Leah Jordan

Jordan pushed for the magnitude of the trimmed gross-margin guide; Kirk framed it as just below 400bps with productivity offsetting salty pressure but gave no precise figure. Partial.

Steve confirmed minimal freight and packaging cost impact so far. Hedging program provides good visibility through 2026 and in some cases beyond.

Kirk noted C-store performance holding in check. Higher gas prices increase frequency but lower per-visit spend, keeping the channel robust for confection.

Kirk emphasized balance of core growth and innovation. Reese's Oreo tailwind for two-thirds of 2026. Pipeline across sweets, chocolate, and salty. Continued R&D investment for faster-to-market consumer ideas. Pipeline extends through 2027.

Steve outlined Q1 strongest top line but margins pressured from higher-cost inventory and tariffs. Q2 profitability inflection point. Double-digit EPS growth for balance of year from Q2. Brand investment up double digits across quarters.

Kirk cited digital marketing for Halloween/holiday performance and REESE'S Oreo promotional investments. Focus on smarter, more efficient brand investment.

Kirk emphasized core business close to 5% growth without Oreo showing balance. Robust 2026/2027 pipeline. Cannot rely just on innovation, balance between core and new products critical.

Steve detailed ~2pp top-line impact in 2025 (mostly Q4), mid-teens in 2026. 80% of profit benefit in 2026. First season impacted is Easter 2026. About 40% of H2 orders unimpacted due to seasons.

Steve confirmed buybacks remain in long-term capital allocation. Near-term focus on M&A. No buybacks planned for 2025 but role unchanged going forward.

Michele cited Reese's media activation and distribution wins. Brazil up double-digits behind strong Easter and innovation. Share gains in India, Brazil, and Mexico spicy.

Michele confirmed variety trends improved ~3pp Q3-to-Q4 though still pressured. Gold standard planogram delivering 2X impact where tested, ramping mid-year into back-half.

Michele noted improvements in sweets and take-home, lapping prior-year retailer pressures. Biggest-ever Reese innovation coming; continued work on IC business.

David said gallons and profit per gallon were up slightly, total fuel profit grew low single digits, and the guidance assumes fuel margins softer than the first half.

David said the plan was always H2-weighted and pointed to the cost-savings ramp, eCommerce/media acceleration, and lapping egg deflation rather than relying on macro.

Greg praised the food-anchored format and fresh offering but noted some stores may have overly extensive assortment. Only visited stores 3 days, needs more time for unvarnished views. Sees plenty of upside. Not about a completely different strategy but better execution and faster speed.

David expects negative units in H1 with potential improvement in H2 from price investments, new stores, and accelerated e-commerce. Q4 was best unit quarter but still slightly down. Inflation moderately lower than 2025. Q1 ID sales near low end of range due to egg deflation lapping.

Ron confirmed pricing environment remains rational. Will continue price investments beyond 3,500 items. Reducing spreads vs competition in Q2, expects to continue in Q3. David affirmed margin-neutral approach sustainable through balance of year.

Ron said stores already handle bulk of e-commerce fulfillment, this is asset-light with minimal rework needed. Strategic review of automated fulfillment network nearly complete with Q3 update planned. Delivery passed pickup for first time this quarter.

David highlighted closed-loop measurement as KR's differentiator in retail media. CPGs being cautious with spending but business continues to grow at healthy rate. Expects healthy growth through balance of year.

David attributed shrink gains to AI-enabled technology for inventory visibility, best-buy-date tracking, and sophisticated ordering. Ron added that better sales, more store hours, and focused employees also help. Expect continued good performance.

Todd acknowledged digital profitability still below targets but noted Q4 improvement across both pickup and delivery. Declined to give specific timeline, framing it as needing to 'string a few quarters together.'

Leah explored vendor pricing dynamics and inflation outlook. Management expects slight expansion to inflation next year but nothing meaningfully different from current levels.

Leah asked about RFID tag testing in bakery. Rodney said they are happy with initial results, benefits include helping associates, but too early to budget the uplift.

King said declining pork commodity benefits sat in inventory and will flow through in Q4 and 2027, while fuel and freight costs are a lagged pass-through.

King said as category leader Tyson is responsible for growing the category through innovation, distribution, and reaching younger consumers with products like Jimmy Dean high protein.

King credited the multi-year strategy, brands, and disciplined execution, citing share gains in lunch meat, bacon, snacking, and smoked sausage.

Cole reaffirmed the range and flagged discrete Q2 cost items (overstaffing, relocations, weather) as non-recurring, but gave no precise bridge to the upper end.

Devin cited four key drivers: cattle costs, cutout values, drop credit, and manufacturing cost structure; additional freight impact from filling production needs across regional supply deficits; plant closures completed after Q1 close, not reflected in Q1 results; Curt clarified closure costs excluded from guidance.

