荷美爾 (HRL) 2025 Q2 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Hormel Foods Corporation second-quarter earnings conference call. (Operator Instructions) This call is being recorded on Thursday, May 29, 2025.

女士們、先生們，早安，歡迎參加荷美爾食品公司第二季財報電話會議。（操作員指示）本次通話於 2025 年 5 月 29 日星期四錄製。

And I would now like to turn the conference over to Ms. Jess Blomberg, Investor Relations. Please go ahead.

現在我想將會議交給投資者關係部的 Jess Blomberg 女士。請繼續。

Good morning. Welcome to the Hormel Foods conference call for the second quarter of fiscal 2025. We released results this morning before the market opened. If you did not receive a copy of the release, you can find it on our website, hormelfoods.com, under the Investors section, along with our supplemental slide materials.

早安.歡迎參加荷美爾食品 2025 財年第二季電話會議。我們今天早上在市場開盤前公佈了結果。如果您沒有收到該新聞稿的副本，您可以在我們的網站 hormelfoods.com 的「投資者」部分找到它，以及我們的補充幻燈片資料。

On our call today is Jim Snee, President and Chief Executive Officer; Jacinth Smiley, Executive Vice President and Chief Financial Officer; and John Ghingo, Executive Vice President of the Retail segment.

今天參加我們電話會議的有總裁兼執行長 Jim Snee、執行副總裁兼財務長 Jacinth Smiley 和零售部門執行副總裁 John Ghingo。

Jim and Jacinth will review the company's fiscal 2025 second quarter results and provide a perspective on the remainder of the year. Then John will join Jim and Jacinth for the Q&A portion of the call. The line will be open for questions following the prepared remarks. (Operator Instructions) At the conclusion of this morning's call, a webcast replay will be posted to our investor website and archived for one year.

Jim 和 Jacinth 將回顧該公司 2025 財年第二季的業績並對今年剩餘時間做出展望。然後，約翰將與吉姆和賈辛斯一起參加電話會議的問答環節。準備好的發言結束後，我們將開放式熱線回答您的提問。（操作員指示）今天早上的電話會議結束後，網路直播重播將發佈到我們的投資者網站上，並存檔一年。

Before we get started this morning, I'd like to reference our safe harbor statements. Some of the comments we make today will be forward-looking, and actual results may differ materially from those expressed in or implied by the statements we will be making. Please refer to our most recent annual report on Form 10-K and quarterly reports on Form 10-Q, which can be accessed at hormelfoods.com under the Investors section.

在我們今天早上開始之前，我想參考我們的安全港聲明。我們今天發表的一些評論將是前瞻性的，實際結果可能與我們將要發表的聲明中表達或暗示的結果有重大差異。請參閱我們最新的 10-K 表年度報告和 10-Q 表季度報告，可在 hormelfoods.com 的「投資者」部分查閱。

Additionally, please note, we will be discussing certain non-GAAP financial measures this morning. Management believes that doing so provides investors with a better understanding of the company's underlying operating performance.

此外，請注意，我們今天早上將討論某些非 GAAP 財務指標。管理階層認為，這樣做可以讓投資人更了解公司的基本經營績效。

The presentation of this information is not intended to be considered in isolation or as a substitute for the financial information presented in accordance with GAAP. Further information about our non-GAAP financial measures, including our comparability items and reconciliations are detailed in our press release, which can be accessed from our corporate or investor website.

這些資訊的呈現並非旨在單獨考慮或取代根據 GAAP 呈現的財務資訊。有關我們的非公認會計準則財務指標的更多信息，包括我們的可比項目和對賬，請參閱我們的新聞稿，您可以從我們的公司或投資者網站訪問。

I will now turn the call over to Jim Snee.

現在我將電話轉給 Jim Snee。

Thank you, Jess, and good morning, everyone. We achieved solid organic top line growth and delivered second quarter results in line with our expectations. We are committed to delivering profitable and predictable growth. And despite a dynamic operating environment, we stayed focused on our long-term strategy, executed with discipline and delivered results consistent with our expectations.

謝謝你，傑西，大家早安。我們實現了穩健的有機營收成長，第二季業績符合我們的預期。我們致力於實現盈利且可預測的成長。儘管經營環境充滿活力，我們仍然專注於我們的長期策略，嚴格執行並取得了符合我們預期的成果。

In Retail, we continue to hold leadership positions in the marketplace across our diverse portfolio. Our success with both consumers and customers is rooted in providing a stable, reliable brand and products they can trust, while continuously evolving to meet the expectations of today's market. We continue to find ways to drive value for our consumers beyond price through quality, product differentiation, innovation and convenience.

在零售領域，我們繼續憑藉多元化的產品組合在市場上保持領先地位。我們與消費者和客戶之間的成功源於提供穩定、可靠的品牌和值得信賴的產品，同時不斷發展以滿足當今市場的期望。我們不斷尋找方法，透過品質、產品差異化、創新和便利性為消費者創造超越價格的價值。

This quarter, I want to highlight three areas of the Retail portfolio that really brought this to life. The Applegate brand is well aligned with today's consumer demand for convenient protein solutions. The brand experienced incredible sales growth, outpacing the total edible category while also growing households. The launch of the convenience breakfast platform has been well received in the marketplace.

本季度，我想強調零售產品組合中真正實現這一目標的三個領域。Applegate 品牌非常符合當今消費者對便利蛋白質解決方案的需求。該品牌的銷售成長令人難以置信，超過了整個食用類別的銷售成長，同時家庭數量也在不斷增長。便利早餐平台的推出，得到了市場的一致好評。

Building on that momentum, the brand recently introduced a new line of lightly breaded chicken products, further expanding its reach and relevance. This ongoing pipeline of innovation, combined with a compelling value proposition, reinforces our confidence in the sustained strength and growth potential of the Applegate brand.

在此勢頭的基礎上，該品牌最近推出了一系列新的裹有麵包屑的雞肉產品，進一步擴大了其影響力和相關性。持續的創新與引人注目的價值主張相結合，增強了我們對 Applegate 品牌持續實力和成長潛力的信心。

At the same time, Jennie-O lean ground turkey continues to be a high-performing and strategically important offering within our portfolio, positioned to meet today's consumer preferences. As demand for lean high-protein food grows, Jennie-O is a go-to choice for consumers, demonstrated by consistent consumption gains and strong category leadership.

同時，Jennie-O 瘦火雞肉仍然是我們產品組合中性能優異且具有戰略重要性的產品，旨在滿足當今消費者的偏好。隨著對瘦肉高蛋白食品的需求不斷增長，Jennie-O 已成為消費者的首選，其消費量持續增長且在品類中處於領先地位。

Through the strategic transformation of the Jennie-O business over the last few years, we are further aligned as a demand-driven portfolio. We continue to have the right strategy and structure for steady long-term growth.

透過過去幾年 Jennie-O 業務的策略轉型，我們進一步形成了以需求為導向的投資組合。我們繼續擁有正確的策略和結構，以實現長期的穩定成長。

Finally, our Mexican foods portfolio delivered on the growing demand of high-quality and flavorful meal solutions at home. In the second quarter, we saw continued success with our legacy Herdez Salsa business, while our refrigerated guacamole portfolio experienced double-digit consumption growth, driven by Herdez and Wholly brands.

最後，我們的墨西哥食品組合滿足了家庭對高品質、美味膳食解決方案日益增長的需求。在第二季度，我們的傳統 Herdez Salsa 業務繼續取得成功，而我們的冷藏酪梨醬產品組合在 Herdez 和 Wholly 品牌的推動下實現了兩位數的消費成長。

To provide another authentic convenient meal solution, the team expanded our refrigerated entrees line to now include al pastor. Led by our flagship and rising brands, our broader retail portfolio is well positioned to deliver the quality, differentiation, innovation, and convenience that consumers demand in today's market.

為了提供另一個正宗的便利飲食解決方案，團隊擴展了我們的冷藏主菜系列，現在包括牧師。在我們的旗艦品牌和新興品牌的引領下，我們更廣泛的零售組合能夠提供當今市場消費者所需的品質、差異化、創新和便利性。

Turning now to Foodservice. Our Foodservice business remained resilient in the quarter despite industry softness. Many of our branded products, such as Jennie-O, Hormel Fire Braised Meats and Cafe H globally inspired proteins delivered strong volume and net sales growth in the quarter. Our direct selling organization solution-based approach and a diverse channel presence has once again outperformed the broader foodservice industry.

現在轉向餐飲服務。儘管業界疲軟，但我們的餐飲服務業務在本季仍保持強勁。我們的許多品牌產品，如 Jennie-O、Hormel Fire Braised Meats 和 Cafe H 全球風味蛋白質，在本季度都實現了強勁的銷售和淨銷售額成長。我們的直銷組織基於解決方案的方法和多樣化的通路存在再次超越了更廣泛的食品服務產業。

In addition to our already diversified portfolio that provides high quality and convenient solutions, the team is motivated to deliver on flavor trends and help our operators serve their customers faster. As an example, at the International Pizza Expo in March, the team showcased our latest pizza topping creation, recognizing that hot honey has become the fastest-growing pizza ingredient.

除了我們已經提供的提供高品質和便利解決方案的多樣化產品組合之外，團隊還致力於滿足口味趨勢並幫助我們的營運商更快地為客戶服務。例如，在三月的國際披薩博覽會上，團隊展示了我們最新的披薩配料，並認識到熱蜂蜜已成為增長最快的披薩配料。

Our team saw the perfect opportunity to capture that craveable sweet heat in the form of our premium quality sausage, ultimately creating Fontanini hot honey sliced sausage. Additionally, our Flash 180 sous vide chicken is designed to streamline back-of-the-house operations. It delivers a consistent, high-quality product while significantly reducing prep time and labor, allowing more operators to serve the most in-demand menu item, the chicken sandwich. It's this kind of multifaceted food forward thinking that keeps Hormel Foodservice a leader in the marketplace.

