Marzetti Co (MZTI) 2025 Q4 法說會逐字稿

Good morning. My name is Liz, and I will be your conference call facilitator today.

早安.我叫 Liz，今天我將擔任您的電話會議主持人。

At this time, I would like to welcome everyone to The Marzetti Company's fiscal year 2025 fourth quarter conference call. Conducting today's call will be Dave Ciesinski, President and CEO; and Tom Pigott, CFO. (Operator Instructions) Thank you.

現在，我歡迎大家參加 Marzetti 公司 2025 財年第四季電話會議。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。（操作員指示）謝謝。

And now to begin the conference call, here is Dale Ganobsik, Vice President of Corporate Finance and Investor Relations for The Marzetti Company.

現在開始電話會議，請聽聽 Marzetti 公司企業財務和投資者關係副總裁 Dale Ganobsik 發言。

Good morning, everyone, and thank you for joining us today for The Marzetti Company's fiscal year 2025 fourth quarter conference call.

大家早安，感謝您今天參加 Marzetti 公司 2025 財年第四季電話會議。

Formerly known as Lancaster Colony Corporation, our business rebranded as The Marzetti Company effective June 27. This rebranding honors the 130-year history of our flagship Marzetti brand and signals our future as a food company with an ongoing commitment to delivering high-quality flavorful products that make every meal better.

我們的公司前身為 Lancaster Colony Corporation，自 6 月 27 日起更名為 The Marzetti Company。此次品牌重塑是為了紀念我們旗艦品牌 Marzetti 的 130 年歷史，並標誌著我們作為一家食品公司的未來，我們將持續致力於提供高品質的美味產品，讓每一餐都變得更好。

While Lancaster Colony will always be an important part of our heritage, we believe the Marzetti name is critical to positioning our business in today's food industry and communicating the value we deliver to all of our stakeholders.

雖然 Lancaster Colony 永遠是我們傳統的重要組成部分，但我們相信 Marzetti 這個名字對於我們在當今食品行業中的業務定位以及向所有利益相關者傳達我們所提供的價值至關重要。

Please note that 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. These statements are subject to a number of risks and uncertainties and that could cause actual results to differ materially, and the company undertakes no obligation to update these statements based upon subsequent events. A detailed review of these risks and uncertainties is contained in the company's filings with the SEC.

請注意，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》的安全港條款的約束。這些聲明受到許多風險和不確定性的影響，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。本公司向美國證券交易委員會提交的文件中對這些風險和不確定性進行了詳細的審查。

Also note that the audio replay of this call will be archived and available on our website, investors.marzetticompany.com later today.

另請注意，本次通話的音訊回放將於今天稍後存檔並在我們的網站 investors.marzetticompany.com 上提供。

For today's call, Dave Ciesinski, our President and CEO, will begin with the business update and highlights for the quarter. Tom Pigott, our CFO, will then provide an overview of the financial results. Dave 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和亮點。我們的財務長湯姆·皮戈特 (Tom Pigott) 將概述財務結果。然後戴夫將分享一些有關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 the Marzetti Company'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 Marzetti 公司總裁兼執行長 Dave Ciesinski。戴夫？

Thanks, Dale, and good morning, everyone. It's a pleasure to be here with you today as we review our financial results and provide you with an update on our business.

謝謝，戴爾，大家早安。我很高興今天能在這裡與大家一起回顧我們的財務業績並向大家介紹我們的業務最新情況。

Before I provide comments on our fiscal fourth quarter results, I am pleased to share that we completed fiscal year 2025, which ended June 30, with record high net sales, gross profit and operating income. I want to extend a sincere thank you to all of our teammates throughout our business for their countless contributions to this achievement as well as their continued commitment to our ongoing success.

在對我司第四季的財務業績發表評論之前，我很高興地告訴大家，我們已完成截至 6 月 30 日的 2025 財年，淨銷售額、毛利潤和營業收入均創歷史新高。我要向我們公司全體同事表示誠摯的感謝，感謝他們為這項成就所做的無數貢獻以及對我們持續成功的持續承諾。

Moving on to our results for our fiscal fourth quarter, which ended June 30, we are pleased to report that consolidated net sales grew 5% to a fourth quarter record of $475.4 million, and gross profit advanced 8.7% to a fourth quarter record $106.1 million.

談到我們截至 6 月 30 日的第四財季業績，我們很高興地報告，合併淨銷售額增長 5%，達到第四季度創紀錄的 4.754 億美元，毛利潤增長 8.7%，達到第四季度創紀錄的 1.061 億美元。

In our retail segment, net sales increased 3.1% to $241.6 million, driven by growth from both our licensing program and our own brands. During the quarter, we increased our marketing investments with proven strategy and noted improved household penetration trends for our brands in several key categories.

在我們的零售部門，淨銷售額成長 3.1%，達到 2.416 億美元，這得益於我們的授權計畫和自有品牌的成長。在本季度，我們透過行之有效的策略增加了行銷投資，並注意到我們的品牌在幾個關鍵類別的家庭滲透趨勢有所改善。

In licensing, sales growth was led by expanding distribution for our popular Texas Roadhouse intervals and new club channel sales for Chiclayo. Our flow Wild Wing sauces also added to the growth of our licensed items.

在授權方面，銷售成長主要得益於我們廣受歡迎的 Texas Roadhouse 區間的分銷擴張和 Chiclayo 的新俱樂部通路銷售。我們的 Wild Wing 醬料流也促進了我們授權產品的成長。

Our category-leading New York Bakery frozen garlic bread remained a key contributor to the growth of our retail segment, driven by contributions from our recently introduced gluten-free Texas Toast. Our Sister Huber's brand, frozen dinner rules also performed well, including the benefit of the later Easter holiday that shifted some sales into the fiscal fourth quarter.

我們類別領先的紐約麵包店冷凍蒜蓉麵包仍然是我們零售部門成長的主要貢獻者，這得益於我們最近推出的無麩質德州吐司的貢獻。我們的姊妹品牌 Huber 的冷凍晚餐規則也表現良好，包括後期復活節假期帶來的好處，將部分銷售額轉移到第四財季。

Excluding all sales attributed to the perimeter of the store bakery items that we exited in fiscal year 2024, the retail segment's fourth quarter net sales increased 3.6% and retail sales volumes measured in pounds shipped increased 2.9%.

不包括我們在 2024 財年退出的店內烘焙食品週邊的所有銷售額，零售部門第四季度淨銷售額增長了 3.6%，以出貨磅數衡量的零售額增長了 2.9%。

Circana scanner data for the quarter ending June 30 showed strong results with both sales dollars and volume for our branded products up 5.5%. In the frozen dinner roll category, our own Sister Schubert's brand and our licensed Texas Roadhouse brand combined to grow 52.4%, resulting in a market share increase of 690 basis points to a category-leading market share of 63.8%.

