Constellation Brands Inc (STZ) 2026 Q2 法說會逐字稿

Greetings, and welcome to the Constellation Brands Q2 fiscal year 2026 earnings call. (Operator Instructions) As a reminder, this conference is being recorded. It's now my pleasure to turn the call over to Blair Veenema, Vice President of Investor Relations. Please go ahead, Blair.

您好，歡迎參加星座品牌 2026 財年第二季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。現在我很高興將電話轉給投資者關係副總裁 Blair Veenema。請繼續，布萊爾。

Thank you, Kevin. Good morning all, and welcome to Constellation Brands Q2 fiscal '26 conference call. I'm here this morning with Bill Newlands, our CEO; and Garth Hankinson, our CFO. We trust you had the opportunity to review the news release, CEO and CFO commentary and accompanying quarterly slides made available in the Investors section of our company's website, www.cbrands.com.

謝謝你，凱文。大家早安，歡迎參加星座品牌 26 財年第二季電話會議。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。我們相信您有機會閱讀我們公司網站 www.cbrands.com 的投資者部分提供的新聞稿、執行長和財務長的評論以及隨附的季度幻燈片。

On that note, as a reminder, reconciliations between the most directly comparable GAAP measure and any non-GAAP financial measures discussed on this call are included in the news release and website. And we encourage you to also refer to the news release and Constellation's SEC filings for risk factors that may impact forward-looking statements made on this call.

在此提醒一下，新聞稿和網站中包含了最直接可比較的 GAAP 指標與本次電話會議討論的任何非 GAAP 財務指標之間的對帳。我們鼓勵您參考新聞稿和 Constellation 向美國證券交易委員會提交的文件，以了解可能影響本次電話會議中前瞻性陳述的風險因素。

Before turning the call over to Bill and Garth, please keep in mind that, as usual, answers provided today will be referencing comparable results unless otherwise specified. Lastly, in line with prior quarters, (Operator Instructions), which will help us to end our call on time.

在將電話轉給比爾和加斯之前，請記住，與往常一樣，今天提供的答案將參考可比較結果，除非另有說明。最後，與前幾季一致，（操作員指示）將幫助我們按時結束通話。

Thanks in advance and over to your questions.

提前感謝並回答您的問題。

Thank you. We'll now be conducting a question-and-answer session. (Operator Instructions)

謝謝。我們現在將進行問答環節。（操作員指示）

Nik Modi, RBC Capital Markets.

尼克莫迪 (Nik Modi)，加拿大皇家銀行資本市場。

Yeah, thank you. Good morning, everyone. So I just had a big picture question on volume growth. So the debate across the industry has been primarily about structural versus cyclical. But for Constellation Brands, there's a bit of more of a nuance right within the cyclical bucket. So you're dealing with the overall macro consumer slowdown but also suppressed sentiment among Hispanic consumers.

是的，謝謝。大家早安。所以我只是對銷量成長有一個總體問題。因此，整個產業的爭論主要集中在結構性與週期性之間。但對於星座品牌來說，週期性領域中存在著一些細微的差別。因此，您不僅要應對整體宏觀消費放緩的問題，還要應對西班牙裔消費者情緒低落的問題。

So we did some work, and it shows like there was like a rapid drop off in sales volume around March, April of this year for the brands and the pack sizes that really over-index the Hispanic consumers across your portfolio. And that's right when the ICE activity started to pick up.

因此，我們做了一些研究，結果表明，今年 3 月和 4 月左右，這些品牌和包裝尺寸的銷售量迅速下降，而這些品牌和包裝尺寸確實過度依賴西班牙裔消費者。而此時，ICE 活動正開始活躍起來。

So the question, I guess, is this. Like do you think volumes would have grown in absence of the ICE activities based on everything that you've seen and all the data that you have? And I guess, in other words, will volume growth resume when we start lapping these activities next year?

所以我想問題就是這樣的。根據您所看到的一切以及您擁有的所有數據，您是否認為如果沒有 ICE 活動，交易量會增加？換句話說，當我們明年開始進行這些活動時，銷售量會恢復成長嗎？

Yeah. Thanks, Nik. The key thing, I think, around that whole question is exactly what you put your finger on, which is what is the consumer sentiment. And as you know, we are doing a monthly study of all consumers, both Hispanic and non-Hispanic. And the thing that has stood out for us is that 80% of surveyed Hispanic and non-Hispanic consumers continue to express concern about the socioeconomic environment we face, and 70% of those are specifically concerned about their personal finances, which goes right back to your point about cyclical versus noncyclical.

是的。謝謝，尼克。我認為，整個問題的關鍵在於你所指出的是什麼，也就是消費者情緒是什麼。如您所知，我們每月都會對所有消費者（包括西班牙裔和非西班牙裔）進行研究。我們注意到的一點是，受訪的 80% 的西班牙裔和非西班牙裔消費者繼續對我們面臨的社會經濟環境表示擔憂，其中 70% 特別擔心他們的個人財務狀況，這又回到了您關於週期性與非週期性的觀點。

We've got a consumer base that's pulling in a bit and they are not engaging. At the same time, you're seeing increased loyalty. Our loyalty is up with Corona in the general market. Our loyalty is up with Hispanic consumers for Modelo. A lot of people asked a question about Gen Z often.

我們擁有一個消費者群體，他們有點被吸引，但卻沒有參與其中。同時，你會看到忠誠度不斷提高。我們對 Corona 的忠誠度在整個市場上是一致的。西班牙裔消費者對 Modelo 的忠誠度不斷提高。很多人常問一個關於 Z 世代的問題。

We have twice the share of Gen Z as part of our overall mix versus the industry average. So we're sitting in a good spot as the consumer turns around and gets more comfortable with where they are. But at the moment, there's just a tremendous amount of concern about socioeconomic issues really across the board, and our view is that's the significant thing that's been challenging both for us and for the category in general.

我們整體客戶群中 Z 世代的比例是行業平均的兩倍。因此，當消費者轉變態度並對他們所處的位置感到更加滿意時，我們就處於一個良好的位置。但目前，人們普遍對社會經濟問題非常擔憂，我們認為，這對我們以及整個產業來說都是一個重大挑戰。

Nadine Sarwat, Bernstein.

納丁·薩瓦特，伯恩斯坦。

Hi, thank you, guys. I'd like to touch on our CapEx. So you cut your top line guidance last month. You have not cut your GAAP CapEx guidance. Can you comment on the rationale behind that? And is there scope CapEx for years beyond this fiscal year given the weaker top line? Thank you.

嗨，謝謝大家。我想談談我們的資本支出。所以你上個月下調了營業收入預期。您尚未削減 GAAP 資本支出指引。您能評論一下背後的理由嗎？鑑於營業收入較弱，本財年之後幾年是否仍有資本支出空間？謝謝。

Nadine, thanks for the question, and let me try to answer that. And there is a little bit of a near-term and a long-term answer there. So first of all, consistent with our capital allocation priorities, we're going to continue to invest in the long-term growth in our business. And despite the near-term headwinds that Bill just highlighted, which we see as being primarily cyclical, we're confident in the longer-term growth trajectory of the portfolio. So we still believe that we need to invest in incremental capacity.

