Flowers Foods (NYSE: FLO) reported first-quarter financial results on Friday. The transcript from the company's first-quarter earnings call has been provided below.

Flowers Foods（纽约证券交易所代码：FLO）于周五发布了第一季度财务业绩。以下是公司第一季度财报电话会议的文字记录。

This content is powered by Benzinga APIs. For comprehensive financial data and transcripts, visit https://www.benzinga.com/apis/.

此内容由 Benzinga API 提供。有关全面的财务数据和文字记录，请访问 https://www.benzinga.com/apis/。

Access the full call at https://edge.media-server.com/mmc/p/aj8keue7/

访问完整电话会议请点击 https://edge.media-server.com/mmc/p/aj8keue7/

Summary

摘要

Flowers Foods reported bottom-line results ahead of expectations despite softer top-line trends and challenges in the traditional loaf category.

尽管顶线趋势疲软以及传统面包类别面临挑战，Flowers Foods 的底线业绩仍超出预期。

The company is focusing on core brands, including a nationwide relaunch of Nature Zone, and is strengthening its position in the premium bread and cake segments.

公司专注于核心品牌，包括全国范围内重新推出 Nature Zone，并在高端面包和蛋糕领域加强其市场地位。

Inflation concerns, particularly in commodities and packaging, are being managed through productivity measures and hedging, with most core commodities fully hedged for 2026.

通货膨胀担忧，特别是在商品和包装方面，通过生产力措施和对冲进行管理，大部分核心商品已完全对冲至 2026 年。

The company reaffirmed its guidance for 2026, supported by productivity gains and strategic initiatives like the Nature Zone relaunch.

公司重申了 2026 年的指导方针，得益于生产力提升和战略举措，如 Nature Zone 的重新推出。

Management expressed confidence in stabilizing the traditional loaf category and highlighted ongoing efforts to improve supply chain efficiencies and financial flexibility.

管理层对稳定传统面包类别表示信心，并强调了改善供应链效率和财务灵活性的持续努力。

Full Transcript

完整文字记录

OPERATOR

操作员

Good day and thank you for standing by. Welcome to The Flower Foods First Quarter 2026 Results Conference Call. At this time all participants are listen-only mode. After the speaker's presentation there will be a question and answer session. To ask a question during the session you will need to press star 11 on your telephone. You will then hear automated messages by your hand is raised, to withdraw your question, please press star 11 again. Please be advised that today's conference is being recorded. I would like to hand conference over to your first speaker today, J.T. Riggin, the second vice president of Investment Relations. Please go ahead.

大家好，感谢您的耐心等待。欢迎参加 Flowers Foods 2026 年第一季度业绩电话会议。此时所有参与者处于仅听模式。演讲者发言后将进行问答环节。要在问答环节提问，您需要在电话上按星号 11。您将听到自动消息，表示您的问题已被提出，若要撤回问题，请再次按星号 11。请注意，今天的会议将被录音。我将把会议交给今天的第一位发言人，投资关系副总裁 J.T. Riggin，请开始。

J.T. Riggin (Second Vice President of Investment Relations)

J.T. Riggin（投资关系副总裁）

Good morning. I hope everyone had the opportunity to review our earnings release, listen to our prepared remarks and view the slide presentation that were all posted earlier on Investor Relations website. After today's Q and A session, we will also post an audio replay of this call. Please note that in this Q and A session we may make forward looking statements about the company's performance. Although we believe these statements to be reasonable, they are subject to risks and uncertainties that could cause actual results to differ materially. In addition to what you hear in these remarks, important factors relating to Flowers Foods business are fully detailed in our SEC filings. We also provide non-GAAP financial measures for which disclosure and reconciliations are provided in the earnings release and at the end of the slide presentation on our website. Joining me today are Ryals McMullen, chairman and CEO and Anthony Scaglione, our CFO. Ryles, I'll turn it over to you.

早上好。我希望大家有机会查看我们的财报，聆听我们的准备发言，并查看早些时候在投资者关系网站上发布的幻灯片演示。在今天的问答环节后，我们还将发布此次电话会议的音频重播。请注意，在此问答环节中，我们可能会对公司的业绩做出前瞻性陈述。尽管我们认为这些陈述是合理的，但它们受到风险和不确定性的影响，可能导致实际结果与预期有重大差异。除了您在这些发言中听到的内容外，Flowers Foods 业务相关的重要因素已在我们的 SEC 文件中详细说明。我们还提供非 GAAP 财务指标，相关披露和调整在财报和我们网站幻灯片演示的末尾提供。今天与我一起的是 Ryals McMullen，董事长兼首席执行官，以及我们的首席财务官 Anthony Scaglione。Ryals，我把时间交给你。

