荷美爾 (HRL) 2026 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)

各位女士、各位先生，早安，歡迎參加荷美爾食品公司（Hormel Foods Corporation）第二季財報電話會議。（接線員指示）

This call is being recorded on Thursday, May 28, 2026. I would now like to turn the conference over to Jeff Lomberg, Director of Investor Relations. Please go ahead.

本次電話會議於 2026 年 5 月 28 日（星期四）錄音。現在我想將會議交給投資人關係總監 Jeff Lomberg。請開始。

Good morning. Welcome to the Hormel Foods conference call for the second quarter of fiscal 2026. 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 Investor section, along with supplemental slide materials.

早安。歡迎參加荷美爾食品 2026 會計年度第二季電話會議。我們已於今天開盤前發布本季結果。若您尚未收到新聞稿，可至我們網站 hormelfoods.com 的「投資人」專區查閱，並可同時取得補充投影片資料。

On our call today is [Jeff Ettinger, Interim Chief Executive Officer; John Gingo, President; and Paul Keeneman, Interim Chief Financial Officer and Controller.] Jeff, John and Paul will review the company's fiscal 2026 second quarter results and provide a perspective on the remainder of the year. We will conclude with the Q&A portion of the call.

今天與會者包括 [Jeff Ettinger，代理執行長；John Gingo，總裁；以及 Paul Keeneman，代理財務長兼主計長。] Jeff、John 與 Paul 將回顧公司 2026 會計年度第二季業績，並就今年剩餘期間提供觀點。最後我們將進入問答環節。

The line will be open for questions following the prepared remarks. As a courtesy to the other participants, please limit yourself to one question with one follow-up. At the conclusion of this morning's call, a webcast replay will be posted to the investor section of our website and archived for one year.

在預先準備的發言結束後，將開放提問。為了其他與會者著想，請每位僅提一個問題並可追問一次。今天電話會議結束後，網路直播重播將上傳至我們網站的投資人專區，並保存一年。

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.

在今天早上開始之前，我想先提及我們的安全港聲明。我們今天的部分評論將屬於前瞻性陳述，實際結果可能與我們所表達或暗示的內容存在重大差異。

Please refer to our most recent annual report on Form 10-K and quarterly reports on Form 10-Q, which can be accessed on our website under the Investors section. 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.

請參閱我們最新的 Form 10-K 年報與 Form 10-Q 季報，可於我們網站的「投資人」專區取得。另外也請注意，我們今天早上將討論若干非 GAAP 財務衡量指標。管理層認為，這有助於投資人更了解公司基礎營運表現。

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 comparability items and reconciliations, are detailed in our press release, which can be accessed on our website.

本資訊之呈現不應被視為可單獨解讀，亦不應作為依 GAAP 編製之財務資訊的替代。關於我們非 GAAP 財務衡量指標的更多資訊（包括可比性項目與調節表），已詳載於新聞稿中，可於我們網站查閱。

I will now turn the call over to Jeff Ettinger.

現在我將把電話會議交給 Jeff Ettinger。

Thank you, Jeff, and good morning, everyone. We delivered an excellent second quarter, highlighted by continued top-line momentum and meaningful improvement in bottom line performance. Our top-line results remained a clear area of strength as we achieved our sixth consecutive quarter of organic net sales growth.

謝謝你，Jeff，各位早安。我們交出一份非常出色的第二季成績，亮點包括營收端動能持續，以及獲利端表現顯著改善。我們的營收端結果依然是明顯強項，達成連續第六季的有機淨銷售成長。

This performance reflects both the quality of our execution and the strategic positioning of our portfolio as we deliver these results despite a dynamic external environment.

這項表現反映了我們執行品質與產品組合的策略定位；即使外部環境多變，我們仍能交出這樣的成果。

All three segments drove net sales growth with notable contributions from food service and international and momentum across certain key retail brands.

三大事業部門皆帶動淨銷售成長，其中餐飲服務與國際業務貢獻尤為顯著，部分關鍵零售品牌亦展現動能。

As we have said before, our protein-centric portfolio positions us well to meet consumer and operator needs, and we continue to see that advantage translate into marketplace performance during the second quarter.

如同我們先前所說，以蛋白質為核心的產品組合使我們能更好地滿足消費者與營運商的需求；第二季我們也持續看到這項優勢轉化為市場表現。

We also delivered impressive double-digit adjusted earnings growth. In addition to our sales growth, earnings benefited from margin expansion, improved manufacturing performance and solid results from our joint ventures, which more than offset higher logistics expenses during the quarter.

我們也實現了令人印象深刻的兩位數調整後盈餘成長。除銷售成長外，盈餘亦受惠於毛利率擴張、製造表現改善，以及合資企業的穩健成果，這些因素足以抵銷本季較高的物流費用。

This resulted in segment profit growth across all three segments and second quarter results that exceeded our original expectations. Encouragingly, the drivers of our second quarter results align with the growth levers we shared with you coming into the year.

因此，三大事業部門皆實現部門獲利成長，第二季結果也超出我們原先的預期。令人鼓舞的是，第二季成果的驅動因素與我們在年初向各位分享的成長槓桿一致。

Pricing actions, mix improvements, productivity gains in our supply chain, and benefits from our restructuring actions are expected to drive growth throughout fiscal 2026 and were central to our second quarter performance. Finally, our continued focus on enhanced collaboration across the organization allowed us to respond more quickly to an evolving environment.

價格調整、產品組合改善、供應鏈生產力提升，以及重整措施帶來的效益，預期將在 2026 會計年度全年推動成長，並且是我們第二季表現的核心。最後，我們持續聚焦於強化組織內部協作，使我們能更快速回應不斷演變的環境。

Given our strong first half results and improved visibility into the balance of the year, we have even greater confidence in our ability to achieve our full year plan. We are reaffirming our organic net sales and adjusted earnings per share expectations.

鑑於上半年強勁的成果，以及對下半年更清晰的能見度，我們對達成全年計畫更具信心。我們重申對有機淨銷售與調整後每股盈餘的全年預期。

Based on how the year is progressing and the underlying momentum of the business, we believe we are trending toward the upper half of our earnings range. However, we think that maintaining our current outlook is the right approach at this stage of the year and appropriately reflects near-term dynamics.

根據今年的進展與業務的基本動能，我們認為盈餘表現正朝向我們預估區間的上半部發展。不過，在今年此階段維持目前展望是合適的作法，也能恰當反映短期動態。

While we expect the back half overall to deliver both top and bottom line growth, we now see third quarter adjusted earnings to be more in line with the prior year. This reflects expected near-term cost pressures, including certain commodity inputs and higher logistics expenses, as well as actions to rebalance some inventory levels, which Paul will cover in more detail. While this affects quarterly cadence, it does not change the strength of the underlying business and is fully reflected in our full year outlook.

雖然我們預期下半年整體將同時帶來營收與獲利成長，但我們目前認為第三季調整後盈餘將更接近去年同期水準。這反映了預期的短期成本壓力，包括部分大宗商品投入成本與較高的物流費用，以及為重新平衡部分庫存水位所採取的行動；Paul 將進一步說明。雖然這會影響季度節奏，但不會改變業務基本面的強勁，且已完整反映在我們的全年展望中。

In summary, we are very encouraged by our performance. We drove another quarter of top-line growth, expanded gross margins and executed with discipline across the organization. We are confident in our ability to deliver our full-year guidance and remain clear-eyed about near-term operating dynamics, leaving us well positioned for the year.

總結來說，我們對表現感到非常振奮。我們再度推動單季營收成長、擴大毛利率，並在全組織以紀律執行。我們有信心達成全年財測，同時也清楚掌握短期營運動態，使我們在今年具備良好定位。

We believe these results reinforce both the strength of our portfolio and our ability to drive sustainable profitable growth overtime time. With that, I will turn it over to John to provide more detail on our operational performance.

我們相信，這些結果再次印證我們產品組合的實力，以及我們推動長期可持續獲利成長的能力。接下來我把時間交給 John，請他更詳細說明我們的營運表現。

Thank you, Jeff. Before turning to the quarter, let me start with what we're seeing in our business and across our consumer base. While consumers are under pressure and sentiment is low, food has remained resilient in recent months, particularly with growth in protein, where our portfolio is well positioned.

謝謝你，Jeff。在談本季之前，我先從我們在業務與消費者族群中觀察到的情況談起。雖然消費者承受壓力、信心偏低，但近幾個月食品需求仍展現韌性，尤其是蛋白質品類持續成長，而我們的產品組合在此具備良好定位。

Consumers and operators are prioritizing products that deliver clear value, whether it's convenient kitchen shortcuts, substantial snacking solutions or affordable protein options, we are focused on helping consumers and operators make protein work better for them.

消費者與營運商正優先選擇能提供明確價值的產品；無論是便利的廚房捷徑、具飽足感的零食解決方案，或是平價的蛋白質選項，我們都專注於協助消費者與營運商更有效地運用蛋白質。

Our approach to winning in Protein is grounded in consistent execution, connecting with consumers in meaningful ways, delivering across usage occasions and meeting demand across a broad range of price points.

我們在蛋白質領域的致勝策略，建立在一致且穩健的執行、以有意義的方式與消費者連結、涵蓋多元使用情境交付價值，並在廣泛的價格帶滿足需求。

We have stayed disciplined in how we price, innovate and partner with customers and operators and this strategy helped drive the consistent top-line growth we delivered in the second quarter. In addition to this, as an enterprise. We executed well across our supply chain. The combination of protein-led growth and disciplined execution is apparent across our results for the second quarter.

我們在定價、創新以及與客戶與營運商合作的方式上始終保持紀律，而這項策略有助於推動我們在第二季實現的穩定營收成長。此外，作為整體企業，我們在供應鏈各環節也執行到位。以蛋白質帶動的成長與紀律執行的結合，清楚反映在我們第二季的整體結果中。

Let's start with foodservice. This was another outstanding quarter. With organic net sales growth of 7%, this marked our 11 consecutive quarter of organic net sales growth with broad-based strength across this portfolio.

先從餐飲服務業務開始。這又是一個表現突出的季度。有機淨銷售成長 7%，標誌著我們連續第 11 季有機淨銷售成長，且整體產品組合呈現廣泛的強勁表現。

Brands such as Hormel Natural Choice. Austin Blues, Jenny-O and Fontanini delivered strong performance. Just as important, profitability improved in the foodservice segment as market-based pricing went into effect and we realized some cost benefits across our supply chain.

