J & J Snack Foods Corp (JJSF) 2024 Q4 法說會逐字稿

Any such forward-looking statements represent management's estimates as of the date of the call today.

任何此類前瞻性陳述均代表管理階層截至今天電話會議之日的估計。

November 14th, 2024.

2024 年 11 月 14 日。

While we may elect to update forward-looking statements at some point in the future, we disclaim any obligation to do so even if subsequent events cause expectations to change.

雖然我們可能選擇在未來某個時候更新前瞻性陳述，但我們不承擔任何這樣做的義務，即使後續事件導致預期發生變化。

In addition, we may also reference certain nongaap measures on the call today including adjusted normalized sales if it do adjusted operating income or adjusted earnings per share, all of which are reconciled to the nearest GAAP measure in the company's earnings press release, which can be found in our investor relations section of our website.

此外，我們還可能在今天的電話會議上參考某些非公認會計準則衡量標準，包括調整後的正常化銷售額（如果調整後的營業收入或調整後的每股收益），所有這些都與公司收益新聞稿中最接近的公認會計準則衡量標準一致。

Joining me on the call today is Dan Fasher, Chief Executive Officer along with Ken Plunk, the Chief Financial Officer following management's prepared remarks.

今天與我一起參加電話會議的是執行長 Dan Fasher 和財務長 Ken Plunk，他們聽取了管理層準備好的演講。

We will open the call for a question and answer session with that.

我們將以此開始問答環節。

I would now like to turn the call over to Mr Fer.

我現在想把電話轉給費爾先生。

Please go ahead, Dan.

請繼續，丹。

Thank you, Roberto.

謝謝你，羅伯托。

Good morning everyone.

大家早安。

And thank you for joining us today JJ Snack Foods achieved another year of top and bottom line growth in fiscal 2024.

感謝您今天加入我們，JJ Snack Foods 在 2024 財年實現了營收和利潤的另一個成長。

We not only achieved record annual sales and gross profit but also set new highs for adjusted EBITA.

我們不僅實現了創紀錄的年銷售額和毛利，而且調整後的 EBITA 也創下了新高。

And we achieved our financial goals of improving gross margin rates, delivering improved supply chain metrics and growing profits faster than sales adjusted EBITA increased 10.2% in fiscal 2024.

我們實現了提高毛利率、改善供應鏈指標以及利潤成長速度快於 2024 財年經銷售調整的 EBITA 成長 10.2% 的財務目標。

More importantly, these results were achieved during a dynamic consumer and economic environment that impacted traffic and spending in key channels including amusement convenience theaters, restaurant and retail.

更重要的是，這些成果是在充滿活力的消費者和經濟環境中取得的，這影響了遊樂便利劇院、餐廳和零售等關鍵管道的流量和支出。

Despite pressures on consumer spending, we continue to grow sales on a year over year basis, led by incremental placements of core products, brands, product innovation, and new customer wins.

儘管消費者支出面臨壓力，但在核心產品、品牌、產品創新和新客戶的增量投放的帶動下，我們的銷售額繼續逐年增長。

I'm so proud of our employees who continue to execute a well aligned long term strategy that positions J&J for continued profitable growth.

我為我們的員工感到非常自豪，他們繼續執行一致的長期策略，使強生能夠實現持續的獲利成長。

As we discussed our performance, it is important to remember that we had one less week of selling days in fiscal 2024 compared to fiscal 2023.

在我們討論我們的業績時，重要的是要記住，與 2023 財年相比，我們 2024 財年的銷售天數減少了一周。

This impacted fourth quarter sales by an estimated 33 million.

這預計將影響第四季銷售額 3300 萬輛。

We will refer to it as normalized sales in our discussions today to better explain what we feel is a more accurate apples to apples comparison for the year, we grew sales 1% on a reported basis and 2.8% comparing results on a normalized basis.

在今天的討論中，我們將其稱為標準化銷售，以更好地解釋我們認為今年更準確的同類比較，我們的銷售額在報告的基礎上增長了1%，在標準化的基礎上比較結果增長了2.8%。

I'm especially proud of our double digit growth in adjusted EBIDA led by an 80 basis point improvement in gross margins to 30.9% along with 100 and 10 basis points improvement and adjusted ebita margins for the full year.

我對我們調整後 EBIDA 的兩位數成長感到特別自豪，毛利率提高了 80 個基點，達到 30.9%，全年調整後 EBIT 利潤率提高了 100 和 10 個基點。

Looking at our fourth quarter, results reported sales decreased 3.9%.

看看我們第四季的業績，銷售額下降了 3.9%。

However, on a normalized basis sales increased 3.9%.

然而，在正常化的基礎上，銷售額成長了 3.9%。

Softer consumer trends along with fewer selling days impacted sales of our higher margin products during the quarter including soft pretzels, churros, frozen beverages, frozen novelties and dials.

消費趨勢疲軟以及銷售天數減少影響了本季度我們利潤率較高的產品的銷售，包括軟椒鹽捲餅、油條、冷凍飲料、冷凍新奇食品和錶盤。

This resulted in a less favorable gross margin mix and created production inefficiencies as we adjusted inventory levels across our plants and distribution centers.

當我們調整工廠和配送中心的庫存水準時，這導致毛利率組合不太有利，並造成生產效率低下。

As a result, our gross margin decreased 110 basis points for the quarter to 31.8% compared to a record fourth quarter of fiscal 2023.

因此，與創紀錄的 2023 財年第四季相比，我們本季的毛利率下降了 110 個基點，至 31.8%。

While operating income and adjusted EBITA decreased 4.5% and 4% respectively.

而營業收入和調整後 EBITA 分別下降 4.5% 和 4%。

Despite these challenges in the fourth quarter, we managed operating expenses well, improving by 110 basis points and achieving net earnings as a percentage of sales of 6.9% consistent with the previous year.

儘管第四季面臨這些挑戰，我們還是很好地管理了營運費用，提高了 110 個基點，實現淨利潤佔銷售額的百分比為 6.9%，與上年持平。

Kim will review financial performance for the fourth quarter and fiscal year in more detail in just a few minutes.

金將在幾分鐘內更詳細地回顧第四季和財年的財務表現。

I'd like to emphasize the importance of our strategy and how it aligns with our results.

我想強調我們策略的重要性以及它如何與我們的結果保持一致。

Over the last year, our J&J team remains relentlessly focused on executing our strategy of growing core brands and creating cross selling opportunities to drive incremental sales each quarter.

去年，我們的強生團隊仍然堅持不懈地專注於執行我們發展核心品牌的策略，並創造交叉銷售機會，以推動每季的銷售增量。

We expanded new products and incremental placement even as consumer softness challenged sales in many of our key channels.

儘管消費者疲軟對我們許多關鍵管道的銷售構成挑戰，我們仍擴大了新產品和增量投放。

This is a critical element of our strategy as it layers on growth during short term periods of declining traffic and attendance.

這是我們策略的關鍵要素，因為它將在客流量和出席人數下降的短期期間實現成長。

As consumer trends improve, we are well positioned across our segments to continue driving growth and profitability.

隨著消費者趨勢的改善，我們在各個細分市場中都處於有利位置，可以繼續推動成長和獲利。

Let's review our three segments with a focus on the year's results and why we are confident in our ability to continue driving growth in food service reported sales grew 0.3% for the fiscal year and 2.4% on a normalized basis.

讓我們回顧一下我們的三個部門，重點關註今年的業績，以及為什麼我們對繼續推動食品服務成長的能力充滿信心。 %。

This included growth of frozen novelties, Churros Handhelds and Bakery on both the reported and normalized basis.

這包括冷凍新奇食品、油條手持設備和麵包店在報告和標準化基礎上的成長。

We did experience consumer softness in key channels in the fourth quarter but consider these challenges to be short term in nature and do not expect that they will continue into fiscal 2025.

我們確實在第四季度經歷了關鍵管道的消費者疲軟，但認為這些挑戰本質上是短期的，預計它們不會持續到 2025 財年。

Let me start with our frozen novelty business.

讓我從我們的冷凍新奇業務開始。

Frozen novelty sales grew on both a reported and normalized basis for the year despite channel performance and amusement and convenience, which are key sales venues for dippin dots dipan do sales grew low single digits on a normalized basis for the year as new theater locations were offset by declines in traffic and attendance in our core convenience and amusement channels.

儘管通路表現以及娛樂和便利設施（這些是Dippin Dots Dipan 的主要銷售場所）的表現良好，但由於新影院位置被抵消，今年的冷凍新奇產品銷售額在報告和標準化基礎上均實現了低個位數增長。

This was more pronounced in the fourth quarter after delivering stronger sales in the prior third quarter as it relates to Dio, we remain optimistic with our growth opportunities driven by added placements in theaters and indoor amusement together with expectations that business will improve in our core channels.

在前第三季與Dio 相關的銷售強勁之後，這一點在第四季度表現得更加明顯，我們對影院和室內娛樂場所增加所帶來的成長機會保持樂觀，並預計我們的核心通路業務將有所改善。

Dio is currently in just under 900 theaters as of the end of fiscal 2024.

截至 2024 財年末，《Dio》目前在近 900 家戲院上映。

And we expect to add another 120 locations in the first quarter and 180 locations in our fiscal second quarter.

我們預計第一季將再增加 120 個地點，第二季將增加 180 個地點。

We will then have Dippin Dots available in the four largest theater chains, A MC Cinemark, Regal and Marcus and early feedback from some of our theater partners is that Dippin Dots is exceeding the sales of other frozen novelties.

然後，我們將在四大連鎖影院 A MC Cinemark、Regal 和 Marcus 中提供 Dippin Dots，我們的一些影院合作夥伴的早期反饋是，Dippin Dots 的銷量超過了其他冷凍新奇產品。

We are rolling out dippin dots in all Dave and Buster's and main event locations.

我們正在所有戴夫和巴斯特以及主要活動地點推出浸點。

We expect this rollout to be completed within our fiscal first quarter across roughly 220 locations.

我們預計這項部署將在第一財季內在約 220 個地點完成。

We have significant opportunities in the dip and do business and will continue to expand placement and leverage innovation to add new flavors and packaging to drive growth.

我們在經濟低迷和開展業務方面擁有重大機會，並將繼續擴大佈局並利用創新來添加新口味和包裝以推動成長。

Taking a look at chros, we continue to be confident in our long term performance and growth opportunities.

看看 chros，我們仍然對我們的長期業績和成長機會充滿信心。

Sales growth for the full year was led by the addition of a major QSR customer launched earlier in the year.

全年銷售成長主要得益於今年稍早推出的主要 QSR 客戶的增加。

This business provides other opportunities for growth with this customer looking forward.

該業務為該客戶提供了其他成長機會。

We're excited about a new opportunity to launch churro fries with a leading national hamburger chain.

我們很高興有機會與一家領先的全國漢堡連鎖店合作推出油條薯條。

This product was successfully introduced in a recent LTO and it exceeded expectations.

該產品在最近的一次LTO中成功推出，並且超出了預期。

We are working with the customer on next steps and new opportunities.

我們正在與客戶合作制定後續步驟和新機會。

We're also working on working on LT Os with two additional major QSR customers.

