卡夫亨氏 (KHC) 2024 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Kraft Heinz Company first quarter results conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

美好的一天，感謝您的支持。歡迎參加卡夫亨氏公司第一季業績電話會議。 （操作員指示）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your speaker today, Anne-Marie Megela, Global Head of Kraft Heinz Investor Relations.

我現在想將會議交給今天的發言人，卡夫亨氏投資者關係全球主管 Anne-Marie Megela。

Thank you, and hello, everyone. Welcome to our Q&A session for our first quarter 2024 business update.

謝謝大家，大家好。歡迎參加我們的 2024 年第一季業務更新問答環節。

During today's call, we may make forward-looking statements regarding our expectations for the future, including items related to our business plans and expectations, strategy, efforts and investments and related timing and expected impacts. These statements are based on how we see things today, and actual results may differ materially due to risks and uncertainties. Please see the cautionary statements and risk factors contained in today's earnings release, which accompanies this call as well as our most recent 10-K, 10-Q and 8-K filings for more information regarding these risks and uncertainties.

在今天的電話會議中，我們可能會就我們對未來的預期做出前瞻性陳述，包括與我們的業務計劃和預期、策略、努力和投資以及相關時間表和預期影響相關的項目。這些陳述是基於我們今天對事物的看法，由於風險和不確定性，實際結果可能存在重大差異。請參閱今天的收益發布中包含的警示性聲明和風險因素，該聲明與本次電話會議一起發布，以及我們最近的10-K、10-Q 和8-K 文件，以了解有關這些風險和不確定性的更多資訊。

Additionally, we may refer to non-GAAP financial measures, which exclude certain items from our financial results reported in accordance with GAAP. Please refer to today's earnings release and the non-GAAP information available on our website at ir.kraftheinzcompany.com under News & Events for a discussion of our non-GAAP financial measures and reconciliations to the comparable GAAP financial measures.

此外，我們可能會參考非 GAAP 財務指標，這些指標將某些項目排除在我們根據 GAAP 報告的財務表現之外。請參閱今天的收益報告以及我們網站 ir.kraftheinzcompany.com 新聞與活動下提供的非 GAAP 信息，以了解我們的非 GAAP 財務指標以及與可比較 GAAP 財務指標的調節情況。

Before we begin the Q&A session, it gives me great pleasure to hand it over to our Chief Executive Officer, Carlos Abrams-Rivera, for opening comments. Please, Carlos.

在我們開始問答環節之前，我很高興將其交給我們的執行長卡洛斯·艾布拉姆斯-裡維拉發表開場評論。拜託，卡洛斯。

Well, thank you, Anne-Marie, and thank you, everyone, for joining us today. So before we begin our Q&A, I'd just like to provide some perspective on our top-up session here at Kraft Heinz, our consumers. And while we've seen a notable uptick in consumer sentiment in the first quarter, there is a gap between high and low earners continues to remain wide, and it shows a clear and continuing bifurcation. So the lower-income consumers are challenged with interest rates remaining high, gas prices elevated and savings dwindling. So there's a clear pullback of restaurant spend by these lower-earning households, especially in restaurants and convenience stores. These consumers instead are looking for value as they prepare more meals at home.

好的，謝謝你，安妮瑪麗，也謝謝大家今天加入我們。因此，在我們開始問答之前，我想就卡夫亨氏（我們的消費者）充值會議提供一些看法。儘管我們看到第一季消費者信心顯著上升，但高收入者和低收入者之間的差距仍然很大，並且顯示出明顯且持續的分歧。因此，低收入消費者面臨利率居高不下、汽油價格上漲和儲蓄減少的挑戰。因此，這些低收入家庭的餐廳支出明顯減少，特別是在餐廳和便利商店。相反，這些消費者在家裡準備更多餐點時正在尋找價值。

So in contrast, there has been a meaningful growth in travel and accordingly, an increasing hospitality and entertainment sales, driven by the bounce back among the higher earners. And here at Kraft Heinz, we are here to meet the evolving needs and taste of all consumers, whether they're looking for value in serving their family delicious meals at home or seeking culinary delights that they set out on new adventures. They can look to the iconic and trusted brands of Kraft Heinz.

相較之下，在高收入者反彈的推動下，旅遊業出現了有意義的成長，相應地，飯店和娛樂業的銷售也在成長。在卡夫亨氏，我們致力於滿足所有消費者不斷變化的需求和口味，無論他們是在尋找在家中為家人提供美味佳餚的價值，還是在新的冒險中尋找美食樂趣。他們可以關注卡夫亨氏的標誌性且值得信賴的品牌。

So for us, it's about having brands that are accessible and available to everyone. I believe we're well positioned to serve all of this consumer for three primary reasons: one, because we are bringing innovative food solutions and faster than ever before; two, because we continue to renovate our core brands for today and tomorrow; and three, because we have the best team in the industry, full stop. We are on track to meet our goals of generating $2 billion incremental net sales from innovation, and the world has taken notice as we were recently named one of the world's Top 50 Most Innovative Companies by Fast Company. But more importantly, we are expanding the choices we offer our consumers so that they don't have to sacrifice, whether it's providing greater value through multipacks, plant-based options such as our newly released NotCo Mac & Cheese or expanded the choices in our iconic brands such as Zero Sugar Heinz Ketchup.

