John B Sanfilippo & Son Inc (JBSS) 2025 Q4 法說會逐字稿

Good day, ladies and gentlemen, and thank you for standing by. Welcome to the John B. Sanfilippo & Son, Inc. fourth quarter and full year 2025 Operating Results Conference Call. (Operator Instructions). Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Jeffrey Sanfilippo, CEO. Please go ahead.

女士們、先生們，大家好，感謝你們的支持。歡迎參加 John B. Sanfilippo & Son, Inc. 2025 年第四季及全年營運績效電話會議。（操作員指令）。請注意，今天的會議正在錄製。現在，我想將會議交給今天的發言人、執行長 Jeffrey Sanfilippo。請繼續。

Thanks, Latonia. Good morning, everyone, and welcome to our fiscal 2025 fourth quarter earnings conference call. Thank you for joining us. On the call with me today is Frank Pellegrino, our CFO; and Jasper Sanfilippo, our COO. We may make some forward-looking statements today. These statements are based on our current expectations and they involve certain risks and uncertainties and -- the factors that could negatively impact results are explained in the various SEC filings that we have made, including Forms 10-K and 10-Q.

謝謝，拉托尼亞。大家早安，歡迎參加我們的 2025 財年第四季財報電話會議。感謝您加入我們。今天與我一起通話的是我們的財務長 Frank Pellegrino 和我們的營運長 Jasper Sanfilippo。我們今天可能會做出一些前瞻性的陳述。這些聲明是基於我們目前的預期，其中涉及一定的風險和不確定性，並且可能對結果產生負面影響的因素在我們提交給美國證券交易委員會的各種文件中進行了解釋，包括 10-K 表格和 10-Q 表格。

We encourage you to refer to the filings to learn more about these risks and uncertainties that are inherent in our business. Before we begin today's call, I want to take a moment to honor the life and legacy of Matt Ballantine, former President from 1995 to 2006 and member of the JBS Board of Directors who passed away this week. Matt played a pivotal role in shaping the success of our company, working closely alongside our former CEO, Jasper Sanfilippo Senior during some of the company's most formative years. He was more than a leader, who is a mentor, a trusted adviser, and a steady president for so many of us. And whether Jasper and I were fortunate to learn from him and his impact continues to resonate throughout organization. We are deeply grateful for Matt's contributions. Our thoughts and prayers are with his Ballantine and Carol families.

我們鼓勵您參考這些文件，以了解有關我們業務中固有的風險和不確定性的更多資訊。在我們開始今天的電話會議之前，我想花點時間來緬懷馬特·巴蘭坦 (Matt Ballantine) 的一生和遺產，他於 1995 年至 2006 年擔任 JBS 總裁，也是 JBS 董事會成員，於本週去世。馬特在塑造我們公司的成功方面發揮了關鍵作用，在公司發展的關鍵時期，他與我們的前任執行長 Jasper Sanfilippo Senior 密切合作。對我們許多人來說，他不僅是一位領導者，他還是一位導師、一位值得信賴的顧問和一位穩健的總統。賈斯柏和我是否有幸向他學習，他的影響力在整個組織中持續迴響。我們非常感謝馬特的貢獻。我們的思念和祈禱與他的 Ballantine 和 Carol 家人同在。

Turning to our results. and proud of our team navigated a challenging and constantly evolving operating environment through fiscal 2025. We responded swiftly and decisively to address short-term financial impacts while remaining focused on executing our long-range plan in spite of a challenging macroeconomic and consumer environment.

談到我們的業績。我們為我們的團隊在 2025 財年應對充滿挑戰且不斷變化的營運環境而感到自豪。儘管宏觀經濟和消費環境充滿挑戰，我們仍迅速果斷地應對短期財務影響，同時仍專注於執行我們的長期計劃。

Although our financial performance fell short of our expectations, we gained positive momentum as the year progressed, highlighted by year-over-year diluted EPS growth of 49.6% and and 33.7% in the third and fourth quarters, respectively, and enhanced spending discipline and increased efficiencies in our operations.

儘管我們的財務表現未達到預期，但隨著時間的推移，我們獲得了積極的勢頭，其中突出的是第三季度和第四季度每股收益同比增長分別達到 49.6% 和 33.7%，並且加強了支出紀律並提高了營運效率。

We also increased our net sales to a record $1.11 billion, surpassing the $1 billion mark for two years in a row. We continue to make significant investments in our manufacturing capabilities and infrastructure laying the foundation for future profitable growth.

