卡夫亨氏 (KHC) 2024 Q3 法說會逐字稿

Good day and thank you for standing by. Welcome to the Kraft Heinz Company third-quarter results conference call. (Operator Instructions)

美好的一天，感謝您的支持。歡迎參加卡夫亨氏公司第三季業績電話會議。 （操作員說明）

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

現在我想將會議交給今天的發言人，投資者關係全球主管 Anne-Marie Megela。

Thank you, and hello, everyone. welcome to our Q&A session. Our third quarter 2020 for business update.

謝謝大家，大家好。歡迎來到我們的問答環節。我們的 2020 年第三季業務更新。

During today's call, we may make was sufficient for bleeding items related to our business plans and expectations, strategy efforts and investments and related timing and expected impacts.

在今天的電話會議中，我們可能會就與我們的業務計劃和預期、策略性努力和投資以及相關時間表和預期影響相關的項目做出足夠的說明。

These statements are based on how we see things today.

這些陳述是基於我們今天看待事物的方式。

Actual results may differ materially due to risks and uncertainties.

由於風險和不確定性，實際結果可能存在重大差異。

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 eight K filings for more information regarding these risks and uncertainties.

請參閱今天的收益報告中包含的警示性聲明和風險因素，該報告伴隨著本次電話會議，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.

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。

Please refer to today's earnings release and the non-GAAP information available on our website at ir dot Kraft Heinz Company.com under News and Events for a discussion of our non-GAAP financial measures and reconciliations to comparable GAAP financial measures.

請參閱今天的收益報告以及我們網站 ir dot Kraft Heinz Company.com 新聞和活動下提供的非 GAAP 信息，了解我們的非 GAAP 財務指標以及與可比 GAAP 財務指標的調節情況。

I will now hand over.

我現在就交出。

I will now hand it over to our Chief Executive Officer, Carlos Abrams, Rivera, for opening comments harvest over to you.

現在我將把它交給我們的執行長卡洛斯·艾布拉姆斯 (Carlos Abrams)、裡維拉 (Rivera)，將開場評論的收穫交給您。

Thank you, Marie.

謝謝你，瑪麗。

And thank you, everyone, for joining us today.

感謝大家今天加入我們。

But we've reported our third-quarter results.

但我們已經報告了第三季的業績。

I first want to recognize the entire Kraft Heinz team for their continued dedication to making lives delicious for our consumers.

我首先要感謝整個卡夫亨氏團隊為讓消費者的生活變得更美好而做出的持續奉獻。

In today's uncertain environment, people are increasingly seeking value.

在當今不確定的環境中，人們越來越尋求價值。

Our commitment to serving them with our iconic brands remains unwavering for our stockholders.

對於我們的股東來說，我們以標誌性品牌為他們服務的承諾仍然堅定不移。

Our focus remains on executing against our strategic pillars, driving profitable growth and generate strong cash flow flows.

我們的重點仍然是執行我們的策略支柱，推動獲利成長並產生強勁的現金流。

Global away from home and emerging markets are growing and gaining momentum.

全球客場和新興市場正在成長並獲得動力。

And we are addressing areas for improvement in US retail by maintaining a disciplined management approach and long-term perspective, we're able to navigate to date near term volatility while generating strong cash flow and reinvesting in the business.

我們正在透過保持嚴格的管理方法和長期的視角來解決美國零售業需要改進的領域，我們能夠應對迄今為止的近期波動，同時產生強勁的現金流並對業務進行再投資。

We have the right strategy, amazing talent and competitive advantage culture did give me great confidence that we can drive consistent long-term profitable growth.

我們擁有正確的策略、出色的人才和競爭優勢文化，這讓我非常有信心，相信我們能夠推動持續的長期獲利成長。

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

至此，我已經重新加入我的行列，所以讓我們開始問答環節。

(Operator Instructions) Andrew Lazar, Barclays.

（操作員指示）Andrew Lazar，巴克萊銀行。

Great. Thanks. Good morning, everybody. But at a point, right. So Carlos, I know initially right, Kraft Heinz expected to return to sort of an algorithm pace in the latter part of this year. Your comments in their prepared remarks suggest, you know, don't expect to reach and on algorithm pace during 25. So first, just to clarify, is that a comment on the totality of the year or you don't expect to hit your algorithm at any point during the year?

偉大的。謝謝。大家早安。但在某個時刻，對。所以卡洛斯，我一開始就知道卡夫亨氏是對的，卡夫亨氏預計將在今年下半年恢復到某種演算法的速度。您在準備好的評論中的評論表明，您知道，不要期望在 25 年內達到演算法速度。中任何時候的演算法？

And then as you diagnose the elongated recovery in US retail, how much of this is sort of execution related or simply a consumer that has not yet fully adjusted their reference price points to the new levels and having just sort of notice them along a bit more than you might have initially thought. Thanks so much.

然後，當您診斷美國零售業的長期復甦時，其中有多少是與執行相關的，或者僅僅是消費者尚未將其參考價格點完全調整到新的水平，只是稍微注意到了它們比你最初想像的要多。非常感謝。

Thank you, Glenn, do let me start and then maybe pass it over to Andrew to give the details of how we see the impact in the long-term algorithm.

謝謝格倫，請讓我開始，然後可能會將其傳遞給安德魯，以詳細說明我們如何看待長期演算法的影響。

I guess first of all, state, certainly this year has been very different than I think many of us in the industry expected.

我想首先，我想今年的情況肯定與我們許多業內人士的預期有很大不同。

So I think when we think about what we thought was going to be the exit versus what we see now a number of circumstances have changed that.