我們也致力於與另外兩位主要 QSR 客戶合作開發 LT Os。

There's a lot going on with our Touro business that provides us with added confidence in our ability to continue to grow this business.

我們的 Touro 業務發生了很多事情，這讓我們對繼續發展這項業務的能力更有信心。

Moving to bakery, we had a strong year in the bakery business led by expanded growth of cookies with both current and new customers.

轉向麵包店，我們在麵包店業務中度過了強勁的一年，這得益於現有客戶和新客戶的餅乾成長。

Our bakery team has a well thought out plan to continue driving growth in 2025 that includes expanded production capacity, new products and incremental contract.

我們的烘焙團隊有一個深思熟慮的計劃，將在 2025 年繼續推動成長，其中包括擴大產能、推出新產品和增量合約。

Manufacturing opportunities shift into soft pretzels sales declined for the year driven by softness in the convenience theaters, restaurants and amusement channels.

製造機會轉向軟椒鹽捲餅，由於便利劇院、餐廳和娛樂管道的疲軟，今年的銷量下降。

This was pronounced throughout the entire market.

這一點在整個市場上都很明顯。

However, we continue to grow our market share within the industry.

然而，我們在行業內的市場份額持續增長。

We remain well positioned for growth as consumer trends improve in these key channels.

隨著這些關鍵通路的消費趨勢改善，我們仍處於成長的有利位置。

Recently, we gained incremental placements of Bavarian pretzel bites across all sectors of the food service industry.

最近，我們在食品服務業的所有領域都獲得了巴伐利亞椒鹽捲餅的增量投放。

We will continue to drive incremental opportunities through new innovations like Brauhaus Pretzels and Bavarian pretzel sticks and bites along with the expectations for improving channel performance of our core soft pretzel business.

我們將繼續透過啤酒屋椒鹽捲餅和巴伐利亞椒鹽捲餅棒和咬片等新創新來推動增量機會，並期望改善我們核心軟椒鹽捲餅業務的通路績效。

Moving to our retail segment, we grew reported sales 2.7% and normalized sales 4.4% for the fiscal year.

轉向我們的零售部門，本財年我們的報告銷售額成長了 2.7%，正常銷售額成長了 4.4%。

This growth was driven primarily by continued expansion of our Superpretzel Bavarian sticks and many pretzel dogs as a major customer continues to expand placements across their portfolio.

這一增長主要是由於我們的 Superpretzel Bavarian 棒和許多椒鹽捲餅狗的持續擴張所推動的，因為主要客戶繼續擴大其產品組合中的展示位置。

We have talked about this business before as being a great example of where cross selling and leveraging our great brands across customer channels creates incremental opportunities.

我們之前曾討論過這項業務，它是跨客戶管道交叉銷售和利用我們的偉大品牌創造增量機會的一個很好的例子。

We have invested marketing dollars and trade funds to drive this growth and we will continue building this brand across retail.

我們投入了行銷資金和貿易資金來推動這一成長，我們將繼續在零售領域打造這個品牌。

In 2025 soft pretzel A CV grew over three points driven by expansion of Superpretzel mini pretzel dogs and Bavarian sticks.

2025 年，由於 Superpretzel 迷你椒鹽捲餅熱狗和巴伐利亞椒鹽捲餅棒的擴張，軟椒鹽捲餅 A CV 增長了超過 3 個百分點。

Our soft pretzel products are well positioned in the retail sector despite recent short term softness in the fourth quarter.

儘管第四季短期疲軟，但我們的軟椒鹽捲餅產品在零售領域仍處於有利地位。

Looking forward, we expect distribution expansion across our Superpretzel and an Anne's brands and will enter the premium pretzel segment as we launch our row house brand into retail.

展望未來，我們預計我們的 Superpretzel 和 Anne's 品牌的分銷範圍將擴大，並且隨著我們將排屋品牌引入零售業，我們將進入優質椒鹽捲餅領域。

Let's talk about frozen novelty sales in retail for both the year and the quarter.

讓我們來談談今年和本季零售業的冷凍新奇商品銷售情況。

Sales declined on both a reported and normalized basis.

銷售額在報告和正常基礎上均有所下降。

This decline was primarily driven by softer sales in Luigis in an overall declining Italian category.

這一下降主要是由於路易吉斯（Luigis）在整體下滑的意大利類別中銷售疲軟所致。

Our marketing and sales teams are focused on improving Luigi's performance in 2025 through improved marketing programs, enhanced consumer and product positioning and incremental customer opportunities.

我們的行銷和銷售團隊致力於透過改善行銷計劃、增強消費者和產品定位以及增加客戶機會，在 2025 年提高 Luigi 的業績。

Our doter's brand continues to perform well growing almost 20% in the quarter and adding over four points of A CV expansion.

我們的 doter 品牌繼續表現良好，本季成長了近 20%，並增加了超過 4 個百分點的 A CV 擴張。

We can continue to see opportunities to build this brand leveraging the growing demand for pet products.

我們可以繼續看到利用寵物產品不斷增長的需求來建立這個品牌的機會。

We remain confident in this in this category and are really excited about bringing a new dip and dots retail product to the market in fiscal 2025.

我們對此類別仍然充滿信心，並且非常高興能夠在 2025 財年向市場推出新的點滴零售產品。

Also, we continue to grow our handheld business in retail sales for the year grew over 58% on both a reported and normalized basis.

此外，我們持續發展手持設備業務，全年零售額按報告和正常情況成長超過 58%。

This is a strong business for us, led by growth and incremental placements with a major mass merchant.

這對我們來說是一項強勁的業務，由主要大眾商家的成長和增量安置所帶動。

Finally, let's discuss our frozen beverage segment sales increased 1.9% on a reported basis and 3% on a normalized basis for the year.

最後，我們來討論今年我們的冷凍飲料部門銷售額在報告基礎上成長了 1.9%，在標準化基礎上成長了 3%。

The team grew this business despite volume declines in our theater and convenience channels throughout most of the year, on a reported basis, frozen beverage sales increased 2.4% for the year.

儘管我們的戲院和便利通路的銷量全年大部分時間都在下降，但我們的團隊仍實現了這項業務的成長，據報道，全年冷凍飲料銷售額成長了 2.4%。

Even lapping an extra week in fiscal 2023 theaters.

甚至可以在 2023 財年的戲院多放映一週。

A significant part of the IC business was down 5% compared to the prior year as the actors strike impacted the volume and quality of movie releases.

由於演員罷工影響了電影上映的數量和質量，IC 業務的很大一部分比前一年下降了 5%。

We did however see improvements in the theater channel in Q4, especially in July and September as stronger releases hit the market in talking with our largest theater customers.

然而，我們確實看到了第四季度影院頻道的改善，特別是在七月和九月，因為在與我們最大的影院客戶交談時，更強大的電影進入了市場。

The industry expects significant improvement starting in our first quarter with a slate of franchise films and titles such as Wicked Gladiator Two and Sonic the Hedgehog three.

業界預計，從第一季開始，一系列特許經營電影和作品（例如《邪惡角鬥士 2》和《刺蝟索尼克 3》）將出現顯著改善。

We see solid trends in the movie theater channel throughout fiscal 2025 with an improving movie slate and continuing strong concession consumption, repair and maintenance and equipment sales increased on both a reported and normalized basis for the year.

我們看到整個 2025 財年電影院管道的穩健趨勢，電影數量不斷增加，特許消費持續強勁，維修和保養以及設備銷售在年度報告和標準化基礎上均有所增長。

We continue to grow both of these categories led by expanded placements of icing machines and incremental service business across our customer portfolio.

在我們的客戶組合中擴大結冰機的佈局和增量服務業務的帶動下，我們繼續成長這兩個類別。

We are excited about the prospect for C and as the theater business business comes back, we are confident c sales will as well.

我們對 C 的前景感到興奮，隨著劇院業務的復甦，我們對 C 的銷售也將充滿信心。

In short, our strategies to leverage innovation and cross selling opportunities to expand placements of our core products and brands continue to deliver positive results.

簡而言之，我們利用創新和交叉銷售機會擴大核心產品和品牌投放的策略繼續取得正面成果。

I'd like to take a moment to emphasize the impact of our operational investments over the past few years.

我想花點時間強調我們過去幾年營運投資的影響。

Enhancements to our manufacturing and distribution capabilities are leading to notable improvements in key efficiency metrics.

我們的製造和分銷能力的增強正在導致關鍵效率指標的顯著改善。

Our supply chain initiatives anchored by the three new RD CS are working as planned, adding new capacity and creating efficiencies and how we move products to our customers.

我們以三個新 RD CS 為基礎的供應鏈計劃正在按計劃進行，增加了新產能並提高了效率以及我們如何將產品運送給客戶。

We now operate out of the nine cold storage facilities simplifying logistics management across our network today, 90% of our sales orders are shipped from the new distribution network versus under 30% a year ago with the average length of haul decreasing by over 30% and on time performance improving to over 80% versus 63% a year ago.

我們現在經營9 個冷藏設施，簡化了整個網路的物流管理，我們90% 的銷售訂單是從新的分銷網絡發貨的，而一年前這一比例還不到30%，平均運輸長度減少了30% 以上，準時率從一年前的 63% 提高到 80% 以上。

Linehaul cost per pound decreased 14% compared to the same quarter last year.

每磅長途運輸成本與去年同期相比下降了 14%。

In our snack food business, shifting to operations.

我們的休閒食品業務正在轉向營運。

The combination of new lines and increased capacity in collaboration with new distribution centers has streamlined operations leading to reduction in waste and overtime.

新生產線和與新配送中心合作增加的產能相結合，簡化了運營，從而減少了浪費和加班。

This optimization has allowed us to enhance our service to customers more effectively than ever before.

這種優化使我們能夠比以往更有效地增強對客戶的服務。

Notably, bill rates have improved to 98.7%.

值得注意的是，帳單率已提高至 98.7%。

I also wanted to mention that we are far along on our CFO search and will be in a position to confirm a new hire shortly as you know, our current Co Ken will be retiring at the end of this calendar year.

我還想提一下，我們在尋找財務長方面進展順利，很快就能確認新員工，如您所知，我們現任的 Co Ken 將在今年年底退休。

In summary, we are pleased with the progress we are making to optimize sales across all customer channels and improve our operational efficiencies.

總之，我們對優化所有客戶通路的銷售和提高營運效率所取得的進展感到滿意。

Our diverse portfolio of products and brands and our continued focus on innovation provides considerable growth opportunities across our customer base.

我們多樣化的產品和品牌組合以及對創新的持續關注為我們的客戶群提供了可觀的成長機會。

Additionally, our strong balance sheet and liquidity along with our experienced leadership team, reinforce our confidence in generating long term value for our employees, partners and shareholders.

此外，我們強大的資產負債表和流動性以及經驗豐富的領導團隊增強了我們為員工、合作夥伴和股東創造長期價值的信心。

I'm incredibly proud of our senior team and employees who consistently carry out their jobs with dedication and skill.

我為我們的高級團隊和員工感到無比自豪，他們始終以奉獻精神和技能完成工作。

Their commitment to our goals has led to strong results that reflect their hard work and collaboration.

他們對我們目標的承諾帶來了強勁的成果，這反映了他們的辛勤工作和協作。

It's truly inspiring to see how each team member contributes to our success, driving innovation and operational excellence.

