通用磨坊 (GIS) 2026 Q2 法說會逐字稿

Hello, and welcome to the General Mills Inc second quarter fiscal year 2026 earnings call. (Operator Instructions) I would now like to turn the conference over to Jeff Siemon, Vice President, Investor Relations and Corporate Finance. You may begin.

大家好，歡迎參加通用磨坊公司2026財年第二季財報電話會議。（操作員指示）現在我將會議交給投資者關係和企業財務副總裁傑夫·西蒙。你可以開始了。

Thank you, Sarah, and hello to everyone. Thanks for joining us today for our Q&A session on our second quarter fiscal 2026 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，莎拉，大家好。感謝各位今天參加我們關於2026財年第二季業績的問答環節。我希望大家都有時間閱讀我們的新聞稿，聽取我們準備好的發言稿，並查看我們的簡報資料，這些資料我們今天上午已發佈在我們的投資者關係網站上。

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

請注意，在我們的問答環節中，我們可能會根據管理層目前的觀點和假設做出前瞻性陳述。有關可能影響前瞻性聲明的因素以及非GAAP資訊的調節情況，請參閱今天早上的新聞稿，這些內容可能會在今天的電話會議上討論。今天和我一起出席的有：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業務集團總裁 Dana McNabb。

Now let me turn it over to Jeff for some opening remarks.

現在我把麥克風交給傑夫，讓他做些開場白。

Thanks, Jeff, and good morning, everybody. When we started this year, our primary goal was to increase organic sales. And to do that in conjunction with continuing to outperform on holistic margin management and our transformation initiatives. And those are all reflected in our three priorities for the year. And as you look at our Q2 results, I'm pleased to say that we're really executing well against all of those. And we continue to see improvement in our organic sales and continue to do that very efficiently through our HMM efforts and our transformation efforts.

謝謝你，傑夫，大家早安。今年年初，我們的首要目標是提高有機銷售額。同時，我們也要持續在整體利潤管理和轉型措施方面取得優異成績。這些都體現在我們今年的三大優先事項。從我們第二季的業績來看，我很高興地說，我們在所有這些方面都做得非常出色。我們的有機銷售額持續成長，透過我們的HMM努力和轉型努力，我們繼續有效率地實現這一目標。

And in particular, I look at North America retail. And we said we would improve our North America retail volumes through the remarkability framework, and that's exactly what we've done. And part of that is pricing. We set strategic-based price adjustments on base pricing and to get under price caps. And 90%-plus of what we've done in pricing that we started talking to you about a year ago has worked as well or better than what we had thought.

我尤其關注北美零售業。我們說過，我們將透過卓越性框架來提高我們在北美的零售銷量，而我們也確實做到了。其中一部分原因在於定價。我們對基礎定價進行基於策略的價格調整，以達到價格上限。我們一年前開始與您討論的定價策略，90%以上的實施效果都達到了甚至超過了我們的預期。

So we're pleased with that. But Importantly, the remarkability framework doesn't just stop with pricing actions. And our new product innovation is better. We expect it to be up about 25% this year. We've got a good lineup in the second half.

我們對此感到滿意。但重要的是，卓越性框架並不僅僅止於定價行為。我們的新產品創新更勝一籌。我們預計今年將上漲約25%。我們下半場的陣容很不錯。

Our product news is really good. Our events have worked harder for us, and our media ROIs are up. And so as I think about our North America retail business, it's not really an accident that we're growing pound share in 8 of our top 10 categories so far this year. And so I'm really pleased with the way North America has improved its momentum this year, in particular, how we've seen improved momentum in the second quarter.

我們的產品消息非常好。我們的活動效果更好了，媒體投資報酬率也提高了。因此，當我思考我們在北美的零售業務時，我們今年前十大類別中有八個類別的市佔率成長，這絕非偶然。因此，我對北美今年的發展勢頭感到非常滿意，尤其是第二季的發展勢頭。

Then on North America Pet, we said we had to do a couple of things. We need to improve our core business at the same time, incorporate Lovemade Fresh. I know there's a lot of emphasis on Lovemade Fresh and rightly so. But I'm pleased with our base business performance. As I look at our life protection formula, we're back to share growth on that.

然後，在北美寵物頻道，我們說我們必須做幾件事。同時，我們需要改進我們的核心業務，並將 Lovemade Fresh 納入其中。我知道大家非常重視 Lovemade Fresh，這是理所當然的。但我對我們基本的業務表現感到滿意。當我審視我們的人壽保障方案時，我們又回到了分享成長的軌道上。

Our CA business is growing mid-single digits. We're up in pound share on our treats business. We have some more work to do on wilderness. But otherwise, our pet core business has gained a little momentum, too, and we're pleased with that. And so as we look at Lovemade Fresh, I'm just exceptionally pleased with the way we've started on Lovemade Fresh. And we're executing very well. We said we'd be in about 5,000 coolers by the year-end.

我們在加州的業務正以中等個位數的速度成長。我們的零食業務的英鎊份額上升了。我們在荒野保護方面還有一些工作要做。但除此之外，我們的寵物核心業務也取得了一些進展，我們對此感到滿意。所以，當我們審視 Lovemade Fresh 時，我對我們在 Lovemade Fresh 的開局感到非常滿意。我們執行得非常好。我們曾說過，到年底我們將擁有大約 5000 個冷藏箱。

I heard yesterday morning that we're in 4,658. So we're well on our way to that 5,000, and we'll get there by the end of January. And our Lovemade Fresh launch has reached about 5% market share. and our earliest first wave customers. And so we're pleased with that.

我昨天早上聽說我們排在 4,658 位。所以，我們離5000這個目標已經很近了，到一月底就能達成。我們的 Lovemade Fresh 產品系列已達到約 5% 的市場份額，並且我們最早的第一批客戶也已達成共識。所以，我們對此感到滿意。

We prioritize having plenty of inventory across our business in Lovemade Fresh because we know the trial is so important for our business. And even if that trial costs a little bit more because we've got too much inventory in one place or another, it's well worth it to make sure that consumers can try our product. And when they try it, they like it. 4.8 out of 5 star ratings on our products. We know that is the case. And so we're really pleased with the way we've started.

在 Lovemade Fresh，我們優先保證業務範圍內充足的庫存，因為我們知道試用對我們的業務非常重要。即使因為某些地方庫存過多而導致試用成本略高，但為了確保消費者能夠試用我們的產品，這是非常值得的。他們試用後都很喜歡。我們的產品平均評分為 4.8 顆星（滿分為 5 顆星）。我們知道情況確實如此。所以，我們對目前的開局非常滿意。

We'll put on additional customers in distribution in the third quarter as well as launch a new format of the standup resealable pouch. And so pleased with Blue Buffalo. And then as we talk about HMM, we're tracking another 5% of HMM this year. So pleased with that as well as our transformation efforts. And so as we look to the second half, the job to do really is to keep the momentum on the top line, and we plan to do that as well as then turn the corner on profitability. And as we look ahead, we expect top line improvement in the second half and then profit growth in the fourth quarter, thanks in part to favorable trade timing and the 53rd week.

