通用磨坊 (GIS) 2026 Q4 法說會逐字稿

Hello, everyone. Thank you for joining us, and welcome to General Mills fiscal 2026 Q4 earnings call. (Operator Instructions)

各位好。感謝各位加入我們，歡迎參加通用磨坊（General Mills）2026 會計年度第 4 季財報電話會議。(接線員指示)

I will now hand the conference over to Jeff Siemon, Vice President, Investor Relations and Corporate Finance. Jeff, please go ahead.

我現在把會議交給投資人關係與企業財務副總裁 Jeff Siemon。Jeff，請開始。

Thank you, Samantha, and good morning to everyone. Thanks for joining us today for our live Q&A session on our Q4 and full year fiscal '26 results. I hope you all had time to review our press release, listen to the prepared remarks and view our presentation materials, which we made available this morning on our Investor Relations website.

謝謝你，Samantha，各位早安。感謝各位今天參加我們針對 2026 會計年度第 4 季及全年業績的線上即時問答。希望各位都已抽空閱讀我們的新聞稿、收聽事先準備的發言並查看我們的簡報資料；這些資料今天早上已在我們的投資人關係網站上提供。

It's important to note that in our Q&A session, we may make forward-looking statements that are based on management's current views and assumptions.

需要特別說明的是，在問答環節中，我們可能會做出前瞻性陳述，這些陳述係基於管理層目前的觀點與假設。

So please refer to this morning's press release for factors that could impact forward-looking statements and for reconciliations of non-GAAP information, which may be discussed on today's call.

因此，請參閱今天早上的新聞稿，了解可能影響前瞻性陳述的因素，以及非 GAAP 資訊的調節表；這些內容可能會在今天的電話會議中討論。

I'm here with Jeff Harmening, our Chairman and CEO; Dana McNabb, our COO; and Kofi Bruce, our CFO. Now let me turn it over to Jeff for some opening remarks.

我與董事長兼執行長 Jeff Harmening、營運長 Dana McNabb，以及財務長 Kofi Bruce 一同出席。現在先請 Jeff 做開場致詞。

Thanks, Jeff, and good morning, everybody. Before we get going today, I thought I'd provide a brief summary of some of the main messages for today, really how we finished fiscal '26 and then where General Mills is headed in fiscal '27.

謝謝你，Jeff，各位早安。在我們開始之前，我想先簡要總結今天的幾個重點訊息：也就是我們如何完成 2026 會計年度，以及通用磨坊在 2027 會計年度的方向。

And so recall, as we entered fiscal '26, we made a bold decision to reinvest in remarkability. And most importantly, I think, was adjusting our base prices across a meaningful part of our portfolio to strengthen the fundamentals of our business.

回想我們進入 2026 會計年度時，我們做出一個大膽的決定：重新投資於「品牌更具吸引力（remarkability）」。而我認為最重要的是，針對我們產品組合中相當大的一部分調整基礎價格，以強化我們業務的基本面。

And we certainly encountered some challenges this past fiscal year, including a more difficult consumer backdrop that impacted the pace and the cost of the volume improvement as well as some specific headwinds on a couple of key businesses, namely Totino's and Wilderness.

在剛過去的會計年度，我們確實遇到一些挑戰，包括更艱難的消費者環境，影響了銷量改善的速度與成本；以及在幾項關鍵業務上出現特定逆風，主要是 Totino's 與 Wilderness。

I can confidently say that we exited the year with a stronger foundation with encouraging improvements in household penetration and base volume and innovation that gives us confidence as we look to the path ahead specifically to FY '27.

我可以有信心地說，我們在年度結束時已建立更強的基礎：家戶滲透率、基礎銷量與創新都有令人鼓舞的改善，讓我們在展望未來、特別是 2027 會計年度（FY '27）時更具信心。

So I'm equally confident that fiscal '27 will be a better year for General Mills and our priorities for the coming year, I think, are quite clear.

因此，我同樣有信心，2027 會計年度將會是通用磨坊更好的一年，而我們來年的優先事項也相當清楚。

First, we're focused on improving our top line growth by driving a step change in the remarkability of our brands.

第一，我們將專注於提升營收成長，透過推動品牌「更具吸引力」的躍升式改善。

Also importantly, with our base price investments behind us, we're shifting our focus more toward innovation and renovation to packaging and brand communication that deliver the benefits that matter most to today's consumers, supported by stronger price mix with a heavy emphasis on mix from premium innovation, price pack architecture and trade efficiency.

同樣重要的是，隨著基礎價格投資已告一段落，我們將把重心更多轉向創新與改良，包括包裝與品牌溝通，提供當今消費者最在意的利益點；並以更強的價格/組合（price mix）作為支撐，重點放在高端創新帶來的組合提升、價格包裝架構（price pack architecture）以及通路促銷效率（trade efficiency）。

And so whether it's Cheerios or Blue Buffalo or Haagen-Dazs or Annie's, we have really good plans going into fiscal '27 and meet consumers where they are on the brands and benefits that they deliver to their needs.

因此，不論是 Cheerios、Blue Buffalo、Haagen-Dazs 或 Annie's，我們在 2027 會計年度都有非常好的計畫，能在消費者所處的情境中與其連結，並以品牌與其所提供的利益滿足需求。

And so second, as we accelerate and expand our enterprise transformation efforts to drive greater speed and efficiency and the flexibility across our business.

第二，當我們加速並擴大企業轉型工作，以在整體業務中帶來更高速度、效率與彈性。

We expect to deliver $3 billion in cumulative cost savings over the four years through fiscal 2030, primarily through our Holistic Margin Management productivity program and our global transformation initiative, and we're expecting $750 million to be delivered in fiscal '27.

我們預期在截至 2030 會計年度的四年間，累計實現 30 億美元的成本節省，主要來自我們的「整體毛利管理（Holistic Margin Management）」生產力計畫與全球轉型倡議；其中預計在 2027 會計年度實現 7.5 億美元。

These savings are critical to help offset inflation to fund our growth investments and support stronger earnings and cash flow over time and third, we will stay disciplined on capital allocation. Our focus is on driving cash flow, working on leverage and restoring profitable growth over time.

這些節省對於抵銷通膨、支應成長投資，以及隨時間推進支持更強的獲利與現金流至關重要。第三，我們將在資本配置上保持紀律。

While fiscal '27 will include elevated inflation and some mechanical headwinds, we believe the combination of stronger brand remarkability, sharper execution and a more aggressive productivity agenda positions us to build momentum and create sustainable shareholder value over the long term.

雖然 2027 會計年度將面臨較高通膨與一些機械性逆風，我們相信，更強的品牌吸引力、更精準的執行，以及更積極的生產力議程相結合，將使我們能夠累積動能，並在長期創造可持續的股東價值。

And so with that, operator, can you go ahead and let's get started on Q&A.

那麼，接線員，請協助我們開始問答環節。

(Operator Instructions) Max Gumport, BNP Paribas.

(接線員指示) BNP Paribas 的 Max Gumport。

Hey, thanks very much for the question to start off, it seems like FY27 represents a big pivot from price-based investments in FY26 to innovation and renovation based investments focusing on offering consumers better-for-you attributes in FY27.

嗨，謝謝讓我先提問。看起來 FY27 代表一個很大的轉向：從 FY26 以價格為主的投資，轉為 FY27 以創新與改良為主的投資，並聚焦於為消費者提供更健康（better-for-you）的屬性。

Can you talk about some of the learnings that inform this shift and your level of confidence that will deliver the results you're expecting? Thanks very much.

你能談談有哪些學習與洞見促成這個轉變，以及你對於這將帶來你們預期成果的信心程度嗎？非常感謝。

Yes, Max, this is Jeff Harmening. Let me take that one. I would say what -- we always felt like we would be pivoting based on where we started last year.

