切遲杜威 (CHD) 2025 Q2 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to Church & Dwight second quarter 2025 earnings conference call. Before we begin, I've been asked to remind you that on this call, the company's management may make forward-looking statements regarding, among other things, the company's financial objectives and forecasts. These statements are subject to risks and uncertainties and other factors that are described in detail in the company's SEC filings.

女士們、先生們，早安，歡迎參加 Church & Dwight 2025 年第二季財報電話會議。在我們開始之前，我被要求提醒您，在本次電話會議上，公司管理層可能會就公司財務目標和預測等做出前瞻性陳述。這些聲明受到風險、不確定性以及其他因素的影響，這些因素在公司提交給美國證券交易委員會的文件中進行了詳細描述。

I would now like to introduce your host for today's call, Mr. Richard Dierker, President and Chief Executive Officer of Church & Dwight. Please go ahead, sir.

現在，我想介紹今天電話會議的主持人，Church & Dwight 總裁兼執行長理查德·迪爾克先生。先生，請繼續。

All right. Thank you. Good morning, everyone. Thanks for joining the call. I'll begin with a review of Q2 results. I'll speak to the Touchland closing, strategic actions and some thoughts on the macro environment. Then I'll turn the call over to Lee McChesney, our CFO. When Lee is done, we'll open the call up for questions.

好的。謝謝。大家早安。感謝您參加電話會議。我先回顧第二季的業績。我將談論 Touchland 的關閉、策略行動以及對宏觀環境的一些想法。然後我將把電話轉給我們的財務長 Lee McChesney。當李講完後，我們將開始回答問題。

First, I'll begin with Q2 results. Organic sales grew 0.1%, exceeding our outlook of minus 2% to flat. Adjusted gross margin was down 40 basis points, also exceeding our outlook range. Adjusted EPS was $0.94, which was $0.09 higher than our $0.85 outlook. Lee will take you through the rest of the numbers shortly, but first, some highlights from the quarter.

首先，我將從第二季的結果開始。有機銷售額成長 0.1%，超過我們預期的下降 2% 至持平。調整後的毛利率下降了 40 個基點，也超出了我們的預期範圍。調整後的每股收益為 0.94 美元，比我們預期的 0.85 美元高出 0.09 美元。Lee 很快就會向您介紹其餘數據，但首先介紹本季的一些亮點。

When we gave our outlook back in May, we were seeing category consumption data that was shown a deceleration from strong growth early in the year to turning negative in early April. The good news is that since then, things have begun to improve with categories finishing positive in April and Q2 category consumption for our largest categories, finishing around 2.5%. The macro environment has been volatile and uncertain with tariff policies changing frequently.

當我們在五月發布展望時，我們看到類別消費數據顯示，從年初的強勁成長減速到四月初的負成長。好消息是，自那時起，情況開始好轉，4 月份各類別的消費量均呈正增長，我們最大類別的第二季度消費量也增長了 2.5% 左右。宏觀環境動盪不定，關稅政策頻繁變動。

The consumer uncertainty showed up in early Q2 when consumer confidence hit a 12-year low. Since then, consumer confidence levels have started to recover as tariff policy appeared to stabilize. Not surprisingly, given that backdrop, our second quarter sales finished slightly ahead of our outlook, which gives us confidence in achieving our full year organic outlook of 0% to 2%. Our brands continue to perform well in this dynamic environment.

消費者的不確定性在第二季初顯現，當時消費者信心跌至 12 年來的最低點。自此以後，隨著關稅政策趨於穩定，消費者信心水準開始恢復。毫不奇怪，在這樣的背景下，我們的第二季度銷售額略高於我們的預期，這使我們有信心實現 0% 至 2% 的全年有機成長預期。我們的品牌在這種動態環境中持續表現良好。

We continue to drive both dollar and volume share gains across most of our brands. Our balanced portfolio of value and premium products and our relentless focus on innovation continues to position us well for the future. International continues to take share across the globe.

我們繼續推動大多數品牌的銷售額和銷售份額的成長。我們均衡的價值和優質產品組合以及對創新的不懈關注將繼續為我們的未來奠定良好的基礎。國際市場繼續在全球範圍內佔據份額。

Further, we continue to grow the online class of trade with online sales as a percentage of global sales now reaching 23%.

此外，我們持續擴大線上貿易類別，線上銷售額佔全球銷售額的比例現已達到 23%。

In July, we closed our most recent acquisition, Touch landTouchland. Touchland is the fastest-growing brand in the hand sanitizer category in the USU and is the number two and hand sanitizer in the category. Touchland experienced strong growth in Q2, outpacing the category and gaining share. We're excited to add Touchland as our eighth power brand and even more so excited to officially welcome the Touchland team to Church & Dwight.

7 月份，我們完成了最近的收購，Touch landTouchland。Touchland 是 USU 洗手液類別中成長最快的品牌，並且是該類別中排名第二的洗手液品牌。Touchland 在第二季度實現了強勁成長，成長速度超越同類產品並擴大了市場份額。我們很高興將 Touchland 加入為我們的第八個強大品牌，更高興地正式歡迎 Touchland 團隊加入 Church & Dwight。

Now let's discuss the strategic actions we outlined last quarter. To drive shareholder value, management team assessed each of our brands on a regular basis. As a result of these reviews, we often accelerate and increased investments in our strongest brands and move the speed to address opportunities for value creation. That review is what led to the strategic decision to exit Flawless, Spinbrush, and Waterpik showerhead business.

現在讓我們討論一下上個季度概述的策略行動。為了提高股東價值，管理團隊定期評估我們的每個品牌。透過這些評估，我們經常加快並增加對我們最強品牌的投資，並加快速度以抓住創造價值的機會。這次審查促使該公司做出了退出 Flawless、Spinbrush 和 Waterpik 淋浴噴頭業務的策略決策。

Today, we'll provide an update on our vitamin business. We remain focused on our revitalization efforts with multiple innovation and branding programs underway in 2025. While it's still too early to fully evaluate results, we can share at this time that we're seeing mixed results. There are some green shoots. We see our multivitamin business improving week over week, and our innovation has seen strong consumer reviews, and of course, we remain focused on executing our improvement actions.

今天，我們將介紹維生素業務的最新情況。我們將繼續專注於振興工作，並將於 2025 年開展多項創新和品牌計畫。雖然現在全面評估結果還為時過早，但我們現在可以分享我們看到的混合結果。有一些綠芽。我們看到我們的複合維生素業務每週都在改善，我們的創新也得到了消費者的強烈評價，當然，我們仍然專注於執行我們的改進行動。

In addition, we are undertaking a strategic review of the business, including streamlining our supply chain to strengthen our core business, potential JV and partnership opportunities and divestiture options. The gummy vitamin business continues to be a drag on the company's organic growth. The good news is the gummy vitamin category grew almost 4%, which is the third consecutive quarter of growth. The bad news is our consumption was down around 25% as our TDPs declined.

此外，我們正在對業務進行策略審查，包括精簡我們的供應鏈以加強我們的核心業務、潛在的合資和合作機會以及資產剝離選擇。軟糖維生素業務繼續拖累公司的有機成長。好消息是，軟糖維生素類別成長了近 4%，這是連續第三個季度的成長。壞消息是，隨著 TDP 的下降，我們的消耗量也下降了約 25%。

Now I'm going to turn my comments to each of the three businesses and the improved results from our teams in the second quarter. First up is the US consumer business. Organic sales declined 1% with volume growth being offset by negative price mix. Volume growth was muted by continued retail destocking in Q2. We continue to expect slight impacts moving forward.

現在，我將針對這三家業務以及我們團隊在第二季的業績改善發表評論。首先是美國消費者業務。有機銷售額下降 1%，銷售成長被負面價格組合所抵銷。由於第二季零售業持續去庫存，銷售成長受到抑制。我們仍然預計未來會產生輕微影響。

Consumption was positive in the quarter for the US business with momentum improving and we grew share in five of our seven power brands. Let me provide a bit of color for a few of our important categories. First, with laundry detergent, Arm & Hammer liquid laundry detergent consumption grew 3.2% in contrast to 1.3% category growth. Arm & Hammer share in the quarter reached 15%.

本季美國業務的消費表現積極，勢頭不斷改善，我們七大強勢品牌中有五個品牌的市佔率均有所成長。讓我為我們的一些重要類別提供一些說明。首先，就洗衣液而言，Arm & Hammer 液體洗衣液的消費量增加了 3.2%，而同類產品的成長率為 1.3%。Arm & Hammer 本季的份額達到了 15%。

Moving to Litter, Arm & Hammer Litter consumption grew 3.4%, while the category was up 4.1% as we saw heightened competitive promotions. Next is Batiste, Batiste continues to be the global leader in dry shampoo. And while consumption was down almost 7% in the quarter, we're confident in Batiste return to consumption growth in the future. There are a couple of factors contributing to consumption decline, such as competitive price increases, economic pressure driving trade down, and we had some supply issues that are now resolved. This year, we're launching Batiste Light as a leading brand, our innovations continue to attract new users to the category and increase household penetration.

轉向貓砂，Arm & Hammer 貓砂消費量增加了 3.4%，而由於競爭促銷的加劇，該類別增加了 4.1%。接下來是Batiste，Batiste繼續成為乾洗洗髮精的全球領導者。儘管本季消費量下降了近 7%，但我們對 Batiste 未來消費量將恢復成長充滿信心。導致消費下降的因素有很多，例如競爭性價格上漲、經濟壓力導致貿易下滑，而且我們之前遇到的一些供應問題現在已經解決。今年，我們推出了 Batiste Light 作為領先品牌，我們的創新繼續吸引新用戶並提高家庭滲透率。

Over mouthwash, TheraBreath continues to perform extremely well. While the mouthwash category was down in Q2, TheraBreath consumption grew 22.5% and continues to be the number two mouthwash with a 21% share. Remember, we believe there's a lot of runway here.

透過漱口水，TheraBreath 繼續發揮極佳的功效。儘管第二季漱口水類別銷量下滑，但 TheraBreath 的消費量卻成長了 22.5%，並以 21% 的市佔率繼續位居第二。請記住，我們相信這裡有很多跑道。

Our household penetration for TheraBreath currently sits around 11% versus the category of 65%. Hero once again outpaced the category with consumption growth of 11.4% compared to the acne category growth of 1.5% and remains the number one brand in acne care with a 22% share. Equally important as Hero continues to gain share in acne patches.

目前，我們的 TheraBreath 家庭普及率約為 11%，而同類產品的普及率則為 65%。Hero 再次以 11.4% 的消費成長率超越痤瘡品類 1.5% 的成長率，並以 22% 的市佔率繼續保持痤瘡護理領域的第一大品牌地位。同樣重要的是，Hero 在祛痘貼領域的市佔率持續成長。

And similar to the TheraBreath story, we believe household penetration growth is key for this brand. It sits at 9% versus the category of 28%. Hero continues to launch innovative solutions and patches and is entering the growing body care segment in 2025 with the Mighty Patch Body.