納丁，謝謝你的提問，讓我試著回答。這裡面有一點短期和長期的答案。因此，首先，根據我們的資本配置重點，我們將繼續投資於業務的長期成長。儘管比爾剛剛強調了近期的不利因素，我們認為這些因素主要是週期性的，但我們對投資組合的長期成長軌跡充滿信心。所以我們仍然認為我們需要對增量產能進行投資。

Again, the answer is a bit nuanced is we look at FY26, we didn't adjust CapEx for FY26 because as we discussed last month, much of what you incur from a CapEx perspective in a fiscal year is related to longer lead items. And so those are sort of committed dollars, if you will. As we look beyond FY26, however, even though we do have confidence in the longer-term trajectory of the portfolio, we are being very mindful and looking at ways that we could slow down or avoid CapEx if possible. I don't have anything to share with you on that. As we said last month. As it relates to anything beyond FY26, we'll cover off on that later this year as we give guidance for FY27.

同樣，答案有點微妙，我們看一下 FY26，我們沒有調整 FY26 的資本支出，因為正如我們上個月討論的那樣，從資本支出的角度來看，一個財政年度中發生的大部分費用都與較長的交付週期項目有關。所以如果你願意的話，這些都是承諾的資金。然而，當我們展望 26 財年之後時，儘管我們對投資組合的長期發展軌跡充滿信心，但我們仍非常謹慎，並尋找可能減緩或避免資本支出的方法。關於這一點我沒有什麼可以跟你分享的。正如我們上個月所說，至於2026財年之後的任何情況，我們將在今年稍後發布2027財年指引時討論。

Rob Ottenstein, Evercore.

奧滕斯坦 (Rob Ottenstein)，Evercore。

Great. Thank you very much. I just want to get a little bit more sense about what you mean by seeing more loyalty for Corona and Modelo. And particularly Corona, if we just -- from the outside, without your data, Corona Extra is down more than Coors Light or Miller Lite. Never seen that before. And Corona is more general population, I think it's, what, 20% or 30% Hispanic.

偉大的。非常感謝。我只是想更清楚地了解您所說的看到人們對 Corona 和 Modelo 更加忠誠是什麼意思。尤其是 Corona，如果我們只是從外部來看，沒有您的數據，Corona Extra 的跌幅比 Coors Light 或 Miller Lite 更大。以前從未見過。科羅納 (C​​orona) 的感染者群體更為普遍，我認為西班牙裔佔比大概為 20% 或 30%。

So I just like to understand what you're seeing in terms of loyalty. And then perhaps connected to that, very interesting movement within the Corona portfolio, right, with Corona Familiar doing actually extremely well and maybe actually a larger brand than we may think. So maybe give us a little bit of sense of how big Corona Familiar is, what you're seeing within the Corona portfolio, and what's the data that's telling you about increased loyalty for Corona.

所以我想了解您在忠誠度方面看到了什麼。或許與此相關的是，科羅納產品組合內部的動向非常有趣，對吧？ Corona Familiar 的表現確實非常好，而且可能比我們想像的還要大。因此，也許您可以讓我們稍微了解一下 Corona Familiar 的規模有多大，您在 Corona 產品組合中看到了什麼，以及哪些數據告訴您 Corona 的忠誠度有所提高。

Sure, Robert. As you would expect, we measure our brand health metrics consistently over time and analyze what the intent to buy is, what the purchase intentions are for all of our brands and businesses. That's where we begin to talk about brand loyalty, what first choice consumers would have in buying within our franchise. Now as you point out, while Corona Extra has been somewhat challenged recently, the broader family has done very well. Corona Extra provides an exceptional halo for the overall brand family.

當然，羅伯特。正如您所期望的，我們將持續衡量我們的品牌健康指標，並分析購買意圖是什麼，以及我們所有品牌和企業的購買意願是什麼。這就是我們開始談論品牌忠誠度的地方，消費者在我們的特許經營店內購買時會首先選擇什麼。正如您所指出的，雖然 Corona Extra 近期受到了一些挑戰，但其大系列產品表現卻非常好。Corona Extra 為整個品牌系列帶來了非凡的光環。

Familiar is doing extraordinarily well and one of the top share gainers in the category. And Sunbrew, as you probably know, is the number one new brand in dollars and the number four share gainer overall in the category this year. So Corona Extra continues to provide the kind of halo for us for the broader market that has been very valuable for the overall franchise of Corona. You'll also notice as an example, Corona has been the focus on Major League Baseball. If you watch any of the playoffs, you probably would have noticed that Corona has been all over the baseball playoffs as the official import beer of Major League baseball.

Familiar 的表現非常出色，是該類別中份額成長最快的產品之一。您可能已經知道，Sunbrew 是今年銷售額排名第一的新品牌，也是該類別中整體市佔率成長第四的品牌。因此，Corona Extra 繼續為我們在更廣闊的市場上提供光環，這對 Corona 的整體特許經營來說非常有價值。例如，您還會注意到，Corona 一直是美國職棒大聯盟的焦點。如果您觀看過任何一場季後賽，您可能會注意到，科羅納啤酒作為美國職棒大聯盟的官方進口啤酒，一直活躍在棒球季後賽中。

So we continue to feel that Corona Extra is going to be an important part of our business going forward. But it also, as you note, really is a tremendous halo for other SKUs within the franchise.

因此，我們仍然認為 Corona Extra 將成為我們未來業務的重要組成部分。但正如您所說，它也確實為該系列中的其他 SKU 帶來了巨大的光環。

Dara Mohsenian, Morgan Stanley Investment Management.

摩根士丹利投資管理公司的 Dara Mohsenian。

Hey, good morning. So Bill, I just wanted to return to the first question. In your response to the question and prepared remarks, you continue to emphasize that the recent beer depletion weakness you think is caused more by macro factors. Certainly understand there's a big macro component, but you don't seem to attribute much of it to other more secular factors on the beer category, including health and wellness, particularly with GLPs, cannabis substitution, lower consumption from younger consumers than past generations.

嘿，早安。所以比爾，我只想回到第一個問題。在您的回答和準備好的發言中，您不斷強調，您認為近期啤酒供應不足的疲軟更多是由宏觀因素造成的。當然，你明白這其中有很大的宏觀因素，但你似乎並沒有將其歸因於啤酒類別的其他更長期的因素，包括健康和保健，特別是 GLP、大麻替代、年輕消費者的消費量低於前幾代人。

Just how much impact do you think you're seeing from factors beyond the macro component? And I know you emphasized your strong brand equity and your share gains, but these factors do seem to be impacting the beer category more broadly. So just wanted to understand your thought process there. Has your thinking changed at all on those nonmacro sort of drivers as you look at the trends in recent months?

您認為宏觀因素以外的因素會產生多大的影響？我知道您強調了強大的品牌資產和份額成長，但這些因素似乎對啤酒類別產生了更廣泛的影響。所以只是想了解你的思考過程。從最近幾個月的趨勢來看，您對這些非宏觀驅動因素的看法是否有所改變？

And then if I can slip in a part B, just the corporate response to the weaker top line growth we're seeing. Can you talk about strategy tweaks to drive top line growth within a tougher environment? And any opportunities on further productivity beyond what you've already done as you think going forward here?