好的，Max，我是 Jeff Harmening。我來回答這題。我會說，我們一直都覺得會依照去年起點所在的位置來做轉向。

Recall last year, I talked about it kind of being a two-step process. The first thing we had to do was to get our base pricing back in line, not necessarily equal competition or anything like that, but really making sure we are under key price cliffs and price thresholds.

回想去年我提到，這有點像兩步驟流程。第一步是把我們的基礎定價拉回到合理水準，不一定要跟競品完全一致或類似，而是要確保我們低於關鍵的價格斷崖（price cliffs）與價格門檻（price thresholds）。

And the job to do last year when we talked about remarkability was really about value. And we have effectively done that. But that's kind of only the first step in a two-step process to get us back to profitable organic volume growth.

而去年我們談到「品牌更具吸引力」時，當時要完成的工作其實是關於「價值」。我們已經有效做到這點。但這只是兩步驟中的第一步，目標是讓我們回到具獲利性的有機銷量成長。

And the second step really is with that foundation behind us, and it worked as we thought it would work, is to make sure now it allows the rest of our marketing to work even better. And Dana and her team have done a really nice job improving brand communications and packaging and price mix and new product innovation, renovation. And so all those things work a lot better when you get your base pricing.

第二步則是，在這個基礎到位之後——而且它如我們預期般奏效——要確保它能讓我們其餘的行銷活動發揮得更好。Dana 和她的團隊在改善品牌溝通、包裝、價格/組合，以及新產品創新與改良方面做得非常出色。當你把基礎定價調整到位後，這些事情都會運作得更好。

So yes, it's a pivot from what we did, what we talked about last year, but that's only because we did the work last year. And I'm really glad that we did that we increased household penetration for the first time in a number of years. We increased our pound share and NAR.

所以是的，這確實是相較於去年我們所做、所談的一個轉向，但那只是因為我們去年已完成該做的工作。我很高興我們這麼做，因為我們的家戶滲透率在多年來首次提升。我們的磅數市占（pound share）與 NAR 也有所提升。

We were competitive in the other three segments. And so the work we're doing this year, honestly, is only -- we can only do it because of the work that we had done last year, and I'm pleased with how we have done that and even more pleased with the innovation we have coming ahead of us.

我們在另外三個事業部門也具競爭力。因此，坦白說，我們今年所做的工作，只有在去年完成那些工作之後才做得到；我對我們的成果感到滿意，也對接下來的創新更感到振奮。

Great. And then just as a follow-up. So last year, like others in the industry, you saw your fiscal year get dented a bit by changes in the macro environment, specifically consumers during the middle of the fiscal year started to demonstrate an increased propensity to wait to buy product on promotion. I'm wondering, one, have you seen that behaviour dissipate? And then two, what's the level of flexibility that you've embedded in your outlook for FY27 for other such unexpected changes in consumer behaviour?

很好。接著追問一下。去年，和產業內其他公司一樣，你們的會計年度也因總體環境變化而受到一些影響；具體來說，在會計年度中段，消費者開始更傾向於等到促銷時才購買產品。我想問，第一，你們是否看到這種行為已經消退？第二，你們在 FY27 展望中，針對這類消費者行為的意外變化，納入了多大的彈性？

Thanks very much. I'll leave it there.

非常感謝。我就先問到這裡。

Well, why don't I take that question? Good morning, Max. Thanks for that. Well, why don't I take that question? Max, thanks for that. What we are anticipating is that as we go into this new fiscal year, the consumer is going to continue to be pressured.

那這題我來回答如何？早安，Max。謝謝你的提問。那這題我來回答如何？Max，謝謝你。我們的預期是，進入新的會計年度後，消費者仍將持續承受壓力。

And we do expect to see them continue to change their behaviour because of that, be more deliberate in how and where they shop, buying more on promotion and less on everyday prices, making trade-offs between pack sizes and channels, all with value at the forefront.

而我們確實預期，消費者會因此持續改變其行為，在如何以及在哪裡購物上更為審慎，更常在促銷時購買、較少以日常價購買，並在包裝規格與通路之間做取捨，一切都以價值為優先。

And actually, as we exited our Q4, we saw categories slow down by about 1 point. And so as we go into this fiscal year, we're not anticipating that to change.

而且實際上，在我們結束第四季時，我們看到各品類的成長放緩了大約 1 個百分點。因此，進入本財年後，我們不預期這會有所改變。

We expect the current consumer and category backdrop will continue. But even as we say that we know that consumers are still willing to pay for benefits that matter most to them, think functional nutrition, bold flavours, et cetera.

我們預期目前的消費者與品類背景將會延續。但即便如此，我們也知道，消費者仍願意為對他們最重要的效益付費，例如機能性營養、濃烈風味等等。

And so for me, this really reinforces the importance of our focus on remarkability. And when we do that well, like on Cheerios Protein or renovated Chex Mix snacks or Tastefuls and Tiki Cat offerings, we can unlock growth even in this more challenging consumer environment.

因此對我而言，這再次強化了我們聚焦「卓越性（remarkability）」的重要性。當我們把這件事做得好時，例如 Cheerios Protein、改良升級的 Chex Mix 零食，或 Tastefuls 與 Tiki Cat 產品組合，即使在更具挑戰的消費環境中，我們仍能解鎖成長。

So again, as we look ahead, our assumption is the consumer will remain pressured, and we'll stay focused on the levers that we can control.

所以再次強調，展望未來，我們的假設是消費者仍將承受壓力，而我們會持續聚焦在我們可控的槓桿上。

Okay, thanks very much

好的，非常感謝。

Peter Grom, UBS.

UBS 的 Peter Grom。

Thank you, operator, and good morning everyone. I kind of wanted to start with maybe a bigger picture question and just ask on the category outlook. It just feels like we've been talking about growth below long-term trends for a while.

謝謝主持人，大家早安。我想先從一個較宏觀的問題開始，請教品類前景。感覺我們談論低於長期趨勢的成長已經有一段時間了。

So as you think about what you're seeing from a category standpoint, do you continue to view this as simply cyclical dynamics? Or as these trends continue, is there may be some view that maybe long-term category growth rates may not be as applicable moving forward?

因此，當你們從品類角度思考目前看到的情況時，你們是否仍認為這只是景氣循環的動態？或者，隨著這些趨勢持續，是否可能認為未來長期品類成長率不一定仍適用？

Yeah, I mean let me take that one. This is Jeff. There are some trends that we know are long term in nature. Things are kind of undeniable. I think about demographics, for example, and 55-plus consumer base growing or increasing Hispanic population in the US or pet humanization, which 25 years in is probably a trend.

是的，我來回答這題。我是 Jeff。有些趨勢我們知道本質上是長期的。有些事情幾乎無可否認。例如人口結構：55 歲以上的消費族群成長、或美國西語裔人口增加，或寵物擬人化——這個趨勢走了 25 年，應該算是一個趨勢。

I mean so there are things like that, that are everlasting. There are other things that are certainly cyclical in nature. Consumers always cared about things like their food tasting good and being good for them and value and convenience.

也就是說，有些事情是長久不變的。也有一些事情確實更偏向景氣循環。消費者一直都在意食物好不好吃、對他們是否有益、價值與便利性。

But those definitions change over time. E-commerce is kind of the new convenience. We know consumers care a lot about value, which is why the base pricing worked so well last year.

但這些定義會隨時間改變。電商某種程度上就是新的便利性。我們知道消費者非常在意價值，這也是為什麼去年基礎定價（base pricing）策略效果很好。

They care about health, and now it's really all about protein. And the question is how long will all of these things last? And the answer is really kind of a unknowable in a volatile environment.

