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

早安，歡迎參加 Constellation Brands 2005 財政年度第一季財報電話會議。 （操作員說明） 請注意，本次會議正在錄製中。

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

我現在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. You may begin.

謝謝。你可以開始了。

Thank you, Darryl. Good morning all and welcome to Constellation Brands' Q1 fiscal '25 conference call.

謝謝你，達裡爾。大家早安，歡迎參加 Constellation Brands 的 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) 以及我們的財務長加思漢金森 (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.

謹此提醒，本次電話會議中討論的最直接可比較的 GAAP 衡量標準與任何非 GAAP 財務衡量標準之間的對帳均包含在我們的新聞稿中，或透過公司網站 www.cbrands.com 提供。

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

請參閱新聞稿和 Constellation 向 SEC 提交的文件，以了解可能影響本次電話會議中前瞻性聲明的風險因素。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電話會議中分享的準備好的演講的主要亮點。

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.

在將電話轉交給比爾之前，與前幾季一致，正如達裡爾提到的，我想請求我們限制每個人只能回答一個問題，這將有助於我們按時結束電話。

Thanks in advance, and now here's Bill.

預先感謝，現在是比爾。

Thanks, Joe, and welcome to all to our Q1 fiscal '25 earnings call. I'm pleased to say that we got off to a solid start in Q1. And as usual, I'd like to start with a few key highlights for the quarter.

謝謝喬，歡迎大家參加我們的 25 年第一季財報電話會議。我很高興地說我們在第一季有了一個好的開始。像往常一樣，我想先介紹本季的一些關鍵亮點。

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. Let me repeat that. We achieved an enterprise dollar sales increase 4.5-percentage points above that of the entire CPG sector. Further, Circana tracked channel data for the 12 weeks ended on their May 19th quad week.

首先，我們持續鞏固作為消費品領域成長領導者的地位，企業美元銷售額增幅比整個消費品產業高出 4.5 個百分點。讓我重複一遍。我們的企業美元銷售額增幅比整個消費品產業高出 4.5 個百分點。此外，Circana 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. This for the Circana 12 weeks ended June 2, which most closely aligns with our quarter.

這一顯著的優異表現主要是由於我們的啤酒業務的持續增長推動的，該業務在整個飲料行業中獲得了第二大份額增幅，並再次成為所有飲料酒精中份額增幅最高的。這是截至 6 月 2 日的 Circana 12 週數據，與我們的季度最為吻合。

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

第二，繼續我們的啤酒業務。在我們的啤酒組合連續第57 個季度的消耗成長以及營運利潤率的顯著改善（在我們的成本節約和營運效率舉措的支持下）的推動下，我們又實現了強勁的季度淨銷售額高個位數成長。當然，所有這些都符合我們的全年指導和中期業務前景。

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. First, we maintained our strong investment-grade balance sheet and still expect to achieve our target 3 times net leverage ratio in fiscal '25. 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. Third, we continued to advance our latest growing capacity addition at Obregon, a new brewery development at Veracruz. 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. 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.

第三，根據我們五年多來一貫遵守的嚴格和平衡的資本配置優先事項，在本財年第一季度，我們做了幾件事。首先，我們維持了強勁的投資等級資產負債表，並仍預計在 25 財年實現 3 倍淨槓桿率的目標。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。第三，我們繼續推進位於韋拉克魯斯州的新啤酒廠開發案 Obregon 的最新產能增加。我們很高興對墨西卡利工廠進行了剝離，提醒一下，這主要是土地建設，因為我們已經重新調整了大部分設備的用途。第四，我們完成了對Sea Smoke 的收購，以解決空白並提高我們葡萄酒組合中的資產利用率，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，以更好地調整我們的網路並部分抵消採購成本。

Staying with wine and spirits for a moment. 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.

暫時停留在葡萄酒和烈酒上。儘管該業務的業績在很大程度上受到更廣泛類別逆風的推動，近期仍面臨挑戰，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前景保持不變。

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，我們推動了可比每股收益成長超過 17%，並繼續致力於實現我們既定的全年指引和低兩位數可比每股收益成長的中期目標。

With that, let's turn more fully to our beer business's performance. 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. As noted earlier, these increases were primarily supported by strong volume growth as well as cost and operational efficiencies.

接下來，讓我們更全面地關注啤酒業務的表現。我們的啤酒業務在 2025 財年第一季維持了成長勢頭，淨銷售額和營業收入成長分別超過 8% 和近 16%。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. 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. 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.

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%，不包括去年 6 月精釀啤酒品牌剝離的影響。需要重申的是，這種中高個位數的銷售成長水準完全符合我們對本財年的預期以及我們的中期演算法。因此，儘管短期掃描數據存在波動，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始終如一地實現我們的目標。

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. 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.

現在，Modelo Especial 正在努力提高我們最大品牌的業績，其消耗量增長了近 11%，並保持了其份額增長第一的地位，擴大了其作為美國追蹤通路第一啤酒品牌的領先地位。重要的是，Modelo Especial 也持續提高家庭滲透率，在 5 月底成為該指標的第三大品牌，在 52 週的基礎上成長了 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. Importantly, Corona Extra remains a top five beer brand in the US and it continues to gain share in the category. Pacifico delivered remarkable depletion growth of over 20% and was the number $4 share gainer across the total beer category.

雖然 Corona Extra 消耗量在第一季下降了略多於 1%，但我們仍然預計該品牌能夠實現低個位數的成長。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加。 Pacifico 的消耗量成長顯著，超過 20%，在整個啤酒類別中的份額成長幅度為 4 美元。

Our Modelo Chelada brand delivered an increase of more than 5% in depletions. And we are excited to continue to build on that momentum in fiscal '25 with two new flavors, Fresa Picante and 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.

我們的 Modelo Chelada 品牌的消耗量增加了 5% 以上。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。從更廣泛的創新管道角度來看，我們正在推出兩種新的 Modelo Oro 包裝尺寸，去年在全國成功推出後，我們繼續採用嚴謹的方法深思熟慮地打造品牌。

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，我們的Aguas Frescas 品種包擴展到另外20 個市場，以及在選定的東部測試市場推出Corona Sunbrew 也在按照我們的計劃進行，我們期待在未來分享更多關於我們產品組合中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. 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.