因此，我認為，當我們考慮我們原本認為的退出與我們現在所看到的情況時，許多情況已經改變了這一點。

I think we are, frankly, better reacting to what the real reality, the consumer particular here in the US and as implication to our long-term algorithm.

坦白說，我認為我們對現實、特別是美國消費者以及對我們長期演算法的影響做出了更好的反應。

So I think, Andrew, you can just comment to that and then we can get.

所以我認為，安德魯，你可以對此發表評論，然後我們就可以了。

But I can go back and talk about the execution as part of your question.

但我可以回去談談執行作為你問題的一部分。

So thanks for the question, Andrew.

謝謝你的提問，安德魯。

As you rightfully pointed out, we do not expect at this moment to reach all go on any part of next year.

正如您正確指出的那樣，我們目前預計明年的任何時候都不會實現所有目標。

And as we said in prepared remarks, we do expect our away-from-home globally and emerging markets to continue to to improving and continue to grow, and we wouldn't see migrating closer and closer to the long-term algorithm.

正如我們在準備好的演講中所說，我們確實預計全球和新興市場將繼續改善並繼續成長，我們不會看到越來越接近長期演算法。

Emerging markets continue to deliver volume growth.

新興市場持續實現銷售成長。

It has been throughout the entire year and the pressure will be mostly concentrated on the West retail part of the business.

全年都是如此，壓力將主要集中在西部零售業務部分。

We, as Carlo said, to the industry dynamics this year did not go the way that we initially anticipated and we are exiting the year in a softer position.

正如卡洛所說，今年的行業動態並沒有像我們最初預期的那樣發展，我們將以更加疲軟的狀態結束這一年。

And we do expect even though industry next year currently, we expect to be in line with levels pre-pandemic.

我們確實預計，即使明年的行業目前仍將與大流行前的水平保持一致。

We do expect propensity to trade down continue to be very elevated.

我們確實預計向下交易的傾向將繼續非常高。

Is it similar, if not higher levels than what we have this year, which continue to put pressure on ship the good seeing among that, this we remain very confident in what we're doing in our strategy for the long term.

是否與我們今年的水平相似，甚至更高，這繼續給船舶帶來壓力，其中的良好前景，我們對我們在長期戰略中所做的事情仍然非常有信心。

We are being very disciplined in how we want to grow.

我們對於成長方式非常嚴格。

The business for us is critical to be focused on growing our our base volume in a healthy way to better innovation, better innovation, renovation, higher marketing and being surgically been very prudent and surgical on wet promotions makes sense or not.

對我們來說，業務至關重要，要專注於以健康的方式增加我們的基本銷量，以實現更好的創新、更好的創新、革新、更高的營銷，並且要非常謹慎，無論是否有意義，都要進行外科手術。

And because the problem is very concentrated in four categories that represent the vast majority of the restaurant to challenge some of them.

又因為問題非常集中在代表絕大多數餐廳的四個類別中，所以對其中的一些提出了挑戰。

As we have said also in prior earnings, they take longer time to recover that skepticism, for example, wedded to the former innovation, as it has said that it takes time to do that, right?

正如我們在先前的財報中所說，他們需要更長的時間才能恢復這種懷疑，例如，對以前的創新的懷疑，因為它說過需要時間才能做到這一點，對吧？

You guys generated and the repeat happens.

你們產生了，然後重複發生了。

So we did to be prudent.

所以我們確實要謹慎。

We are confident in what we are doing, but there's a longer trajectory of that demos of the execution of that would cause us to see a few words.

我們對我們正在做的事情充滿信心，但是執行演示的軌跡較長，這會讓我們看到一些文字。

I guess let me just start by saying, as I said in the prepared remarks, we do have feel that we have the right strategy.

我想首先要說的是，正如我在準備好的發言中所說的那樣，我們確實認為我們擁有正確的策略。

And frankly, if you look at our two of our three strategic pillars for growth, there working and gaining momentum.

坦白說，如果你看看我們三個成長策略支柱中的兩個，你會發現它們正在發揮作用並獲得動力。

So that also gives me quite a bit of confidence in terms of our ability to execute.

因此，這也讓我對我們的執行能力充滿信心。

And in fact, the reality is that we have also delivered consistent best in class productivity levels for five consecutive quarters, above 4% of COGS.

事實上，現實情況是，我們連續五個季度始終保持一流的生產力水平，高於銷貨成本的 4%。

Again, our ability to execute shows up that way.

我們的執行能力再次以這種方式表現出來。

And if you think about away-from-home home, you think about it the way that the year began on how we were to kind of navigate the storm and be able to now gain momentum as we go into the second half.

如果你想到遠離家鄉的家，你會想到今年開始時我們如何渡過這場風暴，並在進入下半年時獲得動力。

Again, our ability to execute in that area.

再說一遍，我們在該領域的執行能力。

If I think about emerging markets, the facts of growth growing volume we're gaining share will increase the distribution again, our ability to drive execution in the area as well, too.

如果我考慮新興市場，我們獲得份額的成長量不斷增加的事實將再次增加分佈，以及我們推動該地區執行的能力。

So we have a number of things that I think are going well that give you the confidence.

因此，我認為我們有很多進展順利的事情，這給了你們信心。

And now we are also diagnosing kind of their specific areas in U.S. retail.

現在我們也在診斷他們在美國零售業的特定領域。

Well, the frankly, we know what we have to address and we are going to be putting our entire company focused on making sure we made this right turn around on those businesses.

好吧，坦白說，我們知道我們必須解決什麼問題，我們將讓整個公司專注於確保我們在這些業務上實現正確的轉變。

Thank you, Andrew, for those thoughts.