看到每個團隊成員如何為我們的成功做出貢獻，推動創新和卓越運營，這確實令人鼓舞。

Together, we are building a strong foundation for future growth and success.

我們共同為未來的成長和成功奠定了堅實的基礎。

As we enter fiscal 2025 we are optimistic about optimistic about the growth potential of our core products and the success of our new product launches and client partnerships.

隨著我們進入 2025 財年，我們對核心產品的成長潛力以及新產品發布和客戶合作夥伴關係的成功感到樂觀。

We expect performance trends to improve in our core channels like convenience theaters, amusements and restaurants as consumer confidence and spending improves in fiscal 2025 with a stronger film lineup ahead.

我們預計，隨著 2025 財年消費者信心和支出的改善以及未來電影陣容的增強，便利劇院、娛樂場所和餐廳等核心通路的業績趨勢將會改善。

We believe there will be significant growth opportunities for different dots and IC and we anticipate improved sales across our other products as well.

我們相信不同的點和 IC 將會有巨大的成長機會，我們預計其他產品的銷售也會有所改善。

With that, I would now like to pass the call over to Ken to review our financial performance in more detail, Ken.

現在，我想將電話轉接給 Ken，以更詳細地審查我們的財務業績，Ken。

Thank you, Dan and good morning everyone.

謝謝丹，大家早安。

I am pleased with our ability to deliver yet another record full year performance.

我對我們能夠再創紀錄的全年業績感到滿意。

Even as many of our core customer channels faced a softer consumer environment.

儘管我們的許多核心客戶管道都面臨著疲軟的消費環境。

As Dan just stated, we are executing a strategy that is working and confident our team is running the right place.

正如丹剛才所說，我們正在執行一項有效的策略，並且相信我們的團隊正在正確地運作。

I would like to take a few minutes to walk you through our fourth quarter and fiscal year results before reviewing our results.

在回顧我們的業績之前，我想花幾分鐘向您介紹我們第四季和財年的業績。

It is important to note that J&J's fiscal 2023 4th quarter and full year included an additional week with the reported results comparing 14 weeks in the fourth quarter of fiscal 2023 to 13 weeks in the fourth quarter of fiscal 2024.

值得注意的是，強生 2023 財年第四季和全年報告結果增加了一周，將 2023 財年第四季的 14 週與 2024 財年第四季的 13 週進行了比較。

Likewise reported results include 53 weeks for the full year, 2023 results compared to 52 weeks for fiscal 2024.

同樣報告的結果包括 2023 年全年結果為 53 週，而 2024 財政年度為 52 週。

For purposes of comparability.

出於可比性的目的。

We refer to normal sales more accurately explained performance trends.

我們參考正常銷售更準確地解釋了業績趨勢。

Looking at our fiscal fourth quarter results, net sales decreased 3.9% as reported and increased 3.9% on a normalized basis.

從我們第四財季的業績來看，報告中的淨銷售額下降了 3.9%，正常化基礎上成長了 3.9%。

The loss of one week of sales had an even more pronounced impact on the quarter compared to the prior year due to losing selling days in the first week of our July fiscal month, these are peak seasonal sales days for our core business.

與前一年相比，一週的銷售損失對本季的影響更為明顯，因為我們 7 月財政月第一週的銷售天數減少了，這些銷售天數是我們核心業務的旺季銷售天數。

We estimate this impact to be approximately 33 million when comparing fourth quarter results for fiscal '24 to 2023 reported net sales for the quarter.

在比較 24 財年第四季業績至 2023 年報告的該季度淨銷售額時，我們估計這種影響約為 3,300 萬。

A total of $426.8 million.

總計 4.268 億美元。

For the fiscal year, we grew sales 1% on a reported basis and added 15.9 million in incremental sales despite having one less week that sells you an estimated 2.8% comparing results on a normalized basis.

在本財年，我們的銷售額在報告的基礎上增長了1%，並增加了1590 萬件增量銷售額，儘管與標準化基礎上的結果相比，少一周的銷售額預計增長了2.8% 。

I'll spend a few minutes reviewing fourth quarter results for each of our segments, food service.

我將花幾分鐘回顧我們每個部門（食品服務）的第四季業績。

Our largest segment saw reported sales decreased 3% to 263.2 million during the fourth quarter compared to the prior year period.

與去年同期相比，第四季我們最大的細分市場銷售額下降了 3%，至 2.632 億美元。

Chro and salt pretzel cells declined 9.5% and 9.4% respectfully while frozen novelty cells declined 4.3%.

Chro 和鹽椒鹽捲餅細胞分別下降了 9.5% 和 9.4%，而冷凍新奇細胞則下降了 4.3%。

This was partially offset by a 3.5% increase in bakery sales just shy of $100 million and an 8.4% increase in handheld sales.

麵包店銷售額成長 3.5%，接近 1 億美元，手持設備銷售額成長 8.4%，部分抵銷了這一影響。

The sales decline across most categories was attributed to the one less week this quarter and softer consumer spending in key channels like convenience, amusement and restaurants, sales on a normalized basis increased an estimated 4.6% sales of new products and added placement with new customers total approximately $8 million driven primarily by the addition of churros to the menu of two major QSR customers.

大多數類別的銷售額下降是由於本季度減少了一周，以及便利、娛樂和餐飲等關鍵管道的消費者支出疲軟，正常化基礎上的銷售額預計增加了4.6%，新產品銷售額和新客戶總數增加約 800 萬美元的收入主要來自於將油條添加到兩個主要 QSR 客戶的菜單中。

This led to fourth core operating income in the food service sector of 15.3 million.

這導致第四大食品服務領域的核心營業收入達到1530萬。

A decrease of 12.7% versus the prior year period.

比去年同期下降12.7%。

Reflecting lower overall food service sales, a less favorable sales mix and production and supply chain efficiencies as we manage through softer consumer demand.

反映出整體食品服務銷售下降、銷售組合不佳以及生產和供應鏈效率下降，因為我們應對消費者需求疲軟的情況。

Moving to retail Q424 reported net sales totaled 55.9 million or a decrease of 13.7%.

轉向零售業，2024 年第四季淨銷售額總計 5,590 萬輛，下降 13.7%。

Driven by 19 driven by 19.3% and 16.8% decline in salt pretzels and frozen novelties respectfully.

19年帶動，鹽椒鹽捲餅和冷凍新奇分別下降19.3%和16.8%。

This was partially offset by relatively flat biscuit cells and a 14.9% increase in henel cells as the expanded product placement with a major mass merchant normalized sales decrease in estimated 5.7%.

這被相對平坦的餅乾電池和 14.9% 的 Henel 電池增長部分抵消，因為大型大眾商家擴大了產品植入，使銷售額正常化，預計銷售額下降了 5.7%。

As consumers tighten spending in key grocery and mass merchant retailers, we continue to see pressure on discretionary spending from longterm.

隨著消費者收緊主要雜貨店和大型商業零售商的支出，我們繼續看到長期可自由支配支出面臨的壓力。

Food inflation impacts higher interest rates, rising credit card balances and overall economic concerns.

食品通膨會影響利率上升、信用卡餘額增加和整體經濟擔憂。

This led to an operating income of 3.3 million or a decrease of 400 of 400,000 versus the prior year period.

這導致營業收入為 330 萬美元，比去年同期減少 4 億至 40 萬美元。

Reflecting the drop in sales as it relates to our third segment, frozen beverages reported sales were 108.7 million.

冷凍飲料的銷售額為 1.087 億份，反映出與我們的第三部門相關的銷售額下降。

8.1% decrease compared to a record Q423 overall segment cells increased an estimated 7.7% on a normalized basis.

與創紀錄的第 4 季相比，整體段細胞減少了 8.1%，在標準化基礎上估計增加了 7.7%。

Beverage sales were flat at 71.3 million but did increase on the normalized comparison led by improvements in theater sales, especially in July and September as the volume and quality of releases started to recover from last year's actors strike overall gallons sold increased an estimated 7% when adjusted for the extra week.

飲料銷量持平於7,130 萬杯，但在影院銷量改善的帶動下，在正常比較的基礎上有所增長，尤其是在7 月和9 月，因為上映的數量和質量開始從去年的演員罷工中恢復，整體銷量預計增加了7%。

As Dan mentioned, we expect volumes to experience a significant improvement in calendar year 2025 given the stronger schedule of film releases, repair and maintenance revenues declined 1.3% versus the prior year period reflecting the impact of one less week.

正如 Dan 所提到的，鑑於電影發行計畫更加強勁，我們預計 2025 年的銷量將出現顯著改善，維修和維護收入較上年同期下降 1.3%，反映出減少一週的影響。

While machine sales were up 1.7% in the quarter.

本季機器銷量成長 1.7%。

This led to a Q4, 2024 operating income increase of 3.4% to 21.3 million for the quarter compared to Q4, 23 operating income of 20.6 million.

這導致 2024 年第四季的營業收入比 23 年第四季的 2,060 萬美元成長 3.4%，達到 2,130 萬美元。

This was driven by improved product mix and effective management of operating expenses.

這是由於產品組合的改善和營運費用的有效管理所推動的。

Before moving on.

在繼續之前。

I would like to point out that on a full year basis.

我想指出的是全年的情況。

All three segments experienced growth including 0.3% increase in food service, 2.7% in retail and a 1.9% increase in food beverage sales.

所有三個細分市場均實現成長，其中餐飲服務成長 0.3%，零售成長 2.7%，食品飲料銷售成長 1.9%。

Adjusting for the additional week in fiscal 2023 we estimate that normalized sales increased 2.4% 4.4% and 3% respectfully for the food service and frozen beverages segments.

在 2023 財年額外一週進行調整後，我們估計食品服務和冷凍飲料領域的正常銷售額分別成長 2.4%、4.4% 和 3%。

Our investments and initiatives in the last two years to enhance profit margins and drive efficiency across our business are proving to be successful for the year.

事實證明，我們過去兩年為提高利潤率和提高整個業務效率而進行的投資和舉措在今年取得了成功。

We continue to deliver on our goal of improving gross profit in fiscal 2024 gross profit increased 3.5% to 486.1 million leading to a gross margin rate improvement of 80 basis points to 30.9% to the previously mentioned impacts or fourth quarter.

我們繼續實現提高毛利的目標，2024 財年毛利成長 3.5%，達到 4.861 億美元，導致毛利率比先前提到的第四季影響提高 80 個基點，達到 30.9%。

Gross profit did decline 7% 235.5 million leading to a gross margin rate of 31.8% compared to 32.8%.

毛利確實下降了 7%，為 2.355 億，導致毛利率從 32.8% 下降到 31.8%。

In Q4, 2023 we remain confident in our ability to deliver strong and consistent profit growth and expect to further improve our gross margin rate in 2025.

2023 年第四季度，我們對實現強勁且持續的利潤成長的能力仍然充滿信心，並預計 2025 年毛利率將進一步提高。

And as that as it relates to inflation across our portfolio raw materials, we experienced net mid single digit inflation with the increase primarily driven by a higher cost of cocoa chocolate and to a lesser extent increases in the cost of sugar, eggs and meat.