所以對我們來說，重要的是擁有每個人都可以使用的品牌。我相信我們有能力為所有這些消費者提供服務，主要有以下三個原因：一是因為我們正在以比以往更快的速度提供創新的食品解決方案；二是因為我們為今天和明天不斷更新我們的核心品牌；第三，因為我們擁有業界最好的團隊，句點。我們正在努力實現透過創新創造 20 億美元增量淨銷售額的目標，並且全世界都注意到了我們最近被《Fast Company》評為全球 50 家最具創新力公司之一。但更重要的是，我們正在擴大為消費者提供的選擇，以便他們不必做出犧牲，無論是透過合裝包、植物性選擇（例如我們新推出的NotCo Mac & Cheese）提供更大的價值，還是擴大我們的產品選擇零糖亨氏番茄醬等標誌性品牌。

Myself, I've been traveling around the world visiting with our employees, and they are consumer obsessed. Their sense of ownership, collaboration and agility is so inspirational. I just want to say thank you to every one of them for their dedication. We are proud of our progress, both far from satisfied, as we continue focusing on serving these consumers and making lives delicious for everyone.

我自己一直在世界各地拜訪我們的員工，他們對消費者非常著迷。他們的主人翁意識、協作意識和敏捷性非常鼓舞人心。我只想對他們每一個人的奉獻表示感謝。我們對自己的進步感到自豪，但我們還遠遠沒有滿意，因為我們繼續專注於為這些消費者提供服務，讓每個人的生活變得更加美好。

And with that, I have Andre joining me, so let's open the call for Q&A.

現在，安德烈也加入了我的行列，所以讓我們開始問答環節。

(Operator Instructions) Our first question comes from Andrew Lazar with Barclays.

（操作員說明）我們的第一個問題來自巴克萊銀行的安德魯·拉扎爾。

It looks like KHC is still losing share in North America Retail, though at a more modest pace recently. But in the ACCELERATE platform specifically, your remarks call out holding or gaining share in about 55% of this platform. I guess would you expect this percentage to be higher given the disproportionate allocation of resources to this platform?

看起來 KHC 在北美零售業的份額仍在流失，儘管最近的速度有所放緩。但具體來說，在 ACCELERATE 平台上，您的言論要求持有或獲得該平台約 55% 的份額。我猜考慮到該平台的資源分配不成比例，您是否預計這個百分比會更高？

I guess a little more detail on share trends within ACCELERATE would be helpful. And then you mentioned U.S. restaurants softening a bit. Are you starting to see any of that on the flip side benefit at-home eating for your business? And if not, why would that be?

我想更多關於 ACCELERATE 中股票趨勢的詳細資訊會有所幫助。然後你提到美國餐廳的情況有所軟化。您是否開始看到在家用餐對您的生意有任何好處？如果不是，為什麼會這樣呢？

Yes. So thank you, Andrew, for the question. Before I get into the ACCELERATE, let me just at least give you a view of how I'm seeing so far the business performance. If you look at the last 5 weeks, just to remove the noise of Easter, we actually continued to see volume share improvement versus year-to-date, and we're holding dollar share at the same pace in the U.S. So that's at the macro level in the U.S. for our company.

是的。謝謝安德魯提出的問題。在開始加速之前，讓我至少向您介紹一下迄今為止我對業務績效的看法。如果你看看過去 5 週，為了消除復活節的噪音，我們實際上繼續看到銷量份額與年初至今相比有所改善，並且我們在美國以同樣的速度持有美元份額。宏觀層面。

Now if you look at the ACCELERATE platforms, we actually continue to outperform the other platforms. So far, we are seeing flat in dollar share and growing volume share by 0.2 points. And now let me just break the other 2, and then I'll go back to ACCELERATE. We are losing share in PROTECT platforms, as we continue to see the impact of the decline in SNAP benefits. At the same time, I'm actually pretty excited about the renovations we are seeing in these brands because we are going to be continuing to bring more consumer preference options as we go into the [sense of the year]. In our BALANCE part of our portfolio, we are losing share but improving versus a year ago versus year-to-date, primarily driven by coffee.

現在，如果你看看 ACCELERATE 平台，我們實際上繼續優於其他平台。到目前為止，我們看到美元份額持平，但銷售份額增長了 0.2 個百分點。現在讓我打破另外兩個，然後我將返回加速。由於我們繼續看到 SNAP 福利下降的影響，我們正在失去 PROTECT 平台的份額。同時，我實際上對我們在這些品牌中看到的翻新感到非常興奮，因為隨著我們進入[年度意義]，我們將繼續帶來更多消費者偏好的選擇。在我們投資組合的平衡部分，我們的份額正在下降，但與一年前相比，今年迄今有所改善，這主要是由咖啡推動的。

Now to your question about ACCELERATE platforms. There's a couple of big brands that are in there that I would like to unpack a little more. If you think about our Mac & Cheese business, which is within the ACCELERATE platform, what you're going to be continuing to see is: one, we are going to start lapping a lot of the headwinds from SNAP. Mac & Cheese was probably one of the more categories that were more actually impacted by SNAP. And as we go into Q2, beginning now in May, you'll see a plethora of new innovations from gluten-free to new options and flavors on our Mac & Cheese business as well as some new, exciting things for the category with some new SKUs that we're bringing in the second half of the year.

現在回答 ACCELERATE 平台的問題。裡面有幾個大品牌，我想對它們有更多的了解。如果您考慮我們位於 ACCELERATE 平台內的通心粉和起司業務，您將繼續看到的是：第一，我們將開始克服 SNAP 帶來的許多不利因素。通心粉和起司可能是 SNAP 影響較大的類別之一。當我們進入第二季（從五月開始）時，您將在我們的通心粉和起司業務上看到大量新的創新，從無麩質到新的選項和口味，以及該類別的一些新的、令人興奮的東西，其中包括一些新的產品。

If you look at the other parts of our ACCELERATE platform, that includes our condiments. And the condiments side, what I would say is our category actually is expanding. So we are growing, and we're actually growing volume share. So for us, is how do we continue to drive this growth within the category that has the right tailwinds behind it. And you'll see us continue to expand on the number of offers and innovations and we go into year to go.