我們的淨銷售額也增至創紀錄的 11.1 億美元，連續兩年突破 10 億美元大關。我們繼續對製造能力和基礎設施進行大量投資，為未來的獲利成長奠定基礎。

In addition, we recently increased our annual dividend by 5.9% to $0.90 per share, and declared a special dividend of $0.60 per share. Total dividends will be paid on September 11, 2025. This marks the 14th consecutive year of returning capital through dividends to our shareholders. I want to sincerely thank all our employees for their dedication, resilience, and hard work this year. Their commitment drives our success and positions us for a strong future.

此外，我們最近將年度股息提高了 5.9%，達到每股 0.90 美元，並宣布派發每股 0.60 美元的特別股息。全部股利將於2025年9月11日支付。這是我們連續第 14 年透過股利向股東返還資本。我要真誠感謝我們所有員工今年的奉獻、堅韌和辛勤工作。他們的承諾推動了我們的成功並為我們創造了美好的未來。

Now beginning a dynamic market landscape. Across recent CPG earnings calls, three key themes have consistently emerged each reflecting the evolving challenges and opportunities facing our industry. We recognize the importance of addressing these shifts head on and that we'll share how our teams are actively managing change responding to uncertainty and positioning the company for continued growth and resilience in today's complex marketplace.

現在開始呈現一個充滿活力的市場格局。在最近的 CPG 財報電話會議上，不斷出現三個關鍵主題，每個主題都反映了我們行業面臨的不斷變化的挑戰和機會。我們認識到正面應對這些轉變的重要性，我們將分享我們的團隊如何積極應對變化，應對不確定性，並使公司在當今複雜的市場中保持持續成長和韌性。

First, navigating tariffs and rising costs. In an increasingly volatile global landscape, tariff-related cost pressures continue to challenge manufacturers across the industry. At JBSS, we proactively monitor trade developments, material costs, customer pricing and demand fluctuations through close collaboration among our procurement, demand planning, finance, marketing and sales teams.

首先，應對關稅和成本上漲。在日益動盪的全球情況下，與關稅相關的成本壓力繼續挑戰整個行業的製造商。在 JBSS，我們透過採購、需求規劃、財務、行銷和銷售團隊之間的密切合作，主動監控貿易發展、材料成本、客戶定價和需求波動。

While the environment remains complex, we've built a resilient framework to assess and manage our supply chain, helping us mitigate risk and maintain continuity. Our teams are responding with agility, leveraging sourcing flexibility, driving cost savings initiatives and implementing selective price adjustments where appropriate. We remain transparent with our customers, providing regular updates and offering tailored solutions such as reformulations, alternative ingredients and optimized pack sizes to an its cost without compromising value.

儘管環境仍然複雜，但我們已經建立了一個有彈性的框架來評估和管理我們的供應鏈，幫助我們降低風險並保持連續性。我們的團隊反應敏捷，利用採購彈性，推動成本節約計劃，並在適當的情況下實施選擇性價格調整。我們對客戶保持透明，定期提供更新信息，並提供量身定制的解決方案，例如重新配方、替代成分和優化包裝尺寸，以降低成本，同時不影響價值。

Second, adapting to shifts in consumer behavior. In today's environment, consumers remain highly value conscious, making thoughtful decisions about their purchases. At JBSS, we stay closely attuned to these evolving behaviors through continuous monitoring of consumption trends across the nuts, trail mix and snack bar categories.

第二，適應消費者行為的轉變。在當今環境下，消費者仍然高度注重價值，在購買時做出深思熟慮的決定。在 JBSS，我們透過持續監測堅果、混合乾果和零食棒類別的消費趨勢，密切關注這些不斷變化的行為。

As inflationary pressure persists, our consumers' insights play a critical role in shaping our innovation pipeline, ensuring that new offerings resonate with shoppers seeking both quality and value. Additionally, our advanced price elasticity models help us optimize price pack architecture and promotional strategies, allowing us to deliver compelling value while maintaining profitability. This is an important environment for private label programs, and we are optimistic about expanding product portfolios with several of our transformational customers to meet shifting consumer needs.