由於這與我們投資組合原料的通膨有關，我們經歷了中個位數的淨通膨，其成長主要是由可可巧克力成本上漲以及糖、雞蛋和肉類成本上漲所推動的。

These increases were somewhat offset by deflationary trends seen in flour, cheese and dairy and mixes, pricing adjustments and contractual cost trups help minimize the majority of the impact but continued inflation and chocolates and sugar is driving consideration of further price increases in cost of goods initiatives to manage gross margins.

這些成長在一定程度上被麵粉、起司、乳製品和混合物的通貨緊縮趨勢所抵消，定價調整和合約成本特魯普有助於最大限度地減少大部分影響，但持續的通貨膨脹以及巧克力和糖正在促使人們考慮進一步提高商品成本計劃的價格管理毛利率。

Our procurement team continues to effectively manage supplying costs and we are well positioned to respond to any impacts.

我們的採購團隊繼續有效地管理供應成本，並且我們有能力應對任何影響。

Looking at expenses, total operating expenses decreased $8.4 million or 8% representing 22.4% of sales for the quarter compared to 23.4% of sales in the prior year period.

從費用來看，總營運費用減少了 840 萬美元，即 8%，佔本季銷售額的 22.4%，而去年同期佔銷售額的 23.4%。

Distribution costs with 10.8% of sales in the quarter flat compared to the prior year period.

本季分銷成本佔銷售額的 10.8% 與去年同期持平。

As the investments we made to increase efficiency across our distribution network and supply chain continue to drive expense savings, marketing and selling expenses for the quarter were 7.3% of sales versus 7% in the prior year period.

由於我們為提高分銷網絡和供應鏈效率而進行的投資持續推動費用節省，本季的營銷和銷售費用佔銷售額的 7.3%，而去年同期為 7%。

As we continue to invest in our product innovation, brand promotions and new selling opportunities.

隨著我們繼續投資於產品創新、品牌推廣和新的銷售機會。

Administrative expenses were 4.3% of sales in Q4, 24 compared to 5% in 2023.

24 第四季管理費用佔銷售額的 4.3%，而 2023 年這一比例為 5%。

This led to an operating income of 39.8 million for the quarter or a 4.5% decrease compared to 41.7 million in Q4 of 23 adjusted operating income was 42 million in the fourth quarter or an 8.3% decrease compared to Q423 we estimate the additional week negatively impacted operating profit for the quarter by approximately $4 million on a four on a full year basis.

這導致本季營業收入為3,980 萬美元，較第四季的4,170 萬美元下降4.5%。負面影響該季度營業利潤較全年第四季增加約 400 萬美元。

Operating income increased 7.3% to 117.5 million.

營業收入成長 7.3% 至 1.175 億美元。

While adjusted operating income grew 8.5% to 130.4 million after the impact of income taxes of 10.9 million compared to 11.3 million in the comparable prior year.

扣除所得稅影響後，調整後營業收入成長 8.5%，達到 1.304 億美元，去年同期為 1,130 萬美元。

Net earnings for the fourth quarter decreased 2.6% to 29.6 million.

第四季淨利下降2.6%至2960萬美元。

Resulting in earnings per diluted share of a dollar 52 compared to a dollar 57 in the prior year period, adjusted earnings per share were a dollar 60 for the quarter compared to the dollar 73 in the prior year period.

稀釋後每股收益為 52 美元，而去年同期為 57 美元，該季度調整後每股收益為 60 美元，而去年同期為 73 美元。

And on a full year basis, net earnings increased 9.7% leading to diluted earnings per share of $4.45 versus $4.08 in fiscal 2023.

全年淨利潤成長 9.7%，稀釋後每股收益為 4.45 美元，而 2023 財年為 4.08 美元。

This resulted in full year, fiscal 2024 adjusted earnings per diluted share of $4.93 versus $4.50 in fiscal 2023 adjusted ebita for the fourth quarter decreased 4% to 59.7 million from 62.2 million in the prior year period.

這導致2024 財年第四季調整後每股攤薄收益為4.93 美元，而2023 財年第四季調整後每股攤薄收益為4.50 美元，下降4%，從去年同期的6,220 萬美元降至5,970萬美元。

And our effective tax rate was 26.8% in the quarter on a full year basis, adjusted EBITA increased 10.2% to a record $200.1 million.

本季全年有效稅率為 26.8%，調整後 EBITA 成長 10.2%，達到創紀錄的 2.001 億美元。

Looking at our liquidity position, we continue to maintain a healthy balance sheet and overall strong liquidity position with 73.4 million in cash and no debt.

從我們的流動性狀況來看，我們繼續保持健康的資產負債表和整體強勁的流動性狀況，現金為 7,340 萬美元，無債務。

Our ability to improve cash flow through working capital initiatives and stronger profitability is generating more cash to pay down debt, pay dividends and continue investing in our business.

我們透過營運資本計畫改善現金流的能力和更強的獲利能力正在產生更多現金來償還債務、支付股息和繼續投資於我們的業務。

Our focus will continue to be on maintaining a healthy balance sheet and prudent leverage position which enables us to continue investing in the growth of our business and returning value to our shareholders.

我們的重點將繼續是維持健康的資產負債表和審慎的槓桿狀況，這使我們能夠繼續投資於業務成長並為股東回報價值。

In addition, we have ample availability under our roller of over 210 million in additional borrowing capacity to summarize.

此外，我們還有超過 2.1 億的額外借貸能力，可以用來總結。

We continue to see momentum in our business supported by the breadth of our portfolio and brands, the strength of our balance sheet and the improvements we continue to make across our operations.

我們繼續看到我們的業務勢頭強勁，這得益於我們的產品組合和品牌的廣度、資產負債表的實力以及我們在營運中不斷做出的改進。

Before I turn the call over to the operator, I wanted to thank Dan, our board of directors and every member of the J&J team for their unwavering support during my time as CFO J&J is truly an exceptional company and I very much enjoyed my time here.

在將電話轉接給接線員之前，我要感謝Dan、我們的董事會以及強生團隊的每一位成員，感謝他們在我擔任首席財務官期間給予的堅定支持強生確實是一家出色的公司，我非常享受在這裡的時光。

As Dan mentioned, we are close to announcing my replacement and I look forward to helping ensure a smooth and seamless transition.

正如丹所提到的，我們即將宣布我的繼任者，我期待著幫助確保順利、無縫的過渡。

I would now like to turn the call over to the operator for questions and answers.

我現在想將電話轉給接線員詢問問題和解答。

Thank you.

謝謝。

If you'd like to ask a question, please press star 11.

如果您想提問，請按星號 11。

If your question has been answered and you'd like to remove yourself from the queue, please press star 11 again.

如果您的問題已得到解答並且您想將自己從佇列中刪除，請再次按星號 11。

Our first question comes from Connor Radigan with consumer edge.

我們的第一個問題來自具有消費者優勢的康納·拉迪根（Connor Radigan）。

Your line is open.

您的線路已開通。

Good morning guys.

早安，夥計們。

Thanks for.

謝謝。

The question.

問題。

Good morning.

早安.

Good.

好的。

Morning morning.

早安早安。

So.

所以。

Dan, you called out challenge traffic and software consumption across the channel via Qsrsc store.

Dan，您透過 Qsrsc 商店提出了跨通路的流量和軟體消耗挑戰。

And so I understand traffic is probably under pressure.

所以我知道交通可能面臨壓力。

But I guess, could you maybe kind of comment, you know, maybe where you're seeing the greatest pressure and kind help us understand the magnitude, the magnitude of that traffic pressure.

但我想，您能否發表評論，您知道，也許您在哪裡看到最大的壓力，並幫助我們了解交通壓力的大小。

And also you also kind of noted that you don't really expect this to continue into 2025.

您還指出，您並不真正期望這種情況會持續到 2025 年。

I mean, I guess just kind of given the backdrop across the sector, what really gives you the confidence this pressure won't persist into 2025.

我的意思是，我想，考慮到整個產業的背景，是什麼真正讓你有信心這種壓力不會持續到 2025 年。

Yeah, great question, Connor.

是的，好問題，康納。

You know, a couple of the areas that we saw declines in really all year long.

你知道，我們看到一些領域全年都在下降。

Both the theater and the convenience sector are ones that that I believe especially the theater have a chance to really bounce back strong for this coming year.

我相信劇院和便利行業尤其是劇院有機會在來年真正強勁反彈。

And that's part of what gives me a confidence that there's a period of time that we've gone through that.

這讓我相信我們已經經歷過一段時間了。

That maybe has a reason to be hopeful for the future.

這也許有理由對未來充滿希望。

Right.

正確的。

There's some great new movie releases coming out even as we close the end of this year.

即使我們今年年底即將結束，仍有一些精彩的新電影上映。

And then if you look at their lineup in the 2025 and, and really even into 2026 it gives you, it gives you the great hope that those sales will return, pretty, pretty rapidly.

然後，如果你看看他們在 2025 年的產品陣容，甚至到 2026 年，它都會給你帶來巨大的希望，即這些銷售將會恢復得非常非常快。

A couple of the other areas that we talk about, you know, the restaurants and the QSRS being down throughout this period of time, we know that that the consumer has been stretched and, and spending has been down.

我們談論的其他幾個領域，你知道，餐廳和 QSRS 在這段時間一直在下降，我們知道消費者已經捉襟見肘，而且支出也下降了。

And you heard me talk throughout the year even, even, I think you specifically asked me what some of my concerns were throughout 2025 or 2024.

你全年都聽到我說話，甚至，我認為你特別問過我在 2025 年或 2024 年我的一些擔憂是什麼。

And I said, as we get closer into the election period, I was worried about how the consumer might react during that time.

我說，隨著選舉期的臨近，我擔心消費者在那段時間會如何反應。

There's a lot of publicity going out there and, and people feel one way or the other and there's just an uneasiness as you go through it.

那裡有很多宣傳，人們有這樣或那樣的感覺，當你經歷它時，你會感到不安。

I felt it myself and regardless of who wins and what party wins, once you come through that, there's, there's the American people who are just so resilient that I believe will have a stronger feel for our economy as we go forward.

我自己也有這樣的感覺，無論誰贏了，哪個政黨贏了，一旦經歷了這一切，美國人民就會如此堅韌，我相信，隨著我們的前進，他們會對我們的經濟有更強烈的感覺。

I think we're starting to even feel some of that today, right?

我想我們今天已經開始感受到一些了，對吧？

And so I'm hopeful as we move into 2025 that we'll see a lot of those pressures subside.

因此，當我們進入 2025 年時，我希望我們會看到這些壓力大部分消退。

It doesn't happen overnight, but it does happen over a period of time and, and as we get through our first quarter and into the rest of the year, we feel pretty hopeful with all the things that we have going on both in operational efficiencies and some of the great new pieces of business and the pipeline that I see from each business unit that we can see a really nice 2025.

這不會在一夜之間發生，但它確實會在一段時間內發生，並且當我們度過第一季並進入今年剩餘時間時，我們對我們在運營中所做的所有事情感到非常有希望我從每個業務部門看到的效率和一些偉大的新業務以及管道，我們可以看到一個非常美好的2025 年。

All right, great.

好吧，太好了。

That was really helpful.

這真的很有幫助。

And then just one more too so on the margin component.

