億滋國際 (MDLZ) 2017 Q1 法說會逐字稿

Good afternoon, and welcome to the Mondelez International First Quarter 2017 Earnings Conference Call. Today's call is scheduled to last about 1 hour, including remarks by Mondelez management and the question-and-answer session. (Operator Instructions)

下午好，歡迎參加億滋國際2017年第一季財報電話會議。今天的電話會議預計持續約 1 小時，包括億滋國際管理層的演講和問答環節。（操作說明）

I'd now like to turn the call over to Mr. Shep Dunlap, Vice President of Investor Relations for Mondelez. Please go ahead, sir.

現在我想把電話交給億滋國際投資者關係副總裁謝普‧鄧拉普先生。請繼續，先生。

Thank you and good afternoon, and thanks for joining us. With me today are Irene Rosenfeld, our Chairman and CEO; and Brian Gladden, our CFO. Shortly after market closed today, we sent out our earnings release and presentation slides, which are available on our website, mondelezinternational.com/investors.

謝謝，下午好，謝謝各位的參與。今天陪我一起的還有我們的董事長兼執行長艾琳·羅森菲爾德，以及我們的財務長布萊恩·格拉登。今天股市收盤後不久，我們就發布了收益報告和演示文稿，這些資料可以在我們的網站 mondelezinternational.com/investors 上找到。

During this call, we'll make forward-looking statements about the company's performance. These statements are based on how we see things today. Actual results may differ materially due to risks and uncertainties. Please refer to the cautionary statements and risk factors contained in our 10-K and 10-Q filings for more details on our forward-looking statements.

在本次電話會議中，我們將對公司的績效做出前瞻性陳述。這些說法是基於我們今天看待事物的方式。由於風險和不確定因素，實際結果可能與預期有重大差異。有關我們前瞻性聲明的更多詳情，請參閱我們 10-K 和 10-Q 文件中包含的警示性聲明和風險因素。

Some of today's prepared remarks include non-GAAP financial measures. Today, we will be referencing our non-GAAP financial measures unless otherwise noted. You can find the GAAP to non-GAAP reconciliations within our earnings release and at the back of the slide presentation.

今天準備的發言稿中部分內容涉及非GAAP財務指標。除非另有說明，今天我們將使用非GAAP財務指標。您可以在我們的獲利報告中以及投影片簡報的背面找到 GAAP 與非 GAAP 的調整表。

And with that, I'll now turn the call over to Irene.

接下來，我將把電話交給艾琳。

Thanks, Shep, and good afternoon. We're off to a solid start in 2017, having delivered another quarter of growth on both the top and bottom lines in a challenging environment. While we've hit some puts and takes so far, our business is playing out largely as we expected.

謝謝你，謝普，下午好。2017 年我們開局穩健，在充滿挑戰的環境下，連續第二季實現了營收和利潤的雙重成長。雖然我們目前經歷了一些交易的盈虧，但我們的業務總體上還是按照我們預期的那樣發展。

On the top line, we delivered organic growth of 0.6%, slightly ahead of our expectation, but there's still work to do. Our Power Brands continue to be a strong driver of overall performance, with organic growth of 2.5% once again outpacing category growth. A number of our key markets, including Russia, Germany, Southeast Asia and Mexico, delivered strong growth. In addition, India rebounded faster than expected from the impact of demonetization, delivering high single-digit growth. In fact, except for North America, all regions delivered solid results. I'll say a few more words about North America in just a few minutes.

從營收方面來看，我們實現了 0.6% 的有機成長，略高於預期，但仍有許多工作要做。我們的強勢品牌持續成為整體業績的強勁驅動力，其2.5%的有機成長率再次超過了品類成長率。包括俄羅斯、德國、東南亞和墨西哥在內的多個主要市場均實現了強勁成長。此外，印度經濟從廢鈔令的影響中復甦的速度比預期更快，實現了接近兩位數的成長。事實上，除北美以外，所有地區都取得了穩健的業績。稍後我會再簡單談談北美的情況。

On the bottom line, we continued to make significant progress and build on our strong track record of margin expansion. Adjusted OI margin increased by 90 basis points to 16.8%. Overhead savings and productivity drove the improvement as we continued to deliver operational efficiencies across the business. Adjusted EPS growth was solid, an increase of 6% at constant currency, driven mainly by operating earnings. And finally, we returned significant capital to our shareholders in the first quarter, with nearly $800 million in dividends and share repurchases.

總而言之，我們繼續取得顯著進展，並鞏固了我們強勁的利潤率擴張記錄。經過調整後的未償付利息率增加了90個基點，達到16.8%。節約開支和提高生產力推動了業務改進，我們不斷提高整個業務的營運效率。調整後的每股盈餘成長穩健，以固定匯率計算成長了 6%，主要得益於營業利益的成長。最後，我們在第一季向股東返還了大量資金，包括近 8 億美元的股息和股票回購。

Consistent with the three pillars of our growth strategy that we shared at CAGNY earlier this year, we continued to invest in our advantage platforms. First, we remain focused on contemporizing our core to ensure that our brands stay relevant to a very dynamic consumer. We're investing in our Power Brands and key markets where we see good returns.

與我們今年稍早在 CAGNY 上分享的成長策略的三大支柱一致，我們繼續投資於我們的優勢平台。首先，我們將繼續專注於核心業務的現代化，以確保我們的品牌能夠與瞬息萬變的消費者保持相關性。我們正在投資我們的強勢品牌和我們認為回報良好的重點市場。

For example, in EEMEA, Cadbury chocolate grew double digits in India, supported by solid innovations and strong marketing while our team worked with customers to manage through demonetization. South East Asia was up mid-single digits, which included solid performance in several countries across the market and the launch of belVita in Indonesia. In Europe, Russia was up double digits with strong volume growth behind Alpen Gold chocolate. And Germany was up mid-single digits, driven by strong performance of our chocobakery platform and Milka Chocolate as well as from expanded distribution of Oreo and TUC biscuits.

例如，在東歐、中東和非洲地區，吉百利巧克力在印度的銷售額實現了兩位數的成長，這得益於穩健的創新和強大的行銷，同時我們的團隊與客戶合作，共同應對廢鈔令帶來的挑戰。東南亞市場實現了中等個位數的成長，其中包括該市場多個國家的穩健表現以及 belVita 在印尼的上市。在歐洲，俄羅斯的銷售額實現了兩位數的成長，這主要得益於 Alpen Gold 巧克力的強勁銷售成長。德國市場實現了個位數中段的成長，這主要得益於我們巧克力烘焙平台和Milka巧克力的強勁表現，以及Oreo和TUC餅乾分銷範圍的擴大。

In Latin America, Brazil chocolate continues to recover and drove good revenue growth. In addition, Mexico, which remains a source of strength in the region, delivered solid growth with organic revenue up mid-single digits.

在拉丁美洲，巴西巧克力市場持續復甦，並推動了良好的營收成長。此外，墨西哥作為該地區的重要經濟支柱，實現了穩健成長，有機收入成長了中等個位數。

At the same time, we're taking actions to manage our non-power Brands. We expect to close 2 previously announced divestitures in Q2, our Australian Cheese and Grocery business and part of our French confectionery business, which, together, represent more than $500 million of revenue. These deals are not only financially attractive, but they'll also help us increase our Power Brands mix, improve our growth rate and expand margins as we eliminate the resulting stranded costs.

同時，我們正在採取措施管理我們的非主力品牌。我們預計將在第二季完成先前宣布的兩項資產剝離，分別是我們的澳洲起司和雜貨業務以及我們法國糖果業務的一部分，這兩項業務加起來的收入超過 5 億美元。這些交易不僅在財務上很有吸引力，而且還將幫助我們增加強勢品牌組合，提高成長率，並透過消除由此產生的擱淺成本來擴大利潤率。

Our second growth strategy is to support expansion into new consumer need states, especially well-being as well as into geographic white spaces like chocolate in China and the U.S., and biscuits in Japan.

我們的第二個成長策略是支持拓展到新的消費者需求領域，特別是健康領域，以及拓展到地理空白領域，例如中國和美國的巧克力市場，以及日本的餅乾市場。

In the well-being space, we're pleased with the ongoing strength of belVita Biscuits, up mid-single digits globally, as well as with the strong launch of RITZ Crisp & Thins in the U.S. and the continued strength of GOOD THiNS crackers. The accelerating growth of well-being products is one of the biggest shifts facing our industry, and we're addressing this with urgency.

在健康領域，我們很高興看到 belVita 餅乾在全球範圍內持續強勁增長，增幅達個位數中段；同時，我們也對 RITZ Crisp & Thins 在美國的強勁上市以及 GOOD THiNS 餅乾的持續強勁表現感到滿意。健康產品的加速成長是我們產業面臨的最大轉變之一，我們正在緊急應對這項挑戰。

As we enter the back half of 2017, we have an unprecedented pipeline of innovation, including new items like Véa as well as renovation of existing products like Triscuit. In addition, we're actively filling geographic white spaces.

進入 2017 年下半年，我們擁有前所未有的創新產品線，包括 Véa 等新產品以及 Triscuit 等現有產品的改進。此外，我們正在積極填補地理上的空白區域。

In the U.S., our Milka OREO chocolate bars are off to a strong start as we ramp up to full distribution. In China, Milka Chocolate continues to build strong brand awareness and trial. In fact, in Q1, Milka achieved a 2.4% market share and brand awareness reached 40%.

在美國，隨著我們逐步擴大分銷規模，我們的Milka OREO巧克力棒開局強勁。在中國，妙卡巧克力持續建立強大的品牌知名度和試用率。事實上，在第一季度，Milka 的市佔率達到了 2.4%，品牌知名度達到了 40%。

In Q2, we'll continue our investment in innovation and white spaces, setting the stage for a strong back half.

