切遲杜威 (CHD) 2025 Q3 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to Church & Dwight's third-quarter 2025 earnings conference call.

女士們、先生們，早安，歡迎參加 Church & Dwight 2025 年第三季財報電話會議。

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.

在會議開始前，我被要求提醒各位，在本次電話會議中，公司管理階層可能會就公司財務目標和預測等事項發表前瞻性聲明。這些聲明受到風險、不確定性及其他因素的影響，這些因素已在公司提交給美國證券交易委員會的文件中詳細描述。

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

現在我謹向大家介紹今天電話會議的主持人，Church & Dwight 的總裁兼執行長 Rick Dierker 先生。請繼續，先生。

All right, thank you. Good morning, everyone. Thanks for joining the call. I'll begin with some thoughts on the macro environment and then review of our great Q3 results. Then I'll turn the call over to Lee McChesney, our CFO; and then when Lee is done, we'll open it up for questions.

好的，謝謝。各位早安。感謝您參加通話。我先談談對宏觀環境的一些看法，然後再回顧我們出色的第三季業績。然後我會把電話轉給我們的財務長李·麥克切斯尼；等李說完後，我們會開放提問環節。

Starting with the broader environment, conditions remain volatile, and the consumer backdrop remains mixed. Promotional intensity is elevated in some categories, and household finances are stretched as high borrowing costs and delinquencies weigh on discretionary spending, including big ticket items like cars and housing. However, there is relatively low unemployment and higher priced personal care categories continue to do well.

從整體環境來看，市場狀況依然不穩定，消費者情緒仍喜憂參半。某些類別的促銷力度加大，高昂的借貸成本和違約行為給家庭財務造成了壓力，限制了可自由支配的支出，包括汽車和住房等大宗商品。然而，失業率相對較低，價格較高的個人護理用品類別繼續表現良好。

Against that mixed backdrop, our categories are growing at around 2%, which was pretty consistent with what happened in Q2 as well. We're performing better than that because of our great brands. Our portfolio, with its balance of value and premium offerings, continue to gain both dollar and volume share. Our innovation is performing well, and all in all, our brands are made for environments like this.

在這種喜憂參半的背景下，我們的各類別業務成長了約 2%，這與第二季的情況也相當一致。我們之所以能取得比預期更好的成績，是因為我們有優秀的品牌。我們的產品組合兼具價值型和高端型產品，在銷售和銷售方面持續成長。我們的創新表現良好，總而言之，我們的品牌非常適合這樣的環境。

Onto the Q3 results. We had a fantastic quarter in a tough environment. Organic sales grew 3.4%, exceeding our outlook of 1% to 2%. Adjusted gross margin was up 10 basis points, also exceeding our outlook. Adjusted EPS was $0.81, which was $0.09 higher than our $0.72 outlook. Lee will take you through the rest of the numbers shortly, but first some highlights about our brands.

接下來是第三季業績。我們在充滿挑戰的環境下取得了非常出色的成績。有機銷售額成長了 3.4%，超過了我們 1% 至 2% 的預期。調整後毛利率上升了 10 個基點，也超過了我們的預期。調整後每股收益為 0.81 美元，比我們預期的 0.72 美元高出 0.09 美元。Lee 稍後會帶您了解其餘數據，但首先讓我們專注於我們的品牌。

In July, we closed our most recent acquisition Touchland. Touchland is the fastest growing brand in the hand sanitizer category in the US. It's the number two hand sanitizer in the category with household penetration just under 7%, and the category at 42%, indicating a lot of runway for growth. Touchland experienced strong growth in Q3 with consumption growing double-digits and results exceeded our initial expectations. I'm even more optimistic about Touchland today than even a few months ago, a small but mighty team doing great things.

今年7月，我們完成了對Touchland的最新收購。Touchland是美國洗手液類別中成長最快的品牌。它是該品類中排名第二的洗手液，家庭滲透率略低於 7%，而該品類的滲透率為 42%，這表明還有很大的成長空間。Touchland 第三季實現了強勁成長，消費量實現了兩位數成長，業績超出了我們最初的預期。我現在對 Touchland 的前景比幾個月前更加樂觀，這是一個規模雖小但強大的團隊，正在做著偉大的事情。

Now I'm going to turn my comments to each of the three divisions. First up is the US Consumer Business. Organic sales increased 2.3% with volume growth of 3.7%, being partially offset by 1.4% of price mix. Growth was led by TheraBreath mouthwash, [Hero] acne products, Arm & Hammer cat litter, and Trojan condoms, partially offset by declines in the vitamin business and Waterpik water flossers.

現在我將分別對這三個部門發表意見。首先是美國消費者業務。有機銷售額成長 2.3%，銷量成長 3.7%，但價格組合上漲 1.4% 部分抵銷了這一成長。TheraBreath 漱口水、[Hero] 祛痘產品、Arm & Hammer 貓砂和 Trojan 避孕套引領了增長，但維生素業務和 Waterpik 水牙線的下滑部分抵消了增長。

We grew share in four of our eight power brands, specifically Arm & Hammer, TheraBreath, Hero, and Touchland. Let me provide a bit of color for a few of our important categories. I'd like to start off with the Arm & Hammer brand in general.

我們旗下八個主力品牌中有四個的市佔率有所成長，分別是 Arm & Hammer、TheraBreath、Hero 和 Touchland。讓我為幾個重要的類別增添一些細節。我想先談談 Arm & Hammer 這個品牌。

Consumers today want stability and brands they can trust. Our new campaign, give it the whole darn arm, reinforces the brand's strength and reliability. This is driving growth across the portfolio. (inaudible) of the six categories we compete in with Arm & Hammer are growing share on a year-to-date basis.

如今的消費者追求穩定且值得信賴的品牌。我們全新的宣傳活動，全力以赴，強化了品牌的實力和可靠性。這正在推動整個產品組合的成長。 （聽不清楚）在我們與 Arm & Hammer 競爭的六個類別中，有六個類別的市場份額在今年迄今為止都在增長。

Turning to laundry detergent, Arm & Hammer liquid laundry detergent consumption grew 1.9% in contrast to a flat category. Arm & Hammer share in the quarter reached 15%. Beyond share and more importantly, household penetration for the long-term continues to matter. And in the quarter, Arm & Hammer laundry expanded household penetration 0.7 points to an all-time high of 30%.

就洗衣液而言，Arm & Hammer 液體洗衣液的消費量增加了 1.9%，而其他同類產品則持平。Arm & Hammer 本季市佔率達 15%。除了市場佔有率之外，更重要的是，從長遠來看，家庭滲透率仍然至關重要。本季度，Arm & Hammer 洗衣產品的家庭滲透率提高了 0.7 個百分點，達到歷史新高 30%。

In fact, the only tier of laundry detergent that was positive consumption in the quarter was the value tier. This is a sign of the times. Its value was flat to declining in the previous eight quarters. This is especially impressive as our actual promotional spending for laundry was lower year by year.

