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| Statement |
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| It’s already underway and will give us a lot of good returns and will create better jobs for our people |
| Now, as I said for us we believe that elevating pep+ to the center of the strategy will give us sustained long-term performance over time |
| The result has been strong performance in the most recent years |
| So, I think we’re advantaged in that respect, Robert, in how we can execute granularity and agility both in beverages and foods in the U.S |
| And obviously our DSD gives us an advantage in terms of executing quickly those nuances by zip code and otherwise together with our retail partners |
| We feel very proud about the water reduction, the Scope 2 reduction |
| I think automation will be a big driver of our creating better jobs for our people and improving the efficiency of the system |
| In the food business, we feel more confident about leveraging Frito and our Mexico business to deploy capabilities globally end-to-end from agriculture all the way to consumer and go-to-market and manufacturing |
| And obviously, by moving the portfolio to positive choices that will be recognized by consumers as a positive way to stay connected to our brand |
| We feel very good about the fact that for the 8th consecutive year our customers are recognizing us as the number one manufacturer and that gives us a lot of pride and is a great recognition to the teams that operate every day in the U.S |
| International margins, exceptional performance in terms of year-over-year expansion in the back half of the year |
| We have an empowered culture, high-performing culture with the objective with the goal of becoming the global leader in convenient foods and beverages |
| And I’m very optimistic that the more resources we have, the more scale those businesses are, the better we’re going to be at transforming per capita into our savory snacks or convenient foods in general |
| And, I think we’re very good is that, one of our core competencies how do you build ubiquity and affordable go-to-market |
| Our agro programs become better, so we can grow potatoes, we can grow all of our ingredients at lower cost and that becomes a great way to move consumers from what is a, let's say, low value snacking opportunity to much more higher value |
| Number 2, core operating margin expansion of 20 basis points to 30 basis points a year |
| On dividends, we have a very long established track record of paying an attractive dividend and growing that dividend steadily over time with our recently announced July 2024 dividend action that’ll mark our 52nd consecutive annual dividend increase |
| That's a great opportunity for us both for growth and productivity |
| We’re really pleased with the progress we’ve made on our productivity initiatives around the globe, not just in international and certainly see the opportunity for margin expansion in the international businesses as we go forward |
| So, I think we feel good about that, in terms of relative performance and also to where we were five years ago |
| We will continue the journey of positive choices through superior R&D, be it reduction of sodium, reduction of salt, reduction of sugar, positive ingredients, whole grain, lentils, etcetera |
| The result of this has been, I mean we're feeling proud of it |
| When you think about e-commerce clearly a huge growth opportunity, e-grocery being a big part of it and we’re obviously improving our capabilities to be participating in that opportunity above our fair share |
| A great opportunity, we're doing a great job |
| So, good growth translation of the investments into faster growth across multiple parts of the business |
| Now, we’re excited not only for our growth opportunities and you saw that in the categories where we participate, the scale of our brands, the international opportunity and the innovation opportunities |
| So, if we are able to leverage the strength of our brands, the strength of our people, the strength of our infrastructure to continue to grow these categories and build market share as we think we will, this is a great opportunity |
| The first thing is growth, and we’re very excited about the growth opportunity for the company, mainly because we operate in two very large, very fast growing categories, globally relevant where we participate at scale, but if you see we’re still a very small part of those two categories |
| The Frito-Lay business has been gaining share consistently for the last four years, year-after-year and continues this year both by expanding packaging optionality, also introducing as I said innovation, extending permissible offerings and through a combination of better execution and innovation the Frito-Lay business continues to thrive above the category and above food |
| Now, let’s spend a bit of time on where are we going from here? How do we take in this momentum that we have, this stronger foundation that we have in our technology, our people, our brands, our capability in general to continue to deliver outstanding performance for all our stakeholders |
| Statement |
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| Productivity was elevated over the last five years culturally mindset, but also capability wise |
| There was a lot of weather noise in January |
| So, we are less than double-digit both in convenient foods and LRB globally |
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