家樂氏 (K) 2024 Q2 法說會逐字稿

(Operator instructions) At this time, I would like to turn the call over to John Renwick, Vice President of Investor Relations and Corporate Planning for Kellanova.

（接線生指示）此時，我想將電話轉給 Kellanova 投資人關係和企業規劃副總裁 John Renwick。

Mr. Renwick, you may begin your conference call.

Renwick 先生，您可以開始電話會議了。

Thank you, operator.

謝謝你，接線生。

Good morning, everyone, and thank you for joining us today for review of our second quarter results as well as an update on our outlook for 2024.

大家早安，感謝您今天加入我們回顧第二季業績以及更新 2024 年展望。

I am joined this morning by Steve Cahillane, our Chairman, President and Chief Executive Officer; and Amit Banati, our Vice Chairman and Chief Financial Officer.

今天上午，我們的董事長、總裁兼執行長 Steve Cahillane 也加入了我的行列。以及我們的副主席兼財務長阿米特·巴納蒂 (Amit Banati)。

Slide number 3 shows our forward-looking statements disclaimer.

第 3 號投影片顯示了我們的前瞻性聲明免責聲明。

As you are aware, certain statements made today such as projections for Kellanova's future performance are forward looking statements.

如您所知，今天所做的某些陳述（例如對 Kellanova 未來業績的預測）屬於前瞻性陳述。

Actual results could be materially different from those projected.

實際結果可能與預測有重大差異。

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.

有關可能導致這些結果不同的因素的更多信息，請參閱本簡報的第三張幻燈片以及我們向 SEC 公開的文件。

A recording of today's webcast and supporting documents will be archived for at least 90 days on the Investor page of www.kellanova.com.

今天網路廣播的錄音和支援文件將在 www.kellanova.com 的投資者頁面上存檔至少 90 天。

As always, when referring to our results and outlook, 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.

像往常一樣，在提及我們的業績和前景時，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。

Also remember that our 2023 results have been recast to treat the spun-off W.K. Kellogg Co. as a discontinued operation in accordance with applicable accounting guidelines.

另請記住，我們已重新調整 2023 年的結果，以處理分拆出來的 W.K.根據適用的會計準則，家樂氏公司已終止營業。

Those recast statements can be found in our Q4 2023 earnings press release from February 8 of this year.

這些改寫的聲明可以在我們今年 2 月 8 日發布的 2023 年第四季財報新聞稿中找到。

And now I'll turn it over to Steve.

現在我將把它交給史蒂夫。

Thanks, John, and good morning, everyone.

謝謝約翰，大家早安。

We're once again pleased to report strong quarterly results that are clear evidence of our more growth oriented and more profitable portfolio following last fall's spinoff.

我們再次很高興地報告強勁的季度業績，這清楚地證明了繼去年秋天分拆後我們的投資組合更加註重成長和利潤更高。

Our year-on-year organic growth in net sales was again on algorithm and volume trends improved sequentially again outside of Nigeria.

我們的淨銷售額年比有機成長再次得益於演算法，並且尼日利亞以外地區的銷售趨勢再次連續改善。

Our year-on-year currency-neutral operating profit growth was also on algorithm and we continue to improve our profit margins.

我們的同比貨幣中性營業利潤成長也取決於演算法，我們繼續提高利潤率。

And we've returned to full commercial activity with our stepped-up innovation reaching shelves in the second quarter.

我們已恢復全面的商業活動，我們的創新產品將於第二季上架。

Delighting consumers is never more important than it is right now, and we now have our full plan in the marketplace, which should help us continue to improve our end market performance in the second half.

讓消費者滿意比現在更重要，我們現在已經在市場上有了完整的計劃，這應該有助於我們在下半年繼續提高終端市場表現。

On slide number 6, we remind you of our strategy, differentiate, drive and deliver, which we continue to execute, helping us to deliver our near term commitments, but also to build for a strong future and drive share owner value.

在第 6 張投影片中，我們提醒您我們的策略：差異化、推動和交付，我們將繼續執行這些策略，幫助我們兌現短期承諾，同時打造美好的未來並提升股東價值。

On slide number 7, we remind you of our global footprint, whose diversification and exposure to faster-growing markets is a true point of differentiation for Kellanova.

在第 7 號投影片上，我們提醒您我們的全球足跡，其多元化和對快速成長市場的接觸是 Kellanova 的真正差異化點。

This differentiated footprint, along with our return to full commercial activity around the world contributed to our continued sequential improvement in volume in most of our regions.

這種差異化的足跡，加上我們在世界各地恢復全面商業活動，有助於我們在大多數地區的銷售持續和持續改善。

The chart on slide number 8 excludes our joint ventures in Africa, where currency driven price increases in Nigeria have resulted in recent elasticities as we expected.

第 8 號投影片的圖表不包括我們在非洲的合資企業，尼日利亞的貨幣驅動的價格上漲導致了近期的彈性，正如我們所預期的那樣。

We see that our businesses outside those JVs posted a fourth consecutive quarter of sequential improvement in volume.

我們看到，這些合資企業以外的業務的銷售連續第四個季度實現環比改善。

And we drove this sequential improvement across our regions.

我們推動了整個地區的連續改進。

Europe and the rest of EMEA both recorded moderating volume declines and North America and Latin America both returned to outright volume growth.

歐洲和歐洲、中東和非洲其他地區的銷量下降幅度均有所放緩，而北美和拉丁美洲的銷量均恢復了全面成長。

Another key driver is shown on slide number 9.

另一個關鍵驅動因素如投影片 9 所示。

Innovation.

創新。

As discussed previously, we are returning to a full innovation launch calendar after the pandemic era's supply disruptions.

如同前面所討論的，在大流行時代的供應中斷之後，我們將回到完整的創新發布日曆。

As you can see on the slide, we have a plethora of innovations launching across every one of the regions this year, ranging from limited editions to new flavors to amplified wellness credentials to entirely new food platforms.

正如您在幻燈片中看到的那樣，今年我們在每個地區推出了大量創新產品，從限量版到新口味，再到增強的健康證書，再到全新的食品平台。

I'll just highlight a few notables.

我只強調一些值得注意的人。

In the second half, we will be launching Pringles Mingles in North America, our first out of the can launch in the United States in over 15 years.

下半年，我們將在北美推出品客洋芋片 (Pringles Mingles)，這是我們 15 年來首次在美國推出罐裝產品。

In late Q3, we will be introducing Cheez-It to Europe with a big launch in the UK supported by a full arsenal of sampling, social media and public relations and advertising.

第三季末，我們將在英國推出 Cheez-It，並在全套樣品、社交媒體、公共關係和廣告的支持下，將 Cheez-It 引入歐洲。

We've innovated in away from home channels as well, sometimes leveraging these channels to drive consumer awareness.

我們也在外出通路進行了創新，有時會利用這些管道來提高消費者的認知度。

A good example is our partnering with Taco Bell to launch a big Cheez-It contract Supreme and a big Cheez-It Tostada.

一個很好的例子是我們與 Taco Bell 合作推出了一款大型 Cheez-It 合約 Supreme 和一款大型 Cheez-It Tostada。

So we feel very good about the quality of our innovations and the buzz trial and incremental purchases they will generate.

因此，我們對我們的創新品質以及由此產生的嗡嗡聲試用和增量購買感到非常滿意。

Indeed this heavy innovation calendar should bring us back to normal levels of net sales contribution from innovation.

事實上，這個繁重的創新行事曆應該會讓我們的創新淨銷售貢獻恢復到正常水準。

Slide number 10 measures year one incremental sales from innovation launches expressed as a percent of our total net sales.

第 10 號投影片衡量了第一年創新推出帶來的增量銷售額，以占我們總淨銷售額的百分比表示。

Notice how the incremental net sales we expect to generate from this year's innovation launches are much higher than the last couple of years when we had been contending with global supply disruptions.

請注意，我們預計今年的創新發布所帶來的增量淨銷售額將遠高於過去幾年我們一直在應對全球供應中斷的情況。

Getting back to delighting consumers through innovation is a key component of what we refer to as getting back to full commercial activity.

透過創新重新取悅消費者是我們所謂的恢復全面商業活動的關鍵組成部分。

Another good sign is shown on slide number 11.

第 11 號投影片顯示了另一個好兆頭。

In our return to full commercial activity, we obviously prioritized our biggest brand Pringles.

在我們恢復全面商業活動的過程中，我們顯然優先考慮了我們最大的品牌品客洋芋片。

The chart shows how this investment and activities improving our net sales growth and in-market performance for this highly differentiated brand.

這張圖表顯示了這項投資和活動如何改善我們這個高度差異化品牌的淨銷售額成長和市場表現。

All of it led to another quarter of differentiated results, starting with organic net sales growth.

所有這些都帶來了另一個季度的差異化業績，首先是有機淨銷售額成長。

Slide number 12 shows how we continue to well outpace the median growth of our peer group, including our more directly comparable snacking and international peers.

第 12 號投影片顯示了我們如何繼續遠遠超過同行組的中位數成長，包括我們更直接可比較的零食和國際同行。

This is precisely the greater growth orientation I mentioned earlier about our strategy and portfolio.

這正是我之前提到的我們的策略和投資組合的更大成長方向。

Now let's talk about how we are a more profitable company than we were previously.

現在讓我們來談談我們如何成為一家比以前更賺錢的公司。

Slide number 13 shows how our year-to-date gross profit margin and operating profit margin this year as Kellanova are meaningfully higher than the same periods pre pandemic and pre spin-off.

第 13 號投影片顯示了 Kellanova 今年迄今的毛利率和營業利潤率明顯高於疫情前和分拆前的同期。

And our improvement in margins continued in the second quarter, as Amit will discuss in a moment, even with a substantial increase in brand investment.

正如阿米特稍後將討論的那樣，即使品牌投資大幅增加，我們的利潤率在第二季度仍在繼續改善。

Improving our margins is an important part of our strategy as they fuel our ability to invest in our brands and withstand unexpected shocks.

提高利潤率是我們策略的重要組成部分，因為它們增強了我們投資品牌和抵禦意外衝擊的能力。

And clearly, we are ahead of pace toward our 2026 target of a 15% operating profit margin.