事實上，本季唯一實現正消費量的洗衣液等級是經濟型等級。這是時代的象徵。前八個季度，其價值持平或下降。這一點尤其令人印象深刻，因為我們實際用於洗衣促銷的支出逐年下降。

Moving to litter, Arm & Hammer litter consumption grew 5.3% while the category was up 5%. We saw heightened competitive promotions, especially in the lightweight segment by one competitor. Over the mouthwash, TheraBreath continues to perform extremely well. While the mouthwash category was down in Q3. TheraBreath consumption grew 17% and continues to be the number two mouthwash with a 21.8% share.

再來看貓砂，Arm & Hammer 貓砂的消費量增加了 5.3%，而整個貓砂品類的消費量增加了 5%。我們看到競爭加劇，尤其是一家競爭對手在輕量級產品領域加大了促銷。與漱口水相比，TheraBreath 的表現依然非常出色。雖然漱口水品類在第三季有所下降。TheraBreath 的消費量增長了 17%，繼續保持第二大漱口水市場份額，達到 21.8%。

Remember, we believe there's a lot of runway here. Our household penetration for TheraBreath currently sits at 11% versus the category of 65%. Hero once again outpaced the category with consumption growth of 5.2% compared to a flat acne category and remains the number one brand in acne care with a 23.6% share. And like the TheraBreath story, we believe household penetration growth is key for this brand. It sits at 9% versus the category of 28%.

記住，我們相信這裡還有很大的發展空間。目前，TheraBreath 在我們家庭中的滲透率為 11%，而同類產品的平均滲透率為 65%。與痤瘡治療品類持平的情況相比，Hero 再次超越了該品類，消費增長率達到 5.2%，並以 23.6% 的市場份額保持痤瘡護理領域第一品牌的地位。與 TheraBreath 的發展歷程類似，我們認為家庭滲透率的成長是品牌的關鍵。它的比例為 9%，而同類比例為 28%。

Looking ahead, we're excited about our pipeline of new products. We even announced a few today. They're a key driver of our success. TheraBreath is introducing a new line of toothpaste. We launched online with three variants in August, and they target key consumer needs of healthy gums, deep cleaning, and whitening all combined with long-lasting fresh breath.

展望未來，我們對即將推出的新產品充滿期待。我們今天甚至還宣布了幾項。他們是我們成功的關鍵驅動力。TheraBreath 即將推出全新系列牙膏。我們在 8 月推出了三款產品，旨在滿足消費者對健康牙齦、深度清潔和美白等關鍵需求，同時保持口氣清新。

The brand's loyal users value its effective cleaning, its distinctive, fresh, but not overpowering taste, and we have a retail launch set for January 2026. We're very encouraged with the high-quality consumer reviews we're seeing.

該品牌的忠實用戶重視其有效的清潔效果、獨特清新但不刺鼻的口味，我們計劃於 2026 年 1 月在零售通路推出該產品。我們對看到的高品質消費者評價感到非常鼓舞。

Meanwhile, Trojan, the number one condom brand in the US, launched Trojan Goat, greatest of all Trojan, which is a non-latex condom featuring patent pending ultra flex material that's soft, flexible, odorless, and colorless, designed to enhance body heat transfer to deliver next level intimacy.

同時，美國排名第一的避孕套品牌 Trojan 推出了 Trojan Goat，這是 Trojan 系列中最偉大的產品，這是一款非乳膠避孕套，採用正在申請專利的超柔韌材料，柔軟、靈活、無味、無色，旨在增強體溫傳遞，帶來更高層次的親密體驗。

Turning to International. Our International business delivered sales growth of 8.4% in the quarter. Organic increased 7.7% to a combination of higher volume, price, and mix. Growth was led by the Hero, TheraBreath and Batiste brands and was broad-based across many of our international markets. I was just in Argentina two weeks ago with our global markets group and distributor partners, and there is a lot of excitement for the future.

轉向國際領域。本季度，我們的國際業務銷售額成長了 8.4%。有機產品銷售成長7.7%，主要受銷售、價格及產品組合變動等因素影響。Hero、TheraBreath 和 Batiste 品牌引領了成長，並且成長遍及我們許多國際市場。兩週前我剛和我們的全球市場團隊和分銷合作夥伴一起去了阿根廷，大家對未來充滿期待。

Finally, SPD organic sales increased 4.2% due to a combination of higher price and product mix and volume. We continue to be excited about the growth opportunities in this business. As noted previously, we're undertaking a strategic review of our vitamin business, including streamlining our supply chain to strengthen the core business, new JV partnership opportunities, and divestiture options. We're seeking -- we're seeing improved velocities in the core, and line reviews are receiving positive retailer feedback on new products and long-term brand strategy.

最後，由於價格上漲、產品組合和銷售增加等因素，SPD有機銷售額成長了4.2%。我們依然對這個產業的成長機會感到興奮。如前所述，我們正在對維生素業務進行策略性審查，包括精簡供應鏈以加強核心業務、尋求新的合資夥伴關係機會以及剝離方案。我們正在尋求—我們看到核心業務的進展速度有所提高，產品線審查也收到了零售商對新產品和長期品牌策略的正面回饋。

We continue to expect to reach a conclusion from this review by the end of 2025. Looking ahead, our full-year organic growth outlook is 1%, the midpoint of our prior range. We expect full-year adjusted EPS growth for 2025 to now be $3.49 or $0.02 higher than our previous outlook to the higher sales and improved margins including higher marketing spent.

我們仍預期在 2025 年底前得出本次審查的結論。展望未來，我們全年的有機成長預期為 1%，處於我們先前預期範圍的中點。我們預計 2025 年全年調整後每股收益成長將達到 3.49 美元，比我們之前的預期高出 0.02 美元，這主要得益於更高的銷售額和更高的利潤率，包括更高的行銷支出。

As in past years when we have stronger than expected business performance, we invest for the future. So we now expect marketing as a percentage of sales to exceed 11%, and these investments will continue our momentum into 2026.

與往年業績超出預期時一樣，我們會進行未來投資。因此，我們現在預計行銷費用佔銷售額的比例將超過 11%，這些投資將使我們的發展勢頭延續到 2026 年。

I'll close by saying that category consumption remains stable and our brands remain in a position of strength. We're gaining dollar and volume share across key segments of the portfolio supported by a balanced mix of value and premium offerings. We're well positioned to navigate the current environment. The strategic actions we're executing will set us up for sustained success. Our go-forward portfolio has never been stronger.