Hormel Natural Choice 等品牌、Austin Blues、Jenny-O 與 Fontanini 均有強勁表現。同樣重要的是，隨著市場導向的定價生效，以及我們在供應鏈實現部分成本效益，餐飲服務事業部門的獲利能力也有所改善。

As a result, we saw gross margin expansion and a segment profit increase of 11% for the second quarter. In an environment where traffic remains pressured, we've been able to consistently deliver growth. Our solutions-based portfolio, combined with our direct sales force, remained a clear competitive advantage in the quarter.

因此，我們看到毛利率擴張，第二季部門獲利成長11%。在客流量仍然承壓的環境下，我們仍能持續交出成長表現。我們以解決方案為導向的產品組合，結合直營銷售團隊，在本季仍是明顯的競爭優勢。

Working closely with our operators allows us to move quickly and deliver solutions that meet their evolving needs. In this environment, we delivered solutions across both value and premium tiers, which helped operators manage cost pressures while still differentiating their menus.

與我們的營運商緊密合作，使我們能快速行動並提供符合其不斷演變需求的解決方案。在此環境下，我們在超值與高端兩個價位帶皆提供解決方案，協助營運商在管理成本壓力的同時，仍能讓其菜單具備差異化。

Take pepperoni and our leadership in pizza toppings as an example. Pepperoni was a driver of top-line growth in the quarter, with offerings spanning traditional to artisanal and mainstream to premium. The team continued to build on that momentum through innovation.

以義大利臘腸（pepperoni）以及我們在披薩配料領域的領導地位為例。義大利臘腸是本季營收成長的推動力，產品涵蓋從傳統到手作、從主流到高端等多元選擇。團隊持續透過創新延續這股動能。

And at this year's International Pizza Expo, our team launched new Calabrian chili pizza toppings, reflecting our ability to stay close to emerging trends that will help drive traffic. We believe this kind of innovative and anticipatory mindset will continue to propel our foodservice segment.

此外，在今年的國際披薩博覽會（International Pizza Expo）上，我們的團隊推出了新的卡拉布里亞辣椒披薩配料，展現我們貼近新興趨勢、以帶動客流的能力。我們相信，這種創新且具前瞻性的思維將持續推動我們的餐飲服務部門。

Simply put, in Q2, foodservice segment again performed at a very high level. Turning to our international segment, we delivered a very good quarter with organic net sales up 5% and segment profit growing 20% versus prior year. These results reflect momentum across key markets and brands.

簡而言之，第二季餐飲服務部門再次展現非常高水準的表現。接著談到國際部門，我們交出非常不錯的一季：有機淨銷售成長5%，部門獲利較去年成長20%。這些成果反映出我們在主要市場與品牌上的動能。

China remained a driver, supported by strong demand and the success of our localized strategy. Our branded export business, led by our SPAM brand, also performed well once again, reflecting global demand and the strength of our portfolio.

中國仍是成長動能來源，受惠於強勁需求以及我們在地化策略的成功。由SPAM品牌領軍的品牌出口業務也再次表現亮眼，反映全球需求以及我們產品組合的實力。

These results are the outcome of focused execution, disciplined investment of resources and a clear strategy to grow in the right markets with the right brands and products. And importantly, we see continued opportunities ahead.

這些成果來自於聚焦的執行、紀律性的資源投入，以及在正確市場以正確品牌與產品成長的清晰策略。更重要的是，我們看到前方仍有持續的機會。

Now to retail. Retail performed ahead of our expectations in the second quarter. We delivered 1% organic net sales growth, margin expansion and 13% segment profit growth. Performance was strong across several key areas in the business, so opportunities remain and we are taking deliberate actions to address them. We continue to see momentum in our key growth platforms, particularly within value-added poultry.

接著談零售。第二季零售表現優於我們的預期。我們達成1%的有機淨銷售成長、毛利率擴張，以及部門獲利成長13%。業務在數個關鍵領域表現強勁，因此仍存在機會，我們也正採取審慎的行動加以因應。我們持續看到關鍵成長平台的動能，尤其是在加值家禽品類。

The Jennie-O and Applegate brands continued to benefit from sustained demand for lean protein forward offerings. Jennie-O ground turkey delivered another quarter of double-digit dollar sales growth and dollar share growth based on the latest 13-week Surkana data ending April 19.

Jennie-O與Applegate品牌持續受惠於市場對高蛋白、偏瘦蛋白產品的穩健需求。根據截至4月19日的最新13週Surkana數據，Jennie-O火雞絞肉本季再度實現美元銷售額雙位數成長，並帶動美元市占提升。

Applegate products have also continued to build momentum with a strong second quarter driven by frozen breaded chicken and chicken breakfast sausage. These platforms reflect how we are aligning with evolving consumer preferences and competing effectively across attractive growth segments.

Applegate產品也持續累積動能，第二季表現強勁，主要由冷凍裹粉雞肉與雞肉早餐香腸帶動。這些平台展現我們如何與不斷演變的消費者偏好對齊，並在具吸引力的成長品類中有效競爭。

Another area of progress is the Ardes brand, where we expanded distribution and benefited from innovation. The salsa portfolio delivered encouraging dollar and volume consumption growth in the quarter and we are extending this authentic Mexican brand into new occasions through entrees, marinades and seasoning solutions.

另一個進展領域是Ardes品牌，我們擴大通路覆蓋並受惠於創新。莎莎醬產品組合在本季帶來令人鼓舞的美元與銷量消費成長；我們也正透過主菜、醃料與調味解決方案，將這個正宗墨西哥品牌延伸至更多使用情境。

Taken together, these results demonstrate how we are strengthening our relevance with consumers and expanding our presence across the store. We also executed with a measured and data-driven approach on pricing, where we work closely with our customers to implement actions strategically and in support of the overall health of our categories.

綜合而言，這些成果顯示我們正提升與消費者的相關性，並擴大在賣場各區的布局。我們也以審慎且數據驅動的方式執行定價，並與客戶緊密合作，以策略性方式推動相關措施，支持品類整體健康發展。

Our second wave of pricing actions was fully reflected on shelf during the quarter, and elasticity is tracked largely in line with expectations, reflecting this disciplined approach. That said, we have a few opportunities across our portfolio where we can do better. In some cases, this reflects near-term timing-related dynamics, including promotional lapping where we have good visibility to recovery.

我們第二波定價措施在本季已完整反映於貨架端，需求彈性追蹤結果大致符合預期，體現這種紀律性的作法。不過，我們在產品組合中仍有幾個面向可以做得更好。在某些情況下，這反映短期的時點因素，包括促銷基期效應（promotional lapping），我們對回復具有良好能見度。

In other areas, we are seeing more structural pressure, requiring targeted actions to reposition those businesses. In these areas, we are focused on improving competitiveness through price pack architecture, more targeted promotional strategies and sharper in-store and e-commerce execution. At the same time, we are refining assortment, prioritizing innovation and ensuring resources are aligned to the highest return opportunities.

在其他領域，我們看到較具結構性的壓力，需要採取有針對性的行動以重新定位這些業務。在這些領域，我們聚焦於透過價格與包裝架構（price pack architecture）、更精準的促銷策略，以及更到位的門市與電商執行來提升競爭力。同時，我們也在優化品項組合、優先推動創新，並確保資源配置於報酬最高的機會。

Overall, we are encouraged by the progress in retail and remain focused on advancing performance across the portfolio. Stepping into supply chain, we delivered solid operational results across the enterprise with meaningful improvements across our vertically integrated turkey operations. This was driven by favorable growing conditions and improved manufacturing performance. This operational excellence became a tailwind for both retail and foodservice profit growth during the quarter.

整體而言，我們對零售端的進展感到鼓舞，並將持續專注於推動整體產品組合的表現提升。接著談供應鏈，我們在全公司交出穩健的營運成果，並在垂直整合的火雞營運上取得顯著改善。這主要受惠於有利的飼養條件與製造表現提升。這項營運卓越在本季成為零售與餐飲服務獲利成長的順風。

During our Q1 call we flagged freight and logistics as an area we were watching. While those costs were a year-over-year headwind, we improved execution in the second quarter to better navigate the environment and manage costs. This reflects the benefits of a more connected and responsive supply chain.

在第一季電話會議中，我們提到運輸與物流是我們持續關注的領域。雖然這些成本相較去年同期仍是逆風，但我們在第二季改善了執行，以更好地因應環境並管理成本。這反映出更緊密連結且更具回應性的供應鏈所帶來的效益。

Beyond this, logistics costs were further impacted by the increase in fuel prices, which added incremental pressure during the quarter. When you step back, the progress we are making across the enterprise through our brands, our customer partnerships, and our internal operations reinforces that the work to sharpen our strategy and strengthen our capabilities is translating into more consistent execution. We also see opportunity to move faster and unlock additional value, especially through technology. We were excited this quarter to welcome our first ever Chief Technology Officer to Hormel Foods, Don Monk.

此外，燃油價格上升也進一步推高物流成本，為本季帶來額外壓力。從更宏觀的角度來看，我們透過品牌、客戶夥伴關係與內部營運在全公司取得的進展，強化了這樣的結論：我們為了聚焦策略、強化能力所做的工作，正轉化為更一致的執行力。我們也看到加速前進並釋放更多價值的機會，尤其是透過科技。本季我們很高興迎來Hormel Foods史上首位資訊長（Chief Technology Officer），Don Monk。

Don is an exceptional leader with more than 35 years of global experience and a track record of successfully implementing modernization of technology at large global organizations.

Don是一位傑出的領導者，擁有超過35年的全球經驗，並具備在大型全球組織成功推動科技現代化的實績。

The addition of a CTO to the leadership team represents an important step in strengthening our digital and technology capabilities and enabling greater speed. Agility and impact across the business.

在領導團隊中增設CTO，是強化我們數位與科技能力、並提升速度的重要一步。也將提升全公司業務的敏捷性與影響力。

What I've seen across the organization is a team that is motivated to win and focused on seizing the many opportunities in front of us.

我在整個組織中看到的是一支渴望勝利、並專注把握眼前眾多機會的團隊。

I've seen firsthand the power of our protein-centric portfolio and the enduring demand for our brands and products. As we look to the back half of the year, I am confident in our ability to execute, navigate the environment and deliver on our commitments. With that, I will turn the call over to Paul to discuss our financial performance for the quarter and our full year guidance.