謝謝你，安德魯，的這些想法。

Ken Goldman, JP Morgan.

肯‧戈德曼，摩根大通。

Hi, thank you.

你好，謝謝。

And I wanted to ask about Lunchables on the one hand, you're optimistic you can turn the brand around that.

一方面我想問 Lunchables 的問題，您對扭轉品牌形象持樂觀態度。

I think I can certainly appreciate.

我想我當然可以欣賞。

I appreciate, you know, some of the challenges and I guess your upcoming efforts in a positive direction, pretty large charge today, sitcom, which is related to Lunchables.

我很欣賞，你知道，一些挑戰，我猜你即將朝著積極的方向努力，今天的情境喜劇相當大，與午餐有關。

I guess that doesn't really happen if there's an internal belief that the brand can fully come back.

我想，如果人們內部相信該品牌可以完全回歸，那麼這種情況就不會真正發生。

So can you kind of walk us through kind of balanced?

那你能帶我們了解一下平衡嗎？

I don't want to say as an optimistic tone, but certainly you're encouraged about the ultimate path for Lunchables and had a balance that with the charge you took today in, is it fair to say that that charge reflects our belief, I guess that the brand may not have a return to the what it once was?

我不想以樂觀的語氣說，但你肯定對 Lunchables 的最終道路感到鼓舞，並且在你今天承擔的責任下保持了平衡，可以公平地說，這項指控反映了我們的信念，我猜這個品牌可能不會再回到原來的狀態了？

I guess that's the underlying question here.

我想這就是這裡的根本問題。

Thank you.

謝謝。

Can appreciate the question.

可以欣賞這個問題。

First of all, let me just be clear.

首先，讓我澄清一下。

Lunchables is a very important part of our business and defending a number one market share as a top priority.

Lunchables 是我們業務的一個非常重要的組成部分，捍衛第一的市場份額是我們的首要任務。

Full stop.

句號。

Now we are expected to see gradual improvements.

現在我們預計會看到逐步的改進。

But at the same time, we also recognize what we are right now.

但同時，我們也認識到我們現在的處境。

And part of that, I will say is the negative publicity that we receive from that misleading interest group appears to be lingering longer.

我要說的是，部分原因是我們從誤導性利益團體得到的負面宣傳似乎持續更長。

And remember, this is a brand that is focused on on families and kids.

請記住，這是一個專注於家庭和兒童的品牌。

So the building that trust just takes some time and the same time, we are seeing some some competitive entry coming into the category and in particular, and again, this is only for this particular quarter, we are seeing we're managing a particular supplier, including issue that we know that is the short term focus on.

因此，建立信任只需要一些時間，同時，我們看到一些有競爭力的進入進入該類別，特別是，這只是針對這個特定的季度，我們看到我們正在管理一個特定的供應商，包括我們知道短期關注的問題。

So let me I guess more importantly, let me tell you what the things that we are doing to recover.

所以讓我猜更重要的是，讓我告訴你我們正在做哪些事情來恢復。

First of all, we are continuing to invest to expand the category penetration in this changing competitive environment.

首先，在這個不斷變化的競爭環境中，我們將持續投資擴大品類滲透率。

We are expanding flavors and formats.

我們正在擴大口味和形式。

We just introduced a new spicy, not just that is launching nationwide as we speak.

我們剛剛推出了一種新的辣味，而不僅僅是我們所說的在全國範圍內推出的辣味。

We are reimagining how we think about value in at the shelf.

我們正在重新思考如何看待貨架價值。

We actually delayed launching new campaigns for both parents and kids as we go into the first half of 2025.

實際上，隨著 2025 年上半年的到來，我們推遲了針對家長和孩子推出的新活動。

And at the same time, we are investing to renovate our entire line as we go into the first half of next year.

同時，我們將在明年上半年投資翻新整個生產線。

Now beyond this, we are also pulling forward a brand gross system to deploy against Lunchables to make sure that we have brands to BOD for now and the future.

除此之外，我們也正在推動 Lunchables 部署的品牌總系統，以確保我們現在和未來都有 BOD 品牌。

And just for make sure that we have the right kind of nomenclature brand gross system, if you recall, is a repeatable global mall of growing our brands.

如果你還記得的話，只是為了確保我們擁有正確的品牌命名總系統，這是一個可重複的全球品牌發展商城。

It is a essentially a process to solve consumer pain points with superior products, delivering a convenient way or the best value possible.

它本質上是一個用優質產品解決消費者痛點、提供便利方式或盡可能最大價值的過程。

So we are you and the best Branco system that we have developed our brands, the opportunity for us to drive this brand into next year.

因此，我們是您和我們開髮品牌的最佳 Branco 系統，我們有機會推動品牌進入明年。

So as Andrew said, some of the things do take some time.

正如安德魯所說，有些事情確實需要一些時間。

We recognize the moment right now is being more challenged because of the one challenge in this particular quarter.

我們認識到，由於本季面臨的一個挑戰，目前面臨更大的挑戰。

But we believe this is a brand that will continue to continue to grow and continue to be a hugely important part of our portfolio, but just adjust to add.

但我們相信這個品牌將繼續發展，並繼續成為我們產品組合中非常重要的一部分，但只是進行調整以添加。

So regarding the charge, that's mostly a function of the decline rates are facing this year and the consequence of the elongated recovery.

因此，就費用而言，這主要是今年面臨的利率下降以及長期復甦的後果的結果。

So when you do the cash flows, they landed that difference.

所以當你計算現金流量時，他們就得到了這個差額。

But because the remember like if you just look at Q3 alone from the sell out of eligibles is down about 15%.

