Financial Data and Key Metrics Changes - The company reported flat overall retail sales while achieving 3% organic sales growth in the quarter, attributed to strength in untracked channels and improved throughput from the new Rice Distribution Center [8][9] - The management indicated that there was no revenue pulled forward in the quarter, and they are pleased with the volume response [9] Business Line Data and Key Metrics Changes - The company experienced volume share gains in core markets, supported by bonus packs and incremental distribution in brands like Boulder Canyon and On the Border [10][11] - The bonus pack program contributed approximately 300 basis points to price impact, with 60 basis points attributed to true price cap investments [19][44] Market Data and Key Metrics Changes - Boulder Canyon has shown strong performance in untracked channels and is gaining retail distribution in traditional channels, with new product launches contributing to growth [22][25] - The company noted that the natural and organic segments are performing well, with Boulder Canyon being a significant growth driver [49][51] Company Strategy and Development Direction - The company aims to maintain share in core markets while expanding in new geographies, focusing on distribution gains and innovation [10][72] - Management emphasized the importance of balancing volume and value, particularly as bonus packs wind down [11][41] Management's Comments on Operating Environment and Future Outlook - The management expressed optimism about household penetration reaching an all-time high of 49%, indicating strong consumer resonance with the brand [83] - They acknowledged the need to adapt to consumer behavior and market conditions, particularly regarding value-seeking trends [75][76] Other Important Information - The company is transitioning its bonus pack program as it approaches summer, with plans to support innovation and marketing efforts [43][90] - There are ongoing efforts to improve performance in convenience stores, focusing on distribution, innovation, and collaboration with retailers [88] Q&A Session Summary Question: Difference between flat overall retail sales and 3% organic sales growth - Management explained that the difference is due to strength in untracked channels and improved distribution efficiency [8][9] Question: Impact of bonus packs on price and mix - Management confirmed that most price impacts were related to bonus packs, with a small portion from true price cap investments [19] Question: Early reception of new products in Boulder Canyon - Management reported positive consumer reception and ongoing distribution gains, with expectations for continued growth [22][25] Question: Outlook for non-branded partner brands - Management expects continued decline in partner brands but not as negative as before, focusing on growing their own brands [32][33] Question: Future of the bonus pack program - Management indicated that the program is winding down and will be evaluated based on market conditions [41][43] Question: Distribution gains in Boulder Canyon - Management confirmed significant distribution gains and ongoing opportunities in both natural and conventional channels [63] Question: Performance in convenience stores - Management highlighted the need for improved distribution and innovation in convenience stores to drive growth [88][89]

Financial Data and Key Metrics Changes - The company reported flat overall retail sales but achieved a 3% organic sales growth in the first quarter of 2025, indicating a positive trend in underlying demand despite overall sales stagnation [7][10] - The impact of bonus packs on pricing was noted to be approximately 300 basis points, with most price changes attributed to these promotions [17][19] Business Line Data and Key Metrics Changes - The Boulder Canyon brand has shown significant growth, particularly in untracked channels, and is gaining distribution in traditional retail, contributing positively to overall sales [22][25] - The company anticipates continued volume share gains in core markets, although some value share contraction is expected due to competitive pressures [11][12] Market Data and Key Metrics Changes - The company is experiencing strong momentum in the natural and organic segments, particularly with Boulder Canyon, which is expected to continue growing through innovation and increased distribution [49][52] - The performance in convenience stores is improving but has not yet returned to growth, indicating a need for strategic adjustments in that channel [85] Company Strategy and Development Direction - The company aims to balance volume and value in its core markets while expanding into new geographies, focusing on maintaining market share and driving distribution gains [11][73] - There is an emphasis on innovation and marketing to sustain consumer interest and brand loyalty, with plans to evaluate the bonus pack program based on market conditions [78][79] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about household penetration rates, which have reached an all-time high of 49%, indicating strong consumer engagement with the brand [83] - The company is closely monitoring consumer behavior and market dynamics to adapt its strategies accordingly, particularly in response to value-seeking trends among consumers [76][78] Other Important Information - The company is transitioning its bonus pack program as it moves into summer, with expectations of normalizing pricing strategies and focusing on innovation [43][44] - There are ongoing efforts to enhance brand equity and consumer awareness, particularly for Boulder Canyon, to capitalize on the growing natural and organic market [52][53] Q&A Session Summary Question: Difference between flat overall retail sales and 3% organic sales growth - Management explained that the difference is due to strength in untracked channels and improved distribution efficiency, with no revenue pulled forward [7][10] Question: Impact of bonus packs on volume and value share - Management acknowledged that bonus packs contributed to volume share gains but noted the need to balance this with long-term value sustainability [11][12] Question: Early reception of new products in Boulder Canyon - The reception has been positive, with strong growth in untracked channels and new product launches contributing to overall brand momentum [22][25] Question: Future outlook for partner brands - Management expects partner brands to continue declining but at a slower rate, as the company focuses on growing its own brand portfolio [32][33] Question: Evaluation of the bonus pack program - The program was intended as a limited-time offer, with management monitoring market conditions to determine its future [38][39] Question: Performance in convenience stores - Management indicated that improvements are being made, but growth is still dependent on overall traffic trends and strategic distribution efforts [85][88]