家樂氏 (K) 2023 Q2 法說會逐字稿

Good morning, and welcome to the Kellogg Company's Second Quarter 2023 Earnings Call. (Operator Instructions)

早上好，歡迎參加家樂氏公司 2023 年第二季度收益電話會議。 （操作員說明）

At this time, I will turn the call over to John Renwick, Vice President of Investor Relations and Corporate Planning for Kellogg Company. Mr. Renwick, you may begin your conference call.

這次，我將把電話轉給家樂氏公司投資者關係和企業規劃副總裁 John Renwick。 Renwick 先生，您可以開始電話會議了。

Thank you, operator. Good morning, and thank you for joining us today for a review of our second quarter results and an update on our outlook for 2023. I'm joined this morning by Steve Cahillane, our Chairman and Chief Executive Officer; and Amit Banati, our Vice Chairman and Chief Financial Officer.

謝謝你，接線員。早上好，感謝您今天與我們一起回顧我們的第二季度業績並更新我們對 2023 年的展望。今天早上我們的董事長兼首席執行官 Steve Cahillane 也加入了我們的行列。以及我們的副主席兼首席財務官阿米特·巴納蒂 (Amit Banati)。

Slide #3 shows our forward-looking statements disclaimer. As you are aware, certain statements made today, such as projections for Kellogg Company's future performance, are forward-looking statements. Actual results could be materially different from those projected. For further information concerning factors that could cause these results to differ, please refer to the third slide of this presentation as well as to our public SEC filings. A recording of today's webcast and supporting documents will be archived for at least 90 days on the Investor page of kelloggcompany.com.

幻燈片 #3 顯示了我們的前瞻性聲明免責聲明。如您所知，今天做出的某些陳述（例如對家樂氏公司未來業績的預測）屬於前瞻性陳述。實際結果可能與預測存在重大差異。有關可能導致這些結果不同的因素的更多信息，請參閱本演示文稿的第三張幻燈片以及我們向 SEC 公開的文件。今天網絡廣播的錄音和支持文件將在 kelloggcompany.com 的投資者頁面上存檔至少 90 天。

As always, when referring to our results and outlook today, unless otherwise noted, we will be referring to them on an organic basis for net sales and on a currency-neutral adjusted basis for operating profit and earnings per share. And now I'll turn it over to Steve.

與往常一樣，在今天提及我們的業績和展望時，除非另有說明，否則我們將在淨銷售額的有機基礎上以及在貨幣中性調整後的營業利潤和每股收益的基礎上提及它們。現在我將把它交給史蒂夫。

Thanks, John, and good morning, everyone. We're pleased to report another better-than-expected quarter, featuring 2 key elements depicted on Slide #5. Not only did we sustain top-line growth that remain better than our long-term targets but we did so across our portfolio and geographies with growth in all major category groups in each of our 4 regions. And we did so even as we lapped the prior year's retail inventory replenishment and particularly strong in market performance. We also continue to experience a sooner-than-expected recovery in our gross profit margin. Much of this is related to bottlenecks and shortages diminishing.

謝謝約翰，大家早上好。我們很高興地報告又一個好於預期的季度，其中包括第 5 張幻燈片中描述的 2 個關鍵要素。我們不僅保持了高於長期目標的營收增長，而且在我們的投資組合和地區中實現了這一增長，我們的 4 個地區的所有主要品類組都實現了增長。即使我們的零售庫存補給落後於上一年並且市場表現尤其強勁，我們還是這樣做了。我們的毛利率也繼續快於預期恢復。這很大程度上與瓶頸和短缺的減少有關。

This recovery is ahead of schedule, and it was a principal driver behind our better-than-expected profit and earnings this quarter. Also encouraging is the momentum we've continued to see in our biggest, most differentiated brands shown on Slide #6. These advantaged brands made up half of our net sales in 2022, and they continue to outpace our overall growth, creating both top-line momentum and a favorable margin mix. So when we put it all together, the earlier-than-expected margin recovery and the sustained top-line growth across our portfolio, you can see why we feel comfortable raising our full year sales, profit and earnings guidance again.

這種複蘇提前了，這是我們本季度利潤和收益好於預期的主要推動力。同樣令人鼓舞的是我們在第 6 張幻燈片中繼續看到的最大、最具差異化的品牌的勢頭。這些優勢品牌占我們 2022 年淨銷售額的一半，並且它們的增長速度繼續超過我​​們的整體增長，創造了營收動力和有利的利潤組合。因此，當我們把所有因素放在一起時，即我們投資組合中早於預期的利潤率復甦和持續的營收增長，您就可以明白為什麼我們願意再次提高全年銷售額、利潤和盈利指引。

We also remain very active on our social and environmental program, Kellogg's Better Days Promise. Slide #7 shows just a few examples of actions we took during the quarter, including donations and volunteering in the area of hunger and tie-ins to important commercial programs with customers. This slide also shows another wave of recognition that we have received, simply confirming what we already know that doing what is right is in our DNA. In the center of the slide, you can see that we have published an update regarding our progress toward our Better Days targets.

我們還非常積極地參與我們的社會和環境計劃“家樂氏的美好日子承諾”。幻燈片 #7 僅展示了我們在本季度採取的行動的幾個例子，包括在飢餓領域的捐贈和志願服務以及與客戶的重要商業計劃的結合。這張幻燈片還展示了我們收到的另一波認可，只是證實了我們已經知道的“做正確的事”是我們的 DNA。在幻燈片的中央，您可以看到我們發布了有關“更好的日子”目標進展的更新。

On social goals like addressing hunger or environmental goals like reducing our emissions or in diversity goals, like gender representation and management, we remain ahead of pace on our better days goals. And of course, we remain very busy in getting ready for our pending separation. Indeed, on Slide #8, most of what you see under the Q1, Q2 and the Q2, Q3 phases are now complete. The team has done an exceptional job of digging into every detail, every brand, every process, every role, to make sure we have left no stone unturned in our quest to create 2 successful value-creating companies. And as you look to the Q3 phase, you can see a few milestones that are very much upon us.

在解決飢餓等社會目標或減少排放等環境目標或性別代表性和管理等多元化目標方面，我們在實現“美好生活”目標方面保持領先。當然，我們仍然非常忙於為即將到來的分離做好準備。事實上，在幻燈片 #8 上，您在 Q1、Q2 和 Q2、Q3 階段看到的大部分內容現已完成。該團隊做得非常出色，深入挖掘每一個細節、每一個品牌、每一個流程、每一個角色，以確保我們不遺餘力地創建兩家成功的價值創造公司。當您展望第三季度時，您可以看到一些即將到來的里程碑。

On July 24, W.K. Kellogg Co's Form 10 was filed publicly, providing you with important information about management, strategy, capital structure and carve-out financials. On July 30, just this past Sunday, we began to run W.K. Kellogg Co and Kellanova in parallel. By running the water through the pipes, so to speak, we can identify and address any process gaps and other opportunities well before the separation takes place. Employees in new roles can transition properly. Services under the transition services agreement can be ironed out more completely. And while this requires incremental expenses, they are already incorporated into our guidance.

7 月 24 日，W.K.家樂氏公司 (Kellogg Co) 的 10 號表格已公開提交，為您提供有關管理、戰略、資本結構和分拆財務狀況的重要信息。 7 月 30 日，也就是剛剛過去的周日，我們開始運行 W.K.家樂氏公司 (Kellogg Co) 和凱拉諾瓦 (Kellanova) 並行。可以這麼說，通過讓水流過管道，我們可以在分離發生之前識別並解決任何工藝間隙和其他機會。擔任新角色的員工可以適當過渡。過渡服務協議下的服務可以得到更徹底的解決。雖然這需要增量費用，但它們已經納入我們的指導中。

And then less than a week from today, on August 9, we will host our Day At K Investor Event, at which leaders of both W.K. Kellogg and Kellanova will present to the strategies, the capital structures and the financial outlooks for both companies. Now we still expect the separation transaction to take place during the fourth quarter. Because we can't know the exact timing of the various customary approvals, we can't be more specific than that quite yet, but we have every confidence that it is on track.

距離今天不到一周的 8 月 9 日，我們將舉辦 K 投資者日活動，W.K. 和 W.K. 的領導人將在活動中出席。家樂氏和凱拉諾瓦將介紹兩家公司的戰略、資本結構和財務前景。現在我們仍然預計分拆交易將在第四季度進行。由於我們無法知道各種慣例批准的確切時間，因此我們還不能提供比這更具體的信息，但我們完全有信心它正在步入正軌。

In sum, the second quarter was another very good quarter in terms of financial results, sustainability actions and progress toward our spin-off. And now let me turn it over to Amit to take you through our financial results and outlook in more detail.

總而言之，就財務業績、可持續發展行動和分拆進展而言，第二季度又是一個非常好的季度。現在讓我把它交給阿米特，讓您更詳細地了解我們的財務業績和前景。

Thank you, Steve, and good morning, everyone. Slide #10 provides a summary of our second quarter and first half results. Net sales growth in quarter 2 was 7% on an organic basis. Importantly, this growth remained broad-based across category groups and regions and paces us a little ahead of our previous full year outlook. Operating profit grew 14% on an adjusted basis. This growth came on top of last year's 10% currency-neutral growth, and it featured the sooner-than-expected recovery in gross profit margin that Steve discussed. This operating profit performance puts us a little ahead of our previous full year outlook.

謝謝你，史蒂夫，大家早上好。幻燈片 #10 總結了我們第二季度和上半年的業績。第二季度淨銷售額有機增長率為 7%。重要的是，這種增長在各個品類組和地區中仍然具有廣泛的基礎，並且比我們之前的全年預期略快一些。調整後營業利潤增長 14%。這一增長是在去年 10%（匯率中性）增長的基礎上實現的，並且體現了史蒂夫所討論的毛利率恢復早於預期的特點。這一營業利潤表現使我們略高於之前的全年預期。

Earnings per share grew 5% on an adjusted basis, sustaining mid-single-digit growth in spite of macro-related headwinds versus last year on below-the-line items such as interest expense and pension income. Cash flow through the first half is down year-on-year because of outlays related to the pending spin-off but on track for the full year.