如果您查看我們 ACCELERATE 平台的其他部分，其中包括我們的調味品。在調味品方面，我想說的是我們的品類實際上正在擴大。所以我們正在成長，而且我們實際上正在增​​長銷售份額。因此，對我們來說，我們如何繼續推動這個有良好推動力的類別的成長。您將看到我們繼續擴大產品和創新的數量，我們將進入新的一年。

The one note that may be also helpful to understand in the ACCELERATE platform is also we also got out some nonstrategic business, in particular, our Heinz bulk vinegar, which was a business that for us in terms of the economics didn't make us more sense. So we also exited that in the first quarter of the year. So hopefully, that gives you a sense how we're thinking about ACCELERATE within the comfort of our total company.

需要注意的是，在 ACCELERATE 平台中，我們也開展了一些非戰略業務，特別是我們的亨氏散裝醋，這對我們來說在經濟方面並沒有讓我們變得更多。因此，我們也在今年第一季退出了這項計劃。希望這能讓您了解我們如何在整個公司的舒適範圍內思考「加速」。

I think the second part of your question is on an Away From Home business. And I think let me just say that right now, as I mentioned in some of the prepared remarks, we are seeing some of the slowing of the restaurant traffic in the U.S., which some of it is impacting our business, but also some of the impact that we saw in the first quarter was due to us exiting some low-margin businesses, as we think about making the right choice for the overall P&L. The actual exit of the business was about $50 million in the first quarter, and that's going to be similar throughout the rest of the year.

我認為你問題的第二部分是關於遠離家鄉的業務。我想我現在只想說，正如我在一些準備好的發言中提到的那樣，我們看到美國的餐廳客流量有所放緩，其中一些影響了我們的業務，但也影響了一些我們在第一季看到的影響是由於我們退出了一些低利潤業務，因為我們考慮為整體損益做出正確的選擇。第一季該業務的實際退出額約為 5,000 萬美元，今年剩餘時間的情況也將類似。

Now for us, as we believe as we go forward, we actually believe that it's about us continuing to drive the importance of Away From Home in new channels. I mentioned in the opening remarks that we're also seeing great opportunities in terms of travel and leisure. And that's an area where our teams are both focused because of the only growth, but also because it allows us to expand margins into those areas. And we also are seeing improvement in terms of distribution of our core businesses as we go into the -- into Q3.

現在對我們來說，正如我們所相信的那樣，我們實際上相信，我們要繼續在新管道中提高《遠離家鄉》的重要性。我在開場白中提到，我們在旅行和休閒方面也看到了巨大的機會。這是我們團隊關注的領域，因為它是唯一的成長點，也因為它使我們能夠擴大這些領域的利潤。隨著進入第三季度，我們也看到核心業務的分佈有所改善。

So again, I feel very good about Away From Home. I think that the trends will continue to improve. And at the same time, for us at Kraft Heinz, we have the scale to make sure that no matter where our consumers are shopping at hotels, where they're going into restaurants or a home, that we have the distribution opportunity for us to kind of make sure that we are there to service anywhere they are. Thanks for the question, Andrew.

再說一遍，我對《遠離家鄉》感覺非常好。我認為趨勢將繼續改善。同時，對於卡夫亨氏來說，我們的規模可以確保無論我們的消費者在哪裡的酒店購物、在哪裡的餐廳或家中購物，我們都有分銷機會確保我們隨時隨地為他們提供服務。謝謝你的提問，安德魯。

Our next question comes from Ken Goldman with JPMorgan.

我們的下一個問題來自摩根大通的肯‧戈德曼。

You mentioned inflation in your comments in a few areas. I guess two questions here. First, I don't think you updated us, forgive me if I missed it, but I think last time you were talking about maybe 3% cost inflation for the year. I'm just curious if that's still a reasonable number.

您在評論中的幾個方面提到了通貨膨脹。我想這裡有兩個問題。首先，我認為您沒有更新我們的最新情況，如果我錯過了，請原諒我，但我認為上次您談論的可能是今年 3% 的成本通膨。我只是好奇這是否仍然是一個合理的數字。

And then I guess, second, more broadly, there's been a lot of attention paid to cocoa, obviously, but coffee inflation has been fairly notable as well. And I'm just curious, right, even though historically, coffee is somewhat of a pass-through category, do you think that if you and your competitors need, you'll be able and even willing to raise prices to customers as much as you typically might hear? Or do you maybe expect a little more, I guess, pushback than usual?

然後我想，第二，更廣泛地說，顯然，可可受到了很多關注，但咖啡的通貨膨脹也相當引人注目。我只是好奇，對，儘管從歷史上看，咖啡在某種程度上是一種傳遞類別，但你認為如果你和你的競爭對手需要，你將能夠甚至願意向顧客提高價格你通常可能會聽到？或者我猜你可能會比平常期待更多的阻力？

Thank you, Ken, for the question. Let me just -- okay, let me start, and then I'll ask Andre to continue to build on it. For us, we are certainly committed to continue to provide families with affordable options. So -- and that means something that we take very seriously. And if you think about 2023, we did end the year with a 3% inflation, but we only pass about 1% pricing to consumers. So we do that very much intentional in a way for us to make sure we are all doing everything we can to offset things so that consumers don't see it.

謝謝肯的提問。讓我——好吧，讓我開始，然後我會請安德烈繼續在此基礎上繼續發展。對我們來說，我們當然致力於繼續為家庭提供負擔得起的選擇。所以——這意味著我們非常重視的事情。如果你想想 2023 年，我們確實以 3% 的通膨率結束了這一年，但我們只將大約 1% 的定價傳遞給消費者。因此，我們這樣做是非常有意的，以確保我們都在盡一切努力來抵消一些事情，這樣消費者就不會看到它。

Now Andre, if you want to comment a little more in terms of what you see in terms of cost inflation today in the coffee category.

