Hain Celestial Group Inc (HAIN) 2026 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. My name is Christa, and I will be your conference operator today. At this time, I would like to welcome you to the Hain Celestial Group first quarter 2026 earnings conference call. (Operator Instructions)

女士們、先生們，感謝你們的耐心等待。我叫克麗斯塔，今天我將擔任你們的會議接線生。此時此刻，我謹代表海恩天體集團歡迎各位參加2026年第一季財報電話會議。（操作說明）

I would now like to turn the conference over to Alexis Tessier, Head of Investor Relations. Alexis, you may begin.

現在我將把會議交給投資者關係主管 Alexis Tessier 主持。Alexis，你可以開始了。

Good morning, and thank you for joining us for a review of our fiscal first quarter 2026 results. I am joined this morning by Alison Lewis, our Interim President and Chief Executive Officer; and Lee Boyce, our Chief Financial Officer. Slide 2 shows our forward-looking statements disclaimer. As you are aware, during the course of this call, we may make forward-looking statements within the meaning of federal securities laws. These include expectations and assumptions regarding the company's future operations and financial performance.

早安，感謝各位參加我們2026財年第一季業績回顧會議。今天早上與我一同出席的有我們的臨時總裁兼執行長艾莉森·劉易斯，以及我們的財務長李·博伊斯。投影片 2 顯示了我們的前瞻性聲明免責聲明。如您所知，在本次電話會議期間，我們可能會做出符合聯邦證券法意義的前瞻性陳述。這些包括對公司未來營運和財務表現的預期和假設。

These statements are based on our current expectations and involve risks and uncertainties that could cause actual results to differ materially from our expectations. Please refer to our annual report on Form 10-K, quarterly reports on Form 10-Q and other reports filed from time to time with the SEC as well as the press release issued this morning for a detailed discussion of the risk. We have also prepared a presentation inclusive of additional supplemental financial information, which is posted on our website at hain.com under the Investor setting.

這些聲明是基於我們目前的預期，但存在風險和不確定性，可能導致實際結果與我們的預期有重大差異。有關風險的詳細討論，請參閱我們的年度報告（10-K 表格）、季度報告（10-Q 表格）以及我們不時向美國證券交易委員會提交的其他報告，以及今天早上發布的新聞稿。我們也準備了一份包含補充財務資訊的簡報，該文稿已發佈在我們的網站 hain.com 的「投資者」欄位下。

As we discuss our results today, unless noted as reported, our remarks will focus on non-GAAP or adjusted financial measures. Reconciliations of non-GAAP financial measures to GAAP results are available in the earnings release and the slide presentation accompanying this call. This call is being webcast, and an archive will be made available on the website.

今天，當我們討論業績時，除非另有說明，否則我們的發言將側重於非GAAP或調整後的財務指標。非GAAP財務指標與GAAP結果的調節表可在獲利報告和本次電話會議的幻燈片簡報中找到。本次電話會議將進行網路直播，會議錄影將在網站上提供。

And now I'd like to turn the call over to Alison.

現在我想把電話交給艾莉森。

Good morning, everyone, and thank you for joining today's call. I will start by providing commentary on Q1 results, and we'll then discuss the progress we are making on our turnaround journey. Then Lee will provide a more detailed review of our quarterly results, along with our outlook. First quarter results were in line with our expectations on the top and bottom line, and we have building blocks in place to drive improved trends in the back half. In the quarter, we demonstrated sequential improvement in organic net sales trends in both of our segments.

各位早安，感謝各位參加今天的電話會議。我將首先對第一季業績進行評述，然後我們將討論我們在扭虧為盈的道路上取得的進展。接下來，Lee將對我們的季度業績進行更詳細的回顧，並展望我們的未來。第一季業績符合我們的預期，營收和利潤均達到預期，我們已經奠定了基礎，以推動下半年業績的改善。本季度，我們兩個業務部門的有機淨銷售額均實現了環比成長。

In North America, Beverages, Baby and Kids and Meal prep all turned to growth partially offsetting the continued year over year decline in Snacks. The Snacks relaunch entered its execution phase in the quarter. which included the first launch of our revamped Garden Veggie platform with upgrades to oil, ingredients and taste profiles, which I'll discuss more in a minute. And an international growth in the Meal prep category partially offset the impact from continued industry-wide softness in wet baby food following recent media coverage, which created temporary noise across the category. Ella's Kitchen remains the number one baby food brand in the UK market, reinforcing the importance of our continued leadership in transparency, trust and nutritional quality through accelerated marketing and innovation.

在北美，飲料、嬰幼兒食品和預製食品均實現成長，部分抵消了零食持續逐年下滑的局面。本季度，零食系列的重新推出進入了執行階段，其中包括首次推出我們經過改進的花園蔬菜平台，該平台在油、配料和口味方面都進行了升級，我稍後會詳細介紹。近期媒體通報導致嬰兒濕食品產業持續疲軟，造成該產業暫時動盪，而餐食準備品類的國際成長在一定程度上抵消了這種疲軟的影響。Ella's Kitchen 仍然是英國市場上排名第一的嬰兒食品品牌，這鞏固了我們透過加速行銷和創新，在透明度、信任和營養品質方面持續保持領先地位的重要性。

Throughout the quarter, we made tangible progress laying the operational and financial foundations necessary to drive improved performance. Our near-term priorities remain clear. Stabilizing sales, improving profitability, optimizing cash and deleveraging our balance sheet. Cost discipline and the decisive actions we have taken to streamline our cost structure drove our reduction in SG&A in the quarter and we are seeing early results from the execution against our five actions to win, including benefits from pricing initiatives beginning to build. As we discussed last quarter, we are committed to improving our financial flexibility through resetting our cost structure to better align with our current business.

本季度，我們在奠定營運和財務基礎方面取得了實際進展，為提升業績奠定了必要的基礎。我們近期的工作重點依然明確。穩定銷售，提高獲利能力，優化現金流，降低資產負債比率。成本控制以及我們為精簡成本結構而採取的果斷措施，推動了本季銷售、一般及行政費用的降低，並且我們已經看到了五項制勝行動執行的初步成果，包括定價舉措帶來的收益開始顯現。正如我們上個季度所討論的，我們致力於透過調整成本結構來提高財務靈活性，使其更好地適應我們目前的業務。

We have unwound much of our global infrastructure and have implemented an operating model designed to empower the regions and prioritize speed, simplicity and impact across the organization. We are already beginning to see results with an improvement in forecast accuracy, a reduction in inventory in North America and an acceleration in the innovation pipeline across the business. The changes to work design have been actioned and should benefit SG&A going forward, particularly in the back half.

