KLG - Earnings call 3 2023

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Operator

Good day, and welcome to the Q3 WK Kellogg Co Earnings Conference Call. Today's call is scheduled to last 1 hour, including remarks by management and then a question-and-answer session. [Operator Instructions] I'd now like to turn the call over to Karen Duke, Vice President, Planning and Investor Relations. Please go ahead.

Karen Duke

Thank you, operator. you third us quarter thank review for and our of results. morning, for today joining a Good I'm joined Chief this and shows Chief morning forward-looking by Gary Officer; our Dave Pilnick, and McKinstray, disclaimer. our statements Financial #X Executive Officer. Slide our Chairman

certain forward-looking As are projected. such as future Actual from those results could made projections you statements today, the for are company's different aware, statements. performance be materially

disclaimer results Risk factors filings, information further concerning the as For listed differ, the on refer to including our could those these factors as statement please to cause SEC on Form in Factors slide well public XX. the registration that our in the

certain discuss the our GAAP items we'll As results are noted unless results be and our which respective as on measure, referencing financial basis. also a stand-alone reported, for included we non-GAAP presented in today, adjust which

measure now of within presentation. I appendix find will definitions our You call release each to and earnings reconciliations can GAAP the turn to over in non-GAAP to Gary. non-GAAP slide the the and

Gary Pilnick

our in more and the we Today, everyone. company business. good speaking opportunity we call the today our about to presented earnings us will our at to how have share share Karen, Investor Co. on detail and an strategy joining for first the Thank WK as confidence independent excited you you to very with Day. Kellogg We're be as we Thanks, will be morning, running

provide I'll the and on priorities provide will discuss call turn today's detail Chief I the the for performance provide the overview and I call discuss logic quick then open our McKinstray, outlook. Officer, call, Q&A. performance. Dave our to will our to closing spin, and reminder a comments strategic who'll Financial a for additional As over underlying recent our then of

on key The call variety in track, we're that on X. today and Slide ways. our from is track takeaway we're a to Turning of

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We our and the to business as in begin the have fire positive strike. we continue and from journey margin momentum recover

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come outlook during will financial what normal be to for February back in will our cadence refine further XXXX. We our

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our each Last, of priorities Day. that we're on strategic track Investor during outlined we with

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Turning to Slide XX.

chain model we see delivering executing that and line our that holding work. could flat foundation consistent deliver our outsized our growth. By EBITDA supply financial You we're will modernization, makes top the

forward. half few strike. our in context investment supply big some of provide We the We've that in in the coming as the the customers. our of front in we and have me relaunched activation half discrete have commercial business a the events were half, second 'XX way second been years. We of business as were out the fire as turned with the the reestablishing of and had executed past footing going our which Let the us there we limited normalized on impacted resulted our XXXX meaningful launch fire We the We XXXX consistent from the where across of regained in in news investment. to is was resumed that expect XXXX, it more win the in increased strong year. The which investment spread strike, pricing we good marketplace. allow and with started our commercial top of all more line included innovation, evenly type activity has

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to bring forward, From Now cereal. do it point this of we service XX together. let's is turn all to everything Slide in

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about investments initiatives this outcomes of to on EBITDA for focused our You We growth. differently of how mentioned drive business. better will to operate couple already margin high examples we we're unlock and heard drive implementing a return

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We and hand over will our are Dave take you through now to started. I just to outlook. financial getting call the results

David McKinstray

best Thank appendix basis, you, today detailed of in provided reconciliations depiction commentary to this today's stand-alone is forward. presentation. details will Full release results financial press adjusted been a provided which Gary. feel and have My the and and the on we going our be around results business

will a third with prior Slide to versus Turning period. at line see expectation XX, X.X% were that the sales our the decline in for you quarter net year $XXX million,

up While positive to continue year-to-date XXXX we price as first reflecting in business net sales realization from momentum depressed levels, X.X%, were specifically rebuild good and the the half.

is by wellness K, And Rice Raisin offset Our Special highlighted and portfolio, health share by product Bran. growth and which Kashi performance slightly includes and Naked. Bear led with our Krispies

