joining us. Aaron. you, for and morning, Good you Thank thank everyone,
our expectations. providing by begin comments on were our me below results, Let quarter first which
is our to particularly generated relates in in as momentum we two sales. quarter the top relative Given past unacceptable, line our expectations the quarters, miss this first the to it
growth of all in the of is execution key of focus food. imperatives, premium Underpinning all on strategic to continued brands. of brands include improving to plans at new on advertising growth which awareness recent the shelf, trial accelerating unlocking the and executing potential and our driving which proposition multiple already performance, the these is team Our across our consumer is value a launch dog the address actions
value, reprioritize with We are a deliver ensure the on programs on expenses; planned reprioritization increased one, including: of our we also an near-term of or reduction increase company-wide maximizing discretionary two, commitments certain financial actions to maintain of – evaluation taking decisive thirdly, and marketing focus discipline, shareholder return elimination on and initiatives; investments.
additional below first compared results. organic our result provide on me which quarter X% year, sales factors. net was of as – primarily Let the details Organic expectations, decreased prior to three sales a
the premium competitive and butter coffee First, in of dog second, the the peanut peanut timing the category. activity coffee and in food increased in thirdly, and shipments, deflation primarily butter; categories;
to which lower Our declined The only resulting the adjusting with compared resulting improved EPS XX% reduction was was the SD&A label of private and decline sales Pet sales. by gross deleverage, margin by from expansion offset prior mix in partially year. Food, net driven
Retail in respect With are we Coffee, dynamic. was confident the shortfall to that temporary this U.S. a
expected greater shifted to quarter. we sales decline formats deceleration fourth of This from timing the a to distribution across the that While due partially than all gains have second anticipated. the was quarter, was
going forward space all this As across shelf part we change, of formats. incremental gained
We build and fiscal to quarter the already line are bottom continue second for this year. Coffee seeing in and momentum segment the expect growth top
the remained number Dunkin’ continue one Along brand, the position to the retail Folgers strong. and sales leadership with outpace quarter category Our brand number became during three growth. in category
XX the periods. the and category coffee household penetration outpacing top and latest of brands XX-week four, in two approximately four K-Cup growth our in own we portfolio times five the category, addition, In is growing by
acceptance year growth with since Signature innovation to progresses, We also recently with launched retailer is contribute XXXX Origins line as that and Single Series, Folgers products our will Dunkin’ consistent Noir the projections. top
Certain price a sales shipments shifted Foods, net decline quarter, peanut also the retailers to and inventory list the primarily reduced company’s promotion was in to in XX% the fourth a butter peanut quarter. increase quarter. butter Consumer attributable key a prior was following the in decline a taken In in second
While price actions. our dollar was it have we quarter maintain than category XX% market volume We nearly our butter our pricing competitors volume following anticipated. peanut other the performed and better since and during the did offerings decline, takeaway a benefit lower taking increased share a category velocity a branded see for for than overall the consumer and as
business sales In label comparable Balance channel. continues Momentum in in were brands while our decline be Natural the for the brand majority by private X%. the Food, below Pet down anticipated to sales the our expectations, pet to slightly, Specialty we and down of masked be Pet
The impact from shortfall of anticipated actions. of pricing resulted than Nutrish from underperformance food premium result dog greater a expectations aggressive competitors as
We and are increase to growth, actions reaccelerate taking value Nutrish new which to to and increased include trial loyalty food the consumer shelf drive awareness. proposition advertising to improving targeted increase dog – at launching
the brand in launch confident of brand Nutrish balance quarter, a anticipate the we fiscal the the growth the for in including we While year, new innovation second platforms. as softness continued the strength driver key of of the for remain
we For to remainder high expect digits. the of mid to single the Nutrish grow fiscal year,
Cat for as areas actively X% are increase defending sales progress this growth, consumption. both in XLives key our as where deliver with food brands we by business. of in We the growth Pet well strong continued Mix, growth position growth There our Nutrish. long-term confident quarter, made remain and to and for and Meow driven potential shipments delivering were solid an