我們已經解散了大部分全球基礎設施，並實施了一種旨在賦能各區域、優先考慮整個組織的速度、簡潔性和影響力的營運模式。我們已經開始看到成效，預測準確率有所提高，北美庫存減少，整個業務的創新進程也加快了。工作設計方面的改變已經實施，應該會對銷售、管理及行政部門的未來發展有所裨益，尤其是在下半年。

As previously mentioned, we expect these cost initiatives to drive over 12% cost reduction in people-related SG&A expenses. We expect to have additional opportunities to refine the operating model based on the outcome of the previously announced strategic review work. Further, every dollar spend across the P&L is being scrutinized to eliminate waste and ensure greater return on investment. In the quarter, we drove improvement in rated trade by eliminating poor ROI events and inefficient spend, and we continue to see positive return on ad spend as we shift to a digital-first marketing model.

如前所述，我們預期這些成本控制措施將使與人員相關的銷售、一般及行政費用降低 12% 以上。我們預計，根據先前公佈的策略審查工作的結果，我們將有更多機會來完善營運模式。此外，損益表上的每一筆支出都經過嚴格審查，以消除浪費並確保更高的投資回報。本季度，我們透過消除投資報酬率低的事件和低效的支出，推動了評級交易的改善，並且隨著我們轉向以數位優先的行銷模式，我們繼續看到廣告支出的正面回報。

Our turnaround strategy is focused on five key actions to win in the marketplace, streamlining our portfolio, accelerating brand renovation and innovation, implementing strategic revenue growth management and pricing, driving productivity and working capital efficiency and strengthening our digital capabilities. Complexity has hampered our ability to move with speed and efficiency. We remain committed to building a winning simpler portfolio by exiting unprofitable or low-margin tail SKUs, refocusing resources on brands and categories with the highest growth and margin potential and managing product life cycles for improved long-term value.

我們的轉虧為盈策略著重於五項關鍵行動，以贏得市場：精簡產品組合、加速品牌重塑和創新、實施策略性收入成長管理和定價、提高生產力和營運資本效率以及加強數位化能力。複雜性阻礙了我們快速且有效率地行動。我們將繼續致力於打造一個更精簡、更具競爭力的產品組合，透過淘汰無利可圖或利潤率低的尾部 SKU，將資源重新集中到成長和利潤潛力最高的品牌和類別上，並管理產品生命週期以提高長期價值。

During the quarter, we executed the previously announced exit of the new free category in North America. Looking ahead, we are targeting the elimination of approximately 30% of our SKUs in North America through fiscal 2027 representing low value in our portfolio and enabling us to improve supply chain efficiency and shelf productivity. This includes the SKU reduction in Tea, we discussed last quarter. We have implemented a disciplined portfolio management review process designed to continuously assess ad or retire SKUs, maintaining an optimized winning portfolio and eliminating reliance on large episodic rationalization efforts.

本季度，我們執行了先前宣布的退出北美新免費類別的計畫。展望未來，我們的目標是到 2027 財年，在北美地區淘汰約 30% 的 SKU，這些 SKU 在我們產品組合中價值較低，這將使我們能夠提高供應鏈效率和貨架生產力。這包括我們上個季度討論過的茶葉產品 SKU 減少。我們實施了一套嚴謹的產品組合管理審查流程，旨在不斷評估是否需要投放廣告或停用 SKU，從而維持最佳的成功產品組合，並消除對大規模、零星的合理化工作的依賴。

These actions enable us to sharpen our focus and resources to accelerate growth in our highest potential brands and categories. This year, we have accelerated our innovation pipeline and have new products launching in every category in our portfolio. Let me give you several examples. We recently relaunched Garden Veggie snacks with the boldest renovation in its history, elevating attributes of high importance to consumers. Our new straws and pops are made with avocado oil.

這些舉措使我們能夠集中精力並優化資源配置，從而加速我們最具潛力的品牌和品類的成長。今年，我們加快了創新步伐，旗下所有產品類別都將推出新產品。我舉幾個例子。我們最近對 Garden Veggie 零食進行了史上最徹底的革新，重新推出了該系列產品，提升了消費者高度重視的各項屬性。我們的新款吸管和冰棒均採用酪梨油製成。

We introduced a fourth straw made from sweet potato, which was the most requested new vegetable and our cheddar recipes are now crafted with real cheese. In consumer testing, our new Garden Veggie Straws were significantly preferred compared to a leading competitor. We debuted the new items in breakthrough new packaging in late September at a key national retail partner and will expand to additional national retailers this winter and into the new year.

我們推出了第四根用紅薯製成的吸管，紅薯是最受歡迎的新蔬菜，而且我們的切達起司配方現在都是用真正的起司製作的。在消費者測試中，我們的新花園蔬菜吸管明顯優於領先的競爭對手的產品。9 月下旬，我們在一個重要的全國零售合作夥伴處首次推出了採用突破性新包裝的新產品，並將在今年冬季和新年期間擴展到更多全國零售商。

In Greek Gods, momentum is accelerating, and the brand pivoted to share growth in the quarter contributing to the acceleration was expanded regional availability of a larger 48-ounce format in a key club partner in the quarter. More recently, we started shipping our new single-serve offering to a key retailer and are supporting the launch with expanded digital advertising. Single-serve represents nearly 30% of the category, so the potential opportunity is large. In Earth Best, we are continuing to build upon our strength in snacks with the launch of Big Kid snacks platform in the second half.

在希臘諸神品牌中，發展勢頭正在加速，該品牌在本季度轉向分享成長，促成成長加速的因素是本季在重要的俱樂部合作夥伴中擴大了 48 盎司大包裝的區域供應。最近，我們開始向一家主要零售商運送我們新的單份包裝產品，並透過擴大數位廣告來支持產品的上市。單份裝產品佔該品類的近 30%，因此潛在市場機會很大。在 Earth Best，我們將繼續鞏固我們在零食領域的優勢，並在下半年推出 Big Kid 零食平台。

We are expanding into new backpack territory with snacks designed to bridge the gap between toddlerhood and Big Kid independence. With organic power bite, organic veggie wave, organic crispy sticks, we deliver protein and fiber for high-density nutrition while balancing portability, pace and fun. In formula, we will be sponsoring a leading retailer's baby registry the number one registry destination in the second quarter, and we are leaning into the brand's commitment to quality. Earth Best recently received a discerning clean label project purity award across this full line, underscoring trust with parents and caregivers. Additionally, the brand was highlighted by consumer reports in August as one of the most transparent baby food brand.