第三季度，我們將增加分銷客戶，並推出新型自立式可重複密封包裝袋。我對Blue Buffalo的產品非常滿意。然後，當我們談到HMM時，我們預計今年HMM將再成長5%。對此以及我們的轉型努力都感到非常滿意。因此，展望下半年，我們真正的任務是保持營收成長勢頭，我們計劃做到這一點，並扭轉獲利局面。展望未來，我們預計下半年營收將有所改善，第四季利潤將有所成長，部分原因是有利的交易時機和第 53 週。

So with that, I'll open it up to questions that you all have.

那麼，接下來就由大家來提問吧。

Great. Sarah, so let's go ahead, and you can start the Q&A.

偉大的。莎拉，那我們開始吧，你可以開始問答環節了。

(Operator Instructions)

（操作說明）

Peter Galbo, Bank of America.

Peter Galbo，美國銀行。

Jeff, I just wanted to pick up on maybe some of your commentary just now in terms of the sustainability of the volume growth in North America Retail. I think there was mention of a bit of maybe some shipment timing benefit in the quarter. But just want to get a sense as we start to look at the comps and looking in the back half of the year, how you're thinking about maybe the sustainability of that positive volume trajectory in North America Retail.

Jeff，我只是想就你剛才關於北美零售業銷售成長永續性的評論補充一些內容。我認為本季可能在發貨時間方面有一些好處。但我想了解一下，當我們開始查看同店銷售額數據並展望下半年時，您如何看待北美零售業這種積極成長動能的可持續性。

I've got Dana McNabb here next to me, so I'll have her talk about North America retail specifically.

我旁邊是達娜·麥克納布，所以我會請她專門談談北美零售業。

All right. We're really encouraged by the progress that we've made in North America. As Jeff said, 8 of our 10 categories are growing pound share. Our pounds grew. But as you mentioned, we did have a little bit of shipment timing benefit.

好的。我們對在北美取得的進展感到非常鼓舞。正如傑夫所說，我們10個品類中有8個品類的市佔率都在成長。我們的體重增加了。但正如您所提到的，我們在發貨時間上確實獲得了一些優勢。

Our Nielsen pounds are about flat. And so we do expect that to unwind a little bit in the back half. So as we look to the second half of this year, we expect to continue to drive category improvement and competitiveness, which is really, I think, all we'll mention about back half to avoid giving any forward statements.

我們的尼爾森英鎊數基本持平。因此，我們預計這種情況在下半程會有所緩解。展望今年下半年，我們預計將繼續推動品類改進和競爭力提升，我想，關於下半年，我們也就只提這些了，以免做出任何前瞻性聲明。

Okay. No, helpful. And Jeff, I think the discussion around price cliff management and solving some of the price gaps has grown even louder in the past week with one of your largest peers also announcing some pretty dramatic price reductions. Just curious kind of how you're viewing the competitive environment, what you're expecting from some of your other peers? Just are we in a phase of the cycle where others are going to have to follow? Kind of what's been a first-mover advantage for General Mills?

好的。不，這很有幫助。傑夫，我認為過去一周，關於價格懸崖管理和解決一些價格差距的討論變得更加激烈，因為你們最大的同行之一也宣布了一些相當大幅度的降價措施。我只是好奇你是如何看待競爭環境的，你對其他同儕有什麼期待？我們是否正處於一個週期階段，其他人也必須效法？通用磨坊的先發優勢體現在哪裡呢？

Yes. I think it's a good question. What I would say is that we haven't really seen an increase thus far in the competitive levels within our category, which is to say that levels of discounting are about the same as they were a year ago, broadly speaking, across our categories. We haven't really seen that. I think when you think about what we have done, there are a couple of things I would say.

是的。我覺得這是個好問題。我想說的是，到目前為止，我們還沒有真正看到我們這個品類內的競爭水平有所提高，也就是說，總的來說，我們各個品類的折扣水平與一年前大致相同。我們還沒真正看到這種情況。我認為，當你回顧我們所做的事情時，有幾點我想說。

going first is fine, but doing it well is even better. And our team has executed the pricing really well. If you think about being in 26 different categories across lots of different customers, it takes a lot to get the pricing reflected in a manner that is consistent with what you're looking for. And so we've done that really well. But also, I mentioned the innovation and the marketing improvements and the product news because those are really important too.

先做固然好，但做得好就更好了。我們的團隊在定價方面做得非常出色。想想看，要面對眾多不同的客戶，涵蓋 26 個不同的類別，要讓定價以符合你期望的方式體現出來，需要付出很多努力。所以，我們在這方面做得非常出色。此外，我還提到了創新、行銷改進和產品新聞，因為這些也非常重要。

The reason for the pricing is to make sure that the other elements of your marketing mix work as well as you want. And so as we look ahead, we feel great about the other elements of our marketing mix. And so we've got great product news coming in the second half. We shared some of those in the slides and our market keeps getting better and better. And as we think about -- as we think about it, we're not too concerned about the competitive environment based on what we've seen thus far.

定價的原因是為了確保你的行銷組合中的其他要素能夠按照你的預期發揮作用。因此，展望未來，我們對行銷組合的其他要素充滿信心。因此，下半年我們將推出一系列重磅產品消息。我們在幻燈片中分享了其中的一些內容，而且我們的市場也越來越好。仔細想想，就我們目前所看到的而言，我們並不太擔心競爭環境。

And importantly, on our pricing, we're not getting down to the levels of private label or something like that. We're just kind of getting under-price cliffs and kind of getting within a certain range. And if you look at our price mix in North America retail, it's down maybe about 3% or so far this year. That's after 30%-plus increases over prior years where we had a lot of inflation. So anyway, we feel good about where we're competitively positioned and feel really good about the way that we are executing.

更重要的是，在定價方面，我們不會像自有品牌或其他類似品牌那樣定價過低。我們現在遇到的問題是價格暴跌，價格跌到某個程度後就跌到某個區間了。如果你看我們在北美零售市場的價格組合，今年到目前為止可能下降了約 3%。這是在經歷了通貨膨脹嚴重的往年之後，比前一年增長了 30% 以上。總之，我們對自身的競爭地位感到滿意，也對我們的執行方式感到非常滿意。

Andrew Lazar, Barclays.

安德魯·拉扎爾，巴克萊銀行。

Jeff, in your current quarter, so fiscal 3Q, General Mills starts to lap some of the pricing moves from last year. And I think you've talked about how you anticipate the sort of the gap between volume share, which has been improving and value share, right, to begin to narrow, which is ultimately necessary to get to overall organic sales growth. So I guess my question is like what specifically should our expectations be in sort of fiscal 3Q and 4Q as to sort of how quickly this gap can narrow as we all kind of assess the scanner data moving forward?