Ryals McMullen

Okay, thanks J.T. good morning everybody. Our team continued to execute against the challenging backdrop and softer top line trends in the quarter, delivering bottom line results ahead of expectations. We advanced the comprehensive review of our brand portfolio, supply chain and financial strategy and I'm very encouraged by the progress we're making there. We sharpened our focus on our core brands including our nationwide relaunch of Nature's Own, while continuing to strengthen our position in Better-for-you segments. We also saw positive trends in premium bread and cake categories, helping us offset some of the ongoing softness in the traditional loaf category where we underperformed in the quarter. In addition, we took initiatives to drive efficiencies across our supply chain while further strengthening our balance sheet and our financial flexibility. Together, these efforts are positioning us to deliver more consistent and sustainable growth and profitability over the long term. Looking ahead, we'll remain focused on executing this strategy and positioning the business to drive value for shareholders and I want to thank our team for their continued focus and commitment. And so with that Marvin, we can open it up for questions. thank you.

好的，谢谢 J.T. 大家早上好。我们的团队在挑战性的背景和季度内顶线趋势疲软的情况下继续执行，底线业绩超出预期。我们推进了对品牌组合、供应链和财务战略的全面审查，我对我们在这方面取得的进展感到非常鼓舞。我们更加专注于核心品牌，包括全国范围内重新推出 Nature's Own，同时继续加强在健康食品领域的市场地位。我们还在高端面包和蛋糕类别中看到积极趋势，帮助我们抵消了传统面包类别的持续疲软。在此基础上，我们采取了措施推动供应链的效率，同时进一步增强我们的资产负债表和财务灵活性。这些努力共同使我们能够在长期内实现更稳定和可持续的增长与盈利。展望未来，我们将继续专注于执行这一战略，并为股东创造价值，感谢我们的团队持续的关注和承诺。因此，Marvin，我们可以开始提问了，谢谢。

OPERATOR

操作员

At this time, we'll conduct the question and answer session. As a reminder to ask a question, you need to press star 11 on your telephone and wait for your name to be announced. To withdraw your questions, Please press star 11 again. Please stand by while we compile the Q and A roster. Our first question comes from the line of Jim Solera-Stevens. Your line is now open.

此时，我们将进行问答环节。提醒您，提问时需要在电话上按星号 11，并等待您的名字被宣布。要撤回问题，请再次按星号 11。请稍等，我们正在整理问答名单。我们的第一个问题来自 Jim Solera-Stevens。您的线路已开启。

Jim Solera-Stevens

Anthony, good morning. Thanks for taking our question. I wanted to start off with your view on inflation, given how much commodities have moved since the start of the Ukraine conflict.

Anthony，早上好。感谢您接受我们的提问。我想先了解一下您对通货膨胀的看法，考虑到自乌克兰冲突开始以来商品价格的变化。

Anthony Scaglione (Chief Financial Officer)

Anthony Scaglione（首席财务官）

Could you just walk us through your outlook outlook on inflation, how that's changed since the beginning of the year and any details you can share around your hedging program and maybe internal inflation expectations for the remainder of the year? Sure, I'll take that. First off, recall that our hedging program really builds the cadence as we progress through the year. So we're virtually fully hedged for the balance of the year on the commodities in the program. So as we look forward, we see pressure primarily in other commodities and the impact that the price of oil has had on our distribution and resin, which has significantly impacted our packaging costs. And that's an area we didn't see as a cost concern when we started the year. That being said, the teams are looking at ways to mitigate that increase, including packaging configurations, alternatives, along with other productivity measures. So overall, I would say we're assuming a level of increase stays elevated, and that's built into our outlook. But if they should further increase, we'll probably look at other productivity measures to counter that,

您能否向我们介绍一下您对通胀的展望，自年初以来这一展望有何变化，以及您能分享的有关对冲计划的任何细节，以及对今年剩余时间的内部通胀预期？当然，我来回答。首先，请记住，我们的对冲计划确实随着年度的推进而逐步建立。因此，我们在计划中的商品上几乎完全对冲了今年剩余时间的风险。展望未来，我们主要看到其他商品的压力，以及油价对我们的分销和树脂的影响，这显著影响了我们的包装成本。这是我们年初时没有预见到的成本问题。尽管如此，团队正在寻找减轻这一增长的方法，包括包装配置、替代方案以及其他生产力措施。因此，总体而言，我会说我们假设增长水平保持在高位，这已纳入我们的展望中。但如果它们进一步上升，我们可能会考虑其他生产力措施来应对。

Jim Solera-Stevens

吉姆·索莱拉 - 史蒂文斯

particularly if we think about on the productivity side. Are you talking about cost that can come out of SG&A? Is that pulling back on promotional spend or maybe some other efficiencies you can find in the gross margin line? Can you kind of walk us through how you think the offsets would, where they would come in the model?