儘管與去年相比，利息支出和養老金收入等線下項目面臨宏觀相關阻力，但調整後每股收益增長了 5%，保持了中個位數增長。由於與待決分拆相關的支出，上半年現金流量同比下降，但全年現金流量正常。

Let's now discuss each of these in more detail. Slide #11 splits our year-on-year net sales growth into its components. Price/mix growth was sustained in the mid-teens with growth in both developed markets and emerging markets. As expected, price elasticities continued to move higher around the world, and this weighed down our volume. Also contributing to our volume decline was lapping last year's replenishment of trade inventories, particularly as we recovered from the cereal strike.

現在讓我們更詳細地討論其中的每一個。第 11 張幻燈片將我們的同比淨銷售額增長分為各個組成部分。隨著發達市場和新興市場的增長，價格/產品組合的增長持續在十幾歲左右。正如預期的那樣，全球價格彈性繼續走高，這拖累了我們的交易量。去年貿易庫存的補充也導致我們的銷量下降，特別是在我們從穀物罷工中恢復過來的時候。

Foreign currency translation continued to negatively impact net sales growth by nearly 3% year-on-year in the quarter. If today's exchange rates versus the U.S. dollar were to hold, we would expect to see a similar impact in the second half as the favorable impact of lapping last year's dollar strengthening is offset by the recent devaluation of the Nigerian naira. So our top-line growth in quarter 2 supports our long-standing planning assumptions for elasticities to rise and for revenue growth management actions to begin to anniversary.

外幣換算繼續對本季度淨銷售額增長產生同比近 3% 的負面影響。如果今天兌美元的匯率保持不變，我們預計下半年會出現類似的影響，因為去年美元走強的有利影響被最近尼日利亞奈拉的貶值所抵消。因此，我們第二季度的營收增長支持了我們長期以來的計劃假設，即彈性上升和收入增長管理行動將開始週年紀念日。

Next, let's discuss gross profit shown on Slide #12. As we've discussed numerous times, our objective in this high-inflation environment has been to protect gross profit dollars via productivity savings and revenue growth management. In quarter 2, our adjusted gross profit increased by 9% year-on-year on top of a year-ago quarter that itself was up more than 6% on a currency-neutral basis. From a margin perspective, recall, that our expectation was for a gradual improvement as the year progresses. But as Steve mentioned, we are ahead of pace in this recovery with year-on-year expansion coming sooner than expected. Much of this is driven by bottlenecks and shortages receding, which eliminates many of the inefficiencies and incremental costs experienced over the past year or more.

接下來，我們來討論幻燈片#12 中顯示的毛利潤。正如我們多次討論的那樣，在這種高通脹環境下，我們的目標是通過生產力節省和收入增長管理來保護毛利潤。在第二季度，我們調整後的毛利潤同比增長了 9%，而去年同期在剔除貨幣因素的基礎上增長了 6% 以上。從利潤率的角度來看，我們的預期是隨著時間的推移逐步改善。但正如史蒂夫所提到的，我們在這次復蘇中走在了前面，同比擴張比預期要早。這在很大程度上是由瓶頸和短缺的消退推動的，這消除了過去一年或更長時間所經歷的許多低效率和增量成本。

In addition, productivity and revenue growth management continue to catch up to a high market-driven input cost inflation. So while we have a ways to go before we get back to pre-pandemic levels, this performance gives us increased confidence in our ability to recover margins. For 2023, there is no change to our outlook for expansion in the second half, but Q2's better-than-expected performance moves up our full year outlook for gross margin to be somewhere around 50 basis points of expansion year-on-year.

此外，生產力和收入增長管理繼續追趕市場驅動的高投入成本通脹。因此，儘管我們在恢復到大流行前的水平之前還有很長的路要走，但這種表現讓我們對恢復利潤的能力更有信心。對於2023年，我們對下半年的擴張前景沒有變化，但第二季度好於預期的表現將我們對全年毛利率的預期上調至同比擴張50個基點左右。

Operating profit, as shown on Slide #13, grew 14% year-on-year in quarter 2, even as it laps a robust 10% gain in the year-earlier quarter and even with advertising and promotion investment increasing year-on-year. Through the first half, our operating profit was up 16% year-on-year. Our second half comparisons get a little tougher, and we have begun to run W.K. Kellogg Company in parallel requiring incremental expenses year-on-year that are already baked into our guidance. Net, we are ahead of pace, and this gives us the confidence to raise our full year operating profit guidance.

如幻燈片 #13 所示，第二季度營業利潤同比增長 14%，儘管上年同期實現了 10% 的強勁增長，而且廣告和促銷投資同比增加。上半年，我們的營業利潤同比增長16%。我們下半場的比較變得更加艱難，我們已經開始跑 W.K.家樂氏公司同時要求逐年增加費用，這些費用已納入我們的指導中。淨值，我們處於領先地位，這使我們有信心提高全年營業利潤指導。

Moving down the income statement, Slide #14 shows that our earnings per share growth has been attributable to operating profit, which has grown enough to more than offset what are severe macro-related headwinds within our below-the-line items. These below-the-line pressures were expected and will continue through the year. Interest expense increased significantly year-on-year due to higher interest rates. In the second half, we expect to see modestly lower interest expenses than we recorded in the first half owing to the timing of cash flow.

從損益表向下看，第 14 張幻燈片顯示，我們的每股收益增長歸功於營業利潤，營業利潤的增長足以抵消我們線下項目中與宏觀相關的嚴重阻力。這些線下壓力是預料之中的，並將持續全年。由於利率上升，利息支出同比大幅增加。由於現金流的時機，我們預計下半年的利息支出將比上半年略有下降。

Other income decreased sharply year-on-year in each of the first 2 quarters this year. reflecting the accounting of pension and postretirement plan asset values and interest rates stemming from last year's declines in financial markets. Going to favorability in some other items in this line, Q2 came in higher than both Q1 and the run rate we would expect for the remaining quarters.

今年前兩季度其他收入同比均大幅下降。反映了去年金融市場下跌導致的養老金和退休後計劃資產價值和利率的核算。就該系列中的其他一些項目而言，第二季度的表現高於第一季度以及我們對剩餘季度的預期運行率。

Our effective tax rate in quarter 2 was back to the kind of 22% rate we would expect for the full year after being a bit above that in quarter 1. Average shares outstanding were up slightly year-on-year in both quarter 1 and quarter 2 and we would expect that to be the case for the full year as well.

繼第一季度略高於第一季度之後，我們第二季度的有效稅率回到了我們預期的全年 22% 的水平。第一季度和第四季度的平均已發行股票同比均略有上升2 我們預計全年也是如此。

Foreign currency translation turned slightly positive to EPS in quarter 2, finishing the half with about a negative 1% impact. We leave foreign currency translation out of our guidance because it is out of our control and difficult to predict. But if we took today's exchange rates, including a substantially devalued Nigerian Naira partially offset by the lapping of other currencies year ago weakening, we would estimate a similar impact for the full year as that of the first half. A key message here is that these below-the-line items are collectively weighing down EPS as expected, but it is important to remember that the operational side of our P&L through operating profit remains very strong.

第二季度，外幣換算對 EPS 略有正值，半年結束時，每股收益產生約 1% 的負值影響。我們將外幣換算排除在我們的指導之外，因為它超出了我們的控制範圍並且難以預測。但如果我們考慮今天的匯率，包括尼日利亞奈拉的大幅貶值，並被一年前其他貨幣的貶值所部分抵消，我們將估計全年的影響與上半年類似。這裡的一個關鍵信息是，這些線下項目如預期一樣共同壓低了每股收益，但重要的是要記住，我們的損益表通過營業利潤的運營方面仍然非常強勁。

Turning to Slide #15, we see that cash flow is below last year's high level. This is due to 3 factors: first, onetime cash outlays related to the spin-off amounting to $130 roughly million. Secondly, lapping unusually strong inflows in the year-ago period, including some related to derivatives. And thirdly, timing of capital expenditure which last year was much more weighted to the second half due to supply disruptions early that year. So while it is down from a high level last year, we believe cash flow is right on track to achieve our full year guidance. Meanwhile, we continue to reduce our debt leverage year-on-year, further enhancing our financial flexibility.

轉向幻燈片#15，我們看到現金流量低於去年的高水平。這是由於三個因素造成的：首先，與分拆相關的一次性現金支出約為 1.30 億美元。其次，去年同期的資金流入異常強勁，其中包括一些與衍生品相關的資金流入。第三，由於年初供應中斷，去年資本支出的時間安排更加偏重於下半年。因此，儘管現金流量較去年的高水平有所下降，但我們相信現金流量有望實現我們的全年指引。同時，我們繼續同比降低債務槓桿，進一步增強財務靈活性。

All in, our second quarter performance puts us slightly ahead of pace for the full year. Accordingly, we are once again moving up our full year guidance, as shown on Slide #16. We are raising our guidance for organic net sales growth to approximately 7%, which is the high end of our previous guidance range. Our quarter 2 performance was consistent with our assumption of decelerating growth as the year progresses, which reflects a likely return of elasticity towards historical levels as well as lapping of particularly substantial revenue growth management actions in the second half of last year. This 7% organic growth is well above our long-term target.

總而言之，我們第二季度的表現使我們略微領先於全年的步伐。因此，我們再次上調全年指導，如幻燈片#16 所示。我們將有機淨銷售額增長的指導提高至 7% 左右，這是我們之前指導範圍的上限。我們第二季度的業績與我們對隨著時間的推移增長放緩的假設一致，這反映出彈性可能恢復到歷史水平，以及去年下半年特別重大的收入增長管理行動的結束。 7% 的有機增長遠高於我們的長期目標。

We are raising our guidance for adjusted operating profit growth to 9% to 10% on a currency-neutral basis, which is the upper half of our previous guidance range. This raise reflects a stronger-than-expected quarter 2 performance, particularly our earlier recovery in gross profit margin and yet still accounts for some investment shifts into the second half as well as incremental costs in the second half for operating W.K. Kellogg Company in parallel as a company within a company. We expect to improve margins this year, which combined with our above-target net sales growth, will deliver operating profit growth that is also above our long-term target. Based on the improved operating profit outlook, we are raising our adjusted earnings per share guidance as well.