我也親眼見證我們以蛋白質為核心的產品組合的力量，以及市場對我們品牌與產品的長期需求。展望下半年，我對我們的執行能力、因應環境的能力，以及履行承諾的能力充滿信心。接下來我將把電話會議交給Paul，請他說明本季的財務表現以及全年財測指引。

Thank you, John. As Jeff and John noted, we delivered a strong quarter with solid performance across all three segments. Organic net sales grew 3% versus the prior year, marking our sixth consecutive quarter of organic growth. Cost of goods sold had multiple drivers throughout the second quarter.

謝謝你，John。如Jeff與John所提到，我們本季表現強勁，三大部門皆有穩健表現。有機淨銷售較去年成長3%，為我們連續第六季達成有機成長。第二季銷貨成本受到多項因素影響。

Pork and beef remained elevated relative to historical levels, but overall the commodity environment unfolded as anticipated. As John mentioned, logistics remained a year-over-year headwind for us in the quarter, but not as large as we expected.

豬肉與牛肉價格相較歷史水準仍處於高位，但整體大宗商品環境的走勢符合預期。如John所提到，物流在本季相較去年同期仍是逆風，但幅度沒有我們原先預期那麼大。

Given the timing of the geopolitical conflict, the second quarter saw only a portion of the elevated fuel pressures. Despite this backdrop, we more than offset discrete cost pressures through top-line growth, market-based pricing actions, favorable mix and ongoing proactivity improvements.

由於地緣政治衝突發生的時點，第二季僅反映部分燃油成本上升的壓力。儘管在此背景下，我們仍透過營收成長、依市場調整的定價措施、有利的產品組合，以及持續的主動改善，超額抵銷了特定成本壓力。

As a result, gross profit was up 7% versus last year and gross margin expanded to 17.4%, up 70 basis points, reflecting strong execution across the business. Equity and earnings increased 12%, mainly driven by year-over-year growth from our MegaMEX joint venture. We completed an important strategic transaction in the quarter, closing on the divestiture of our whole bird turkey business. This move reinforces our focus on higher value, less volatile branded offerings. We recorded a loss on the transaction reflected in SG&A, which drove the year-over-year increase in that metric.

因此，毛利較去年成長7%，毛利率擴張至17.4%，提升70個基點，反映全公司強勁的執行力。權益法投資收益增加12%，主要由MegaMEX合資企業的年增成長所帶動。本季我們完成一項重要的策略性交易，完成出售整隻火雞業務。此舉強化我們聚焦於更高價值、波動性較低的品牌化產品。我們在該交易上認列一筆損失並反映於SG&A，帶動該項目較去年同期增加。

Adjusted SG&A was up just 2% reflecting good cost discipline. Adjusted operating margin expanded 80 basis points. Other income increased in the second quarter, primarily driven by the investment gains within the [Rabbi Trust].

調整後的銷售、一般及行政費用（SG&A）僅上升2%，反映出良好的成本紀律。調整後營業利益率擴大80個基點。第二季其他收入增加，主要由[Rabbi Trust]內的投資收益所帶動。

Excluding one-time items, underlying performance was strong. Adjusted earnings per share was $0.40, up 14% versus prior year. Turning to cash flow and capital deployment, we generated $179 million of operating cash flow.

排除一次性項目後，基本面表現強勁。調整後每股盈餘為0.40美元，較去年同期成長14%。談到現金流與資本配置，我們創造了1.79億美元的營運現金流。

Capital expenditures were $82 million. We invested in data and technology and infrastructure to support long-term growth. We returned $161 million to stockholders through dividends, fully aligned with our capital allocation framework.

資本支出為8,200萬美元。我們投資於數據、科技與基礎設施，以支持長期成長。我們透過股利向股東返還1.61億美元，完全符合我們的資本配置框架。

We remain committed to the dividend and are proud to have reached our 391 consecutive quarterly payout. We ended the quarter in a strong financial position with ample liquidity and a conservative balance sheet. Cash on hand sold $827 million, up $156 million since the end of fiscal 2025.

我們仍致力於股利政策，並自豪地達成連續391季發放股利。本季結束時，我們財務狀況強健，流動性充裕，資產負債表保守穩健。手頭現金為8.27億美元，較2025會計年度末增加1.56億美元。

This gives us flexibility to continue investing in the business while returning capital to shareholders. Looking ahead, we are confident in our position for the remainder of the fiscal year. We are reaffirming our full year net sales expectations of $12.2 billion to $12.5 billion and our full year adjusted earnings per share guidance of $1.43 to $1.51. We remain confident in this guidance range, which incorporates a balanced and realistic view of the dynamic external environment.

這讓我們在持續投資業務的同時，也能向股東返還資本，具備更大彈性。展望未來，我們對本會計年度剩餘期間的定位充滿信心。我們重申全年淨銷售額預期為122億至125億美元，以及全年調整後每股盈餘指引為1.43至1.51美元。我們仍對此指引區間有信心，該區間納入了對多變外部環境的平衡且務實的看法。

We are updating our GAAP earnings per share range solely to account for the loss on the sale of the holder turkey business. Let me walk you through a few key assumptions behind our outlook given our solid first half.

我們更新GAAP每股盈餘區間，僅為反映出售整鳥火雞業務所產生的損失。鑑於我們上半年表現穩健，我來說明幾項支撐展望的關鍵假設。

At the segment level, our organic net sales expectations remain unchanged, including flat to low single-digit growth in retail, mid-single-digit growth in food service and high single-digit growth in international. As Jeff mentioned earlier, while Q2 came in ahead of expectations, we do anticipate some cost headwinds as we move into the third quarter and the back half of the year.

就事業部層級而言，我們對有機淨銷售額的預期維持不變，包括零售持平至低個位數成長、餐飲服務中個位數成長，以及國際高個位數成長。如Jeff先前提到，雖然第二季表現優於預期，但隨著進入第三季及下半年，我們確實預期將面臨一些成本逆風。

First, we are closely monitoring pork and beef markets. We do believe our guidance range appropriately reflects potential second-half volatility. Second, fuel is expected to remain a headwind and logistics costs are projected to pressure results on a year-over-year basis.

第一，我們正密切關注豬肉與牛肉市場。我們相信，我們的指引區間已適當反映下半年可能出現的波動。第二，燃料預期仍將是逆風，且物流成本預計將在年對年基礎上對業績造成壓力。

Execution strengthened in the second quarter, but the broader logistics environment remains dynamic. We believe we have plans in place to continue to mitigate these headwinds. Third, we are taking targeted steps to rebalance certain ambient inventory levels. As we advance toward becoming an even more connected enterprise, this is a clear example of how integrated business planning is driving more forward-looking decisions.

第二季執行力有所提升，但整體物流環境仍然多變。我們相信已制定計畫以持續緩解這些逆風。第三，我們正採取有針對性的措施，重新平衡部分常溫庫存水位。隨著我們朝向成為更緊密連結的企業邁進，這清楚展現整合式營運規劃如何推動更具前瞻性的決策。

As we work through this adjustment, we do expect some near-term cost pressure, primarily in the third quarter due to lower plant utilization. However, this action supports a more efficient operating model going forward. Finally, our effective tax rate is trending toward the higher end of our range. Overall, while we continue to expect bottom line growth in the second half, our current view for the third quarter is that adjusted earnings will be more in line with the prior year.

在我們進行這項調整的過程中，確實預期短期內會有一些成本壓力，主要在第三季，原因是工廠稼動率較低。然而，這項行動將支持未來更有效率的營運模式。最後，我們的有效稅率正朝向區間上緣走高。整體而言，雖然我們仍預期下半年獲利將成長，但目前對第三季的看法是，調整後獲利將更接近去年同期水準。

Turning to our recent divestiture of the whole bird turkey business, there are no changes to our previously shared assumptions related to the transaction. We still expect about a $50 million reduction in fiscal 2026 net sales with minimal impact to the full year adjusted earnings.

談到我們近期出售整鳥火雞業務一事，與先前分享的交易相關假設並無變動。我們仍預期2026會計年度淨銷售額將減少約5,000萬美元，對全年調整後獲利影響不大。

I want to take a moment to thank the teams who led and executed this transaction. Their speed, focus and thoughtful execution were critical in completing this work during the second quarter. In summary, the strength of our second quarter gives us the confidence to reaffirm our net sales and adjusted earnings expectations for the year. We feel confident in our ability to continue delivering results.

我想花點時間感謝主導並執行這筆交易的團隊。他們的速度、專注與周全的執行，對於在第二季完成這項工作至關重要。總結來說，第二季的強勁表現讓我們有信心重申今年的淨銷售額與調整後獲利預期。我們對持續交出成果的能力充滿信心。

At this time, I'll turn the call over to the operator and we'll open it up for Q&A.

接下來，我將把電話交給接線員，我們將開始問答環節。

Thank you, ladies and gentlemen. We will now begin the question-and-answer session. (Operator Instructions)

謝謝各位女士、先生。我們現在開始問答時間。(接線員指示)

Leah Jordan, Goldman Sachs

Leah Jordan，高盛

Hi, good morning. Thank you for taking our question. So you had really strong 2Q results today, but there's also been some investor concern around input cost inflation and freight heading into the back half. So seeing if you could provide more color on the decision to reaffirm the guide today and what sounded like even greater confidence in that outlook?

嗨，早安。謝謝讓我們提問。你們今天公布的第二季業績非常強勁，但投資人也對下半年投入成本通膨與運費上升有所擔憂。想請你們多談談今天決定重申指引的原因，以及聽起來對該展望更有信心的背景？

Thank you, Leah. This is Jeff Ettinger. I'll take that question and appreciate the chance to give more color on why we are comfortable with reaffirming our guidance range on both the top and bottom line. On the top-line, clearly, we're rolling along. We have six straight quarters of top-line growth, and we fully expect to keep it up in the second half. We are benefiting from our protein-centric portfolio and our retail and foodservice balance.

謝謝你，Leah。我是Jeff Ettinger。我來回答這個問題，也很感謝有機會更詳細說明為何我們有把握在營收端與獲利端都重申指引區間。就營收端而言，很明顯我們進展順利。我們已連續六個季度實現營收成長，並完全預期下半年會持續。我們受惠於以蛋白質為核心的產品組合，以及零售與餐飲服務的均衡布局。

When it comes to the bottom line, we assess where we are at and while we recognize that we're ahead at this point in the year, we feel we're still within the range. As I said in my comments earlier, we do believe we are trending to the upper half of the range at this point. Our ability to connect with consumers and operators, coupled with solid management of our business, does indeed make us even more confident that we can deliver on our year plan and our algorithm growth.

