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    Alexia Howard • Sanford C. Bernstein & Co.

    Alexia Howard's questions to Beyond Meat Inc (BYND) leadership

    Alexia Howard's questions to Beyond Meat Inc (BYND) leadership • Q2 2025

    Question

    Alexia Howard from Bernstein inquired about the recent weakness in the international foodservice channel, which had previously been a source of strength. She also asked about the company's strategy for re-engaging lapsed flexitarian consumers who may have tried the products in the past but no longer purchase them.

    Answer

    Founder, President, and CEO Ethan Brown attributed the international foodservice softness to lapping significant promotional activity from the prior year and macroeconomic pressures in certain markets. To win back consumers, Brown stated the immediate priority is stabilizing the business by aligning operating expenses with current demand. He then detailed a strategy focused on communicating the health benefits of products (high protein, low saturated fat), countering misinformation, and expanding the brand's appeal with items like Beyond Ground, which emphasize nutritional value over direct animal protein mimicry.

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    Alexia Howard's questions to Beyond Meat Inc (BYND) leadership • Q4 2024

    Question

    Alexia Howard of Bernstein asked about the company's comfort with its price gaps to animal meat and the status of its price parity goal. She also inquired about growth rates in Europe versus the U.S. and potential U.S. growth catalysts.

    Answer

    CEO Ethan Brown stated that the price parity goal remains but is now more differentiated, pursued aggressively in foodservice while focusing on premium, healthy products in retail. He noted that volume is the main barrier to achieving broader parity. Regarding growth, he said Europe has strong pockets but also some headwinds, and the primary catalyst for U.S. growth is not new technology like hybrids, but rather educating consumers on the simplicity and health benefits of the current products to overcome misinformation.

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    Alexia Howard's questions to Beyond Meat Inc (BYND) leadership • Q3 2024

    Question

    An analyst on behalf of Alexia Howard asked about consumer reception to the Beyond IV innovation and whether recent positive sales results were driven by the new platform or legacy products.

    Answer

    CEO Ethan Brown confirmed that the Beyond IV platform is a significant driver of the positive results, citing increased velocity for key products like the 2-pack burger. He attributed this success to the platform's entire narrative, including its premium ingredients, health benefits, and endorsements, which he believes also explains the favorable price elasticity.

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    Alexia Howard's questions to Tyson Foods Inc (TSN) leadership

    Alexia Howard's questions to Tyson Foods Inc (TSN) leadership • Q3 2025

    Question

    Alexia Howard from Bernstein asked about the significance of the New World Screwworm threat and its potential to deter U.S. herd rebuilding. She also questioned Tyson's ability to shift its chicken feed mix to soybean meal if the proposed renewable fuel standard alters grain prices.

    Answer

    Group President Brady Stewart stated that while there is a supply impact from reduced Mexican cattle imports, Tyson has not seen U.S. producers alter herd rebuilding plans due to the screwworm threat, expressing confidence in USDA containment. President & CEO Donnie King explained that the chicken feed ratio is fairly fixed to achieve nutritional targets and he does not foresee a significant change, especially given his outlook for steady grain prices.

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    Alexia Howard's questions to Tyson Foods Inc (TSN) leadership • Q2 2025

    Question

    Alexia Howard of Bernstein questioned why Tyson Foods did not raise its full-year guidance despite a Q2 profit beat and asked for clarification on the implied second-half decline in the Chicken segment's operating income.

    Answer

    CEO Donnie King and CFO Curt Calaway explained that Q2 results met internal expectations and the current guidance already considers risks like tariffs and consumer pressure. For the Chicken segment, Group President Devin Cole noted that while the first half was strong, the full-year guidance accounts for planned investments in the second half to strengthen market share, along with macroeconomic uncertainties.

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    Alexia Howard's questions to Tyson Foods Inc (TSN) leadership • Q1 2025

    Question

    Alexia Howard from AllianceBernstein asked about the potential impact of deportation activities on labor availability and the reasons for the year-over-year decline in free cash flow and the outlook for capital expenditures.

    Answer

    CEO Donnie King stated that all employees are legally authorized to work and the company has seen no change in attendance, having done scenario planning for policy changes. CFO Curt Calaway explained the free cash flow decrease was due to less favorable working capital timing compared to the prior year and affirmed the current CapEx range of $1B-$1.2B is in line with long-term averages, unlike the inflated spending in '22 and '23.