與 TheraBreath 的故事類似，我們認為家庭滲透率的成長是品牌的關鍵。該比例為 9%，而同類比例為 28%。Hero 繼續推出創新的解決方案和貼片，並將於 2025 年憑藉 Mighty Patch Body 進入不斷增長的身體護理領域。

Looking ahead, we're excited about our pipeline of new products, which remain a key driver of our success. In 2025, we expect continued innovation to power our growth and build on momentum, especially in several core categories where we're leading the way.

展望未來，我們對新產品的推出感到興奮，它們仍然是我們成功的關鍵驅動力。2025 年，我們預計持續的創新將推動我們的成長並增強發展勢頭，特別是在我們處於領先地位的幾個核心類別中。

Now turning to international SPD. Our International business delivered sales growth of 5.3% in the quarter, organic increased 4.8% due to a combination of higher volume, price and mix. Growth was led by Hero, TheraBreath and FemFresh and was broad-based with all of our subs delivering growth. We were able to grow share in all of our power brands in the quarter, which is a great achievement.

現在轉向國際 SPD。我們的國際業務在本季度實現了 5.3% 的銷售額增長，由於銷量、價格和產品組合的提高，有機增長了 4.8%。成長主要由 Hero、TheraBreath 和 FemFresh 帶動，並且基礎廣泛，我們所有的子公司都實現了成長。本季度，我們所有強勢品牌的份額均有所增長，這是一項偉大的成就。

Finally, SPD organic sales increased 0.1% due to a combination of higher price and product mix offset by volume. We continue to be excited about the growth opportunities in this business. Looking ahead, our full year organic growth outlook continues to be 0% to 2%, while category consumption has improved. There remains uncertainty around the US consumer and global economy. We expect our Q2 brand share momentum to continue, supported by our new product launches, our distribution gains and sustained full year investment in marketing.

最後，由於價格上漲和產品組合被銷售抵消，SPD 有機銷售額成長了 0.1%。我們繼續對該業務的成長機會感到興奮。展望未來，我們對全年有機成長的預期仍為 0% 至 2%，同時類別消費有所改善。美國消費者和全球經濟仍存在不確定性。我們預計，由於新產品的推出、分銷渠道的擴大以及全年持續的營銷投資，我們第二季度的品牌份額增長勢頭將持續下去。

Adjusted EPS, we continue to expect 0% to 2% growth, which includes the Touchland acquisition, the cost of the product recall and the wind down of the three exited businesses.

調整後的每股收益，我們繼續預計將成長 0% 至 2%，其中包括 Touchland 收購、產品召回成本以及三家退出業務的逐步關閉。

I'll close by saying that category consumption is looking a bit better than three months ago, and our brands are strong. They're doing well. We're gaining both dollar and volume share across much of the portfolio. We have a healthy mix of value and premium offerings.

最後我想說的是，類別消費比三個月前有所好轉，我們的品牌也很強大。他們做得很好。我們在大部分投資組合中的美元和交易量份額都在增加。我們擁有優質和超值的產品組合。

We're well equipped to navigate the current environment. The strategic actions we're taking will position the company well for the future, and we continue to be on the hunt for the right acquisitions. I'd like to thank all the Church & Dwight employees for executing well in a volatile environment.

我們已做好充分準備來應對當前的環境。我們正在採取的策略行動將使公司在未來處於有利地位，我們將繼續尋找合適的收購機會。我要感謝 Church & Dwight 的所有員工在動盪的環境中表現出色。

And now I'll hand it over to Lee for more detail on the quarter.

現在我將把話題交給李，讓他介紹本季的更多細節。

Thank you, Rick, and good day to everyone. Well, as Rick just mentioned, we've just concluded a very productive quarter from our teams across the globe. As we shared during our first quarter call, we remain focused on what we control in the second quarter, and this positions us well as we look forward to the second half of 2025.

謝謝你，瑞克，祝大家有美好的一天。嗯，正如里克剛才提到的，我們全球團隊剛剛結束了一個非常有成效的季度。正如我們在第一季電話會議上所分享的那樣，我們仍然專注於第二季所控制的內容，這為我們展望 2025 年下半年做好了準備。

Let's dive into the second quarter and our outlook. We'll start with EPS. Second quarter adjusted EPS was $0.94, up 1% from the prior year. The $0.94 was better than our $0.85 outlook, driven by a stronger sales performance and some good resiliency with gross margin. Reported revenue was down 0.3% and organic sales were up 0.1%. The organic sales were on the high side of our May 1 outlook, and it reflects the improvements we saw in category growth and the strength of our brands.

讓我們深入了解第二季和我們的展望。我們將從 EPS 開始。第二季調整後每股收益為 0.94 美元，較上年增長 1%。0.94 美元的預期優於 0.85 美元，這得益於更強勁的銷售業績和良好的毛利率彈性。報告營收下降 0.3%，有機銷售額成長 0.1%。有機銷售額高於我們 5 月 1 日的預期，這反映了我們在品類成長和品牌實力方面看到的改善。

Our second quarter adjusted gross margin was 45.0%, a 40 basis point decrease from a year ago. Productivity and higher-margin acquisition, business mix drove 170 basis points of margin growth and offset a negative 140 basis points from inflation and tariffs, 40 basis points from the combination of volume, price and mix and 30 basis points from the ZICAM Orajel swab recall. I'd also note that a portion of our original tariff estimate about 20 to 30 basis points we expected in the second quarter shifted to the third quarter as the tariff rates and the shipment timing evolved.

我們第二季的調整後毛利率為 45.0%，比去年同期下降了 40 個基點。生產力和更高利潤率的收購、業務組合推動利潤率增長 170 個基點，並抵消了通貨膨脹和關稅帶來的負 140 個基點、數量、價格和組合帶來的負 40 個基點以及 ZICAM Orajel 拭子召回帶來的負 30 個基點。我還要指出的是，隨著關稅稅率和裝運時間的變化，我們最初預計第二季的關稅上漲幅度約為 20 至 30 個基點，但這一數字已轉移到第三季。

Moving to marketing. Our marketing expense as a percentage of sales was 10.4% or 30 basis points higher than 2Q of last year. And for the year, we continue to target 11% of net sales, in line with our evergreen model. We are encouraged with our share results in the first half of the year.

轉向行銷。我們的行銷費用佔銷售額的百分比為 10.4%，比去年第二季高出 30 個基點。今年，我們將繼續依照常青模式，將淨銷售額目標定為 11%。我們對上半年的股票表現感到鼓舞。

For SG&A, Q2 adjusted SG&A decreased 80 basis points year-over-year. And other expense decreased by $5.2 million due to higher interest income. And we now expect other expense for the full year to be approximately $65 million on an adjusted basis, reflecting the lower investment income following the Touchland acquisition.

就銷售、一般及行政費用而言，第二季調整後的銷售、一般及行政費用較去年同期下降了 80 個基點。由於利息收入增加，其他支出減少了 520 萬美元。我們現在預計全年其他支出在調整後約為 6,500 萬美元，這反映了收購 Touchland 後投資收益的降低。

In 2Q, our effective tax rate was 23.8% compared to 24% in Q2 of 2024, a 20 basis point year-over-year decrease. The expected adjusted effective tax rate for the full year continues to be 23%.

第二季度，我們的有效稅率為 23.8%，而 2024 年第二季為 24%，年減 20 個基點。預計全年調整後有效稅率持續為23%。

And now to cash. For the first six months of 2025, cash from operating activities was $416.5 million, a decrease of $83 million versus last year due to working capital timing and lower cash earnings.

現在兌現。2025 年前六個月，營運活動現金流為 4.165 億美元，較去年同期減少 8,300 萬美元，原因是營運資金時間安排和現金收益減少。

Now capital expenditures for the first 6 months were $39 million, a $37.6 million decrease from the prior year. And we continue to expect CapEx of approximately $130 million as we return to historical levels of 2% of sales in 2025. And in the second quarter, the company executed a $300 million share repurchase via open market transactions through an accelerated share repurchases program.

目前，前 6 個月的資本支出為 3,900 萬美元，比上年減少 3,760 萬美元。隨著 2025 年銷售額恢復到 2% 的歷史水平，我們預計資本支出仍將達到約 1.3 億美元。第二季度，該公司透過加速股票回購計劃，在公開市場交易中執行了 3 億美元的股票回購。

Okay. Let's now turn -- spend a few minutes on our outlook. For the full year, we expect reported sales growth of approximately 0% to 2%, and which includes the addition of a Touchland acquisition and the impact of lower sales from the businesses where we're exiting. To quantify that for you, that's about $70 million to $80 million of Touchland coming in and $78 million going out for the businesses being exited. We continue to expect organic revenue growth of approximately 0% to 2%.

好的。現在讓我們花幾分鐘時間談談我們的展望。就全年而言，我們預計報告的銷售額成長率約為 0% 至 2%，其中包括對 Touchland 的收購以及我們退出的業務銷售額下降的影響。為了量化這一點，Touchland 大約獲得 7,000 萬至 8,000 萬美元的收入，而退出業務則獲得 7,800 萬美元的收入。我們繼續預期有機收入成長率約為 0% 至 2%。

The sales outlook reflects our brand and category growth momentum and reflects a balanced macro view around the uncertainty in the US and global economies. We continue to expect full year gross margin to contract 60 basis points versus 2024 from elevated input costs and tariffs, the recall expense, unfavorable price and mix to outpace incremental productivity and higher-margin acquisition impacts.

銷售前景反映了我們的品牌和類別的成長勢頭，並反映了對美國和全球經濟不確定性的平衡宏觀看法。我們繼續預計，由於投入成本和關稅上升、召回費用、不利的價格和產品組合超過增量生產力和高利潤收購的影響，全年毛利率將比 2024 年下降 60 個基點。

And looking forward, Touchland is margin rate positive, but for this year, the business exits mitigate that benefit. And we're maintaining our adjusted EPS outlook for 2025. We expect full year adjusted EPS to be 0% to 2%, which includes the key elements we highlighted after the first quarter, but also includes a Touchland, which is neutral EPS for 2025, the wind down of the three business exits, in the cost of the product recall.

展望未來，Touchland 的利潤率為正，但今年，業務退出削弱了這一優勢。我們維持 2025 年調整後每股盈餘預測不變。我們預計全年調整後的每股收益為 0% 至 2%，其中包括我們在第一季後強調的關鍵因素，但也包括 Touchland（2025 年的中性每股收益）、三項業務退出的結束以及產品召回的成本。

For 3Q, we expect reported organic sales growth of approximately 1% to 2%, adjusted gross margin contraction of approximately 100 basis points, primarily from inflation and tariff costs, and the lower margins of the exited businesses. Marketing will be higher sequentially compared to last year. And as a result, we expect adjusted EPS of $0.72 per share, which is a decrease of 9% versus last year adjusted EPS.

對於第三季度，我們預計報告的有機銷售額增長約為 1% 至 2%，調整後的毛利率將收縮約 100 個基點，主要原因是通貨膨脹和關稅成本，以及退出業務的利潤率較低。與去年相比，行銷規模將持續成長。因此，我們預計調整後的每股收益為 0.72 美元，與去年調整後的每股收益相比將下降 9%。

Cash flow from operations for the full year remains $1.05 billion. In July, we also expanded our revolver facility from $1.5 billion to $2 billion. In a combination of this cash flow and the expanded credit facilities provides us excellent flexibility. Our M&A team accordingly continues to pursue accretive acquisitions that meet our strict criteria, with an emphasis on fast-moving consumable products, similar to our recent acquisitions.