我們的團隊看到了絕佳的機會，以優質香腸的形式捕捉令人渴望的甜味熱量，最終創造出 Fontanini 熱蜂蜜切片香腸。此外，我們的 Flash 180 真空低溫烹調雞肉旨在簡化後台操作。它可以提供一致的高品質產品，同時大幅減少準備時間和勞動力，讓更多的操作員能夠提供最受歡迎的菜單項目——雞肉三明治。正是這種多方面的食品前瞻性思維使荷美爾食品服務公司在市場上保持領先地位。

Rounding out our segments, our International business delivered strong top line growth in the quarter, driven by an impressive double-digit volume and net sales growth in exports and robust growth in China. Our in-country China business continued to perform well, led by customer and distribution expansions, and continues to lead the company in innovative product offerings.

在我們的各個部門中，我們的國際業務在本季度實現了強勁的收入成長，這得益於令人印象深刻的兩位數出口量和淨銷售額成長以及中國市場的強勁成長。在客戶和分銷擴張的帶動下，我們的中國國內業務繼續表現良好，並繼續引領公司創新產品供應。

The recent launch of Hormel barbecue bites is just one example of the team's deep understanding of consumer trends and their ability to create meaningful innovations that address in-country market demands. These six examples demonstrate the continuous transformation of our portfolio with innovative, high-quality products that meet the evolving needs of our consumers.

最近推出的荷美爾燒烤小吃只是團隊深刻理解消費者趨勢以及創造有意義的創新以滿足國內市場需求的能力的一個例子。這六個例子表明，我們的產品組合不斷轉型，創新、高品質的產品能夠滿足消費者不斷變化的需求。

This year is a story of momentum. And as we've discussed, we expect half one and half two results will look very different. What will not be different, however, is our strategy, as we have intentionally structured our business to balance changes in the marketplace. Our confidence in our brands and our team, our responsibility to our consumers, customers and operators and our commitment to long-term results for our shareholders remain.

今年是充滿動力的一年。正如我們所討論的，我們預計第一階段和第二階段的結果將會非常不同。然而，我們的策略不會改變，因為我們有意建立我們的業務來平衡市場的變化。我們對我們的品牌和團隊的信心、我們對消費者、客戶和營運商的責任以及我們對股東長期表現的承諾始終如一。

We anticipate strong second half growth, led by our range of consumer-focused protein-centric products. Notably, we expect meaningful contributions from our turkey portfolio, continued momentum in the Planters brand, growth from our leading positions in the marketplace and ongoing benefits from our Transform and Modernize initiatives.

我們預計下半年將強勁成長，這主要得益於我們一系列以消費者為中心的蛋白質產品。值得注意的是，我們預計我們的火雞產品組合將做出有意義的貢獻，Planters 品牌將保持持續成長勢頭，我們在市場上的領先地位將不斷增長，我們的轉型和現代化計劃也將持續帶來好處。

Jacinth will walk through turkey and our continued progress against our Transform and Modernize initiative in more detail. But I want to take a moment to dive further into a Planters and SPAM update. Our Planters snack nuts performance exceeded our second quarter expectations, and these results have paved the way for what's to come in the second half.

Jacinth 將更詳細地介紹土耳其以及我們在轉型和現代化計劃方面取得的持續進展。但我想花點時間進一步探討 Planters 和 SPAM 更新。我們的 Planters 零食堅果的業績超出了我們第二季度的預期，這些結果為下半年的業績鋪平了道路。

We expect to see sequential quarter-over-quarter sales improvement and year-over-year growth. This is a legacy powerhouse brand with a loyal consumer base and a portfolio of product offerings that ranges from classic comforts to bold flavors and textures. By investing in the brand and putting our proven strategy into action, we expect the Planters brand to be a driving force in the second half.

我們預計銷售額將逐季改善，並實現年成長。這是一個歷史悠久的強大品牌，擁有忠實的消費者群體和一系列產品，涵蓋從經典舒適到大膽口味和質地的產品。透過對品牌進行投資並將我們行之有效的策略付諸行動，我們預計 Planters 品牌將成為下半年的驅動力。

Turning now to the SPAM brand. After an impressive first half, we expect an equally impressive second half. We continue to evolve this iconic brand while staying true to its core identity as a versatile, convenient protein solution. Its global momentum has been building, fueled by the strategic efforts to expand beyond the center store and deeper engagement with cultural trends.

現在轉向 SPAM 品牌。在上半場令人印象深刻之後，我們期待下半場同樣令人印象深刻。我們將繼續發展這一標誌性品牌，同時忠於其作為多功能、便捷的蛋白質解決方案的核心身份。得益於向中心店以外擴張的策略性努力以及對文化趨勢的更深入參與，其全球發展勢頭正在不斷增強。

The rising popularity of SPAM musubi and a recent high-profile collaboration featured in a live action film set in Hawaii has led to significant merchandising activity and reinforced the brand's authentic cultural connection. We believe the SPAM brand is a timeless classic. Now we are confident in our growth trajectory for the back half of the year, supported by strong execution and strategic momentum.

SPAM musubi 的日益普及以及最近在夏威夷真人電影中出現的高調合作帶來了大量的商品銷售活動，並加強了該品牌的真實文化聯繫。我們相信 SPAM 品牌是永恆的經典。現在，在強大的執行力和策略動能的支持下，我們對下半年的成長軌跡充滿信心。

In the face of an evolving backdrop, we are responsibly narrowing our fiscal 2025 outlook, which remains largely unchanged. For the full year, we now expect increased net sales growth of 2% to 3%, which is being supported by our value-added turkey portfolio, the Planters brand, our leading positions in the marketplace, continued growth in Foodservice and higher commodity markets overall.

面對不斷變化的背景，我們正在負責任地縮小 2025 財年展望，但基本上保持不變。就全年而言，我們目前預計淨銷售額將成長 2% 至 3%，這得益於我們的增值火雞產品組合、Planters 品牌、我們在市場上的領先地位、餐飲服務的持續成長以及整體商品市場的上漲。

We now expect adjusted diluted earnings per share in the range of $1.58 to $1.68, which takes into account our current views on the consumer, tariffs and lower investment income. This range implies impressive growth in the second half of the year, aided by investments across our brands and further benefits from our Transform and Modernize initiative.

我們現在預計調整後的每股攤薄收益將在 1.58 美元至 1.68 美元之間，這考慮到了我們目前對消費者、關稅和較低投資收益的看法。這個範圍意味著下半年將實現令人矚目的成長，這得益於我們各個品牌的投資以及轉型和現代化計劃的進一步收益。

While the macro environment is ever changing, our strategy is consistent and clear. Our top line momentum is building. Our diversified portfolio allows us to navigate changing preferences and trends, and we are on track to deliver the benefits of our Transform and Modernize initiative, positioning us to regain our long-term growth trajectory. Our team continues to be, in my opinion, the best in the industry. And each and every one of us is committed to the long-term success of our company.

儘管宏觀環境不斷變化，但我們的策略始終如一、清晰。我們的營收動能正在增強。我們多元化的投資組合使我們能夠應對不斷變化的偏好和趨勢，並且我們有望實現轉型和現代化計劃的效益，從而讓我們重新獲得長期成長軌跡。在我看來，我們的團隊仍然是業內最好的。我們每個人都致力於公司的長期成功。

Now before I transition the call to Jacinth, I'd like to address some of the leadership changes we announced this past quarter. Our incredibly competent management team and deep bench of talented leaders is a unique advantage for our company, and I am pleased to celebrate the advancements we have recently announced. First, Dr. Kevin Myers was appointed to lead our supply chain efforts. A nearly 25-year employee of Hormel Foods, Kevin has led critical areas, including product development, quality control, food safety and packaging design.

現在，在我將電話轉給 Jacinth 之前，我想談談我們上個季度宣布的一些領導層變動。我們極其有能力的管理團隊和許多才華橫溢的領導者是我們公司的獨特優勢，我很高興慶祝我們最近宣布的進步。首先，凱文·邁爾斯博士被任命來領導我們的供應鏈工作。凱文在荷美爾食品公司工作了近 25 年，領導過產品開發、品質控制、食品安全和包裝設計等關鍵領域。

Prior to joining the company, he spent a decade in the food industry, holding leadership roles in food technology and R&D. Kevin is widely respected for his expertise and insight. He is a trusted adviser and one of the most capable leaders in the organization. Candidly, he's one of the smartest people I know. With Kevin at the helm, we remain focused on transforming our supply chain, delivering for our customers and driving operational excellence.

在加入該公司之前，他在食品業工作了十年，擔任食品技術和研發方面的領導職務。凱文因其專業知識和洞察力而廣受尊重。他是該組織值得信賴的顧問和最有能力的領導者之一。坦白說，他是我認識的最聰明的人之一。在 Kevin 的領導下，我們將繼續專注於改造我們的供應鏈、為客戶提供服務並推動卓越營運。

Next, we announced that Scott Aakre, Group Vice President and Chief Marketing Officer for Retail, will retire at the end of the fiscal year after an astounding 35-year career with Hormel Foods. We are pleased to share that Scott has been appointed to the Hormel Foods Board of Directors, ensuring we will continue to benefit from his strategic insight and deep brand expertise.

接下來，我們宣布，集團副總裁兼零售首席行銷長 Scott Aakre 將在本財年末退休，此前他在荷美爾食品公司工作了 35 年。我們很高興地宣布，斯科特已被任命為荷美爾食品董事會成員，這將確保我們將繼續受益於他的策略洞察力和深厚的品牌專業知識。

Throughout his career, Scott has held several pivotal leadership roles, from guiding our grocery products marketing to leading corporate innovation and launching our brand fuel growth engine. On a personal note, I am grateful to have built my career alongside him. Scott's creativity, bold thinking and thoughtful leadership have left a lasting mark, and his impact will continue to shape our future.

