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Are the balance sheet constraints causing you to not invest as much as you would have truly liked to this coming year?
if the industry does end up facing another round of broad-based inflation, I guess, whether you think Conagra and the industry at large would be able to count on pricing as but one lever to help of...
what sort of visibility do we have at this stage on costs going into fiscal '27, just based on where you might already have some hedges in place
all in, would you be expecting positive year-over-year organic sales in fiscal 3Q? Or are there other things in the third quarter that we need to keep in mind?
another food company mentioned a higher cost of volume. Shoppers are increasingly sort of waiting to buy more of their needs on promotion.
should that suggest to us that you think the current challenges the industry is facing are more structural this time around? Or how should we read all of that?
go into a little more detail on the differential or the gap between shipments and consumption, in the grocery
I was hoping, I guess, you could at least bring us through your thoughts even at high if high level how we think about next year
I'm curious if we should take this to mean maybe now there's a greater appreciation to the benefits of portfolio reshaping
what gives you the confidence or the visibility that the sort of the full year reiteration is sort of the right approach
maybe you can help us with maybe the magnitude of some of these key puts and takes for next year
how should we think about what changes in capital allocation may be needed
Maybe focusing in on Snacks to start with. From a top-line standpoint, what are you seeing in the key areas here of Goldfish, Fresh, and Salty? And so what is the plan for progress in the back half?
it doesn't seem that trends improved maybe as much sequentially in the fiscal first quarter as you might have expected. Was hoping you could go through what gives you the conviction in a back half ...
How much of the pressure is overall category versus Campbell Soup Company's in-market execution
what are the key inputs for us to consider just as we think to next year
I'm trying to get a better sense of sort of what actions are specifically driving the lower profit outlook really with an eye towards understanding
I'm just trying to get a sense of I know you went through some of the drivers just now around the back half. But I mean how much are you taking into account some of those factors
Where would that sort of put you from a promotional perspective at the end of this year versus let's say, where you were a couple of years ago
what should our expectations be around both sort of volume share and value share?
What have you seen competitively in your key categories following your own price investments?
can General Mills, Inc. return some level of volume growth in fiscal 2027, even in the context of category growth that remains, for now anyway, below the longer-term level?
what specifically should our expectations be in sort of fiscal 3Q and 4Q as to sort of how quickly this gap can narrow
I'm just curious what you're seeing in just the overall, let's call it, like dog feeding category
do you think recent results sort of support the thesis that while there are some external factors for the industry, maybe some of them are a little bit structural
how do you ensure that the margin profile that comes with this reinvestment is being done in a sort of responsible way
with the sizable step up in investment planned for fiscal 4Q, how do we think about the incremental investment that you think is needed for fiscal '26
why there would not be more flow through to the full year guidance?
you mentioned Easter sell-through was ahead of expectation. I guess it looks like maybe share was a bit weaker
I was maybe hoping you could dig into just what you're seeing in the marketplace a bit more?
I'm curious to what maybe do you owe this better outcome, you know, and is the company building in some flexibility in the plan
is there a risk maybe this time around that we could see some price deflation at some point? By either Hershey or competitors to sort of better match, you know, go forward cocoa costs
I'm just curious how you sort of balance these various factors as you think through how next year could shape up
what are you seeing thus far from an elasticity standpoint? I know there's more pricing still to flow through
you're looking for elasticity of roughly 1:1 on the new pricing that was recently announced. Is this a reasonable expectation for '26 as well
do you see the underlying health of the business as in need of this sort of a reset? And I guess, more importantly, what specifically did you and the Board see in Kirk
In today's prepared remarks, you mentioned some actions that you'll take next year, but don't go as far as to discuss earnings next year
your pricing actions this year have been a bit more nuanced, right, in an effort to sort of gain some incremental shelf placements
I think you had answered Andrew's question about what you're seeing for elasticities today
is growth doable in '26 if cocoa remains at currently elevated levels? And if so, how do you feel about the ability to take more pricing
So I'm trying to get a sense of whether we should read that inflation commentary for next year
much of this is simply the company catching up to where investment levels should have been so more company-specific, versus maybe acknowledging that the currently more challenging industry environment
I'm curious how much of the '25 profit revision, if any, is due to more aggressive spending behind the brands than initially contemplated versus just the impact of sort of higher costs and volume d...
how would you respond to investors that would say, such actions oftentimes can be nothing more than financial engineering moves that come with higher costs and dis-synergies rather than sort of unl...