但請記住，如果您只看第三季度，合格產品的售出量就下降了約 15%。

So we as we expected a recovery to take longer and the gradual.

因此，正如我們預期的那樣，復甦需要更長的時間並且是漸進的。

So that has an implication on on that has resulted in the payment flows.

因此，這對支付流程產生了影響。

Again, thank you very much.

再次非常感謝。

Peter Galbo, Bank of America.

彼得‧加爾博，美國銀行。

Hey, guys, good morning.

嘿，夥計們，早安。

Thanks for taking the question.

感謝您提出問題。

Was on maybe to follow up there as it relates to Lunchables, if you could give us a bit more detail just on the ingredient supplier issue.

如果您能給我們提供有關原料供應商問題的更多詳細信息，我們可能會跟進與午餐相關的問題。

I mean, I know certainly and Oscar Mayer, right?

我的意思是，我當然認識奧斯卡·梅耶爾，對吧？

There's an overhang from kind of the life theory outbreak in the category that that's probably impacting us from our sales.

該類別中存在一種生命理論爆發的突出問題，這可能會影響我們的銷售。

But is that having entered of upstream impact into Lunchables as well?

但這是否也對Lunchables產生了上游影響呢？

And any detail there would be appreciated.

任何細節都將不勝感激。

No, but I will say is essentially one of our supply was unable to fulfill one, particularly ingredient.

不，但我要說的是，我們的供應之一基本上無法滿足其中一種需求，特別是成分。

And it actually impacts essentially one SKU of Lunchables, but it's an important one.

它實際上影響了 Lunchables 的一個 SKU，但它是一個重要的 SKU。

And again, we impact to be limited this year.

再次，我們今年的影響力受到限制。

So this is creating the short term shortage of that, particularly ingredient.

因此，這造成了短期短缺，尤其是原料短缺。

And it's affecting us mostly in that in this particular quarter in Q4.

它對我們的影響主要集中在第四季度的這個特定季度。

But we continue to see opportunity for us to kind of resolve this in the very near future and get us back to what we need as we go into.

但我們仍然認為有機會在不久的將來解決這個問題，並讓我們回到我們所需要的狀態。

I have two and a 25.

我有兩個，還有一個25。

Got it.

知道了。

That's helping you.

這對你有幫助。

If I could sneak in a second one, just just on on on unsuitable.

如果我能偷偷溜進第二個，就繼續不合適吧。

I think that was in addition, in terms of one of the challenges, Andre, I think you know, in the past quarters, you've talked about you thought it was kind of the pass-through issue on some of the raw materials that some of your competitors we're seeing.

我認為此外，就挑戰之一而言，安德烈，我想你知道，在過去的幾個季度中，你曾談到你認為這是某些原材料的傳遞問題，我們看到了你們的一些競爭對手。

But now it seems like maybe there's more of a brand and the problem or a product, you know, the lingering issue.

但現在看來，可能更多的是品牌和問題或產品，你知道，揮之不去的問題。

So maybe you could expand a bit not on tunables, what changed in the quarter?

因此，也許您可以在可調參數之外進行一些擴展，本季發生了什麼變化？

Again, as that, that's the kind of been added to the list of headwinds.

同樣，這也是被添加到不利因素清單中的一種。

And the spoonable has been has been facing a soft sell out now for several months.

幾個月來，這款湯匙一直面臨著銷售疲軟的局面。

And as we said before, we believe is not only but mostly linkage due to price gaps are there in the market.

正如我們之前所說，我們認為，由於市場上存在價格差距，這不僅是連動，而且主要是連動。

And we I don't think we have executed everything the way that we anticipated and that is what should do on that front.

我認為我們並沒有按照我們預期的方式執行所有事情，而這才是我們應該在這方面做的事情。

But that we still see versus historical levels, certain price gaps that that does advantage.

但我們仍然看到，與歷史水準相比，某些價格差距確實有利。

That's just where do you should be.

那就是你該在的地方。

Got it.

知道了。

Thanks very much.

非常感謝。

Tom Palmer, Citi.

湯姆·帕爾默，花旗銀行。

Good morning and thanks for the question on.

早安，感謝您提出的問題。

I wanted to follow up quickly on 2025 assumptions on a high tax on when you look at some of the challenged areas of your portfolio, I think for 25, you said you're assuming better category performance, but has seen continued trade down.

我想快速跟進2025 年對高稅收的假設，當你審視你的投資組合中的一些面臨挑戰的領域時，我認為對於25 年，你說你假設了更好的類別表現，但看到了持續的交易下降。

And so I guess to what extent do you see price adjustments as a way to address this continued trade down versus innovation?

所以我猜你在多大程度上認為價格調整是解決這種持續下降與創新的一種方式？

And on your packaging, things like that?

你們的包裝上有類似的東西嗎？

Listen, I think for us, we know that the right for our way for us to continue to build our brands by private brine, driving superior products with better marketing and making sure that we have a full value formats for all consumers, which is why we have continued drive innovation in products while we continue to focus on expanding distribution poles in club channel Dollar General as well as continue to expand our distribution in omnichannel.

聽著，我認為對我們來說，我們知道我們的方式是正確的，繼續透過私人鹽水打造我們的品牌，透過更好的行銷推動優質產品，並確保我們為所有消費者提供完整的價值格式，這就是為什麼我們繼續推動產品創新，同時繼續專注於擴大俱樂部通路 Dollar General 的分銷極，並繼續擴大我們在全通路的分銷。

So that's number one, I think was the question behind your question may be in terms of us thinking through whether we need anything else we need to do in terms of margin price.