第二季度，我們將繼續投資於創新和空白領域，為下半年的強勁成長奠定基礎。

The third pillar of our growth strategy is to continue expanding our sales and distribution capabilities. We're pleased that our e-commerce business posted another quarter of exceptional growth, with net revenue up nearly 30%. We're partnering with key e-tailers such as Alibaba and Amazon as they expand their services in new markets. We're also working with our brick-and-mortar retail partners who remain the foundation of our business.

我們成長策略的第三大支柱是繼續擴大我們的銷售和分銷能力。我們很高興電子商務業務在另一個季度實現了卓越成長，淨收入成長了近 30%。我們正與阿里巴巴和亞馬遜等主要電商平台合作，協助它們在新市場拓展服務。我們也與實體零售合作夥伴保持合作，他們仍然是我們業務的基石。

In addition, we continue to invest in our routes to market. In emerging markets, we're reaching more traditional trade outlets in second- and third-tier cities in China and across rural areas of India. We're also working to evolve our coverage in Brazil to deepen our presence in existing stores while enhancing our impulse portfolio to improve visibility in the hot zones.

此外，我們將繼續投資於我們的市場管道。在新興市場，我們正在中國二、三線城市和印度農村地區拓展更多傳統貿易管道。我們也在努力擴大在巴西的業務覆蓋範圍，以加深在現有門市的影響力，同時增強我們的衝動消費品組合，以提高在熱門地區的可見度。

In developed markets like the U.S., we're expanding our presence in convenience stores as we roll out on-the-go products like belVita protein bars and smaller pack sizes of our [biggest] brands which are tailor-made for this channel.

在美國等已開發市場，我們正在擴大在便利商店的業務，推出 belVita 蛋白棒等方便攜帶的產品，以及專為該通路量身定制的[最大]品牌的小包裝產品。

Our investments in flexible packaging capabilities with our Lines of the Future are now enabling much broader price tab architecture across our key categories. For example, our new Ritz lines can now flex to produce from 2 to 18 slugs in one package and from 10 to 40 crackers per slug, with minimal changeover waste. This capability enables us to play in new channels and new occasions at competitive margins.

我們透過「未來生產線」對靈活包裝能力的投資，現在能夠為我們的主要品類提供更廣泛的價格標籤架構。例如，我們新的 Ritz 生產線現在可以靈活地在一個包裝中生產 2 到 18 個小塊，每個小塊生產 10 到 40 塊餅乾，最大限度地減少換型浪費。這種能力使我們能夠在新的管道和新的場合以具有競爭力的利潤率開展業務。

Net-net, our strategy is working, and we remain on track to deliver our full-year outlook, with improving top line performance as we move through the second half. We're optimistic about our 2017 innovation pipeline, including Véa, belVita protein and RITZ Crisp & Thins in the U.S.; new chocobakery products like Milka brownies, Milka Tender Breaks and Cadbury Roundies in Europe; and Cadbury dark milk chocolate in Australia, which provides high cocoa content without the bitterness.

總而言之，我們的策略正在奏效，我們仍有望實現全年目標，隨著下半年的到來，營收業績將不斷提升。我們對 2017 年的創新產品線充滿信心，其中包括在美國推出的 Véa、belVita 蛋白粉和 RITZ Crisp & Thins；在歐洲推出的 Milka 布朗尼、Milka Tender Breaks 和 Cadbury Roundies 等新巧克力烘焙產品；以及在澳大利亞推出的 Cadbury 黑牛奶巧克力，它可可含量高，卻不苦澀。

These innovations, together with ongoing white space expansions, such as U.S. and China chocolate, will ramp up in the second half. In addition, we expect to capitalize on the opportunity to flex our direct store delivery muscle in the U.S. to accelerate share gains in the second half.

這些創新，加上美國和中國巧克力等持續的市場空白擴張，將在下半年加速發展。此外，我們預期能把握機會，在美國充分發揮直接門市配送的優勢，從而在下半年加速提升市場佔有率。

Before I turn it over to Brian, I'd like to provide some context on North America. Suffice it to say, we're not satisfied with our performance in this region. We've clearly made great progress on margins, but over the past few quarters, we haven't delivered the type of top line growth we expect. This is especially true in our U.S. biscuit business.

在把麥克風交給布萊恩之前，我想先介紹一下北美的一些背景。簡而言之，我們對在該地區的表現並不滿意。我們在利潤率方面顯然取得了巨大進步，但在過去幾個季度裡，我們的營收成長並未達到預期。這一點在美國的餅乾產業尤其如此。

While the environment continues to be quite challenging, we're actively working to improve the trajectory of our U.S. business. We have made competitive advantages in North America: our iconic brands, DSD capabilities, now advantaged manufacturing assets and a robust pipeline of well-being innovation. All of these advantages position us to win over the long term, but we need to better leverage these assets.

儘管市場環境依然充滿挑戰，但我們正在積極努力改善我們在美國的業務發展軌跡。我們在北美取得了競爭優勢：我們的標誌性品牌、DSD 能力、如今具有優勢的製造資產以及強大的健康創新產品線。所有這些優勢都使我們在長期競爭中處於領先地位，但我們需要更好地利用這些優勢。

As you know, 2 weeks ago, we announced a leadership change in the region. Tim Cofer is now serving as interim President of our North America region in addition to his critical role as Chief Growth Officer. Tim is one of our most experienced and proven commercial leaders and has successfully demonstrated his expertise in growing our businesses in both developed and emerging markets.

如您所知，兩週前，我們宣布了該地區的領導層變動。除了擔任首席成長官這一重要職務外，蒂姆·科弗目前還兼任我們北美地區的臨時總裁。蒂姆是我們最有經驗、最有成就的商業領袖之一，他成功地展現了在已開發市場和新興市場發展業務方面的專業知識。

Although it's early days, Tim and the team are focused on fundamentals, fully leveraging our DSD capability, improving sales and marketing execution, delivering our ambitious 2017 innovation plans and expanding our channel presence. As these initiatives gain traction, we expect to see material improvement in revenue and share in the back half of the year, without losing focus on our margin commitments.

雖然現在還處於早期階段，但蒂姆和他的團隊專注於基本面，充分利用我們的DSD能力，提高銷售和行銷執行力，實現我們雄心勃勃的2017年創新計劃，並擴大我們的通路影響力。隨著這些措施取得成效，我們預計下半年營收和市佔率將大幅提升，同時不會偏離我們對利潤率的承諾。

Now let me turn it over to Brian to discuss our performance in the quarter in more detail.

現在，我把麥克風交給布萊恩，讓他更詳細地談談我們本季的表現。

Thanks, Irene, and good afternoon. As Irene stated, it was a solid start to the year in a challenging environment. We're confident that our full year results will be in line with expectations.

謝謝你，艾琳，下午好。正如艾琳所說，在充滿挑戰的環境下，這是一個穩健的開局。我們有信心全年業績將符合預期。

Given the market conditions, we delivered solid top line growth, with organic net revenue up 0.6%. Easter timing was less of a headwind than we anticipated as customers ordered and we shipped late in the quarter to stage the holiday. This will have some impact on our Q2 dynamics, which I'll address in our outlook.

鑑於市場狀況，我們實現了穩健的營收成長，有機淨收入成長0.6%。復活節的檔期安排並沒有我們預期的那麼不利，因為客戶下單和發貨都安排在季度末，以便趕上節日。這將對我們第二季的業績動態產生一定影響，我將在展望部分對此進行闡述。

As we discussed in February, the first quarter did also have a minor effect from the 2016 leap year and the timing of Chinese New Year, but in total, the year-over-year impact of the calendar items ended up being pretty immaterial to the quarter.

正如我們在二月討論的那樣，第一季也受到了 2016 年閏年和中國新年時間安排的輕微影響，但總的來說，日曆因素對該季度同比的影響最終微乎其微。

Emerging markets grew 3.5% while developed markets declined nearly 1%. Our Europe business performed quite well and is off to a good start to the year, but this was more than offset by declines in North America.

新興市場成長了3.5%，而已開發市場則下降了近1%。我們的歐洲業務表現相當不錯，今年開局良好，但這被北美業務的下滑完全抵消了。

Now let's take a closer look at our margin performance. We continued to deliver strong adjusted OI margin expansion, with overhead reductions being the primary driver. Adjusted gross margin decreased 20 basis points as solid net productivity improvements and better pricing were offset by unfavorable mix and higher input costs.

現在讓我們仔細看看我們的利潤率表現。我們持續實現強勁的調整後營業利潤率成長，其中營運成本降低是主要驅動因素。調整後毛利率下降了 20 個基點，因為穩健的淨生產率提高和更優惠的價格被不利的產品組合和更高的投入成本所抵消。

Adjusted OI margin was 16.8%, up 90 basis points. This improvement was driven by another quarter of overhead reductions from zero-based budgeting and global shared service initiatives. Similar to Q4, these results include the cost of investments in innovation and white space expansion that are largely in advance of revenue, which will become more meaningful in the back half of the year and into 2018. We expect to make even larger growth-related investments in the second quarter, and that will somewhat temper margin delivery in the quarter.

調整後的未償付餘額利潤率為 16.8%，上升 90 個基點。這項改善得益於零基預算和全球共享服務計畫帶來的另一個季度管理費用削減。與第四季度類似，這些結果包括對創新和空白市場擴張的投資成本，這些投資大多先於收入，而收入將在今年下半年和 2018 年變得更有意義。我們預計第二季將進行更大規模的成長相關投資，這將在一定程度上抑制該季度的利潤率。

But overall, we're on track with our cost agenda and remain confident in our path to ongoing margin expansion, consistent with the targets we've given you.

