Constellation Brands Inc (STZ) 2025 Q1 法說會逐字稿

Good morning and welcome to the Constellation Brands' first-quarter fiscal year 2005 earnings call.

早安，歡迎參加星座品牌 2005 財年第一季收益電話會議。

(Operator instructions) As a reminder, this conference is being recorded.

（操作員指示）提醒一下，本次會議正在錄音。

I would now like to turn the call over to Joseph Suarez, SVP of Investor Relations.

現在，我想將電話轉給投資者關係高級副總裁約瑟夫·蘇亞雷斯 (Joseph Suarez)。

Thank you.

謝謝。

You may begin.

你可以開始了。

Thank you, Darryl.

謝謝你，達裡爾。

Good morning all and welcome to Constellation Brands' Q1 fiscal '25 conference call.

大家早安，歡迎參加星座品牌 25 財年第一季電話會議。

I'm here this morning with Bill Newlands, our CEO, and Garth Hankinson, our CFO.

今天早上我和我們的執行長比爾紐蘭茲（Bill Newlands）以及財務長加思漢金森（Garth Hankinson）一起來到這裡。

As a reminder, reconciliations between the most directly comparable GAAP measure and any non-GAAP financial measures discussed on this call are included in our news release or otherwise available on the company's website at www.cbrands.com.

提醒一下，本次電話會議中討論的最直接可比較的 GAAP 指標與任何非 GAAP 財務指標之間的對帳表均包含在我們的新聞稿中，也可以在公司網站 www.cbrands.com 上查閱。

Please refer to the news release and Constellation's SEC filings for risk factors, which may impact forward-looking statements made on this call.

請參閱新聞稿和 Constellation 的 SEC 文件以了解可能影響本次電話會議中前瞻性陳述的風險因素。

Following the call, we'll also be making available in the Investors section of our company's website, a series of slides with key highlights of the prepared remarks shared by Bill and Garth in today's call.

電話會議結束後，我們還將在公司網站的「投資者」部分提供一系列幻燈片，其中包含比爾和加斯在今天的電話會議上分享的準備好的發言的重點。

Before turning the call over to Bill, in line with prior quarters and as Darryl mentioned, I would like to ask that we limit everyone to one question per person, which will help us to end our call on time.

在將電話轉給比爾 (Bill) 之前，按照前幾季的做法以及達裡爾 (Darryl) 提到的，我想要求我們將每個人的提問限制為一個，這將有助於我們準時結束通話。

Thanks in advance, and now here's Bill.

提前謝謝您，現在請比爾發言。

Thanks, Joe, and welcome to all to our Q1 fiscal '25 earnings call.

謝謝，喬，歡迎大家參加我們的 2025 財年第一季財報電話會議。

I'm pleased to say that we got off to a solid start in Q1.

我很高興地說，我們在第一季取得了良好的開端。

And as usual, I'd like to start with a few key highlights for the quarter.

像往常一樣，我想先介紹本季的幾個主要亮點。

First, we continued to extend our position as a growth leader within consumer packaged goods, achieving an enterprise dollar sales increase 4.5-percentage points above that of the entire CPG sector.

首先，我們持續擴大在消費包裝商品領域的成長領先地位，企業銷售額增幅比整個快速消費品產業高出 4.5 個百分點。

Let me repeat that.

讓我重複一遍。

We achieved an enterprise dollar sales increase 4.5-percentage points above that of the entire CPG sector.

我們實現的企業銷售額增幅比整個快速消費品產業高出 4.5 個百分點。

Further, Circana tracked channel data for the 12 weeks ended on their May 19th quad week.

此外，Circana 還追蹤了截至 5 月 19 日四周的 12 週的頻道數據。

This significant outperformance was largely driven by the continued growth of our beer business, which attained the second largest share gain in the total beverage industry as well as once again, the top share gain in all beverage alcohol.

這一顯著的優異表現主要得益於我們啤酒業務的持續增長，該業務在整個飲料行業中份額增幅排名第二，並且再次成為所有酒精飲料中份額增幅最大的業務。

This for the Circana 12 weeks ended June 2, which most closely aligns with our quarter.

這是截至 6 月 2 日的 Circana 12 週的數據，與我們的季度數據最為接近。

Second, continuing with our beer business.

第二，繼續我們的啤酒業務。

We delivered another strong quarter with high-single digit net sales increase, driven by our beer portfolio's 57th consecutive quarter of depletion growth as well as significant operating margin improvement, supported by our cost savings and operational efficiency initiatives.

我們又度過了一個強勁的季度，淨銷售額實現了高個位數增長，這得益於我們的啤酒產品組合連續第 57 個季度實現消耗增長，以及在我們成本節約和運營效率舉措的支持下顯著的營業利潤率提高。

And of course, all of this was aligned with our full-year guidance and our medium-term outlook for the business.

當然，所有這些都與我們的全年指導和中期業務展望相一致。

Third, in line with our disciplined and balanced capital allocation priorities, which we have consistently delivered against for more than five years now, in the first quarter of this fiscal year, we did several things.

第三，按照我們五年多來一貫堅持的嚴謹、均衡的資本配置重點，我們在本財年第一季做了幾件事。

First, we maintained our strong investment-grade balance sheet and still expect to achieve our target 3 times net leverage ratio in fiscal '25.

首先，我們維持了強勁的投資等級資產負債表，並且仍預計在25財年實現3倍淨槓桿率的目標。

Second, we returned $185 million to shareholders in dividends and executed $200 million in share repurchases, plus we completed over $40 million more of buybacks in June.

其次，我們向股東返還了 1.85 億美元的股息，並執行了 2 億美元的股票回購，此外，我們在 6 月還完成了超過 4,000 萬美元的回購。

Third, we continued to advance our latest growing capacity addition at Obregon, a new brewery development at Veracruz.

第三，我們繼續推進位於韋拉克魯斯州奧布雷貢的新啤酒廠的最新產能擴張。

And we are pleased to have executed the divestiture of our Mexicali site, which as a reminder, was mainly the land building as we had already repurposed most of the equipment.

我們很高興完成了墨西卡利工廠的剝離，提醒一下，這主要是土地建設，因為我們已經重新利用了大部分設備。

Fourth, we executed the tuck-in acquisition of Sea Smoke to address white space and enhance asset utilization in our wine portfolio and in parallel, initiated a potential sales process of a few wine and spirits non-core assets, including certain vineyards and facilities to better align our network and partially offset the acquisition costs.

第四，我們執行了對 Sea Smoke 的附加收購，以解決空白領域並提高我們葡萄酒產品組合的資產利用率，同時啟動了一些葡萄酒和烈酒非核心資產的潛在銷售流程，包括某些葡萄園和設施，以更好地協調我們的網絡並部分抵消收購成本。

Staying with wine and spirits for a moment.

暫時與葡萄酒和烈酒在一起。

While the performance of the business continues to face near-term challenges, largely driven by broader category headwinds, we expect net sales and operating income improvements and our outlook for the fiscal year is unchanged.

儘管業務表現繼續面臨短期挑戰，主要受到更廣泛的類別逆風的影響，但我們預計淨銷售額和營業收入將有所改善，並且我們對本財年的展望保持不變。

Lastly, all in, we drove comparable earnings per share growth of more than 17% and remained focused on achieving our stated full-year guidance and medium-term target of low double-digit comparable EPS growth.

最後，總而言之，我們推動了每股可比收益成長超過 17%，並繼續專注於實現我們所述的全年指引和中期目標，即低兩位數的每股可比收益成長。

With that, let's turn more fully to our beer business's performance.

因此，讓我們更全面地了解我們的啤酒業務的表現。

We maintained the momentum in our beer business during the first quarter of fiscal '25 with net sales and operating income growth of more than 8% and nearly 16%, respectively.

25財年第一季度，我們的啤酒業務維持了良好的發展勢頭，淨銷售額和營業收入分別成長超過8%和近16%。

As noted earlier, these increases were primarily supported by strong volume growth as well as cost and operational efficiencies.

如前所述，這些成長主要得益於強勁的銷售成長以及成本和營運效率。

Our beer business grew shipments by 7.6% in Q1 on a reported basis, while depletions were up 6.4%, excluding the impact of the craft brand divestitures in June of last year.

根據報告，我們的啤酒業務第一季出貨量成長了 7.6%，而消耗量成長了 6.4%，這不包括去年 6 月精釀品牌剝離的影響。

It is important to reiterate that this mid-to-high single digit level of volume growth was fully in line with the expectations we shared for our fiscal year as well as our medium-term algorithm.

必須重申的是，這種中高個位數的銷售成長完全符合我們對財年以及中期演算法的預期。

So despite the volatility of short-term scanner data, be it due to weather, timing of holidays, or other non-structural factors or the performance of the broader beer category, be that due to dynamics affecting other brands or segments; our beer team once again consistently delivered on our targets and objectives.

因此，儘管短期掃描器數據存在波動，無論是由於天氣、假期時間或其他非結構性因素，還是更廣泛的啤酒類別的表現，無論是由於影響其他品牌或細分市場的動態；我們的啤酒團隊再次準確地實現了我們的目標和目的。

Now honing in on the performance of our largest brands, Modelo Especial grew depletions by nearly 11% and upheld its position as the top share gainer, extending its lead as the number one beer brand in US tracked channels.

現在，我們專注於最大品牌的表現，Modelo Especial 的消耗量增長了近 11%，並保持了其作為最大份額增長者的地位，擴大了其作為美國追蹤通路第一大啤酒品牌的領先地位。

Importantly, Modelo Especial also continues to grow household penetration, rising to become the number three brand on this metric at the end of May with a 2.4-percentage point increase on a 52-week basis.

重要的是，Modelo Especial 的家庭滲透率也持續成長，在 5 月底升至該指標的第三大品牌，52 週內成長了 2.4 個百分點。

While Corona Extra depletions declined just over 1% in Q1, we continued to expect we can deliver low-single digit growth from this brand.

儘管第一季 Corona Extra 消耗量下降了 1% 多一點，我們仍然預計該品牌能夠實現低個位數的成長。

Importantly, Corona Extra remains a top five beer brand in the US and it continues to gain share in the category.