至於獲利端，我們評估目前所處位置，雖然我們也認知到今年截至目前的表現領先，但我們認為仍在區間之內。如我先前所說，我們確實認為目前趨勢正朝向區間上半部。我們與消費者及營運客戶建立連結的能力，加上對業務的穩健管理，確實讓我們更有信心能達成年度計畫與我們的演算法式成長。

In terms of timing, we did mention some challenges in Q3, and that was covered in your question as well. We do see that quarter coming in closer to a year ago. We will be looking at a full quarter of higher fuel expenses. Our commodity market assessment right now is running above our original plan in terms of some of the cost inputs. And we will be doing some inventory rebalancing and having some of the operational changes that Paul mentioned in his comments.

就時間點而言，我們確實提到第三季會有一些挑戰，你的問題也涵蓋了這點。我們確實看到該季度的表現將更接近去年同期。我們將面臨整整一季較高的燃料費用。就部分成本投入而言，我們目前對大宗商品市場的評估高於原先計畫。此外，我們也會進行一些庫存再平衡，並推動Paul在其評論中提到的部分營運調整。

These factors really don't change our view of the underlying strength of our business, and in reaffirming the range, we recognize that this still implies bottom-line growth in the second half, which we now expect to come primarily in Q4. Overall, we're more confident than ever in our playbook, our growth levers for the year and our ability to deliver our fiscal 2026 outlook.

這些因素並不會改變我們對業務基本面強勁程度的看法；在重申區間時，我們也理解這仍意味著下半年獲利將成長，而我們現在預期成長主要將出現在第四季。整體而言，我們對既有作戰手冊、今年的成長槓桿，以及達成2026會計年度展望的能力，比以往任何時候都更有信心。

That's all very helpful. Thank you. And then just in a related follow-up, I think one of the things that really came through on your comments this morning have been around productivity improvements and the strength and execution there. And I know coming into the year, cost savings and SG&A was a big initiative. Maybe you could provide an update around what's been done, what's still left. Is this the right level we should be thinking about as a percent of sales at this point or I guess just the outlook on the SG&A savings?

這些都非常有幫助。謝謝。另外，相關的追問是，我認為你們今天早上的評論中，有一點非常清楚，就是生產力改善以及在執行面上的強度。我也知道在今年一開始，成本節省與SG&A是一項重要倡議。也許你們可以更新一下目前已完成了哪些、還剩下哪些。就目前而言，這是否是我們應該用來思考SG&A占銷售額比例的合理水準？或者說，對SG&A節省的展望如何？

Sure. Again, this is Jeff. I'll be happy to talk with that. Really, our SG&A reductions that we talked about are on track for the year or efforts, I should call them, net, as Paul mentioned. Q2 SG&A was up a modest 2%. But prior to the efforts that we undertook at the end of the year, we were trending at a much higher level than that. And we recognized that to put us in the best position to have our bottom line be more reflective of the growth we were already enjoying on the top-line, we needed to take some actions to address that. So there definitely have been some meaningful benefits from this work. We've had savings that have freed up capacity for growth objectives.

當然可以。再次說明，我是 Jeff。我很樂意就此進一步說明。確實，如 Paul 所提到的，我們先前談到的 SG&A（銷售、一般及行政費用）削減措施（我應該稱之為各項努力）在今年的推進進度符合預期，且以淨額計算。第二季 SG&A 小幅上升 2%。但在我們於年底採取那些措施之前，SG&A 的趨勢其實遠高於此。我們也意識到，為了讓我們的最終獲利能更貼近我們在營收端已經享有的成長，我們需要採取一些行動來處理這個問題。因此，這些工作確實帶來了一些相當有意義的效益。我們取得的節省也釋放了資源容量，以支持成長目標。

We've been able to invest in new capabilities and talent. And indeed, we're also covering SG&A headwinds such as wraparound incentives. So last year wasn't a very good year. This year, hopefully, we will be paying out proper incentives to our team. And I also want to add the reminder of what I talked about last quarter, that some of the actions we took really don't show up in the SG&A line. They show up in cost of goods if they related to cost that would roll through the plants.

我們也得以投資於新的能力與人才。而且，這些節省也確實有助於抵銷 SG&A 的逆風，例如整體性（wraparound）激勵。所以去年並不是很好的一年。今年，希望我們能向團隊支付適當的激勵。另外我也想提醒一下我上季提到的：我們採取的一些行動其實不會反映在 SG&A 這一行。如果是與會在工廠端流轉的成本相關，它們會反映在銷貨成本（cost of goods）中。

So bottom line, we're really pleased with the results we've seen thus far this year when it comes to the SG&A efforts and the steps we've taken on our structure and expense control seem to be working.

總結來說，就 SG&A 相關的努力而言，我們對今年迄今所看到的成果非常滿意；而我們在組織架構與費用控管上所採取的步驟，看起來確實正在發揮作用。

That's all very helpful. Thank you. I'll pass it on.

這些都非常有幫助。謝謝。我會把問題交給下一位。

Rupesh Parikh, Oppenheimer

Rupesh Parikh，Oppenheimer

Good morning, and thanks for taking my questions. So I just wanted to start with the gross margin line, better than expected performance in Q2. You did call out some headwinds to expect in Q3. So just curious how you guys would think about the outlook for gross margins in Q3 and then for the balance of the year.

早安，謝謝讓我提問。我想先從毛利率這一行開始，第二季表現優於預期。你們也提到第三季會有一些逆風。所以想請教你們如何看待第三季毛利率的展望，以及今年剩餘期間的毛利率走勢。

Good morning, Rupesh. This is John. Thank you for the question.

早安，Rupesh。我是 John。謝謝你的問題。

Yes, we did have gross margin progression across the business. Certainly, if you look across the segments, retail, foodservice and international, I'll dig into retail a little bit since that's some of the driver and the change that we've seen. Retail had a strong quarter, certainly after a softer start to the year. If you kind of play through the P&L on retail, we could start with the top-line where we do feel good about the consumer takeaway we're seeing across the branded retail business.

是的，我們的毛利率在整個業務中都有所提升。如果看各個部門：零售、餐飲服務（foodservice）與國際，我會稍微深入談一下零售，因為那是我們看到變化的一些驅動因素。零售在本季表現強勁，尤其是在年初較疲弱之後。如果沿著零售的損益表（P&L）來看，我們可以先從營收端開始：我們對品牌零售業務中所看到的消費者帶動銷售（consumer takeaway）感到樂觀。

It certainly is a choppy environment, the consumer continues to be strained, but if you look at the health of our branded portfolio and you know how important that branded portfolio is to our mix, we did see good consumption.

整體環境確實起伏不定，消費者仍持續承受壓力；但如果看我們品牌組合的健康度，以及你也知道品牌組合對我們產品組合的重要性，我們確實看到良好的消費表現。

So we saw plus over 1% consumption growth in the quarter on a dollar basis, which was driven by 3% dollar consumption growth on our priority brands. So if you kind of flow that down then into the gross margin conversation, what you'll see is. We have an improved profitability quarter in retail, no doubt. We experienced the benefits of that second wave of retail pricing. So we mentioned that in the call last quarter, that wave was announced toward the very end of fiscal 2025.

因此，本季以金額計的消費成長超過 1%，其中主要是由我們優先品牌（priority brands）以金額計 3% 的消費成長所帶動。如果把這些往下帶到毛利率的討論，你會看到：零售本季的獲利能力確實改善，毫無疑問。我們也享受到第二波零售調價的效益。我們在上季電話會議中提到過，那一波是在 2025 會計年度接近尾聲時宣布的。

So really, with about a 90-day lag time on that pricing being in effect, it was the second quarter that benefited from it in retail, on top of that, we did get the positive mix benefits, so if you look at the growth we saw on Jenny-O Brown Turkey, Applegate, Black Label Bacon, those are all mixed drivers for us in retail, and then as we mentioned in our remarks. The manufacturing benefits in the quarter buoyed the business and that buoyed both foodservice and retail.

因此，考量該定價生效約有 90 天的落後期，真正受益的是第二季的零售業務；此外，我們也獲得了正向的產品組合（mix）效益。若看我們在 Jenny-O Brown Turkey、Applegate、Black Label Bacon 的成長，這些都是推動零售組合改善的因素；再者，如我們在談話中所提到的，本季製造端的效益支撐了業務表現，且同時支撐了餐飲服務與零售。

So if you kind of step back and look at the drivers across the business, that manufacturing performance driven by Turkey notably helped both foodservice and retail margins. Pricing helped both foodservice and retail margins and mix was a positive driver for both foodservice and retail.

所以如果退一步看整體業務的驅動因素，這項由火雞（Turkey）帶動、特別顯著的製造表現，確實同時幫助了餐飲服務與零售的毛利率。定價同樣有助於餐飲服務與零售的毛利率，而產品組合也是餐飲服務與零售的正向驅動因素。

Now that being said, on retail in particular, we still have work to do as we're heading into the back half. If you kind of look at the big picture, freight costs remain elevated, commodity costs remain elevated. We will see some impact on margins as a result of that rebalancing of inventory on select ambient items that Paul mentioned.

不過話說回來，特別是在零售方面，我們在進入下半年時仍有工作要做。從大方向來看，運費成本仍然偏高，大宗商品成本也仍然偏高。此外，Paul 提到的部分常溫（ambient）品項庫存再平衡，也會對毛利率造成一些影響。

And we still have work to do in retail on some of our brands that are not meeting our expectations. So in general, we feel really good about the margin progression, certainly still some work to do, but we feel very good about our overall progress.

而且在零售端，我們仍需針對部分未達我們預期的品牌持續改善。整體而言，我們對毛利率的改善趨勢感到非常好；當然仍有一些工作要做，但我們對整體進展非常有信心。

Great. And then my follow-up quick, just on retail, so return to positive growth this quarter, just confidence to sustain the momentum for the back half of the year within retail.

很好。接著我快速追問一下零售：本季回到正成長，你們對於在今年下半年於零售端延續這股動能的信心如何？

Yeah, thanks for that question too. So what I would. We feel very good about our ability to continue to drive top-line and consumption momentum on our retail business, in particular on those priority branded businesses. We've seen a number of quarters of good consumption growth driven by our priority businesses. We feel good about the pricing we've put in place. Elasticities are performing largely in line with our expectations, so those elements feel good.

