Good morning, and welcome to The Campbell's Company first-quarter fiscal 2026 earnings conference call. I'm Rebecca Gardy, Campbell's Chief Investor Relations Officer.

Joining me today are Mick Beekhuizen, Chief Executive Officer, and our new Chief Financial Officer, Todd Cunfer. Today's remarks have been pre-recorded.

After the prepared remarks, we will transition to a live webcast Q&A. The presentation, a transcript of management's prepared remarks, and today's earnings press release are available on our website at thecampbellscompany.com in the Investor section.

A replay of the webcast will be posted at the same location following the Q&A, with a full call transcript, including the Q&A session, available within 24 hours. Slide 2 outlines today's agenda.

Mick will provide insights into our first-quarter performance as well as our in-market performance by division. Todd will then discuss the financial results of the quarter in more detail and review our guidance for the full fiscal year 2026.

Please note that all references to first-quarter in-market performance refer to the 13-week period ending November 2nd, 2025, compared to the 13-week period ending November 3rd, 2024. In addition, beginning in fiscal '26, we are reporting share of our Cape Cod and Kettle Brand chips against the total potato chip category, replacing the prior comparison to the kettle-cooked potato chip category.

Late July will be compared against the total tortilla chip category rather than the natural and organic tortilla chip segment. We believe these updates more accurately reflect our brands' in-market performance and underscore their strong positioning within the broader chips category.

Finally, beginning in fiscal 2026, the snacking and meals and beverages retail business in Latin America is managed under our Meals & Beverages segment. Through the fourth quarter of fiscal 2025, the company's Latin America retail business was managed under the Snacks segment.

Prior period results have been adjusted to reflect this change. On our call today, we will make forward-looking statements, which reflect our current expectations.

These statements rely on assumptions and estimates, which could be inaccurate and are subject to risk. Please refer to slide 3 of our presentation or our SEC filings for a list of factors that could cause our actual results to vary materially from those anticipated in the forward-looking statements.

Because we use non-GAAP measures, we have provided a reconciliation of each of these measures to the most directly comparable GAAP measure in the appendix of our presentation. Now, it is my pleasure to turn it over to our Chief Executive Officer, Mick Beekhuizen.

Mick?

Thanks, Rebecca. Good morning, everyone, and thank you for joining our first-quarter fiscal 2026 earnings call.

Before we review our results, I want to take a moment to welcome Todd Cunfer, our new CFO. With more than two decades of food industry experience, Todd brings the expertise and perspective we need.

Throughout his career, he has demonstrated a proven ability to drive change and deliver superior financial results. I'm confident he'll be a strong business partner and a tremendous asset to our company.

Welcome, Todd. Now let's review our first-quarter results, which were in line with our expectations as we continued to navigate a dynamic operating environment.

Organic net sales were down 1%, driven by a 2% decline in consumption, with the difference mainly due to retailers building inventory in snacks ahead of upcoming promotional activities. We have an attractive brand portfolio that meets the key attributes consumers are seeking, whether supporting at-home cooking, providing flavor-forward options, premium experiences, or health and wellness benefits.

While our total in-market consumption was down 2%, our 16 leadership brands' consumption was down 1%, and collectively, they held share for the eighth consecutive quarter. Within Meals & Beverages, our leadership brands benefited from consumers' ongoing cooking-at-home behaviors and the growing demand for elevated meal experiences.

However, our snacks business remained under pressure as consumers continued to be increasingly intentional with their purchases. Since the start of the fiscal year, we have made significant progress on our cost-savings initiatives, improved overall productivity, and implemented selective in-market pricing increases.

However, these actions were not sufficient to offset cost increases and top-line headwinds, resulting in a decrease in our adjusted EBIT margin and an 11% year-over-year adjusted EBIT decline. We continue to be laser-focused on mitigating cost pressures while maintaining marketing support for our brands.

Finally, as outlined in our press release, we reiterated fiscal 2026 guidance, which continues to include the expected tariff impact and the related mitigating actions. Todd will provide more details on our guidance in a moment.

As highlighted last quarter, we're strengthening our focus on consumers and their evolving needs. I want to remind you of the framework we shared last quarter and underscore the strategic lens we apply when shaping how our brands show up.

Our brands are uniquely positioned to compete and excel in these growth areas. While we use this framework to guide consumer-led innovation, it also guides our brand activations.

A great example is our Rao's sauces campaign, which focuses on the elevated Rao's experience, highlighting the origin of its high-quality ingredients supporting the unique nature of the food we make. Additionally, we recognize that continued focus on providing an attractive value proposition is critical to be successful.

