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TL;DR Strong volume and sales growth : Total case volume +10%, net sales +10.5% YoY; Independent Foodservice volume up 20%, reflecting acquisition benefits. Profit pressure despite margin expansion : Net income fell 17%, but Adjusted EBITDA rose 20%, showing solid cost controls and mix shift. Guidance trimmed modestly : FY25 Adjusted EBITDA range narrowed; positive trends in April and May support confidence into year-end. Business Overview Performance Food Group (PFGC) is a leading foodservice distribution company operating three primary segments: Foodservice  (largest): National brands, proprietary "Performance Brands," sold to independent/chain restaurants and institutions. Specialty (formerly Vistar) : Candy, snacks, beverages for vending, office coffee, theaters, and other channels. Convenience : Food, beverages, and tobacco distributed to convenience stores across North America. PFG serves over 300,000 customer locations  from more than 150 distribution centers  across the U.S. Performance Food Earnings - Q3 2025 Net Sales : $15.3B (+10.5% YoY) Gross Profit : $1.8B (+16.2% YoY) Net Income : $58.3M (-17.2% YoY) Adjusted EBITDA : $385.1M (+20.1% YoY) Diluted EPS : $0.37 (-17.8% YoY) Adjusted Diluted EPS : $0.79 (-1.3% YoY) 9M FY25 Net Sales : $46.4B (+7.6% YoY) Adjusted EBITDA : $1.22B (+16.2% YoY) Free Cash Flow : $494.4M "While our fiscal third-quarter results were not as strong as anticipated, our company is executing well and consumer trends in early Q4 are encouraging."  – George Holm, CEO Forward Guidance Net Sales FY25 : Narrowed to $63.0B–$63.5B (previously $63B–$64B) Adjusted EBITDA FY25 : Lowered upper range to $1.725B–$1.75B (previously $1.725B–$1.8B) "We are prepared for a range of scenarios... Our balance sheet and cash flow allow us to take advantage of market dislocation."  – Patrick Hatcher, CFO Operational Performance Foodservice Net sales +19% to $8.4B Independent case volume +20% (+3.4% organic) Adjusted EBITDA +29% YoY Strong growth driven by acquisitions (Cheney Brothers, José Santiago), independent customer momentum, and favorable case mix. Specialty Net sales flat at $1.1B Adjusted EBITDA +6.9% YoY Theater and value channels weak; however, vending and office coffee offset declines. Convenience Net sales +1.8% to $5.7B Adjusted EBITDA +5.4% YoY Outperformed industry despite category softness; new account wins and foodservice growth cited as key drivers. Market Insights Inflation remained manageable (~4.9% total, 3.7% Foodservice). No significant tariff impacts yet, though management remains vigilant. Independent restaurant trends rebounded strongly in April and May. Convenience showed improvement in April, aided by foodservice programs and new customer wins. "Our broad and diverse business has proven resilient... We remain laser focused on driving growth, expanding margins and leveraging technology."  – Scott McPherson, COO Strategic Initiatives Salesforce investment : +8% headcount YoY to drive share gains. Acquisitions : Integration of Cheney Brothers and José Santiago on track. Proprietary brands focus : 53% of independent Foodservice volume from Performance Brands. Convenience foodservice programs : Still early innings; strong growth runway. Capital Allocation Share Buybacks : $10.6M repurchased in Q3 (0.2M shares at $76.82 average price). Debt Management : Began reducing ABL borrowings. CapEx : $332.7M YTD; Q4 spend expected to increase as typical. M&A Pipeline : Described as "robust," with active evaluation underway. The Bottom Line PFG delivered solid growth in Q3 driven by acquisitions, independent customer expansion, and procurement efficiencies, despite a volatile macro environment and soft February. April and early May results point to a strong Q4 finish. While modestly trimming full-year guidance, management remains confident in long-term growth potential through salesforce expansion, proprietary brand focus, convenience foodservice penetration, and M&A. With a strong balance sheet and a diversified business model, PFG appears well positioned to navigate macroeconomic headwinds while continuing to capture share.

TL;DR Record-breaking quarter  with Total Orders up 18% and revenue rising 21% year-over-year to $3.0 billion. Strategic acquisitions : DoorDash announced plans to acquire Deliveroo and SevenRooms to strengthen global footprint and hospitality tech capabilities. EBITDA and profit momentum : Adjusted EBITDA grew 59% to a record $590 million, with net income swinging to $193 million from a loss last year. Business Overview DoorDash (NASDAQ: DASH) is a leading local commerce platform connecting consumers with merchants across restaurants, grocery, convenience, and other categories. Its offerings include: DoorDash Marketplace  for food delivery and multi-category commerce. DashPass & Wolt+  membership programs for frequent users. Commerce Platform  solutions such as DoorDash Drive, Storefront, and soon, SevenRooms. The company operates in over 40 global markets, with growing strength internationally and category expansion beyond restaurants. DoorDash Earnings - Q1'25 Highlights DoorDash continues to build on the profitability momentum we highlighted in Q4 2024 , where it first achieved consistent GAAP net income. The company’s Q1 2025 results underscore this shift, as it further scales international markets and expands membership programs, while balancing growth with disciplined capital allocation. Total Orders : 732 million, +18% YoY. Marketplace GOV : $23.1 billion, +20% YoY. Revenue : $3.0 billion, +21% YoY. Net Income : $193 million vs. $(23) million in Q1 2024. Adjusted EBITDA : $590 million, +59% YoY. Margins : Net revenue margin remained flat YoY at 13.1% but down sequentially due to affordability initiatives and category mix. Gross margin held steady at 6.4% of GOV. "The formula for us has always been: grow the business while continuing to increase overall profit dollars." — Ravi Inukonda, CFO Forward Guidance - Q2'25 Marketplace GOV : $23.3B - $23.7B Adjusted EBITDA : $600M - $650M Net revenue margin is expected to increase sequentially as seasonality, product improvements, and unit economics improve. Management reaffirmed confidence in scaling globally while maintaining profitability discipline. Operational Performance Grew U.S. and international marketplaces , with international MAUs growing at a double-digit pace. Accelerated grocery category performance , with more consumers and higher per-order spending on perishables. Expanded DashPass and Wolt+ memberships , reducing churn and driving increased order frequency. Enhanced service quality and personalization , leading to faster delivery and lower defect rates. "We are in the earliest innings of connecting every local business to every local consumer." — Tony Xu, CEO Market Insights Despite tariff concerns, consumer demand remained strong and resilient : Food and convenience categories continue to be considered essential and less price-sensitive. DoorDash’s affordability and quality initiatives, especially in grocery, are driving share gains. International markets, especially Europe via Wolt and soon Deliveroo, are expected to fuel growth as DoorDash applies its playbook to improve