但總體而言，我們的成本控制計畫進展順利，我們對持續擴大利潤率的道路充滿信心，這與我們先前向您設定的目標一致。

Now let me provide some insight into our regional performance. One of the real strengths of our model is our broad geographic footprint, which allows us to balance weaker markets against stronger ones. In general, we're seeing positive trends in 3 of our 4 regions, and they're performing at or above our expectations. Several of our key markets are showing encouraging signs, so even with a few tough markets, we are, in aggregate, well positioned for good 2017 performance.

現在讓我來介紹一下我們區域的表現。我們模式的真正優勢之一在於我們廣泛的地域覆蓋範圍，這使我們能夠平衡較弱的市場和較強的市場。總體而言，我們在 4 個區域中的 3 個區域看到了積極的趨勢，並且它們的表現達到或超過了我們的預期。我們的幾個主要市場都出現了令人鼓舞的跡象，因此即使有一些市場形勢嚴峻，但總體而言，我們已做好充分準備，迎接 2017 年的良好業績。

Europe delivered another quarter of solid margin expansion, with an increase in adjusted OI margin of 60 basis points. Margins now stand at 19.5%. The Q1 margin improvement was driven by strong net productivity as well as lower overheads, which offset some incremental A&C investments.

歐洲連續第二季實現了穩健的利潤率擴張，調整後的未平倉合約利潤率提高了 60 個基點。目前的利潤率為 19.5%。第一季利潤率的提高得益於強勁的淨生產力和較低的管理費用，這抵消了一些新增的A&C投資。

Organic net revenue was up 1% driven by volume. Strong programming in both biscuits and chocolate fueled the growth despite a continued deflationary environment. We also saw good overall performance in Germany and Russia chocolate, offset by weaker performance in the U.K. chocolate business as heavy promotional spending in the category continued to pressure short-term results. We believe our Europe performance is differentiated, with good growth and strong margins and provides a great example of our business strategy in action.

受銷售成長推動，有機淨收入成長1%。儘管經濟持續低迷，但餅乾和巧克力業務的強勁成長仍然推動了公司的發展。德國和俄羅斯的巧克力整體表現良好，但英國巧克力業務表現疲軟，抵消了德國和俄羅斯巧克力業務的整體表現，因為該品類的大量促銷支出持續對短期業績構成壓力。我們相信，我們在歐洲的業績表現與眾不同，實現了良好的成長和強勁的利潤率，充分體現了我們的商業策略。

In AMEA, our team is managing well in a volatile set of markets. Adjusted OI margin declined 60 basis points to 14.6%, driven primarily by increased A&C support, which offset lower overhead costs and good productivity. Organic revenue increased 1.3%, led by solid growth in India and Southeast Asia.

在 AMEA 地區，我們的團隊在動盪的市場環境中表現出色。經調整的營業利潤率下降 60 個基點至 14.6%，主要原因是 A&C 支持增加，抵消了較低的管理費用和良好的生產力。有機收入成長1.3%，主要得益於印度和東南亞市場的穩健成長。

Our China business declined due to the timing of Chinese New Year and softer results in biscuits. However, we delivered good growth in chocolate as our Milka brand continued to perform well and we continued to gain share in Gum. We expect the upcoming relaunch of Oreo this summer to provide positive momentum to the biscuit category for the balance of the year.

由於春節假期臨近以及餅乾銷量下滑，我們在中國的業務有所下降。然而，我們的巧克力業務實現了良好的成長，因為我們的Milka品牌繼續表現良好，而且我們在口香糖業務中繼續擴大市場份額。我們預計奧利奧今年夏天即將重新上市，將為今年剩餘時間的餅乾類別帶來正面的成長動能。

The Middle East continues to be challenging, but we'll face easier comps as we enter the second half of the year.

中東賽區依然充滿挑戰，但進入下半年後，我們將面臨相對輕鬆的比賽。

In Latin America, adjusted OI margin increased over 500 basis points to nearly 16%, primarily driven by improved overhead costs and lower A&C spending as we've adjusted our spending levels to the realities of the market in Brazil.

在拉丁美洲，經調整的營業利潤率成長超過 500 個基點，達到近 16%，這主要得益於管理費用的改善和 A&C 支出的減少，因為我們已根據巴西市場的實際情況調整了支出水準。

Organic net revenue increased nearly 4%. Mexico grew mid-single digits, driven by solid growth in Gum, candy and meals, while Argentina grew high teens through pricing to offset currency-driven inflation.

有機淨收入成長近4%。墨西哥經濟成長率為個位數中段，主要得益於口香糖、糖果和餐飲的穩健成長；而阿根廷經濟成長率為兩位數以上，主要透過價格上漲抵消了匯率波動導致的通貨膨脹。

Brazil remains difficult due to persistent economic weakness. We posted another good quarter in chocolate but continued to experience pressure in biscuits due to price gaps and significant down trading. We expect Brazil will continue to be tough and have factored that into our forecast.

由於經濟持續疲軟，巴西仍然是一個棘手的問題。巧克力業務又迎來了一個不錯的季度，但由於價格差距和大量降價銷售，餅乾業務繼續面臨壓力。我們預計巴西隊仍將是一支強勁的對手，這一點已納入我們的預測之中。

Finally, in North America, we again delivered solid margin expansion, as adjusted OI margin improved by 50 basis points, primarily driven by ongoing overhead savings. Adjusted OI margin for the quarter was 20.8%.

最後，在北美，我們再次實現了穩健的利潤率擴張，調整後的營業利潤率提高了 50 個基點，這主要得益於持續的間接費用節約。本季調整後的營業利益率為 20.8%。

As Irene mentioned, our challenges in North America are top line related. Specifically, the region posted a decline of 1.9%, driven primarily by U.S. biscuits but also impacted by Gum. We're taking steps to stabilize the business, putting in place experienced operating leadership and investing more heavily in brands that have momentum. These actions give us confidence in our second half plans.

正如艾琳所提到的，我們在北美面臨的挑戰與營收有關。具體而言，該地區銷量下降了 1.9%，主要受美國餅乾銷量下滑的影響，但也受到口香糖銷量下滑的影響。我們正在採取措施穩定業務，引入經驗豐富的營運領導團隊，並增加對發展勢頭良好的品牌的投資。這些措施讓我們對下半年的計畫充滿信心。

Despite disappointing top line results in aggregate, there were bright spots in North America, including belVita, which gained more than 1 point of share and the launch of RITZ Crips & Thins late in the quarter, which helped drive a 0.5 point of share improvement for the brand.

儘管整體營收業績令人失望，但北美市場仍有一些亮點，例如 belVita 的市佔率成長超過 1 個百分點，以及 RITZ Crips & Thins 在本季末的上市，這有助於該品牌的市佔率提高了 0.5 個百分點。

Gum decreased due to continued category consumption declines in the U.S., while candy was flat, driven primarily by the timing of Easter. We continue to see good share momentum and profit contribution from candy brands like Sour Patch Kids, which has become a consistent star.

由於美國市場口香糖消費量持續下降，口香糖銷量也隨之下降；而糖果銷售量則持平，這主要是由於復活節的臨近。我們持續看到像 Sour Patch Kids 這樣的糖果品牌保持良好的市場份額成長動能和利潤貢獻，Sour Patch Kids 已成為持續表現出色的明星品牌。

Now let me spend a few minutes providing some highlights by category. Snacking category growth declined about 2.5%. A number of that was significantly impacted by the year-over-year calendar impact from Easter. We remain comfortable with our full-year view of category growth. In this environment, we're pleased that our shares improved with solid results in all categories.

現在讓我花幾分鐘時間按類別介紹一些重點內容。零食品類成長下降約 2.5%。其中一些數據受到了復活節假期前後日曆變化的顯著影響。我們對全年品類成長預期依然感到滿意。在這種環境下，我們很高興看到我們的股價在所有類別中都取得了穩健的業績，股價也隨之上漲。

Our Biscuits business posted a slight revenue decline as strong growth in countries like the U.K., Japan and Italy was offset by weakness in the U.S. Approximately 80% of our revenue grew or held share.

由於英國、日本和義大利等國的強勁成長被美國市場的疲軟所抵消，我們的餅乾業務收入略有下降。我們約 80% 的收入實現了成長或維持了市場份額。

In chocolate, our business grew to more than 5%, driven by solid results in Germany, India and Brazil. In addition, we continue to see good momentum with our recent launches of chocolate in the U.S. and China. Approximately 65% of our revenue grew or held share in this category.

在巧克力業務方面，我們的業務成長超過 5%，這主要得益於德國、印度和巴西市場的穩健表現。此外，我們近期在美國和中國推出的巧克力產品也持續保持良好的銷售動能。我們約 65% 的收入在該類別中實現了成長或保持了市場份額。

Gum & Candy declined over 5%, as the Gum category continues to experience significant weakness, especially in the U.S. We're planning for continued declines in the Gum category as we focus on growing our share and improving in-store execution. As you know, this is a highly profitable but relatively small business for us. We'll also continue to shift our focus to our strong, growing and highly profitable candy platforms. About half of our revenue in Gum & Candy gained or held share.

口香糖和糖果的銷售額下降了 5% 以上，其中口香糖品類持續疲軟，尤其是在美國。我們預期口香糖品類的銷售額將持續下降，同時我們將專注於提高市場佔有率和改善店內執行情況。如您所知，這對我們來說是一項利潤豐厚但規模相對較小的業務。我們將繼續把重心轉移到我們實力雄厚、不斷成長且利潤豐厚的糖果平台。我們在口香糖和糖果業務中約有一半的收入實現了成長或保持了市場份額。

Turning to earnings per share. In Q1, we delivered adjusted EPS of $0.53, which was up 6% on a constant-currency basis. This growth was driven by our strong operating income results. We continue to expect to deliver double-digit EPS growth for the full year.

