Marzetti Co (MZTI) 2025 Q3 法說會逐字稿

(audio in progress) Good morning. My name is Cathy, and I'll be your conference call facilitator today. At this time, I would like to welcome everyone in the Lancaster Colony Corporation fiscal year 2025 quarter conference call. Conducting today's call will be Dave Ciesinski, President and CEO, and Tom Pigott, CFO.

（音頻進行中）早安。我叫凱西，今天我將擔任您的電話會議主持人。現在，我歡迎大家參加蘭開斯特殖民地公司 2025 財年季度電話會議。主持今天電話會議的將是總裁兼執行長 Dave Ciesinski 和財務長 Tom Pigott。

All lines have been placed on mute to prevent any background noise. After the speakers have completed their prepared remarks, there will be a question-and-answer period. (Operator Instructions)

所有線路均已靜音，以防止任何背景噪音。發言者完成準備好的發言後，將進入問答環節。（操作員指示）

Thank you. And now to begin the conference call, here is Dale Galobsik, Vice President of Corporate Finance and Investor Relations for Lancaster Colony Corporation. Please go ahead.

謝謝。現在開始電話會議，主持人是蘭開斯特殖民地公司財務和投資者關係副總裁戴爾·加洛布西克 (Dale Galobsik)。請繼續。

Good morning, everyone, and thank you for joining us today for Lancaster Colony's fiscal year 2025 third quarter conference call. Our discussion this morning may include forward-looking statements which are subject to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995.

大家早安，感謝您今天參加蘭開斯特殖民地 2025 財年第三季電話會議。我們今天早上的討論可能包括前瞻性陳述，這些陳述受 1995 年私人證券訴訟改革法案的安全港條款約束。

These statements are subject to a number of risks and uncertainties that could cause actual results to differ materially, and the company undertakes no obligation to update these statements based upon subsequent events.

這些聲明受到許多風險和不確定因素的影響，可能導致實際結果大不相同，並且公司不承擔根據後續事件更新這些聲明的義務。

A detailed discussion of these risks and uncertainties is contained in the company's filings with the SEC. Also note that the auto replay of this call will be archived and available at our company's website, lancastercolony.com later this afternoon.

有關這些風險和不確定性的詳細討論包含在公司向美國證券交易委員會提交的文件中。另請注意，本次通話的自動重播將被存檔並於今天下午晚些時候在我們公司的網站 lancastercolony.com 上提供。

For today's call, Dave Ciesinski, our President and CEO, will begin with the business update highlights for the quarter. Tom Pigott, our CFO, will then provide an overview with the financial results. They will then share some comments regarding our current strategy and outlook. At the conclusion of our prepared remarks, we'll be happy to respond to any of your questions.

在今天的電話會議上，我們的總裁兼執行長 Dave Ciesinski 將首先介紹本季的業務更新亮點。我們的財務長湯姆·皮戈特 (Tom Pigott) 將概述財務結果。然後他們會分享一些關於我們當前策略和前景的評論。在我們準備好的演講結束時，我們將很樂意回答您的任何問題。

Once again, we appreciate your participation this morning. I'll now turn the call over to Lancaster Colony's President and CEO, Dave Ciesinski. Dave?

我們再次感謝您今天上午的參與。現在我將把電話轉給蘭開斯特殖民地總裁兼執行長戴夫·西辛斯基。戴夫？

Thanks, Dale, and good morning, everyone. It's a pleasure to be here with you today as we review our third quarter results for fiscal year 2025.

謝謝，戴爾，大家早安。我很高興今天能和大家一起回顧 2025 財年第三季的業績。

In our fiscal third quarter, which ended March 31, consolidated net sales declined 2.9% to $458 million. Despite the lower sales, we are pleased to report. Third quarter records for both gross profit, which reached $106 million and operating income, which grew to $50 million.

在截至 3 月 31 日的第三財季，綜合淨銷售額下降 2.9% 至 4.58 億美元。儘管銷量較低，但我們仍很高興地報告。第三季毛利和營業收入均創歷史新高，分別達到 1.06 億美元和 5,000 萬美元。

In our retail segment, net sales decreased 2.6%. Excluding the perimeter of the store bakery lines we exited in March of 2024, retail sales decreased 0.7%. This decline also reflects the shift of some sales into our fiscal fourth quarter due to the later Easter holiday, along with the more challenging consumer environment that resulted in softer demand.

在我們的零售部門，淨銷售額下降了 2.6%。不包括我們於 2024 年 3 月退出的門市烘焙生產線週邊地區，零售額下降了 0.7%。這一下降也反映了由於復活節假期較晚，部分銷售額轉移到了第四財季，以及更具挑戰性的消費環境導致需求疲軟。

Despite these headwinds, our retail segments licensing program remains a source of growth in the quarter as we began shipping Chick-fil-A sauce into the club channel and our Texas Roadhouse dinner rolls continue to perform very well.

儘管面臨這些不利因素，我們的零售部門許可計劃仍然是本季度的成長來源，因為我們開始將 Chick-fil-A 醬運送到俱樂部管道，我們的 Texas Roadhouse 晚餐卷繼續表現良好。

Net sales for our category leading New York bakery frozen garlic bread products also grew in the period. So kind of scanner data for the quarter ending March 31, showed solid performance for several of our licensed items and our core brands.

我們領先的紐約麵包店冷凍大蒜麵包產品的淨銷售額在此期間也有所增長。截至 3 月 31 日的季度掃描數據顯示，我們的幾款授權產品和核心品牌表現穩健。

In the frozen dinner roll category, our own Sister Schubert's brand and our licensed Texas Roadhouse brand combined to grow 11.6%, resulting in a market share increase of 520 basis points to a category leading 60.9%. In the frozen garlic bread category, our New York bakery brand grew sale 6.8% adding 180 basis points of market share for a category leading share of 43.9%.

在冷凍晚餐卷類別中，我們自己的 Sister Schubert 品牌和我們授權的 Texas Roadhouse 品牌合併增長了 11.6%，市佔率增加了 520 個基點，達到 60.9%。在冷凍蒜蓉麵包類別中，我們的紐約烘焙品牌銷售額成長了 6.8%，市佔率增加了 180 個基點，達到 43.9% 的類別領先份額。

In the produce dressing category, sales of Chick-fil-A dressings grew 4%. When combined with our Marzetti brand dressings, our share totaled a category leading 27.2%. In the shelf stable sauces and condiments category, sales of Chick-fil-A sauces grew 2.3% while Buffalo Wild Wings sauces gained 1.2%. Both sauces picked up market share as sales for the entire category grew only 10 basis points.