Circana 掃描器數據顯示，截至 6 月 30 日的季度業績表現強勁，我們品牌產品的銷售額和銷售量均成長了 5.5%。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 品牌合計增長了 52.4%，市佔率增加了 690 個基點，達到 63.8% 的同類領先​​市場份額。

In the frozen garlic bread category, our New York Bakery brand continues to perform very well as sales grew 10% versus a 3.5% increase for the category, driving New York Bakery's market share up 260 basis points to a category-leading 43.3%.

在冷凍蒜蓉麵包類別中，我們的紐約麵包店品牌繼續表現良好，銷售額增長了 10%，而該類別的增幅為 3.5%，推動紐約麵包店的市場份額上漲 260 個基點，達到類別領先的 43.3%。

In the shelf-stable sauces and condiments category, sales of Chick-fil-A sauce grew 17.2%, with market share up 30 basis points as we introduced the popular sauce into the club channel during the quarter.

在貨架穩定醬料和調味品類別中，由於我們在本季度將這種受歡迎的醬料引入俱樂部管道，Chick-fil-A 醬料的銷售額增長了 17.2%，市場份額增長了 30 個基點。

In the produce dressing category, sales of Chick-fil-A dressings grew 2.6%. When combined with our Marzetti brand dressings, our market share totaled a category-leading 27.6%.

在農產品調味品類別中，Chick-fil-A調味料的銷售量成長了2.6%。與我們的 Marzetti 品牌調味品相結合，我們的市佔率達到了 27.6%，處於領先地位。

In the Foodservice segment, excluding noncore sales attributed to a temporary supply agreement, sales improved 1.4%, while sales volume declined 1.7%. In addition to the benefit of inflationary pricing, Foodservice segment net sales reflect increased demand from some of our national chain restaurant account customers as well as sales gains for our own Marzetti branded Foodservice products.

在餐飲服務領域，不包括臨時供應協議產生的非核心銷售額，銷售額成長了 1.4%，但銷售量下降了 1.7%。除了通膨定價的好處之外，食品服務部門的淨銷售額也反映了我們一些全國連鎖餐廳客戶的需求增加，以及我們自己的 Marzetti 品牌食品服務產品的銷售成長。

Our focus on supply chain productivity, value engineering and revenue management all remain core elements to further improve our margins and financial performance.

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 fourth quarter results. Tom?

現在我將把電話轉給我們的財務長湯姆‧皮戈特 (Tom Pigott)，請他對我們第四季的業績發表評論。湯姆？

Thanks, Dave. Overall, this quarter, the company delivered improved top line and gross margin performance and continue to invest to drive growth. Fourth quarter consolidated net sales increased by 5% to $475.4 million. Breaking down the revenue performance, higher core volume and product mix drove a 190 basis point increase. Net pricing was accretive by approximately 60 basis points.

謝謝，戴夫。總體而言，本季公司營業收入和毛利率均有所改善，並繼續投資以推動成長。第四季綜合淨銷售額成長 5%，達到 4.754 億美元。具體來看，核心業務銷售和產品組合的提高推動了 190 個基點的成長。淨定價上漲了約 60 個基點。

In addition, the company reported $12.2 million in sales or 270 basis points of growth that resulted from a temporary supply agreement with Winland Foods, the seller of the Atlanta-based manufacturing facility that we acquired in mid-February. We entered into this agreement to facilitate the closing of the transaction. It's important to note that these temporary and noncore sales are expected to end by March '26.

此外，該公司報告的銷售額為 1,220 萬美元，成長了 270 個基點，這得益於與 Winland Foods（我們於 2 月中旬收購的亞特蘭大製造工廠的賣方）達成的臨時供應協議。我們簽訂本協議是為了促進交易的完成。值得注意的是，這些臨時和非核心銷售預計將於 2026 年 3 月結束。

And finally, last year's exit of the perimeter of the store bakery product lines accounted for a 20 basis point decline. Consolidated gross profit increased by $8.5 million or 8.7% versus the prior year quarter to $106.1 million, and gross margin expanded by 70 basis points.

最後，去年商店週邊烘焙​​產品線的退出導致了 20 個基點的下降。綜合毛利較去年同期增加 850 萬美元，成長 8.7%，達到 1.061 億美元，毛利率擴大 70 個基點。

The gross profit growth was driven by higher volume and mix in our Retail segment and our ongoing cost savings programs. Note that excluding the $12.2 million in sales from the temporary supply agreement, which did not contribute to gross profit, gross margin expanded by 130 basis points.

毛利的成長得益於零售部門的銷售和產品組合的增加以及我們正在進行的成本節約計劃。請注意，如果排除臨時供應協議中未計入毛利潤的 1,220 萬美元銷售額，毛利率將擴大 130 個基點。

Selling, general and administrative expenses grew $8.9 million or 16.7%. This increase reflects a higher marketing spend in our retail segment to drive growth. Higher personnel costs increased legal spend and costs related to the integration of the Atlanta facility.

銷售、一般及行政開支增長 890 萬美元，增幅 16.7%。這一增長反映了我們零售部門的營銷支出增加，以推動成長。更高的人員成本增加了法律支出和與亞特蘭大工廠整合相關的成本。

During the quarter, the company reported $5.1 million of restructuring and impairment charges. $4.5 million of the charges are attributed to the planned closure of our sauce and dressing facility in Milpitas, California, that we announced last quarter.

本季度，該公司報告了 510 萬美元的重組和減損費用。其中 450 萬美元的費用歸因於我們上個季度宣布的位於加州米爾皮塔斯的醬料和調味料工廠的關閉計劃。

This closure is part of our ongoing initiatives to optimize our manufacturing network. Production at that facility is expected to conclude during the quarter ended September 30. In our prior year quarter, restructuring impairment charges of $2.7 million were attributed to our decision to exit our perimeter of the store bakery product lines.

此次關閉是我們優化製造網路持續舉措的一部分。該工廠的生產預計將於 9 月 30 日結束的季度內完成。在我們去年同期，270 萬美元的重組減損費用歸因於我們決定退出商店烘焙產品線。

Consolidated operating income decreased $2.8 million due to higher SG&A expenses and increased restructuring impairment costs, partially offset by the improved gross profit performance. Our tax rate for the quarter was 19.7% versus 20.5% in the prior year quarter.