我們將在貨幣中性的基礎上將調整後營業利潤增長指導提高至 9% 至 10%，這是我們之前指導範圍的上半部分。此次上調反映了第二季度業績強於預期，特別是我們早些時候毛利率的恢復，但仍考慮到下半年的一些投資轉移以及下半年運營 W.K. 的增量成本。家樂氏公司相當於公司中的公司。我們預計今年的利潤率將提高，再加上我們高於目標的淨銷售額增長，運營利潤的增長也將高於我們的長期目標。基於營業利潤前景的改善，我們也提高了調整後的每股收益指導。

Now looking for a year-on-year decline of 1% to 2%, the upper portion of our previous guidance range. Remember that all and more of this decline is explained by the year-on-year reduction in pension and post-retirement income, a nonoperating, noncash item that is expected to have a negative impact of nearly 7% on EPS this year. The negative impact of higher interest expense due to higher interest rates in the economy is another negative impact of more than 4%. If it weren't for these 2 macro-related impacts, our guidance for EPS growth would also be well above our long-term growth rate. Our guidance for cash flow remains at $1 billion to $1.1 billion. Recall that within this guidance, we are expecting a year-on-year increase in our underlying cash flow, offset by onetime cash costs and capital related to the spin-off.

現在預計同比下降 1% 至 2%，這是我們之前指導範圍的上限。請記住，這種下降的全部原因是養老金和退休後收入同比減少，這是一項非經營性、非現金項目，預計將對今年每股收益產生近 7% 的負面影響。經濟中利率上升導致利息支出增加的負面影響是另一個超過4%的負面影響。如果沒有這兩個宏觀相關影響，我們對每股收益增長的指導也將遠高於我們的長期增長率。我們對現金流的指導仍為 10 億至 11 億美元。回想一下，在本指引下，我們預計基本現金流量將同比增長，並被一次性現金成本和與分拆相關的資本所抵消。

A couple of elements to keep in mind regarding this guidance. First, while we expect the spinoff to be transacted during quarter 4, our guidance assumes it takes place at year-end purely for simplicity reasons. And secondly, the impact of our recently completed divestiture of our Russian business does not have a material impact on our guidance.

關於本指南需要牢記的幾個要素。首先，雖然我們預計分拆將在第四季度進行，但出於簡單原因，我們的指導假設分拆發生在年底。其次，我們最近完成的俄羅斯業務剝離不會對我們的指導產生重大影響。

So to summarize our financial position on Slide #17, quarter 2 was yet another quarter of over-delivery, and we have plans in place to sustain our earnings momentum. Accordingly, we are again raising our full year guidance for 2023. Our profit margins have expanded sooner than anticipated, and they should continue, particularly as our service levels return to normal. Our net sales growth remained strong. And while we are keeping our assumption of rising elasticity in the second half, along with lapping sizable revenue growth management actions, we are confident enough in our top-line growth to raise our full year outlook.

因此，總結幻燈片 #17 上我們的財務狀況，第二季度又是一個超額交付的季度，我們已製定計劃來維持我們的盈利勢頭。因此，我們再次上調 2023 年全年指引。我們的利潤率增長速度快於預期，而且這種增長趨勢應該會持續下去，特別是在我們的服務水平恢復正常之後。我們的淨銷售額增長依然強勁。雖然我們維持下半年彈性上升的假設，並採取大規模的收入增長管理行動，但我們對營收增長充滿信心，可以上調全年預期。

Our financial flexibility is strong, marked by a solid balance sheet and cash flow that remains in good shape even with some adverse timing in the first half. We continue to make good progress on setting up both Kellanova and W.K. Kellogg for operational and financial success, and we are looking forward to sharing with you the 2 companies' exciting strategies, capital structures, and financial outlooks next week.

我們的財務靈活性很強，即使在上半年出現一些不利時機的情況下，我們的資產負債表和現金流仍然保持良好狀態。我們在建立 Kellanova 和 W.K. 方面繼續取得良好進展。家樂氏在運營和財務方面取得了成功，我們期待下週與您分享兩家公司令人興奮的戰略、資本結構和財務前景。

And with that, I'll turn it back to Steve to walk you through our individual businesses.

接下來，我將把它轉回給史蒂夫，讓他帶您了解我們各自的業務。

Thanks, Amit. With the spin-off approaching, we'll once again organize our discussion around the businesses that will comprise Kellanova and W.K. Kellogg. Slide #19 reminds you of the composition of the 2 businesses. And on this slide, you can see how both remain in good form with good top-line growth. Let's start by discussing the Kellanova businesses, leading off with our emerging markets regions.

謝謝，阿米特。隨著分拆的臨近，我們將再次圍繞 Kellanova 和 W.K. 組成的業務進行討論。凱洛格。幻燈片 #19 讓您想起這兩家企業的構成。在這張幻燈片上，您可以看到兩者如何保持良好狀態並實現良好的營收增長。讓我們首先討論 Kellanova 業務，首先討論我們的新興市場地區。

Slide #20 shows the financial performance of our EMEA region. This region sustained its outstanding underlying momentum in the second quarter, posting mid-teens organic net sales growth on top of extremely strong comparisons. It again expanded its operating profit margin year-on-year in the second quarter, and it again posted exceptional 19% operating profit growth. And this performance came in spite of exceedingly high-cost inflation and reinvestment into the business. Drilling down into its key category groups we see on Slide #21 that EMEA snacks sustained double-digit organic net sales growth in quarter 2, with this growth coming on top of exceptional growth in the year-ago quarter.

幻燈片 #20 顯示了我們歐洲、中東和非洲地區的財務業績。該地區在第二季度保持了出色的基本勢頭，在極其強勁的比較基礎上實現了中位數的有機淨銷售額增長。第二季度營業利潤率再次同比擴大，營業利潤再次實現 19% 的驚人增長。儘管通貨膨脹成本極高且對該業務進行了再投資，但仍取得了這一業績。深入研究其關鍵品類組，我們在第21 張幻燈片中看到，歐洲、中東和非洲地區的零食在第二季度保持了兩位數的有機淨銷售額增長，而且這一增長是在去年同期的超常增長之上的。

In markets, snacks category growth rates remained elevated and have even accelerated slightly from the previous quarter. Pringles this year has outpaced the salty snacks category that is growing in the high teens or better across key markets and during the second quarter, we continued to gain share in markets like Australia, Japan, Korea and Thailand.

在市場上，零食類別的增長率仍然較高，甚至比上一季度略有加快。今年，品客薯片的增長速度超過了鹹味零食類別，該類別在主要市場中的增長速度在十幾歲或以上，並且在第二季度，我們繼續擴大在澳大利亞、日本、韓國和泰國等市場的份額。

EMEA cereal is also sustaining strong growth momentum, as shown on Slide #22. This business delivered growth on top of last year's strong growth with particular strength in Australia, Africa and the Middle East, North Africa, Turkey subregion. And in market, we've outpaced the category this year that has grown in the mid-single digits collectively across key markets, which brings us to noodles and other and Slide #23. Led by Multipro in Nigeria, this business continued to deliver organic net sales growth in excess of 20% in the second quarter. Multipro continues to execute extremely well, widening its competitive moat and staying on an impressive growth trajectory in an always-exciting market. Meanwhile, we continue to expand our Kellogg Noodles business outside of Nigeria.

如幻燈片 #22 所示，歐洲、中東和非洲穀物食品也保持強勁的增長勢頭。該業務在去年強勁增長的基礎上實現了增長，尤其是在澳大利亞、非洲、中東、北非、土耳其次區域。在市場上，我們今年的增長速度超過了主要市場中個位數增長的類別，這讓我們看到了麵條和其他產品以及幻燈片#23。在尼日利亞 Multipro 的帶領下，該業務第二季度繼續實現超過 20% 的有機淨銷售額增長。 Multipro 繼續表現出色，擴大了其競爭護城河，並在始終令人興奮的市場中保持著令人印象深刻的增長軌跡。與此同時，我們繼續將家樂氏麵條業務擴展到尼日利亞以外的地區。

In the second quarter, net sales of Kellogg's Noodles grew significantly year-on-year in both South Africa and Egypt. As you know, the Nigerian Naira has been officially devalued recently but our team has been proactively managing through de facto currency devaluation for some time in order to protect our margins. Much of this proactive pricing, which has contributed to the 20% plus growth you see on the slide, is behind us now. This reflects the experience and savvy of our local team and the strength of this business, and we expect continued if moderated top-line growth going forward.

第二季度，家樂氏麵條在南非和埃及的淨銷售額同比大幅增長。如您所知，尼日利亞奈拉最近已正式貶值，但我們的團隊一段時間以來一直在積極應對事實上的貨幣貶值，以保護我們的利潤。您在幻燈片中看到的這種積極主動的定價在很大程度上促成了 20% 以上的增長，但現在已經成為過去。這反映了我們當地團隊的經驗和悟性以及該業務的實力，我們預計未來營收將繼續增長，但會有所放緩。

Clearly, EMEA is a growth engine for Kellogg Company and soon Kellanova, and it is performing extremely well so far in 2023. For the full year, we continue to expect sustained momentum across all 3 category groups delivering yet another year of organic net sales growth and while improving our profit margins.

顯然，歐洲、中東和非洲地區是家樂氏公司以及很快Kellanova 的增長引擎，並且在2023 年迄今為止表現非常出色。就全年而言，我們繼續預計所有3 個品類組將保持持續增長勢頭，實現又一年的有機淨銷售額增長同時提高我們的利潤率。

Let's turn to our other emerging markets region, Latin America, starting on Slide #25. Kellogg Latin America in the second quarter delivered another quarter of strong organic net sales growth on top of equally strong growth last year. This growth was led by our 2 largest markets, Mexico and Brazil. We again expanded our operating margin in the second quarter, leading to another quarter of operating profit growth of 20% year-on-year.

讓我們從幻燈片#25 開始轉向另一個新興市場地區，即拉丁美洲。家樂氏拉丁美洲公司第二季度在去年同樣強勁的增長基礎上又實現了強勁的有機淨銷售額增長。這一增長是由我們的兩個最大市場墨西哥和巴西帶動的。第二季度我們再次擴大了營業利潤率，營業利潤同比又增長了 20%。

As shown on Slide #26, our Snacks business in Latin America was up against an unusually high comparison in the second quarter, but its organic net sales growth was a solid 6% year-on-year through the first half. In market, we saw sustained double-digit growth for the salty snacks category in Mexico and Brazil, and Pringles has gained share in both of these key markets. We also outpaced a very strong portable wholesome snacks category in Mexico and stabilized our share in cookies in Brazil.