然後，如果我可以插入 B 部分，那麼這只是企業對我們看到的較弱的營收成長的反應。您能談談在更加艱難的環境下推動營收成長的策略調整嗎？除了您已經完成的工作之外，您認為未來還有哪些機會可以進一步提高生產力？

Sure. We continue to feel that the structural element is relatively minor in the scheme of things versus the cyclical element. As we've covered numerous times now, there just isn't a lot of evidence that GLP is having much impact whatsoever. I think cannabis could be as you go forward, to be frank, because as consumers are constrained about their spending patterns, they make choices as to where they spend their discretionary funds. But again, today, that's also relatively minor in the scheme of things.

當然。我們仍然認為，與週期性因素相比，結構性因素在整個事物體系中相對較小。正如我們多次報道的那樣，沒有太多證據表明 GLP 產生了很大的影響。坦白說，我認為大麻可能會隨著你的前進而發展，因為當消費者的消費模式受到限制時，他們會選擇在哪裡花費他們的可自由支配的資金。但今天，從整體來看，這也只是相對較小的事。

Part of what you're seeing with our work in Corona Sunbrew is a great example, is going after a younger legal drinking age Gen Z consumer. Part of what we observed is consumers, particularly around spring break, were mixing orange juice and Corona. Our view was we could do something much better than that in real time, which we did. And it's part of the reason why that is the number one, dollar SKU this year and the number4 share gainer in the category.

您在 Corona Sunbrew 看到的我們的工作就是一個很好的例子，我們的目標是年齡較小的 Z 世代合法飲酒消費者。我們觀察到，消費者，尤其是在春假期間，喜歡將柳橙汁和科羅納啤酒混合在一起。我們的觀點是，我們可以即時地做一些比這更好的事情，事實上我們也確實這麼做了。這也是為什麼它成為今年美元 SKU 排名第一、市佔率成長第四的產品的原因之一。

Relative to your question about the top line, one of the things that you historically have seen in other downturns within categories is that some organizations pull back on their marketing spend. We have no intention whatsoever to do that. In fact, in many respects, we're spending more than we ever have. You've probably seen, as I mentioned on the prior question, Corona's presence in Major League Baseball, Modelo with the NFL and with College Football has been very aggressively positioned. And Pacifico is the number one voice in digital.

關於您關於營業收入的問題，您在歷史上其他類別的低迷時期看到的現象之一是，一些組織削減了行銷支出。我們根本沒有打算這麼做。事實上，在許多方面，我們的支出比以往任何時候都多。您可能已經看到，正如我在上一個問題中提到的那樣，科羅納在美國職棒大聯盟、莫德洛在美國國家橄欖球聯盟和大學橄欖球中的定位都非常積極。Pacifico 是數位領域的頭號聲音。

So I think the important point to all of that is we're continuing to invest in the long-term success of our business because we recognize at some point some of these socioeconomic elements will ease, and we'll be in a great position to return to more traditional growth profiles that we've seen in the past. Even in this tough environment, we continue to gain share in the market and have been the number one share gainer. So hopefully, that answers -- that was a complex set of questions, but hopefully that answers them.

因此，我認為所有這一切的重點是我們將繼續投資於我們業務的長期成功，因為我們認識到，在某個時候，其中一些社會經濟因素將會緩解，我們將處於有利地位，恢復到我們過去看到的更傳統的成長模式。即使在如此艱難的環境下，我們的市佔率仍在不斷成長，並且一直是市佔率成長最快的企業。所以希望這能解答——這是一組複雜的問題，但希望這能解答它們。

Bonnie Herzog, Goldman Sachs.

高盛的邦妮·赫爾佐格。

Thank you. Good morning, everyone. I had a question on margins. I'd love to hear more color on the beer op margin expansion in the quarter, I guess, as well as key headwinds to margins in the back half, considering your guidance implies a decent step down versus 1H. Thanks.

謝謝。大家早安。我對利潤率有疑問。我想，我很想聽到更多關於本季啤酒業務利潤率擴張的細節，以及下半年利潤率面臨的主要阻力，因為您的指導意味著與上半年相比利潤率將大幅下降。謝謝。

Yeah. Thanks, Bonnie. Look, I mean, I'd say we feel pretty good about the margin profile that we laid out last month in terms of what our expectation is for the year. If I think about the elements to your question, let me just start by talking about headwinds for the second half. First of all, the second half of the year, as you know, is always kind of our lower volume year.

是的。謝謝，邦妮。看，我的意思是，就我們對今年的預期而言，我們對上個月列出的利潤率狀況感到非常滿意。如果我思考你問題的要素，那麼我首先要談談下半年的阻力。首先，如你所知，下半年一直是我們銷售量較低的一年。

And even though we changed guidance for the full year, that doesn't change our expectations for how the first half of the year comes in versus the second half of the year from a volumetric standpoint.

儘管我們改變了全年的指導方針，但從產量角度來看，這並沒有改變我們對上半年與下半年表現的期望。

And as you know, in the second half of the year, that's, as I say, the lower volume half. It's also when we do some of our maintenance. So just traditionally, that's going to be when we have our lowest margins of the fiscal year. As I think about -- again, sticking on margin, the headwinds that we noted last month still remain. We have about 100 basis points of margin headwinds related to fixed costs and incremental tariffs.

如你所知，在下半年，正如我所說，這是交易量較低的一半。這也是我們進行一些維護的時候。因此，按照傳統，這將是我們財政年度利潤率最低的時候。當我再次思考時，堅持保證金，我們上個月注意到的阻力仍然存在。我們的利潤率面臨與固定成本和增量關稅相關的約 100 個基點的阻力。

We have about 60 basis points related to, as Bill just mentioned, keeping our marketing investment in line. Oh, by the way, I misspoke just now. There's 100 basis points with fixed overhead and then there's another 60 points on incremental margins.

正如比爾剛才提到的，我們有大約 60 個基點來保持我們的行銷投資一致。哦，對了，我剛才說錯了。固定間接費用為 100 個基點，增量利潤率為另外 60 個基點。

So those are some pretty big headwinds. They get offset a little bit by some lower comp and benefits in the second half of the year, but that really is the margin profile for the full year.

所以這些都是相當大的阻力。雖然下半年的薪資和福利有所下降，但這項變更確實抵消了部分影響，但這確實是全年的利潤狀況。

Chris Carey, Wells Fargo Securities.

富國證券的克里斯凱裡 (Chris Carey)。

Hey everyone, Garth. Just a follow-up. Are you seeing a pickup in inflation in the back half? Or is that specifically around the seasonal volume assumptions? Just to clarify something on Bonnie's question.

大家好，加思。只是後續行動。您是否看到下半年通貨膨脹上升？還是這是專門圍繞季節性銷量假設的？只是想澄清一下邦妮的問題。

But then the question that I had today was actually around the Wine and Spirits margins. I think going to the second half of the year, you need to believe that these margins are going to turn positive -- more than a little positive to get to the full year guidance. So what do we have to believe in improvement from the first half into the back half to see that level of improvement to get to that full year outlook, maybe some of the key drivers?