第一季啤酒業務的強勁執行力也體現在我們提供顯著營運槓桿的能力，推動營運利潤率年增 2.6 個百分點。展望未來，我們繼續預期 25 財年啤酒業務的淨銷售額將成長 7% 至 9%，營業收入成長 10% 至 12%，營業利潤率約為 39%。

Moving on to wine and spirits. As noted earlier, we continue to face challenging dynamics in these categories, particularly across most of the line price segments. These headwinds were the main drivers of the 7% net sales decline for that business in Q1. 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. 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.

繼續討論葡萄酒和烈酒。如前所述，我們在這些類別中繼續面臨充滿挑戰的動態，特別是在大多數線路價格段。這些不利因素是該業務第一季淨銷售額下降 7% 的主要原因。也就是說，我們的精釀烈酒產品組合在Circana US 追蹤管道中實現了14% 的出貨量成長和兩位數的美元銷售額成長，明顯優於高端烈酒細分市場的低個位數增長率。此外，我們繼續在上季度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 財年提高該業務績效的努力。

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

對11 個品牌的戰術投資正在進行中，這些品牌占我們24 財年葡萄酒和烈酒業務淨銷售額的75% 和銷量的80% 以上，我們預計在這一選定的最具擴展性的產品組中將看到改善今年剩餘時間，最終支撐了該業務 25 財年相對穩定的淨銷售前景。然而，這些增量投資並未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. And we continue to target wine and spirits operating income to be down 9% to 11% in fiscal '25. 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.

也就是說，我們也預期我們的葡萄酒和烈酒業務的年比營業收入表現將在今年剩餘時間內有所改善。我們繼續目標是 2025 財年葡萄酒和烈酒營業收入下降 9% 至 11%。正如我們之前指出的，我們仍然致力於在未來幾年繼續推動這項業務，以實現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. 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.

最後，我們繼續在實現 ESG 目標方面取得良好進展，最近我們的 Nava 和 Obregon 啤酒廠獲得了真正的零廢物認證，這標誌著我們在履行減少廢物承諾方面的一個重要里程碑。提醒一下，去年，我們還提前一年實現了最初的水恢復承諾，然後我們制定了一個雄心勃勃的目標，其規模是原定目標的近五倍，要在 23 財年至'25。

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

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，並且我們預計將在25 財年剩餘時間及以後保持這一勢頭，正如在投資者日所承諾的那樣。我們的啤酒業務持續實現強勁的銷售成長，遠高於其類別和酒精飲料總量。這項出色的業績支撐了整個飲料產業第二大美元份額的成長，並鞏固了我們相對於整個消費品產業的顯著成長表現。

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. 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.

我們的葡萄酒和烈酒業務正在按照上季確定的營運和商業執行計劃取得進展，以支持其實現今年指導的軌跡。總而言之，我們將繼續推進整個企業的財務目標，包括實現兩位數的可比每股收益增長，同時堅持過去五年嚴格和平衡的資本配置優先事項，到目前為止，本財年還包括截至6 月份，透過股票回購向股東返還超過2.4 億美元。

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

說完，我把電話轉給了加斯。

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

與往常一樣，我對 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的詳細資訊。從我們的企業淨銷售額開始，我們本季的營收成長了 6%，符合我們的全年預期和投資者日目標的中期前景。正如預期的那樣，這種強勁的成長是由我們的啤酒業務推動的，我將很快對此進行詳細闡述。

For fiscal '25, we continue to expect enterprise net sales to grow between 6% to 7%. Enterprise operating income increased 23% and 12% on a reported and comparable basis, respectively. 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%. 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.

對於 25 財年，我們繼續預期企業淨銷售額將成長 6% 至 7%。企業營業收入按報告和可比較口徑分別成長 23% 和 12%。報告營業利益率達 35.4%，可比營業利潤率年增 180 個基點至 34.7%。雖然在啤酒業務的推動下，我們在第一季實現了非常強勁的營業收入成長，但我們仍然預計全年企業可比營業收入成長 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. As a reminder, our full-year comparable EPS guidance represents a 10% increase year over year using the midpoint of our range. 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.

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 美元的目標，第一季可比每股收益為 3.57 美元。提醒一下，我們的全年可比每股收益指引使用我們範圍的中點計算，年增 10%。重要的是，這些可比每股收益結果和預期也與我們在去年 11 月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. Starting with our beer business, the segment is off to a great start in fiscal '25. 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. 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.

現在轉向更詳細地討論第一季業績的潛在驅動因素。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。我們的啤酒業務消耗量成長了 6.4%，不包括去年精釀啤酒品牌剝離的影響，這將成為我們今年消耗量數據的基礎，以消除沒有精釀啤酒品牌的研磨期間的任何連續扭曲。這反映了本季強勁的消費者需求以及關鍵的五月節和陣亡將士紀念日假期期間的強勁執行力和業績。

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，我們領先五月五日節，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 美元銷售額增長6.3%，啤酒總量增長1.6 個份額，高端啤酒增長1.8 個份額。

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. 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.

Modelo Especial 是份額成長最多的品牌，獲得了 1 個份額點，我們在 15 個份額增長最多的品牌中共有 5 個。隨著我們繼續佔領水龍頭手柄並獲得份額，我們的內部消耗量增長了 2%，Modelo Especial 上升一位，目前成為美國生啤酒排名第四的啤酒。

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. This is allied with our usual seasonality as distributor and retailers prepare for the peak summer season. That said, from a full-year perspective, we continue to expect absolute shipments and depletion volumes to closely align with each other. 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.

本季啤酒出貨量成長 7.6%，無論是成長率或絕對值均略高於消耗量。這與我們通常的季節性有關，因為分銷商和零售商為夏季旺季做準備。也就是說，從全年的角度來看，我們仍然預期絕對出貨量和消耗量將密切相關。就 25 財年的季度節奏而言，我們仍然預計全年出貨量和消耗量的季度份額將與 24 財年的基本一致。

Lastly, regarding selling days for our beer business. They were flat for the first quarter of fiscal '25. For the balance of the year, we will have one less selling day, which will occur in Q2. 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. Altogether, volume growth combined with price mix benefits drove net sales growth of more than 8% for our beer business.

