Brendan Foley: So, I’ll speak first to mustard. We just, again, readdressed sort of the context and the background on this. We definitely are seeing sort of a lot of low price points in private label, fairly low, which impacted our consumption, and it’s driving down the category dollars, but importantly, it’s impacting, our trajectory on consumption. So, we do plan to improve those trends in 2024. Largely, I think we’re going to look at increasing promotional programs. We have a big grilling season, quite excited, actually, about the grilling season coming up. Mustards a big part of that as are a number of items within our portfolio. That plus, just making sure we are at the right price points, I think, across that business.
We’re also strengthening distribution, too, which will strengthen trends on top of that. So, that’s a perspective on mustard. It will continue to get better, but as we were talking about in the fourth quarter, I don’t know that we saw – what we saw in the first quarter was, contrary to what we were expecting as we start to implement those plans, particularly as we get to the grilling season. On the prepared foods category that we spoke to, we’re riding the trends right now in the marketplace, and I think that’s what you would expect to see us – how we would see us perform. It’s a smaller part of our portfolio. We would not kind of call it this part of that core, and so we are really, I think, just watching the trends, making sure we follow what’s going on in the category, and we’re treating it much like in that manner.
Mike Smith: Yeah, I think about it, too. You think about – we’ve talked about our portfolio management and this is part of that. We’re making sure that items we have in our portfolio, just whether on the consumer or Flavor Solution side, we can improve business that doesn’t meet our target, so you’ll see some of that probably in this area too, but we won’t be calling it out as a separate item.
Matthew Smith: Thank you for that. I can pass it on.
Operator: Thank you. Our next question comes from the line of Tom Palmer with Citi. Please proceed with your question.
Tom Palmer : Good morning, and thanks for the question. I wanted to ask on just the shelf resets coming later in the second quarter. Is this incremental from a shelf space standpoint? I mean, is there going to be, depending on how the timing goes, the potential for some favorable shipment timing as we think about the second quarter? I would assume that’s not factored into your outlook. I just want to understand kind of the moving parts there, and also kind of if that’s the key driver of this expanded shelf set. Thanks.
Brendan Foley: Well, we do believe that when we gain in TDPs or distribution, we do that as incremental to our presence in the market at that time. I think speaking to its impact on the second quarter, we feel like we’ve got that called in our outlook for the rest of the year. So I don’t know if there’s anything specific I want to identify for the second quarter behind this, and when exactly all that stuff ships, etc. I think that’s a level of detail we just probably wouldn’t be getting into at this point.
Mike Smith: I think, Thomas, maybe as your saying, I think you are kind of focusing on the shelf renovation with the new bottles. That’s been rolling out from the end of last year into this year, and that’s really not a big shipment, that’s what we’re replacing. It’s kind of going – it’s not a big reset. It’s the same size bottle basically. It fits on a roll bin, so we’re just kind of filling the pipeline with that. So you’re not going to see a big spike. Now, you will see better velocity and things like that, which is why we did it, and that will build throughout the year. Some of the resets we talked about with winning new business on other categories, those shelf sets happen sometime in the second quarter and will benefit us in the second half. So there’s kind of two different thoughts there as you think about it. And welcome to the call. It’s your first call with us, Thomas.
Tom Palmer : Thank you. I’ll leave it at that. Thank you.
Operator: Thank you. Our final question this morning comes from the line of Rob Dickerson with Jefferies. Please proceed with your question.
Rob Dickerson : Great. Thanks. Just one up-front question, two mechanical ones. So I just want to go back, I guess, for the last time, the last question, just to kind of the delta we’re seeing in the track channel data, which clearly all of us look at, and then what you did in overall consumer in Americas was better. And I think I heard you say like Latin America was doing well. I know e-comm sounds like it’s growing double digit. But I’m still trying to get a little bit more color, because I feel like if e-comm had been growing double digit or Latin America kind of had already been doing well, like there’s got to be some delta in there that’s driving the difference between what we’re seeing in that track channel data, relative to what you report, because it clearly was much better in Q1 versus, let’s say, the prior three years.
So then as we’re all looking at that data going forward, like should we I guess think that you will be tracking nicely ahead of that data given the same drivers or maybe not, because you are also saying you shift to consumption, but it’s not what we see, and it’s not what we’ve seen for the past like 11 quarters. So just there was something in there, and that’s why we’re all asking, but I just didn’t really get it.