全年經營現金流仍為10.5億美元。7 月份，我們也將循環信貸額度從 15 億美元擴大至 20 億美元。這種現金流和擴大的信貸額度相結合為我們提供了極大的靈活性。因此，我們的併購團隊繼續尋求符合我們嚴格標準的增值收購，重點是快速消費品，類似於我們最近的收購。

To conclude, back on May 1, we communicated our proactive set of actions to navigate 2025. And as Rick and I just highlighted, we've made great progress and we're focused on sustained execution for the remainder of the year.

最後，早在 5 月 1 日，我們就傳達了為迎接 2025 年而採取的一系列積極行動。正如里克和我剛才強調的那樣，我們已經取得了巨大的進步，我們專注於在今年剩餘時間內持續執行。

So with that, we're happy to take your questions. So Eric, we'll turn it to you.

因此，我們很樂意回答您的問題。所以 Eric，我們會把它交給你。

(Operator Instructions) Chris Carey, Wells Fargo.

（操作員指示）富國銀行的克里斯凱裡 (Chris Carey)。

Can I start on vitamins and the strategic review you're undergoing. Can you just give a bit of context on what might push you one way versus the other. That could be feasibility of outcomes? Obviously, you need to partner on the other side of the equation but that could also be the potential dilution of an outright divestiture and perhaps how you think about Touchland given the fast growth and margin accretion as a potential offset to such an outright dilutive divestiture. So can you just give us a little bit more insight on where you -- how those different decisions could come out and kind of the netting out impact if we were to look out 12 to 18 months? And I have a follow-up.

我可以開始談論維生素和您正在進行的戰略審查嗎？您能否簡單介紹一下是什麼原因促使您採取這種或那種方式？這可能是結果的可行性嗎？顯然，你需要在等式的另一邊進行合作，但這也可能是徹底剝離的潛在稀釋，也許你認為 Touchland 的快速成長和利潤率成長可以抵消這種徹底稀釋的剝離。那麼，您能否向我們提供更多見解，說明這些不同的決定將如何產生，以及如果我們展望 12 到 18 個月，會產生什麼樣的淨影響？我還有一個後續問題。

Yeah. Sure, Chris. Look, we were pretty clear in the release that we've put three different options out there, and there's some option in no particular order would be a divestiture. That's probably the cleanest option. The second one would be a joint venture partnership with a partner. We've seen that happen in the industry a few times as well.

是的。當然，克里斯。你看，我們在發布會上非常清楚地表明，我們提出了三種不同的選擇，其中一些選擇（無特定順序）將是資產剝離。這可能是最乾淨的選擇。第二種是與合作夥伴建立合資夥伴關係。我們在業界也見過幾次這樣的情況。

And the third one is to radically shrink that business and make it even more profitable. And that would have supply chain reorganization that would have kind of the way we manage that business implications to enable speed and even faster decision-making because I think everyone sees it, but it's not just Church & Dwight. It's the vitamin businesses that were put into all these CPG companies. These businesses need to be run and managed a little bit differently. And I think we have the ability to do that. It just has to change the organization around it and the structure we would have. So we need a few months to go through that.

第三個就是徹底縮減該業務並提高其獲利能力。這將導致供應鏈重組，從而改變我們管理業務影響的方式，以實現速度甚至更快的決策，因為我認為每個人都看到了這一點，但不僅僅是 Church & Dwight 如此。所有這些 CPG 公司都涉足了維生素業務。這些企業需要以稍微不同的方式來運作和管理。我認為我們有能力做到這一點。它只是必須改變周圍的組織和我們現有的結構。所以我們需要幾個月的時間來完成這項任務。

I think the good news is some of the activity sets that we have started on are working. I was clear about that in the green shoot comment. For example, we've been putting a lot of focus on multivits, on innovation. And we've been stair stepping up an improvement. We were probably, on average, down 24%, 25% for April and May. And as we look at June, we're were down in the teens. And then the last couple of weeks, we're down single digits. And for the first time ever, our units were actually positive. So there are things that are working. It's just a speed and urgency type of mindset.

我認為好消息是我們已經開始的一些活動正在發揮作用。我在綠芽評論中明確表達了這一點。例如，我們一直非常重視多種維生素和創新。我們一直在逐步取得進步。4 月和 5 月我們可能平均下降了 24% 至 25%。而當我們回顧六月時，我們已下降至十幾個百分點。而最近幾週，我們的數字下降了個位數。有史以來第一次，我們的單位實際上取得了積極成果。所以有些事情是有效的。這只是一種速度和緊迫感的心態。

Okay. Fair enough. And then just from a category perspective, we've seen good consumption trends in your Laundry business. Can you just expand on what's going right and some of the strategies that you're implementing to put up some nice market share performance?

好的。很公平。然後從類別角度來看，我們看到洗衣業務的消費趨勢良好。您能否詳細說明哪些方面進展順利，以及您為取得良好的市場佔有率而實施的一些策略？

No, thanks. There's a great market share performance. Five of seven of our brands, power brands gained share in the quarter. We continue to do well. July also looks good. I would say, a lot of confidence in our growth in the back half. I'm incrementally even more positive today than I thought 90 days ago. Category growth is improving, our share gains are working. A lot of confidence in the 2.5% back half number. And even July, I would say, came in above that number.

不，謝謝。市佔率表現優異。我們的七個品牌中有五個強勢品牌在本季的市佔率都有所增加。我們繼續表現良好。七月看起來也不錯。我想說，我們對下半年的成長充滿信心。與 90 天前相比，我今天更加積極了。類別成長正在改善，我們的份額成長正在發揮作用。人們對下半年 2.5% 的數字很有信心。我想說，甚至七月的銷售額也超過了這個數字。

So a lot of good work and efforts across many of our brands with Laundry. It's -- you want to have the right -- the sizing strategy, right? A lot of consumers are trading up into larger sizes, make sure the price points on those sizes are correct, so you can promote them correctly at times.

我們許多品牌在洗衣方面都做了許多出色的工作和努力。您想要擁有正確的規模策略，對嗎？許多消費者都會購買更大尺寸的產品，請確保這些尺寸的價格正確，這樣您就可以正確地推銷它們。

And then Laundry and Litter are very similar. They're -- it's a pricing sizing value equation that we're really good at and we can move quickly on. So that's -- we've been successful across many of our brands for that reason.

洗衣服和丟垃圾非常相似。他們——這是我們非常擅長的定價規模價值方程，我們可以快速採取行動。正因如此，我們的許多品牌才取得了成功。

Rupesh Parikh, Oppenheimer.

魯佩什·帕里克，奧本海默。

I guess just going back to retailer destocking comment. Is there a way to quantify the magnitude of that headwind and then whether it was broad-based across retailers and categories. And then I have one follow-up question.

我想只是回到零售商去庫存的評論。有沒有辦法量化這種不利因素的程度，以及它是否廣泛影響到各個零售商和各個類別？然後我有一個後續問題。

Yeah. Rakesh, it's Rick. We talked in Q1 that it was around a 300 basis point drag to our net sales versus the consumption numbers. I think we would ballpark it to be around 100 basis points in Q2. And in my comments, I said maybe it's slightly there in Q3 and Q4 as we go forward. But inventory levels are pretty good.

是的。拉凱什，我是瑞克。我們在第一季談到，與消費數字相比，這對我們的淨銷售額造成了約 300 個基點的拖累。我認為我們估計第二季的增幅將在 100 個基點左右。在我的評論中，我說也許隨著我們前進，在第三季和第四季它會稍微出現。但庫存水準相當好。

The only impact -- and you've heard this from other competitors is as sales grow faster at club or online or at mass, it does have a little bit of a mix component to it that there's just not as much inventory needed in the system. And as you would expect, when category growth is a little bit lower than historical averages. You don't need as much inventory either. And so I think it's just a -- it's a slight impact, but I wouldn't call it a material impact going forward.

唯一的影響——你也從其他競爭對手那裡聽說過，隨著俱樂部、網上或大眾市場的銷售增長更快，它確實有一點混合成分，系統中所需的庫存並不那麼多。正如您所預料的，類別成長率略低於歷史平均值。您也不需要那麼多庫存。所以我認為這只是——一個輕微的影響，但我不會稱之為未來的重大影響。

Great. And then my follow-up question, just on Touchland. Now that the acquisition is closed, I would be just curious on what you see as, I guess, the bigger priorities for the balance of the year for that business.

偉大的。接下來是我的一個問題，關於 Touchland。現在收購已經完成，我很好奇您認為今年剩餘時間該業務的首要任務是什麼。

Yes, yes. We're super excited about Touchland. I think again, like you can't track that business as well because it's sold largely at Sephora and Ulta and Amazon. But when we look at our numerator data or even the Amazon data it's driving category growth. Like half of all category growth is coming from Touchland.

是的，是的。我們對 Touchland 感到非常興奮。我再次思考，你無法追蹤該業務，因為它主要在絲芙蘭、Ulta 和亞馬遜上銷售。但當我們查看分子數據甚至亞馬遜數據時，它正在推動類別成長。所有類別成長的一半都來自 Touchland。

New users, household penetration is still a great story, a lot of runway there. 6% household penetration for Touchland versus the category at 37%. They have incremental kind of near-term innovation on different fragrances and whatnot for hand sanitizer.

新用戶、家庭滲透率仍然是一個偉大的故事，還有很大的發展空間。 Touchland 的家庭滲透率為 6%，而同類產品的滲透率為 37%。他們對洗手液的不同香味和其他產品進行了漸進式的短期創新。

The body mist is still off to a good start. Going to international is off to a good start, more to come later on, on other categories of innovation, but it is just a pleasant surprise is what I would say. And the team is energized, the connections that we're making within Church & Dwight and Touchland are helping enable them move with speed as they go after new opportunities, whether it's a different class of trade or a different distributor or whatnot. So really happy with that growth rate.

身體噴霧仍然有良好的開端。走向國際是一個好的開端，以後還會有更多創新，但我想說這只是一個驚喜。團隊充滿活力，我們在 Church & Dwight 和 Touchland 內部建立的聯繫幫助他們快速行動，尋求新的機遇，無論是不同類別的貿易、不同的分銷商還是其他什麼。所以對這個成長率真的很滿意。

Peter Grom, UBS.

瑞銀的 Peter Grom。

I wanted to follow up on the organic sales outlook. But just in the context of what you're seeing from a category standpoint, you touched on it to Chris' question, the consumption is improved, and we can see that in the data. But I guess the commentary seems to be at odds with a lot of what your HPC peers are discussing here in the last 12 hours or so. So I know everyone has different subcategories and regions. But can you just talk about what you're seeing and maybe why it could be different? And how you see that evolving through the balance of the year?