最後，關於我們啤酒業務的銷售天數。 25 財年第一季的業績持平。在今年剩下的時間裡，我們將減少一個銷售日，這將發生在第二季。除了出貨量成長之外，由於我們在 2022 年秋季採取的定價行動的整體影響超出了我們的正常定價演算法，我們還實現了不到 1% 的定價優勢。總而言之，銷售成長加上價格組合優勢推動我們啤酒業務的淨銷售額成長超過 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. 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. 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.

當我們從啤酒業務的營收角度展望 25 財年的平衡時，我們預期我們的投資組合的動能將持續下去。我們去年春天獲得的貨架空間增長以及我們不斷追求的在全國範圍內增加分銷點的計劃與我們在投資者日期間概述的一致。此外，我們嚴格的創新推出所帶來的機會、來自對我們品牌具有高度親和力和強烈忠誠度的西班牙裔消費者的人口順風，以及我們持續不斷的營銷努力所支撐的我們品牌的令人難以置信的資產，使我們進一步確保我們的頂級品牌-生產線性能是可持續的。

Moving on to operating income and operating margin performance for our beer business. The segment delivered 16% growth in operating income and a 260-basis point increase in operating margin to 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. 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.

接下來是我們啤酒業務的營業收入和營業利益率表現。該部門的營業收入成長了 16%，營業利潤率成長了 260 個基點，達到 40.6%。這些成長主要是由我們啤酒業務的強勁營收成長以及我們的節約和[效率]舉措帶來的近5,000 萬美元的收益推動的，這部分抵消了COGS 7% 的成長（不包括這些節約，但包括數量和外幣的影響。提醒一下，我們的總銷貨成本中大約 25% 受到墨西哥比索的影響，並且我們在本財政年度對沖了大約 85% 的風險。

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%. 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.

本季行銷費用佔淨銷售額的百分比為 8.4%，與我們約 8.5% 的全年預期相對一致。其他 SG&A 費用佔淨銷售額的 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降低以及人才收購和整合供應鏈投資而有所增加。

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

我們繼續預期 25 財年啤酒營業利潤率約為 39%。從節奏的角度來看，我們預計下半年銷售成本相對於淨銷售額會有所增加，因為正常銷售季節性帶來的固定成本吸收較低，以及去年同期增值稅沖銷導致第四季度的一些優惠。

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

轉向我們的葡萄酒和烈酒業務，該部門第一季的淨銷售額下降了 7%。這主要是由於美國批發市場動態仍充滿挑戰，尤其是葡萄酒類別，導致出貨量下降 5.1%。也就是說，我們仍然期望上一財年第四季度確定並在最近完成的第一季開始實施的營運和商業執行計劃應有助於我們更有效地應對更廣泛的類別和細分市場的逆風，最終實現相對穩定的同比增長。

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，我們預計今年下半年我們的葡萄酒和烈酒業務的營收業績提升將更加重要，這與業務通常的季節性以及我們的商業和營運執行計劃的好處保持一致開始佔據上風。

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%. 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.

從營業收入角度來看，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了370個基點至15.3%。這些下降主要是由於不利的銷售成本、較低的銷售以及由於品類逆風而導致的不利的產品組合，並延伸到較高的價格段，這遠遠抵消了銷售管理費用和有利定價的有利影響。

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

相對於淨銷售額不利的銷貨成本主要是由於葡萄和低端烈酒成本上升，部分被貨運和倉儲成本節省所抵消。我們的行銷費用佔淨銷售額的百分比為 10.5%。與我們的中期目標相比，這一數字有所提高，因為我們圍繞著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. 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.

SG&A 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提高，因為我們的 SG&A 節省計劃的好處預計將在未來幾個季度實現。當我們展望今年剩餘時間的葡萄酒和烈酒業務時，雖然我們預計營業收入和營業利潤率的業績都會有所改善，但我們仍然預計全年營業收入將下降 9% 至 11% '25 財年初始指導，損益表的其餘部分進行四捨五入。

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. 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. 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.

本季的公司費用約為 5,900 萬美元，年增 900 萬美元，即 18%，這主要是由於薪酬、福利和專業費用的增加。本季利息支出為 1.03 億美元，比上年同期下降 14%，可比有效稅率為 18.2%，而去年同期為 20.7%。我們對 25 財年的公司費用、利息費用和可比有效稅率預期保持不變，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. 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.

我們預計未來幾季的企業支出將小幅成長，這主要是由於薪資和福利以及數位能力投資的增加。我們也預期利息支出將略有上升，因為我們的啤酒業務擴張超出第一季後的資本化利息較低，並且由於我們的葡萄酒和烈酒業務對我們企業營業收入的預期增量貢獻，我們的有效稅率將小幅增加。

Turning to free cash flow, which we define as net cash provided by operating activities less capital expenditures. 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. That construction is progressing as planned. 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. We expect our new brewery to be operational towards the end of next fiscal year or in the earlier part of fiscal '27.

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。在25 財年第一季度，我們產生了3.15 億美元的自由現金流，比前一年減少19%，因為資本支出增加了35%，這主要是由於我們在韋拉克魯斯州新建啤酒廠的建設推動的。該建設正在按計劃進行。與我們最近的所有擴張類似，我們相信這將增強我們的生產能力——產能、產品冗餘和啤酒業務的整體效率。我們預計我們的新啤酒廠將在下一財年末或 27 財年早些時候投入營運。

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. 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. 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.

總而言之，25 財年第一季取得了出色的企業業績，支持我們對實現全年財務和戰略目標的能力充滿信心，因為我們將繼續利用我們強大的品牌組合，不懈地追求運營卓越，並始終堅持我們嚴格且平衡的資本配置優先事項。也就是說，正如我們一貫所做的那樣，我們將繼續密切監控消費者、貨幣和我們的投入成本，並採取適當行動來應對任何潛在的波動或宏觀阻力。一如既往，我們感謝您對我們公司的持續支持和關注，我們期待與您分享我們這一年的進步。

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

因此，比爾和我將很樂意在問答環節回答您的問題。

Thank you.

謝謝。

(Operator instructions)

（操作員說明）

Andrea Teixeira, JPMorgan.