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    Alexia Howard's questions to Kraft Heinz Co (KHC) leadership

    Alexia Howard's questions to Kraft Heinz Co (KHC) leadership • Q2 2025

    Question

    Alexia Howard from Bernstein Research asked about the pace of innovation, inquiring about its current level as a percentage of sales, the long-term goal, and the timeline to achieve it.

    Answer

    CEO Carlos Abrams-Rivera explained that innovation, which includes core product renovations, grew from ~1.6% of sales in 2022 to ~3% by the end of last year. He stated the company will continue to drive this figure higher, citing recent successes like Taco Bell at home and Capri Sun bottles, while acknowledging there is more work to do.

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    Alexia Howard's questions to Hershey Co (HSY) leadership

    Alexia Howard's questions to Hershey Co (HSY) leadership • Q2 2025

    Question

    Alexia Howard from Bernstein asked about the pace of innovation and whether it has reached the desired level. She also inquired about potential 2026 demand headwinds from GLP-1 drugs and changes to SNAP benefits.

    Answer

    Chairman, President & CEO Michele Buck confirmed that innovation as a percent of net sales is up significantly versus 2019, hitting a good stride to compete for shelf space and deliver value. She stated that Hershey sees no material impact from GLP-1s in 2025 and is not expecting a significant impact in 2026. Regarding SNAP, she noted the current rollout plan is not expected to have a material impact in 2026-2027.

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    Alexia Howard's questions to Hershey Co (HSY) leadership • Q2 2025

    Question

    Alexia Howard asked about the pace of innovation, whether it has reached the desired level, and how the company is thinking about potential headwinds in 2026 from GLP-1 drugs and changes to SNAP benefits.

    Answer

    Chairman, President & CEO Michele Buck confirmed that innovation as a percent of net sales is up significantly versus 2019, reaching a good stride to compete for shelf space and deliver value. Regarding headwinds, she stated Hershey sees no material impact from GLP-1s in 2025 and is not expecting a significant impact in 2026. Similarly, the company does not expect a material impact from the slated SNAP changes in 2026 or 2027 but is monitoring it for future planning.

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    Alexia Howard's questions to Hershey Co (HSY) leadership • Q2 2025

    Question

    Alexia Howard asked about the pace of innovation and whether it has reached the desired level. She also inquired about potential 2026 demand headwinds from GLP-1 drugs and SNAP benefit reductions.

    Answer

    Chairman, President & CEO Michele Buck confirmed that innovation has been significantly dialed up and is at a 'good stride' to compete for shelf space. Regarding headwinds, she stated that Hershey sees no material impact from GLP-1s and does not expect a significant one in 2026. Similarly, the planned SNAP rollout is not expected to have a material impact in 2026-2027.

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    Alexia Howard's questions to Hershey Co (HSY) leadership • Q1 2025

    Question

    Alexia Howard asked for more precise timing on the major Reese's innovation planned for the fall and requested quantification of the sales proportion containing additives that may face future bans.

    Answer

    CEO Michele Buck stated the Reese's innovation will hit in the fall, with confidence in its scale based on consumer research. She identified the sweets, some refreshment, and coated chocolate portfolios as those most affected by additive regulations but noted they feel good about compliance.

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    Alexia Howard's questions to Mondelez International Inc (MDLZ) leadership

    Alexia Howard's questions to Mondelez International Inc (MDLZ) leadership • Q2 2025

    Question

    Alexia Howard from Bernstein inquired about the company's capital allocation strategy, specifically the use of debt to fund share repurchases. She also asked about the potential impact of GLP-1 drugs on North American snacking volumes.

    Answer

    CFO Luca Zaramella explained that reported debt levels are influenced by foreign exchange effects, which are mitigated by hedges, and affirmed the company's pragmatic and opportunistic approach to share buybacks. Chairman & CEO Dirk Van de Put stated that analysis shows GLP-1 drugs currently have no real impact on volumes, citing low penetration and modest calorie reduction, and he does not foresee a significant effect in the coming years.