在他的職業生涯中，史考特擔任過多個關鍵的領導職務，從指導我們的雜貨產品行銷到領導企業創新以及啟動我們的品牌燃料成長引擎。就我個人而言，我很感激能夠與他一起開創我的事業。史考特的創造力、大膽的思維和深思熟慮的領導力給我們留下了深刻的印象，他的影響將繼續塑造我們的未來。

Finally, with Scott's impending retirement, we announced that Jeff Baker, a 35-year Hormel veteran, will lead the retail marketing efforts with the start of fiscal 2026. He will oversee the continued evolution of our branded portfolio, driving growth in snacking and entertaining and our food-forward platforms. Jeff's proven track record of growth, sharp strategic insight and a deep understanding of our brands and consumers has been built through his leadership roles across the company.

最後，隨著史考特即將退休，我們宣布擁有 35 年經驗的荷美爾資深員工傑夫貝克將從 2026 財年開始領導零售行銷工作。他將監督我們品牌組合的持續發展，推動零食、娛樂和食品前沿平台的成長。傑夫在公司擔任領導職務期間，累積了豐富的成長經驗、敏銳的策略洞察力以及對我們品牌和消費者的深刻理解。

Beyond his results, Jeff is known for his commitment to our company and his ability to foster an inclusive high-trust, high-performing culture. I'm fortunate to work alongside a team of such strategic senior leaders, and our recent leadership advancements give me great confidence in our company's future.

除了他的表現之外，傑夫還因他對公司的承諾以及培育包容、高信任、高績效文化的能力而聞名。我很幸運能與這樣一支具有策略眼光的高階領導團隊共事，我們最近的領導進步讓我對公司的未來充滿信心。

At this time, I will pass the call to Jacinth to discuss the financial details of our second quarter and provide more color on our outlook for the year.

此時，我將把電話轉給 Jacinth，討論我們第二季的財務細節，並為我們對今年的展望提供更多細節。

Thank you, Jim, and good morning, everyone. As Jim noted, we achieved solid organic top line growth and delivered second quarter results in line with our expectations. Our results once again demonstrate the effectiveness of our diverse portfolio. Net sales for the quarter were $2.9 billion, a 1% organic increase over last year.

謝謝你，吉姆，大家早安。正如吉姆所指出的，我們實現了穩健的有機營收成長，第二季的業績符合我們的預期。我們的表現再次證明了我們多元化投資組合的有效性。本季淨銷售額為 29 億美元，較去年同期有機成長 1%。

In Retail, our flagship and rising brands maintained leadership positions in the marketplace, and the Planters brand exceeded our volume and net sales expectations. Our Foodservice business again outperformed the broader foodservice industry, and our international business drove impressive top line growth in Q2, mainly due to double-digit volume and net sales growth in exports and strong growth in China.

在零售領域，我們的旗艦品牌和新興品牌在市場上保持領先地位，而Planters品牌的銷售和淨銷售額超出了我們的預期。我們的餐飲服務業務再次超越了整個餐飲服務業，我們的國際業務在第二季度實現了令人矚目的營收成長，這主要歸功於出口量和淨銷售額的兩位數增長以及中國市場的強勁增長。

Our gross profit margin was 16.7%, reflecting anticipated higher commodity input costs. These known headwinds were partially offset by savings from our T&M initiative, which was on track for the second quarter.

我們的毛利率為 16.7%，反映出預期商品投入成本將會上升。這些已知的不利因素被我們的 T&M 計劃帶來的節省部分抵消，該計劃在第二季度進展順利。

For the second quarter, SG&A expenses decreased 50 basis points, primarily driven by the lapping of prior year legal expenses and lower advertising as the brand teams continued to make strategic return on investment decisions. Interest and investment income for the second quarter decreased primarily due to lower cash balances and the performance from the rabbi trust. Altogether, we reported diluted earnings per share of $0.33 for the second quarter and adjusted diluted earnings per share of $0.35, in line with expectations.

第二季度，銷售、一般及行政費用 (SG&A) 下降了 50 個基點，主要原因是由於品牌團隊繼續做出策略性投資回報決策，導致去年法律費用重疊以及廣告費用減少。第二季的利息和投資收入下降主要是因為現金餘額減少以及拉比信託的表現不佳。總體而言，我們報告第二季每股攤薄收益為 0.33 美元，調整後每股攤薄收益為 0.35 美元，符合預期。

Cash flow from operations was $56 million for the quarter as we made an operational decision to build inventory for summer demand. Capital expenditures were $75 million, and our largest investments were related to value-added capacity and investments in data and technology. We continue to expect to invest $275 million to $300 million in capital expenditures for fiscal 2025, with a continued focus on capacity, infrastructure investments and new technology.

由於我們做出了為滿足夏季需求而建立庫存的營運決策，本季的營運現金流為 5,600 萬美元。資本支出為 7500 萬美元，我們最大的投資與增值能力以及數據和技術投資有關。我們繼續預計在 2025 財年投資 2.75 億至 3 億美元的資本支出，並繼續關注產能、基礎設施投資和新技術。

We are committed to dividend growth and remain a proud dividend aristocrat, having increased our dividend for over 59 years. Dividends paid to shareholders in Q2 marked the 387th consecutive quarterly dividend. We ended the quarter with $2.9 billion in debt and remain at the low end of our stated net debt-to-EBITDA target.

我們致力於股息成長，並繼續作為股息貴族而感到自豪，59 年來我們的股息一直在增加。第二季發放給股東的股利是連續第 387 季發放的股利。本季結束時，我們的債務為 29 億美元，仍處於我們所述的淨債務與 EBITDA 比率目標的低端。

Our Transform and Modernize initiative remains a critical component of our strategy to restore historical earnings growth. The benefits realized in the first half of the year were as planned, and we remain focused and on track. While there are many milestones the team achieved for this quarter, there are three that I wanted to take a moment to highlight.

我們的轉型和現代化計劃仍然是我們恢復歷史獲利成長策略的關鍵組成部分。上半年實現的效益符合計劃，我們將繼續集中精力，按照計劃推進。雖然本季團隊取得了許多里程碑，但我想花點時間強調其中三個。

As part of our ongoing efforts to future fit our supply chain, one of our priorities has been to increase efficiencies in our production processes. After careful consideration and planning, we made a difficult, but necessary decision to close one of our three dry sausage production facilities in California and transfer that production to other internal facilities.

作為我們持續努力適應未來供應鏈的一部分，我們的首要任務之一就是提高生產流程的效率。經過仔細的考慮和規劃，我們做出了一個艱難但必要的決定，關閉我們在加州的三個乾香腸生產設施之一，並將該生產轉移到其他內部設施。

Another visible advancement has been the successful opening of our new distribution center in the Memphis, Tennessee metro area. This strategically located facility enhances our ability to serve customers more effectively, supporting increased demand and expectations for timely delivery.

另一個明顯的進步是我們在田納西州孟菲斯大都會區成功開設了新的配送中心。這個位於戰略位置的設施增強了我們更有效地服務客戶的能力，滿足了日益增長的需求和及時交貨的期望。

Finally, I am pleased by the team's success in advancing operational excellence through the Hormel production system, standardizing our ways of working across our manufacturing facilities. This transformation reflects a cultural shift that will deliver a long-lasting impact. We remain committed to delivering profitable and predictable growth, and the second quarter was another proof point of our commitment. We achieved results that met our expectations and firmly believe in our diversified portfolio, fueled by the Transform and Modernize initiative to achieve our long-term results.

最後，我很高興看到團隊透過荷美爾生產系統成功推進卓越運營，標準化了我們整個製造工廠的工作方式。這種轉變反映了一種將產生持久影響的文化轉變。我們仍然致力於實現盈利和可預測的成長，第二季是我們承諾的另一個證明。我們取得了符合預期的業績，並堅信我們的多元化投資組合將在轉型和現代化計劃的推動下實現我們的長期業績。

Looking ahead to the second half, we expect each of our segments to deliver strong top line growth. For Retail, we expect low single-digit net sales growth. For Foodservice, we expect mid-single-digit growth in organic net sales. And for the International segment, we expect continued strong top line performance resulting in high single-digit growth.

展望下半年，我們預計每個部門都將實現強勁的收入成長。對於零售業，我們預期淨銷售額成長率將維持在個位數以下。對於餐飲服務，我們預計有機淨銷售額將實現中等個位數成長。對於國際業務，我們預計其營收表現將持續強勁，實現高個位數成長。

We expect advertising investments to significantly increase in the second half, and we are reaffirming our expectation for incremental benefits from the T&M initiative of $100 million to $150 million. Finally, we expect each segment to deliver bottom line growth in the third quarter and second half. An important component of our guide for the year is our turkey portfolio, and I would like to provide some additional insight into our assumptions.

我們預計下半年廣告投資將大幅增加，並且我們重申對 T&M 計劃帶來 1 億至 1.5 億美元增量收益的預期。最後，我們預計每個部門將在第三季和下半年實現獲利成長。我們的年度指南的一個重要組成部分是我們的火雞投資組合，我想對我們的假設提供一些額外的見解。

We continue to monitor turkey supply across the industry and our value-added pricing is in the marketplace implemented to offset the turkey pressures we discussed in the first half. We are constructive on our overall turkey portfolio and are impressed by the results we are seeing from value-added turkey across both Retail and Foodservice. Turkey remains a meaningful protein in our portfolio, as the demand for lean protein continues to grow.

我們將繼續監測整個行業的火雞供應情況，並在市場上實施增值定價，以抵消我們在上半年討論過的火雞壓力。我們對我們的整體火雞產品組合持建設性態度，並且對零售和餐飲服務領域的增值火雞所取得的成果印象深刻。由於對瘦蛋白的需求持續增長，火雞仍然是我們產品組合中重要的蛋白質來源。

For other commodity markets, we continue to expect markets to be above last year, mainly pork, beef and nut input costs. Our measured pricing actions and the benefit from our T&M initiatives will help to offset some of the input pressures contemplated in our guide.