An example of this during the past quarter is our multipack Goldfish focus during the back-to-school period, where we've seen double-digit increases in consumption versus prior year through strong retail execution and promotional support during an important consumer occasion, meeting the need for a wholesome, convenient snack at the right value. By concentrating our efforts and executing with clarity and discipline, our diverse and advantaged portfolio can build deeper consumer connections, meet their evolving needs, and unlock meaningful, sustainable growth.

We remain committed to crafting high-quality food at the right value, as well as investing in omnichannel execution, brand activation, and innovation. Turning to slide 7, total company leadership brands saw stable share performance in Q1, with consumption down 1%.

As a reminder, our leadership brands represent approximately 90% of our enterprise net sales. The first quarter marked the ninth consecutive quarter that our Meals & Beverages leadership brands have held or grown share.

Consumers' at-home cooking behavior was once again a tailwind for several of our brands within the division, especially our condensed cooking soups, broth, and Italian sauces. Turning to snacks, consumers are still snacking, but how people are snacking is evolving.

We are maintaining our solid share position within snacking as consumers choose snacks that meet their needs within premiumization, flavor exploration, and health and wellness. In Q1, four of our eight snacks leadership brands grew or held share.

We believe our powerful portfolio of snack brands remains distinctly advantaged in today's environment, and we are staying close to consumers' evolving needs through our brand activations, innovation, and strong omnichannel execution. Let's take a closer look at each division, beginning with Meals & Beverages on slide 8.

Organic net sales decreased 2% for the quarter. Unfavorable volume and mix of 3% reflects the elasticity impact of tariff-related pricing actions, which was partially offset by favorable net price realization.

Additionally, although the in-market consumption of our leadership brands was flat, our overall consumption within the division was down 1%. Turning to slide 9, our total soup portfolio slightly lagged the category on share as cooking varieties within our condensed soup portfolio and broths remained strong while eating soups remained under pressure.

In the first quarter, broth consumption grew for the ninth straight quarter, driven by segment momentum that included increased households and buy rates as well as distribution gains and healthy velocities. Younger generations continue to drive the majority of the momentum, with Swanson posting six consecutive quarters of millennial buy-rate gains.

Our Pacific brand also performed well, with dollar consumption growth up 25% and volume consumption up 31%. Our condensed soup portfolio grew share for the eighth consecutive quarter.

Dollar share gains in condensed were fueled by a focused strategy to drive more occasions for Campbell's cooking soups into the repertoire of consumers' at-home cooking behavior. Our condensed cooking momentum led to a continued household penetration gain within the overall condensed portfolio and added over 2 million new buyers, including 1.2 million millennial and Gen X households versus a year ago, pointing to the strength of our cooking soups across cohorts.

In the ready-to-serve segment, the headwinds we experienced in the past quarters continued in Q1, with dollar share down in the quarter. On the positive side, Pacific and Rao's were strong performers, gaining share on both a dollar and volume basis.

However, select price increases put pressure on our mainstream RTS portfolio consumption, resulting in market share declines. In addition, our RTS results reflect the last quarter of impact from the discontinuation of Well Yes!

We believe that pricing action is the right approach to be able to support this segment of our portfolio while we are experiencing disproportionate tariff-related inflation. However, we are conscious of the importance of providing appropriate value in the marketplace, particularly during the critical soup season.

Turning to slide 10, from holiday classics like the green bean casserole to new and fresh recipes, side dishes made with Campbell's products were served at Thanksgiving tables across the country. Over half of our condensed soup portfolio is cooking soups, including soups like Campbell's cheddar cheese soup, used to make America's fastest-growing side dish preferred by Gen Z, mac and cheese.

Our condensed cooking soups grew dollar share and consumption for the past five quarters, and we believe there continues to be ample opportunity for growth driven by recipes for the holidays and everyday occasions. Rao's continued its growth in both consumption and overall share.

During the quarter, Rao's outpaced the Italian sauce category by delivering low-single-digit dollar consumption growth, with growth in both dollar and volume share, and remained the number one brand in the category. We continue to be encouraged by the growth potential of this great brand, driven by sustained household penetration gains and high repeat rates as consumers continue to prioritize elevated experiences at home.

Earlier this morning, we announced we entered into agreements to acquire a 49% interest in two La Regina entities, the privately held producer of Rao's tomato-based pasta sauces. Founded in 1972 with the philosophy of producing the highest quality Italian homemade premium and super-premium tomato pasta sauces, La Regina has been a key partner of Rao's since 1993.