重要的是，Corona Extra 仍然是美國排名前五的啤酒品牌，並且在該類別中的份額繼續增長。

Pacifico delivered remarkable depletion growth of over 20% and was the number $4 share gainer across the total beer category.

Pacifico 的消耗量成長令人矚目，超過 20%，在整個啤酒類別中份額增幅位居第四。

Our Modelo Chelada brand delivered an increase of more than 5% in depletions.

我們的 Modelo Chelada 品牌的消耗量增加了 5% 以上。

And we are excited to continue to build on that momentum in fiscal '25 with two new flavors, Fresa Picante and Negra Con Chile.

我們很高興能夠在 25 財年繼續保持這一勢頭，推出兩種新口味：Fresa Picante 和 Negra Con Chile。

More broadly from an innovation pipeline perspective, the rollout of our two new Modelo Oro pack sizes is underway as we continue to thoughtfully build out the brand using our disciplined approach after a successful national launch last year.

更廣泛地從創新管道的角度來看，我們正在推出兩種新的 Modelo Oro 包裝尺寸，繼去年在全國範圍內成功推出後，我們將繼續採用嚴謹的方式精心打造品牌。

In addition, the expansion of our Aguas Frescas variety pack to an additional 20 markets and the launch of Corona Sunbrew in select eastern test markets are also advancing per our plans, and we look forward to sharing more on these additions to our portfolio over the coming year.

此外，我們將 Aguas Frescas 多種包裝擴展到另外 20 個市場，並在部分東部測試市場推出 Corona Sunbrew，這些計劃也在按計劃推進，我們期待在來年分享更多關於這些新增產品的資訊。

The strong execution of our beer business in Q1 was also reflected in our ability to deliver significant operating leverage, driving 2.6-percentage points of operating margin expansion year over year.

我們第一季啤酒業務的強勁表現也反映在我們提供顯著的營運槓桿的能力上，推動營運利潤率年增2.6個百分點。

Looking ahead, we continue to expect our beer business to deliver net sales growth of 7% to 9%, operating income growth of 10% to 12%, and an operating margin of approximately 39% in fiscal '25.

展望未來，我們繼續預期我們的啤酒業務在 25 財年的淨銷售額將成長 7% 至 9%，營業收入將成長 10% 至 12%，營業利潤率將達到約 39%。

Moving on to wine and spirits.

接下來討論葡萄酒和烈酒。

As noted earlier, we continue to face challenging dynamics in these categories, particularly across most of the line price segments.

如前所述，我們在這些類別中繼續面臨挑戰，特別是在大多數價格線段。

These headwinds were the main drivers of the 7% net sales decline for that business in Q1.

這些不利因素是導致該業務第一季淨銷售額下降 7% 的主要原因。

That said, our craft spirits portfolio achieved shipment volume growth of 14% as well as double-digit dollar sales growth in Circana US tracked channels significantly outperforming the low-single digit growth rate of the higher end spirits segment.

儘管如此，我們的精釀烈酒產品組合在 Circana US 追蹤管道中實現了 14% 的出貨量增長以及兩位數的美元銷售額增長，遠遠超過了高端烈酒領域的低個位數增長率。

In addition, we continue to make good progress against the operational and commercial execution initiatives identified last quarter to support our efforts to improve the performance of this business in fiscal '25.

此外，我們繼續在上一季確定的營運和商業執行計劃方面取得良好進展，以支持我們在 25 財年改善該業務業績的努力。

The tactical investments in the 11 brands that represent 75% of net sales and over 80% of volumes for our wine and spirits business in fiscal '24 are now underway, and we expect to see improvements in this select group of our most scalable offerings over the remainder of the year, ultimately underpinning the relatively stable net sales outlook for that business in fiscal '25.

我們目前正在對 11 個品牌進行戰術投資，這 11 個品牌占我們 24 財年葡萄酒和烈酒業務淨銷售額的 75% 和銷量的 80% 以上，我們預計在今年剩餘時間內，我們最具可擴展性的這部分精選產品將有所改善，最終為 25 財年該業務相對穩定的淨銷售前景奠定基礎。

However, these incremental investments didn't have a near-term impact on the operating income, which declined 25% in the first quarter.

然而，這些增量投資並沒有對營業收入產生短期影響，第一季營業收入下降了 25%。

That said, we also expect year-over-year operating income performance of our wine and spirits business to improve throughout the remainder of the year.

儘管如此，我們也預計今年剩餘時間內葡萄酒和烈酒業務的年比營業收入表現將有所改善。

And we continue to target wine and spirits operating income to be down 9% to 11% in fiscal '25.

我們繼續將葡萄酒和烈酒的營業收入目標定為在25財年下降9%至11%。

As we have noted previously, we remain committed to continuing to advance this business over the coming years towards the medium-term target shared in our Investor Day.

正如我們之前所指出的，我們仍致力於在未來幾年繼續推動這項業務，以實現我們在投資者日分享的中期目標。

Lastly, we continue to make good progress against our ESG ambitions, having recently received true certification for zero waste at our Nava and Obregon breweries, marking a significant milestone in meeting our waste reduction commitments.

最後，我們在實現 ESG 目標方面繼續取得良好進展，最近我們在 Nava 和 Obregon 啤酒廠獲得了真正的零浪費認證，這標誌著我們履行減少浪費承諾的一個重要里程碑。

And as a reminder, last year, we also achieved our initial water restoration commitment one year ahead of schedule, and we then set an ambitious target nearly five times the size of the original goal to be completed within the same timeframe of fiscal '23 to '25.

提醒一下，去年，我們還提前一年實現了最初的水資源恢復承諾，然後我們設定了一個雄心勃勃的目標，幾乎是原定目標的五倍，即在 23 至 25 財年的同一時間段內完成。

So in closing, we once again delivered another quarter of solid performance, driven by the continued strength of our beer business, and we expect to maintain this momentum throughout the rest of fiscal '25 and beyond as committed at Investor Day.

因此，最後，在啤酒業務持續強勁的推動下，我們再次實現了又一個季度的穩健業績，並且我們預計這一勢頭將在整個 25 財年剩餘時間及以後保持下去，正如在投資者日所承諾的那樣。

Our beer business continues to achieve strong volume growth well above that of its category and total beverage alcohol.

我們的啤酒業務持續實現強勁的銷售成長，遠高於同類產品和酒精飲料總量的成長。

This outstanding performance supported the second largest dollar share gain within the broader beverage industry and reinforce our significant growth outperformance relative to the entire CPG sector.

這一出色的表現支撐了我們在整個飲料行業中第二大美元份額的增長，並鞏固了我們相對於整個快速消費品行業的顯著增長優勢。

Our wine and spirits business is making progress against the operation and commercial execution initiatives identified last quarter to support its trajectory towards this year's guidance.

我們的葡萄酒和烈酒業務正在按照上個季度確定的營運和商業執行計劃取得進展，以支持其實現今年的指導軌跡。

All in, we continue to advance toward our enterprise-wide financial targets, including the delivery of double-digit comparable EPS growth while upholding our disciplined and balanced capital allocation priorities from the last five years, which so far this fiscal year has also included the return of over $240 million to shareholders in share repurchases through June.

總而言之，我們繼續朝著全企業的財務目標邁進，包括實現兩位數的可比每股收益增長，同時堅持過去五年來嚴謹、均衡的資本配置重點，截至本財年 6 月份，我們已通過股票回購向股東返還了超過 2.4 億美元。

And with that, I turn the call over to Garth.

說完這些，我將電話轉給 Garth。

Thank you, Bill, and good morning, everyone.

謝謝你，比爾，大家早安。

As usual, my discussion of our Q1 fiscal '25 performance will focus mainly on our comparable enterprise results accompanied by business segment details.

與往常一樣，我對我們 25 財年第一季業績的討論將主要集中於我們的可比企業業績以及業務部門細節。

Starting with our enterprise net sales, we delivered top-line growth of 6% for the quarter, in line with our full-year expectations and our medium-term outlook for our Investor Day targets.

從企業淨銷售額開始，本季我們實現了 6% 的營收成長，符合我們的全年預期和投資者日目標的中期展望。

As anticipated, this strong growth was driven by our beer business, which I will elaborate on shortly.

正如預期的那樣，這一強勁增長是由我們的啤酒業務推動的，我將在稍後詳細說明。

For fiscal '25, we continue to expect enterprise net sales to grow between 6% to 7%.

對於25財年，我們繼續預期企業淨銷售額將成長6%至7%。

Enterprise operating income increased 23% and 12% on a reported and comparable basis, respectively.

企業營業收入依報告和可比口徑分別成長23％和12％。

This resulted in a 35.4% operating margin -- reported operating margin and a 180-basis point year-over-year increase in comparable operating margin to 34.7%.

這導致報告的營業利潤率為 35.4%，可比營業利潤率年增 180 個基點，達到 34.7%。

While we delivered very strong operating income growth in the first quarter, again driven by our beer business, we continue to expect enterprise comparable operating income growth of 8% to 10% for the full year.

雖然我們在第一季實現了非常強勁的營業收入成長，這再次得益於我們的啤酒業務，但我們仍然預計全年企業可比營業收入成長率將達到 8% 至 10%。

At an enterprise level, we also remain on track to achieve our full-year comparable EPS guidance of $13.50 to $13.80, having delivered comparable EPS of $3.57 for the first quarter.

在企業層面，我們仍有望實現全年可比每股收益 13.50 美元至 13.80 美元的預期，第一季的可比每股收益為 3.57 美元。

As a reminder, our full-year comparable EPS guidance represents a 10% increase year over year using the midpoint of our range.

提醒一下，以我們範圍的中點計算，我們的全年可比每股收益預期較上年同期成長 10%。

Importantly, these comparable EPS results and expectations are also consistent with our medium-term annual low-double digit comparable EPS growth target we outlined at our Investor Day last November.