特别是如果我们考虑生产力方面。您是在谈论可以从销售、一般和行政费用中削减的成本吗？是减少促销支出，还是在毛利方面找到其他效率？您能否向我们解释一下您认为这些抵消措施将如何在模型中体现？

Anthony Scaglione (Chief Financial Officer)

安东尼·斯卡利昂（首席财务官）

I think it would mostly come out of SG&A. And to the extent that we make progress on some of the packaging, as I mentioned, clearly that would be productivity as it relates to the cost going into COGS.

我认为这主要会来自销售、一般和行政费用。至于我们在某些包装方面取得的进展，显然这将是与进入销售成本相关的生产力。

OPERATOR

操作员

Great. I'll pass it on. Thanks. Thank you. One moment for our next question. Our next question comes from the line of Steve Powers of Deutsche Bank. Line is now open.

很好。我会把问题转给下一个。谢谢。请稍等，我们的下一个问题即将到来。下一个问题来自德意志银行的史蒂夫·鲍尔斯。请开始提问。

Steve Powers (Equity Analyst at Deutsche Bank)

史蒂夫·鲍尔斯（德意志银行股票分析师）

Great. Thank you very much. Maybe just to follow up on Jim's question, is there a way to, you know, size or dimension the higher diesel and packaging costs that you're now seeing for the balance of 2026 versus before, and I guess also should costs remain high? Is there a way to think about how much carryover inflation we're now accruing into 2027 versus before.

非常感谢。也许只是跟进吉姆的问题，您能否对 2026 年剩余时间内您现在看到的更高的柴油和包装成本进行量化或描述？如果成本保持高位，您能否考虑一下我们现在在 2027 年累积的通胀有多少？

Anthony Scaglione (Chief Financial Officer)

安东尼·斯卡利昂（首席财务官）

Yeah. So we haven't started our planning process. We're just in the process of kicking that off for 2027, so I can't provide further color on that in isolation. Clearly, there's a lot of puts and takes as it relates to what we would address as we look into 2027 for 2026. As I mentioned, most of our core commodities that could have the highest impact are fully hedged. So we feel pretty good about the outlook as it relates to our position going into the back half. But as I mentioned, as it relates to oil, it's really a tale of two cities. There's the impact of oil on the consumer and that we'll have from a consumer sentiment, which we are obviously looking at providing value at price points, making sure that we're meeting the consumer demand. On the input side, it's primarily impacting resin, which is not a direct corollary to oil. It's a downstream impact. And in that, as I mentioned earlier, we're looking at ways through productivity to drive some of that headwind out in the back half. And that's all baked into our reaffirmation of guidance.

是的。我们还没有开始我们的规划过程。我们刚刚开始为 2027 年启动这一过程，因此我无法单独提供更多信息。显然，关于我们在 2026 年展望 2027 年时需要解决的许多因素有很多权衡。正如我提到的，我们大多数核心商品的影响最大部分已经完全对冲。因此，我们对进入下半年的展望感到相当乐观。但正如我提到的，关于油价，这确实是两个城市的故事。油价对消费者的影响，以及我们将从消费者情绪中获得的影响，我们显然正在关注以价格点提供价值，确保满足消费者需求。在输入方面，主要影响的是树脂，这与油没有直接的相关性，而是下游影响。正如我之前提到的，我们正在寻找通过生产力来驱动一些下半年的阻力，这一切都已纳入我们对指导方针的重申中。

Steve Powers (Equity Analyst at Deutsche Bank)

史蒂夫·鲍尔斯（德意志银行股票分析师）

Okay. Okay, thank you. And then, Anthony, while you have you on the dividend reset,, you're freeing up around about $100 million of cash, which I think could reduce leverage by about 0.2 turns if fully directed there. Is that the right way to frame it or how should we think about the split between deleveraging versus other reinvestment priorities of that incremental cash?

好的。谢谢。然后，安东尼，既然您提到了股息重置，您将释放大约 1 亿美元的现金，我认为这可以将杠杆率降低约 0.2 倍，如果完全用于此。这是正确的表述方式吗？我们应该如何看待这笔额外现金在去杠杆与其他再投资优先事项之间的分配？

Anthony Scaglione (Chief Financial Officer)

安东尼·斯卡利昂（首席财务官）

I think you nailed it. In terms of the split, clearly, our first priority is to deleverage, and the goal is to be below three times by the end of fiscal 27. So we're looking at that as the primary lever with the reset of the dividend, but continuing to invest in the brands, similar to what we did with the relaunch of our Nature's Own this quarter.