Jeff，在你所在的季度，也就是第三財季，通用磨坊開始逐步取消去年的一些定價策略。我認為您已經談過，您預計銷售份額（一直在改善）和價值份額之間的差距將會開始縮小，而這最終是實現整體有機銷售增長所必需的。所以我想問的是，在第三財季和第四財季，我們應該對這個差距縮小的速度抱持著怎樣的具體預期，尤其是在我們評估掃描資料之後？

And like where would you hope to be on this score as General Mills enters fiscal '27? It sounds like you expect sustained year-over-year volume growth in the back half. How do we think about sort of price mix and particularly in light of your comments regarding the cost of volume rising a bit? Just trying to get a sense of how to set expectations for how quickly that gap can narrow and when the expectation is to get to sort of absolute organic sales growth, if you will?

那麼，隨著通用磨坊進入 2027 財年，你希望公司在這方面達到什麼水準？聽起來你預計下半年銷售量將持續年增。我們應該如何考慮價格組合，特別是考慮到您提到的批量成本略有上升的問題？我只是想了解一下，如何設定預期，以預測這個差距能以多快的速度縮小，以及何時才能實現絕對的自然銷售成長？

Yes, Andrew, I appreciate the question. I would start by saying, I mean, it's a pretty volatile environment. So I'm going to refrain from getting too specific only because there are a lot of things that can come our way. I didn't really see the government shutdown coming in the second quarter or SNAP being reduced. So I mean there are a lot of things that can come our way.

是的，安德魯，感謝你的提問。首先我想說的是，這是一個相當不穩定的環境。所以，我不會說得太具體，因為可能會有很多事情發生。我真沒想到第二季會出現政府停擺或食品券計畫縮減的情況。我的意思是，我們可能會遇到很多事情。

Having said that, we do expect improvement in the second half, and it will be based on price mix as we start to lap some of our initial pricing from last year, although it won't fully be reflected until fiscal '27. So I think it's important to keep that in mind as well.

話雖如此，我們預計下半年情況會有所改善，這將基於價格組合，因為我們將開始逐步取消去年的一些初始定價，儘管這要到 2027 財年才能完全體現出來。所以我認為牢記這一點也很重要。

The other thing is just based on timing. I talked a little bit in my opening remarks about positive mix in the fourth quarter due to some trade phasing timing, and that will be positive in the fourth quarter. That will be a little bit negative in the third quarter. So there's a trade-off between those two quarters. So what you see in Nielsen may or may not be exactly reflected as what we see in the P&L by quarter, but it will all work itself out by the end of fiscal '26.

另一件事則完全取決於時機。我在開場白中稍微談到了第四季度由於一些貿易階段安排的時間而出現的積極組合，這對第四季度來說將是積極的。第三季情況會略微不利。所以這兩個季度之間存在著權衡取捨。所以，你在尼爾森的數據中看到的可能與我們在季度損益表中看到的數據並不完全一致，但到 2026 財年結束時，一切都會迎刃而解。

As you look at entering the next fiscal year, I think we're going to see momentum on our core sales business. How high that momentum will be, we will see. But we feel good about where our pricing is and where the remarkability is kind of across our business, not only in North America retail, which is getting a lot of attention and rightfully so, but we grew in pet this quarter, in foodservice.

展望下一個財政年度，我認為我們的核心銷售業務將會迎來成長動能。這股動能究竟能有多強，我們拭目以待。但我們對我們的定價以及我們整個業務的卓越之處感到滿意，不僅在北美零售業（這部分業務受到了很多關注，而且理應如此），而且我們本季度在寵物和餐飲服務領域也實現了增長。

But for index pricing, we would have grown in 3% in our North America Foodservice business. We grew in international. And so the gains we are seeing across the board, and I don't think it's coincidental that we're using the remarkability frameworks across all of our businesses.

但如果採用指數定價，我們在北美的餐飲服務業務本來可以成長 3%。我們在國際化領域取得了發展。因此，我們看到各方面都取得了進步，我認為這並非巧合，因為我們在所有業務中都使用了卓越性框架。

I know you're seeing some momentum, obviously, in progress in core pet. I'm just curious what you're seeing in just the overall, let's call it, like dog feeding category. Any -- I know you've been probably hoping for that broader category to be a little bit stronger than it has been. But what are you seeing there in terms of consumer behavior?

我知道你顯然已經看到了核心寵物領域的一些進展。我只是好奇你從整體上，比如說，像餵狗這個類別來看，都看到了什麼。任何——我知道你可能一直希望這個更廣泛的類別能夠比現在更強一些。但就消費者行為而言，你觀察到了什麼？

Andrew, this is Dana. I'll jump in and answer that question. If we look at the pet category, what we'd say is the category was up about 1% in Q2. Pounds were down modestly. That was relatively in line with Q1 with fiscal '25.

安德魯，這位是達娜。我來回答這個問題。如果我們看一下寵物用品類別，我們會說該類別在第二季度增加了約 1%。英鎊小幅下跌。這與 2025 財年第一季的情況基本一致。

It continues to be cat feeding that is growing the fastest and the treat segment has also gotten back to growth. What we're seeing in dog feeding is that it continues to lag a little bit on both pounds and dollars. And there's really three reasons for that. The first is that we do estimate that there's still a shift to unmeasured channels. That's about 50 basis points.

貓糧市場仍是成長最快的市場，貓零食市場也已恢復成長。我們看到，在狗糧餵養方面，無論是在重量還是金額方面，都仍然略顯滯後。這其實有三個原因。首先，我們估計仍然存在向未測量通道的轉移。那大約是50個基點。

We're seeing a shift towards smaller dogs, and that's weighing down pounds a bit as dogs that are smaller consume fewer pounds. And then also, we are seeing a little bit of pullback from consumers in discretionary segments such as wet dog food, which happens when the consumer is stretched. When we look to the long term, though, we still think that this is a segment that is going to continue to grow. The humanization trend will continue to accelerate that growth, and we think Blue is well positioned to win in the category. And as Jeff said, are really pleased with our Q2 performance.

我們看到人們的喜好正在轉向小型犬，這在一定程度上減輕了犬隻的體重，因為體型較小的犬隻消耗的熱量也較少。此外，我們也看到消費者在非必需品領域（例如濕狗糧）出現了一些回落，這種情況發生在消費者經濟拮据的時候。但從長遠來看，我們仍然認為這一領域將會繼續成長。人性化趨勢將繼續加速這一成長，我們認為 Blue 在該領域佔據有利地位，並有望贏得勝利。正如傑夫所說，我們對第二季的業績非常滿意。

Max Gumport, BNP.

Max Gumport，BNP。

It's nice to see volumes turning positive in the quarter on the back of your investment retail and also to hear the continued confidence you have in this continuing in the back half. I guess what I'm trying to get a sense for is, one, an update on your thinking on the ability for volumes to stay positive after you lap these price cuts? And then two, as you look at the investments you've got in the business through the first half, whether you think it's been enough or you might go back to the well next year as well, given that they are working. So getting a sense for whether having these investments in the base is enough or if you might need to do more again next year.