現在，安德烈，如果您想就您今天在咖啡類別中看到的成本通膨問題發表更多評論。

Sure. So yes, we still expect inflation to be in the low single-digit territory, like we said before. So nothing has changed in that regard, with inflation a bit more concentrated in Q2 and Q3 than in the shoulder quarters. And that's primarily because of what we call the big 3 commodities: cheese, meat, coffee, which we are seeing particularly in meat and cheese, higher level of inflation happened in Q2, Q3 as we are lapping very favorable comps from last year. So yes, so we don't see any other meaningful change here. And the price that has been taken is very surgical around those categories have been suffering the largest impact. And say cocoa likely is not a relevant part of our portfolio at all. I mean a little bit in Netherlands, but beyond that, there's nothing worth mentioning. And we don't see any reason to believe at this point that we would not be able to continue to pass-through the prices in those commodity categories like it has always been the case. So...

當然。所以，是的，我們仍然預期通膨率將處於低個位數區域，就像我們之前所說的那樣。因此，這方面沒有任何變化，通膨更多集中在第二季度和第三季度，而不是肩膀季度。這主要是因為我們所說的三大商品：起司、肉類、咖啡，我們特別看到肉類和起司，第二季和第三季出現了更高的通膨水平，因為我們從去年開始獲得了非常有利的比較。所以是的，所以我們在這裡沒有看到任何其他有意義的變化。圍繞著那些受到最大影響的類別，所採取的價格非常精確。並說可可可能根本不是我們投資組合的相關部分。我的意思是在荷蘭有一點，但除此之外，沒有什麼值得一提的。目前，我們沒有任何理由相信我們將無法像以往那樣繼續傳遞這些商品類別的價格。所以...

All right. And if I could ask a quick follow-up. Just the increase in gross margin guidance, coupled with no other changes implies a bit higher SG&A than you previously expected. So just assuming that's accurate, are there any key areas in operating expenses we should think about that are maybe a little bit higher than planned, obviously, not a huge amount? Or maybe the plant shutdown is the primary, I guess, culprit here, so to speak. Just trying to get a little color there, if we could.

好的。如果我可以要求快速跟進。僅毛利率指引的增加，加上沒有其他變化，就意味著 SG&A 比您之前預期的要高一些。因此，假設這是準確的，那麼我們應該考慮營運支出中是否有任何關鍵領域可能比計劃高一點，顯然不是一個很大的數額？或者可以這麼說，我猜工廠關閉可能是罪魁禍首。如果可以的話，只是想給那裡一點顏色。

As you saw in CAGNY, we are starting to deploy our brand growth system, which is the method that allows us to continue to improve in our marketing and continue to strengthen our brands. And one of the components of the brand growth system is ensure that we have the sufficient level of marketing across the portfolio. And we've started to see a few selected areas where we need to step up the market investment, thinking on the long term. And we have been gradually approving incremental investments on top of what initially planned on the marketing side, in particular, which I think is a great thing for us. That's all.

正如您在 CAGNY 看到的那樣，我們開始部署我們的品牌成長系統，這是讓我們能夠繼續改進行銷並繼續強化我們品牌的方法。品牌成長系統的組成部分之一是確保我們在整個產品組合中擁有足夠的行銷水平。我們已經開始看到一些需要加強市場投資的選定領域，並從長遠考慮。我們一直在逐步批准在最初計劃的營銷方面的增量投資，特別是，我認為這對我們來說是一件好事。就這樣。

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

我們的下一個問題來自美國銀行的 Bryan Spillane。

I just had two questions. One, just, I guess, a detail. Can you share with us -- I think in the past, you've shared with us how much the SNAP issue has impacted organic sales. So do you have that for the first quarter?

我只有兩個問題。一，我想，只是一個細節。您能否與我們分享一下—我想您過去曾與我們分享 SNAP 問題對自然銷售的影響有多大。那麼第一季有嗎？

Look, it's never 100% precise. We're talking about the macroeconomic model, but we estimate on the U.S. Retail business back in the range of a few hundred bps negative impact.

看，它從來都不是 100% 精確的。我們談論的是宏觀經濟模型，但我們估計對美國零售業務的負面影響將在幾百個基點範圍內。

Okay. And then a question on the Away From Home in the U.S. and the deceleration. And again, you've quantified the impact of the plant closure, but just can you give us a sense of how much the -- I'm sorry, the impact of the exiting the customer. But can you give us a sense of just how much of the decline is also related to like traffic at restaurants? Just trying to get a sense of the weighting of what's actually driving the slowdown.

好的。然後是關於美國的遠離家鄉和減速的問題。再說一遍，您已經量化了工廠關閉的影響，但您能否讓我們了解一下——對不起，退出客戶的影響有多大。但您能否讓我們了解一下，下降的程度在多大程度上也與餐廳的客流量有關？只是想了解實際導致經濟放緩的因素的權重。

And then also, as you look into the second half, right, where you're expecting -- there's an expectation that there's going to be some recovery, just what underpins that? And I say that in the context of as we're kind of going through earnings season, a lot of the restaurants have incrementally gotten worse or slower. So just is there maybe too much optimism baked into the back half expectation for recovery when it looks like a lot of these restaurant companies are guiding down?

然後，當你展望下半年時，對吧，你所期待的——人們預計將會出現一些復甦，那麼支撐這一點的是什麼？我說，在我們即將經歷財報季節的背景下，許多餐廳的經營情況逐漸變得更糟或更慢。那麼，當許多餐飲公司看起來都在下滑時，人們對下半年復甦的預期是否可能過於樂觀了呢？

Let me start and then Andre, if you want to kind of build on that, and thanks for the question, Bryan. First of all, I continue to feel very good about overall strategy globally about Away From Home. Again, it's a business that we are seeing continue to improve outside the U.S. and even as we are seeing some of the slowing of the restaurant business here in the U.S.