對於其他商品市場，我們繼續預期市場價格將高於去年，主要是豬肉、牛肉和堅果的投入成本。我們的審慎定價行動以及測試與管理措施帶來的好處將有助於抵銷指南中提到的部分投入壓力。

The interest and investment income drag we experienced in the first half is not anticipated to be recouped. The impact for that line item alone was $0.03. Netting out our deferred compensation, the bottom line impact has been $0.02 to earnings per share.

我們上半年經歷的利息和投資收入拖累預計無法恢復。光是這項的影響就高達0.03美元。扣除遞延薪酬後，每股盈餘的淨影響為0.02美元。

Turning now to tariffs. The global environment remains dynamic and ever-changing. Although our business has not been materially impacted by the tariff landscape to date, based on what we know today, we have assumed a range of $0.01 to $0.02 of tariff impact in the back half of the year in our outlook. In the face of this dynamic environment, we are responsibly narrowing our full year organic net sales growth outlook to a range of 2% to 3% and narrowing our adjusted diluted net earnings per share expectations to $1.58 to $1.68.

現在談談關稅。全球環境依然動態變化。雖然到目前為止我們的業務尚未受到關稅狀況的實質影響，但根據我們目前掌握的情況，我們預計下半年關稅影響將在 0.01 美元至 0.02 美元之間。面對這種動態環境，我們負責任地將全年有機淨銷售額成長預期縮小至 2% 至 3%，並將調整後每股稀釋淨收益預期縮小至 1.58 美元至 1.68 美元。

We remain confident in our outlook for bottom line growth for each segment in the second half of the year and remain committed to delivering long-term value through strategic execution, including continued success from our Transform and Modernize initiative.

我們對下半年各部門獲利成長前景充滿信心，並將繼續致力於透過策略執行實現長期價值，包括我們的轉型和現代化計劃的持續成功。

With that, I will turn the call over to the operator for the question and answer portion of the call.

說完這些，我將把電話轉給接線生，進行問答環節。

Thank you ladies and gentlemen, we will now begin the question and answer session.

謝謝女士們、先生們，我們現在開始問答環節。

(Operator Instructions)

（操作員指示）

Peter Galbo, Bank of America.

美國銀行的彼得‧加爾博 (Peter Galbo)。

Hey, good morning, guys. Thank you for the. Question.

嘿，大家早安。謝謝你。問題。

Jim, I think -- I wanted to focus on the revised operating income outlook that you provided for the year. And just bridging kind of the back half of the year, I think to kind of hit the midpoint of the revised guidance, you have to deliver about $700 million of operating income. That would be up versus the $575 million you did in the second half of last year. So still a pretty meaningful ramp. So maybe, a, you can just -- you can help us bridge kind of how you get there.

吉姆，我想──我想關註一下你對今年的營業收入修正展望。我認為，為了達到修訂後的指引的中點，你必須實現約 7 億美元的營業收入，才能度過下半年。這將比去年​​下半年的 5.75 億美元增加。所以這仍然是一個非常有意義的坡道。所以也許，你可以──你可以幫助我們搭建橋樑，幫助你實現這個目標。

You obviously have the increased advertising costs to come in the back half. Maybe there's some benefit from dry sausage facility closure. But any additional detail that you can provide there as we think about the ramp and maybe also just where T&M savings have kind of run year-to-date in the context of the $100 million to $150 million?

顯然，後半部的廣告費用會增加。關閉乾香腸加工廠也許會帶來一些好處。但是，當我們考慮成長時，您能否提供任何其他細節，以及在 1 億至 1.5 億美元的背景下，今年迄今為止的 T&M 節省情況如何？

Yeah. Great. Thanks, Peter. Appreciate the question. Let's start with that first part in terms of the back half of the year. And I think what's really important here is this idea that there's a lot to like about how well positioned we are for the back half of this year and our ability to deliver a strong second half.

是的。偉大的。謝謝，彼得。感謝你的提問。讓我們從今年下半年的第一部分開始。我認為真正重要的是，我們對今年下半年的良好定位以及我們實現下半年強勁增長的能力有很多值得稱道的地方。

Some of the things that we've been talking about over the last number of quarters, and that is that Planters recovery is on track. What's happening with our turkey portfolio, especially value-added turkey, we're seeing really positive momentum. And then when we get into the businesses, specifically, our value-added business in Retail continues to perform well. And it might be helpful when I wrap up here to have John give you just a little more color on that.

過去幾季我們一直在談論的一些事情是，Planters 的復甦正在步入正軌。我們的火雞產品組合，特別是增值火雞，呈現出了非常積極的勢頭。當我們進入業務領域時，具體來說，我們的零售增值業務繼續表現良好。當我在這裡結束演講時，讓約翰對此進行更詳細的闡述可能會有所幫助。

When we get to Foodservice, we've had strong momentum on the top line, and we do expect to have some favorable year-over-year comps in the second half. We'll have International with steady, strong growth. And then just in regards to T&M, overall, we've said it's on track, right? And so it is delivering what we expect it to deliver in fiscal year 2025. There's a lot going on in the organization.

當我們談到餐飲服務時，我們的營收勢頭強勁，我們確實預計下半年的同比業績將有所改善。我們的國際業務將實現穩定、強勁的成長。然後就 T&M 而言，總體而言，我們說一切進展順利，對嗎？因此，它正在實現我們期望它在 2025 財年實現的目標。組織內發生了很多事。

There's a lot of projects that we're working on. But again, the important thing here is when we roll up all of these drivers for our business, it's really what we expected at the beginning of the year for the back half of the year. And so there's this really great substance in our ability and our confidence to be able to deliver this strong, achievable second half number.

我們正在進行很多項目。但再次強調，這裡重要的是，當我們把所有這些驅動因素都匯總到我們的業務中時，這實際上就是我們在年初對下半年的期望。因此，我們有能力和信心實現這一強勁且可實現的下半年業績。

And John, if you want to maybe add some color on Retail?

約翰，您是否想為零售業增添一些色彩？

Yeah, thanks, Jim. Yes. I'll add a couple of comments. We do feel confident in our second half. We have a lot to be excited about for Retail, elements that will help us navigate what I would call a choppy environment and a strained consumer in the backdrop.

是的，謝謝，吉姆。是的。我將添加一些評論。我們確實對下半場充滿信心。我們對零售業有很多興奮之處，這些因素將幫助我們應對我所說的動盪的環境和緊張的消費者。

I'll comment briefly why we feel good about the relevance of our flagship and rising brands right now and also the support plans we have in place in the back half behind those brands. If you step back and just look at our protein-centric portfolio right now, it offers a lot of value to consumers. We know consumers are willing to pay for protein, especially with the added benefits of convenience, food, flavor experiences.

我將簡要評論為什麼我們對我們目前的旗艦品牌和新興品牌的相關性感到滿意，以及我們在這些品牌後半部分制定的支援計劃。如果你退一步看看我們現在以蛋白質為中心的產品組合，它為消費者提供了很大的價值。我們知道消費者願意為蛋白質付費，尤其是當其具有便利性、食品性和風味體驗等附加好處時。

And generally, the emotional and functional benefits of our brands continue to resonate. So when you take those protein offerings, put those added benefits on top, we know that it's still equating strongly to value for the consumer.

總體而言，我們品牌的情感和功能優勢繼續引起共鳴。因此，當您提供這些蛋白質產品，並加上這些額外的好處時，我們知道它仍然對消費者俱有很大的價值。

And then on top of that, we're planning double-digit advertising increases in the second half of the year, including significant investment in Planters. So we'll be returning that flagship brand to growth in the back half. But we also have new advertising, good investment levels planned across other priority brands in the portfolio, Applegate, SPAM, Hormel Pepperoni, SKIPPY. Those investments will leave us with advertising spending planned up year-over-year for the full fiscal year basis.

除此之外，我們計劃在今年下半年實現兩位數的廣告成長，其中包括對 Planters 的大量投資。因此，我們將在下半年讓該旗艦品牌恢復成長。但我們也計劃對投資組合中的其他優先品牌，如 Applegate、SPAM、Hormel Pepperoni、SKIPPY，投放新的廣告並進行良好的投資。這些投資將使我們整個財政年度的廣告支出計劃同比增長。

All in all, I would say for Retail, we feel confident. We have good momentum. Our portfolio is strong in this environment. And our plans for the back half are strong to support our brands. So we are feeling good going into the back half of the year.

總而言之，我想說，對於零售業，我們充滿信心。我們擁有良好的發展動能。在這種環境下，我們的投資組合表現強勁。我們針對後半部製定了強而有力的計劃來支持我們的品牌。因此，我們對下半年的前景感到十分樂觀。

Okay. Thanks for that. And Jim, maybe you can just help us a little bit on cadence and maybe specifically on turkey cadence in the back half. A, whether we should think about 4Q, that improvement really being probably the bigger contributor given when you ship whole bird? And in the context of turkey, just the market has changed so dramatically. The competitive landscape is changing. Just what are you kind of seeing on the ground? Thanks very much.

好的。謝謝。吉姆，也許你可以在節奏方面給我們一點幫助，特別是後半部分的火雞節奏。答：我們是否應該考慮 4Q，當您運送整隻鳥時，這種改進可能真的會成為更大的貢獻者？就土耳其而言，市場發生瞭如此巨大的變化。競爭格局正在改變。您在地面上看到了什麼？非常感謝。

Yeah, Peter, I'm going to let Jacinth start off on the cadence, and then I can come back to turkey.

是的，彼得，我要讓賈辛斯開始節奏，然後我就可以回到土耳其了。

Yeah, good morning, Peter. So as we think about the back half and double clicking into the expectations here, so we're expecting strong top line growth in Q3 with low double-digit EPS growth. And when we tick through the segments of the business or Retail from a sales guide perspective, we're expecting low single-digit, Foodservice, mid-single-digit, and then the International business, high single digits. So all in all, that's what really gets us to that Q3 outlook.