我想跟進有機銷售前景。但僅從您從類別角度看到的情況來看，您在回答克里斯的問題時提到，消費有所改善，我們可以在數據中看到這一點。但我猜該評論似乎與您的 HPC 同行在過去 12 個小時左右在這裡討論的許多內容不一致。所以我知道每個人都有不同的子類別和區域。但是您能否談談您所看到的以及為什麼它會有所不同？您認為今年餘下的時間這種情況將如何發展？

Yeah. And you got to remember, I think we were kind of early like we normally are about calling what was happening last quarter. And I think some of our peers called that kind of this quarter. Back when I talked in May, I was a little bit more cautious. And because we were seeing negative category growth for those first few weeks of April. And so we were calling category growth at like 1% or 1.5% was our outlook embedded when we were discussing it.

是的。您必須記住，我認為我們像平常一樣提前宣布了上個季度發生的事情。我認為我們的一些同行也稱本季存在這種情況。當我在五月談論此事時，我更加謹慎。因為我們看到四月頭幾週的品類成長為負。因此，我們在討論時就預測該類別的成長率為 1% 或 1.5%。

And then as we -- time goes by, the category growth for our largest category, is not all of our categories, but the largest categories was closer to 2.5% for the third quarter. And we've talked about this before as well, just the ad that was happening in the University of Michigan Consumer confidence, all the turmoil in the world on tariffs and that bread uncertainty.

隨著時間的推移，我們最大類別的類別成長率（不是所有類別的成長率）在第三季接近 2.5%。我們之前也討論過這個問題，就像密西根大學消費者信心廣告中提到的那樣，全球範圍內的關稅動盪和麵包的不確定性。

Well, some of that -- some of that has been mitigated. There has been a little bit more confidence, I think, and category growth as we think, is going to be closer to 1.5% to 2% as we move forward for the year. It matters what categories you're in. I think that's the most concrete answer I can give you.

嗯，其中一些問題已經得到緩解。我認為，大家的信心有所增強，我們認為，隨著今年的推進，類別成長率將接近 1.5% 至 2%。你屬於哪個類別很重要。我想這是我能給你的最具體的答案。

Some of our competitors are in different categories than we are. They have other risk to private label. They have other pricing risks. But for us, we see that more often than not, our categories are growing 3% over a long period of time. They're growing slower than that this year, but better than what we expected maybe 90 days ago. And meanwhile, our tactics and strategies on innovation and pricing and promotion and all those things are helping in our marketing spend is helping to gain share.

我們的一些競爭對手與我們屬於不同的類別。他們對自有品牌還面臨其他風險。他們還有其他定價風險。但對我們來說，我們發現我們的產品類別在很長一段時間內往往會成長 3%。今年的成長速度比那時慢，但比我們 90 天前的預期要好。同時，我們在創新、定價和促銷方面的策略和策略都有助於我們的行銷支出，從而幫助我們獲得市場份額。

Peter, all I would add is to your point, to Rick's point, we tried to lay out for the rest of the year back in May 1 and here today, there are steps to our improvement. And the second quarter really hit those marks actually a bit higher and then obviously, for the back half, we got 2.5% organic implied and we have steps to that in 3Q and 4Q. We feel very comfortable with the back half just based on everything we see today.

彼得，我想補充的是，針對你和瑞克的觀點，我們試圖在 5 月 1 日為今年剩餘的時間做好規劃，而今天，我們已經採取了一些改進措施。第二季度確實達到了這些目標，實際上略高一些，然後顯然，對於下半年，我們獲得了 2.5% 的有機隱含收益，我們將在第三季和第四季採取措施實現這一目標。從今天看到的一切來看，我們對後半部分感到非常滿意。

Makes sense. And I guess just a point of clarification, Rick. I mean on that 2.5%, I think you mentioned before that it's running ahead of that in July. So I just wanted to clarify that's a total company organic comment. And I guess, if that's the case, is there any sort of reason why you would anticipate organic growth kind of decelerating to the 1% to 2% guidance that you framed for the quarter?

有道理。我想這只是一個澄清點，瑞克。我的意思是，對於那 2.5%，我想您之前提到過，它在 7 月已經超過了這個數字。所以我只是想澄清一下，這完全是公司有機評論。我想，如果是這樣的話，有什麼理由讓您預期有機成長將會放緩至您為本季制定的 1% 至 2% 的預期？

Well, there's always a comp. And I would just say that our month of July, it was the easiest comp that we had if you look at the quarter. But it just gives us confidence because you have one month behind us and it had a great -- had a great month.

嗯，總會有比較的。我想說的是，如果你看一下這個季度，那麼七月是我們最輕鬆的月份。但這給了我們信心，因為我們已經度過了一個月，這是一個美好的月份。

So maybe it's conservative, but it's what we think the environment is right now. It's so volatile that there's no reason to take the full year up after another three months. So we'll see how the next 90 days ago, and I'm just trying to convey that we're off to a strong start.

所以這也許是保守的，但這就是我們所認為的當前環境。由於波動性太大，沒有理由在三個月後再計算全年數據。因此，我們將看看接下來的 90 天情況如何，我只是想表達我們已經有一個好的開始。

Anna Lizzul, Bank of America.

美國銀行的安娜‧利祖爾 (Anna Lizzul)。

Thank you so much for the question. I was wondering if I could follow up on Peter's question here. Just we're hearing from peers in the space to expect an acceleration in the second half. And while you don't have meaningfully different comps in the back half, I was wondering how you're looking at the consumer environment and your expectations for improvement or maybe lack thereof here. And we're also seeing a variety of strategic actions from peers as well, including increased promotional spend and marketing support. I was wondering if you can further comment on your initiatives there.

非常感謝您的提問。我想知道我是否可以在這裡跟進彼得的問題。我們只是聽到業內同業預計下半年會加速成長。雖然你們在後半部分沒有明顯不同的競爭對手，但我想知道你如何看待消費者環境以及你對改善的期望，或者可能缺乏改善。我們也看到同儕採取了各種策略行動，包括增加促銷支出和行銷支援。我想知道您是否可以進一步評論您在那裡的舉措。

Sure. So on the consumer, my answer is pretty much what I gave Peter, a lot of confidence in our growth. And it's not just a category story for us. It's also a share story, right? And we're driving growth in mouthwash, even when the category is growing slower than that, we're taking share.

當然。因此，關於消費者，我的回答與我給彼得的回答基本上相同，對我們的成長充滿信心。對我們來說這不僅僅是一個類別故事。這也是一個分享故事，對吧？我們正在推動漱口水的成長，即使該類別的成長速度較慢，我們也在佔據市場份額。

Same thing with acne and acne patches. Same thing with Touchland many of our brands, not just one or two of them are gaining share over time. So that's why, again, we have -- if you look back at our long track record, 10 years plus, we tend to gain share and about two-thirds of the time periods we're looking at. So that's on the consumer.

痤瘡和痤瘡貼片也是同樣的情況。Touchland 的情況也一樣，我們的許多品牌（不只是其中的一兩個）的市場份額都在隨著時間的推移而增長。所以這就是為什麼，如果你回顧我們十多年的長期業績記錄，我們往往會獲得市場份額，而且在我們所關注的時間段的三分之二左右。所以這取決於消費者。

In terms of -- I think your other question was just what initiatives we have in strategic initiatives. Look, we are crystal clear that we're going to be spending the marketing that we always spend with our Evergreen model. We think this is the right time, that's the right amount, 11% or so, and we're protecting that. And that's part of the reason that even when we came out in the first quarter and lowered our earnings for the year pretty early. We said that we are going to protect that marketing spend.

就—我認為您的另一個問題是我們在策略舉措方面有哪些舉措。瞧，我們非常清楚，我們將在 Evergreen 模式下投入我們一貫的行銷資金。我們認為現在是正確的時機，也是正確的金額，11%左右，我們正在保護這個數字。這也是為什麼我們在第一季就提前下調了全年收益的原因之一。我們說過我們將保護這筆行銷支出。

And in Q3 is actually the highest quarter of the year between 12.5% and 13%. So that's a -- we're investing behind the business. We're investing behind the brands. We're investing behind innovation. There's some innovations launched in the back half that we're really proud of as well that will be supported. We'll talk more about that next quarter.

第三季度實際上是全年最高的季度，漲幅在 12.5% 到 13% 之間。所以這就是——我們正在為這項業務進行投資。我們正在為這些品牌進行投資。我們正在投資創新。下半年推出的一些創新也讓我們感到非常自豪，並將得到支持。我們將在下個季度進一步討論這個問題。

So that's where we're at. We're investing behind marketing. We're investing behind marketing. We're investing behind price pack architecture where we need to. And we feel like we're in a good spot to continue to gain share over time.

這就是我們現在的處境。我們正在對行銷進行投資。我們正在對行銷進行投資。我們正在對價格組合架構進行必要的投資。我們感覺我們處於一個良好的位置，隨著時間的推移，我們的市場份額將會繼續增加。

Dara Mohsenian, Morgan Stanley.

摩根士丹利的達拉‧莫森尼安 (Dara Mohsenian)。

Maybe extending the last couple of questions a bit as we look beyond '25. Just any thoughts, Rick, on your ability to return to the Evergreen OSG targets after his year? Are you looking at this year as more of an aberration, understanding a lot of the weakness earlier in the year, things getting better sequentially, but not being all the way back to Evergreen yet. So just -- I know there's a lot of volatility, there's a lot going on but how do you think about organic sales growth as you look beyond this year, particularly with an easy comp in theory with the inventory cuts this year?

當我們展望 25 年以後時，或許可以稍微延伸最後幾個問題。瑞克，你對於自己在一年後重返 Evergreen OSG 目標的能力有什麼想法嗎？您是否認為今年更像是一種異常，了解今年早些時候出現的許多弱點，情況會逐漸好轉，但尚未完全恢復常青。所以只是——我知道存在很多波動，有很多事情正在發生，但展望今年以後，您如何看待有機銷售增長，特別是考慮到今年庫存削減在理論上很容易實現比較？

Yeah. Thanks for the question, Dara. Look, it's called an Evergreen model for a reason. Our goal is to hit our Evergreen model each and every year, year after year. And we've been a model of consistency in doing that. I think this year is an aberration.

是的。謝謝你的提問，達拉。瞧，它被稱為常青模型是有原因的。我們的目標是年復一年地實現我們的常青模式。我們一直是堅持不懈的典範。我認為今年是個異常現象。

When you have categories like we said before that all of a sudden, for the last 10 years, have grown around 3%. It started out growing in Q1, 1.5%. And in the first couple of weeks of April negative, that gave us pause. I think with the volatility in the world today and the pressure on the consumer and the Ajuda around the tariff situation that just moved categories in a bigger way.

當你擁有像我們之前所說的類別時，在過去的 10 年裡，它們突然增加了 3% 左右。它在第一季開始成長，成長率為 1.5%。四月前幾週的負面數據讓我們停下來思考。我認為，當今世界的動盪以及關稅狀況給消費者和援助機構帶來的壓力，使得產品類別發生了更大的變化。

So I do think it's a bit of an aberration. I have a lot of confidence in the Evergreen model for not just one year or two years, but that is what we are supposed to do each and every year. And we have some brands that are growing faster than the Evergreen model, and we have made some portfolio decisions on other brands that were growing at a lower rate than the Evergreen model. So I think that does nothing but strengthen the portfolio and the company over the long term.

