐麥片之類的食物蛋白質含量很高，所以我認為 Cheerios Protein 的銷售量如此好。它的蛋白質含​​量很好。這是高端纖維。順便說一句，燕麥也富含纖維。

And so even though a macro trend that GLP-1 uses that we think will continue, and we'll put some macro pressure on some categories over time. There's also a lot of opportunity in that. And I want you to make sure that you hear that for us as well. And -- and one of the things we're introducing a lot of new products that we think will meet this demand. So we feel good about that.

因此，儘管我們認為 GLP-1 使用的宏觀趨勢將會持續下去，但隨著時間的推移，我們將對某些類別施加一些宏觀壓力。這其中也蘊藏著許多機會。我希望您也能夠聽到我們說的話。而且—我們推出的許多新產品我們認為可以滿足這項需求。因此我們對此感到很高興。

Great. That's super helpful. And then just a follow-up for Kofi as we think about pet phasing into the second quarter just because there seems to be a lot of puts and takes. Can you just help us understand a little bit what these -- how to frame these puts and takes? Just to keep in mind, there was lumpiness in 2Q last year. Wildernesses may be a bit softer. You also have the Fresh pet launch. I also think maybe the shipment headwind was a bit bigger in the first quarter than you had talked about last quarter.

偉大的。這非常有幫助。然後只是對科菲的後續報導，因為我們認為寵物將逐步進入第二季度，因為似乎有很多投入和產出。您能否幫助我們稍微理解一下這些內容──如何建構這些投入和產出？請記住，去年第二季出現了一些波動。荒野可能會稍微柔軟一些。您也可以推出新鮮寵物。我還認為，第一季的出貨量逆風可能比您談到的上個季度要大一些。

So just with all those things in mind, if you could just help us think about how to frame phasing in 2Q, that would be helpful.

因此，考慮到所有這些因素，如果您能幫助我們思考如何制定第二季的分階段計劃，那將會很有幫助。

Sure. I think it's fair to say we expected the shipment timing issue at Q4. It might be modestly larger than we expected. We're not expecting a change to the overall outlook for the year, and I'm not going to get in the business of making quarterly predictions on pet just because I've failed at that multiple times. There is some volatility quarter-to-quarter in that business just inherently in shipment timing.

當然。我認為可以公平地說，我們預計第四季度會出現出貨時間問題。它可能比我們預期的要大一些。我們並不期望今年的整體前景會發生變化，而且我不會因為多次失敗就對寵物進行季度預測。該業務的季度間存在一些波動，這主要是由於出貨時間本身造成的。

I think broadly, you have the contours right. We will start to see a modest contribution in revenue as we ramp up behind shipments on Fresh pet. I think we're expecting some modest improvement as we step into Q2 and then into the back half of the year.

我認為從總體來說，你的概括是正確的。隨著新鮮寵物出貨量的增加，我們將開始看到收入的適度貢獻。我認為，隨著我們進入第二季以及下半年，我們預計情況會有所改善。

Peter Galbo, Bank of America.

美國銀行的彼得‧加爾博 (Peter Galbo)。

Kofi, maybe just one clarification. I think you said based on the puts and takes on operating profit in the first half of this year would be down kind of similar to Q4. I think that lands Q2 operating profit down like 25%-ish, but I just wanted to make sure that my math on that was correct.

科菲，也許只需要澄清一點。我認為您說過，根據看跌期權和看漲期權，今年上半年的營業利潤將下降，類似於第四季度。我認為這會導致第二季的營業利潤下降 25% 左右，但我只是想確保我的計算是正確的。

Yes. I think your math largely works.

是的。我認為你的數學基本上正確。

Okay. Super. And Jeff, maybe just a broader question, and this probably goes back to Andrew's first question. Dana spent a lot of time talking about getting below certain price clips, driving value. And I guess what we haven't really talked about is your competition, not so much on the shelf at retail, but the away-from-home channel is getting a lot sharper in terms of price points, in terms of trying to drive value in their messaging and even in the pricing that they're charging. Whether it's $5 boxes, $8 boxes.