由於通膨壓力持續存在，消費者的洞察力在塑造我們的創新管道方面發揮關鍵作用，確保新產品能夠引起追求品質和價值的購物者的共鳴。此外，我們先進的價格彈性模型幫助我們優化價格包架構和促銷策略，使我們能夠在保持盈利能力的同時提供引人注目的價值。這對於自有品牌計畫來說是一個重要的環境，我們對與幾個轉型客戶一起擴大產品組合以滿足不斷變化的消費者需求持樂觀態度。

Third, driving growth through innovation and portfolio expansion. As evidenced by current market valuations, growth remains a top priority across the consumer-packaged goods sector. In our company, we're embracing this imperative with strategic investments designed to unlock new opportunities.

第三，透過創新和產品組合擴張推動成長。從目前的市場估值可以看出，成長仍然是消費品產業的首要任務。在我們公司，我們正透過旨在發掘新機會的策略性投資來滿足這項要求。

Earlier this year, we announced a significant investment and expansion in our manufacturing capabilities, an initiative that will enable us to broaden our product portfolio and better serve evolving consumer preferences. We're energized by the potential these innovations hold and remain committed to transforming our business for long-term sustainable growth.

今年早些時候，我們宣布對製造能力進行重大投資和擴展，這項舉措將使我們能夠擴大產品組合併更好地滿足不斷變化的消費者偏好。這些創新所蘊含的潛力為我們帶來了活力，我們將持續致力於業務轉型，實現長期永續成長。

We will share further details in the coming quarters as we ramp up for production. Looking ahead to fiscal '26, we are focused on accelerating our volume growth and expanding on the success of our private brand VaR portfolio, rebuilding our noting trail business through price pack architecture and innovation and expanding our manufacturing capabilities.

隨著產量的增加，我們將在未來幾季分享更多細節。展望26財年，我們專注於加速銷售成長、擴大自有品牌VaR產品組合的成功、透過價格包架構和創新重建我們的追蹤業務並擴大我們的製造能力。

We are confident we can continue to deliver strong operating results and create long-term value for our shareholders through the execution of our long-range plan. We are nuts about creating real food that brings joy, nurses people, and protect the planet. And JBSS is executing on this mission. I'll now turn the call over to Frank to discuss our financial performance.

我們相信，透過執行我們的長期計劃，我們可以繼續實現強勁的經營業績並為股東創造長期價值。我們熱衷於創造能帶來歡樂、滋養人類並保護地球的真正食物。JBSS 正在執行這項任務。現在我將把電話轉給弗蘭克來討論我們的財務表現。

Thank you, Jeffrey. Starting with the income statement. Net sales for the fourth quarter of fiscal 2025 decreased slightly by 0.2% to $169.1 million compared to net sales of $269.6 million for the fourth quarter of fiscal 2024. The slight decline in net sales was due to a 5.9% decrease in sales volume of pounds sold to customers, which was largely offset by a 6% increase in the weighted average sales price per pound.

謝謝你，傑弗裡。從損益表開始。2025 財年第四季淨銷售額略為下降 0.2% 至 1.691 億美元，而 2024 財年第四季的淨銷售額為 2.696 億美元。淨銷售額略有下降是由於銷售給客戶的磅數減少了 5.9%，但這在很大程度上被每磅加權平均銷售價格增加 6% 所抵消。

The increase in the weighted average on price primarily resulted from higher commodity acquisition costs for peanuts and all major treatments except for pecans. Sales volume declined for all major product types with the exception of peanuts, walnuts, and pecans. Sales volume decreased 11.5% in consumer distribution channel, primarily due to a 10.7% decrease in private brand sales volume.

加權平均價格的上漲主要是因為花生和除山核桃外所有主要處理方式的商品收購成本增加。除花生、核桃和山核桃外，所有主要產品類型的銷售量均有所下降。消費者通路銷售量下降11.5%，主要由於自有品牌銷售量下降10.7%。

The private rate volume decrease was due to a 16.7% reduction and borrowers volume, mainly due to reduced sales to a mass merchandising retailer, following a decrease in bar sales from a national brand recall in the fourth quarter of fiscal 2024. Our strategic decision to reduce sales to a grocery retailer and lost distribution at our grocery retailer far contributed to the decline in borrowers' volume. These decreases were partially offset by new bars distribution at 2 new customers.