顯然，我們正在提前實現 2026 年營業利潤率 15% 的目標。

Because of how our business is performing, both from a top line and bottom line perspective, we are now raising our full year guidance.

由於我們的業務表現，無論是從收入還是利潤的角度來看，我們現在都提高了全年指導。

Our first half results came in better than expected, and we remain on track for our second half outlook.

我們上半年的業績優於預期，下半年的前景仍然樂觀。

We feel good about our commercial activity now fully in the marketplace and that emerging markets will sustain their underlying momentum.

我們對我們的商業活動現在完全進入市場感到滿意，新興市場將維持其潛在勢頭。

Finally, we continue to progress on another element of our strategy and that is our Better Days Promise Program.

最後，我們繼續推動策略的另一個要素，那就是「更好的日子承諾計畫」。

Slide number 15 provides just a few examples of this program in action during the second quarter.

第 15 號投影片僅提供了該計劃在第二季實施的幾個範例。

So let me now turn it over to Amit, who will walk you through our financial results and outlook before I come back and discuss each of our businesses in more detail.

現在讓我把它交給阿米特，他將向您介紹我們的財務表現和前景，然後我回來更詳細地討論我們的每項業務。

Thank you, Steve, and hello, everyone.

謝謝你，史蒂夫，大家好。

Slide number 17 summarizes our key financial results for Q2 and the first half.

第 17 號投影片總結了我們第二季和上半年的主要財務表現。

As Steve said, we delivered another quarter of on algorithm results and another quarter of results that exceeded our expectations across all of these key metrics.

正如史蒂夫所說，我們又交付了四分之一的演算法結果，並且又一個季度的結果在所有這些關鍵指標上都超出了我們的預期。

Our organic growth in net sales in Q2 came in at 4%, remaining within our long-term target range.

我們第二季淨銷售額的有機成長為 4%，保持在我們的長期目標範圍內。

On a currency neutral basis, our adjusted operating profit grew by 16% year-on-year, driven by the organic net sales growth and continued improvement in margins in spite of a double digit increase in brand-building.

在貨幣中性的基礎上，儘管品牌建立實現了兩位數的成長，但在有機淨銷售額成長和利潤率持續改善的推動下，我們調整後的營業利潤同比增長了16%。

Our below-the-line items continued to be a modest year-on-year headwind, though less than anticipated, resulting in growth in earnings per share of 14% on a currency neutral basis.

儘管低於預期，但我們的線下項目仍然是同比溫和的阻力，導致在貨幣中性的基礎上每股收益增長 14%。

Meanwhile, free cash flow also continued to increase year-on-year.

同時，自由現金流也較去年同期持續成長。

Slide number 18 shows the major components of our year-on-year net sales growth in quarter two and the first half.

第 18 號投影片顯示了第二季和上半年淨銷售額年增率的主要組成部分。

Price mix growth continued to drive organic net sales growth, even as it moderated as expected outside of Nigeria, where we executed price increases in Q1.

價格組合成長繼續推動有機淨銷售額成長，儘管尼日利亞以外地區的成長如預期有所放緩，我們在第一季提高了尼日利亞的價格。

Volume declined on elasticity impacts around the world, but especially in Nigeria.

世界各地的成交量因彈性影響而下降，尤其是尼日利亞。

As Steve mentioned, that market accounted for virtually all of our volume decline in quarter two.

正如史蒂夫所提到的，該市場幾乎是我們第二季銷售下降的全部原因。

So the rest of our portfolio is clearly delivering on planned sequential improvement and even turn to growth in two of our regions.

因此，我們投資組合的其餘部分顯然正在實現計劃的連續改進，甚至在我們的兩個地區實現成長。

Moving along the graph, the small impact from last year's divestiture of our Russia business is now behind us as the transaction anniversaries at the start of quarter three.

沿著圖表看，去年剝離俄羅斯業務所帶來的微小影響現在已經成為過去，因為第三季初正是交易週年紀念日。

Foreign currency translation clipped net sales growth by about 8 percentage points in quarter two, principally reflecting the Nigerian Naira.

外幣換算使第二季淨銷售額成長下降了約 8 個百分點，主要反映了奈及利亞奈拉的匯率。

Now let's discuss profitability, starting with our gross profit on slide number 19.

現在讓我們討論獲利能力，從第 19 幻燈片中的毛利開始。

Adjusted basis gross profit continued to increase year-on-year during quarter two, up 9% excluding currency and up 5% with currency.

第二季調整後基礎毛利潤持續年增，不計貨幣成長 9%，含貨幣成長 5%。

This sustains a strong trend, as you can see on the slide.

正如您在幻燈片中看到的那樣，這維持了強勁的趨勢。

Meanwhile, we also continue to improve our gross profit margin with quarter two's margin up close to 340 basis points year-on-year.

同時，我們的毛利率也持續提高，第二季毛利率較去年同期接近340個基點。

As we've discussed previously, the discontinued operations accounting used to recast 2022 and the first three quarters of 2023 takes into account only the expenses associated with our transition services agreement and not the pass through of those expenses through W.K. Kellogg company.

正如我們之前討論的，用於重設 2022 年和 2023 年前三個季度的停產業務會計僅考慮與我們的過渡服務協議相關的費用，而不考慮透過 W.K. 轉嫁的這些費用。家樂氏公司。

Year-on-year this comparison item again contributed about 100 basis points of our margin expansion during quarter two.

與去年同期相比，這項比較項目再次為我們第二季的利潤擴張貢獻了約 100 個基點。

And as we've also discussed previously, currency devaluations affected our country mix contributing a year- on-year margin benefit in quarter two of approximately 150 basis points, a little less than quarter one and something that should moderate more meaningfully in the second half as we lap last year's largest devaluation of the Naira.

正如我們之前所討論的，貨幣貶值影響了我們的國家組合，第二季度的同比利潤率收益約為 150 個基點，略低於第一季度，下半年的情況應該會更有意義。去年奈拉最大幅度的貶值時。

Leaving out these two transitory items, our gross margin was still up by around a percentage point year-on-year, a recovery that continues to be aided by a resumed higher level of productivity and moderating input cost inflation.

撇開這兩項暫時性項目，我們的毛利率仍較去年同期成長約一個百分點，這項復甦持續得益於生產力水準的恢復和投入成本通膨的放緩。

The fact that this gross margin restoration has continued to run ahead of pace, gives us additional confidence in our full year outlook of more than 35%.

事實上，毛利率的恢復繼續領先，這讓我們對全年超過 35% 的前景充滿信心。

We're experiencing growth and margin expansion at the operating profit line too, as shown on slide number 20.

正如第 20 張投影片所示，我們的營業利潤線也正在經歷成長和利潤率擴張。

Operating profit in quarter two grew 16% excluding currency and 13% with currency sustaining a trend of year-on-year growth.

第二季營業利潤（不含貨幣）成長 16%，不含貨幣則成長 13%，維持年成長趨勢。

Even if you exclude the impact of the year-ago absence of transition services expense pass through, our operating profit grew by more than 6% on this currency neutral basis remaining on our algorithm.

即使排除去年沒有過渡服務費用轉嫁的影響，根據我們的演算法，在貨幣中性的基礎上，我們的營業利潤成長了 6% 以上。

This underlying growth was driven by an improving gross profit margin and good discipline on overhead, all of which more than offset the impact of a double-digit increase in brand-building investment.

這種潛在的成長是由毛利率的提高和管理費用的良好紀律推動的，所有這些都抵消了品牌建設投資兩位數成長的影響。

Even with increased investment, we are improving our profitability and marching solidly towards our guidance for an operating profit margin of over 14% in 2024 and our target of 15% by 2026.

即使增加投資，我們仍在提高盈利能力，並堅定地朝著 2024 年營運利潤率超過 14% 的指導和 2026 年 15% 的目標邁進。

Moving down the P&L, we come to our earnings per share walk on slide number 21.

沿著損益表向下看，我們在第 21 張投影片上看到了每股盈餘。

As you can see, all of our EPS growth in quarter two was attributable to our growth in operating profit just as it was in quarter one.

正如您所看到的，我們第二季度的所有每股收益成長都歸因於我們的營業利潤的成長，就像第一季一樣。

Looking at our below the line items, we can see that they again largely offset each other.

看看下面的行項目，我們可以看到它們再次在很大程度上相互抵消。

Interest expense, again, increased meaningfully year-on-year, reflecting higher interest rates.

利息支出再次較去年同期顯著增加，反映出利率上升。

This was partially offset by an increase in other income, principally reflecting interest income and investment gains.

這被其他收入的增加部分抵消，主要反映利息收入和投資收益。

Our effective tax rate remained in the mid 22% range.

我們的有效稅率保持在 22% 的中間範圍。

Joint venture earnings and minority interest were relatively immaterial year-on-year.

合資企業獲利和少數股東權益較去年同期相對較小。

Our average shares outstanding were flat.

我們的平均流通股持平。

The result of these items was an increase in adjusted basis EPS of 12% in quarter two and 14% on a currency-neutral basis.

這些項目的結果是第二季調整後每股盈餘成長了 12%，在貨幣中性的基礎上成長了 14%。

Let's now turn to slide number 22, which shows our free cash flow and net debt position through quarter two.

現在讓我們轉向第 22 號投影片，它顯示了我們第二季的自由現金流和淨債務狀況。

We remain ahead of last year on free cash flow through the first half, though, as we mentioned previously, some of this is related to the timing of a planned distribution from a post retirement fund, which is expected to be offset later in the year.

上半年我們的自由現金流仍然領先去年，不過，正如我們之前提到的，其中一些與退休後基金計劃分配的時間有關，預計該分配將在今年晚些時候被抵消。

Even aside from that, though, our cash flow generation remains solid.

但除此之外，我們的現金流產生仍然穩定。

Meantime, we have continued to trim our net debt even as we returned sizable cash to shareowners, mostly through our dividend.

同時，我們繼續削減淨債務，儘管我們向股東返還了大量現金（主要是透過股息）。

And our debt leverage remains well below our targeted ratio of net debt to trailing EBITDA of 3 times, giving us excellent financial flexibility.

我們的債務槓桿率仍遠低於淨債務與往績 EBITDA 3 倍的目標比率，這為我們提供了出色的財務靈活性。

Now let's discuss our increased guidance for the full year 2024 as shown on slide number 23.