是的，早上好，彼得。因此，當我們考慮下半年並雙擊此處的預期時，我們預計第三季營收將強勁成長，每股盈餘將實現低兩位數成長。當我們從銷售指南的角度審視業務或零售的各個部分時，我們預計銷售額將達到低個位數，餐飲服務將達到中等個位數，國際業務將達到高個位數。總而言之，這才是我們真正了解第三季前景的原因。

Yeah. And when we think about turkey specifically, I mean, you're right. I mean, the competitive landscape, we've seen a tightening supply. And so of course, we're thinking about it from our perspective and thinking about the work that we did several years ago to really make this a demand-driven business. I mean, we're really well positioned on the supply chain. And we've got and are in a good supply chain because we're a good supply position overall.

是的。當我們具體考慮火雞時，我的意思是，你是對的。我的意思是，從競爭格局來看，我們已經看到供應趨緊。當然，我們會從我們的角度來思考這個問題，並思考我們幾年前所做的工作，以真正使其成為需求驅動的業務。我的意思是，我們在供應鏈上處於非常有利的位置。我們擁有並處於良好的供應鏈中，因為我們總體上處於良好的供應地位。

Again, I want to emphasize, right, we are focused on the value-added portion of this business. Right? We think about lean ground turkey in our Retail segment and the great work that that team has done, right, to drive that business. The number one brand in a growing category, strong supply behind it. That's really, really important.

再次強調，我們專注於這項業務的增值部分。正確的？我們考慮零售部門的瘦火雞肉以及該團隊為推動該業務所做的出色工作。在不斷增長的類別中位居第一的品牌，背後有強大的供應。這真的非常重要。

And I mean, we're overcoming turkey markets that not all of them are in our favor, right? And so this is something that we're navigating, but it's something that we do really well. We understand how to manage through it.

我的意思是，我們正在克服火雞市場，但並非所有市場都對我們有利，對嗎？這是我們正在探索的事情，也是我們做得非常好的事情。我們知道如何應對它。

There's a backdrop of whole birds and what's happening there. Those are slightly better than our original outlook. So we do expect most of the upside will be captured during the fresh season, which is closer to Thanksgiving. But again, overall, the turkey complex is doing really well and well positioned for the back half of the year.

背景是整隻鳥以及那裡發生的事情。這些比我們最初的展望略好一些。因此，我們確實預計大部分上漲空間將在新鮮季節（接近感恩節）期間實現。但總體而言，火雞綜合體表現非常好，為下半年做好了準備。

Thank you.

謝謝。

Michael Lavery, Piper Sandler.

麥可拉弗里、派珀桑德勒。

Thank you. Good morning. Just wanted to drill into second half margins a little more, specifically. And I know you said that the year is kind of according to plan, but obviously, first half margins were fairly weak, and there's a big step-up now expected. Maybe just how much more can you unpack some of the key drivers there and what we should be looking for?

謝謝。早安.我只是想更詳細地探討一下下半年的利潤率。我知道您說過今年的業績基本上符合計劃，但顯然上半年的利潤率相當低，現在預計利潤率將大幅上升。也許您還能解釋多少其中的關鍵驅動因素以及我們應該尋找什麼？

Good morning, Michael. So when we think about the margins going into the back half, we do expect expansion in the second half, driven primarily by turkey, Planters, our value-added business, in addition to -- Jim talked about T&M and how that continues to deliver for us through the half year and that will accelerate more even into the back half of this year.

早上好，麥可。因此，當我們考慮下半年的利潤率時，我們確實預計下半年會出現擴張，主要受火雞、種植園和我們的增值業務的推動，此外——吉姆談到了 T&M 以及它如何在半年內繼續為我們帶來收益，並且在今年下半年將進一步加速。

So we will -- we have already actually seen sequential margin improvement, the back end of Q2 here, and that will continue into the second half. Some of those drivers, as we said on the call last time, we expect benefit from turkey pricing in the second half going into fiscal '26, as Jim just talked about here with this -- some of it happening for Thanksgiving and then Planters continuing to perform well. We had better-than-expected performance in Q2, and we expect that to exceed and continue into the second half as well and see strong growth in margins there for Planters as well.

因此，我們實際上已經看到了第二季後期利潤率的連續改善，並且這種改善將持續到下半年。正如我們上次在電話會議上所說的那樣，我們預計進入 26 財年下半年的火雞定價將帶來一些好處，正如 Jim 剛才在這裡談到的那樣——其中一些好處發生在感恩節，然後 Planters 將繼續表現良好。我們在第二季的業績好於預期，我們預計這種好轉勢頭將持續到下半年，同時 Planters 的利潤率也將實現強勁成長。

And then finally, when we think about the commodity markets, I mean, those continue to be elevated for the business. And for some parts of our business, we do get that impact and translate that into pass-through pricing. And then for other parts of the business, we do pay thoughtful pricing to be able to overcome that as needed. So all in all, we expect margin expansion in the second half. And long term, for our portfolio, we are well positioned to continue to drive margin growth.

最後，當我們考慮商品市場時，我的意思是，這些市場對企業而言會繼續提升。對於我們業務的某些部分，我們確實受到了這種影響，並將其轉化為轉嫁定價。對於業務的其他部分，我們確實會支付周到的定價，以便能夠根據需要克服此問題。總的來說，我們預計下半年利潤率將會擴大。從長遠來看，對於我們的投資組合而言，我們已準備好繼續推動利潤率成長。

Okay, thanks for that. And just on Foodservice, the mid-single-digit growth expectations are certainly ahead of what would seem to be the industry backdrop, just given tough traffic and a stretched consumer. Can you just tell us how you're thinking about your ability to grow there? And what some of the maybe specific drivers are?

好的，謝謝。就餐飲服務而言，考慮到艱難的客流量和緊張的消費者需求，中等個位數的成長預期肯定高於行業背景。您能否告訴我們您如何看待自己在那裡成長的能力？有哪些可能的具體驅動因素？

Yes. I'll take that one, Michael. I mean, I think it starts with the comments we've made about our Foodservice business is that we historically outperformed what is happening in the industry. So we were not immune to what's happening in the backdrop, but what we are focused on is over-delivering and outperforming.

是的。我會接受這個，麥可。我的意思是，我認為這始於我們對餐飲服務業務的評論，即從歷史上看，我們的表現優於行業現狀。因此，我們並不能免受背景中發生的事情的影響，但我們關注的是超額完成任務並取得優異成績。

We've had strong momentum on the top line in this business. And so that obviously has been a really positive signal. As we head into the back half of the year, we do expect to be aided by the improvement in our Planters and C-store business. We've got an incredible pipeline of innovation that's coming. We had a chance to showcase a lot of that at the recent National Restaurant Show. And then, of course, I think I mentioned it earlier, that we will have a favorable year-over-year comp in the second half for Foodservice.

我們在該業務的營收上一直保持著強勁勢頭。這顯然是一個非常積極的信號。隨著我們進入下半年，我們確實希望我們的 Planters 和 C-store 業務能夠得到改善。我們即將推出一系列令人難以置信的創新產品。我們有機會在最近的全國餐廳展覽會上展示許多這樣的產品。當然，我想我之前提到過，下半年我們的餐飲服務業務將實現年比良好成長。

And so when we put all of those things together, right, supported by the fundamentals of our business, the direct selling organization, we've talked a lot about our diverse channel presence and really underlying or underpinning all of it is a solution-based portfolio, right? That's what sets us up for success and ability to deliver those results in the second half of the year.

因此，當我們把所有這些事情放在一起時，在我們的業務基本面（直銷組織）的支持下，我們已經談論了很多關於我們多樣化管道的存在，而真正支撐這一切的是基於解決方案的投資組合，對嗎？這為我們在下半年取得成功和取得成果的能力奠定了基礎。

Okay, great. Thanks so much.

好的，太好了。非常感謝。

Tom Palmer, Citi.

花旗銀行的湯姆·帕爾默。

Good morning and thanks for the question. Maybe I could just first ask on the T&M savings. Any quantification that you could give for savings in the first half of the year? And then when we're thinking about the $100 million to $150 million range, could you maybe give some examples of key initiatives, progress towards them? And kind of what might swing us to the high end or the low end of the range this year? Thank you.

早安，感謝您的提問。也許我可以先詢問一下 T&M 節省的情況。您能對上半年的節省做出量化的說明嗎？然後，當我們考慮 1 億到 1.5 億美元的範圍時，您能否舉一些關鍵舉措的例子以及實現這些舉措的進展情況？那麼，今年哪些因素可能會影響到該範圍的高端或低端呢？謝謝。

Yeah, certainly. So I'll start off. So just to reiterate, again, the guide that we have given for the year, we continue to track well against that guide. And going into the back half, we continue to be on track to meet our expectations that we have set out. There are -- definitely a lot that's going on in the business. For example, this quarter, we executed 66 projects underneath the T&M initiative. So a lot that's going on across all of the pillars when we think about the pillars we have laid out for T&M, move, buy, plan, make.

是的，當然。那我就開始了。因此，再次重申我們今年給予的指導方針，我們將繼續按照該指導方針順利進行。進入下半年，我們將繼續按計劃實現我們設定的期望。這個行業肯定發生了很多事情。例如，本季度，我們在 T&M 計劃下執行了 66 個專案。因此，當我們考慮為 T&M、移動、購買、計劃、製造所製定的支柱時，所有支柱上都發生了很多事情。

A couple of examples that we executed this quarter. Some -- a couple I had given in our prepared remarks, one is around opening of this Memphis metro area facility, which really speaks to what we're doing in terms of ensuring we have an effective network logistically of how we really deliver to our customers in an efficient way. And so that's one of those examples.