讓我開始，然後安德烈，如果你想在此基礎上進一步發展，謝謝你的問題，布萊恩。首先，我仍然對 Away From Home 的全球整體策略感到非常滿意。同樣，我們看到美國以外的地區的餐飲業務持續改善，儘管我們看到美國本土的餐廳業務有所放緩。

If I think about the second half, there's a few things that I think we'll feel better as we go into this rest of the year, even in the U.S. here. First of all, we mentioned about this factor impact that we had to close for unplanned maintenance, and that's going to affect us in Q2, and that will be behind us as we go into the second half of the year. The second part is that we are also going to be expanding the number of clients is where you're going to find our portfolio. So there's a number of things that I cannot speak today, but that we'll see as we go into Q3, in which we actually expand the distribution of our products.

如果我考慮下半年，我認為在進入今年剩餘時間時，有一些事情我們會感覺更好，即使在美國也是如此。首先，我們提到了這個因素的影響，我們不得不關閉計劃外維護，這將在第二季度影響我們，當我們進入下半年時，這種影響將被拋在腦後。第二部分是我們還將擴大客戶數量，您將在其中找到我們的產品組合。因此，有很多事情我今天不能說，但我們會在進入第三季時看到，我們實際上會擴大產品的分銷。

And then the third part is that we are going to continue to drive the focus on us going into attractive higher-margin channels. So again, beyond the restaurants in places like leisure, hospitality and travel, where we are actually seeing better performance because of the higher-income consumer and us getting into those channels in particular. And I think within that channel, we are seeing very successful programs around our Heinz Selection program and hospitality experiences that allow us to bring differentiated type of programs in an industry that until now, we really have in play that strongly.

第三部分是我們將繼續將注意力集中在有吸引力的高利潤管道上。再說一次，除了休閒、酒店和旅遊等領域的餐廳之外，我們實際上看到了更好的業績，因為高收入消費者，特別是我們進入了這些管道。我認為在這個管道中，我們看到了圍繞亨氏精選計劃和酒店體驗的非常成功的計劃，這使我們能夠在一個行業中引入差異化類型的計劃，到目前為止，我們確實發揮了強大的作用。

So -- and then lastly, what I would say is this is an area where we're going to continue to drive innovation in Away From Home. I mean already, you are seeing how we are taking our Heinz REMIX machine, and we're actually using that and planning it to work in the partnership that we have with BurgerFi, which is now our first restaurant to debut through Heinz REMIX, and that we're going to see that expanding as we go into 2024.

所以，最後，我想說的是，這是我們將繼續推動 Away From Home 創新的領域。我的意思是，您已經看到了我們如何使用Heinz REMIX 機器，我們實際上正在使用它，併計劃在我們與BurgerFi 的合作中使用它，BurgerFi 現在是我們第一家通過Heinz REMIX 首次亮相的餐廳，並且進入 2024 年，我們將看到這種情況不斷擴大。

So the idea is it's not only the fact that we're going to be present, but we're also going to continue to bring innovative in both the channel and the type of products we're going to bring into those channels. And Andre, anything else you could talk about?

所以我們的想法是，我們不僅要參與其中，還要繼續在通路和我們要引入這些管道的產品類型方面進行創新。安德烈，你還有什麼好談的嗎？

I don't think so.

我不這麼認為。

Our next question comes from John Baumgartner with Mizuho Securities.

我們的下一個問題來自瑞穗證券的約翰·鮑姆加特納。

Carlos, you highlighted consumer stress as a theme. And I wanted to ask in North America where the volume declines are still more pronounced, things like Mac & Cheese you just detailed for Andrew, but also catch-up in juices. These are categories where private label has been underpenetrated historically, and now you're seeing volumes growing a bit. Are you seeing anything different, whether it's new merchandising by retailers or new price sensitivity among consumers that's changing the dynamic in these categories at all?

卡洛斯，您強調了消費者壓力這個主題。我想問一下，在北美，哪些地區的銷量下降更為明顯，例如您剛剛為安德魯詳細介紹的通心粉和奶酪，但果汁也有所趕上。這些是自有品牌歷史上滲透率較低的類別，現在您會看到銷售量有所成長。您是否看到任何不同之處，無論是零售商的新商品推銷還是消費者對價格的新敏感度正在改變這些類別的動態？

So I'm curious for your take on the pockets of private label share growth. And then maybe a follow-up, are there any specific categories in U.S. Retail where you're expecting material benefits from joint business plans or reinvestment for the duration of this year?

所以我很好奇您對自有品牌佔有率成長的看法。然後也許是一個後續問題，您預計美國零售業中有哪些特定類別可以從今年期間的聯合業務計劃或再投資中獲得物質利益？

Let me thank you for the question. First on the private label, first of all, we are fortunate that we have such an iconic and beloved brands in our portfolio. And I think what you're seeing is that really, we haven't seen much of a change in terms of our overall gaps versus private label. And I think for us, the benefit that we have had is that over the last 2 years, we have spent a significant amount of energy and continue to renovate our portfolio. And today, we certainly have, in the U.S., renovated almost 100% of our portfolio to make sure that it continues to be relevant for today and tomorrow.

讓我感謝你的提問。首先是自有品牌，首先，我們很幸運，我們的產品組合中擁有如此標誌性且受人喜愛的品牌。我認為您所看到的是，我們與自有品牌的整體差距確實沒有看到太大的變化。我認為對我們來說，我們獲得的好處是，在過去的兩年裡，我們花費了大量的精力並不斷更新我們的產品組合。今天，我們在美國幾乎 100% 更新了我們的投資組合，以確保它繼續與今天和明天相關。

And I think that, that along with the fact that we are also very much focused on delivering great value to consumers. We have to make sure that as we think about value, that is not just about the price point, it's also about it's worth paying for it. So that's why our focus on driving quality products in a way that is affordable and giving more consumer choices, that is also driving the overall value equation for consumer. So what you're seeing in the data is private label have been gaining share, but really they have stabilized and they're taking more share from other branded players.