現在讓我們討論一下我們對 2024 年全年增加的指導，如幻燈片 23 所示。

With half the year behind us, it is time to narrow the ranges we first gave at our Day at K investor event 12 months ago.

半年過去了，現在是時候縮小 12 個月前我們在 K 投資者活動日上首次給出的區間了。

And because of the strength of our first half performance, we are in a position to raise this guidance.

由於我們上半年的表現強勁，我們有能力提高這項指導。

For net sales, we now expect organic growth of above 3.5%, an increase from our previous guidance that reflects our better than expected first half performance.

對於淨銷售額，我們目前預期有機成長將超過 3.5%，高於我們先前的指引，反映出我們上半年的業績優於預期。

We are prudently keeping our second half assumptions largely unchanged.

我們謹慎地維持下半年假設基本不變。

Organic growth, of course, excludes currency translation, which based on exchange rates we saw during quarter two would be a headwind of about 7% for the full year.

當然，有機成長不包括貨幣換算，根據我們在第二季度看到的匯率，全年的匯率換算將是約 7% 的阻力。

For adjusted basis operating profit, we are raising and narrowing the range to $1.875 to $1.9 billion, again, primarily reflecting our first half delivery.

對於調整後的基本營業利潤，我們再次上調並將範圍縮小至 1.875 美元至 19 億美元，主要反映了我們上半年的交付情況。

We continue to expect margin expansion for the year, reaching above 35% for gross margin and above 14% for operating margin, though the year-on-year impacts moderate in the second half, mainly because of what we are lapping then.

我們繼續預計今年的利潤率將擴大，毛利率將達到 35% 以上，營業利潤率將達到 14% 以上，儘管下半年同比影響將有所緩和，主要是因為我們當時的情況。

We don't provide guidance on currency translation, but to give you an idea, if the exchange rates experienced during quarter two hold for the year, it would be about a negative 3% headwind to our operating profit.

我們不提供有關貨幣換算的指導，但給您一個想法，如果今年第二季的匯率保持不變，我們的營業利潤將受到大約 3% 的負阻力。

Guidance for adjusted basis earnings per share increases to a range of $3.65 to $3.75, which incorporates the higher operating profit and other income that we experienced in the first half.

調整後每股基本收益指引增加至 3.65 美元至 3.75 美元的範圍，其中包括我們上半年經歷的更高的營業利潤和其他收入。

Specifically, other income should retain its first half upside before settling back to a run rate of $15 to $20 million per quarter in the second half.

具體來說，其他收入應該會保持上半年的上漲勢頭，然後在下半年回落到每季 15 至 2,000 萬美元的運行率。

Our effective tax rate is now expected to be in the mid 22% range, only slightly better than we previously communicated.

目前，我們的有效稅率預計在 22% 左右，僅比我們先前通報的稍好。

These factors are partially offset by interest expense now expected to be higher given quarter two's run rate and joint venture earnings and minority interest collectively should run a little bit more negative in the second half than the first.

這些因素部分被利息支出所抵消，考慮到第二季度的運行率，預計下半年的合資企業盈利和少數股東權益總體上將比上半年更加消極。

And we are raising our outlook for free cash flow to just above $1 billion with year-on-year growth driven by operating profit and despite capital expenditure temporarily elevated as a percentage of sales for expanded Pringles capacity in emerging markets as well as usual cash outlays related to our two networks optimization projects.

我們將自由現金流的預期提高至略高於 10 億美元，營業利潤推動了同比增長，儘管資本支出佔新興市場擴大品客薯片產能的銷售額的百分比暫時上升，以及通常的現金支出與我們的兩個網路優化項目相關。

So we remain in a very good financial position.

因此，我們的財務狀況仍然非常良好。

Our quarter one and quarter two results came in better than expected, enabling us to raise our guidance for the full year, and we are confident in the second half.

我們第一季和第二季的業績好於預期，使我們能夠提高全年的指導，並且我們對下半年充滿信心。

We have solid commercial plans that already are improving our volume performance around the world, and this is starting to show up more plainly in our in-market data as well.

我們擁有可靠的商業計劃，這些計劃已經在改善我們在全球範圍內的銷售表現，這也開始在我們的市場數據中更加明顯地體現出來。

Our profit margins continued to improve, progressing faster than planned, enabling us to reinvest in our brands and our balance sheet and cash flow remain in strong shape.

我們的利潤率持續提高，進展速度快於計劃，使我們能夠對我們的品牌進行再投資，並且我們的資產負債表和現金流保持強勁。

And with that, let me now turn it back to Steve for a run-through of our businesses around the world.

說到這裡，現在讓我把它轉回給史蒂夫，讓他概述我們在世界各地的業務。

Thanks, Amit.

謝謝，阿米特。

Let's start with Kellanova North America in slide number 26.

讓我們從幻燈片 26 中的 Kellanova North America 開始。

Our organic net sales were plus 1% in North America in the second quarter.

第二季我們在北美的有機淨銷售額成長了 1%。

Lapping last year's revenue growth management actions and last year's relative lack of merchandising activity, our price mix was down slightly continuing and as expected moderation that began over a year ago.

考慮到去年的收入成長管理行動和去年相對缺乏的銷售活動，我們的價格組合繼續小幅下降，正如一年多前開始的預期放緩一樣。

Our performance on volume meanwhile improved sequentially for a fourth consecutive quarter and turned positive in the second quarter.

同時，我們的銷售表現連續第四個季度連續改善，並在第二季轉為正值。

Industry wide elasticities continue to be a growth headwind across our retail categories but our return to full commercial activity, including our launches of innovation reaching shelves during the second quarter led to volume growth in both consumption and shipments in our US retail business.

整個行業的彈性仍然是我們零售類別的成長阻力，但我們恢復全面的商業活動，包括我們在第二季度推出上架的創新產品，導致我們美國零售業務的消費和發貨量增長。

This was augmented by strong growth outside of these measured US channels in our US away-from-home business and our business in Canada.

在這些可衡量的美國管道之外，我們的美國離家業務和加拿大業務的強勁成長進一步增強了這一點。

North America's operating profit increased substantially year-on-year as margins continued to improve.

由於利潤率持續改善，北美地區的營業利潤較去年同期大幅成長。

Even excluding the impact of year earlier recast figures not incorporating the pass through transition service expenses, North America's operating profit grew at a double digit pace, aided by productivity and absorbing increased investments behind our brands.

即使排除去年未納入轉嫁服務費用的重新調整數據的影響，在生產力和吸收我們品牌背後增加的投資的幫助下，北美的營業利潤仍以兩位數的速度增長。

Slide number 27 shows North America split between snacks and frozen foods.

第 27 號投影片顯示了北美地區零食和冷凍食品的差異。

During the second quarter, our snacks business increased both in volume and price mix year-on-year, generating organic net sales growth of more than 1%, even as it faced a relatively strong prior year quarter.

第二季度，我們的零食業務在數量和價格組合上均同比增長，儘管去年同期面臨相對強勁的增長，但有機淨銷售額增長超過 1%。

In our much smaller frozen foods business, net sales were off slightly in the second quarter as we faced our toughest quarterly comparison of the year, but we did increase volume led by Eggo.

在我們規模小得多的冷凍食品業務中，第二季度的淨銷售額略有下降，因為我們面臨今年最艱難的季度比較，但我們確實在 Eggo 的帶領下增加了銷量。

Slide number 28 shows our volume recovery playing out in measured channels.

第 28 號投影片顯示了我們在測量頻道中的音量恢復。

We expect to sustain this improvement in consumption volume and share performance through the second half.

我們預期下半年消費量和股價表現將維持這種改善。

So North America is delivering strong financial results while getting back to full commercial activity that is taking hold in the form of improving volume performance both in shipments and consumption.

因此，北美地區正在實現強勁的財務業績，同時恢復全面的商業活動，其形式是提高出貨量和消費量的表現。

And as we think about the year, as shown on slide number 29, we remain right on track.

正如第 29 張幻燈片所示，當我們回顧這一年時，我們仍然走在正軌上。

We have increased brand building and merchandising and our stepped-up innovation is now in the marketplace.

我們加強了品牌建立和行銷，我們的創新成果現已投入市場。

And we expect these investments to continue to improve our end market performance in the second half.

我們預計這些投資將繼續改善我們下半年的終端市場表現。

Meanwhile, our margins continue to recover ahead of pace.

與此同時，我們的利潤率繼續超前恢復。

This is a more focused team and portfolio since the spinoff and we expect continued delivery in the second half.

自分拆以來，這是一個更專注的團隊和產品組合，我們預計下半年將繼續交付。

Now let's turn to Kellanova Europe in slide number 30.

現在讓我們轉向第 30 號幻燈片中的 Kellanova Europe。

Our organic basis net sales in Europe declined a little less than 1% in the second quarter against our toughest quarterly comparison of the year.

與今年最艱難的季度比較相比，第二季我們在歐洲的有機基礎淨銷售額下降了略低於 1%。

Our volume declines moderated led by growth in snacks in the UK.

由於英國零食的成長，我們的銷量下降有所放緩。

Currency neutral adjusted basis operating profit grew by close to 7% year on year despite last year's midyear divestiture of Russia.

儘管去年年中剝離了俄羅斯業務，但貨幣中性調整後的基礎營業利潤仍比去年同期成長了近 7%。

Profit margins continued to recover with a strong rebound in profit margins funding a significant boost in brand-building investments.

利潤率持續復甦，利潤率的強勁反彈為品牌建立投資的大幅成長提供了資金。

On slide number 31, you can see our two major category groups in Europe.

在第 31 號投影片上，您可以看到我們在歐洲的兩個主要類別組。

Snacks, which represent over half of our sales in Kellanova Europe grew organically by 1% year-on-year despite lapping last year's strongest double digit growth.

零食占我們在 Kellanova Europe 銷售額的一半以上，儘管去年實現了最強勁的兩位數增長，但同比有機增長了 1%。

Pringles continues to perform well with strong consumption growth across key markets with particularly strong share gains in the UK and Spain and continued expansion in Poland and Romania.

品客洋芋片持續表現良好，主要市場的消費成長強勁，其中英國和西班牙的份額成長尤為強勁，波蘭和羅馬尼亞的業務持續擴張。

And in portable wholesome snacks, we gained share in our biggest market, which is the UK.