What makes Rao's the best pasta sauce in the world is the ingredients, the recipe, and the care with how it's prepared. Rao's sauces are simmered slowly and made in small batches with only the finest ingredients, like Italian olive oil and naturally ripened tomatoes from southern Italy.

Rao's sauces have no tomato blends, no paste, no water, no starch, no filler, no colors, and no added sugar. The result is an authentic, nutritious, delicious tomato sauce consumers can rely on to serve as a restaurant-quality meal at home.

With this transaction, we are solidifying our strategic partnership with the Romano family to continue to fuel Rao's momentum. Over the years, La Regina has perfected its proprietary cooking process, invested in state-of-the-art capacity, and maintained a commitment to excellence ensuring every jar of Rao's sauce delivers a premium and unique experience.

Campbell's investment in La Regina secures access to unique, high-quality ingredients, expands our innovation capabilities, and reinforces our commitment to producing Rao's sauces with only the finest ingredients. Together with the Romano family, we look forward to continuing this journey.

We could not be more excited about the momentum and growth trajectory of our Rao's brand. Now let's turn to our snacks business on slide 12.

While snacking occasions are growing, consumer preferences continue to evolve to health and wellness and a desire for worth-it experiences, many of which are aligned with the consumer growth pillars I discussed earlier. We believe our powerful portfolio of brands remains advantaged in today's environment, especially in terms of premiumization and flavor exploration.

We are taking steps to further improve the health and wellness benefits of our snacks leadership brands, for example, by providing consumers with avocado oil in our chips portfolio, and we have an exciting innovation pipeline for both the short and long term. Organic net sales declined by 1%, driven by volume declines, which were partially offset by positive net price realization, reflecting pricing actions taken to address input cost inflation, primarily in cocoa and eggs.

The headwind from partner and contract brands was about 1 point to net sales, as expected. The difference between the year-over-year decline in net sales and consumption is driven by shipping timing of holiday-related activities.

As shown on slide 13, we held or gained share in about half of our portfolio, with solid performance in Pepperidge Farm cookies, Snack Factory, and Late July, and a focus on accelerating share recovery in pretzels and crackers. To support this momentum, we are prioritizing delivering clear consumer value, including leveraging price-pack architecture while accelerating our innovation pipeline.

We're also strengthening in-market omnichannel execution with targeted activation during key drive periods such as the holidays and upcoming sports championships, where snacks play a big role in gatherings. Let's talk more about our Pepperidge Farm fresh bakery and cookies business, which held share and was relatively flat from a consumption perspective.

I will start with the standout performance in cookies, where we outperformed the category and gained share in both dollars and volume through successful innovation launches, including the fall LTOs like Pepperidge Farm Milano Pumpkin Spice, Milano Chai Latte, and Soft Baked Pumpkin Cheesecake. The double-digit consumption growth we are driving in Milano continues to contribute materially to overall category growth for the third consecutive quarter.

Within our fresh bakery business, dollar and volume share were both relatively flat. However, the overall category remained under pressure as consumers are more selective in their purchases of fresh bread, favoring premium, differentiated products.

Our latest innovation, Farmhouse Thin Sliced, is outpacing sandwich segment trends, delivering strong repeat rates reflecting consumer demand for healthy products without compromising on taste. Now let's talk about our salty portfolio.

In chips, we held share with relatively flat consumption due largely to sequential improvement in our Late July brand, as we continue to be well positioned with consumers that are looking for better-for-you offerings. We're also benefiting this quarter from a club promotion that shifted into the first quarter from Q2 last year.

Our Kettle brand held market share, while Cape Cod lost share against the broader potato chips category. In pretzels, we experienced overall share and consumption pressure as strong performance of our Snack Factory franchise was not sufficient to offset the softness in Snyder's of Hanover.

Snack Factory saw share and volume gains for the quarter driven by the innovation of Pop'ems and Bites. Additionally, as consumers are increasingly seeking flavor experiences, our Pumpkin Spice LTO was a great driver of growth for Snack Factory in the quarter.

We are excited about the White Peppermint LTO that's on the shelves now in time for the holiday season. The softness in Snyder's of Hanover was driven by our intentional removal of less effective promotions as well as continued competitive pressure.

However, with core expansion at club, impactful holiday messaging, and an upcoming new visual identity to drive shelf presence, we have a lot of conviction in both our pretzel brands. Now let's talk about crackers.

