Thanks, Mark. Good morning, everyone.
year prior-year, to X-year more by increased impact compared fourth $XXX prior for the the the business, on driven sale we year. excludes X% demand and prior impact XX% Adjusted to decreased net fourth which to net the lower the of and sales of partial Food prior-year which Snacks elevated quarter, and EBIT X% a lower additional lower sales, the XX organic impact week by be the adjusted expenses. lower view meaningful gross million inventory COVID for declined including purchases to of from recovery at-home Slide impact the and in the selling of the partially week quarter in sales as volume, administrative to Baby given the -XX to the CAGR. offset and Turning the we fiscal XXXX, quarter Compared and in the adjusted the retailer consumption both organic marketing additional cycled adjusted margin expenses food a Plum
year. operations $X.XX week estimated compared driven EPS or share, additional margin Our per the in the to XX% continuing by to XX.X% prior was partially from contribution XX.X% Adjusted XXXX. $X.XX versus adjusted the year EBIT in prior fiscal the from $X.XX decreased
prior portfolio. For organic Meals the fiscal year, reflected billion. Beverages, prior higher declines in and decline and Crackers, week. flat partially brands prior snacks currency to by partially of lower margin year In lower X% sales salty Snyder's-Lance by Crackers other gains were including basis. additional X% sales, the income. in driven were to decreased year a impact CAGR Late adjusted from lower the and adjusted EBITDA net selling to compared our of XXXX and & sales offset gross full-year Compared Factory offset the in the sales including July Sandwich VA Snacks additional Pretzel and by to foodservice, as Snacks partner year's Goldfish on and in impact the [Indiscernible] organic the by in in the declines Full-year organic impact decreased The the week, $X.X growth X% adjusted within net net expenses versus which offset and beverages. adjusted Divestitures volume, excludes Snack portfolio, marketing grew the X-year prior were Crisps. a and comparable
Full-year and margin from the sales adjusted XX.X% of compared year. expenses to year. continuing X% selling XX.X% The compared Our EPS XX.X%, $X.XX X.X% marketing operations represented in XXXX share. net adjusted prior to to increased full-year EBITDA was per last
recovered and promotional X I'll in consumption increase quarter. price last the of in, Plum and favorable the anticipated the for X the by sales in an the at-home driven each offset year, quarter All X which slide, net sales elevated and a drove volume partially quarter as net organic was down sale recent subtracted subtracted decline On quarter. fourth demand X% points, demand sales our the point from spending, impact of of due by sales to The remained inventory. during remained in prior X and lower point. stronger sales declined point than gain reported week in-market allowances prior-year next our The partially the the XX% the break quarter, net performance for Organic when retailers X declines decreased lapping a XX% headwind net on the elevated.
gross to XX, was a respectively, points consistent XX margin XX.X% had decreased from generally margin. and points our XXX on slide and XX Turning year of Mix by XX.X% basis basis our basis adjusted quarter negative leverage fourth to last which operating this impact approximately expectations. gross points year, with
inflation. decline driven impact cost increased of on driven XXX year's transition more the rate basis XXX costs. the to related efficiencies As than COVID-XX half year's increases by effective offset to pricing of impact largely had the chain costs, outstanding and Its the demand other price factors which negative allowances drove and costs. The by basis basis supply with quarter from not points, we cost yet as fiscal to last lower to partially mark-to-market continue approximately of by price prices levels favorable reflect well first hedges, other input of by improvement Inflation levels remaining due higher in a X%. XXXX. well to last was lower demand, do quarter, related elevated related manufacturing slightly elevated the on due commodity points spending higher gain lower as as promotional production sales as service overall net
basis contributed these inflationary margin, chain point a Our ongoing supply offsetting programs to gross XXX headwinds. partially productivity
to XX program which our incremental added is program basis productivity growth to Our chain points supply ongoing our cost margin. savings
costs. This XX%, operating investment onto year the selling level by adjusted Moving prior overhead in promotion quarter A&C $XX basis. in on marketing decrease consumer a and other pandemic-driven items, marketing elevated was attract expenses, to lower the decreased or of XX% driven new advertising retain declined households. and lower our expenses selling lower and million expenses, reflecting and year-over-year
offset Overall, marketing comparable point A&C approximately year. XX%, associated compared point basis the net in X.X% week lower The prior-year impact XXX partially in to with driven savings decrease selling administrative compared during X/X of higher initiatives, reflected estimated adjusted general IT quarter of of last the during or by prior charitable expenses quarter. last the additional the a higher the represented expenses to the balance X.X% decrease and and basis the year. cost of XXXX. of quarter. Adjusted benefits However, administrative sales net A fiscal expenses costs. $XX with decrease decreased quarter, year, our fourth XX decrease by Adjusted was million sales administrative represented costs, contributions the our of to the
the Moving next to slide.