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    Alexia Howard's questions to Mondelez International Inc (MDLZ) leadership • Q2 2025

    Question

    Alexia Howard from Bernstein inquired about the company's capital allocation strategy, specifically the use of debt to fund share repurchases, and asked about the potential impact of GLP-1 drugs on North American snacking volumes.

    Answer

    CFO Luca Zaramella stated the company remains pragmatic on share buybacks, viewing them as a good use of capital, and noted that reported debt levels are influenced by foreign exchange effects. CEO Dirk Van de Put asserted that GLP-1 drugs currently have no real impact on volumes, attributing weakness solely to economic factors. He calculated the current net effect on total calorie intake is minimal and not expected to be significant in the future.

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    Alexia Howard's questions to Lamb Weston Holdings Inc (LW) leadership

    Alexia Howard's questions to Lamb Weston Holdings Inc (LW) leadership • Q4 2025

    Question

    Alexia Howard from Sanford C. Bernstein & Co. asked what drove Lamb Weston's better-than-expected Q4 results and if those trends could continue. She also inquired about the company's exposure to the QSR burger channel and the potential impact of GLP-1 weight-loss drugs.

    Answer

    President & CEO Mike Smith attributed the Q4 beat to improved customer engagement and early progress on the 'Focus to Win' strategy. CFO Bernadette Madarieta added that strong volume growth (4% NA, 16% Intl) was a key factor. Regarding GLP-1s, Smith stated they see no material impact currently, citing strong retail data and fry attachment rates remaining above pre-pandemic levels.

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    Alexia Howard's questions to Lamb Weston Holdings Inc (LW) leadership • Q3 2025

    Question

    Alexia Howard from Bernstein asked for any surprising findings from the new turnaround plan and for a diagnosis of the weakness in burger chain traffic, questioning potential drivers like consumer cohorts or GLP-1 drugs.

    Answer

    CEO Mike Smith noted that while it's early, the opportunities are in expected areas like operations and procurement, and he praised the data-driven approach of their advisers. Regarding burger chain weakness, he admitted they don't have a specific reason but highlighted that french fry attachment rates remain robust and above pre-pandemic levels.

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    Alexia Howard's questions to Lamb Weston Holdings Inc (LW) leadership • Q2 2025

    Question

    Alexia Howard inquired about the reasons for weak consumer demand, including the potential impact of GLP-1 drugs, and asked for more details on the new Total Addressable Market (TAM) opportunities mentioned.

    Answer

    CFO Bernadette Madarieta attributed weak demand to consumer pressure from inflation and a trade-down in serving sizes, stating they have not seen a large impact from GLP-1 drugs. President and CEO Thomas Werner added that fry attachment rates remain steady. On new TAM opportunities, he declined to offer specifics but described them as leveraging proprietary technology to serve non-traditional fry customers.

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    Alexia Howard's questions to Simply Good Foods Co (SMPL) leadership

    Alexia Howard's questions to Simply Good Foods Co (SMPL) leadership • Q3 2025

    Question

    Alexia Howard asked about the potential impact of recent Texas legislation requiring warning labels on certain food additives and how much of the company's portfolio might be affected.

    Answer

    CEO Geoff Tanner stated that the company is 'much better insulated' than many peers, with a very small and manageable impact on its portfolio. He assured that any necessary reformulations would not be material or costly. He also highlighted that the Owen brand is particularly well-positioned against these regulatory trends due to its clean-label profile.

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    Alexia Howard's questions to Simply Good Foods Co (SMPL) leadership • Q2 2025

    Question

    On behalf of Alexia Howard, an analyst asked for more detail on OWYN's velocities and sought to understand the balance of its growth between new store distribution versus sales from recurring customers, especially given the brand's low awareness.

    Answer

    CFO Shaun Mara provided a direct breakdown, stating that OWYN's growth is driven roughly 50% by new distribution (new doors and SKUs) and 50% by velocity increases from existing customers. He highlighted that it is unusual and a sign of brand strength to see parallel growth in both distribution and velocity, as expanding distribution typically dilutes velocity rates.

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    Alexia Howard's questions to Simply Good Foods Co (SMPL) leadership • Q1 2025

    Question

    Alexia Howard from Bernstein asked for more detail on the company's strategy to capitalize on the GLP-1 trend and requested specific data on repeat purchase rates for the OWYN brand.