這是我們本季執行的幾個例子。我在準備好的演講中已經提到了一些，其中之一就是關於開設這個孟菲斯都市區設施，這確實說明了我們在確保擁有有效的物流網絡方面所做的工作，以及我們如何以高效的方式真正為客戶提供服務。這就是其中一個例子。

The other one is the closing of that dry sausage facility in California. And then again, that speaks to how we're thinking about our portfolio and how we make that as efficient as possible for our business to ensure that we have a portfolio that has the margin structure that we need for the business. But then even in terms of how -- where we're located as well, we are also being logistically efficient with our business.

另一個是關閉加州的乾香腸工廠。再說一次，這說明了我們如何考慮我們的投資組合，以及我們如何使我們的業務盡可能高效，以確保我們擁有一個具有業務所需的利潤結構的投資組合。但即使就我們所在的位置而言，我們的業務在物流上也是有效率的。

So there -- again, there is quite a lot going on in the business. The other one, I will mention that's really driving a lot of value for the business is our end-to-end planning. If you recall, we spent a lot of time in the past year or so talking about how we have been inefficient in how we manage our inventory. We are investing a ton in really thinking about how we plan our production, how we then get that into our plants to ensure that we have the right supply and our team is producing the right amount for our customers in the most efficient and effective way to get it to them on time. So really a very end-to-end solution as we're thinking about the business.

所以——再說一次，這個行業有很多事情要做。另外，我要提到的真正為業務帶來很大價值的是我們的端到端規劃。如果你還記得的話，我們在過去一年左右的時間裡花了很多時間討論我們的庫存管理效率低下的問題。我們投入了大量精力認真思考如何規劃生產，如何將產品運送到工廠，以確保我們擁有正確的供應，並且我們的團隊能夠以最有效的方式為客戶生產正確數量的產品，以便準時交付給他們。因此，當我們考慮業務時，這確實是一個端到端的解決方案。

And then underneath it, building the infrastructure from a data and analytics standpoint to do that in a great way. So overall, we're running the program in an agile manner. So when we think about the confidence we have in T&M, it gives us confidence in that way because of the approach that we're using. So to the extent that we go after savings opportunity and it doesn't seem to be panning out in terms of the expectations on savings, then we are able to pivot in a very quick manner and then go after other projects. So we have a very robust pipeline of projects to be able to deliver the T&M -- that objectives and goals that we have set out.

然後在其下，從數據和分析的角度建立基礎設施，以很好地實現這一目標。所以總的來說，我們以敏捷的方式運行該程式。因此，當我們考慮對 T&M 的信心時，由於我們正在使用的方法，它給了我們信心。因此，如果我們追求節約機會但似乎沒有達到節約預期，那麼我們就可以非常快速地轉變方向，然後追求其他項目。因此，我們擁有非常強大的專案管道，能夠實現 T&M——也就是我們設定的目標。

Okay, thanks for that. One thing you mentioned on the -- in the prepared remarks was just the inventory build for summer demand. Just any color on what products this is related to? And look, it has been a few years, but I think there was a time where excess inventory was a little bit of a challenge to work through for you guys. Could you maybe just note the visibility this time around in terms of visibility for the sell-through of these products you've built up the inventory for?

好的，謝謝。您在準備好的發言中提到的一件事就是為滿足夏季需求而建立的庫存。這與什麼產品有關？看看吧，已經過去幾年了，但我認為曾經有一段時間，庫存過剩對你們來說是一個小小的挑戰。您能否只注意一下這次的可見性，即您已建立庫存的這些產品的銷售可見性？

Certainly. And that actually ties back into the comment I just made here around our ability to manage our inventory in a different way as part of this investment that we're making in Transform and Modernize. And so we have intentionally and strategically built inventory for our upcoming summer demand, and some of those particular areas are around Planters.

當然。這實際上與我剛才提到的我們以不同方式管理庫存的能力有關，這是我們在轉型和現代化方面進行投資的一部分。因此，我們有意並有策略地為即將到來的夏季需求建立庫存，其中一些特定區域位於 Planters 周圍。

We also have promotions coming up with SPAM. And then the other piece I want to just include there, if we think about elevated commodity markets and our input cost, that also have an impact on our balances that are showing in inventory.

我們也將推出 SPAM 促銷活動。然後我想補充一點，如果我們考慮到大宗商品市場和投入成本的上漲，這也會對我們庫存中顯示的餘額產生影響。

Yeah. And Tom, I think it's just -- that last part is important because our pounds are down, our commodity prices are up. So when you see the dollars, it's one thing, but we are managing this inventory very effectively to align with the needs of the business.

是的。湯姆，我認為最後一點很重要，因為我們的英鎊貶值了，而商品價格卻上漲了。因此，當您看到美元時，這是一回事，但我們正在非常有效地管理這些庫存以滿足業務需求。

Okay, thank you for that.

好的，謝謝你。

Ben Theurer, Barclays.

巴克萊銀行的 Ben Theurer。

Yeah, good morning and thanks for taking my question. Maybe just to come back a little bit to Planters and the cadence. You said you were basically on track, if not even slightly exceeding what you were expecting for 2Q. So as you look into the lineup into 3Q and the back half in general, how would you describe the situation of having regained some of that shelf space and some of those points of distribution that you lost last year after the outage at the facility? And what is your expectation as to like -- kind of like the growth contribution from Planters in particular as it relates to the second half outlook? Thank you.

是的，早上好，感謝您回答我的問題。也許只是稍微回到 Planters 和節奏。您說您的業績基本上處於正軌上，甚至略微超出了您對第二季度的預期。那麼，當您研究第三季和後半段的整體陣容時，您如何描述在去年設施停電後失去的一些貨架空間和一些分銷點的恢復情況？您對 Planters 的成長貢獻有何預期，特別是對於下半年前景而言？謝謝。

Yeah. Ben, I'm going to start, and then I'm going to let John answer most of that question. But I think the important thing here is that this recovery is on track, as we've been describing, right? And when we're looking at the charts and the graphs and everything, right, all of the trends are headed in the right direction. And that's a really positive signal for us when we think about where the brand is headed. And we know, as we've said, how important this brand is to our portfolio.

是的。本，我先開始，然後我會請約翰回答大部分問題。但我認為這裡重要的是，正如我們所描述的那樣，復甦正在步入正軌，對嗎？當我們查看圖表、圖形和所有內容時，所有的趨勢都朝著正確的方向發展。當我們思考品牌的發展方向時，這對我們來說是一個非常正面的訊號。正如我們所說，我們知道這個品牌對我們的產品組合有多重要。

John, I'll let you get into maybe some of the specific actions.

約翰，我會讓你了解一些具體的行動。

Yeah, that's great. Thanks, Jim. I think, good morning, Ben, thanks for the question. We do have a lot of enthusiasm and excitement for Planters and the growth potential there. The foundational work is in good shape.

是的，太棒了。謝謝，吉姆。我想，早上好，本，謝謝你的提問。我們確實對 Planters 及其發展潛力充滿熱情和興奮。基礎工作進展順利。

Our supply is corrected. We continue to see, as Jim said, that sequential improvement in the marketplace. And in fact, as he mentioned, the second quarter did come in a bit better than expected for Planters, which was good. As we look forward, we expect to see the distribution continue to ramp, the overall consumption on the brand continue to ramp. We've seen that pretty clearly.

我們的供應已得到糾正。正如吉姆所說，我們繼續看到市場持續改善。事實上，正如他所提到的，Planters 第二季度的業績確實比預期要好一些，這是好事。展望未來，我們預期分銷量將持續成長，品牌整體消費量將持續成長。我們已經非常清楚地看到了這一點。

And we are confident in Planters in the back half of the year that it will be a driving force for growth for us. As you look at Q3 and kind of map it out and you see that sequential progress continue, we will see year-over-year consumption turn positive in the latter part of the quarter. That's where we lapped the time period in 2024 when we were impacted by those distribution losses at the shelf. And then we expect that year-over-year consumption gain to continue for the remainder of the year.

我們對 Planters 下半年的表現充滿信心，它將成為我們成長的動力。當你觀察第三季並將其繪製出來並看到連續進展時，我們將看到同比消費在本季後半段轉為正值。這就是我們在 2024 年受到貨架分銷損失影響的時間段。我們預計，今年剩餘時間內消費量將持續年增。

And we're driving our three-part plan with Planters that we've talked about before. So stepped up advertising, strong in-store promotions, our renewed and increased focus on our exciting innovation. And if you remember, that's flavored cashews, it's flavored nut duos.

我們正在與 Planters 一起推進我們之前討論過的三部分計劃。因此，我們加強了廣告宣傳力度，大力開展店內促銷活動，並重新更加關注我們令人興奮的創新。如果你還記得的話，那是調味腰果，是調味堅果二重奏。

Both of those innovation platforms have proven to be highly incremental, attracting new, younger consumers to our brand and to the category. And so as we talked about the increased advertising spend on Planters, that's going to help us accelerate attracting consumers back, driving trial and repeat on those platforms.

事實證明，這兩個創新平台都具有高度的增量性，吸引了新的年輕消費者關注我們的品牌和產品類別。正如我們談到增加 Planters 的廣告支出時所說，這將有助於我們加速吸引消費者回歸，推動消費者在這些平台上試用和重複購買。

And overall, Planters just continues to sit in a great spot in the macro snacking category, consumer demand for substantial snacks with protein, nourishing snacks, real food, portable real food, Planters is extremely well positioned in that space. So we are feeling very good about the sequential improvement we've seen to date, our expectations for the back half of the year and the longer-term ability for us to drive this growth platform.

總體而言，Planters 在宏觀零食類別中繼續佔據重要地位，消費者對富含蛋白質的零食、營養零食、真正的食物、便攜式真正的食物的需求，Planters 在該領域佔據著極其有利的地位。因此，我們對迄今為止所看到的連續改善、對今年下半年的預期以及推動這一成長平台的長期能力感到非常滿意。

Okay, perfect. Thank you very much. And then one quick one for Jacinth. You talked about the interest and investment income and that it's basically not going to be recovered. But just to understand, I mean, obviously, there was a little bit of an income as well, if you want to put it this way, in 3Q and to a lesser degree in 4Q of last year. So would you expect it to be, on a year-over-year basis, similar to last year? Or would you expect it to be similar to what we've seen, particularly in maybe 2Q?