由於銷售、一般及行政費用增加和重組減損成本增加，合併營業收入減少了 280 萬美元，但毛利表現的改善部分抵銷了這一影響。本季我們的稅率為 19.7%，而去年同期為 20.5%。

We estimate our tax rate for fiscal '26 to be 23%. The fourth quarter diluted earnings per share decreased to $0.08 or 6.3% to $1.18. The restructuring impairment charges I mentioned reduced EPS by $0.15 in the current year quarter and $0.08 for the prior year quarter.

我們預計 26 財年的稅率為 23%。第四季每股攤薄收益降至0.08美元，降幅6.3%，至1.18美元。我提到的重組減損費用導致本季每股收益減少0.15美元，去年同期每股收益減少0.08美元。

In the current year quarter, we also incurred the last of our Atlanta facility integration costs in the SG&A line, which accounted for $0.01 per share. With regard to capital expenditures, our payment for property additions totaled $58 million for the full year.

在本季度，我們還在銷售、一般及行政費用 (SG&A) 項目中產生了亞特蘭大工廠整合的最後一筆成本，每股 0.01 美元。在資本支出方面，我們全年用於增加財產的支出總額為 5,800 萬美元。

In addition, we invested $78.8 million to acquire the Atlanta-based dressing and sauce facility. For fiscal '26, we are forecasting total capital expenditures of between $75 million and $85 million. We will continue to invest in both cost savings projects and other manufacturing improvements as well as the newly acquired Atlanta facility.

此外，我們還投資 7,880 萬美元收購了位於亞特蘭大的調味品和醬料工廠。對於 26 財年，我們預測總資本支出將在 7,500 萬美元至 8,500 萬美元之間。我們將繼續投資於成本節約項目和其他製造改進以及新收購的亞特蘭大工廠。

In addition to investing in our business, we also returned funds to shareholders. Our quarterly cash dividend of $0.95 per share paid on June 30, represents a 6% increase from the prior year's amount. Are during streak of annual dividend increases stands at 62 years. Our financial position remains strong with a debt-free balance sheet and $161.5 million of cash.

除了投資我們的業務之外，我們還向股東返還資金。我們在 6 月 30 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%。連續 62 年增加年度股利。我們的財務狀況依然強勁，資產負債表上沒有債務，且擁有 1.615 億美元的現金。

In regard to the full year results, overall, the company delivered against its growth algorithm. Net sales grew 2%, primarily driven by volume. Gross margins expanded by 80 basis points due to cost savings initiatives and some modest cost deflation.

就全年業績而言，該公司總體上實現了其成長演算法。淨銷售額成長 2%，主要受銷量推動。由於成本節約措施和適度的成本縮減，毛利率擴大了 80 個基點。

Reported operating income grew 10.5%. We adjust operating income for restructuring impairment costs recorded in both years, the current year's acquisition costs as well as last year's inventory write-down for the business exit, operating income was up 5.7%. This growth was driven by higher volumes and the gross margin expansion.

報告營業收入成長10.5%。我們根據兩年內記錄的重組減損成本、本年度的收購成本以及去年因業務退出而計入的庫存減值對營業收入進行了調整，營業收入增長了 5.7%。這一增長是由銷量增加和毛利率擴大所推動的。

To wrap up my commentary, our fourth quarter and full year 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 and cost savings.

總結一下我的評論，我們的第四季和全年業績表明，在更困難的經營環境下，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進一步的成長和成本節約。

I will now turn it back over to Dave for his closing remarks. Thank you.

現在我將把發言權交還給戴夫，請他作最後發言。謝謝。

Thanks, Tom. Going forward, The Marzetti Company 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: One, accelerate core business growth; two, to simplify our supply chain to reduce our cost and grow our margins; and three, to expand our core with focused M&A and strategic licensing.

謝謝，湯姆。展望未來，Marzetti 公司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：第一，加速核心業務成長；第二，簡化我們的供應鏈以降低成本並提高利潤率；第三，透過有針對性的併購和策略許可來擴大我們的核心業務。

Looking ahead to fiscal year 2026, we anticipate retail segment sales will continue to benefit from volume growth with contributions from both our licensing program and our core Marzetti, New York Bakery and Sister Schubert's brands. The popular Texas Roadhouse dinner rules will begin shipping nationally to all major retailers this fall, and we also have some new items planned for our core brands that we'll launch in the year ahead.

展望 2026 財年，我們預計零售部門銷售額將繼續受益於銷售成長，這得益於我們的授權計畫以及核心品牌 Marzetti、New York Ba​​kery 和 Sister Schubert's 的貢獻。廣受歡迎的 Texas Roadhouse 晚餐規則將於今年秋季開始在全國範圍內向所有主要零售商發貨，我們還計劃在來年為我們的核心品牌推出一些新產品。

In the Foodservice segment, we expect sales to be supported by growth from select QSR customers and our mix of national chain restaurant accounts as our culinary team continues to provide our foodservice partners with a wide range of innovation initiatives and favorable flavors to help them drive menu excitement and ultimately, traffic growth. Like many of you, we continue to monitor external factors, including US economic performance and consumer behavior that may impact the demand for our products.

在餐飲服務領域，我們預計銷售額將受到精選 QSR 客戶和全國連鎖餐廳帳戶組合的成長支持，因為我們的烹飪團隊將繼續為我們的餐飲服務合作夥伴提供廣泛的創新舉措和良好的口味，以幫助他們推動菜單的興奮度並最終實現客流量增長。就像你們中的許多人一樣，我們繼續關注外部因素，包括可能影響我們產品需求的美國經濟表現和消費者行為。

With respect to input costs, in the aggregate, we anticipate a modest level of cost inflation in 2026 that we plan to offset through contractual pricing and our cost savings programs, as we remain focused on continued margin improvement in the year ahead.

關於投入成本，總體而言，我們預計 2026 年成本將出現適度上漲，我們計劃透過合約定價和成本節約計劃來抵消這一上漲，因為我們仍將重點關注未來一年利潤率的持續提高。

We also look forward to incorporating our newly acquired Atlanta-based sauce and dressing plant into our manufacturing network. When combined with the closure of our sauce and dressing facility in Milpitas, California that we announced last quarter, we believe our supply chain is well positioned to cost-effectively support the growth of our key customers in fiscal year 2026 and beyond.

我們也期待將我們新收購的亞特蘭大醬料和調味品工廠納入我們的製造網路。結合我們上個季度宣布的關閉位於加州米爾皮塔斯的醬料和調味品工廠的消息，我們相信我們的供應鏈已做好準備，以經濟高效的方式支持我們主要客戶在 2026 財年及以後的增長。

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

今天的準備演講到此結束，我們很樂意回答您可能提出的任何問題。

(Operator Instructions) Jim Salera, Stephens.