我认为您说得对。在分配方面，显然，我们的首要任务是去杠杆，目标是在 2027 财年结束时杠杆率低于三倍。因此，我们将其视为股息重置的主要杠杆，同时继续投资于品牌，类似于我们本季度重新推出 Nature's Own 时所做的。

Steve Powers (Equity Analyst at Deutsche Bank)

史蒂夫·鲍尔斯（德意志银行股票分析师）

Yeah, yeah. And actually, if I could squeeze one more on that relaunch. Ryals, it very much makes sense relative to your strategy, broadly speaking, in terms of where the consumer is, simpler ingredients, non-GMO, big marketing push. Behind all that, I guess, what are your expectations and what would success look like over the next two to three quarters, whether in terms of velocity or household penetration. Just how you're thinking about the impact of this relaunch and how it may help bend the organic growth trajectory at all?

是的，是的。如果我可以再问一个关于重新推出的问题。Ryals，这与您的整体战略非常契合，考虑到消费者的需求，简单成分、非转基因、大规模营销推广。在这一切背后，您对未来两到三个季度的期望是什么？成功的标准是什么，无论是在销售速度还是家庭渗透率方面。您如何看待这次重新推出的影响，以及它可能如何帮助改变有机增长的轨迹？

Ryals McMullen

瑞尔斯·麦克穆伦

Yeah, sure. Good question. Well, first of all, I just want to say we're tremendously excited about this. This was a huge pivot that the team took a lot of work to get this done. Reformulating, taking out another third of the ingredients, essentially being the cleanest label traditional loaf bread at scale in the country and non GMO verified. So it's a big deal for us. It took a lot of investment and of course, as we said, we've got the 360 degree marketing campaign behind it. Leveraging John Cena's celebrity, we just actually launched that yesterday. Some of you may have seen it in terms of what success looks like. I mean, obviously the traditional loaf category has been the soft spot for us. We've been talking about this for a number of quarters now. The rest of the business essentially is doing quite well on the premium and the value end. But traditional loaf is approximately 38% of our branded retail. So it's a big segment for us. And, you know, getting that, getting that part of the category stabilized, Steve, is how I would describe success. So at a minimum, you know, getting our volume stabilized in traditional loaf will do more for the business than any other lever that we can pull. Now, there is a lag. I don't necessarily expect this to have an immediate impact. You know, when you start a marketing campaign like this, you've got to get six months a year down the road before you can then look back and see how effective it was. But I do think between the increased marketing spend, so higher visibility, remembering that Nature's Own has the highest loyalty rate in the category and it's the number one brand and we have the number one SKU, getting consumers attention and bringing them back to that segment by, by delivering value in the sense of attributes that resonate with consumers. To me, that's what will drive ultimately our success. But to directly answer your question, success to me is stabilizing volumes in traditional loaf.

是的，当然。好问题。首先，我想说我们对此感到非常兴奋。这是一个巨大的转变，团队花了很多努力来完成这一点。重新配方，去掉了三分之一的成分，基本上成为全国范围内最干净的传统面包标签，并且经过非转基因验证。这对我们来说是一个大事件。这需要大量投资，当然，正如我们所说，我们有 360 度的营销活动支持这一点。借助约翰·塞纳的名气，我们实际上昨天刚刚推出了这个活动。你们中的一些人可能已经看到了成功的样子。显然，传统面包类别一直是我们的软肋。我们已经谈论了几个季度这个问题。其他业务在高端和价值端表现相当不错。但传统面包大约占我们品牌零售的 38%。所以这是一个对我们来说很重要的细分市场。你知道，稳定这一类别的部分，史蒂夫，我会把它描述为成功。因此，至少，稳定传统面包的销量对业务的推动作用将超过我们可以采取的任何其他措施。现在，确实存在滞后。我不指望这会立即产生影响。你知道，当你开始这样的营销活动时，你必须等六个月到一年才能回头看看它的有效性。但我确实认为，随着营销支出的增加，提升了可见度，记住 Nature's Own 在这个类别中拥有最高的忠诚度，它是第一品牌，我们有第一的 SKU，吸引消费者的注意力，并通过提供与消费者产生共鸣的属性将他们带回这个细分市场。对我来说，这就是最终推动我们成功的因素。但直接回答你的问题，对我来说，成功就是稳定传统面包的销量。

Steve Powers (Equity Analyst at Deutsche Bank)

史蒂夫·鲍尔斯（德意志银行股票分析师）

Yeah, perfect. Thanks for the perspective. Very helpful. Appreciate it.