接下來看每股收益。第一季度，我們調整後的每股收益為 0.53 美元，以固定匯率計算成長了 6%。這一成長主要得益於我們強勁的營業收入。我們仍然預計全年每股收益將實現兩位數成長。

As Irene mentioned, during the quarter, we returned approximately $800 million of capital to shareholders through share repurchases and dividends. We continue to expect share repurchases of approximately $1.5 billion for the full year.

正如艾琳所提到的，本季我們透過股票回購和分紅向股東返還了約 8 億美元的資本。我們仍預計全年股票回購額約為15億美元。

Now to the outlook. Overall, we're reaffirming our outlook. The first half is generally playing out as we expected, although we do see slightly different dynamics between the quarters. We delivered better growth and margins in Q1 than our forecast as the first quarter was less impacted by the Easter shift than anticipated. In Q2, the year-over-year compare will be more difficult, and we expect North America to remain challenged. Due to these factors, we expect Q2 revenue growth below Q1, with improving growth in the second half.

現在來看前景。總體而言，我們重申我們的預期。上半場比賽總體上符合我們的預期，儘管我們確實看到各節比賽的動態略有不同。第一季我們的成長和利潤率都高於預期，因為第一季受復活節假期的影響小於預期。第二季年比比較將更加困難，我們預計北美地區仍將面臨挑戰。鑑於這些因素，我們預計第二季度營收成長將低於第一季度，但下半年成長將有所改善。

And in terms of margin, the second quarter will be affected by higher growth investments and the timing of some spending that shifted from Q1 to Q2.

就利潤率而言，第二季將受到成長投資增加以及部分支出從第一季轉移到第二季的影響。

For the total year, we continue to expect to deliver on our outlook. We continue to expect organic net revenue growth of at least 1%. We expect adjusted OI margin in the mid-16% range as well as double-digit adjusted EPS growth on a constant-currency basis. And with respect to free cash flow, we continue to expect to deliver approximately $2 billion for the year as we see lower CapEx, improved margins and good working capital efficiency.

就全年而言，我們仍然預計能夠實現預期目標。我們仍然預期有機淨收入成長至少達到 1%。我們預計調整後的營業利潤率將在 16% 左右，並且以固定匯率計算，調整後的每股盈餘將達到兩位數成長。至於自由現金流，由於資本支出減少、利潤率提高以及營運資本效率良好，我們仍預計今年將實現約 20 億美元的自由現金流。

With that, let me turn it back to Irene for a few closing comments before we take your questions.

接下來，在回答大家的問題之前，我先把時間交給艾琳，請她做幾點總結發言。

Thanks, Brian.

謝謝你，布萊恩。

So to wrap up, we're off to a solid start and expect to build momentum in the back half of the year as we benefit from white spaces, launch exciting on-trend innovations and leverage our U.S. DSD network. We remain confident in our ability to deliver our significant margin commitments this year and are on track to reach our adjusted OI margin target of 17% to 18% in 2018. We will continue to make disciplined investments to drive balanced growth on both the top and bottom lines. And we remain committed to compelling capital returns to our shareholders through both dividends and share repurchases.

總而言之，我們開局穩健，預計下半年將憑藉市場空白、推出令人興奮的潮流創新產品以及利用我們的美國DSD網絡，實現強勁增長勢頭。我們仍然有信心在今年實現我們重要的利潤率承諾，並預計在 2018 年實現 17% 至 18% 的調整後營業利潤率目標。我們將繼續進行穩健的投資，以推動營收和利潤的均衡成長。我們將繼續致力於透過分紅和股票回購為股東帶來可觀的資本回報。

With that, let's open up the line for your questions.

那麼，現在就讓我們開始回答您的問題。

(Operator Instructions) Our first question comes from the line of Ken Goldman from JP Morgan.

（操作員說明）我們的第一個問題來自摩根大通的 Ken Goldman。

I was pleasantly surprised by your organic sales growth this quarter. I mean, we've seen some data and you guys referred to it regarding your categories on a global basis. So you've talked about some of the holidays, some of the calendar shifts that affected you. I'm just curious, were there any other, maybe nonrecurring timing issues that either maybe helped or hurt this period? Because you've had so many new products in the market, I'm just wondering, were your shipments and your consumption more or less aligned this quarter or were they a little bit out of order? I'm just trying to get a better sense of that.

我對你本季的自然銷售成長感到驚喜。我的意思是，我們已經看到了一些數據，你們也在全球範圍內參考了這些數據來劃分類別。所以你已經談到了一些節日，以及一些對你產生影響的日曆變化。我只是好奇，是否還有其他一些可能不常發生的、時間安排上的問題，對這段時間的發展起到了促進或阻礙作用？由於你們推出了許多新產品，我想知道，本季你們的出貨量和消費量是否基本一致，還是略有偏差？我只是想更了解這一點。

That's an -- I'd say, they're generally aligned. The biggest impact, of course, is the Easter timing. And so there's a lot of noise because of that shift. We shipped -- as Brian mentioned, we shipped much of our Easter volume in Q1, but we'll get the consumption coming when the holiday happened in Q2. If you were to adjust for Easter and non-measured channels, which is a smaller impact, like-for-like category growth would actually be about 1%, and our snacks revenue is up about 0.8%. So there's actually pretty close correspondence there. As we said, from a pacing standpoint, the first half is going to come in essentially where we expected it. We're going to see some shift from first quarter to -- from second quarter into first quarter. So first quarter, a little higher. Second quarter, a little lower. The first half will come in essentially where we thought. The second half will be a little bit higher, driven by some of the phenomena that I mentioned: the white spaces, the strong innovation pipeline and our investment in flexing our DSD muscle. So net-net, there's no change to our full-year forecast, but there's really no impact in this first quarter. The biggest impact is the Easter timing.

我覺得，他們的觀點大致上是一致的。當然，影響最大的還是復活節的時間安排。因此，由於這種轉變，產生了許多噪音。我們已經發貨了——正如布萊恩所提到的，我們在第一季發貨了大部分復活節訂單，但我們會在第二季度假期到來時收到消費訂單。如果將復活節和未衡量的管道的影響調整過來（影響較小），同店銷售成長實際上約為 1%，零食收入成長約為 0.8%。所以這兩者之間其實非常吻合。正如我們所說，從節奏來看，上半場的節奏基本上符合我們的預期。我們會看到一些從第一季到——從第二季到第一季的轉變。所以第一季略高一些。第二季略有下降。上半場的走向基本上和我們預想的一樣。下半年將會略高一些，這主要受我提到的一些現象的影響：市場空白、強大的創新管道以及我們在增強DSD實力方面的投入。所以總的來說，我們的全年預測沒有變化，但第一季實際上沒有任何影響。影響最大的因素是復活節的日期。

That's helpful. And then, a quick follow-up from me. I thought you said that the comparison in the organic sales growth number, and forgive me if I heard this wrong, was a little more difficult in the second quarter than the first. Maybe you were talking about total revenue growth because I see the comparison's a little bit easier actually in the second quarter. Were you taking earnings, maybe?

那很有幫助。然後，我再補充一句。我記得您說過，第二季的自然銷售成長數據比較比第一季要困難一些（如果我聽錯了請原諒）。也許你指的是總收入成長，因為我發現第二季的比較實際上更容易一些。你是不是在領取收益？

Yes. It's more of a top line comment, Ken, and it's -- specifically, North America's year-over-year compares are challenging. It doesn't quite look that way because even '15, there were some unusuals that made '15 good, too. So as we look like-for-like versus '16, it's a little bit of a tougher compare, and North America will be a drag for us in the second quarter.

是的。肯，這更多的是一條概括性的評論，具體來說，北美地區的同比數據面臨挑戰。情況似乎並非如此，因為即使是 2015 年，也有一些不尋常的事情讓 2015 年變得很好。因此，如果我們與 2016 年進行直接比較，情況就比較困難了，北美市場將在第二季拖累我們。

And our next question comes from Andrew Lazar from Barclays.

下一個問題來自巴克萊銀行的安德魯·拉扎爾。

Just 2 questions for me. I guess one would be, with North America results more challenging, you've said you're expecting obviously some benefit in the second half from a shift in the sort of competitor, sort of distribution model. It might be early, but I guess, have you seen anything yet that gives you more confidence in that thinking, whether it be information coming from your sales people on the street or your key retail partners, things of that nature?

我只有兩個問題。我想其中一個原因是，鑑於北美地區的業績更具挑戰性，您曾表示，您預計下半年競爭對手和分銷模式的轉變將會帶來一些好處。現在可能為時過早，但我想問，您是否已經看到一些能夠增強您這種想法信心的跡象，無論是來自您一線銷售人員的信息，還是來自您主要零售合作夥伴的信息，諸如此類？

It's a little early, Andrew. I'd say they're spending their -- they're spending pretty heavily on their way out right this minute, so I would say, right now is probably not a great example. And frankly, the big impact will be in the back half of the year when they've exited. So it's a little too early to tell, but we are certainly doing everything we can to make sure that our guys are staged with the support that they need and the focus that they need to get the -- to drive our share.