然後還有一個關於保證金部分的內容。

So you called out about some margin pressure given the 14 week compare with, I believe it was a $4 million operating income headwind and so correct me if I'm wrong, but it seems like the entirety of that $4 million operating operating income headwind should consist of gross margin pressure.

因此，考慮到14 週的比較，您指出了一些利潤壓力，我相信這是400 萬美元的營業收入逆風，所以如果我錯了，請糾正我，但看起來400 萬美元的營業收入逆風的全部應該包括毛利率壓力。

Could you, could you guys maybe elaborate a little bit on that on the mix head when you called out?

當你們在喊話時，你們能在混音頭上詳細說明一下嗎？

Just maybe why that was so significant or was there maybe some incremental inflation or, or promotional pressure that popped up in the quarter?

也許為什麼這麼重要，或者本季是否出現了一些增量通膨或促銷壓力？

Yeah, Connor, this is Ken.

是的，康納，這是肯。

Thanks for your question.

謝謝你的提問。

Yeah, it, it's kind of a combination of a lot of things.

是的，它是很多東西的組合。

They won the loss of that key week.

他們贏得了那關鍵一週的失利。

And again, we, we wanted to call out that that was the first week of the July fiscal month that we lost.

再次，我們想要指出，那是我們輸掉的 7 月財政月的第一周。

That is a period of time where our core products, pretzels, churros, dip and dots, you know, really sell in high volume and those are some of our strongest margin products.

在這段時間內，我們的核心產品椒鹽捲餅、油條、沾醬和圓點確實銷量很高，這些都是我們利潤率最高的產品。

So because it was that we, that drove especially pronounced impact on, on margin and on the operating income impact that we estimated of $4 million.

因為正是我們，對利潤率和營業收入產生了特別顯著的影響，我們估計為 400 萬美元。

The other thing as we looked into the quarter, Connor, and you see the degree of c decline in some of those core areas combined with increases in areas like bakery, handheld and a few others.

康納，當我們研究本季的另一件事時，您會發現其中一些核心領域的 c 下降程度與麵包店、手持設備和其他一些領域的成長相結合。

The combination of some of those lower margin areas growing and the higher margins declining.

一些利潤率較低的領域不斷增長，而利潤率較高的領域則不斷下降。

We estimate probably had around the 80 basis point impact on margin in the quarter just from that change in mix and those core items.

我們估計，僅僅由於組合和這些核心項目的變化，本季的利潤率就可能產生約 80 個基點的影響。

I'm speaking of remember, they are predominantly sold in amusement in, in restaurants, in theaters, you know, in those channels that we spoke about that are soft and, you know, you can read on many of those customers that we serve have recently come out in all those industries and channels talking about software traffic, particularly in T four.

我說的是記住，它們主要在娛樂場所、餐廳、劇院出售，你知道，在我們談到的那些軟渠道中，你知道，你可以讀到我們服務的許多客戶最近，所有這些行業和渠道都出現了關於軟體流量的話題，特別是在T 4 領域。

Thank you.

謝謝。

Our next question comes from Andrew Wolf with Cl King.

我們的下一個問題來自 Andrew Wolf 和 Cl King。

Your line is open.

您的線路已開通。

Thanks.

謝謝。

Good morning and Ken, congratulations on everything and have a great host, J&J.

早安，肯，恭喜一切順利，還有一位出色的東道主，強生 (J&J)。

I don't know retirement and whatever else you do.

我不知道退休和你做什麼。

You're most welcome.

非常歡迎您。

I want to kind of follow up on the last question.

我想跟進最後一個問題。

So just from the outside, it looks to me like, you know, in terms of deleveraging and kind of missing your earnings targets.

因此，僅從外部來看，在我看來，在去槓桿化和某種程度上未能實現獲利目標方面。

Clearly, the food service part seems to be where the problems were.

顯然，食品服務部分似乎是問題所在。

You just spelled out a big mix change.

你剛剛闡明了一個重大的混合變化。

Can you unpack the rest of that because the, the press release, you know, referenced you guys.

你能解開剩下的部分嗎，因為你知道，新聞稿提到了你們。

I think a little more than you have been talking about, you know, inefficiencies and production and even supply chain.

我認為比你一直在談論的要多一點，你知道，效率低、生產甚至供應鏈。

So, you know, I know when there's unexpected demand shifts either way, but particularly down, you know, your labor rates are going to go the wrong way and so on.

所以，你知道，我知道當出現意外的需求變化時，尤其是下降，你知道，你的勞動價格將會走向錯誤的方向等等。

But was there anything unusual or is it mainly just that plus the lack of absorption of the.

但有沒有什麼不尋常的地方，或主要是因為缺乏吸收。

Overhead.

開銷。

You summed it up?

你總結出來了嗎？

Well, actually, Andrew it was a combination of all those things.

嗯，實際上，安德魯，這是所有這些事情的結合。

So distribution expenses, rough numbers here, but around 20% of those expenses are fixed, you know, particularly as we've gotten into these three RD CS that are driving all the efficiencies that we talked about.

因此，分銷費用是這裡的粗略數字，但其中大約 20% 的費用是固定的，你知道，特別是當我們已經研究了這三個 RD CS 時，它們正在推動我們所討論的所有效率。

You know, the cost of those on a fixed basis is more.

要知道，固定基礎上的成本更高。

And so when sales are down, then that's going to, that's not going to leverage as well.

因此，當銷售額下降時，槓桿也不會發揮作用。

That was part of the impact.

這是影響的一部分。

That's why I'm actually quite proud that we came in flat with a year ago, given the sales difference and on a dollar basis, you know, we came in, I want to say two or $3 million less than a year ago in distribution expenses.

這就是為什麼我實際上非常自豪，考慮到銷售額差異和以美元為基礎，我們與一年前持平，你知道，我們進來了，我想說比一年前的分銷少了兩到三百萬美元開支。

So we still managed it well.

所以我們還是處理得很好。

And Dan spoke to a lot of those metrics.

丹談到了很多這樣的指標。

But when we have the cells come down in those core areas and start to deleverage fixed expenses, it, it, it creates that margin challenge.

但是，當我們把這些核心領域的單位減少並開始去槓桿化固定支出時，它，它，它就造成了利潤率挑戰。

That was really a by product and, and it was both in distribution and then it was also in plant absorption.

這實際上是一種副產品，它既被分配，又被植物吸收。

You know, because we, we had built up inventory, we started to see consumption declines, you know, we ended up having to pull back on production, kind of manage and position that.

你知道，因為我們已經建立了庫存，我們開始看到消費下降，你知道，我們最終不得不縮減生產，進行管理和定位。

And because of that, there was less absorption and that contributed to this mix challenge.

正因為如此，吸收較少，這導致了這種混合挑戰。

You know, that I mentioned in the in the 100 basis points lower margin than a year ago.

你知道，我提到利潤率比一年前低了 100 個基點。

Okay.

好的。

And just kind of related to that.

與此有點相關。

Is there anything that demand planning that, you know, a I or machine learning any way to like get that?

有什麼事情需要計劃，你知道，我或機器學習以任何方式喜歡得到它嗎？

So you can actually predict these previously unpredictable shifts in demand better?

那麼您實際上可以更好地預測這些以前不可預測的需求變化嗎？

Or is it just.

或者只是。

It's a great question, I hope it will change, right?

這是一個很好的問題，我希望它會改變，對嗎？

It is a great question and, and whenever you go through a quarter, we've asked those questions as well and and Ken and I have sat down with the teams to really understand exactly how we, how we go about demand planning and how that circulates within our organization.

這是一個很好的問題，每當你經歷一個季度時，我們也會問這些問題，肯和我與團隊坐下來，真正了解我們如何、如何進行需求規劃以及如何進行需求規劃。內流通。

I always think there's opportunities for improvement.

我始終認為還有改進的機會。

We think the team's doing really, really well, but I'm asking those same questions and, and our goal would absolutely to be better at that in the future, like a lot of areas that we improved on or had transformation in.

我們認為團隊做得非常非常好，但我也在問同樣的問題，我們的目標絕對是將來在這方面做得更好，就像我們改進或轉型的許多領域一樣。

I think that's one of those areas that we can continue to look at and, and become better at.

我認為這是我們可以繼續關注並做得更好的領域之一。

Yeah, and I would add Andrew, you know, the quarter started out.

是的，我想補充安德魯，你知道，本季開始了。

Well, we had a good July, you know, and really it was in August and September and, you know, Dan and I attribute that a lot to the things that he summarized a few minutes ago.

嗯，我們度過了一個美好的七月，你知道，實際上是在八月和九月，你知道，丹和我將這很大程度上歸功於他幾分鐘前總結的事情。

You know, in that, you know, the combination of probably uncertainty around the election with some trends already negative in many of these channels as discretionary spending was tightening up.

你知道，選舉可能存在的不確定性與隨著可自由支配支出收緊而在許多管道中已經出現的一些負面趨勢相結合。

And then the other thing we did mention in the script, we don't have a measure of it.

然後我們在劇本中提到的另一件事，我們沒有衡量它的標準。

It would be hard for us to measure is the timing of the two hurricanes that came to Florida and the southeast, you know, Florida is obviously a big, big state, you know, in terms of outdoor amusement, that sort of thing.

我們很難衡量襲擊佛羅裡達州和東南部的兩場颶風的時間，你知道，佛羅裡達州顯然是一個很大很大的州，你知道，就戶外娛樂等方面而言。

But that played a role I suspect in some of the declines that we weren't necessarily anticipating coming out of July and then all of a sudden start to play out in August and September.

但我懷疑這在我們不一定預期到的 7 月出現的一些下降中發揮了作用，然後在 8 月和 9 月突然開始出現。

Yeah.

是的。

Yeah.

是的。

Yeah, there was a, one of the big, food service distributors trying to quantify it.

是的，有一家大型食品服務分銷商試圖對其進行量化。

It was a pretty big impact for them.

這對他們來說是一個相當大的影響。

At least lastly, I don't want, I, I'll, I'll see it.

至少最後，我不想，我，我會，我會看到它。

I just wanted to ask a specific thing because you covered a lot of your innovation.

我只是想問一個具體的問題，因為你涵蓋了很多創新。

But did you mention, or could you update us if you didn't mention it or if you did just repeat it?

但是你有沒有提到，或者如果你沒有提到或只是重複了，你能否更新我們的情況？

Are you still doing a frozen beverage test at a Qsrqsr chain?

您還在 Qsrqsr 連鎖店進行冷凍飲料測試嗎？

We are, we are, it's continuing to grow.

我們是，我們是，它正在繼續成長。

I did not mention it, but it's continuing to grow.

我沒有提到它，但它正在繼續增長。

And we've now rolled out a an additional market down in Florida with it.

我們現在已經在佛羅裡達州推出了一個額外的市場。

And so we remain hopeful that this is something that we can, you know, bring in during the 2025 year.

因此，我們仍然希望我們能夠在 2025 年實現這一目標。

Okay, great.

好的，太好了。

All right.

好的。

Thank you.

謝謝。

Thank you, Andrew.

謝謝你，安德魯。

Thank you as a reminder.

謝謝你的提醒。

If you'd like to ask a question, please press star 11.