他們在意健康，而現在重點真的都在蛋白質。問題是這些事情會持續多久？而在一個波動的環境中，答案其實很難預測。

And so what we do know, though, is that our focus this coming year on driving improved organic growth and doing it profitably is the right path. And I have confidence in our plans. Dana mentioned Cheerios Protein and that's off to a great start.

不過，我們確實知道的是：我們在接下來一年聚焦於推動更好的有機成長，並以獲利的方式達成，這條路徑是正確的。我對我們的計畫有信心。Dana 提到 Cheerios Protein，而它的起步非常好。

She managed -- as she talked about Tiki Cat, which really is about pet humanization, which is growing quite nicely as well. And she also talked about bold flavored Chex Mix, which is doing well.

她也提到 Tiki Cat，這其實就是寵物擬人化的體現，而該趨勢也在相當不錯地成長。她也談到濃烈風味的 Chex Mix，表現也很好。

And so all those things that she talked about really resonate with today's consumers and kind of where we are. What it looks like over time, we will see. But our focus is squarely over the next 12 months and continuing to make progress using remarkability.

因此，她提到的所有這些事情，都非常契合當今消費者以及我們所處的環境。至於長期會如何發展，我們會再觀察。但我們的重點非常明確：聚焦未來 12 個月，並持續透過「卓越性（remarkability）」推進進展。

That's really helpful and then just maybe just some perspective on the phasing of organic sales growth, you mentioned below in the first quarter, any way to put some guardrails on how much below the full year guidance you would expect to start here and then just any thoughts on how you see that evolving as we progress through the year as well. Thank you.

這很有幫助。接著想請教一下有機銷售成長的節奏（phasing）：你提到第一季會低於全年指引，有沒有辦法提供一些範圍，說明一開始大概會比全年指引低多少？以及你如何看待它在今年進程中會如何演變？謝謝。

Sure. This is Kofi. So let me just start by saying I'm probably not going to satisfy your question because I don't want to get too much more specific, I'm getting the habit of providing quarterly guidance, other than just reiterate kind of what we said in our prepared remarks.

好的。我是 Kofi。我先說，我可能無法完全滿足你的問題，因為我不想再更具體，避免養成提供季度指引的習慣；我只能重申我們在事先準備的發言中所說的重點。

We would expect the shipment timing headwinds on Pet to continue into Q1. But we would expect some reversal on North America retail as we step into Q1.

我們預期寵物業務的出貨時點逆風會延續到第一季。但我們預期北美零售在進入第一季時會出現一些回轉。

Those will have both top and bottom line implications, obviously, versus expectations and then as a reminder, we divested yogurt on this end of June, last fiscal year, so fiscal '26. And so that will be a comparison headwind along with the fact that we would expect our cost savings, that is., our net inflation, the impact of inflation, net of all of our cost savings initiatives to be negative and progressively improve as we move through Q2 and into Q3 and the back half. So other than that, I wouldn't get too much more specific.

顯然，這兩者都會對營收與獲利端帶來影響，相對於預期而言。另外提醒一下，我們在上一財年 6 月底處分了優格業務，因此在 26 財年會形成比較基期的逆風；同時，我們預期成本節省——也就是通膨影響扣除所有成本節省措施後的淨通膨——將為負值，並會在第二季、第三季以及下半年逐步改善。除此之外，我就不再更具體了。

Great, thanks so much. Pass it on.

太好了，非常感謝。交給下一位。

You bet.

沒問題。

Andrew Lazar, Barclays.

Barclays 的 Andrew Lazar。

Great. Thanks so much. Good morning everybody. Jeff, I was wondering, I guess, what should our expectations be around both sort of volume share and value share as we sort of move through this year? I know that -- I guess, the sort of transfer from volume to sort of value share is really the key point in a lot of the work that you did last year around the price points and such. So trying to get a better sense of what your expectation is, so we can kind of track that in market data and whatnot as we move forward. Thanks so much.

很好。非常感謝。各位早安。Jeff，我想請教，我們對今年在「量的市占」與「值的市占」方面，應該抱持什麼樣的預期？我知道——我想，從量的市占轉向值的市占，是你們去年在價格點等工作中很關鍵的一點。所以想更清楚了解你們的預期，讓我們在往後追蹤市場數據等時能有依據。非常感謝。

Yes. I mean I think for us, Andrew, you're right. This past year, we focused on volume share and NAR, I would say. We focus on dollar share in the other three segments, but on NAR we focused on pound share because of the pricing actions that we took. And so having those largely behind us as we enter this new year, my -- our goal is going to be to make sure that we're competitive across dollar share across all 4 of our segments.

是的。Andrew，我想你說得對。過去一年，我們聚焦在量的市占與 NAR（北美零售）。在另外三個事業部門我們看的是金額市占，但在 NAR 我們因為採取了定價行動，所以聚焦在以磅計的市占。而隨著這些措施在進入新年度時大致已告一段落，我——我們的目標將是確保在四個事業部門的金額市占上都具競爭力。

And that doesn't mean we completely abandon what we do with pounds. There's always a mix. And I'd like to say, we like to stay in the middle of both. And I think the same would hold true on pound and dollar share as we enter this year. And so it's not as if we're abandoning one and looking at the other.

這並不代表我們會完全放棄對磅數的管理。永遠都會有一個組合（mix）。我想說的是，我們希望兩者都維持在中間水準。我認為，當我們進入今年時，在磅數市占與金額市占上也會同樣如此。所以並不是放棄其中一個、只看另一個。

Our job is to do both, it's continue to grow household penetration and generate the price mix we're looking for so that we're competitive on a dollar basis.

我們的工作是兩者都要做到：持續提升家庭滲透率，並產生我們想要的價格/組合（price mix），以便在金額基礎上具競爭力。

And so as we look at this year, we want to make sure whether it's in NAR or whether it's in Pet or Foodservice or International that we're competitive on a dollar basis.

因此，展望今年，我們希望無論是在 NAR、寵物、餐飲服務（Foodservice）或國際市場，都能在金額基礎上保持競爭力。

And that doesn't mean we're completely abandon what we think of pounds, but the job to do really is as we pivot to the innovation we have, the renovation and the price mix, which is heavily focused on mix, really we'll be looking for dollar competitiveness.

這並不代表我們會完全放棄以「磅」作為思考基準，但真正要做的工作是：當我們轉向我們所擁有的創新、產品翻新以及價格/組合（price mix）時——而這其中高度聚焦在組合（mix）——我們將會追求以「美元」衡量的競爭力。

Got it. And specific to NAR on dollar share, I guess as you think about where some of the share weakness has gone. It doesn't seem like private label is kind of that big a factor in this. And then I guess it's more, just by looking at what the other options are with some of these smaller insurgent players and things of that nature. What's -- as you diagnose like where some of that share has gone?

了解。那就 NAR 的美元市占來說，我想當你思考部分市占走弱流向哪裡時，看起來自有品牌（private label）似乎不是這裡很大的因素。那我猜更多是——從其他選擇來看——一些較小的新興挑戰者品牌之類的。你們在診斷時，覺得那部分市占主要流向哪裡？

And then all the work you're doing this year to step up the remarkability work to try and sort of counter that. How do you see that dynamic playing out? And how the work you're doing can address that more fully? Thank you.

另外，你們今年所做的所有工作，都是為了加強「卓越性（remarkability）」相關的工作，試圖在某種程度上抵銷這些影響。你怎麼看這個動態接下來會如何發展？以及你們正在做的工作，如何能更全面地解決這個問題？謝謝。

Hi Andrew, thank you for the question. As I look at NAR and think about remarkability, when we were sitting here on this call last year from a share perspective, we had seen private label get stronger in pretty much all of our categories. They were stealing share and we also saw a small brand stealing share. And we were squarely in the middle and had to take action in order to become more competitive.