很高興看到本季成交量在投資零售業務的推動下轉正，也很高興聽到您對下半年繼續保持這種勢頭充滿信心。我想了解的是，第一，您認為在降價之後，銷售量能否繼續保持成長？其次，回顧上半年你在公司進行的投資，你是否認為這些投資足夠，或者鑑於這些投資運作良好，你明年是否還會繼續投資。因此，我們需要了解一下，在基礎建設方面進行這些投資是否足夠，或者明年是否需要進行更多投資。

Well, as I think about the North America price investments, again, we are really pleased with the progress. We are seeing pounds improve. What we had said is that we are going to adjust prices on two-third of our portfolio, and that would be done by the end of Q2. And as we look at performance, almost 90% of where we've added that price investment is at or ahead of what we modeled. So we're really encouraged by how it's performed.

嗯，當我再次思考北美價格投資時，我們對所取得的進展感到非常滿意。我們看到體重有所改善。我們之前說過，我們將調整三分之二投資組合的價格，這項工作將在第二季末完成。從業績來看，我們增加價格投資的近 90% 的投資都達到了或超過了我們預期的水平。所以我們對它的表現感到非常鼓舞。

Of course, we'll continue to monitor the environment. If we think we need to add more, we'll consider it. But at this point, we believe that our price is at the right place where it needs to be. And again, it was about getting those prices at shelf to be at the right spot under key clips and manageable gaps to the competition.

當然，我們會繼續監測環境狀況。如果我們認為需要增加更多，我們會考慮的。但就目前而言，我們認為我們的價格處於合適的水平。再次強調，關鍵在於讓貨架上的價格處於合適的位置，位於關鍵位置下方，並與競爭對手保持可控的差距。

And now as we turn to the back half, it's about once your prices are in the right place, is the rest of your remarkability framework strong. And we really like our plans and how they're working when these prices are right. So as Jeff said, our new products are performing very well. We're on track to be up 25% versus last year. We have strong news.

現在我們進入後半部分，關鍵在於，一旦你的價格擺在了合適的位置，你的其他卓越性框架是否足夠強大。我們非常喜歡我們的方案，而且在價格合適的情況下，這些方案的運作方式也非常好。正如傑夫所說，我們的新產品表現非常出色。我們預計比去年增長25%。我們有個好消息。

Our advertising content and ROIs are significantly improved, and they're up. And we have strong advanced plan to get good in-store and online support. So again, winning in the back half is not just about price. It is about remarkability, and I think we're well positioned to continue to improve.

我們的廣告內容和投資回報率都得到了顯著提升，而且有所增長。我們制定了完善的計劃，以獲得良好的店內和線上支援。所以，在下半場取勝不僅取決於賠率。關鍵在於追求卓越，我認為我們有能力繼續進步。

Great. And then just one follow-up with regard to the overdelivery on profit in 2Q. So it sounds like you would say it's essentially going to unwind in 3Q given the timing benefits you laid out in the prepared remarks. versus consensus, you had about $0.08 of outperformance in the quarter. So would it be fair to say there could be $0.08 coming out of 3Q and EPS might be down roughly speaking, 20% or so year-over-year? And any way to better frame how we should be thinking about 3Q EPS?

偉大的。最後，關於第二季利潤超額完成的問題，還有一個後續問題。聽起來您認為，鑑於您在準備好的發言稿中提到的時序優勢，第三季業績將基本回落。與市場普遍預期相比，您本季的業績約超過預期0.08美元。那麼，第三季每股盈餘可能只有 0.08 美元，年減 20% 左右，這種說法是否合理？有沒有什麼方法可以更好地闡述我們應該如何看待第三季每股盈餘？

Yes. I appreciate the question, and I will try to give you clarity. I think the underlying for us is that against our own internal expectations, we saw favorability due to the three factors I mentioned in my prepared remarks. North America saw supply chain favorability, primarily driven by inventory absorption in the quarter. stronger international performance on both top and the bottom line, a portion of which was timing related and a modest about 0.5 point of shipment timing benefit in NAR, which Dana covered earlier. We do expect all of those to reverse. So that favorability that we saw in the quarter against our expectations, we do expect to reverse in Q3.

是的。感謝您的提問，我會盡力為您解答。我認為，對我們來說，根本原因在於，與我們內部的預期相反，由於我在準備好的發言稿中提到的三個因素，我們看到了有利的結果。北美供應鏈狀況良好，主要得益於本季庫存的消化。國際市場在營收和利潤方面均表現強勁，其中一部分與發貨時間有關，北美地區發貨時間方面也帶來了約 0.5 個百分點的利好，Dana 此前已對此進行過報道。我們預計所有這些情況都會逆轉。因此，我們預計本季出現的超出預期的利好情況將在第三季發生逆轉。

John Baumgartner, Mizuho.

John Baumgartner，瑞穗銀行。

Maybe Jeff or Dana, in the prepared comments, you noted the inclination of consumers to buy more on promo. And I'm curious if you can elaborate on that. Just given the mention of the higher cost of volume, are you finding that you need to embed some wiggle room for larger promo to cater to that shopping dynamic? And I'm also curious, I guess, bigger picture, how you're seeing the balance between EDLP versus maybe a high-low strategy in this kind of an environment relative to past periods of economic weakness?

傑夫或達娜，你們在事先準備好的評論中提到了消費者傾向於在促銷期間購買更多商品。我很想知道您能否詳細說明一下。既然提到了大量購買成本較高，您是否發現需要預留一些空間來進行更大規模的促銷活動，以適應這種購物動態？而且，從更宏觀的角度來看，我還想知道，在當前的經濟環境下，您如何看待 EDLP 策略與高低策略之間的平衡，尤其是在與以往經濟疲軟時期相比的情況下？

Let me start with that and then maybe turn it over to Dana for some commentary. But what I would say is that in general, we're seeing -- I mean, this is no surprise, I don't think, but continue to see consumer weakness, particularly for those making under $100,000 a year. So those in the kind of the middle and lower income range. We continue to see that consumer being stretched even as consumers in the higher end of the range are faring a lot better with the current stock market. And so that plays itself out in a few different ways.

我先說到這裡，然後或許可以把話題交給達納，讓他做一些評論。但我想說的是，總的來說，我們看到——我的意思是，這並不令人意外，我認為——消費者持續疲軟，尤其是年收入低於 10 萬美元的人。所以，指的是那些中低收入者。我們仍然看到普通消費者承受著巨大的壓力，而高端消費者在當前的股市中表現要好得多。因此，這種情況會以幾種不同的方式表現出來。

One is that people continue to eat at home quite a bit. So 86% or so of eating occasions are still at home and 14% away from home. And we haven't really seen a change in that for a couple of quarters and -- but it's still at a very high level of eating at home. We see people switching some categories.

一是人們仍然經常在家吃飯。因此，大約 86% 的用餐場合仍然在家中，14% 的用餐場合在外地。在過去的幾個季度裡，我們並沒有看到這種情況有真正的變化——但居家用餐的比例仍然非常高。我們看到有人在轉換類別。

We see consumers switching where they purchase, switching channels and that kind of thing. But we also see it reflected in how much gets purchased on discount when we have it on display or what have you. And so we haven't really been displaying more. It's just that when -- what we see is that consumers, when there is a discount, we see them buying more because they're financially strained. So Dana, anything you want to add to that?