好的，非常感谢你的观点。这非常有帮助。感谢你。

OPERATOR

操作员

Thank you. One moment for our next question. And our next question comes from the line of Scott Marks of Jefferies. Your line is now open.

谢谢。请稍等，我们的下一个问题即将开始。下一个问题来自杰富瑞的斯科特·马克斯。你的线路现在开放。

Scott Marks (Equity Analyst at Jefferies)

斯科特·马克斯（杰富瑞股票分析师）

Hey, good morning, guys. Thanks very much for taking our questions. First thing I wanted to ask about, in the prepared remarks, you noted a number of times about some of the consumer pressures and expectations for kind of headwinds to the top line to persist a bit. So just wondering if you can help us understand within your guidance for the year, what are you embedding in terms of assumptions for volume versus pricing and how should we be thinking about maybe cadence as we move through the year?

早上好，大家。非常感谢你们回答我们的提问。首先我想问的是，在准备的发言中，你多次提到了一些消费者压力和对收入的预期，认为这些压力会持续一段时间。所以我想知道你们在年度指导中嵌入了哪些关于销量与定价的假设，我们应该如何考虑在这一年中的节奏？

Anthony Scaglione (Chief Financial Officer)

安东尼·斯卡利昂（首席财务官）

So we don't. Great question. We don't guide to volume, but our guidance assumes easier volume comps as we progress through the year. We do see some back half increased costs related to some of the input costs I mentioned in both of my prepared remarks and on the last call, I mean the last question. But we expect to continue to have good overhead and other cost management to help mitigate some of that risk, which is not hedged on the input side. So I would look at it as, you know, we don't expect a recovery necessarily from a volume perspective, but we do have easier comps as we progress throughout the year.

我们没有。好问题。我们不对销量进行指导，但我们的指导假设随着年度的推进，销量的比较会变得更容易。我们确实看到下半年与我在准备发言和上次电话中提到的一些输入成本相关的成本增加。但我们预计将继续保持良好的间接费用和其他成本管理，以帮助减轻一些未对冲的输入风险。因此，我认为，我们不指望从销量的角度恢复，但随着年度的推进，我们确实有更容易的比较。

Scott Marks (Equity Analyst at Jefferies)

斯科特·马克斯（杰富瑞股票分析师）

Understood, appreciate that. And then another question would be just on the promotional environment; you made a number of references in the prepared remarks, talked about a little bit more of an intense promotional environment that you believe is unsustainable. And I think you called out some improving trends in certain markets where that has eased a bit. Just wondering if you can dive a little bit deeper into that and help us understand, you know, maybe what supports your view that competitors will pull back on promotions and how long should we be thinking about this irrational environment to persist?

明白了，感谢你的解释。另一个问题是关于促销环境；你在准备的发言中提到了一些关于你认为不可持续的更激烈的促销环境的内容。我认为你提到了一些市场中改善的趋势，促销活动有所缓解。想知道你能否深入探讨一下，并帮助我们理解，是什么支持你认为竞争对手会减少促销的观点，以及我们应该考虑这种不理性的环境会持续多久？

Ryals McMullen

瑞尔斯·麦克穆伦

Right. Well, first of all, I would say this. I mean, we've been through periods like this before. I mean, this is, it's not our first rodeo, as they say. We've seen this happen before. It typically has not been sustainable in the past. I think we're all familiar with the affordability issues that the country seems to be going through right now, particularly with the recent spike in gas prices. You know, some commentary yesterday from a large retailer on softening consumer sentiment. We saw the Michigan's consumer sentiment report come out at a record low. And so it is a concern and it's, it's something that we're just going to have to navigate our way through. Having said that, we're taking a long term view. This company is about building strong brands that deliver significant value to consumers. And when I say value, I don't mean heavily leaning into price. I mean delivering quality, great service, innovation and differentiation to the consumer. That's our play. We'll continue to run it. Having said that, I know you all have been watching the share and volume dynamics in the syndicated data. I would just remind everyone we did take pricing late last year and the pricing gaps have remained a bit wider than we would like in the short term and that has somewhat affected our volume performance, particularly as you look in the traditional loaf category. However, we did pull back some on promotions and marketing spend in the first quarter because we were saving our dry powder for this big relaunch of Nature Zone. So our calendar will start to heat up to a more normal level as we move through the remainder of the year. And I would expect some of those share trends to begin to improve and in fact where we have seen in a few channels, where we have seen the price gap start to narrow to a more normalized level where we're already beginning to see those share improvements.

