Sean Connolly: Yeah. I don’t really see that, Pam. The volume impact we are seeing, and frankly, the peers in the space are really not a function of individual brand level prices and a consumer judgment that it’s much more of this macro thing where they’re reprioritizing entire categories and consumer domains in order to stretch their budget short term. There are — there was very little interaction in our portfolio with private label. There are some categories in our portfolio, albeit very few, that are more pass-through in nature and are more prone to a rollback in price if the key ingredient cost deflates. So products like Reddi Wip, where you’ve got basically dairy in there, products like our sausage business or our hotdog business where it’s pretty much a particular meat block that’s in there, those products — kinds of products tend to move with the commodity.
But for most of our portfolio, a, we haven’t seen that kind of singular judgment around the value of the product being too expensive, and we just haven’t seen any cost basis for rolling back price in terms of deflation. We’re still net-net in an inflationary position.
Pamela Kaufman: Thank you. That’s helpful.
Operator: And our next question today comes from David Palmer at Evercore. Please go ahead.
David Palmer: Thank you. It looks like you’re assuming 2% to 3% organic sales growth in the second half as implied by the guidance. I guess what gives you the most confidence that you can get there? What are the key improvement areas that we would see? I would imagine frozen entrees would be one, but perhaps you can give a sense of where we should be expecting the most energy and improvement going into the second half?
Sean Connolly: Sure, Dave. Let me hit that. we’re going to focus, as we always do, on our frozen and snacks businesses because those are the centerpiece of our strategy. But we also do have businesses within our portfolio now that are typically reliable contributors that are working really well in terms of meal creation, simple meals and things like that in our staples business, which tends to be a good mix. But I think between an improving consumer environment, more aggressive but smart and selective merchandising environment, a really good innovation slate and then A&P on some of our biggest businesses, not to mention, we’ve got very favorable comps on some of our big businesses in the back half of the year. I think all of that gives us a line of sight to delivering the kind of numbers that you just quoted. Dave, do you want to add anything to that?
Dave Marberger: Yeah. Just a little more color on the disruptions in the prior year, which were mostly second half last year, Dave. We had a fire at our Jackson plant, which significantly impacted our frozen fish business. Obviously, Lent is the big time for that. So we’ll be in a much better position this year on that. We had canning issues in our beans and chili business second half last year. And then as you remember, we had the can meat recall, which impacted Q3 and Q4. So more specifically, we should see strong improvement on those categories.
Sean Connolly: And one other point I’ll make, too, Dave, because you brought up our frozen business. It’s not an inconsequential point that one slide in our prepared remarks today that showed the 40-year trend on frozen. It is literally not counting commodity category like frozen fruit, it is in the top two, I think, of packaged goods in terms of long-term growth in the category, and it’s been particularly strong in the last six or seven years as we’ve driven innovation. So we remain incredibly bullish on our frozen business. And by the way, our unit share in frozen has grown consistently over the last seven or so years. And that included Q1. I saw it, David, you pointed this morning and thought we were losing share in our frozen meals business.
That is actually not the case. Even with the consumer environment the way it is right now, consumers making some of these trade-offs, we grew our unit share in our frozen meals business once again. And that is with some additional promotional activity from a larger competitor in the space during Q1. But frankly, that had no impact on us on a national basis. It impacted a different competitor in the space that happens to be a value-oriented play, but had no impact on Conagra where we again gained unit share in our frozen meals business.