但我今天的問題其實是關於葡萄酒和烈酒的利潤。我認為，到了下半年，你需要相信這些利潤率將會轉為正值──達到全年預期的正值以上。那麼，我們必須相信上半年和下半年的改善，才能看到這種程度的改善，才能達到全年的前景，也許是一些關鍵的驅動因素？

And then you think about going into fiscal '27, there was an expectation that this business could return to a low 20s operating margin, which seems to be embedded in consensus expectations. Is that still the right way to think about it? And again, I would ask it in a similar vein as the back half of this year. What do we have to believe that outcome of substantial margin improvement in fiscal '27 is achieved? Thanks so much.

然後你想想進入 27 財年，人們預期這項業務的營業利潤率可能會回到 20% 以下，這似乎已經融入了普遍預期。這仍然是正確的思考方式嗎？再次，我想以與今年下半年類似的方式提出這個問題。我們怎麼能相信 27 財年能達到利潤率大幅提高的結果呢？非常感謝。

Sure. So just on the first question related to the beer margins, to Bonnie's question. We're not really seeing any tick up in inflation in the second half of the year. So really, it's just the drivers that I outlined. As it relates to Wine and Spirits for this fiscal year and the improvement that you'll see in the second half of the year, a couple of things that are going on there which make the full year and certainly the first half of the year a bit messy, if you will.

當然。因此，就第一個與啤酒利潤有關的問題，回答邦妮的問題。我們實際上並沒有看到下半年通膨出現任何上升。所以實際上，這只是我概述的驅動因素。由於它與本財年的葡萄酒和烈酒有關，以及您將在下半年看到的改善，因此發生的一些事情會使全年，當然還有上半年有點混亂，如果您願意的話。

So first of all, the converse of what I laid out for beer is true for Wine and Spirits, which is the bulk of our volume and sales occur in the second half of the year. So we will see benefits from additional volume in the second half, and that also tends to be when you see vintage releases related to our DTC business, which tend to lead to higher sales and higher margins. And then back to the messiness of the first half of the year, as we laid out at the beginning of this fiscal year, there are a number of factors driving performance this year specific to the first half related to distributor payments as well as some post-transaction inventory trips between ourselves and with our distributor partners.

首先，我對啤酒的描述正好相反，這也適用於葡萄酒和烈酒，我們的銷售和銷售主要集中在下半年。因此，我們將在下半年看到銷售增加的好處，而且當您看到與我們的 DTC 業務相關的復古版本發佈時，這往往會帶來更高的銷售額和更高的利潤率。然後回到上半年的混亂情況，正如我們在本財年年初所述，有許多因素推動了今年上半年的業績，具體涉及分銷商付款以及我們與分銷商合作夥伴之間的一些交易後庫存運輸。

And therefore, that's what's made the first half of the year sort of look like it is and why we feel confident that we can turn that in the second half of the year and achieve the operating profit that we laid out in April.

因此，這就是上半年的情況，也是我們有信心在下半年扭轉局面並實現 4 月設定的營業利潤的原因。

And just to add on to that. We made clear at the beginning of the year that the focus in the Wine and Spirits business this year was to get the top line in line and to beat the market. We have now beaten in the market for 6 straight months. Our business in Q2, very similar to Q1 on an apples-to-apples basis, was up 2% driven by Kim and Mi CAMPO. Mi CAMPO, you may remember, was a brand we started from scratch several years ago. And the 12-week numbers in Circana show Ruffino up 2 points, The Prisoner up 4, Unshackled up 11 and Harvey & Harriet, up roughly 23.

再補充一點。我們在年初就明確表示，今年葡萄酒和烈酒業務的重點是實現營收目標並超越市場。我們現在已經連續六個月在市場上領先。我們第二季的業務與第一季非常相似，在 Kim 和 Mi CAMPO 的推動下成長了 2%。大家可能還記得，Mi CAMPO 是我們幾年前白手起家創立的品牌。 Circana 的 12 週數據顯示，Ruffino 上漲了 2 點，The Prisoner 上漲了 4 點，Unshackled 上漲了 11 點，Harvey & Harriet 上漲了約 23 點。

So while we're not going to give any specific guidance yet for fiscal '27, I think we're very pleased with the development of the top line in the Wine and Spirits business. And we've returned that business to a strong share gaining position and have been presenting those results the last several months. So we feel pretty comfortable with how that is developing and how the team has executed against that strategy.

因此，雖然我們目前還不打算為 27 財年提供任何具體指導，但我認為我們對葡萄酒和烈酒業務的營收發展感到非常滿意。我們已使該業務恢復到強勁的市場份額成長地位，並在過去幾個月中一直在展示這些業績。因此，我們對這一發展以及團隊如何執行這項策略感到非常滿意。

Andrea Teixeira, JPMorgan.

摩根大通的安德里亞特謝拉 (Andrea Teixeira)。

Hey, good morning. This is Drew Levine on for Andrea. I wanted to ask on the beer inventory rebalance, Maybe if you could provide some context on inventory on hand to distributors now versus before the rebalance and what gives you confidence that this was sort of more of a one-time event, I guess, rather than something that we should be more concerned about going forward.

嘿，早安。這是德魯·萊文 (Drew Levine) 為安德里亞 (Andrea) 表演的節目。我想問一下關於啤酒庫存重新平衡的問題，也許您可以提供一些關於現在分銷商庫存與重新平衡之前的背景信息，以及是什麼讓您相信這只是一次性事件，而不是我們應該更加關注的事情。

And with that visibility that ships and depletes, I think the guidance is to largely track in second half. I think typically there's a bit more depletes second half versus first half. So just any comments on visibility to that. Thanks.

隨著這種可見性的增加和減少，我認為指導將在下半年基本實現。我認為通常下半場比上半場消耗更多。所以只是對此可見性的任何評論。謝謝。

So look, I can start and then Bill can weigh in. First of all, the [ship] true-up that happened in Q2 related to our beer business was a result of a couple of things. One was that, as typical with every year, we tend to ship in more in Q1, Q2 ahead of the key summer selling season. So that's just normal operating procedure. This year, as we went through the summer selling season, the takeaway wasn't in line with expectations. Therefore, distributors had a little bit more than expected as we exited this summer.

所以你看，我可以開始，然後比爾可以加入。首先，第二季與我們的啤酒業務相關的[船舶]調整是由幾件事造成的。一是，與每年一樣，我們傾向於在夏季關鍵銷售季節之前的第一季和第二季增加出貨量。這只是正常的操作程序。今年正值夏季銷售旺季，外送銷售不如預期。因此，夏季結束時，經銷商的銷售量略高於預期。

Now the second thing that drove it is -- the ship that is that, again, we typically over ship in the first half of the year to ensure that there's product on the shelves, and then there's a little bit of rebalancing that occurs in the second half of the year usually in Q3. And so we pulled that rebalancing into Q2 versus Q3. So that's really what drove it. As we sit there and look at inventory levels with distributors, they're at a good spot right now. We feel good about where our inventory levels are relative to where they are historically.