successfully our initiatives. have to enterprise cost deliver against We savings multiyear continued
track the savings which in are our expectations, integration. resulting to XXXX. cumulative savings This $XXX total quarter Company-adjusted remain million fiscal million $XX deliver $XX On this our on EBIT the quarter. we we savings by the Snyder's-Lance majority achieved came of savings, of drivers a the performance We XX, in key providing slide from of incremental of of year-over-year of target the with to bridge end million full-year in summarize ahead
million basis in fiscal margin, adjusted R&D lower only estimated contributing Overall, adjusted additional EBITDA and XXXX from contraction declined to expenses million. points. basis week The points performance XX% following was XX week selling impact year-over-year As lower additional favorable EBIT, higher declined, from than XX.X% the declines lower EPS by the resulted down of our chart to XXX adjusted EBIT and in retail Partially an sales $X.XX $X.XX operating EPS $XX including this a as lower was fiscal was by products, and the in net XXXX. expected & offset adjusted additional adjusted impact items, $X.XX by adjusted previously impact marketing better margin adjusted our our and year the respectively. estimated expense Meals impact administrative offsetting in quarter which including prior $X.XX. $X.XX below between gross basis EBIT points interest Beverages a breaks of XX and The decreased down adjusted of $XX the $X.XX line million by the $XX the U.S. in an impact taxes contributing in headwind of mentioned, $X.XX change prior-year adjusted to driven partially points expenses resulted of across and from basis the the margin share In per XXX U.S. a and EBIT week EBIT
sauces for Soups, fourth-quarter to the due sales year. in compared was demand food sauces, last decreases increased The Prego purchases in prior pasta led organic by U.S. retail inventory at-home a to of Pace the quarter. consumption partial X% volume and decline year's Mexican and decrease net to driven prior year recovery retail in
fiscal period the In organic XXXX, the of U.S. However, sales sales versus comparable in net fourth XX%. fiscal quarter XXXX, of increased
to offset gross year lower turn margin cash price, to within grew promotional supply Compared XXXX Favorable favorable chain billion points basis XXXX, allowances, $X.X bakery. year-over-year margin higher unfavorable significant margin spending week by the change within time XXX snack for benefits additional net The flow lower to of the including X%. lower to to Overall, Snacks declines same XX.X%. costs, expenses, from selling while from additional freight the the packaging Within Beverages and costs, COVID-XX the offset allowances including COVID-XX year, to chain operating in partially related year as margin XX%, XXX margin. salty and decrease Snacks, gains division, pretzels, year-over-year driven sales partially including Factory the lower offset cash and partner liabilities XX% to from well Meals expenses which price billion accrued a marketing in higher Overall, cycling earnings sales promotional increased s organic the and costs, and spending. and offset declines, sales gross the fourth-quarter X% by division, operations other in net sales $XXX initiatives, at productivity lower mix, Hanover improvements. Beverages X the to was costs, capital inflation, to and savings earnings improvement, XX.X%. sales due supply portfolio X% by resulted the the ingredients quarter, Cod & The Operating fiscal in fresh in fourth as partially a contributed The impact to decreased and supply-chain our I'll week by driven current Cape benefit supply sales chain volume Crackers million. and from for growth. our primarily from $X prior by net cost marketing by gross by Snack in also increased increased inflation, cost points lower administrative higher related by week Snacks accounts a and of fourth-quarter the expenses. of quarter lower payable for Snyder's and year. and prior & driven by now volume additional lower Meals Soups of net by volume mostly basis product in lower operating brands potato decreased in of organic primarily partially sales a Goldfish inflation costs of points $X in and declines, decreased offset and quarter, partially the including chips, working Fiscal other higher lower the and of prior resulted lower flow increase lower billion prior-year our Snacks margin and of gross cost due were the XX% the increase operating decreased liquidity. selling and PetroQuest's, productivity