如幻燈片 #26 所示，我們在拉丁美洲的零食業務第​​二季度的業績對比異常高，但上半年的有機淨銷售額同比穩定增長 6%。在市場上，我們看到墨西哥和巴西的鹹味零食品類持續兩位數增長，品客薯片在這兩個關鍵市場的份額均有所增加。我們還超越了墨西哥非常強大的便攜式健康零食類別，並穩定了我們在巴西餅乾的份額。

On Slide #27, you can see that Kellogg Latin America again recorded double-digit organic net sales growth in cereal. This growth was broad-based with good growth across each of our subregions. In markets, cereal category growth rates remain robust in the region, and in the second quarter, we kept pace in Mexico, and we gained share in Brazil and Puerto Rico. So Latin America continues to perform well and remains right on track. For the full year, we continue to expect this region to sustain strong top-line momentum with growth in both snacks and cereal and continued recovery in its profit margins. all while working on separating its Caribbean cereal business as part of the spinoff. Once again, we can see that both of our emerging markets regions are showing current momentum to go with their outstanding long-term prospects.

在幻燈片 #27 上，您可以看到家樂氏拉丁美洲穀物食品的有機淨銷售額再次實現兩位數增長。這種增長基礎廣泛，我們每個次區域都取得了良好的增長。在市場上，該地區穀物類別的增長率仍然強勁，第二季度，我們在墨西哥保持了增長勢頭，並在巴西和波多黎各增加了市場份額。因此，拉丁美洲繼續表現良好，並保持在正確的軌道上。就全年而言，我們繼續預計該地區將保持強勁的營收勢頭，零食和穀物食品均實現增長，利潤率持續回升。同時致力於將其加勒比穀物業務作為分拆的一部分進行分離。我們再次看到，我們兩個新興市場地區都顯示出當前的勢頭與其出色的長期前景相匹配。

Now let's turn to our developed markets, starting with Kellogg Europe in Slide #29. The region posted sustained top-line growth accelerating to 11% organic growth in the second quarter. Operating profit declined once again due to Russia, which we divested just after the end of the quarter. Excluding Russia, Kellogg Europe's operating profit increased in the mid-single digits in spite of extremely high-cost pressures. So our underlying European business is performing very well.

現在讓我們轉向我們的發達市場，從幻燈片#29 中的家樂氏歐洲開始。該地區的營收持續增長，第二季度有機增長率加速至 11%。由於我們在本季度末後剝離了俄羅斯業務，營業利潤再次下降。儘管成本壓力極高，不包括俄羅斯，家樂氏歐洲公司的營業利潤仍實現中個位數增長。所以我們的歐洲基礎業務表現非常好。

On Slide #30, you can see that snacks, which represent just over half of our sales in Kellogg Europe continue to lead our growth in this region. In fact, quarter 2 marked the eighth quarter in the last 10 in which we have posted double-digit growth in our European snacks business. This was growth on top of strong year-ago growth, and it was driven by both volume and price mix. The growth was also broad-based with double-digit gains in all subregions, except for suspended shipments into Russia.

在幻燈片 #30 上，您可以看到零食占我們家樂氏歐洲銷售額的一半以上，繼續引領我們在該地區的增長。事實上，第二季度是過去 10 個季度中我們的歐洲零食業務實現兩位數增長的第八個季度。這是在去年強勁增長的基礎上實現的增長，並且是由數量和價格組合推動的。增長也很廣泛，除了俄羅斯暫停發貨外，所有次區域均實現兩位數增長。

In market, the salty snacks category remains in strong double-digit growth across key markets with Pringles gaining share in key markets like Italy and France and sustaining strong consumption growth in spite of lapping notably robust year-ago performance in markets like the U.K., Germany and Spain. And in portable wholesome snacks, we are experiencing double-digit consumption growth overall in the region paced by a 2-point share gain in the U.K. led by Rice Krispies Squares. Our cereal business in Europe, shown on Slide #31, also sustained growth in the second quarter. Growth has slowed as we've discussed previously, owing to category elasticities rising, but we continue to execute well in a challenging market.

市場方面，鹹味零食品類在主要市場仍保持兩位數的強勁增長，品客薯片在意大利和法國等主要市場的份額不斷增加，儘管在英國、德國等市場的表現明顯強勁，但消費仍保持強勁增長。和西班牙。在便攜式健康零食方面，我們在該地區經歷了兩位數的整體消費增長，其中以 Rice Krispies Squares 為首的英國市場份額增長了 2 個百分點。如幻燈片 #31 所示，我們在歐洲的穀物業務在第二季度也持續增長。正如我們之前討論的那樣，由於類別彈性上升，增長已經放緩，但我們在充滿挑戰的市場中繼續表現良好。

So it was another good quarter for Kellogg Europe, keeping us right on track for another good year. For the full year, we continue to expect the region to post yet another year of solid top-line growth, led by Snacks. We'll continue to navigate through cost pressures, which were particularly heavy in the first half, and we have a plan to gradually improve margins during the second half. And as we mentioned, we have closed on our divestiture of our Russia business.

因此，對於家樂氏歐洲來說，這是又一個良好的季度，讓我們繼續走上正軌，迎接又一個美好的一年。就全年而言，我們繼續預計該地區將在零食業務的帶動下又實現穩健的營收增長。我們將繼續克服上半年尤其嚴重的成本壓力，併計劃在下半年逐步提高利潤率。正如我們所提到的，我們已經完成了俄羅斯業務的剝離。

We'll now turn to Kellogg North America and Slide #33. As anticipated, net sales growth decelerated in the second quarter as elasticity continued to move higher and as we lapped last year's sizable replenishment of trade inventories. However, mid-teens price mix growth was sustained and we delivered solid organic growth in net sales. Importantly, we continue to recover gross profit margin, reflecting productivity, revenue growth management and diminishing bottlenecks and shortages. This enabled us to increase investments in our brands and still deliver 14% operating profit growth year-on-year. This region again generated organic net sales growth in all 3 category groups in the second quarter. Slide #34 shows snacks, which represent over half of our North American net sales. In the second quarter, it grew net sales by 5% on top of a notably strong year-earlier quarter, which had included retailer inventory replenishment.

我們現在轉向凱洛格北美和幻燈片#33。正如預期的那樣，由於彈性繼續走高以及我們去年大量補充貿易庫存，第二季度淨銷售增長放緩。然而，價格組合持續增長，我們的淨銷售額實現了穩健的有機增長。重要的是，我們繼續恢復毛利率，反映出生產力、收入增長管理以及瓶頸和短缺的減少。這使我們能夠增加對品牌的投資，並仍實現 14% 的營業利潤同比增長。第二季度，該地區所有 3 個類別組再次實現有機淨銷售額增長。幻燈片#34 顯示了零食，占我們北美淨銷售額的一半以上。第二季度，其淨銷售額在去年同期明顯強勁的基礎上增長了 5%，其中包括零售商補充庫存。

We also grew in frozen foods, shown on Slide #35. In market, Eggo's consumption growth improved in the second quarter, continuing to moderate its share losses as our supply has improved. And Morningstar Farms gained share in the quarter as its supply is improving as well. All of the regions and categories we have discussed up to now will be part of Kellanova, and all of them are showing continued net sales growth to go with progress toward recovering margins.

我們還種植冷凍食品，如幻燈片 #35 所示。在市場上，Eggo 第二季度的消費增長有所改善，隨著供應量的改善，其份額損失繼續放緩。由於供應量也在改善，晨星農場在本季度的份額也有所增加。到目前為止我們討論過的所有地區和類別都將成為 Kellanova 的一部分，並且所有這些地區和類別都顯示出持續的淨銷售額增長，同時也在恢復利潤方面取得進展。

Now let's turn to our North America cereal business which forms the vast majority of what will soon be W.K. Kellogg Co. As shown on Slide #36, this business continues to recover, growing its net sales in the second quarter despite lapping substantial retailer inventory replenishment last year. In the U.S. the category remained in high single-digit growth in spite of gradually rising elasticities. Led by brands like Corn Flakes, Frosted Flakes, Rice Krispies and Raisin brand, we continue to gain share year-on-year and we continue to activate more commercial support, increase our distribution and increase our velocities. A similar recovery is happening in Canada, where we also continued to gain share in the second quarter. So this business is back on solid footing with more to come.

現在讓我們談談我們的北美穀物業務，該業務構成了即將成為 W.K. 業務的絕大多數。家樂氏公司 (Kellogg Co.) 如幻燈片 #36 所示，儘管去年零售商大量補充庫存，但該業務仍在繼續復甦，第二季度的淨銷售額有所增長。在美國，儘管彈性逐漸上升，但該類別仍保持高個位數增長。在玉米片、磨砂片、脆米花和葡萄乾等品牌的帶領下，我們的市場份額繼續逐年增加，我們繼續激活更多的商業支持，增加我們的分銷並提高我們的速度。加拿大也出現了類似的複蘇，我們在第二季度的市場份額也繼續增加。因此，這項業務已重新站穩腳跟，並且還會有更多業務。

Turning to Slide #37. Our North America region had a very strong first half, giving us confidence in our full year expectations. Snacks should remain solidly in growth while Frozen is expected to continue to show improved performance, and our North America cereal business continues its recovery. We are off to an earlier-than-expected start to margin recovery in this region even as we reinvest more in our brands. So North America is in good shape as we set up for the spin-off of W.K. Kellogg Co. later this year.

轉向幻燈片 #37。我們的北美地區上半年表現非常強勁，讓我們對全年預期充滿信心。零食應會保持穩健增長，而《冷凍食品》預計將繼續表現出更好的業績，而我們的北美穀物業務將繼續復甦。儘管我們對品牌進行了更多再投資，但該地區的利潤率復甦的開始時間早於預期。因此，當我們為 W.K. 的分拆做準備時，北美地區的狀況良好。家樂氏公司今年晚些時候。

So let me summarize on Slide #39. We continue to put up better-than-expected results. Our first half featured top-line growth across our regions and across our categories with notable momentum in snacks around the world and our businesses in emerging markets. It also featured an earlier-than-expected recovery in profit margins, which enables us to reinvest in the business and sustain strong earnings and cash flow growth.