For the was in focused in price the profitability. and of period third year on a increasing balancing impacted rebuild disciplined volume more quarter, by promotional lapping volume levels prior inventory elasticity, approach

have this elevated we laid we quarter levels half seen included continue of the increase we promotional into As XXXX, we we our which in investment price tracking at XXXX to Day, versus and and QX saw they cycle. commercial actions. early an activity. On we levels previously previously These mentioned, Investor relaunched the list elasticities, expect led expectations throughout of levels price increasing in business with the the as out second and inflationary are will fourth lap

All confident our deliver we of to in ability and financial commitments year. the was our expected, for remain this

XX.X%, Gross price/mix. margin quarter a the reflecting basis for prior was the year, improvement of benefit point versus positive the third XXX

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XX-month has business on improvement we expected, For and are basis. we steady the year, our as performed showing a rolling

for We just to both moment. against deliver XXXX, which on cover track financial and XXXX commitments are we'll our a in

in Looking now our the at business XX-month trailing on Slide already XX. This of saw We chart line. demonstrates the throughout improvement consistency basis. we've our seen a XXXX top

Looking you sales we the see $X.X can range. this at on delivering are billion slide, net in

positive performance our top for a catalyst line has improvement. Our been margin

efficiencies. due you'll Next, price/mix see management XXX that since we've positive revenue by driven to margin, looking QX, points and basis growth initiatives increased gross gained at

line X.X% a fire expect a margin the Finally, This resulted basis trajectory XXXX. recovery and looking at steady and improvement realizing price type EBITDA in third is EBITDA quarter, in margin continue XXX has and through, strike. improvement. margin, from profitability we our is with of which finish we to point Through as the has expected dropped

cash opening revolver. on $XXX our end and Slide XX. QX, our loan our borrowings the consisted of of $XXX to million million our position we position At had on balances completion Moving million. of At and under spin-off, our of debt $XX A term the of debt equivalent

cash Kellanova, million an resulting $XX addition, million net debt In of from implied we in spin. of at received at $XXX spin

million. intended to purposes would debt We the balance back splitting recall you'll dividend be from were our $XXX Day, estimated sheet. the fund Kellanova to the this of Investor As dividend initially proceeds from the largely for

to capital. amount net in account difference working the This difference the accounts increased as QX timing for working capital timing normalize rates. in reach will run However, ongoing

of We expect QX. at be levels debt to targeted end net the by

In capital to balances. core revolver related our we working fact, to start X already we cash balance as down of paid realize to normalization this inflows

term up chain our reminder, has and to primarily million As a $XXX be a to delayed draw used supply a will fund feature million with modernization. loan $XXX our capacity A

will to $XXX to has and Our capacity million be up primarily needed. seasonal flow supplement used our revolver as cash a

Turning XX. outlook on Slide to our

Day. slightly guidance XXXX, targets For of Investor the our is ahead provided at

in We which growth of X.X% range reflects sales the $X.XX $X.XX X.X%. be billion billion, net to of expect and to

and $X.X EBITDA be approximately to compares we margins We Day. expect billion discussed to between net This X.X%. sales at and X.X% EBITDA Investor margin in X%

million XX%. rate Additionally, in for an of QX approximately include XXXX, $X of tax assumptions our consolidated approximately OIE expense effective below-the-line

Moving are Day, the now $XXX million. net would million we be in dollars EBITDA $XXX range would said financial approximately provided at XXXX, and where reaffirming be to outlook flat sales the to the we of we Investor

provided heading we in our guidance we into our in mentioned, those to visibility numbers. early remain increased August achieve and confident As for ability spin,

will with back February in guidance. specific We you to more come

our Additionally, million rate and February of Again, tax in expense earnings assumptions refine $XX QX of financial our OIE Investor said include Day, further with below-the-line consolidated effective for consistent we'll approximately at what XXXX, all our of approximately we XXXX call. is this XX%. and at outlook an

to a move look XX and capital now our take allocation. at Slide Let's

mid-cap First, moving ROI focused line with we'll closer center peers. expansion margin store our in opportunity, be on unlock to investments our us high

Second, of focus Xx covered that, and we first EBITDA, capital for approximately our very QX feel our the position And level right a of Last, we'll strategic leverage $X.XX we provides focused slide, which debt maintaining a shareowners. be to on our returning we declared position dividend is a with on flexibility. long-term share. previous of

short the in line and the summary, is chain our executed our begin daily flow our with our expectations. and spin on balance improve that modernization, with to long driving decisions business the profitability disciplined for supply we focus sheet As we cash execute optimize term. In

expectations, a I to and off the margin against Gary. EBITDA improvement start. With back is call top line journey great turn our to is Our will now our delivering consistently that, over

