Financial Data and Key Metrics Changes - The company reported a cumulative increase of over $2 billion in total delivered costs due to sustained inflation over six consecutive years, starting from the second half of fiscal 2021 [8][10] - Fiscal 2026 is expected to see an additional 11% cost increase due to inflation, leading to temporary margin compression [10][11] - The company anticipates a return to margin expansion in the future, particularly in the frozen segment, driven by productivity improvements and pricing actions [11][12] Business Line Data and Key Metrics Changes - The company has prioritized investments in volume growth for frozen and snacks, which have shown a strong consumer response [7][10] - The canned food business is expected to remain stable, focusing on cash generation rather than volume growth [45] Market Data and Key Metrics Changes - The company is experiencing double-digit inflation in animal protein costs, which significantly impacts overall inflation rates [18][19] - The company expects core inflation of 4% for fiscal 2026, with additional tariff-related costs contributing to overall inflation [19][20] Company Strategy and Development Direction - The company is committed to investing in brand building and volume growth despite current inflationary pressures, viewing healthy volumes as essential for long-term value creation [11][12] - A strategic focus on modernizing brands and leveraging technology, including AI, is part of the company's plan to drive growth and lower costs [13][33] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the ongoing inflationary environment and its impact on margins but remains optimistic about future margin recovery through productivity and pricing strategies [10][55] - The company is focused on overcoming supply chain challenges and is optimistic about returning to positive volume growth in key categories [36][55] Other Important Information - The company plans to maintain its dividend while also investing in infrastructure and paying down debt, forecasting a cash flow conversion rate of 90% [24][25] - The company has undergone significant portfolio reshaping, divesting non-strategic businesses to focus on growth areas in frozen and snacks [70][71] Q&A Session Summary Question: Current challenges in the industry - Management indicated that the current challenges are not structural but rather temporary, with expectations for margin expansion in the future [11][12] Question: Core inflation breakdown - The CFO provided details on the 4% core inflation, highlighting that 60% of costs are material, with significant inflation in animal proteins [17][19] Question: Dividend strategy amidst high leverage - Management reiterated their commitment to maintaining the dividend while also focusing on debt reduction and investment in the business [24][25] Question: Pricing strategy in competitive categories - Management discussed their tailored pricing approach, emphasizing the importance of maintaining brand equity and consumer connection [45][66] Question: Innovation impact on pricing - Management highlighted successful innovations, such as the Banquet Mega Chicken Filets, which have allowed for premium pricing despite market challenges [95][98]

Financial Data and Key Metrics Changes - The company is experiencing a cumulative increase of over $2 billion in total delivered costs due to sustained inflation over six consecutive years, starting from the second half of fiscal 2021 [10][11]. - Fiscal 2026 is projected to have a core inflation rate of 4%, with an additional 3% attributed to tariffs, leading to a total inflation impact on costs [21][82]. Business Line Data and Key Metrics Changes - The company is prioritizing investments in volume growth, particularly in frozen and snacks, despite ongoing inflationary pressures, indicating a strategic shift towards maintaining brand health and consumer engagement [12][36]. - The frozen snacks segment has shown a strong consumer response to investments made in the first half of fiscal 2025, leading to a return to absolute volume growth [9][10]. Market Data and Key Metrics Changes - The company is facing significant inflation in material costs, particularly in animal proteins, which are inflating at double-digit rates, impacting overall cost structures [19][20]. - The company has noted a slight decline in total volumes, with scanner data indicating a decrease of about 1%, but anticipates a recovery as supply chain issues are resolved [34][36]. Company Strategy and Development Direction - The company is focused on building brands and driving volume growth, viewing healthy volumes as essential for long-term value creation, despite temporary margin compression due to inflation and increased investments [12][36]. - There is an ongoing initiative to reengineer core work processes using technology, including AI, to enhance growth and reduce costs [14][36]. Management's Comments on Operating Environment and Future Outlook - Management acknowledges the current inflationary environment is not transitory and expects continued inflationary pressures, but remains optimistic about margin expansion in the future [11][12]. - The company is committed to maintaining its dividend while also investing in infrastructure and paying down debt, indicating a balanced approach to financial management [25][26]. Other Important Information - The company is actively reshaping its portfolio to focus more on growth areas like frozen and snacks, while considering divestitures of non-strategic grocery businesses [68][70]. - The company has seen success with innovative products, such as the Banquet Mega Chicken Filets, which have exceeded sales expectations and contributed to premiumization efforts [95][99]. Q&A Session Summary Question: Should the aggressive investment approach suggest that current industry challenges are more structural? - Management believes the current challenges are not structural but rather a result of sustained inflation and supply chain issues, and they expect margin expansion in the future [12][36]. Question: Can you unpack the 4% core inflation number for fiscal 2026? - The CFO explained that 60% of total costs are material costs, with significant inflation in animal proteins being a major driver of the 4% inflation estimate [21][22]. Question: Why maintain the dividend despite high leverage and capital spending needs? - The CFO reiterated the commitment to an attractive dividend while also focusing on debt reduction and maintaining an investment-grade credit rating, forecasting a cash flow conversion of 90% [25][26]. Question: How does the company view price and promotion in major categories? - Management stated they are not searching for answers to drive volume growth, as they have successfully achieved it in the past and are focused on modernizing brands and investing in high-quality displays [32][33]. Question: What is the outlook for productivity and its impact on gross margins? - Management expressed confidence in achieving strong productivity levels, with expectations of over 5% productivity in fiscal 2026, which will help mitigate inflation impacts [78][80]. Question: How does the company plan to address competition from private label products? - Management noted that while they are below average in private label development, they will monitor competitive pricing closely, particularly in categories like canned foods [85][86].