嗨 Andrew，謝謝你的問題。當我看 NAR 並思考「卓越性（remarkability）」時，去年我們在這通電話上、從市占角度來看，我們看到自有品牌在幾乎所有品類都變得更強。他們在搶市占，我們也看到一些小品牌在搶市占。而我們正好卡在中間，必須採取行動，才能變得更具競爭力。

And as we diagnosed where we were struggling the most, it was really on affordability and value. And so that's why in fiscal '26, we focused on remarkability with most of our investment on price. And we saw it work. That was about fixing our base volume.

而當我們診斷出我們最吃力的地方時，核心其實是在可負擔性與價值感。因此在 2026 財年，我們把「卓越性（remarkability）」的投資大多放在價格上。我們看到它奏效了。那是為了修復我們的基礎銷量（base volume）。

Sitting here last year, we were looking at base volume, which is our most profitable volume, it was down about 10%. Now we're entering the year with our base volume where we invested on price, up about 1%, and we have household penetration growth.

去年此時，我們在看基礎銷量——也就是我們最有利潤的銷量——當時大約下滑了 10%。現在我們進入新年度時，我們在價格上投入的那部分基礎銷量已經成長約 1%，而且家庭滲透率也在成長。

So we are entering this fiscal year with a much stronger foundation. And now it is all about making sure that we are delivering the benefits that consumers are willing to pay for.

所以我們是以更強的基礎進入這個財年。接下來重點就是確保我們提供的是消費者願意付費的利益點。

So making a significant step-up in innovation, in renovation, in packaging, in terms of format and functionality, which will allow us to get a modest improvement in price mix and emphasis on that is on mix, and that will be a difference maker in terms of our ability to improve dollar share performance. So I'm confident that we will see improved organic sales results in NAR as we go into next year.

因此，我們會在創新、產品翻新、包裝，以及形式與功能性方面大幅加碼，這將使我們的價格/組合（price mix）有溫和改善——而重點在於組合（mix）——這也將成為我們提升美元市占表現的關鍵差異化因素。所以我有信心，隨著我們邁入明年，NAR 的有機銷售結果會有所改善。

Thank you

謝謝

Tom Palmer, JP Morgan.

JP Morgan 的 Tom Palmer。

Good morning and thanks for the question. Maybe I could move off the sales line a little bit and ask on the cost savings. The $3 billion in planned savings over the next four years. I think elements of the savings that were laid out were maybe already in place, although maybe not fully quantified.

早安，謝謝讓我提問。我想稍微離開銷售面，改問成本節省。未來四年規劃節省 30 億美元。我想你們所列出的節省項目中，有些元素可能本來就已經在進行，只是也許沒有完全量化。

So could you maybe provide a little bit of detail on kind of what pieces such as HMM were kind of underway and maybe to an extent already embedded in your expectations versus the pieces that are new and we should kind of look to ramp over the next four years? Thank you.

所以你能否提供一些細節：像 HMM 這類的部分，哪些是已在推進、甚至在某種程度上已經內嵌在你們的預期之中；相對地，哪些是新的部分，未來四年我們應該預期會逐步加速爬坡？謝謝。

Thanks for the question. I think as we talk about transformation, we have to start first with reminding everyone that our primary goal is to restore profitable organic sales growth. And all of our cost-saving efforts are in service to that goal.

謝謝你的問題。我想當我們談轉型時，首先要提醒大家，我們的首要目標是恢復具獲利性的有機銷售成長。而我們所有的成本節省努力，都是為了服務這個目標。

So when you look at the $3 billion, we have approximately $2 billion of that, that's expected to come from HMM. And that really is at a rate consistent with what we've delivered over the past few years.

所以當你看這 30 億美元時，其中約 20 億美元預期將來自 HMM。而這個節省速度，基本上與我們過去幾年所交付的水準一致。

HMM is a really strong capability. Our commercial teams lead. It's about understanding what the consumer values and putting back in what they do value and taking out what they don't value.

HMM 是一項非常強的能力。由我們的商業團隊主導。核心在於理解消費者重視什麼，把他們重視的價值加回去，把他們不重視的拿掉。

And so that's something that's been consistent over the years. The other $1 billion is expected to come from the acceleration that we've talked about from our global transformation initiative and other cost saving actions. And that's really about improving our end-to-end business processes and identifying new ways of working when you think about new tools, technology, operating models to be more agile.

因此，這些年來這一直都很一致。另外 10 億美元預期將來自我們所談到的全球轉型計畫加速，以及其他成本節省行動。這主要是要改善端到端的業務流程，並在新工具、科技、營運模式等方面找出新的工作方式，以提升敏捷性。

So one of those areas that we talked about on the prepared remarks that we're thinking about is our supply chain transformation. And I really want to emphasize that our supply chain is truly, I think, the best in food, very good at what they do. But our supply chain was also built for a different time, a little bit lower volume.

我們在事先準備的發言中提到、正在思考的其中一個領域，就是供應鏈轉型。我也想強調，我們的供應鏈確實——我認為——是食品業中最好的之一，執行能力非常強。但我們的供應鏈也是為不同的時代所打造的，當時的量能稍微低一些。

We've seen that we need faster innovation, more packaging flexibility. And so it's really about thinking how do we reimagine the supply chain for the future so we can get that profitable growth. And we are still really in the early phases of this design. So we don't have more to share, but we will come back and share more as we get more details.

我們看到我們需要更快的創新、更高的包裝彈性。所以重點在於思考：我們要如何為未來重新想像供應鏈，才能取得那種具獲利性的成長。而我們目前仍處於這個設計的早期階段。所以現在沒有更多可以分享的，但隨著細節更明確，我們會再回來提供更多資訊。

Thanks for that detail, Dana. I also wanted to ask on cost inflation expectations. It is a dynamic environment, obviously, on the fuel side. How did you, I guess, make your assumptions here just on how the year progresses from an inflation standpoint? How you're assuming kind of fuel costs look? And then how much visibility versus -- given hedges and things like that versus assumptions are embedded in that 4% to 5%?Thanks.

謝謝你提供這些細節，Dana。我也想問一下成本通膨的預期。顯然目前環境很動態，尤其在燃料端。你們是如何做出這些假設的——就通膨角度來看，對今年走勢的假設是什麼？你們假設燃料成本大概會是什麼樣子？另外，在 4% 到 5% 這個區間裡，有多少是基於可見度（例如避險等），又有多少是基於假設？謝謝。

Sure. This is Kofi. Just to give some perspective, our inflation outlook of 4% to 5% assumes about $100 a barrel on oil on the uncovered portion of the year and conversion cost based on a lagging PPI. So we're covered about 8 to 9 months out. So the uncovered portion of the year is relatively small.

好的。我是 Kofi。提供一些背景，我們對通膨 4% 到 5% 的展望，假設在年度中未被覆蓋（未避險）的部分，油價約為每桶 100 美元；而轉換成本（conversion cost）則是基於落後反映的 PPI。我們大約已覆蓋未來 8 到 9 個月。所以年度中未覆蓋的部分相對較小。

We're fairly locked in. What I would say is that as we work our way through the year, we would expect that any meaningful change in oil on its own would fall within that range of our guidance, just given the amount that we've got covered through the year.

我們的鎖定程度相當高。我想說的是，隨著我們走過今年，即使油價本身出現任何顯著變動，考量到我們全年已覆蓋的比例，我們預期仍會落在指引區間之內。

Okay, thank you

好的，謝謝

You bet.

不客氣。

David Palmer, Evercore ISI.