所以我確實認為這有點反常。我對長青模式很有信心，不只是一年或兩年，而是我們每年都應該這樣做。我們有一些品牌的成長速度快於長青模式，而我們對其他成長速度低於長青模式的品牌做出了一些投資組合決策。因此我認為從長遠來看這只會增強投資組合和公司的實力。

Great. That's helpful. And then just on Batiste, it's been a great growth brand in recent years, slowdown in Q2, you sound more optimistic in the back half. You touched on it a bit, but can you just give us a bit more detail on what's happened here in the last few months and sort of the plans for the back half and the optimism you have there?

偉大的。這很有幫助。然後就 Batiste 而言，近年來，它是一個成長迅速的品牌，第二季的成長有所放緩，但您對下半年的情況似乎更為樂觀。您稍微提到了這一點，但是您能否向我們詳細介紹一下過去幾個月發生的事情以及下半年的計劃和您對此的樂觀態度？

Yeah, sure. Well, it's never one thing. It's always multiple things. That's how life and how business is. So Partly, we had some supply chain challenges that we're back and recovered on. So that's a piece of it. We are introducing some innovation, right? And we have to make sure the advertising and the trial generation activities for that line up appropriately. And so that's still early days. We also had a competitor take a massive price increase and introduce different sizes as well.

是的，當然。嗯，這從來都不是一件事。它總是多種多樣的。生活和生意就是這樣。因此，從某種程度上來說，我們遇到了一些供應鏈挑戰，但我們已經恢復了。這就是其中的一部分。我們正在引入一些創新，對嗎？我們必須確保廣告和試用生成活動能夠適當協調。所以現在還為時過早。我們的競爭對手也大幅提高了價格並推出了不同的尺寸。

And so when you have that changes and disrupts the category from a pricing size and perspective, so we're taking a look at that. But meanwhile, we have to make sure we're really clear. Batiste is the leader in the category. It's brought innovation not for one year but for decades. And consumers delight in Batiste. We have led that category with innovation. We've led it with kind of a value as we traded people up to larger sizes. But we're in a difficult economic environment right now.

因此，當你從定價規模和角度改變並擾亂該類別時，我們會對此進行研究。但同時，我們必須確保我們確實清楚。Batiste 是該類別的領導者。它帶來的創新不是一年的，而是幾十年的。消費者對 Batiste 非常喜愛。我們憑藉創新引領了這一領域。當我們將人員交易至更大尺寸時，我們已經以一種價值引領它。但我們目前正處於困難的經濟環境。

So we have to make sure we have sizes that appeal to all price points. And so that's what the team is working on. And some of those things will be dealt with immediately and some of them are medium term. But I have a lot of confidence we're going to get back to share gains in Batiste in the medium-term future.

因此我們必須確保我們提供的尺寸適合所有價位。這就是團隊正在努力的事情。有些事情會立即處理，有些則需要中期處理。但我非常有信心，我們將在中期恢復 Batiste 的市佔率成長。

Bonnie Herzog, Goldman Sachs.

高盛的邦妮·赫爾佐格。

I actually wanted to circle back with a question on the promotional environment. We've seen increased couponing activity across broader HPC and then scanner data is suggesting that sales on promotions have been rising. So just curious to hear what you've been seeing in your categories and if you expect the promotional landscape to get even more aggressive in the back half of the year? And I guess in that vein, Rick, how should we think about net price realization going forward, especially within your Consumer Domestic segment?

我實際上想回過頭來問一個有關促銷環境的問題。我們發現 HPC 中優惠券活動的增多，而且掃描器數據也顯示促銷銷售額也在上升。所以我只是好奇想聽聽您在您的類別中看到了什麼，以及您是否預計今年下半年的促銷情勢會變得更加激進？我想，里克，從這個角度來看，我們應該如何看待未來的淨價實現，特別是在您的國內消費者領域？

Yeah, good question. I think, look, whenever we talk about promotion, where we focus is really our household business, Laundry and Litter. That's the predominant amount of promotion. I would say a divergent story.

是的，好問題。我認為，每當我們談論促銷時，我們關注的重點實際上是家庭業務、洗衣和垃圾處理。這是主要的促銷量。我想說的是一個不同的故事。

Litter, actually, that category has spiked up above historical averages. If you look back at a long time, many, many quarters, it could go anywhere between 15% and 18% over years. It's spiked to 21% in the quarter. We were actually down a little bit. Nestle was up dramatically and as they are promoting their lightweight litter in a big way. So that was Litter.

事實上，垃圾這一類別的數量已經超過了歷史平均值。如果回顧很長一段時間，很多季度，多年來，這一增長率可能會在 15% 到 18% 之間。本季這一比例飆升至 21%。我們確實有點沮喪。雀巢股價大幅上漲，並大力推廣其輕質貓砂。這就是 Litter。

Laundry actually is very consistent with the previous few quarters. Laundry detergent is typically in the low 30s. And for the last 12 months, it continues to be in the low 30s. So we were we were up a little bit, but we're still in the low 30s. I think in general, Laundry has been pretty rational, Litter has been elevated. And then vitamins, to some degree, is always a promotional category, but that's a again, a little bit of a smaller business than the other two for us.

洗衣其實和前幾季非常一致。洗衣液的濃度一般在 30 度以下。而過去 12 個月，這一數字一直維持在 30 出頭。因此，我們的收入略有上升，但仍在 30 元出頭。我認為整體來說，洗衣服已經相當合理，而亂丟垃圾的情況則有所增加。在某種程度上，維生素始終是促銷類別，但對我們來說，這是一個比其他兩個類別規模較小的業務。

Okay. Helpful. And then maybe just a quick question about your gross margin guidance for the year. With end market trends sequentially getting better and your guidance suggesting top line is going to accelerate in the back half. Could you just maybe touch on the puts and takes, including tariffs on the expected declines on gross margins, especially in Q3?

好的。很有幫助。然後也許只是想問一個簡單的問題，關於今年的毛利率預期。隨著終端市場趨勢逐漸好轉，您的指導顯示下半年營收將會加速成長。您能否談談關稅對毛利率預期下降的影響，尤其是在第三季？

Yeah. So as we talked about, we say, number one here, our gross margin is still in the 60 basis point zone. But obviously, there's some moving pieces that have happened. As we noted, tariffs have not materially changed for the year, although the 12-month number has gone up a bit, but there has been a bit of a timing piece.

是的。正如我們所討論的，首先，我們的毛利率仍然在 60 個基點的區域。但顯然，已經發生了一些令人興奮的事情。正如我們所指出的，今年的關稅並沒有實質變化，儘管 12 個月的數字有所上漲，但時間上還是有點問題的。

So there's a bit more in the back half than we initially estimated that certainly shows up in 3Q, in particular. Still driving productivity. And overall, it still keeps us in that same zone. As Rick just talked about, we did have a little bit of a negative price in the second quarter.

因此，下半年的成長幅度比我們最初估計的要大一些，尤其是在第三季。仍在推動生產力。總體而言，它仍然讓我們處於同一區域。正如里克剛才所說，第二季我們確實出現了一些負價格。

Now, the majority of that was tied to our recall. There certainly is a little bit of discounting going on like a more normal environment, you have that in there. But that's the balance. Again, biggest piece is just the tariff inflation. Inflation is still staying sticky. We keep driving productivity. And I think probably a good time to reiterate.

現在，其中大部分都與我們的召回有關。在更正常的環境下，肯定會有一點點折扣，這是肯定的。但這就是平衡。再說一遍，最大的部分就是關稅上漲。通貨膨脹依然居高不下。我們不斷提高生產力。我認為現在可能是重申的好時機。

We've done a really nice job to manage the tariff topic. And really, that number is just a timing change for us. The absolute value for the year hasn't changed. We've been very proactive at managing it. The 12-month number has gone up. But again, if we hadn't done all the actions we had taken, we'd have a much bigger headwind and we're just focused on driving that through productivity and probably some strategic pricing as we look forward.

我們在處理關稅問題上做得非常出色。事實上，這個數字對我們來說只是一個時間上的改變。今年的絕對值沒有改變。我們一直非常積極地管理它。12 個月的數字已經上升。但是，如果我們沒有採取所有行動，我們就會面臨更大的阻力，我們只是專注於透過提高生產力和可能的一些策略定價來推動這一進程。

Yeah. I'm actually really pleased with -- we kept 60 basis points of the decline is our outlook, and we absorbed a lower gross margin number from these discontinued businesses as they ramp down, right, as you take inventory reserves for them as you do the proper run out of those businesses. And we had a recall that happened for our Zicam and Oragel business that impacted us. And despite all that, we were able to maintain margin.

是的。我實際上真的很高興——我們保持了 60 個基點的下降幅度，這是我們的預期，而且隨著這些已停止的業務逐漸減少，我們從中吸收了較低的毛利率，對吧，因為您在適當退出這些業務時為它們提取庫存儲備。我們的 Zicam 和 Oragel 業務發生了召回事件，這對我們產生了影響。儘管如此，我們仍然能夠保持利潤。

Steve Powers, Deutsche Bank.

德意志銀行的史蒂夫·鮑爾斯。

Great First, just real quick, circling back on VMS and thinking about different strategic options. Just if you were to separate that business, can you talk a little bit about just how compartmentalized that business is and how easily separatable it is relative to any kind of stranded overhead considerations that you have to work through that we should be thinking about?

非常好，首先，快速回顧 VMS 並思考不同的策略選擇。如果您要分離該業務，您能否稍微談談該業務的劃分程度，以及相對於您必須解決的我們應該考慮的任何擱淺間接費用考慮，它有多容易分離？

Sure. So that business, is -- has separate manufacturing facilities in Vancouver, Washington, it's embedded in our -- also in our York, Pennsylvania manufacturing facility. But it's within its own four walls, it's like a plant within a plant within that facility. And then as you would think, R&D and supply chain and marketing, all those functional supports are tend to be a little bit separate because it's its own largely SBU. There are support structures within the corporation. And so there are some allocated costs.

當然。因此，該業務在華盛頓州溫哥華擁有獨立的製造工廠，並嵌入在我們位於賓夕法尼亞州約克的製造工廠中。但它在自己的四面牆內，就像是該設施內的工廠內的工廠一樣。然後，正如您所想，研發、供應鏈和行銷，所有這些功能支援都傾向於有點分離，因為它本身就是一個策略性事業單位 (SBU)。公司內部有支持結構。因此存在一些分配成本。

And if we did go down the route of selling, we'd have to go address the stranded costs. And that's normal with any business. We just did that with the Spinbrush, Flawless and Waterpik showerhead rundown. I think the big thing for us is -- at the same time, we're also adding growth, right? We're also adding Touchland, and so that helps offset some of those leverage fixed costs as well.

如果我們確實選擇出售，我們就必須解決擱淺成本問題。對任何企業來說這都是很正常的。我們剛剛對 Spinbrush、Flawless 和 Waterpik 淋浴噴頭進行了測試。我認為對我們來說最重要的是——同時，我們也在增加成長，對嗎？我們還添加了 Touchland，這也有助於抵消部分槓桿固定成本。

Yeah. Okay. Perfect. And then, Rick, setting aside the work that's being done in HPC on kind of portfolio rethinking across a lot of companies. We're also seeing companies kind of double down on productivity announced new restructuring. And on the back end of that, theoretically, size will be stepping up investments in technology and innovation, go-to-market capabilities, et cetera.

