Steve Powers

is it fair to assume that, that reverses, and that shipments and depletions end up the year essentially in line?

If it is transitory, is the productivity you are putting in place structural, or more belt-tightening such that, if it rolls over, some gets reinvested and some backfilled?

is there any heuristic you could offer as to how external dynamics—volatility in the Middle East, further increases or duration in oil—translate into that $25 million to $30 million growing

Are you just calling that out to kind of quantify it, make it a priority or -- and be more intentional about it?

Just how do you think about your spending levels and your capabilities? How do you benchmark them against peers

can you talk a little bit about just how compartmentalized that business is and how easily separatable it is

what does success look like in terms of monitoring things as we go? And then ultimately, what is the I mean the expectation clearly the ambition is to be winning and growing

just to kick the tires a little bit on the ERP upgrade that you called out in the release

when you think about doubling down and stepping up innovation capabilities, is it simply objective of more and more broad-based innovation

to what degree you will be carrying idle capacity on Hill's, you know, related to that into 2026

how much of the expected underlying operating income improvement is going to be driven by that gross margin versus SG&A reductions

can you just, Luc, maybe bridge exactly what's changed and what the drivers are between last quarter's full year outlook for gross margin down around 100 basis points and now down 250 to 300.

I'm assuming that annualized at $100, your impact at $100 of oil would be $80 million to $100 million.

is there any potential risk of transition from an offsetting standpoint, I'm thinking, I guess, in some kind of structural period of essentially but would translate it like a destocking headwind.

is there any way -- any reason why from where we sit today that we shouldn't be thinking about kind of the midpoint of your normalized earnings exiting the year at around $7

Number one, why do you think that is? Because it's not just you had observed this as -- we've seen it in the outside

I think as the year started, we had talked about free cash flow coming in around 12% of sales for the year. And at least that was our expectation. I think year-to-date, we're running closer to 9%.

Is that a good number to kind of anchor to in terms of the cash cost that you're likely to have when that transition takes place?

just perspective on the Household penetration metric that you guys track, how that's progressing

talk about what you're seeing in that segment and how you see the progression of profitability

I'm curious as to what degree you think you still have opportunities to catch up and how that plays into future planning?

I was hoping you could just maybe better decompose the gap between retail sales and shipments that you see entering fiscal '26

can you talk about whether you expect that to be true kind of across all categories and geographies or whether you see outliers

just amidst all this volatility, you get some perspective on how you see your market share standing across key markets

I guess I'm curious as to what degree you think Love Made Fresh has, in some ways, contributed to that base business progress

Just anything to call out in terms of how much HMM impact is yet to come?

if perhaps that is a higher priority for incremental investment attention, then maybe on the outside, it's perceived

I guess just want to frame how big that noncore part of the portfolio is today and whether that is something that we should keep in mind

One thing that I am left questioning, is the existing Keurig Dr Pepper Inc. debt. And how that is to be allocated across future bev versus CoffeeCo

how do you get comfortable with the risk and opportunity costs of pursuing that and maintaining all the good that you've been doing

I was hoping you could maybe building on what you outlined in your prepared marks around KDPs, ambitions and energy

are you able to parse out where there is more meaningful, true underlying progress that you think can really be momentum you can build on versus maybe some transitory impacts

anything to call out in terms of timing of year-to-go free cash flow

what how do we define short term? Is that know, do we need to see results, you know, in the next couple of quarters

are you able to frame maybe pro forma the performance of Global Taste Elevation Co. versus North American Grocery Co. in the third quarter

Just maybe a little bit more precision around how you expect the overall 2% category growth to shake out North America versus rest of world

your overall assessment of competition, your pricing outlook for the balance of the year and any expectations or considerations

could you give us a bit more detail on the sources and timing of that productivity, your line-of-sight to achieving it cleanly

you mentioned that you were fairly well positioned despite the broader inflationary backdrop as you think about the year

a few months ago, you talked about some steady, [ you expressed ] as light drizzle in the macro environment that seems to be trending worse for consumers

entering September, you'd called out momentum that was trending a bit slower than expected in the third quarter

how quickly do you expect a rebound in those markets? And if there are any other markets as you go into the back half

could you talk maybe about how you're leaning more into some of those local brands in the current environment

Your outlook seems to imply some pretty strong underlying margin and profitability progress just net of the FX pressures and the higher tax rate

how big a headwind to organic growth would that be as you reduce the complexity and kind of cut the tail on complexity

whether today's change in some ways signals more appetite and more open-mindedness for analogous types of corporate action on Kenvue's part

how much progress do you think you'll be able to make against that 100% plus target in 2025

could you speak at a high level to the scope anticipated duration of those agreements

what you've seen so far in early elasticity analytics and where you think consumers are likely to be more accepting of pricing

is your kind of working assumption that there's a balance, kind of an even balance between pricing and some of the sourcing and savings initiatives

does the incrementality of those distribution innovation pushes skew at all kind of 3Q versus 4Q?

is there -- as we see net positive pricing flowing through your business this quarter and over the course of the year, as expected, is that -- is what we're really seeing

I was hoping you could talk a little bit more about what you're seeing in Europe and, I guess, in the EMEA segment as it relates to Consumer

on your brand marketing plans for the year. It sounded like the rates of increase year-over-year was going to be pretty even throughout the year

have you seen any meaningful change at all in competitive intensity, whether pricing promotions or on shelf behavior

how you expect the energy portfolio to contribute to that segment's progress, just how material that is

Could you just give a little bit more detail on where the interventions are specifically

if there's a way to distill those initiatives down to maybe the top 1, 2 or 3 things that you would say are the most critical

just decompose in a bit more detail just the drivers of the reduced full-year earnings outlook

do you think productivity alone will be necessarily relied upon as offense to those factors?

in the third quarter, how do you assess underlying progress on organic growth?

on the second half, improvements, if we think about things by category segment versus by geography

Maybe just a little bit more perspective about what you've seen evolving on the ground in that market

could you elaborate further on those tailwind creation efforts and when within the fiscal year you might expect

has the nature of that investment changed at all? In terms of, you know, advertising versus trade or the like

I just want to ask around the decision to start regularly amortizing the Hostess trademark beginning in the fourth quarter

the sensitivity to demand has held pretty stable. You know, we were looking for things to potentially get worse quarter over quarter. And that doesn't seem to have happened

how you see the various factors stacking up to inform the flat to 3% outlook that you have on the portfolio you are planning to retain

my impression of Veracruz commitments is that they're a bit more fixed. So could you talk about whether that is correct or not

Just curious as to exactly how the restructuring will enable that increased speed