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organic net sales of more than $3.3 billion, representing an 8.6% increase over the prior year period.
Our adjusted gross margin of 28.2% represents a 310 basis point increase over the second quarter of last year. And our adjusted operating margin of 17% represents a 237 basis point increase over that same period. Adjusted EPS rose 26.6% from last year to $0.81 per share.
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Transcript
2023 Q2
6 Jan 23
we’re estimating 10% for the year, that may appear a little bit lower than maybe some others, but that’s off of a much higher base than others.
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2023 Q2
6 Jan 23
You revised your inflation outlook down to about 10% from low teens, implying approximately 8% inflation in the second half.
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2023 Q2
6 Jan 23
inflation started hitting us in the fourth quarter of our fiscal ‘21. And then every quarter of fiscal ‘22, we were in the 16% to 17% range.
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2023 Q2
6 Jan 23
continued inflation extended this period of margin compression as new inflation-justified pricing actions led to additional lag effects.
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2023 Q2
6 Jan 23
This pricing lag resulted in temporary margin compression.
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2023 Q2
6 Jan 23
there was an inherent lag between when we implemented pricing actions and when we realized the benefits of those actions
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2023 Q2
6 Jan 23
if we continue to see waves of inflation, reemerge, then we will do what we have got to do
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2023 Q2
6 Jan 23
if we continue to see waves of inflation, reemerge, then we will do what we have got to do
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Transcript
2023 Q2
6 Jan 23
if we continue to see waves of inflation, reemerge, then we will do what we have got to do
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2023 Q2
6 Jan 23
younger consumers that spend so much time eating away from home pre-pandemic are still eating in the home now because prices are so high away from home. That has conspired to lead to benign elasticities overall for our industry.
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2023 Q2
6 Jan 23
our elasticities not only remained low versus historical norms, but they are consistent and they are among the lowest, if not the lowest, in the entire peer group.
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2023 Q2
6 Jan 23
We expect gross inflation to continue, but moderate through the remainder of the fiscal year, resulting in an inflation rate of approximately 10% for fiscal ‘23.
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2023 Q2
6 Jan 23
Additional inflation-justified pricing actions that have previously been communicated and accepted will go into market in Q3.
However, the magnitude of these pricing actions will be smaller and more targeted than previous pricing actions.
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2023 Q2
6 Jan 23
Even though we see commodity inflation moderating, we will not immediately realize a benefit to the P&L as our costs may remain higher than the spot market due to the timing of our contracts and when they roll off.
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2023 Q2
6 Jan 23
We made good progress on our supply chain during the second quarter
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2023 Q2
6 Jan 23
our supply chain is not yet fully normalized. That will improve.
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2023 Q2
6 Jan 23
things like frozen, our snacks categories, we have got very strong relative market shares, very little private label alternative
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2023 Q2
6 Jan 23
e don’t have a lot of those categories.
We have had them. We exited them.
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2023 Q2
6 Jan 23
tend to be categories that are more highly commoditized.
So, things like in food, like cooking oil. And outside of food, things like ibuprofen.
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2023 Q2
6 Jan 23