（操作員指示）Jim Salera，Stephens。

With some thoughts around Foodservice because there's a lot of noise right now around the consumer. It seems like there's certain QSR platforms that are really focusing on value, but other ones that continue to do well despite the backdrop.

由於目前消費者周圍有很多噪音，因此我對餐飲服務有一些想法。似乎有些 QSR 平台確實注重價值，但其他平台儘管面臨這樣的背景，卻依然表現良好。

And a lot of the menu innovation seems to be more focused around chicken, which I would anticipate benefits your business. So -- can you maybe just walk us through as we think aboutFY26. What are your expectations around QSR industry traffic as a whole?

很多菜單創新似乎都集中在雞肉上，我預計這會對您的業務有益。那麼—您能否在我們考慮 26 財年時為我們簡單介紹一下。您對整個 QSR 產業客流量有何預期？

And then innovation for the accounts that you service and maybe how we put that all together to come up with expectations for the Foodservice business in '26?

然後針對您所服務的帳戶進行創新，也許我們如何將所有這些結合起來，對 26 年的餐飲服務業務提出期望？

Yes. Well, great question, Jim. And maybe I'll start by framing it as follows. If you go back, let's say, 18 months or one year ago, the industry was still wrestling with inflation and passing through pricing, and I think that pricing that went through created value issues for a range of consumers, particularly consumers in the middle and the lower incomes that started to manifest itself in trade down.

是的。嗯，這個問題問得好，吉姆。也許我會從以下的框架開始。如果回顧一下，比如說 18 個月或一年前，這個行業仍在努力應對通貨膨脹和定價問題，我認為，這種定價為一系列消費者，特別是中低收入消費者帶來了價值問題，這開始體現在消費降級上。

I think as we've rolled forward now, most of the operators have cycled past that pricing. And as we look at our core operators, we can see that they're not passed into pricing like they've had.

我認為，隨著我們不斷前進，大多數運營商都已經超越了這一定價。當我們審視我們的核心運營商時，我們可以看到他們並沒有像以前那樣被納入定價範圍。

And I would tell you, as a whole, it looks like commercial foodservice has modestly -- is either flat or very modestly improving within, let's say, the last couple of months. But when I say modestly, I mean about one point, approaching closer to flat.

我想告訴你，總體而言，商業餐飲服務在過去幾個月看起來要么持平，要么略有改善。但當我說謙虛時，我的意思是大約一個點，接近平坦。

Now within there, it becomes somewhat divergent and a little bit different than we've seen in prior periods. We're seeing segments with higher price points like casual dining that are struggling a little bit more. And you've read about that.

現在，情況變得有些分歧，與我們在前期看到的有些不同。我們發現價格較高的領域（例如休閒餐飲）的處境更加艱難。你已經看過相關內容了。

I know you follow the space. You're seeing the casual dining guys, the legs of Chili's and even Apple Be starting to perform a little bit better as they've really focused on simplifying their menus, their back of house operations and striving to give consumers value.

我知道你在關注這個空間。您會看到休閒餐飲公司、Chili’s 甚至 Apple Be 的龍頭企業都開始表現得更好一些，因為他們真正專注於簡化菜單和後台運營，並努力為消費者提供價值。

In the QSR space, I think we've seen them over the last, let's say, three quarters struggle with getting on the better side of pricing. And now we're starting to see their traffic get closer to flat overall. And that's, in fact, true with a lot of our customers.

在 QSR 領域，我想我們已經看到他們在過去三個季度中一直在努力爭取更好的定價。現在我們開始看到他們的流量總體趨於平穩。事實上，我們的許多客戶都是如此。

It's still below what we would have seen historically, but I would tell you, it's modestly improving. As we go forward, what we would expect is neither a catalyst for a significant downturn nor a significant improvement. I think we're just going to continue to operate in the broader macro environment.

它仍然低於我們歷史上所見的水平，但我要告訴你，它正在適度改善。展望未來，我們預期的既不是嚴重衰退的催化劑，也不是出現顯著改善的催化劑。我認為我們將繼續在更廣泛的宏觀環境中運作。

Now bring it closer to us, where is it that we're going to find pockets of growth. I think there are several themes that remain true. One is you're going to see these operators continue to look for ways to present value.

現在讓我們更深入地思考一下，我們在哪裡可以找到成長點。我認為有幾個主題仍然是真實的。一是你會看到這些業者繼續尋找呈現價值的方法。

In the casual dining space, the Chili's and guys like that, I think you're going to see them continue to hover around meals for the $15 mark to attract guests and then look to plus that up with incremental items. In QSR, I wouldn't be surprised if we see things like what McDonald's has done around snacking and with chicken.

在休閒餐飲領域，我認為你會看到 Chili's 和類似的餐廳繼續將餐費維持在 15 美元左右以吸引客人，然後再考慮增加新的菜餚。在 QSR 領域，如果我們看到麥當勞在零食和雞肉方面所做的努力，我不會感到驚訝。

And then I think the trend that really is going to continue to benefit us is going to play probably a couple of ways, and it's in chicken. The chicken operators continue to do better than most of the others, let's say, hamburger, et cetera. So I think that's going to present an opportunity for continued growth and an opportunity for us to continue to innovate with those operators that are out there.

然後我認為真正將繼續使我們受益的趨勢可能會以幾種方式發揮作用，那就是雞肉。雞肉經營者的表現繼續優於大多數其他經營者，例如漢堡經營者等等。因此，我認為這將為我們帶來持續成長的機會，也為我們與現有營運商繼續創新的機會。

I also think I didn't talk about Pizza QSR. I think Pizza QSR will continue to be relevant, particularly as they focus on absolute price points. At the end of the day, consumers, I think, are trying to balance their sources and uses of cash.

我還認為我沒有談論 Pizza QSR。我認為 Pizza QSR 將繼續具有重要意義，特別是因為他們注重絕對價格點。我認為，歸根結底，消費者正在努力平衡現金來源和用途。

And they're still looking for affordable ways to feed their family and find sources of happiness. And I think Foodservice will continue to factor into that the onus is on us to figure out ways to help these operators present that and grow.

他們仍在尋找經濟實惠的方式來養家糊口並尋找幸福的來源。我認為餐飲服務將繼續成為我們考慮的因素，我們有責任找到方法來幫助這些業者實現這一目標並實現成長。

That's great. And then, Tom, if I could ask one of you on the commodity side. It sounds like you guys have a pretty robust productivity program coming continuing intoFY26. We've heard some commentary around soybean oil specifically and potential supply crunch there with some of the domestic going towards biofuels.