讓我總結一下幻燈片 #39。我們繼續取得好於預期的結果。我們上半年的特點是各地區和各品類的收入均實現增長，其中全球零食和新興市場業務的勢頭顯著。它還體現了利潤率早於預期的複蘇，這使我們能夠對業務進行再投資並維持強勁的盈利和現金流增長。

Thanks to the passion and skill of our organization, we have not allowed the spin-off work to prevent us from delivering and even overdelivering on our plan. In fact, we're halfway through the year, and we've already raised our full year outlook twice. And the work we are doing for the spin-off will pay off. We are separating this great company into 2, even better companies, one with enhanced focus and the fit-for-purpose strategy and resourcing it deserves and the other with a portfolio-oriented solidly towards growth. And we'll share with you our plans for both companies at our Day at K investor event next week.

由於我們組織的熱情和技能，我們沒有讓衍生工作妨礙我們交付甚至超額交付我們的計劃。事實上，今年已經過半，我們已經兩次上調全年展望。我們為分拆所做的工作將會得到回報。我們正在將這家偉大的公司分成兩家甚至更好的公司，一家擁有更加專注的公司和適合其目的的戰略以及應有的資源，另一家則擁有堅定地以增長為導向的投資組合。我們將在下週的 K 投資者活動日上與您分享我們對兩家公司的計劃。

And with that, we'll open up the line for your questions.

接下來，我們將開通您的提問熱線。

We will now begin the question-and-answer session with publishing analysts. (Operator Instructions). Our first question for today comes from Andrew Lazar of Barclays.

我們現在將開始與出版分析師的問答環節。 （操作員說明）。我們今天的第一個問題來自巴克萊銀行的安德魯·拉扎爾。

Steve, some food companies, as you've noticed this quarter -- some food companies this quarter have started to discuss maybe some recent shifts at least in what they're seeing in consumer behavior, promotional activity and sort of elasticity in the U.S., some of which is to be expected as supply constraints are eased, of course. I was hoping you could talk a bit about any more recent shifts that you are seeing in your business, if any. And if they are outside of sort of what your expectations might have been even a quarter ago?

史蒂夫，一些食品公司，正如您在本季度注意到的那樣，本季度一些食品公司已經開始討論最近可能發生的一些變化，至少是他們在美國的消費者行為、促銷活動和某種彈性方面看到的變化，當然，隨著供應限制的緩解，其中一些是可以預料的。我希望您能談談您最近在業務中看到的任何變化（如果有的話）。如果它們超出了您四分之一前的預期怎麼辦？

Yes. Thanks for the question, Andrew. I'd say a couple of things. The consumer behavior is pretty much in line with our expectations. And I know probably underlying your question is also some volume questions around what's happening in North America, which was also in line with our expectations. You have to remember, obviously, we've taken such significant pricing over the last several years and elasticities have been almost nonexistent. So we've been forecasting their return for quite some time. And so in line with our expectations, we're also lapping inventory replenishment from last year. So it's pretty much where we expected it to be.

是的。謝謝你的提問，安德魯。我想說幾件事。消費者的行為與我們的預期基本一致。我知道你的問題背後可能還有一些關於北美正在發生的事情的大量問題，這也符合我們的預期。你必須記住，顯然，我們在過去幾年中採取瞭如此重大的定價，而彈性幾乎不存在。所以我們很長一段時間以來一直在預測他們的回歸。因此，根據我們的預期，我們也從去年開始補充庫存。所以這幾乎是我們所期望的。

In terms of consumer behavior, I'd say the shift that we're starting to see is consumers are really maximizing their pantries. They're closely managing their household inventories, their pantry inventories, zealously guarding against waste, as you would expect in this environment. And so we haven't seen shifts out of our category really. We haven't seen meaningful moves in private label or anything like that. I would just say a consumer that's ever more conscious of the strains on their household budgets, and we would expect that to continue moving forward. And as we look at our promotional activities for the balance of the year, we're also taking that into account. And we're pleased our service levels are going back up and allowing us to be a little bit more front-footed as we think about display execution, quality, merchandising and things of that nature.

就消費者行為而言，我想說的是，我們開始看到的轉變是消費者真正最大化了他們的食品儲藏室。他們密切管理家庭庫存、食品儲藏室庫存，積極防止浪費，正如您在這種環境下所期望的那樣。因此，我們還沒有真正看到我們類別之外的變化。我們還沒有看到自有品牌或類似的有意義的舉措。我想說的是，消費者越來越意識到家庭預算的壓力，我們預計這種情況會繼續向前發展。當我們審視今年剩餘時間的促銷活動時，我們也會考慮到這一點。我們很高興我們的服務水平有所回升，這讓我們在考慮展示執行、質量、銷售和類似性質的事情時能夠更加主動。

Our next question comes from Cody Ross of UBS.

我們的下一個問題來自瑞銀集團的科迪·羅斯。

I just want to talk a little bit about the volume growth -- I just want to talk about your volume performance in the quarter as that's what investors are really primarily focusing on these days. Your volume in developed markets, particularly the U.S. came in below what we expected. How are you thinking about volume growth moving forward into the back half and into next year? And how much visibility do you have to return to volume growth? And what would those levers be to drive it? And then I have a follow-up.

我只想談談銷量增長——我只想談談本季度的銷量表現，因為這才是投資者目前真正關注的重點。你們在發達市場（尤其是美國）的銷量低於我們的預期。您如何看待下半年和明年的銷量增長？您需要多少可見度才能恢復銷量增長？驅動它的槓桿是什麼？然後我有一個後續行動。

Yes. Thanks, Cody. As I mentioned, volumes were in line with our expectations. It doesn't mean we're pleased about it, but when you take the level of pricing that we've taken, you have to see elasticities moving higher, which is exactly what we've seen. Our quarter 2 was amplified by lapping the year-ago trade inventory replenishment in North America. There's no question about that. In Latin America, more than 1/3 of our volume decline in the second quarter came from price pack architecture and calling of lower-margin SKUs, which was very much planned. So we've been planning on these elasticities returning and they have returned.

是的。謝謝，科迪。正如我所提到的，銷量符合我們的預期。這並不意味著我們對此感到高興，但是當你考慮我們所採取的定價水平時，你必須看到彈性上升，這正是我們所看到的。我們的第二季度業績因去年北美貿易庫存補充而得到放大。毫無疑問。在拉丁美洲，第二季度超過 1/3 的銷量下降來自價格包架構和低利潤 SKU 的調用，這是精心計劃的。所以我們一直在計劃這些彈性的回歸，而且它們已經回歸了。

I would say, on a go-forward basis, we're more optimistic and more constructive about our volumes. So I don't see this volume continuing at this level. I see sequential improvement, and we do see -- we'll talk about next week in great detail exactly what that looks like as we return to a more balanced equation of volume versus price. But there's no question, this has been an unprecedented time in this industry with the type of pricing that's been necessary to take because of the input cost inflation.

我想說，從長遠來看，我們對我們的銷量更加樂觀和更具建設性。所以我認為這個數量不會繼續保持在這個水平。我看到了連續的改善，而且我們確實看到了——下週我們將詳細討論當我們回到更平衡的成交量與價格等式時的情況。但毫無疑問，這是該行業前所未有的時期，由於投入成本上漲，有必要採取這種定價方式。

But we've got lots of dry powder. We think about the second half of the year to drive real quality merchandising. I'm talking about display execution, brand building with significant advertising spend, really creating those connections with our consumers. So in line with expectations, admittedly a high volume decline, but nothing that surprised us going forward. And maybe Amit can build on that.

但我們有很多乾粉。我們考慮在今年下半年推動真正高質量的銷售。我說的是展示執行、通過大量廣告支出進行品牌建設，真正與消費者建立聯繫。因此，與預期一致，誠然成交量大幅下降，但未來沒有什麼讓我們感到驚訝的。也許阿米特可以在此基礎上繼續發展。

Yes. So just a couple of further builds, right? I think the one thing I'd point out is in quarter 2, the inventory lap was the most pronounced. So I think that was most pronounced in this quarter. And so I think going forward, that will be lesser of an impact. I think from a rest of the year, we continue to focus decelerating sales growth. That's what's been implied. That's what's implied in our guidance. And it's a couple of things that's driving that. One is, we obviously start lapping last year's substantial revenue growth management actions, which that much higher in the second half. And we continue to prudently assume higher elasticities for the rest of the year.

是的。那麼只需進行幾個進一步的構建，對嗎？我認為我要指出的一件事是在第二季度，庫存周轉最為明顯。所以我認為這一點在本季度最為明顯。所以我認為未來影響會更小。我認為從今年剩餘時間來看，我們將繼續關註銷售增長放緩。這就是所暗示的。這就是我們的指南中所暗示的內容。有幾件事推動了這一點。一是，我們顯然開始效仿去年大幅的收入增長管理行動，下半年的收入增長要高得多。我們繼續謹慎地假設今年剩餘時間的彈性更高。

Great. And I just want to follow up on that question, and you may have alluded to it already in your answer to my last question. But you ship below consumption or at least Nielsen consumption in North America this quarter. What drove that? Was that all lapping the serial overshipment last year of replenishment, I should say? And are you seeing any destocking from retailers as they try to manage their working capital? And then I'll pass it on.

偉大的。我只想跟進這個問題，你可能已經在回答我上一個問題時提到了這一點。但本季度您的出貨量低於北美的消費量或至少低於尼爾森的消費量。是什麼推動了這一點？我應該說，這是否都是去年補貨連續超額發貨的結果？您是否看到零售商在嘗試管理營運資金時減少庫存？然後我會把它傳遞下去。

Yes, I'd say a good bit due to the replenishment and we're potentially seeing some retailer destocking. It's really hard to pin down when you're talking about a quarter. And we see that as a good thing, Cody. Obviously, service levels for the last year plus have been below normal levels, which required safety stock across the supply chain. As we get to service levels back above 95%, you'd see a renewed confidence, a growing confidence at retail and therefore, not needing to carry the same days of supply. And again, we don't see that as a negative. And we see, as we said, from a go-forward perspective, lots of confidence in our plans, which has led to us raising our guidance for the top line slightly.