好的，也謝謝這個問題。我會這樣說：我們對於持續推動零售業務的營收端與消費動能非常有信心，特別是在那些優先的品牌業務上。我們已經看到好幾個季度由優先業務帶動的良好消費成長。我們對已實施的定價也感到放心。需求彈性（elasticities）的表現大致符合我們的預期，因此這些面向都讓我們感覺良好。

That being said. There will be some noise in the back half on retail. If you kind of look at the changes we've made, which are important strategically for us in the long run in terms of portfolio shaping, you'll recall that we announced the sale of the majority of the Justin's brand, largely a retail brand for us. We mentioned last quarter that we're stepping back from some private label snack nut business that was a big volume and sales driver for us and most of that whole bird turkey.

不過話說回來，零售在下半年會有一些雜訊。如果看我們所做的變動——從長期的產品組合塑造（portfolio shaping）角度來看，這些對我們的策略很重要——你會記得我們宣布出售 Justin's 品牌的大部分業務，而那對我們而言主要是零售品牌。我們上季也提到，我們正在縮減部分自有品牌（private label）的零食堅果業務，那曾是我們很大的銷量與銷售驅動來源，以及大部分的整隻火雞（whole bird turkey）。

Divestiture, those impacts will be seen in the retail segment as well. So as we look at next quarter, as we look at second half overall, the branded part of the retail business, we feel very good about the progression. We feel very good about our ability to drive consumption growth there, but it will be a bit of a noisy quarter in terms of overall impacts on net sales and volume.

這些資產剝離（divestiture）的影響也會反映在零售部門。因此，展望下一季以及整體下半年，就零售業務中的品牌部分而言，我們對其改善趨勢非常有信心。我們也很有把握能在那裡推動消費成長，但就淨銷售與銷量的整體影響而言，季度表現會稍微有些雜訊。

Heather Jones, Heather Jones Research

Heather Jones，Heather Jones Research

Good morning. Thanks for the question. I first wanted to ask about the turkey network manufacturing changes you made. I would assume you had higher volume this year, so I'm sure that helped. But were there other changes that y'all made in that network that helped and would expect to continue going forward?

早安。謝謝讓我提問。我首先想問你們對火雞網絡（network）的製造端所做的變更。我猜今年你們的產量更高，所以這肯定有幫助。但在那個網絡中，你們是否還做了其他變更也帶來幫助？並且你們是否預期這些效益未來會持續？

Good morning, Heather. This is Paul. Thanks for the question. Obviously, as John mentioned, there are some weather factors involved in there. As you mentioned, the volume improvements also helped putting the throughput through our plants. Overall, that's really what the benefits that we recognize in the supply chain.

早安，Heather。我是 Paul。謝謝你的問題。很明顯地，如 John 所提到，當中也有一些天氣因素。如你所說，產量改善也有助於提升我們工廠的產線通過量（throughput）。整體而言，這確實就是我們在供應鏈端所認列到的效益。

And then those favorable growing conditions also helped in terms of fee conversion and the weights of the turkeys coming through our facilities. So overall, really good manufacturing performance. This can be cyclical, weather is never easy to predict. And so that's one of the things we are watching, we've got included in our range guidance for the second half.

接著，那些有利的生長條件也在費用轉換率以及通過我們設施的火雞體重方面帶來幫助。所以整體而言，製造端表現非常好。這可能具有週期性，天氣從來都不容易預測。因此這也是我們正在關注的事項之一，我們已將其納入下半年區間指引之中。

And then a follow-up is, if I'm interpreting y'all's commentary correctly, I just want to make sure I'm interpreting correctly.

接著追問一下，如果我對各位的評論解讀正確的話，我只是想確認我解讀得沒錯。

So year-on-year within retail, you should have seen significant benefit from ground turkey pricing, just the turkey portfolio in general, but it sounds as if there was broad-based profitability growth across including your non-turkey business. So am I interpreting that correctly and you think those businesses have stabilized?

所以在零售端按年來看，你們應該從絞碎火雞的定價、以及整體火雞產品組合中看到顯著的利多，但聽起來似乎包含非火雞業務在內，也出現了廣泛的獲利能力成長。所以我這樣解讀對嗎？你們認為那些業務已經趨於穩定了嗎？

Thanks, Heather. This is Johnny. I'll take that and try to build out a little bit. So you are right. We did have a very strong quarter on ground turkey. So we saw double-digit consumption growth, share gain, as I mentioned, and we had good performance through the supply chain. That being said, we are seeing benefits across retail in terms of margin progression. And if you think about the pricing, we took the multiple waves of pricing when we saw the market spiking in the second half of last year.

謝謝你，Heather。我是Johnny。我來回答並試著再延伸說明一下。你說得沒錯。我們在絞碎火雞方面確實有非常強勁的一季。如我提到的，我們看到消費量出現兩位數成長、市占提升，而且供應鏈端表現良好。話雖如此，我們也看到零售端在毛利率推進方面的效益。如果你回想定價，我們在去年下半年看到市場飆升時，進行了多波調價。

A lot of that pricing was rooted in things that were more beef, pork, nut related, where we saw increases in commodities. So that pricing flowing through has been really important. And then we've also seen mixed benefits coming from other businesses that we've driven disproportionate growth on. That's been helpful. And our supply chain has been performing well overall. Outside of Turkey, we had a good quarter.

其中很多調價是基於與牛肉、豬肉、堅果相關的項目，因為我們看到大宗商品上漲。因此，這些定價效益逐步反映出來非常重要。另外，我們也看到來自其他業務的組合效益，我們在那些業務上推動了相對更高的成長。這也有所幫助。而且我們的供應鏈整體表現良好。除火雞以外，我們也有不錯的一季。

Pooran Sharma, Stephens

Pooran Sharma，Stephens

Good morning and thanks for the question and congrats on the strong results here. I wanted to start off and just better understand Aidan's and I think you gave us really good commentary on, 3Q is expected to be.

早安，謝謝讓我提問，也恭喜你們交出強勁的成績。我想先從更好地理解Aidan的部分開始，而且我認為你們也對第三季預期提供了很好的說明。

Roughly in line year-over-year. I'm just wondering, when we look at that on a segment level basis, should we expect sequential pressure in retail or should we see some pressure in foodservice as well as we look from 2Q to 3Q?

大致上會與去年同期持平。我想請問，若以部門層級來看，從第二季到第三季，我們應該預期零售端會有季節性壓力，還是餐飲服務端也會有一些壓力？

Yeah, thanks for the question. This is Jeff again. As we did mention, we had a few discrete items to consider going into the third quarter, the spike that really everyone has experienced in fuel costs. In our case, we had six weeks of it in Q2. We'll most likely ALL13 weeks of it in Q3.

好的，謝謝你的問題。我是Jeff，再次回答。如我們提到的，進入第三季時有幾個需要考量的獨立因素，其中之一是燃料成本的飆升，這是幾乎所有人都經歷到的。就我們而言，第二季只涵蓋了其中六週。第三季很可能會涵蓋全部13週。

We have seen commodity cost volatility, our outlook right now on the pork side would be a little bit more like last year versus we had hoped to see some more relief, but that remains to be seen where that lands. And then what Paul and John both mentioned in terms of the targeted actions in certain plants to rebalance our inventories are why we're looking more at kind of a flat year-to-year on the bottom line for Q3. We do think our growth levers are still going to be working for us overall.

我們也看到大宗商品成本波動；就豬肉端而言，我們目前的展望會比較接近去年，而不是我們原本希望看到更多緩解，但最終落點仍有待觀察。另外，Paul和John都提到，為了重新平衡庫存，我們在特定工廠採取了針對性行動，這也是我們對第三季獲利底線按年更偏向持平的原因。我們確實認為整體而言，我們的成長槓桿仍會持續發揮作用。

As John mentioned, there's some noise in retail, particularly on the top-line, and we're probably looking at a gross profit margin that's not quite as high as what you saw in Q2, but that's still improved over where we were trending before. So I think we have created some sequential improvements there. And then on the food service side, they will see some of the detriment of some of these challenges of freight in the network as well, but they've been on a very nice role and we expect them to be in a good position also.

如John提到的，零售端會有一些雜訊，特別是在營收端，我們的毛利率可能不會像你在第二季看到的那麼高，但仍較我們先前的趨勢有所改善。所以我認為我們在這裡已經創造了一些季對季的改善。至於餐飲服務端，他們也會在網路運輸方面承受部分這些挑戰帶來的不利影響，但他們一直表現得很不錯，我們也預期他們會處於良好狀態。

Okay, appreciate that. Just on the follow-up. Would getting you to the upper end of guidance require additional pricing actions from here?

好的，感謝說明。再追問一下。若要達到指引區間的上緣，是否需要從現在起再採取額外的調價行動？

Thanks for the question. That's not one of the things that's getting us to the upper levels of the pricing range. We clearly have a lot of things going for us with continuing underlying strength in the business. But really, to get to the upper end of the range, we're looking at food service over delivery. Continued turkey strength.

謝謝你的問題。那不是讓我們達到定價區間上緣的因素之一。我們顯然有很多有利因素，因為業務基本面持續強勁。但要達到區間上緣，我們主要看的是餐飲服務端的超預期交付表現。以及火雞業務持續強勁。

Obviously, volume and mix upside can provide some benefit. And then the commodity markets are going to play a big role if we're going to get to the upside of the range if they come in lower than forecasted. Those are really the driving forces of it. We do also have some wraparound pricing as would impact it, but that's not a driving factor to get to the top end of the range.

當然，銷量與組合若有上行也能帶來一些助益。此外，大宗商品市場也會扮演重要角色；如果實際價格低於預測，我們就更有機會達到區間上緣。這些才是真正的驅動因素。我們也確實還有一些配套性的定價會產生影響，但那不是推動我們達到區間上緣的主要因素。

Peter Galba, Bank of America.

Peter Galba，美國銀行。

Hey, guys. Good morning. Thanks for taking the questions. I know we've spent a lot of time talking about gross margin in the quarter. But Paul and John and Jeff, I think it might be helpful to kind of bridge the upside relative to your expectations. So I mean, is there anything you can do to kind of help us. Understand the positive tailwind impact of the manufacturing in the quarter, maybe what that was worth. I know you said logistics were a headwind, but then I think you also said they were maybe less of a headwind than you had initially anticipated. So just any dynamics in the bridge for the quarter itself, I think would be helpful.