現在推動這一進程的第二件事是——發貨，同樣，我們通常會在上半年超額發貨，以確保貨架上有產品，然後在下半年（通常是第三季度）進行一些重新平衡。因此，我們將這種再平衡推遲到第二季而不是第三季。這才是真正的驅動因素。當我們坐在那裡與分銷商一起查看庫存水平時，他們現在處於良好的狀態。我們對我們的庫存水準相對於歷史水準感到滿意。

And I think it's important for us to note that the rebalancing of inventories really occurred strictly with distributors. There's been no retailer destocking. We continue to gain PODs in shelf space. We have very good confidence in our ability to continue to generate significant shelf share gains as one would expect for a portfolio that's growing, as Bill highlighted before, in 49 out of 50 states and with the number 1 beer brand by dollar sales. So we feel good about where we are for our inventory levels, and that's why we have confidence that for the balance of the year, shipments and depletions will be aligned with one of them.

我認為我們必須注意的是，庫存的重新平衡實際上嚴格地由分銷商負責。零售商尚未減少庫存。我們繼續在貨架空間中獲得 POD。我們非常有信心，我們有能力繼續大幅提高貨架份額，正如比爾之前強調的那樣，我們的產品組合在 50 個州中的 49 個州不斷增長，並且我們的啤酒品牌在美元銷售額方面位居第一。因此，我們對目前的庫存水準感到滿意，這就是為什麼我們有信心在今年剩餘的時間裡，出貨量和消耗量將與其中一個保持一致。

Bill Kirk, Roth Capital Partners.

羅斯資本合夥公司的比爾‧柯克 (Bill Kirk)。

Hey, good morning, everybody. So price pack architecture was a big focus before this recent deceleration. So I guess how has the deceleration impacted the plans for different pack sizes and price points? And maybe if you had been further along in those price pack architecture plans, do you think depletions performance would have been better?

嘿，大家早安。因此，在最近的減速之前，價格包架構是一個重點關注點。那我猜想減速對不同包裝尺寸和價格點的計畫有何影響？也許如果您進一步推進這些價格包架構計劃，您是否認為消耗效能會更好？

Well, price pack architecture is something that we've said we're going to spend a fair amount of time on. If we had known all the socioeconomic issues, would we have gotten that out sooner? I hope the answer would have been yes. But the reality is this is a good long-term play for the business. Many of you have heard us talk before, we think there is some exceptionally good businesses at putting that together, meaning when you go in a store, you have an opportunity no matter how much money you have to spend, you have a product available to you.

嗯，我們已經說過我們會在價格包架構上花費相當多的時間。如果我們了解所有的社會經濟問題，我們是否會更早解決這個問題？我希望答案是肯定的。但事實上，這對企業的長期發展來說是一項很好的舉措。你們中的許多人以前都聽過我們講話，我們認為有一些非常優秀的企業將這一點結合在一起，這意味著當你走進一家商店時，你就有機會，無論你願意花多少錢，你都可以買到產品。

Our focus on price pack architecture and smaller sizes and things of that ilk make sure that we would have something that our consumer would be able to buy depending on what they have available to them. So we're working aggressively on that in a number of fronts and with a number of brands. And that process is going to continue because we think that's not only important now, but that's also important for the long run as well.

我們專注於價格包架構和更小的尺寸以及類似的東西，以確保我們的消費者能夠根據他們現有的資源購買他們所需的產品。因此，我們正在多個方面與多個品牌積極合作。這個過程將會持續下去，因為我們認為這不僅現在很重要，而且從長遠來看也很重要。

Filippo Falorni, Citigroup.

花旗集團的 Filippo Falorni。

Hi, good morning, everyone. So I wanted to ask first on the beer margin and beer cost savings. Particularly, you realized $65 million in cost savings in Q2, $105 million in year-to-date. Any sense of what's the target for the year? And if you can give a little bit more color on the opportunities there on the beer conserving front.

大家好，早安。所以我先想問一下啤酒利潤和啤酒成本節約的問題。具體來說，您在第二季度實現了 6,500 萬美元的成本節約，今年迄今已實現 1.05 億美元的成本節約。您知道今年的目標是什麼嗎？如果您能更詳細地介紹一下啤酒保護的機會，那該有多好。

And then just a follow-up on the prior question. On tariffs, can you give us a sense of how much you realized in the first half in terms of tariff headwinds and how much to expect for the balance of the year? Thank you.

然後只是對之前的問題進行跟進。關於關稅，您能否告訴我們，上半年關稅阻力有多大，以及預計今年剩餘時間的阻力有多大？謝謝。

Yes. So just on the cost savings. First of all, I'd say that this is just -- we continue to reap the benefits of this evolution from being a builder to an operator. As you highlighted, since our Investor Day a couple of years ago, we've delivered over $500 million worth of cost savings. And again as you noted, so far this year, we delivered over $100 million in savings.

是的。所以只是為了節省成本。首先，我想說，這只是──我們繼續從建設者到營運商的轉變中獲益。正如您所強調的，自幾年前的投資者日以來，我們已經節省了超過 5 億美元的成本。正如您所說，今年到目前為止，我們已經節省了超過 1 億美元。

We continue to find ways to make our operations more efficient. A lot of that so far is focused on supplier and sourcing optimization and material and cost innovation. Included in that would be our move to 60-foot railcars and our double stacking within railcars as well as a big initiative around suppliers and terms, if you will. So this is going to continue to be a focus for us over time. We continue to think that there will be opportunities for us in logistics and manufacturing optimization.

我們不斷尋找方法來提高我們的營運效率。到目前為止，其中許多都集中在供應商和採購優化以及材料和成本創新。其中包括我們將轉向 60 英尺長的軌道車和在軌道車內進行雙層堆放，以及圍繞供應商和條款的一項重大舉措，如果你願意的話。因此，這將繼續成為我們關注的重點。我們仍然認為，在物流和製造優化方面我們將有機會。

We don't provide quarterly or annual guidance related to our cost savings initiatives, but we will continue to provide updates on a quarterly basis once we achieve those savings.

我們不提供與成本節約計劃相關的季度或年度指導，但一旦實現這些節約，我們將繼續按季度提供更新。

Carlos Laboy, HSBC.

卡洛斯·拉博伊，匯豐銀行。

Yes, thank you, everyone. Bill, maybe you can go back a little bit and talk to us about the brand positioning of Corona itself. How might you be refreshing or tweaking it? And the reason I'm asking the question is because we've had over 40 years of beach rest and relaxation.

是的，謝謝大家。比爾，也許你可以稍微回顧一下，跟我們談談 Corona 本身的品牌定位。您如何更新或調整它？我之所以問這個問題，是因為我們已經在海灘上休息和放鬆了 40 多年。

And I'm wondering, has that become too sedentary an interpretation of beach for a premium beer consumer that's turning to more active lifestyle positioning, so for example, Michelob ULTRA, right? And even in other countries where the Corona brand is doing very well, it's sort of been reinterpreting beach more as an active lifestyle, a regeneration concept. What are your thoughts on how you tweak that brand if, it needs to be?