最後我想說的是，該品類的消費保持穩定，我們的品牌仍處於強勢地位。憑藉價值型和高端產品的均衡組合，我們在產品組合的關鍵細分市場中獲得了美元和銷售份額。我們已做好充分準備，以應對當前環境。我們正在執行的策略行動將為我們持續成功奠定基礎。我們未來的投資組合從未如此強大。

At the same time, we remain active in evaluating the right acquisition opportunities to further build our business. I'm excited to speak at Investor Day in January about some of the growth initiatives we have in development. With that, I'd like to close by thanking all of the Church & Dwight employees for executing well in a volatile environment.

同時，我們仍在積極評估合適的收購機會，以進一步發展我們的業務。我很期待在1月的投資者日上，向大家介紹我們正在開發的一些成長計畫。最後，我要感謝 Church & Dwight 的所有員工，感謝他們在動盪的環境中出色地完成了工作。

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

現在我將把電話交給李，讓他詳細介紹本季的情況。

Thank you, Rick, and good day to everyone on this Halloween for Friday. Our Church & Dwight team members across the globe delivered a quarter to be proud of that highlights once against the many strengths of our portfolio and our team's capabilities. Let's jump into the third quarter and our outlook.

謝謝你，里克，祝大家週五萬聖節快樂！我們 Church & Dwight 全球團隊成員取得了令人驕傲的一個季度成績，再次突顯了我們產品組合的許多優勢和我們團隊的能力。讓我們進入第三季並展望未來。

We'll start with EPS. Third-quarter adjusted EPS was $0.81, up 2.5% from the prior year. The $0.81 was better than our $0.72 outlook, driven by higher volume and gross margin results favorable to our outlook. Reported revenue was up 5% and organic sales were up 3.4%. The organic sales was broad-based across the globe with volume growth of 4%, partially offset by negative pricing and mix of 0.6%.

我們先從EPS開始。第三季調整後每股收益為 0.81 美元，比去年同期成長 2.5%。0.81 美元的預期高於我們先前預測的 0.72 美元，這主要得益於更高的銷量和毛利率，而我們的預期也更符合實際情況。報告顯示，營收成長了 5%，有機銷售額成長了 3.4%。全球有機銷售額普遍成長，銷售成長 4%，但部分被 0.6% 的負面定價和產品組合所抵銷。

And beyond organic results, we were delighted with the encouraging start of Touchland as sales exceeded our initial projections. Our third-quarter adjusted gross margin was 45.1%, a 10-basis point increase from a year ago and 110 basis points better than our outlook. Our results versus last year were driven by 170 basis points from productivity programs, 20 basis points from higher margin acquisitions, 10 basis points from FX, and 10 basis points from the combination of volume, price, and mix. These factors offset 200 basis points of inflation and tariff costs.

除了自然成長帶來的成果之外，Touchland 的開局也令人欣喜，銷售額超過了我們最初的預期。我們第三季調整後的毛利率為 45.1%，比去年同期成長 10 個基點，比我們的預期高出 110 個基點。與去年相比，我們的業績成長主要得益於生產力提升計畫帶來的 170 個基點成長、高利潤率收購帶來的 20 個基點成長、外匯收益帶來的 10 個基點成長以及銷售、價格和產品組合綜合帶來的 10 個基點成長。這些因素抵消了 200 個基點的通貨膨脹和關稅成本。

Moving to marketing. Our marketing expense as a percentage of sales was 12.8% or 50 basis points higher than the third quarter of last year. And for the year, we are now targeting to exceed 11% of net sales as we leverage our improved sales growth to invest for the future. Q3 adjusted SG&A increased 20 basis points year over year. Adjusted other expense increased by $3.9 million due to the lower interest income compared to last year. And we continue to expect other expense for the full year to be approximately $65 million on an adjusted basis, reflecting the lower interest income following the Touchland acquisition.

轉入行銷領域。我們的行銷費用佔銷售額的百分比為 12.8%，比去年第三季高出 50 個基點。今年，我們的目標是淨銷售額佔比超過 11%，我們將利用銷售成長的勢頭為未來進行投資。第三季調整後銷售、一般及行政費用較去年同期增加 20 個基點。由於利息收入較前一年減少，調整後的其他支出增加了 390 萬美元。我們預計全年其他支出經調整約 6,500 萬美元，這反映了收購 Touchland 後利息收入的減少。

In 3Q, our adjusted tax rate was 21.6% compared to 23.3% in Q3 of '24, a 170-basis point year-over-year decrease. And the expected adjusted effective tax rate for the year is now 22.5%. And now to cash. We delivered strong cash results in the quarter as cash flow from operations increased 19.6% versus last year to $435.5 million. Capital expenditures for the first nine months were $67.2 million, a $58 million decrease from the prior year due to return to normalized capital spending in 2025.

第三季度，我們的調整後稅率為 21.6%，而 2024 年第三季為 23.3%，年減 170 個基點。預計本年度調整後實際稅率為 22.5%。現在進入現金環節。本季我們取得了強勁的現金流業績，經營活動產生的現金流比去年同期成長了 19.6%，達到 4.355 億美元。前九個月的資本支出為 6,720 萬美元，比前一年減少了 5,800 萬美元，原因是 2025 年資本支出恢復正常水準。

And finally, in the third quarter, the company repurchased an additional $300 million of shares, which brings our year-to-date share repurchases up to $600 million for our shareholders, certainly a third quarter full of accomplishments.

最後，在第三季度，公司又回購了價值 3 億美元的股票，使我們今年迄今為股東回購的股票總額達到 6 億美元，這無疑是碩果累累的第三季。

Let's now turn to our outlook. Broadly, we continue to navigate well in an environment of economic uncertainty and as a result, have improved our outlook in several areas. For the year, we now expect reported sales growth of approximately 1.5% versus a prior year midpoint view of 1.0 as we expect Touchland's momentum to continue in the fourth quarter.

現在讓我們來看看前景。總體而言，我們在經濟不確定的環境下繼續保持良好的發展態勢，因此，我們在多個領域的前景都得到了改善。鑑於我們預計 Touchland 的成長動能將在第四季度延續，我們現在預計全年報告銷售額將成長約 1.5%，而去年同期的中位數預期為 1.0%。

We also remain on track to deliver 2025 organic growth of approximately 1%, the midpoint of our previous outlook, and we now expect full-year gross mention to contract only 40 basis points versus 2024 based on the progress our teams are delivering from productivity programs to counter inflation and tariff headwinds.

我們仍有望實現 2025 年約 1% 的有機成長，這是我們先前預測的中點。鑑於我們的團隊在生產力提升計劃方面取得的進展，以應對通貨膨脹和關稅帶來的不利影響，我們現在預計全年總提及量將比 2024 年僅下降 40 個基點。

And as I noted earlier, the combination of a stronger sales and gross margin outlook allows us to increase our marketing investments beyond our prior outlook in 2025. For the year, we now expect an adjusted EPS of $3.49, which exceeds the midpoint of our prior outlook. And specifically for 4Q, we now expect reported sales growth of approximately 3.5% and an organic sales growth of approximately 1.5%. In 4Q, I note that our reported sales outlook includes a larger decline in sales from our discontinued businesses as these product lines run out of inventory.