在農產品調味品類別中，Chick-fil-A調味料的銷售量成長了4%。與我們的 Marzetti 品牌調味品相結合，我們的市佔率達到 27.2%，處於同類產品領先地位。在貨架穩定醬料和調味品類別中，Chick-fil-A 醬料的銷量增長了 2.3%，而 Buffalo Wild Wings 醬料的銷量增長了 1.2%。儘管整個類別的銷售額僅增長了 10 個基點，但兩種醬料的市佔率均有所上升。

In the food service segment, net sales declined 3.2%, driven by weather and industry-wide declines in restaurant traffic, and the impact of menu changes as some customers shifted to value offerings.

在餐飲服務領域，淨銷售額下降 3.2%，原因是天氣和全行業餐廳客流量下降，以及一些顧客轉向高價值產品導致菜單變化的影響。

Finally, we are pleased to report record third quarter gross profit of $106 million. When compared to last year's third quarter, gross profit margin improved 90 basis points to 23.1%. Our focus on supply chain productivity, value engineering, and revenue management all remain core elements to further improve our margins and financial performance.

最後，我們很高興地報告第三季毛利創紀錄達到 1.06 億美元。與去年第三季相比，毛利率提高了90個基點，達到23.1%。我們對供應鏈生產力、價值工程和收入管理的關注仍然是進一步提高利潤率和財務績效的核心要素。

I'll now turn the call over to Tom Pigott, our CFO, for his commentary on our third quarter results.

現在我將把電話轉給我們的財務長湯姆‧皮戈特 (Tom Pigott)，請他對我們第三季的業績發表評論。

Thanks, Dave. Overall, the company drove gross margin and operating income growth, despite the topline decline through strong execution on the fundamentals. Third quarter consolidated net sales decreased by 2.9% to $457.8 million, breaking down the revenue performance, lower core volume and product mix drove a 250 basis point decline.

謝謝，戴夫。總體而言，儘管營業收入有所下滑，但公司憑藉強勁的基本面執行力推動了毛利率和營業收入的成長。第三季綜合淨銷售額下降 2.9% 至 4.578 億美元，細分收入表現，核心銷售和產品組合下降導致 250 個基點的下降。

Net pricing was created by approximately 20 basis points. Last year's exit of the perimeter of the store, bakery product lines accounted for 100 basis points of the decline. In addition, the company reported $2.1 million in sales or 40 basis points of growth that resulted from a temporary supply agreement with Windland Foods, the seller of the Atlanta-based manufacturing facility that we acquired in mid-February.

淨定價約20個基點。去年退出週邊門市的烘焙產品線佔了下降的100個基點。此外，該公司報告的銷售額為 210 萬美元，成長了 40 個基點，這得益於與 Windland Foods 達成的臨時供應協議，Windland Foods 是我們在 2 月中旬收購的亞特蘭大製造工廠的賣方。

We entered into this agreement to facilitate the closing of the transaction. These temporary and non-core sales are expected to end by March of 2026. Consolidated gross profit increased by $1.5 million or 1.4% versus the prior year quarter to $106 million and gross margin expanded by 90 basis points.

我們簽訂本協議是為了促進交易的完成。這些臨時和非核心銷售預計將於 2026 年 3 月結束。綜合毛利較去年同期增加 150 萬美元（1.4%），達到 1.06 億美元，毛利率擴大 90 個基點。

The gross profit growth was driven by our cost savings initiatives, favorable pricing data commodities as the company held pricing by commodity costs modestly declined and the impact of last year's write down resulting from the product line exits.

毛利的成長得益於我們的成本節約措施、有利的定價數據商品（因為公司透過商品成本適度下降來維持定價）以及去年因產品線退出而導致的減記的影響。

These favorable items offset the impact of the revenue declines as well as the startup manufacturing costs at the Atlanta facility. Selling general and administrative expenses decreased by $1.1 million or 2%. The decline reflects reduced compensation and benefit expenditures, some of which is timing related, and lower expenditures for project ascent.

這些有利因素抵消了收入下降以及亞特蘭大工廠啟動製造成本的影響。銷售一般及行政費用減少 110 萬美元，即 2%。下降反映了薪酬和福利支出的減少（其中一些與時間有關）以及項目上升支出的降低。

These favor buildings were partially offset by $1.7 million of integration costs related to the acquisition of the Atlanta facility. These costs are primarily comprised of legal and professional fees. Consolidated operating income increased $14.7 million to 41.9%. In the prior year quarter, the company recorded $14.7 million of primarily non-cash expenses as a result of the product line exits.

這些優質建築的部分價值被與收購亞特蘭大工廠相關的 170 萬美元整合成本所抵消。這些費用主要包括法律費用和專業費用。綜合營業收入增加 1,470 萬美元，增幅達 41.9%。去年同期，由於產品線退出，該公司主要記錄了 1,470 萬美元的非現金支出。

$12.1 million was recorded in restructuring and impairment and $2.6 million was recorded as an inventory write down and cost of goods sold. In the current year quarter, the company reported $1.7 million of integration costs related to the Atlanta facility acquisition. Excluding these items, operating income growth was driven by the lower C&A cost and the gross margin improvement.

1210 萬美元被記錄為重組和減值，260 萬美元被記錄為存貨減值和銷售成本。本季度，該公司報告與亞特蘭大工廠收購相關的整合成本為 170 萬美元。除這些項目外，營業收入成長是由C&A成本的降低和毛利率的提高所推動的。

Our tax rate for the quarter was 20.7% versus 23.2% in the prior year quarter. We estimate our tax rate for the remainder of the fiscal '25 to be 22%. Third quarter diluted earnings per share increased $0.46 or 44.7% to $1.49. Incremental SG&A expenses attributed to the integration of the Atlanta facility reduced EPS by $0.05 in the current year quarter.

本季我們的稅率為 20.7%，而去年同期為 23.2%。我們預計 25 財年剩餘時間的稅率為 22%。第三季攤薄每股收益增加0.46美元，增幅44.7%，至1.49美元。亞特蘭大工廠整合導致的銷售、一般及行政費用增加，導致本季每股收益減少0.05美元。

Last year's restructuring and impairment costs along with the inventory write down reduced EPS by $0.41 per share. The remaining EPS growth was driven by the underlying performance of the business as well as the lower tax rate. With regard to capital expenditures, our payments for property additions totaled $43.7 million for the year-to-date period.

去年的重組和減損成本以及庫存減記導致每股收益減少 0.41 美元。剩餘的每股盈餘成長是由業務的基本表現以及較低的稅率所推動的。在資本支出方面，今年迄今為止，我們為增加財產而支付的款項總額為 4,370 萬美元。

For fiscal 25, we are forecasting total capital expenditures of $65 million. We continue to invest in both cost saving projects and other manufacturing improvements, including the newly acquired Atlanta-based manufacturing facility.