那太棒了。然後，湯姆，我可以問你們其中一位商品方面的問題嗎？聽起來你們有一個非常強大的生產力計劃，並將持續到 26 財年。我們聽到了一些關於大豆油的評論，特別是由於國內部分大豆轉向生物燃料，大豆油可能出現供應緊縮。

And I'm no commodity expert, but I know if I just look at the spot price for soybean oil, it's up pretty significantly year to date, and it took a leg up more recently when the EPA announced some news around the biofuel.

我不是大宗商品專家，但我知道，如果我看一下大豆油的現貨價格，就會發現今年迄今為止，大豆油的價格已經大幅上漲，而且最近，當美國環保署宣布一些有關生物燃料的消息時，大豆油的價格又上漲了。

So can you just give us any thoughts around your visibility in the soybean oil pricing if you're able to tell us how much of the commodity basket that is for you guys if you're -- just any thoughts around that? And potential variability as we go into the new year and have this biofuel demand that could potentially pull?

那麼，如果您可以告訴我們這對你們來說有多少商品籃子，您能否就大豆油定價的可見性給我們提供一些看法？您對此有什麼看法？隨著我們進入新的一年，生物燃料需求可能會出現哪些潛在的變化？

So Jim, it's a great question. It's an important part of our commodity basket. Maybe I'll lead off and then let Tom get into some of the specifics as well. As you noted, over the last probably or eight years, we've started to see soybean oil play a more prominent role in renewable diesel.

吉姆，這是一個很好的問題。這是我們商品籃子的重要組成部分。也許我會先開口，然後讓湯姆也講一些具體細節。正如您所說，在過去大概八年裡，我們開始看到大豆油在再生柴油中發揮更突出的作用。

As we got to the end of the administration, there was somewhat -- some uncertainty regarding how much volume would be renewed in RVOs or the amount of gallons that are going to go towards renewable diesel.

隨著我們進入任期的尾聲，對於 RVO 中將更新多少數量或將有多少加侖用於再生柴油，存在一些不確定性。

Earlier this summer, the EPA came out with guidelines that elevated the soybean oil being diverted into renewable diesel. And to your point, it resulted in a spike up until that point on the Board, it was probably trading, I would say, in the mid-40s or thereabout.

今年夏初，美國環保署推出了指導方針，提高了大豆油轉化為再生柴油的比例。正如您所說，它導致董事會在那個時候出現飆升，我想說，它的交易價格大概在 1940 年代中期左右。

And then it jumped into the mid-50s. It got up to as high as $0.55. And now it's stop I looked at it this morning, actually on the Board and it was about $0.51.

然後它就躍升至 50 年代中期。它最高漲到了 0.55 美元。現在它停了下來。我今天早上查看了一下，實際上是在董事會上，當時的價格大約是 0.51 美元。

There are still a couple of areas that have yet to be resolved in this space that I think could ultimately dictate where the price nets out. Ordinarily what they do is they allow an exception for small refiners.

我認為，這個領域仍有幾個問題尚未解決，這些問題最終可能會決定價格的最終結果。通常他們的做法是允許小型煉油廠例外。

And if they continue to grant that exception, what you might see as those commodity costs for soybean oil continue to fall back a little bit more. So it remains within our expectations. So we don't see it as a near-term headwind for our business.

如果他們繼續批准這一例外，你可能會看到大豆油的商品成本繼續略有下降。所以這仍然在我們的預期之內。因此，我們並不認為這會成為我們業務的短期阻力。

We do take hedging positions with our suppliers on this. And maybe with that, I'll turn it over to Tom and he can provide you with a little bit more.

我們確實在這方面與我們的供應商採取了對沖措施。也許有了這個，我會把它交給湯姆，他可以為您提供更多資訊。

Yes. I think Dave said on the broader market indicators and -- and what I would share with you is that we do utilize a consultant to help us analyze this market because it's very complex. And we have a team that goes out and takes positions when we think that are advantageous to us.

是的。我認為戴夫談到了更廣泛的市場指標——我想與你們分享的是，我們確實聘請了顧問來幫助我們分析這個市場，因為它非常複雜。我們有一個團隊，當我們認為對我們有利時，他們會採取行動。

So as we look at the total cost as a percent of our COGS, soybean oil is about 10%, depending on the market at that point. And in terms of our outlook for next year, from our internal cost projections based on the current markets and our hedging positions, it's neither a big headwind or tailwind for us.

因此，當我們將總成本視為 COGS 的百分比時，大豆油約為 10%，具體取決於當時的市場。就我們對明年的展望而言，根據我們基於當前市場和對沖頭寸的內部成本預測，這對我們來說既不是巨大的逆風，也不是順風。

Yes. We've been layering in on this for a while, Jim, anticipating this. So these changes aren't anything new. Just to give you an idea, if we went back seven years ago, took a bean and you crushed it. The meal went to be essentially chickens and cattle and hogs and everything else and the oil then would be diverted into the food supply.

是的。吉姆，我們已經為此考慮了一段時間，預料到了這一點。所以這些改變並不是什麼新鮮事。給你一個想法，如果我們回到七年前，拿一顆豆子然後把它壓碎。膳食基本上是雞、牛、豬和其他所有東西，然後石油就會轉入食品供應。

Now virtually half of that oil is being directed into renewable diesel. So this is a phenomenon that we've been watching here very carefully. And not only do we buy for ourselves, but we sit down on a regular basis with all of our big customers and QSR space, and we advise them and work with them to take positions as well so we can create an element of predictability with this important commodity.

現在幾乎一半的石油都被用來生產再生柴油。這是我們一直密切關注的現象。我們不僅為自己採購，還定期與所有大客戶和 QSR 空間坐下來，為他們提供建議並與他們合作採取立場，以便我們能夠為這種重要商品創造可預測性。

Todd Brooks, The Benchmark Company.

托德布魯克斯 (Todd Brooks)，基準公司。

Two questions for me as well. First, if we look at the G&A spend, I know we talked about some incremental marketing investment behind the retail operation. I think you called out about $500,000 of onetime costs related to the new facility.

我也有兩個問題。首先，如果我們看一下一般及行政開支，我知道我們討論了零售業務背後的一些增量行銷投資。我認為您提到了與新設施相關的約 50 萬美元的一次性成本。

I'm just wondering, I'm seeing a 140 basis point uptick year over year -- how much of that was the marketing spend? And were there some other onetime items around the corporate name change or anything that didn't get called out in the release?

我只是想知道，我看到同比增長 140 個基點——其中有多少是行銷支出？是否還有一些關於公司名稱變更的一次性事項或新聞稿中未提及的其他事項？

And how should we think about maybe a normalized type of percent of sales spending for G&A as we think about fiscal '26?