私人利率下降是由於借款人數量減少 16.7%，主要是由於對大眾商品零售商的銷售額減少，這是由於 2024 財年第四季度全國品牌召回導致酒吧銷售額下降所致。我們做出的減少對雜貨零售商的銷售的戰略決策以及在雜貨零售商處分銷的損失在很大程度上導致了借款人數量的下降。這些減少被 2 位新客戶的新酒吧分銷部分抵消。

Additionally, sales volume for other product types decreased 8.5%, mainly due to the discontinuation of peanut bar along with softer demand for snack and trail mix, mix nut and almonds, all at the same mass merchandising retailer driven by higher retail prices. However, these decreases were partially mitigated by increased sales of walnuts and pecans at the same retailer.

此外，其他產品類型的銷售量下降了 8.5%，主要是由於花生棒停產，以及零食和混合乾果、混合堅果和杏仁的需求疲軟，所有這些都是由於同一大眾零售商的零售價格上漲所致。然而，由於同一零售商的核桃和山核桃銷售增加，部分抵消了這些下降的影響。

Sales volume decreased 19.7% for our brine products, primarily driven by a 42.9% reduction in oral harbor sales, mainly due to lost distribution to a major customer in the non-food sector. Sales volume increased 8.7% in the commercial ingredients distribution channel, mainly driven by increased share or volume to existing customers, which was first supplemented by an increase in peanut volumes.

我們的鹽水產品銷售量下降了 19.7%，主要原因是口腔港銷售額下降了 42.9%，這主要是由於失去了非食品領域的主要客戶分銷權。商業配料分銷管道的銷售量增長了 8.7%，主要原因是現有客戶的份額或銷量增加，而花生銷量的增加則起到了補充作用。

Sales volume increased 18.7% in the contract manufacturing distribution channel, primarily due to increased granola volume processed in our Lakeville facility, and snack nut sales to a new customer and increased in peanut sales volume, the major customer also contributed to the overall increase.

合約製造分銷管道的銷售量增加了 18.7%，這主要是由於我們萊克維爾工廠加工的格蘭諾拉麥片量增加，以及向新客戶銷售的零食堅果和花生銷售量增加，主要客戶也為整體增長做出了貢獻。

Gross profit decreased by $1.2 million or 2.4% to $48.8 million compared to the fourth quarter of last year, driven by higher commodity acquisition costs for all tree nuts and peanuts. However, the impact was significantly offset by increased production volume, lower manufacturing spending and improved manufacturing efficiency.

與去年第四季相比，毛利下降 120 萬美元（2.4%）至 4,880 萬美元，原因是所有樹堅果和花生的商品收購成本增加。然而，產量增加、製造支出降低和製造效率提高大大抵消了這種影響。

Fourth quarter gross profit margin as a percentage of net sales decreased to 18.1% compared to 18.5% for the fourth quarter of fiscal 2024 due to the reasons previously mentioned. Total operating expenses for the fourth quarter decreased $6.7 million compared to prior year quarter, mainly due to lower incentive compensation expenses, along with reduced freight expense, lower third-party warehouse expenses, and lower marketing insight spending.

由於前面提到的原因，第四季毛利率佔淨銷售額的百分比從 2024 財年第四季的 18.5% 下降至 18.1%。第四季總營運費用與去年同期相比減少了 670 萬美元，主要原因是激勵薪酬費用降低，運費減少，第三方倉庫費用降低，以及行銷洞察支出減少。

These decreases were partially offset by a decrease in rent associated with our new facility in Elgin, Illinois. Total operating expenses for the fourth quarter of 2025 decreased to 10.6% of net sales from 13.1% for last year's fourth quarter due to the reasons previously mentioned.

這些減少部分被我們位於伊利諾伊州埃爾金的新工廠的租金減少所抵消。由於前面提到的原因，2025 年第四季的總營運費用從去年第四季的淨銷售額的 13.1% 下降到 10.6%。

Interest expense was $1.2 million for the fourth quarter of fiscal 2025 compared to $500,000 for the fourth quarter of fiscal 2024 due to higher average debt levels. Net income for the fourth quarter of fiscal 2025 was $13.5 million or $1.15 per diluted share to [pertinent] to $10 million or $0.86 per diluted share for the fourth quarter of fiscal 2024.