對於 25 財年，我們預測總資本支出為 6,500 萬美元。我們繼續投資於成本節約項目和其他製造改進，包括新收購的亞特蘭大製造工廠。

In addition to investing in our business, we also return funds to shareholders. Our quarterly cash dividend of $0.95 per share paid on March 31, represented a 6% increase from the prior year's amount. Our enduring streak of annual dividend increases stands at 62 years.

除了投資我們的業務之外，我們還向股東返還資金。我們在 3 月 31 日支付的季度現金股利為每股 0.95 美元，比前一年增加了 6%。我們的年度股利連續增加已達 62 年。

Our financial position remains strong with the debt-free balance sheet and $124.6 million in cash. The decline in this balance reflects the $78.8 million deployed to acquire the Atlanta-based manufacturing facility.

我們的財務狀況依然強勁，資產負債表上沒有債務，且擁有 1.246 億美元現金。這一餘額的下降反映了用於收購亞特蘭大製造廠的 7,880 萬美元。

So to wrap up my commentary, our third quarter results demonstrate strong execution across a number of areas in a more difficult operating environment. In addition, we continue to make investments to support further growth in cost savings. I'll now turn it back over to Dave for his closing remarks. Thank you.

總結一下我的評論，我們的第三季業績表明，在更困難的營運環境下，我們在多個領域都表現出強勁的執行力。此外，我們將繼續進行投資以支持成本節約的進一步成長。現在我將把發言權交還給戴夫，請他作最後發言。謝謝。

Thanks, Tom. As we look ahead, Lancaster Colony will continue to leverage the combined strength of our team, our operating strategy, and our balance sheet in support of the three simple pillars of our growth plan to want to accelerate core business growth, two, simplify our supply chain to reduce our cost, and grow our margins, and three, to expand our core with Focused M&A and strategic license.

謝謝，湯姆。展望未來，蘭開斯特殖民地將繼續利用我們團隊的綜合實力、我們的營運策略和我們的資產負債表來支持我們成長計畫的三大支柱，以加速核心業務成長，二是簡化我們的供應鏈以降低成本並提高利潤率，三是透過重點併購和策略許可來擴大我們的核心業務。

Looking ahead to our fiscal quarter, we anticipate some ongoing challenges with the consumer environment, but we are positioned to respond. In the retail segment, we will focus on innovation and incremental distribution of relevant new items.

展望本財季，我們預期消費環境仍將面臨一些挑戰，但我們已準備好應對。在零售領域，我們將專注於相關新商品的創新和增量分銷。

In the food service segment, our award-winning culinary team will continue to partner with our customers to support their growth through collaboration on new menu items and other opportunities. We project that our retail segment sales will benefit from our licensing program, including expanding distribution for the recently introduced Texas Roadhouse dinner rolls and the extension of Chick-fil-A sauce into the club channel.

在餐飲服務領域，我們屢獲殊榮的烹飪團隊將繼續與我們的客戶合作，透過合作開發新菜單和其他機會來支持他們的成長。我們預計，我們的零售部門銷售將受益於我們的許可計劃，包括擴大最近推出的 Texas Roadhouse 晚餐卷的分銷以及將 Chick-fil-A 醬料擴展到俱樂部渠道。

In the food service segment, we anticipate continued growth from select customers to our mix of national chain restaurant accounts. With respect to our input cost in aggregate, we do not anticipate significant impacts from commodity cost inflation or deflation in the coming quarter.

在食品服務領域，我們預計從精選客戶到我們的全國連鎖餐廳帳戶組合將繼續成長。就我們的整體投入成本而言，我們預計下一季商品成本通膨或通貨緊縮不會產生重大影響。

I would now like to comment on a couple of strategic matters for our business. First, you may have noticed as part of our 10 Filing this morning, that we announced the planned closure of our sauce and dressing facility in Milpitas, California, as part of an ongoing initiative to better optimize our manufacturing network, I can assure you this was a very difficult decision as it impacts 78 of our employees.

現在我想就我們業務的幾個策略問題發表評論。首先，您可能已經注意到，作為我們今天上午 10 份文件的一部分，我們宣布計劃關閉位於加利福尼亞州米爾皮塔斯的醬料和調味料工廠，作為更好地優化製造網絡的持續舉措的一部分，我可以向您保證，這是一個非常艱難的決定，因為它影響到我們的 78 名員工。

I extend my most sincere thanks to all of them for their dedication and commitment to our business during their time with us. Second, we completed the acquisition of the Atlanta-based sauce and dressing facility in mid-February. Strategically, this plant represents a significant addition to our manufacturing network, and I believe we're off to a great start from an integration and operation standpoint.

我向他們所有人致以最誠摯的謝意，感謝他們在我們任職期間對我們業務的奉獻和投入。其次，我們在二月中旬完成了位於亞特蘭大的醬料和調味品工廠的收購。從戰略上講，這家工廠對我們的製造網路來說是一個重要的補充，我相信從整合和營運的角度來看，我們已經有了一個好的開始。

Through the execution of these two strategic items, we believe our supply chain is better positioned to cost effectively support the growth of our key customers for years to come. Specific to the acquisition, I would like to thank all of the members of our supply chain R&D, HR, and IT teams that worked tirelessly during the acquisition integration phase that began with the transaction signing in mid-November and continued through the startup of production in mid-March.

透過執行這兩項策略項目，我們相信我們的供應鏈將能夠更好地在未來幾年以經濟有效的方式支持我們主要客戶的成長。具體到此次收購，我要感謝我們供應鏈研發、人力資源和 IT 團隊的所有成員，他們在收購整合階段不知疲倦地工作，從 11 月中旬簽署交易開始，一直持續到 3 月中旬開始生產。

The execution process for both the integration and production startup was exceptional, thanks to the team's thoughtful planning and tremendous leadership. In addition, I would like to welcome the plant's employees that have joined our Marzetti team. These new teammates have impressed me with their enthusiasm, team first attitude, and strong work ethic. They have demonstrated a firm commitment to the continued growth and future success of our business. I look forward to working with them in the years to come.

由於團隊的周到規劃和卓越領導，整合和生產啟動的執行過程都非常出色。此外，我還要歡迎工廠的員工加入我們的 Marzetti 團隊。這些新隊友的熱情、團隊第一的態度和強烈的職業道德給我留下了深刻的印象。他們表現出對我們業務持續成長和未來成功的堅定承諾。我期待在未來的幾年裡與他們合作。

Finally, I would like to take a moment to welcome Tanya Berman as the new President of our retail business. Tanya is a strong addition to our executive leadership team and a great fit to lead our retail business. Her background includes 25 years of general management and marketing with a proven record of driving growth across many categories in the food and consumer packaged goods industries.