正如我之前提到的，更強勁的銷售額和毛利率前景使我們能夠在 2025 年增加行銷投資，超過我們先前的預期。目前我們預計全年調整後每股收益為 3.49 美元，高於我們先前預期的中位數。具體來說，對於第四季度，我們現在預計報告銷售額將成長約 3.5%，有機銷售額將成長約 1.5%。第四季度，我注意到，我們公佈的銷售展望包括已終止業務銷售額的更大幅度下降，因為這些產品線的庫存即將耗盡。

And for some context, we expect $30 million of lower sales or 200 basis points of drag in the fourth quarter versus last year from these discontinued businesses. And also note that our organic growth for 4Q was impacted by the prior year port strike and the negative consumption trends in our VMS business.

補充說明一下，我們預計這些已終止的業務將導致第四季銷售額比去年同期減少 3,000 萬美元，或造成 200 個基點的業績下滑。另外要注意的是，我們第四季的有機成長受到了上一年港口罷工和VMS業務負面消費趨勢的影響。

In 4Q, our adjusted gross margin will contract approximately 50 basis points primarily from inflation and tariff costs. Marketing will be lower compared to last year. We expect an adjusted EPS $0.83 per share, which is an increase of 8% versus last year's adjusted EPS.

第四季度，受通貨膨脹和關稅成本的影響，我們的調整後毛利率將下降約 50 個基點。與去年相比，行銷投入將有所下降。我們預計調整後每股收益為 0.83 美元，比去年調整後的每股收益成長 8%。

In my final '25 comment the outlook really covers cash flow from operations. As noted in our press release, we've increased our outlook from $1.1 billion to $1.2 billion in consideration of our progress on several fronts. As our teams look forward, we are optimistic our teams across the globe have delivered significant accomplishments. We continue to fuel share gains. We've made strategic choices to exit brands in our portfolio.

在我最後一則關於 2025 年展望的評論中，實際上涵蓋了經營活動產生的現金流。正如我們在新聞稿中所述，考慮到我們在多個方面取得的進展，我們將預期收入從 11 億美元上調至 12 億美元。展望未來，我們樂觀地認為，我們全球各地的團隊已經取得了顯著的成就。我們持續推動市場佔有率成長。我們已做出策略選擇，退出我們投資組合中的一些品牌。

We've acquired Touchland, which is off to a great start, and we've returned $600 million to our shareholders through share repurchases. A big thank you to our employees across the globe for leaning forward and executing through the first 3 quarters of the year. Very well done.

我們收購了 Touchland，目前進展順利，並透過股票回購向股東返還了 6 億美元。非常感謝全球各地的員工在今年前三個季度積極進取、出色完成工作。做得非常好。

Eric, let's move to Q&A.

艾瑞克，我們進入問答環節吧。

(Operator Instructions) Chris Carey, Wells Fargo Securities.

（操作員說明）克里斯‧凱裡，富國證券。

So Touchland is coming through better than expected, which is great to see. Can you talk about how you might view the benefits Touchland going into 2026. And specifically, how might the positive contribution from Touchland help offset any of the potential profit outcomes you could envision from actions you may take on the vitamin business? And I have a follow up.

所以Touchland的表現比預期好，這真是個好消息。您能否談談您如何看待 Touchland 在 2026 年的發展前景？具體來說，Touchland 的積極貢獻如何抵消您可能在維生素業務方面採取的行動所帶來的任何潛在利潤損失？我還有一個後續問題。

Yeah, I mean, we're going to -- I guess the first thing is you're right. Touchland is doing fantastic, even better than we expected, better than our double-digit comment last quarter. Consumption is strong. Units per store -- per week are really strong. Innovation is strong. Collaborations are strong.

是的，我的意思是，我們要──我想首先你是對的。Touchland 的表現非常出色，甚至比我們預期的還要好，比我們上個季度兩位數的成長預期還要好。消費強勁。每家店每週的銷售量非常強勁。創新能力強勁。合作關係牢固。

I'm not going to really talk too much about 2026 at this point. And I would just say, 2025 is doing better than we expected. It means that there's going to be a stronger baseline and as we grow that, of course, will help offset anything from the discontinued businesses or potentially anything with vitamins as well.

目前我不想多談2026年。我想說，2025 年的情況比我們預期的還要好。這意味著我們將擁有更穩固的基礎，隨著我們的發展，這當然將有助於抵消已終止業務或可能涉及維生素的任何損失。

And Chris, one thing I would note, just do keep in mind, we had a good amount of cash on our books, we are earning interest on. And obviously, that will be a little bit of a headwind versus Touchland next year as well.

克里斯，有一點我想提醒你，請記住，我們帳面上有很多現金，我們正在賺取利息。顯然，明年對陣 Touchland 時，這也將是一個不利因素。

Okay. The follow up is just on the competitive environment picking up a bit. I think you mentioned that your laundry promotional activity was actually down a bit relative to last year, just to confirm that. And in general, how would you view the competitive backdrop right now and your potential need to respond any activity that you're seeing? And maybe just a level of confidence that the really strong volume share performance that you've been delivering is sustainable and what might be needed to sustain that level of execution.

好的。後續報道主要集中在競爭環境略有加劇這一點。我想你之前提到過，你們的洗衣促銷活動實際上比去年有所減少，我確認一下這一點。總的來說，您如何看待當前的競爭環境以及您可能需要對所看到的任何動態做出反應？或許還需要一定程度的信心，來判斷你目前取得的強勁銷售份額表現是否可持續，以及維持這種執行水準可能需要哪些條件。

Obviously, you have -- you kind of teased innovation plans for next year, but also just the potential level of brand support.

顯然，你們已經透露了一些明年的創新計劃，以及潛在的品牌支援水平。

Yeah. Thanks, Chris. Yeah, for laundry, in my prepared comments, I said it, and I think it's such an impactful statement. For the first time in eight quarters, the value tier of laundry grew and that was -- if you look year over year on amounts sold on deal, which again, remember that's depth and frequency. That is we were down 400 basis points year over year.

是的。謝謝你，克里斯。是的，關於洗衣問題，我在事先準備好的演講稿中提到了，我認為這是一個非常有影響力的表達方式。八個季度以來，洗衣服務的價值層級首次出現增長，這是——如果你從同比交易額來看，要知道這涉及深度和頻率。也就是說，我們比去年同期下降了400個基點。

Our competition was up between 300 and 600 basis points depending on what brand. So I believe that is a trend that's starting to happen in the category as consumers are pressed. They're kind of solely moving to value, which is great. That is one piece of it.