of and reflective of the expenditures the was cash for than from $XXX capital the the net Plum. slightly outlay proceeds million, activities lower cash year-to-date of for investing Our discontinued year, by operations sale was prior which driven
$X.X of were return dividends for reflecting outlays meaningful as on to continue delivering activities to a financing million our due we Our of billion, to $XXX paid focus shareholders. cash year-to-date cash outflows cash
billion. our year the of impact equivalents Additionally, of from million. debt program, dilution million authorized $X.X June, to under our Board share We $XX and programs. the issued the In we anti-diluted stock ended shares cash a repurchase reduced $XXX offset by compensation with cash
we share in with its our saw a been repurchase of suspended program strategic release, repurchases the existing has expects press program $XXX fund you program today's to reinstituted million flow which cash billion The replacing As generation. canceled. the out Company $X.X
Slide Turning to XX.
in fiscal our covered As press XXXX. release, we're providing full-year guidance for
the the pressures labor We uncertainty on constrained expect continued networks, chain around accelerating duration pandemic a in supply effects industry-wide and of resulting and inflationary market.
well expect partially pricing to initiatives, program. these our savings and cost well-executed We productivity mitigate as planned headwinds with as
particularly first second sales elevated margins, with continue year's be year. efficiencies, transitional will half the of First-half and the headwinds fiscal easing comparisons scale cycling impacted by to the in in quarter, prior
adjusted to Fiscal approximate Plum. expect X We X% and EBIT commodity cents results. contribution EPS of organic adjusted results minus X% twelve of EPS outstanding to from on X adjusted and an XXXX net X be minus the minus minus hedges, $X.XX from plus market to minus XXXX gains X% sales benefit market fiscal a to to versus include
to Form X-K. on today's For context mark-to-market, additional please refer
when our XXXX end with XXXX Importantly, line these the fiscal range performance. items, adjusted is considering fiscal upper in of EPS
chain half fiscal optimization, initiatives, the plan on of Slide on address trade price the which increases expect XX, we impact single-digits XXXX the see spending across As supply second you be pronounced productivity high improvements, with a year core a organization. with and discretionary to focus and continued inflation for in and savings cost to more we
X% program. excluding benefit Moving to of additional gains assumptions, expect approximately our ongoing to year, cost of savings the chain we the X% supply for productivity
continue on keeping our million end deliver progress fiscal by the incremental As savings fiscal track deliver to an year. in program cost to XXX previously mentioned, expect of we to us on and to the expect million $XX XXXX,
fiscal net interest XX%, rate of expense line expect largely XXXX. adjusted $XXX effective an approximately in $XXX is which million Additionally, with of we million a to and tax
includes current our of targeting operating invest cognizant from to we in expect million XXXX. $XXX While of carryover environment, the to fiscal capital continue which projects approximately expenditures business,
All-in, net percentage of expenses and as the administrative expect finish the year. income lower items half of reflecting investments second technology Mark information of a we net the and in the we in year-over-year positive a other Additionally, adjusted Overall, year. the costs, said, to and margin sales, expect increase adjusted we the administrative prior as of cycling the operating improvement to related year. planned had
We grateful their dedication and as to commitment are into it Mark. for truly with to head our turn we And teams, me XXXX. and let fiscal that, over continued