Gary Pilnick

at On We Thank that opportunity category brands. with lies let's operate ahead. Slide you, XX, in reviewing Dave. a many final look iconic its the large, most durable of take our a

the line share Our and will singular growth. cereal, delivery top integrating drive while business, on of stable focus

outsized Our priorities our realize producing returns and actions to to to our chain for significantly And a optimize our generative finally, our invest of in allow people on supply growth. will benefit strategic us deliver lead shareowners. the investment full our will business, and executing resources cash more attractive margin

colleagues what of be across they an Our and and one X,XXX to them And would this thank excited We confidence doing will team done, Kellogg of being each in independent to of hope company. just are Dave now this new I the what will can to helm open do and is at strategy WK they've independent life. see we the call Q&A. our Co for first you like to they're what the month progress company. I bring hear of to making the personally

Operator

first Instructions] from Paribas. [Operator Gumport Our BNP Max comes question line today from the of

Max Andrew Gumport

reaffirmed. to and in nice but recently, meaning resume the meaningful. and 'XX couple losses, because I was share they're over year, seeing was pretty loss more curious you you've It we've we're did see think of quad-weeks, trends share share this on gained 'XX the highlight I outlook seen the last cereal

delivering what view stable that drivers So informs are how in wondering growth of XXXX. the and your

David McKinstray

But baked business glad at we were Terrific has we you question. the as in a forecast Day, we that are moving us Max. our already questions, there's can reason this tell lot that us fair well a this, share category. When our Investor to And about in. mentioning. as is the 'XX see I'm these of it's today. our And of very 'XX. thinking things worth we let's question back the you're answer start a gave different with forecasting here with were couple this been that as that way ability as because reaffirm Thanks, this morning that the performance

First, in price Price elasticity elasticity. has meaningfully pretty the hit market QX.

time couple And were elasticities about years increases of You some uptick the for of us. significant with there's been the recently. that might for last recall fairly over price quite benign a XX%

and coming this our that elasticity something we was come saw has price part So it in. of Again, is forecast.

is on pricing of business. actions us where impact the second The thing of the for timing our

the And pricing have recovering of gives timing our we actually market took that a you seen As than strike, and for delays in in we from were realization bit or the Max, other impact above different the later fire we a highest pricing you've sense folks. actions. timing those the and the price little quarter data of

share So time, if out. over pronounced of volumes over you at then if a starts look pretty has time, impact. a shorter period shorter over to period But at it it even time, of you a look

this relaunching year, half reestablishing thinking about what's continue of us volume promotions. of you we where the was half our it balanced including handling we happening we there's a the promotion. impact activation, share, turned In as commercial that really see the we're looking profitability. the approach, on pretty down the with first we a Now was year, year, more were balance supply. Last plan. way When of we're year, comparison of been our We're business. Back intentional. because on was That disproportion and year-over-year the the significantly, part about and for

our Kashi They're on and getting thing hit together, having all those brands, what's wellness So Bear that's happening last with impact our mentioning Naked. and even that's worth volume. health One an things is harder. what's

an we you forward. remarks, prepared Now in going this see opportunity our heard as

the Naked We've messaging. Bear new brand already with packaging, new new relaunched food,

investment that a that think our in the fourth special do share. has in can the And the So activation. quarter with something our think we price as last continues do near But year as of start things lapping very a increases. we impacted brands. combination those commercial what it's we we start was meaningful term lapping those We into

Max Andrew Gumport

a are you're work degree. signs some move more and a to from for And is with topic seeing it's they've Whether label more Just of premium-oriented behavior. or peaked to be what maybe value-seeking extreme to that brands waste more on seeing regard to just or behavior any follow-up Very things move you're specifically value-seeking helpful. getting reducing a private if mainstream one it's to curious brands?