是的。好的。完美的。然後，Rick，拋開 HPC 領域正在進行的工作，對許多公司進行投資組合重新思考。我們也看到一些公司宣布進行新的重組，加倍提高生產力。從理論上講，規模將增加對技術和創新、市場進入能力等方面的投資。

So as you think about your business, again, notwithstanding the portfolio work you've done. Just how do you think about your spending levels and your capabilities? How do you benchmark them against peers, both today and where you think kind of the puck may be going? And is there any contemplation of having to do something similar from a restructuring and accelerated reinvestment program

因此，當您再次考慮您的業務時，儘管您已經完成了投資組合工作。您如何看待自己的消費水準和能力？您如何將他們與同行進行比較，包括當前情況以及您認為未來的趨勢如何？有沒有考慮過透過重組和加速再投資計畫來做類似的事情

Yeah. Steve, you've been following this company for so long as well. We've never really done a restructuring program. We're more of a pay-as-you-go type mentality. I mean I think the only time we've ever called out anything was when we did a reimplementation of SAP and that was a one-off. But what we tend to do is, in any one year, we could extremely -- we could go past our outlook on earnings growth, for example. But we tend not to do that. We tend to make investments for the long term, and we've been doing that for years. And so we make investments in some of the analytics we put a center of excellence in place.

是的。史蒂夫，你也關注這家公司很久了。我們從未真正實施過重組計劃。我們更傾向於現收現付的心態。我的意思是，我認為我們唯一一次提出問題就是在我們重新實施 SAP 的時候，而且那是一次性的。但我們傾向於做的是，在任何一年，我們都可能極其——例如，我們可能超出我們對獲利成長的預期。但我們往往不會這麼做。我們傾向於進行長期投資，我們已經這樣做了很多年。因此，我們對一些分析進行了投資，並建立了卓越中心。

We put a pricing group in place. We're looking at we've added infrastructure to our international team in a big way. We have centers of excellence over in Europe for the -- really the export business. We're looking at more local innovation, more local manufacturing. But all those things we tend to embed in our Evergreen model and that we kind of pay as you go.

我們成立了一個定價小組。我們正在考慮大力增強我們國際團隊的基礎設施。我們在歐洲設有專門從事出口業務的卓越中心。我們正在尋求更多的本地創新、更多的本地製造。但我們傾向於將所有這些內容嵌入到我們的 Evergreen 模型中，並採用即用即付的模式。

Andrea Teixeira, JPMorgan.

摩根大通的安德里亞特謝拉 (Andrea Teixeira)。

I want to go back, Rick, to your comment about how to think about these categories as you are divesting? And also, in general, as you step back in terms of acquisitions, like keeping innovation for be it Batiste or be it now Hero. You have the Body patch. How are you going to be able to continue to innovate and how you're seeing percentage of sales coming from that innovation accelerating in the second half.

瑞克，我想回到你剛才的評論，關於你在剝離資產時如何看待這些類別？而且，總的來說，當你在收購方面退一步時，例如保持創新，無論是 Batiste 還是現在的 Hero。您有身體補丁。您將如何繼續創新，以及您如何看待下半年創新帶來的銷售百分比加速成長。

I know you might be comping some of the Laundry innovation that you had as you enter 2026. So how we should be thinking of that? And then conversely, I think you always have said about 20% of your revenues come from value. Are you gaining share in that segment of your portfolio? Or you're seeing that stable?

我知道，當你進入 2026 年時，你可能會總結一些洗衣創新。那我們該如何思考這個問題呢？相反，我認為您總是說大約 20% 的收入來自價值。您的投資組合中該部分的份額是否正在增加？或者您認為這很穩定？

Yeah. I think I got two of the three, but I'll -- you can remind me what the third one was. So on innovation, you're right, like innovation for us has been a bedrock. When Carlos came in -- Linares, who's our Head of R&D, he really changed the way we innovate. And -- we went through this at Analyst Day a little bit, but we have so many different vectors now of innovation.

是的。我想我已經明白其中兩個了，但是我——你可以提醒我第三個是什麼。關於創新，您說得對，創新對我們來說一直是基石。當卡洛斯·利納雷斯（Carlos Linares）加入時，他是我們的研發主管，他確實改變了我們的創新方式。我們在分析師日上稍微討論了這一點，但現在我們有許多不同的創新載體。

And so for the last few years, about half of our organic growth is coming from innovation, which is just, I think, industry-leading, and it's fantastic. So if innovation last year was closer to [2%], it's probably closer to -- our outlook was probably closer to 1.5% as we started the year. It's probably around 1.2%, 1.3%, just as still phenomenal. But in times like this, when the consumers press sometimes they don't reach for the innovative new product initially.

因此，在過去幾年中，我們大約一半的有機成長來自創新，我認為這是業界領先的，非常棒。因此，如果去年的創新率接近 [2%]，那麼我們在年初時的預測可能會更接近 1.5%。大概在 1.2%、1.3% 左右，仍然很驚人。但在這種時候，當消費者提出要求時，有時他們最初並不會購買創新的新產品。

So we're still really happy with a lot of innovation. We're putting our programs in place for sampling and for trial. But across the board, like if you think -- take a step back, deep innovation on Laundry has been driving category growth and category expansion and share gains for us. Lightweight Litter has been growing category growth, our brand to grow and share gains for us. Batiste, Light, Hero, TheraBreath, incremental sizes and flavors. So innovation is alive and well and really a growth driver.

因此，我們仍然對大量的創新感到非常高興。我們正在實施我們的計劃以進行抽樣和試驗。但從整體來看，如果你退一步思考，洗衣領域的深度創新一直在推動我們的品類成長、類別擴張和份額成長。輕質貓砂的品類一直在不斷成長，我們的品牌也不斷成長，並為我們分享收益。Batiste、Light、Hero、TheraBreath，尺寸和口味逐漸增加。因此，創新依然活躍，而且確實是成長動力。

On value share, I think you're right. Part of our portfolio is premium, part of it is value. More recently, as Hero and TheraBreath have outsized growth, the premium kind of mix of our business has grown faster -- but the value portfolio continues to do really well. Even if you look at orange box in litter, I mean, orange box and Litter is growing around 4%. There's not this massive trade down or trade up happening, but orange box and Litter is doing well.

關於價值份額，我認為你是對的。我們的投資組合一部分是優質產品，一部分是價值產品。最近，隨著 Hero 和 TheraBreath 的超額成長，我們業務的高端組合成長更快——但價值組合繼續表現良好。即使你看一下垃圾中的橙色盒子，我的意思是，橙色盒子和垃圾的增長速度約為 4%。雖然沒有出現大規模的降價或升價現象，但橙色盒子和 Litter 的銷售量不錯。

I'd say Arm & Hammer, the brand in Laundry is doing fantastically well. We have a good, better, best strategy there. It's probably the better and the best tiers are growing faster than the good tiers in Arm & Hammer laundry, but those good -- I mean, better and best tiers are still a great value to the higher-end premium laundry detergents. So -- that's two of your questions, what was the third?

我想說，洗衣品牌 Arm & Hammer 的表現非常出色。我們有一個好的、更好的、最好的策略。在 Arm & Hammer 洗衣店中，更好和最佳層級的成長速度可能比良好層級更快，但那些很好——我的意思是，更好和最佳層級對於高端優質洗衣劑來說仍然具有很大的價值。那麼──這是您的兩個問題，第三個問題是什麼？

First question categories, right?

第一個問題類別，對嗎？

Yeah. No, the categorically, I think the categories as you think about the exits that you're making, right? And I think now correct me if I'm wrong, it seems like you're saying, well, perhaps we're going to do JVs and think about being creative on how we're going to look at these divestitures. So just to think perhaps if it's going to be just an exit or perhaps you can still be hopeful to sell them?

是的。不，從類別上來說，我認為當您考慮退出時，這些類別是可以的，對嗎？我想如果我錯了的話請糾正我，你好像在說，好吧，也許我們要建立合資企業，並思考如何創造性地看待這些資產剝離。所以想想也許這只是一個退出方式，或者你仍然希望出售它們？

Yeah, on the Vitamin business, right, it's the cleanest scenario is there's a sale. If you do a JV, it's because your partner doesn't have all the capabilities that they would need to run it. And so there's a transition period over time, most likely, and we've seen that in other categories, other industries.

是的，就維他命業務而言，最清楚的情況就是有銷售。如果您進行合資經營，那是因為您的合作夥伴並不具備經營該企業所需的全部能力。因此，隨著時間的推移，很可能會出現一個過渡期，我們在其他類別、其他產業也看到了這種情況。

And then the third one is how do you right size it and grow more profitable and kind of take it out of it’s of the CPG framework of operating in a little bit more of the vitamin paradigm in operating the business. So those are the three scenarios. And like I said, we need a few months to work through the optimal path and we'll report back by the end of the year.

第三個問題是，如何正確確定其規模，提高獲利能力，並將其從 CPG 營運框架中解放出來，轉而採用維生素模式來經營業務。這就是三種情況。正如我所說的，我們需要幾個月的時間來找到最佳路徑，我們將在年底前報告結果。

And if I can squeeze one on the margin. Are you implying -- and sorry if I missed that, that you're going to be taking pricing because a lot of your competitors are saying we're taking pricing even in the US. Can you comment on any pricing that is not list pricing that is not coming from innovation?

如果我可以在邊緣擠一個的話。您是否暗示——如果我沒注意到的話，我很抱歉，您將採取定價措施，因為您的許多競爭對手都說我們甚至在美國也採取定價措施。您能否對非來自創新的非標價進行評論？

Yeah. I think we mentioned it in the release or in the transcript. But really, look, we're going to do our best to offset the tariffs as needed. And where we can't do that and where we believe it's needed, we'll take some targeted pricing. So that's the plan. And it's not going to be across the portfolio, but it will be targeted specific where we get hit the hardest with tariffs that we can;t -- and we can't -- after we've done all we can do to offset. That's what the next path would be.

是的。我想我們在新聞稿或記錄中提到過這一點。但實際上，我們會盡力根據需要抵消關稅。如果我們做不到這一點，而我們認為有必要這樣做，我們就會採取一些有針對性的定價。這就是計劃。這不會涉及整個投資組合，而是針對受到關稅打擊最嚴重的地區，在我們盡一切努力去抵消之後，我們也無法再對這些地區徵收關稅。這就是下一步的路徑。

Lauren Lieberman, Barclays.

巴克萊銀行的勞倫·利伯曼。

I know you touched on promotions a little bit earlier, but I wanted to just kind of revisit that a bit. I know on laundry, the hovers around this 30% rate, generally speaking, over time. We've seen some kind of more elevated activity from Church & Dwight from Arm & Hammer in certain retailers more recently, and I know there was like it just happened what day you're in what store.

