Jim Salera

Salera asked where Hershey's salty brands sit on the price ladder amid category price cuts; Kirk cited a disciplined, competitive premium position. Direct.

Kirk dismissed cannibalization concern, citing portfolio breadth with different brands for each occasion. Customers are key collaborators. Good cadence between events.

Kirk described demand creation paired with retail execution. Customers supportive of activations that bring more retail theater and shopper engagement to stores.

Kirk didn't quantify specifically but noted uplift reflected in top-line guidance. Olympics first tentpole starting this weekend. Brands expected by consumers at major cultural moments. Always-on approach with salty and sweet brands together.

Kirk noted 12 states approved for SNAP waivers, only 2 implemented so far. Early data noisy with winter storms complicating. Proactively working with customers and consumers. Manageable headwind factored into outlook.

Kirk cited permissible/premium positioning across portfolio. SkinnyPop refresh, Dot's pretzel leadership, Pirate's Booty opportunity in $4.5B puffs category. Multipack expansion and cross-portfolio innovation.

Kirk confirmed innovation pipeline across all three brands: Dot's, SkinnyPop, and Pirate's Booty. Momentum continuing into 2026 with exciting launches planned.

Michele cited permissible positioning, continued household penetration upside, new marketing (Jennifer Aniston, SkinnyPop), exclusive flavors, PPA expansion, and Reese's filled pretzels cross-portfolio innovation.

Michele confirmed cross-portfolio multipacks in market with consumer insight work to optimize combinations. Significant upside ahead in multipack distribution.

Michele noted only 2% of SNAP purchases are candy, below soda, salty snacks, desserts. HSY ahead on ingredient changes: already removed propylparaben and Red Dye No. 3. Sweets portfolio most exposed to additive rules.

Michele acknowledged possible planogram benefit but noted retailers always focus on velocity and productivity first.

Michele confirmed sweets expansion is incremental distribution opportunity given HSY's underdeveloped position, also benefiting seasonal portfolio.

Michele outlined strong sweets pipeline: JR Freeze Dried launch, Sour Strips distribution expansion, plus unannounced innovation later in year.

Raj separated Darden's supply-chain outperformance from external factors and said beef is tracking in line with the low-single-digit plan. Direct.

Raj said the baseline assumes a flat industry and Darden relies on superior execution to keep taking share.

Raj confirmed roughly 60-65% from increased frequency, 35-40% from new guests. Both contributing to traffic growth.

Rick noted consumers prefer restaurant steak when home prices are high to avoid risk of ruining an expensive cut. LongHorn's below-$50k cohort growing, possibly related.

Rick attributed LongHorn success to years of strategy execution. Below $50k consumers growing at LongHorn possibly due to grocery/restaurant beef price disparity. Fine dining trends improving but not yet at 'feel great' level.

Raj provided OG breakdown: traffic 1.7% + catering 1.1% = 2.8%, pricing 2.6%, some negative mix offset by Uber fees. Higher income growth, pullback below $50k.

Rick confirmed lighter portions is an OG-focused test for now. Other brands may learn from OG and implement if it makes sense for them.

Raj provided LongHorn breakdown and pricing outlook: Q2 pricing 100bp below inflation at Darden level, gap expected to narrow through year. Gap cut in half by Q3, narrower by Q4.

Rick declined to detail FY2026 plans for competitive reasons but noted OG can react to any environment. Marketing testing at Cheddar's with connected TV having good impact.

Raj broke down OG: pricing 2.7%, catering +70bp, Uber fees +40bp, positive mix ~1%, underlying traffic ~2% (closer to 3% adjusting for catering). BOTO not margin-dilutive.

Rick attributed success to years of food quality and execution investments, resulting in record steaks grilled correctly scores.

CFO confirmed positive net price realization continues in H2 but moderating due to broth and Rao's investments. CEO guided M&B consumption approximately -1% to 0% in H2, down from strong Q2 holiday period. Rao's Q2 consumption of 14.5% was disproportionately holiday-driven; full-year high single digits still expected.

CEO confirmed Goldfish household penetration stable with buy rate as the issue. Outlined four-pronged recovery strategy: brand messaging/awareness, innovation (including Goldfish pretzel), price-pack architecture for value at key moments, and omnichannel execution. Cited back-to-school multipack success as proof point.

CEO acknowledged buy rate softness as the issue, outlined brand support and innovation to lift frequency. Cited price-pack architecture (Goldfish multi-packs for back-to-school), distribution expansion, and Rao's continued household penetration growth as specific buy-rate catalysts.

CFO guided Q1 FY2026 Rao's will lap strong pro forma growth from Q1 FY2025 with promotional shifts from Q1 into Q2. H2 will lap the SAP-driven Q3 timing benefit and Q4 reversal, creating more favorable YoY comparisons.

CFO outlined mitigation levers: strategic inventory management, supplier partnership with La Regina, alternative sourcing, and product cost optimization. Did not specifically address Alma capacity.

CEO framed it as surgical evolution rather than portfolio reset. Highlighted chips already in better-for-you (Kettle, Cape Cod, Late July), pretzel dual-brand strategy working, and M&B premium/mainstream mix well-positioned.

CEO outlined Q3 similar to Q2 environment, stabilization expected by Q4. Goldfish focus on three pillars: promotional support, marketing/messaging, innovation launches, and price-pack architecture for proper entry price points.

CEO emphasized true quality differentiation as the key lesson, noting application to other premium brands in occasions like holiday entertaining where quality points of difference are clear.

CEO confirmed promotional environment remains constructive with no deep discounting. Noted volume on promo moving up but expects stabilization as snacking categories begin to cycle.

Management guided to a gradual Q4 build rather than a snapback, declined to give specific magnitude and deferred sequencing detail to the next call.

Salera asked about Alani's back-half pacing and household penetration; Langhans guided to continued solid growth against tougher comps, citing Witch's Brew and Winter Wonderland LTOs, direct.

Fieldly cited ~15% crossover / limited cannibalization and distribution whitespace for Alani in convenience, Amazon, and foodservice, but gave no format-level split.

Management conceded a slow Q1 start on promotion timing but leaned on 2025 innovation; qualitative rather than quantified.

Adam declined LTO specifics but said promotions drive hundreds of basis points of transaction lift, most sustaining and lifting AUVs over time.

Scott said protein LTOs bring in first-time guests whose lifetime value rises materially, while existing guests visit more often for new options.