在便攜式健康零食方面，我們在最大的市場——英國——獲得了份額。

In cereal, net sales declined by less than 3% in the quarter on category elasticities.

在穀物方面，由於類別彈性，本季淨銷售額下降了不到 3%。

Slide number 32, remind you of what we've been planning for in Europe in 2024.

第 32 號投影片提醒您我們 2024 年在歐洲的計畫。

Despite the slight quarter two decline against tough comps, we remain on track to deliver a seventh straight year of organic net sales growth in Europe.

儘管第二季與艱難的競爭對手相比略有下降，但我們仍有望在歐洲實現連續第七年的有機淨銷售成長。

Pringles continues to demonstrate momentum supported by innovation and exciting promotional partnerships.

品客洋芋片 (Pringles) 繼續展現出由創新和令人興奮的促銷合作夥伴關係支持的勢頭。

And we are ready and excited for our late qaurter three launch of Cheez-It in the UK, which will expand our snacking portfolio in Europe.

我們已經準備好並興奮地在第三季末在英國推出 Cheez-It，這將擴大我們在歐洲的零食產品組合。

In cereal, innovations like Tresor brownie are now in market and promotions like our Kellogg's sponsored football camps are underway in the UK.

在穀物食品方面，Tresor 布朗尼等創新產品現已上市，而我們的 Kellogg 贊助的足球訓練營等促銷活動也正在英國進行。

So we're confident that we can manage through category-wide elasticity headwinds.

因此，我們有信心能夠應對整個類別的彈性逆風。

Meanwhile, we are making progress on our plans for optimizing our cereal portfolio and manufacturing network.

同時，我們優化穀物產品組合和製造網路的計畫正在取得進展。

Now let's look at our emerging markets regions, starting with Latin America in slide number 33.

現在讓我們來看看我們的新興市場區域，從幻燈片 33 中的拉丁美洲開始。

Latin America's net sales increased by 4% organically in the second quarter sustaining a mid-single digit growth rate on top of big growth in the year earlier quarter.

拉丁美洲第二季的淨銷售額有機成長了 4%，在去年同期大幅成長的基礎上，維持了中個位數的成長率。

Price mix growth is moderating as expected as we lap prior year actions to offset high cost inflation.

由於我們採取了去年抵消高成本通膨的行動，價格組合成長正如預期的那樣放緩。

Importantly, volume returned to growth in the quarter with gains in both snacks and cereal and led by Mexico.

重要的是，本季銷量恢復成長，零食和穀物食品銷量均有所成長，其中以墨西哥為首。

Operating profit increased in the second quarter on top of strong year-ago growth.

在去年同期強勁成長的基礎上，第二季營業利潤有所成長。

Slide number 34 shows our Latin American net sales growth by category group.

第 34 號投影片顯示了我們按類別組別劃分的拉丁美洲淨銷售額成長。

Organic net sales for our snacks business in Latin America grew 4% year-on-year with growth in both volume and price mix.

我們拉丁美洲零食業務的有機淨銷售額年增 4%，數量和價格組合均有所增長。

Salty snacks categories remain in growth across key markets in the region despite elasticities and Pringles has continued to outpace the category in our two largest markets, Mexico and Brazil.

儘管存在彈性，鹹味零食類別在該地區的主要市場仍保持增長，品客薯片在我們兩個最大市場墨西哥和巴西的增長速度繼續超過該類別。

Our cereal net sales also increased by 4% in the quarter, sustaining volume growth.

本季我們的穀物淨銷售額也成長了 4%，維持了銷售成長。

Cereal categories in the region remain in growth despite elasticities, and we have outpaced the category this year in key markets, Mexico and Brazil.

儘管存在彈性，該地區的穀物類別仍在增長，今年我們在墨西哥和巴西等主要市場的成長超過了該類別。

Slide number 35, remind you of what to watch for in our Latin America business this year.

第 35 號投影片提醒您今年拉丁美洲業務值得關注的事項。

Here, too, we expect a seventh straight year of organic net sales growth and we expect the growth to come from both snacks and cereal.

在這方面，我們也預計有機淨銷售額將連續第七年成長，我們預計成長將來自零食和穀物。

Margins should improve, reflecting price pack architecture efforts as well as operating efficiencies and the potential for moderating input cost pressures later in the year.

利潤率應該會有所改善，反映出價格包架構的努力以及營運效率以及今年稍後緩解投入成本壓力的潛力。

So through the first half, Latin America is right on track.

因此，整個上半年，拉丁美洲都步入正軌。

And we'll finish with our EMEA region, starting with slide number 36.

我們將從第 36 號投影片開始介紹 EMEA 地區。

Once again, currency influence price increases in Nigeria drove substantially all of the region's 16% organic net sales growth in the quarter.

尼日利亞的貨幣影響價格上漲再次大幅推動了該地區本季 16% 的有機淨銷售額成長。

Our business there continues to execute well.

我們在那裡的業務繼續表現良好。

Pricing again earlier this year to keep up with currency rates and during the second quarter as volume declines were not as severe as expected.

今年稍早再次定價以跟上匯率，而在第二季度，由於銷量下降並不像預期的那麼嚴重。

This may have positive implications for our second half forecasts, but we are taking a prudent approach.

這可能對我們下半年的預測產生積極影響，但我們正在採取謹慎的態度。

Nevertheless, the short term challenges are dramatically outweighed by the long-term growth opportunity that this growing market and our advantaged assets provide us.

儘管如此，這個不斷成長的市場和我們的優勢資產為我們提供的長期成長機會遠遠超過了短期挑戰。

Outside of Nigeria and our joint ventures with Tolaram, our organic net sales increased at a mid-single digit rate in the second quarter.

除了尼日利亞以及我們與 Tolaram 的合資企業之外，我們第二季的有機淨銷售額以中個位數成長。

Volume declined only slightly year-on-year despite category elasticities and the negative demand impact of tensions in the Middle East.

儘管存在品類彈性以及中東緊張局勢對需求的負面影響，但銷量較去年同期僅略有下降。

On a currency neutral basis, EMEA's operating profit grew by 9%, with growth in both Nigeria and in the rest of EMEA and margins continuing to improve even with a substantial increase in brand-building investments.

在貨幣中立的基礎上，歐洲、中東和非洲地區的營業利潤成長了 9%，其中尼日利亞和歐洲、中東和非洲其他地區均實現成長，即使品牌建設投資大幅增加，利潤率仍持續改善。

On slide number 37, we see how our net sales growth split by major category groups.

在第 37 號投影片上，我們看到了我們的淨銷售額成長如何按主要類別組別劃分。

Noodles and others 26% organic growth reflects the currency-driven pricing in Nigeria, which was only partially offset by elasticity driven double digit declines in volumes.

麵條和其他產品 26% 的有機成長反映了尼日利亞貨幣驅動的定價，但彈性驅動的銷售兩位數下降僅部分抵消了這一增長。

Meanwhile, we continue to drive strong growth for Kellogg's noodles in South Africa and Egypt, gaining distribution and share in those markets and successfully launching this quarter into Saudi Arabia.

同時，我們繼續推動家樂氏麵條在南非和埃及的強勁成長，在這些市場獲得分銷和份額，並在本季度成功進入沙烏地阿拉伯。

In snacks, we grew net sales organically by about 13% year-on-year with broad-based growth across the region led by Pringles.

在零食方面，我們的淨銷售額年增約 13%，在品客洋芋片 (Pringles) 的帶動下，整個地區實現了廣泛的成長。

In cereal, our organic net sales grew 4%, and this too was broad-based across the region in spite of category elasticities.

在穀物方面，我們的有機淨銷售額成長了 4%，儘管品類存在彈性，但這一成長在整個地區也很普遍。

For EMEA, in 2024, we continue to watch for the elements listed on slide number 38.

對於 EMEA，2024 年，我們將繼續關注第 38 號投影片中列出的要素。

We expect this region to record yet another year of good organic net sales growth and we expect growth both within Nigeria and in the rest of the region.

我們預計該地區將再次實現良好的有機淨銷售成長，並且我們預計尼日利亞國內和該地區其他地區都會出現成長。

Noodles remains a growth business for us in Africa.

麵條仍然是我們在非洲的一項成長業務。

Pringles will sustain its momentum supported by innovation, pack formats and distribution.

品客洋芋片將在創新、包裝形式和分銷的支持下保持其發展勢頭。

And we expect to sustain growth in cereal led by emerging markets.

我們預計新興市場帶動的穀物食品將保持成長。

Meanwhile, EMEA's, improvement of profit margins should continue.

同時，歐洲、中東和非洲地區的利潤率將持續改善。

So let me summarize with slide number 40.

讓我用第 40 號投影片來總結。

With each passing quarter, including the second quarter, it should be increasingly clear that Kellanova today has a strategy and portfolio that is more focused, more growth-oriented and more profitable than ever before.

隨著每個季度的過去，包括第二季度，我們應該越來越清楚地看到，Kellanova 今天的策略和投資組合比以往任何時候都更加專注、更加重視成長和盈利能力更強。

We're delivering on algorithm performance amidst a challenging industry environment.

我們在充滿挑戰的產業環境中提供演算法效能。

We have strengthened commercial plans for 2024, and they are already starting to yield gradual improvements in volume.

我們已經加強了 2024 年的商業計劃，數量已經開始逐步改善。

We are committed to improving our profit margins and this improvement remains ahead of pace.

我們致力於提高利潤率，並且這種改善仍然領先。

We are raising our guidance, thanks to a strong first half an enviable position to be in, especially in the current industry environment.

由於上半年的強勁表現和令人羨慕的地位，特別是在當前的行業環境下，我們正在提高我們的指導。

And yet we refuse to sit still.

但我們拒絕坐以待斃。

We continue to create the future, be it in adding growth capacity in Pringles in emerging markets, expanding Cheez-It into Europe, expanding noodles in Africa, we're continuing to increase investment behind a portfolio with some of the most differentiated brands in the world.

我們繼續創造未來，無論是在新興市場增加品客薯片(Pringles) 的成長能力，將Cheez-It 擴展到歐洲，還是在非洲擴大麵條業務，我們將繼續增加對一些最具差異化品牌的投資組合的投資。

This commitment to driving shareholder value is shared by all of our Kellanova team members who deserve our thanks for all that they do.