unit economics and scale. "We believe that if we do it in a disciplined way... we could improve the underlying profit potential [of Deliveroo markets] as well." — Tony Xu, CEO Strategic Initiatives Deliveroo acquisition : $2.9B offer to expand in Europe and Middle East with a complementary footprint. SevenRooms acquisition : $1.2B deal to add advanced hospitality SaaS tools to help merchants manage guest relationships and grow profitability. DashPass evolution : Broadened value proposition driving subscriber growth and stickiness. Product and logistics investments : Aimed at exceeding the in-store grocery experience and improving merchant/consumer satisfaction. Capital Allocation Share Buyback Authorization : $5.0B authorized, though no repurchases yet. Cash position : $4.7B in cash and equivalents after acquisitions. Capex increase : Due to hardware refresh and autonomous delivery investments. "Minimum cash target is ~$1 billion for working capital, rest to invest in long-term shareholder value." — Ravi Inukonda, CFO The Bottom Line DoorDash delivered strong Q1 results with record orders, profitability growth, and strategic acquisitions that bolster its global ambitions. While affordability initiatives pressured revenue margins, the company remains focused on scaling profitable growth through operational improvements, international expansion, and deeper merchant relationships. Deliveroo and SevenRooms are expected to unlock new profit pools and extend DoorDash's leadership in local commerce and hospitality tech. — Stay informed with the latest insights and policy updates on the consumer staples sector and related industries— Follow us on LinkedIn  and X

TLDR Revenue fell 7%  amid lapping tough comps and softer Q1 velocity, but gross margin expanded 110 bps to 52.3%  driven by sourcing efficiencies. Alani Nu acquisition closed , now exceeding $1 billion in trailing sales and already adding to portfolio strength with 88% YoY growth. International sales soared 41% , highlighting success in new markets like UK, Ireland, and Australia, while U.S. share held steady despite heightened competition. Business Overview Celsius Holdings (NASDAQ: CELH) is a leader in the functional energy beverage space, offering better-for-you products targeted toward active and wellness-focused consumers. The company’s flagship CELSIUS  brand has gained a loyal following, while the newly acquired Alani Nu  brand expands its portfolio with a strong female consumer base. In addition to ready-to-drink energy beverages, Celsius now offers electrolyte powders via CELSIUS HYDRATION  and continues to push into foodservice and international channels. Celsius Earnings - Q1'25 Revenue: $329.3 million, down 7% YoY (U.S. down 10%, International up 41%) Gross Margin: 52.3%, up 110 basis points from 51.2% last year — aided by sourcing efficiencies and operational scale Adjusted EBITDA: $69.7 million, down 21%, with margin of 21.2% (vs. 24.7% last year) Net Income: $34.4 million attributable to common shareholders, or $0.15 diluted EPS (Adjusted EPS $0.18 vs. $0.27 last year) Balance Sheet: $977 million in cash before Alani Nu deal close; $900 million debt and $400 million cash were used to fund the deal in Q2 “While revenue was down year over year, retail scanner data showed a 2% increase in dollar sales... business fundamentals strengthened through the quarter.” — CEO John Fieldly Forward Guidance Management expects easier comps and shelf space gains to support a return to growth in the back half of 2025. Q2 will reflect the Alani Nu acquisition, with some margin pressure from purchase accounting impacts. While tariffs and input costs remain watch points, Celsius reaffirmed its 50% gross margin target for the year  and highlighted improved velocity exiting Q1 . “Once we get into June, you’ll start to see some much easier comps... and improvement in velocity gives us strong conviction going into the summer.” — CEO John Fieldly Operational Performance Shelf Space Expansion:  Strong momentum expected with new innovation (Playa Vibe, Retro Vibe, Mango Lemonade) and expanded cold placement at checkout driving incremental sales opportunities. Alani Nu Synergy:  Integration is underway with limited cannibalization (only 15% crossover) and growing appeal across foodservice, e-commerce, and convenience channels. Foodservice & On-Premise:  Expanded into 1,800 Home Depot and 18,000 Subway locations during Q1 “Foodservice now represents ~13% of North America sales through PepsiCo, and we see compelling runway ahead.” — CEO John Fieldly Market Insights The U.S. energy category has remained resilient, bolstered by sugar-free growth which overtook full-sugar varieties for the first time in 2024. Celsius and Alani Nu together accounted for 20% of total category growth in Q1 2025 , with female consumers increasingly drawn to the category. Internationally, Celsius is expanding methodically, already capturing meaningful share in markets like Sweden (13.5%) and Australia (2.5%). Strategic Initiatives Alani Nu Acquisition:  Adds scale and strengthens Celsius’ position in the female and functional beverage segments. Innovation Pipeline:  Expanded multipacks, new flavors, and CELSIUS HYDRATION all playing key roles in growing household penetration. Operational Leverage:  Big Beverage facility fully integrated, giving flexibility and room for future production expansion. Capital Allocation Debt & Liquidity:  Following Alani Nu closing, Celsius carries ~$900M in debt. The company maintains a confident outlook on liquidity and leverage management. No Dividend/Buyback:  No mention of dividends or share repurchases in the quarter. The Bottom Line Celsius navigated a challenging Q1 marked by tough comps and soft U.S. sell-through, but the company’s fundamentals remain strong. Gross margin expansion, Alani Nu’s explosive growth, and rapid international traction position Celsius well for re-acceleration into Q2 and beyond. With innovation, expanding shelf space, and a balanced approach to promotions, Celsius is poised to maintain its leadership in the modern energy drink category while building out an even more diversified global portfolio. — Stay informed with the latest insights and policy updates on the consumer staples sector and related industries— Follow us on LinkedIn  and X