我想知道，對於轉向更積極的生活方式定位的高端啤酒消費者來說，這是否成為對海灘過於久坐的詮釋，例如 Michelob ULTRA，對嗎？即使在 Corona 品牌表現良好的其他國家，它也將海灘重新詮釋為一種積極的生活方式、一種再生概念。如果需要的話，您如何考慮調整該品牌？

So we're going to start -- we didn't answer the last half of the last question, Garth is going to cover the tariff and then I'll come back and answer your question, Carlos.

所以我們要開始 - 我們還沒有回答上一個問題的後半部分，加斯將介紹關稅，然後我會回來回答你的問題，卡洛斯。

Yes. So just on the tariffs, just to be clear on that, right? So in our Beer business, we're expecting the tariff impact to be about $70 million this year and on the business for that to be about $20 million. I would say in terms of how that occurs throughout the year, I mean, that will largely track volume. So that's the way to think about the impact on a half year-to-half year basis.

是的。那麼，就關稅問題來說，我們只需要明確這一點，對嗎？因此，對於我們的啤酒業務而言，我們預計今年關稅的影響約為 7000 萬美元，對業務的影響約為 2000 萬美元。我想說的是，就全年的情況而言，這在很大程度上將跟踪體積。這就是以半年為單位來思考影響的方式。

So progressing to the current question relative to Corona. You may have most of the evolution this year of the Corona advertising proposition to really return to the focus being on the beer. I would argue that we probably got a little too celebrity heavy for a window of time. And we brought that Corona essence right back to where its iconic value has been, which is the beach. Now the beach lifestyle, I would argue, fits into many things that consumers are looking for today.

因此，我們繼續討論與 Corona 相關的當前問題。今年 Corona 廣告宣傳的大部分變化可能都真正回歸了對啤酒的關注。我認為，在一段時期內，我們可能過度依賴名人了。我們將 Corona 的精髓帶回了它的標誌性價值所在——海灘。我認為，海灘生活方式符合當今消費者所追求的許多東西。

They're looking for refreshment, That's, first and foremost, what Corona is known for. They are looking for things that are different in experimentation, particularly younger consumer. I'd say if Sunbrew is a great example of us playing right into that speech and attitude. And that goes right to a more active lifestyle that Corona Sunbrew has been presented against. So I think the important part for this is one of the things that both Corona and Modelo and currently Pacifico is developing is we haven't flip-flopped our positioning over time.

他們尋求的是清爽的感覺，而這正是 Corona 最出名的地方。他們正在尋找實驗中與眾不同的事物，尤其是年輕的消費者。我想說，Sunbrew 就是我們實踐這種言論和態度的一個很好的例子。這與 Corona Sunbrew 所倡導的更積極的生活方式相符。因此，我認為其中最重要的一點是，Corona、Modelo 和 Pacifico 目前正在開發的其​​中一件事就是，我們的定位並沒有隨著時間的推移而改變。

Many organizations have a tendency to flip-flop their positioning every couple of years whenever there's a change of brand management. Our approach has not been that. Our approach is to stay focused on what we feel are the strong essences of those brands with some minor evolution as part of the marketing development. And I would argue Sunbrew is a great example of where we can leverage that sort of beach lifestyle and refreshment value of Corona Extra into a new and exciting piece of business for us in the form of Sunbrew.

許多組織往往每隔幾年就會隨著品牌管理的變化而改變其定位。我們的方法並不是這樣的。我們的方法是專注於我們認為的這些品牌的強大本質，並在行銷發展過程中進行一些細微的改進。我認為 Sunbrew 是一個很好的例子，我們可以利用 Corona Extra 的海灘生活方式和清涼價值，以 Sunbrew 的形式為我們帶來一項新的、令人興奮的業務。

Kaumil Gajrawala, Jefferies.

傑富瑞的 Kaumil Gajrawala。

I'd like to follow up on two questions. The first is you have these economic challenges in addition with Hispanic consumer. If you're twice the share with Gen Z, Gen Z is twice the amount of unemployment. It sounds like your responses to what to do is to keep up on marketing and such. But is there anything you're looking to do to make it more affordable, get them to go back out?

我想繼續回答兩個問題。首先，除了西班牙裔消費者之外，我們還面臨這些經濟挑戰。如果你的比例是 Z 世代的兩倍，那麼 Z 世代的失業人數也是兩倍。聽起來您的回答似乎是繼續進行行銷等。但是，您是否想採取一些措施，讓價格變得更便宜，讓他們重返市場呢？

Just not necessarily on the marketing and the branding side, I think sounds fine there. But rather what can you do about it if they don't have as much money, they're not as willing to go out?

只是不一定在行銷和品牌方面，我認為這聽起來不錯。但如果他們沒有那麼多錢，又不願意出去，你又能做什麼呢？

And then the second question on margins. I get the 160 bps of sort of natural drag, which you talked about. But the split between depletes and shipments should isn't expected to be nearly as substantial. So I'm just curious why the margin guidance is still maybe a bit lower than we would have guessed given the beat this quarter. Thanks.

然後第二個問題是關於利潤的。我得到了您談到的 160 bps 的自然阻力。但預計消耗量和出貨量之間的差距不會那麼大。所以我只是好奇為什麼利潤率指引可能還是比我們根據本季業績預測的要低一點。謝謝。

So why don't I take the first half? Garth, you can take the second. Relative to the whole question of affordability with where -- when consumers are somewhat constrained. You probably all are quite aware, we have repositioned Oro, Modelo Oro because our belief is the light beer consumer is looking for a bit of a different value proposition than it would be for core Modelo as an example. We've done the same now with Premier. And we're positioning that again at a somewhat lower price point from where those have been historically.

那我為什麼不選擇前半部呢？加思，你可以擔任第二任職務。相對於整個負擔能力問題而言，消費者何時受到一定限制。大家可能都很清楚，我們重新定位了 Oro、Modelo Oro，因為我們相信淡啤酒消費者正在尋找與核心 Modelo 略有不同的價值主張。我們現在對 Premier 也採取了同樣的措施。我們再次將其定位在比以往略低的價格點。

We believe those are going to be valuable. First of all, it speaks to where the consumer of high-end light beers want to spend and at the price point they want to spend. And I think that's going to position us well. Early days on Oro, which started earlier, have been quite positive. And we're pleased to see that development both in terms of consumer takeaway as well as in terms of our ability to get more features and displays against that business.

我們相信這些都是有價值的。首先，它說明了高端淡啤酒消費者願意在哪裡消費以及他們願意支付的價格。我認為這將使我們處於有利地位。Oro 的早期階段啟動得比較早，進展相當順利。我們很高興看到這一發展，無論是在消費者外賣方面，還是在我們獲得更多功能和展示業務的能力方面。

The last thing I would say, and it relates to one of the prior questions, is the price pack architecture. We briefly touched on that, but having the opportunity for the consumer who is financially constrained to find one of our iconic brands at a price point which they can afford at the current time is an important part of why price pack architecture is one of our key focuses now and will be going forward.