我們所有 Kellanova 團隊成員都致力於推動股東價值，他們所做的一切值得我們感謝。

And now we'd be happy to take your questions.

現在我們很樂意回答您的問題。

Thank you.

謝謝。

(Operator instructions)

（操作員說明）

Rob Dickerson, Jefferies.

羅布·迪克森，杰弗里斯。

Thank you so much.

太感謝了。

Good morning.

早安.

So Steve, I guess, clearly we could see some improvement in North America volumes, which is great.

所以史蒂夫，我想，顯然我們可以看到北美銷量有所改善，這很棒。

Part of that looks to be from some proactive price investments.

其中一部分似乎來自一些主動的價格投資。

So I am just curious, I think you said, as you think through the back half, we do expect back half sustained volume improvement and then you have great innovation plate.

所以我只是很好奇，我想你說過，當你思考後半部分時，我們確實期望後半部分銷量持續改善，然後你就會有偉大的創新板塊。

So really kind of the simple question is just as you go for the sustained volume improvement in the back half in North America, would you say most of that is coming from new things like incremental distribution, innovation?

所以，真正簡單的問題是，當你追求北美後半部銷售的持續改善時，你會說其中大部分來自於增量分銷、創新等新事物嗎？

Or have you just been very proactive in the right way to kind of focus on certain price points that's been driving that volume improvement relative to the industry?

或者您是否以正確的方式非常積極主動地關注某些價格點，從而推動了相對於行業的銷售改善？

Thanks.

謝謝。

Yes, thanks for the question, Rob.

是的，謝謝你的提問，羅布。

What I tell you is we've talked about getting back to full commercial activation.

我告訴你的是，我們已經討論過恢復全面的商業激活。

And that's really the story in North America.

這就是北美的真實情況。

It's really led by Pringles, which returned first and has terrific momentum.

其中真正由品客 (Pringles) 領銜，它率先回歸，勢頭強勁。

It includes increased distribution with new shelf resets in the second quarter, as you mentioned.

正如您所提到的，它包括在第二季度透過新的貨架重置來增加分銷。

It includes a full commercial innovation activation.

它包括完整的商業創新激活。

We're back to levels that we haven't seen since pre-pandemic.

我們回到了大流行前以來從未見過的水平。

And it's really that, Rob.

確實如此，羅布。

It's a full commercial activation gaining momentum.

這是一次全面的商業活動，勢頭正在增強。

We returned to volume growth in the second quarter in North America that will continue into the third and fourth quarter and actually improve as activation around Cheez-It and some of our other brand starts to catch up to what we've done with Pringles.

我們在北美第二季度恢復了銷售成長，這種成長將持續到第三和第四季度，並且隨著Cheez-It 和我們其他一些品牌的激活開始趕上我們在品客薯片上所做的事情，實際上有所改善。

So and in terms of pricing, we had to take, as you well know, a lot of price in the last two years.

因此，在定價方面，眾所周知，我們在過去兩年中不得不採取很多價格。

And so we're returning to the type of price promotion activity more or less that we saw pre pandemic in a very rational environment.

因此，我們或多或少地回到了大流行前在非常理性的環境中看到的價格促銷活動類型。

So bright spot for us is the second half of the year and the volume that we've seen in North America.

對我們來說，亮點是今年下半年以及我們在北美看到的銷售。

Got it.

知道了。

Super.

極好的。

(inaudible)

（聽不清楚）

Chris Carey, Wells Fargo Securities.

克里斯凱裡，富國銀行證券。

Hi, good morning, everyone.

嗨，大家早安。

I wanted to ask about your, I wanted to ask about Europe, the volume under pressure as pricing is decelerating, but you also have some innovation coming.

我想問一下你們的情況，我想問一下歐洲的情況，由於定價減速，銷售面臨壓力，但你們也有一些創新即將到來。

I think you highlighted Cheez-It.

我想你強調了Cheez-It。

So just how would you characterize your go forward in Europe?

那麼您如何形容您在歐洲的未來呢？

I know looking for another year of growth, but maybe how do you view kind of exit rate and the complexion of trend in the market as you think about balancing price and volume going forward?

我知道尋求另一年的成長，但是當您考慮平衡未來的價格和數量時，您如何看待退出率和市場趨勢的複雜性？

Yes, Chris, so I'd start with, Europe is a tough environment, always has been.

是的，克里斯，所以我首先要說的是，歐洲是一個艱難的環境，一直都是。

It's tough this year.

今年很難。

But in the second quarter, we faced our toughest comps, particularly with Pringles.

但在第二季度，我們面臨最艱難的競爭，尤其是品客洋芋片。

And you heard us say in the prepared remarks that we have a lot of confidence we're going to continue to grow in Europe, and that's going to be in the back half of the year.

你們聽到我們在準備好的發言中說，我們對在歐洲繼續成長充滿信心，這將在今年下半年實現。

So we've got great back half plans.

所以我們有很棒的後半程計劃。

Our football sponsorship was really started in late in this quarter, so that will continue into this quarter.

我們的足球贊助實際上是在本季結束時開始的，因此將持續到本季。

So lots of confidence in Europe, lots of confidence in Europe continuing to grow.

因此，人們對歐洲充滿信心，對歐洲的信心持續成長。

You saw that snacks did grow in the second quarter that will accelerate in the third and fourth quarter based on the activations.

您看到零食確實在第二季度增長，根據激活情況，第三季度和第四季度將加速增長。

And we are very excited about the Cheez-It launch in the fourth quarter.

我們對第四季 Cheez-It 的推出感到非常興奮。

And when I say very excited, it's just a great program that they put together in the UK.

當我說非常興奮時，這只是他們在英國製作的一個很棒的項目。

The customers are excited about it.

顧客對此感到興奮不已。

The consumer testing of the product is outstanding.

該產品的消費者測試非常出色。

And so we see big things for Cheez-It in the next couple of years.

因此，我們看到 Cheez-It 在未來幾年會取得重大進展。

It's going to be a real growth driver for us.

這將成為我們真正的成長動力。

So bullish on Europe on despite a challenging environment.

儘管環境充滿挑戰，仍看好歐洲。

I know that makes us a little different than some others, but our team has delivered now seven years of growth in Europe.

我知道這讓我們與其他一些公司有些不同，但我們的團隊現在已經在歐洲實現了七年的成長。

And so that will continue this year.

今年這種情況還會持續下去。

Thank you.

謝謝。

And if I could, just follow up on the pricing comment in North America.

如果可以的話，請跟進北美的定價評論。

It's great to see the volumes.

很高興看到這些卷。

In fact, you did make a comment, I think, in the prepared remarks about some year ago, timing impact with promotion or price activity, but would you expect pricing to stay negative as you certainly as you're clearly seeing this positive constructive uplift in volume as we go forward?

事實上，我認為，您確實在一年前準備好的評論中發表了評論，即促銷或價格活動的時間影響，但您是否期望定價保持負面，因為您肯定會看到這種積極的建設性提升隨著我們前進的數量？

Thanks so much.

非常感謝。

We see pricing remaining very rational in the environment.

我們認為當前環境下的定價仍然非常合理。

We remember we're lapping a real dearth of activity last year.

我們記得去年我們確實經歷了活動的缺乏。

So that's what you see when you see our year-over-year comparisons.

這就是當您看到我們的同比比較時您所看到的。

We've talked about it quite a lot.

我們已經談論了很多。

We pulled back on commercial activation because of the bottlenecks shortages.

由於瓶頸短缺，我們取消了商業啟動。

We were perhaps a little late compared to others in returning, but we've returned, but it's all very rational, very prudent, and we see good volume growth and a good balance between price mix volume in the back half of the year for North America.

與其他公司相比，我們的回歸可能有點晚，但我們已經回歸了，但這一切都是非常理性、非常謹慎的，我們看到北方下半年的銷量增長良好，價格組合量之間也取得了良好的平衡。

Okay.

好的。

Thanks so much.

非常感謝。

Peter Galbo, Bank of America.

彼得‧加爾博，美國銀行。

Hey, guys, good morning, thanks for taking the question.

嘿，夥計們，早上好，感謝您提出問題。

Maybe in our just continued tour of the world here having gone through North America and Europe.

也許是在我們剛剛繼續的世界之旅中，穿越了北美和歐洲。

Latin America, I think you kind of had more of a standout quarter relative to what some of the peers have said, particularly around maybe some delay in stimulus payments in Mexico and then also some some weakness in Brazil.

拉丁美洲，我認為相對於一些同行的說法，你們的季度表現更為出色，特別是墨西哥的刺激支付可能會有所延遲，然後巴西也有一些疲軟。

So maybe you can just talk a bit about more specifically the Kellanova quarter in Mexico and Brazil.

所以也許你可以更具體地談談墨西哥和巴西的凱拉諾瓦區。

And then relative to kind of the macro that you're seeing there on the ground?

那麼相對於你在實地看到的宏觀情況呢？

Yes.

是的。

So it was a good quarter in Latin America.

因此，拉丁美洲這個季度表現不錯。

Cereal and snacks, all growing.

穀物和零食，都在生長。

Mexico having a terrific quarter, kind of record shares in the cereal business in Mexico and Pringles continuing to do extremely well despite being somewhat capacity constrained because we're sourcing out of Jackson, Tennessee.

墨西哥有一個出色的季度，墨西哥穀物業務的份額創歷史新高，品客薯片繼續表現非常出色，儘管由於我們從田納西州傑克遜進行採購而受到一定程度的產能限制。

Next year, we will be sourcing out of Mexico.

明年，我們將從墨西哥採購。

So really bullish on Pringles future opportunities in Mexico because of local sourcing.

由於本地採購，因此非常看好品客薯片在墨西哥的未來機會。

Brazil, you have to remember, Brazil was really impacted by some pretty devastating floods, but the underlying business in Brazil remained strong, really driven also by Pringles.

巴西，你必須記住，巴西確實受到了一些相當破壞性的洪水的影響，但巴西的基礎業務仍然強勁，這實際上也是由品客薯片推動的。

Pringles momentum in Brazil is very, very good.