Source: The Andersons IR site TLDR Strong Renewables Performance:  Renewables reported pretax income of $25 million, up from $24 million year-over-year, driven by efficient operations and favorable ethanol margins. Agribusiness Challenges:  Agribusiness saw a pretax loss of $10 million as global trade uncertainties disrupted typical grain flows. Adjusted EBITDA Growth:  Adjusted EBITDA increased to $57 million, reflecting a solid performance from Renewables, though Agribusiness faced headwinds. Business Overview The Andersons, Inc. operates in two key segments: Agribusiness  and Renewables , focusing on agriculture and ethanol production. The company provides products and services to the agricultural supply chain, including grain handling and nutrient distribution. In Renewables, it is a leading producer of ethanol, renewable diesel feedstock, and other sustainable products. The Andersons Earnings - Q1'25 Revenue:  $2.66 billion (down from $2.72 billion YoY). Net Income:  Reported a net income of $0.3 million, or $0.01 per share, a significant decline from $5.6 million in Q1 2024. Adjusted Net Income:  $4.1 million or $0.12 per diluted share, down from $5.6 million in the prior year. EBITDA:  $50.6 million (compared to $51.4 million in Q1 2024). Adjusted EBITDA:  $57.3 million, showing growth from $51.2 million in Q1 2024. Segment Performance:  Renewables had a solid quarter with an increase in income, while Agribusiness faced significant losses due to global trade disruptions. Forward Guidance Management remains optimistic about the second quarter, anticipating stronger demand for ethanol and higher corn production. The company sees growth opportunities in the Agribusiness sector with increased planting and merchandising opportunities as the year progresses. Operational Performance Agribusiness:  A pretax loss of $10 million was recorded, driven by stagnant market conditions and disrupted grain flows. The nutrient business performed better, setting the stage for increased demand in the upcoming planting season. Renewables:  A standout performer, Renewables saw improved operating efficiency and higher ethanol yields. The segment is expected to continue benefiting from favorable ethanol and renewable diesel demand. Market Insights Global Trade Uncertainty:  Agribusiness operations were disrupted by global trade uncertainties, particularly affecting grain flows. This has led to a shift toward just-in-time purchasing from commercial customers. Ethanol Demand:  Ethanol demand is expected to strengthen into the summer, bolstered by both domestic and export markets, as well as seasonal factors like the spring maintenance and driving season. Strategic Initiatives Agribusiness Growth:  Long-term capital projects in Agribusiness are progressing, with expected completion by mid-2026. This includes improvements in efficiency and process optimization in grain handling and nutrient distribution. Renewables Expansion:  Focus on enhancing the efficiency of ethanol plants, co-product yields, and reducing the carbon intensity of operations. Capital Allocation Debt Management:  The company remains below its long-term debt-to-EBITDA target of 2.5x, with debt levels under control. Cash Flow:  Cash from operating activities was negative due to significant working capital requirements, but the balance sheet remains solid. The Bottom Line The Andersons posted mixed results for Q1 2025, with strong performance in Renewables but a challenging quarter for Agribusiness. Adjusted EBITDA grew, reflecting the solid performance of the Renewables segment, while Agribusiness faced losses. Management is optimistic about second-quarter growth, especially in ethanol demand and Agribusiness opportunities linked to the upcoming planting season. — Stay informed with the latest insights and policy updates on the consumer staples sector and related industries— Follow us on LinkedIn  and X

Source: THS Earnings Deck TLDR Adjusted EBITDA : $57.5M, up 25% YoY, exceeding guidance. Net Sales : $792M, down 3.5% YoY, impacted by margin actions, recalls, and business exits. Outlook for 2025 : Full-year adjusted net sales growth of 1%, adjusted EBITDA range of $345M to $375M. Business Overview TreeHouse Foods operates as a leading North American manufacturer of private label snacks, beverages, and other grocery products. Focused on operational excellence and supply chain improvements, the company is strategically positioned at the intersection of growing private label demand and the increasing consumer preference for snacking. TreeHouse aims to enhance profitability through disciplined margin management, cost control, and key acquisitions. Treehouse Foods Earnings - Q1'25 Net Sales : TreeHouse reported net sales of $792 million in Q1 2025, a decline of 3.5% from the prior year, driven by: Margin Management : Planned actions to optimize the product mix impacted sales by 3.3%. Griddle Recall : Service disruptions from the voluntary recall of frozen griddle products reduced sales by 2.4%. Exit from RTD Business : The decision to exit the ready-to-drink business accounted for a 0.4% decline. Harris Tea Acquisition : The acquisition contributed 4.7% to net sales growth. Adjusted EBITDA : $57.5 million, up 25% YoY, reflecting strong cost savings from supply chain improvements, favorable pricing, and the positive impact from Harris Tea. Gross Profit Margin : Increased to 14.5% , up from 13.6%  in Q1 2024, driven by margin management and supply chain efficiencies. Forward Guidance Adjusted Net Sales : Expected to range between $3.34 billion  and $3.4 billion , reflecting a slight decline or flat growth. Adjusted EBITDA : Forecasted in the range of $345 million  to $375 million . Free Cash Flow : At least $130 million  for the year. Q2 2025 : Adjusted net sales projected to be between $785 million  and $800 million , with EBITDA in the range of $61 million  to $71 million . "We expect some acceleration in the back half of the year. Some of that is just normal seasonality for us, and some of it is the recovery of the griddle plant that we have been restoring over the first half of the year." - Patrick O'Donnell, CFO Operational Performance Brantford Facility Recovery : The company has successfully restored operations at its Brantford frozen griddle facility, which is expected to positively impact results in the second half of 2025. Margin Management : TreeHouse is focusing on margin optimization by exiting low-margin business, aligning production capacity with higher-margin products, and improving plant efficiency. Tariff and Sourcing Strategy : TreeHouse is actively managing the impact of tariffs through strategic sourcing and pricing adjustments, particularly for products manufactured in Canada. Market Insights Private Label Trends : Private label brands continue to take share in the market, driven by their competitive pricing and quality. TreeHouse is well-positioned to capitalize on this long-term trend, with key customers such as Walmart and ALDI making strategic investments in private brands. Consumer Behavior : The first quarter experienced softer demand, particularly in March, due to the timing of Easter. However, April showed a recovery, indicating potential for a stronger second quarter. "Private brands are well positioned to offer value to our customers and the consumer. I continue to believe private brands are at the intersection of two incredibly powerful long-term trends: the growth of private brand groceries in North America and the consumer shift towards snacking." - Steve Oakland, CEO Strategic Initiatives Operational Efficiency : TreeHouse continues to streamline its operations, reducing management layers, consolidating divisions, and optimizing production capacity. M&A Activity : The acquisition of Harris Tea expands TreeHouse’s portfolio in the growing private label beverage market, contributing positively to Q1 results. Capital Allocation Capital Expenditures : TreeHouse has allocated $125 million  for capital expenditures, focusing on growth and efficiency improvements. Debt and Liquidity : The company aims to maintain a balance sheet with a leverage ratio between 3.0x and 3.5x  adjusted EBITDA, with potential for share repurchases later in the year as cash positions improve. The Bottom Line TreeHouse Foods delivered strong adjusted EBITDA growth in Q1 2025, exceeding expectations despite facing challenges such as product recalls, margin management actions, and a slower start to the year. The company’s strategic focus on margin optimization, supply chain improvements, and positioning within the growing private label market puts it on track for a solid second half of 2025. While net sales declined, TreeHouse’s commitment to profitability and cash flow generation positions it well for long-term success. — Stay informed with the latest insights and policy updates on the consumer staples sector and related industries— Follow us on LinkedIn  and X