是的，我想說，由於補貨，我們可能會看到一些零售商去庫存。當你談論四分之一時，真的很難確定。我們認為這是一件好事，科迪。顯然，去年的服務水平低於正常水平，這需要整個供應鏈的安全庫存。當我們的服務水平恢復到 95% 以上時，您會看到新的信心，對零售業的信心不斷增強，因此不需要維持相同天數的供應。再說一遍，我們並不認為這是負面的。正如我們所說，從未來的角度來看，我們對我們的計劃充滿信心，這導致我們略微提高了對營收的指導。

Our next question comes from the David Palmer of Evercore. Your line Is now open. Please go ahead.

我們的下一個問題來自 Evercore 的 David Palmer。您的線路現已開通。請繼續。

I think you said gross margins should be up 50 basis points year-over-year for the full year. I think I heard that right. If that's right, that implies something like a 30-plus basis point gross margin decline in the second half. What are some of the puts and takes we should be thinking about for gross margin and maybe a change in trend? And I have a quick follow-up.

我想你說過全年毛利率應該同比增長 50 個基點。我想我沒聽錯。如果這是正確的，這意味著下半年毛利率將下降 30 個基點以上。對於毛利率以及趨勢的變化，我們應該考慮哪些看跌期權和看跌期權？我有一個快速的跟進。

Yes. So I wouldn't say there's a change in trend. I think we had always said gross margin would be up during the year. I think based on -- it's coming in faster than we expected, predominantly driven by bottlenecks and shortages receding faster than what we had thought. So I think the supply chain is performing really well. Are we seeing that in cost. We're seeing that in service levels. We'd expect that trend to continue. And I think when you kind of put it all together, our forecast right now is that we should be up about 50 basis points for the year.

是的。所以我不會說趨勢發生了變化。我想我們一直說今年毛利率會上升。我認為，它的到來速度比我們預期的要快，主要是由於瓶頸和短缺的消退速度比我們想像的要快。所以我認為供應鍊錶現非常好。我們是否在成本方面看到了這一點？我們在服務水平上看到了這一點。我們預計這種趨勢將持續下去。我認為，當你把所有這些放在一起時，我們現在的預測是，今年我們的匯率應該上漲約 50 個基點。

And then I know from your filing, North America cereal adjusted gross margin was about 26% in the first quarter. I don't know if it's too early for you to have that for the second quarter. But I'm just wondering I know obviously, we'll be talking more next week, but how are you thinking about gross margin potential for that business? I would have thought a large-scale cereal business like yours, would be just naturally living at a much higher gross margin level. Just any thoughts? And of course, we'll see you next week.

然後我從你們的文件中得知，第一季度北美穀物調整後的毛利率約為 26%。我不知道你現在談論第二季度是否太早了。但我只是想知道我顯然知道，我們下週將進行更多討論，但您如何看待該業務的毛利率潛力？我本以為像你們這樣的大型穀物企業自然會生活在更高的毛利率水平上。只是有什麼想法嗎？當然，我們下週再見。

Yes. So I think we continue to recover both share and margin as that business recovers from the fire and strike through the cycle of replenishing inventory and full commercial execution. So that recovery is well underway, both from our top line share as well as a margin standpoint. And I think the go forward, we'll obviously discuss fully next week.

是的。因此，我認為，隨著業務從火災中恢復並完成補充庫存和全面商業執行的周期，我們將繼續恢復份額和利潤。因此，無論是從我們的營收份額還是利潤率的角度來看，復甦都在順利進行。我認為接下來，我們顯然會在下週進行充分討論。

Stay tuned for an exciting event next week, David.

大衛，請繼續關注下週的激動人心的活動。

Our next question comes from Pamela Kaufman of Morgan Stanley.

我們的下一個問題來自摩根士丹利的帕梅拉·考夫曼。

I was on mute. Can you discuss how much investments shifted into the second half of the year? I think you mentioned that in the prepared remarks. And just broadly how you're thinking about marketing and brand investment relative to your original plan given what you're seeing from a demand standpoint and increasing elasticities?

我當時處於靜音狀態。您能否討論一下下半年轉移了多少投資？我想你在準備好的發言中提到了這一點。考慮到您從需求的角度和不斷增加的彈性所看到的情況，您如何考慮相對於您最初的計劃的營銷和品牌投資？

Yes, Pam, maybe I'll start and then flip it to Amit. I'd say we clearly increased our investment in A&P in the first half of the year as we said we would. We were maybe a little bit more judicious as we continue to work through bottlenecks and shortages and get our confidence in our supply chain back to where it needs to be to really drive the type of quality merchandising that we want to drive. And so we see more ambitious plans in the second half. So we'll see an increase above the run rate that we had in the first half as we drive really good program against Pringles and Cheez-It, our cereal business and so forth.

是的，帕姆，也許我會開始然後把它轉給阿米特。我想說的是，我們在今年上半年明顯增加了對 A&P 的投資，正如我們所說的那樣。當我們繼續努力克服瓶頸和短缺並使我們對供應鏈的信心恢復到真正推動我們想要推動的優質營銷類型所需的水平時，我們可能更加明智一些。因此，我們在下半年看到了更加雄心勃勃的計劃。因此，隨著我們針對品客薯片 (Pringles) 和 Cheez-It、我們的穀物業務等推出非常好的計劃，我們將看到運行率高於上半年的增長。

So continued investment in the brands in a constructive way to drive good quality displays, and promotions on the floor into the second half. And so that's what you see happening. A little bit of dynamism going forward, but a confidence in our supply chain that is a lot more solid than I'd say it's been really since the pandemic. I don't know, Amit, if you want to...

因此，以建設性的方式繼續對品牌進行投資，以推動下半年的優質展示和促銷活動。這就是你所看到的情況。未來有一點活力，但對我們供應鏈的信心比我所說的自大流行以來的信心要堅定得多。我不知道，阿米特，你是否願意...

No. I think there's been some shift. We always talk this year that we'd be lapping last year's pull down, right, as we went -- as we were building inventories in the first half of '22. So for the half, we were up mid-single digits on -- for the half in A&P. And so quarter and in the quarter. And so I think we'd expect some shifting of that into the second half.

不，我認為發生了一些轉變。今年我們總是說我們會追平去年的下滑，對吧，就像我們在 22 年上半年建立庫存一樣。因此，在上半場，我們的 A&P 上半場上漲了中個位數。季度和季度也是如此。所以我認為我們預計下半年情況會有所轉變。

Great. And just wanted to ask what you're seeing -- what you're observing from the consumer outside of the U.S., your results especially in Europe were very strong. So maybe if you could touch on what you're seeing in terms of consumer behavior across your geographies?

偉大的。只是想問一下您所看到的情況 - 您從美國以外的消費者那裡觀察到的情況，您的結果尤其是在歐洲的結果非常強勁。那麼，您是否可以談談您所看到的各個地區的消費者行為？

Yes. I'd say -- and we've talked about this in the past, Europe is probably under more strain in terms of household budgets than North America. But we performed very well in the second quarter, obviously, you saw our snacks grow nearly 20% on an organic basis. You saw positive growth in cereal. And so from that perspective, our brands are performing well. Our relationships with our customers are very, very constructive. We find the overlap of what they need for their consumers, which we share as we think about putting together promotions and programs that address a strained household budget environment in Europe. But I'd say the brands have performed very well.

是的。我想說——我們過去已經討論過這一點，歐洲在家庭預算方面可能比北美面臨更大的壓力。但我們在第二季度的表現非常好，顯然，你看到我們的零食在有機基礎上增長了近20%。您看到了穀物的積極增長。因此從這個角度來看，我們的品牌表現良好。我們與客戶的關係非常非常有建設性。我們發現他們對消費者的需求是重疊的，當我們考慮整合促銷和計劃來解決歐洲緊張的家庭預算環境時，我們分享了這一點。但我想說這些品牌的表現非常好。

Our customer teams have performed in an excellent manner as we've executed unprecedented revenue growth management activities in Europe, and really continue to operate in a situation where household budgets remain under pressure. And for the foreseeable future, I think we'll continue to remain under pressure. But underlying that is a resilient consumer who continues to spend against discretionary items like Pringles and like our cereal brands.

我們的客戶團隊表現出色，我們在歐洲執行了前所未有的收入增長管理活動，並且確實在家庭預算仍然面臨壓力的情況下繼續運營。在可預見的未來，我認為我們將繼續面臨壓力。但其背後是堅韌的消費者，他們繼續購買品客薯片和我們的穀物品牌等非必需品。

Our next question comes from Steve Powers of Deutsche Bank.

我們的下一個問題來自德意志銀行的史蒂夫·鮑爾斯。

I guess I just want to go back to -- I think it was David Palmer's question on the second half gross margin, I didn't -- maybe it is me, I just didn't quite follow the answer. I do think the math suggests essentially no gross margin expansion in the back half, but you sound confident about the momentum you've got going into the back half. So I just wanted to revisit that, if I could. And then a different topic entirely, but just on Nigeria, it sounded like from the way you described it that you didn't anticipate taking any incremental pricing from here post devaluation that you've kind of been proactive on. I just wanted to play that back and talk through what the dynamics are and just kind of validate whether -- what the pricing outlook is in the context of devaluation going forward?

我想我只是想回到——我認為這是大衛·帕爾默關於下半年毛利率的問題，我沒有——也許是我，我只是不太明白答案。我確實認為數學表明後半段的毛利率基本上沒有增長，但你聽起來對後半段的勢頭充滿信心。所以，如果可以的話，我只是想重新審視一下這個問題。然後是一個完全不同的話題，但就尼日利亞而言，從您描述的方式來看，您並沒有預計到您一直積極主動的貶值後會從這裡採取任何增量定價。我只是想回顧一下，討論一下動態是什麼，並驗證一下在未來貶值的背景下定價前景如何？

Yes. I'll start with the Africa top line and then turn it to Amit to build on that and then address your gross margin question. I'd say the African team has really shown their skill, their savvy, their experience because we mentioned in the prepared remarks, we've seen the devaluation on the de facto basis and have been transacting pretty much at the rate that it was devalued to or close to it. And so that's why you see the level of pricing that we've been able to take, which really protects our margins going forward. And its underlying the performance in Africa. We'll continue to watch the currency. It's been, I think, the government, I give great credit for doing the things that are necessary, but very, very tough for the long term of that economy in that country. And we'll continue to watch what's really happening with the currency as we always have and think about if it continues to work towards a continued evaluation, we'll price accordingly. And we price constantly to make sure that we're keeping track of the underlying currency as we see it. And so with that, I'll turn it back over to Amit then.