    Answer

    CEO Geoff Tanner detailed a strategy positioning products as companions for consumers on GLP-1 drugs and as an 'off-ramp' for weight maintenance, supported by targeted Atkins advertising and new products like 'Atkins Strong'. For OWYN, he reported that repeat rates have improved significantly and now stand at approximately 40%, which he attributes to continuous product improvements.

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    Alexia Howard's questions to Simply Good Foods Co (SMPL) leadership • Q4 2024

    Question

    Alexia Howard asked if the headwinds facing the Atkins brand mean it is not expected to return to positive organic growth until fiscal 2026. She also requested quantification of the benefit from the expanded Quest club customer rollout.

    Answer

    CEO Geoff Tanner confirmed it was fair to assume an Atkins recovery would take until fiscal 2026, stating the difficult but necessary investment cuts in FY25 will position the brand for long-term health. CFO Shaun Mara added that half of the expected FY25 decline is due to these planned choices. Regarding the Quest rollout, Tanner declined to give specific numbers but called it a 'significant customer' and noted the upside potential is 'significant' if the nationwide test is successful.

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    Alexia Howard's questions to McCormick & Company Inc (MKC) leadership

    Alexia Howard's questions to McCormick & Company Inc (MKC) leadership • Q2 2025

    Question

    Alexia Howard asked about the potential impact of a proposed Texas law on food additive labeling and whether the ongoing SAP transition would cause a significant step-up in IT investment next year.

    Answer

    Chairman, President & CEO Brendan Foley noted that the company is working with industry partners to advocate for a national standard on labeling to avoid state-by-state disruption. EVP & CFO Marcos Gabriel explained that the company pivoted its ERP implementation to a de-risked, functional deployment, which smooths out spending over a longer period. As a result, a significant peak in IT investment is not expected next year.

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    Alexia Howard's questions to McCormick & Company Inc (MKC) leadership • Q1 2025

    Question

    Alexia Howard asked for details on the growth drivers within Flavor Solutions, specifically the contribution from new customers versus QSRs, and whether there's an uptick in product reformulation efforts.

    Answer

    Chairman, President and CEO Brendan Foley explained that while he couldn't quantify the specific contributions, Flavor Solutions growth in the Americas was driven by both high-growth innovator customers and QSR innovation wins, which offset softness from large CPGs. In Asia Pacific, growth was led by QSR promotions. Foley also confirmed an uptick in reformulation activity from customers, driven not just by concerns over artificial colors but also by broader health trends like sodium reduction, high protein, and functional foods.

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    Alexia Howard's questions to McCormick & Company Inc (MKC) leadership • Q4 2024

    Question

    Alexia Howard inquired about the progress of the pivot in Flavor Solutions toward faster-growing innovative customers and how McCormick is positioned to capitalize on potential industry-wide product reformulations.

    Answer

    CEO Brendan Foley stated that while not providing a specific sales breakdown, they are seeing faster performance with innovative customers in categories like snacks, beverages, and performance nutrition. He also highlighted strong growth in branded foodservice. Regarding reformulation, Foley confirmed they are already actively working with customers on projects like sodium reduction and removing artificial ingredients, positioning them well to benefit from this trend.

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    Alexia Howard's questions to McCormick & Company Inc (MKC) leadership • Q3 2024

    Question

    Alexia Howard asked about the drivers of margin recovery in the Flavor Solutions segment, specifically the role of product mix and the potential for further improvement. She followed up by asking if the strength in branded foodservice was due to improving QSR traffic or other factors like share gains.

    Answer

    EVP and CFO Mike Smith attributed the margin improvement to a portfolio migration towards higher-margin areas like Branded Foodservice and specific flavor categories, supported by CCI cost savings. Incoming CFO Marcos Gabriel added that future growth would also drive leverage. President and CEO Brendan Foley clarified that the branded foodservice growth is driven by market share gains and tabletop placements, not improved traffic, which remains subdued. He highlighted the success of using brands like Frank's RedHot in limited-time offers with operators.

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    Alexia Howard's questions to McCormick & Company Inc (MKC) leadership • Q2 2025

    Question

    Alexia Howard inquired about the potential impact of a proposed Texas law on food additives and the company's SAP transition plan, including future IT investment levels.