最後，我想花點時間歡迎 Tanya Berman 擔任我們零售業務的新總裁。Tanya 是我們執行領導團隊的強大補充，非常適合領導我們的零售業務。她擁有 25 年的綜合管理和行銷經驗，在推動食品和消費包裝商品行業多個類別的成長方面有著良好的記錄。

Most recently, she served as Senior Vice President at Monddale's leading their US portfolio of cookie and cracker brands. Previously, she held leadership roles at Mars Wrigley, Buyer Consumer, Care, and Johnson & Johnson Consumer Products.

最近，她擔任 Monddale 的高級副總裁，領導該公司在美國的餅乾和薄脆餅乾品牌組合。此前，她曾在瑪氏箭牌、Buyer Consumer、Care 和強生消費品公司擔任領導職務。

Based on Tanya's tremendous experience with iconic brands, I'm very confident in her ability to innovate, market, and grow our brands as we continue to deliver on our company's growth strategy.

基於 Tanya 在標誌性品牌方面的豐富經驗，我對她在我們繼續實現公司成長策略的過程中創新、行銷和發展我們品牌的能力非常有信心。

This concludes our prepared remarks for today, and we'd be happy to answer any questions you may have. Operator?

今天的準備演講到此結束，我們很樂意回答您的任何問題。操作員？

Thank you. (Operator Instructions) Jim Salera with Stephens.

謝謝。（操作員指示）吉姆·薩萊拉 (Jim Salera) 和史蒂芬斯 (Stephens)。

It is, it's good morning. Thanks for taking that question. All right. I wanted to maybe start by just asking on the food service side of the business. Obviously, well documented kind of consumer slowdown, especially across QSR with kind of consumer uncertainty this year. How should we think about your ability to collaborate with your food service partners on the demand generation side? Is there anything we can do to have maybe a little bit more contribution on supporting traffic, or do we really just need to wait for industry traffic to improve to see the food service piece of the business kind of get back to normal growth?

是的，早安。感謝您回答這個問題。好的。我想先從餐飲服務的問題開始詢問。顯然，有充分的證據表明，今年消費者的消費行為正在放緩，尤其是在速食店，消費者的消費行為存在不確定性。我們應該如何看待您在需求產生方面與食品服務合作夥伴合作的能力？我們是否可以做些什麼來為支援流量做出更多貢獻，或者我們是否真的只需要等待行業流量改善才能看到食品服務業務恢復正常成長？

Yeah, so Jim, maybe I'll start by commenting on Q3, and then we'll sort of pivot talk about the outlook. If you pull apart Q3's volume, there are several drivers that were underlying the results. The first was weather, which I think is pretty well documented, as you've heard. Other peer companies or concept operators come out with their results and just maybe to elaborate on that for you, we had a several of our big customers that had stores closed for upwards of a week and on that, the outside 10 days, believe it or not, because of weather. So January was materially impacted by that. More broadly, we are seeing a diminution in traffic.

是的，吉姆，也許我會先評論一下第三季度，然後我們會重點討論前景。如果仔細分析第三季的銷量，就會發現有幾個因素導致了這個結果。首先是天氣，正如你所聽到的，我認為這是有據可查的。其他同行公司或概念運營商都公佈了他們的業績，我只是想向你詳細說明一下，我們有幾家大客戶的商店關閉了一周多的時間，信不信由你，這都是因為天氣原因，外面有十天。因此一月份受到了重大影響。更廣泛地說，我們看到流量正在減少。

That's one that we're watching carefully. It was slow through January due to weather and in February, what I would point to though is in March, it looked like it was modestly better as we looked at the NPD crest, the other contributor, and this is a little bit unique to us is that we had several of our concept operators we were working with on sauce programs that pivoted their menus to focus on value in the period.

我們正在密切關注這一情況。由於天氣原因，一月份的銷售一直很慢，但我想指出的是，三月份的情況似乎略有好轉，因為我們看到了另一個因素——新產品開發峰值，這對我們來說有點獨特，因為我們與幾位概念運營商合作開發醬料項目，他們調整菜單以關注這一時期的價值。

So you put it all together, it gets you into that sort of zone as we look forward, our outlook is that, unless something materially changes up or down in the economy, we're still looking at a food service volume outlook that is probably down in the low-single digits, low-single digits. Having said that, we see the ability to get price in there because of big inflation. So our view is it's going to remain soft. We're probably going to be doing better than most of our peers, but we're not looking for a material change there.

所以，把所有這些綜合起來，我們就會進入這樣的一個區域，展望未來，我們的前景是，除非經濟出現實質性的上升或下降，否則我們仍然會看到食品服務量前景可能下降到低個位數，低個位數。話雖如此，我們看到由於通貨膨脹率較高，價格仍有上漲的能力。因此我們認為它將保持疲軟。我們可能會比大多數同行做得更好，但我們並不期望有實質的改變。

Okay, that that's helpful. And then just thinking, over on the retail side, if we look at, kind of the puts and takes with the Chick-fil-A soft distribution and club and the increased distribution the Texas Roadhouse roles, how should we balance that against maybe just some core softness again, more broad based with the consumer and do those -- are those distribution gains enough to kind of more than offset what we see in consumer softness you kind of expect to wash from those too?

好的，這很有幫助。然後想想，在零售方面，如果我們看一下 Chick-fil-A 的軟分銷和俱樂部以及 Texas Roadhouse 角色的分銷增加的利弊，我們應該如何平衡這些與可能只是一些核心的疲軟，更廣泛的消費者基礎，這些分銷收益是否足以抵消我們在消費者疲軟方面看到的損失，您是否也希望從中洗掉這些損失？

No, we believe so. So again, if you pull part 23 out, if you allow me, I'll do the same thing. Let's maybe start with that volume, and if you look at, I think our reported volume was down 2.6% or 2.2%, and then you pull out flat out and Angelic, which we exited a year ago at this time, that takes us down about 90 basis points on volume.

不，我們相信如此。所以再說一次，如果你把第 23 部分拿出來，如果你允許我，我會做同樣的事情。讓我們從交易量開始吧，如果你看一下，我認為我們的報告交易量下降了 2.6% 或 2.2%，然後你再看看 Angelic（我們一年前退出的），這導致我們的交易量下降了約 90 個基點。

And then you adjust for Easter and some other trade moves that we've made there. Our business we believe would be growing on volume. If you look at revenue, sort of the same thing holds because we weren't getting much pricing. If you go in and you look at consumption in the period consume sales, our business was actually up 2.2%. In the excuse me, 2% ex-Angelic and flat out the period and our pounds are up actually 50 basis points, and that's slapping Easter in the period. So our view on our retail business, again, not withstanding a material change.