Gary Pilnick

undoubtedly, dropping think consumer consumer I report is morning read this confidence. under pressure. about the I a

recognize we environment. So that's broader happening the

category Now And have for this way private gained we has it's seen some us, perform cereal the like to tends when the economy is it actually in label well is. the situations behaving share. interesting

step at you if earlier this year, look their sales If private correlative growth. back, went are and label, a TDPs you take highly up TDPs with

course what happened the this that's So year. during of

you it If at off has like around some the data, look near-term of the looks leveled X%. share

see we had that, the when of in reasons. dry branded couple very meaningfully category private special. innovation, a label than this what this has a And for lot and so lower this others and many business building a manufacturers, One, stake that's into probably makes brand is in in category a in our they highly big category invest grocery

label an in than affordable is thing category. about bowl private The meal. $X, category already milk, quite a stake Cereal the other with a it's that's is less

now even interesting it's the most the a So what's consumer consumers. the side and of what's which affordable very happening of is you're end And already consumers. at right I is sense premium But the growing, gives of category the lot to a our pressure. quite you of think still premium accessible business, accessible category to about in right, under that the it's because

cereal to introduced zero we're playing We category. fact, added first In the sugar the already. there

high and do more. to We have Special we're K expecting protein,

So actually an that's for exciting place us.

these term. undoubtedly. favor But in there our something work longer dynamics I think is making that yes, choices So actually we can category consumers are think

Operator

line from comes question Ken from today Our of the JPMorgan. Goldman next

Kenneth Goldman

hit volume in some is cadence XQ next as want that in we next quarter commentary and your get and the I XQ? messaging ourselves of of Is just about volume into of the wanted necessarily to fourth the year. sense being I shouldn't versus just to number meaningful investments. ahead messaging the model improvement given quarter kind volume, we meaningful get and into a for that still about just number begin share clarify, your better a you're the lapping that

Gary Pilnick

you we're the question. give me specifically? Dave a don't shape No, great how that's of why thinking

David McKinstray

QX right? bit levels improvement. would I Ken, little from will next that would into we a of Yes, suggest volume And consistent as expect QX be QX, into I the start seeing head then year, relatively to

Now our we about price right? one thing we for as we things volume us. that things to we amounts to overall meaningful continue. of an profit And RGM those drive is profitability we go expect journey, they think forward, component of important want So initiatives continue is realization think those as

will going it end We'll lap the of that years. price list seen we've the think. increases over But we some So last change, from the we really around after of change price the forward, behavior of couple QX, in in marketplace improvement again, continue that an to see But We try probably want we'll initiatives our volume. of do to part I and to want to price like drive to RGM. emphasize we that's realize the profitability.

Kenneth Goldman

year? that or side? And it little see to of of that comment that be that on the a positive that necessarily get of Or will possible more on more the on for shape I price will want kind some So sense just price the a shape that XXXX? of into is -- side? means build just on of that, the what and list we the is to mix help

David McKinstray

the at see the we to list Yes. at the mentioned, do expect throughout I expect year, positive QX. levels. levels of And I prices. would price question, that heavily seen prior current piece on stabilize the of have, especially kind I be environment don't realization think the as inflationary I the We've not we after same it

Operator

of the from today from question Rob Jefferies. comes next The Dickerson line

Robert Dickerson

Maybe Great. follow-up. a

But sales next is there maybe Day next the flat year, say some So think at we a about lot go-forward moving hearing I kind like right, Investor guess just and be of is ongoing should kind today, reiterate we're clearly, the of pieces. what of potential. volume lapse But continued pressures as and then if in the quarter RGM it's you year. for

process want So you're kind kind broadly, fine volume -- down Because with assumption ask of to to to very then respect which I RGM still question like volume dollar all. like of volumes next like of of line vis-a-vis of maybe for go thought guess, sounds guess, share, do would implied just a year. And be be operating this basic kind maybe kind would that I of share. with would also expect take first feel the clearly you've that, kind you forward? That's do you share kind kind the of more being on than like reaction the category be

Gary Pilnick

Thanks, Rob.

the way couple what as is back in were as We at investments as years, meaningful at different step now. the that back would we're supplying what a remember, XXXX, of it business -- think even a QX. take we our we approach, in turn think activation back the on. of was And and look I supplying our see a category, look the was commercial and business I more That's lapping last investment right over it level different you we're we had doing you'll half. promotional