我知道您之前提到過促銷，但我只是想稍微重新討論一下這個問題。我知道，就洗衣而言，隨著時間的推移，洗衣費用通常會徘徊在 30% 左右。最近，我們在某些​​零售店看到了 Church & Dwight 和 Arm & Hammer 的某種程度上的促銷活動，我知道這就像你在哪天去哪家商店時發生的情況一樣。

So it's a matter of luck of the drop. But just wanted to get your perspective on further leveraging promotion in liquid laundry, particularly we've got this time with the consumer under more pressure, the way to bring forward the message on the value of the brand, et cetera. Just kind of thoughts on promotion from here.

所以這是一個運氣的問題。但只是想聽聽您對進一步利用液體洗衣促銷的看法，特別是我們這次面對的消費者壓力更大，如何傳達有關品牌價值的信息等等。這只是關於此處促銷的一些想法。

Yeah. I would just reemphasize my comments. Like if you look back a couple of years with history, and I have it right in front of me, we've averaged anywhere between 31%, 33% amounts sold on deal for Arm & Hammer laundry detergent. This is an IRI or Nielsen. And in Q1, we were at 31% in Q2, we were 33%. So I think we're right where is considered as historical.

是的。我只是想再次強調我的評論。如果你回顧過去幾年的歷史，我眼前的一切，我們 Arm & Hammer 洗衣液的銷售額平均在 31% 到 33% 之間。這是 IRI 或尼爾森。在第一季度，我們的佔比為 31%，在第二季度，我們的佔比為 33%。所以我認為我們正處於歷史性的正確位置。

We didn't take -- remember I said last quarter, a couple of other competitors had compacted. A couple of other competitors had taken price, we didn't do that. I mean we had done the compaction maybe 18 months ago. So they were catching up. So I feel like we're right in the realm of normality and I think the category is too.

我們沒有採取——記得我上個季度說過，其他幾個競爭對手已經壓縮了。其他一些競爭對手已經採取了降價措施，但我們沒有這樣做。我的意思是我們大概在 18 個月前就完成了壓縮。所以他們正在追趕。所以我覺得我們正處於正常的範圍內，我認為類別也是如此。

Okay. And just as a follow-up, just the depth of not just the frequency but just anything on depth of promotion?

好的。作為後續問題，促銷的深度不只是頻率，還包括其他任何方面嗎？

Yes. I mean, depth of promotion, it's a good question. I would say our depth of promotion has not changed at all. Like we -- sometimes we line price certain SKUs in order to make sure that they can all hit the promotion. Price and sizing matters a lot in this type of environment, what your opening price points are and what you're -- your pricing curves up to the large sizes, but I would say depth hasn't changed either.

是的。我的意思是，推廣的深度，這是一個好問題。我想說我們的推廣深度根本沒有改變。就像我們一樣——有時我們會對某些 SKU 進行定價，以確保它們都能參與促銷。在這種環境下，價格和尺寸非常重要，你的開盤價是多少，你的定價曲線是多少，以達到大尺寸，但我想說深度也沒有改變。

And Lauren, if you look at the second quarter, yes, you see a little bit of negative price. But again, the majority of that was related to our recall. So to your point, it's a nominal amount so far, just right in line with Rick's comments.

勞倫，如果你看第二季度，是的，你會看到一點點負價格。但同樣，其中大部分與我們的召回有關。所以就你的觀點而言，到目前為止這只是一個名義上的數額，與 Rick 的評論完全一致。

Olivia Tong, Raymond James.

奧利維亞唐，雷蒙德詹姆斯。

Great. I get to start with a bit of a short-term question, but you had mentioned that July, you had a particularly easy comp and so the growth off of that. Can you talk about the comps for August and September, if there are any call-outs there? And then across your categories, peers have obviously talked about trade down both within their portfolio and then out of their portfolio. So to what extent does trade down a factor for you both in terms of the negative of trade down from black to orange in Litter versus factors that are a tailwind to you like laundry?

偉大的。我首先要問一個短期問題，但您曾提到 7 月份您的業績特別輕鬆，因此您的成長也由此開始。您能談談 8 月和 9 月的業績嗎，如果有任何例外？然後，在您的類別中，同行顯然已經談到了他們的投資組合內部和外部的交易下降。那麼，就垃圾分類從黑色降為橙色所帶來的負面影響而言，相對於洗衣等對你們有利的因素而言，降級對你們來說有多大程度上是一個因素？

Yeah. I'll take the second one first, Olivia. I think trade down overall is a benefit for us. And I think we've said this a few times, but there needs to be, I think, more recessionary type behavior and discussion before trade down really happens.

是的。我先拿第二個，奧莉維亞。我認為總體而言，降價對我們來說是有利的。我想我們已經說過幾次了，但我認為，在貿易下滑真正發生之前，需要有更多衰退類型的行為和討論。

I mean, the consumer still is resilient, even though they faced all this inflation and whatnot over these past few years. But typically, when recessionary behavior and economics are happening, that's when extra starts to grow by leaps and bounds. That's when orange box outpaces black box a lot.

我的意思是，儘管過去幾年面臨通貨膨脹等問題，但消費者仍然具有韌性。但通常情況下，當經濟出現衰退行為時，額外收入就會開始突飛猛進。那時橙色盒子遠遠超過黑色盒子。

So right now, we're doing well in my mind. I mean you see that with all of our share scorecards. We are our value brands are growing share as consumers are tight. But our premium brands that are problem solution brands continue to gain share as well. And that's the TheraBreath, that's the Hero. NAIR is doing really well. So absent the recall stuff, Orgill's doing well. So again, it's a cross section.

所以現在，在我看來我們做得很好。我的意思是，您可以從我們所有的股票記分卡中看到這一點。由於消費者需求緊張，我們的價值品牌的份額正在不斷增長。但我們的高端品牌，也就是問題解決品牌，也持續獲得市場佔有率。這就是 TheraBreath，這就是英雄。NAIR 表現確實很好。因此，除了召回事件之外，奧吉爾的表現還不錯。再次強調，這是一個橫斷面。

And then your first question --

然後你的第一個問題--

The months --

月--

The month, we're not going to make a new practice of talking about months, I'm sorry. Like I just wanted to give a sense that there's a high degree of confidence, 2.5% in the back half. That's my point.

月份，我們不會再製定談論月份的新慣例，很抱歉。我只是想讓大家感覺到，後半部有很高的信心，是 2.5%。這就是我的觀點。

And all I would add is, to your point, you got that confidence in the 2.5%, and we obviously talked about the category growth and the US performance and probably should be noted also just the international team consistently performing again despite some of their macro challenges as well. So that's all embedded into that outlook for the back half.

我想補充的是，正如您所說，您對 2.5% 很有信心，我們顯然討論了類別增長和美國的表現，也許還應該注意到，儘管面臨一些宏觀挑戰，但國際團隊仍然持續表現良好。這一切都融入了下半年的前景。

All right. Got it. And then just thinking about the portfolio overall, vitamin, strategic alternatives, what have you. What's your view on some of the other underperformers, particularly in personal care, as you think about positioning the company for faster growth and freeing up some resources to drive that?

好的。知道了。然後只考慮整體投資組合、維生素、策略替代品等等。當您考慮讓公司更快成長並釋放一些資源來推動這一成長時，您對其他一些表現不佳的公司，特別是個人護理領域的公司，有何看法？

Yeah. I feel like -- look, portfolio decisions aren't done lightly. And I feel like we've been very agnostic on where to go and kind of -- where to play and how to win. Like it's -- we're taking white piece of paper and going through that with the Board on here are the brands that we think have a reason for being for decades. And you saw the output as we fast-forwarded those decisions once tariff implications happened, those were already underway and under discussion. And so that was really the portfolio part one.

是的。我覺得——看，投資組合決策不是輕易做出的。我覺得我們對於要去哪裡、在哪裡比賽、如何取勝一直非常不確定。就像這樣——我們拿著一張白紙，和董事會一起討論那些我們認為有理由存在幾十年的品牌。一旦關稅影響發生，我們就會快速推進這些決定，你會看到這些決定的結果，這些決定已經在進行中並且正在討論中。這就是投資組合的第一部分。

Vitamins, that discussion, we've done our best to turn that around some green shoots, but that's why we're talking about strategic alternatives today about vitamins. There's no further plans in the short or medium term to go through any other portfolio. These brands are great brands. They have roles. Some of them might be cash cows versus the primary growth drivers of the company but they all have a role to play, and we're happy with the brands we have.

關於維生素的討論，我們已盡最大努力來扭轉一些局面，但這就是我們今天討論維生素策略替代方案的原因。短期或中期內沒有進一步審核其他投資組合的計畫。這些品牌都是偉大的品牌。他們有自己的角色。其中一些可能是公司的搖錢樹，而不是主要的成長動力，但它們都發揮作用，我們對擁有的品牌感到滿意。

Filippo Falorni, Citi.

花旗銀行的 Filippo Falorni。

I wanted to ask on the tariff first. Within the $30 million that you guided for the year, which is unchanged. What are really the countries that are getting impacted within the $30 million? I thought there was some China leftover impact there. So just curious there.

我想先詢問一下關稅。在您指導的年度 3000 萬美元之內，這一數字保持不變。這 3,000 萬美元的援助範圍內究竟影響了哪些國家？我認為那裡存在一些中國殘留的影響。所以只是好奇。

And then outside of tariffs, in terms of commodities, what is your expectation in terms of your input cost basket and maybe you can walk us through some of the major the major swings there.

除了關稅之外，就商品而言，您對投入成本籃的預期是什麼？您能否向我們介紹其中的一些主要波動？

Good question. So I'll start off with just the broader inflation. It's interesting. It's still holding in there. So if you think about what we talked about for the normal amounts of inflation we're seeing that as we laid out for this year. It crept up a little bit earlier in the second quarter, it's come back to still, still a slightly elevated level. The tariffs, I'll state this. Number one, very, very proactive.

好問題。因此我將從更廣泛的通貨膨脹開始談起。這很有趣。它還在那裡。因此，如果您想想我們討論過的正常通貨膨脹水平，我們就會看到今年的通貨膨脹水平。它在第二季度初略有上升，現在又回落到略高的水平。關於關稅，我會說明這一點。第一，非常非常積極。

So obviously, we've done all the things to manage through China. So after that, you get into Korea, Thailand, Vietnam, Europe, those are kind of our top. They make up about 73% of what's left. Even the change is just overnight, actually even net-net makes that number even a little bit better.

顯然，我們已經盡一切努力應對中國問題。之後，我們進入了韓國、泰國、越南、歐洲，這些都是我們的重點市場。它們佔剩餘資源的 73% 左右。即使這種變化只是一夜之間發生的，實際上淨變化也會使這個數字變得更好一點。

So the good thing is we're down to -- whether we look at it by country, look at it by product line, it's kind of three or four, and we get to a large portion of what we're facing here. So again, this proactive nature says, hey, we're not talking about a change this quarter, we're just talking about how we're going to manage it going forward here.

因此，好消息是，無論我們按國家來看，還是按產品線來看，都是三到四個，我們就能解決目前面臨的大部分問題。所以，這種積極主動的性質再次表明，嘿，我們不是在談論本季的變化，我們只是在談論我們將如何管理它。

And again, majority will be through our productivity programs. And then we'll look at some pricing as well in some targeted areas.