安德里亞·特謝拉，摩根大通。

So you Garth, you elaborated -- you commented on the continued momentum in beer and disciplined marketing efforts, leading to sustainability of growth. I think we're all hoping to hear from you a little bit on how you exit the quarter. Any June commentary so far given the state of the consumer, given all we are hearing from other companies and the economy in general. 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. 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?

加斯，你詳細闡述了——你評論了啤酒的持續增長勢頭和嚴格的營銷努力，從而實現了可持續增長。我想我們都希望聽到您關於如何退出本季的消息。考慮到消費者的狀況，考慮到我們從其他公司和整體經濟中聽到的一切，到目前為止，任何六月的評論都是如此。因此，如果您可以對此發表評論並與之相關，就像我認為我們都希望您從所有[股票]和分銷擴張中受益。如果您能告訴我們您如何從您剛剛報告的消耗中受益，即 6.4%，您會說有多少來自相同的貨架增長，或者有多少是額外的分配？

Thank you.

謝謝。

Sure. Let me start with that.

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

首先，我認為要始終牢記的重要一點是我們啤酒業務的購買率仍然非常強勁。無論是在消費者層面還是在西班牙裔社區內，我們都看到了高個位數，其中西班牙裔社區略高於消費者總數。現在，這並不意味著通路和包裝尺寸不會發生變化，但我們的購買率仍然非常強勁。我認為這是我們已經說過一次又一次的一致主題——坦率地說，一次又一次，我們的啤酒業務擁有巨大的品牌忠誠度，因此，儘管其他啤酒公司或公司可能發生什麼情況，它仍然表現出色。

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. To your point, I think the gains that we saw in shelf sets is certainly an additive factor in this. It also gives us plenty of chance to expand things like Oro, which we're very excited about for this fiscal year. 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.

正如我們所指出的，與所有其他 CPG 行業相比，我們的表現異常強勁，並再次成為飲料酒精領域份額增長第一的公司。就你的觀點而言，我認為我們在貨架組中看到的收益肯定是其中的一個附加因素。它還為我們提供了充足的機會來擴展 Oro 等業務，我們對此財年感到非常興奮。因此，我認為很難給出一個確切的數字，我想你已經看到，我們年復一年地始終如一地兌現了我們所說的承諾，本季度也不例外。

Carlos Laboy, HSBC.

卡洛斯·拉博伊，匯豐銀行。

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. 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?

儘管近年來墨西哥比索升值非常強勁，但您仍然能夠保持相當不錯的利潤率，相當穩定的利潤率，但本季情況似乎有所轉變。如果您要進入比索疲軟時期，您能否談談這可能會為您帶來或將進入您的定價策略的靈活性？

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

讓我們保持透明。我問這個問題的原因是因為在 80 年代和 90 年代，我們經歷了比索疲軟的時期，並且您能夠成功地縮小與主流啤酒的價格差距以及今天仍在進行的股息。因此，如果您能談談您對此的看法，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. 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. 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.

是的，卡洛斯，我認為你提到的結果只是顯示我們的對沖政策到底有多有效。我們有多年的對沖政策，這使我們能夠在多年期間，當我們看到疲軟的時刻時，如果你願意的話，可以分層進行增量對沖。在第一季度，我們實際上確實看到有幾天出現了一些相當大的變動，超過 10%，我們與我們的財務團隊再次利用了這一變動，分層增量對沖，不僅是今年，而且也適用於未來幾年。

Just as a reminder, when we entered this fiscal year, we were about 70%-mid range hedged against the peso. And as a result of these incremental hedges, we now sit at about 85% for the full fiscal year. So again, it's a very robust practice, very methodical, disciplined, and flexible approach, and it's certainly been paying dividends for us.

提醒一下，當我們進入本財年時，我們大約有 70% 的資金對沖比索。由於這些增量對沖，我們現在整個財年的利率約為 85%。再說一次，這是一種非常穩健的做法，非常有條理、有紀律、靈活的方法，而且它肯定為我們帶來了紅利。

Dara Mohsenian, Morgan Stanley.

達拉莫森尼安，摩根士丹利。

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

因此，我想跟進安德里亞關於宏觀因素和對啤酒業務的潛在影響的問題。您能否進一步分析您從低端消費者、中端消費者和高端消費者中看到的對啤酒業務的需求？然後還有關於本地通路趨勢的任何更新，以及您在第一財季和今年夏天迄今為止所看到的情況，就我們是否看到任何重大管道轉變或對此產生任何類型的影響而言正面？

Thanks.

謝謝。

Sure, Dara.

當然，達拉。

Let's start with the second question first. 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. I think some of that relates to a couple of things.

我們先從第二個問題開始。內部部署比我們預期的要弱一些，儘管如您所見，我們在我們的特許經營範圍內取得了一些重大進展，特別是 Modelo，與我們前幾年相比，它提高了地位。我認為其中一些與幾件事有關。

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. So I think that was a bit of a play. But as we are getting into the summer months, we expect this to show some resiliency.

其一，正如許多人指出的那樣，春季初夏初的天氣情況並不好，這會影響內部部署，就像影響整體業務一樣。所以我認為這有點像一場戲。但隨著我們進入夏季，我們預計這種情況會表現出一定的彈性。

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

我想再次強調你的問題，即消費者在不同價格點的位置——對不起，是收入點。我再次認為，這又回到了我在回答她的問題時所說的話，即我們消費者的品牌忠誠度是首屈一指的。我的意思是，當你觀察西班牙裔消費者時，我們非常密切地關注西班牙裔消費者，因為它占我們整體消費群體的50% 以上，與消費者總數相比，該消費者的購買率有所上升。

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

再說一次，我認為這非常有力地說明了我們在消費者群體中看到的忠誠度，無論收入如何。這對我們的業務尤其是一個長期利益，並將繼續為我們的業務帶來長期利益，因為社區在許多方面都將啤酒視為主食。因此，總體而言，我們仍然對我們的購買率感到非常滿意，儘管在本季度期間有所付出和索取，但我認為這反映在我們 6.4% 的消耗率上，這是非常強勁的季度業績。

Filippo Falorni, Citi.

菲利波·法洛尼，花旗銀行。

First, just a quick follow-up on Andrea's question. If you can just provide any update on just what you're seeing exiting the quarter into June? And then a bigger picture question on innovation. Last year, obviously, you had Modelo Oro which was pretty successful and you have some runway for this year. 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?