我認為，除此之外，我們也非常注重為消費者提供巨大的價值。我們必須確保，當我們考慮價值時，這不僅是價格點，也是值得付出的代價。這就是為什麼我們專注於以實惠的方式推出優質產品並為消費者提供更多選擇，這也推動了消費者的整體價值方程式。因此，您在數據中看到的是，自有品牌的份額一直在增加，但實際上它們已經穩定下來，並且從其他品牌製造商那裡獲得了更多份額。

In terms of our JBP, that continues to be a strength of ours. That frankly, it comes out with the fact that we have been building this trust and partnership with our key retailers that allows us to truly leverage the scale of our total portfolio in a way that help us to both drive our distribution of innovation as well as improve our overall performance and execution in store. Because of this partnership, we can do things in store that probably the other peers cannot do. Whether that's when you think about the holiday season coming up now in the summer, we have the range of a portfolio that allows us to create through differentiating and unique value promotions that other people cannot do. So it's something that we continue to elevate and we continue to build on as we strengthened our portfolio and the partnership we have with the key retailers.

就我們的 JBP 而言，這仍然是我們的優勢。坦白說，事實是我們一直在與我們的主要零售商建立這種信任和合作夥伴關係，這使我們能夠真正利用我們的總投資組合的規模，幫助我們推動創新的分銷以及提高我們店內的整體績效和執行力。由於這種合作關係，我們可以在店內做其他同行可能無法做到的事情。無論您考慮的是夏季即將到來的假期季節，我們都有一系列的產品組合，使我們能夠透過差異化和獨特的價值促銷來創造其他人無法做到的。因此，隨著我們加強我們的產品組合以及與主要零售商的合作夥伴關係，我們將繼續提升並繼續發展這一點。

Our next question comes from Steve Powers with Deutsche Bank.

我們的下一個問題來自德意志銀行的史蒂夫鮑爾斯。

Carlos, in the prepared remarks, you talked about the unplanned maintenance that you had to take on one of your Away From Home plants. It seems that you've resolved that issue and you expect the impacts to be isolated to the second quarter. But maybe just a little bit more detail on what transpired there. Any kind of root cause diagnostic? And then just do you expect that to be a pretty quick bounce back in recovery in 3Q? Or is the recovery going to be more spread across the back half?

卡洛斯，在準備好的演講中，您談到了您必須對您的離家工廠之一進行的計劃外維護。您似乎已經解決了該問題，並且預計影響將被隔離到第二季。但也許只是關於那裡發生的事情的更多細節。任何類型的根本原因診斷？那麼您是否預期第三季會出現相當快的復甦？或者復甦會更多分佈在後半區嗎？

Yes. Thank you for the question, Steve. Yes, listen, it's not -- I wouldn't give you that much more information than already shared. It was a temporary shutdown in our plant for that unplanned maintenance. Now that particular factory was very much focused on our Away From Home business. And so those continents are places that we can outsource from other places and much within our network of factories. So that's why, in particular, it created a little bit of a dissonance in the Q2 only. And Andre, if you want to give a little more details on the impact in our -- what we see in the range of the portfolio for Q2?

是的。謝謝你的提問，史蒂夫。是的，聽著，這不是——我不會給你比已經分享的更多的資訊。我們的工廠因計劃外維護而暫時關閉。現在，那個工廠非常專注於我們的遠離家鄉的業務。因此，這些大陸是我們可以從其他地方以及我們的工廠網路外包的地方。這就是為什麼它只在第二季造成了一點不和諧。安德烈（Andre），如果您想提供更多有關我們在第二季度投資組合範圍中看到的影響的詳細資訊？

Yes. So as we said in prepared remarks, production has resumed and is gradually going back towards the prior level. Not there yet, but production has resumed. And that's why I expect the impact to be -- we do expect production to be fully back on track within the quarter. And then the impact on top line, as we said, will be in the range of 50 to 100 bps to the total company growth, which is a function of how fast you can really bring the production fully up to speed.

是的。正如我們在準備好的演講中所說，生產已經恢復，並逐漸恢復到先前的水平。還沒有，但生產已經恢復。這就是為什麼我預計影響是——我們確實預計生產將在本季度內完全回到正軌。然後，正如我們所說，對營收的影響將在公司整體成長 50 到 100 個基點的範圍內，這取決於您能夠真正使生產完全加快速度的速度。

Our next question comes from David Palmer with Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 David Palmer。

Two questions. First, a follow-up on Foodservice. What is your general Foodservice assumption going forward that underlines your mid-single-digit organic growth that you have planned for the year? Is that, that you basically expected that current trends industry-wide and globally will remain similar level that you saw in the first quarter or improving from there?

兩個問題。首先是餐飲服務的後續行動。您對未來餐飲服務的整體假設是什麼，這突顯了您今年計劃的中個位數有機成長？您是否基本上預計整個行業和全球範圍內的當前趨勢將保持與第一季相似的水平或從那裡開始有所改善？

And then secondly, just Oscar Mayer and the beverage business, both were declining maybe mid-single digits or so in measured channels in the first quarter. Could you maybe talk about the challenges and general plans and prospects for improvement for each of those?

其次，奧斯卡·梅耶爾和飲料業務在第一季的測量管道中都出現了中個位數左右的下滑。您能否談談每個方面面臨的挑戰、整體規劃和改進前景？

Maybe, Andre, if you can comment on Away From Home and maybe I can build on the Oscar Mayer and beverage business.