没错。首先，我想说的是，我们以前经历过这样的时期。这不是我们的第一次 rodeo，正如他们所说的。我们以前见过这种情况。过去通常没有持续性。我想我们都熟悉这个国家目前似乎面临的可负担性问题，尤其是最近油价的飙升。你知道，昨天一家大型零售商对消费者情绪减弱的评论。我们看到密歇根州的消费者信心报告创下历史新低。因此，这是一个令人担忧的问题，我们必须找到应对的方法。话虽如此，我们还是采取了长期的视角。我们公司致力于建立强大的品牌，为消费者提供显著的价值。当我说价值时，我并不是指过于依赖价格。我是指为消费者提供质量、优质服务、创新和差异化。这是我们的策略。我们将继续执行。话虽如此，我知道你们一直在关注共享和交易量的动态。我想提醒大家，我们去年年底确实进行了提价，短期内价格差距仍然比我们希望的要大，这在一定程度上影响了我们的交易量表现，特别是在传统面包类别中。然而，我们在第一季度确实减少了一些促销和营销支出，因为我们在为 Nature Zone 的大规模重新推出储备干粉。因此，随着我们在今年剩余时间的推进，我们的日历将开始回暖到更正常的水平。我预计这些市场份额趋势将开始改善，实际上在一些渠道中，我们已经看到价格差距开始缩小到更正常的水平，我们已经开始看到这些市场份额的改善。

Scott Marks (Equity Analyst at Jefferies)

Scott Marks（杰富瑞的股票分析师）

Appreciate the caller. I'll pass it on.

感谢来电者。我会转达的。

OPERATOR

操作员

Thank you. One moment for our next question. Our next question comes the line of maximum part of BNV Paris review line is now open.

谢谢。请稍等，我们的下一个问题。下一个问题来自 BNV 巴黎评论的 Maximilian Part，您的线路已开启。

Maximilian Part

Thanks. Appreciate the question. You mentioned you're largely covered for quantities that you hedge for in 2026. I'm not sure that would include diesel fuel. I don't think it would include transportation. So can you talk about the rising impact there of those rising costs on your P and L and what's embedded in your outlook for 26 on that front?

谢谢。感谢您的提问。您提到您在 2026 年的对冲数量基本上是覆盖的。我不确定这是否包括柴油燃料。我认为它不包括运输。那么，您能谈谈这些成本上升对您的损益表的影响，以及您在这方面对 26 年的展望中包含了什么吗？

Anthony Scaglione (Chief Financial Officer)

Anthony Scaglione（首席财务官）

So it's fully embedded in our outlook. And as I mentioned, you're correct, the diesel does have an impact primarily for our fleet. But recall from a DSD network that cost that's actually in our partners, not that we don't, we ignore it, but it's not something that's going to show up necessarily on our P and L as it relates to the hedging programs we are looking at, you know, potentially hedging that on a go forward basis is not included in our guide. So everything right now as it relates to the oil impact and again it's twofold, it's both on the distribution side as well as on the resin side fully captured in the guide that we provided.

这完全包含在我们的展望中。正如我提到的，您是对的，柴油确实对我们的车队产生影响。但请记住，从 DSD 网络的角度来看，这部分成本实际上在我们的合作伙伴那里，而不是说我们忽视它，但这并不是会在我们的损益表上直接反映的内容。至于我们正在考虑的对冲计划，未来可能会对冲这部分内容，但并未包含在我们的指导中。因此，目前与石油影响相关的一切，实际上是双重的，既涉及分销方面，也涉及树脂方面，完全包含在我们提供的指导中。

Maximilian Part

Okay. And any way to just help provide investors with some context in terms of the magnitude we're talking about, in terms of how much incremental costs you are now working to mitigate given everything that's changed since your fourth quarter results where you first gave us 26 outlook,

好的。有没有办法为投资者提供一些背景，以便了解我们所谈论的规模，即鉴于自您第四季度结果以来发生的一切变化，您现在正在努力缓解多少额外成本？

Anthony Scaglione (Chief Financial Officer)

Anthony Scaglione（首席财务官）

I would say, I mean there's a lot of puts and takes and as I mentioned we have productivity measures as it relates to the packaging, which is an area that entering the year we didn't expect cost increases. And as you can imagine, we have inventory that we're burning through at a much lower cost. I would say it's roughly about 2 or 3 cents of headwind in the back half of the year associated with generally speaking, oil and derivatives of oil.