首先，快速跟進 Andrea 的問題。您能否提供本季至 6 月的最新情況？然後是關於創新的更大問題。顯然，去年，你們的 Modelo Oro 非常成功，今年你們也有一些跑道。您能否談談今年的創新，包括 Corona Sunbrew 和 Modelo Aguas Frescas 的擴張，以及我們在啤酒創新貢獻方面應該考慮的其他事項？

Thank you.

謝謝。

You bet.

你打賭。

As we've said in other quarters, we're not going to give quarterly depletion guidance. But what I will say is we're fairly pleased with the status of the weather going into this particular quarter. And as we've always said, that's really a big factor in terms of the delivery of the business. And quite frankly, the forecast for tomorrow is terrific. 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.

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。但我要說的是，我們對這個特定季度的天氣狀況相當滿意。正如我們一直所說，這確實是業務交付的重要因素。坦白說，明天的預測非常棒。因此，我們期待 7 月 4 日成為另一場活動以及週末和工作日，在這種情況下，我們將像之前的陣亡將士紀念日一樣獲勝。

So relative to the innovation agenda, we have expanded Modelo Aguas Frescas to 20 additional markets. 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. So we're very excited to watch that one develop as the year goes on.

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。您可能還記得，它去年在拉斯維加斯進行了試銷，是該特定市場中排名第一的FMB，有著非常強勁的開局，該品種包現已進入另外20 個市場，覆蓋了大約70% 、75% 的市場該產品的預期總消耗量。因此，我們非常高興看到這一點隨著時間的推移而不斷發展。

Similarly, we are testing Corona Sunbrew in the Northeast. Again, just getting started and it's very early days, but we're very pleased with their response to it. 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. So again, both of those are too early days to really have any what I would call concrete results. 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.

同樣，我們正在東北部測試 Corona Sunbrew。再說一次，剛開始，現在還為時過早，但我們對他們的反應非常滿意。當然，圍繞該產品進行的大部分消費者抽樣表明，該產品將成為我們與消費者的本壘打。再說一次，這兩者都還為時過早，無法真正獲得我所說的具體結果。但正如我們一貫所做的那樣，這些都是在消費者層面進行了重大測試之後才推出的，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，從而使他們有很高的成功機率。

Lauren Lieberman, Barclays.

勞倫·利伯曼，巴克萊銀行。

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. 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?

因此，今年盈利能力的強勁開局似乎將為啤酒今年實現 10% 至 12% 的營業利潤指導創造更大的靈活性，特別是從本季度的時間角度來看，沒有什麼太重要的。那麼，您認為影響營業利潤指導範圍上限和下限的關鍵變數是什麼？

Thanks.

謝謝。

Look, Lauren. We feel really good about the guidance we gave for the full year. And obviously, we feel really good about the results that we reported today. 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. And we certainly reiterated that today. 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.

看，勞倫。我們對全年的指導感到非常滿意。顯然，我們對今天報告的結果感到非常滿意。正如我們在今年 4 月給出的指引一樣，顯然，我們從啤酒的角度出發，非常預計我們的營業收入成長將在 10% 至 12% 的範圍內。今天我們當然重申了這一點。這意味著我們的營業利潤率約為38%，我認為重要的是要注意這一點，或者我應該說39%，我認為重要的是要注意我們給出了這個指導，因為它與利潤率有關按年度計算，而不是按季度計算。

So that means that we won't necessarily hit 39% or approximately 39% every quarter. 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. So therefore, the second half of the year, albeit will be lower from a margin perspective than the first half of the year. 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.

因此，這意味著我們不一定每個季度都會達到 39% 或大約 39%。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銷售量較高，但由於正常的季節性，下半年的銷售量較低，這導致了一些固定的頂部吸收阻力，並且下半年是我們對啤酒廠進行大部分維護的時候。因此，儘管從利潤率角度來看，下半年將低於上半年。話雖這麼說，正如我們之前指出的，我們確實預計，由於去年增值稅沖銷的取消，我們將在第四季度看到一些同比的優惠。

Nik Modi, RBC Capital Markets.

尼克莫迪，加拿大皇家銀行資本市場。

Bill, just more of a philosophical question. The sentiment on the beer category has been pretty poor for a while now. Obviously, investors see it, but the trade talks about it as well. Obviously, your business has been very disconnected from that. So I'm just curious, like as you engage with your supply chain partners, distributors, retailers, what's the conversation look like?

比爾，更多的是一個哲學問題。一段時間以來，啤酒類別的人氣相當低迷。顯然，投資者看到了這一點，但業內人士也在談論這一點。顯然，您的業務與此非常脫節。所以我很好奇，當你與供應鏈合作夥伴、經銷商、零售商互動時，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. It's really about occasions versus just some holistic category. 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，他們是否意識到這樣一個事實：也許他們可以將您的業務相對於啤酒類別進行更多索引，因為有很多移動部件和交叉消費。這實際上是關於場合而不是某些整體類別。我的意思是，我只是很好奇現在的討論是什麼樣的，特別是當你正處於貨架重置的中間，並且可能會討論秋季和明年會發生什麼的時候。

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. 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. As we've said on prior calls, our average SKU takeaway in dollars is 5 times at the rate of our chief competitor. 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. And our brands represent that. That's why you see Pacifico with 20% growth and being number four share gainer. That's why you see Modelo Especial now being the number one play in off-premise dollar volume. 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.

尼克，我必須先給出一些關於上限觀點的提示，因為你指出了我們認為的一個關鍵點，即這一切都與品牌有關。我們的品牌在這段時間內的貨架位置之所以獲得兩位數的成長，是因為這些品牌的實力和外賣。正如我們在之前的電話中所說，我們的平均 SKU 外賣金額（以美元計算）是我們主要競爭對手的 5 倍。因此，如果您是分銷商或零售商，您將把重點放在成長和盈利能力以及外賣成長和強勁速度上。我們的品牌代表了這一點。這就是為什麼 Pacifico 成長了 20%，並成為第四大份額成長者。這就是為什麼 Modelo Especial 現在成為場外交易額第一的遊戲。我們的品牌非常強大，在同類產品中脫穎而出，我認為您已經多次提到這一點，我們必須完全同意這一點。

Lastly, I'd say we continue to invest in our brands. 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. We feel the same way about things like Oro and Aguas Frescas and Sunbrew. We're bringing new scenarios and new occasions to more consumers. I think that all speaks to the strength of our brands. 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.