In crackers, we are encouraged by Goldfish's successful back-to-school campaign, which beat key competitors in the 10-week back-to-school window. The success of the campaign helped Goldfish finish Q1 as the cracker share leader over the last 13 weeks.

Despite the great back-to-school campaign, consumption declined in the quarter, which shows we still have more work to do. I am confident that our strategy of incremental marketing support, exciting innovation, and a strategic approach to value will return this flagship billion-dollar brand back to growth.

As we enter the holiday season, our snacks portfolio will play an important role in driving moments of connection and celebration. Our Pepperidge Farm cookies, crackers, and bakery items remain a staple of holiday gatherings.

Additionally, we are leaning into holiday activations like White Cream & Peppermint Snack Factory Pretzel Crisps, Snyder's of Hanover holiday cabin kits, and brown sugar vanilla tortilla chips from Late July to capture heightened seasonal demand while maintaining a sharp focus on execution and in-store displays. Collectively, these actions will position our snacks business to deliver strong engagement throughout the season and support our broader commitment to consistent, profitable growth.

Before turning it over to Todd, I would like to highlight again how we're delivering today while building for tomorrow. As the operating environment remains dynamic and consumer preferences continue to evolve, strong day-to-day execution is critical.

Our portfolio is well positioned. We remain confident in our leadership brands and our ability to serve delicious at-home cooking options, better-for-you options, and elevated experiences that delight and excite consumers.

We are committed to crafting high-quality food at the right value, with a continued focus on omnichannel execution, brand activation, and innovation. Specifically in Meals & Beverages, we remain focused on brands and offerings that will continue to shape at-home cooking momentum because we believe it's a trend that's here to stay.

While we continue to enhance our snacks portfolio, reigniting Goldfish is a top priority. We continue to focus on productivity and cost-savings initiatives across the organization to mitigate elevated inflation and invest in our brands, while we strengthen our overall foundation as we drive change to deliver sustainable, profitable growth.

With that, let me turn it over to Todd.

Thank you, Mick, and good morning, everyone. As Mick mentioned, our first-quarter performance was in line with our expectations and reflected focused execution amidst a dynamic operating environment.

At a high level, organic net sales decreased 1%. Adjusted EBIT decreased 11% to $383 million, primarily due to lower adjusted gross profit, partially offset by lower adjusted administrative, marketing, and selling expenses, while adjusted EPS decreased 13% to 77 cents.

Now let me provide more details on our financial performance and guidance. Turning to slide 18, net sales were $2.7 billion, a decrease of 3%.

Organic net sales decreased 1%, primarily due to unfavorable volume and mix, partially offset by net price realization. On slide 19, first-quarter adjusted gross profit margin decreased 150 basis points to 29.9%, driven by cost headwinds of 520 basis points, inclusive of cost inflation and other supply chain costs, and the impact of gross tariffs.

These costs were partially offset by cost savings and supply chain productivity improvements and favorable net price realization. Gross tariffs had a 200-basis-point negative impact on the adjusted gross profit margin in the quarter.

In the first quarter, Campbell's made progress towards its fiscal 2028 cost-savings target of $375 million by delivering approximately $15 million in new savings, bringing total cost savings achieved to $160 million. The company intends to use these savings as one of several levers to help offset tariff headwinds.

As we look at the second quarter, we expect an increase in both promotional activity and marketing investment to further strengthen top-line performance. Turning to slide 20, adjusted marketing and selling expenses decreased 2% versus prior year, primarily due to lower selling expenses, the benefit from cost-savings initiatives, and lower incentive compensation, partially offset by higher marketing expenses.

Adjusted marketing and selling expenses were 9% of net sales, consistent with the prior year. In the second quarter, we expect marketing and selling expenses to be at the upper end of our target range of 9% to 10% of net sales.

Adjusted administrative expenses decreased 9%, mainly driven by the benefit from cost-savings initiatives and lower incentive compensation. As shown on slide 21, first-quarter adjusted EBIT decreased 11%, primarily due to lower adjusted gross profit, partially offset by lower adjusted administrative and lower adjusted marketing and selling expenses.

On slide 22, adjusted EPS decreased 13% to 77 cents, driven by lower adjusted EBIT. Lower interest expense provided a 1-cent benefit, offset by a 60-basis-point increase in the adjusted tax rate, which was EPS dilutive of 1 cent.