我們看到消費者會改變購買地點、改變購買管道等等。但我們也可以從商品打折展示時的銷售量或其他促銷活動中看出這一點。所以，我們其實並沒有展示更多內容。只是我們看到，當有折扣時，消費者會購買更多商品，因為他們的經濟狀況比較緊張。達娜，你還有什麼要補充的嗎？

No, I would just reiterate that we continue to categorize the promo environment as being quite rational. As Jeff said, the frequency and the depth is similar to last quarter. It's similar to last year. We did see promo activity come up a little bit in November, but we think that's largely related to manufacturers reacting to some of the SNAP changes. But overall, we'd characterize the environment as rational.

不，我只想重申，我們仍然認為促銷環境相當理性。正如傑夫所說，頻率和深度與上個季度相似。和去年類似。我們確實看到 11 月份促銷活動有所增加，但我們認為這主要是由於製造商對 SNAP 政策的一些變化做出的反應。但總體而言，我們會將這種環境描述為理性的。

Tom Palmer, JPMorgan.

湯姆‧帕爾默，摩根大通。

First, just wanted to ask on inflation and tariff. Previously, 4% to 5% of COGS was the outlook. The bakery index pricing would suggest what costs are favorable and then maybe there was a small amount of tariff relief to consider. So just any update on that outlook and kind of maybe the -- as we think about the back half of the year, if there's any sort of favorability.

首先，我想問一下通貨膨脹和關稅的問題。此前，預計佔銷售成本的 4% 至 5%。烘焙食品指數定價可以顯示哪些成本是有利的，然後或許可以考慮少量的關稅減免。所以，關於前景有什麼最新進展嗎？還有，當我們考慮下半年的情況時，是否有任何有利因素？

Sure. So as a reminder, our original guidance included an expectation of about 1 to 2 points of additional headwind to base inflation of about 3%. Our base inflation forecast despite puts and takes, remains roughly around that 3% mark. Tariffs certainly comfortably within that range. And as we look at kind of the phasing impact, I would just remind that our expectation was that we'd be able to mitigate some but not all of the tariffs with the tariff headwind within the year.

當然。因此，再次提醒大家，我們最初的預期是，基準通膨率（約 3%）將面臨 1 到 2 個百分點的額外阻力。儘管市場存在波動，但我們的基本通膨預測仍大致維持在 3% 左右。關稅肯定在這個範圍內。當我們檢視分階段實施的影響時，我想提醒大家，我們原本預期能夠在一年內透過關稅逆風來緩解部分關稅影響，但無法完全緩解。

And the tariff phasing was pretty minimal in Q1, stepped up in Q2, and we'd expect in the second half for that to step up a little further. So in aggregate, 3% base, we're still comfortable with the 1% to 2% guide on the tariff additional headwind.

第一季關稅分階段調整幅度很小，第二季有所加大，我們預計下半年還會進一步加大。因此，總體而言，以 3% 為基準，我們仍然對關稅額外阻力在 1% 到 2% 的指導方針感到滿意。

Maybe, Tom, I'd just add, this is Jeff, that you also have to consider our coverage. And so we tend to be covered at least six to nine months across our -- some of our biggest inputs and wheat would be one of those. So while you see it play through in the sales line on our P&L, the cost line would be delayed. And so what you see from wheat prices being down in the short term is probably more going to impact '27 than it is '26 on the cost side.

湯姆，我還要補充一點，我是傑夫，你也應該考慮我們的報道。因此，我們的一些最大投入品（小麥就是其中之一）的供應通常可以持續至少六到九個月。因此，雖然您會在我們的損益表銷售額中看到它的變化，但成本線的變化會落後。因此，短期內小麥價格下跌對 2027 年的成本影響可能比對 2026 年更大。

Fair point.

說得有道理。

Okay. And just a follow-up on international. I think in the first quarter, you called out a 3% timing benefit that you expected to unwind in the second quarter, and you kind of noted some timing headwinds in 2Q as well. I just wanted to confirm, were there incremental tailwinds? Or was it more this 3% timing benefit did not unwind as we think about the second quarter and becomes more of a factor in the back half?

好的。關於國際事務，還有一點後續。我認為在第一季度，你提到了 3% 的時間優勢，你預計這將在第二季度消失，你也注意到第二季度存在一些時間上的不利因素。我只是想確認一下，是否有逐漸增強的順風？或者說，這 3% 的時效性收益並沒有隨著我們進入第二季而消失，而是在下半年發揮了更大的作用？

Yes, certainly. And it is mostly the latter to your question.

當然可以。而對於你的問題，答案主要是後者。

Steve Powers, Deutsche Bank.

史蒂夫鮑爾斯，德意志銀行。

Jeff, pivoting back to Pet, you talked in your opening remarks about positive delivery against Lovemade Fresh, but also progress on the base business. And I guess I'm curious as to what degree you think Lovemade Fresh has, in some ways, contributed to that base business progress, even though it's still early. I guess any evidence as to whether you're seeing favorable interplay between the Fresh initiative and or Blue Buffalo?

Jeff，回到 Pet 的話題，你在開場白中談到了與 Lovemade Fresh 的積極合作，以及基礎業務的進展。我很好奇，您認為 Lovemade Fresh 在某些方面對公司的基礎業務發展做出了多大貢獻，儘管現在還處於早期階段。我想請問是否有證據顯示「新鮮食物計畫」和「藍爵」之間有有利的互動？

Yes. It's a good question and an important one. I would say we're still a little bit early to really know that, that's the case. I mean we're only eight weeks into the launch and probably five weeks into advertising. So I think it's too early to see if the Lovemade fresh advertising, which, by the way, is really good, is going to rub off on the rest of the core. We may be able to tell you a little bit more after Q3 or Q4 once we get some more time in market.

是的。這是一個很好的問題，也是一個重要的問題。我認為現在判斷是否如此還為時過早。我的意思是，產品發布才過了八週，廣告宣傳可能也才進行了五週。所以我覺得現在判斷 Lovemade 的新鮮廣告（順便說一句，這廣告真的很好）是否會對其他核心客戶產生影響還為時過早。等到第三季或第四季度，等我們有更多時間了解市場狀況後，或許可以告訴您更多。

So it wasn't really that. It was really kind of sharpening up our kind of go-to-market on life protection formula and doing a really good job on the advertising on that and continuing to grow our Tiki Cat business, which we acquired nine months ago, that's growing solidly. And then adding some more marketing to our Tastefuls line in cat is doing really well and getting the price points right. It's really -- we probably use all the elements of the Experience framework in pet this quarter and saw a nice lift back to positive growth. But so far, I wouldn't say that the Love Made Fresh efforts have had a positive impact on the base, although I wouldn't be shocked to see that in later quarters as we continue to market it.