再次強調，大多數將透過我們的生產力計劃來實現。然後我們也會研究一些目標區域的定價。

Yes. And just to reemphasize, it changes all the time, right? I mean, even in the release, we put $60 million for our run rate or for 12 months. And even with the decisions overnight, now it's closer to $50 million. So it's going to keep doing that. We have to -- the good thing about our company is we can move with speed and agility. And that's what we have done. That's what we're going to continue to do. .

是的。再次強調一下，它一直在變化，對嗎？我的意思是，即使在發佈時，我們也為 12 個月的運行率投入了 6000 萬美元。儘管是一夜之間做出的決定，但現在金額已接近 5,000 萬美元。所以它會繼續這樣做。我們必須－我們公司的優點是我們可以快速且靈活地行動。我們也確實這麼做了。這就是我們要繼續做的事情。。

Robert Moskow, TD Cowen.

羅伯特·莫斯科（Robert Moskow），TD Cowen。

Just want to know if you could touch on a little more detail on the International business. It continues to outpace the rest of the portfolio. And I remember a key strategy of this was to expand US brands into these markets, either through export markets or where you operate your own businesses. Can you give us an update on how that's doing? Like how is Hero doing? How is TheraBreath doing. And in a slower market, is it getting harder to introduce them and gain attention?

我只是想知道您是否可以更詳細地談論國際業務。它的表現繼續超過投資組合中的其他部分。我記得其中一個關鍵策略是將美國品牌擴展到這些市場，無論是透過出口市場還是自己經營業務。能向我們介紹一下最新進展嗎？例如 Hero 怎麼樣了？TheraBreath 表現如何？在市場放緩的環境下，推出這些產品並吸引關注是否變得越來越困難？

Yes. Great question, Robert. I'm so pleased with how international is doing. International growth, mid-single digits, sometimes high single digits, really largely behind two or three factors. One is as we have local brands like Stérimar and even Batiste growing all over the world. But as we also have these recent acquisitions like thereto Hero, and we've talked about it before, but Hero was in 50 countries within 12 months.

是的。很好的問題，羅伯特。我對國際上的表現感到非常滿意。國際成長，中等個位數，有時是高個位數，實際上很大程度上取決於兩三個因素。一是我們的本土品牌如Stérimar和Batiste在世界各地不斷發展。但是，我們最近也進行了類似 Hero 的收購，我們之前也討論過，但 Hero 在 12 個月內就進入了 50 個國家。

I mean, that's fantastic for us to be able to get all the regulatory work done to do that. And we're benefiting from that in a big way. There is a strong demand for Hero and TheraBreath all over the world. Many of these countries that we talk about, they're having the same economic malaise that the US is. And so when categories are 0 to maybe negative in many of these countries, some of our competition, if you look at it, is actually declining in many of these countries, we're growing. And we're growing mid-single digits, more often than not, because of some of the acquisitions and new brands for new retailers are driving growth for categories and story we have here.

我的意思是，我們能夠完成所有的監管工作，這真是太棒了。我們從中受益匪淺。世界各地對 Hero 和 TheraBreath 的需求強勁。我們談論的許多國家都面臨與美國相同的經濟困境。因此，當許多國家的類別為 0 甚至負數時，如果你看一下，你會發現我們的一些競爭對手在許多國家實際上正在衰落，而我們正在成長。而且我們往往以中等個位數的速度成長，因為一些收購和新零售商的新品牌正在推動我們這裡的類別和故事的成長。

And so -- we -- I guess the answer is yes. We're doing -- brands just continue to grow existing brands in other countries all over the world. The new acquisitions are doing really well. And I think we have -- we're in early innings there. There's more momentum to come. And then finally, we continue to look at acquisitions independently in Europe and China. I think that team is ready for it. We just need to find the right fit. And we look at what countries we should become a sub in the future. Like so there's a whole -- there's like four or five pieces of growth for international, but they're doing a great job.

所以——我們——我想答案是肯定的。我們正在做的是——品牌只是繼續在世界其他國家發展現有品牌。新收購的公司表現確實很好。我認為我們已經——我們正處於早期階段。未來還會有更大的動力。最後，我們持續獨立審視歐洲和中國的收購。我認為該團隊已經做好了準備。我們只需要找到合適的。我們也考慮未來應該在哪些國家設立潛艦基地。就像這樣，整體而言——國際業務有四、五個成長點，但他們做得很好。

Kevin Grundy, BNP Paribas.

法國巴黎銀行的凱文‧格蘭迪。

Two quick ones. At least I hope they're quick. To follow up on Lauren's question, Rick, you guys sound fairly benign on the promotional environment. I ask this in the context, there's competing narratives. You guys sound fairly benign. Your key competitors are suggesting that things are ramping. The Nielsen data would suggest things are ramping, particularly around Arm & Hammer.

兩個簡單的。至少我希望他們能快點。為了回答勞倫的問題，里克，你們對促銷環境的看法聽起來相當樂觀。我問這個問題的背景是，存在著相互矛盾的說法。你們聽起來相當仁慈。您的主要競爭對手錶示事情正在升溫。尼爾森的數據表明，市場正在蓬勃發展，尤其是 Arm & Hammer 市場。

So with that context, what do you have embedded in the back half of the year for promotion levels, particularly for household, which is where you see most of the promotion. And if the answer is like we expect more of the same, which your characterization was relatively flat, how much cushion do you have to respond? Because it seems like your competitor well? And then I have a follow-up.

那麼，在這種背景下，您在下半年對促銷層面有什麼計劃，特別是針對家庭，這是促銷活動最多的部分。如果答案是我們期望更多相同的結果，而您的描述相對平淡，那麼您有多少緩衝空間來應對？因為它看起來很像你的競爭對手？然後我有一個後續問題。

Yeah. I mean, look, you guys can ask all about promotions. I gave you the answer. Q1 and Q2 are within historical norms in Laundry. And there's not much more to go there. I mean, some of our competitors were lower on promotion in Q2 2025 but you got to remember, it's all about the net price point, and they took price as well. So sometimes when you look at promotion, you got to make sure you're factoring what the net price is. I would say promotion for us is consistent with the last three or four quarters, maybe even four or five quarters.

是的。我的意思是，看，你們可以詢問所有有關促銷的問題。我給了你答案。Q1 和 Q2 處於洗衣業的歷史正常範圍。而且已經沒有什麼可去的地方了。我的意思是，我們的一些競爭對手在 2025 年第二季度的促銷力度較低，但你必須記住，這都是關於淨價點的，他們也採取了同樣的價格。因此，有時當您考慮促銷時，您必須確保考慮到淨價。我想說我們的促銷活動與過去三、四個季度，甚至四、五個季度保持一致。

And in the back half, promotions are already set for the back half. They've been sold in for a while now. So in this environment, we saw -- and maybe it's because we saw it further afield than most. But six months ago -- nine months ago, we were seeing how some of the promotional volumes weren't as effective because everyone category was there.

而在後半部分，促銷活動已經確定。它們已經銷售一段時間了。因此，在這種環境下，我們看到了——也許是因為我們比大多數人看得更遠。但六個月前 - 九個月前，我們發現一些促銷活動不那麼有效，因為每個類別都在那裡。

Everyone's promoting across many different categories. And so we made sure we put the plans in place even late last year, early this year for the whole promotional calendar. So I have a lot of confidence in our Laundry business.

每個人都在進行跨領域的推廣。因此，我們確保在去年年底和今年年初就制定好整個促銷日程的計劃。所以我對我們的洗衣業務非常有信心。

Our Laundry business in the month of June and July is -- continues to gain share and continues to do well. And I think part of that is promotional, but I think part of that is innovation and deep clean continues to do well, hit hurdles and drive category growth. So long answer, but that's the facts that I look at.

我們的洗衣業務在六月和七月繼續獲得市場份額並繼續表現良好。我認為這部分是由於促銷，但我認為部分是由於創新，深度清潔繼續表現良好，突破障礙並推動類別成長。答案很長，但這就是我所看到的事實。

Okay. Very good. And one quick follow-up. I know the call is going long here. Just on the Vitamin business to come back to that. Can you talk about how you balance the timeliness to get something done and naturally getting the best value you can for it and minimizing the potential risk that there's another leg down in the business? Because I think just intuitively, when these sort of announcements are made, it shows a decommitment to the asset to retailers and the business is struggling. And so from an investor's perspective, if this goes two, three, four quarters, how do you protect against another leg down. So your comments there would be helpful as well.

好的。非常好。還有一個快速的後續行動。我知道這個通話會持續很久。回到維生素業務上來。您能否談談如何平衡完成某件事的及時性和自然地獲得最大價值，並盡量降低業務再次出現問題的潛在風險？因為我認為，從直覺上講，當發布此類公告時，這表明零售商不再承諾提供資產，業務正在苦苦掙扎。因此，從投資者的角度來看，如果這種情況持續兩、三、四個季度，你該如何防止再次下跌。所以您的評論也會有幫助。

Yeah. Look, we're running this business like we're going to own it forever. And that means that the amount of time and energy we spend on innovation doesn't change, the amount of time we spend on promotional pricing to programming doesn't change. That's how we have to run it. And then if there is a strategic choice to do something different, then that's what we do. But that's what our communication will be with the retailer. They just -- they want Vitafusion and L'il Critters to be successful, too. It's a big brand.

是的。瞧，我們經營這項業務就像我們要永遠擁有它一樣。這意味著我們在創新上花費的時間和精力不會改變，我們在促銷定價和程式上花費的時間也不會改變。我們必須這樣做。如果有策略選擇去做一些不同的事情，那麼我們就會這麼做。但這就是我們與零售商的溝通方式。他們只是——他們也希望 Vitafusion 和 L'il Critters 能夠成功。這是一個大品牌。

And so we're going to continue to show them the innovation, continue to show them why we believe it can grow categories after we get through this kind of TDP down cycle. But at the end of the day, it's -- they're good brands. And I think for us, we're spending an inordinate amount of time for what's relatively a small business. And so that weighs into my thinking on how much time the organization spends on supporting the business of that size versus the benefit, and that's part of the kind of strategic decision, too.

因此，我們將繼續向他們展示創新，繼續向他們展示為什麼我們相信在經歷這種 TDP 下降週期後它可以增加類別。但最終，它們都是好品牌。我認為，對我們來說，我們為一家相對較小企業花費了過多的時間。因此，我需要考慮組織在支援這種規模的業務上花費了多少時間以及獲得了多少利益，這也是策略決策的一部分。

I would now like to turn the call back over to Rick Dierker for closing remarks. Please go ahead.

現在我想將電話轉回給 Rick Dierker 做最後發言。請繼續。

Okay. Well, thank you, everyone. Likely and I said, A lot of confidence as we look forward. The company is doing extremely well in a tough environment. And we'll talk more at the end of October on our next call. Thank you.

好的。好的，謝謝大家。很有可能，我說道，我們充滿信心地展望未來。該公司在艱難的環境中表現極為出色。我們將在十月底的下次電話會議上進一步討論。謝謝。

Ladies and gentlemen, this concludes today's call. We thank you all for joining, and you may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入，現在可以斷開連線了。