安德魯，現在還早呢。我認為他們現在正在大手筆地花錢，所以現在可能不是一個很好的例子。坦白說，真正的影響將在下半年他們退出之後顯現。現在下結論還為時過早，但我們肯定會盡一切努力確保我們的隊員得到他們需要的支持和專注，從而取得——推動我們贏得市場份額。

And given the timing, Andrew, it could be one of the issues we face in Q2 as they exit more aggressive behavior in Q2, that we might see play out.

考慮到時間因素，安德魯，這可能是我們在第二季度面臨的問題之一，因為他們在第二季度會採取更激進的策略，我們可能會看到這種情況發生。

Got it. Okay. And then, Brian, I know this was the toughest year-ago, certainly, gross margin comps that you're going to see all year, and obviously, you're still in negative [IMs] in the quarter, so that didn't help. I guess I'm trying to get a better sense of maybe what type of gross margin expansion we're seeing on a -- like an underlying basis? I'm trying to judge where it goes from here as the comps on gross margin start to ease, and volume, as you go through the year, presumably gets somewhat better. I didn't know if we're still likely to see, I guess, a lower year-over-year gross margin in 2Q, and then it starts to expand in the back half. Or could we start to see the gross margin trend improve year-over-year really in this quarter?

知道了。好的。布萊恩，我知道這是去年同期最艱難的業績，毛利率同比數據也是全年最差的，而且顯然，本季度你的毛利率仍然是負數，所以這並沒有幫助。我想更了解一下，我們究竟看到了哪種類型的毛利率擴張——例如從根本上來說？我正在努力判斷接下來的發展方向，因為毛利率的同店銷售額開始下降，而且隨著時間的推移，銷量可能會有所改善。我不知道我們是否還會看到第二季毛利率年減，然後下半年開始成長。或者，我們能否在本季真正看到毛利率年減的趨勢？

Yes. Look, I don't want to get into calling individual quarters on something like gross margin. I think the underlying dynamics for what we're driving here feel pretty good and net productivity execution continues to be very good. We delivered what we expected in the quarter. We are making some investments in, as you would expect, some product renovations and some of the quality initiatives we have that are affecting productivity, but it was still very good even on a net productivity as recorded. We had higher pricing, as you would see in the P&L, but most of that's driven by places like Argentina, Nigeria, Egypt, some of those highly inflationary markets. There are some places in Europe where we've made some pricing investments as you look at the annual retailer negotiations and how they've played out, and I think those were good decisions based on the trend we see in Europe right now. So I mean, there's some moving pieces as well with mix. So if you think about markets like the U.S. and the U.K. and the global Gum business, I'd put China in there as well, those are -- those tend to be higher-margin markets and those have been some of the markets that have struggled a little bit in terms of top line. So those are the moving pieces. I think the trajectory over a longer period of time, we continue to see gross margins expand as we move over the next year, but it's hard to call some of those individual dynamics. We'll continue to execute on the productivity. I know that. We've got pricing that's still moving through in those highly inflationary markets, but again, we're focused on the OI margin commitment, and the 90 basis points feels pretty good. So we're kind of controlling what we can control in a pretty volatile market.

是的。你看，我不想對毛利率之類的指標進行個別季度的預測。我認為我們目前所推動的根本動力感覺相當不錯，淨生產力執行情況也一直非常好。本季我們完成了預期目標。正如您所料，我們正在進行一些產品改進和一些品質改進方面的投資，這些都影響了生產效率，但即使從記錄的淨生產效率來看，情況仍然非常好。正如您在損益表中看到的那樣，我們的定價較高，但這主要是由於阿根廷、奈及利亞、埃及等一些通貨膨脹嚴重的市場造成的。在歐洲的一些地方，我們進行了一些價格上的投資，從年度零售商談判的結果來看，我認為根據我們目前在歐洲看到的趨勢，這些都是正確的決定。所以我的意思是，混合中也有一些可變因素。所以，如果你考慮到美國、英國等市場以及全球口香糖業務，我也會把中國算進去，這些市場往往利潤率較高，但就營收而言，這些市場也一直有些舉步維艱。以上就是各環節的運作。我認為從更長的時間跨度來看，我們預計未來一年毛利率將繼續擴大，但很難預測其中一些具體的動態。我們將繼續提高生產力。我知道。在這些高通膨市場中，我們的定價仍在進行中，但我們仍然專注於未平倉合約利潤率的承諾，90 個基點的利潤率感覺相當不錯。所以，在一個波動較大的市場中，我們只能盡力控制我們能夠控制的因素。

And our next question is from Chris Growe from Stifel.

下一個問題來自 Stifel 公司的 Chris Growe。

Just 2 questions for me as well. A bit of a follow-on to Andrew's question, in relation to gross margin. I've heard you talk about price pack architectures and capability that you have there. I'm just curious to the degree to which mix, and I guess, I'd put that into mix, should benefit the sales and gross margin, if you will, for the year. Is that something you could discuss in some broader detail?

我也只有兩個問題。這是對 Andrew 關於毛利率問題的補充說明。我聽您談過價格方案架構以及您擁有的能力。我只是好奇，什麼樣的組合（我想，我應該把它歸類在組合範疇）才能在多大程度上促進今年的銷售額和毛利率。您能否更詳細地討論一下這個問題？

Well, it's clearly a focus for us. And as you think about the investments we've made with Lines of the Future, that was one of the key elements, key assets that we've put in place with much more flexibility there. I think it's -- that element of mix is clearly one that's been moving in the right direction as we've done quite a bit of work there. I think it will accelerate, but again, it's within this context of other moving pieces within gross margin. We do think it's a real asset. It's a real incremental capability that we haven't necessarily had and allows us to manage through moving up margins where we can but not having to price on its face with customers. So I think it's a real asset, not really going to call out what the impact in gross margins is. I think it'll be increasing as we get those capabilities up and running everywhere.

這顯然是我們的關注重點。當你思考我們對未來線路的投資時，你會發現這是我們投入的關鍵要素之一，也是我們投入更多靈活性的關鍵資產。我認為——混合的這一要素顯然朝著正確的方向發展，因為我們在這方面做了很多工作。我認為它會加速成長，但同樣，這也要考慮到毛利率中其他因素的變化。我們認為它確實是一項寶貴的資產。這是我們以前未必具備的真正漸進式能力，它使我們能夠在可能的情況下提高利潤率，而無需直接向客戶收取高價。所以我認為這是一項真正的資產，至於對毛利率的影響，我就不具體說了。我認為隨著這些能力在各地得到應用和運行，這個數字還會增加。

Okay, just 1 other question, if I could ask, in relation to overhead, which was down -- a contributor, if you will, to lower SG&A. Could you cite where your overhead is or what sort of progress you're making on that front and how sustainable that is?

好的，如果可以的話，我還有一個問題，關於管理費用下降的問題──這可以說是降低銷售、一般及行政費用的因素。能否具體說明一下您的營運成本在哪裡，或者您在這方面取得了哪些進展，以及這些進展的可持續性如何？

I think it's -- you've seen us continue to make progress really quarter after quarter here. It is still a focus and a big area of priority. We've shown you some of the progress we've made within some of the ZBB activities. And I think for the most part, the majority of those cost packages are either in top quartile or second quartile performance, and we feel pretty good about that. Shared services, we're, I would say, a little bit more than 75% of the way through, the implementations that we have in front of us, and there will be some additional benefits that play out during '17. But we feel very good about where our overheads are. And again, it's a little bit of a mixed bag because we are making some investments in route-to-market and some other parts of the business. So -- but that's one we have the -- probably the highest confidence in the whole P&L.

我認為——你們也看到了，我們每季都在持續取得進步。這仍然是我們的關注重點和優先發展領域。我們已經向您展示了我們在零基預算 (ZBB) 活動中取得的一些進展。而且我認為，在大多數情況下，這些成本方案中的大多數都處於前四分之一或第二四分之一的表現水平，我們對此感到非常滿意。共享服務方面，我認為我們已經完成了超過 75% 的工作，擺在我們面前的各項實施工作已經完成，而且在 2017 年還會產生一些額外的好處。但我們對目前的營運成本控制情況非常滿意。而且，情況有點喜憂參半，因為我們對市場通路和業務的其他一些方面進行了一些投資。所以——但這是我們——在整個損益表中——最有信心的項目。

Can you say what level your overhead is today? (inaudible) ...

請問貴公司目前的營運成本是多少？（聽不清楚）…

No. (inaudible) SG&A -- we've kind of shared with you where A&C spending is. And A&C spending has continued to be about the same. I mean, it's up a bit year-over-year in the first quarter, but you can kind of back into where it has gone.

不。（聽不清楚）銷售、一般及行政費用－我們已經大致向你們介紹了廣告和商業支出狀況。而A&C支出也基本維持不變。我的意思是，第一季比去年同期略有成長，但你可以大致回顧一下它的發展軌跡。

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

下一個問題來自美國銀行的布萊恩·斯皮蘭。

Two quick ones from me. Brian and maybe, I might have missed this, but did you give a CapEx forecast for this year?

我這裡快速回答兩個問題。Brian，或許我錯過了，但你們有沒有給出今年的資本支出預測？

We did. In CAGNY, we shared a framework that said about 4.5% of net revenue this year. And we showed that the trend will actually move down below 14 -- under -- or about 4% as we get to '18. So we're on that trend down as we've kind of worked our way through some of the bigger investments related to Lines of the Future. So 4.5% for this year is the current call. (inaudible) this quarter.

我們做到了。在 CAGNY，我們分享了一個框架，其中提到今年淨收入的約 4.5%。我們已經證明，到 2018 年，這一趨勢實際上會下降到 14 以下，也就是大約 4%。所以，隨著我們逐步完成與未來線路相關的一些較大投資，我們的投資金額也呈現下降趨勢。所以，目前預計今年的殖利率為4.5%。（聽不清楚）本季。

And then, I guess a follow-up on North America. One of the things that we've seen is there's been so much growth in small format and sort of maybe non-measured channels as well. And so for your Biscuit business, has that had an effect on the growth in that you need more sort of resources in some of these emerging channels and you're right now maybe a little bit too resourced on large format, the channels that aren't growing as fast?