#USELESS coin just hit a new holders ATH!fundamentals continue to look very good for USELESS:- holders at ATH- volume at ATH- most bought memecoin by smart money in the last 24 hours- Binance whales have been aggressively buying 7 figures worth of it recently- third most traded memecoin on-chain, outpacing several multi-billion dollar tokens despite being just at $300m market cap. only behind #FARTCOIN and $TRUMP in on-chain volume- 96% organic score according to Jupiter, showing the aggressive, relentless ...

🔥 BULLISH: Stablecoins are used for ~$800 billion in transaction volume per month. https://t.co/iy4GDjKVtF ...

🔥 NEW: Taker buy volume spiked to $659.8M in a single 1-minute candle. https://t.co/n31Cgg9aCM ...

#USELESS coin volume just hit a new ATH today, after already setting one yesterdayUSELESS also continues its streak as one of the most traded tokens on the Solana chainwith only #FARTCOIN and the $TRUMP memecoins recording more on-chain volume than it (both trading above $1 billion)volume precedes pricenew ATHs for USELESS soonUnipcs (aka 'Bonk Guy') 🎒 (@theunipcs):USELESS coin volume is officially at ATH... and by a wide margin!#USELESS has recorded more trading volume today than when it hit ATH days agoit ...

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the #USELESS coin sell pressure got a lot more aggressive than even I anticipated at some point overnightresulting in the first 40% dip on the coin in a very long timebut the reaction has been a beauty to watch, and it makes me even more bullish on the cointhe dip was rapidly and aggressively bought upin addition to this, fundamentals look strong for USELESS to go on its next leg up to new ATHs:- a massive increase in on-chain volume — USELESS is now the third most traded token on the entire Solana blockcha ...

Are you looking to launch a new token? Then you should focus on intital market cap and trading volume, rather than endless X threads and VC endorsements, according to a new research. By @godbole17.https://t.co/UG4QDujRRa ...

#USELESS 代币现在是 Solana 区块链上链上交易量排名第三的代币！只有 #FARTCOIN 和 $JLP 的交易量超过了 USELESS，而它在过去几小时的链上交易量中已经超过了 $TRUMP 和 $BONKUSELESS 的持续强劲交易量让人联想到 $SHIB 和 $PEPE 等爆发性 meme 币在早期爆发之前的交易量表现！USELESS 代币在华语加密社区也极受欢迎，这也让它在争夺下一个数十亿美元市值 meme 币的竞赛中拥有更强的优势——因为中国在加密领域的影响力巨大，而且华语加密社区资金实力雄厚Unipcs (aka 'Bonk Guy') 🎒 (@theunipcs):#USELESS coin is now the third most traded on-chain token on the Solana blockchain!#FARTCOIN and $JLP are the only tokens with more volume than USELESS, and it has edged above $TRUMP and $BONK in on-chain volume ...