重要的是，這些可比每股收益結果和預期也與我們去年 11 月在投資者日概述的中期年度低兩位數可比每股收益成長目標一致。

Now turning to the more detailed discussion of the underlying drivers of our Q1 performance.

現在來更詳細地討論我們第一季業績的根本驅動因素。

Starting with our beer business, the segment is off to a great start in fiscal '25.

從我們的啤酒業務開始，該部門在25財年取得了良好的開端。

Our beer business grew depletion volumes by 6.4%, excluding the impact of last year's craft brand divestitures, which will be the basis of our depletion figures this year to eliminate any sequential distortions from lapping periods without the craft brands.

不包括去年精釀品牌剝離的影響，我們的啤酒業務消耗量增長了 6.4%，這將作為我們今年消耗數據的基礎，以消除沒有精釀品牌的重疊期造成的任何連續扭曲。

This reflected the solid consumer demand during the quarter as well as strong execution and performance during the key Cinco de Mayo and Memorial Day holidays.

這反映了本季強勁的消費者需求以及五月五日節和陣亡將士紀念日主要假期期間的強勁執行力和表現。

As usual, we led Cinco de Mayo and we are pleased to have once again won the Memorial Day holiday as the top share gaining supplier and Circana dollar sales growing 6.3% and gaining 1.6 share points of total beer and 1.8 share points of high end beer.

像往常一樣，我們引領了 Cinco de Mayo，我們很高興再次贏得陣亡將士紀念日假期，成為份額增長最多的供應商，Circana 的美元銷售額增長了 6.3%，總啤酒份額增長了 1.6%，高端啤酒份額增長了 1.8%。

Modelo Especial was the top share gaining brand picking up 1 share point and we had a total of 5 out of 15 top share gaining brands.

Modelo Especial 是市佔率成長最快的品牌，獲得了 1 個份額點，在市佔率成長最快的 15 個品牌中，我們總共擁有 5 個。

Our on-premise depletions grew 2% as we continued to capture tap handles and gain share as demonstrated by Modelo Especial shifting up one spot to now be the number four beer on draft in the US.

隨著我們繼續吸引更多啤酒愛好者並擴大市場份額，我們的現場消耗量增長了 2%，其中 Modelo Especial 上升了一位，成為美國排名第四的紮啤酒。

Beer shipment volume for the quarter increased 7.6% and ran slightly ahead of depletions on both a growth rate and on an absolute basis.

本季啤酒出貨量成長了7.6%，無論是成長率還是絕對量，都略微超過了消耗量。

This is allied with our usual seasonality as distributor and retailers prepare for the peak summer season.

這與我們通常的季節性相關，因為分銷商和零售商正在為夏季旺季做準備。

That said, from a full-year perspective, we continue to expect absolute shipments and depletion volumes to closely align with each other.

儘管如此，從全年來看，我們仍然預期絕對出貨量和消耗量將緊密一致。

And in terms of the quarterly cadence of our volumes in fiscal '25, we still anticipate the quarterly share of full -- full year's shipment volumes and depletion volumes to be largely aligned with that of fiscal '24.

就 25 財年的季度出貨量節奏而言，我們仍然預期全年出貨量和消耗量的季度份額將與 24 財年大致一致。

Lastly, regarding selling days for our beer business.

最後，關於我們啤酒業務的銷售日。

They were flat for the first quarter of fiscal '25.

在 25 財年第一季度，它們表現持平。

For the balance of the year, we will have one less selling day, which will occur in Q2.

就今年的餘額而言，我們的銷售日將減少一天，這將發生在第二季。

In addition to the shipment volume growth, we realized pricing benefits of less than 1% due to lapping the wrap around impacts of the pricing actions we took in the fall of calendar year 2022, which were above our normal pricing algorithm.

除了出貨量成長之外，我們還實現了不到 1% 的定價收益，這是由於我們在 2022 年秋季採取的定價行動產生了環繞影響，高於我們的正常定價演算法。

Altogether, volume growth combined with price mix benefits drove net sales growth of more than 8% for our beer business.

總而言之，銷售成長加上價格組合優勢推動我們的啤酒業務淨銷售額成長超過 8%。

As we look towards the balance of fiscal '25 from a top-line perspective, for our beer business, we anticipate the momentum of our portfolio to continue.

從營收角度展望25財年的平衡，對於我們的啤酒業務，我們預期我們的產品組合的動能將持續下去。

The shelf space gains we captured this past spring and our ongoing pursuit of additional points of distribution across the country are in line with what we outlined during our Investor Day.

我們今年春天獲得的貨架空間增長和我們在全國範圍內不斷尋求的更多分銷點都與我們在投資者日期間概述的內容一致。

In addition, the opportunities across our disciplined innovation launches and the demographic tailwinds from Hispanic consumers who have high affinity and strong loyalty for our brands as well as the incredible equity of our brands underpinned by our consistent marketing efforts, give us further assurance that our top-line performance is sustainable.

此外，我們在嚴謹的創新發布中遇到的機會、來自西班牙裔消費者的人口統計優勢（他們對我們的品牌具有很高的親和力和忠誠度），以及我們透過持續的營銷努力所支撐的品牌的巨大資產，都使我們進一步確信我們的營收表現是可持續的。

Moving on to operating income and operating margin performance for our beer business.

繼續討論我們的啤酒業務的營業收入和營業利潤率表現。

The segment delivered 16% growth in operating income and a 260-basis point increase in operating margin to 40.6%.

該部門營業收入成長 16%，營業利益率增加 260 個基點，達到 40.6%。

These increases were largely driven by the strong top-line growth of our beer business as well as a nearly $50 million benefit from our savings and [efficiency] initiatives, which partially offset an increase in COGS of 7% excluding these savings, but inclusive of the impact of volume and foreign currency.

這些成長主要得益於我們啤酒業務的強勁營收成長，以及來自我們的節約和[效率]舉措的近5,000萬美元收益，這部分抵消了不包括這些節約但包括銷量和外幣影響的銷貨成本7%的增長。

As a reminder, approximately 25% of our total COGS are exposed to the Mexican peso, and we are approximately 85% hedged against that exposure for the fiscal year.

提醒一下，我們總銷貨成本中約有 25% 受到墨西哥比索的影響，而我們在本財政年度對該風險敞口進行了約 85% 的對沖。

Marketing expense as a percent of net sales was 8.4% for the quarter, relatively in line with our full-year expectation of approximately 8.5%.

本季行銷費用佔淨銷售額的百分比為 8.4%，與我們對全年約 8.5% 的預期基本一致。

Other SG&A expense was 4.4% as a percent of net sales, slightly under our full-year expectation as we expect an uplift in the second half due to lower fixed cost absorption as well as talent acquisition and integrated supply chain investments.

其他銷售、一般及行政開支佔淨銷售額的 4.4%，略低於我們的全年預期，因為我們預計下半年由於固定成本吸收減少以及人才獲取和綜合供應鏈投資將有所上升。

We continue to expect beer operating margins of approximately 39% for fiscal '25.

我們繼續預期 25 財年的啤酒營業利潤率約為 39%。

And from a cadence perspective, we anticipate incremental COGS relative to net sales in H2 due to lower fixed cost absorption from normal volume seasonality with some favorability in Q4 from lapping the VAT write-off in the same period last year.

從節奏角度來看，我們預計下半年 COGS 相對於淨銷售額將有所增加，這是由於正常的銷售季節性導致固定成本吸收較低，而第四季度由於去年同期的增值稅減免而帶來一定有利影響。

Shifting to our wine and spirits business, the segment realized a 7% net sales decline in the first quarter.

轉向我們的葡萄酒和烈酒業務，該部門在第一季實現了 7% 的淨銷售額下降。

This was largely driven by a 5.1% decrease in shipment volume as marketplace dynamics in US wholesale remained challenging, particularly in the wine category.

這主要是由於美國批發市場的動態仍充滿挑戰，尤其是在葡萄酒類別，導致出貨量下降 5.1%。

That said, we continue to expect that the operational and commercial execution initiatives identified in Q4 of last fiscal year and set underway in our recently completed Q1 should help us more effectively navigate the broader category and segment headwinds to ultimately deliver relatively stable year-over-year net sales performance in fiscal '25.

儘管如此，我們仍然預計，上一財年第四季度確定並在最近完成的第一季啟動的營運和商業執行舉措將幫助我們更有效地應對更廣泛的類別和細分市場的不利因素，最終在 25 財年實現相對穩定的同比淨銷售業績。

Note, however, that we expect the top-line performance uplift in our wine and spirits business to be more heavily weighted towards the second half of the year aligned with the usual seasonality of the business and as the benefits of our commercial and operational execution initiatives begin to take hold.

但請注意，我們預計葡萄酒和烈酒業務的營收業績提升將更集中在下半年，這與業務的通常季節性相一致，而且隨著我們的商業和營運執行舉措的好處開始顯現。

From an operating income perspective, our wine and spirits business realized a decline of approximately $20 million, which in turn resulted in a 370-basis point decrease in operating margin to 15.3%.

從營業收入來看，我們的葡萄酒和烈酒業務下降了約2,000萬美元，導致營業利潤率下降370個基點至15.3%。

These declines were primarily driven by unfavorable cost of goods sold, lower volumes, and unfavorable product mix due to category headwinds, extending into higher price segments, which more than offset the favorable impacts of SG&A expense and favorable pricing.

這些下降主要是由於銷售成本不利、銷售下降以及由於類別阻力導致的產品組合不利，並延伸到更高價格段，這抵消了銷售、一般和行政費用和優惠定價帶來的有利影響。

The unfavorable COGS relative to net sales was primarily driven by higher grape and low end spirits costs, partially offset by cost savings realized in freight and warehousing.

相對於淨銷售額而言，不利的銷貨成本主要是由於葡萄和低端烈酒成本的提高，但部分被運費和倉儲成本的節省所抵消。

Our marketing expense as a percent of net sales was 10.5%.

我們的行銷費用佔淨銷售額的百分比為 10.5%。

This was elevated when compared to our medium-term target due to ongoing marketing investments around some of our largest brands, particularly through tactical initiatives.