Evercore ISI 的 David Palmer。

Just a follow-up on your previous comments on dollar market share trend, which you anticipate improving in fiscal '27. Any more specifics you can offer on that? What sort of dollar category growth do you think will happen this year? And do you anticipate Mills starting to grow in line with the category by the end of the fiscal year? Is that what's baked into your guidance? And I have a follow-up.

我想追問一下你先前對美元市占趨勢的評論，你預期在 2027 財年會改善。你能否提供更具體的說法？你認為今年各品類的美元規模成長大概會是多少？你是否預期到本財年末，Mills 的成長會開始與品類成長同步？這是否已經反映在你們的指引之中？我還有一個追問。

So thank you for the question. I don't think that I will predict dollar share on all of our categories. That would probably get me into trouble. But as we said in our prepared remarks, we're assuming our categories will track roughly in line with F '26. And for NAR, that's roughly flat in dollars.

謝謝你的問題。我想我不會去預測我們所有品類的美元市占。那可能會讓我惹上麻煩。但如同我們在事先準備的發言中所說，我們假設各品類的走勢大致會與 2026 財年一致。而就 NAR 而言，以美元計大致持平。

So we expect to deliver improved NAR retail sales performance with a combination of remarkability. We do think that we'll see some modest price mix because remember, price mix was a real headwind for us this year, and that will help us from a dollar share perspective. And then again, this modest price mix is going to be driven entirely by mix. And with packaging formats, innovation, renovation.

因此，我們預期將透過「卓越度」的組合，帶動 NAR 零售銷售表現改善。我們確實認為會看到一些溫和的價格/組合（price mix）變化，因為請記得，今年價格/組合對我們而言是明顯的逆風，而這將從金額市占（dollar share）的角度帶來助益。再者，這個溫和的價格/組合變化將完全由產品組合所驅動。以及包裝規格、創新與產品翻新。

I also think when you look at our dollar share performance for NAR, you can miss the fact that Totino's was a real problem for us this year. We just didn't execute the way that we need to or at our standard. We had a price pack architecture conversion that wasn't great.

我也認為，當你看我們 NAR 的金額市占表現時，可能會忽略 Totino's 今年對我們而言確實是個問題。我們的執行沒有達到需要的水準或我們一貫的標準。我們做了一次價格與包裝架構（price pack architecture）的轉換，但效果不理想。

We didn't have the innovation that we needed to. And so going into fiscal '27, we've improved almost every lever of remarkability.

我們也沒有推出所需要的創新。因此，展望 2027 會計年度，我們幾乎把「卓越度」的每一個槓桿都改善了。

We have a strong merchandising now. We've got this price pack architecture fixed. We have really good innovation, think Blasted Totino's Rolls Ultimate Pizza that's doing really well. And then in the frozen segment, we see Asian snacks and Mexican snacks growing really well. So we're launching an Old El Paso frozen snack.

我們現在有很強的通路陳列與促銷（merchandising）。我們也把價格與包裝架構修正到位。我們有非常好的創新，例如 Blasted Totino's Rolls Ultimate Pizza 表現非常好。另外在冷凍品類，我們看到亞洲點心與墨西哥點心成長非常強勁。因此我們將推出 Old El Paso 冷凍點心。

We have Wanchai Ferry that's coming over. And so I feel like we've diagnosed that business well. We’re already seeing an improvement into June. Now four weeks is not necessarily a trend, but we've improved our hot snacks trend by 1 point and our pizza trend by almost 5 points. And just stabilizing that as if alone, we're not going to turn around overnight, but stabilizing that alone is going to have a big impact on our dollar share performance.

我們也會引進 Wanchai Ferry。所以我覺得我們已經把這個業務診斷得很清楚。我們在 6 月已經看到改善。當然，四週未必能構成趨勢，但我們的熱食點心（hot snacks）趨勢改善了 1 個百分點，而披薩趨勢改善了將近 5 個百分點。僅僅是把它穩住——我們不可能一夕之間扭轉，但光是穩住，就會對我們的金額市占表現帶來很大的影響。

And I'll ask you one more tough one. I just -- you guys are really good on consumer insights, and I was just seeing some data that showed that very low-income consumers, just call it the under 50,000 crowd, was actually spending more on at-home food.

我再問一個更棘手的問題。我只是——你們在消費者洞察方面做得非常好，我看到一些數據顯示，極低收入的消費者（就稱作年收入 50,000 美元以下那群人）其實在居家飲食上的支出反而更多。

It was decent dollar growth because they're trading down from restaurants. And then the over 100,000, which might be the upper third, they were also spending more on at-home because they were trading into higher priced, often smaller brands, protein-centric, whatever the wellness news of the day.

因為他們從餐廳消費轉向在家吃，所以金額成長還不錯。而年收入 100,000 美元以上（可能是收入最高的三分之一）也在居家飲食上花得更多，因為他們轉向購買價格更高、通常是較小眾品牌、以蛋白質為核心、或符合當天「健康/養生」趨勢的產品。

The middle of the third is a little bit more compressed because they're making choices all over the place, restaurants and at-home. I wonder how you think about your consumer. Where are the trends by income cohort today? And where do you see the improvement coming in '27 and beyond?

中間那三分之一則比較被擠壓，因為他們在各方面都在做取捨：餐廳與在家吃之間來回切換。我想知道你們如何看待你們的消費者。以收入族群來看，目前的趨勢如何？而你們認為 2027 年及之後的改善會從哪裡來？

Thanks for the question. When you look at at-home eating consumption, we see that in the last quarter pretty stable, that 86%. We didn't see it move around. We did see the more -- the lower -- middle lower income households eat a little bit more at-home and spend a little bit more on staples, so think cooking from home, but nothing significant. And again, I'll come back to when you have brands as big as ours, you have a wide consumer base that you have to serve.

謝謝你的問題。就居家飲食的消費而言，我們看到上一季相當穩定，維持在 86%。我們沒有看到它有太大波動。我們確實看到較低收入——中低收入家庭在家吃得稍微多一些，並且在主食類（staples）上的支出略增，可以理解為更多在家下廚，但沒有顯著變化。而且我再回到一點：當你擁有像我們這麼大的品牌時，你必須服務非常廣泛的消費者基礎。

You have to make sure that your everyday shelf price is right, that you have opening price points that are easier for lower income households to access that is done with packaging innovation. And then also for the larger families that you have large pack that deliver value.

你必須確保日常貨架價（everyday shelf price）是合理的；也要有更容易讓低收入家庭負擔得起的入門價位（opening price points），這可以透過包裝創新來做到。同時，對於大家庭，你也要提供能帶來價值的大包裝規格。

And so what we're being really smart about is making sure that we understand how stressed the consumer is going into this fiscal year that we don't take that for granted and that we make sure that we're bringing the right value.

因此，我們非常謹慎地在做的是：確保我們理解消費者在本會計年度面臨的壓力程度，不把這件事視為理所當然，並確保我們提供正確的價值主張。

And then as you said, there is a portion of the economy in this K economy that will spend more. And so we've got to make sure that we have the benefit and the new products and the renovations they're willing to spend against, that is functional nutrition, bold flavours.

另外，如你所說，在這種「K 型經濟」中，有一部分經濟體會花得更多。因此我們必須確保提供他們願意為之付費的效益、新產品與翻新——例如機能營養（functional nutrition）、大膽風味。

And so we're bringing a significant amount of new product innovation, think the example of Cheerios Protein that we had this year in almost every category, our humanization trend in pet will continue and cats are on fire, cat growth is on fire so Tiki Cat and our BLUE Tastefuls and our Wilderness Cat we think will continue to perform.

