JM Smucker 2027财年第一季度财报电话会议纪要

发布时间：2026-08-27 一、AI总结内容 一、核心业绩表现 1. 宠物业务：狗狗零食板块，Paparoni净销售额增长5%、核心涨幅7%，驱动因素包括品牌调整、新鲜营销及大客户活动；牛奶骨（Milk Bone）恢复量增，受软质耐嚼细分品类创新及营销推动；猫咪食品板块表现稳健，肉干类产品下滑。2. 烘焙零食业务：Hostess品牌本季度表现符合预期，进入稳定化阶段，甜甜圈（Donettes）表现亮眼，大包装及迷你吉拿棒等创新带动、早间时段需求强劲，苏西奎（Suzy Q）表现良好；休闲渠道流量承压，公司未进行SKU精简。3. 核心品牌：Bustello咖啡本季度增长23%，位列品类第六，目标跻身前四，分布向中西部、西部扩张，推出新烘焙口味及即饮产品，夏季足球主题营销拉动销售；Uncrustables（冷冻手持三明治）本季度增长超预期，原预期中单位数增长上调至高单位数，受美国零售及户外渠道推动，计划推进阿拉巴马麦科拉工厂二期产能以支撑增长。 二、2027财年第二季度及全年展望 1. 第二季度：咖啡本季度实现量增，公司对未来9个月咖啡组合的销量假设持审慎态度，取消计划中的价降、加大促销力度调整价格；冷冻手持及 spreads板块维持Uncrustables的稳健势头，其余业务符合年初预期，第二季度表现符合预期，支撑全年指引。2. 全年咖啡业务：预计销量实现低个位数下滑，审慎态度源于大宗商品波动、品类及消费环境，尽管近期咖啡量增，仍维持审慎判断。 三、资本配置与战略方向 1. 投资分配：优先投入消耗品业务（狗狗零食、猫咪食品等），2027财年计划增加1000万-2000万美元投资，由新营销总监凯蒂·威廉姆斯主导，基于ROI评估工具精准投入至Uncrustables、狗狗零食、花生酱三大核心板块。2. 回购与分红：2027财年计划偿还5亿美元债务，第一季度已提前达标杠杆率目标，维持季度分红且近期已上调，具备启动股票回购的灵活性。四、风险与关注点 1. 下行风险：消费环境不确定性、持续成本通胀；2. 上行机遇：咖啡组合量增超预期、冷冻手持板块表现优异、宠物板块需求向好；3. 渠道压力：便利店渠道流量承压，或与油价相关，需关注油价回升对流量的拉动效果；4. 品类风险：花生酱及 spreads板块当前承压，公司通过Jif品牌包装更新、新营销、Jif Simply系列（仅2-3种成分）及SKU精简应对，水果 spreads计划启动品牌刷新。 二、音频原文（转写） business, which has been kind of challenged. Doyou have any new views on kind of the tail brands like pepperoni and things like that?Are they -- they've been a drag?Do you have any specific actions to try to stabilize them or could there be portfolio change longer term? Sure, Rob. It's Mark. Actually, really solid quarter on dog snacks and in particular Paparoni, we still feel that the category of dog snacks isa great one, so we do want to continue to participate with the brands we have. Paparoni was up 5% in net sales and 7%, so it was a strong quarter largely driven by some brand refat, fresh, sharper marketing and some specific events at someof our larger customers that were helpful. And then milk bone also had a good quarter, returningit to volume growth. Um, 嗯。 that was supported by innovation winning in thesoft and chewy segment good marketing there. I do -- I think we've said in quarters past that wecontinue to focus on continuing to stabilize the biscuit segment through Messaging around dog enjoyment and functional benefits, so more to come on that, but. but ultimately very positive onthe dog snacks category. And then it goes without saying we had a solid quarter on cat food as well. Okay, pardon me for getting that. the brands wrong. So were were any. or any of the snack brands down then because it if Pepperoni is up and milk bone is up, then there must be somethingelse down. the jerky tree jerky trees was down Okay。 All right, thank you. Thank you. Next question is from Chris Kerry from Wells Fargo Security. Who might as well ask?Hi, good morning everybody.Thank you for the question. twenty. Um, I wantedto ask about expectations going into fiscal Q2.But his truck was very sold. 嗯。 Yet it feels like momentum is GOOD on PresidentHandheld Comcody here. similar. Dynamic on. On pet away from home is doing well supported by encrustables. Is this just a substantial reversal in coffee in Q2 or as a sweetbaked snacks business expected to get worse going into Q2. Can you j ust help frame the outlook going into the next quarter 嗯。 and some of the key drivers in the delta relevance of the run rates that you're at, right?you know go ah you know post Q one. Chris, we We do believe that there is ongoing business momentum aswe head into our second quarter. And we continue to acknowledge that coffee had great volume delivery in the first quarter. and that we are being very prudent in our volume assumptions in thenext 9 months on that portfolio. We're also sort of reversing a contemplated list price declineand bringing back the promotional activity to get to those right price points within coffee. Wesee ongoing momentum in the frozen handheld andspreads portfolio largely driven by the uncrustables sandwich. And then really, the rest of thebusinesses are doing what we anticipated cominginto this fiscal year And so we believe that Q2really is coming in line with sort of the expectations and has enabled us to support. sort of our guidance revision for the year. ok Thank you.And on the -- this -- we baked tax business specifically is. Was Q1 more or less in line with your expectations? I don't know why it felt maybe a touch light. onthe top line. But if you're giving them that response just now, you you had suggested that thebusiness I suppose is still running. roughly inline with your expectations. Just give us a sense of where you see the business from a top linestandpoint and also margins where there's been abit of volatility in your ability to have morevisibility into the segment And you know, just.slightly connected an apology script for the I guess the third one here, but how are you thinking about broader portfolio? You've been nimble about making decisions When r equired. I just wonder what the current paid affairs is. as you digest your your current lineup.Thanks so much. Press this mark. The performance on hostess in the quarter was essentially right where we expecte