與我們的中期目標相比，這一數字有所提高，因為我們對一些最大的品牌進行了持續的營銷投資，特別是透過戰術舉措。

SG&A as a percent of net sales was 17.5%, which was also elevated when compared to our medium-term target as benefits of our SG&A savings initiatives are expected to be realized in future quarters.

銷售、一般及行政開支佔淨銷售額的百分比為 17.5%，與我們的中期目標相比也有所上升，因為我們預計銷售、一般及行政開支節約措施的效益將在未來幾季實現。

As we look towards the rest of the year for our wine and spirits business, while we expect improvement in our performance for both operating income and operating margin, we continue to anticipate a full-year 9% to 11% decline in operating income for our initial fiscal '25 guidance, rounding up the rest of the P&L.

展望今年剩餘時間的葡萄酒和烈酒業務，雖然我們預計營業收入和營業利潤率均將有所改善，但我們仍然預計全年營業收入將下降 9% 至 11%，這與我們對 25 財年的初步預期相符，並將剩餘的損益表湊整。

Corporate expense for the quarter was approximately $59 million, reflecting a year-over-year increase of $9 million or 18%, largely driven by higher compensation and benefits and professional fees.

本季公司費用約 5,900 萬美元，較去年同期增加 900 萬美元，增幅 18%，主要由於薪酬福利和專業費用增加。

Interest expense for the quarter was $103 million, a 14% decrease from the prior year, and our comparable effective tax rate was 18.2% compared to 20.7% for the corresponding quarter last year.

本季利息支出為 1.03 億美元，較上年下降 14%，我們的可比有效稅率為 18.2%，而去年同期為 20.7%。

Our corporate expense, interest expense, and comparable effective tax rate expectations for fiscal '25 remain unchanged at $260 million, $445 million to $455 million, and 18.5% respectively.

我們對 25 財年的企業費用、利息費用和可比有效稅率的預期保持不變，分別為 2.6 億美元、4.45 億至 4.55 億美元和 18.5%。

We expect a marginal increase over the coming quarters in corporate expense, mainly due to an increase in compensation and benefits and digital capabilities investments.

我們預計未來幾季公司費用將小幅增加，主要原因是薪資福利和數位化能力投資的增加。

We also expect a slight uplift in interest expense due to lower capitalized interest from our beer business expansion beyond Q1 and a minor increase in our effective tax rate due to anticipated incremental contributions from our wine and spirits business to our enterprise operating income.

我們也預計，利息支出將略有增加，原因是第一季後啤酒業務擴張帶來的資本化利息降低，以及葡萄酒和烈酒業務預計對企業營業收入的增量貢獻導致我們的有效稅率略有增加。

Turning to free cash flow, which we define as net cash provided by operating activities less capital expenditures.

談到自由現金流，我們將其定義為經營活動提供的淨現金減去資本支出。

For the first quarter of fiscal '25, we generated free cash flow of $315 million, a 19% decrease from the prior year as capital expenditures increased 35%, primarily driven by the construction of our greenfield brewery in Veracruz.

25 財年第一季度，我們產生的自由現金流為 3.15 億美元，比前一年下降 19%，因為資本支出增加了 35%，這主要得益於我們在韋拉克魯斯的綠地啤酒廠的建設。

That construction is progressing as planned.

該建設正在按計劃進行。

And similar to all of our recent expansions, we believe will enhance our production capabi -- capacity, product redundancy, and overall efficiency for our beer business.

與我們最近的所有擴張類似，我們相信這將提高我們的生產能力——產能、產品冗餘和啤酒業務的整體效率。

We expect our new brewery to be operational towards the end of next fiscal year or in the earlier part of fiscal '27.

我們預計我們的新啤酒廠將在下一財年末或 27 財年年初投入營運。

To conclude, the excellent enterprise results were achieved in the first quarter of fiscal '25, support our confidence in our ability to deliver on our financial and strategic objectives for the full year as we continue to leverage our strong portfolio of brands, relentlessly pursue operational excellence, and remain consistent in adhering to our disciplined and balanced capital allocation priorities.

總而言之，25財年第一季取得了出色的企業業績，這支持了我們對實現全年財務和戰略目標的能力的信心，因為我們將繼續利用我們強大的品牌組合，堅持不懈地追求卓越運營，並始終堅持我們嚴謹而均衡的資本配置優先事項。

That said, as we always do, we will continue to closely monitor the consumer, currencies, and our input costs and to take appropriate action in response to any potential volatility or macro headwind.

儘管如此，與往常一樣，我們將繼續密切關註消費者、貨幣和投入成本，並針對任何潛在波動或宏觀不利因素採取適當的行動。

As always, we thank you for your continued support and interest in our company, and we look forward to sharing our progress with you throughout the year.

像往常一樣，我們感謝您對我們公司的持續支持和關注，並期待全年與您分享我們的進步。

With that, Bill and I will be happy to take your questions during our Q&A session.

因此，比爾和我很樂意在問答環節回答您的問題。

Thank you.

謝謝。

(Operator instructions)

（操作員指令）

Andrea Teixeira, JPMorgan.

摩根大通的安德里亞特謝拉 (Andrea Teixeira)。

So you Garth, you elaborated -- you commented on the continued momentum in beer and disciplined marketing efforts, leading to sustainability of growth.

所以 Garth，您詳細闡述了——您評論了啤酒的持續發展勢頭和嚴謹的營銷努力，從而實現了可持續增長。

I think we're all hoping to hear from you a little bit on how you exit the quarter.

我想我們都希望聽到您對如何結束本季的一些看法。

Any June commentary so far given the state of the consumer, given all we are hearing from other companies and the economy in general.

考慮到消費者的狀況、我們從其他公司聽到的所有消息以及總體經濟狀況，到目前為止，六月的任何評論都是如此。

So if you can comment on that and related to that, like I think we all hope that you are benefiting from all the [shares] and expansion in distribution.

因此，如果您能對此發表評論並與之相關，我想我們都希望您能從所有[股票]和分銷擴張中受益。

And if you can tell us like a little bit of how you benefit from in the depletions that you just reported, the 6.4%, how much you would say came from same shelf growth or how much was additional distribution?

如果您可以告訴我們您從剛才報告的 6.4% 的消耗中獲得了哪些好處，您認為其中有多少是來自同一貨架的增長，或者有多少是額外的分銷？

Thank you.

謝謝。

Sure.

當然。

Let me start with that.

讓我從那開始。

First of all, I think the important thing to always keep in mind is that our buy rates for our beer business remain very strong.

首先，我認為要始終牢記的重要一點是，我們的啤酒業務的購買率仍然非常強勁。

We saw high-single digit, both at a consumer level and within the Hispanic community, with the Hispanic community being slightly higher than the total consumer.

我們看到，無論是在消費者層面還是在西班牙裔社區內，這一數字都達到了高個位數，其中西班牙裔社區的比例略高於整體消費者。

Now that doesn't mean there aren't some shift around and pack sizes channels, but our buy rates remain extremely strong.

這並不意味著包裝尺寸管道不會發生一些轉變，但我們的購買率仍然非常強勁。

And I think this is a consistent theme that we've said time -- frankly, time and time again, which is our beer business has tremendous brand loyalty and therefore, it continues to excel despite whatever might be going on with other beer companies or with other brands in the sector.

我認為這是我們一次又一次強調的一貫主題——坦白說，我們的啤酒業務擁有極高的品牌忠誠度，因此，無論其他啤酒公司或業內其他品牌發生什麼情況，我們的啤酒業務都能繼續保持卓越表現。

As we noted, we had an unusually strong performance against all other CPG sectors and were again the number one share gainer within beverage alcohol.

正如我們所注意到的，與所有其他快速消費品領域相比，我們有著異常強勁的表現，並且再次成為酒精飲料領域份額增長最多的企業。

To your point, I think the gains that we saw in shelf sets is certainly an additive factor in this.

對於您的觀點，我認為我們在貨架套裝中看到的收益無疑是其中的一個附加因素。

It also gives us plenty of chance to expand things like Oro, which we're very excited about for this fiscal year.

這也為我們提供了擴展 Oro 等產品的機會，我們對本財年的產品感到非常興奮。

So I think it's very difficult to put an exact number on the dimension of it and I think you've seen, we've consistently delivered year after year, after year on exactly what we said we would do and this quarter is no different.

因此，我認為很難給出一個確切的數字，我想你已經看到了，我們年復一年地堅持兌現我們的承諾，這個季度也不例外。

Carlos Laboy, HSBC.

匯豐銀行的卡洛斯‧拉博伊 (Carlos Laboy)。

You've been able to sustain pretty good profit margins, pretty stable profit margins here remarkably well despite the Mexican peso having appreciated very strongly in recent years, but that seems to have turned this quarter.

儘管近年來墨西哥比索大幅升值，但你們仍然能夠維持相當好的利潤率，相當穩定的利潤率，但本季這種情況似乎已經改變了。

If you were to enter a period of peso weakness, can you speak to the flexibility that this might give you or would enter into your pricing strategy?

如果您進入比索疲軟時期，您能否談談這可能會給您帶來什麼靈活性或如何影響您的定價策略？

And let's just be transparent.

讓我們保持透明。

The reason I'm asking is because in the '80s and '90s, we went through periods of peso weakness and you were able to successfully close price gaps with mainstream beer and the dividends that are still coming through today.

我之所以問這個問題，是因為在 80 年代和 90 年代，我們經歷了比索疲軟的時期，而你們成功地彌補了主流啤酒和至今仍在產生的股息的價格差距。

So if you could just speak to how you're thinking about this, it would be helpful.

因此，如果您能談談您對此的看法，那將會很有幫助。

Yes, Carlos, I think the results that you referenced are just an indication of how effective our hedging policies really are.

是的，卡洛斯，我認為您提到的結果只是表明了我們的對沖政策確實非常有效。

We have a multi-year hedging policy, which allows us to layer in incremental hedges over a multiyear period when we see moments of weakness, if you will.