當我們考慮 26 財年時，我們應該如何考慮 G&A 銷售支出佔比的標準化類型？

Great question, Todd. So -- the spend was up for three factors. One was the marketing, which was almost half of the increase, and I'll let Dave talk to that. Other two drivers were as you mentioned, the Atlanta integration and the legal costs, we don't -- those are more transient items. We don't expect them to continue.

托德，問得好。因此，支出增加有三個因素。一是行銷，這幾乎佔了成長的一半，我會讓戴夫來談談這一點。另外兩個驅動因素正如您所提到的，亞特蘭大整合和法律成本，我們認為這些是更短暫的項目。我們不希望他們繼續下去。

And then the third driver is that some timing of costs from Q3 that flowed into Q4. So broadly, we don't expect to grow that line more than inflation, and we're very happy with the reinvestment we made into the marketing spend. I'll let Dave talk a little bit about that.

第三個驅動因素是第三季的一些成本流入了第四季。因此，總體而言，我們預計該線的成長不會超過通貨膨脹率，我們對行銷支出的再投資感到非常滿意。我讓戴夫稍微談論一下這個。

Yes. So as Tom pointed out, half of it was directed into marketing and essentially what we're doing, Todd, is we have a new leader in the marketing organization that's doing a great job digging into the data that we have and looking at the digital tools at our disposal, and we invested in some very specific programs that helped us drive household penetration.

是的。正如湯姆所指出的那樣，其中一半資金都投入到了行銷中，而托德，我們所做的基本上就是在行銷組織中任命一位新領導，他非常擅長挖掘我們擁有的數據並研究我們可以使用的數位工具，而且我們投資了一些非常具體的項目，幫助我們推動家庭滲透。

If you look across our shares, we were up share-wise in five of our seven categories. And I'll give you anecdotally why we feel good about it. You look at our own Texas Toast brand.

如果你看一下我們的股票，你會發現我們七個類別中的五個類別的股價都有所上漲。我會透過一些軼事告訴你為什麼我們對此感覺良好。你看看我們自己的 Texas Toast 品牌。

Right now, we have -- we ended the quarter with about a 43% share. With that product, our household penetration was up 8 points in the quarter. And our repeat rate on that item is almost 60%. And our belief continues to be if we can make smart marketing investments at reasonable prices, and we can drive household penetration, the performance of that product keeps those consumers in the hole and allows that business to continue to grow period-on-period.

目前，我們在本季結束時的份額約為 43%。憑藉該產品，我們本季的家庭滲透率上升了 8 個百分點。我們對該產品的重複率幾乎達到 60%。我們始終堅信，如果我們能夠以合理的價格進行明智的營銷投資，並能夠推動家庭普及，那麼該產品的性能將使這些消費者保持收入，並使該業務繼續逐年增長。

And we took that same formula, and we use it across a range of different products in a very point-specific basis. And we think it's along with innovation going to be an important part of our overall algorithm that allows us to deliver profitable volumetric growth.

我們採用了相同的公式，並將其應用於一系列不同的產品中，並以非常具體的方式應用。我們認為，它與創新一起將成為我們整體演算法的重要組成部分，使我們能夠實現盈利的體積增長。

That's great. And then just a follow-up on that, Tom, before I get to the other question. When we talk about growth in line with inflation for '26, what's the normalized base that we should be thinking about growing that off of?

那太棒了。湯姆，在我回答另一個問題之前，我先來跟進一下這個問題。當我們談論 26 年與通貨膨脹相符的成長時，我們應該考慮以什麼作為成長的正常基礎？

I would take the reported number, pull out the Atlanta integration costs, and that would be your base.

我會根據報告的數字，扣除亞特蘭大的整合成本，這就是你的基礎。

Okay. Perfect. And then my second question, and you talked about this as one of your offsets for the moderate inflation that you're expecting in fiscal '26. Can we you talk to -- and this is something you've long been expert at, the cost savings that the team was able to realize in '25?

好的。完美的。然後是我的第二個問題，您談到這是您預計 26 財年溫和通膨的抵銷因素之一。我們可以和您談談嗎—這是您長期以來擅長的事情，團隊在 25 年能夠實現的成本節約？

And then the outlook for '26 on cost savings, just thinking that we've got some probably chunkier opportunities around the Milpitas exit and ramping that volume to the right spots and the rest of the sauce and dressing production system?

然後是 26 年成本節約的前景，只是認為我們在米爾皮塔斯出口附近可能有一些更大的機會，並將產量提升到正確的位置以及醬料和調味料生產系統的其餘部分？

Yes. So when you look at '25, team did an outstanding job against a number of pillars, procurement savings, negotiating more favorable contracts for us. Value engineering, which is optimizing our products to make them more efficient and less costly to produce labor management.

是的。因此，當你回顧 25 年時，你會發現團隊在多個支柱領域都做得非常出色，包括採購節省、為我們談判更有利的合約。價值工程，即優化我們的產品，使其更有效率、生產勞動管理成本更低。

We also benefited from the SAP implementation as we got better information on our costs. So a number of things contributed to the performance that the team was able to achieve in '25.

SAP 實施也讓我們受益匪淺，因為我們獲得了有關成本的更好的資訊。因此，有許多因素促成了球隊在 25 年取得的成績。

As we look at -- as we look forward into '26, what I would add to that list is the network reset that we're doing. So essentially, between closing the Milpitas facility and ramping up College Park, that gives us another pillar to drive cost savings into '26.

當我們展望 26 年時，我想添加到該清單中的是我們正在進行的網路重置。因此，從本質上講，在關閉米爾皮塔斯工廠和擴大大學公園工廠之間，我們獲得了另一個支柱，可以在 2026 年推動成本節約。

And I think as we look at it, right now, we're in the midst of that transition. So we're decommissioning lines in California, commissioning lines in Atlanta and moving volume into Horsecave as well. There's a lot of change going in going on right now in our networks, and we're executing well against those.

我認為，從我們現在的角度來看，我們正處於這一轉變之中。因此，我們正在關閉加州的輸油管，啟用亞特蘭大的輸油管，並將天然氣輸送到 Horsecave。我們的網路目前正在發生很多變化，我們正在很好地應對這些變化。

As we get into the back half of fiscal '26, I think we'll begin to see more of those benefits flow through to our margin as the year progresses.

當我們進入 26 財年下半年時，我認為隨著時間的推移，我們將開始看到更多此類收益流入我們的利潤率。

Alton Stump, Loop Capital.

奧爾頓·斯坦普（Alton Stump），Loop Capital。

Just to clarify, from a male perspective, of course, you mentioned, Tom, that the agreement will go through March, obviously, the first three fiscal quarters. Should we think about the revenue contribution from that similar to what it was in most recent 4Q?