品客洋芋片在巴西的勢頭非常非常好。

So the Brazilian business is strong, but impacted by pretty devastating floods that obviously we all saw on the news.

因此，巴西的業務很強勁，但受到了我們在新聞中顯然看到的毀滅性洪水的影響。

Robert Moskow, TD Cowen.

羅伯特·莫斯科，TD·考恩。

Hi, thank you.

你好，謝謝。

I was wondering if you could talk about North America price sensitivity in terms of like pack sizes and the price points.

我想知道您是否可以談談北美的價格敏感性，例如包裝尺寸和價格點。

One of your competitors said that, when the price points get above a certain level, like above $4.

你的一位競爭對手說，當價格點超過一定水準時，例如超過 4 美元。

It's led to consumers actually exiting the category and we've made some pretty substantial changes to adjust to that.

這導致消費者實際上退出了該類別，我們已經做出了一些相當大的改變來適應這一點。

Would you agree with that?

你同意嗎？

Or is it just not really affecting your portfolio?

或者它並沒有真正影響你的投資組合？

Thanks.

謝謝。

Yes, Rob, I would agree with that, but I would also say that we've been talking about that for years.

是的，羅布，我同意這一點，但我也想說，我們已經討論這個問題很多年了。

But right now it's more extreme because the consumer is under so much pressure.

但現在情況更加極端，因為消費者承受著巨大的壓力。

So we've always talked about entry price points.

所以我們一直在談論入門價格點。

We've always talked about price package architecture going back a number of years.

多年前我們一直在談論價格套餐架構。

We've been investing in the capability to have more pack sizes to hit different price points.

我們一直在投資於提供更多包裝尺寸以滿足不同價格點的能力。

But I think what you're hearing in this environment is perhaps more than in a very long period of time the absolute dollars are under more pressure.

但我認為你在這種環境下聽到的可能比在很長一段時間內絕對美元承受的壓力更大。

So the basket that people can fill is affected, obviously, by the absolute dollars in their pocket.

因此，人們可以裝滿的籃子顯然受到他們口袋裡的絕對美元的影響。

And as the consumer is so strained, it is, it's become heightened in terms of making sure that you hit those right price points, particularly with consumers under $100,000 in household income with kids, that's where we're seeing them price sensitivity.

由於消費者如此緊張，因此在確保達到正確的價格點方面變得更加緊張，特別是對於家庭收入低於 10 萬美元且有孩子的消費者，這就是我們看到他們對價格敏感的地方。

And it also varies by where you are in the monthly cycle as well.

它也根據你在每月週期中的位置而變化。

So we look at all of that is important, more important in this environment than perhaps a more normalized environment.

因此，我們認為所有這些都很重要，在這種環境中可能比更正常化的環境更重要。

Can ask a follow-up?

可以問後續嗎？

How meaningful is your Pringles launch that's the mix Pringles of launch in the back half?

你們推出的品客洋芋片 (Pringles) 是後半部推出的混合品客洋芋片 (Pringles)，有多有意義？

And what was the insight that made you think that coming, introducing something out of the can is going to compete well in that in a very competitive marketplace?

是什麼洞察力讓您認為推出現成的產品將在競爭非常激烈的市場中具有良好的競爭力？

Yes.

是的。

So I wouldn't look at Pringles Mingles being a meaningful difference maker in terms of our NSV forecast for the balance of the year.

因此，就我們對今年剩餘時間的 NSV 預測而言，我不認為品客名格斯 (Pringles Mingles) 是一個有意義的改變者。

So we are only starting to ship it and really we will activate it more in the first quarter of next year.

所以我們才開始發貨，實際上我們將在明年第一季更多地啟動它。

The insight is that people love the brand to begin with.

我們的見解是人們從一開始就喜歡這個品牌。

We haven't stretched that brand outside the can.

我們還沒有將這個品牌延伸到罐頭之外。

So that's a meaningful innovation.

所以這是一個有意義的創新。

The product is extruded.

該產品是擠壓成型的。

It is in the shape of a bow tie, Mr. Pringles Bow tie.

它的形狀是領結，Pringles 領結先生。

So it plays more under Mr. P icongraphy than it does the can.

因此，它在 Mr. P 的圖標下比在罐頭下更能發揮作用。

We believe the product tested extremely well and Pringles stands for snacking in so many ways.

我們相信該產品經過了非常好的測試，品客薯片在許多方面都代表著零食。

So we're giving a launch outside the can, and we'll see how it goes.

因此，我們將在罐外進行發布，我們將看看進展如何。

Great.

偉大的。

Thank you.

謝謝。

David Palmer, Evercore ISI.

大衛·帕爾默，Evercore ISI。

Okay, thanks.

好的，謝謝。

I wanted to just to ask a couple of questions on North America snacks.

我想問幾個關於北美零食的問題。

You said in your comments, Steve, that there was consumption growth in the quarter in 2Q.

史蒂夫，您在評論中說第二季度的消費有所增長。

Was that, we see consumption being down a bit?

是不是，我們看到消費有所下降？

I assume maybe there were some growth in Canada or beyond the measured channels that we can't see.

我認為加拿大可能有一些成長，或者超出了我們看不到的測量管道。

Maybe you can comment on that.

也許你可以對此發表評論。

But more importantly, I'm just wondering in the data that we are going to be tracking, are you expecting a return to at least that low single digit growth you're expecting in the beginning of the year for the second half in just the consumption the [meal] plus type stuff that has pretty good coverage.

但更重要的是，我只是想知道，在我們將要追蹤的數據中，您是否期望下半年至少恢復到年初所預期的低個位數增長？覆蓋效果。

Would you expect that?

你會期待嗎？

And would the improvement, if so, would the improvement be in the areas you were targeting earlier in the year around some of the merchandising and innovation on Cheez-It and Rice Krispies Treats.

如果是的話，改進是否會出現在您今年早些時候針對 Cheez-It 和 Rice Krispies Treats 的一些推銷和創新所瞄準的領域。

Thank you.

謝謝。

Yes, David, thanks for the question.

是的，大衛，謝謝你的提問。

What you're seeing in measured channels, and you hit on it.

你在測量管道中看到的東西，然後你就發現了。

What you're not seeing is very good growth in Canada and very good growth in our away-from-home channels.

您沒有看到的是加拿大的良好成長以及我們的外出管道的良好成長。

So the nonmeasured channels performed at a rate that led to consumption growth overall in North America.

因此，非衡量通路的表現速度導致北美整體消費成長。

Pringles also, you see doing extremely well, lots and lots of momentum on Pringles.

品客洋芋片 (Pringles) 也是如此，你會看到品客洋芋片 (Pringles) 的表現非常好，勢頭非常強勁。

You see that in the measured channels, but it's also the same in the non-measured channels.

您可以在測量通道中看到這一點，但在非測量通道中也同樣如此。

All those things together are what's leading the consumption growth.

所有這些因素共同推動了消費成長。

Going forward to your question, we would expect to see improvement in the measured channels, as I mentioned, you've seen in Pringles, which was kind of first out of the gate with our investments and with return to full commercial activation.

談到你的問題，我們希望看到測量管道的改善，正如我所提到的，你在品客薯片中看到的，這是我們投資的第一個走出門並恢復全面商業激活的管道。

You'll see that with the other big brands.

你會在其他大品牌身上看到這一點。

You'll see that with Cheez-It in the back half of the year as well as Rice Krispies Treats, Pop-Tarts and Eggo.

下半年你會在 Cheez-It 以及 Rice Krispies Treats、Pop-Tarts 和 Eggo 上看到這一點。

So we would expect the measured channels start to catch up to some of the non-measured channels as we get into the second half of the year and exit the year.

因此，我們預計，隨著下半年和年底的到來，測量管道將開始趕上一些非測量管道。

Thank you.

謝謝。

Michael Lavery, Piper Sandler.

麥可萊弗里、派珀桑德勒。

Thank you, good morning.

謝謝你，早安。

Just wanted to touch on Nigeria.

只是想談談尼日利亞。

And obviously with the pricing, you've got a big lift, but of course, the currency and volumes are a big offset.

顯然，透過定價，你得到了很大的提升，但當然，貨幣和交易量是一個很大的抵消。

I know you called out the volume momentum excluding that, but what are you seeing there maybe sequentially, when could that improve?

我知道你提到了排除這一點的成交量動量，但你可能會連續看到什麼，什麼時候可以改善？

Have you seen any kind of digestion of the pricing that consumers are adjusting and maybe the elasticity are starting to mitigate.

您是否看到消費者正在調整定價的任何形式的消化，也許彈性開始減弱。

Just trying to understand, obviously, that part of your emerging market footprint you call out as growth drivers that ordinarily wouldn't be kind of a point of stress.

顯然，只是想了解您在新興市場足跡中被稱為成長動力的部分，而這部分通常不會成為壓力點。

When can that turn and really be a proper volume growth driver again?

這種情況什麼時候才能轉變並真正再次成為銷售成長的驅動力？

Yes, thanks for the question.

是的，謝謝你的提問。

The Tolaram JV collectively recorded a volume decline in the high teens against the price mix gain of more than 40% year-on-year.

Tolaram 合資企業的銷量整體下降了十幾%，而價格組合則是年增幅超過 40%。

So that's obviously hugely substantial.

所以這顯然是非常重要的。

And we've been talking about the elasticities and the fact that elasticities would have to start to show up.

我們一直在討論彈性以及彈性必須開始顯現的事實。

And we're seeing that.

我們也看到了這一點。

We also talked about it being in our forecast for the back half of the year.

我們也在今年下半年的預測中談到了這一點。

We're being very prudent about that.

我們對此非常謹慎。

We actually think there might be some upside to that as the price lands has landed in Africa.

事實上，我們認為隨著非洲土地價格的下降，這可能會有一些好處。

But we'll just have to wait and see.

但我們只能拭目以待。

The team is executing very well on the ground, but the consumer in Nigeria is under a tremendous amount of strain, and you can see that in the headlines.

該團隊在當地執行得非常好，但尼日利亞的消費者承受著巨大的壓力，這一點你可以在頭條新聞中看到。

It's in our forecast and perhaps there may be some upside.

這是我們的預測，也許還有一些好處。

I don't know, Amit, do you want to add anything?

我不知道，阿米特，你想補充什麼嗎？

No.

