Chris, you, and Thank everyone. good morning,
think our new it's difficult and Heinz, a has of to Kraft been recognizing new by and already that and for year a stronger, update for XXXX begun. also today's was agile we a Kraft our stakeholders. that are more Yet, very Board period our journey it I change, confident our understanding employees, start appropriate to Heinz has
in half bend trend performance. stabilization second beginning our are of the We seeing on EBITDA
initiatives in strong to flow are how a to We and where with forward. people free believe win; are drive on the jobs perspective be financial now deep going can place: excellence; consumers experience we detailed and essential turnaround our cash key profile productivity functional for with done; in roles ingredients with going
Board's sustainable growth is plan declaration in ability for returns. to Today's confirmation turnaround our reposition and long-term dividend Heinz Kraft our of and our confidence
greater momentum on we delivering we exit to foundation have visibility business year. rebuilding We the achieve as in and are clear and need on stronger XXXX what a
about, of understanding in sharing vision you future and forward plan better the company a New strategic developed also we May the in for in excited York. long-term to consumers, have early We and a look are detail we more with that
of of for we but wanted Abrams-Rivera have I as of our I strategy, were his new March we with May unveiling present coming it our plans to the you. multiyear the many you the date before expecting U.S. date input our in a sure bottom Carlos versus to know as a up full we detail Head for make zone,
what's progress our visibility, the time and made the control have For today, in we I actions critical the the and to made for as we decisions about to as fourth what's like to company. not taken use talk we've direction would well quarter, working the long-term reestablish and
the about three of we nearer-term XXXX executed in on motion; our closed handle delivering first, our finally, will the enterprise our with through plan, true previous we that the context I streams strategy do stream, In establishing the transformation the plan; work setting first stabilizing year call: much business. on we a our work. the the talked work in business as north a XXXX firmer second,
were and in while line basis, States, sequential were with programs our a drivers emerging slightly pricing as and Numbers-wise, flag promotional were net United channels. shifting key by necessary mainly more offset inflation. share with executing last consumption, expectations. and and to This EMEA also We we investments more shipments disciplined sales Canada organic returns year than the better down trends anticipated, recent commodity to in reflected strong on with shipments the
over costs. began show we control our to And perhaps most important of all, greater
offset these was our U.S. reduction has the the two the achieved in net years. worse-than-anticipated in net U.S. And U.S. results QX rest supply in of the the cost world. performance time inflation favorable, chain Specifically, first the in better-than-anticipated
first a X.X% going down As year-over-year we to half trend a second half, first bend performance EBITDA half in second basis, the divestitures. in to significant from global only half down excluding a delivered on result, XX% in
the half business. after second back the U.S., drivers EBITDA being half. the bending to have the was now improved important in flat of in than down more in we the And visibility trend the first XX.X% main But our over
will As needs I and said improvement. when what's going transparent about well with what I be started, I you
problems step. have X self-assessment one Slide Knowing candid is first page. that on is you the
had clear the the But items on We our in causes across the the to need to are a root what those right we maintained and surprises we the XXXX. change. on work areas in we shortfalls, left in needs all areas be Moving will we momentum improve. fewer expected. In nutshell, understand to
For remains sales, in are are on a takeaway base. from play the we and Canada solid. solid working confident on U.S. we Retail instance, we both categories
posted U.S. Our plans. refrigerated pricing second beat came and and activities beverages e-commerce strong Philadelphia growth through the half as during their expected.
grow to single-digits. same And cold we continued Asia Foodservice coffee UK expected. natural U.S. America, At sauces condiments cuts, and International cheese share reasons in for lost our and strong. the the Latin and the time, middle remained in
continue and and And improve be Foodservice customer to resolve know and second in-store needs nuts we we also planning retailer losses U.S. to are see the understand and inventory business, to our done what was need reductions execution. our We distribution we and areas, half accurate. issues in forecasting improve of some satisfaction customer year, like taking to planning the service and in but while action in more
safety in we forward have operate half, in the improve markets, of the our the much markets. do, In terms stabilized industry-leading continue but at quality better as to time, chain starting same company I levels. costs, of operations EBITDA gross world in a to costs path those management clear chain profit, supply to still with rest work total and and in of At the Canada and second while we supply mentioned, the costs U.S.