然後根據復活節和我們在那裡進行的一些其他貿易舉措進行調整。我們相信我們的業務量將會不斷成長。如果你看一下收入，你會發現同樣的情況，因為我們沒有獲得太多的定價。如果你看一下該期間的消費量和銷售額，你會發現我們的業務實際上成長了 2.2%。對不起，在這個期間，英鎊上漲了 2%，而我們的英鎊實際上上漲了 50 個基點，這是在復活節期間上漲的。因此，我們對零售業務的看法不會有重大變化。

Things inflect down or inflect up, but if things kind of stay the course, we say line of sight to low-single digit volumetric growth on volume and on revenue, and the way that we expect to get there is, as you pointed out contribution on new items, now we have some pipeline built in the period on Chick-fil-A, but we didn't really have any sales in the period on Chick-fil-A Club through consumption and then Texas Roadhouse. Now Texas Roadhouse just recently is expanding into general retail and it's not really going to be until our next fiscal year that we begin to ship that to all outlets. If you sort of pull apart other elements of the business, I think there's some high points there that may be worth mentioning. We continue to grow our Texas toast business.

情況可能會下降或上升，但如果情況保持這種趨勢，我們認為銷量和收入將實現低個位數增長，而我們預計實現這一目標的方式，正如您所指出的，是新項目的貢獻，現在我們在 Chick-fil-A 期間建立了一些渠道，但在此期間，我們並沒有通過消費和 Texas Roadhouse 在 Chick-fil-A Club 上實現任何銷售。目前，Texas Roadhouse 才剛開始向綜合零售業擴張，實際上要到下一個財年我們才會開始將產品運送到所有門市。如果你將業務的其他要素分開來看，我認為其中有一些亮點值得一提。我們繼續發展德州吐司業務。

We grew share and we grew volume in the period. It's performing quite well both on toast and on our breadsticks and on sweet Sister Schubert's sort of hard to look at just because Easter pretty significantly impacts that item in the period. But not withstanding Easter, we believe that business continues to be well positioned. Maybe as a proof point we actually grew share on that item in the period as well. As you move down to our own brands, Marzetti Classics continues to be strong.

在此期間，我們的市場份額和銷量都有所增加。無論是在吐司麵包、麵包棒還是甜點舒伯特姐妹上，它的表現都相當不錯，只是因為復活節期間對該產品的影響相當大，所以很難看。但儘管復活節來臨，我們相信業務仍將保持良好狀態。也許可以作為一個證明點，我們在此期間實際上也增加了該產品的份額。當您轉向我們自己的品牌時，Marzetti Classics 仍然保持強勁勢頭。

It was improving. Are simply as a bit of a soft point and then our license program in general, Chick-fil-A was up, Buffalo Wild Wings was up, Olive Garden was down, but we're laughing a lot of support in the same time last year, so you put it all together, you allow me to kind of bring it up. Our view is on a volumetric basis, little soften food service, room to grow and retail, volume kind of sets up because of those offsets, probably flattish on a consolidated basis with our revenue being up in the low single-digit range as we go forward.

情況正在好轉。這只是一點軟肋，然後我們的許可計劃總體來說，Chick-fil-A 上漲了，Buffalo Wild Wings 上漲了，Olive Garden 下跌了，但我們在去年同一時間獲得了很多支持，所以你把它們放在一起，你允許我提起它。我們的觀點是，從數量上看，食品服務略有疲軟，有成長空間，零售量由於這些抵消而有所增加，在合併基礎上可能持平，而我們的收入在未來可能會在個位數低位增長。

Great, I appreciate. All the call today. Very helpful.

太好了，我很感激。今天全部打電話。非常有幫助。

Absolutely.

絕對地。

Thank you. Yeah.

謝謝。是的。

Scott Marks with Jefferies.

傑富瑞 (Jefferies) 的斯科特馬克斯 (Scott Marks)。

Hey, good morning, guys, thanks so much for taking our questions here. First question, I guess, as I look at the retail business performance and I kind of break down across the different platforms, it looks like most of the, I guess, weakness in the segment or where maybe. And below expectations was on the refrigerated dressings and dips side, whereas, frozen breads and shelf stables seem to have held up pretty well. So wondering if you can just kind of speak to that weakness and kind of help us understand what's going on with that part of the business?

嘿，大家早安，非常感謝你們在這裡回答我們的問題。我想，第一個問題是，當我觀察零售業務表現，並對不同平台進行細分時，我發現大部分弱點都存在於該細分市場或某個地方。冷藏調味品和蘸醬的銷售量低於預期，而冷凍麵包和貨架食品的銷售似乎保持得相當好。所以想知道您是否可以談談這個弱點並幫助我們了解該部分業務的情況？

Yeah, it's a great question, and I would say that was significantly impacted by the timing of Easter. If you look at that, we get a seasonal bump. Don't have to restate the calendar, but you remember last year's Easter was on March 31, so all of those shipments and the consumption would have been in the third quarter this year Easter switched to April 20, and it resulted in a drag on bolt. When you look at the cons, I'm assuming that you're looking at consumption data inside of there. If you pull those apart now that sort of macro adjustment notwithstanding, I would tell you that our classics continues to be strong. We're picking up share Chick-fil-A dressing and refrigerated continues to be strong. It's growing share also are simply dressed as a platform continues to need work. Maybe the only other thing that I would mention is that if you look at the category, that category was down about three points in the corner, which is softer than it had been.

是的，這是一個很好的問題，我想說的是，這個問題受到復活節時間的顯著影響。如果你看一下，你會發現我們得到了季節性的成長。不必重述日曆，但您記得去年的復活節是在 3 月 31 日，因此所有這些出貨量和消費都會在第三季度進行，而今年的復活節則改為 4 月 20 日，這導致了螺栓的拖累。當您查看缺點時，我假設您正在查看其中的消費數據。如果你現在把這些分開來看，儘管有那種宏觀調整，我會告訴你，我們的經典作品仍然很強勁。我們正在搶佔 Chick-fil-A 調味品的市場份額，冷藏食品的銷售持續走強。它的份額不斷增長，但作為一個平台，它仍然需要努力。也許我唯一想提到的另一件事是，如果你看一下類別，你會發現該類別在角落處下降了約三個百分點，比以前要弱一些。

Some with Easter and some might be just sort of a broader consumer ship.

有些與復活節有關，有些可能只是更廣泛的消費者群體。

Understood.

明白了。

Thank you for that. And next question for me would be just around kind of the promotional environment at retail, I think we've heard from some other.