TLDR Net Sales : $1.13 billion, up 8.5% year-over-year. Adjusted EBITDA : $51.9 million, a 31.7% increase. Net Loss : $23.3 million, impacted by restructuring costs. Forward Guidance : Maintaining sales and EBITDA outlook but moderating comp sales forecast due to macroeconomic pressures. Business Overview Grocery Outlet Holding Corp. operates as an extreme value retailer offering quality, name-brand consumables and fresh products through independently operated stores across 16 states. The company's model emphasizes delivering value by offering opportunistic products and a diverse assortment, making it an attractive shopping destination for budget-conscious consumers. As of Q1 2025, the company operates 543 stores. Grocery Outlet Earnings - Q1'2025 Net Sales : Increased by 8.5% to $1.13 billion, driven by new store openings and a modest 0.3% increase in comparable store sales. Gross Margin : Improved by 110 basis points to 30.4%, aided by better inventory management. SG&A : Rose by 9.1% to $331.1 million, primarily due to the integration of new stores and personnel costs. Operating Loss : $22.5 million, which included $33.9 million in restructuring charges. Net Loss : $23.3 million, compared to a net loss of $1.0 million in Q1 2024. Adjusted Net Income : Increased by 47.7% to $13.0 million, reflecting the positive impact of improved operational efficiency. Adjusted EBITDA : Rose 31.7% to $51.9 million, representing 4.6% of net sales. Forward Guidance Sales Outlook : Reaffirmed full-year net sales guidance of $4.7 billion to $4.8 billion. Comp Store Sales : Revised to 1% to 2% growth for the year due to ongoing macroeconomic uncertainty and reduced basket sizes. Adjusted EBITDA : Expected to remain between $260 million to $270 million. Restructuring Costs : Updated to $59 million to $61 million, with the bulk of these expenses related to store lease terminations. Jason Potter, CEO: "We are bullish on the long-term addressable market and our ability to improve costs and margins as we continue to grow." Chris Miller, CFO: "We remain confident in our ability to manage the factors within our control and deliver the gross margin, adjusted EBITDA and adjusted EPS outlook we shared with you in February." Operational Performance Store Openings : The company opened 11 new stores and closed 1, positioning it to meet its goal of 33 to 35 new store openings by year-end. Restructuring : The company continued to implement its restructuring plan, which includes store closures and optimization of operational processes to drive long-term profitability. Systems Integration : The company completed Phase 1 of its real-time ordering system, aimed at improving inventory visibility and reducing stockouts. The full rollout is expected by the end of Q2 2025. Market Insights Consumer Trends : While traffic remained strong, basket sizes decreased, primarily due to inflationary pressures and macroeconomic uncertainty. The company is actively addressing these challenges through better inventory management and by improving product assortment. Opportunistic Sourcing : Grocery Outlet continues to capitalize on its strong supplier relationships to source high-quality products at competitive prices. The rollout of the real-time order guide is expected to improve the flow of inventory and strengthen its competitive positioning. Strategic Initiatives Expansion Strategy : The company is focusing on refining its new store performance through a data-driven approach to real estate selection and in-store execution. Leadership Changes : The company announced the retirements of its COO and Chief Stores Officer, with succession planning underway to ensure smooth transitions. Technology Upgrades : Ongoing investments in system enhancements, including the real-time order guide, are designed to improve operational efficiency and sales performance. Capital Allocation Capital Expenditures : Increased by $16 million compared to the previous year, with a focus on store openings and supply chain investments. Liquidity : The company maintains a strong liquidity position with $205.5 million available under its credit agreement. The Bottom Line Grocery Outlet's Q1 2025 results demonstrate robust top-line growth, improved margins, and strategic investments in operational efficiency. However, macroeconomic uncertainty and a shift in consumer spending behavior have led to a more conservative outlook for the year. Despite this, the company's strong brand, improved systems, and strategic initiatives position it for long-term success. — Stay informed with the latest insights and policy updates on the consumer staples sector and related industries— Follow us on LinkedIn  and X

Source: Kellogg Earnings Deck TL;DR Revenue Decline:  A 6.2% drop in reported net sales year-over-year, driven by inventory reductions and weaker consumption trends. Profitability Struggles:  Net income fell by 45.5%, with a 33.8% drop in EBITDA. Guidance Adjustments:  The company lowers its 2025 sales and EBITDA growth forecasts, citing weaker-than-expected consumption trends. Business Overview WK Kellogg Co, a global leader in breakfast cereals and convenience foods, continues to focus on its established brands such as Frosted Flakes, Rice Krispies, and Kashi. Despite facing headwinds in the first quarter, Kellogg remains focused on health-driven consumer demand and supply chain modernization. The company operates in North America and internationally, catering to households with its wide range of products. Kellogg Earnings - Q1'25 Net Sales:  $663 million (down 6.2% YoY). Organic Net Sales:  $667 million (down 5.6% YoY). Net Income:  $18 million (down 45.5% YoY). EBITDA:  $47 million (down 33.8% YoY). Adjusted EBITDA:  $72 million (down 4.0% YoY). Margins:  Adjusted EBITDA margin increased slightly to 10.8%, compared to 10.6% in Q1'24. Kellogg’s profitability was affected by restructuring costs related to supply chain realignment, alongside a decrease in consumer demand and reduced retailer inventory. Forward Guidance Organic Net Sales Growth:  Adjusted to a range of -2.0% to -3.0%, down from the previous guidance of approximately -1.0%. Adjusted EBITDA Growth:  Revised to flat to -2.0%, significantly down from the prior expectation of 4.0% to 6.0% growth. Management attributed these changes to weaker-than-expected consumer demand and inventory reductions. However, they maintained confidence in their supply chain modernization plan, which is expected to yield significant