由於平均債務水準較高，2025 財年第四季的利息支出為 120 萬美元，而 2024 財年第四季的利息支出為 50 萬美元。2025 財年第四季的淨收入為 1,350 萬美元或每股攤薄收益 1.15 美元，而 2024 財年第四季的淨收入為 1,000 萬美元或每股攤薄收益 0.86 美元。

Now taking a look at inventory. The total value of inventories on hand at the end of the current fourth quarter increased $58 million or 29.5% compared to the total value of inventories on hand at the end of the prior year's comparable quarter. The increase was due to higher commodity acquisition costs across all major tree nuts as well as higher on-hand quantities of finished goods in preparation for anticipated seasonal demand. The weighted average cost per pound of raw nut and dried fruit increased 30.4% year-over-year, mainly due to higher commodity acquisition costs for almost all major tree nuts.

現在查看庫存。本第四季末庫存總價值與去年同期相比增加了 5,800 萬美元，增幅為 29.5%。價格上漲的原因是所有主要樹堅果的商品收購成本增加，以及為滿足預期的季節性需求而準備的成品數量增加。每磅生堅果和乾果的加權平均成本年增 30.4%，主要原因是幾乎所有主要樹堅果的商品收購成本都上漲。

Moving on to year-to-date results. The 2025 net sales increased 3.8% to $1.11 billion compared to fiscal 2024 net sales of $1.07 billion. Excluding the 20,25 first quarter impact to late full acquisition, net sales remained relatively unchanged.

繼續討論年初至今的業績。2025 年淨銷售額較 2024 財年的 10.7 億美元淨銷售額成長 3.8%，達到 11.1 億美元。除去 2025 年第一季因全面收購延遲而產生的影響，淨銷售額基本維持不變。

Sales volume increased 3.4%, primarily due to the Lakeville acquisition. Excluding the impact of Lakeville acquisition, sales volume decreased 1.7%, reflecting a 4% decrease in the consumer channel, which was partially offset by a 15.4% increase in the contract manufacturing channel. Gross profit margin decreased from 20.1% to 18.4% of net sales. The decrease is mainly attributable to increased commodity acquisition costs for substantially all major nuts except pecans, as well as competitive pricing pressures in strategic pricing decisions, which were offset by factors side of previously and improved profitability of bars due to manufacturing efficiencies.

銷售量增加了 3.4%，主要歸功於對 Lakeville 的收購。排除收購 Lakeville 的影響，銷售量下降 1.7%，其中消費者管道下降 4%，但合約製造管道成長 15.4% 部分抵消了這一下降。毛利率從淨銷售額的20.1%下降至18.4%。下降的主要原因是除山核桃外幾乎所有主要堅果的商品收購成本增加，以及戰略定價決策中的競爭性定價壓力，但這些因素被先前的因素和由於製造效率提高而導致的酒吧盈利能力提高所抵消。

Total operating expenses for fiscal 2025 decreased by $10.2 million to $118.8 million compared to fiscal 2024. We -- the decrease in total operating expenses was mainly driven by lower incentive compensation, advertises in consumer insight expenses.

2025 財年的總營運費用與 2024 財年相比減少了 1,020 萬美元，降至 1.188 億美元。我們－總營運費用的下降主要是因為激勵薪酬降低、消費者洞察費用的廣告。

These decreases were partially offset by a one-time bargain purchase gain or Lakeville acquisition, which did not repeat in the current fiscal year as well as increases in wage and rent expenses attributable to our [complete] house. Interest expense was $3.6 million for fiscal 2020 and and $2.5 million for fiscal 2024. Net income for fiscal 2025 was $58.9 million or $5.03 per diluted share compared net income of $60.2 million or $5.15 per diluted share for fiscal 2024. Please refer to our 10-K for additional details regarding our financial performance for fiscal 2025.

這些減少部分被一次性廉價購買收益或 Lakeville 收購所抵消，而本財政年度並未重複出現這種情況，以及歸因於我們[完整]房屋的工資和租金支出的增加。2020 財年的利息支出為 360 萬美元，2024 財年的利息支出為 250 萬美元。2025 財年的淨收入為 5,890 萬美元，即每股攤薄收益 5.03 美元，而 2024 財年的淨收入為 6,020 萬美元，即每股攤薄收益 5.15 美元。有關我們 2025 財年財務業績的更多詳細信息，請參閱我們的 10-K 報表。

Now I will turn the call over back to Jeffrey to provide additional comments.

現在我將把電話轉回給傑弗裡，讓他提供進一步的評論。

Thanks, Frank, for the financial updates. Now let's shift to consumption activity and category updates, I'll share the category and brand results with you for the quarter. All the market information I'll be referring to is Circana panel data, and for today, it is for the period ending June 15, 2025. As I refer to Q4, I'm referring to 13 weeks of the quarter ending June 15, 2025.