如果您想提問，請按星號 11。

And our next question comes from Todd Brooks with the benchmark company.

我們的下一個問題來自基準公司的托德布魯克斯。

Your line is open.

您的線路已開通。

Hey, thank you.

嘿，謝謝你。

Good morning gentlemen.

先生們早安。

And can try not to play too much golf.

並且可以盡量不要打過多的高爾夫球。

Okay.

好的。

Thank you, John.

謝謝你，約翰。

First question I have for you and it, it gets to just the, the timing of this call and looking forward to fiscal '25.

我要問你的第一個問題是，這次電話會議的時間安排以及對 25 財年的展望。

You've had a nice track record here of gross margin improvement.

你們在毛利率改善方面有著良好的記錄。

We've talked about a more of a medium term target of getting to the mid 30s with gross margin.

我們討論了一個中期目標，即毛利率達到 30 多歲。

And you pointed to in the call expecting improvement fiscal 25/24 distribution, you talked about kind of a 10% goal, maybe levering a little bit beyond that as time goes on.

您在電話會議中指出，預計 25/24 財年分配會有所改善，您談到了 10% 的目標，隨著時間的推移，可能會稍微超出這一目標。

Just could we could we talk about margin framework looking forward into 25 knowing that you're hopeful on the consumer bouncing back, but within the controllable elements of the business, maybe try to level set expectations from our standpoint for margin improvement that you're expecting to unlock in the upcoming year.

我們可以談談展望25年的利潤框架嗎？

Yeah, absolutely and great question.

是的，絕對是很好的問題。

You know, there's a reason why we spent a lot of time in Dan's comments about really talking about the strategies and the financial strategies of improving gross margin.

你知道，我們花了很多時間在丹的評論中真正談論提高毛利率的策略和財務策略，這是有原因的。

You know, and we did it last year.

你知道，我們去年就做到了。

We did it this year.

我們今年做到了。

That's very important to us growing profits faster themselves.

這對於我們自身更快增加利潤非常重要。

Our plan for next year is to continue to do the same, Todd.

托德，我們明年的計劃是繼續這樣做。

We would expect gross margin to improve.

我們預計毛利率將會改善。

I think it's safe to say we expect it to be over 31% which would show improvement over the 30.88% for the year this year.

我認為可以肯定地說，我們預計這一比例將超過 31%，這將比今年的 30.88% 有所改善。

I think Dan mentioned this in our call last quarter, the next mile gets harder right.

我想丹在上個季度的電話會議中提到了這一點，下一英里會變得更難，對吧。

There's a lot more work we got to do to continue figuring out our way to 32 and beyond.

我們還有很多工作要做，才能繼續找到通往 32 歲及以後的道路。

But that is the goal and we think we will get there.

但這就是目標，我們認為我們會實現這一目標。

I don't think we'll get there next year.

我認為明年我們不會到達那裡。

I would probably, you know, be thinking in the kind of low 31% range kind of area for, for 25.

你知道，我可能會考慮 25% 的低 31% 範圍內的區域。

But the, but the focus is there, the initiatives are there we went through in our planning recently and there are very specific initiatives, whether it's procurement, whether it's operational efficiency, whether it's distribution, how do we get that number starting to hit its weight, you know, towards that, you know, below 10% range.

但重點是，我們最近在規劃中經歷了這些舉措，有非常具體的舉措，無論是採購、營運效率、分銷，我們如何讓這個數字開始達到目標重量，你知道，朝著這個方向，你知道，低於10% 的範圍。

All of those things are very specific initiatives and continue to be the focus.

所有這些都是非常具體的舉措，並且仍然是焦點。

Yeah, Todd, I'll just echo on that.

是的，托德，我只是重複這一點。

We, you know, we're as bullish as ever before.

你知道，我們一如既往地樂觀。

We're going to continue to drive that as much as we possibly can.

我們將繼續盡我們所能推動這項進程。

And, and just like Ken said, I say it all the time, the last mile is the hardest, but we're going to continue to work hard in that last mile and the teams continue to be focused around it.

而且，就像肯說的那樣，我一直說，最後一英里是最困難的，但我們將繼續在最後一英里努力工作，團隊將繼續專注於此。

And so I think we can continue to move it.

所以我認為我們可以繼續推動它。

I think Ken gave you a number that's probably fairly accurate for next year and then we'll continue to get it better the year after as well.

我認為肯給了你一個明年可能相當準確的數字，然後我們也會在後年繼續讓它變得更好。

And just to follow up on that, if I can, the distribution with all, all three of the R DC is now set up and really running 90% of the product like you said through there is that, is that 10% goal deliverable in fiscal '25 to, to meet or beat that number?

為了跟進這個問題，如果可以的話，所有三個 R DC 的分配現在都已建立，並且真正運行 90% 的產品，就像您所說的那樣，10% 的目標可交付25 財年，達到還是超過這個數字？

Probably not for the year to you know, you'll see us getting in that range, I think in Q3 and Q4, when the sales are up there, enable us to get there, you know, given the seasonality of many products and the level of fixed cost in that, you know, we won't hit that mark in Q1 or even in Q2.

你知道，可能不是今年，你會看到我們進入這個範圍，我認為在第三季度和第四季度，當銷售額上升時，使我們能夠達到這個目標，你知道，考慮到許多產品的季節性和固定成本水平，你知道，我們在第一季甚至第二季都不會達到這個標準。

So that will average out to probably something closer in the, you know, mid 10s somewhere.

因此，平均下來可能會接近 10 左右。

I would probably say time.

我可能會說時間。

Okay, perfect, thanks.

好的，完美，謝謝。

And then.

進而。

I mean to be clear, mid 10, sorry, the mid 10% range is what I was trying to say.

我的意思是說清楚，10 中間，抱歉，10% 中間的範圍就是我想說的。

Got you.

明白你了。

And then final question from me, product newness, not as much focus on that on the call because we had to explain just kind of the lapse of the 53rd week here.

然後是我的最後一個問題，產品的新穎性，在電話會議上不要太關注這個問題，因為我們必須在這裡解釋第 53 週的過去。

But I know you just did announce the upcoming Dipping knots launch and grocery at retail with Kroger.

但我知道你剛剛宣布即將與克羅格 (Kroger) 合作推出 Dipping Knobs 和雜貨零售產品。

You talked about expanded placement all for theater channels, Dave and Buster's which was incremental news.

你談到了戴夫和巴斯特的劇院頻道的擴大安置，這是增量新聞。

Dan, you talked about the ability to double this business relative to that $80 million run rate when you bought it.

丹，你談到了相對於你購買時 8000 萬美元的運行率，你有能力將這項業務翻一番。

Are you more bullish on the outlook?

您對前景更加看好嗎？

Now as you're seeing this expansion through additional channels with the core product but also opening up the retail channel here early in calendar 20 five.

現在，您不僅看到了核心產品透過其他管道進行的擴張，而且還在 20 月 5 日早些時候開放了零售通路。

We're really excited about that retail thing.

我們對零售業感到非常興奮。

We, we believe dip and dots in retail can be really, really big for us and, and early indications from talking to our customer, not the consumer, but talking to our customer.

我們相信，零售業的低點和點點對我們來說真的非常大，而且早期跡象來自與我們的客戶交談，而不是消費者，而是與我們的客戶交談。

They're equally as excited.

他們同樣興奮。

And so, you know, we, we feel really good about that and, and we think we have a potential product to back it up with out coming out of dip and dots as well.

所以，你知道，我們對此感覺非常好，我們認為我們有一個潛在的產品來支持它，而不會出現傾角和點。

And so I love the momentum that our teams are working on and, and how they see being able to expand that.

因此，我喜歡我們團隊正在努力的勢頭，以及他們如何看待能夠擴大這一勢頭。

I, I still am bullish that we can double those sales.

我，我仍然看好我們可以將銷售額翻倍。

Now, they may show up in our P&L some in retail and some on the food service because of the way we report it.

現在，由於我們報告的方式，它們可能會出現在我們的損益表中，有些是零售業的，有些是食品服務業的。

But I, I still believe that we can do that.

但我，我仍然相信我們可以做到。

And, and I love that acquisition and if we were calling out some of the, the new items coming out, that would be top of the list.

而且，我喜歡這次收購，如果我們要指出其中一些新產品的推出，那將是最重要的。

I really like what we're doing with that.

我真的很喜歡我們正在做的事情。

I also like, you know, I mentioned our, our row house in the retail.

我也喜歡，你知道，我提到了我們的零售排屋。

I think that's going to do really, really well for us.

我認為這對我們來說真的非常非常好。

The team just kind of positioned this good, better, best kind of profile around our J&J snack foods pretzel and our, and Anne's Pretzel and this Brauhaus pretzel.

團隊只是圍繞我們的 J&J 休閒食品椒鹽捲餅和我們的安妮椒鹽捲餅以及這款 Brauhaus 椒鹽捲餅定位了這種好、更好、最好的形象。

And I think we're, I think we're entering into a really nice market there as well.

我認為我們也正在進入一個非常好的市場。

And then a continued expansion with doctors.

然後繼續與醫生一起擴張。

You know, today we have a new flavor that we introduced last year and we're looking at how to introduce that in single serve to enter it into the, the pet industry as well.

你知道，今天我們有一種去年推出的新口味，我們正在研究如何將其引入單一服務中，以進入寵物行業。

Just see some really good things across all of our business units with great opportunities even mentioned in the call.

只需看看我們所有業務部門的一些真正好的事情，甚至在電話會議中提到了巨大的機會。

Just to call this out to the an opportunity that we have with con contract manufacturing because it's something that we don't always talk about.

只是為了指出我們在合約製造方面的機會，因為這是我們並不總是談論的事情。

We have a really nice opportunity there.

我們在那裡有一個非常好的機會。

So a lot of really good tailwinds going into the year.

因此，今年有很多非常好的順風車。

Okay, great.

好的，太好了。

Thank you.

謝謝。

Both.

兩個都。

Thank you, sir.

謝謝您，先生。

Thank you.

謝謝。

Our next question comes from John Anderson with William Blair.

我們的下一個問題來自約翰·安德森和威廉·布萊爾。

Your line is open.

您的線路已開通。

Hey, good morning Dan and Ken.

嘿，早安丹和肯。

Thanks for the question.

謝謝你的提問。

Good morning John.

早安，約翰。

Maybe just to kind of try and close the loop a little bit on one of the questions from the last participant, you know, you addressed kind of how you're thinking about gross margin in 2025 and, and and the distribution ratio.

也許只是為了嘗試對最後一位參與者提出的問題之一進行閉環，你知道，你談到了你對 2025 年毛利率和分配率的看法。

I wanted to hit a different line, the marketing line.

我想嘗試不同的路線，即行銷路線。

There were a couple of years in 2021 when the the marketing ratio came down.

2021 年有幾年行銷比率下降。

I think that's quite understandable given what was happening at that time.

考慮到當時發生的事情，我認為這是可以理解的。

It's crept up a little bit in, in 23 and 24.

23 和 24 月，它略有上升。

Ended the year this year at about 7.4% of sales, but still below, you know, where it was several years ago.

今年年底，銷售額約佔銷售額的 7.4%，但仍低於幾年前的水平。

Closer to 8.5 to 9.