我們正在拓展背包領域的新業務，推出旨在彌合幼兒期和大孩子獨立期之間差距的零食。有機能量小食、有機蔬菜波浪、有機脆條，我們提供高密度營養的蛋白質和纖維，同時兼顧便攜性、速度和樂趣。在公式方面，我們將贊助一家領先零售商的嬰兒登記處（該登記處是第二季度排名第一的登記目的地），我們將充分利用該品牌對品質的承諾。Earth Best 近期憑藉其全線產品榮獲了權威的清潔標籤項目純度獎，這凸顯了其在家長和監護人中的信譽。此外，該品牌在8月的消費者報告中被評為最透明的嬰兒食品品牌之一。

These accolades are important claims for our marketing to parents and characters. In international, Hartley's Juicy jelly on the go pouches launched in the first quarter, with strong retailer support, helping to drive share growth in the first full four weeks of launch. In addition, we launched new Covent Garden 1 kilogram value pack designed to recruit larger families and rolled out flavor refreshes across the soup brand. We've extended our successful soup and risotto innovation into more retailers, delivering sales growth over 25% per Cully & Sully along with share gain.

這些讚譽對於我們以家長和角色行銷來說非常重要。在國際市場上，Hartley's Juicy 果凍便攜裝於第一季推出，並得到了零售商的大力支持，幫助推動了上市前四周的市場份額增長。此外，我們還推出了新的 Covent Garden 1 公斤超值裝，旨在吸引更多家庭，並對該湯品品牌進行了口味更新。我們已將成功的湯和燴飯創新推廣到更多零售商，為 Cully & Sully 帶來了超過 25% 的銷售成長以及市場份額的提升。

Innovation planned for the back half in international include Ella's Kitchen Muddy Blend, a range of three fruit and vegetable blends with a touch of nuts perfect to stretch taste or provide a more filling snack for six months and up. In addition, we're launching Ella's Kitchen kits aimed at older kids from 18 months up, the range extends the brand into new occasions with strong nutritional standards for better-for-you alternatives.

國際市場下半年的創新計劃包括 Ella's Kitchen Muddy Blend，這是一款包含三種水果和蔬菜混合物，並添加少量堅果的系列產品，非常適合延長口感時間，或為六個月及以上的嬰兒提供更飽腹的零食。此外，我們還推出了 18 個月及以上大齡兒童的 Ella's Kitchen 套裝，該系列產品將品牌拓展到新的場合，並以嚴格的營養標準提供更健康的替代品。

A 10 SKU range of OD bars, wild crackers and Christy sticks will hit the shelf in the back half of the year. We also have two exciting nondairy beverage launches for Joya protein. We are upgrading our existing protein rate to include even more protein per serving, and we are launching ready-to-drink protein in two delicious flavors. With accelerated pipelines and launches, innovation will be a much larger part of our story going forward. We will support these launches with marketing funded by margin improvements from our revenue growth management and productivity cost savings initiatives.

今年下半年將推出 10 款 OD 能量棒、野餅乾和 Christy 棒等產品。我們還有兩款令人興奮的Joya蛋白非乳製品飲料即將上市。我們正在升級現有的蛋白質含​​量，使每份產品含有更多的蛋白質，並且我們將推出兩種美味口味的即飲蛋白質產品。隨著產品線和上市速度的加快，創新將在我們未來的發展中扮演更重要的角色。我們將透過行銷活動支持這些產品的上市，而行銷資金則來自我們收入成長管理和生產力成本節約計畫帶來的利潤提升。

We are encouraged that we have one of the strongest innovation pipeline in our recent history as we aim to significantly increase our contribution from innovation to growth. As discussed, this year, we have pricing actions planned across every category in our portfolio following a long period where our pricing did not keep pace with inflation, particularly in North America. Our international price increases implemented in late Q4 are overall delivering on plan. While there are some puts and takes by subcategory and SKU, elasticities are generally in line with expectations.

我們感到鼓舞的是，我們擁有近年來最強大的創新人才儲備之一，我們的目標是大幅提高創新對成長的貢獻。正如之前討論過的，今年我們計劃對我們產品組合中的每個類別採取定價措施，此前很長一段時間，我們的定價未能跟上通貨膨脹的步伐，尤其是在北美地區。我們在第四季末實施的國際價格上漲總體上按計劃進行。雖然子類別和 SKU 之間存在一些波動，但彈性總體上符合預期。

In North America, as noted in our last earnings call, we are actively accelerating pricing and revenue growth management as critical levers to cover inflation, a meaningful shift from prior years. We are beginning to see the benefit, contributing to tea and baby and kids turning to growth in the quarter. While we executed our Tea and Baby & Kids pricing in Q1, we have accelerated revenue growth management activities for meal prep and snacks through a combination of pricing, price pack architecture and premiumization. We expect the benefit from pricing to ramp up throughout the fiscal year. Further, we are making headway in optimizing trade spending.

正如我們在上次財報電話會議上提到的，在北美，我們正在積極加速定價和收入成長管理，以此作為應對通貨膨脹的關鍵手段，這與往年相比有了顯著的轉變。我們開始看到成效，促進了本季茶飲、嬰幼兒及兒童用品銷售的成長。雖然我們在第一季實施了茶飲和嬰幼兒產品定價策略，但我們透過定價、價格包裝架構和高端化等手段，加速了餐點準備和零食的收入成長管理活動。我們預計價格上漲帶來的收益將在本財年內逐步增加。此外，我們在優化貿易支出方面也取得了進展。

In the quarter, we reduced trade spend as a percentage of gross revenue by 40 basis points year over year. We expect to deliver improvement in our trade for the rest of the year as we actively analyze gross to net opportunities to maximize the efficiency and effectiveness of our trade investments. Generating operational productivity and improving working capital management have been bright spots for Hain. Last year, we delivered operational productivity savings of approximately $67 million. We have a strong productivity pipeline and are targeting more than $60 million in fiscal 2026. In addition to that operational productivity, we expect to realize substantial future cost savings from our realignment of our overhead structure that we began to implement during the quarter.

本季度，貿易支出佔總收入的比例年減了 40 個基點。我們預計今年剩餘時間裡，隨著我們積極分析毛利到淨利的各種機會，以最大限度地提高貿易投資的效率和效益，我們的貿易表現將會改善。提高營運效率和改善營運資金管理一直是海恩公司的亮點。去年，我們實現了營運效率提升，節省了約 6,700 萬美元。我們擁有強勁的生產力成長潛力，目標是在 2026 財年實現超過 6,000 萬美元的利潤。除了營運效率的提高，我們還期望透過調整本季開始實施的管理費用結構，在未來實現可觀的成本節約。

From a working capital perspective, we have been deliberate in our focus on inventory reduction for the fiscal year, resetting weeks of coverage for both raw and pack and finished goods. In North America, we reduced net inventory by nearly 10% from Q4 as a result of our improved internal forecast accuracy. Further, we continue to make progress on extending terms with strategic suppliers. As I mentioned earlier, our shift to a digital-first marketing model is delivering positive return on advertising spend overall. We are engaging in new digital partnerships to drive community relationships and household penetration.