我想说，有很多因素需要考虑，正如我提到的，我们在包装方面有生产力措施，这是一个在年初我们没有预期成本增加的领域。正如您可以想象的那样，我们有库存正在以更低的成本消耗。我认为在下半年与石油及其衍生品相关的阻力大约是 2 到 3 美分。

Maximilian Part

Okay, got it. And then similar line of thinking. But I just want to finish out this line of thinking which would be since you gave guidance, the top line environment has gotten much more challenging, as you've noted. We just talked about how these key commodity costs are rising. It feels like you're saying you're covered for a lot of it. There's some incremental costs coming in the back half, but that you are reaffirming the outlook. And I'm just trying to get a sense for what's allowing you to. It sounds like it's maybe a little bit more visibility on productivity, but anything else I'm missing there?

好的，明白了。然后类似的思路。但我只是想结束这个思路，因为自您给出指导以来，顶线环境变得更加具有挑战性，正如您所提到的。我们刚刚讨论了这些关键商品成本的上升。听起来您说您在很多方面都得到了保障。下半年会有一些额外成本，但您仍在重申展望。我只是想了解是什么让您能够这样做。听起来可能是对生产力的可见性更高，但还有其他我遗漏的内容吗？

Anthony Scaglione (Chief Financial Officer)

Anthony Scaglione（首席财务官）

Yes, I would and I'll pass it to Rawls. I think our confidence in reaffirming is anchored on a couple things. The Nature's Own relaunch, expansion of half loaves with varieties that are becoming out in the back half of the year., which is an area that we've seen good growth, continued growth in our snack and better for you options. The pricing, to Ralph's point, the pricing promotional environment stabilizing. So there's a lot of things that we have in the back half assumed within our guidance. But we are also looking at the margin pressure as it relates to the commodity increase. We also recognize there's going to be near term margin pressure and we were very clear at ERN with our marketing investments. So we have captured what we feel are all the relevant inputs as well as the relevant tailwinds as it relates to the balance of the year.

是的，我会把这个交给 Rawls。我认为我们重申信心的基础有几个方面。Nature's Own 的重新推出、下半年推出的多种半条面包的扩展，这是我们看到良好增长的领域，以及我们在健康零食和更健康选择方面的持续增长。正如 Ralph 所提到的，价格促销环境的稳定。因此，我们在下半年假设了很多内容在我们的指导中。但我们也在关注与商品成本上升相关的利润压力。我们也意识到短期内会有利润压力，我们在 ERN 中对我们的营销投资非常明确。因此，我们已经捕捉到我们认为所有相关输入以及与年余额相关的所有有利因素。

Maximilian Part

Okay, thanks very much. I can leave it there.

好的，非常感谢。我可以就此结束。

OPERATOR

操作员

Thank you. One moment for our next question. Again, as a reminder to ask a question, you will need to press Star one one on your telephone. Our next question comes from the line of Mitchell Pinera of Sterbian and Co. Your line is now open.

谢谢。请稍等，我们的下一个问题。再次提醒，要提问，您需要在电话上按星号 11。我们的下一个问题来自 Sterbian and Co. 的 Mitchell Pinera，您的线路已开启。

Mitchell Pinera (Equity Analyst at Sterbian and Co.)

Mitchell Pinera（Sterbian and Co. 的股票分析师）

Yeah. Good morning. On the cost management side, you know, and you know, your supply chain savings, is that the extent of your cost efforts or you know, are there also, you know, maybe some fixed asset, you know, or capacity changes that are you looking at? So anything more substantial sort of to your sort of baking

是的。早上好。在成本管理方面，你知道，你们的供应链节省，这是否是你们成本努力的全部，或者你们是否还在考虑一些固定资产或产能的变化？所以有没有更实质性的内容可以分享？

Ryals McMullen

platform? Yeah. Mitch Mitch,, good morning. I think Anthony covered it well. There's cost opportunities in SG&A, obviously there's productivity gains that we expect to deliver this year. And I would just first of all like to commend the team for their cost management efforts. Frankly, over the last two or three years. I think they've done a remarkable job of managing our costs in a difficult environment in terms of the overall supply chain optimization work.. Not anticipating anything major this year, Mitch, but that is as we've discussed in the past, that is in our longer term plans.

平台？是的。Mitch，早上好。我认为 Anthony 讲得很好。显然，在销售、一般和行政费用（SG&A）方面有成本机会，我们预计今年会有生产力提升。我首先想表扬团队在成本管理方面的努力。坦率地说，在过去两三年里，我认为他们在困难的环境中管理我们的成本做得非常出色，尤其是在整体供应链优化工作方面。今年没有预期会有重大变化，Mitch，但正如我们过去讨论的那样，这在我们的长期计划中。

Mitchell Pinera (Equity Analyst at Sterbian and Co.)