也許，安德烈，如果你可以對《遠離家鄉》發表評論，也許我可以在奧斯卡梅耶爾和飲料業務的基礎上繼續發展。

Yes. So first, if you think about our second half, as we said, we expect to be on algo throughout the entire second half. And if you think about our 3 pillars of growth, first, on Emerging Markets, as we said, Q1 came in line with what we said will happen mid-single digit, primarily because of the shipment phasing in Brazil. So as we head into Q2, we do expect Emerging Markets to be now very close at our long-term algo, and in the second half fully on the long-term algo. So that's a point comes from that roughly, maybe a little more.

是的。首先，如果你考慮我們的下半場，正如我們所說，我們預計整個下半場都在進行演算法。如果你考慮我們的三大成長支柱，首先是新興市場，正如我們所說，第一季與我們所說的中個位數的情況一致，主要是因為巴西的出貨分階段進行。因此，當我們進入第二季時，我們確實預計新興市場現在將非常接近我們的長期演算法，並在下半年完全遵循長期演算法。所以這是一個粗略的觀點，也許更多一點。

On the U.S. Retail business, as a function of industry improving gradually, volume continues to improve. All the innovation, renovation, Carlos mentioned a few examples. We do expect to be, if not on algo, at least approaching algo, so that will be a big contributor for the improvement as we head into the second half.

美國零售業務方面，隨著產業功能逐步改善，成交量持續改善。所有的創新、革新，卡洛斯都提到了幾個例子。我們確實希望，即使不是在演算法上，至少也能接近演算法，所以當我們進入下半年時，這將是改進的一個重要貢獻者。

And then finally, on Away From Home, like we don't need to be fully on algo to deliver our numbers in the second half, and that's not what we're contemplating. So we don't expect Away From Home to be fully back on algo. Even though on the international side, we should be back there in the U.S. where we think the dynamics of the industry is what give us a pause. We do expect improvement and a gradual improvement on the industry plus the business risk. But I mean, I think we're still a bit on a pause to see how much of the industry will recover. But again, we don't need to be fully on algo in the U.S. Away From Home to deliver our guidance for the second half.

最後，在《遠離家鄉》中，我們不需要完全依靠演算法來在下半場提供我們的數據，而這不是我們正在考慮的。因此，我們預計 Away From Home 不會完全回歸演算法。即使在國際方面，我們也應該回到美國，我們認為該行業的動態讓我們停下來。我們確實預期產業會有所改善，且業務風險也會逐漸改善。但我的意思是，我認為我們仍然需要暫停一下，看看該行業將在多大程度上復甦。但同樣，我們不需要完全按照美國客場比賽的演算法來提供下半年的指導。

And then just going deeper on the Oscar Mayer and beverage question, David. But I would say, if you go back to our CAGNY presentation, those are businesses that are in 2 different portfolio roles within our company. So our beverage business is within our PROTECT business, in which we actually are allocating resources in order to protect the profitability through the renovation across those brands to drive the growth.

然後更深入地討論奧斯卡·梅耶爾和飲料問題，大衛。但我想說，如果你回到我們的 CAGNY 演示，你會發現這些業務在我們公司內扮演兩個不同的投資組合角色。因此，我們的飲料業務屬於我們的保護業務，我們實際上是在分配資源，透過這些品牌的革新來推動成長，從而保護獲利能力。

So if you think about some of the key brands there, you see that our MiO liquid concentrate in which we actually just renovated our entire kind of design or product. We have a new campaign, a marketing campaign focused on the wellness of the brand can offer. If you think about Crystal Light, we just debuted our first major innovation in 10 years, and we're launching a number of new and exciting functional benefits. If you think -- and then for us is how do we continue to drive that sense of focus on renovating on those particular products because we know they are differentiated, and we think they are well positioned for the long term.

因此，如果您考慮那裡的一些主要品牌，您會發現我們的 MiO 液體濃縮液實際上只是翻新了我們的整個設計或產品。我們有一個新的活動，一個專注於品牌健康的行銷活動。如果您想到 Crystal Light，我們剛剛推出了 10 年來的第一個重大創新，並且我們正在推出許多令人興奮的新功能優勢。如果您認為，那麼對我們來說，我們如何繼續推動對這些特定產品進行翻新的專注感，因為我們知道它們是差異化的，並且我們認為從長遠來看它們處於有利地位。

In the Oscar Mayer part of our BALANCE business, which, again, we are making sure we're making the right investments in order to protect our distribution. And at the same time, we also are being thoughtful about how we are going to manage a business that are very exposed to the commodity side of things. So we are being also thoughtful of making sure we are protecting the top line, while at the same time, making sure we have the right gross margins management in order for us to make it work within the entire Kraft Heinz portfolio.

在我們平衡業務的奧斯卡·梅耶爾部分，我們再次確保我們進行正確的投資以保護我們的分銷。同時，我們也在考慮如何管理一個非常依賴商品的業務。因此，我們也在考慮確保我們保護營收，同時確保我們擁有正確的毛利率管理，以便我們能夠在整個卡夫亨氏投資組合中發揮作用。

The other thing I'll add on the BALANCE portfolio as a whole, you saw in prepared remarks that overall, the BALANCE declined 4% in the quarter, but the gross profit dollars grew 5%. So as we have said before, we continue to -- it's a balancing act, and we continue to make sure that we don't starve those brands of the core investments to sustain their business. But you should not expect an average growth coming from there.

我要補充的另一件事是關於整個 BALANCE 投資組合，您在準備好的評論中看到，總體而言，本季 BALANCE 下降了 4%，但毛利增加了 5%。因此，正如我們之前所說，我們將繼續進行——這是一種平衡行為，我們將繼續確保我們不會剝奪這些品牌維持其業務的核心投資。但你不應該指望由此而來的平均成長。

Our last question comes from Robert Moskow with TD Cowen.