margin improvements by 2026. Operational Performance Strategic Adjustments:  Management is focused on modernizing the supply chain and implementing cost-saving initiatives, which are projected to improve margins in the long term. Inventory & Demand:  The company experienced a temporary dip due to changes in retailer inventory cycles, particularly around the timing of the Easter holiday and larger promotions. Health Trends:  Kellogg emphasized its alignment with the growing consumer focus on health and nutrition, highlighted by the relaunch of Kashi and new products aimed at higher nutritional value. Market Insights Consumer Trends:  Kellogg noted that consumers continue to prioritize value and health, with increasing demand for health-conscious products. Competitive Landscape:  While smaller emerging brands are gaining traction, Kellogg sees an opportunity to capture this market with its portfolio of established brands and health-oriented innovations. Strategic Initiatives Brand Investments:  The company continues to shift focus toward health and nutrition in its product offerings, particularly with Kashi, Special K, and Bear Naked. Marketing:  Kellogg is reworking its marketing strategies to better align with consumer preferences for health, leveraging existing brand equity and adding new initiatives like a multi-brand fiber campaign. Capital Allocation Debt Management:  Kellogg has continued managing its debt, with net debt rising to $570 million from $495 million at the end of 2024. Cash Flow:  The company reported negative free cash flow of -$62 million for the quarter, driven by increased capital expenditures. The Bottom Line Kellogg’s Q1 results reflect challenges in consumer demand and supply chain disruptions, leading to revised 2025 guidance. The company remains focused on long-term margin expansion through supply chain modernization and strategic brand investments. Health and nutrition trends continue to shape product innovation, with Kellogg positioning itself to capitalize on these shifts despite short-term setbacks. The company's pivot towards health and wellness, alongside a substantial restructuring effort, aims to strengthen its competitive position in the coming years. — Stay informed with the latest insights and policy updates on the consumer staples sector and related industries— Follow us on LinkedIn  and X

TL;DR Premier Protein momentum continues : RTD shake consumption soared 25%, driving record household penetration and market share. Robust financial performance : Net sales grew 18.9% to $588M and Adjusted EBITDA increased 14.4% to $118.6M. Guidance affirmed despite headwinds : Management maintained FY25 outlook, navigating retailer destocking and potential tariff risks. Business Overview BellRing Brands (NYSE: BRBR) is a global leader in the convenient nutrition category . Its flagship brands include: Premier Protein : The #1 ready-to-drink (RTD) protein shake in mainstream nutrition, also expanding into powders. Dymatize : A leader in sports nutrition, especially hydrolyzed protein powders, growing internationally and innovating into pre-workout and RTD shakes. The company operates across club, mass, food, eCommerce, specialty, drug, and convenience channels in over 90 countries. Bellring Brands Q2'25 Earnings: Net Sales : $588.0M (+18.9% YoY) Operating Profit : $95.1M (+4.5% YoY) Net Earnings : $58.7M (+2.6% YoY) Adjusted EBITDA : $118.6M (+14.4% YoY) EPS (Diluted) : $0.45 (+4.7% YoY) Key Drivers: Premier Protein net sales surged 22% , driven by volume (+15.3%) and price/mix (+6.7%). Dymatize net sales rose modestly (+3.0%) with strong international volume (+20.4%) offset by price/mix headwinds (-17.3%). Gross profit margin slightly compressed due to inflation and promotional activity, but Adjusted gross margin improved to 34.5% . Forward Guidance FY25 net sales guidance affirmed at $2.26–$2.34B  (+13–17% YoY). Adjusted EBITDA expected at $470–$500M  (+7–14% YoY). Q3 expected to face low single-digit net sales growth  due to inventory destocking and tough comps. Tariffs not expected to impact FY25, but FY26 risk remains under review. Operational Performance Premier Protein: Household penetration reached nearly 21%  and RTD shake market share hit an all-time high of 27% . Indulgence line off to a strong start, delivering incremental users and sales. New seasonal flavor Lemon Bar performed above expectations. Distribution and promotions remain key drivers, especially in Q3 and Q4. "Premier Protein with RTD market share of 27% maintained its position as the number one brand in the RTD segment."  — Darcy Davenport, CEO Dymatize: U.S. consumption up 3% ; strong international momentum. Launched RTD shakes and pre-workout Energize. Athlete-focused marketing campaign increased engagement. Challenges: Retailer inventory destocking  expected to weigh on Q3 results. Management views this as a one-time adjustment post-supply constraints. Input cost inflation  anticipated to rise in 2H 2025, pressuring margins. "This is really tied to retailers... hoarding inventory to make sure they didn’t run out. Absolutely no softness, no concern around consumption."  — Darcy Davenport, CEO Market Insights The convenient nutrition category grew 12% , with RTD up 19%  and ready-to-mix up 10% . RTD shakes remain the second fastest-growing category in the store  (behind eggs). Consumer interest and category tailwinds (health, protein demand) remain strong despite broader macro uncertainty. "Protein and specifically our category remain incredibly healthy... strong macro tailwinds around protein are driving robust long-term growth."  — Darcy Davenport, CEO Strategic Initiatives Expanded Premier Protein media campaign  improving brand awareness and engagement. Plans to introduce more innovation in indulgence and incremental occasions  later in FY25. Expanded promotions planned for Q4 to sustain momentum and gain new consumers. Actively evaluating options to mitigate potential 2026 tariffs , including alternative sourcing and pricing strategies. Capital Allocation Share Buybacks: Repurchased 2.4M shares  for $171.7M in Q2 2025. $280M authorization remains. Debt & Liquidity: Net leverage at 1.9x , expected to remain below 2x through FY25. Strong cash flow expected to continue supporting shareholder returns and debt reduction. The Bottom Line BellRing Brands delivered strong Q2 2025 results driven by robust consumption of Premier Protein and successful new product introductions. Despite modest retailer destocking and upcoming cost inflation, management affirmed full-year guidance, reflecting confidence in consumer demand and category momentum. With innovation, marketing, and distribution gains in play, BellRing remains well-positioned for continued growth in the convenient nutrition space. — Stay informed with the latest insights and policy updates on the consumer staples sector and related industries— Follow us on LinkedIn  and X