謝謝弗蘭克提供的財務更新。現在讓我們轉向消費活動和類別更新，我將與您分享本季的類別和品牌結果。我將要參考的所有市場資訊都是 Circana 面板數據，而今天的數據是截至 2025 年 6 月 15 日的數據。當我提到第四季時，我指的是截至 2025 年 6 月 15 日的季度的 13 週。

References to changes in volume or versus the corresponding period one year ago. For pricing commentary, we are using scan data from Circana, which includes food, drug, mass, Walmart, military and other outlets, and we are referring to average price per pound. We are using the nut trail mix and bar syndicated views of the category as defined by Circana.

參考數量變化或與一年前同期相比的變化。對於價格評論，我們使用來自 Circana 的掃描數據，其中包括食品、藥品、大眾、沃爾瑪、軍事和其他網點，我們指的是每磅的平均價格。我們正在使用 Circana 定義的類別的堅果混合乾果和能量棒聯合視圖。

In the latest quarter, we continue to see modest growth in the broader snack out as defined by Circana. Volume in dollars were up 1% and 3%, respectively. This is consistent with the performance we saw in Q3. In Q4, the snack nut and trail mix category was down 1% in pounds, which is consistent with Q3 performance.

在最新一個季度，我們繼續看到 Circana 定義的更廣泛的零食市場溫和成長。美元交易量分別成長了 1% 和 3%。這與我們在第三季看到的表現一致。第四季度，零食堅果和混合乾果類別的銷售量下降了 1%，與第三季的表現一致。

Dollars in Q4 were up 4% versus 2% in Q3 as prices continue to rise. Prices rose 5% for snack nuts with increases primarily in cashews, mixed, and pistachios. Price also rose 4% for trail mixes. Fisher snack nut and trail mix performed worse than the category with pound shipments down 17% and -- this was due primarily to declines in a major specialty retailer, as Frank mentioned, due to inventory changes and not repeating the promotion.

由於價格持續上漲，第四季美元上漲了 4%，而第三季上漲了 2%。零食堅果價格上漲 5%，主要上漲的是腰果、綜合堅果和開心果。混合乾果的價格也上漲了 4%。費雪零食堅果和乾果混合物的表現比同類產品更差，出貨量下降了 17%，這主要是由於一家大型專業零售商的銷量下滑，正如弗蘭克提到的，這是由於庫存變化和沒有重複促銷造成的。

Our Southern Style Nut brand pound shipment increased by 1% and driven primarily by growth in mass and e-commerce. Orchard Valley Harvest brand, which primarily plays in trail mix, was down 43% in power shipments driven by discontinuation at a national specialty retailer despite a strong performance in club, mass, and e-commerce.

我們的 Southern Style Nut 品牌出貨量增加了 1%，主要得益於大眾商務和電子商務的成長。Orchard Valley Harvest 品牌主要生產混合乾果，儘管在俱樂部、大眾和電子商務領域表現強勁，但由於全國專業零售商停產，其能量出貨量下降了 43%。

Money increases, including cocoa and some tree nuts are resulting in higher prices for Orchard Valley Harvest. We continue to focus on innovation and cost savings opportunities to mitigate this commodity pressure. Our private-label consumer snack and trail shipments performed weaker than the category with pound shipments down 8% versus last year due to softness in mass as prices rise due to commodity pressures. We're actively working on cost-mitigation solutions with our retail partners.

貨幣上漲，包括可可和一些堅果的價格上漲，導致 Orchard Valley Harvest 的價格上漲。我們將繼續專注於創新和節約成本的機會，以緩解這種商品壓力。我們的自有品牌消費者零食和小吃的出貨量表現弱於同類產品，由於商品壓力導致價格上漲，導致批量疲軟，磅出貨量較去年下降了 8%。我們正在積極與零售合作夥伴合作尋找降低成本的解決方案。

Now let me turn to the recipe nut category. In Q4, recipe nut category was down 1% in pounds and up 18% in dollars as prices for both Walmarts and pecans continue to increase. This is an improvement in both volume and dollar performance versus Q3.