最後，我想說我們將繼續投資我們的品牌。我們正在做的部分工作是，我們相信，從長遠來看，我們的品牌及其背後的投資仍然有顯著的上升空間，儘管 Modelo 排名第一，但仍然有很多提高知名度的機會，我們計劃去實現它（夢想）;去得到它（東西。我們對 Oro、Aguas Frescas 和 Sunbrew 等產品也有同樣的感覺。我們正在為更多消費者帶來新場景、新場合。我認為這一切都說明了我們品牌的實力。我認為無論你是與零售業還是分銷商交談，他們都對我們的前景感到非常興奮，不僅是在今天，而且是從長遠來看。

Bryan Spillane, Bank of America.

布萊恩·斯皮蘭，美國銀行。

I have just two questions. I guess the first one is just, Garth or Bill, if you could just comment on Veracruz. I know you made a comment in the prepared remarks, but just how far along you are in the construction? Do we have a foundation yet? (inaudible) piped-in water. Just some sense of where you are and where that is relative to plan?

我只有兩個問題。我想第一個就是加思或比爾，如果你能評論一下韋拉克魯斯的話。我知道你在準備好的發言中發表了評論，但你的建設進展到什麼程度了？我們還有基礎嗎？ （聽不清楚）管道內的水。只是了解一下您所處的位置以及相對於計劃的位置？

And then I have a follow-up.

然後我有一個後續行動。

Well, Bryan, I mean, as I said in my remarks, I mean, we are well on our plan. We expect to open that brewery at the end of the next fiscal year or the fiscal year after that. So we're well on our way. It is why our CapEx this year is at its peak. 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. 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. So just important for all of you to know and appreciate that. But as it relates specifically to Veracruz, we are on track.

好吧，布萊恩，我的意思是，正如我在發言中所說，我的意思是，我們的計劃進展順利。我們預計在下一財年或​​之後的財年末開設該啤酒廠。所以我們一切順利。這就是為什麼我們今年的資本支出達到頂峰。提醒一下，我們在投資者日與大家分享，25 財年將是我們資本支出的峰值，因為建設正在全力進行。重要的是，由於今年是我們資本支出的高峰年，我們確實預計，到2025 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轉變為淨銷售額的中位數數範圍。因此，對於你們所有人來說，了解並欣賞這一點非常重要。但由於它與韋拉克魯斯具體相關，因此我們正在步入正軌。

Okay, thanks.

好的謝謝。

And then just to follow-up on some of the earlier conversations. Bill, the stock is down today because I think there's a concern about the tough comparisons in beer. Maybe a little bit of election concern because of how the stock reacted when Trump was elected in 2016. So could you just give us a perspective on how you think about the comps? I mean the comps were the comps when you set your plan.

然後只是跟進一些早期的對話。比爾，今天股票下跌，因為我認為人們對啤酒的艱難比較感到擔憂。也許有點選舉方面的擔憂，因為 2016 年川普當選時該股的反應。我的意思是，這些比較就是您在製定計劃時的比較。

So it's not like there are surprised. 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 --

所以這並不讓人感到驚訝。因此，如果你能給我們一個對此的看法，以及人們是否真的應該擔心選舉以及誰贏誰輸，相對於[FTB]，這是一個不同的——

Yeah, sure.

好，當然。

I think it's always risky. And we've talked to many, many times. Garth and I have about this topic about getting too excited about what happened tomorrow morning rather than looking at the longer-range picture. 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. 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.

我認為這總是有風險的。我們已經談過很多很多次了。加思和我討論的話題是對明天早上發生的事情過於興奮，而不是著眼於更長遠的前景。年復一年，我們已經實現了設定的目標，我們沒有超越今年的預期，部分原因是我們在第一季實現了非常強勁的表現。正如加思在他的演講中指出的那樣，這並不意味著有時情況會好一點或差一點，或者因為銷售天數減少而有一點變化，但會發生各種各樣的事情。

I think it's important to look at the bigger picture. Our brands continue to perform year after year, and the runway for those brands remains extraordinarily strong. I think that's going to be a true statement, no matter who's elected in November. Our brands are really focused on delivering against the consumer and that consumer is incredibly loyal. As I said, just a few minutes ago. That makes a big difference irrespective of who happens to be the President of the US.

我認為著眼大局很重要。我們的品牌年復一年地繼續表現出色，而且這些品牌的發展勢頭仍然非常強勁。我認為無論誰在 11 月當選，這都將是一個真實的聲明。我們的品牌真正專注於為消費者提供服務，而消費者非常忠誠。正如我所說，就在幾分鐘前。無論誰擔任美國總統，這都會產生很大的影響。

So we're certainly -- I might add, and we've said this before as well. Our government affairs team works very closely both in the United States and in Mexico on a both federal and a local level. And I think that that capability is one that's also advantageous to us. Again, irrespective of any particular party that might happen to be in office at any particular time.

所以我們當然——我可能會補充一點，我們之前也說過這一點。我們的政府事務團隊在美國和墨西哥的聯邦和地方層級密切合作。我認為這種能力對我們來說也是有利的。同樣，無論任何特定時間可能碰巧在任的任何特定政黨。

Peter Graham, UBS.

彼得‧格雷厄姆，瑞銀集團。

So Garth, I was hoping to get some updated perspective on just the puts and takes as it relates to the beer profit outlook. Back in April, you touched on volume leverage, price mix, cost savings, [being] tailwinds versus commodities and FX headwinds. But I mean, I would just be curious, have your expectations for those buckets changed at all over the last few months? I totally understand (inaudible) the outlook this morning, but just have the building blocks changed at all versus your prior expectations?

因此，加思，我希望獲得有關看跌期權和看跌期權的一些最新觀點，因為它與啤酒利潤前景相關。早在四月份，您就談到了成交量槓桿、價格組合、成本節約、順風與大宗商品以及外匯逆風。但我的意思是，我只是很好奇，在過去的幾個月裡，您對這些桶子的期望是否改變了？我完全理解（聽不清楚）今天早上的前景，但與您之前的預期相比，構建模組是否發生了變化？

Well, thanks, Peter.