我要說的最後一件事是價格包架構，它與之前的問題有關。我們簡要地談到了這一點，但讓經濟拮据的消費者有機會以他們目前能夠承受的價格找到我們的標誌性品牌之一，是價格包架構成為我們現在和未來重點關注之一的重要原因。

Yeah. And as it relates to the margin profile, just you reiterate what we talked about earlier just around the first half versus the second half, second half always being a lower margin profile as it relates to lower volume through our breweries as well as that's when we do our normal maintenance CapEx.

是的。至於利潤率情況，你只需重申一下我們之前討論過的上半年與下半年的情況，下半年的利潤率始終較低，因為這與我們啤酒廠的產量較低有關，而且那時我們進行正常的維護資本支出。

(Operator Instructions)

（操作員指示）

Kevin Grundy, BNP Paribas.

法國巴黎銀行的凱文‧格蘭迪。

Great. Morning. Thanks for the question, guys. I wanted to ask about the suitability of the 39% to 40% beer operating margin target. I think there's a lot of questions among investors about that and the sustainability of it. Very clear, I guess, in terms of positioning of management in terms of is it cyclical and volumes are going to come back. But what if they don't? Like what if volumes stayed down low single digits?

偉大的。早晨。謝謝大家的提問。我想問一下39%到40%的啤酒營業利潤率目標是否適合。我認為投資者對此及其可持續性有很多疑問。我想，就管理定位而言，這非常清楚，它是否具有周期性，交易量是否會回升。但如果他們不這麼做呢？如果交易量維持在個位數以下會怎樣？

And a couple of important points of context here. I think for a really long time, as you guys are well aware, volumes are outstanding, up high single digits. There's a certain degree of operating leverage in the business that you're able to sustain the 39% to 40%. But now it's down and potentially it could stay down. And I think there was a worry over a long period of time, also as you guys are well aware, there was a constraint on the multiple. And that is the weak volume trends in the category, which had been in decline for the better part of 15 years.

這裡有幾個重要的背景要點。我認為，在很長一段時間內，正如你們所知道的，交易量都非常出色，達到了很高的個位數。業務中存在一定程度的經營槓桿，你可以維持 39% 到 40%。但現在它已經下降，並且有可能繼續保持下降趨勢。我認為長期以來一直存在著一種擔憂，而且正如你們所知，倍數存在一個限制因素。那就是該類別的銷售趨勢疲軟，在過去15年的大部分時間裡一直在下滑。

And there was always a worry that you're going to get this mean reversion for Constellation, how long can they continue to gain share. So it's still kind of a big wind up for where we are. Category volumes are down mid-single. You guys are doing better than that and the pace of share gains have slowed. But what is the -- how plausible is it that you can sustain that level of margin if you're going to be facing year-after-year operating deleverage of volumes down sort of low single digits?

人們總是擔心 Constellation 會出現均值回歸，他們的市佔率還能持續成長多久。所以對於我們目前的情況來說，這仍然是一個巨大的挑戰。類別數量在中期下降。你們做得更好，而且份額成長的速度已經放緩。但是，如果您面臨逐年下降的經營去槓桿率（交易量下降幅度在個位數左右），那麼您維持這一利潤水平的可能性有多大？

So sorry for all of that, but I appreciate your thoughts. Thank you very much.

對此我深感抱歉，但我很感激您的想法。非常感謝。

No, thanks for the question, right? So look, 39% to 40% operating margins have been best-in-class. And even where we're going to be this year with some deleveraging, we'll still have best-in-class operating margins in all beverage alcohol certainly within beer. As we think about the impact going beyond FY26, I mean, I think we've been really clear is that we're not in a position where we want to give guidance beyond FY26 at this point.

不，謝謝你的提問，對嗎？所以，39% 至 40% 的營業利潤率是同類最佳的。即使我們今年要去槓桿，我們在所有酒精飲料（當然包括啤酒）領域仍將擁有一流的營業利潤率。當我們考慮 26 財年之後的影響時，我的意思是，我認為我們已經非常清楚，我們目前還不想對 26 財年之後的情況給予指導。

We want to see how the macroeconomic and socioeconomic conditions play out and then see how the consumer responds to that, and then we'll have a better sense for where margins go from here. Obviously, there are multiple things that will go into our margin profile, inclusive of depreciation that comes online with some of the investments that we've made and we'll make. As I mentioned earlier, we're looking at ways to -- or we're reviewing our footprint, both our current footprint and our expected footprint, to see what the opportunities are there.

我們希望了解宏觀經濟和社會經濟狀況如何發展，然後看看消費者對此有何反應，這樣我們就能更了解利潤率的未來方向。顯然，有許多因素會影響我們的利潤率，包括我們已經進行和將要進行的一些投資所帶來的折舊。正如我之前提到的，我們正在尋找方法——或者說我們正在審查我們的足跡，包括我們當前的足跡和預期的足跡，看看那裡有什麼機會。

We have a robust savings agenda every year that help margins and certainly offset things like inflation. Again, we do think that we'll return to growth, and that will be beneficial for margins going forward. So there are a lot of things. The normal headwinds and the normal tailwinds should be available to us going forward. But we'll provide more color on where we think margins are as we go through this year and, again, see how the environment plays out and how the consumer responds.

我們每年都有強而有力的儲蓄計劃，這有助於提高利潤率，並在某種程度上抵消通貨膨脹等因素的影響。再次，我們確實認為我們將恢復成長，這將有利於未來的利潤率。所以有很多事情。我們前進的道路上應該會遇到正常的逆風和順風。但隨著今年的進展，我們將提供更多關於利潤率的信息，並再次觀察環境如何發展以及消費者如何反應。

Chris Pitcher, Rothschild & Co Redburn.

克里斯‧皮徹 (Chris Pitcher)，羅斯柴爾德雷德伯恩公司 (Rothschild & Co Redburn)。

Thank you very much. Can I ask a question about the Wine and Spirits in the second half? I mean it's obviously quite difficult trying to compare against the base that's disrupted by the divestments. But Q3 last year was a big destocking quarter. And based on the positive depletions in the current quarter, is it a fair assumption to assume that inventories are at a good level of your wholesalers and, therefore, you could see quite a benefit in the third quarter just from a normalization of that destocking? Thank you.

非常感謝。我可以問一個關於下半部的葡萄酒和烈酒的問題嗎？我的意思是，與因撤資而受到破壞的基礎進行比較顯然是相當困難的。但去年第三季是庫存大幅減少的一個季度。基於本季的積極消耗，是否可以合理地假設批發商的庫存處於良好水平，因此，僅從去庫存的正常化中，第三季度您就能看到相當大的收益？謝謝。

Yeah. Our inventory levels in our Wine and Spirits business are in a quite a good spot. Part of what you heard Garth speak of earlier, which was some of the distributor alignment after the divestiture, part of what we focused our attention on is to getting and making sure that our inventory levels of our ongoing business were in the right spot. And they are. Again, our focus at this point -- so I don't think inventory is going to be an issue going forward in the least.