have now I'm we to wanted from and we and build XXXX. But going people talent XXXX. hard to leadership liked for the in work our dedication on in the turnover side, grateful place have and most say people our Finally, importantly, plans that forward. higher also top and in I the remained retain than would
Officer my highlighted the call, team new through one outset, On our we focus our last and were zone. the a consolidated redeploying progress establishment to our how Growth effectiveness of I team. international and been of has our top the people on improve the the and Chief number developing restructuring Since talent to role accelerate some our
was filled build. My now out, team hoping and the is to experienced, I diverse team it's
internal the greatest contribution well-qualified key they our where make areas talent experienced great a have in the company, need incumbents in can positions mix we We of fresh in most. new for where perspectives but roles, and function top professionals
significant be of building includes experienced turnaround. our the executives, our of by encouraged Heinz a and U.S. professionals I'm Abrams-Rivera our Kraft have – Head we Kraft the in bench and This industry also number business. part new joined strength that to that Foods as progress former of veterans Carlos have like
professionals areas Heinz years But in R&D with experience These experience are we at XX as our I coming of personally leaders supply industry. with finance well collectively. chain deep no average, more it leaders strategy, transform the years. companies have revenue in in that can than them, experienced career have bringing Kraft leading on includes also consumer-related in doubt management with truly as and known my worked that such during and and I
each we call. In brands. and differentiation and execution, function projects to In Slide areas our in have improve be will the defined we as customer the we rapid competitive of fact, XXXX outlined list drive as shows sales dives planning we well jobs making already head step-by-step previous as critical that XXXX. completed on transformation our deep both done and a progress to XX been front momentum for satisfaction like benefit strengthen into have on
deeply new we period. underway operations, to our and confident unveil a on best areas subject savings experts have initiatives we critical are multiyear and in by manufacturing And details we that benchmarks you In look as we close those experienced matter with over strategy. productivity procurement deliver sharing net gaps we'll practice versus multiple forward led
the today, people innovation and I to taken our training, to It's three to the our their later. like the would discuss to and, For because that of will with outlook on On causes root shortfalls, marketing. accountabilities. turnover employee to people, strategic XXXX projects of performance for focus relevance and of time the ultimately, satisfaction reassess direction, we've lack roles reflect and causes initiatives, ranging from Paulo
our and every several in company turnover, a profitable weighted making And KPIs such these for our leadership are member informed engagement the have objectives one employee same now team, implementing full cross are changes so growth KPI functionally, making a potential we we chance as and on our fronts, of to total of more improvements better achieving that pushing setting realizing targets company people aligned and compensation. direction in their can work and as better
with our I on payouts fewer, and full compensation So innovation baked will bolder emphasis moment. Paulo our we efforts, are incentive in going call shift into our to support outlook previous in intention mentioned discuss Around a to our bigger, that initiatives. XXXX
from call now as brands sales fewer launches, and mainly efforts. more existing XX% projects, plans land just behind significant generated from shift for XXXX Our much extensions expansionary a to concentrated
There are two this. reasons I'm highlighting
optimal our year. first marketing, And an our because it's In expect towards flagship marketing spend we will And of by disproportionately a support align defined brands. in as second, we we strategy. post-XXXX important our because is media this step role. XXXX, dollars with of redirecting enterprise driver be First, pipeline we have this better key our portfolio efficiencies
finding innovation research just in well I such number of concentrated also efficiencies the mentioned as are pipeline necessary in employ fewer we as agencies marketing, the for cutting half. We more nonworking dollars as
with working the behind XX% result, even increases we drivers plan are increase of biggest in our As XXXX actually to that see, profitability. consumers what by greater media, brands the a
early enterprise been year. the a detail the in share promise longer our strategy for regarding marketers. it on update on of this with both has especially and excellent front our you our Finally, term, Progress this development exciting, to and quick
Heinz dynamics. reimagining response landscape, proprietary view top-down and developed child the plans. in are consumers priorities food new the We've a the market assessed and future our and Kraft closer that of is changing to build consumers We a to
where our by Heinz knowing and what we to to With place, believe finalize discipline are category, brand initiatives how in portfolio. full performance our invest, best-in-class win we return the investments now to to team with how and across by bottoms-up detailing to growth will in prioritize Kraft
plan my and that I will done plan work identified provide a detailed the in deliver confident fully Paulo team a a we can already driven While is the are for by initiatives drivers moment, resourced. we and own, XXXX, that we have that
and and meeting, our stride platforms full top our by our for laying our Heinz expect hitting growth, characterized and during turnaround, turnaround we are brands XXXX the and drive of doing team accelerating year Kraft will what strengthen growth fueling the foundation new will will on both a for first future be then May three-stage a foundation the be the we investor lines. bottom chapter a our our company. to what And describe flagship
where will and With here go to discuss turn that, front. we Paulo over the are expect where financial to I we to on from