只是為了澄清一下，從男性的角度來看，當然，湯姆，你提到該協議將持續到三月份，顯然是前三個財政季度。我們是否應該認為其營收貢獻與最近第四季的營收貢獻相似？

And you're referring to the temporary supply agreement that we have in the sales on that?

您指的是我們在銷售上達成的臨時供應協議嗎？

Yes, consistent throughout the first three quarters. Yes.

是的，前三個季度一直都是如此。是的。

So our preference would be that you exclude that revenue from your model just because it's temporary noncore and project off of a more organic number, which would exclude that revenue.

因此，我們希望您將該收入從您的模型中排除，因為它是暫時的非核心收入，並且基於更有機的數字進行預測，這將排除該收入。

Got it. Okay. Okay. on the modeling front. And then I guess just fundamentally, there's obviously a lot of mixed signals as far as the consumer.

知道了。好的。好的。在建模方面。然後我想從根本上來說，對於消費者來說顯然存在著許多混合訊號。

You guys, of course, have a good fewer things because, of course, your Foodservice business kinds of benefit when consumers eat more home and where is obviously retail -- I'm sorry, vice versa that food supers benefits and people are eating out more, where is your retail benefits when they're staying at home being more.

當然，你們的東西少了，因為，當然，當消費者在家吃飯更多時，你們的餐飲服務業務就會受益，而零售顯然是——對不起，反之亦然，食品超級受益，人們在外就餐更多，當他們更多地呆在家裡時，你們的零售利益在哪裡。

So I guess, as you look at overall dynamic, how do you think the consumer environment will impact each of your businesses separately?

所以我想，當您觀察整體動態時，您認為消費者環境將如何分別影響您的每項業務？

Well, maybe I'll take a shot at that, Tom can add. As we roll our way through the end of this calendar year and we go into the next. As long as we don't see things like inflation spike, I think there are two things that could be potential catalysts for tailwinds.

「好吧，也許我會嘗試一下，」湯姆補充道。隨著我們度過這個日曆年的結束，我們即將進入下一個日曆年。只要我們不看到通貨膨脹飆升之類的現象，我認為有兩件事可能成為順風的潛在催化劑。

One is the fact that we see interest rates start to recede, I think that could be a net benefit. I think the other is we're watching crude oil prices and gas prices, which remained flat to down.

一是我們看到利率開始下降，我認為這可能是淨收益。我認為另一個因素是我們正在關注原油價格和天然氣價格，它們保持穩定甚至下降。

And if they continue to pull back, I think -- we've seen in the past that gives consumers discretionary spending to be able to use on eating out or spending more to eat at home. The other is, we've read a fair amount about the fact that with the OB3 the one big, beautiful build. The sense is when we get into the calendar year, there's going to be potentially tax benefits to consumers that could give them an incremental discretionary spending to use.

如果他們繼續縮減開支，我想——我們過去已經看到，消費者可以自由支配開支，用於外出用餐或花更多錢在家吃飯。另一個是，我們已經讀到了很多關於 OB3 的報導，它是一款巨大而美麗的產品。感覺就是，當我們進入日曆年時，消費者可能會獲得稅收優惠，從而可以增加他們的可自由支配支出。

So I think as we look into the future, we're cautiously optimistic that the consumer might start to see some modest tailwinds as long as we can keep inflation in check. You come around then and you say, what does that mean to our business overall.

因此，我認為，展望未來，只要我們能夠控制通貨膨脹，我們謹慎樂觀地認為消費者可能會開始看到一些溫和的順風。然後你就會想，這對我們的整體業務意味著什麼。

I would expect to see the foodservice situation continued to sequentially improve for all of our customers, really. And I think as long as we remain in this value environment, there are going to be winners and losers. And I think that we tend to line up more with the winners.

我確實希望看到餐飲服務狀況繼續為所有顧客逐步改善。我認為，只要我們處於這種價值環境中，就會有贏家和輸家。我認為我們更傾向於與勝利者站在同一陣線。

I think on the retail business, independent of the macro environment. We're excited about the pipeline of new items that we're bringing to the marketplace. We're just now starting to roll out Texas Roadhouse roles to all of retail. We think that's going to be a source of continued growth for our business. We have a range of other new items for Texas Toast and Sister Schubert that we're excited about.

我認為零售業務與宏觀環境無關。我們對即將向市場推出的一系列新產品感到非常興奮。我們現在才開始向所有零售業推出 Texas Roadhouse 的角色。我們認為這將成為我們業務持續成長的來源。我們為 Texas Toast 和 Sister Schubert 推出了一系列其他新品，對此我們感到非常興奮。

We have a new item of Olive Garden Italian, which allows us to attack a part of that category that we don't play in today, which we think is just growth waiting for us. So we have a continuation of different pockets that we're working on that allow us to look at the environment as it stands today without a material change and see line of sight to low single digit volume-led growth.

我們推出了一款新的 Olive Garden Italian 產品，這使我們能夠進入目前尚未涉足的類別領域，我們認為這只是等待我們的成長機會。因此，我們正在繼續進行不同的工作，這使我們能夠觀察當今的環境，而無需進行實質性的改變，並且能夠看到低個位數的銷售驅動的增長。

If the environment gets better, particularly in Foodservice, well, we'd be happy to go back and revisit those numbers. But that's our view right now. And I would say it's the consumer has proven to be resilient so far. And I think adaptable organization, CPG organizations are in tune with that, and they're figuring out how to meet those consumers' needs. And the good ones will figure out how to grow.

如果環境變得更好，特別是在餐飲服務領域，那麼我們很樂意回去重新審視這些數字。但這就是我們現在的觀點。我想說的是，到目前為止，消費者已經證明了自己的韌性。我認為適應性組織、CPG 組織與此一致，他們正在想辦法滿足這些消費者的需求。而優秀的人會找到成長的方法。

Yes. I'll just add overall, I think we expect 26 just to be a continuation of our growth algorithm where we see revenue growing in the low single digit, really driven by volume in retail, and some pricing for the ag commodity Foodservice, I think we're looking at more of a flattish profile in 2016.

是的。我只是想補充一下，總的來說，我認為我們預計 26 只是我們成長演算法的延續，我們看到收入以較低的個位數成長，這實際上是由零售量和農產品食品服務的一些定價推動的，我認為我們在 2016 年看到的是更平穩的概況。

And then on the gross profit, we expect to continue to grow our margins probably in the -- around the 50 basis point range and SG&A, as I mentioned, growth inflation. So that's the broader outlook to how we're forecast in '26.