The divestiture of noosa also had a 1-cent negative impact for the quarter. As a note, the gross impact of tariffs to Q1 adjusted EPS was 14 cents, while the net impact of tariffs was 4 cents to EPS for the quarter.

Turning to slide 23, Meals & Beverages first-quarter reported net sales decreased 4%. Excluding the impact of the noosa divestiture, organic net sales decreased 2%, mainly driven by declines in U.S.

soup, Canada, Spaghettio's, Pace Mexican sauces, and V8 beverages, partially offset by gains in Rao's. An unfavorable volume/mix decline of 3% was partially offset by favorable net price realization of 1%.

First-quarter operating earnings in the division decreased 13%, primarily due to lower gross profit and the impact of the noosa divestiture. Operating margin was lower by 190 basis points, primarily due to lower gross profit inclusive of a 280-basis-point gross impact from tariffs and cost inflation and other supply chain costs.

This was partially offset by cost savings and supply chain productivity improvements and favorable net price realization. On slide 24, Snacks reported a 2% decrease in net sales, which includes the impact of the Pop Secret divestiture.

Organic net sales decreased 1%, driven primarily by lower net sales in third-party partner and contract brands, Snyder's of Hanover pretzels, fresh bakery, Goldfish crackers, and Cape Cod potato chips, partially offset by gains in Pepperidge Farm cookies. Organic net sales were impacted by unfavorable volume/mix decline of 3% and favorable net price realization of 2%.

Snacks first-quarter operating earnings decreased 10%, while operating margin decreased 100 basis points. The margin contraction reflected cost inflation and other supply chain costs, gross tariff impact, and unfavorable volume/mix, which more than offset benefits from cost savings and supply chain productivity improvements and favorable net price realization.

Turning to slide 25, we generated $224 million in operating cash flow in the first quarter, in line with prior year. We continue to prioritize reinvestment back into the business to drive incremental growth, with Q1 capital expenditures of $127 million.

We also remain committed to returning cash to our shareholders, with $120 million in dividends paid and $24 million in anti-dilutive share repurchases in the quarter. As of November 2nd, 2025, the company has approximately $174 million remaining under its anti-dilutive share repurchase program.

Our net debt to adjusted EBITDA leverage ratio at the end of the first quarter was 3.7 times. We remain committed to deleveraging the balance sheet towards our goal of 3 times leverage.

At the end of the first quarter, the company had approximately $168 million in cash and cash equivalents and approximately $1.4 billion available under our revolving credit facility. With respect to the La Regina transaction Mick mentioned earlier, we anticipate closing in the second half of fiscal 2026.

The transaction is expected to be neutral to the reaffirmed guidance for fiscal 2026 adjusted EPS. Further details on the acquisition can be found in the company's Form 8-K filed today with the Securities and Exchange Commission.

Based on the company's first-quarter performance, we are reaffirming our full-year fiscal 2026 guidance ranges provided on September 3rd, 2025. Fiscal 2026 guidance ranges are based on the exclusion of the additional week in fiscal 2025, which represented approximately 2% to net sales, 2% to adjusted EBIT, and 6 cents to adjusted EPS.

In fiscal 2026, we continue to expect a significant impact from tariffs. Gross tariffs are projected to be approximately 4% of cost of products sold, approximately 60% related to Section 232 steel and aluminum tariffs, and the remainder largely from global IEEPA tariffs.

We continue to expect to mitigate approximately 60% of this impact in fiscal 2026 through a number of actions, including continued inventory management, supplier collaboration, alternative sourcing opportunities, productivity and cost savings, and where absolutely necessary, surgical and responsible pricing actions. I will close by saying that just 50 days in, I share Mick's conviction in the strength of our leadership brands, our capabilities, and our people.

Maintaining focus on our strategic priorities will be key as we continue to navigate short-term macroeconomic challenges while investing to build long-term shareholder value. That concludes our prepared remarks.

Now let's turn it over to the operator and begin the Q&A session. Thank you.

Good morning, Mick and Todd. Thanks for the question, and Todd, welcome.

I wanted to follow up on the La Regina announcement. Perhaps we could get some added detail on the reason for the acquisition and the timing, and also perhaps some added details on the option on the remaining 51%, such as how the purchase price would be determined.

Thank you. Yeah.

Good morning, Tom. When I look at the La Regina investment, first of all, it obviously supports our conviction around Rao's.

As we've obviously talked in the past about sauces boss for Rao's, partnering up with the proprietary producer of the tomato-based sauces is absolutely critical from my perspective. Rao's has had a long relationship with La Regina, as I described earlier, and since the acquisition, we've also been developing that relationship with the Romano family.