So is it lapping be we're And part right thought that executing what that and able we're again, all the way reaffirm would why The now 'XX. we're that as 'XX is that's through executed. business working the plan. was to of we

win to we're mean Now flat back line. going forward, you going looking market a that with have That's our assumptions it share. we exactly would for right. top

that. as of use do one We to an think levers. important that's those way We RGM will

through this to But we backwards, business. RGM turning Looking be increases. that's maintain there's forward. to into ways going significant going line top be activities. all going new on what's We that There are ways price other manage where doing we're the think also been happening for business we're don't us to

to operating have just You ago. we X weeks remember, started

getting We're And businesses, integrating our means be new they're where marketing our that selling started finding force all commercial win over our with just separate to in integrating going chain model. time, more our sales there, do fit-for-purpose much plan That So we're is supply cereal. to opportunities the X all including reliable. then cereal. gets

balanced on that impact if dynamic as chain RGM we're flywheel whole. the sales So think demand promotional working all right, business approach supply a are as is should the the right the But together, to force you see that us. you're about to can functions the going important be you to have creating, Doing going our that the way, have. and

top All on impact will going forward. have of that line our collectively the

Operator

from from comes The of Peter America. of line today next question Galbo the Bank

Peter Galbo

just get Obviously, the cadence I to into you but bit gross a progression in 'XX. was some want you've 'XX don't official if you guidance, nice had of could little Dave, know I here margin. much wondering about too talk

improvement? were maybe those then as kind well some think I as and margin, there some could in on underlying some discuss if think year. one-off about relative starting we're of 'XX gross maybe factors to your to of nonrepeating 'XX But the of you factors expectations just

David McKinstray

question. Yes. I appreciate the

refine we're suggest of quickly we're XXXX impact would from saying, improve that current with lap that, you So come that at level you'll even our guidance pretty a from us margin total we had can in margin of that next coming into and further see detail we for had. some back onetime pretty We did expect margin that year, that to close majority giving right? XXXX little So today. I to away, a be improvement Again, early come do quantify it. us comes to about I mention would that gross gross things continue We'll would that the in numbers that will bit recoupment for some the into we'll is gross get by on But in the margin, thing that flow-through I onetime February talked to these I for back to that. this start is, with and EBITDA start where year. and a Peter, to yes, you. margin XXXX. expecting

Peter Galbo

it. Got

helpful. next free down capital want flow items a to to year, cash that's it, flow, And think on start how pin kind we early thoughts of for couple about I just don't you cash that? but -- just No, spending, any maybe should and of Okay. to

David McKinstray

Again, on more detail Yes. in with come we'll back February it.

detail, we exact of income our XXX% working one program. timing that cash flow think still Investor expect Day exact as around investments. net thing modernization those We're outlays. on about aren't think cash said to we we cash on convert I They the to insignificant is of before

cash come back those assumptions. more there, details. investment then direction on February it's still base coming in So given and to think further some refinement back refine we've But really flow, we'll simple and in I

Operator

today question Our the from from Barclays. line of Andrew comes next Lazar

Andrew Lazar

promotional the What you what of tends incremental bit the little the of -- and lot sort approach, high of activity in the typically terms a generates aspect way? putting about you the talk bit could can industry there of of done that out to merchandising the balance your terms of when effectiveness little the of measure return you're the pretty a in out merchandising you're about talked in putting in that of curious the it. and a the you're sort merchandising trends profitability be extent merchandising most way. you or Gary, a return think, sort this seeing activity of promotional to terms right are incremental I it right, that or profile merchandising it that seeing of in lot to if sort of I'm there. A of trying you volume for for

Gary Pilnick

question. deliver. will 'XX we about reasons profitability to this part promotions. I able about our I'm and always And about which what been important And believe it earlier just repeat Andrew. balancing can answer, the into many be we're Andrew, repeating one have do we some appreciate as It's so volume 'XX. to and I delivering promotions is thinking an a we that expected you Again, of approach, we talked our reaffirm myself, it's know asking we're year of the balanced this And we and enter we're as business.

talk in levels, promotion the you cereal XXXX us about there in to dry that of think for did think better us merchandising there's we're Day there. And we We not in opportunity a lifts When category opportunities there's is. general. Investor yet. The does at have back and we get think some Now meaningful for grocery.

our So forward expected this would our infrastructure drive being one tell help we're to it's of going for the would integrated you, even going will have also we that's forward. execute. our things in and the expect the us, it with together to we that But better demand-creating business the we given way When you business sales what is execute strategy, to doing believe I what force, absolutely and believe doing we do.

is we turn we as but expecting, were we think we're we WK on creating this what even that we machine are now we'll better Kellogg. right as where do go new at So forward