然後，我想應該會跟進一下北美的情況。我們看到的一點是，小格式以及一些可能無法衡量的管道都取得了很大的成長。那麼對於您的餅乾業務來說，這是否對成長產生了影響，因為您需要在一些新興管道投入更多資源，而您目前可能在成長速度較慢的大宗管道上投入了過多的資源？

No. We certainly anticipated this shift over -- we've watched this shift over the last couple of years, Bryan. So we actually have someone in our North American organization who's in charge of channels, and his focus for us is on the growth opportunities, particularly, in our case, is primarily about club and C stores. And then -- and we have a separate organization, actually, that is driving e-commerce. So we are resourced to address it, frankly. The holdup for us was the packaging capability to address these channels. And that's why I'm so pleased with the progress that we've made as we've got these Lines of the Future up and running because that's the flexibility that we need to be able to go from big pack sizes to small pack sizes. But a critical piece of our growth plan is our ability to be able to improve our share in some of the less-traditional channels that had been historically our bread and butter.

不。我們當然預料到了這種轉變──布萊恩，過去幾年我們一直在關注這種轉變。所以，我們北美組織裡其實有一位負責通路的人員，他的工作重點是成長機會，特別是就我們而言，主要涉及俱樂部和便利商店。然後——實際上，我們還有一個獨立的組織，專門負責推動電子商務。坦白說，我們有能力解決這個問題。我們遇到的阻礙是缺乏滿足這些通路需求的包裝能力。正因為如此，我對我們的進展感到非常滿意，因為我們已經啟動並運行了這些未來生產線，這正是我們需要的靈活性，使我們能夠從大包裝尺寸過渡到小包裝尺寸。但我們成長計畫的關鍵在於，我們能否提高在一些非傳統管道的份額，而這些管道歷來是我們的主要收入來源。

And our next question is from Matthew Grainger from Morgan Stanley.

下一個問題來自摩根士丹利的馬修‧格蘭傑。

And so I wanted to come back to North America again first and ask about some of the evidence of renewed private label growth in selected categories. This seems to be a particular issue in the cookie business right now. Just curious for your take on to what extent that's being driven by some shift at the consumer level or whether it's something that's more explicit retailer-led initiatives?

因此，我首先想回到北美，了解特定類別中自有品牌重新成長的一些證據。這似乎是目前餅乾產業一個特別突出的問題。我很好奇您認為這在多大程度上是由消費者層面的某種轉變所驅動，還是更多地是零售商主導的舉措所致？

Yes. We're not seeing that as a macro issue. There's no question. We've actually found that the penetration of private label, even in our biscuit segments, has not changed dramatically over the last little while. So that hasn't been a factor. We think the bigger issue, without a doubt, has been the shift toward well-being. And that's been a key piece of our focus on renovating our base brands, like Triscuit or introducing products like GOOD THiNS as well as launch -- the launch of a product like Véa, which is a new whole-grain product that we will be introducing in July. So that's been more of a factor for us, and I think a lot of the steps that we're taking, particularly with the innovation pipeline I described, are designed to address that opportunity.

是的。我們認為這不是一個宏觀問題。毫無疑問。我們發現，即使在我們的餅乾領域，自有品牌的滲透率在最近一段時間內也沒有顯著變化。所以這並非一個影響因素。我們認為，毫無疑問，更大的問題在於人們的觀念轉變為福祉。而這正是我們重點關注的領域，即改造我們的基礎品牌，例如 Triscuit，或推出像 GOOD THiNS 這樣的產品，以及推出像 Véa 這樣的新產品——Véa 是一種新的全穀物產品，我們將在 7 月推出。所以這對我們來說是一個更重要的因素，我認為我們正在採取的許多措施，特別是我所描述的創新管道，都是為了抓住這個機會。

Okay. And Brian, you talked last quarter about the need to do a better job on trade optimization. I'm just curious whether in the current environment, this is something you're comfortable trying to address more actively. Or given the negative price mix we're seeing in developed markets, are you going to continue to tread more cautiously here and be a little bit more tactical?

好的。布萊恩，你上個季度談到需要更好地進行交易優化。我只是好奇，在目前的情況下，你是否願意更積極地去解決這個問題。或者，鑑於已開發市場目前呈現的不利價格組合，您是否會繼續保持謹慎的態度，採取更具策略性的做法？

Yes. Look, I think we're executing the program. We talked a bit about our investment in some resources and data, and we are finding opportunities where we're improving returns on promotional spending, and I think that's been on track. Now the reality is, we've had to spend some of that back. And we've seen the benefits. We could find that in the P&L, but then, we're also seeing areas where it's important that we spend some additional trade back. And that's sort of the dynamic that we've got playing out. So we're continuing to try and educate customers with the data analytics that'll -- that suggest that heavy promotional spending just doesn't really work to grow categories, and I think that's a real market-by-market sort of dynamic. But again, we're executing the net revenue management activities pretty well, we're finding benefits and opportunities there, but we're consciously spending some of that back, and it's -- as a result, it's not as big a benefit showing up in the P&L.

是的。你看，我認為我們正在執行這項計劃。我們談到了我們對一些資源和數據的投資，我們正在尋找提高促銷支出回報率的機會，我認為這方面進展順利。現在的現實是，我們不得不把其中的一部分錢花掉。我們已經看到了好處。我們可以在損益表中找到這一點，但是，我們也看到在某些領域，我們需要投入一些額外的資金進行貿易回流。這就是我們目前看到的局面。因此，我們繼續嘗試透過數據分析來教育客戶，這些數據分析表明，大量的促銷支出並不能真正促進品類成長，我認為這是一種因市場而異的動態。但是，我們仍然在淨收入管理活動方面做得相當不錯，我們從中發現了收益和機會，但我們有意識地將其中一部分投入回去，因此，在損益表中並沒有顯示出那麼大的好處。

And our next question is from Rob Dickerson from Deutsche Bank.

下一個問題來自德意志銀行的羅伯·迪克森。

So it's just kind of a general question on EPS gains for the year. I know you said that you put out 6% adjusted EPS growth in Q1, and [basically] for Q2, there's I guess a bit of sales come off a bit on a trend basis relative to what we saw in Q1. And maybe, there's a little higher investment, so the margin's not maybe as much -- on a year-over-year basis. So I'm just curious, I guess, one, if sales -- EPS-adjusted sales growth was 6% in Q1 and we're double-digit for Q2, should we see -- should we expect maybe EPS growth to be a bit lower in Q2 relative to what we saw in Q1 with really the upside for the year coming in the back half? Is that fair?

所以這只是一個關於今年每股收益成長的總體問題。我知道您說過第一季調整後每股收益成長了 6%，而第二季度，我猜銷售額相對於第一季的趨勢略有下降。而且，由於投資額略高，利潤率可能沒有那麼高——與前一年相比。所以我很好奇，第一，如果第一季經每股收益調整後的銷售額增長了 6%，第二季度增長了兩位數，那麼我們是否應該預期第二季度的每股收益增長會比第一季度略低，而今年真正的增長潛力將在下半年出現？這樣公平嗎？

Yes. I mean, I'm not going to get into individual quarters. I would just say, I think with the 6% in Q1, I mean, we feel good about -- as you look at the compares through the rest of the year, we would expect to see some improvement as we move through the year. Obviously, the better back half with revenue picking up and the innovations that'll drive that and the things that we have confidence in will contribute to that. And we'll continue to execute on cost. So you would expect to see EPS continue to improve as we move through the year. That should be the general framework, and then you have to look at the compares from prior year.

是的。我的意思是，我不想深入討論個別季度的情況。我想說的是，我認為第一季 6% 的成長，我們感覺不錯——當你回顧今年剩餘時間的比較數據時，我們預計隨著時間的推移，情況會有所改善。顯然，下半年業績會更好，收入會回升，推動業績成長的創新以及我們有信心的舉措都會對此做出貢獻。我們將繼續控製成本。因此，隨著時間的推移，預計每股收益將繼續改善。這應該是大致的框架，然後你需要查看與前一年相比的數據。

Okay, great. And then just in emerging markets, it's -- it looks like you still put up the 3.5% organic sales growth in Q1. On a tier-stack basis, it does look like -- I mean, it's still impressive, but it does look like there was a bit of a deceleration. Is that mainly Brazil? Because it did sound -- I know you called out India and Russia and a number of markets that actually did well. What would be the main driver of a bit of a deceleration in emerging markets?

好的，太好了。而在新興市場，你們似乎在第一季仍實現了 3.5% 的有機銷售成長。從層級堆疊的角度來看，確實——我的意思是，它仍然令人印象深刻，但看起來確實出現了一些減速。主要是指巴西嗎？因為聽起來確實如此——我知道你提到了印度、俄羅斯以及一些實際上表現良好的市場。新興市場成長放緩的主要原因是什麼？

Yes, I would say both Brazil and, year-over-year, China would have been the other one. But we are very pleased with the performance of our emerging markets, and we continue to believe that as the macros in those markets recover, we will see our category recover in a corresponding fashion.

是的，我認為巴西和中國（同比）都是如此。但我們對新興市場的表現非常滿意，我們仍然相信，隨著這些市場宏觀經濟的復甦，我們的品類也將隨之復甦。

And China was really a -- Chinese New Year timing is a fair driver there. If you look at Q4 organic growth from emerging, it was 1.5% and it moved to 3.5%. I mean, the biggest driver there is demonetization in India, which is a much, much smaller impact this quarter.