好的，完美。非常感謝。然後快速向 Jacinth 介紹一件事。您談到了利息和投資收益，這些基本上是無法收回的。但要理解，我的意思是，顯然，如果你想這樣說的話，去年第三季也有一點收入，第四季則有少量收入。那麼，您是否預期其同比表現會與去年相似？或者您是否預計它會與我們之前看到的情況類似，特別是在第二季度？

No, thanks for the question. So we typically, given that we -- the markets are unpredictable, we don't plan. We don't plan investment income. And so we just really see where the market plays out, and that's -- the impact to our business is just the actuals that come through.

不，謝謝你的提問。因此，通常情況下，考慮到市場不可預測，我們不會制定計劃。我們不計劃投資收益。因此，我們真正看到的是市場如何發揮作用，而這對我們業務的影響只是實際情況。

Yeah, we'll take it to zero.

是的，我們會將其歸零。

(Laughter) Thanks.

（笑聲） 謝謝。

Heather Jones, Heather Jones Research.

希瑟瓊斯，希瑟瓊斯研究。

Good morning. Thanks for the question. I was just wondering on ground turkey. So I know the second half will benefit from the price increases you've taken to offset the higher input cost. I was wondering -- a couple of your competitors have shuttered facilities. So I was wondering if you all are also seeing any share gains as yet? Or are those anticipated on the come?

早安.謝謝你的提問。我只是對火雞肉碎感到好奇。所以我知道下半年將受益於你們為抵銷更高的投入成本而採取的價格上漲。我想知道——你們的幾個競爭對手已經關閉了工廠。所以我想知道你們是否也看到了份額的成長？還是這些都是預期即將發生的事？

Yes, Heather, I'll go ahead and start. What you said is exactly right, is that we have seen this tightening supply across the competitive landscape. And so while the headlines are out there about what's happening, I think the full details about how it's really unfolding is TBD. And I mean, at this point, the biggest facility that's been announced isn't shut down yet.

是的，希瑟，我先開始了。您說得非常正確，我們已經看到整個競爭格局中的供應趨緊。因此，儘管有關正在發生的事情的頭條新聞已經出現，但我認為事情真正如何發展的全部細節仍有待確定。我的意思是，目前為止，已宣布的最大設施尚未關閉。

And so again, what's important here is we know the work that we're doing to drive demand, that it's well positioned in the category with the consumer. And then as those opportunities present themselves, we can rest assured that we're going to do everything we can to capitalize on them. And John and the team obviously are working hard in this space.

所以，再次強調，這裡重要的是我們知道我們為推動需求所做的工作，以及它在消費者類別中處於良好的定位。當這些機會出現時，我們可以放心，我們將盡一切努力利用它們。約翰和他的團隊顯然正在這個領域努力工作。

Thanks for the question, Heather. I'll just comment briefly a little bit from the consumer lens on your question, too, which is, I mentioned earlier, delivering value for the consumer and ground turkey just continues to be a winning proposition in that sense. It's a highly versatile option for consumers, plugs in very well to everyday life, different meal occasions, food experiences and that versatility is valuable.

謝謝你的提問，希瑟。我也將從消費者的角度對您的問題做一點簡短的評論，正如我之前提到的，為消費者提供價值，從這個意義上來說，火雞肉仍然是一個成功的主張。對於消費者來說，它是一種用途極為廣泛的選擇，可以很好地融入日常生活、不同的用餐場合、飲食體驗，而且這種多功能性很有價值。

And then beyond that, just poultry and ground turkey right now, very aligned with dietary needs from consumers who seek out lean sources of protein. So if I kind of walk down the line and you look at the recent consumption data, Jennie-O continues to perform very well, consistent household penetration gains. Over the past 52 weeks, up over 4% in dollar consumption in the latest quarter.

除此之外，目前只有家禽和火雞肉，非常符合尋求瘦蛋白質來源的消費者的飲食需求。因此，如果我沿著這條線走下去，你會看到最近的消費數據，Jennie-O 繼續表現得非常好，家庭滲透率持續成長。過去 52 週內，最新一個季度的美元消費成長了 4% 以上。

And if you look at the demand trend, we believe those trends underneath that rising demand are longer term in nature. And we love having the number one brand in ground turkey, right? It's a great position to continue to capitalize on that consumer momentum.

如果你看一下需求趨勢，我們相信，需求上升背後的趨勢本質上是長期的。我們很高興擁有火雞肉碎第一品牌，對吧？這是一個很好的機會，可以繼續利用這種消費動能。

Okay, perfect. Thank you for that. And then on my follow-up, I just wanted to stick with Retail. So looking at just -- and I'm just looking at Q2, but looking at your volumes for Q2 versus '25 versus '21, you're down roughly 20% in volumes over that time. And I know a big chunk of that has been (inaudible) and some of it has been our contract manufacturer, I should say.

好的，完美。謝謝你。然後在我的後續行動中，我只想堅持零售業。因此，僅看一下 - 我只看第二季度，但看看第二季度與 25 年和 21 年的交易量，您會發現這段時間內的交易量下降了約 20%。我知道其中很大一部分是（聽不清楚），而且我應該說，其中一些是我們的合約製造商。

And some of it has been Jennie-O, and then obviously, the Planters impact. But I was just wondering if we think about that business now and for the forward look, do you believe we're close to a stabilization point and going to grow from here? Or how are you all thinking about that business or just pure volumes?

其中一些是來自 Jennie-O 的影響，顯然還有 Planters 的影響。但我只是想知道，如果我們現在考慮這項業務並展望未來，您是否認為我們已經接近穩定點並將從這裡開始成長？或者你們如何看待這項業務或只是單純考慮業務量？

Yeah, thank you Heather. So let me kind of click into the quarter, and I'll pull back and talk a little bit about Retail in general. So you are correct. Our Retail volumes did contract in the second quarter. It is important to note that two-third of that volume decline was related to lower commodity shipments and contract manufacturing.

是的，謝謝你，希瑟。因此，讓我稍微進入本季度，然後我會回顧一下零售業的整體情況。所以你是對的。我們的零售量在第二季確實有所萎縮。值得注意的是，銷售量下降的三分之二與商品出貨量和合約製造減少有關。

And in fact, the contract manufacturing business, while that volume was down, it was mix favorable and provided net sales growth in the quarter. The other significant drag to volume worth calling out here is promotional timing that we referenced in the release, and that was club channel volume specifically related to quarterly year-over-year timing differences in promotions.

事實上，合約製造業務雖然銷量下降，但組合良好，並在本季度實現了淨銷售額成長。值得一提的是，另一個對銷量造成重大拖累的因素是我們在新聞稿中提到的促銷時機，即俱樂部通路銷量與促銷的季度同比時間差異具體相關。

So that was the other bulk of the volume decline when you -- when you look at volume year-over-year, you can see the quality of the volume for retail was different in the sense that net sales was flat, and we increased profitability on the quarter.

因此，這是銷量下降的另一個主要原因——當您查看同比銷量時，您會發現零售銷量的品質有所不同，因為淨銷售額持平，而我們本季度的盈利能力有所提高。

So to your question of what do we expect with the outlook as we move forward into the second half of the year, we feel very good about being able to drive increased consumer demand across our flagship and rising brands. We have good consumption momentum on those businesses. We have some strong tailwinds at our back. And on top of that, we will continue to manage strategically, the commodity and less strategic elements of the business over time.

所以，對於您提出的我們對下半年前景有何預期的問題，我們對能夠推動我們旗艦品牌和新興品牌的消費者需求成長感到非常高興。這些業務的消費勢頭良好。我們背後有著強勁的順風。除此之外，我們將繼續對業務中的商品和非策略性要素進行策略性管理。

Okay. Thank you so much.

好的。太感謝了。

Rupesh Parikh, Oppenheimer.

魯佩什·帕里克，奧本海默。

Good morning and thanks for taking my questions. So I guess I just have an intermediate-term question. So going back to your targets for $250 million-plus in operating income growth by FY26, just given, I guess, the tariff and consumer backdrop, is your team still confident being able to deliver on that target?

早上好，感謝您回答我的問題。所以我想我只是有一個中期問題。那麼回到你們的目標，到 2026 財年實現 2.5 億美元以上的營業收入成長，我猜，考慮到關稅和消費者背景，您的團隊是否仍然有信心能夠實現這一目標？

Yeah. Rupesh, I mean, for us, at this point, nothing has changed, right? I mean, we're obviously very excited about the work that's happening. Jacinth did a really nice job here elaborating on just how much work is happening across the organization.

是的。魯佩什，我的意思是，對我們來說，目前為止，什麼都沒有改變，對吧？我的意思是，我們顯然對正在進行的工作感到非常興奮。Jacinth 在這裡做得非常好，詳細闡述了整個組織正在進行的工作量。

While we want to get to '26, obviously, our focus right now is on '25 and all of the work that's happening here. And so nothing has changed in our outlook or from our perspective. Really excited about the benefits that T&M is bringing to the organization, not just the financial benefits, but the long-term capabilities that we've needed. So all of that is what leaves us in a really, really favorable position for this entire initiative.

雖然我們希望達到 26 年，但顯然我們現在的重點是 25 年以及這裡正在進行的所有工作。因此，從我們的觀點或視角來看，沒有任何改變。我對 T&M 為組織帶來的好處感到非常興奮，不僅是財務上的好處，還有我們所需的長期能力。所以，所有這些都使我們在整個計劃中處於非常非常有利的地位。

Great. And then maybe my follow-up question, just on the macro, as you look at Foodservice and your Retail business, any changes in consumer behavior lately, positive or negative? So just love to hear your latest thoughts on the consumer backdrop.