所以這是第一，我認為你的問題背後的問題可能是我們思考我們是否需要在保證金價格方面做任何其他事情。

I guess what I will tell you is that they are there are moments to which it does make sense for us to promote more what the way we kind of think through it is less mature.

我想我要告訴你的是，在某些時刻，我們確實有必要推廣更多我們思考方式不太成熟的東西。

We do that in the right consumer location that ultimately leads to kind of better base growth for the brand.

我們在正確的消費者位置做到這一點，最終為品牌帶來更好的基礎成長。

So we need to do.

所以我們需要做。

We'll do that intentional so that we have the right investments, we returned on dime, but on those promotions so that we avoid areas like bargain hunting behavior that ultimately do not have real incremental sales for the brands.

我們會有意這樣做，這樣我們就有了正確的投資，我們得到了回報，但在這些促銷活動上，我們避免了諸如討價還價行為之類的領域，這些領域最終不會為品牌帶來真正的增量銷售。

So but at the same time, there are two places where, in fact, we have promoted more and we see that it makes sense for us to could you see positive brings returns.

因此，但同時，事實上，我們在兩個地方進行了更多的推廣，我們發現，如果你能看到積極的回報，這對我們來說是有意義的。

So areas like Mac & Cheese cups and which were drawn.

所以繪製了通心粉和起司杯等區域。

We have right price gaps and the right kind of attractive starting price points in the category, areas like coal with what we know can also lead to better base growth for the future.

我們在該類別中擁有適當的價格差距和適當的有吸引力的起始價格點，我們知道煤炭等領域也可以為未來帶來更好的基礎成長。

So it is a combination of, again, make sure we grow the brand, leveraging a brand, go system focus and innovation, renovation, better marketing and at the same time, be thoughtful about the places in which it makes sense for us to manage those price gaps in a way that lead to the base growth going forward.

因此，再次確保我們發展品牌、利用品牌、專注於系統和創新、革新、更好的行銷，同時，考慮到我們管理的有意義的地方。

What our what I'll add is our long-term algorithm contemplates continued gross margin expansion.

我要補充的是，我們的長期演算法考慮了毛利率的持續擴張。

We we feel very confident and proud about what we have done on the supply chain efficiency side.

我們對我們在供應鏈效率方面所做的工作感到非常自信和自豪。

We have now five consecutive years of very strong delivery coming from there, and that's in this year, particularly the highest ever for us.

我們現在已經連續五年從那裡獲得了非常強勁的交付，今年是我們有史以來最高的交付量。

We feel confident about the pipeline to continue to stay very good levels of productivity, and this productivity is critical to allow us to reinvest in their business.

我們對管道繼續保持非常好的生產力水平充滿信心，這種生產力對於我們對他們的業務進行再投資至關重要。

As Carlo said, look, our priority is really on improved trends on the volume.

正如卡洛所說，我們的首要任務實際上是改善銷售趨勢。

That volume that happens agnostic of promotions.

該數量與促銷無關。

That's 90% of food and beverage sales and people keep talking about promotions that the focus is base volume and base volume.

這佔食品和飲料銷售額的 90%，人們一直在談論促銷活動，重點是基量和基量。

You do it through, continued to innovate, bring new news to consumers, renovated portfolio like have been duly, do read more and great marketing.

你做到了這一點，持續創新，為消費者帶來新消息，像以前一樣更新產品組合，做更多閱讀和出色的營銷。

And that's what we want to do, and that's what we'll continue to do.

這就是我們想要做的，也是我們會繼續做的。

So So our priorities that So look, we're not going to talk in detail.

所以我們的優先事項所以看起來，我們不會詳細討論。

Guidance of 25 are going to talk a lot about that in the next quarter.

25 的指導將在下個季度詳細討論這一點。

I think we said enough about 25 to give you just a flavor of how we see big picture, but nothing changes in our in our strategy.

我認為我們關於 25 的內容已經說得夠多了，只是為了讓您了解我們如何看待大局，但我們的策略沒有任何變化。

Nothing changes in terms of expectation to continue to expand gross margin a prudent way.

繼續審慎擴大毛利率的預期沒有改變。

Thank you.

謝謝。

David Palmer, Evercore ISI.

大衛·帕爾默，Evercore ISI。

Thanks.

謝謝。

I just wanted to build upon some of the discussion you're having, which is has been helpful.

我只是想以你們正在進行的一些討論為基礎，這很有幫助。

I really am you've protected profitability pretty well in spite of inching up promotional activity in in the US retail data that we see.

我確實認為，儘管我們看到美國零售數據中的促銷活動有所增加，但您還是很好地保護了盈利能力。

And and it sounds like from what you're saying that you're open to doing some tactical shifts in promotion spending from here as used if you see the returns.

從你的說法來看，如果你看到回報，你願意對促銷支出進行一些戰術轉變。

But I'm wondering how do you see more significant spending level investments potentially in the horizon may or may not be promotion might be other marketing and IT?

但我想知道您如何看待未來可能會或可能不會促銷的更重要的支出水平投資，可能是其他行銷和 IT？

Or conversely, are you seeing any sort of tactics or content that could be improved upon that could really improve the base trends as you're talking about?

或者相反，您是否看到任何可以改進的策略或內容可以真正改善您所談論的基本趨勢？

What is there anything in the pipeline that you think might cause one of your key platforms to materially improve just really good of fashion innovation and marketing improvements that you can make?

您認為正在醞釀中的哪些事情可能會導致您的關鍵平台之一實質地改善您可以做出的時尚創新和行銷改進？

Thanks very much.

非常感謝。

Mr.?

先生。

Thank you for your question.

謝謝你的提問。

First of all, I would just say if you put into context again, we have three growth pillars to them.