我們的最後一個問題來自 Robert Moskow 和 TD Cowen。

Andre, I think you might have already answered this, but mathematically, I think the guidance now for Foodservice implies a 50 basis point reduction to the overall company compared to, I think, the high single-digit guidance you had last quarter. So does the rest of the portfolio need to offset that? Is anything -- are you expecting anything to be a little better than you expected? Or is it just kind of absorbed?

安德烈，我想你可能已經回答了這個問題，但從數學上講，我認為現在對餐飲服務的指導意味著與上個季度的高個位數指導相比，整個公司將減少50 個基點。那麼投資組合的其餘部分是否需要抵消這一點？有什麼事情——你期待什麼事情比你預期的要好一點嗎？還是只是被吸收了？

And then secondly, I think the slide said that you're seeing improvement in retail trends in U.S. Retail, maybe that's just versus a year ago. But can I assume that despite the market shares being down versus a year ago, do you need to make any big -- any adjustments to your marketing plan for 2024? Is there any increased price investment or advertising investment that needs to be made that's different from what you expected?

其次，我認為幻燈片說您看到美國零售業的零售趨勢有所改善，也許這只是與一年前相比。但我是否可以假設，儘管市場佔有率較一年前有所下降，但您是否需要對 2024 年的行銷計劃進行任何重大調整？是否需要增加與您預期不同的價格投資或廣告投資？

Andre, do you want to start with Away from Home, and I can comment on the retail trends?

安德烈，您想從《遠離家鄉》開始嗎？

Yes. First, as you said, the 50 bps that we mentioned in the prepared remarks should be clear, is linkage, the 50 to 100 bps expansion of plant shutdown and is focused on the second quarter. So we do not expect impact from that as we go into the second half. So as we head into the second half, as I said before, we do expect Emerging Markets to be fully back on algo. We do expect the U.S. Retail, North America Retail to continue to improve, like improve in Q1. We expect to improve more in Q2 and then more in the second half, like as a function, again, of lapping SNAP and a lot of contribution from innovation and renovation.

是的。首先，正如您所說，我們在準備好的演講中提到的50個基點應該很明確，是聯動，工廠停工擴大50至100個基點，重點是第二季度。因此，我們預計下半年不會受到影響。因此，當我們進入下半年時，正如我之前所說，我們確實預計新興市場將完全回歸演算法。我們確實預期美國零售業、北美零售業將持續改善，就像第一季的改善一樣。我們期望在第二季度取得更多進步，然後在下半年取得更大進步，就像作為 SNAP 的功能以及創新和革新的大量貢獻一樣。

And on the Away From Home, we do expect the rest of the world to gradually improve and get close, if not, at algo. And then the U.S. becomes then the question we don't need to be at mid-single digit in the second half for us to achieve our guidance. But we do expect a gradual improvement on industry. And I think we are seeing that from different sources as well. I think that there is a general expectation of that together with all the business wins that we have done, and I think that we're going to be past the situation with the plant as we had in the second half.

在《遠離家鄉》中，我們確實希望世界其他地區能夠逐漸改善並接近演算法，如果沒有的話。然後美國就成為我們不需要在下半年達到中個位數就可以實現我們的指導的問題。但我們確實預期工業會逐步改善。我認為我們也從不同的來源看到了這一點。我認為人們對此以及我們所取得的所有業務勝利都抱有普遍的期望，而且我認為我們將克服下半年工廠的情況。

Thank you, Andre. And on the retail trends, I guess, I'll go back to the point at the beginning, which is we are seeing volume share improvements versus in the last 5 weeks into year-to-date. So we are seeing that the momentum is happening already. And for us, what we are going to be doing is focus on those things we can control, which is as you go into the year to go, you'll see us continue to drive the renovation of our brands, like I mentioned, whether it's in our PROTECT platforms and ACCELERATE, which is driving more innovation, as you'll see now, begin now in Q2 and we continue to step up through the rest of the year. And then these margins are marketing investments.

謝謝你，安德烈。關於零售趨勢，我想，我會回到一開始的觀點，即與年初至今的過去 5 週相比，我們看到銷售份額有所改善。所以我們看到這種勢頭已經出現。對我們來說，我們要做的就是專注於我們可以控制的事情，也就是說，當你進入新的一年時，你會看到我們繼續推動我們品牌的革新，就像我提到的，無論是它存在於我們的「保護」平台和「加速」中，這正在推動更多創新，正如您現在所看到的，從第二季度開始，我們將在今年剩餘時間內繼續推進。然後這些利潤就是行銷投資。

Andre mentioned earlier that part of the reason we're taking some of those gross margin dollars and investing back in the business is because now we are deploying a brand growth system that allows us to think about how do we make sure we're being smart about where to spend and places that maybe we haven't been spending at sufficient levels. So you are, in fact, going to see that continued focus on not driving the right dollars against the right priorities for us to drive the retail growth. And thank you for the question, Rob.

安德烈之前提到，我們提取部分毛利率並重新投資於業務的部分原因是因為現在我們正在部署一個品牌成長系統，該系統使我們能夠思考如何確保我們是聰明的關於在哪里花錢以及我們可能沒有花足夠的錢的地方。因此，事實上，您會看到，我們繼續關注的重點不是推動正確的美元與正確的優先事項，以推動零售成長。謝謝你的提問，羅布。

And thank you, everyone, for joining us. This concludes our earnings call for the first quarter '24. Thank you.

感謝大家加入我們。我們的 24 年第一季財報電話會議到此結束。謝謝。

Thank you. This concludes the conference. Thank you for your participation. You may now disconnect.

謝謝。會議到此結束。感謝您的參與。您現在可以斷開連線。