謝謝你。我的下一個問題是關於零售業的促銷環境，我想我們已經聽過其他人的問題。

Before I jump to that, if I may one thing that may be worth mentioning, I talked dressings on dips. We did implement a material down weighting of dips in the prior year which we're laughing. So if you're looking at the pounds in there in particular, you're going to see something that overstates what's happening on in terms of units. So again it's Easter timing, but the one unique nuance on that was the down weighting that we did to get some price realization that we're continuing to cycle.

在我開始談論這個話題之前，如果有一件事值得一提的話，那就是我談論了蘸醬的調味料。我們確實在前一年實施了實質的下調加權措施，對此我們感到很高興。因此，如果你特別注意其中的磅數，你會看到一些誇大了單位方面發生的事情。所以再次到了復活節的時間，但其中一個獨特的細微差別是我們進行了下調加權，以實現我們將繼續循環的價格。

So back to trade, finish your question please.

那麼回到貿易話題，請完成你的問題。

Yeah. Sure. Thanks for that. Yeah, just in terms of what we're seeing on the promotional environment, I think we've heard from some larger peers of yours about retail performance and maybe the need to invest a little bit more in pricing in some of their brands and categories, wondering what you see from your perspective?

是的。當然。謝謝。是的，就我們所看到的促銷環境而言，我想我們已經從一些較大的同行那裡聽說了零售業績，以及可能需要在某些品牌和類別的定價上投入更多一些，想知道您從您的角度看到了什麼？

So it's a great question. If you remember last year in our Q3, Q4, we took our trade rate up, which elevated our year against year fiscal year 2025 versus 2024 trade rate. We made the decision going into fiscal year 2025 that what we wanted to do was sort of level load that trade. So we took the incremental increase that we had in Q3 and Q4 as we went into this fiscal year and we split that evenly across all four quarters.

這是一個很好的問題。如果您還記得，去年第三季度和第四季度，我們提高了貿易率，這使得 2025 財年與 2024 財年的貿易率同比有所提高。在進入 2025 財年時，我們決定要平衡貿易負荷。因此，我們採用了進入本財年第三季和第四季的增量成長，並將其平均分配到所有四個季度。

As a result, our trade rate was modestly up in Q1 and Q2 and it was modestly down in Q3 and is planned to be modestly down in Q4. We -- as we look at our categories, Scott, we don't think that we have a pricing problem right now. And as we pulled apart where we spent, there were some areas where we felt like we got really strong performance quality support from our retailers and others where we felt like it just wasn't worth the investment.

因此，我們的貿易率在第一季和第二季小幅上升，在第三季小幅下降，並計劃在第四季小幅下降。斯科特，當我們審視我們的類別時，我們認為我們現在沒有定價問題。當我們分析投資領域時，我們發現在某些領域，零售商提供了非常強大的性能品質支持，但在其他領域，我們覺得不值得投資。

And if you look at that, you can see some of that leverage in our consumption data where you can see actually our consume sales were up more than our pounds. And if you look at it, we call it either a sweat up where you're getting leverage between your gross sales and your net sales or sweat down where you're losing leverage because of trade. We've chosen at least at this point to be a little bit more careful on trade just because even in this environment, we just don't think that we're getting a financial return on it.

如果你看一下，你會在我們的消費數據中看到一些槓桿作用，實際上我們的消費銷售額成長超過了英鎊的成長。如果你看一下，我們會發現，要么稱之為“上升趨勢”，即你的總銷售額和淨銷售額之間獲得了槓桿，要么稱之為“下降趨勢”，即你由於貿易而失去了槓桿。至少在目前這個階段，我們選擇在貿易上更加謹慎一些，因為即使在這種環境下，我們也不認為我們能從中獲得財務回報。

Understood. Thanks so much. We'll pass it on.

明白了。非常感謝。我們會傳達它。

Thank you. (Operator Instructions) Andrew Wolf with CL King.

謝謝。（操作員指示） Andrew Wolf 與 CL King。

I wanted to ask an open-ended question, sort of circa and just competitive dynamic related on items being sold on promotion kind of in your major categories and you know your stance. I mean in the past, basically said you don't -- I don't put completely put words in your mouth that I don't think you wanted to spend that much promotionally. Maybe it wasn't the most effective way, trade promotions maybe it was better to have end cap placement and some other things like that. I just wanted an update on your what you're seeing competitively and what you're thinking is?

我想問一個開放式的問題，有點像是關於你們主要類別中促銷商品的競爭動態，你們知道你們的立場嗎？我的意思是，過去，我基本上說過你不想——我不會完全把話塞到你嘴裡說我認為你不想在促銷上花那麼多錢。也許這不是最有效的方式，貿易促銷也許最好有端蓋放置和其他一些類似的東西。我只是想了解一下您對競爭的看法以及您的想法是什麼？

Maybe start first, Andrew with a high-level view. If you looked at all edibles were really soft in the period, I would say with some con, some categories doing slightly better than others. So I do think in the quarter at a total grocery store, there are a number of categories that are undergoing some pressure. So you sort of pull in and you look more closely at us. We continue to believe that trade has a role, but for us, a reduced price on the shelf with a yellow tag, for example, just doesn't get the sort of lift that we would need to offset the invest in trade where we might see a benefit is if we make an investment and we get an in cap, then what we're likely to see is we're likely to pick up incremental households or get some pantry load, which in the case of sauces results in expandable consumption and maybe to go a click deeper, I'll run through some of the categories. If you look at our Texas toast, it really is consolidating around.

也許安德魯可以先從高層次的視角開始。如果你看一下這段時間裡所有的食物，我會說有一些缺點，有些類別的表現略好於其他類別。因此我確實認為，本季整個雜貨店的許多類別都面臨著一些壓力。所以你稍微靠近一點，仔細地觀察我們。我們仍然相信貿易具有一定的作用，但對我們來說，例如，貨架上貼有黃色標籤的降價並不能帶來抵消貿易投資所需的那種提升，我們可能會看到的好處是，如果我們進行投資並獲得收益，那麼我們可能會看到我們可能會增加家庭數量或增加食品儲藏量，就醬料而言，這會導致消費量擴大，也許再深入消費一點，也許再深入一些類別。如果你看一下我們的德州吐司，它確實正在鞏固。

Our brand, where we're picking up share, we were north of 43% and private label and we both are continuing to perform well with some of the other contributors donating share. If you go into the role category, it's us and it's roads. The newest news in the category is that we're bringing in Texas Roadhouse, but here's what's interesting. That's actually growing the category. It's not cannibalizing the category. We're taking, we're bringing consumers from the other parts of the store with other brands, and we're bringing them into frozen to buy that.