從營運資金的角度來看，我們本財年一直有意識地專注於減少庫存，重新調整原料、包裝材料和成品的周數覆蓋率。在北美，由於內部預測準確性的提高，我們的淨庫存比第四季度減少了近 10%。此外，我們在延長與策略供應商的合作期限方面也持續取得進展。正如我之前提到的，我們向數位化優先行銷模式的轉變，整體上帶來了積極的廣告支出回報。我們正在進行新的數位化合作，以促進社區關係和家庭滲透。

New this quarter are programs like Earth's Best, a digital CRM community marketing program. leveraging best practices from the successful Ella's Kitchen program and providing advice, support and resources to parents.

本季新增的項目包括 Earth's Best，這是一個數位化客戶關係管理 (CRM) 社群行銷項目，借鑒了 Ella's Kitchen 項目的成功經驗，並為家長提供建議、支援和資源。

And we are piloting and I bought a partnership, utilizing performance marketing and incentives with promising early results in driving new users and incremental sales across key snack brands and soon formula. We are heightening our e-commerce focus and continue to expect sales growth at or above category rates in fiscal 2026. In the International segment, we are growing Hartley's Jelly pots and Sun Pot with overall performance and momentum accelerating in September behind back-to-school execution. And in North America, tea and yogurt are growing double digit at key online retailers. We are encouraged by the early progress we are making.

我們正在進行試點，我收購了一家合夥企業，利用效果行銷和激勵措施，在推動主要零食品牌的新用戶成長和增量銷售方面取得了令人鼓舞的早期成果，不久還將擴展到配方奶粉。我們將增加對電子商務的投入，並繼續預期 2026 財年的銷售成長將達到或超過同類產品的成長率。在國際市場，隨著返校季的到來，Hartley's Jelly pots 和 Sun Pot 的整體業績和成長勢頭在 9 月加速。在北美，茶葉和優格在主要線上零售商處的銷售量均實現了兩位數的成長。我們目前的進展令人鼓舞。

We have taken decisive action to strengthen our financial health, streamline operations and energize our brands balancing near-term financial flexibility with future growth. We are focused on consistent delivery and building momentum. Our near-term priorities remain clear: stabilizing sales, improving profitability, optimizing cash and deleveraging the balance sheet. We will achieve this by creating greater financial flexibility, enabling us to invest in our brands and by executing our turnaround strategy anchored in the five actions to win in the marketplace.

我們已採取果斷措施，加強財務健康，精簡運營，並為品牌注入活力，在保證近期財務靈活性的同時，兼顧未來的成長。我們專注於持續交付成果並保持發展勢頭。我們近期的優先事項依然明確：穩定銷售、提高獲利能力、優化現金流量和降低資產負債比率。我們將透過創造更大的財務靈活性來實現這一目標，使我們能夠投資於我們的品牌，並透過執行以贏得市場的五項行動為核心的扭虧為盈策略來實現這一目標。

In parallel, we continue to make good progress on our previously announced strategic review work with Goldman Sachs. We have completed our analysis and evaluation of the portfolio. We have a large number of brands with strong value where we have a right to win. And we have other areas that we are actively addressing that could further streamline our portfolio. We look forward to updating you when we are in a position to provide further details.

同時，我們先前宣布的與高盛的策略評估工作也持續取得良好進展。我們已完成對投資組合的分析和評估。我們擁有眾多具有強大價值的品牌，我們理應在這些領域取得成功。我們也正在積極解決其他一些領域的問題，這些問題可以進一步精簡我們的產品組合。我們期待在能夠提供更多細節時及時通知您。

Now I'll hand the call over to Lee to discuss our first quarter financial results and outlook in more detail.

現在我將把電話交給李，讓他更詳細地討論我們第一季的財務表現和展望。

Thank you, Alison, and good morning, everyone. As Alison mentioned earlier, our first quarter's net sales of $368 million and adjusted EBITDA of $20 million were consistent with our expectations of a quarter that would be similar in absolute dollars to Q4 2025, as discussed on our last earnings call. For the first quarter, we saw an organic net sales decline of 6% year over year, driven by lower sales in both the North America and International segments. While not yet where we want to be, results were in line with our expectations and represented a sequential improvement from the 11% decline in Q4. The decline in organic net sales growth reflects a 7 point decrease in volume mix and a 1 point increase in price.

謝謝你，艾莉森，大家早安。正如艾莉森之前提到的，我們第一季的淨銷售額為 3.68 億美元，調整後的 EBITDA 為 2000 萬美元，這與我們在上次財報電話會議上討論的預期一致，即本季度的絕對金額將與 2025 年第四季度類似。第一季度，由於北美和國際市場的銷售額均有所下降，我們的有機淨銷售額較去年同期下降了 6%。雖然尚未達到我們想要的目標，但結果符合我們的預期，並且比第四季下降 11% 的情況有所改善。有機淨銷售成長下降反映了銷售佔比下降 7 個百分點和價格上漲 1 個百分點。

Adjusted gross margin was 19.5% in the first quarter, a decrease of approximately 120 basis points year-over-year. The decrease was driven by lower volume mix and cost inflation partially offset by productivity and pricing and trade efficiencies. SG&A decreased 8% year over year to $66 million in the first quarter driven by a reduction in employee-related and non-people cost discipline as we began to implement overhead reduction actions. SG&A represented 17.8% of net sales for the quarter as compared to 18.1% in the year-ago period. During the quarter, we took charges totaling $14 million associated with actions under the restructuring program, including employee-related costs, contract termination costs, asset write-downs and other transformation-related expenses.