然後就毛利而言，我們預期利潤率將繼續成長，大概在 50 個基點左右，而銷售、一般及行政費用，正如我所提到的，成長通膨。這就是我們對 26 年前景的更廣泛預測。

Which gets us overall to low single digit on the top line, mid-single digit on the bottom line, a continuation of our outlook for this year.

這使得我們的總收入達到低個位數，總利潤達到中等個位數，這是我們對今年前景的延續。

Scott Marks, Jefferies.

史考特馬克斯，傑富瑞。

Wanted to ask just one technical question. As it relates to the $5 million restructuring charges. Were those associated with the retail segment? Or are they unallocated?

只想問一個技術問題。因為這與 500 萬美元的重組費用有關。這些與零售領域有關嗎？或者它們尚未分配？

Those were unallocated, yes. And that was disclosure because it includes both segments in that facility.

是的，那些尚未分配。這是披露，因為它包括該設施的兩個部分。

Okay. Understood. And I guess that leads me into my next question on the retail segment, which is obviously put up a pretty good top line number. But I think profitability came in a little bit below what some folks were looking for. And it sounds like there was some incremental marketing expense that was the reason for that.

好的。明白了。我想這會引出我關於零售領域的下一個問題，這顯然帶來了相當不錯的營收數字。但我認為獲利能力略低於某些人的期望。聽起來這似乎是由於一些增量行銷費用造成的。

So how do you think about -- or how should we be thinking about the marketing investments that you spoke to? I know you spoke about change in leadership on that part of the business, some incremental investments upfront.

那麼您如何看待——或者我們應該如何看待您提到的行銷投資？我知道您談到了該業務部分領導層的變動，以及一些前期的增量投資。

Should we anticipate maybe some higher spend upfront with the expectation that growth will come down the line? Just trying to gauge the right level of profitability for the segment that we should be thinking about going forward?

我們是否應該預期前期支出可能會增加，並期望未來會成長？只是想衡量我們未來應該考慮的細分市場的正確獲利水準？

Yes. So it's an excellent question. And you're right, we did choose to take advantage of some good potential programs to invest in, in the quarter, and it did impact retail's profitability. There are a couple of other things I'll mention, and then I'll let Dave talk a little bit about the marketing spend. The other thing on retail is we had a very difficult comp this particular quarter.

是的。這是一個很好的問題。你說得對，我們確實選擇利用本季的一些有潛力的項目進行投資，這確實影響了零售的獲利能力。我還會提到其他一些事情，然後讓戴夫談談行銷支出。零售業的另一件事是，我們本季的業績非常艱難。

The prior year quarter was a record Q4 on operating income for the Retail segment. And then the other thing that impacted the profitability was this particular quarter, PNOC was a little bit negative due to the ag inflation in time, we expect that PNOC to balance out. So that's some additional color on the retail operating income line. I'll let Dave talk a little bit about the marketing spending and how we're thinking about it.

去年同期零售部門的營業收入創下了歷史新高。影響獲利能力的另一個因素是本季度，由於農業通膨，PNOC 略有下降，我們預計 PNOC 將會平衡。這是零售營業收入線上的一些附加顏色。我讓戴夫稍微談談行銷支出以及我們對此的看法。

Yes. So Scott, bringing around to, we don't expect a reset on marketing for the retail segment. We saw an opportunity in this period to raise it.

是的。因此，斯科特認為，我們不認為零售領域的行銷會重新調整。我們看到了這段時期提高這一水準的機會。

And I think as we continue to generate cost savings in other areas of the P&L, I think we're going to look for opportunities to plow some back into the business longer term. And I think to Tom's point on this business, I would expect our operating margins to remain in line here.

我認為，隨著我們繼續在損益表的其他領域節省成本，我們將尋找機會將一些成本重新投入長期業務。我認為，就湯姆對這項業務的觀點而言，我希望我們的營業利潤率能維持在合理水準。

So if you're looking at both gross margins and operating margins over the foreseeable future, we expect those to be flat or grow in line with our productivity programs.

因此，如果您關注可預見的未來的毛利率和營業利潤率，我們預計它們將保持平穩或與我們的生產力計劃同步成長。

Understood. And then maybe one on the Foodservice side. I know last quarter you called out the impact from some larger customers of yours who pulled back on some LTOs as we think about this quarter's performance, down 1.7% on the volume side, excluding those TSA sales.

明白了。然後也許還有一個在餐飲服務方面。我知道上個季度您指出了一些較大客戶的影響，他們撤回了一些 LTO，而我們考慮本季度的業績時發現，不包括 TSA 銷售額，銷量下降了 1.7%。

Does that mean that those like one-off headwinds are still in there, but you saw growth elsewhere in the portfolio? Just trying to gauge how we should be thinking about the volume trajectory on a go-forward basis as it relates to impact from those LTO reductions versus other potential wins and business opportunities?

這是否意味著一次性的不利因素仍然存在，但您看到投資組合中的其他部分出現了成長？只是想衡量我們應該如何考慮未來銷售軌跡，因為它​​與 LTO 減少的影響以及其他潛在的勝利和商業機會有關？

You're precisely right. That's exactly what that is. So we did see favorability with some of our other customers that was able to offset some of that.

你說得完全正確。事實確實如此。因此，我們確實看到了一些其他客戶的青睞，這能夠抵消其中的一些影響。

So as we work our way through this, you can expect to see us begin to lap those headwinds as we get to the back part of the year. If you look at it, we saw growth from a handful of our QSR customers, and we continue to see growth with the branded part of our portfolio, which is our own Marzetti branded items that we sell through distributors.

因此，當我們努力解決這個問題時，您可以期待看到我們在年底開始克服這些逆風。如果你看一下，你會發現我們的少數 QSR 客戶實現了成長，而且我們產品組合中的品牌部分也持續成長，也就是我們透過經銷商銷售的自己的 Marzetti 品牌產品。

So -- and if you look at the pipeline that we have of new items and the traffic performance of our existing customers, we would expect to see those trends continue.

所以——如果你看看我們新產品的管道和現有客戶的流量表現，我們預計這些趨勢將會持續下去。

If there are no further questions, we will now turn the call back to Mr. Ciesinski for his closing comments.

如果沒有其他問題，我們現在將把電話轉回給 Ciesinski 先生，請他發表最後評論。

Well, thank you, everybody, for joining us today. We look forward to being back together with you in November as we share with you our results for the first quarter of this fiscal year. We look forward to seeing you guys on the road. Take care.

好吧，謝謝大家今天加入我們。我們期待十一月再次與您相聚，分享本財年第一季的業績。我們期待在路上見到你們。小心。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。