Donnie cited expanding core distribution, accelerating innovation, and investing in MAP spending; Kristina Lambert added focus on household penetration, younger consumers, expanded distribution across Tyson, Jimmy Dean, Hillshire Farm, and Ballpark brands.

Donnie noted $7 billion+ in CapEx over last 5 years including significant capacity expansion; current network has capacity for growth; $700M-$1B range reflects pacing of current projects and timing of new project launches; includes maintenance and profit improvement projects.

Donnie described regional disparity in heifer retention (North/Upper Midwest seeing it, West and South not); Q4 volume down 8.4% and full year down 1.9%; New World screwworm border closure further impacting supply; guidance of -$600M to -$400M reflects current market conditions.

Donnie outlined timeline: heifer retention has begun, herd rebuilding in earnest in 2026, benefits visible by 2028. Brady added team is using data and digital for decisions, reduced line speeds to maximize yield, and continues adding value-added products.

Donnie cited $60M unplanned raw material increase offset by operational execution; called it the best Prepared Foods Q3 ever and expects the best full year ever. Brady noted Q3 exit typically sees seasonally highest raw material costs. Curt added Q4 performance at midpoint would show attractive YoY improvement.

Jordan asked about the A&P step-up and how returns are measured; Brase said spend is rising and working harder, targeted at single-serve meals, meat snacks and popcorn.

Brase pointed to frozen and permissible snacking as advantaged growth drivers within a portfolio he plans to reshape, but deferred specifics to the 2027 investor day.

Sean explained the horses-for-courses pricing approach: frozen and snacks (70% of retail) get margin investment for volume growth, while canned food (cash generator) takes inflation-justified pricing with standard ~minus one elasticity.

Dave confirmed CapEx reduction is purely timing, not cuts. Expect bounce-back to starting levels next year. Modernization investments in frozen chicken plant ongoing.

Dave highlighted strong cash flow and debt paydown progress. Will update 3.0x target with FY2026 guidance in July, noting earnings in denominator matters.

Sean explained FATTY targets older/premium demographics vs Slim Jim's younger skew, making it incremental to the portfolio.

Sean noted promotions are targeted in frozen with quality display frequency rather than depth, driving high lifts with rational spending.

Dana pointed to stepped-up innovation, now 5% of net sales versus 3%, with protein cereals, Blasted Totino's Rolls and Love Made Fresh cited as early wins.

Dana said turns improving after three weeks of weekly store rep visits; launching stand-up resealable pouch format that is 55% of fresh sales and two times the dollar ring of rolls; focus on converting awareness to trial with lower-funnel marketing.

Dana detailed FY2027 innovation pipeline including Honey Nut Cheerios Protein, Ghost Protein Bars scaling nationally, Annie's Fruit Snacks with fiber, La Tiara Mexican brand, hot honey Pillsbury biscuits, and Tabasco Old El Paso kits.

CEO highlighted scale advantages in cross-category consumer insights and digital capabilities but stressed scale for its own sake isn't the goal.

Dana detailed strong performance on Life Protection Formula and Tiki Cat (double-digit growth) but acknowledged Wilderness and pet specialty channel need work; Edgard & Cooper launching with PetSmart.

CEO attributed Q3 weakness to inventory timing from Q2 and competitor shelf returns, with Q4 recovery backed by increased media and merchandising.

Ettinger walked through top- and bottom-line drivers, reaffirmed the range, and flagged Q3 closer to prior year on fuel and commodity costs.

Ettinger said SG&A efforts are on track, Q2 SG&A up a modest 2%, with some savings flowing through cost of goods rather than SG&A.

John explained Retail down 2% from private label nut exit, but branded portfolio dollar consumption up 2% (priority brands +3%). Profitability hit by high commodity costs and second wave pricing not yet benefiting Q1. Three margin improvement levers: pricing (Q2 benefit), T&M productivity, and mix toward priority brands. Paul added freight tightening from winter weather and driver shortages in late Q1.

John cited flagship and rising brands up 3.7% in latest 13 weeks. Jennie-O ground Turkey up double digits, Planters back to double-digit growth, Mexican brands growing strongly. Two waves of pricing taken. Second wave to largely benefit Q2. Aggressive competitive activity in some categories but differentiated positions maintained.

Paul detailed: Retail expects modest volume declines, low single-digit net sales growth. Foodservice low single-digit volume increases, mid-single-digit net sales. International low single-digit volume, high single-digit net sales. All segments expected to deliver profit growth.

John explained foodservice pass-through pricing with timing lag, retail pricing has longer lag and requires triangulating COGS, consumer response, and brand health. Turkey pricing succeeded (Jennie-O up 13% with margin recovery). New targeted pricing announced for broader portfolio, benefits starting late Q4 into 2026.