接近 8.5 至 9。

Dan, you mentioned some investments there.

丹，你提到了那裡的一些投資。

Promo marketing behind the retail part of the business.

零售業務背後的促銷行銷。

How, how do you see that line evolving over the next, you know, year or two as you expand, particularly some of the new products, different dots, et cetera in the retail.

隨著您的擴張，您如何看待該產品線在接下來的一兩年內的發展，特別是零售業中的一些新產品、不同的點等等。

Thanks.

謝謝。

Yeah, good question John.

是的，約翰，問得好。

I'm really proud of that marketing team of ours led by Lynwood Mallard and, and some really, really good people within their being cost conscious at all the times.

我為我們由 Lynwood Mallard 領導的行銷團隊以及一些非常非常優秀的人感到非常自豪，他們始終保持成本意識。

And so I would, I would first answer the question as I see that marketing line being basically flat to that 7.4% range somewhere in there.

所以我會，我會先回答這個問題，因為我看到行銷線基本上與 7.4% 的範圍持平。

During this next year, the teams are evaluating how they spend that all the time and you know, and, and maybe diverting it into some more digital and more focused marketing in different ways and, and I like how we have that lined up for next year, but I would, I would see it in that, you know, same flattish range to that 7.4%.

在明年，團隊正在評估他們如何花費這些時間，你知道，並且，也許會以不同的方式將其轉移到一些更數位化和更集中的行銷中，我喜歡我們如何為明年做好準備年，但我會看到，你知道，與7.4% 相同的平坦範圍。

Great, that's helpful.

太好了，很有幫助。

Okay, so I wanted to shift to the top line for a minute, you know, you did talk quite a bit about, you know, some of the pressure on the consumer or softer traffic of, of late.

好的，所以我想談談最重要的一點，你知道，你確實談論了很多，你知道，最近消費者面臨的一些壓力或交通疲軟。

And I guess, you know, some of that throughout the year in certain channels.

我想，你知道，其中一些全年都會在某些管道中發生。

But, you know, when I step back and I, I think about, hey, on a normalized basis, you know, you grew sales about 3% this year and, and even in this quarter, you know, normalized you, you grew sales at 4% or nearly 4% which is pretty good.

但是，你知道，當我退後一步時，我想，嘿，在正常化的基礎上，你知道，今年你的銷售額增長了約3%，甚至在本季度，你知道，正常化你，你也成長了銷售額在4%或接近4%，這已經相當不錯了。

And so, you know, I'm trying to kind of, you know, taking that kind of view and then some of the commentary around, you're thinking that, you know, cross selling efforts are taking a hold, the consumer likely to come back stronger, the theater channel is improving.

所以，你知道，我正在嘗試採取這種觀點，然後圍繞一些評論，你認為交叉銷售努力正在佔據主導地位，消費者可能會這樣做為了強勢回歸，影院頻道正在進步。

You know, what, what should we be kind of be thinking about for fiscal '25 in terms of normalized growth at this point, how would you kind of at least give us some guardrails to work with as we think about, you know, modeling the top line going forward?

你知道，在這一點上，我們應該為 25 財年的正常增長考慮什麼，在我們考慮建模時，你會如何至少為我們提供一些護欄？

Yeah.

是的。

Hey, thanks for calling some of those things out.

嘿，謝謝你把其中的一些事情說出來。

That's exactly what I was trying to get across on the call too.

這也正是我在電話中試圖表達的意思。

We're really proud of the year that we've had, right?

我們對這一年感到非常自豪，對吧？

Especially if you back out some of the muddiness of an extra week in in last year compared to this year.

尤其是如果你排除了去年與今年相比額外一周的混亂情況。

I love what the teams are doing to grow that, you know, that it kind of falls in line with some of the things that I've, you've heard me say before and I, and I really believe this, the J&J company has this broad diverse portfolio which allows us to be what I call kind of recession, resilient, you know, not recession proof.

我喜歡團隊為發展所做的事情，你知道，這與我之前說過的一些事情是一致的，我真的相信強生公司擁有廣泛多樣化的投資組合，這使我們能夠成為我所謂的「經濟衰退”，有彈性，你知道，但不是防衰退的。

It doesn't mean that we don't win in down periods of time.

這並不意味著我們在低迷時期就不會獲勝。

We don't get affected some, but we have such a broad forli that we have some recession proof to that or downtime proof.

我們不會受到一些影響，但我們的範圍如此廣泛，以至於我們有一些經濟衰退的證據或停機的證據。

You know, our goals continue to be that mid single digit growth year in and year out, right?

您知道，我們的目標仍然是年復一年地實現中等個位數成長，對嗎？

And as I look into probably 2025 I would see that in that low mid single digit growth somewhere in that range probably is how we're looking at it going forward.

當我展望 2025 年時，我會發現在這個範圍內的中低個位數成長可能是我們對未來的看法。

We think we have some really nice opportunities and, and we believe that the industry and channels will improve and those combinations I think should get us somewhere in that, you know, been to low single digits.

我們認為我們有一些非常好的機會，我們相信行業和通路將會改善，我認為這些組合應該會讓我們達到低個位數的水平。

And.

和。

And I think that there was at least a, a comment in the prepared remarks around some inflation.

我認為在準備好的評論中至少有一個關於一些通貨膨脹的評論。

Maybe it was cocoa sugar, perhaps prompting you to look at some additional price.

也許是可可糖，也許會促使您考慮一些額外的價格。

I think you usually take price late in the year to effective in the in the new calendar year.

我認為您通常會在今年稍後採取價格，以在新的日曆年中生效。

Is that part is pricing part of the algorithm in in 2025 or, or not at this point.

該部分是在 2025 年還是在此時對演算法的一部分進行定價。

It is.

這是。

And, and we will be taking pricing on what I call the three business units.

而且，我們將對我所說的三個業務部門進行定價。

C snack foods and dipping dots in the January time frame, you know, C has that cadence that they always are on and, and they'll, they'll do that January 1st and dipping dots is kind of now on that cadence as well.

C 在1 月的時間範圍內吃零食和蘸點，你知道，C 有這樣的節奏，他們總是在，而且他們會，他們會在1 月1 日這樣做，而蘸點現在也以這種節奏進行。

And then somewhere mid January, we'll have a, an increase in the snack food side as well.

然後在一月中旬的某個時候，我們的零食也會增加。

That's helpful.

這很有幫助。

Last one for me, your your CapEx was down, you know, 30% or so this year, I think that's because there was some, you know, so some larger investments, obviously you're making in operational efficiencies, infrastructure.

對我來說，最後一個問題是，今年你的資本支出下降了30% 左右，我認為這是因為有一些，你知道，所以一些更大的投資，顯然你正在運營效率和基礎設施方面進行投資。

I think in 23 that didn't have to repeat in 24.

我認為 23 不必在 24 重複。

But how should we think about capital you know, expenditure in 2025 maintenance and growth?

但我們該如何考慮 2025 年維護與成長的資本、支出？

Yeah, that'd be helpful.

是的，那會有幫助的。

Thanks.

謝謝。

Yeah, John, can you, you summarized that?

是的，約翰，你能總結一下嗎？

Well, 2,223 were big investment years as we, you know, we talked about the six lines and the three Rd CS, et cetera.

嗯，2,223 年是大投資年，我們談了六條線和三路 CS 等等。

And now I think we're back to a bit more normal state.

現在我認為我們已經回到了更正常的狀態。

I mean, we'll continue to invest in our business.

我的意思是，我們將繼續投資我們的業務。

There's still, I want to say two or 34 point lines that we may add or improve next year and some other capital.

我想說的是，明年我們可能會增加或改進兩條或 34 分線以及其他一些資​​本。

But I think the way to think about it in 25 and going forward is it's going to be kind of a run rate of around 4.5 to 5% of sales.

但我認為 25 年後以及未來的思考方式是，運行率將佔銷售額的 4.5% 至 5% 左右。

So that would put you kind of in a range of 75 to 85 million probably in the, you know, near future somewhere in there.

因此，在不久的將來，這個數字可能會達到 7500 到 8500 萬。

Great, thanks so much.

太好了，非常感謝。

And Ken, good luck going forward.

肯，祝你未來好運。

Thank you John.

謝謝約翰。

Thanks John.

謝謝約翰。

Thank you.

謝謝。

Our next question comes from Rob Dickerson with Jefferies.

我們的下一個問題來自 Jefferies 的 Rob Dickerson。

Your line is open.

您的線路已開通。

Oh, great, sorry.

哦，太好了，抱歉。

Yeah, I guess just two questions for me.

是的，我想只有兩個問題想問我。

First question is just excuse me.

第一個問題請原諒。

It's kind of going back to like the channel dynamics and consumer discretionary, spend all that fun stuff so far.

這有點像是回到了喜歡通路動態和消費者自由支配的狀態，花掉到目前為止所有有趣的東西。

You know, you clearly have a kind of a better view of, you know, what's been occurring in the, in the convenience store channel where you do have some exposure.

你知道，你顯然對便利商店通路中發生的事情有更好的了解，你確實有一些曝光。

And clearly a channel that's been under, you know, a bit of pressure.

顯然，這個管道一直承受著一些壓力。

You know, recently, you know, kind of, you know, if I walk into a number of convenience stores, I actually see some actually see some promotions in C stores which we normally don't see.

你知道，最近，你知道，有點，你知道，如果我走進一些便利商店，我實際上看到一些實際上在 C 店看到了一些我們通常看不到的促銷活動。

And I've been talking to a few people who say, oh, you know, yeah, I mean, really, you know, have expectations and hope that that C store channel kind of comes back as we get through, you know, next year.

我一直在和一些人交談，他們說，哦，你知道，是的，我的意思是，真的，你知道，有期望並希望C 商店渠道能夠在我們度過難關時回歸，你知道，下一步年。

So like while I understand your comments on, on the, on the movie, your channel, with new film release is like, kind of whatever you have.

所以就像我理解你對電影、你的頻道、新電影發布的評論一樣，無論你有什麼。

Like, how you think about like, what, like, what could actually entice, you know, kind of the average person who would normally have gone to ac store to kind of go back to that C store.

就像，你如何思考什麼，什麼，什麼實際上可以吸引通常會去ac商店再去C商店的普通人。

Because I do think that is kind of like a decent kind of benchmark as to where maybe some of the discretionary spend moves and kind of help, you know, consumers overall, you know, kind of think about shopping, you know, that that channel or those, those more discretionary channels, and, and your products and I kind of preface it all with, like, I realize there's an election and things are choppy and consumer, but just kind of take a guess, you know, like, like what, what could get people back there?

因為我確實認為這有點像一個體面的基準，可能是一些可自由支配的支出變動和某種幫助，你知道，整體消費者，你知道，有點考慮購物，你知道，那個渠道或者那些，那些更自由裁量的管道，以及你的產品和我的序言，就像，我意識到有一場選舉，事情很不穩定，消費者，但只是猜測一下，你知道，就像，就像什麼，什麼可以讓人們回到那裡？

That's just kind of a very broad first question.

這是一個非常廣泛的第一個問題。

Yeah.

是的。

You know, the convenience channel is interesting because I've watched it really closely to it.

你知道，便利頻道很有趣，因為我非常仔細地觀察過它。

It infects a lot of pieces of our business.