是的。我將從非洲的營收開始，然後將其交給阿米特，在此基礎上進一步發展，然後解決您的毛利率問題。我想說非洲團隊確實展示了他們的技能、他們的悟性和他們的經驗，因為我們在準備好的評論中提到，我們已經看到事實上的貶值，並且幾乎按照貶值的速度進行交易到或接近它。這就是為什麼你會看到我們能夠採取的定價水平，這確實保護了我們未來的利潤。這是非洲表現的基礎。我們將繼續關注該貨幣。我認為，政府做了一些必要的事情，但對於該國經濟的長期發展來說，這是非常非常艱難的。我們將像往常一樣繼續關注貨幣的實際情況，並考慮它是否繼續致力於持續評估，我們將相應地定價。我們不斷定價，以確保我們跟踪我們所看到的基礎貨幣。因此，我會將其轉回給阿米特。

Yes. Thanks, Steve. So I think the devaluation that we are seeing right now is more of a catch-up in the official rate at which we translate. I think operationally, like, Steve mentioned, we've been operating against the de facto devaluation that's happened. And you can see that in our pricing. And you can see that in our NSV growth, which has been north of 20% for the last few quarters. I think from a translation standpoint, Nigeria is about 10% of our sales. So with the devaluation, it's about a 4% impact on our overall NSE -- NSV, which will be split between the 2 years. 2% this year and 2% next year. This has been incorporated into our ForEx guidance. So the guidance that I gave, based on today's rates, of course, of around a 3% impact on NSV that incorporates the Naira devaluation.

是的。謝謝，史蒂夫。因此，我認為我們現在看到的貶值更多的是追趕我們翻譯的官方匯率。我認為從操作上來說，就像史蒂夫提到的那樣，我們一直在針對已經發生的事實上的貶值進行操作。您可以在我們的定價中看到這一點。您可以從我們的 NSV 增長中看到這一點，過去幾個季度的增長超過 20%。我認為從翻譯的角度來看，尼日利亞約占我們銷售額的 10%。因此，隨著貨幣貶值，我們的整體 NSE（NSV）將受到約 4% 的影響，該影響將在兩年內分攤。今年2%，明年2%。這已納入我們的外匯指南中。因此，我給出的指導，當然是根據今天的匯率，對 NSV 產生約 3% 的影響，其中包括奈拉貶值。

I'd also say that the impact on OP and EPS is less than 1%, and that's also been incorporated into the 1% negative impact of currency on the EPS. So that's Nigeria. I think from a gross margin standpoint, no, we're not -- we continue to expect gross margins to expand in the second half. So there's no change in trend. I think there's a little bit of variation based on seasonality between the quarters. But I think from an underlying standpoint, we continue to expect gross margin to be up in the second half.

我還想說，對OP和EPS的影響不到1%，這也被納入貨幣對EPS的1%負面影響中。這就是尼日利亞。我認為從毛利率的角度來看，不，我們沒有——我們繼續預計下半年毛利率會擴大。所以趨勢沒有變化。我認為各季度之間存在一些季節性差異。但我認為，從基本面來看，我們仍然預計下半年毛利率將會上升。

Our next question comes from Alexia Howard of Bernstein.

我們的下一個問題來自伯恩斯坦的亞歷克西婭·霍華德。

Just a quick one for me. But thinking about the Investor Day next week. Can you clarify whether we'll get a guidance range on either earnings per share or adjusted operating profit for each of the 2 businesses for 2024?

對我來說只是一個快速的。但想想下週的投資者日。您能否澄清一下，我們是否會獲得這兩項業務 2024 年每股收益或調整後營業利潤的指導範圍？

Yes, that's our intent. So I think our intent is to talk both -- give you a preliminary guidance given it's early on '24, talk about long-term growth rates across key measures.

是的，這就是我們的意圖。因此，我認為我們的目的是同時討論這兩個問題 - 鑑於現在是 24 年初，為您提供初步指導，討論關鍵指標的長期增長率。

And guidance for next year as well, at least preliminary guidance with the range.

還有明年的指導，至少是該範圍的初步指導。

Yes.

是的。

Our next question comes from Bryan Spillane from Bank of America.

我們的下一個問題來自美國銀行的 Bryan Spillane。

I wanted to follow up, I guess, on Pam's question. She asked a bit about investment shift to the back half. And I guess maybe just stepping back, like just looking at it more broadly, if we look at SG&A as a percentage of sales, it's running and it's been, I guess, the last 6 or 8 quarters, it's been running about 200 basis points as a percentage of sales below where it was sort of before last year. And so I guess as we kind of look thinking about that going forward, right? Is that kind of the new run rate? Is there still some rebasing of marketing spend that has to happen? So just really trying to understand where SG&A as a percentage of sales have been running in roughly 20% range for a long time, and now we're 20% to 21% and now we're kind of high 18%, 19%. Just is this really a good run rate going forward? Or is there more spend that still has to be put back?

我想我想跟進帕姆的問題。她詢問了一些關於投資轉向後半部分的問題。我想也許只是退後一步，就像更廣泛地看待它一樣，如果我們將SG&A 視為銷售額的百分比，它正在運行，我猜，在過去的6 或8 個季度中，它一直在運行大約200 個基點佔銷售額的百分比低於去年之前的水平。所以我想我們似乎正在考慮未來的發展，對嗎？這是新的運行率嗎？是否還需要調整營銷支出基數？因此，我想真正了解 SG&A 在銷售額中所佔的百分比，長期以來一直在大約 20% 的範圍內運行，現在我們在 20% 到 21% 之間，現在我們在 18%、19% 左右。這真的是一個良好的運行率嗎？或者是否還有更多支出需要收回？

Yes. I think firstly, there's been some phasing, right, when you compare it versus '22. And we talked that -- we started the year saying it will be much more first half weighted. I think that has shifted a little bit between first half and second half. I think to your question around levels of advertising, we're pleased with the levels of advertising. So I don't think we expect any rebasing needed going forward. On SG&A, we are catching up as meetings, travel, business returns to pre-pandemic levels. So I think that you'll see that catch up, I'd say that overall you'd expect overheads to be up mid-single digits, is to be up slightly higher than what we increased in '22. So in '22, we were up, we'd probably be up this year as well at a slightly higher rate.

是的。我認為首先，當你將它與 22 年進行比較時，有一些階段性的變化，對吧。我們談到過——我們在今年開始時就表示上半年的權重會更大。我認為上半場和下半場之間發生了一些變化。我認為對於你關於廣告水平的問題，我們對廣告水平感到滿意。因此，我認為我們預計未來不需要進行任何基礎調整。在SG&A方面，隨著會議、旅行、業務恢復到大流行前的水平，我們正在迎頭趕上。因此，我認為您會看到這種追趕，我想說，總體而言，您預計管理費用將上升到個位數中間，略高於我們在 22 年增加的水平。所以在 22 年，我們上漲了，今年我們可能也會以略高的速度上漲。

Okay. So it sounds as if we're thinking about SG&A as a percentage of sales, if we go back past '22, right, if you look at '20, '21, just the years before, it sounds like it's going to be net lower as a percentage of sales, but the run rate was leading up before the pandemic?

好的。因此，聽起來好像我們正在將SG&A 視為銷售額的百分比，如果我們回顧過去的22 年，對吧，如果你看看20 年、21 年，就​​在前幾年，聽起來它將是淨值佔銷售額的百分比較低，但運行率在大流行之前就已經領先？

Yes. I mean there's been a lot of pricing that has come through. So I think we've been in this period of exceptional pricing. So some of the ratios probably are displaced a little bit as that pricing has worked its way through the P&L.

是的。我的意思是已經進行了很多定價。所以我認為我們正處於這個定價異常的時期。因此，隨著定價在損益表中發揮作用，某些比率可能會發生一些變化。

Our next question comes from Robert Dickerson of Jefferies. Please go ahead.

我們的下一個問題來自傑富瑞 (Jefferies) 的羅伯特·迪克森 (Robert Dickerson)。請繼續。

Yes, I just want to ask a broader question around...

是的，我只是想問一個更廣泛的問題......

Rob, I think you were not entirely -- you're a little breaking up, but I think the question was around RTEC and RTEC recovery and where we see it. So I'll answer that question. I think that's what you're asking. We continue to recover the share. We talked about in the prepared remarks. In the first half of 2023, we gained 1.5 points year-on-year. We're also up year-on-year on a 13-week basis and a 4-week basis. We're still recovering items. We're still recovering distribution points, and we see that continuing to recover. We have a long tail of SKUs we had. We took the opportunity to chop some of that tail to make efficiency gains in our plants, but there's still some recovery happening with the long-tail SKUs that we did not shop.

Rob，我認為你並不完全——你有點分裂，但我認為問題是圍繞 RTEC 和 RTEC 恢復以及我們在哪裡看到它的。所以我會回答這個問題。我想這就是你要問的。我們繼續收回份額。我們在準備好的發言中談到了這一點。 2023年上半年，我們同比增長了1.5個百分點。我們的 13 周和 4 周同比也有所增長。我們仍在恢復物品。我們仍在恢復分發點，並且我們看到這種情況正在繼續恢復。我們擁有長尾的 SKU。我們藉此機會砍掉了一些尾部，以提高工廠的效率，但我們沒有購買的長尾 SKU 仍然出現了一些復甦。

And so we still see recovery on the horizon. I wouldn't really call it a recovery, but I just see it as ongoing momentum as we get back to where we were pre-strike from a share perspective. And I think you'll see some ambitious plans next week. There should be no ceiling for our share ambitions when we think about what the potential of this business is. But we're pleased with the momentum. We're pleased with the plant's performance. We mentioned also in the prepared remarks, we're running company and company right now, which is really exciting. We did the cutover over the weekend.