我們的競爭對手價格上漲了 300 到 600 個基點，具體漲幅取決於品牌。所以我認為，隨著消費者面臨壓力，這正在成為該品類中一種趨勢。他們基本上完全轉向價值導向，這很好。這是其中的一部分。

Another indication is even the pods category, which is around 23% of the category, it's the most expensive form of water detergent, right, 2 times liquid that's been flat the category for the last six quarters. So those are just indications that the value matters. And so if promotional intensity does pick up, I think, overall, we're in a great spot. Value is doing well.

另一個跡像是，即使是佔該類別約 23% 的洗衣凝珠類別，也是最貴的洗滌劑形式，對吧？是液體洗滌劑的兩倍，而液體洗滌劑在過去六個季度中一直保持穩定。所以這些都顯示價值很重要。因此，如果促銷力度加大，我認為，整體而言，我們處於非常有利的地位。價值股表現良好。

And even some of our higher-priced competitors, they're twice the cost of our laundry detergent. So they would have to do massive discounts to move any elasticity. So again, I think we're well positioned. I think this is starting to be a little bit of a trend in the category for consumers seeking value.

即使是我們一些價格較高的競爭對手，它們的價格也是我們洗衣液的兩倍。所以他們必須大幅降價才能消除價格彈性。所以，我認為我們處於有利地位。我認為這對於追求性價比的消費者來說，逐漸成為該品類的趨勢。

Peter Grom, UBS.

Peter Grom，瑞銀集團。

Peter, you're breaking up a little bit.

彼得，你有點情緒低落了。

Or you try to reconnect and we'll make sure you get back in.

或者您可以嘗試重新連接，我們會確保您重新登入。

Rupesh Parikh, Oppenheimer.

Rupesh Parikh，奧本海默。

Thanks for taking my question. So I guess just going to International, another strong quarter even on a difficult comparison. So just curious, are you guys seeing any changes there, macro consumer-wise? And how do you feel about sustaining momentum in the International segment for the balance of the year?

謝謝您回答我的問題。所以我覺得，就國際業務而言，即使考慮到比較困難的基數，這仍然是一個強勁的季度。所以我很好奇，你們有沒有觀察到宏觀消費領域的任何變化？您認為在今年剩餘的時間裡，國際市場能否維持成長動能？

Yeah, as I said, I was just in Argentina a couple of weeks ago with 300-plus people, and there's a ton of excitement about our brands and the growth profile of some of our -- even our new brands like TheraBreath and Hero and Touchland. So even as the macro GDP starts to slow in some of these countries, the tailwind of these brands, which bring problem solution brands, innovation, new categories, lot of excitement to continue to deliver against our really -- our evergreen model for international. So a lot of momentum in our International business.

是的，正如我所說，幾週前我剛和 300 多人去了阿根廷，大家對我們的品牌以及一些品牌的成長前景感到非常興奮——甚至包括像 TheraBreath、Hero 和 Touchland 這樣的新品牌。因此，即使其中一些國家的宏觀 GDP 開始放緩，這些品牌帶來的順風，即問題解決方案品牌、創新、新類別，以及許多令人興奮的因素，將繼續支撐我們真正的——我們永不過時的國際模式。因此，我們的國際業務發展勢頭強勁。

Great. And then maybe just one quick follow up. Share buybacks, again, another quarter of significant buybacks. Your stock has obviously pulled back. So does anything change in terms of your priorities share buybacks versus M&A or should we just expect you continue to be opportunistic based on what your stock does?

偉大的。然後或許只需要一個簡短的後續問題。股票回購再次上演，又一個季度出現了大規模回購。你的股票顯然已經回調了。那麼，您在股票回購和併購方面的優先事項是否會改變？或者我們應該預期您會繼續根據股票的走勢採取機會主義策略？

Yeah, so good question. So to your point, we definitely took advantage of the value opportunity there. We typically try to just -- what our priorities are. We want to focus on M&A. This is our number one focus of our cash. And we're out in the market accordingly.

是的，問得好。所以，正如您所說，我們確實充分利用了那裡的價值機會。我們通常會盡量明確——我們的優先事項是什麼。我們想專注於併購。這是我們現金流的首要關注點。因此，我們已經相應地進入市場。

But if any opportunities come up to maybe accelerate a little bit of our share buybacks, we'll do that. As we sit here today, we've done everything we've done with the $600 million. We bought Touchland. We got great cash flow, balance sheet is in a good place as we look forward. (inaudible) still focused on M&A. There's still opportunities out there.

但如果出現任何可以加快股票回購速度的機會，我們就會這麼做。今天，我們已經用這 6 億美元完成了所有工作。我們收購了Touchland。我們現金流充裕，資產負債表狀況良好，展望未來。 （聽不清楚）我們仍然專注於併購。機會依然存在。

And we obviously have an opportunity to do M&A. I mean -- and we've just gone through a review. You just recently saw our shares or treasury -- our balance sheet get upgraded as well. So I mean, I just think on many fronts, we got a quality balance sheet, strong cash flow gives us a lot of optionality. So frankly, the potential to do both things. So --

我們顯然有機會進行併購。我的意思是——我們剛剛完成了一次審查。您最近也看到了我們的股票或庫存——我們的資產負債表也得到了提升。所以我的意思是，我認為在很多方面，我們的資產負債表都很優質，強勁的現金流給了我們很大的選擇。坦白說，有可能同時做到這兩件事。所以--

Great. Thank you.

偉大的。謝謝。

Bonnie Herzog, Goldman Sachs.

邦妮·赫爾佐格，高盛集團。

I had a question on the promotional environment. Hoping just for some more color on that. And then your volume growth was quite strong in the quarter, but price mix was slightly negative. So I guess just -- could you kind of drill down on what sort of drove that? Was it the higher promotions and the need for spending behind some of your brands? And if so, should we expect that to continue in Q4 and possibly next year?

我有一個關於促銷環境的問題。希望能有更多細節說明。該季度銷量成長相當強勁，但價格組合略有下滑。所以我想問的是——您能否詳細說說是什麼原因導致了這種情況？是因為貴公司某些品牌投入了更多資金進行推廣嗎？如果真是如此，我們是否可以預期這種情況會持續到第四季甚至明年？

I would kind of characterize it as really -- when we talk about our promotions, we talk about laundry and litter. I already went through the laundry category. Litter is a little unique. Right now as well, the category over a long period of time, has bumped around between 16%, 18% sold on deal. It hit where we think is almost an all-time high at 24%. One competitor significantly discounted their lightweight litter business, and that's driving a couple of thousand points of promotion. We actually were pretty much consistent year over year.