Andrew Lazar

consumers, a was Special years proposition consumers, on what then what just follow-up be had of guess, been And type And from a right? track, wellness our to sort weight couple better now to hearing sounds a a right. you the It of brand very to a is just of I brand ago, things big if tough. brand basically more loss-oriented Great. approach. a specific sort trying a to, much those on redefining K, brand that brand of right, was going brand. can more types It I of process, a reinvent do and of remember I'm

So curious, played process guess, in And where out how sort of, I'm it with now that brand? to has is that I consumers? respect

David McKinstray

about wellness and diets is of couple Special K well what examples getting added that cereal K We there. brand Special our of and ago would where diet K way We feel easy into zero, positioned be the Special first was is that time K others the then let's of things that, but K thinking turning really would about And like brand. about sugar good life do. with industry. wellness Special it's in was a as is turned Special from and lot about to protein. Two like a a Special better brand Andrew. health you, the talked right, and Bran. right not the brings agree the as some against I the zero category high after just team consumer recent a the quite Diet now, to this benefited And you're as K world remember, and

You businesses business can credentials premium just these also the nutrition do more drive forward how the and food, of drive we names in well. do see about but the the we as products really it's how products the in this are into

K So those look, and it's moving it all to for we're premium. also things, wellness, of both is health Special But consumers.

go evolving forward the think has I going job do we match a that forward. is which need changing to it as team a we brand, as consumer to terrific So behaviors, business of done transitioning what

Operator

Final Palmer of question the today ISI. from David Evercore from comes line

David Palmer

going sales roughly stabilize implies, in cereal implies to X% to sales what down segment? just segment and the on quarter organic you're flat a Just 'XX share a are in you guidance fourth X% confirm, and to thinking it flat your guidance in that cereal

Gary Pilnick

Yes.

maybe you X% for going at pretty you if QX. all it's down dissimilar, quickly QX, not range QX, can to look get to the be think what of think we that and to in I X%

We different Remember, lapping all from not again, at that in trajectory. QX, in spoke base the quite our about So that promotional a current we're though, year. bit we're where of activity.

last step-up a had in brand building. in also We year QX

driving approach. volume had call now got that And things half as in more the disciplined, year, we're those X So lapping were for of last tailwinds the us. it, back I'll we of incremental to kind second

thing and of more that said think a expect kind and of the so. quarter category of other transition well, not going we value lowest as is forward, to the you levels The But we remember our pre-pandemic is to at in it the return sales level. be a year QX flattish is I insignificantly dollar QX we'd seasonally to net that

it there, and the So we next I expect what that's well and David, beyond. over think said you quarter

David Palmer

it some positive thing make the just repeat be type going ROI was you that broadly, to as of what helpful. And would that type that guess maybe forward, of like can some try to want we to then may I share had stabilize spending you characterize market can the and not would that activity have that share, growth of a you've activity not promotional think you And that. you lost out promotional you're didn't and repeating data there. of activity, see in Clearly,

David McKinstray

this that's the to us it And compare last to way These and was best it think sort we choices made intentional were intentional is right Dave, Yes, that for the year last and year. observation. year. answer I that contrast would to of --

into and promotions. on big turning way, commercial leaned a we you're business reestablishing in activity As your back the

we're way our and much the the normalized throughout We've year. balanced spending more different a in advertising promotion, evenly year. now are We

smoothing dedicated forward, let doing repeat force better gives have and about myself We're it about these right pulling And sales going volume going about of it's and think promotions move design creating supply So bit in confidence lot promotions those and I'm half because can the is the us, the execute better. what return to we together, we're a profitability. consumption we out balance integrated think driving of making with promotions. That were different more. have process going it's choices as What to way and to for infrastructure the back even you right or as going here, us simply the us demand you're a is them going a we going little forward and forward. to well

how we're that's thinking So this. about

we again, forecasted choice. But the I the the in impact right we you this that And that's we August. made can choice business be sense a was that to knew think is how going because that back

Operator

at questions additional no were There time. this

back to pass the like over So closing Pilnick I'd Gary remarks. to call any for

Gary Pilnick

forward to sharing very WK Well, call first Co. at earnings you it, We thank results appreciate call you QX February. Very with to our much our Kellogg we'd everybody. all look for in our joining like

Operator

today's your conference concludes all for Thank call. participation. This you

You may lines. disconnect now your

WK Kellogg (KLG) 8 Nov 232023 Q3 Earnings call transcript