因此，我們仍然看到復蘇即將到來。我不會真正稱其為複蘇，但我只是將其視為持續的動力，因為我們從股票的角度回到了罷工前的水平。我認為下週你會看到一些雄心勃勃的計劃。當我們思考這項業務的潛力時，我們的股票雄心應該沒有上限。但我們對這種勢頭感到滿意。我們對工廠的表現感到滿意。我們在準備好的發言中也提到，我們現在正在經營一家公司，這真的很令人興奮。我們在周末進行了切換。

And one of the things that mean is there's now a separate sales organization for North American Cereal, which is, I think, one of the really exciting developments as we talk about 2 companies -- 2 quality companies going forward. And so you'll have a sales organization that's 100% focused on North American cereal and they'll have goals that are ambitious and I think very achievable as we continue to look forward for North American cereal and what its true potential is.

這意味著北美穀物現在有一個獨立的銷售組織，我認為，當我們談論兩家公司——兩家優質公司的未來發展時，這是真正令人興奮的發展之一。因此，您將擁有一個 100% 專注於北美穀物食品的銷售組織，他們將擁有雄心勃勃的目標，而且我認為隨著我們繼續期待北美穀物食品及其真正潛力，這些目標是可以實現的。

Okay. Super. And then I guess just one quick follow-up is kind of pertaining, I guess, to Mr. Palmer's question earlier, just on the North America cereal profitability, that you provided us in Form 10. Is there anything kind of inherent within those profitability margins that could have been, let's say, kind of weighing on profitability potential again, more broadly speaking, relative to maybe what could come?

好的。極好的。然後我想，我想，只有一個快速後續行動與帕爾默先生早些時候提出的問題有關，即您在表格10 中向我們提供的北美穀物盈利能力。這些盈利能力中是否有任何內在的東西？更廣泛地說，相對於可能發生的情況，利潤率可能會再次影響盈利潛力？

Yes. We'll talk it in context next week. And I think we'll talk about the history as well as the go-forward plans suffice to say that we've been through fire and strike and that had an impact on the margin. So I think maybe we'll have a fuller conversation on that next week.

是的。我們將在下週的上下文中討論它。我認為我們將談論歷史以及前進計劃就足以說明我們經歷了炮火和罷工，這對利潤率產生了影響。所以我想也許我們下週會對此進行更全面的對話。

Our next question comes from Michael Lavery of Piper Sandler.

我們的下一個問題來自 Piper Sandler 的 Michael Lavery。

Just wanted to understand a couple of things on volumes. You've walked through the sales growth split by category and ways that would add up to W.K. Kellogg and Kellanova. But can you give how the volume split would have looked for each of those on a company (inaudible) basis? For the second quarter?

只是想了解一些關於卷的事情。您已經了解了按類別劃分的銷售增長以及總計為 W.K. 的方式。凱洛格和凱拉諾瓦。但您能否給出以公司（聽不清）為基礎的每個公司的銷量分配情況？第二季度？

We haven't split it out.

我們還沒有把它分開。

We haven't split that, Michael. Next week, we will -- I mean, you're going to get a lot of detail next week about what it looks like and what our forecasts are going forward. But in terms of category splits on volume, it's not a level of detail that we've provided.

我們還沒有分開，邁克爾。下週，我們將——我的意思是，下週你將獲得很多關於它的情況以及我們的預測的詳細信息。但就數量上的類別劃分而言，這並不是我們提供的詳細程度。

Okay. And just on emerging markets, Obviously, you had the serial comp, the restocking and a lot of things in the U.S. and some different dynamics in developed markets. But EMEA volumes were also down that they had -- they were down a bit last year. What would be necessary to see better volume growth there? That's usually kind of historically where you would expect it is emerging markets. And so -- can you just give us a sense of maybe what some of the pressure is there? Is it just macro? I know you mentioned the launch -- the expansion into places like South Africa, but how does that look going ahead? Should -- is that pressure likely to remain? When does it pick up? How do we think about that?

好的。就新興市場而言，顯然，美國有一系列的補償、補貨和很多事情，發達市場也有一些不同的動態。但歐洲、中東和非洲地區的銷量也比去年有所下降——去年略有下降。要看到更好的銷量增長需要什麼？從歷史上看，這通常是新興市場。那麼，您能否讓我們了解一下可能存在哪些壓力？只是宏嗎？我知道您提到了此次發布——擴展到南非等地，但未來的情況如何？這種壓力是否會持續存在？什麼時候回升？我們對此有何看法？

Yes. I think we've seen elasticities rising in the quarter, right? We had expected that. We had focused that, and this quarter, in quarter 2, we saw that. And I think we saw it in talking on EMEA or Latin America. In Latin America, we saw it in our cereal business, our cookies and crackers business in Brazil. We also did some rationalization of low-margin SKUs as part of our revenue growth management. So you're seeing that come through in the quarter. And I think it's really elasticities given the pricing that we've taken, and we talked a little bit about currency in Nigeria, where we've had to price not just for commodities, but also currency. So you're seeing the elasticities come through.

是的。我認為我們已經看到本季度的彈性上升，對吧？我們已經預料到了這一點。我們一直關注這一點，在本季度的第二季度，我們看到了這一點。我認為我們在討論歐洲、中東和非洲或拉丁美洲時看到了這一點。在拉丁美洲，我們在穀物業務、巴西的餅乾業務中看到了這一點。作為收入增長管理的一部分，我們還對低利潤 SKU 進行了一些合理化。所以你會在本季度看到這一點。我認為考慮到我們所採取的定價，這確實具有彈性，我們討論了尼日利亞的貨幣，在那裡我們不僅必須為商品定價，還必須為貨幣定價。所以你會看到彈性的體現。

I think going forward, from a lever standpoint, I think Steve talked about we've got -- we're excited about the commercial plan that we have in the second half. And I think as you start lapping the pricing, there'll be more balance between volume and price mix.

我認為，從槓桿的角度來看，史蒂夫談到了我們已經擁有的——我們對下半年的商業計劃感到興奮。我認為，當你開始調整定價時，銷量和價格組合之間將會更加平衡。

Our next question comes from Matt Smith of Stifel.

我們的下一個問題來自 Stifel 的馬特·史密斯。

I want to follow up on the commentary about the consumer environment and the category dynamics we're seeing where some categories we're seeing clearly a softer elasticity response lately. When you think about your promotional spending going forward, are there categories where you expect that to pick up in relation to where it was on a pre-pandemic basis, I'm thinking here, if you're approaching the cereal category differently than you are the snacking category, given the volume slowdown we've seen that seems to be more evident in cereal relative to the snacking categories where elasticities have been more stable overall?

我想跟進有關消費者環境和我們所看到的類別動態的評論，其中我們最近明顯看到某些類別的彈性反應較軟。當您考慮未來的促銷支出時，您是否期望某些類別的支出相對於大流行前的情況有所回升，我在這裡想，如果您對穀物類別的處理方式與您不同考慮到我們所看到的銷量放緩，穀物食品的銷量下降似乎比整體彈性更穩定的零食類別更為明顯，那麼零食類別是什麼呢？

Yes. I think a couple of things. First, it's a bit of a tough comparison when you think about in North America cereal versus our snacks business because our cereal is obviously coming out of a very depressed environment because of the fire and the strike, really no promotional activity, no merchandising activity, and so we've got a ways to go to get back to where it was on a pre-pandemic basis, but we have every confidence that we're moving in that direction because our supply chain is working. I mean, it's working really at a pre-pandemic level in cereal, which is terrific. I already mentioned the replenishment of SKUs, the growth of distribution points and ACV. So we see that really moving in the right direction.

是的。我認為有幾件事。首先，當你考慮北美的穀物食品和我們的零食業務時，這是一個艱難的比較，因為我們的穀物食品顯然是從火災和罷工的非常低迷的環境中走出來的，實際上沒有促銷活動，沒有推銷活動，因此，我們有很多方法可以回到大流行前的水平，但我們完全有信心我們正在朝這個方向前進，因為我們的供應鏈正在發揮作用。我的意思是，它在穀物中的作用確實達到了大流行前的水平，這非常棒。我已經提到了SKU的補貨、分銷點和ACV的增長。所以我們看到這確實在朝著正確的方向發展。

From a snacking perspective, it's always been a very highly impulsive category. And so coming out of bottlenecks and shortages and low service levels you don't get the type of quality display that really drives the type that we're used to seeing if your service levels aren't above the 95 percentage rate. And so as we think about the back half of the year and some of the things I've mentioned around quality merchandising and our confidence in our supply chain, we see that as a big opportunity for us going forward for brands like Pringles, Cheez-It, Rice Krispies treats, which are highly impulsive.

從零食的角度來看，它一直是一個非常高度衝動的類別。因此，擺脫瓶頸、短缺和低服務水平後，如果您的服務水平不高於 95%，您就無法獲得真正推動我們習慣看到的質量顯示類型。因此，當我們思考今年下半年以及我提到的有關優質商品銷售和我們對供應鏈的信心的一些事情時，我們認為這對我們像 Pringles、Cheez 這樣的品牌來說是一個巨大的機遇。它是脆米花，非常容易衝動。

Front end is important. Display disruption opportunities throughout the store is really important. And so we see -- we're really pleased with the type of plans that we have in place for the back half of the year that we think will drive continued good performance, which is why we're more constructive about volume going forward. And look at this past quarter's volume performance is in North America as whether you call it a high watermark or a low watermark, but moving better -- moving clearly in a better direction based on everything that we see.

前端很重要。在整個商店展示顛覆機會非常重要。所以我們看到——我們對今年下半年制定的計劃類型非常滿意，我們認為這些計劃將推動持續良好的業績，這就是為什麼我們對未來的銷量更具建設性。看看上個季度北美的銷量表現，無論你稱之為高水位線還是低水位線，但都在更好地發展——根據我們所看到的一切，顯然正在朝著更好的方向發展。

All right, operator, I don't think we have time. We are at the half-hour here. Thanks, everyone, for your interest, and please contact us if you have any follow-up questions to ask.

好吧，接線員，我想我們沒有時間。我們是半點鐘到的。謝謝大家的關注，如果您有任何後續問題需要詢問，請聯繫我們。

Thank you for joining today's call. You may now disconnect your lines.

感謝您參加今天的電話會議。您現在可以斷開線路。