各位好。早安。謝謝回答問題。我知道我們花了很多時間在談本季的毛利率。但Paul、John和Jeff，我想如果能把超出你們預期的部分做個銜接說明，可能會更有幫助。我的意思是，你們是否能協助我們理解本季製造端帶來的正面順風影響，大概值多少？我知道你們說物流是逆風，但我想你們也提到，逆風可能比你們一開始預期的要小。所以就本季本身而言，若能提供一些銜接拆解的動態，我想會很有幫助。

Yeah, sure, Peter. This is John. I'll kind of walk through the second quarter a little bit. And obviously, we were pleased overall with the second quarter results. As a headline, we would say strong execution, but across the levers we've been talking about for the year. So.

好的，當然可以，Peter。我是John。我來稍微帶大家回顧一下第二季。很明顯地，我們對第二季的整體結果感到滿意。作為總結，我們會說是強勁的執行力，且體現在我們今年一直在談的各項槓桿上。所以。

Clearly, strong top-line performance is where it starts and we did see that across the company. We saw net sales growth in all three of our operating segments. Top-line has been a consistent theme for us over the past six quarters, as Jeff mentioned earlier, but Q2 was another strong top-line quarter. On top of that, there were three other levers that contributed that we've been discussing.

很明顯地，起點在於強勁的營收表現，而我們確實在全公司都看到了這點。我們三個營運部門的淨銷售額都成長。如Jeff先前提到，營收一直是我們過去六個季度的核心主題，而第二季又是另一個強勁的營收季度。除此之外，還有另外三個我們一直在討論的槓桿也做出了貢獻。

Is one. I mean, pricing was really important. We saw the benefits of the pricing flowing through across the businesses that included, as I mentioned, that second wave of retail pricing that we discussed last quarter.

第一個。我的意思是，定價非常重要。我們看到定價效益在各項業務中逐步反映出來，其中包括我提到的、我們在上季討論過的零售端第二波調價所帶來的效益。

I mentioned favorable mix. At the company level, foodservice is favorable mix for us, so that nice growth number we put up in foodservice drives mixed benefits for the enterprise. And then within the segments, foodservice was driving higher margin brands. Retail was benefiting through that growth on Jennie-O, Applegate, bacon. So we did see a lot of benefits that were helping our margins overall. And now to your question around manufacturing, yes, manufacturing, we had a strong quarter overall.

我也提到有利的產品組合。在公司層級，餐飲服務對我們而言是有利的組合，因此我們在餐飲服務端繳出的漂亮成長數字，為整體企業帶來組合效益。而在各部門內部，餐飲服務端帶動了較高毛利的品牌。零售端則受惠於Jennie-O、Applegate與培根的成長。因此我們確實看到許多有利因素在幫助我們整體毛利率。至於你問到製造端，是的，製造端整體而言我們本季表現強勁。

We did headline the turkey manufacturing, which was very good performance as we saw to Paul's point, very good growing conditions, strong manufacturing performance across our turkey facilities, but we had a good manufacturing quarter overall and then beyond those business-driven results in the quarter, we did see a benefit of a discrete gain on the Rabbi Trust.

我們確實在火雞製造業務上表現亮眼，表現非常好；正如保羅所提到的，我們看到非常良好的生長條件、我們各火雞工廠的製造表現強勁。不過整體而言，我們本季製造端表現不錯；此外，除了這些由業務驅動的季度成果之外，我們也看到 Rabbi Trust 帶來一筆一次性的離散收益。

But that was not the main driver of the performance, it truly was the business. So with all of that said, one of the reasons we feel good about the quarter is it was a challenging environment. The consumer is what I would describe as cautious still. We did talk about those known pressures last quarter around logistics and that was a significant year-over-year headwind, although we did navigate it a little bit better than we had planned, which helped us.

但那並不是表現的主要驅動因素，真正的驅動力是業務本身。因此，綜合以上所述，我們對本季感到樂觀的原因之一是：這是一個充滿挑戰的環境。我會形容消費者仍然偏向謹慎。我們在上一季確實談到物流方面那些已知的壓力，而那是顯著的年對年逆風；不過我們確實比原先規劃更好地應對了它，這也幫助了我們。

And then on top of all of that, the significant new headwind that popped up midway through the quarter was rising fuel costs. So with all of that said, the second quarter exceeded our expectations and importantly gives us increased confidence in achieving our full year range.

此外，在這一切之上，本季中段又出現了一個重大的新逆風，那就是燃料成本上升。因此，綜合以上所述，第二季的表現超出我們的預期，更重要的是，讓我們對達成全年指引區間更有信心。

Okay, thanks for that, John. Paul, maybe as a follow-up, just to drill in a little bit on the inventory rebalancing, I mean, this has historically been something that has happened with Hormel over the years. Just curious kind of how we should think about the potential impact of that discrete item in 3Q, both from a sales and margin perspective.

好的，謝謝你，John。Paul，或許追問一下，想再深入談談庫存再平衡；我的意思是，這在過去多年來一直是 Hormel 會發生的事情。想請教我們應該如何看待第三季這個一次性項目的潛在影響，從銷售與毛利率的角度來看。

Again, as we kind of try to think about the EPS impact. And in light of that, I know you called out a bunch of incremental headwinds maybe into 3Q. One area where we've gotten some questions has been around pork bellies, which have actually flipped, I think, deflationary, and I know there's a bit of timing lag in the flow-through, but maybe you can talk about just what you're seeing within the pork complex. I know there's some puts and takes there from a headwind and tailwind perspective.

同樣地，當我們試著思考對 EPS 的影響時。另外，考量到你提到第三季可能會有一連串新增的逆風。有一個我們收到一些問題的領域是豬五花（pork bellies），我想它其實已經轉為通縮，我也知道傳導到損益會有一些時間落差，但也許你可以談談你在豬肉整體（pork complex）看到的情況。我知道其中有一些因素，從逆風與順風的角度來看，會彼此拉扯。

Thanks, Peter, for the question. A lot of thoughts unpacked there. I'll try to go through it all. But I would characterize the inventory rebalancing as a really proactive step to better align our inventory levels across certain areas of the portfolio, like I said. I mean, I want to give some props to transform and modernize work that we've done that has enhanced our hormel production systems and how we operate our plants more efficiently.

謝謝你，Peter，這個問題。你剛剛提出了很多想法需要拆解。我會盡量把它都講到。不過我會把庫存再平衡描述為一個非常主動的措施，用來讓我們在投資組合某些領域的庫存水位更好地對齊，就像我剛才說的。我的意思是，我也想肯定我們在轉型與現代化方面所做的工作，這些工作提升了我們的 Hormel 生產系統，以及我們更有效率地營運工廠的方式。

And we've also taken this integrated business planning journey and have improved that over the past six months. And so our visibility to some inventory has really improved. That we've identified these opportunities to rebalance some of our inventory.

我們也推動了整合式營運規劃（integrated business planning）的旅程，並在過去六個月持續改善。因此，我們對部分庫存的可視性確實提升了很多。也因此我們辨識出這些機會，來對部分庫存進行再平衡。

We do expect this to have a short-term impact, as you noted, with lower plant utilization, mainly in Q3, but I do want to just emphasize it's not wide scaling, it's really certain ambient products with longer shelf life and just think of the center of the store canned items in Skippy to be kind of more precise. But as I said in the prepared remarks, these are targeted actions which you expect to position us better going forward on the inventory balancing. Regarding your pork bellies question, I will say that's all embedded into our guide.

如你所提到的，我們確實預期這會帶來短期影響，主要是在第三季，因為工廠稼動率會降低；但我也想強調，這不是大範圍的調整，主要是針對某些保存期限較長的常溫產品；更精確地說，可以把它想成是賣場中間走道的罐頭品項，以及 Skippy。但正如我在事先準備的發言中所說，這些是有針對性的行動，我們預期能讓我們在未來的庫存平衡上處於更好的位置。至於你關於豬五花的問題，我會說那都已經納入我們的指引之中。

As they are lower right now. But depending on who you listen to and what you see in forecast, there's a wide range of elements here and what's going to happen over the next six to eight weeks. And so we're kind of in a wait and see. Model there in terms of where we're at. But we do have in our guide that we expect closer to the earlier part of -- closer to last year in terms of the second-half than where it's at in the present-day market.

因為目前它們的確較低。但取決於你聽誰的、以及你看到的預測，這裡的變數範圍很大，未來六到八週會發生什麼也有很多不同看法。因此我們目前基本上採取觀望。就我們目前的位置而言，是一種 wait-and-see 的模式。不過在我們的指引中，我們預期下半年會更接近去年（尤其是下半年較早期的水準），而不是接近當前市場的水準。

Okay, great. Thanks very much, guys.

好的，很棒。非常感謝，各位。

Max Comfort, DNP

Max Comfort，DNP

Thanks for the question. So it sounds like you've got higher logistics costs. You've got the 3Q impact coming from lower plant utilization. You had fuel costs ramp up on you in the middle of the quarter. Your tax rate is now tracking towards the higher end of the range. So headwinds that you didn't foresee at the beginning of the fiscal year, but clearly you're off to a great start for these first two quarters and now it's like you're on track towards the upper end of the profit range. Can you just talk through a bit.

謝謝讓我提問。所以聽起來你們的物流成本更高。第三季會因為工廠稼動率降低而受到影響。燃料成本在本季中段也快速上升。你們的稅率現在也正朝向區間的較高端走。所以這些都是你們在會計年度一開始沒有預見到的逆風；但顯然你們前兩季開局非常好，現在看起來像是正朝向獲利區間的上緣前進。你能否稍微談談。

How much of this is maybe some cushion and conservatism in the initial outlook you provided versus how much is coming from things really operating much better than expected, whether it's the turkey network or other help to profit that you are seeing?

其中有多少可能是你們最初提供的展望裡的一些緩衝與保守性？又有多少是因為實際營運表現遠優於預期，不論是火雞網絡或其他你們看到的獲利助力？

Sure, Max, this is Jeff.

當然，Max，我是 Jeff。

I mean, I think we talked to you even back when John and I were at our first call in these roles about a mentality toward, look, we know we need to set realistic plans and deliver those plans. It's always a bit of a balance between you want to stretch some so that the team is reaching toward a somewhat aggressive goal. On the other hand, you want it to be realistic.