我們有一個多年的對沖政策，如果你願意的話，這個政策允許我們在看到疲軟時刻時，在多年的時間裡分層進行增量對沖。

In Q1, we actually did see a couple of days there where there was some fairly significant movements, greater than 10% and we took advantage of that movement with our treasury team, again, layering in incremental hedges, not just for this year, but also for future years as well.

在第一季度，我們確實看到有幾天出現了相當顯著的波動，超過 10%，我們與財務團隊一起利用了這種波動，再次進行增量對沖，不僅針對今年，也針對未來幾年。

Just as a reminder, when we entered this fiscal year, we were about 70%-mid range hedged against the peso.

提醒一下，當我們進入本財年時，我們對比索的對沖比例約為 70% 左右。

And as a result of these incremental hedges, we now sit at about 85% for the full fiscal year.

由於這些增量對沖，我們現在整個財政年度的對沖率約為 85%。

So again, it's a very robust practice, very methodical, disciplined, and flexible approach, and it's certainly been paying dividends for us.

所以，這是一個非常強大的做法，非常有條理、有紀律且靈活的方法，而且它確實為我們帶來了回報。

Dara Mohsenian, Morgan Stanley.

摩根士丹利的 Dara Mohsenian。

So just to follow up on Andrea's question in terms of macros and potential impact on the beer business.

因此，我們只是想跟進安德里亞關於宏觀和對啤酒業務的潛在影響的問題。

Can you unpack a little more maybe what you're seeing from low- versus, middle- versus, high-end consumers in terms of demand for your beer business?

您能否進一步闡述一下，就啤酒業務的需求而言，低端、中端和高端消費者有何不同？

And then also just any update on on-premise channel trends and what you're seeing throughout the course of fiscal Q1 and so far this summer, just in terms of if we're seeing any big channel shifts or any types of impact on that front?

然後還有關於內部管道趨勢的任何更新，以及您在整個第一財季和今年夏天所看到的情況，就我們是否看到任何重大的管道轉變或任何類型的影響而言？

Thanks.

謝謝。

Sure, Dara.

當然，達拉。

Let's start with the second question first.

我們先從第二個問題開始。

The on-premise was slightly weaker than what we might have expected, although as you saw, we had some significant gains within our franchise, particularly Modelo, which stepped up a position versus what we had had in prior years.

儘管正如您所看到的，我們的特許經營業務取得了顯著的成長，特別是 Modelo，與前幾年相比，其地位有所提升，但現場業務的表現略弱於我們的預期。

I think some of that relates to a couple of things.

我認為其中一些與一些事情有關。

One is, as many people have noted, the weather scenario that existed over the course of the early part of the spring slashed beginning of summer wasn't great, which impacts the on-premise, much like it impacts the overall business.

一是，正如許多人所注意到的，春季初至夏季初的天氣狀況不佳，這對現場業務產生了影響，就像對整體業務產生了影響一樣。

So I think that was a bit of a play.

所以我認為這有點像一場戲。

But as we are getting into the summer months, we expect this to show some resiliency.

但隨著進入夏季，我們預計這將表現出一定的彈性。

I'd reemphasize to your question about where the consumer is at various price points -- excuse me, income points.

我想再次強調你關於消費者在不同價格點（對不起，是收入點）所處位置的問題。

I think yet again, this goes right back to what I said in answer to her question, which is the brand loyalty that exists with our consumers is second to none.

我認為這又回到了我回答她的問題時所說的話，那就是我們的消費者對品牌的忠誠度是首屈一指的。

I mean, when you look at the Hispanic consumer, which is one we watch very closely, given it's more than 50% of our overall mix, that consumer buy rate was up compared to the total consumer.

我的意思是，當你觀察西班牙裔消費者時，我們會非常密切地關注他們，因為他們占我們整體消費組合的 50% 以上，與整體消費者相比，他們的消費者購買率是上升的。

Again, I think that speaks very strongly to the loyalty that we see within that consumer base irrespective of income.

再次，我認為這充分說明了我們看到的消費者群體的忠誠度，無論其收入多少。

That in particular is a long-range benefit for our business and will continue to be a long-range benefit to our business given that community in many respects views beer as a staple.

這對我們的業務來說尤其是一個長遠利益，而且鑑於社區在許多方面都將啤酒視為主食，這將繼續對我們的業務產生長遠利益。

So again, overall, we continue to be very pleased with our buy rates and despite gives and takes during the course of the quarter, I think it's reflected in our depletion rate of 6.4%, it's very strong quarterly results.

因此，總體而言，我們仍然對我們的購買率感到非常滿意，儘管在本季度有所讓步，但我認為這反映在我們 6.4% 的消耗率中，這是非常強勁的季度業績。

Filippo Falorni, Citi.

花旗銀行的 Filippo Falorni。

First, just a quick follow-up on Andrea's question.

首先，我來快速回答安德里亞的問題。

If you can just provide any update on just what you're seeing exiting the quarter into June?

您能否就 6 月當季的情況提供一些最新消息？

And then a bigger picture question on innovation.

然後是關於創新的更大問題。

Last year, obviously, you had Modelo Oro which was pretty successful and you have some runway for this year.

顯然，去年你們的 Modelo Oro 非常成功，今年你們也有一定的發展空間。

Can you talk a bit about this year's innovation, including Corona Sunbrew and the Modelo Aguas Frescas expansion and anything else we should think about in terms of innovation contribution in beer?

您能談談今年的創新嗎，包括 Corona Sunbrew 和 Modelo Aguas Frescas 擴建，以及在啤酒創新貢獻方面我們還應該考慮的其他事項？

Thank you.

謝謝。

You bet.

當然。

As we've said in other quarters, we're not going to give quarterly depletion guidance.

正如我們在其他季度所說的那樣，我們不會提供季度消耗指引。

But what I will say is we're fairly pleased with the status of the weather going into this particular quarter.

但我要說的是，我們對本季的天氣狀況相當滿意。

And as we've always said, that's really a big factor in terms of the delivery of the business.

正如我們一直所說，這對業務交付來說確實是一個重要因素。

And quite frankly, the forecast for tomorrow is terrific.

坦白說，明天的天氣預報非常棒。

So we're looking forward to the July 4th being yet another event and a weekend and weekday in this case that we will win much like we did on Memorial Day before.

因此，我們期待 7 月 4 日成為另一個活動、一個週末和工作日，在這種情況下，我們將取得勝利，就像我們之前的陣亡將士紀念日一樣。

So relative to the innovation agenda, we have expanded Modelo Aguas Frescas to 20 additional markets.

因此，相對於創新議程，我們已將 Modelo Aguas Frescas 擴展到另外 20 個市場。

As you may recall, it was test marketed last year in Las Vegas and was the number one FMB in that particular market had a very strong start and that variety pack is now in 20 additional markets, which covers roughly 70%, 75% of the total consumption expected for that product.

您可能還記得，它去年在拉斯維加斯進行了試銷，並成為該特定市場中排名第一的 FMB，並且開局非常強勁，而且該多樣化包裝現已覆蓋另外 20 個市場，覆蓋了該產品預計總消費量的約 70% 到 75%。

So we're very excited to watch that one develop as the year goes on.

因此，我們非常高興地看到隨著時間的推移，這項計畫不斷發展。

Similarly, we are testing Corona Sunbrew in the Northeast.

同樣，我們正在東北地區測試 Corona Sunbrew。

Again, just getting started and it's very early days, but we're very pleased with their response to it.

再說一遍，這才剛開始，還處於早期階段，但我們對他們的反應感到非常滿意。

And certainly, much of the consumer sampling that's been done around that product suggests that that product is going to be a home run for us with the consumer.

當然，對該產品進行的大量消費者抽樣調查表明，該產品將為消費者帶來巨大的成功。

So again, both of those are too early days to really have any what I would call concrete results.

所以，我再說一遍，這兩個時期都還為時過早，無法真正達到我所謂的具體成果。

But as we always do, those were only introduced after a significant testing at a consumer level to make sure that we had the right product, the right package, and the right pricing mix to give them a very high probability of success.

但正如我們一直以來所做的那樣，這些產品都是在消費者層面進行大量測試之後才推出的，以確保我們擁有正確的產品、正確的包裝和正確的定價組合，從而為它們帶來非常高的成功機率。

Lauren Lieberman, Barclays.

巴克萊銀行的勞倫·利伯曼。

So the strong start to the year on profitability would seemingly create more flexibility to hit that 10% to 12% operating profit guide for beer for the year, particular there's nothing too material from a timing perspective in the quarter.

因此，今年開局強勁的盈利能力似乎會為實現全年啤酒 10% 至 12% 的營業利潤目標創造更大的靈活性，特別是從本季度的時間角度來看，並沒有什麼太重要的事情發生。

So what do you see as the key variables that influence the high versus the low end of that operating profit guidance range from here?

那麼，您認為目前影響營業利潤預期範圍上限和下限的關鍵變數是什麼？

Thanks.

謝謝。

Look, Lauren.

看，勞倫。

We feel really good about the guidance we gave for the full year.

我們對於全年業績的預期感到非常滿意。

And obviously, we feel really good about the results that we reported today.

顯然，我們對今天報告的結果感到非常滿意。

As we gave guidance in April of this year, obviously, we laid out that from a beer perspective, we very much expected that our operating income growth would be in that 10% to 12% range.

正如我們在今年 4 月給出的指引一樣，顯然，我們從啤酒的角度指出，我們非常預計我們的營業收入成長將在 10% 到 12% 的範圍內。

And we certainly reiterated that today.

我們今天確實重申了這一點。

That -- implying that our operating margins would be at about 38%, I think it's important to note that -- or 39%, I should say, I think it's important to note that we gave that guidance as it relates to the margin on an annual basis, not on a quarterly basis.

這意味著我們的營業利潤率將在 38% 左右，我認為值得注意的是，或者應該說是 39%，我認為值得注意的是，我們給出的該指引與年度利潤率有關，而不是季度利潤率。

So that means that we won't necessarily hit 39% or approximately 39% every quarter.