TL;DR Strong EPS and Operating Income Growth:  Adjusted EPS surged double digits and operating income grew 26% as Ingredion benefitted from lower raw material costs, stronger volumes, and higher-margin product mix. Texture and Healthful Solutions Momentum:  Segment operating income soared 34%, driven by broad-based volume growth and demand for clean-label, affordable solutions. Balanced Outlook with Cautious Optimism:  Management raised full-year EPS guidance slightly, balancing strong Q1 performance with potential macro risks, including tariffs and global trade uncertainties. Business Overview Ingredion (NYSE: INGR) is a global ingredient solutions provider, serving food, beverage, industrial, and animal nutrition sectors. The company focuses on specialty ingredients, including clean-label starches, plant-based proteins, sugar reduction, and texture solutions. Ingredion operates through three primary segments: Texture and Healthful Solutions (THS):  High-margin clean-label and nutrition-focused ingredients. Food and Industrial Ingredients LATAM (LatAm):  A regional business focusing on food, beverage, and industrial solutions. Food and Industrial Ingredients U.S./Canada (U.S./Can):  The company’s largest region, serving diversified food and industrial markets. Ingredion Earnings - Q1 2025 Net Sales:  $1.8 billion, down 4% YoY, primarily due to lower price/mix (-$48M), FX (-$40M), and the exit from South Korea (-$24M). Excluding Korea, sales were down just 2%. Gross Profit:  Up 12% with gross margins expanding 350 basis points to 25.7%, driven by lower raw material costs and favorable mix. Adjusted Operating Income:  Rose 26% to $273 million, powered by lower input costs and operational leverage. Adjusted EPS:  Surged by $0.89 per share operationally, and by $0.28 from non-operational factors such as lower financing costs and tax rate. Cash Flow:  $77 million from operations and $92 million capital expenditures; $55 million in share repurchases executed YTD. Forward Guidance Adjusted EPS:  Raised to $10.90–$11.60, reflecting Q1 outperformance and lower financing costs. Sales and Operating Income:  Expected sales volume growth and operating income improvement remain unchanged. Tariffs and Macros:  Guidance assumes current tariff levels and includes caution for potential trade disruptions. Q2 Outlook:  Sales expected flat to low single-digit increase; operating income flat to slightly down, lapping a strong Q2 2024. “While we remain cautious, strong customer collaborations and product relevance put us in a solid position for 2025.” — Jim Zelle, CEO Operational Performance Texture and Healthful Solutions (THS)  led the quarter: Net sales +1% with volumes +7% YoY. Operating income +34%, with margins expanding 400 bps to 16.4%. Strength in clean label, affordable formulation solutions, and growing demand in categories like dairy, beverages, and QSRs. Food and Industrial Ingredients LATAM: Net sales down 7% (or 2% in constant currency), but operating income rose 26%. Improved mix, lower raw material costs, and stability in Argentina supported performance. Food and Industrial Ingredients U.S./Canada: Net sales down 4%, but operating income +6% with margins improving to 17.7%. Volume strength in brewing and favorable product mix offset softness in papermaking/packaging. Tariffs:  Management noted tariffs were immaterial in Q1 and expect minimal impact for FY25 given local sourcing and USMCA benefits. Market Insights Resilient Consumer Demand:  Management noted strong demand across private label, QSR, and branded goods as consumers balance affordability and health, benefiting Ingredion’s product mix. Clean Label and Affordability Trends:  Double-digit growth in clean-label solutions and private label offerings underscored shifting consumer behavior towards simpler and cost-effective foods. Minimal Tariff Disruption (for now):  While current tariffs are expected to have limited impact, Ingredion has activated a tariff response hub and reformulation initiatives in case of escalation. "Our clean label solutions, which sell for a higher average price and margin, continue to resonate strongly across customer segments." — Jim Zelle, CEO Strategic Initiatives Growth and Innovation: $50M expansion in Cedar Rapids, Iowa to increase specialty starch capacity and develop bio-based packaging solutions. LATAM asset debottlenecking to shift towards higher-value product lines. Operational Excellence: Cost to Compete program on track to achieve $50 million in annual savings by end of 2025. Plant optimization and network simplification initiatives ongoing. Sustainability and Recognition: Named to Fortune’s World’s Most Admired Companies and Barron’s 100 Most Sustainable Companies lists, reflecting commitment to ESG leadership. “We are staying agile in a complex macro environment, with solutions helping customers tackle affordability and sustainability challenges.” — Jim Gray, CFO Capital Allocation Share Repurchases:  $55 million repurchased in Q1; targeting $100 million for the full year. Dividends:  Paid $52 million in Q1, maintaining shareholder returns. Balance Sheet:  Strong liquidity and ongoing capex focus on strategic initiatives and efficiency projects. The Bottom Line Ingredion kicked off 2025 with strong profitability and volume growth, notably in its high-margin Texture and Healthful Solutions segment. While macro uncertainty persists, especially around tariffs and global demand softness, management’s measured optimism, disciplined cost control, and balanced customer mix leave the company well positioned to navigate potential headwinds. Upside remains tied to continued clean-label momentum, robust private label trends, and resolution of trade tensions. -- Stay informed with the latest insights and policy updates on the consumer staples sector and related industries— Follow us on LinkedIn  and X

TL;DR Revenue up 6.4%  driven by new restaurants and modest same-restaurant sales growth (+1.8%). Margins pressured , with adjusted EBITDA down 2.6% despite stable restaurant-level EBITDA. Loyalty, new formats, and marketing outside Chicagoland  are key to growth, but new markets remain a challenge. Business Overview Portillo’s Inc. (NASDAQ: PTLO) operates over 90 restaurants across 10 states, serving Chicago-style hot dogs, Italian beef sandwiches, burgers, and more. The chain leverages its growing national presence to expand beyond its Chicagoland roots, with aggressive plans in Texas, Arizona, and Georgia. The company introduced the Portillo’s Perks loyalty program in Q1 2025 to boost customer retention and digital engagement. Portillo's Earnings - Q1'25 Highlights (vs. Q1'24): Building on momentum from Q4 — when Portillo’s emphasized expansion and brand awareness as growth pillars ( see our Q4 recap ) — the company continues to lean on loyalty programs, new formats, and targeted marketing to drive performance in 2025. Total Revenue:  $176.4 million (+6.4%) Same-Restaurant Sales:  +1.8% (driven by 4.9% higher average check, offset by 3.1% lower traffic) Operating Income:  $10.4 million (+2.8%) Net Income:  $4.0 million (-25.3%), impacted by higher taxes Restaurant-Level Adjusted EBITDA:  $36.7 million (+0.8%) Adjusted EBITDA:  $21.2 million (-2.6%) Margin pressure  came from higher labor (26.6% of revenue, +50 bps) and commodity costs (34.6% of revenue, +30 bps), partially offset by menu price increases (1.5% in Jan, 1% in Apr) and efficiencies. Forward Guidance Revenue growth trimmed  to 10-12% (from 11-12%) citing slower starts in new markets. Same-restaurant sales