首先，我只想說，如果你再考慮一下背景，我們為他們提供了三個成長支柱。

We have to the effort and now are both growing and gaining momentum.

我們必須付出努力，現在正在成長並獲得動力。

And if we think about their US business, we have kind of diagnose a problem exactly to about four to five brands in.

如果我們考慮他們的美國業務，我們可以準確地診斷出大約四到五個品牌的問題。

And just to give you context, we have over 200 brands in our company.

為了向您提供背景信息，我們公司擁有 200 多個品牌。

So for us is very much focused on those areas.

因此，我們非常關注這些領域。

And we went to attack in as hopefully you got to see in our prepared information that we send out already.

我們發動進攻，希望你們能在我們已經發出的準備好的信息中看到。

We are seeing how Capri Sun and mac and cheese.

我們正在看看卡布里島陽光和起司通心粉如何。

We are seeing the improvements in trends in sales as we have renovated innovated and invest in both of those brands.

隨著我們對這兩個品牌進行翻新、創新和投資，我們看到銷售趨勢有所改善。

We are seeing in places like our Philadelphia business are either Taco Bell places where we have turned around those businesses and now driving significant amount of momentum as we go into the year.

我們看到，在像我們的費城業務這樣的地方，要么是塔可鐘的地方，我們已經扭轉了這些業務，現在在進入今年時推動了巨大的勢頭。

And we actually that even outside of the US as well.

事實上，我們甚至在美國之外也是如此。

So that idea of continue to understanding how we play to our strengths by focus on renovating innovating investing is something that has been proven model for us.

因此，繼續了解我們如何透過專注於創新投資來發揮我們的優勢，這一想法已經被證明是我們的典範。

And we have Ray see evidence of that.

我們讓雷看到了這方面的證據。

I mean and And frankly, if you look at our highest business globally today, it is our brands globally for us is $4.5 billion and actually grew 4% in this particular quarter.

我的意思是，坦白說，如果你看看我們今天在全球範圍內最高的業務，就會發現我們的品牌在全球的銷售額為 45 億美元，在這個特定季度實際上增長了 4%。

So we know we have kind of derive replicable model for us to apply, and we will continue to do so, which is continue to make sure we have the right levels, investing in marketing, not only the levels, but also continue to focus on the effectiveness of the marketing and then supported with the right investments in terms of the technology, R&D, the in order for us to kind of fully complete drive the innovation of innovation that I want to see.

所以我們知道我們有一個衍生的可複製模型可供我們應用，我們將繼續這樣做，即繼續確保我們擁有正確的水平，投資於營銷，不僅是水平，而且還要繼續關注營銷的有效性，然後在技​​術、研發方面進行正確的投資支持，以便我們能夠完全推動我希望看到的創新的創新。

So in terms of promotions, I mentioned he has a role.

所以在晉升方面，我提到他有一個作用。

It is something that actually supports the business in certain locations in which can lead to that base growth.

它實際上支援某些地點的業務，可以導致基礎成長。

But frankly, our commitment to making sure that we invest in the things that will drive the brand's trends over the long term is the number one priority.

但坦白說，我們致力於確保投資於能夠長期推動品牌趨勢的事物，這是我們的首要任務。

Thank you for your questions.

謝謝您的提問。

Thank you.

謝謝。

Robert Moskow, TD Cowen.

羅伯特·莫斯科，TD·考恩。

Hi, thanks.

你好，謝謝。

I guess I would like to drill down on one of the product lines as well as our mac and cheese across.

我想我想深入研究其中一條產品線以及我們的起司通心粉。

You said that that we're making investments, it's really working on, but it is showing up as one of the drivers of the declines in the quarter.

您說我們正在進行投資，它確實在起作用，但它已成為本季下降的驅動因素之一。

And I wanted to know like there's a lot of elements of mac and cheese and aircraft is really a big innovator, but are what elements are you kind of struggling in mac and cheese because the data shows market share losses and I see a lot of premium products being entered into the market by your competitors.

我想知道通心粉和起司有很多元素，而飛機確實是一個偉大的創新者，但是你在通心粉和起司中掙扎的是哪些元素，因為數據顯示市場份額損失，我看到很多溢價您的競爭對手進入市場的產品。

Is that is that the as at the part of that is more difficult for Kraft to compete in OpenTable.

這就是說，卡夫在 OpenTable 中競爭更加困難。

Rob, thanks for the question.

羅布，謝謝你的提問。

In Medicis.

在梅迪西斯。

Remember, we have a brand that actually expands the number about number number of formats, like if you see our mac and cheese cups already seen a significant amount improvements as we have gone into Q3.

請記住，我們有一個品牌，實際上擴展了格式的數量，就像您看到我們的通心粉和起司杯在進入第三季度時已經看到了顯著的改進一樣。

So that particular part of the business now is growing and gaining momentum as well.

因此，該業務的特定部分現在正在成長並獲得動力。

Same time, we just launched new flavors to attract millennials.

同時，我們剛剛推出了新口味來吸引千禧世代。

So a wrench product, how opinion product and expect us to still continue to work on those type of new flavors.

因此，扳手產品如何評估產品並期望我們繼續致力於這些類型的新口味。

We also now bringing new shapes into the category.

我們現在也為該類別引入了新的形狀。

And I think, again, the idea of also bringing our property, he's like Super Mario Brothers will be an opportunity for us to continue to drive that in terms of attractiveness into the category.

我再次認為，將我們的財產（他就像超級瑪利歐兄弟）也帶來的想法將是我們繼續推動該類別吸引力的機會。

So I think for us in making sure that we have continued to focus on what are those consumers and what are the right formats and flavor so we can bring into the category and at the same time, making sure that we talk to consumers we do in a cost from 11 way.

