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Adjusted EBITDA and EPS growth were achieved despite a 3.2% sales decline, driven by the successful execution of Project Apollo transformation initiatives and mix improvements.

Foodservice sales were primarily impacted by the intentional reduction of lower-margin bakery business, a strategic move to reshape the portfolio for higher profitability.

Retail performance was affected by increased slotting fees and trade investments, which management views as necessary front-loaded costs to support a robust innovation pipeline.

Rising fuel costs created immediate demand softness in the convenience store channel as consumers reduced discretionary spending at the pump.

Plant consolidations are materially complete, delivering significant efficiencies and putting the company on track for at least $20 million in annualized savings.

The Frozen Beverage segment benefited from themed brand activations tied to major movie releases, which helped drive a 13% increase in beverage sales and a $2.1 million increase in operating income, despite a decline in service revenue due to a customer insourcing maintenance.

Management attributes standout performance in foodservice pretzels to the continued growth and market share gains of Bavarian-style products.

Management expects the Q3 operating environment to remain similar to Q2, characterized by wary consumer sentiment and fluctuating oil prices.

Planned volume reductions related to bakery SKU rationalization are projected to impact sales by approximately 3.5% in Q3 and 2.5% in Q4.

Full run-rate benefits from administrative and distribution cost-saving initiatives are expected to be realized by the end of the fiscal fourth quarter.

The innovation pipeline is expected to ramp up in the second half, led by high-temp Dippin’ Dots, new Dogsters products, and patriotic-themed items for the U.S. 250th anniversary.

Guidance for the second half includes a potential $3.5 million headwind from fuel costs if current rates persist, though mitigation efforts are underway.

Recorded $6.5 million in non-recurring items related to plant closures and restructuring, including $4.1 million in non-cash charges.

Administrative expenses included $1.7 million in one-time charges for legal expenses and severance associated with restructuring.

A customer's decision to insource maintenance will cause a persistent decline in service sales, though management expects to mitigate margin impact by downsizing the tech network.

Inventory destocking by a large cookie customer created a temporary $4 million headwind in the foodservice segment, with orders expected to rebound in Q3.

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Management noted that convenience stores are hit first as high gas prices discourage consumers from entering the store for additional purchases.

The impact is also felt in the foodservice segment as general consumer sentiment becomes more cautious regarding rising costs.

The test has expanded into additional markets and is currently in what is expected to be the final phase.

Management anticipates a potential decision on a broader rollout before the end of the summer.

Share buybacks remain a priority due to management's conviction in the stock's value, with $22 million repurchased in the quarter.

Management indicated an uptick in potential M&A activity, which may influence the capital allocation calculus in the second half of the year.

Fuel surcharges can be implemented almost immediately in the ICEE and Dippin’ Dots businesses.

Price actions in foodservice and retail are more complex but are being actively discussed as potential responses to sustained inflationary pressure.

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