嗯，謝謝，彼得。

I mean, I guess the short answer to that question is no. 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. 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. 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. But other than that, I mean, the business continues to be the business and the building blocks are the building blocks.

我的意思是，我想這個問題的簡短答案是否定的。我的意思是，正如您所知，正如我之前所說，我們將像每年一樣看到季度變化，主要是由於季節性、數量季節性所致。假設我們在四月份的電話會議上詳細列出的構建模組，我們提供了全年指導，那麼這些構建模組將保持原樣。正如我們多次指出的那樣，我們正在採取行動，我們認為有機會採取行動，例如確保我們在看到疲軟時進一步對沖比索。但除此之外，我的意思是，業務仍然是業務，構建模組仍然是構建模組。

Chris Carey, Wells Fargo Securities.

克里斯凱裡，富國銀行證券。

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

我將跟進彼得關於啤酒毛利率的問題，特別是加斯，您能否描述一下第一季的毛利率與您的紙面預期相比如何？它看起來確實表現強勁，特別是在今年剩餘時間的背景下？

And then just regarding the commentary around taking advantage of the weaker peso, does that give you more confidence on this fiscal year? And how much can you actually take advantage of for fiscal '26 at this point?

那麼，關於利用比索貶值的評論，這是否會讓您對本財年更有信心？此時您可以在 26 財年實際利用多少優勢？

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. We essentially saw about 100 basis points of improvement in gross profit margin on a year-over-year basis. 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. We got about 20-basis points bump due to the craft divestiture. And then we had about 30-basis points hit just due to the exposure against the FX that's unhedged.

所以我想說，毛利率在我們的預期之內，只是為了讓您了解推動這一趨勢的原因。我們基本上看到毛利率年增了約 100 個基點。我應該說，其中大約 3% 或 30 個基點是數量價格和混合驅動的，大約 80 個基點是我所說的商品、物流、材料、勞動力成本，由折舊抵消，等等自然。由於船舶資產剝離，我們的股價上漲了約 20 個基點。然後，由於未對沖的外匯風險敞口，我們的匯率就受到了約 30 個基點的打擊。

So that's really what the building blocks -- the makeup of the other changes. I feel really good about where we are for the balance of the year. Certainly, we continue to progress against our aggressive cost savings initiatives that we outlined in our Investor Day. 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.

這就是真正的建構模組——其他變化的構成。我對今年剩下的時間我們的處境感到非常滿意。當然，我們將繼續推動我們在投資者日概述的積極的成本節約舉措。正如我在評論中提到的，我們在第一季已經獲得了5000 萬美元或超過5000 萬美元的資金，我們認為這是可持續的，並且在今年餘下的時間裡，我們肯定會繼續執行成本節約計劃。

Bonnie Herzog, Goldman Sachs.

邦妮·赫爾佐格，高盛。

I had a question on just marketing. Your outlook for marketing and advertising spend this year, it's below historical levels. And I guess there's some concern that you may be starving your brand. 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?

我有一個關於行銷的問題。您對今年行銷和廣告支出的展望低於歷史水準。我猜有人擔心你的品牌可能會被餓死。那麼，您能否談談這一點，並提供更多有關您獲得併可能繼續獲得的效率、您今年如何進行投資的信息，以及我猜為什麼您對這些投資水平感覺良好？

Thanks.

謝謝。

Yeah, you bet, Bonnie. 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.

是的，你敢打賭，邦妮。正如您所期望的那樣，我們今年實際上將比往年花費更多的美元，因為我們的品牌需要並且我們的成長狀況使我們能夠繼續這樣做。

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. That doesn't change the fact that we are spending more against our brands than we've ever spent and that process will continue. 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. 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. We just kicked off our Oro spend for the year. We are very strongly supportive as we have been for many, many years against our brands and that process will continue.

話雖如此，您確實指出了重要的一點是，我們在支出中創造了一些效率，因此，該百分比略低於我們前幾年的水平，這純粹是由效率驅動的。這並沒有改變我們在品牌上的支出比以往任何時候都多的事實，而且這個過程將繼續下去。我們堅信，讓我們的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並將消費者帶入我們的特許經營店至關重要。您將看到我們許多新措施的支出，您會看到Sunbrew 的支出，您會看到Aguas Frescas 的支出。我們剛剛開始了今年的 Oro 支出。我們非常強烈地支持我們的品牌，就像我們多年來一直反對我們的品牌一樣，這個過程將繼續下去。

Yeah, and if you don't mind me, Bill, (multiple speakers) a little bit more. I mean, we've said this publicly multiple times now. 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. We will not starve our brands for marketing in order to hit a margin profile. Instead, we will continue to invest for growth.

是的，如果你不介意的話，比爾（多個發言者）再講一點。我的意思是，我們已經多次公開說過這一點。我們將繼續投資於我們的業務成長，包括行銷方面，就像我們所做的那樣——就像我們對啤酒廠產能的投資一樣。我們不會為了達到利潤率而讓我們的品牌缺乏行銷手段。相反，我們將繼續投資以促進成長。

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

既然我們要加加斯，你介意我是否加斯。

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. 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.

我們看到 Modelo 滲透率提高以及 Modelo 業務在本季度實現兩位數增長的原因之一正是我們剛才所說的，那就是我們在業務上進行了支出。這就是為什麼 Modelo 在 10 年內從一個小品牌成長為美國以美元計算排名第一的品牌。

Nadine Sarwat, Bernstein.

納丁·薩爾瓦特，伯恩斯坦。

I want to come back to the November election. 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? And how would you add color on the risk that it would play?

我想回到十一月的選舉。因此，考慮到您的墨西哥進口啤酒業務，前總統川普提到了 10% 的普遍基準關稅的潛力[改變時]，您認為這種潛在情況對 Constellation 來說會如何？您將如何為其發揮作用的風險添加色彩？

Thank you.

謝謝。

I think it's too early to speculate on what may or may not happen in November. Quite frankly, our business performed just great during the last Trump administration. 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.