因此我們將帶來大量的新產品創新；以今年的例子來說，像 Cheerios Protein 幾乎在每個品類都有類似的創新。我們在寵物品類的「擬人化」（humanization）趨勢也會延續，而且貓品類非常火熱、貓的成長非常強勁，因此我們認為 Tiki Cat、BLUE Tastefuls 以及 Wilderness Cat 會持續有良好表現。

So to me, it is about understanding exactly where the consumer is, not underestimating how stressed they are and making sure we have the benefits in the right places to deliver for them.

所以對我而言，關鍵在於精準理解消費者所處的位置，不低估他們承受的壓力，並確保我們在正確的地方提供正確的效益，為他們交付價值。

Thank you.

謝謝。

Peter Galbo, Bank of America.

美國銀行（Bank of America）的 Peter Galbo。

Hey, good morning, guys. Thanks for the questions, Dana, in your prepared remarks, and you talked about it a bit on the call today, you spent a lot of time on innovation and renovation. And I think we would all agree that that is probably the right kind of next move to improve product quality or attributes. But obviously, that comes at a cost.

各位早安。謝謝讓我提問。Dana，你在事先準備的發言中提到，今天的電話會議也談到一些，你花了很多時間在創新與翻新上。我想大家都會同意，這可能是提升產品品質或屬性的正確下一步。但顯然，這是有成本的。

And so if we just think about the cost associated with innovation and renovation against what you've announced, probably more incremental cost savings from an HMM perspective.

因此，如果我們只從你們已宣布的內容來看，創新與翻新相關的成本，對照你們從 HMM 角度可能帶來更多的增量成本節省。

Just can you help us bridge how those two ideas can kind of coexist within General Mills when we often think of the HMM cost savings coming from the cost line that you're obviously boosting on products?

你能否協助我們串起來理解：這兩個概念在通用磨坊（General Mills）內部如何能夠共存？因為我們通常認為 HMM 的成本節省來自成本端，但你們同時又在產品上加碼投入。

So any kind of further clarity there would be helpful.

如果能再提供一些更清楚的說明，會很有幫助。

Well, Peter, why don't I start with that question and then Kofi can do a follow-up. I mean, I think it comes back to what I talked about from an HMM perspective.

Peter，我先回答這個問題，接著 Kofi 可以補充。我認為這要回到我從 HMM 角度所談的內容。

So this is led by our commercial teams. It's really about making sure that we understand what the consumer values and is willing to pay for and what they don't value in taking that out. And if we start with the consumer, it allows you to have benefits that you launch that they're willing to pay for and you can manage margins appropriately.

這是由我們的商業團隊主導。核心在於確保我們理解消費者重視什麼、願意為什麼付費，以及他們不重視什麼，並把不重視的部分移除。如果我們從消費者出發，就能推出他們願意付費的效益，同時也能適當管理毛利率。

So for example, our Cheerios Protein with the benefit that consumers are willing to pay for, and we were able to premium price that to the core and offset the cost of that innovation and renovation, and that is really our focus going into next fiscal year is what are consumers willing to pay for. We're going to see a little bit of price mix appreciation and majority of that will be mix.

例如，我們的 Cheerios Protein 具備消費者願意付費的效益，因此我們能相對於核心產品採取溢價定價（premium price），以抵銷創新與翻新的成本；而這正是我們進入下一個會計年度的重點：消費者願意為什麼付費。我們會看到一些價格/組合的提升，而其中大部分將來自組合。

And then, of course, as we always do with HMM, the teams will focus on what are the things they don't value and take it out accordingly in order to make sure that we can reinvest that back into the things they do value. So that is our approach. It's been consistent over a number of years, and it won't change going into next fiscal year.

當然，如同我們一貫在 HMM 的做法，團隊會聚焦在消費者不重視的事項，並相應地把它移除，以確保我們能把資源再投回到他們重視的事情上。這就是我們的方法。這些年來一直很一致，進入下一個會計年度也不會改變。

Yes. And I would just add from a sort of annual financial modelling perspective, we would expect every year to see some significant portion of reinvestment back in the product, either through renovation, new product innovation with costs.

是的。我再補充一點：從年度財務建模的角度來看，我們預期每一年都會有相當一部分的再投資回到產品上，無論是透過翻新，或是帶有成本的新產品創新。

And to the extent that those costs come in, we're relying, by and large, relying heavily on HMM. In fact, the genesis of our HMM discipline was all about being able to reinvest back in the business, both in product as well as marketing messaging and other ideas to drive growth.

而在這些成本發生的情況下，我們在很大程度上——非常依賴 HMM。事實上，我們 HMM 紀律的起源，就是為了能夠把資源再投資回到業務中，包含產品本身，以及行銷訊息與其他推動成長的想法。

So fundamentally, this is the step-up that we're seeing last fiscal year '26. This fiscal year that we're expecting in fiscal '27, all contained within our sort of normal gearing of HMM and we can comfortably cover it even with a little bit of the step-up in inflation pressure.

所以從根本上來說，這就是我們在上一個會計年度『26 看到的那個上調幅度。而我們預期在本會計年度、也就是會計年度『27 會出現的上調，全部都在我們對 HMM 的正常槓桿運用範圍內，即使通膨壓力略有上升，我們也能夠從容因應並涵蓋。

Okay. Thanks for that, Kofi. And maybe if I could just follow up there. And to Tom's question around inflation, your HMM numbers for this year, the 4% to 5% kind of matching the inflation number. I guess on a like-for-like basis in '27 if we're kind of ignoring the 53rd week, are you thinking about just gross margins as being relatively flat for the year?

好的。謝謝你，Kofi。我想也許我可以在這裡再追問一下。就 Tom 關於通膨的問題而言，你們今年的 HMM 數字是 4% 到 5%，大致與通膨數字相符。我想如果以同口徑來看，在『27 若我們大致忽略第 53 週，你們是否認為全年毛利率大致會相對持平？

I know you've given kind of the sales and operating profit ranges for the year. But if we're just trying to bridge kind of from gross down to operating, is that the right way we should think about it?

我知道你們已經給了今年的銷售與營業利益區間。但如果我們只是想把毛利一路銜接到營業利益，這樣理解是否正確？

Well, I would expect modestly less pressure on gross margin than operating margin. But I think given the shape of the P&L, there would be some modest pressure on gross margin.

嗯，我預期毛利率承受的壓力會略低於營業利益率。但我認為就損益表的結構而言，毛利率仍會有一些溫和的壓力。

Thank you.

謝謝。

Matt Smith, Stifel.

Matt Smith，Stifel。

Hi, thank you. Kofi, a follow-up question on the cost outlook. When we think about the 4% to 5% net inflation, can you clarify if that includes any tariff refunds and your expectation for timing around that?

嗨，謝謝。Kofi，我想就成本展望追問一個問題。當我們談到 4% 到 5% 的淨通膨時，你能否釐清這是否包含任何關稅退稅，以及你對其時點的預期？

Sure, Matt. It does include expectations for tariff refunds. I think as a reminder, our biggest tariff exposure is on steel aluminium. So those tariffs are still in place and not subject to refund. We are and have been realizing some modest amount of tariff refunds that have frankly been somewhat immaterial.

當然，Matt。這確實包含對關稅退稅的預期。提醒一下，我們最大的關稅曝險在鋼與鋁。因此這些關稅仍然存在，且不適用退稅。我們目前以及過去確實有實現一些小幅的關稅退稅，但坦白說金額相對不具重大性。

So I would not expect a material contribution that we'd be talking about on a go-forward basis for fiscal '27.

所以我不預期在往後、就會計年度『27 而言，會有我們需要特別討論的重大貢獻。

And as a follow-up, going back to the discussion around the expectations for organic sales. How do you think about the gating factors for getting back to positive growth for the year at the high end of your range? Is that dependent more on your initiatives around innovation and renovation and driving favourable mix? Or would you kind of weight that more heavily towards the overall category performance as we move through the year?