我們的品牌和自有品牌的份額都在不斷增加，分別達到 43% 和 43% 以上，並且在其他一些貢獻者貢獻份額的情況下，我們的表現仍然良好。如果進入角色類別，那就是我們和道路。這個類別的最新消息是我們引入了 Texas Roadhouse，但有趣的是。這實際上擴大了該類別。這並沒有蠶食該類別。我們正在吸引來自商店其他地方的其他品牌消費者，並讓他們到冷凍店購買這些產品。

So private label. Is not really outperforming there. I wouldn't say some of our big retailers have tried to focus on private label items. I won't name their names, but they're not performing particularly well, so we continue to believe that we're set up there to continue to perform refrigerated dressings, private labels really been a material contributor and that remains as you cycle through. Lighthouse is doing well behind their large or 20-ounce size. It's a squeeze bottle with some of the other branded players, Maurice Pinera and others losing share with the growth driver being modestly our brand or Classics and Chick-fil-A and are simply is one that's donating some share as well across to Chick-fil-A and others. But again, private label isn't much of an item as we look there, as you swing across the license sauce space.

所以是自有品牌。那裡的表現確實不算出色。我不會說我們的一些大型零售商試圖專注於自有品牌商品。我不會說出他們的名字，但他們的表現並不是特別好，所以我們繼續相信，我們在那裡繼續進行冷藏調味料，私人品牌確實是一個重要的貢獻者，而且這種情況會隨著你的循環而持續下去。Lighthouse 的大尺寸或 20 盎司尺寸表現良好。它是一個擠壓瓶，其他一些品牌的參與者，莫里斯皮涅拉 (Maurice Pinera) 和其他人的份額正在下降，增長動力適度地來自我們的品牌或 Classics 和 Chick-fil-A，並且只是向 Chick-fil-A 和其他公司捐贈了一些份額。但是，當我們回顧授權醬料領域時，我們發現自有品牌並不是什麼大事。

I would say some of our retailers have looked at introducing private label knockoffs, but again, they haven't performed particularly well and I'm pointing in this case to Chick-fil-A sauce and Buffalo Wild Wings. I think the area where we want to continue to watch is shelf stable dressings, where we have seen some trade down in that category. If you remember we talked at length about a year and a half ago about watching our opening price point on our 16-ounce item. That may be one that we want to watch going forward. And then finally, albeit a smaller piece of our business, croutons is one where we are seeing maybe a little bit larger shift to private label, but as it really plays out for our business.

我想說的是，我們的一些零售商已經考慮推出自有品牌仿製品，但同樣，它們的表現並不是特別好，我指的是 Chick-fil-A 醬和 Buffalo Wild Wings。我認為我們要繼續關注的領域是貨架穩定調味品，我們已經看到該類別的貿易有所下降。如果你還記得的話，大約一年半前我們曾詳細討論過關注我們 16 盎司產品的開盤價點。這也許是我們未來想要關注的事情。最後，儘管麵包丁只占我們業務的一小部分，但我們看到其向自有品牌的轉變可能略大一些，但這確實對我們的業務產生了影響。

Private labeled still isn't the biggest, opportunity or obstacle for us it comes down to relevant new items and executing our plan.

自有品牌對我們來說仍然不是最大的機會或障礙，這取決於相關的新項目和執行我們的計劃。

Okay, got it. Thank you. And I'm going to just ask one quick question, but that was an excellent overview because you don't always get that kind of a competitive overview and a lot of you know that's really where at least I want to hear about what's going on right in those categories, just on the Easter shift, any chance you can quantify that in dollar terms or percentage? I know it's an estimate, but what do you think it impacted the quarter might aid the current quarterback?

好的，明白了。謝謝。我只想問一個簡單的問題，但這是一個很好的概述，因為你並不總是能得到這種競爭概述，而且很多人知道這確實是我至少想听聽這些類別中發生的事情，就在復活節輪班時，你能用美元或百分比來量化嗎？我知道這只是一個估計，但您認為它對本季度有何影響，可能對現任四分衛有何幫助？

Yeah, well, it's at least one point is what we're pegging it at. So if you go back to the adjusted volume, not withstanding the discontinuation where we were down by 90 basis points, we think it's at least a point marginally better than a point that's in there.

是的，至少這是我們所確定的一個點。因此，如果回到調整後的交易量，儘管我們停止了 90 個基點，但我們認為它至少比那裡的點略好一點。

Got it. Okay. That's it for me. Thank you.

知道了。好的。對我來說就是這樣。謝謝。

You're welcome. Thank you.

不客氣。謝謝。

Alton Stump with Loop Capital.

Alton Stump 與 Loop Capital 合作。

Great, thank you and good morning. Thanks for taking my questions. I guess, first off, on the food service side, I'm glad that you brought up weather. I think it was in response to the first question here at the Q&A because, sort of weather was absolutely terrible during the first two months of the year, maybe kind of similar to the last question. Any way that you kind of quantify how much of an impact you think that had on your food service volumes for the full quarter? I know you mentioned that things, they get marginally better in March.

太好了，謝謝你，早安。感謝您回答我的問題。我想，首先，就食品服務方面而言，我很高興你提到了天氣。我認為這是對問答環節中第一個問題的回答，因為今年頭兩個月的天氣非常糟糕，可能與上一個問題有點類似。您如何量化這對您整個季度的食品服務量產生了多大的影響？我知道您提到過，三月情況略有改善。

I think all the best I could kind of point to is maybe just macro traffic, if you look at things overall where, traffic in the first couple of months, January and February, were off, 3 basis points-ish or thereabouts, softer than they had been trending. As you swing into March, and again, this is NPD press data traffic improved, still off but it improved by more than 100 basis points.

我認為我能指出的最好的情況可能只是宏觀流量，如果你從整體上看，前幾個月（一月和二月）的流量下降了 3 個基點左右，比之前的趨勢要弱。進入三月，NPD 新聞數據流量再次出現改善，雖然仍有所下降，但改善幅度超過 100 個基點。

As we looked at some of our specific customers, again, I don't want to name names, but the weather was particularly hard in let's say, the upper Midwest in the Northeast, and we had one concept that comes to mind with 3,000 restaurants, and they mentioned that they had 200 of the restaurants that were impacted by weather and it ended up being more material than I think even we appreciated as we cycled through that month. So really hard to put up a peg on it. The best number I can give you is NPD Crest, but it was a material contributor.