它影響了我們業務的許多方面。

On the snack food side, on the icy side and, and on the Dipan dot side, all, all three of those are impacted by what happened there.

在零食方面，在冰品方面，在迪潘點方面，所有這三個方面都受到那裡發生的事情的影響。

And so I, I think, you brought up some promotions activity and we're looking at that really strong, we're looking at, you know, marketing efforts that, pull consumers in as they're out in the car and entices them to products that we have inside the store, which are highly impulse items often there.

所以我，我認為，你提出了一些促銷活動，我們正在尋找非常強大的促銷活動，我們正在尋找，你知道的，營銷努力，當消費者在車裡時吸引他們並吸引他們到我們商店裡的產品，這些產品通常是那裡的高度衝動的商品。

And, and I don't know if there's a silver bullet that, you know, pulls that industry back in overnight.

而且，我不知道是否有靈丹妙藥可以讓該行業在一夜之間恢復活力。

But I think a greater consumer confidence will allow some additional spending for people to get out of their car and out of the, the gas pump area and into the convenience store to buy one of our, you know, core products.

但我認為，更大的消費者信心將允許人們下車、離開加油區、進入便利商店購買我們的核心產品之一，從而獲得一些額外的支出。

And so sometimes, and you've heard me say this before and we've really been doing it in the theaters as well with Dio sometimes the best way, our best time to invest in a particular channel that you have a lot of faith in that will come back is when it's a little soft, right?

所以有時，你以前聽過我說過這一點，我們確實在影院和 Dio 一起這樣做過，有時這是最好的方式，我們投資於你非常信任的特定頻道的最佳時機當它有點軟的時候就會回來，對嗎？

And so we're working really hard at that and continuing to grow in several of our areas in that channel.

因此，我們正在為此努力工作，並在該頻道的幾個領域繼續發展。

We were just out at the National Association of convenience store show and, and had some good opportunities come out of that.

我們剛剛參加了全國便利商店協會展會，並從中得到了一些很好的機會。

We're going to continue to grow in it and, and are confident that it will come back.

我們將繼續在其中成長，並且有信心它會捲土重來。

If it does it come back, you know, in the, in Q1 or Q2, I'm not sure.

如果它確實會回來，你知道，在第一季或第二季度，我不確定。

But, but we're going to do that and then we're going to drive some promotional and marketing activity to try to pull the consumer inside and they are too, they're smart smart operators and, and they're working hard at it as well.

但是，但是我們會這樣做，然後我們將推動一些促銷和行銷活動，試圖吸引消費者，他們也是，他們是聰明的運營商，而且他們正在努力工作它也是如此。

Yeah.

是的。

I mean, I, I'm, I'm just kind of thinking, you know, like you introduce a churro into subway.

我的意思是，我，我，我只是在想，你知道，就像你將西班牙油條引入地鐵一樣。

Right?

正確的？

And subway, there's like, signage everywhere and, you know, little Johnny in the car is like, hey, mom, can I, we stop by subway?

地鐵裡到處都有標示牌，你知道，車上的小強尼就像是，嘿，媽媽，我們可以搭地鐵嗎？

We get chro, like, you know, like, like why not put up, you know, different dot signage or say, oh, it's special Icy Day, you know, for $3 for a large size.

我們得到了 chro，就像，你知道，就像，為什麼不張貼不同的點標牌，或者說，哦，這是特別的冰天雪地，你知道，大號的價格為 3 美元。

Like I'm assuming their ideas out there to try to pull them in a little bit versus just like, hey, hopefully and see where it gets better.

就像我假設他們的想法在那裡，試圖讓他們吸收一點，而不是像，嘿，希望，看看哪裡變得更好。

You know what I mean?

你知道我的意思？

I agree.

我同意。

Rob.

搶。

That's exactly what I'm, what I'm saying, we call it curve in marketing where when you're driving up to that convenience store, you start to recognize some of those products that are out there right now.

這正是我所說的，我們稱之為行銷曲線，當你開車去那家便利商店時，你開始認出一些現在就在那裡的產品。

I see over the years has done that curb in marketing really well and we're going to leverage some of those learnings into our other pieces of business.

我發現多年來在行銷方面的控製做得非常好，我們將把其中的一些經驗運用到我們的其他業務中。

Fair enough, fair enough.

夠公平，夠公平。

Okay, cool.

好吧，酷。

And then just kind of quickly you know, there, there's been a lot of, you know, great kind of, you know, supply chain network optimization moves over the past couple of years, you know, along with the CapEx that you spent to do it.

然後很快你就知道，在過去的幾年裡，供應鏈網路優化發生了很多，你知道，很棒的舉措，你知道，還有你花費的資本支出做吧。

You know, I, I mean, I realize it's a little softer now and you know, lapping the extra week.

你知道，我，我的意思是，我意識到現在有點軟了，你知道，多跑了一周。

But kind of like, you know, and then also the comments around, you know, gross margin expansion, right?

但有點像，你知道，然後還有圍繞毛利率擴張的評論，對嗎？

You know, some next year, right?

你知道，明年會有一些，對吧？

It's not a ton, but they're getting kind of far in, in the mileage of, of that gross margin.

這不是很多，但他們的毛利率已經相當高了。

But like there was still kind of like a like a longer term expectation, right?

但好像仍然有一種更長期的期望，對吧？

That, you know, you, you can get that operating profit margin, you know, up over time because the of the initiative because and then, you know, obviously some consumer tailwinds would help too.

你知道，隨著時間的推移，你可以得到營業利潤率，因為該計劃的實施，因為然後，你知道，顯然一些消費者的順風也會有所幫助。

So like, you know, if we're thinking three years forward, is there, is there anything that's like necessarily changed or no, like, well, the environment changed a little bit but environment comes back and we're back on track and we'll be able to leverage some of our DNA distribution costs and what have you.

所以，你知道，如果我們考慮未來三年，有沒有什麼事情是必然改變的，或者沒有，比如，環境發生了一點變化，但環境又回來了，我們又回到了正軌，我們將能夠利用我們的一些DNA 分銷成本以及您擁有的資源。

So again, kind of a broad question but just curious.

再說一次，這是一個廣泛的問題，但只是好奇。

Yeah, I know Rob, nothing's really changed on our initiatives to continue to drive those to the levels that we talked about other than what I've said before.

是的，我知道羅布，除了我之前所說的之外，我們的舉措並沒有真正改變，繼續將這些目標推向我們談論的水平。

And, you know, for a period of time in my life, I ran a bunch of half marathons and if you've ever ran a half or a full, when you hear me say that last mile is the hardest.

而且，你知道，在我生命中的一段時間裡，我跑了很多半程馬拉松，如果你跑過半程或全程馬拉松，當你聽到我說最後一英里是最難的時候。

It really is the hardest.

這確實是最難的。

It seems like it takes you the whole marathon to get to that last mile.

看起來你需要跑完整個馬拉松才能到達最後一哩路。

Right.

正確的。

And, and so those are the things that we're up against.

這些就是我們面臨的問題。

We will continue to grow margins of 30 plus with the goal of someday, you know, hoping to be in the mid 30s with that, we'll continue to drive that through the things that we do each and every day and the same thing with supply chain, met with that team and, and I love the work that they've done, met with that team just a couple of weeks ago to talk about.

我們將繼續將利潤率提高到 30 以上，目標是有一天，你知道，希望能夠達到 30 多歲，我們將繼續透過我們每天所做的事情以及同樣的事情來推動這一目標供應鏈，與該團隊會面，我喜歡他們所做的工作，就在幾週前與該團隊會面討論。

Okay, so now how do we take the next really big step?

好的，那麼現在我們要如何踏出下一步呢？

And the team has some great plans in it and, and I'm sure that they will execute on it.

該團隊有一些偉大的計劃，我相信他們會執行它。

But those plans as we get to this stage are harder, right?

但當我們到達這個階段時，這些計劃會更加困難，對嗎？

When you get to the last mile, it's just harder.

當你到達最後一英里時，事情變得更加困難。

Our goals haven't changed.

我們的目標沒有改變。

My initiatives haven't changed.

我的倡議沒有改變。

I believe that we'll get there.

我相信我們會到達那裡。

It just gets tougher as you get deeper into it.

當你深入其中時，它就會變得更加困難。

Yeah.

是的。

Well, I just, just to add some emphasis to what Dan said because I mean, we talk about this every day, every meeting, every quarter.

好吧，我只是想強調一下丹所說的，因為我的意思是，我們每天、每次會議、每季都會談論這個問題。

These are real, you know, parts of the strategy, but the, the proof is in what we've done.

你知道，這些都是策略的真實部分，但證據就在我們所做的事情中。

So we improved, ebida margin adjusted ebida margin year over year by 110 basis points.

因此，我們改善了稅息折舊攤提前利潤率，調整後的稅前利潤率比去年同期提高了 110 個基點。

I mean, that was driven by the 80 basis points improvement in gross profit and then the other part, primarily probably distribution expenses.

我的意思是，這是由毛利提高 80 個基點以及其他部分（主要可能是分銷費用）所推動的。

Even in the fourth quarter, if you take out the impact of the extra week, we would have came in around 15% ebida as a way to sell.

即使在第四季度，如果除去額外一週的影響，我們的銷售稅息折舊攤提前利潤也會達到 15% 左右。

So, you know, we're hitting the mark there.

所以，你知道，我們正在達到目標。

It's going to be harder to get the next 100 the next 100.

獲得下一個 100 的下一個 100 將會更加困難。

But I think as long as those are core strategies and how we do things and how we drive performance.

但我認為只要這些是核心策略以及我們如何做事以及如何提高績效。

But this is going to continue to move those numbers up.

但這將繼續使這些數字上升。

Thank you.

謝謝。

There are no further questions at this time.

目前沒有其他問題。

I'd like to turn the call back over to Dan Fer for Nicole's remarks.

我想將電話轉回給丹·弗，聽聽妮可的發言。

Thank you very much in closing.

最後非常感謝您。

We are successfully executing our strategy in an ever evolving operating environment and we are confident in our ability to deliver our objectives in 2025.

我們在不斷變化的營運環境中成功執行我們的策略，我們對實現 2025 年目標的能力充滿信心。

And over the long term, I also want to take this opportunity to thank Ken for being such a great partner and leader in his valuable work in transforming the business over the past four years.

從長遠來看，我還想藉此機會感謝肯，他是一位出色的合作夥伴和領導者，在過去四年中為業務轉型做出了寶貴的工作。

Everyone at J&J wishes him and his family the very best in this new chapter of his life.

強生公司的每個人都祝福他和他的家人在人生的新篇章中一切順利。

We look forward to updating you on our fiscal 2025 1st quarter results in the interim.

我們期待向您通報 2025 財年第一季中期業績的最新情況。

Should you have any questions or wish to speak to us?

您有任何疑問或希望與我們交談嗎？

Please contact our investor relations firm JCIR at 2,128,358,500.

請聯絡我們的投資者關係公司 JCIR，電話：2,128,358,500。

Thank you and have a great day.

謝謝您，祝您有美好的一天。

Thank you for your participation.

感謝您的參與。

This does include the program.

這確實包括該程式。

You may now disconnect.

您現在可以斷開連線。