再追問一下，回到對有機銷售預期的討論。你們如何看待要在你們區間上緣、讓全年回到正成長的關鍵門檻因素？這更取決於你們在創新與產品更新（renovation）以及推動有利組合方面的措施嗎？還是你們會更偏重於隨著年度推進、整體品類表現的影響？

I would say the former more than the latter, our expectation would be that if we're in the more upper end, more favourable end of our range that we would see better price mix accretion and less volume pressure from the places where we're expecting that appreciation. So all things equal, we view that as largely within our control and somewhat independent of category development.

我會說前者比後者更重要；我們的預期是，如果我們落在區間較上緣、較有利的一端，我們會看到更好的價格/組合增益，並且在我們預期會回升的那些地方，來自銷量的壓力會更小。因此在其他條件相同下，我們認為這在很大程度上是我們可控的，且在某種程度上不依賴品類發展。

Appreciate it. I'll pass it on. Thank you

了解，謝謝。我把問題交給下一位。謝謝

You bet.

沒問題。

Chris Carey, Wells Fargo Securities.

Chris Carey，Wells Fargo Securities。

Thank you so much. The context around the improvement in market share, realizing you certainly don't want to be overly specific, which makes complete sense.

非常感謝。關於市占率改善的背景，我理解你們當然不希望說得過於具體，這完全合理。

I wonder if you could just contextualize the relative importance of improving share trends in Totino's and improving Wilderness dog food and you called out in the prepared remarks that these businesses were pretty material impacts on pound volume declines.

我想請你們協助說明一下：改善 Totino's 的市占趨勢，以及改善 Wilderness 狗糧的相對重要性。

And so when you think about the outlook in these two businesses specifically relative to the rest of your portfolio, again, maybe just a bit of context on how important share gains are here and some more detail on expectations.

Yes. I would just -- look, I appreciate that. And this is -- I think this is like the third question we have on market share. But I think the -- as I think about it, it's an and. We need to improve the things that haven't been working as well.

是的。我想我只能說——我理解你的意思。而且這——我想這已經是我們第三個關於市占率的問題了。但我認為——以我的角度來看，這是「兩者都要」。我們需要改善那些表現不如預期的部分。

And I think Dana was pretty clear on that on Totino's and Wilderness. Totino's was a bigger challenge, by the way, than Wilderness just due to the absolute size of the business. And so getting that more stable would be helpful.

我想 Dana 對 Totino's 和 Wilderness 已經講得很清楚了。順帶一提，Totino's 的挑戰比 Wilderness 更大，主要是因為業務的絕對規模更大。因此讓它更穩定會很有幫助。

So it's a matter of doing those things. But then even more importantly, I think, is doubling down on the things that are working. Dana talked about Tiki Cat and cat food, which is working, or Love Made Fresh, which is up 80% in the last quarter from where it was before, continuing to improve that, or Cheerios Protein, which I think is now $100 million business for us and doubling down on that and Cheerios kind of getting that back to growth.

所以這是一方面要把那些事情做好。但我認為更重要的是，加倍投入在那些運作良好的事情上。Dana 提到 Tiki Cat 與貓食表現不錯，或是 Love Made Fresh，相較於之前的水準，上季成長了 80%，要持續把它做得更好；又或者 Cheerios Protein，我想現在對我們而言已是 1 億美元的業務，對此加倍投入，並讓 Cheerios 回到成長。

And so for me, our ability to get back to growth and improve share is kind of in hand. It is improving the things that we needed to improve like Totino's and Wilderness and doubling down on the things that are working. It would also cite our international business, which is return to growth. And specifically, the Haagen-Dazs business, which has done well there. And so that's how we think about it.

因此對我而言，我們回到成長並提升市占的能力其實是掌握在手上的。一方面是改善我們需要改善的項目，例如 Totino's 和 Wilderness；另一方面是加倍投入那些有效的項目。我也會提到我們的國際業務已回到成長。特別是 Haagen-Dazs 業務在那裡表現良好。這就是我們的思考方式。

It's really doubling down on both sides of the equation. And I think we can do both, and we certainly have the plans to do both, and it is now up for us to execute. And I think importantly, we stated this before, but we're not anticipating an improved consumer environment or improved category environment. We're going to make our own success this year, and we're confident that we can do that.

本質上就是在方程式的兩端都加倍投入。我認為我們可以兩者兼顧，我們也確實有同時推進兩者的計畫，接下來就看我們的執行。而且我認為重要的是，我們之前也說過：我們並不預期消費者環境或品類環境會改善。今年我們要靠自己創造成功，我們有信心能做到。

Okay. All right. The follow-up is just around Pet. Consumption trends have been okay, certainly better than reported results in certain quarters. So the inventory volatility has been a kind of it happens here and there, right?

好的。好。追問是關於寵物業務。消費趨勢還可以，確實比某些季度所呈現的報告結果更好。所以庫存波動算是時不時會發生，對吧？

Intermittently, I realize some of that has to do with channel and specific retailers. Is there some visibility in the smoothing out of this inventory volatility? I know that it's going to remain a dynamic in fiscal Q1, and I think the guidance implies that it's going to get better.

我理解其中一部分與通路及特定零售商有關。對於這種庫存波動是否有一些能見度，讓它能更趨於平滑？我知道在會計年度第一季它仍會是一個變動因素，而我想你們的指引暗示它會改善。

I just ask in the context of the business has actually been improving better in the consumption data than what we've seen if we kind of smooth out recent quarter averages. And I just wonder if there's some visibility and a narrowing of this inventory gap over time and maybe a bit more context on why it lasted as long as it has.

我之所以這樣問，是因為若我們把近期季度平均值平滑化後，從消費數據來看，這項業務其實改善得比我們看到的更好。我想知道是否能看到這個庫存落差會隨時間縮小的跡象，也希望能多一些背景說明為何它持續了這麼久。

Yes. Thanks for the question. And we are pleased with our Pet performance. We finished the year with retail sales up 1%, growing share on our Life Protection Formula, on our cat businesses and obviously, we've seen a significant improvement in Love Made Fresh.

是的。謝謝你的問題。我們對寵物業務的表現感到滿意。我們以零售銷售成長 1% 結束年度，在 Life Protection Formula、我們的貓相關業務上提升了市占，當然也看到 Love Made Fresh 有顯著改善。

So as it comes to our retail sales versus or inventory are selling. As we dug deeper, as you mentioned, we've seen a consistent headwind from customer mix with our fastest-growing customers, think e-com and mass carrying significantly less inventory than our traditional customers. So this is really the key component of the 2 points gap between our organic sales and our retail sales in Q4.

至於我們的零售銷售相對於——或是庫存的銷售（sell-in/sell-through）。當我們更深入分析時，如你所提到的，我們看到來自客戶組合的持續逆風：我們成長最快的客戶——例如電商與量販——持有的庫存明顯少於我們的傳統客戶。因此，這其實是第四季我們有機銷售與零售銷售之間 2 個百分點差距的關鍵構成因素。

For the full year, our channel sales, as I said, were up 1%, but organic sales lagged about 4 points. So we think it's prudent as we go into next year to assume a low single-digit headwind from the retail inventory in FY27 with customer mix being the contributing key factor.

就全年而言，如我所說，我們的通路銷售成長了 1%，但有機銷售落後約 4 個百分點。因此，我們認為在進入明年時，審慎起見應假設 FY27 會受到零售端庫存帶來的低個位數逆風，而客戶組合是主要的貢獻因素。

Okay, thank you

好的，謝謝

Rob Dickerson, BTIG.