我會這樣形容：當我們談論晉升時，我們談論的是洗衣和垃圾處理。我已經瀏覽過洗衣類別了。垃圾有點特別。目前，該類別商品的特價銷售比例在很長一段時間內都在 16% 到 18% 之間波動。它達到了我們認為接近歷史最高水準的 24%。一家競爭對手大幅降低了輕便貓砂盆的價格，這帶來了數千點的促銷效果。實際上，我們每年的表現都相當穩定。

We were up slightly 60 basis points and still managed to grow 5%, which was -- which is fantastic. So our brand, our Arm & Hammer brand, kind of what I said in my comments, we think the advertising and the halo effect, the seeking value is leading to Arm & Hammer doing incredibly well in this environment and for the future.

我們上漲了 60 個基點，但仍然實現了 5% 的成長，這真是太棒了。所以，我們的品牌，我們的 Arm & Hammer 品牌，就像我在評論中提到的那樣，我們認為廣告和光環效應，以及對價值的追求，使得 Arm & Hammer 在當前環境下以及未來都取得了非常不錯的成績。

Then you look at negative price mix, part of that is some of our other businesses, right? We're doing -- whether it's a rollback or price adjustments on Batiste as we fix value for the consumer, or vitamin business to make sure that we have the right velocities. So not as much in the laundry and litter business.

然後你看看負面的價格組合，其中一部分原因在於我們的其他一些業務，對吧？我們正在採取的措施——無論是對 Batiste 進行價格調整或降價，以確保消費者獲得應有的價值，還是對維生素業務進行調整，以確保我們擁有合適的成長速度。所以，他們不太涉足洗衣和垃圾處理行業。

All right. Thanks for that. And if I may, I just wanted to ask a quick follow-up question on Touchland. Could you give us a sense of maybe how the brand has been performing in the different channels, DTC and then certainly at Sephora and then maybe talk a little bit more about your strategy to expand the brand in additional channels, and I don't know, possibly other specialty retail channels. Maybe how has that evolved since the transaction has closed.

好的。謝謝。如果可以的話，我還想就 Touchland 問一個後續問題。能否簡單介紹一下該品牌在不同管道（例如 DTC 管道以及 Sephora 管道）的表現？然後，能否再談談您將如何拓展該品牌在其他通路（例如其他專業零售通路）的策略？或許，自交易完成以來，情況發生了怎樣的變化？

Sure thing. Touchland, again, doing fantastically well. That business is really at three retailers, right? Sephora, Ulta, and Amazon make up about 90%-plus of that business. And we don't really have much plans in the short or medium term to change that strategy. We believe that there's prestige in being in that category.

當然可以。Touchland 再次表現出色。這家店實際上是在三家零售商那裡開店的，對吧？絲芙蘭、Ulta 和亞馬遜佔據了該業務的 90% 以上。短期或中期內，我們並沒有改變這項策略的計畫。我們認為，躋身這一行列是一種榮譽。

There's examples of brands that have been able to grow by hundreds of millions of dollars in that channel and expand to slightly adjacent categories over time. We think that's a good model. There will be some niche plays at other retailers. We're not ready to go through that yet. Maybe that's a good question for January.

有些品牌透過該管道實現了數億美元的成長，並隨著時間的推移擴展到略微相鄰的類別。我們認為這是一個很好的模式。其他零售商也會推出一些小眾產品。我們還沒準備好經歷那件事。或許這個問題適合在一月討論。

Internationally, we're really excited about growth behind Touchland. We believe that it can -- we're already seeing how fast it's growing in Canada, as an example, at just one retailer. So we're going to probably duplicate that approach across many more countries and make sure we hit the right channel, the right partner, and to make sure that we keep that kind of cache of the brand.

在國際市場上，我們對 Touchland 的發展感到非常興奮。我們相信這是可以實現的——例如，我們已經看到它在加拿大發展得非常迅速，僅一家零售商就證明了這一點。因此，我們可能會在更多國家複製這種做法，確保我們找到正確的管道和合作夥伴，並確保我們保持這種品牌聲譽。

Okay. Thank you.

好的。謝謝。

Peter Grom, UBS.

Peter Grom，瑞銀集團。

Any better now?

現在好些了嗎？

Perfect, Peter.

完美，彼得。

All right, let's run this back a little bit. So I guess I wanted -- two questions for me. So first, just on the implied step down in 4Q, and I appreciate the commentary around the port strikes and weaker VMS, but I would imagine some of that was -- some was contemplated as you were thinking about the back half of the year, which you mentioned is unchanged after a strong 2Q. So can you maybe just speak to why it steps down and would come in below the 2% category growth you mentioned.

好的，我們稍微回顧一下。所以我想問大家兩個問題。首先，關於第四季度業績可能下滑的問題，我很欣賞您對港口罷工和VMS業務疲軟的評論，但我認為其中一些因素——一些因素在您考慮下半年業績時就已經考慮在內了，您提到在強勁的第二季度之後，下半年業績沒有變化。所以您能否解釋為什麼它的成長率會下降，低於您提到的 2% 的類別成長率？

Yeah, I'll give you a couple of comments and then maybe Lee has something to add as well. I think the port strike is a reality, right? There was one week that was -- the categories were up 11%. So when you do that math, all of a sudden, October will be negative as an example for categories and for the brands.

是的，我會給你幾點意見，然後李可能也會補充一些內容。我認為港口罷工是真實發生的，對吧？有一週的時間，各項指標都上升了 11%。所以當你進行計算時，你會發現，例如，10 月的類別和品牌資料都會出現負值。

So for vitamins, Q4 is a larger business seasonality for vitamins, so as consumptions going backwards there even though we have some green shoots, that's just a little bit more of an impact. And then finally, I think we were probably a little conservative on our Q3 outlook and we were very confident that 2.5% for the back. We're very confident that over time we're going to grow faster than categories, but we feel like Q4s -- Q3 and Q4 together is a good number.

因此，對於維生素而言，第四季是維生素業務的季節性高峰期，所以即使我們看到了一些復甦的跡象，但隨著維生素消費量的下降，其影響仍然會更大一些。最後，我認為我們對第三季的展望可能有點保守，我們非常有信心背部達到 2.5%。我們非常有信心，隨著時間的推移，我們的成長速度將超過各品類，但我們覺得第四季——第三季和第四季加起來是一個不錯的數字。

Yeah. And again, I think just to Rick's point, we go back to what we said in on August 1. Very great comfort in the 2.5% organic outlook. That's what we're still saying today despite the macro doing what it's doing that speaks to the categories, how we're performing. There's always pluses and minuses, but we're still sitting at that 2.5% organic.