    Answer

    CEO Brendan Foley stated they are working with industry groups to advocate for a national approach to additive regulations to avoid state-by-state disruption. CFO Marcos Gabriel explained the ERP implementation was pivoted to a de-risked, functional deployment, which smooths out spending. As a result, no significant peak in ERP investment is expected next year compared to current levels.

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    Alexia Howard's questions to J M Smucker Co (SJM) leadership

    Alexia Howard's questions to J M Smucker Co (SJM) leadership • Q4 2025

    Question

    Alexia Howard inquired about the strength of the company's innovation pipeline, asking how the reported $100 million from recent launches compares to historical levels. She also asked how factors like GLP-1 drugs, health trends, and SNAP spending cuts are impacting the diagnosis and management of the Hostess business.

    Answer

    CEO & Chair of the Board Mark Smucker stated that $100 million in sales from one year of innovation is very strong, noting historical metrics were often cited over a three-year period. Regarding external pressures, he emphasized that snacking remains important and the company's strategy is to focus on consumer choice and options, including different portion sizes.

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    Alexia Howard's questions to J M Smucker Co (SJM) leadership • Q3 2025

    Question

    Alexia Howard questioned whether the decline in Hostess sales was due to temporary price elasticity or a more permanent shift in consumer demand, potentially from GLP-1 drugs. She also asked about the drivers of the sales decline in Jif and fruit spreads.

    Answer

    CEO Mark Smucker stated that data does not show a material impact from GLP-1s on the category, attributing the Hostess decline to a cautious consumer and internal executional missteps. For Jif and spreads, he explained the Jif decline was a matter of timing after a strong first half, while fruit spreads are seeing increased marketing to combat recent competitive activity.

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    Alexia Howard's questions to J M Smucker Co (SJM) leadership • Q3 2025

    Question

    Alexia Howard asked for evidence that the Hostess slowdown is temporary and not a permanent demand shift due to factors like GLP-1s. She also inquired about the cause of sales declines in the Jif and fruit spreads brands.

    Answer

    CEO Mark Smucker asserted that data does not show a material impact from GLP-1s, attributing the Hostess slowdown to a cautious consumer and internal execution issues. For Jif, he explained the Q3 softness was a matter of timing after a very strong first half. For fruit spreads, he cited competitive activity and noted that the company is increasing marketing support to stabilize the brand.

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    Alexia Howard's questions to J M Smucker Co (SJM) leadership • Q2 2025

    Question

    Alexia Howard asked how the company is gathering data and developing strategies to address the rise of GLP-1 weight-loss drugs and sought clarity on the financial impact and timing of the Voortman divestiture.

    Answer

    CEO Mark Smucker stated that while the company is actively researching GLP-1 trends, it has seen no material impact to its business and views it as an innovation opportunity. CFO Tucker Marshall explained the Voortman divestiture will have a $0.10 EPS impact this year based on a mid-Q3 close, with the $300 million in proceeds used for debt paydown, making the net effect on guidance immaterial.

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    Alexia Howard's questions to J M Smucker Co (SJM) leadership • Q2 2025

    Question

    Alexia Howard asked how the company is gathering information and developing strategies to address the growing trend of GLP-1 weight loss drugs. She also requested details on the timing and earnings impact of the Voortman divestiture.

    Answer

    CEO Mark Smucker stated that while the company is closely monitoring GLP-1 trends through ongoing research, it has seen no material impact on its business to date. He emphasized the company's history of adapting to diet trends through innovation in areas like portion size and sugar reduction. CFO Tucker Marshall clarified the Voortman divestiture is expected to close mid-Q3, with a full-year EPS impact of $0.25 and a current-year impact of $0.10, which will be partially offset by using proceeds for debt paydown.

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    Alexia Howard's questions to Conagra Brands Inc (CAG) leadership

    Alexia Howard's questions to Conagra Brands Inc (CAG) leadership • Q3 2025

    Question

    Alexia Howard asked about recent shifts in consumer behavior and whether the rise in state-level bans on certain food additives poses a major burden for the company.

    Answer

    CEO Sean Connolly described the current value-seeking consumer behavior as a continuation of a multi-year trend, not a recent deterioration. Regarding food additives, he stated it is not a material concern as over 90% of Conagra's portfolio is free of synthetic dyes, though he noted that navigating state-by-state legislation is inherently challenging for manufacturers.