而中國的情況確實如此——春節的時間安排在那裡是一個重要的驅動因素。如果看一下新興市場第四季的有機成長率，它從 1.5% 成長到了 3.5%。我的意思是，最大的驅動因素是印度的廢鈔令，但這一個季度它的影響要小得多。

And our next question comes from Alexia Howard from Bernstein.

下一個問題來自伯恩斯坦公司的 Alexia Howard。

So 2 questions. The first one, with the divestments or the JVs that you're pulling together, but $500 million of revenue is going, are you able to quantify the stranded costs? I know you haven't changed guidance for the year, and how quickly you expect to get rid of those stranded costs. And then my second question is around commodity costs. I was quite surprised to see your commodity costs up this quarter, especially with the major decline in cocoa prices that we've seen coming out of Europe and the U.S., frankly. Do you expect that to get easier going forward? And how do you expect the gross margin to develop?

所以有兩個問題。第一個問題是，透過資產剝離或合資企業，導致 5 億美元的收入流失，您能否量化由此產生的擱淺成本？我知道你們今年的業績指引沒有改變，也不知道你們預計多久才能消除這些擱淺成本。我的第二個問題是關於商品成本的。坦白說，看到你們本季的商品成本上漲，我感到非常驚訝，尤其是考慮到歐洲和美國的可可價格大幅下跌。你認為這種情況以後會變得更容易嗎？你預計毛利率會如何變動？

You got it, Alexia. So stranded costs, I mean, there's obviously -- there's 2 pieces to each of these, which is one of the stranded costs locally that are controllable by the business that are actionable, and then there's the unallocated sort of corporate. And you'll see us over the course of the second half of the year really aggressively deal with the local costs that surround these businesses. I'm not going to provide a quantification of the stranded costs or dilution impact of these 2 transactions. We'll give you clarity on that at the end of the second quarter as we close them. One of them has already closed and the other will close towards the end of the quarter. So we'll give you more clarity, I think, when we get there. But we have good line of sight to make those stranded costs go away. Just as you know, it takes a little bit of time and some of that will likely be into the first part of next year. On commodities, I would just say a couple of things. One, as you think about cocoa, yes, I mean, clearly, there has been a fairly significant move in cocoa prices. You have to recognize, I think, that the hedge window for cocoa is longer than I think you would expect. And that's really driven by really, our pricing -- our ability and the frequency in which we can go after pricing in some of the key markets there. In some cases, you have annual renegotiations and you want to create certainty in terms of margins in those relationships, so you're going to go out and hedge a little bit further. So we are hedged longer than I think you would expect and, therefore, don't necessarily have access to the current pricing in this market at this time. The other thing I would note is that dairy for us is almost as big a buy. And as you look at what's going on today with dairy, dairy prices are up. We have much less ability. There's much less liquidity in that market to do hedging, so we are absorbing some of the pain associated with dairy. And again, it's not nearly as hedged. So those are the dynamics that are playing out. On the short term, we are seeing some input cost pressure. It's not huge. It's relatively small when you put all those things together. And then, cocoa, again, it will be a little bit outside the window of the next few quarters that we start getting some of the benefit of lower cocoa prices.

明白了，艾莉克西婭。所以擱淺成本，我的意思是，很明顯，每一項都包含兩部分，一部分是企業可控的、可採取行動的本地擱淺成本，另一部分是未分配的公司擱淺成本。在今年下半年，你會看到我們積極主動地應對這些企業面臨的當地成本問題。我不會對這兩項交易造成的擱淺成本或股權稀釋影響進行量化。我們將在第二季末結算時向您詳細說明。其中一家已經關閉，另一家將在本季末關閉。所以，我想，等我們到了那裡，就會給你們更明確的答案。但我們有很好的計劃來消除這些擱淺成本。如您所知，這需要一些時間，其中一些可能會持續到明年上半年。關於大宗商品，我只想說幾點。第一，說到可可，是的，我的意思是，很明顯，可可價格出現了相當大的波動。我認為，你必須認識到，可可的對沖窗口期比你預期的要長。這實際上取決於我們的定價——我們在一些關鍵市場進行價格戰的能力和頻率。在某些情況下，你需要每年重新談判，並且你想在這些關係中創造利潤率的確定性，所以你會出去進一步進行一些對沖。因此，我們的對沖期限比您預期的要長，因此，我們目前不一定能獲得該市場的最新價格。另外要指出的是，乳製品對我們來說也是一筆不小的開銷。看看如今乳製品產業的情況，乳製品價格正在上漲。我們的能力要弱得多。該市場的流動性遠低於其他市場，因此難以進行避險，我們也因此承受了乳製品產業帶來的部分損失。而且，它的對沖力度遠不如其他方式。這就是目前正在上演的動態。短期內，我們看到投入成本面臨一些壓力。它並不大。把所有這些加起來，它其實相對較小。至於可可，我們可能要過一段時間才能開始享受可可價格下跌的好處。

And our next question comes from David Driscoll from Citi.

下一個問題來自花旗銀行的戴維·德里斯科爾。

I had one question but kind of 2 pieces on North America. And apologies, you guys have talked about the North American issue so much, but I got to be honest with you, I'm still not quite clear on really what's wrong. I know you said that sales are not growing at what you expect it to grow, but Irene, frankly, I think you've done a wonderful job with some of these healthier biscuit brands and so forth and it may be better -- much better than most of the other players in the category, so that doesn't feel like anything that's wrong. It feels like a positive. So I don't -- I know you said it's not growing the way you want it to grow, but I don't really know what's wrong with it, like why isn't it growing this way? And we do note in our data that we see some pretty heavy promotional activity for Mondelez, but maybe it's not getting the lift that you want it to get. But maybe you could spend a moment to talk about kind of the heart and soul of what's wrong in the business as you see it.

我有一個問題，但實際上是關於北美的兩件事。抱歉，你們已經多次討論北美問題，但說實話，我還是不太清楚到底出了什麼問題。我知道你說過銷售額的成長沒有達到你的預期，但艾琳，坦白說，我認為你在一些更健康的餅乾品牌等方面做得非常出色，而且可能比該類別中的大多數其他競爭者都要好得多，所以這感覺並不像是有什麼問題。感覺是個好兆頭。所以我不知道——我知道你說過它沒有按照你想要的方式生長，但我真的不知道它出了什麼問題，例如為什麼它沒有按照你想要的方式生長？我們的數據顯示，億滋國際的促銷活動力道相當大，但可能無法達到你想要的效果。但或許您可以花一點時間談談您認為這個行業存在的核心問題所在。

Yes. First of all, I'm very, very pleased with many of the things that the North American team has done, and these are tough times. So as we said, there are many things going the right way, but we have a very unique set of advantages in that market. It starts with our DSD selling organization, but we have incredible, iconic brands and we had very, very significant marketing support. And with all of that, I would expect us to be able to outgrow the category. So part of the challenge in North America has been that the category has been under such -- under some pressure. We own that category and we need to figure out how to drive that category more aggressively. So I would say that's the biggest issue in North America is our Biscuit business. I do think that the work that Tim Cofer and the North American leadership team are focused on in the near term is exactly the right work, which is just blocking and tackling in terms of sales and marketing execution, making sure that we can capture the DSD opportunity and making sure that we land that pipeline, and then -- as well as the channel, extending the channel presence that we talked about. So they're focused on the right things. We just -- I'd like to see them happen faster because we have been outgrow -- had been outgrowing the category for quite some time and it's been a while since that's been the case. And so that's what I'm looking to happen, and I think we've got the assets to enable that.

是的。首先，我對北美隊所做的很多事情都非常非常滿意，而且現在是艱難時期。正如我們所說，很多事情都在朝著正確的方向發展，但我們在這個市場中擁有非常獨特的優勢。這一切都始於我們的DSD銷售組織，但我們擁有令人難以置信的標誌性品牌，我們得到了非常非常重要的行銷支援。綜上所述，我認為我們能夠超越這個類別。因此，北美面臨的部分挑戰是，該類別一直承受著巨大的壓力。我們擁有這個品類，我們需要思考如何更積極地推動這個品類的發展。所以我認為，北美最大的問題就是我們的餅乾事業。我認為蒂姆·科弗和北美領導團隊近期所關注的工作是正確的，那就是在銷售和市場營銷執行方面夯實基礎，確保我們能夠抓住直接送貨上門的機會，確保我們拿下銷售渠道，然後——以及渠道，擴展我們之前談到的渠道影響力。所以他們關注的事情是對的。我希望這些事情能更快發生，因為我們已經超越了這個類別很長一段時間了，這種情況已經很久沒有發生了。所以這就是我希望發生的事情，而且我認為我們擁有實現這一目標所需的資源。

And if I could do just one follow-up on this. You've mentioned the DSD muscle like many times on the call. When you say this phrase, can you talk a little bit about how it will manifest itself in-store? Is it you would expect larger shelf space for your brands? Or is it more about the display activity that takes place within the store due to the DSD team?

如果我能就此事再補充一點就好了。你在通話中多次提到了DSD肌肉。說到這句話，您能稍微談談它將如何在店內體現嗎？您是否希望您的品牌擁有更大的貨架空間？或者，這更多是指DSD團隊在店內進行的陳列活動？

It's both of those things, David. I mean, it starts with the fact that there will be some shelf space that will be vacated. One of the benefits of a DSD organization is that there's a broader assortment of inventory that is typically carried, and the opportunity now for us to get in some of our secondary brands, many of which actually have better velocity than some of the brands that were on the shelf is priority one. But there's also, because of the expandable consumption of Biscuits, the opportunity for us to get more product out on the floor is the other big opportunity. So it's -- actually, the focus will be on both of those things.