好的。極好的。傑夫，也許這只是一個更廣泛的問題，這可能可以追溯到安德魯的第一個問題。達納花了很多時間談論如何降低某些價格水平，提高價值。我想我們還沒有真正談論的是你們的競爭，不是零售貨架上的競爭，而是戶外通路在價格點方面、在試圖透過訊息傳遞甚至定價來推動價值方面，都變得更加敏銳。無論是 5 美元一盒，還是 8 美元一盒。

Just -- is the industry, or is the retail packaged food industry adapting fast enough in your mind to be able to compete effectively against away from home that, again, seems to be much more focused on driving a value price point? And whether you've noticed just any share shift there that's become more pronounced as we've gotten just a plethora of kind of these offerings?

只是——在您看來，這個行業，或者零售包裝食品行業的適應速度是否足夠快，能夠有效地與外地競爭，而外地似乎更注重推動價值價格點？您是否注意到，隨著我們獲得大量此類產品，份額變化變得更加明顯？

Yes. The -- as far as speaking for the -- I probably won't speak for the whole packaged food industry, but I would like us to go faster rather than slower. But I would say that the -- if I look at away-from-home eating, just the traffic has been pretty -- has been quite stable and despite all the efforts of quick-serve restaurants and all. The traffic has been stable over time. And if you look at it, what the trends that we see here that low- and middle-income consumers are -- traffic is declining in what we call the commercial channel, or restaurants, and high-income consumers, call it, $200,000 or more a year is growing. And so it nets out to flat.

是的。就代表而言——我可能不會代表整個包裝食品行業發言，但我希望我們走得更快而不是更慢。但我想說的是——如果我看一下外出用餐的情況，客流量一直相當穩定，儘管快餐店和所有餐廳都做出了種種努力。一段時間以來，流量一直保持穩定。如果你看一下，我們會發現，這裡的趨勢是，低收入和中等收入消費者——我們所說的商業管道或餐廳的客流量正在下降，而高收入消費者，也就是每年 20 萬美元或以上的消費者的客流量正在增長。因此，其淨值為平。

And the challenge that, that particular portion of the business has with the value meals is that the inflation is growing faster than food at home. And quite a bit faster than food at home, driven by labor. And so even though you may see a lot of advertising about value deals and so forth, just note the traffic and commercial remains very flat. There is growth in the noncommercial channel, which is where General Mills over indexes in its food service business.

而這部分業務在超值套餐方面面臨的挑戰是，通貨膨脹的成長速度比家庭食品的成長速度更快。而且比家裡吃飯的速度快不少，都是靠勞力推動的。因此，儘管您可能會看到很多有關價值交易等的廣告，但請注意流量和商業仍然非常平穩。非商業通路正在成長，這是通用磨坊食品服務業務表現突出的地方。

And so we're very well positioned to capture the growth there. In the noncommercial. I mean things like K-12 schools and hospitality, and business, and industry where people are going back to work. And those channels are growing about 2% or so, and we're gaining share. And so any growth you would see would really be in that place, and we're very well positioned through our foodservice business to take advantage of that growth than we are, and that's one of the reasons why you see our food service business continue to perform well.

因此，我們已做好充分準備來抓住那裡的成長機會。在非商業中。我指的是像 K-12 學校、旅館、商業和工業等人們正在重返工作崗位的行業。這些通路的成長率約為 2%，我們的市佔率也不斷增加。因此，您看到的任何增長實際上都會在那個地方，並且我們透過餐飲服務業務處於非常有利的位置，可以利用這種增長，這就是您看到我們的餐飲服務業務繼續表現良好的原因之一。

Okay, Julienne, I think we'll have to wrap it up there. Thanks, everyone, for the good questions and the good engagement. And the IR team is available all day for follow ups. We look forward to talking to you next quarter. Thanks.

好的，朱利安，我想我們必須就此結束。謝謝大家提出的好問題和積極的參與。IR 團隊全天提供跟進服務。我們期待下個季度與您交談。謝謝。

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。