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    Alexia Howard's questions to General Mills Inc (GIS) leadership

    Alexia Howard's questions to General Mills Inc (GIS) leadership • Q3 2025

    Question

    Alexia Howard asked why the snacks category is underperforming in the current economic environment compared to past slowdowns, and questioned if factors like GLP-1 drugs or health concerns might be playing a larger role than value-seeking.

    Answer

    CEO Jeffrey Harmening attributed the weakness primarily to heightened consumer value consciousness. He explained that unlike in 2008, food-at-home consumption is already elevated, leading consumers to cut back on discretionary items like snacks in favor of staples. He downplayed the quarter-over-quarter impact of GLP-1s, noting that dog treats are seeing similar weakness.

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    Alexia Howard's questions to General Mills Inc (GIS) leadership • Q3 2025

    Question

    Alexia Howard asked why the snacks category is behaving differently in the current economic slowdown compared to past recessions and questioned if factors like GLP-1 drugs or health concerns are contributing to the weakness beyond value-seeking.

    Answer

    CEO Jeffrey Harmening attributed the snack category's weakness primarily to heightened consumer value-consciousness. He explained that unlike in 2008, at-home food consumption is already elevated, limiting its ability to grow further as a value-seeking behavior. He downplayed the impact of GLP-1s, noting similar weakness in dog treats where such drugs are not a factor.

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    Alexia Howard's questions to Hain Celestial Group Inc (HAIN) leadership

    Alexia Howard's questions to Hain Celestial Group Inc (HAIN) leadership • Q2 2025

    Question

    Alexia Howard asked for any early indications from the first few weeks of the third quarter that the new promotional and marketing pivot in snacks is working. She also inquired about the impact of the new distribution center on cost savings and service levels in the second half.

    Answer

    CEO Wendy Davidson responded that the company is already 'seeing improved consumption trends in market' for snacks. On the new distribution center, she confirmed it has a dual benefit: it is a key part of the productivity pipeline that will drive back-half margin expansion, and more importantly, it will improve speed-to-shelf and fill rates for customers.

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    Alexia Howard's questions to Hain Celestial Group Inc (HAIN) leadership • Q4 2024

    Question

    Alexia Howard of Bernstein asked if Hain would begin reporting a price/volume breakdown for organic sales in fiscal 2025 and for color on that mix. She also inquired about the sourcing strategy for infant formula and efforts to build supply chain resilience.

    Answer

    CFO Lee Boyce confirmed that a price/volume/mix breakout will begin in Q1 2025, with growth expected to be driven primarily by volume and mix. CEO Wendy Davidson stated that for infant formula, the company uses multiple supply options, is building up inventory of core SKUs as a buffer, and is focused on ensuring consistent supply for retail partners.

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    Alexia Howard's questions to Kellanova (K) leadership

    Alexia Howard's questions to Kellanova (K) leadership • Q2 2024

    Question

    Alexia Howard asked for a specific number on the percentage of sales from innovation this year and whether the current level represents a long-term target or if a further step-up is expected. She also inquired about the timing of 2025 guidance.

    Answer

    Steven Cahillane, Chairman, President and CEO, confirmed that 2025 guidance will be provided during the February earnings call, consistent with their usual cadence. While declining to provide a specific percentage, he stated that innovation's contribution to sales is back to pre-pandemic levels, even beating 2019's strong performance, and is expected to improve further with a strong pipeline for 2025.

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    Alexia Howard's questions to Kellanova (K) leadership • Q1 2024

    Question

    Alexia Howard of Bernstein questioned why Kellanova did not raise its full-year guidance despite a strong Q1 performance and inquired about the company's appetite for M&A given its low leverage.

    Answer

    Chairman, President and CEO Steven Cahillane explained that while confident, it is only the first quarter, and the strong start allows for increased reinvestment in brand building, digital transformation, and route-to-market capabilities. Regarding M&A, he confirmed Kellanova has the balance sheet capacity for a value-creating deal in snacks, either domestically or internationally, but is also focused on high-ROI organic opportunities like Pringles capacity expansion and the international launch of Cheez-It.

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