第一季調整後毛利率為 19.5%，較去年同期下降約 120 個基點。銷售下降是由於銷售結構和成本上漲導致的，但生產力、定價和貿易效率的提高部分抵消了銷售下降的影響。第一季銷售、一般及行政費用年減 8% 至 6,600 萬美元，主要得益於我們開始實施削減管理費用的措施，從而降低了與員工相關的成本和非人員成本。本季銷售、一般及行政費用佔淨銷售額的 17.8%，去年同期為 18.1%。本季度，我們提列了與重組計畫相關的 1,400 萬美元費用，其中包括與員工相關的成本、合約終止成本、資產減損和其他轉型相關費用。

To date, we have taken $103 million in charges associated with the transformation program, which is comprised of $100 million of restructuring charges and $3 million of expenses associated with inventory write-downs. Of these charges, $35 million were noncash. Restructuring charges, excluding inventory write-downs are expected to be $100 million to $110 million by fiscal 2027. These charges are excluded from adjusted operating results. Interest expense rose 13% year over year to $15 million in the quarter, primarily due to higher financing fees related to the amendment of our credit agreement.

迄今為止，我們已提列了與轉型計畫相關的 1.03 億美元費用，其中包括 1 億美元的重組費用和 300 萬美元的存貨減損相關費用。這些費用中有 3500 萬美元是非現金支出。預計到 2027 財年，重組費用（不包括存貨減損）將達到 1 億至 1.1 億美元。這些費用不計入調整後的經營績效。本季利息支出年增 13% 至 1,500 萬美元，主要原因是與信貸協議修訂相關的融資費用增加。

We have hedged our rate exposure on more than 50% of our loan facility with fixed rates of 7.1%. We continue to prioritize reducing net debt over time. Adjusted net loss, which excludes the effect of restructuring charges amongst other items, was $7 million in the quarter or $0.08 per diluted share as compared to adjusted net loss of $4 million or $0.04 per diluted share in the prior year period. We delivered adjusted EBITDA of $20 million in the first quarter compared to $22 million a year ago. The decline was driven by a decline in volume mix and cost inflation, partially offset by productivity, a reduction in SG&A and pricing and trade efficiencies.

我們已對超過 50% 的貸款額度進行了利率對沖，固定利率為 7.1%。我們將繼續優先考慮逐步降低淨債務。調整後的淨虧損（不包括重組費用等項目的影響）為本季 700 萬美元，即每股攤薄虧損 0.08 美元，而上年同期經調整後的淨虧損為 400 萬美元，即每股攤薄虧損 0.04 美元。第一季調整後 EBITDA 為 2,000 萬美元，而去年同期為 2,200 萬美元。銷售下滑是由於銷售結構和成本上漲導致的，但生產力提高、銷售、一般及行政費用減少以及定價和貿易效率提高部分抵消了銷售下滑的影響。

Adjusted EBITDA margin was 5.4%. Turning now to our individual reporting segments. In North America, organic net sales declined 7% year over year. The decrease was primarily driven by lower volume in snacks, partially offset by growth in beverages, Baby and Kids and Meal prep. First quarter adjusted gross margin in North America was 22.7%, a 200 basis points increase versus the prior year period.

調整後 EBITDA 利潤率為 5.4%。現在進入我們各個報道板塊的環節。在北美，有機淨銷售額較去年同期下降了7%。銷售量下降主要是由於零食銷售減少，部分被飲料、嬰幼兒食品和餐點準備的成長所抵消。北美地區第一季調整後毛利率為 22.7%，較上年同期成長 200 個基點。

This improvement was driven primarily by productivity savings and pricing and trade efficiencies, partially offset by lower volume mix and cost inflation. Adjusted EBITDA in North America was $17 million, an increase of 37% from the year ago period. The increase resulted primarily from productivity savings, a reduction in SG&A expenses and pricing and trade efficiencies, partially offset by the impact of lower volume mix and cost inflation.

這項改善主要得益於生產效率的提高以及定價和貿易效率的提升，但部分被銷售結構下降和成本上漲所抵銷。北美地區調整後 EBITDA 為 1,700 萬美元，比上年同期成長 37%。成長主要源自於生產效率的提高、銷售、一般及行政費用的減少以及定價和貿易效率的提升，但部分被銷售下降和成本上漲的影響所抵銷。

Adjusted EBITDA margin was 8.3%. In our international business, organic net sales declined 4% in the quarter, primarily driven by lower sales in Baby and Kids, partially offset by growth in meal prep. International adjusted gross margin was 15.7%, approximately 530 basis points below the prior year period, and adjusted EBITDA was $13 million or 7.7% of net sales, reflecting a decrease of 38% compared to the prior year period. These decreases were primarily driven by lower volume mix and cost inflation, partially offset by productivity savings and pricing and trade efficiencies.

調整後 EBITDA 利潤率為 8.3%。在我們的國際業務中，本季有機淨銷售額下降了 4%，主要原因是嬰幼兒產品銷售額下降，部分被餐點準備業務的成長所抵消。國際調整後毛利率為 15.7%，比去年同期下降約 530 個基點；調整後 EBITDA 為 1,300 萬美元，佔淨銷售額的 7.7%，比去年同期下降 38%。這些下降主要是由於銷售結構下降和成本上漲所致，部分被生產力提高、定價和貿易效率提升所抵銷。

We expect our margin in international to improve particularly in the second half behind three key drivers: one, improved performance of our higher-margin Ella's business with accelerated marketing and innovation to drive improvement in the category, behind our trusted, high-quality and nutritious products; two, operational efficiency initiatives in our manufacturing network; and three, the full realization of benefits from our focus on revenue growth management.

我們預計，在以下三個關鍵因素的推動下，國際市場的利潤率將在下半年得到顯著提高：一、我們利潤率較高的Ella's業務表現改善，透過加速市場營銷和創新，推動該品類的改進，這得益於我們值得信賴、高品質和營養豐富的產品；二、我們在製造網絡中採取的營運效率提升得

Now turning to category performance. Organic net sales growth in Snacks was down 17% year over year, driven by velocity challenges and distribution losses in North America. As Alison mentioned, we have entered the execution phase of our snacks turnaround plan with the relaunch of Garden Veggie, which will be rolling out to additional retailers throughout the fiscal year. Additionally, our price pack architecture work on Garden Veggie multipacks is driving early velocity improvements at key retailers. And we've seen strong performance from our Garden Veggie seasonal offering particularly go -- lastly, Garden Veggie is seeing encouraging momentum in the convenience channel, where sales are up 24% as distribution expense.