不。

I think the only thing I'd add is that elasticities came in better than expected.

我想我唯一要補充的是，彈性比預期的還要好。

So while the volume declines were in the teens, it was definitely better than what we had expected in the quarter.

因此，雖然銷量下降了十幾歲，但絕對好於我們本季的預期。

I think we need to continue to take some more pricing in some of our other categories.

我認為我們需要繼續對其他一些類別採取更多定價。

And so I think it will be resumed that elasticities would be there in the second half.

因此，我認為下半年將會恢復彈性。

And we will see, we are encouraged by what we saw in the second quarter, but we are being prudent about the rest of the year.

我們將會看到，我們對第二季的情況感到鼓舞，但我們對今年剩餘時間持謹慎態度。

Okay.

好的。

Thanks so much.

非常感謝。

Thomas Palmer, Citi.

托馬斯·帕爾默，花旗銀行。

Good morning and thanks for the question.

早安，謝謝你的提問。

You indicated this guidance increase reflects mainly the first half upside and the second half expectations were a little changed.

您表示這項指引的增加主要反映了上半年的上漲，而下半年的預期略有變化。

I wanted to ask on the operating profit, I mean, maybe your expectations were different than consensus estimates, but I think the upside was quite a bit more than consensus estimates had.

我想問營業利潤，我的意思是，也許您的預期與普遍預期不同，但我認為上漲空間比普遍預期要高得多。

And just trying to understand if there's any incremental callouts as we think about the second half of the year in terms of pressure on that line that may be right with kind of limit that upside to guidance in terms of how you brand it?

只是想了解一下，當我們考慮今年下半年的壓力時，是否會有任何增量標註，這可能是正確的，但在品牌塑造方面的指導方面可能會受到某種限制？

No, not really.

不，不是真的。

I mean, you know, I think if you kind of look at, and we've talked this previously as well, right?

我的意思是，你知道，我想如果你看一下，我們之前也討論過這個，對嗎？

The gross margin progression will moderate in the second half as some of the things that we lack start moderating.

隨著我們缺乏的一些東西開始放緩，下半年毛利率的成長將會放緩。

We obviously had the TSA pass through last year in Q4.

顯然，我們去年第四季就通過了 TSA。

So we'll be lapping that.

所以我們會研磨它。

I think in other bottlenecks and shortages, which was a big driver of improved gross margin, particularly in Q1, I think that's firmly behind us.

我認為在其他瓶頸和短缺方面，這是毛利率提高的一個重要推動因素，特別是在第一季度，我認為這已經堅定地落在了我們後面。

We saw a little bit of that in Q2, but it was largely in Q1.

我們在第二季看到了一些這樣的情況，但主要是在第一季。

So you want to add that in the second half.

所以你想在下半場添加這一點。

And then the country mix impact driven by the Naira in Nigeria, will also, you will start lapping that.

然後，由尼日利亞奈拉推動的國家組合影響，也將開始受到關注。

If you recall, last year, the biggest devaluation in the naira was kind of around this time, so in quarter three.

如果你還記得，去年奈拉最大的貶值是在這個時候，也就是第三季。

So you're going to start lapping that.

所以你要開始研磨它。

So we continue to, we were very pleased with the progress that we're making on the margins.

所以我們繼續，我們對我們在邊緣取得的進展感到非常滿意。

It's coming in better than expected.

情況比預期的要好。

But we'll continue to see progression, but not as much as we saw in the first half because of some of the items that we are lapping.

但我們將繼續看到進展，但不會像上半場看到的那麼快，因為我​​們正在研磨一些項目。

So, I would that's probably the biggest driver.

所以，我認為這可能是最大的驅動因素。

Brand building, we saw good double-digit increase in the first half.

品牌建立方面，上半年我們看到了良好的兩位數成長。

That's going to moderate in the second half.

下半年這種情況將會放緩。

Because if you recall last year in the second half, we had ramped up brand-building.

因為如果你還記得去年下半年，我們加強了品牌建立。

So you know, the absolute pressure continues to be very good.

所以你知道，絕對壓力仍然非常好。

But when you look at it versus the ramp up in the second half, the growth moderates.

但當你將其與下半年的成長進行比較時，你會發現成長放緩。

So I think those are some of the puts and takes in terms of the second half operating profit.

所以我認為這些是下半年營業利潤的一些看跌期權和賣出期權。

Okay, thank you.

好的，謝謝。

And then on inflation, I think you previously noted you thought it would be pretty neutral for the year.

關於通膨，我想您之前曾指出，您認為今年通膨將相當中性。

Is that still the expectation?

這仍然是期望嗎？

And then is there anything to consider in terms of the cadence over the course of 2024 in terms of that rate?

那麼 2024 年的節奏有什麼需要考慮的嗎？

Thanks.

謝謝。

No real change, I think that continues to be our outlook to be neutral to slightly inflationary.

沒有真正的變化，我認為我們的前景仍然是中性至輕微通膨。

I think costs are coming in pretty much as we had expected.

我認為成本幾乎與我們預期的一樣。

Obviously, Nigeria, we're seeing inflation come through probably at a higher rate.

顯然，尼日利亞的通貨膨脹率可能更高。

But you know, other than that, costs are coming in pretty much in line with expectations.

但你知道，除此之外，成本幾乎與預期相符。

Thank you.

謝謝。

Ken Goldman, JPMorgan.

肯‧戈德曼，摩根大通。

Hi, thank you.

你好，謝謝。

I wanted to ask about gross margins.

我想問一下毛利率。

The increases for you are impressive, obviously, and it's a trend we're seeing across the food group in general.

顯然，這種增長令人印象深刻，這是我們在整個食品類別中看到的趨勢。

But at the same time, we're also increasingly hearing from domestic food retailers, your customers that they're increasingly aware, I guess, of their vendors gross margin, gross margin growth, if I can say that, as volumes remain constrained.

但同時，我們也越來越多地從國內食品零售商、你們的客戶那裡聽到，我猜他們越來越意識到他們的供應商的毛利率、毛利率增長（如果我可以這麼說的話），因為銷量仍然受到限制。

So I guess the question is understanding that much of the industry's margin increases coming from efficiency efforts that should be sticky.

所以我想問題是要理解該行業的利潤成長大部分來自於提高效率的努力，而這些努力應該是黏性的。

How do you think about that balance between inherently wanting to try and drive margins higher and sort of being cognizant of what your customers are seeing lately, if that makes sense.

您如何看待本能地想要嘗試提高利潤率與了解客戶最近所看到的內容之間的平衡（如果這有意義的話）。

Yes.

是的。

Thanks for the question, Ken.

謝謝你的提問，肯。

Obviously, we all want to focus on gross margins because it's what drives the health of the business.

顯然，我們都希望專注於毛利率，因為它是推動業務健康發展的因素。

And we're doing it through productivity, we're doing it by getting back to where we were in some ways because of the bottlenecks and the shortages, and we're increasing our brand-building investment quite substantially, which really helps put together winning retail programs.

我們正在透過生產力來做到這一點，我們正在透過在某些方面回到由於瓶頸和短缺而達到的水平，並且我們正在大幅增加我們的品牌建設投資，這確實有助於整合獲勝的零售計劃。

So what we need to do is grow faster than the retailers' same-store sales through great activation, great commercial activation have the right price points for the consumers.

因此，我們需要做的是透過巨大的激活，比零售商的同店銷售增長得更快，巨大的商業激活為消費者提供合適的價格點。

So we meet them where they are, and then you get into a much more constructive dialogue with customers versus who's taking what share of the pie.

因此，我們會在他們所在的地方與他們會面，然後你就可以與客戶進行更具建設性的對話，而不是討論誰分得了多少份額。

And so yes, we are growing our gross margins, but it's against the backdrop of where we were, and we are increasing our brand-building investments, which helps our customers drive volumes through their outlets.

所以，是的，我們正在提高毛利率，但這是在我們所處的背景下進行的，我們正在增加品牌建設投資，這有助於我們的客戶透過他們的商店提高銷售量。

So that's how, that's basically how we would look at that.

這就是我們的看法。

Makes sense.

有道理。

Thank you, Steve.

謝謝你，史蒂夫。

Alexia Howard, Sanford Bernstein.

亞歷克西婭·霍華德，桑福德·伯恩斯坦。

Good morning, everyone.

大家早安。

(multiple speakers).

（多個發言者）。

Can I just ask about the innovation growth that you've put up?

可以問一下你們所提出的創新成長情況嗎？

Obviously, you're back up to levels, but it's slightly above where you were in 2021.

顯然，您已經回到了水平，但略高於 2021 年的水平。

Are you actually able to give us a number on percentage of sales coming from new products this year?

您能否告訴我們今年新產品銷售額的百分比？

And perhaps more importantly, are you back up to where you would expect to be long-term?

也許更重要的是，您是否恢復到了長期預期的水平？

Or is there another step-up that we might expect over the next year or two?

或者我們預計在未來一兩年內是否會出現另一個升級？

And just as a super quick follow-up, should we expect guidance for 2025 when you report next quarter?

作為一個超快速的後續行動，我們是否應該在下個季度報告時期待 2025 年的指導？

Yes.

是的。

Thanks, Alexia.

謝謝，亞歷克西婭。

So let's work backwards.

那麼讓我們倒退一下。

We always release guidance in our February earnings, and that's what we'll do again this time.

我們總是在二月的收益中發布指引，這次我們也會這樣做。

In terms of innovation, we don't really release numbers against that, but we are back to where we were pre pandemic, as you saw on the slide.

在創新方面，我們並沒有真正發布相應的數據，但我們回到了大流行前的水平，正如您在幻燈片中看到的那樣。

And that's actually going to get better because that obviously includes achieved a Cheez-It launch, it includes the Pringles Mingles launch, and there's a whole host of innovations really by category, by brand group.

這實際上會變得更好，因為這顯然包括 Cheez-It 的推出，包括品客薯片 (Pringles Mingles) 的推出，而且按類別、按品牌組劃分，還有大量的創新。

So it's meaningfully different than it was in the last couple of years back to where we were in '19 and '18, 2019 was the snap launch, which was a good year for us and we're beating that.

因此，這與過去幾年我們在 19 年和 18 年的情況有很大不同，2019 年是快速發布，這對我們來說是美好的一年，我們正在超越這一年。

So we feel very good about innovating and we've got a great calendar for next year as well.