當我們考察一些特定客戶時，我不想透露名字，但天氣特別惡劣，比如說，在東北部的中西部北部，我們想到了一個概念，即 3,000 家餐廳，他們提到他們有 200 家餐廳受到天氣影響，最終影響比我們那個月意識到的還要嚴重。所以真的很難對此做出評價。我能給你的最佳數字是 NPD Crest，但它是一個重要的貢獻者。

I thank you for the color. And then I guess just on the retail side, obviously, you've got several major new things coming from a few standpoint, but with the new sauce, with the new Chick-fil-A sauce going into the club, how big of a deal do you think that could be not just in its own right but also from a marketing perspective to, sort of introduce that brand to into a new channel of customers?

我感謝你的顏色。然後我想，就零售方面而言，顯然從某些角度來看，你已經有了幾件重要的新事物，但是隨著新醬料、新的 Chick-fil-A 醬料進入俱樂部，你認為這有多大意義，不僅就其本身而言，而且從營銷角度來看，將該品牌引入新的客戶渠道？

Yeah, it's a great question. Chick-fil-A is a tremendous brand and I would put it in the same campus mega brands like Heinz ketchup or Hidden Valley Ranch. And if you look at brands like that club as a material part of their overall portfolio and really what it allows you to do is reach consumers oftentimes that are slightly more affluent that have larger families, and they use it as a stock application. And given that the sauce is an expandable consumable, I think it's going to be an important overall contributor. To our business as we go for, so we're thrilled.

是的，這是一個很好的問題。Chick-fil-A 是一個很棒的品牌，我會把它和亨氏番茄醬或 Hidden Valley Ranch 等校園超級品牌放在一起。如果你將類似俱樂部的品牌視為其整體投資組合的重要組成部分，那麼它實際上可以讓你接觸到那些往往較為富裕、家庭較大的消費者，他們將其用作股票應用程式。鑑於醬汁是一種可擴展的消耗品，我認為它將成為重要的整體貢獻者。對於我們繼續開展的業務，我們感到非常興奮。

We didn't start shipping it till the very end of the quarter. We're starting to see early returns on the scan data at Sam's and at Costco and it's exceeding our expectations in both of those channels. So we continue to be very excited by that one.

我們直到本季末才開始出貨。我們開始看到 Sam's 和 Costco 的掃描資料的早期回報，而這兩個管道的回報都超出了我們的預期。因此，我們對此仍然感到非常興奮。

So and I think what we've talked about there is, oftentimes if you look at a mix of a mature brand, a Kraft Mac and Cheese, a ketchup, like I mentioned earlier, club oftentimes might be 15% or so of the overall total of the business. So it's a meaningful channel and we're thrilled that it's there, and I think predicated on its performance, it may open up opportunities for other Chick-fil-A items to move into club also at some point in time. A Texas Roadhouse, that rollout continues to proceed at pace. If you remember, we had it in a test and we expanded and that was Walmart only.

所以我認為我們所討論的是，很多時候，如果你看一下成熟品牌的組合，卡夫通心粉和奶酪，番茄醬，就像我之前提到的，俱樂部通常可能占到整體業務的 15％ 左右。所以這是一個有意義的管道，我們很高興它的存在，我認為根據它的表現，它可能會為其他 Chick-fil-A 產品在某個時間點進入俱樂部提供機會。德州客棧 (Texas Roadhouse) 的推出正在繼續快速推進。如果您還記得的話，我們曾對其進行過測試，並且進行了擴展，而且僅限於沃爾瑪。

We've expanded it now into four states that's just starting that started in early April and in August, we're going to be expanding it into full retail, all mass, all retail, and we're already in discussions about maybe moving that item into club at some point. The exciting thing here is that we've -- we're able to do this on existing lines. We've just simply had to add labor. We've gone back, we've added that labor, we're building the capacity and we're watching consumption and it continues to be really strong, so, a great new item that we're excited about and a great brand platform.

我們現在已經將其擴展到四個州，這是從 4 月初和 8 月開始的，我們將把它擴展到全面零售、全大眾、全零售，而且我們已經在討論可能在某個時候將該項目轉移到俱樂部。令人興奮的是，我們能夠在現有生產線上做到這一點。我們只是需要增加勞動力。我們已經回去了，我們增加了勞動力，我們正在建立產能，我們正在關註消費，而且消費仍然非常強勁，所以，這是一個讓我們興奮的偉大新產品和一個偉大的品牌平台。

Great, thank you so much for all of that detail. I'll hop back in the queue.

太好了，非常感謝您提供如此詳細的資訊。我會重新回到隊列中。

Thank you all.

謝謝大家。

Thank you. (Operator Instructions) If there are no further questions, we'd now like to turn the call back to Mr. Ciesinki for his concluding comments.

謝謝。（操作員指示）如果沒有其他問題，我們現在想將電話轉回給 Ciesinki 先生，請他發表最後評論。

Thank you, operator, and thank you, everybody for joining and maybe I'll just provide a couple of summary comments. I mean, obviously there's a lot of noise today in the macro environment and we believe against this complicated backdrop we're positioned to continue to outperform behind strong brands, both the brands we own and the brands we license, relevant categories, advantage food service customers, and then moving beyond that as you'll look at some of the other sources of volatility out there, for example, tariffs and make America healthy.

謝謝接線員，也謝謝大家的參與，也許我只想提供一些總結性的評論。我的意思是，顯然當今宏觀環境中存在著許多噪音，我們相信，在這種複雜的背景下，我們有能力繼續在強勢品牌（包括我們擁有的品牌和我們授權的品牌、相關類別、優勢食品服務客戶）的背後表現出色，然後超越這些，你會看到一些其他的波動源，例如關稅和讓美國健康。

We believe we have modest exposure to both. And then finally we really didn't get into it in the call today, but we've taken actions over the last several months just to continue to strengthen our supply chain network and reduce our overall landed cost, which should allow us line of sight even in this environment to improve our margin structure. So we feel like again I guess a very complicated backdrop we're positioned to continue to outperform. We see line of sight to revenue growth and marginal improvements and modest profit improvement.

我們相信，我們對兩者都有適度的接觸。最後，我們在今天的電話會議中並沒有真正討論這個問題，但我們在過去幾個月中採取了行動，只是為了繼續加強我們的供應鏈網絡並降低我們的整體到岸成本，這應該使我們即使在這種環境下也能改善我們的利潤結構。因此，我們再次感覺到，在非常複雜的背景下，我們有能力繼續表現出色。我們看到了收入成長、邊際改善和適度利潤改善的前景。

So again, we look forward to meeting with you in August. If you have additional questions, we look forward to hearing from you. That's all for today.

因此，我們再次期待八月與您會面。如果您還有其他問題，我們期待您的回覆。今天就到這裡。

Thank you for your participation. This does conclude today's call. You may now disconnect.

感謝您的參與。今天的電話會議到此結束。您現在可以斷開連線。