Mitchell Pinera (Sterbian and Co.的股票分析师)

Okay. And then on the CapEx, you know, 115 to 125 million. Could you break that down in the buckets of how that's going to be used this year? Sure.

好的。那么关于资本支出（CapEx），你知道，1.15 亿到 1.25 亿。你能详细说明一下这些资金今年将如何使用吗？当然。

Anthony Scaglione (Chief Financial Officer)

Anthony Scaglione (首席财务官)

I think I mentioned it on the last call. So the way to think about it is roughly plus or minus around $$2 million per bakery on maintenance. So that should be viewed on a consistent basis as we continue to provide productivity measures within our bakery maintenance measures, around $$2 million. The remaining CapEx is going to be dedicated to growth and we see opportunities around product line extensions where we can drive additional value to the customer as well as productivity measures. So that's the way I would break out the bucket of the guide as it relates to CapEx.

我想我在上次电话中提到过。可以这样理解，大约每个烘焙厂的维护费用在 200 万美元左右。因此，这应该被视为一个持续的基础，因为我们继续在烘焙厂的维护措施中提供生产力指标，约为 200 万美元。剩余的资本支出将用于增长，我们看到在产品线扩展方面有机会，可以为客户创造额外的价值，以及生产力措施。所以这就是我对资本支出指导的分类方式。

Mitchell Pinera (Equity Analyst at Sterbian and Co.)

Mitchell Pinera (Sterbian and Co.的股票分析师)

Okay, and then I guess this final question on food service. Can you just talk about what's going on in your food service business? Sure.

好的，那么我想最后一个问题关于食品服务。你能谈谈你们的食品服务业务的情况吗？当然。

Ryals McMullen

You know, I think just like everything else, Mitch, consumers pressured. And so there's, you know, there's certainly some traffic pressure. As you know, we've done a lot of work over the last several years to improve the profitability of our food service business. And that continues. So it continues to do well, I would say, you know, more recently it has done a bit better from an overall top line standpoint. So we believe we've got a very solid, as you know, it's a scaled business for us. We think we've got a very solid food service away from home business and we'll continue to work to grow it.

你知道，我认为就像其他一切一样，Mitch，消费者面临压力。因此，确实有一些客流压力。正如你所知道的，我们在过去几年中做了很多工作来改善我们的食品服务业务的盈利能力。这种情况仍在继续。所以我会说，最近它在整体收入方面表现得更好。因此，我们相信我们有一个非常稳固的食品服务业务，正如你所知道的，这是一个规模化的业务，我们将继续努力发展它。

Mitchell Pinera (Equity Analyst at Sterbian and Co.)

Mitchell Pinera (Sterbian and Co.的股票分析师)

Are you seeing any. So are you seeing any improvement there or is it just sort of same pressure and maybe anticipate. Would you anticipate, you know, potential improvement sort of coinciding with what you see on the branded retail side?

你看到有什么改善吗？还是说只是同样的压力，可能会预期到你在品牌零售方面看到的潜在改善？

Ryals McMullen

Yeah, I mean, like I said, I think, you know, more recently from a top line standpoint, it has improved a little bit. And again, the profitability work that we've done over the last several years has definitely paid some dividends because profitability is quite a bit better than it was. I think what we'll be watching overall is overall restaurant traffic and where the trends are headed that way, just given the overall inflationary pressures that the consumer is feeling today.

是的，我的意思是，正如我所说的，最近在整体收入方面确实有所改善。而且，过去几年我们所做的盈利能力工作确实带来了回报，因为盈利能力比以前好得多。我认为我们将关注整体餐厅客流量以及趋势的走向，考虑到消费者今天所感受到的整体通货膨胀压力。

Mitchell Pinera (Equity Analyst at Sterbian and Co.)

Mitchell Pinera (Sterbian and Co.的股票分析师)

Okay, all right, that's all for me. Thank you very much.

好的，好的，这就是我所有的问题。非常感谢。

OPERATOR

操作员

Thanks. Thank you. Thank you. I'm sure. No further questions at this time. I'll now turn it Back to Ryals McMullen, chairman and CEO, for closing remarks.

谢谢。谢谢。谢谢。我确定目前没有进一步的问题。现在我将把时间交给 Ryals McMullen，董事长兼首席执行官，进行结束发言。

Ryals McMullen

Okay, great. Thanks everybody for taking time today and joining us for questions. And we very much appreciate your interest in our company. And as always, we'll look forward to talking to you again next quarter.

好的，非常感谢大家今天抽出时间参加我们的问答环节。我们非常感谢您对我们公司的关注。和往常一样，我们期待下个季度再次与您交谈。

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