所以事情其實並非如此。這實際上是在完善我們的人壽保障產品市場推廣策略，並在廣告宣傳方面做得非常出色，同時繼續發展我們九個月前收購的 Tiki Cat 業務，該業務目前發展穩健。然後，我們加大對貓咪主題產品線的行銷力度，效果非常好，而且定價也很合理。實際上——我們本季可能在寵物產業中使用了體驗框架的所有要素，並且看到了良好的成長勢頭，實現了正成長。但就目前而言，我並不認為「新鮮之愛」計劃對客戶群產生了積極影響，儘管隨著我們繼續推廣該計劃，我不會驚訝地看到未來幾季出現這種情況。

Fair enough. Kofi, if I could, just a little bit more in the back half. Just anything to call out in terms of how much HMM impact is yet to come? And any phasing considerations in terms of how that's likely to layer in 3Q versus 4Q?

很公平。科菲，如果可以的話，我希望在後半程能再多踢一點。關於HMM未來可能產生的影響，還有什麼需要特別指出的嗎？那麼，在第三季和第四季之間，是否存在任何分階段實施的考慮因素？

Yes. I'll -- let me frame the comments just and kind of root them in our profit expectations for the back half, Q3, Q4. We do expect, as we've referenced earlier, continued organic sales improvement in the second half. And we, as a reminder, always expected our Q3 to be down just because of the overhang from our divestiture, the level of investment that we baked into the year behind the remarkability framework and in particular, getting value right in NAR and then trade expense timing, which, as we've referenced before, is going to be a drag on the first three quarters of the year. As you step into Q4, you have two big factors to keep in focus.

是的。我將——讓我先概括一下我的評論，並將其與我們對下半年（第三季、第四季）的利潤預期聯繫起來。正如我們之前提到的，我們預計下半年有機銷售額將繼續成長。再次提醒大家，我們一直預計第三季業績會下滑，原因在於資產剝離帶來的負面影響、我們為卓越性框架投入的大量投資，尤其是在 NAR 價值評估和交易費用時間安排方面，正如我們之前提到的，這將拖累今年前三個季度的業績。進入第四季度，你需要專注於兩個重要因素。

We'll see about $100 million favorable tailwind from that trade expense timing due to the phasing impact of last year's investment and the 53rd week, which will also be a pretty significant tailwind. So together, those two items alone are about 30% profit growth in Q4.

由於去年投資的分階段影響以及第 53 週的影響，我們將從該貿易支出時間表中獲得約 1 億美元的有利順風，這也將是一個相當大的順風。因此，光是這兩項加起來，就能使第四季的利潤成長約 30%。

Megan Clapp, Morgan Stanley.

梅根克拉普，摩根士丹利。

I wanted to ask about the higher cost of volume that you called out in the prepared remarks. And Kofi, I think in your prepared remarks, you talked about how you expect that to pressure margins in the third quarter. You obviously still reaffirm the full year guidance. So can you just help us understand how that's embedded into the full year outlook? And is there incremental flexibility in other lines that's kind of offsetting that incremental margin pressure? And how should we think about whether there's further flexibility should that continue to evolve as you called out something you're watching?

我想問一下您在準備好的演講稿中提到的批量生產成本較高的問題。科菲，我想你在事先準備好的發言稿中談到，你預計這將給第三季的利潤率帶來壓力。顯然，你們仍然重申了全年業績預期。那麼，您能否幫我們了解一下，這是如何融入全年的展望？其他產品線是否有逐步增加的彈性，從而抵消這種逐步增加的利潤壓力？那麼，如果這種情況繼續發展，就像你指出你正在關注的某些事情一樣，我們應該如何考慮是否還有更大的彈性？

Sure. Let me answer it maybe in the context of where we left guidance. So you will probably note we left our annual guidance unchanged with effectively half of the year to go. That was a big part of the reason along with obviously the volatility that continues to hang about the sector. whether it's the tariffs, shutdown, SNAP benefits for challenges to the consumer environment and the consumer sentiment.

當然。或許我可以結合我們之前給的指導意見來回答這個問題。因此，您可能會注意到，儘管今年還有一半的時間，但我們仍維持了年度業績預期不變。這只是其中一個重要原因，當然，該行業持續存在的波動性也是一個重要因素。無論是關稅、政府停擺、食品券福利問題，或是消費者環境和消費者信心所面臨的挑戰，都加劇了這種波動。

So I think for us, as we look forward to the back half, the cost of volume and the pace of volume recovery are probably the two biggest determinant of where we land within that range. And that is broadly why we left the range unchanged.

所以我認為，展望下半年，銷售成本和銷售復甦速度可能是決定我們最終排名在哪個區間的兩個最重要因素。這就是我們保持產品範圍不變的主要原因。

Okay. That makes sense. And maybe just as a follow-up, last quarter, you talked about how your category tows were lagging your full year expectations a bit driven by a few discrete categories. I was just curious if you could give us an update on how the category growth within the quarter trended, just particularly given there was a lot of noise around SNAP and the government shutdown. So understanding, again, there might be noise kind of embedded within that, but just how you're thinking about the category growth and kind of your confidence in the full year, what's embedded in the full year outlook?

好的。這很有道理。或許可以補充一點，上個季度，您談到，由於一些特定類別的表現不佳，您的類別銷售額略低於全年預期。我只是好奇您能否向我們介紹本季該類別的成長趨勢，尤其是在 SNAP 和政府停擺引發諸多爭議的情況下。所以，再次強調，其中可能存在一些噪音，但您是如何看待品類成長的，以及您對全年的信心，全年展望中又包含哪些內容？

So maybe I'll start just from a number standpoint, our category volumes in fiscal '25 for General Mills categories were flat. They were down about 1% in Q1. So we talked about that last quarter. Cereal was one of those, which had seen a little bit more pressure. That improved to down about 0.5 point in Q2. So still not quite back to where they were in '25, but an improvement. So maybe, Dana, if you want to talk about just the overall category dynamic and consumer.

那麼，或許我可以先從數位角度來看，通用磨坊在 2025 財年的品類銷售持平。第一季下降了約1%。所以我們上個季度也討論過這個問題。穀物食品就是其中之一，它所承受的壓力稍微大一些。第二季情況改善，下降了約0.5個百分點。所以他們還沒有完全恢復到 2025 年的水平，但已經有所進步。所以，達娜，也許你可以談談整個品類的動態和消費者。

Yes. I mean, as Jeff said, we did see categories improve, and we outperformed the categories. The one category that still lagged a little bit of our expectations with cereal. Cereal pounds are down about 3%. Typical historical, they're down in the down 1%, down 2% range.

是的。我的意思是，正如傑夫所說，我們確實看到各個類別都有所改善，而且我們的表現也優於其他類別。穀物食品是唯一一個仍然略低於我們預期的類別。穀物銷量下降了約3%。典型的歷史數據，它們下跌了 1% 到 2%。

And the reason for the category being down is we're really seeing consumers move to more high-protein alternatives. So the good news for us is that as category leader, our plans are very focused on capturing those growth trends going into the back half. And as a leader, we have a job to improve the category's growth.