因此，我們對創新感覺非常好，我們也為明年制定了一個很棒的日曆。

When we get to February, we'll talk about not only guidance for the year, but we'll give some outlook as to exactly the innovations that we'll be launching in '25 as well.

到了 2 月份，我們不僅會討論今年的指導，還會對我們將在 25 年推出的創新給予一些展望。

Thank you very much.

非常感謝。

I'll pass it on

我會把它傳給你

Steve Powers, Deutsche Bank.

史蒂夫鮑爾斯，德意志銀行。

Hey, good morning.

嘿，早安。

Steve, I wanted to follow up on I think it was Chris Carey's question and your response, I think you talked about a expecting a good balance of your volume price and mix in the back half in North America.

史蒂夫，我想跟進一下，我認為這是克里斯凱裡的問題和你的回應，我想你談到了對北美後半部分的銷量價格和組合的期望的良好平衡。

And I guess the question is, that to say you expect each of those components to be positive in the back half?

我想問題是，這就是說您希望這些組成部分在後半段都表現積極？

Yes, we don't really get into breaking that down in terms of forecast, but I think we're returning to the type of balance that we seek.

是的，我們並沒有真正在預測方面進行分解，但我認為我們正在回歸我們所尋求的平衡類型。

And the most important really is getting back to volume because it's a little bit aberrant when you look at it because of what we're lapping.

最重要的是回到音量，因為當你看到它時，因為我們正在研磨的東西，它有點異常。

We're lapping these enormous prices and these declines in volumes.

我們正在接受這些巨大的價格和數量的下降。

So now we're looking at better volume and less price.

所以現在我們正在尋求更好的銷售和更低的價格。

And so when you look at which lapping, it's just kind of strange.

所以當你看哪一次研磨時，你會發現這有點奇怪。

So we're getting back to volume growth, which I think is going to drive NSV growth, then you can kind of back into what that might look like.

因此，我們將回到銷售成長，我認為這將推動 NSV 成長，然後您可以回到可能的情況。

I think the only thing I'd add is, when you look at our second half, is that if you exclude Nigeria, where we have talked, right, that we expect, we continue to expect volume declines because of the elasticity and because of the pricing that we're taking.

我認為我唯一要補充的是，當你看我們的下半年時，如果你排除尼日利亞，我們已經討論過，對，我們預計，我們繼續預計銷量會下降，因為彈性和因為我們採取的定價。

If you exclude that, we're pretty much expect volume growth in most of our, in all of the regions other than Nigeria.

如果排除這一點，我們幾乎預計除尼日利亞以外的所有地區的大部分地區銷售都會成長。

So I think you should expect that trend to continue for us in the second half.

因此，我認為您應該預計下半年我們將繼續這種趨勢。

Okay.

好的。

That all makes sense.

這一切都是有道理的。

I guess the follow up, though, is that you had good returns on this sort of return to activation and promotional investment that you've made so far, but as I'm sure you're aware, a lot of your direct and indirect competitors, some of whom reported today, some of them reported earlier this week, some reports earlier in the month, all have talked about on kind of incremental step-ups in investment as we go through the back half.

不過，我想接下來的事情是，您迄今為止所做的這種激活和促銷投資的回報得到了良好的回報，但我相信您知道，您的許多直接和間接投資競爭對手，其中一些是今天報告的，有些是本週稍早報告的，有些是本月稍早報告的，所有這些都談到了隨著我們下半年的發展，投資將逐步增加。

So you've talked about the environment as rational.

所以你談到環境是理性的。

Do you view those comments as rational and amidst the competitive set arguably leaning in a bit more in the back half, do you expect the same kind of return on your run-rate investments?

您認為這些評論合理嗎？

Yes, no, I would just reiterate, we do see it as rational.

是的，不，我只是重申，我們確實認為這是理性的。

We see things returning to where they were pre pandemic not anything more more than that.

我們看到事情回到了疫情前的狀態，僅此而已。

The things that are going to drive these categories are innovation, brand building quality display, merchandising, all those types of things.

推動這些品類發展的因素包括創新、品牌建立、品質展示、推銷以及所有這些類型的事情。

We've all been impacted by extraordinary input cost inflation.

我們都受到了異常的投入成本通膨的影響。

So we've had to take a lot of price that consumers obviously reacted to that.

因此，我們不得不採取消費者明顯反應的高價。

But a lot of that price discovery has happened.

但很多價格發現已經發生了。

Consumers are getting more used to these prices.

消費者越來越習慣這些價格。

It doesn't mean they're not still under pressure and that we have to make sure to the some of the earlier conversations we're hitting the right price points, the right pack sizes, the right promotions at the right time in the month, all those types of things are really quite important, but brands matter, and we have to make sure that we're continuing to invest in our brands and innovation, meeting the consumers where they are.

這並不意味著他們不再面臨壓力，我們必須確保在之前的一些對話中，我們能夠在本月的正確時間達到正確的價格點、正確的包裝尺寸、正確的促銷活動，所有這些類型的事情確實非常重要，但品牌很重要，我們必須確保我們繼續投資我們的品牌和創新，滿足消費者的需求。

But having said all that, we continue to forecast a rational pricing environment going forward.

但話雖如此，我們仍然預測未來的定價環境將是理性的。

Okay.

好的。

Very good.

非常好。

Thanks so much.

非常感謝。

Appreciate it.

欣賞它。

We probably have time for one more question, operator?

我們可能還有時間再問一個問題，接線生？

Max Gumport, BNP Paribas.

馬克斯‧岡波特，法國巴黎銀行。

.

。

Thanks for the question.

謝謝你的提問。

Just wanted to follow up on the last one there and get a better sense for should we expect or why do not think your business need more price investment, given what we're hearing from all of your competitors, particularly competitors in your near categories within snacking.

只是想跟進最後一個，並更好地了解我們是否應該期望或為什麼不認為您的企業需要更多的價格投資，因為我們從您的所有競爭對手那裡聽到的消息，特別是您附近類別的競爭對手吃零食。

It feels like we're hearing more and more about these companies saying that consumer need some pricing give back.

感覺我們越來越常聽到這些公司說消費者需要一些定價回饋。

It feels like the retailers are saying the same.

感覺零售商也這麼說。

I just want to make sure I understand why why your own business doesn't need that.

我只是想確保我理解為什麼您自己的企業不需要它。

Thank you.

謝謝。

Yes, Max, I would just point you to we had a terrific second quarter.

是的，馬克斯，我只想向你指出我們第二季的表現非常出色。

We raised our guidance.

我們提高了指導意見。

We've got great confidence.

我們有很大的信心。

You can't speak to where everybody else is, but we feel very, very good about where we are.

你無法談論其他人的處境，但我們對自己的處境感覺非常非常好。

We feel good about our innovations.

我們對我們的創新感到滿意。

We feel good about the return we're getting from our brand building.

我們對品牌建立所獲得的回報感到滿意。

We feel good about our geographic portfolio.

我們對我們的地理投資組合感覺良好。

And I hope that you heard that come through in not only the results but the outlook.

我希望您聽到的不僅是結果，還有前景。

And so I just point you right there and say we don't feel like we're missing anything.

所以我只是指出你在那裡並說我們不覺得我們錯過了任何東西。

We don't feel like we need to do anything on the pricing front that we're not already doing that you haven't seen because again, here we are today announcing good results, very good results and raising guidance.

我們認為我們不需要在定價方面做任何我們還沒有做的事情，因為我們今天在這裡再次宣布良好的結果，非常好的結果並提高指導。

So I just would end it with that.

所以我就這樣結束吧。

Thanks very much.

非常感謝。

Maybe one more.

也許還有一個。

Andrew Lazar, Barclays.

安德魯·拉扎爾，巴克萊銀行。

Great.

偉大的。

Just a super quick one on.

只是一個超級快的。

Steve, with all of the activation, commercial activation back up to more normal levels.

史蒂夫，隨著所有的激活，商業激活恢復到更正常的水平。

We're hearing a lot of that about more normal levels of promotional activity from peers as well.

我們也從同行那裡聽到了很多關於更正常水平的促銷活動的說法。

It's all off of obviously much higher list pricing.

這一切都明顯高於更高的標價。

So promoted price points are still quite a bit higher.

所以促銷的價格點還是比較高的。

So I'm just curious what you're seeing around lift on promotional activity, if it's kind of where you have always seen it?

所以我只是好奇你在促銷活動中看到了什麼，如果這是你一直看到的？

Is it better, worse or how that's trending?

是更好、更差還是趨勢？

That's it.

就是這樣。

Thanks so much.

非常感謝。

Great question, Andrew.

好問題，安德魯。

I'd say, if you go back at the beginning of the year and the end of last year, the list were not great because I think the price discovery was still happening as you point out the higher list prices.

我想說，如果你回到今年年初和去年年底，這份清單並不好，因為我認為當你指出更高的清單價格時，價格發現仍在發生。

We're starting to see this improve.

我們開始看到這種情況有所改善。

And so sequentially, week-in and week-out the investments that we're making are seeing a better return.

因此，我們所做的投資每週都會看到更好的回報。

And that's part of our confidence in the back half of the year into next year that the right level of investment will start to yield the type of returns that we saw pre-pandemic.

這是我們對明年下半年到明年的信心的一部分，即適當的投資水平將開始產生我們在大流行前看到的回報類型。

Thanks so much.

非常感謝。

This concludes our Q&A.

我們的問答到此結束。

I will now hand back to John Renwick for closing remarks.

我現在請約翰‧倫威克 (John Renwick) 致閉幕詞。

Okay.

好的。

Well, thank you, everyone, for your interest and your time.

好吧，謝謝大家的興趣和時間。

And if you do have follow-up questions, please do not hesitate to call us.

如果您確實有後續問題，請隨時致電我們。

Have a great day.

祝你有美好的一天。

Ladies and gentlemen, today's call is now concluded.

女士們、先生們，今天的電話會議到此結束。

We'd like to thank you for your participation.

我們衷心感謝您的參與。

You may now disconnect your lines.

現在您可以斷開線路。

Ladies and gentlemen, today's call is now concluded.

女士們、先生們，今天的電話會議到此結束。