我的意思是，我想我們甚至在 John 和我第一次以這些職務身分參加電話會議時就跟你談過一種心態：你看，我們知道我們需要訂出務實的計畫，並交付這些計畫。這總是需要一些平衡：一方面你希望拉高一點，讓團隊朝向某個相對進取的目標努力。另一方面，你也希望它是務實可行的。

And so we talked even on that call about that the realistic. Timing over the long run in this company should be our algorithm, it should be the 2% to 3% top-line, the 5% to 7% bottom line. And so indeed, when we came out with our plan for this year, it encompassed those ranges, actually maybe slightly on the higher side for the bottom line, making up for some of the one-time things we had last year.

所以我們在那通電話裡也談到「務實」這件事。長期來看，這家公司在時間拉長後應該遵循我們的演算法：營收年增 2% 到 3%，獲利年增 5% 到 7%。因此，確實，當我們提出今年的計畫時，它涵蓋了那些區間；其實獲利端可能還略偏高一些，用來彌補我們去年有的一些一次性因素。

So as the years played out, I mean, for the first two quarters on the bottom line, we have indeed been a little bit ahead of what we had initially anticipated. And yes, we think that's been almost all performance-based. We're enjoying some strong momentum still on the sales side. We had a chance with a new year to kind of reassess where do we want to put our marketing and trade push, and we're able to push it toward higher margin items.

所以隨著年度進行，我的意思是，就前兩季的獲利端而言，我們確實比最初預期略為超前。而且是的，我們認為這幾乎完全是由表現所驅動。我們在銷售端仍然享有一些強勁的動能。我們也藉由新年度的機會重新評估：我們想把行銷與通路推廣資源放在哪裡，並且能把它推向毛利率更高的品項。

We have the benefit of the SG&A items that we've talked about that we said, Hey, look, we're doing those at the end of, the fiscal year, if you will, but they really didn't even kick in until the beginning of the calendar year, so that you started seeing more in Q2, and so, overall, I think it's been mostly performance-based.

我們也受惠於我們談過的 SG&A 項目；我們說過，嘿，你看，我們是在會計年度末端做這些事（如果你要這麼說的話），但它們其實直到曆年年初才真正開始發揮，因此你在第二季開始看到更多效果；所以整體而言，我認為主要都來自於營運表現。

We probably did start, we are going to start from a more, somewhat more conservative standpoint. We view it as much more important to deliver performance than to promise performance.

我們一開始可能確實是、也會是從一個相對更保守的立場出發。我們認為，交付表現遠比承諾表現更重要。

I think that's a very prudent position to take. And then just to follow-up on two of the discrete items you've called out, I'm just hoping for some quantification. So first on the...

我認為那是非常審慎的立場。另外，針對你提到的兩個一次性（discrete）項目，我想追問一下，希望能有一些量化說明。所以首先關於……

Turkey network benefits that you're seeing, can you quantify just roughly how much of a help that was to profit in 2Q and then what's embedded in your second-half forecast? It sounds like maybe a better version given that it was partially helped by weather. And then on the lower plant utilization that you expect to see in 3Q, can you just quantify how large of an impact that is to profit? Thanks very much. I'll leave it there.

你們看到的土耳其網路效益，可以大致量化一下這對第二季（2Q）獲利帶來了多少幫助，以及你們在下半年預測中納入了多少嗎？聽起來可能是更好的版本，因為其中一部分受到天氣的幫助。另外，關於你們預期在第三季（3Q）看到的較低工廠產能利用率，可以量化一下這對獲利的影響有多大嗎？非常感謝。我就先問到這裡。

Yeah, Max, this is Paul. We're not going to quantify those dollar amounts. As you noted, the turkey manufacturing network did help us here in Q3, driven by weather and a lot of good performance as well. Wait and see attitude on that in terms of what happens in Q3 and Q4.

是的，Max，我是Paul。我們不會量化那些金額。如你所說，火雞製造網路確實在這裡對我們在第三季（Q3）有所幫助，主要由天氣帶動，也有很多良好表現。至於第三季和第四季（Q3、Q4）會發生什麼，我們會採取觀望態度。

And the inventory rebalancing to what I said earlier, there is an impact here in Q3. It's embedded within our guide. We think that guide reflects the risks and opportunities in today's environment. Thank you very much.

另外，關於我先前提到的庫存再平衡，第三季（Q3）確實會有影響。這已經包含在我們的指引之中。我們認為這份指引反映了當前環境中的風險與機會。非常感謝。

Michael Lavery, Piper Sandler

Michael Lavery，Piper Sandler

Thank you. Good morning. Just wanted to unpack food service a little bit, traffic is obviously down pretty broadly, but you had volumes up. How much is channel mix? Share gains, maybe can you just help us understand what some of the key drivers are there?

謝謝。早安。我想再深入拆解一下餐飲服務（food service）：整體來看客流量顯然普遍下滑，但你們的銷量卻上升。其中有多少是通路組合（channel mix）的因素？市占提升？能否幫我們理解一下背後的一些關鍵驅動因素？

Good morning, Michael. This is John. Thank you for the question.

早安，Michael。我是John。謝謝你的問題。

Yes, I mean, we feel good about our foodservice business. I will say that the traffic remains challenged in many parts of the away from home channels and our business has remained quite resilient despite that traffic softness, putting up the 7%.

是的，我們對餐飲服務業務感覺良好。我會說，在許多外食通路（away from home channels）中，客流量仍然充滿挑戰；儘管客流疲弱，我們的業務仍相當有韌性，仍繳出7%的表現。

Sales growth with some volume growth as well is a good quarter for us. If you look at the environment kind of how we approach foodservice, we've talked about this before, but our direct sales team who work very closely with our operator partners, really what I would call in collaboration and problem-solving mode allows us to build business and gain business even when traffic is down and that can take the form of.

銷售成長，且也有一些量的成長，對我們來說是個不錯的季度。如果你看整體環境以及我們如何經營餐飲服務，我們以前談過：我們的直銷團隊與營運商夥伴密切合作，真正處於我所稱的協作與解題模式，讓我們即使在客流下滑時仍能建立並爭取業務，而這可能以以下形式呈現。

Helping solve problems with kitchen shortcuts, labor savings, it can take the form of affordable options that help control prices on the menu, and it still takes the form of innovation. And I mentioned in my earlier remarks the Calabrian. Pizza toppings, which we are executing across both pepperoni and sausage. That's an example of bringing news to an operator to drive traffic and actually drive interest in the menu.

協助解決問題，例如廚房捷徑、節省人力；也可能是提供可負擔的選項，幫助控制菜單價格；同時也包括創新。我在先前的談話中提到卡拉布里亞（Calabrian）披薩配料，我們同時在義大利臘腸（pepperoni）與香腸（sausage）上推行。這就是一個例子：為營運商帶來新品訊息以帶動客流，並實際提升菜單的關注度。

So that partnership we have in the kitchens with the operators and food service and our direct sales team truly does allow us to continue to build our business even when our operator partners are challenged. And so part of it is that.

因此，我們在廚房端與營運商及餐飲服務的合作關係，加上我們的直銷團隊，確實讓我們即使在營運商夥伴面臨挑戰時，仍能持續擴大業務。所以其中一部分原因在於此。

And then the other part to your point is we do have very broad-based channel coverage. And so when we see pockets of growth, we can redirect our resources to the places where we see opportunity, whether that's commercial or non-commercial, whether it's down the street or it's national chain, we do have flexibility to flex where the growth and pockets of growth are happening from channel perspective too.

另外一部分如你所說，我們的通路覆蓋非常廣泛。因此當我們看到某些成長區塊時，就能把資源重新導向我們看到機會的地方，不論是商業（commercial）或非商業（non-commercial），不論是街角店或全國連鎖；從通路角度來看，我們也具備彈性，能在成長與成長區塊出現的地方調整配置。

So we continue to be confident in our foodservice team and their ability to execute and perform to deliver results. Obviously, to Paul's point, if we were to see some tailwinds behind the foodservice traffic across channels. That would be some upside for us, but right now we're planning to deliver with the environment we're operating within.

所以我們持續對餐飲服務團隊及其執行與交付成果的能力有信心。當然，如Paul所說，如果我們看到餐飲服務客流在各通路出現一些順風（tailwinds），那對我們會是上行空間；但目前我們是以所處的營運環境來規劃並交付成果。

Okay, that's helpful. And just to follow-up on guidance, I know a lot of it's been covered pretty well, but when you laid out some of these key factors for 3Q. It sounds like the inventory rebalancing should largely or maybe nearly completely be done in the third quarter, but you also cited the full quarter of higher fuel pressure.

好的，這很有幫助。再追問一下指引：我知道很多已經講得很清楚了，但當你列出第三季（3Q）的一些關鍵因素時，聽起來庫存再平衡應該在第三季大致完成、或幾乎完全完成，但你也提到整季都會承受較高燃料成本壓力。

I guess just looking ahead to 4Q, obviously, you expect a rebound and the kind of entirety or very close to it of the second half's growth to come there. Is your operating assumption relief on fuel cost pressure or how do you think about kind of maybe just what's closer to the end of the year and some of the assumptions there?

我想把視角放到第四季（4Q）：顯然你們預期會反彈，而且下半年成長的全部或幾乎全部會在那時實現。你們的營運假設是燃料成本壓力會緩解嗎？或者你們如何看待接近年底時的一些情境與假設？

This is Jeff. I'll be happy to answer that. I mean, really, Q4 will be benefited by, first of all, we had some one-time events last year in Q4 that we're certainly hoping are not going to repeat.

我是Jeff。我很樂意回答。基本上，第四季（Q4）將受惠於：首先，去年第四季有一些一次性事件，我們當然希望不會再發生。

Secondly, we feel that the overall momentum of the business should be able to shine through better during that time frame. And then third, we do feel there will be.

第二，我們認為整體業務動能在那段期間應該能更好地展現出來。第三，我們也認為會有。

Somewhat less impact maybe from all three of those factors, from fuel, from the operational slowdowns, and from the commodity markets. But we're not banking on a huge improvement in that baked in the number. But one way or the other, yeah, I mean, by holding our range, we're clearly signaling that we expect a double-digit bottom line increase in Q4.