現在來看品類表現。受北美地區銷售速度挑戰和分銷通路損失的影響，零食業務的有機淨銷售額年減了 17%。正如艾莉森所提到的，隨著 Garden Veggie 的重新推出，我們已經進入了零食業務轉型計劃的執行階段，該產品將在本財年內推廣到更多零售商。此外，我們針對花園蔬菜多包裝的價格包裝架構工作正在推動主要零售商的早期銷售速度提升。我們看到，我們的花園蔬菜季節性產品表現強勁——最後，花園蔬菜在便利通路也獲得了令人鼓舞的成長勢頭，銷售額增長了 24%，而分銷費用有所下降。

In Baby and Kids, organic net sales growth was down 10% year over year, driven primarily by industry-wide softness in purees in the UK that Alison mentioned, in North America, we have continued to see strength in snacks and cereal with dollar sales growth of high single-digit and low double-digit percent, respectively. In the beverages category, organic net sales growth was 2% year over year driven by key in North America. Celestial Seasonings bag tea gained distribution in the quarter in part due to the recent launch of wellness innovation. In Meal Prep, organic net sales growth was flat year over year as strength in yoga in North America was offset by softness in meat-free products in the UK and soup in North America. Greek Gods grew dollar sales in the quarter by mid-teens percent.

在嬰幼兒產品方面，有機淨銷售額年減 10%，這主要是由於 Alison 提到的英國果泥行業整體疲軟所致；在北美，零食和穀物產品繼續保持強勁勢頭，銷售額分別實現了高個位數和低兩位數的百分比增長。在飲料類別中，有機淨銷售額年增 2%，主要得益於北美市場的成長。Celestial Seasonings 袋裝茶在本季度獲得了一定的市場份額，部分原因是最近推出了健康創新產品。在餐點準備方面，有機淨銷售額年增率持平，因為北美瑜珈的強勁表現被英國素食產品和北美湯類產品的疲軟所抵消。《希臘諸神》本季美元銷售額成長了15%左右。

Shifting to cash flow and the balance sheet. Free cash flow for the quarter was an outflow of $14 million compared to an outflow of $17 million in the year ago period. The improvement was primarily driven by improved inventory delivery, partially offset by lower recovery of accounts receivable and a decline in cash earnings. We continue to be pleased with the progress we have made improving our days payable outstanding. Days payable outstanding was 57 days in the quarter, down from 65 days in Q4 2025, but an improvement from 55 days in the year ago period.

轉而關注現金流和資產負債表。本季自由現金流為流出 1,400 萬美元，去年同期為流出 1,700 萬美元。這項改善主要得益於庫存交付的改善，但部分被應收帳款回收率下降和現金收益減少所抵銷。我們對在改善應收帳款週轉天數方面取得的進展感到滿意。本季應付帳款週轉天數為 57 天，低於 2025 年第四季的 65 天，但比去年同期的 55 天有所改善。

We have made significant progress towards our goal of 70-plus days payable outstanding by fiscal year 2027. Inventory is an opportunity for improvement and an area of focus for fiscal 2026. Days inventory outstanding improved to 83 days in the quarter from 88 days in Q4 2025. So it is up from 80 days in the year ago period. CapEx was $5 million in the quarter was down from $6 million in the prior year period.

我們已朝著2027財年應收帳款天數不超過70天的目標取得了重大進展。庫存管理是一個可以改進的機會，也是 2026 財年的重點領域。本季庫存週轉天數改善至 83 天，而 2025 年第四季為 88 天。所以比去年同期的 80 天有所增加。本季資本支出為 500 萬美元，低於去年同期的 600 萬美元。

We continue to expect capital expenditures to be approximately $30 million for fiscal 2026. Finally, we closed the quarter with cash on hand of $48 million and net debt of $668 million as compared to $650 million in the beginning of the fiscal year. The increase in net debt was driven by seasonal funding of working capital and capital expenditures.

我們仍預期 2026 財年的資本支出約為 3,000 萬美元。最後，本季末，我們的現金餘額為 4,800 萬美元，淨債務為 6.68 億美元，而本財年初的淨債務為 6.5 億美元。淨債務增加主要是由於季節性營運資金和資本支出融資所致。

Paying down debt and strategically investing in the business continue to be our priorities for cash. Our net leverage ratio, as calculated under our credit agreement, increased slightly to 4.8 times, comfortably below the 5.5 times maximum. Our long-term goal is to reduce balance sheet leverage to 3 times adjusted EBITDA or less, as calculated under our credit agreement.

償還債務和對業務進行策略性投資仍然是我們現金流的首要任務。根據我們的信貸協議計算，我們的淨槓桿率略微上升至 4.8 倍，遠低於 5.5 倍的上限。我們的長期目標是將資產負債表槓桿率降低到調整後 EBITDA 的 3 倍或更低，這是根據我們的信貸協議計算得出的。

Turning now to the outlook. As stated last quarter, we are not providing numeric guidance on fiscal 2026 operating results at this time, given the uncertainty around the outcome and timing of the completion of our strategic review, other than to say we expect free cash flow to be positive. With respect to the shape of the year, we continue to expect aggressive cost cutting and execution against our five actions to win in the marketplace to drive stronger top and bottom line performance in the second half of the year as compared to the first half.

現在來看前景。如上個季度所述，鑑於策略評估的結果和完成時間存在不確定性，我們目前不提供 2026 財年經營業績的具體數字指引，但我們預計自由現金流將為正值。就今年的發展趨勢而言，我們繼續預期，透過積極削減成本並執行我們在市場競爭中贏得勝利的五項舉措，下半年營收和利潤將比上半年更加強勁。

To put a finer point on it. I want to call out some of the dynamics that are driving the shape of the year. First, we are stepping up our marketing investment in the second quarter of 2026 compared to the first quarter of this fiscal year and by approximately $2 million from the year ago period. This will support the accelerated innovation across the portfolio throughout the year that Alison discussed. Investment in our brands is a critical element for improved performance as we move into the second half.

更確切地說。我想重點談談影響今年情況的一些因素。首先，與本財年第一季相比，我們將在 2026 年第二季加大行銷投入，比上年同期增加約 200 萬美元。這將支持艾莉森所討論的全年產品組合的加速創新。進入下半年，品牌投資是提升績效的關鍵因素。

Second, we have an approximately $3 million headwind in the second quarter from our bonus accrual this year that was zeroed out last year. Third, the benefits from both the SG&A work we have actioned and pricing we have taken should build throughout the year.

其次，由於今年獎金累積額為零（去年為零），我們第二季將面臨約 300 萬美元的不利影響。第三，我們採取的銷售、一般及行政費用調整措施和定價策略所帶來的收益，應該會在一年內逐步累積。

And lastly, Ella's Kitchen, one of our highest margin businesses, has been under pressure, driven by industry-wide category softness. We expect our accelerated marketing efforts and innovation to drive improvement in Ella's in the second half.

最後，Ella's Kitchen 是我們利潤率最高的業務之一，但由於整個行業的疲軟，它也面臨壓力。我們預計，下半年我們加大行銷力道和創新將推動 Ella's 業績的提升。

Now I'll turn it back to Alison for some closing remarks.