the launched net also by continue by for end the annualized platform million snacks products new year. the sales Pet $XXX increases sales Nutrish brand. Our the during dog over of $XX grew, project million also in we to sales delivered and Milk-Bone and for led quarter, Pup-Peroni, in innovation
from are we the examples the three of build consumer-centric everywhere. brands categories. how in to a be Turning made categories, the against the long-term best of our best and execute lead quarter build we consumers growth imperatives love imperatives, share progress our momentum with growth to continued in I’ll and couple to leading
area grew our generating a during Uncrustable snacking quarter, with growth total mostly X% net focus sandwiches, by the XX%. portfolio driven of Snacking key remains sales which
Longmont products as shipping at the volume produced execute Uncrustables plant now from We this facility. currently shipping we recently completed process. are the small startup is The
will year. As of the to capacity planned, during the remain throughout million second-half on within in track compared $XXX over support We XXXX. in million the sales significant year grow the years, business in a to $XXX approximately net fiscal expand increase sales we to next few to this
as platform new increase Ups Power on-trend Jif snack X result of the brand the for households year addition, by million helped household penetration past Jif has over a our the offerings. over In
quarter last in confident the sell-in opportunities the progresses. platform. new year, we Jif with We expand snacking and While as year launched for growth extensions of expect initial slowed distribution remain to line growth this the lapping recently
Turning to Last model, new which love. marketing includes our our teams, within marketing with of a we brands imperative fiscal year, implementing began addition building One work of to agency. strategic structure our new consolidating in Power consumers new a
the brands. beginning support very we’re underway Although market, brand new this the excited and refresh the new the we’re hitting brand and Jif Smucker’s about of advertising launched at for recently
brands’ new in new CPG of line new creative campaigns are continue support top strengthen a the set effectiveness, relevance for which to our in campaigns month. key brands fully growth. our breakthrough culture nine today’s expect launch bar will we upcoming These bold, and across to We
goals and the financial marketing to is in We investments to net commitment marketing to we in innovation accomplishing of and be remain to value. shareholder X% X.X% the of critical continue to project our spend sales and year. and committed support products our range for brands This our to new increasing
shop interact Our consumers shop is we demand to third We and with be need and understand brands and anytime. to on consumer growth imperative be multichannel. the available Therefore, everywhere. wherever
architecture XX%, to subscription Coffee. in equity model, our and In X% our for channel, our in particularly with to of to which brands. is well are the play The first now nearly pricing enforcing discipline end while pacing total e-commerce retail price suited line accounts the of goal sales e-commerce retailers e-commerce of year. to the categories by a the and fiscal channel sales, Pet Within that up the U.S. X% were pure quarter, reach we compete protect Food over
From while that Away products our Home has business branded been desire offering of of home. on focus the consumers outside The always
quarter, first our in four control categories: the offerings. increased our coffee, control three of liquid portion spreads we offerings market butter portion fruit During strategic share peanut and
in categories of market is XX% than twice these shared each more and two number over well Our competitor. the
and business, which being In ground additional coffee the launching number the we roast From our excited one the the category the position are we launch Away was In within frozen year. coffee XXXX XXXX our able Home Uncrustables in handheld further expand which strengthen category, about coffee, outlet. by to last retail business category, complements will
a are we here take from comments. my it Before you to Mark, turning over thoughts hope few away
dynamics in strong strength adapting represent current to operate market results deliver categories are aligned of to We with trends. are that quickly competitive that We our consumer and organization. the
We value. shareholder to our good framework and long-term and increase three on growth progress designed are deliver imperatives consumer-focused growth making financial on priorities our
the taking our brand for results. support right believe, are together the confident with the and decisive brands new remain drive we’re strategy, that in results year. approach of fiscal forward our the We of improved to portfolio strong will provide actions moving And and firmly remainder we
to done Finally, them acknowledge We employees. have they our as will dedicated forward. they I drive thank business do to moving want the what always, for what and
the turn to over call Mark now Belgya. I will
