Financial Performance And MarginsGross profit was 23.6% below the forecast (-$0.59), with adjusted gross margins of 22.5% below the 27.6% forecast.
Market Share And Sales PerformanceSales of $1.612bn were 6.2% below the estimate, with organic volumes -8.0% y/y below the -5.0% estimate and price/mix of +3% below the +6% estimate, with half of the volume decline attributed to market share losses.
Outlook And Market DynamicsConcerns over supply and demand dynamics are impacting the pricing environment, with headwinds including share losses, soft restaurant traffic, pricing investments, and a supply/demand imbalance lowering sales and margin expectations.