兩者都是，大衛。我的意思是，首先會空出一些貨架空間。DSD 組織的優勢之一是庫存種類通常更豐富，現在我們有機會引進一些二線品牌，其中許多品牌的周轉率實際上比一些貨架上的品牌要高，這是我們的首要任務。但同時，由於餅乾消費量的可擴展性，我們也有機會將更多的產品推向市場，這是另一個巨大的機會。所以實際上，重點將放在這兩件事上。

And our next question comes from David Palmer from RBC Capital.

下一個問題來自加拿大皇家銀行資本市場的戴維‧帕爾默。

Last quarter, you called out discounting, both retailer led, competitor led, I think especially in the U.S. and in the U.K. Could you describe how that environment is changing, perhaps, both on the competitive and retail or customer level versus last quarter?

上個季度，您提到了折扣促銷，包括零售商主導的折扣和競爭對手主導的折扣，我認為這種情況在美國和英國尤為突出。您能否描述一下，與上個季度相比，這種環境在競爭、零售或客戶層面發生了哪些變化？

We continue to see aggressive discounting in a number of places and those are the 2 biggest. The good news is, we are seeing -- in the U.K. in particular, we are starting to see our shares recover. And now, as I've said a number of times, the biggest opportunity is to redeploy some of that investment to more category-building spending. And what we're finding is, in cases where there's heavy promotional spending, it just simply does not grow the category. So we are still seeing here in the U.S. some aggressive promotional spending and still seeing it, to some extent, in the U.K. But I am hopeful that as we continue to come with strong innovation and a strong selling story that we can get the focus back on brand equity as well as putting products on the shelf that have strong velocities.

我們持續看到許多地方都在進行大幅折扣促銷，而這兩家是其中規模最大的。好消息是，我們看到——尤其是在英國——我們的股價開始回升。正如我多次說過的那樣，現在最大的機會是將部分投資重新部署到更多品類建設支出。我們發現，在促銷支出很大的情況下，品類卻沒有成長。因此，我們仍然在美國看到一些激進的促銷支出，在英國也在一定程度上看到了這種情況。但我希望，隨著我們不斷推出強而有力的創新和強有力的銷售故事，我們可以重新將重點放在品牌資產上，並將銷售速度快的產品上架。

And just a follow-up to that. There was a feeling that post Brexit in the U.K., the retailers have taken another -- more aggressive stance and that warfare was supposedly tapering off. Has that not ended as quickly as you would've hoped? And in the U.S. obviously, you're hearing a lot of talk about retailers taking a tougher stance against brands. Is that part of the changed environment that you've seen carry over into this quarter?

還有一點後續問題。人們感覺，英國脫歐後，零售商採取了另一種——更具侵略性的立場，而競爭似乎正在逐漸平息。這件事結束得沒有你想像的那麼快嗎？顯然，在美國，人們經常聽到零售商對品牌採取更強硬立場的討論。這是您在本季觀察到的環境變化的一部分嗎？

Well, Brexit is not over yet. So I would say everyone is still waiting to figure out what the actual rules will be and it -- there's no question, it will put some pressure on both the manufacturers and the retailers. And I think that's a piece of the uncertainty there. Here in the U.S., I think it is -- it continues to be a challenging promotional environment, but I think we've been able to weather the storm reasonably well. I mean, as I mentioned, our share -- our biscuit share has been flat. The challenge is that, that's not good enough. We think we can do much better than that.

嗯，英國脫歐還沒結束。所以我覺得大家都在等待最終規則出台，毫無疑問，這將給製造商和零售商都帶來一些壓力。我認為這正是造成不確定性的原因之一。在美國，我認為情況確實如此——推廣環境依然充滿挑戰，但我認為我們已經相當順利地度過了難關。我的意思是，正如我所提到的，我們的份額——我們的餅乾份額一直保持不變。問題在於，這還不夠好。我們認為我們能做得更好。

Which is better than it was, so we...

這比以前好多了，所以我們…

Yes, it's improved, but it's just not where we'd like to see it.

是的，情況有所改善，但還沒有達到我們希望看到的水平。

Our question comes from Steven Strycula from UBS.

我們的問題來自瑞銀集團的 Steven Strycula。

First question for Irene, and then I have a follow-up for Brian. Irene, when you first guided organic sales for the year on February 7, you commented at least 1% organic sales, and that was a few days before your key competitor communicated a DSD transition. So I guess my question is, since then, we've heard front-of-store initiatives from CVS and obviously, the DSD transition from a competitor. Are both of these dynamics baked into your current organic sales guidance for the year? And specifically, are you guys thinking about budgeting share gains in the back half year? I'm just trying to assess what kind of upside that we see relative to before or is there any kind of conservatism baked into the full-year analysis?

我先問艾琳一個問題，然後我還有一個後續問題想問布萊恩。艾琳，你在 2 月 7 日首次預測今年的有機銷售額時，曾表示有機銷售額至少會增長 1%，而就在幾天后，你的主要競爭對手宣布了 DSD 轉型計劃。所以我想問的是，從那以後，我們聽說了 CVS 的門市前部舉措，以及競爭對手的 DSD 轉型。這兩種因素是否都已納入您今年的自然銷售預期？具體來說，你們是否考慮將下半年的股票收益納入預算？我只是想評估一下與之前相比，我們能看到什麼樣的上漲空間，或者說，全年分析中是否包含某種保守因素？

Well, I would still say we feel very comfortable with the guidance that we've given, and the reality is, there are many moving pieces as we've shared with you today. So the -- we should pick-up share in the back half, as I've said, here in the U.S., but there are some offsets to that. And so we've got -- there'll be some puts and takes. We still feel very comfortable with our top line guidance of at least 1% and importantly, our bottom-line margin guidance. And in this environment, we think that's the most prudent planning step.

嗯，我仍然認為我們對我們提供的指導意見感到非常滿意，但現實情況是，正如我們今天與大家分享的那樣，有很多變數。所以——正如我之前所說，我們應該會在下半年在美國獲得市場份額，但這其中也存在一些抵消因素。所以，接下來會有一些買賣交易。我們仍然對至少 1% 的營收成長預期以及更重要的淨利潤率預期感到非常有信心。在這種環境下，我們認為這是最謹慎的規劃步驟。

Okay. And then, Brian, for full-year gross margins, is there a scenario where there should -- we should expect this to be up slightly positive for the year? And Irene, on e-commerce, you guys have -- growing 30% quite nicely. What are the puts and takes of that channel growing longer term? I mean, in terms of clearly getting access to new customer, but from a margin mix perspective, is there anything that maybe is an offset to the opportunity on the revenue front, whether it's unfavorable margin mix for reason XYZ?

好的。那麼，布萊恩，就全年毛利率而言，是否存在這樣一種情況：我們應該預期全年毛利率會略有增長？艾琳，關於電子商務，你們的成長非常不錯，達到了 30%。從長遠來看，該通路成長的利弊是什麼？我的意思是，就獲得新客戶而言，從利潤率組合的角度來看，是否存在任何可能抵消收入方面機會的因素，例如由於 XYZ 原因導致的不利利潤率組合？

Yes, in gross margins, Steve -- and I wouldn't get into providing an outlook for gross margins for the year. I think we feel good with the long-term trajectory. We think gross margins are going to get better. We've articulated that. I think there will be puts and takes and moving pieces quarter-to-quarter. But again, the trajectory, I think, will continue to see improving gross margins as we move towards our 17% to 18% commitment. And then, on e-commerce, just margins, in general, the gross margin line are slightly below as you think about e-commerce as a channel. But when you think about it in total, in terms of cash margins that we deliver, we don't necessarily have the same distribution costs associated with serving that channel. So in total, we can get to similar margins, and that's basically what we're seeing in the current e-commerce business. You want to...

是的，就毛利率而言，史蒂夫——我不會對今年的毛利率做出預測。我認為我們對長期發展軌跡感到滿意。我們認為毛利率將會提高。我們已經闡明了這一點。我認為每季都會有進退兩難的局面，各種因素也會跟著改變。但我認為，隨著我們朝著 17% 到 18% 的目標邁進，毛利率將繼續提高。然後，就電子商務而言，一般來說，毛利率會略低於你把電子商務視為管道時的毛利率。但從整體來看，就我們實現的現金利潤而言，我們服務該管道並不一定需要承擔相同的分銷成本。所以總的來說，我們可以獲得類似的利潤率，基本上就是我們目前在電子商務產業所看到的。你想要...

We also think we can address underserved occasions like gifting, for example, with many of our biscuit and chocolate items, for example. In the e-commerce channel that actually don't necessarily -- will not necessarily even appear in retail. So we -- our commitment, as we talk about the $1 billion business that we are targeting by 2020, our expectation is that, that will have margins that are as good, if not better, than our -- than the rest of our portfolio.

我們也認為，我們可以利用我們的許多餅乾和巧克力產品來滿足一些服務不足的場合，例如送禮。在電子商務管道中，這些商品實際上不一定會——甚至不一定會出現在零售店中。因此，我們——我們的承諾，正如我們談到我們到 2020 年要實現的 10 億美元業務目標時所期望的那樣，我們的預期是，它的利潤率即使不能比我們其他業務的利潤率更好，也至少會和我們其他業務的利潤率一樣好。

And ladies and gentlemen, we have reached our allotted time for today. We ask that you may disconnect your lines, and thank you for participating.

女士們、先生們，我們今天的時間已經到了。請您斷開線路，感謝您的參與。