現在我把麥克風交還給艾莉森，讓她做些總結發言。

Thanks, Lee. Our first quarter results were consistent with our prior indication that Q1 performance would be broadly comparable to Q4 in absolute dollars. In North America, we delivered margin and profit growth despite top line headwinds in our largest category in the region, Snacks, which we are relaunching to restore both growth and profitability over time. Internationally, the Baby Food category remained soft industry-wide. However, as category leader, we have accelerated marketing and innovation to drive category momentum over the balance of the year. Across the portfolio, we are seeing encouraging contribution to revenue and margins as we take disciplined RGM and pricing actions.

謝謝你，李。我們第一季的業績與我們先前的預測一致，即第一季的業績（以絕對美元計）將與第四季大致相當。在北美，儘管我們在該地區最大的類別——零食——面臨營收逆風，但我們仍然實現了利潤率和利潤成長。我們正在重新推出零食產品，以期隨著時間的推移恢復其成長和獲利能力。國際上，嬰兒食品市場整體依然疲軟。然而，身為品類領導者，我們加快了行銷和創新步伐，以推動該品類在今年剩餘時間內的發展動能。在整個產品組合中，隨著我們採取嚴格的零售利潤管理 (RGM) 和定價措施，我們看到收入和利潤率都得到了令人鼓舞的提升。

And we continue to execute strongly on productivity, delivering consistent savings that were built as the year progresses. In addition, we have implemented a step change in our overhead cost reduction ensuring our organization is rightsized for the current business. We are moving with speed and determination to strengthen our financial flexibility and lay the groundwork for improved performance as we move from the first half of the fiscal year to the second half. We remain focused on executing our five actions to win, streamlining our portfolio, accelerating brand renovation and innovation, implementing strategic revenue growth management and pricing, driving productivity and working capital efficiency and strengthening our digital capabilities.

我們繼續大力提高生產效率，隨著時間的推移，持續節省成本。此外，我們已在削減管理費用方面採取了重大變革，確保我們的組織規模與當前的業務需求相符。我們正以迅猛而堅定的步伐，加強財務彈性，為從上半年過渡到下半年時取得更好的業績奠定基礎。我們將繼續專注於執行五項勝利行動，精簡產品組合，加速品牌革新和創新，實施策略性收入成長管理和定價，提高生產力和營運資本效率，並加強我們的數位化能力。

We are executing with focus and discipline, placing Hain firmly on the path towards sustainable growth. Before I close, I want to thank the entire Hain team for their commitment to our mission, our brands, our consumers and our customers and for driving meaningful progress against our five actions to win. That concludes our prepared remarks, and we are now happy to take your questions.

我們以專注和嚴謹的態度執行計劃，使海恩公司穩步走上永續發展的道路。在結束演講之前，我要感謝整個海恩團隊，感謝他們對我們的使命、品牌、消費者和客戶的承諾，以及他們為實現我們五項制勝行動所做的貢獻。我們的發言稿到此結束，現在我們很樂意回答各位的問題。

Operator, please open the line.

接線員，請接通線路。

(Operator Instructions)

（操作說明）

Andrew Lazar, Barclays.

安德魯·拉扎爾，巴克萊銀行。

I think -- Lee, you laid out some discrete dynamics to keep in mind that impact EBITDA for the most part in 2Q. As you think about organic sales in 2Q, would you anticipate, just given the incremental investment and such that there at the year-over-year rate of decline in organic sales can continue to moderate sequentially in 2Q versus what you saw in the first quarter, even though I realize there are some discrete issues around EBITDA.

我認為——Lee，你列出了一些需要注意的獨立動態，這些動態在很大程度上影響了第二季的 EBITDA。考慮到第二季度的有機銷售額，您是否預計，僅憑新增投資等因素，第二季度有機銷售額同比下降的速度就能比第一季度有所放緩，即使我意識到 EBITDA 方面存在一些特殊問題？

Yeah. I mean I think you can see some moderation. I would say the biggest focus is on the second half versus the first half. And we kind of outlined that. But you would see, especially as you go into the second half an improvement in areas such as in snacks or a moderation of declines there.

是的。我的意思是，我覺得還是能看出一些緩和的跡象。我認為重點應該放在下半場而不是上半場。我們大致概述了一下。但你會發現，尤其是在下半年，零食等領域的情況有所改善，或者說這些領域的下滑趨勢有所緩和。

The other thing we kind of outlined in the call is in Baby and Kids, particularly in Ella's so we would -- based on the programming we put in, we would expect to see an improvement in Baby and Kids, moderation in Earth's Best. And then also looking at beverages, we would expect an improvement in Tea and in private label nondairy beverage. I'd say Meal pre has always been stable. So our big focus is really on the second half versus the first half. That's where you'll see that improvement.

我們在電話會議中也提到了另一件事，那就是在嬰兒和兒童產品中，特別是 Ella's 產品，所以我們——根據我們投入的計劃，我們預計嬰兒和兒童產品會有所改進，而 Earth's Best 產品則會適度改進。此外，從飲料方面來看，我們預期茶飲和自有品牌非乳製品飲料的銷售量會有所提升。我認為餐前準備一直都很穩定。所以我們真正關注的是下半場而不是上半場。你會看到改進的地方就在這裡。

Okay. And then, Alison, you talked about elasticity so far with the pricing you've taken in international being again, broadly, on average, sort of in line with your expectations. I know it's still early around some of the pricing actions you're taking in North America. But where you've gotten some of the pricing in, what are you seeing around elasticity at the starting point? I think you mentioned last quarter, you would anticipate elasticities in North America being around one and around, I think, 0.5 in international. So I guess, what are you seeing in North America so far? And maybe half of those announced price increases gone over with respect to your key retail partners?

好的。然後，艾莉森，你談到了彈性，到目前為止，你在國際上採取的定價策略總體上平均而言與你的預期基本一致。我知道現在談論你們在北美採取的一些定價措施還為時過早。但是，在您已經掌握的部分定價資訊中，您認為初始價格的彈性如何？我想你上個季度有提到過，預計北美地區的彈性係數約為 1，而國際地區的彈性係數約為 0.5。所以我想問的是，到目前為止，您在北美地區看到了什麼？或許，你宣布的價格上漲計畫中有一半已經實施，並且已經惠及了你的主要零售合作夥伴？

Yeah. I mean the pricing on Tea and Baby flowed through in North America in the quarter. And on Tea, we're pretty much flowed through with all retailers and the price points that are on the shelf are in line with what we expected. Baby has been a little bit slower to roll through only because we have multiple categories. But again, pricing that we've seen so far flow through on Baby is in line with the category. You're right, it's early days on elasticity, but we are able to get an early read. On Tea, we're seeing that it's generally in line with the 1% elasticity expectation that we set.