因此，我認為對我們來說，要確保我們繼續關注這些消費者是什麼以及正確的形式和口味是什麼，以便我們可以將其引入該類別，同時確保我們與我們所做的消費者交談11路的費用。

What I'll tell you is that one of the things that we're proud of is that a brand like ours have mac and cheese is a brand that is built for the many, not the few.

我要告訴你的是，我們引以為豪的一件事是，像我們這樣的品牌有通心粉和奶酪，是一個為大多數人而不是少數人打造的品牌。

So we know the role that we have in today's families in which we wanted to make sure sure that we provide affordable and approachable solutions that everybody can enjoy.

因此，我們知道我們在當今家庭中所扮演的角色，我們希望確保我們提供每個人都可以享受的負擔得起且平易近人的解決方案。

So there's a role for us to continue delivering at for an opening price points with different flavors that attract a different type of consumers.

因此，我們有責任繼續以開放的價格點提供不同的口味，以吸引不同類型的消費者。

So again, we're seeing the progress of reading in mortgages cups, and I can see us continue to build on this as we go into next year.

因此，我們再次看到了抵押貸款杯中閱讀的進展，並且我可以看到我們在進入明年時繼續在此基礎上繼續發展。

I feel very good about the path we're taking Can I have and that's a good example of items that requires longer recovery.

我對我們正在走的道路感覺非常好，我可以擁有嗎？

If you will cause innovation, furniture ramp up, consumers should trade issue repeat.

如果你會引起創新，家具的增加，消費者應該重複貿易問題。

So I feel great about the products that are there in the market, but it takes time and it should be patient.

所以我對市場上的產品感覺很好，但這需要時間，應該要有耐心。

That's something that we have not been the fastest pace patient with our innovation, and we are changing that.

我們對創新的耐心不夠，我們正在改變這一點。

But we feel good about what you're doing.

但我們對你所做的事情感覺很好。

And to our specific example, that's a one one of the core examples of just for a multi-mode is not at all.

對於我們的具體範例，這只是多模式的核心範例之一，這根本不是。

So thanks for the question.

謝謝你的提問。

Calculate it or not only have time for one more question.

算一算沒時間再做一題。

Chris Carey, Wells Fargo Securities.

克里斯凱裡，富國銀行證券。

Everyone.

每個人。

Thanks for the question on as they digest near the conversation in the call this morning.

感謝您在今天早上的電話談話中消化問題時提出的問題。

I think really what I'm trying to understand is this concept that I think Lunchables has been a headwind.

我認為我真正想要理解的是這個概念，我認為午餐一直是個逆風。

We have known about Capri Sun was a headwind.

我們知道卡布里島陽光是一個逆風。

And I think I'm trying to understand what your perspective is on sort of the underlying ex those items and whether that specific bucket for a large market has changed relative to a few months ago and and perhaps how you see that going forward?

我想我正在嘗試了解您對這些項目的潛在看法，以及大型市場的特定類別相對於幾個月前是否發生了變化，也許您對未來有何看法？

And if it has if they have changed, what do you think are the core drivers?

如果確實發生了變化，您認為核心驅動因素是什麼？

Right?

正確的？

So I appreciate the focus on on on some of these items.

所以我很欣賞對其中一些項目的關注。

But when you take a step back on the on the rest of the business, what are the things that are happening on that that are pushing you to feel one way or the other?

但是，當你退後一步，專注於其他業務時，哪些事情正在發生，促使你產生這樣或那樣的感覺？

You could just maybe expand on that, I think would be helpful to kind of understand the trajectory of the of the underlying business exercise effects.

您可以對此進行擴展，我認為這將有助於理解基本業務活動效果的軌跡。

Sure.

當然。

I think in a it sounds like you're referring mostly to the US retail business and yes, they interact with other segments.

我認為聽起來您主要指的是美國零售業務，是的，它們與其他細分市場互動。

As you think about single Capri Sun do the product that over the summer we renovated the products we are seeing now the momentum is starting to improve.

當你想到單一的 Capri Sun 所做的產品時，我們在夏天翻新了我們現在看到的產品，勢頭開始改善。

We are seeing that the fact that we are bringing a new formats into new channels, whether that is multi-service club, new bottle, single bottles into retail, going into convenience going into bending that allows us to continue to build the momentum of the holistic part of the brand.

我們看到，我們正在將新的業態引入新的管道，無論是多服務俱樂部、新瓶裝、單瓶零售，還是進入彎曲便利化領域，這使我們能夠繼續建立這一勢頭。

So new formula consumers have thrown at.

因此消費者紛紛拋出新的配方奶粉。

We have seen that actually is helping us continue to start growing based based volume.

我們已經看到，這實際上正在幫助我們繼續開始成長基礎銷售。

And then the same time, our focus continues to be as how do we actually build the brand beyond just typical retail channel in the 10 pack that for a long time has been the core part of the business now indicates a lunch about the headwinds has really kind of offset some of the great work that is happening across Kraft Heinz.

同時，我們的重點仍然是我們如何真正建立品牌，而不僅僅是典型的 10 件裝零售渠道，長期以來，10 件裝一直是業務的核心部分，現在表明，關於逆風的午餐確實已經某種程度上抵消了卡夫亨氏正在進行的一些偉大工作。

And I'll tell you that as we think about Q3, the back-to-school period proved to be more challenging than we had expected.

我會告訴你，當我們考慮第三季時，事實證明，返校期間比我們預期的更具挑戰性。

And why we actually taking it could recognize that it's going to take longer for us to do this the recovery of Lunchables.