偉大的。然後也許我的後續問題是，從宏觀角度來看，當您查看餐飲服務和零售業務時，最近消費者行為有什麼變化，積極的還是消極的？我很想聽聽您對消費者背景的最新想法。

Yeah, thanks for the question. I'll comment on the consumer and kind of backdrop and a little bit of what we're seeing in the marketplace. So I would describe the consumer sentiment as not great, meaning they're feeling the cumulative effects of inflation and at the same time, feeling uncertainty in the macro environment. So I would describe that as a strained consumer sentiment.

是的，謝謝你的提問。我將對消費者和背景以及我們在市場上看到的一些情況進行評論。因此，我認為消費者情緒不太好，這意味著他們感受到了通貨膨脹的累積效應，同時也感受到了宏觀環境的不確定性。所以我認為這是消費者情緒緊張。

And what's interesting is you do see some trading down from consumers to lower prices. Fortunately, with our portfolio being so broad, we do offer products at all different pricing tiers, including more value-oriented options. Some of our categories actually play very well for affordability. But if we pull back even from that and say where is the growth coming from, right? In our own portfolio, we can see some very different pockets of strong growth because consumers are still looking for solutions. They're still looking for what they would classify, as I said earlier, as value.

有趣的是，你確實看到有些消費者為了降低價格而降低消費。幸運的是，由於我們的產品組合非常廣泛，我們確實提供不同價位的產品，包括更多以價值為導向的選擇。我們的某些類別的產品實際上在價格方面表現非常出色。但如果我們從這一點回過頭來說成長來自哪裡呢？對嗎？在我們自己的投資組合中，我們可以看到一些非常不同的強勁成長點，因為消費者仍在尋找解決方案。正如我之前所說，他們仍在尋找他們認為有價值的東西。

And so within our own portfolio, we see strong growth still in the premium end with our Applegate brand. So Applegate is playing in the more premium side, natural organic segment, experiencing very strong growth with consumers gravitating to the brand for differentiated product quality, attaching themselves to the brand and the brand building we're doing as well as convenient forms of product innovation.

因此，在我們自己的產品組合中，我們看到 Applegate 品牌在高端市場仍然保持強勁成長。因此，Applegate 涉足的是更高端的天然有機領域，經歷了非常強勁的增長，消費者被該品牌的差異化產品質量所吸引，對該品牌和我們正在進行的品牌建設以及便捷的產品創新形式產生了濃厚的興趣。

We also see strong growth in our Mexican portfolio. There, we're delivering authentic Mexican food experiences with the Herdez brand, the Wholly brand, and both of those brands delivered really strong growth in the quarter.

我們的墨西哥投資組合也出現強勁成長。在那裡，我們透過 Herdez 品牌和 Wholly 品牌提供正宗的墨西哥美食體驗，這兩個品牌在本季度都實現了強勁增長。

And again, consumers there are gravitating to innovation, right? We're extending the Herdez brand into our refrigerated entrees category, flavor forward, super convenient meal platform also creating value for consumers. So paying for flavor and convenience.

再說了，那裡的消費者也傾向創新，對嗎？我們正在將 Herdez 品牌擴展到我們的冷藏主菜類別、風味更佳、超方便的用餐平台，同時也為消費者創造價值。所以，為了口味和便利而付費。

And then a very different example we touched on earlier is Jennie-O and ground turkey, right? And we continue to see strong demand there as consumers are willing to pay for lean sources of protein and the versatility that ground turkey provides.

然後我們之前提到的一個非常不同的例子是 Jennie-O 和火雞肉末，對嗎？我們繼續看到強勁的需求，因為消費者願意為瘦肉蛋白質來源和火雞肉提供的多功能性付費。

So I think the answer is the consumer is feeling strain. There is some trading down. But for the most part, consumers are looking for value. And protein, we feel really good about our protein-centric portfolio being able to meet their needs for the value they're looking for.

所以我認為答案是消費者感到了壓力。有一些交易正在減少。但大多數情況下，消費者追求的是價值。對於蛋白質，我們對以蛋白質為中心的產品組合能夠滿足他們所尋求的價值的需求感到非常高興。

Yeah. And Rupesh, I think when we think about Retail, as John described, I mean, we're holding our own market share, right? We're continuing to focus on these flagship and rising brands. And there's still some clear opportunities.

是的。魯佩什，我認為當我們考慮零售業時，正如約翰所描述的，我的意思是，我們保持著自己的市場份額，對嗎？我們將繼續關注這些旗艦品牌和新興品牌。並且仍然存在一些明顯的機會。

On the Foodservice side, we talked about what is happening in terms of the pressure on food away from home. And again, we're structured the right way. We have the right strategies to outperform what's happening in that macro environment. And so when we look at whether it's independently or together, we feel like this business -- these businesses, our portfolio have us well positioned to navigate those macro factors.

在餐飲服務方面，我們討論了外出用餐的壓力情況。再次強調，我們的結構是正確的。我們擁有正確的策略來超越宏觀環境。因此，當我們單獨或綜合考慮時，我們感覺這項業務——這些業務，我們的投資組合使我們處於有利地位來應對這些宏觀因素。

Great. Thank you for all the color. Best of luck.

偉大的。謝謝你帶來的所有色彩。祝你好運。

Pooran Sharma, Stephens.

普蘭夏爾馬，史蒂芬斯。

Great. Thanks for the call, for the question. Just wanted to ask about Foodservice here. I noted that you've talked about outperforming the general market and just your positioning there. But -- looking at margins here, they've kind of been at this level for the last four quarters or so. As you look out to the rest of the year, do you think margins for this business inflect upwards kind of with the rest of the back half performance you've noted? Or how should we think about Foodservice margins kind of in the back half of the year?

偉大的。感謝您的來電和提問。只是想問一下這裡的餐飲服務。我注意到您談到了超越整體市場以及您在那裡的定位。但是——看看這裡的利潤率，過去四個季度左右，利潤率一直保持在這個水平。展望今年剩餘時間的表現，您認為這項業務的利潤率是否會隨著您注意到的下半年其他業務的表現而上升？或者我們該如何看待下半年餐飲服務的利潤率？

Yeah. Pooran, I'll go ahead and take that. I mean, I think for us, right, is the strong momentum on the top line that we'll continue to have, right? And I think when we're able to capitalize on the opportunities with Planters, when we're able to really start selling against this great pipeline of innovation. I mean, that's what gives us the confidence in growth and broad-based growth in Foodservice.

是的。Pooran，我會繼續接受這個。我的意思是，我認為對我們來說，強勁的營收成長動能將會持續下去，對嗎？我認為，當我們能夠利用 Planters 帶來的機會時，當我們能夠真正開始利用這個偉大的創新管道進行銷售時。我的意思是，這讓我們對餐飲服務的成長和廣泛成長充滿信心。

And yes, you're right. I mean, we have talked extensively about how we outperform what is happening in the foodservice marketplace. That's something that we absolutely have to continue to do in order to be able to deliver growth. And so we do expect segment profit growth from Foodservice in the back half of the year. And it is, it's Planters, it's innovation. But then again, as I said, we do have some favorable year-over-year comps in the second half.

是的，你是對的。我的意思是，我們已經廣泛討論了我們如何在餐飲服務市場上取得優異表現。為了實現成長，我們必須繼續這樣做。因此，我們確實預計下半年餐飲服務部門的利潤將會成長。這就是種植園，這就是創新。但正如我所說，下半年我們的年比業績確實有所改善。

Okay. Appreciate that color. And just really quickly, just on International, you wanted to kind of understand how the shift in export customer mix impacted margins? I think you mentioned it was temporary. And I just wanted to see if that's resolved or any ongoing headwind from that, just in light of the strong top line growth in that segment?

好的。欣賞那種顏色。簡單來說，就國際而言，您想了解出口客戶結構的變化如何影響利潤率嗎？我認為您提到過它是暫時的。我只是想看看這個問題是否已經解決，或者是否還會繼續面臨阻力，考慮到該領域強勁的營收成長？

Yeah. It's a good question, Pooran, thanks. And it's fixed. It really is more of a timing issue in terms of shipments and location. But as we think about the back half of the year for International, right, it's steady, strong growth. Our business in China continues to perform really well, and that's obviously a key driver for their ability to deliver what we need them to deliver in the back half of the year. But really a timing issue that has been resolved.

是的。這是個好問題，Pooran，謝謝。並且已經修復。從運輸和地點方面來說，這實際上更多的是一個時間問題。但當我們回顧今年下半年國際業務時，我們會看到其穩定、強勁的成長。我們在中國的業務持續表現良好，這顯然是他們能夠在下半年滿足我們需求的關鍵驅動力。但實際上時間問題已經解決。

Great. Appreciate the color.

偉大的。欣賞色彩。

Thank you. That answer question and answer session, I would have to call back to Mr. James for any closing remarks.

謝謝。在那個問答環節中，我必須請詹姆斯先生作最後的總結發言。

Yeah. Thank you, and thank you all for joining us this morning. We achieved solid top line performance and delivered results in line with our expectations for the second quarter. This accomplishment leaves us incredibly well positioned to deliver a strong second half. And while there's work to do, we have the right structure, the right strategies and the right portfolio that allows us to be confident in our ability to get this done. Thank you for joining us today, and I hope you have a great rest of your day.

是的。謝謝大家，也謝謝大家今天早上加入我們。我們實現了穩健的營收表現，並達到了第二季預期的業績。這項成就讓我們在下半年表現出色，處於非常有利的位置。雖然還有很多工作要做，但我們擁有正確的結構、正確的策略和正確的投資組合，這使我們對完成這項工作的能力充滿信心。感謝您今天加入我們，祝您今天過得愉快。

And this concludes today's call. Thank you for participating. You may all now disconnect.

今天的電話會議到此結束。感謝您的參與。你們現在都可以斷開連結了。