是的。我們的葡萄酒和烈酒業務的庫存水準處於相當良好的水平。您之前聽到 Garth 談到的部分內容是資產剝離後分銷商的部分調整，我們關注的部分內容是獲取並確保我們正在進行的業務的庫存水平處於正確的位置。事實也確實如此。再說一次，我們現在的重點是——所以我認為庫存不會成為未來的問題。

But we're very focused on continuing to win in the market, as we have for the last several months, based on the strong performance of some of our critical brands like the Prisoner and Kim Crawford and Ruffino and Mi CAMPO in particular. So -- and that's really going to be the continuing focus of that business as we said it would be at the beginning of this fiscal year.

但我們非常專注於繼續贏得市場，就像過去幾個月一樣，這基於我們一些關鍵品牌的強勁表現，例如 Prisoner、Kim Crawford、Ruffino 和 Mi CAMPO。所以——正如我們在本財年初所說的那樣，這確實將成為該業務的持續重點。

Robert Moskow, TD Cowen.

羅伯特·莫斯科 (Robert Moskow)，TD Cowen。

Hi, good morning. This is Victor on for Rob Moskow. I want to ask about the feasibility of the 1% to 2% pricing algo. Given the macro pressures around the Hispanic consumer, are these price increases more in low Hispanic markets? And also on the negative mix impact from the prepared remarks, could you give us some more color on what this was from? Could this be from Corona Familiar's strong demand and the brand's larger model size?

嗨，早安。這是 Victor 代替 Rob Moskow 上場。我想問一下 1% 到 2% 定價演算法的可行性。考慮到西班牙裔消費者面臨的宏觀壓力，這些價格上漲是否更多地發生在西班牙裔較少的市場？另外，關於準備好的發言所帶來的負面混合影響，您能否向我們詳細介紹一下這背後的原因？這可能是因為 Corona Familiar 的需求強勁，而且該品牌的車型尺寸較大嗎？

So our expectation around pricing is what we have always done, which is we look at it SKU by SKU, market by market. And we still expect 1% to 2% to be what our overall delivery will be over the course of this fiscal year. Again, a lot of that goes right back to what we've said before, which is there are pockets of opportunity, and we go after those pockets of opportunity.

因此，我們對定價的期望與我們一直以來的做法是一樣的，即逐一 SKU、逐個市場地進行研究。我們仍預期本財年的整體交付量將達到 1% 至 2%。再次強調，這在很大程度上回到了我們之前所說的內容，即存在著機會，而我們要追逐這些機會。

I think a great example, and I'd be remiss if I didn't point this out, that, as Garth mentioned earlier, Modelo Especial remains the number one top-selling beer by dollars in the United States by tracked channels. It's at a roughly 10% share, and that's two full share points ahead of the next largest brand. Some of that also translates over into the on-premise. And the on-premise has gone from number five to number two in terms of draft.

我認為這是一個很好的例子，如果我不指出這一點，那我就太失職了，正如 Garth 之前提到的，Modelo Especial 仍然是美國追蹤管道中銷售額排名第一的啤酒。它的市佔率約為 10%，比第二大品牌高出整整兩個個百分點。其中一些也轉化為內部部署。就草案而言，現場部署已從第五位上升至第二位。

So again, those kinds of things where you have that strong brand equity allows you to look specifically on a market-by-market basis and get to that 1% to 2% algorithm that we've consistently talked about. As you would expect, we always look at is the market available to us? And we will do the right thing on a market-by-market basis no matter what. But we still believe that 1% to 2% is sort of the algorithm that we expect to remain within.

所以，再次強調，如果你擁有強大的品牌資產，你就可以針對每個市場進行具體觀察，並得到我們一直在談論的 1% 到 2% 的演算法。正如您所期望的，我們總是關注市場是否對我們開放？無論如何，我們都會根據每個市場採取正確的行動。但我們仍然相信，1% 到 2% 是我們預期會保持在的演算法範圍內。

Chris Barnes, Deutsche Bank.

德意志銀行的克里斯·巴恩斯。

Hi, thanks for the question. I just wanted to follow up on your depletions expectations for the second half. I appreciate the 1% to 2% comment on pricing, but that -- and your expectation for shipments and depletions in absolute cases to track closely. But that seems to imply a pretty material step-down in the second half in depletions growth. So could you maybe unpack the drivers there? Thanks.

你好，謝謝你的提問。我只是想了解一下你對下半年的消耗預期。我很欣賞定價的 1% 到 2% 的評論，但是——以及您對絕對情況下的出貨量和消耗量的預期密切跟踪。但這似乎意味著下半年消耗量成長將大幅下降。那麼你能解壓縮那裡的驅動程式嗎？謝謝。

Yes, we don't give forward expectations on a quarter-by-quarter basis. But here's what we'd say. We've seen unprecedented volatility and there's very mixed results. One of the things that we track very carefully is ZIP code data. And the results that you are seeing in high Hispanic ZIP code areas is significantly worse than what you see in the general market.

是的，我們不會按季度給出預期。但這就是我們要說的。我們看到了前所未有的波動，並且結果好壞參半。我們非常仔細地追蹤的事情之一是郵遞區號資料。而您在西班牙裔人口較多的郵遞區號地區看到的結果比您在一般市場看到的結果要差得多。

We've seen some positive uptick in some of our top five states within the general market, where those -- where the general market ZIP codes are a higher proportion of the overall consumer base.

我們看到，在整體市場中排名前五的州中，一些州出現了積極的上升趨勢，這些州的整體市場郵遞區號在整體消費者群體中所佔比例更高。

So we're cautiously, and I would stress that word again, cautiously optimistic that we've hit the bottom here. But the volatility, as I said, is unprecedented and the results are very mixed. The state of California has been the single biggest problem as some of those 4,000 calorie jobs, as we often talk of, haven't materialized to the rate that we would have expected. So part of that question is going to be, will some of that construction opportunities reinvigorate? Because that's good for the beer business and that's particularly good for us given our strength in that particular market.

因此，我們保持謹慎，我想再次強調這個詞，謹慎樂觀地認為我們已經觸底。但正如我所說，這種波動是前所未有的，而且結果好壞參半。加州一直是最大的問題，因為我們經常談論的 4,000 個卡路里的工作中的一些並沒有按照我們預期的速度實現。所以問題的一部分是，一些建築機會是否會重新活躍起來？因為這對啤酒業務來說是好事，而且考慮到我們在該特定市場的實力，這對我們來說尤其好。

But all in, we don't expect a radical change in nor we project it, based on our overall guidance, a radical change in the back half of the year. But we're going to watch that very closely and see if there's any improvement that's been going on in the overall marketplace over the last several months.

但總的來說，根據我們的整體指導，我們並不期望發生根本性的變化，我們也不預測下半年會發生根本性的變化。但我們將密切關注這一點，看看過去幾個月整體市場是否有所改善。

Thank you. We reached the end of our question-and-answer session, and that does conclude today's question answers and our telecast. You may just connect your line at this time and have a wonderful day. We thank you for your participation today.

謝謝。我們的問答環節已經結束，今天的問答和電視直播也結束了。此時您只需接通電話即可度過美好的一天。我們感謝您今天的參與。