是的。我的意思是，Tea and Baby 的定價在本季已在北美地區生效。至於茶葉方面，我們已經與所有零售商進行了溝通，貨架上的價格也符合我們的預期。寶寶的更新速度稍微慢了一些，只是因為我們有很多類別需要更新。但話說回來，我們目前看到的嬰兒用品定價與該類別的價格是一致的。你說得對，彈性理論還處於早期階段，但我們已經能夠初步了解其意義。就茶葉而言，我們看到它總體上符合我們設定的 1% 彈性預期。

I mean, obviously, you know that elasticity is a dynamic thing because it depends a lot on sort of the overall competitive dynamic, the marketing and innovation that you do, et cetera. So we'll continue to monitor, but so far in line with what we expected. On baby, it's a little harder to read right now, again, because it hasn't flowed through quite as quickly. But what we are seeing, again, early data is it looks like it is in line. We are seeing more competitive dynamics in the Baby category. So again, we're going to be monitoring both closely. And as you know, you need to sort of be dynamic in the marketplace, and we'll be dynamic as we need to in order to protect what we have in terms of our expectations on the growth of those businesses.

我的意思是，很顯然，你知道彈性是一個動態的東西，因為它很大程度上取決於整體競爭動態、你所做的行銷和創新等等。所以我們會繼續觀察，但目前為止一切都符合我們的預期。現在讀起來有點困難，因為文字沒有像以前那樣流暢地流淌出來。但我們目前看到的早期數據顯示，情況似乎符合預期。我們看到嬰兒用品市場的競爭格局正在變得更加激烈。所以，我們會密切注意這兩方面的情況。如您所知，在市場中需要保持一定的靈活性，我們將根據需要保持靈活性，以保護我們目前所擁有的、符合我們對這些業務成長預期的成果。

Kaumil Gajrawala, Jefferies.

Kaumil Gajrawala，傑富瑞集團。

Everybody, good morning. If we could just talk a little bit about the consumer seems to be getting increasingly challenged during the period to period. And because so many of -- because the bulk of your portfolio is in health and wellness that often can also have a price premium to maybe the nonhealth and wellness items. So how do you think through that calculus in today's consumer environment, especially in the context of what you just talked about related to taking additional pricing.

各位，早安。如果我們能稍微談談消費者似乎在各個時期面臨的越來越大的挑戰。而且因為你的大部分投資組合都集中在健康和保健領域，這些產品的價格通常也會比非健康和保健產品高出不少。那麼，在當今的消費環境下，尤其是在你剛才談到的關於額外定價的背景下，你是如何考慮這種權衡的呢？

So I would say, overall, you're right, the consumer dynamic is one where have more value-seeking behavior as consumer pocket books are a little tighter than usual. I think what we're seeing in the market is broadly what we've always seen when we hit these kind of speed bumps where we see a movement in terms of shopping patterns. So fewer -- more trips, less dollars per trip, we see a shift to some of the more value channels, whether that is club, mass, dollar, we see a shift in terms of the packages that they're buying, again, looking at kind of lower overall price point, but the thing that I would say about our portfolio is that it brings value to the consumer in terms of those better-for-you credentials.

所以總的來說，我認為你是對的，消費者的消費動態是，由於消費者的錢包比平常更緊，他們會更重視性價比。我認為我們在市場上看到的情況，與我們一直以來遇到這類障礙時所看到的情況大致相同，即購物模式發生轉變。因此，出行次數減少，每次出行花費減少，我們看到消費者轉向一些更注重性價比的管道，無論是俱樂部、大眾市場還是美元商店，我們看到他們購買的套餐也發生了變化，整體價格點有所降低。但我想說的是，我們的產品組合能為消費者帶來價值，因為它具有更健康的功效。

So the other thing that we're seeing in terms of the behavior is that when a consumer is putting $1 down, they want to make sure that they're getting something that has value to them and because our better-for-you brands have value to them because they taste great, they've got better nutritional profile. They're willing to stay in those brands. And so that's probably why we see sort of relatively low private label development across our categories. And then as you look at the private label where there is private label, there is some growth in private label, but it's not -- you're not seeing substantial shifts in private label.

所以，我們在消費者行為方面觀察到的另一個現像是，當消費者花 1 美元購買商品時，他們希望確保自己買到的是有價值的東西，而我們更健康的品牌對他們來說就是有價值的，因為它們味道好，營養成分也更好。他們願意繼續使用這些品牌。所以這也許就是為什麼我們看到各個品類的自有品牌發展相對較低的原因。然後，當你觀察自有品牌時，你會發現自有品牌確實有一些成長，但並沒有——你並沒有看到自有品牌發生實質的變化。

It's small increases or in some categories, actually, you're seeing decreases. So again, I think the most important thing that we can do is continue to deliver value to the consumer value that consumers are willing to pay for and then ensure that our price pack architecture has price points across various sizing that allows for everyone to participate no matter what the disposable income level is.

只是小幅增長，或者在某些類別中，實際上出現了下降。所以，我認為我們能做的最重要的事情就是繼續為消費者提供他們願意付費的價值，然後確保我們的價格體系涵蓋各種尺寸的價格點，讓每個人都能參與其中，無論他們的可支配收入水平如何。

(Operator Instructions)

（操作說明）

We have no further questions in our queue at this time. I will now turn the conference back over to Alison Lewis for closing comments.

目前我們隊列中沒有其他問題了。現在我將把會議交還給艾莉森·劉易斯，請她作總結發言。

So thank you for joining us today. I'll just reiterate a few things we said in our overall messages. But overall, as an organization and company, we're moving with speed and determination to strengthen our financial flexibility and lay the groundwork for improved performance as we move from the first half to the second half, we remain focused on our five actions to win, and we're executing with focus and discipline to put Hain firmly on the path to sustainable growth. So thank you, everyone, for joining today.

感謝各位今天蒞臨指導。我只想重申我們在整體訊息中提到的一些內容。但總的來說，作為一個組織和公司，我們正在以迅猛而堅定的步伐，加強財務靈活性，為從上半年過渡到下半年時業績的提升奠定基礎。我們將繼續專注於五項制勝行動，並以專注和自律的態度執行，使海恩公司穩步走上可持續成長的道路。謝謝大家今天的參與。

And ladies and gentlemen, this does conclude today's conference call. Thank you for your participation, and you may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接了。