現在讓我轉到食譜堅果類別。第四季度，由於沃爾瑪和山核桃的價格持續上漲，食譜堅果類別的重量下降了 1%，美元上漲了 18%。與第三季相比，銷量和美元表現都有所改善。

Our Fisher recipe pound shipments were down 7% in Q4, with volume softness tied to increased cost of our commodities and delayed shipments in e-commerce. Now let's switch to the bar category. In Q4, the bars category continued to rebound as a major player continue to re-enter the market after a major recall in winter of 2023.

我們的 Fisher 配方磅出貨量在第四季度下降了 7%，銷售疲軟與我們的商品成本增加和電子商務出貨延遲有關。現在讓我們切換到酒吧類別。第四季度，隨著主要參與者在 2023 年冬季大規模召回後繼續重新進入市場，酒吧類別繼續反彈。

The category grew 7% in pounds and 8% in dollars. Private label was down 4% in pounds and 2% in dollars as the previously mentioned national brand we took some of the share loss to private label this past year. Our private-label bar shipments were down 17% versus a year ago as we lap significant growth from the national brand recall.

該類別以英鎊計算增長了 7%，以美元計算增長了 8%。自有品牌以英鎊計算下降了 4%，以美元計算下降了 2%，因為先前提到的全國性品牌去年將部分市佔率損失轉嫁給了自有品牌。由於全國品牌召回活動帶來顯著成長，我們的自有品牌巧克力棒出貨量與去年同期相比下降了 17%。

In closing, as we enter fiscal '26, we have strong momentum and optimism as we continue to execute our strategic plan. We are actively pursuing additional opportunities to grow sales volume across all three of our distribution channels, and we're encouraged by early signs of success. At the same time, we remain focused on disciplined cost management and driving further operational efficiencies.

最後，隨著我們進入 26 財年，我們繼續執行戰略計劃，並保持強勁勢頭和樂觀態度。我們正在積極尋求更多機會來增加我們三個分銷管道的銷售量，早期的成功跡象令我們感到鼓舞。同時，我們仍然注重嚴格的成本管理並進一步提高營運效率。

That said, we recognize that significant external uncertainties remain, including tariffs, inflation, unpredictable commodity costs, and a broader macroeconomic challenge. These factors will require us to stay agile and responsive as the year progresses. We're committed to taking the necessary actions to deliver long-term sustainable growth, enhance our margins, and continue to create value for our customers, consumers, and shareholders. And as I said earlier, while the company did not hit some of our financial performance goals in fiscal '25, I am proud of what we did accomplish to transform our company.

儘管如此，我們認識到仍然存在重大的外部不確定性，包括關稅、通貨膨脹、不可預測的商品成本以及更廣泛的宏觀經濟挑戰。這些因素要求我們在未來幾年保持敏捷和回應能力。我們致力於採取必要的行動，實現長期可持續成長，提高利潤率，並繼續為我們的客戶、消費者和股東創造價值。正如我之前所說，雖然公司在 25 財年沒有實現一些財務業績目標，但我對我們在公司轉型方面所取得的成就感到自豪。

These achievements are a testament to the fortitude of our business model, the commitment of our people, and the mutual trust and depth of our customer and supplier partnerships. We are executing our growth strategies, implementing continuous improvement projects throughout the company to optimize our cost structure. We continue to invest in our brands, our capabilities and our people to better service our customers and consumers and create value for our shareholders. We appreciate your participation in the call, and thank you for your interest in our company.

這些成就證明了我們商業模式的韌性、員工的承諾以及我們與客戶和供應商之間的相互信任和深度合作。我們正在執行我們的成長策略，在整個公司實施持續改進專案以優化我們的成本結構。我們繼續投資我們的品牌、我們的能力和我們的員工，以便更好地服務我們的客戶和消費者，並為我們的股東創造價值。感謝您參加此電話會議，也感謝您對我們公司的關注。

Latonia, will now open the call to questions.

拉托尼亞現在開始提問。

(Operator Instructions)

（操作員指示）

And I would now like to hand the call back to Jeffrey for closing remarks.

現在我想把電話交還給傑弗裡，請他做最後發言。

We thank you for your participation in the call. We will be at next year's -- next week's investor conference in Chicago. We hope you will join us. Thank you.

我們感謝您參加此次電話會議。我們將參加明年—下週在芝加哥舉行的投資者會議。我們希望您能加入我們。謝謝。

Thank you. This concludes today's conference call. Thank you for participating. You may now disconnect.

謝謝。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。