該品類銷售下滑的原因是，我們看到消費者正在轉向更多高蛋白替代品。因此，對我們來說的好消息是，作為品類領導者，我們的計劃非常注重抓住下半年的成長趨勢。身為領導者，我們有責任促進該品類的成長。

The two areas that we're probably the most excited about for the back half or if we look at our innovation, we are really leading there. Cheerios Protein is already a 0.9% share. That business is on track to be $100 million by the end of our fiscal year. And when you take how that's performing in combination with some really good news and advertising on the core Cheerios franchise, in Q2, Cheerios grew dollars and pounds for the first time in three years. And then if you look at the granola segment, which is what's driving growth in cereal right now, we have the biggest brand.

對於下半年的發展，我們最興奮的兩個領域可能是創新，或者說，我們在創新方面確實處於領先地位。Cheerios Protein 目前已佔 0.9% 的市佔率。該業務預計在本財年結束時將達到 1 億美元。再加上 Cheerios 核心產品線的一些非常好的消息和廣告宣傳，Cheerios 在第二季度實現了三年來首次美元和英鎊的增長。然後，如果你看看目前推動穀物食品成長的格蘭諾拉麥片領域，我們擁有最大的品牌。

We're the category leader, and it's growing double digits. But granola is only about 6% of our business. It's 12% of the category. So we're coming in January with 10 new granola SKUs, really great tasting products, really good nutrition benefits. And so we think focusing on the areas that are growing the faster and leaning into our leadership role, we'll see both the category and our performance improve in the back half.

我們是該品類的領導者，而且成長率達到兩位數。但格蘭諾拉麥片只占我們業務的 6% 左右。它佔該類別的12%。所以，我們將在1月推出10款新的格蘭諾拉麥片產品，這些產品口味極佳，營養價值也很高。因此，我們認為，透過專注於成長較快的領域並發揮我們的領導作用，我們將看到該品類和我們的業績在下半年都有所改善。

Chris Carey, Wells Fargo Securities.

克里斯凱裡，富國證券。

Can you just expand a bit on the percentage of your portfolio where you've taken or initiated pricing investments? Just to get a sense of the percentage of portfolio where you haven't done it. And connected, say this cost to compete environment sustains or it gets worse. Can you just talk about visibility on savings initiatives that would give you an ability to respond to some of these changes in the backdrop, specifically once some of the anomalies in inflation like tariffs start to lap going into next year?

能否詳細說明一下，在您的投資組合中，您進行了定價投資或啟動了定價投資的比例是多少？只是想了解一下你尚未進行此項操作的投資組合所佔的百分比。由此推斷，這種競爭環境的成本要不是持續下去，就是會變得更糟。您能否談談有關節約措施的可見性，以便您能夠應對這些變化，特別是當一些通膨異常現象（如關稅）在明年開始逐漸消退時？

Well, that's a great question. Why don't I take the first part and then Kofi, pass it to you for the second part. If we think about our price investments, as we said, we were going to have two-third of our business have price investments and it would be completed with that investment by the end of Q2. And we're encouraged that in almost every case where we've made investments, we've seen the volume response that we are expecting. And those categories, to answer your question, were refrigerated dough, fruit snacks, salty snacks and soup.

這是一個很好的問題。不如我先寫第一部分，然後科菲再把第二部分交給你。如果我們考慮價格投資，正如我們所說，我們將有三分之二的業務進行價格投資，並且在第二季末完成這些投資。我們感到鼓舞的是，在我們進行投資的幾乎所有案例中，我們都看到了預期的交易量成長。回答你的問題，這些類別分別是冷藏麵團、水果零食、鹹味零食和湯。

I'd also call out our snack bars, which pounds are down a little bit due to a key competitor comping a period of lower distribution, but the elasticities that we've seen on our snack bars are at or ahead of model. So we're really encouraged by the performance we've seen.

我還要特別提一下我們的零食棒，由於主要競爭對手在一段時期內減少了分銷，我們的零食棒銷量略有下降，但我們零食棒的彈性已經達到或超過了預期。所以我們對目前看到的表現感到非常鼓舞。

There is one business where we're still working on it, and that's Totino's Hart snacks, where you've seen our pound performance take a little bit of a step back. Now we are managing through a price pack architecture conversion from a bag to a box to improve our shelf visibility, and we're still working through that and need a little bit more time to really understand if these price investments are working. But overall, on our biggest businesses, this base price investment is on or ahead of model.

我們仍在努力改進的一個業務是 Totino's Hart 零食，你們已經看到我們在該業務上的銷量略有下滑。現在我們正在進行價格包裝架構的轉換，從袋裝改為盒裝，以提高貨架可見性，我們仍在努力完成這項工作，還需要一些時間才能真正了解這些價格投資是否有效。但整體而言，在我們最大的業務領域，這項基礎價格投資符合或超過預期。

And then to your point about leverage and flexibility in the middle of the P&L, I would reiterate, we have really good visibility to HMM delivery at the 5%-plus mark this year. and we are delivering every cent of the transformation savings we outlined at the beginning of the year. As we play forward, while I won't give you a specific guide on HMM for next year yet, we continue to remain confident in our ability to deliver at least above 4%. And the transformation initiatives continued and ongoing in multiyear as a reminder. So I would expect additional savings to come from that as well.

關於您提到的損益表中的槓桿作用和靈活性，我想重申，我們對今年HMM的交付成果有非常清晰的預期，目標超過5%。而且，我們正在實現年初制定的每一分錢的轉型節約目標。展望未來，雖然我現在還不能給出明年 HMM 的具體指導，但我們仍然有信心實現至少 4% 以上的成長。轉型計劃持續多年，以示提醒。因此，我預計這方面也會有額外的節省。

Okay. Just a quick follow-up is on Wilderness. Can you just expand on where we're at with Wilderness, the current strategy with Wilderness and how you could envision potential tweaks or just thought process on how to improve the performance of the business if current strategy isn't delivering the results that you'd like in the coming quarters?

好的。簡單跟進一下關於荒野的事情。您能否詳細介紹一下 Wilderness 目前的發展狀況、當前的策略，以及如果當前的策略在未來幾季無法達到您預期的效果，您會如何設想可能的調整或思考方式來提高業務績效？

Yes, it's a really great question. If I look at our Q2 performance, it was similar to Q1, business is down, and we don't find that performance acceptable. What we know about Wilderness is the total product offering across all the levers of remarkability needs to be improved. So the team is really working on a new positioning. As we turn to the back half, we're going to be bringing protein news, some strong protein first new products.

是的，這真是個好問題。如果我看一下我們第二季的業績，它與第一季類似，業務下滑，我們認為這樣的業績是不可接受的。我們對 Wilderness 的了解是，其產品在所有卓越性方面的整體表現都需要改進。所以團隊正在努力進行新的市場定位。進入下半部分，我們將帶來蛋白質方面的新聞，一些強大的蛋白質新品。

We've got new comparative advertising that we'll be launching in the market, and we've got to improve our in-store execution. So we have a good plan in place. I'm confident that we're on the right things, but there's definitely more work to do.