guidance raised  to +1–3% (from flat–2%) based on pricing and loyalty-driven traffic expectations. Adjusted EBITDA growth expected at 5-8% , slightly down from prior 6-8% guidance. Operational Performance Traffic challenges continue : While check growth helped comps, transaction declines weighed on sales. New markets underperforming : New restaurants, especially in Houston, lag due to low brand awareness. CEO Michael Osanloo noted, “Everything that we see in Houston suggests that these businesses are going to be fine... they just came out of the gate a little slower than we hoped”. Dallas advertising success : Q1 ad campaigns in Dallas drove ~10% increase in brand awareness and high-single-digit sales lifts. Perks Loyalty Program : Early results are promising with “solid redemption rates” and expectations to drive incremental traffic as the program matures through Q3 and Q4. Kiosk usage growing : Adoption hit ~30%, contributing positively to mix (+0.5%) and expected to lift performance throughout the year. Market Insights Tariff and commodity risks manageable : Beef remains the largest pressure point, but the company is “largely managing tariffs” according to management. Macro uncertainty persists : Weather, tariffs, and consumer sentiment weigh on visibility. Competition in QSR remains intense , especially in drive-thru and value segments, though Portillo’s sees improving guest satisfaction and problem resolution, positioning it well for traffic recapture. Strategic Initiatives Loyalty and digital engagement : Portillo’s Perks launched with a focus on broad offers and will shift to targeted one-to-one marketing later this year. CEO Osanloo said it’s “the most exciting thing we’re doing as an organization right now”. Breakfast trial : Testing in five Chicagoland restaurants showing “positive early feedback” with plans to assess summer performance before scaling. New formats : Plans include: 12 new restaurants in 2025 , mostly the new “Restaurant of the Future 1.0” 6,200 sq ft format. First walk-up only location  planned for Central Florida to test dense market economics. Ongoing marketing pulse : After Dallas and Phoenix, more new markets will see targeted advertising campaigns tied into the Perks program. Capital Allocation Cash balance of $12.9 million  with $320 million net debt. CapEx plans unchanged  at $97–$100 million for FY2025, primarily for new units. The Bottom Line Portillo’s delivered solid top-line growth in Q1 2025 despite softer new unit performance and macro challenges. Management remains confident in its traffic-driving playbook — loyalty, targeted advertising, operational excellence, and new formats. However, new market softness and cost pressures warrant careful watching. As CEO Osanloo emphasized, "We're confident in the foundations we've laid and the strategies we have in place," but execution in newer markets will be critical to hitting full-year targets. — Stay informed with the latest insights and policy updates on the consumer staples sector and related industries— Follow us on LinkedIn  and X

Source: FWRG Earnings deck TL;DR Revenue grew 16.4% , driven by new restaurant openings and positive same-store sales. Margins under pressure  from commodity inflation, tariffs, and guest-centric initiatives, leading to a net loss of $0.8 million. Expansion momentum remains strong , with new markets like Boston, Boise, and Memphis fueling long-term growth plans. Business Overview First Watch Restaurant Group (NASDAQ: FWRG) is a leading Daytime Dining chain specializing in made-to-order breakfast, brunch, and lunch. With a brand anchored on freshness, elevated classic dishes, and seasonal innovation, First Watch operates over 580 locations across 31 states — primarily company-owned. The company’s strategy revolves around: Restaurant expansion : targeting 2,200 total locations in the U.S. Daypart specialization : focusing exclusively on breakfast and lunch to drive operating efficiency. Brand experience : emphasizing exceptional in-restaurant hospitality and customer loyalty through initiatives like “Surprise and Delight.” First Watch Earnings - Q1'25 After surpassing $1 billion in revenue for the first time in 2024 , First Watch is proving that scale fuels growth. Q1 2025 results show the brand is not just expanding — it's accelerating, with double-digit revenue growth, record April traffic, and new market entries in Boston, Boise, and Memphis driving toward its 2,200-location vision. First Watch Earnings - delivered solid top-line growth in Q1 2025, but profitability came under pressure from a confluence of factors that weighed on margins and earnings. Total Revenue  rose 16.4% year-over-year to $282.2 million, driven by positive same-restaurant sales (+0.7%) and robust contributions from new units. Same-restaurant traffic  declined slightly (-0.7%) during the quarter but improved sequentially throughout Q1 and turned positive in April. Restaurant-level operating profit margin  fell meaningfully to 16.5% , down from 20.8%  a year ago, reflecting higher food, labor, and occupancy costs. Adjusted EBITDA  declined to $22.8 million  (8.1% margin), compared to $28.6 million (11.8% margin) last year, falling short of prior expectations. The company posted a net loss of $(0.8) million , or $(0.01) per diluted share, compared to net income of $7.2 million in the prior year. While revenue growth remained healthy, several margin headwinds emerged: Commodity inflation  in key categories (eggs, bacon, coffee, avocados) drove food costs up by 7.7% year-over-year, pushing food and beverage costs to 23.8% of sales (vs. 21.8% last year). Labor and health benefit costs  increased, lifting labor-related expenses to 34.6% of sales (up 130 basis points YoY). Tariffs and supply chain costs , including packaging and paper goods, added incremental pressure. Guest-centric initiatives  such as the Surprise and Delight program and portion increases on value menu items enhanced the customer experience but diluted margins. "While we’re investing in customer experience and absorbing outsized cost pressures, we remain confident that these challenges are transitory and that our scale and traffic momentum will drive margin recovery over time." — Mel Hope, CFO Forward Guidance Revenue growth ~20%  (includes acquisitions). Same-restaurant sales growth : Low-single-digit positive, with flat-to-slightly positive traffic expected. Adjusted EBITDA lowered  to $114–119 million due to Q1 margin pressures and inflation. Commodity inflation  expected to peak in Q2, with relief likely in H2 2025. 