This investment is really strengthening that partnership with both La Regina, but also with, as you're pointing out, the Romano family, and I'm really looking forward to bringing that relationship to the next level. On the one hand, it obviously secures supply, and we describe a lot of the uniqueness of the product, and we've talked about that.

It's obviously a key component of Rao's and Rao's growth, the unique ingredients, but overall also the process with which we're making the sauce and with which the sauce is cooked, as we described earlier. Making sure that we have supply of the high-quality Rao's sauce is absolutely critical.

That's what this investment helps us with. That's what this supports.

It kind of supports the overall conviction around the growth story. On top of it, also the partnership with the Romano family will allow us to continue to work closely together in areas like innovation, really a kind of mutual interest in order to continue to support the growth of this amazing brand, which I personally think has a long way to go.

We obviously described some of the details, we were currently acquiring 49% of La Regina at $286 million. It represents a high single-digit EBITDA multiple.

As Todd also described in his prepared remarks, we expect it to be EPS neutral in fiscal '26. I personally think this comes at an opportune time where we have integrated the Rao's acquisition and we have continued to build this relationship back to your question around timing.

We've continued to build this relationship, and as a result, this is a very logical, call it addition to building that overall conviction around the Rao's brand. I don't know, Todd, any additional thoughts around the option that we have?

Just to be clear on the timing, the first payment, again, we anticipate closing sometime this second half of this year, $146 million cash payment immediately. One year later, there'll be a second payment of $140 million, that gets the $286 million for the 49% ownership portion.

After that first year, we do have a call option. We can purchase the remaining 51%.

There will be likely a premium depending on the performance of up to 20% of premium on the second half piece. The valuation approaches around $600 million ultimately if we exercise that option.

The Romano family has a put option four years after we close on the transaction for us to purchase the remaining. Again, about a close to around a $600 million ultimate valuation.

As Mick pointed out, high single-digit multiple. Just super excited about this opportunity.

It's going to be a great partnership, going to improve the margins of the Rao's brand, it's a win-win for everybody.

Great. Thanks for all the detail.

Great. Thanks so much, and welcome, Todd.

I think last quarter, Campbell spoke about its intention to stabilize the snacks segment in the second half of the fiscal year, and it looks like you're still expecting that to be the case. I guess, based on the data we can all see, it doesn't seem that trends improved maybe as much sequentially in the fiscal first quarter as you might have expected.

I was hoping you could go through what gives you the conviction in a back-half stabilization, and how do you think this is impacted, if at all, from a key snacks player talking more about affordability going forward? Thanks so much.

Thank you, Andrew. Maybe stepping back first with regard to the overall categories, and when I look at the snacks categories that we participate in, in the aggregate, the dollar consumption trend was sequentially relatively stable, i.e., it didn't deteriorate further in the third quarter for the third quarter in a row.

I do expect, as a result, that basically going into next quarter, you're going to continue to see that category pressure, and I don't expect that to immediately change within the next couple of months. However, as we're getting into the second half, arguably comps should become a little bit easier, and that should allow categories overall to start to stabilize.

That being said, we are obviously, as I described also during my prepared remarks, we're focused on what we control, and we clearly see that snacking is evolving, and I described it extensively in my prepared remarks, but we are very focused on making sure that we continue to evolve our portfolio with that. When I look specifically at our portfolio performance in Q1, if you look at bakery and cookies, one of the things that actually worked well is the innovation, and particularly the cookie innovation, and that really is something that we got to make sure that we keep that momentum going.

If I look within salty, within chips, some benefit from timing of certain promotional activities, I expect that we're going to continue to feel a little bit pressure on chips, also a relatively competitive, call it subcategory within salty. Within pretzels, we have great results around Snack Factory, they're really encouraging.

We got to make sure that we keep that momentum going, a lot around innovation, but also in-market execution. With regard to Snyder's of Hanover, we still got some work to do.

Then when I look at crackers, which is the third major category within our snacks portfolio, it's really coming back to making sure that we reignite Goldfish. Now when I look at Goldfish in Q1, as we also described, the back-to-school performance was quite good and encouraging, really also focused back on price-pack architecture.

I mentioned that in the past and the importance of that during the right moments, making sure we provide the right value to the consumer, and that came through with the multipack execution during the back-to-school period. I cannot provide the complete verbatim transcript of this earnings call audio, as generating

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