是的。再次重申一下，正如瑞克所說，我們回到了8月1日所說的內容。2.5%的有機成長前景令人非常樂觀。儘管宏觀經濟情勢對各個類別以及我們的表現產生了影響，但我們今天仍然堅持這個觀點。凡事都有利弊，但我們的有機產品佔比仍維持在 2.5%。

And if you do think about 3Q to 4Q, these -- just on a total sales perspective I mentioned in my prepared remarks, we are running out these discontinued businesses. We're getting to the point now where that will be a bigger pressure point in the fourth quarter. So I noted that. That was kind of the $30 million or 200 basis points of drag, and then I think we covered very elegantly the organic piece.

如果你考慮一下第三季到第四季的情況，就我之前在準備好的發言稿中提到的總銷售額而言，我們正在逐步淘汰這些已終止的業務。現在到了第四節，這將是一個更大的壓力點。我記下了這一點。那大概就是損失 3000 萬美元或 200 個基點的原因，然後我認為我們非常巧妙地解決了有機部分的問題。

You adjust for that. We're right in right on track and certainly gives us confidence for the fourth quarter, but certainly as you look beyond that as well.

你需要對此進行調整。我們目前一切都在按計劃進行，這無疑給了我們第四季度的信心，而且展望未來也是如此。

Yeah, that is -- it's partially the port strikes, so we don't feel like that's a kind of row forward as you look into 2026 at all.

是的，部分原因是港口罷工，所以我們不認為展望 2026 年會有什麼改善。

Okay. That's super helpful. And then Rick, you've had some good perspectives on category growth for some time here. So I wanted to get your views on kind of how you see category growth and your portfolio performing as we look out over the next 12 months or so. And then just maybe specifically on the top-line and I get we'll get official guidance in January, but do you need category growth to accelerate from 2% in order to hit your evergreen target?

好的。這太有幫助了。里克，你對品類成長的看法一直都很有見地。因此，我想了解您對未來 12 個月左右的品類成長和投資組合表現的看法。然後，也許具體來說，就營收而言，我知道我們會在 1 月份得到官方指引，但是為了達到你們的長期目標，品類增長是否需要從 2% 加速？

Yeah. So look, I think for a long time, we've been very clear on how categories are doing and how our brands are doing. And categories we heard some of the competition say 1.5% to 2%. For us, it's around 2%. And that's because, in my mind, we've been very picky about what categories we go into.

是的。所以你看，我認為很長一段時間以來，我們對各個品類以及我們旗下品牌的表現都非常清楚。我們也聽到一些競爭對手說，某些類別的成長率在 1.5% 到 2% 之間。對我們來說，大約是 2%。在我看來，那是因為我們對選擇進入哪些類別非常挑剔。

Our categories are doing a little bit better than most, which is great. And our long-term track record over many, many years is around 3%, and we hope to get back there for categories for sure, at some point in time.

我們的類別表現比大多數類別略好一些，這很棒。多年來，我們的長期業績記錄約為 3%，我們希望在某個時候肯定能夠重回這個水平。

Meanwhile, we're kind of planning that it's going to be around 2%. And so as you saw this quarter, we -- despite 2%, we grew faster than that. And it's because all the great work we're doing on innovation, on marketing, on driving share gains. So I'm not going to talk about 2026, I'll do that in January. But I would just say we've been growing faster than category growth.

同時，我們預計它會在 2% 左右。所以正如你們在本季看到的，儘管成長了 2%，但我們的成長速度超過了這個數字。這是因為我們在創新、行銷和提升市場佔有率方面做了很多出色的工作。所以我現在不談2026年，我會在一月談。但我只想說，我們的成長速度一直超過了產業整體的成長速度。

Awesome. Thanks so much. I'll pass it on.

驚人的。非常感謝。我會轉達的。

Andrea Teixeira, JPMorgan.

Andrea Teixeira，摩根大通。

I was just hoping if you can kind of decompose a bit of the price mix. And then you mentioned you have obviously a good position in the value segment. So thinking as the consumer continues to see particularly in laundry, that value segment, how to think about the mix effect?

我只是希望您能稍微分析一下價格組成。然後您提到，您顯然在價值型產品領域佔據著有利地位。因此，考慮到消費者，尤其是在洗衣領域，越來越關注價值區隔市場，我們應該如何看待混合效應？

And then just as a clarification on the FX going forward, I mean, this is something that is benefiting some of the companies like that moving in the other direction how to think about international finally getting those tailwinds as you go into 2026.

然後，為了澄清外匯市場的未來趨勢，我的意思是，這有利於一些公司朝著相反的方向發展，思考國際市場最終如何在 2026 年獲得這些順風。

Yeah, sure. I'll take the price mix and then Lee can take the currency question. So I said, I think it was to bone. We do have a negative drag on price mix from our pricing and promotional actions on vitamins. We have a negative drag as we're fixing some value equations on Batiste.

當然可以。我來負責價格構成問題，然後李可以負責貨幣問題。所以我說，我覺得是為了性交。我們的維生素定價和促銷活動確實對價格組合產生了負面影響。由於我們正在調整 Batiste 的一些價值方程，所以出現了負阻力。

Our share gaps are closing. We're making improvements, which is great. What is value. It's also innovations the cross-section of innovation and price. And so we're making adjustments as needed for Batiste.

我們的股價差距正在縮小。我們正在取得進步，這很好。什麼是價值？它也代表了創新，即創新與價格的交會點。因此，我們會根據巴蒂斯特的需要做出相應的調整。

And then it's also the consumer is value-seeking behavior, and that means larger sizes. And when you have larger sizes, that's also typically a little bit of a drag on price mix, whether that's in laundry or litter. So those kind of three things really impact the price mix line.

此外，消費者追求性價比的行為也反映了這一點，這意味著他們會選擇更大的尺寸。而且，當產品尺寸較大時，無論是洗衣用品或垃圾處理用品，通常都會對價格構成一定的拖累。所以這三件事確實會對價格組合產生影響。

And I'll go from there. I mean -- and to Rick's point, also, I mean, it's a pretty nominal amount for us. I mean, I think the big call an organic is also just this continued momentum with volume growth really driving there. On FX, in terms of international, I mean, I'd say this, the international team is doing a really nice job of growing. They're very much focused on margins.

然後我再從那裡開始。我的意思是——而且正如里克所說，我的意思是，這對我們來說只是一筆很小的數目。我的意思是，我認為有機成長的關鍵也在於銷售持續成長的勢頭。就FX的國際業務而言，我的意思是，國際團隊在發展方面做得非常出色。他們非常注重利潤率。

So yes, FX can be a pressure point, tariff inflation fee, and then we combat it. We combat it with productivity, with good -- with RGM practices. So yeah, if FX turns out to be a little bit of favorable, that could be helpful. But if you look at that business, they've been growing and they've been doing a good job of also bringing gross margin forward as well. So if that happens, we'll take that as a positive.