The magnitude of today's guidance cut is larger than previous ones, I'm still getting a lot of questions from investors
they're really wondering if this outlook provides enough room to do what's needed this year to get the key brands back into volume growth
Was hoping you could double click a little bit on the improvement you are seeing in North America.
maybe about some of the key highlights that give you confidence in the second half outlook
the key drivers and climate in emerging markets as well as where you're seeing improvement in some of the key developed markets
what's your thought process on the guidance range and sort of investment flexibility that Dirk mentioned in light of the fall in cocoa costs
Where is Mondelez currently on its chocolate strategy? How does it play out from here?
talk a bit more in depth about Europe, how you're seeing things as you sort of close the year and into next
with respect to guidance, maybe you could talk briefly about the implied Q4 guidance change
it would be great if maybe you could do a brief walk-through of the key geographies and how you see it all playing out in the second half
key puts and takes to keep in mind for the year to go particularly around North America and pricing in Europe
it'd be great to get maybe a bit more detail on sort of trends in some key regions as we think about sort of a year to go
walk us through some of the puts and takes for the '25 outlook in terms of, like, phasing around EPS and margins
how that, if at all, sort of, changes your approach and chocolate strategy
McCormick went through something maybe somewhat similar several years ago and addressed it in some very specific ways
what portion of that do you think is being used for this sort of reinvestment behind the more competitive environment
McCormick's track record on M&A and integration, as you mentioned, is admirable. But obviously, this one is just many, many times larger
are you comfortable that the brands have been appropriately invested in such that margins like these are, in fact, sustainable
your '26 outlook is predicated on continued volume momentum. I was hoping you could talk a bit more about the key drivers underpinning your view
anything to keep in mind on sort of the cadence of EPS growth as we think through the four quarters ahead
now that you'll have some incremental pricing flowing through in the fourth quarter, what's your visibility to a positive volume outcome
how do we think about the magnitude of potential further mitigation opportunities in both CCI and RGM levers
how much is the cost work versus the sort of strategic pricing that you're planning? And I guess, how do you go about determining where it's more appropriate to be able to take some pricing
second quarter EBIT actually came in far stronger, right, than expected across both segments. So what's either surprised you or came in differently
you had guided to operating profit in fiscal 1Q to be sort of flat to slightly down. And as you mentioned, operating profit fell about 5% in the quarter
consumer organic sales came in almost 2.5% well ahead of what the Street was anticipating. And within that volume growth of 4% was obviously quite strong
no surprise that fiscal '25 is another reinvestment year as you all highlighted at your Analyst Day last fall. I was hoping you could talk a bit more about where this investment is targeted
how much is higher admin expenses for the build-out of McCalla versus higher brand spend or something else?
I guess why would not we expect a somewhat greater volume outcome or volume improvement with pricing moving lower?
I am curious what sort of visibility you have to your low single digit inflation outlook excluding coffee.
maybe I'd love to dig in just a little bit further on sort of what you're really trying to accomplish with this move and maybe what you're hoping to learn about the business
in your discussions thus far with Elliott, I'm curious where maybe you are seeing the most common ground and where maybe the biggest opportunities are going forward
Organic sales in that segment came in sort of better than I think most Street expectations. Trying to get a sense from you as, you know, how much of this do you see as sort of sustainable improvement
how much of the $0.50 tariff impact this year is specifically coffee-related, such that if tariff policy remains sort of unchanged from here
last quarter Smucker mentioned that the pricing would benefit the coffee segment sales by about 20% for fiscal 2026. With new tariff headwinds since that time
last quarter, the company mentioned that first quarter EPS would be the softest quarter and that 2Q and 3Q would be consistent with each other
can you now expect flat year-over-year sales in your fiscal third quarter, even though the top-line momentum has been solid thus far this year
your new Hostess sales guidance for the full year implies, I think, a low single-digit year-over-year decline in the second half