來自這三項因素的影響可能會稍微小一些：燃料、營運放緩，以及大宗商品市場。但我們並沒有在數字中押注會有大幅改善。不管怎樣，是的，透過維持我們的區間，我們很明確地在傳達：我們預期第四季（Q4）底線將有雙位數成長。

Okay. That's helpful.

好的。這很有幫助。

Thank you.

謝謝。

Benjamin Theurer, Barclays Capital Inc.

Benjamin Theurer，Barclays Capital Inc.

Hey, this is Ryan on for Ben today. Thanks for taking our questions. So first, you call out earlier in your remarks some structural weakness in certain retail brands and categories. Can you expand a little bit on the puts and takes of how that's impacting your retail results, especially in context of the manufacturing gains and the other benefits you've talked about?

嗨，我是Ryan，今天代Ben提問。謝謝你們回答我們的問題。首先，你們先前在談話中提到某些零售品牌與品類存在結構性疲弱。能否再多談一些這些利弊因素（puts and takes）如何影響你們的零售表現，特別是在製造端改善與你們提到的其他效益背景之下？

Yeah, sure. Thanks, Ryan, for the question. So we had another quarter of consumption growth in total on retail. And I mentioned we were up over 1% in dollar consumption.

好的，當然。謝謝你，Ryan，這個問題。我們零售端整體又是一季的消費成長。我提到我們的金額消費（dollar consumption）成長超過1%。

That was headlined by 3% growth across our priority brands in total. So we feel good about that. That being said, to get clicking on all cylinders in retail, there are a couple of businesses that we are dialed in on focus improving performance. Planters is one of those businesses.

其中亮點是我們優先品牌（priority brands）整體成長3%。所以我們對此感覺良好。不過，要讓零售端全面順暢運轉，仍有幾個業務我們正聚焦改善表現。Planters就是其中之一。

I would say planters didn't fully meet our expectations for the quarter and while peanuts are performing well, some of the more expensive nut types like cashews have not been performing as well. We mentioned that dynamic last quarter that consumers have been trading out of cashews, which saw some significant price increases precipitated by commodity inflation over the past year. And so we're dialing in terms of our overall plans with planters.

我會說，Planters本季沒有完全達到我們的預期；雖然花生表現良好，但一些較昂貴的堅果種類，例如腰果，表現就沒那麼好。我們上季提到過這個動態：消費者正在從腰果轉出；過去一年腰果因大宗商品通膨而出現顯著漲價，促成了這種轉換。因此我們正在調整Planters的整體規劃。

A couple of things to note, we continue to invest in the brand and our innovation as we've talked about previously, but we are adjusting aggressively our go-to-market plans to take advantage of our broad portfolio. We feel very good about the franchise in total, but we need to adjust our plans. And so I'll just call out two specific enterprise focus areas where we're dialing in to strengthen the performance on planters. One is revenue growth management work.

有幾點要說明：我們持續投資品牌與創新，如同先前所談；但我們也在積極調整上市策略（go-to-market plans），以發揮我們廣泛的產品組合優勢。我們對整體品牌資產（franchise）非常有信心，但我們需要調整計畫。因此我想點出兩個我們正在聚焦、用以強化Planters表現的具體企業層級重點領域。第一個是營收成長管理（revenue growth management）相關工作。

So we are enhancing promotions where warranted getting very dialed in through data and analytics on that as well as developing new pack size strategies, which should be helpful for us to manage, again, those nut type and portfolio dynamics. And then the second area, a big focus for us is digital investment where we're dialing into lower funnel tactics, including investing into enhanced capabilities and efforts in e-commerce. So we continue to love the Planters business, the macro opportunity around substantial snacking. But certainly, there has been some volatility across the portfolio driven by commodity dynamics, and so we're dialing up our game to address that.

因此，我們正在在需要的地方加強促銷，並透過數據與分析把這件事做得更精準，同時也在制定新的包裝規格策略，這將有助於我們管理——再次強調——那些堅果品類與產品組合的動態。接著第二個領域，我們的一大重點是數位投資，我們正聚焦於更接近轉換端的策略，包括投資於電商更強化的能力與相關投入。因此，我們仍然非常看好 Planters 業務，以及「大量零食化」這個宏觀機會。但確實，受大宗商品動態影響，整個產品組合出現了一些波動，因此我們正在提升我們的應對力度來處理這些問題。

And then the second business I would call out is Skippy. So Skippy had a softer first half of the year in terms of consumption. You'll recall that at the very end of last year, we announced that we had a fire at our Little Rock facility. We rebounded from that fire very quickly, went back into full supply, but we did make a decision in the immediate aftermath of the fire to be conservative with our customers and pull some first half promotions.

接著我想點名的第二個業務是 Skippy。就消費量而言，Skippy 在上半年表現較為疲弱。你會記得在去年年底，我們宣布小岩城（Little Rock）工廠發生火災。我們在火災後很快就恢復，回到全面供應，但在火災發生後的第一時間，我們為了對客戶採取較保守的做法，決定撤回上半年部分促銷活動。

And so we've been working our way through some darkness in terms of promotions. We are now fully back in business. The back half is loaded up. We're back on the front foot with Skippy. And in fact, the latest four weeks of consumption data, which we just saw, which are now bringing us into Q3, show a significant improvement in Skippy's consumption. So we feel good about that.

因此，我們一直在消化促銷不足所帶來的影響。我們現在已完全恢復正常營運。下半年已排滿相關活動。我們在 Skippy 上已重新採取更積極的進攻姿態。事實上，我們剛看到的最新四週消費數據——目前已進入第三季——顯示 Skippy 的消費量有顯著改善。因此我們對此感到樂觀。

We are confident in our ability to continue to drive demand on the business and we feel very good overall about the execution and supply chain behind that.

我們對於持續推動該業務需求的能力充滿信心，整體而言也對其背後的執行與供應鏈表現感到非常滿意。

Thanks. And a quick follow-up slightly related to that. You talked about last quarter that you expect higher marketing expenses and investments on the year. But again, this quarter, it was a touch lower compared to last year. So are you expecting then a pretty big step up in marketing expenses in the back half, especially if some of these brands try to come back online?

謝謝。我有一個與此稍微相關的快速追問。你在上一季提到，預期全年行銷費用與投資會更高。但這一季相較去年又略低一些。那麼你是否預期下半年行銷費用會有相當明顯的提升，特別是如果其中一些品牌要重新恢復投放？

Yeah, good question. So what I would say is, yeah, the second quarter, we did spend a little bit less that was primarily driven by a shift of timing of events in our international business. Our focus with our advertising investment continues to be to focus on our priority brands in retail.

是的，問得很好。我會這麼說：第二季我們確實少花了一點，主要是因為國際業務某些活動的時點有所調整。我們在廣告投資上的重點，仍然是聚焦於零售端的優先品牌。

And so if you think about it from a mixed perspective, if you think about it from a consumer opportunity perspective and where we have the strongest, clearest demonstrated ROIs is how we're focusing our investments in the back half.

因此，如果你從組合的角度來看，或從消費者機會的角度來看，以及我們在哪些地方有最強、最清楚且已被證實的投資報酬率（ROI），這就是我們下半年投資聚焦的方向。

We do in total for the full year still expect to deliver higher spending in terms of year-over-year versus prior year in advertising, so that will play through in the back half in our plans. That being said, we also. Several months ago announced that we had brought a new enterprise-wide Chief Marketing Officer into the organization.

就全年總體而言，我們仍預期廣告支出將較去年同期增加，因此這會在我們下半年的計畫中反映出來。話雖如此，我們也——幾個月前我們宣布，已在組織中引進一位新的全企業首席行銷長（CMO）。

He now has a few months under his belt. It's been very helpful for him to kind of identify some of the spending opportunities we have to get even more out of our marketing investments. So we're excited about the plans we have in the back half to drive those brands and businesses with even higher return on investment.

他到任至今已有幾個月。這對他辨識我們在支出上的一些機會、讓我們能從行銷投資中獲得更多效益非常有幫助。因此，我們對下半年的計畫感到興奮，將以更高的投資報酬率來推動這些品牌與業務。

Ladies and gentlemen, as a reminder, should you have a question, please press star one. Your next question comes from Heather Jones with Heather Jones Research. Your line is now open.

各位女士先生，提醒您，如有提問，請按星號一。下一位提問者是來自 Heather Jones Research 的 Heather Jones。您的線路已開通。

Thank you for the follow-up. I just wanted to go back to a comment that you made on bellies and just again, wanting to make sure I'm interpreting this correctly. It sounds like your second-half outlook.

謝謝讓我追問。我想回到你對 bellies 的一段評論，再次確認我是否正確理解。聽起來你對下半年的展望——

Assumes relatively flat year-on-year with fiscal '25. And if that's correct, then when you're saying you're tracking towards the upper half of your guidance, that assumes the flat year-on-year. Did I understand you correctly?

是假設相較於 2025 財年大致持平（年對年）。如果這是正確的，那麼你說你們正朝指引區間的上半部前進，這個判斷是建立在年對年持平的假設之上。我理解得對嗎？

Yes, Heather, you heard that exactly right.

是的，Heather，你聽得完全正確。

Okay, wonderful.

好的，太好了。

Thank you.

謝謝。

There are no further questions at this time. I will now turn the call over to Jeff Ettinger for closing remarks.

目前沒有其他問題。我現在把電話交給 Jeff Ettinger 作結語。

We really appreciate everyone's questions and for your engagement today. I'll just close the call by bringing everything back to what we heard throughout the call. We delivered a strong second quarter with growth from each segment and support from our supply chain.

非常感謝大家今天的提問與參與。我將以把重點拉回到我們在整場電話會議中所談到的內容來作結。我們第二季表現強勁，各事業部皆有成長，並且獲得供應鏈的支持。

We have taken meaningful actions to strengthen the business, templifying where needed, improving how we operate, and sharpening our focus. We are executing with discipline on pricing, costs, and how we prioritize. That's what's been driving the performance you're seeing today, and we think it's positioning us well for what's ahead.

我們已採取具實質意義的行動來強化業務，在需要的地方進行簡化、改善營運方式，並更聚焦重點。我們在定價、成本以及優先順序的取捨上，以紀律執行。這正是你們今天所看到績效的驅動因素，我們也認為這讓我們能為未來做好更好的準備。

Thank you again for your time and have a great day.

再次感謝各位撥冗，祝各位有美好的一天。

Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that you please disconnect your lines.

各位女士先生，今天的電話會議到此結束。感謝各位參與，並請您掛斷線路。