所以這意味著我們不一定每個季度都達到 39% 或大約 39%。

Certainly, we expect that there's going to be the normal seasonality that we see every year, which means we have higher volumes in the first half of the year, and then lower volumes in the second half of the year just due to regular seasonality, which resulted in a bit of a fixed overhead absorption drag as well as the second half of the year is when we do most of our maintenance on our breweries.

當然，我們預計每年都會出現正常的季節性，這意味著我們上半年的產量較高，而下半年的產量較低，這僅僅是由於正常的季節性，導致了一點固定間接費用吸收拖累，而且下半年是我們對啤酒廠進行大部分維護的時候。

So therefore, the second half of the year, albeit will be lower from a margin perspective than the first half of the year.

因此，從利潤率的角度來看，下半年的利潤將低於上半年。

That being said, as we've noted previously, we do expect that in Q4 that we will see some favorability on a year-over-year basis due to the lapping of the VAT write-off of last year.

話雖如此，正如我們之前所指出的，我們確實預計，由於去年增值稅減免的重疊，第四季度的業績將比去年同期有所改善。

Nik Modi, RBC Capital Markets.

尼克莫迪 (Nik Modi)，加拿大皇家銀行資本市場。

Bill, just more of a philosophical question.

比爾，這更像是哲學問題。

The sentiment on the beer category has been pretty poor for a while now.

一段時間以來，人們對啤酒類別的情緒一直相當糟糕。

Obviously, investors see it, but the trade talks about it as well.

顯然，投資者看到了這一點，但貿易商也在談論這一點。

Obviously, your business has been very disconnected from that.

顯然，您的業務與此毫無關聯。

So I'm just curious, like as you engage with your supply chain partners, distributors, retailers, what's the conversation look like?

所以我很好奇，當您與供應鏈合作夥伴、經銷商、零售商接觸時，對話是什麼樣的？

I mean, are they coming around the fact that maybe they can index your business relative to the beer category more because there's a lot of moving pieces and cross consumption.

我的意思是，他們是否意識到，也許他們可以將你的業務與啤酒類別進行更多指數化，因為其中存在許多活動部件和交叉消費。

It's really about occasions versus just some holistic category.

這實際上與場合有關，而不是僅僅與某個整體類別有關。

I mean, I'm just curious like what that discussion looks like right now, especially as you're in the middle of shelf resets and probably discussions for what's going on in the fall and into next year.

我的意思是，我只是很好奇現在的討論是什麼樣的，特別是當你正處於書架重置的中間階段，並且可能正在討論秋季和明年會發生什麼。

I have to start, Nik, giving a little tip of the cap view because you pointed out what we think is a critical point, which is this is all about brands.

尼克，首先我要給一點看法，因為你指出了我們認為的關鍵點，那就是這一切都與品牌有關。

The reason our brands have gotten double-digit increase in their shelf position during this period of time is because of the strength of those brands and the takeaway.

我們的品牌在這段時間內貨架位置之所以能達到兩位數成長，是因為這些品牌的實力和外賣量。

As we've said on prior calls, our average SKU takeaway in dollars is 5 times at the rate of our chief competitor.

正如我們在之前的電話會議中所說的那樣，我們的平均 SKU 外賣額是我們主要競爭對手的 5 倍。

So if you're a distributor or you're a retailer, you're going to put the emphasis on where you get growth and profitability and growth in takeout and strong velocities.

因此，如果您是分銷商或零售商，您將重點關注成長和盈利能力以及外賣成長和強勁速度。

And our brands represent that.

我們的品牌就代表了這一點。

That's why you see Pacifico with 20% growth and being number four share gainer.

這就是為什麼 Pacifico 能夠實現 20% 的成長並且成為市佔率排名第四的公司。

That's why you see Modelo Especial now being the number one play in off-premise dollar volume.

這就是為什麼你會看到 Modelo Especial 現在成為場外交易額排名第一的公司。

Our brands are very strong and they stand out distinctively from other brands in the category and I think you've made that note many times and we have to agree fully with that.

我們的品牌非常強大，與同類品牌相比，我們的品牌脫穎而出，我想您已經多次提到這一點，我們完全同意這一點。

Lastly, I'd say we continue to invest in our brands.

最後，我想說我們會繼續投資我們的品牌。

Part of what we are doing is we believe there's still significant upside on the longer term in terms of our brands and the investment that we put behind them, despite Modelo being number one, there's still a lot of awareness opportunity and we're planning to go get it.

我們正在做的事情之一是，我們相信從長期來看，我們的品牌以及我們對其的投資仍然具有顯著的上升空間，儘管 Modelo 是第一名，但仍有很多提高知名度的機會，我們正計劃去抓住它。

We feel the same way about things like Oro and Aguas Frescas and Sunbrew.

我們對 Oro、Aguas Frescas 和 Sunbrew 等品牌也有相同的感受。

We're bringing new scenarios and new occasions to more consumers.

我們正在為更多消費者帶來新的場景和新的場合。

I think that all speaks to the strength of our brands.

我認為這一切都證明了我們品牌的實力。

And I think whether you speak to retail or whether you speak to distributors, they're all very excited about our prospects, not only today but for the long term.

我認為，無論是與零售商還是分銷商交談，他們都對我們的前景感到非常興奮，不僅是今天的前景，而且是長遠的前景。

Bryan Spillane, Bank of America.

美國銀行的布萊恩‧斯皮蘭 (Bryan Spillane)。

I have just two questions.

我只有兩個問題。

I guess the first one is just, Garth or Bill, if you could just comment on Veracruz.

我想第一個是，Garth 或 Bill，如果你能對 Veracruz 進行評論的話。

I know you made a comment in the prepared remarks, but just how far along you are in the construction?

我知道您在準備好的發言中發表了評論，但您在建設中進展到什麼程度了？

Do we have a foundation yet?

我們有基礎了嗎？

(inaudible) piped-in water.

（聽不清楚）自來水。

Just some sense of where you are and where that is relative to plan?

只是稍微了解一下您所在的位置以及這與計劃的關係嗎？

And then I have a follow-up.

然後我有一個後續問題。

Well, Bryan, I mean, as I said in my remarks, I mean, we are well on our plan.

好吧，布萊恩，我的意思是，正如我在演講中所說的那樣，我們的計劃進展順利。

We expect to open that brewery at the end of the next fiscal year or the fiscal year after that.

我們預計將在下一個財政年度結束時或下一個財政年度結束時開設該啤酒廠。

So we're well on our way.

我們已經進展順利。

It is why our CapEx this year is at its peak.

這就是為什麼我們今年的資本支出達到頂峰。

As a reminder, we shared with everybody at Investor Day that FY25 would be our peak in terms of CapEx as that construction is at full throttle.

提醒一下，我們在投資者日與大家分享過，由於建設正在全速進行，2025 財年將是我們資本支出的峰值。

Importantly, as this is our peak year of CapEx, we do expect that by the end of our medium term outlook meeting of FY25 will go from CapEx in the low-double digit range of net sales to a mid-single digit range of net sales.

重要的是，由於這是我們資本支出的高峰年，我們確實預計，到 25 財年中期展望會議結束時，資本支出將從淨銷售額的低兩位數範圍上升到淨銷售額的中個位數範圍。

So just important for all of you to know and appreciate that.

所以大家了解並理解這一點非常重要。

But as it relates specifically to Veracruz, we are on track.

但就其與韋拉克魯斯的具體關係而言，我們的工作進展順利。

Okay, thanks.

好的，謝謝。

And then just to follow-up on some of the earlier conversations.

然後只是為了跟進一些之前進行的對話。

Bill, the stock is down today because I think there's a concern about the tough comparisons in beer.

比爾，今天股價下跌是因為我認為人們對啤酒的激烈比較感到擔憂。

Maybe a little bit of election concern because of how the stock reacted when Trump was elected in 2016.

也許是出於對 2016 年川普當選時股票反應的擔憂。

So could you just give us a perspective on how you think about the comps?

那麼您能否向我們簡單介紹一下您對同類公司的看法呢？

I mean the comps were the comps when you set your plan.

我的意思是，這些補償就是你在製定計畫時的補償。

So it's not like there are surprised.

因此他們並不感到驚訝。

And so if you could give us a perspective on that and whether or not people should actually even be worried about the election and who wins or loses, relative to [FTB], it's a different

因此，如果你能給我們一個觀點，看看人們是否真的應該擔心選舉結果，以及誰贏誰輸，相對於[FTB]，這是一個不同的

--

--

Yeah, sure.

是的，當然。

I think it's always risky.

我認為這總是有風險的。

And we've talked to many, many times.

我們已經談過很多次了。

Garth and I have about this topic about getting too excited about what happened tomorrow morning rather than looking at the longer-range picture.

加思和我討論過這個話題，不要對明天早上發生的事情過於興奮，而是著眼於更長遠的前景。

Year after year after year now, we've delivered against the goals that we set out and we're not bearing from our expectation from this year in part because of very strong performance that we delivered in Q1.

年復一年，我們都實現了我們設定的目標，今年我們沒有辜負眾望，部分原因是我們在第一季的表現非常強勁。

As Garth noted in his remarks, that doesn't mean there aren't times when it's a little better or a little worse or you have a little variability because you have less sell days, you have various things that go on.

正如加思在評論中指出的那樣，這並不意味著不會出現情況好轉或惡化的情況，或者由於銷售天數減少而出現一些變化，會發生各種各樣的事情。

I think it's important to look at the bigger picture.

我認為看清大局很重要。

Our brands continue to perform year after year, and the runway for those brands remains extraordinarily strong.

我們的品牌年復一年地保持優異表現，而這些品牌的發展前景依然十分強勁。

I think that's going to be a true statement, no matter who's elected in November.

我認為，無論誰在十一月當選，這都是真實的。

Our brands are really focused on delivering against the consumer and that consumer is incredibly loyal.

我們的品牌真正專注於滿足消費者的需求，而且消費者對我們的品牌非常忠誠。

As I said, just a few minutes ago.

正如我幾分鐘前所說的。

That makes a big difference irrespective of who happens to be the President of the US.

無論誰擔任美國總統，這都會有很大的不同。

So we're certainly -- I might add, and we've said this before as well.