我認為現在猜測 11 月可能發生或不會發生的事情還為時過早。坦白說，我們的業務在川普上屆政府期間表現得非常好。我預計，無論誰掌舵新政府，我們都不會表現得非常出色。

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. Admittedly, there's a lot of flow. 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。誠然，流量很大。我們在這個國家最大的貿易夥伴是墨西哥，我認為這種情況可能會持續下去，我們確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.

羅布·奧滕斯坦，Evercore ISI。

Great. Two questions. One, terrific quarter. Reiterated the guidance, a lot of confidence, stock down. 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.

偉大的。兩個問題。第一，很棒的季度。重申指引，信心十足，股價下跌。我很想聽聽您對股票回購的看法，因為該股票實際上並不比 2018 年高多少，坦白說，這對您、您的管理團隊、董事會和我本人來說一定是一個巨大的失望，因為我們一直在推薦它。

So that's question number one. And then question number two, I'd love to get your thoughts on just the beer industry overall, how it's been developing? And there was an earlier question, I think on how you did in June. I'm not sure you answered that. 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?

這是第一個問題。然後是第二個問題，我很想聽聽您對整個啤酒產業的看法，它的發展如何？之前有一個問題，我想問一下你六月的表現。我不確定你是否回答了這個問題。如果您不願意談論 6 月的表現，也許整個行業 6 月的表現是否比 5 月更好？

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. As Bill noted, we bought back $200 million worth of shares in the first quarter. And then through the end of June, bought back an additional $40 million-plus. So we've continued to do what we said we would do. As we've come out of the Q1, we still have about $2.4 billion, $2.6 billion left on our share reauthorization. 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.

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，我們在所有資本配置方面繼續取得併顯示出與過去五年相同的進展優先事項包括股票回購。正如比爾所指出的，我們在第一季回購了價值 2 億美元的股票。然後到 6 月底，又回購了 4,000 萬美元以上。所以我們繼續做我們說過要做的事。當我們結束第一季時，我們的股票重新授權仍有約 24 億美元、26 億美元。我們將繼續遵循過去幾年所實行的紀律，並在看到混亂時期時買入。

And relative to your question about the overall beer category. Certainly, it appears that there's been some positive momentum as we've come out of June. I think a lot of that relates to the development of the summer. 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. But certainly it looks like there's been some improvement.

相對於你關於整個啤酒類別的問題。當然，六月過後似乎出現了一些積極的勢頭。我認為這很大程度上與夏季的發展有關。我們即將進入夏季銷售旺季，我們總是很高興看到這一點，因為我們往往會贏得這些季節中的所有主要假期，並且預計明天也會如此。但可以肯定的是，看起來已經有了一些改進。

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.

我們已經對此進行了很多介紹，您不想經常注意到這一點，但現實是，在本日曆年上半年的周末和節假日附近的關鍵時間，有很多惡劣的天氣時刻，這當然沒有整體上對該類別有利，但我必須回到我今天早些時候說過的幾次，那就是我們的品牌在很長一段時間內都跑贏了該類別，並且我們預計這種情況將繼續下去，因為我們的強勁表現我們在消費者中擁有的品牌忠誠度。

Robert Moskow, TD Cowen.

羅伯特·莫斯科，TD·考恩。

I guess I'll ask about wine. The guidance for the year implies a pretty substantial pickup in sales growth, I guess, in the second half. What kind of visibility do you have with your distributors on how the commercial turnaround is going?

我想我會問酒的事。我認為，今年的指導意味著下半年銷售成長將大幅回升。您對經銷商的商業轉型進度有何了解？

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事情做出了更大的承諾，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. We're pleased with what the work that's been done. 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.

我們已經——總是說過，特別是在上一季之後，我們將需要 9 到 12 個月的時間才能讓我們的葡萄酒業務恢復到我們預期的狀態。我們對已經完成的工作感到滿意。我認為我們在一些操作點上提前了，我們預計這些操作點可能會在下半年完成，因為一旦你投入工作，你就等著得到結果。

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

其次，我認為我們的參與度有所改善，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。我們投入的營銷資金的一些真實表現，您看到了其中的一些效果，並且就本季度的早期支出而言，已經顯示出一些積極的跡象，我們將期待報告我們前進的過程中。但我們當然預期這項業務的改善將是後半載，正如我們現在多次說過的那樣。

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. 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. 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.

我認為另一件事也需要認識到，我們的國際業務和 DTC 業務的表現都超出了我們的計劃。我們仍然在批發部分花費大量時間和精力，但我們正在與主要批發合作夥伴密切合作，以實現這些預期。我認為幸運的是，隨著這一年的進展，我們對於需要做什麼以及我們期望該業務實現什麼目標達成了共識。

Thank you. We have reached the end of our question-and-answer session. I would now like to turn the floor back over to Bill Newlands for closing remarks.

謝謝。我們的問答環節已經結束。現在我想請比爾紐蘭茲（Bill Newlands）發表結束語。

Thank you, Darryl, and thank you all again for joining today's call. We're certainly off to a solid start in fiscal '25 and clearly today brings a great buying opportunity for our stock. 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. 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.

謝謝達裡爾，並再次感謝大家參加今天的電話會議。我們在 25 財年無疑有了一個良好的開端，顯然今天為我們的股票帶來了絕佳的買入機會。我們的啤酒業務在領先的銷售成長的基礎上繼續提供出色的營收業績，同時透過我們的成本節約和營運效率舉措實現了穩健的利潤成長。雖然我們的葡萄酒和烈酒業務繼續面臨充滿挑戰的市場動態，但它在商業和營運執行、舉措方面正在取得進展，預計將推動業績改善。

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.

整體而言，在企業層面，我們憑藉著銷售驅動的強勁成長，繼續顯著優於整個消費品產業，我們對全年的勢頭和前景仍然充滿信心，包括實現兩位數的可比每股收益成長。

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

在此，我祝大家 7 月 4 日假期快樂，並當然希望您為我們在這個關鍵假期期間的出色表現做出貢獻。感謝大家加入電話會議，祝大家夏天愉快。

Thank you. This does conclude today's teleconference. We appreciate your participation. You may disconnect at this time. Enjoy the rest of your day.

謝謝。今天的電話會議到此結束。我們感謝您的參與。此時您可以斷開連線。享受你一天剩下的時間。