為什麼我們實際上服用它可以認識到我們需要更長的時間才能做到這一點以恢復午餐。

Now that doesn't change the fact that we are completely committed to it.

現在這並沒有改變我們完全致力於此的事實。

We recognize that this idea of us making sure we continue to build the trust was parent and families.

我們認識到，我們確保繼續建立父母和家庭信任的想法。

It is part of what our job has to be done.

這是我們必須完成的工作的一部分。

But as I mentioned earlier, we are as you go into first half of next year, we're bringing new products, renovated our quality, making sure that we have a new campaign that talks to both parents and kids.

但正如我之前提到的，進入明年上半年，我們將帶來新產品，改進我們的質量，確保我們有一個與父母和孩子對話的新活動。

Under the same time already, stores were launched a nationwide new products for us to expand to a better, a bigger audience.

同時，專賣店也在全國推出了新品，為我們拓展到更好、更大的受眾。

In this case, we relaunched kind of the Spicy naturals.

在這種情況下，我們重新推出了天然辣味。

As we know, there is a opportunity for us.

眾所周知，我們有一個機會。

We bring in new kits into our franchise.

我們在我們的特許經營中引入了新的套件。

So it is a short-term situation that is making well was a difficult headwinds, more challenging because of the supply ingredient that we have in Q4.

因此，短期情況的改善是一個困難的逆風，由於我們在第四季度的供應成分，更具挑戰性。

But over time, you'll see us continue to invest behind is to make sure that effect Lunchables be the overall tremendous brand, a brand that we have created the shape into the category purchased outside of those brands.

但隨著時間的推移，你會看到我們繼續投資，以確保 Lunchables 成為整體巨大的品牌，我們已經將這個品牌塑造成在這些品牌之外購買的類別。

How do you feel about the business on an underlying?

您對底層業務有何看法？

Sorry to ask another, but it's just with respect to the rest of the business, excluding those two brands, have things materially changed?

很抱歉問另一個問題，但這只是相對於這兩個品牌之外的其他業務而言，情況是否發生了重大變化？

Or should we think about this is really being the core headwinds on the role of trajectory from here?

或者我們應該考慮這確實是從這裡開始的軌跡作用的核心阻力？

And thanks so much.

非常感謝。

And sorry for for interjecting again.

抱歉再次插話。

No, thank you, average.

不，謝謝，平均水平。

The question again, if I go back to what is that we intended to do, what we intend to do is drive the growth of our company through three key areas, making sure we continue to drive global Away From Home Security superior than anyone else.

問題又來了，如果我回到我們打算做什麼，我們打算做的是透過三個關鍵領域推動我們公司的發展，確保我們繼續推動全球離家安全優於其他任何人。

We are doing that and we're gaining momentum, continue to drive emerging markets.

我們正在這樣做，並且正在獲得動力，繼續推動新興市場的發展。

We are seeing that begin to the growth.

我們看到這種情況開始增長。

And we saw in the quarter that gave us confidence that we can continue to for us to drive that people pillar.

我們在本季看到這給了我們信心，我們可以繼續推動人才支柱。

And in the U.S., retail really is about those few brands that we know we can act on.

在美國，零售業實際上是關於我們知道可以採取行動的少數品牌。

And in fact, a couple of those brands are ready.

事實上，其中一些品牌已經準備好了。

Whether that is our completion on this, what is our mac and cheese business, we already are seeing improvements as we go through the quarter that we believe can and are in the right path for us to continue to gain into the future.

無論是我們在這方面的完成情況，還是我們的通心粉和起司業務，我們在本季度中都已經看到了進步，我們相信這些進步能夠而且正在走在我們繼續邁向未來的正確道路上。

So overall, I feel very good about the fact that we know where the situations that we have to address our that we have the tools in house by leveraging our brand grow system to actually build on the momentum of those businesses as we go into 2025 and not to feel good that we can deliver the Accelerate platforms in growth that we expect a third pillar of our overall growth for the Company.

因此，總的來說，我感到非常高興的是，我們知道我們必須解決哪些情況，我們擁有內部工具，透過利用我們的品牌成長系統，在進入 2025 年時真正增強這些業務的勢頭，我們對能夠提供加速成長平台感到不高興，我們預期這是公司整體成長的第三個支柱。

And the last thing I'll say is this is also underlined by us continue to deliver great PRO TV that is helping us fuel the gross margin.

我要說的最後一件事是，我們繼續提供出色的專業電視，幫助我們提高毛利率，這也強調了這一點。

So we're doing all this as we are delivering world-class level productivity with best in breed in the business by investing marketing, R&D and technology and not compromising in the long term growth of our company.

因此，我們之所以做這一切，是因為我們透過投資行銷、研發和技術，以業內最佳的方式提供世界一流水平的生產力，並且不損害我們公司的長期成長。

And at the same time, also making sure that we are thoughtful about continue to deliver a great cash flow for our shareholders.

同時，也確保我們深思熟慮地繼續為股東提供大量現金流。

Thank you so much for your question.

非常感謝你的提問。

Thank you.

謝謝。

I would now like to turn the call back over to Anne-Marie Megela for any closing remarks.

我現在想將電話轉回給安妮-瑪麗·梅杰拉，讓其發表結束語。

Thank you very much, and thank you, everyone, for joining us today.

非常感謝你們，也謝謝大家今天加入我們。

We appreciate your interest in Kraft Heinz.

我們感謝您對卡夫亨氏的興趣。

Thank you.

謝謝。

Concludes the conference.

會議結束。

Thank you for your participation.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。