59–64 new restaurants planned for FY 2025 , weighted to H2. Operational Performance Successes Opened 13 new restaurants in Q1, bringing system-wide total to 584. New restaurants (2024 and 2025 classes) are outperforming expectations — tracking ~10% ahead of comp cohort sales. Positive traffic trends in March and April, marking best performance in two years. "April posted the best monthly same-restaurant traffic result in over two years, giving us optimism that we're on track to achieve positive traffic for the year." — Chris Tomasso, CEO Challenges Margin pressure from commodity inflation and tariff impacts (~30bps). Increased costs related to "Surprise and Delight" initiatives, delivery channel investments, and marketing ramp-up. Market Insights Macro headwinds : Inflation, commodity spikes, and new tariffs have challenged margins. Consumer trends : Higher-income consumers (First Watch’s core demographic) remain resilient; weekday softness and lower-income cohort pullback less impactful to FWRG. Competitive pricing advantage : Management emphasized maintaining lower menu prices relative to family diners to drive traffic and build loyalty. "We are strengthening the system... differentiating ourselves in a challenging environment." — Chris Tomasso, CEO Strategic Initiatives Marketing push : Focus on digital and connected TV, yielding early engagement gains. Third-party delivery optimization : Partnership with DoorDash reversed prior negative traffic trends. Guest experience investments : "Surprise and Delight" program aims to deepen emotional customer connections. New market expansion : Entering Boston, Memphis, Boise and growing in established strongholds like Florida. Franchise acquisition : Completed acquisitions in Missouri and the Carolinas, enhancing development pipeline. "The Hanover, Massachusetts restaurant is performing well above our expectations... further proof that the First Watch brand is highly portable." — Chris Tomasso, CEO Capital Allocation CapEx for FY 2025 projected at $150–160 million , primarily for new restaurants and remodels. Debt and liquidity remain manageable , though guidance assumes elevated tax rates (45–50%) and inflation headwinds. The Bottom Line First Watch delivered healthy revenue and traffic trends in Q1 2025 despite macroeconomic pressures. Management remains confident in its differentiated positioning, strong expansion pipeline, and customer-centric initiatives to drive sustainable growth. However, near-term margins will remain challenged by commodity inflation, tariffs, and deliberate value-driven guest investments. With improving traffic momentum and a solid new unit performance, First Watch looks well-positioned to emerge stronger through a volatile macro backdrop. — Stay informed with the latest insights and policy updates on the consumer staples sector and related industries— Follow us on LinkedIn  and X

TLDR Soft Sales, Pressured Margins:  Net sales fell 1% to $356M with gross margin compressing to 26.9% due to theater weakness, cost inflation (notably chocolate), and lost LTO churro volumes. Retail and Innovation Bright Spots:  Retail segment grew 1.8%, with frozen novelties up double-digits and strong early traction from new Dippin' Dots Sundaes and SuperPretzel updates. Outlook Optimistic:  Management reaffirmed expectations for gross margins to recover into the low 30s in the second half, backed by improving theater traffic and continued pricing actions. Business Overview J&J Snack Foods (NASDAQ: JJSF) manufactures and distributes niche snack foods and beverages across three segments: Food Service:  Soft pretzels, churros, handhelds, frozen novelties and bakery items sold through QSRs, amusement parks, theaters, and more. Retail Supermarkets:  Frozen soft pretzels, handhelds, biscuits, novelties (e.g., Dippin’ Dots Sundaes), and pretzel dogs sold in grocery outlets. Frozen Beverages:  ICEE, SLUSH PUPPiE, and machine maintenance services, targeting theaters, convenience stores, and other outlets. The company’s key brands include SUPERPRETZEL, ICEE, DIPPIN’ DOTS, LUIGI’S Italian Ice, WHOLE FRUIT, HOLA! CHURROS, and THE FUNNEL CAKE FACTORY . J&J Snack Foods - Q2'25 Earnings Metric Q2 2025 vs. Q2 2024 Net Sales $356.1M (1%) Gross Profit $95.7M (12%) Gross Margin 26.9% Down ~320 bps Operating Income $6.0M (66%) Net Earnings $4.8M (64%) Adjusted EBITDA $26.2M (33%) Adjusted EPS $0.35 (58%) The pressure on margins came largely from theater-related beverage volume softness, input cost inflation (particularly chocolate), and lapping prior year churro LTO sales. Positive offset came from Retail Supermarket , which grew +1.8%, particularly driven by frozen novelties (+14.7%). Forward Guidance Management reiterated expectations for gross margin recovery to the low 30s in H2, driven by: Theater traffic rebound Continued pricing realization Retail seasonality (Frozen Novelties peak) Innovation impact (Pretzels, Dippin' Dots) Tariffs pose a ~$4M–$6M annualized risk if not mitigated, but the company is actively managing sourcing and pricing strategies. Operational Performance Challenges Frozen Beverage sales fell 0.9% due to a 7.1% drop in beverage volumes tied to weak movie releases and FX headwinds. Food Service pretzel sales fell 7.9% and churro sales fell 18.7%, reflecting the conclusion of last year’s strong LTO. Chocolate inflation compressed gross margins by ~60 bps. Bright Spots Retail sales rose 1.8% driven by Frozen Novelties (+14.7%) and Dippin' Dots Sundaes reaching $1M in sales with distribution expanding. Bavarian Pretzel product innovation launched, alongside a SuperPretzel refresh with better recipe and packaging to align with consumer trends. "We know that consumers will be pleased with the new SuperPretzel enhancements as well... Bavarian style pretzels are growing rapidly."  — CEO Dan Fachner Market Insights Theater Industry:  Q2 North America box office sales fell ~10%, but summer 2025 is projected to rebound +30% or more with movies like Minecraft (already boosting volumes), How to Train Your Dragon, and Lilo & Stitch. Consumer Trends:  Consumers remain cautious amid macroeconomic pressures but view JJSF's products as affordable treats. Better-for-You Innovations:  Initiatives include high-protein pretzels (~10g protein) and novelties with added electrolytes, probiotics, and antioxidants to align with health trends and GLP-1 user preferences. "We're optimistic a strong summer lineup will provide tailwinds to the frozen beverage segment."  — CEO Dan Fachner Strategic Initiatives Pricing Actions:  Selective price increases continue in Q3 to offset input costs, with expectations of 80 bps to 1% realization uplift in Q3 alone. Portfolio Innovation:  New product launches in churros, Bavarian pretzels, Dippin' Dots Sundaes, and potential QSR churro placement planned for FY26. Channel Expansion:  Urban Air signed as a major new customer for Dippin’ Dots; expected to become the largest single account. "Urban Air will become our largest single customer for Dippin' Dots."  — CEO Dan Fachner Capital Allocation Share Buybacks:  Repurchased ~$5M in stock (~39,000 shares at $128 average price) during Q2. Debt and Liquidity:  No long-term debt. $48.5M in cash and ~$213M of borrowing capacity as of quarter-end. The Bottom Line J&J Snack Foods navigated a tough Q2 marked by theater softness, input cost inflation, and challenging comps. However, momentum into Q3 looks encouraging, bolstered by blockbuster movie releases, price increases, and strong demand for innovative products like Dippin’ Dots Sundaes and SuperPretzel refreshes. Management remains confident that its diversified portfolio, strategic pricing, and focus on brand-led innovation will drive a strong second half and position the company well for FY25 and beyond. — Stay informed with the latest insights and policy updates on the consumer staples sector and related industries— Follow us on LinkedIn  and X