所以我們當然—我想補充一下，我們之前也說過這一點。

Our government affairs team works very closely both in the United States and in Mexico on a both federal and a local level.

我們的政府事務團隊在美國和墨西哥聯邦及地方層級都進行了密切合作。

And I think that that capability is one that's also advantageous to us.

我認為這種能力對我們來說也是有利的。

Again, irrespective of any particular party that might happen to be in office at any particular time.

再說了，無論哪個特定政黨在特定時期執政。

Peter Graham, UBS.

瑞銀的彼得·格雷厄姆（Peter Graham）。

So Garth, I was hoping to get some updated perspective on just the puts and takes as it relates to the beer profit outlook.

所以 Garth，我希望獲得一些關於啤酒利潤前景的收益和利弊的最新觀點。

Back in April, you touched on volume leverage, price mix, cost savings, [being] tailwinds versus commodities and FX headwinds.

早在四月份，您就談到了成交量槓桿、價格組合、成本節約、大宗商品的順風和外匯逆風。

But I mean, I would just be curious, have your expectations for those buckets changed at all over the last few months?

但我的意思是，我只是好奇，在過去的幾個月裡，您對這些桶子的期望有改變嗎？

I totally understand (inaudible) the outlook this morning, but just have the building blocks changed at all versus your prior expectations?

我完全理解（聽不清楚）今天早上的展望，但與您之前的預期相比，其基本要素有沒有什麼變化？

Well, thanks, Peter.

好吧，謝謝你，彼得。

I mean, I guess the short answer to that question is no.

我的意思是，我猜這個問題的簡短答案是否定的。

I mean, as you know, as I just laid out previously, we will see quarterly variability as we do every year, mostly driven due to seasonality, volume seasonality.

我的意思是，正如你所知，正如我之前所述，我們將看到像每年一樣的季度變化，這主要是由於季節性、產量季節性所致。

Assuming that the building blocks that we laid out in detail at our April conference call, we provided for full year guidance, those remain where they are or what they are.

假設我們在四月電話會議上詳細闡述的基礎內容，以及我們為全年提供的指導，那麼這些內容將保持原樣或保持不變。

As we noted a couple of times, we are taking actions where we see that there's opportunity to take actions like making sure that we further hedge against the peso when we see weakness.

正如我們多次指出的那樣，當我們看到機會時，我們就會採取行動，例如確保在看到比索疲軟時進一步對沖比索。

But other than that, I mean, the business continues to be the business and the building blocks are the building blocks.

但除此之外，我的意思是，生意還是生意，基石還是基石。

Chris Carey, Wells Fargo Securities.

富國證券的克里斯凱裡 (Chris Carey)。

I'm going to follow up on Peter's question there around gross margins in beer, specifically Garth can you maybe frame how the Q1 gross margin came in relative to your expectations on paper?

我將跟進彼得關於啤酒毛利率的問題，具體來說，加斯，您能否描述一下第一季度的毛利率與您在紙面上的預期相比如何？

It certainly looks like strong delivery, specifically in a context of the rest of the year?

這看起來確實像是強勁的表現，特別是考慮到今年剩餘的時間？

And then just regarding the commentary around taking advantage of the weaker peso, does that give you more confidence on this fiscal year?

那麼，關於利用比索疲軟的評論，這是否會讓您對本財年更有信心？

And how much can you actually take advantage of for fiscal '26 at this point?

那麼，目前您實際上可以利用 26 財年多少優勢呢？

Thanks.

謝謝。

So I would say that the gross margins came in within our expectations, just to give you a little bit of color around what drove that.

因此，我想說毛利率是符合我們預期的，只是想讓你稍微了解一下推動這個趨勢的原因。

We essentially saw about 100 basis points of improvement in gross profit margin on a year-over-year basis.

與去年同期相比，我們的毛利率基本上提高了約 100 個基點。

About 3% of that or 30 basis points of that, I should say, is volume price and mix driven about 80 basis points are what I would just call cost of goods, logistics, materials, labor, offset by depreciation, and things of that nature.

其中約 3% 或 30 個基點是由數量價格和產品組合驅動的，而約 80 個基點是我所說的商品成本、物流成本、材料成本、勞動力成本、折舊成本以及諸如此類的成本。

We got about 20-basis points bump due to the craft divestiture.

由於製程剝離，我們獲得了約 20 個基點的成長。

And then we had about 30-basis points hit just due to the exposure against the FX that's unhedged.

然後，由於未對沖的外匯風險，我們的損失約為 30 個基點。

So that's really what the building blocks -- the makeup of the other changes.

所以這實際上就是構建模組——其他部分的組成發生了變化。

I feel really good about where we are for the balance of the year.

我對於今年餘下的進展感到非常滿意。

Certainly, we continue to progress against our aggressive cost savings initiatives that we outlined in our Investor Day.

當然，我們將繼續推動我們在投資者日概述的積極成本節約舉措。

As I mentioned in my comments, we've already got $50 million or above $50 million in Q1 that we think is sustainable and we'll certainly continue to execute against the cost savings initiatives as we go through the balance of the year.

正如我在評論中提到的那樣，我們在第一季已經獲得了 5000 萬美元或以上的收入，我們認為這是可持續的，我們肯定會在全年剩餘時間繼續執行成本節約計劃。

Bonnie Herzog, Goldman Sachs.

高盛的邦妮·赫爾佐格 (Bonnie Herzog)。

I had a question on just marketing.

我有一個關於行銷的問題。

Your outlook for marketing and advertising spend this year, it's below historical levels.

您對今年行銷和廣告支出的預期低於歷史水準。

And I guess there's some concern that you may be starving your brand.

我想你可能會擔心自己的品牌會受到損害。

So could you touch on this and provide a little more color on the efficiencies you gain and may continue to gain, how you're approaching investments this year, and I guess why you feel good about these investment levels?

那麼您能否談談這一點，並提供更多有關您獲得的效率以及可能繼續獲得的效率的信息，您今年的投資方式，以及您對這些投資水平感到滿意的原因？

Thanks.

謝謝。

Yeah, you bet, Bonnie.

是的，邦妮，你猜對了。

We're actually going to be spending more dollars this year than we have in prior years, as you would expect because our brands demanded and our growth profile allows us to continue to do it.

事實上，我們今年的支出將比前幾年更多，正如你所預料的那樣，因為我們的品牌需求和我們的成長狀況允許我們繼續這樣做。

With that said, you did point out an important point is we have created some efficiencies within our spend and therefore, the percentage is slightly less than we've done in prior years, purely driven by efficiency.

話雖如此，您確實指出了一個重要的觀點，那就是我們在支出方面提高了一些效率，因此，這一百分比比前幾年略低，這純粹是由效率驅動的。

That doesn't change the fact that we are spending more against our brands than we've ever spent and that process will continue.

但這並不能改變我們在品牌上投入比以往任何時候都多的事實，而且這個過程還會繼續下去。

We strongly believe engaging our consumer with critical national media and digital advertising platforms are critically important to continue to create awareness and to bring consumers into our franchises.

我們堅信，讓消費者參與重要的國家媒體和數位廣告平台對於繼續提高知名度和吸引消費者購買我們的特許經營權至關重要。

That you're seeing spend against of many of our new initiatives, you're seeing that against Sunbrew, you're seeing that against Aguas Frescas.

您可以看到我們許多新措施的支出，您可以看到 Sunbrew 的支出，您可以看到 Aguas Frescas 的支出。

We just kicked off our Oro spend for the year.

我們剛開始今年的 Oro 支出。

We are very strongly supportive as we have been for many, many years against our brands and that process will continue.

我們非常大力支持，因為我們多年來一直反對我們的品牌，而且這個過程還會繼續下去。

Yeah, and if you don't mind me, Bill, (multiple speakers) a little bit more.

是的，如果你不介意的話，比爾，（多位發言者）我再講一點。

I mean, we've said this publicly multiple times now.

我的意思是，我們已經多次公開說過這一點。

We will continue to invest in the growth of our business, both in marketing, just like we did -- just like we do with the investments we're making in our brewery capacity.

我們將繼續在行銷方面投資於業務成長，就像我們對釀酒廠產能的投資一樣。

We will not starve our brands for marketing in order to hit a margin profile.

我們不會為了達到利潤率而犧牲品牌的行銷效果。

Instead, we will continue to invest for growth.

相反，我們將繼續投資以實現成長。

So since we're piling on Garth, you mind, if I pile on to.

因此，既然我們正在堆積 Garth，你介意嗎，如果我堆積起來。

One of the reasons why we saw the improvement in the Modelo penetration and the double-digit growth in Modelo's business in the quarter is exactly what we're just talking about, which is we spend against our business.

我們看到 Modelo 滲透率的提高以及本季 Modelo 業務實現兩位數成長的原因之一正是我們剛才談論的，即我們在業務上投入了資金。

That's why Modelo in 10 years has gone from a tiny little brand to the number one brand by dollars in the United States.

這就是為什麼 Modelo 在 10 年內從一個微型品牌發展成為美國價值第一的品牌。

Nadine Sarwat, Bernstein.

納丁·薩瓦特（Nadine Sarwat），伯恩斯坦。

I want to come back to the November election.

我想重新談論十一月的選舉。

So former President Trump has mentioned the potential of a 10% universal baseline tariffs [shifting when] given your Mexican import beer business, how do you think that potential scenario would play out for Constellation?

前總統川普曾提到，考慮到你們的墨西哥進口啤酒業務，可能會實施 10% 的普遍基準關稅，你認為這種潛在情況對 Constellation 會有什麼影響？

And how would you add color on the risk that it would play?

您如何為其發揮的風險增添色彩？

Thank you.

謝謝。

I think it's too early to speculate on what may or may not happen in November.

我認為現在猜測十一月會發生什麼或不會發生什麼還為時過早。

Quite frankly, our business performed just great during the last Trump administration.

坦白說，在上一屆川普政府執政期間，我們的業務表現出色。

And I would expect that we wouldn't perform extraordinarily well in a new administration, irrespective of who might be at the helm of that administration.