Rob Dickerson，BTIG。

Great, thanks so much. Maybe you can just try to like recap and summarize a little bit on the organic sales outlook for the year. Just kind of given all the comments already stated, right, just like as you said, focus on dollar share, price/mix supposed to be more of a contributor, flat category assumption, better than in Q1, I guess, is a little bit below algo for the year. And then the guide is still actually down year-over-year.

很好，非常感謝。也許你可以試著回顧並稍微總結一下今年的有機銷售展望。就像在前面已經提到的所有評論之下，對吧，就像你說的，聚焦於金額市占，價格/組合應該會是更主要的貢獻者，品類持平的假設，第一季表現更好，我想，今年整體會略低於演算法（algo）。而且指引其實仍然是年對年下滑。

So kind of when we wrap all that kind of up and then we frankly combine it just the dynamic of trying to figure out what's working and what consumers want and shifting the mix some and maybe going a little bit more premium.

所以當我們把這些都整理起來，坦白說，再把嘗試釐清哪些有效、消費者想要什麼、調整一些組合、也許走得更高端一些的動態一起考量。

Is it kind of like fair to one, I guess, just frankly assume obviously, volumes will still be down for the year. And I don't hear kind of any commentary around like maybe trending positive in the back half.

是不是可以說，第一，我想，坦白假設今年的量（volume）仍會下滑是合理的。而且我沒有聽到任何像是下半年可能轉為正成長趨勢的評論。

And maybe that's just a function of like this is the year where you say we're kind of just shifting that mix to get to a point such that we can actually grow the volumes later. But in some of our core brands, there might still be a little bit more volume contraction necessary to find that base.

也許這只是因為今年你們是在說，我們正在調整組合，以便達到一個之後能夠讓量成長的狀態。但在我們的一些核心品牌上，可能仍需要再多一些量的收縮，才能找到那個基礎。

And then when we get into '28, yes, that's like the hope here, along with the cost savings is for the volume to come back. I don't know if all that makes sense. But a lot in there.

然後到了 '28，是的，這就是這裡的期待，再加上成本節省，希望量能回來。我不知道這樣講是否都說得通。但裡面有很多內容。

Yeah, there's a lot in there, you summarized a lot of what we're doing. So I appreciate that. I just I would kind of back it up to the first principle, which is our job is to improve our organic sales trajectory and to do that profitably. That's really the -- that's what we're looking to do. And all the things you just mentioned are in service to that as well as the transformation that we also discussed.

是的，裡面有很多內容，你把我們在做的事情總結得很完整。所以我很感謝。我會把它拉回到第一原則：我們的工作是改善我們的有機銷售走勢，並且要以獲利的方式做到。這真的是——這就是我們要做的事。而你剛提到的所有事情，都是為了達成這個目標，同時也包括我們討論過的轉型。

And so for us, we made improvements in household penetration and our base business this year. And so the next step in that evolution is really to improve the trajectory of our organic sales and do it profitably. And that's what we're looking to do this year.

因此，對我們而言，今年我們在家庭滲透率以及基礎業務上都有所改善。而這個演進的下一步，確實就是要改善我們的有機銷售走勢，並且以獲利的方式做到。這就是我們今年要做的事。

Against the backdrop of a consumer environment, which we still think will be stressed this year. So I think it's really important to reiterate, which I think I've done, but to reiterate that we're not expecting that environment to improve.

在我們仍認為今年會承壓的消費者環境背景之下。所以我覺得非常重要的是要再次強調——我想我已經說過，但還是要重申——我們不預期那個環境會改善。

And so that's the main objective, and we feel confident that we can hit that objective. And to the extent that, that leaves even better things in '28, we'll leave that for another day. But the job to do this year is to improve upon what we had last year, and we feel like we have the plans in place to do that, both on the sales line and HMM as well as the transformation.

因此，這是主要目標，而我們有信心可以達成這個目標。至於這是否會在 '28 帶來更好的結果，我們改天再談。但今年要完成的工作，是在去年基礎上再進一步改善；我們覺得已經有相應的計畫來做到這點，無論是在銷售端與 HMM，以及轉型方面。

Okay. Okay. Fair enough. And then maybe just a very easy question. You clearly have made a fair amount of portfolio adjustments over the past, call it, 3, 5 years, heard a lot of commentary about excess cash you're going to deleverage.

好的。好的。可以理解。那再問一個很簡單的問題。你們在過去大概 3 到 5 年間，顯然做了相當多的投資組合調整，也聽到很多關於多餘現金將用來去槓桿的評論。

Kind of just where you sit now, would you say like, we feel great about the portfolio, don't foresee anything else kind of in there in the near term? Or are you still looking at certain parts of the portfolio strategically?

就你們目前的狀況而言，你會說，我們對投資組合感覺很好，短期內不預期還會有其他動作？還是你們仍在策略性地檢視投資組合中的某些部分？

No, that's a very fair question, and I'm glad you asked. As we -- first of all, we're very proud of our portfolio shaping over the last number of years, and we think we've been effective at it. We know we've been disciplined at it. And so whether that's additions like Blue Buffalo or Tiki or whether that's divestitures like yogurt or what we've announced with Brazil or our Haagen-Dazs shops.

不，這是個非常合理的問題，我也很高興你問到。首先，我們對過去幾年在投資組合塑形方面的成果非常自豪，也認為我們做得很有效。我們知道我們一直很有紀律。無論是像 Blue Buffalo 或 Tiki 這樣的新增，或是像優格業務的剝離，或我們已宣布的巴西業務，或我們的 Haagen-Dazs 門市。

We've been very disciplined on both sides of the acquisitions and divestitures and then we have an always-on capability when it comes to M&A.

我們在併購與剝離兩端都非常有紀律，而且在 M&A 方面我們也有一個持續運作（always-on）的能力。

And we haven't really changed how we think about M&A or in that sense, how we think about capital allocation. But what I would say is that our focus really now is squarely on organic sales growth and doing it profitably. And so to that extent, and as you look at the balance sheet and where we are, our bar for M&A is going to be very, very high, and specifically on the acquisition front. And so while we haven't changed how we think about it, the bar for portfolio shaping is high and our number one priority is getting back to organic sales growth and doing that profitably.

而我們其實沒有改變我們對 M&A 的看法，或從這個意義上說，沒有改變我們對資本配置的看法。但我要說的是，我們現在的重點確實是聚焦在有機銷售成長，並且以獲利的方式做到。因此，在這個前提下，當你看資產負債表以及我們目前的位置，我們對 M&A 的門檻會非常、非常高，尤其是在收購端。所以，雖然我們沒有改變思考方式，但投資組合塑形的門檻很高，而我們的第一優先要務是回到有機銷售成長，並且以獲利的方式做到。

All right, super. Thanks, Jeff

好，太好了。謝謝你，Jeff。

All right, thank you

好的，謝謝。

We have reached the end of the Q&A session. Jeff Siemon for closing remarks.

我們已到達問答環節的結束。請 Jeff Siemon 作結語。

Yeah. Thank you, Samantha. So I appreciate everyone. Good discussion this morning. Thanks for the engagement.

好的。謝謝你，Samantha。我也感謝各位。今天早上的討論很棒。謝謝大家的參與互動。

I know we didn't quite get to everyone's questions, so please don't hesitate to reach out for any follow-ups. I wish everybody a great summer. Go US National team today, and we'll talk to you all soon. Thank you very much.

我知道我們沒有完全回答到每個人的問題，所以如有任何後續問題，請務必聯繫。祝大家有個美好的夏天。今天為美國國家隊加油，我們很快再和各位聊。非常感謝。

Thank you very much. This concludes today's call. Thank you for attending. You may now disconnect.

非常感謝。今天的電話會議到此結束。感謝各位出席。您現在可以掛線。