我們將推出新的比價廣告，並且需要改進店內執行情況。所以我們已經制定了一個完善的計劃。我相信我們正朝著正確的方向前進，但肯定還有更多的工作要做。

David Palmer, Evercore ISI.

David Palmer，Evercore ISI。

Down to one sort of big picture question. Fiscal '26, it's been about a return to volume growth and understandable that would be step one. But I'm thinking about consensus expectations for some profit growth, particularly lapping the extra week as we look out in fiscal '27. So I'm wondering maybe you could help us coach us how we should be reviewing your consumption data in North America Retail and Pet to really inform us about whether profit growth might be in the cards for fiscal '27? What sort of specifics maybe in terms of price mix and promotion effectiveness or the level of volume recovery? Any sort of clues that you would provide to us would be helpful.

歸根究底，就是一個宏觀問題。2026 財年，目標是恢復銷售成長，這可以理解，這是第一步。但我認為，隨著我們展望 2027 財年，利潤成長的普遍預期，尤其是考慮到多出來的一周時間，情況會有所改善。所以我想知道，您能否指導我們如何審查北美零售和寵物產業的消費數據，以便真正了解 2027 財年利潤成長是否有可能？價格組合和促銷效果或銷售恢復水準有哪些具體細節需要說明？您提供的任何線索都將對我們有所幫助。

Sure. I will start by just affirming we are pleased with the progress we've made on improving our growth trajectory. That work is not yet done. So it would be premature for me to get on record and start building too heavily for F '27. I think you're right to call out the 53rd week as a comparison factor that will definitely just be a built-in structural mathematical, headwind next year.

當然。首先，我要肯定的是，我們對在改善成長軌跡方面取得的進展感到滿意。這項工作尚未完成。因此，現在就公開表態並開始為 F '27 做太多準備還為時過早。我認為你指出第 53 週是一個比較因素是正確的，這肯定會成為明年一個固有的結構性數學上的不利因素。

So -- but beyond that and underlying, I would -- our expectations are to continue to build on momentum that we've started this year. So that -- we'll come back to that. Obviously, we've got a touch point at CAGNY, and that's probably a better place for us to start having discussions about the road ahead.

所以——但除此之外，更重要的是——我們的期望是繼續保持今年以來取得的良好勢頭。所以——我們稍後再談這個問題。顯然，我們在CAGNY有一個接觸點，那裡可能是我們開始討論未來發展方向的更好起點。

Matt Smith, Stifel.

馬特史密斯，史蒂費爾。

Dana, you talked about a high hit rate where you have the price adjustments and remarkability framework in place, I think, 90% or so. But there's obviously 10% that's still lagging your expectation. You talked about Totino's a bit, but is there a common thread that needs to be addressed around some of the areas where you've seen less effectiveness?

Dana，你提到過，在價格調整和卓越性框架到位的情況下，命中率很高，我認為大概有 90% 左右。但顯然還有 10% 的人達不到你的期望。您剛才提到了 Totino's，但是您發現它在某些方面效果不佳，是否存在一些需要解決的共同點？

I wouldn't say that there's a common thread. I mean it really is Totino. Maybe a few SKUs in Old El Paso on our kits business. But for the most part, again, on the Totino's business, it's really about this conversion and price pack architecture. So the data isn't clean, and it's hard to see exactly how things are performing and diagnose it correctly.

我不會說它們之間有共同點。我的意思是，它確實是托蒂諾。或許我們在老埃爾帕索會有一些SKU用於我們的套裝業務。但總的來說，對於 Totino's 的業務而言，關鍵在於轉換率和價格組合架構。因此，數據並不乾淨，很難準確地了解事情的進展情況，也很難正確診斷問題。

So I need a few more weeks to really be sure. And I would say on that business, once we feel like we're through the conversion and we've got a better sense of the price investment, I really like the advertising that we've got going. We are talking about 10 rolls for $1. That's resonating really well. And we just launched our Ultimate pizza line, which is this really great tasting pizza, probably the best we've launched maybe ever.

所以，我還需要幾週時間才能真正確定。關於這項業務，我想說，一旦我們感覺轉換率達到了預期，並且對價格投資有了更清晰的認識，我真的很喜歡我們目前正在進行的廣告宣傳。我們說的是1美元10卷。這引起了很好的共鳴。我們剛剛推出了終極披薩系列，這款披薩味道真的非常棒，可能是我們推出過的最好的披薩。

And at an affordable price point that people expect, we know we've got that right. And so I think the combination of a more clean read and focusing on the other levers of remarkability we'll be able to talk with more precision on Totino's next quarter.

而且價格也符合人們的預期，我們知道我們做對了。因此，我認為，透過更清晰的解讀和關注其他卓越因素，我們將能夠更準確地討論托蒂諾的下一個季度。

Yes. And I would just build on Dana's comments by just reinforcing the fact that 90%-plus as good or better than what we anticipated. I would take that kind of on any forecast, but particularly on something as important as these price adjustments that we have made. And so just from my seat, I am really pleased with the way the team has not only modeled out the pricing, but also executed against it. And so it's fair to ask, and I get the question. I just want you all listening to know that, that kind of accuracy on something this big and complicated and important over a period of time, I'm really thrilled with the work that the team has done.

是的。我只想補充達娜的評論，強調90%以上都跟我們預期的一樣好，甚至更好。對於任何預測，我都會採取這種態度，尤其是像我們所做的這些價格調整這樣重要的預測。因此，就我個人而言，我對團隊不僅制定了定價模型，而且還執行了該模型，感到非常滿意。所以問這個問題很合理，我也明白這個問題。我只想讓所有在聽的人都知道，在如此龐大、複雜和重要的專案中，能夠持續這麼長時間保持如此高的準確度，我真的對團隊的工作感到非常滿意。

And as a follow-up question, as it relates to the channel shift you mentioned in pet, it's been ongoing that consumers are moving towards unmeasured channels. But what channels are you currently seeing take share from traditional channels? And what do you think is driving the consumer behavior there?

還有一個後續問題，關於您提到的寵物產業管道轉變，消費者正在逐漸轉向無法衡量的管道。但您目前看到哪些管道正在蠶食傳統通路的市場佔有率？你認為是什麼因素在驅動當地的消費者行為？

It's a great question. The place that we're seeing the shift go to is definitely e-commerce. So pet purchases over-index in the e-commerce channel, and that's the place where we're seeing the dollars go to.

這是一個很好的問題。我們看到這種轉變的方向無疑是電子商務。因此，寵物用品的購買主要透過電子商務管道進行，我們看到資金都流向了那裡。

This concludes the question-and-answer session and we will conclude today's conference call. We thank you for joining. You may now disconnect.

問答環節到此結束，今天的電話會議也將結束。感謝您的參與。您現在可以斷開連線了。