而且我預計，無論誰執掌新政府，我們的表現都不會太出色。

I think it's important to recognize our business includes inputs from -- heavy inputs from the upper Midwest in the United States as an integral part of what our overall package of inputs are in our business.

我認為，重要的是要認識到我們的業務包括來自美國中西部上游的大量投入，這是我們業務整體投入的一個組成部分。

Admittedly, there's a lot of flow.

無可否認，流量很大。

Our biggest trading partner in this country is Mexico, and I think that's likely to continue and we're sure we'll be able to navigate anything that might occur just fine, and we'll work aggressively to do just that.

我們在這個國家最大的貿易夥伴是墨西哥，我認為這種關係可能會持續下去，我們相信我們能夠順利應對可能發生的任何事情，我們將積極努力做到這一點。

Rob Ottenstein, Evercore ISI.

奧滕斯坦（Rob Ottenstein），Evercore ISI。

Great.

偉大的。

Two questions.

兩個問題。

One, terrific quarter.

第一季表現十分出色。

Reiterated the guidance, a lot of confidence, stock down.

重申指導，信心十足，股價下跌。

I'd love to get your -- your thoughts on share buybacks here with the stock really not much higher than it was in 2018, which has got to be a huge disappointment to you, your management team, and the Board and myself, frankly, since we've been recommending it.

我很想聽聽您對股票回購的看法，因為目前的股價實際上並沒有比 2018 年高出多少，坦白說，自從我們一直推薦股票回購以來，這對您、您的管理團隊、董事會和我來說都是一個巨大的失望。

So that's question number one.

這是第一個問題。

And then question number two, I'd love to get your thoughts on just the beer industry overall, how it's been developing?

然後是第二個問題，我想聽聽您對整個啤酒行業的看法，它是如何發展的？

And there was an earlier question, I think on how you did in June.

之前還有一個問題，我想問的是您在六月的表現如何。

I'm not sure you answered that.

我不確定你是否回答了這個問題。

If you're not comfortable talking about your performance in June, maybe the industry overall in June, whether it looked better sequentially than in May?

如果您不願意談論六月的業績，那麼可以談談六月整個產業的業績，是否比五月季有所改善？

Thank you.

謝謝。

Thanks, Robert.

謝謝，羅伯特。

Just in terms of the share buybacks, I mean, I think as Bill alluded to in his opening remarks, in Q1, we continued to make and show the same progress that we have over the last five years in terms of all of our capital allocation priorities that included share buybacks.

就股票回購而言，我的意思是，我認為正如比爾在開場白中提到的那樣，在第一季度，我們在包括股票回購在內的所有資本配置重點方面繼續取得並展示了與過去五年相同的進展。

As Bill noted, we bought back $200 million worth of shares in the first quarter.

正如比爾所說，我們在第一季回購了價值 2 億美元的股票。

And then through the end of June, bought back an additional $40 million-plus.

然後到 6 月底，又回購了 4,000 多萬美元。

So we've continued to do what we said we would do.

所以我們一直在做我們說過要做的事。

As we've come out of the Q1, we still have about $2.4 billion, $2.6 billion left on our share reauthorization.

當我們走出第一季時，我們仍然有大約 24 億美元，26 億美元的股票重新授權尚未完成。

And we will continue to use the same discipline that we've exercised over the last several years and buy when we see periods of dislocation.

我們將繼續遵循過去幾年所實行的相同原則，在出現混亂時期時進行買入。

And relative to your question about the overall beer category.

與您關於整體啤酒類別的問題相關。

Certainly, it appears that there's been some positive momentum as we've come out of June.

當然，六月以來似乎出現了一些積極的勢頭。

I think a lot of that relates to the development of the summer.

我認為這很大程度上與夏季的發展有關。

We're heading into the peak summer selling season, which we're always excited to see given we tend to win all of the major holidays during those seasons and would expect to do so tomorrow as well.

我們即將進入夏季銷售旺季，我們對此感到很興奮，因為我們往往能贏得這些季節的所有主要假期的銷售，並且希望明天也能如此。

But certainly it looks like there's been some improvement.

但確實看起來已經有了一些進步。

A lot of that we've covered this and you hate to note this too often but the reality is there were a lot of bad weather moments at key times around weekends and holidays over the first part of this calendar year, which certainly hasn't been beneficial for the category overall, but I got to go right back to what I said a couple of times earlier today, which is our brands have outperformed this category for a long, long time, and we expect that to continue because of the strong brand loyalty that we have amongst our consumers.

我們已經討論過很多這方面的問題，你不想經常提到這一點，但現實情況是，今年上半年，在周末和節假日的關鍵時刻，出現了許多惡劣天氣，這對整個類別來說肯定沒有好處，但我必須回到我今天早些時候說過幾次的話，那就是我們的品牌長期以來一直優於這一類別，我們預計這種情況將持續下去，因為我們的消費者擁有強大的品牌忠誠度。

Robert Moskow, TD Cowen.

羅伯特·莫斯科（Robert Moskow），TD Cowen。

I guess I'll ask about wine.

我想我會問有關葡萄酒的問題。

The guidance for the year implies a pretty substantial pickup in sales growth, I guess, in the second half.

我猜，今年的預期意味著下半年銷售成長將大幅回升。

What kind of visibility do you have with your distributors on how the commercial turnaround is going?

您對經銷商的商業轉型進度有什麼樣的了解？

Are they making bigger commitments about what they're willing to take on because it does imply a pretty steep ramp.

他們是否對自己願意承擔的責任做出了更大的承諾，因為這確實意味著一個相當陡峭的斜坡。

Thanks.

謝謝。

We already -- always said, especially after our prior quarter that we were going to take 9 to 12 months to get our wine business back into the position that we expected to do.

我們已經 - 一直說過，特別是在上一季之後，我們將需要 9 到 12 個月的時間讓我們的葡萄酒業務恢復到我們預期的狀態。

We're pleased with what the work that's been done.

我們對已完成的工作感到滿意。

I think we're ahead of schedule on some of the operational points that we expect recognizing likely to be second half loaded because once you put into work, you just wait to get the results out of it.

我認為我們在一些預計的營運要點上已經提前完成了，這些要點很可能會在下半年完成，因為一旦投入工作，就只需要等待獲得結果。

Second, I think we've seen some significant improvement in our engagement, particularly with our wholesale network, and we believe that's going to create good opportunity in the back half of this year.

其次，我認為我們的參與度已經有了顯著的改善，特別是我們的批發網絡，我們相信這將在今年下半年創造良好的機會。

Some of the real expression of our marketing dollars that we have put in place, you saw some of that play out and that in terms of the early spend in this quarter are already showing some positive signs, and we'll look forward to reporting on those as we go forward.

我們投入的營銷資金的一些真實表現，您已經看到了其中的一些效果，就本季度的早期支出而言，已經顯示出一些積極跡象，我們期待在未來報告這些跡象。

But certainly we expect the improvement in this business to be back-half loaded, as we said now a couple of times.

但正如我們多次說過的那樣，我們當然預計這項業務的改善將是後半部分。

I think the other thing too to also recognize, both our international business and our DTC business are performing ahead of what we had planned.

我認為另一件事也要認識到，我們的國際業務和 DTC 業務的表現都超出了我們的計劃。

The place where we're still spending a lot of time and energy is on the wholesale portion, but we're working very closely with our key wholesale partners to deliver against those expectations.

我們仍在批發部分投入大量時間和精力，但我們正在與我們的主要批發合作夥伴密切合作，以實現這些期望。

And I think fortunately, we are all on the same page about what needs to be done and what delivery we expect against that business as we progress through the year.

我認為幸運的是，我們對今年需要做的事情以及對該業務的預期成果都達成了共識。

Thank you.

謝謝。

We have reached the end of our question-and-answer session.

我們的問答環節已經結束。

I would now like to turn the floor back over to Bill Newlands for closing remarks.

現在我想把發言權交還給比爾紐蘭茲，請他作最後發言。

Thank you, Darryl, and thank you all again for joining today's call.

謝謝你，達裡爾，再次感謝大家參加今天的電話會議。

We're certainly off to a solid start in fiscal '25 and clearly today brings a great buying opportunity for our stock.

毫無疑問，我們在 25 財年取得了良好的開端，顯然今天為我們的股票帶來了絕佳的買入機會。

Our beer business continues to deliver excellent top-line performance underpinned by leading volume growth while achieving solid margin expansion through our cost savings and operational efficiency initiatives.

我們的啤酒業務持續實現出色的營收表現，這得益於領先的銷售成長，同時透過成本節約和營運效率舉措實現了穩健的利潤率成長。

While our wine and spirits business continues to face challenging market dynamics, it is making progress on commercial and operational execution, initiatives, expected to drive improved performance.

雖然我們的葡萄酒和烈酒業務繼續面臨著充滿挑戰的市場動態，但它在商業和營運執行以及舉措方面正在取得進展，預計將推動業績的提高。

Altogether at an enterprise level, we continue to significantly outperform the entire CPG sector with our strong, volume-driven growth, and we remain confident in our momentum and our outlook for the full year, including delivery of our double-digit comparable EPS growth.

總體而言，在企業層面，我們繼續憑藉強勁的銷售驅動型成長顯著超越整個快速消費品行業，並且我們對我們的發展勢頭和全年前景充滿信心，包括實現兩位數的可比每股收益增長。

And with that, I wish you all a Happy 4th of July holiday and certainly hope that you contribute to our outstanding performance that we expect to have during this critical holiday period.

最後，我祝大家 7 月 4 日假期快樂，並希望大家為我們在這個關鍵假期期間的出色表現做出貢獻。

Thank you all for joining the call and have a good summer.

感謝大家參加電話會議並祝大家有個愉快的夏天。

Thank you.

謝謝。

This does conclude today's teleconference.

今天的電話會議到此結束。

We appreciate your participation.

我們感謝您的參與。

You may disconnect at this time.

您現在可以斷開連線。

Enjoy the rest of your day.

祝你剩餘的時光愉快。