所以，外匯波動、關稅通膨費用確實可能成為一個壓力點，而我們會應對這些問題。我們透過提高生產力、採取良好措施——透過 RGM 實踐來應對它。所以，如果FX匯率稍微有利一些，那可能會有所幫助。但如果你觀察這家公司，你會發現他們一直在成長，而且在提高毛利率方面也做得很好。所以如果這種情況發生，我們會把它看作是一件好事。

And if I can, this is super helpful, if I can just go back to Rick's comment on -- and (inaudible) on the FX. But Rick's comment on the pricing and promo back when you're saying promo has been technically benign for you and you're gaining share in particular in laundry, continue to gain share, and your competitor has been increasing more promo. I understand that they also are kind of going into a more value proposition. Are you seeing any pressure on that most recent launch in liquid as you exit the quarter?

如果可以的話，這將非常有幫助，如果我能回到 Rick 關於——以及（聽不清楚）關於 FX 的評論。但是，里克之前對定價和促銷的評論是，你當時說促銷對你來說從技術上講是無害的，而且你正在獲得市場份額，尤其是在洗衣領域，並且繼續獲得市場份額，而你的競爭對手一直在加大促銷力度。我知道他們也在努力提升產品的價值主張。隨著季度末的臨近，您是否看到最近推出的流動性產品面臨任何壓力？

I wouldn't change any of my comments. I'd say in general, the value tier continues to do really well, like that's almost like a macro trend, more so than what any one competitor is or could do. And so that's why I believe that despite us going lower on promotions to have the value piece of the category expand is just a really good indication of that. And so that's the trend we're seeing. I expect it to continue.

我不會改變我的任何評論。總的來說，我認為性價比產品線持續表現非常出色，這幾乎是一種宏觀趨勢，比任何一個競爭對手的表現或能力都更重要。所以，我認為，儘管我們減少了促銷力度，但擴大了該品類的價值部分，這恰恰很好地表明了這一點。這就是我們目前看到的趨勢。我預計這種情況還會持續下去。

Okay, Great. Thank you, Rick. Thank you, Lee.

好的，太好了。謝謝你，里克。謝謝你，李。

Steve Powers, Deutsche Bank.

史蒂夫鮑爾斯，德意志銀行。

Two questions, which, I guess, as I look at my notes, is kind of three. So bear with me. Rick, on the first one, laundry, not to beat a dead horse, but just -- can you just help us square help me square the circle just a little bit more. There's definitely a narrative about the Church & Dwight has been more promotional through the third quarter.

兩個問題，不過，我看了看我的筆記，感覺好像有三個問題。請各位耐心等待。瑞克，關於第一件事，洗衣，我不想老生常談，但是──你能幫我們把圓修好，幫我再稍微修好一點嗎？可以肯定的是，Church & Dwight 在第三季加強了宣傳。

We've certainly seen price mix dip negative, kind of accelerate negative in the quarter. So is it -- what explains that? Is the mix within your portfolio where you've been directing the promotion? Just any more color there and how that's likely to trend going forward, number one.

我們確實看到價格組合出現了負成長，而且在本季負成長的趨勢有所加速。那麼，這該如何解釋呢？你負責推廣的產品組合是否包含這些產品？第一點，就是想看看這裡是否還有其他顏色，以及這種顏色未來可能會呈現怎樣的趨勢。

And then on vitamins, you mentioned some green shoots. Could you just elaborate a bit more on what those are? And then just update us if you think you'll have kind of a more comprehensive outlook and business strategy around that segment come January?

然後，關於維生素，你提到了一些積極的方面。能再詳細解釋一下這些是什麼嗎？那麼，到明年一月，如果您認為您會對該領域有更全面的展望和業務策略，請告知我們？

Sure, yeah. The first one, price mix negative on laundry, there is no better metric to look at, the amount sold on deal. That's what we've been using for many, many years. And the reason we say that is that is the intersection again on depth and frequency, like it's really shows what's going on in market.

當然，是的。第一個問題是洗衣價格組合不佳，沒有比這更好的指標來衡量了，那就是特價商品的銷售量。我們多年來一直都用的是這種方法。我們之所以這麼說，是因為這再次體現了深度和頻率的交集，它真正反映了市場正在發生的事情。

So all I can do is point you to the actual numbers that come out of whether you have Nielsen or Circana, and we are down year over year in promotion, our competition is up anywhere between 300 and 600 basis points. When there's negative price mix in laundry, that can be a whole host of things. It could also be, again, as I said before, as consumers trade up to larger sizes, that mix impact can be a negative in that line. So that's kind of what I would say consistently.

所以我只能向你指出尼爾森或 Circana 等機構給出的實際數據，我們的促銷活動同比下降，而我們的競爭對手則上升了 300 到 600 個基點。洗衣服務價格組合失衡可能是由多種因素造成的。正如我之前所說，隨著消費者轉向更大尺寸的產品，這種組合影響也可能對該系列產生負面影響。所以，我一直以來都是這麼說的。

Number two, on vitamins, the green shoots. Two examples, I think one would be, it's kind of hard to say, but sometimes when you have consumption go backwards at a retailer, 20%, 25%, you think the world is ending. But some of that is discontinuations that have happened. So we have to lap some of that. But when you go look at the core SKUs, the ones that are remaining, they're declining at a much lower rate, which is always encouraging.

第二點，關於維生素，是新的希望。舉兩個例子，我想其中一個是，雖然很難說，但有時當零售商的消費下降 20%、25% 時，你會覺得世界末日要來了。但其中一些是已經發生的停產事件。所以我們必須在這方面做出一些改進。但當你查看核心 SKU（即剩餘的 SKU）時，你會發現它們的下降速度要慢得多，這總是令人鼓舞的。

The second one probably is a couple of food retailers are actually doing really well, and we've heard distribution gains there as well. So those are a couple of green shoots. On the strategy, it was the right thing to do to publicly announce this about a quarter ago. We've had even more interest externally as we look at different options. And then meanwhile, internally, we're focused on how we kind of have a plan B on our cost structure and rightsize that business.

第二點可能是，有些食品零售商的表現確實非常好，我們也聽說他們的通路也得到了拓展。所以，這是幾個萌芽。就策略而言，大約三個月前公開宣布這項消息是正確的做法。隨著我們探索不同方案，外界對我們的關注度也越來越高。同時，在公司內部，我們正專注於制定一個針對成本結構的替代方案，並調整業務規模。

So I would say, by the end of the year, consistently, again, that we'll have more to say, and I'm optimistic.

所以我認為，到今年年底，我們會有更多消息要說，我對此持樂觀態度。

Okay, thank you for all that. Appreciate it.

好的，非常感謝。謝謝。

Anna Lizzul, Bank of America.

安娜·利祖爾，美國銀行。

Thank you so much for the question. I have two parts to a question. First, I wanted to ask on retailer presence and pack size. We're continuing to hear from peers in your space about the movement of [bills] to club and online, which have seen better growth versus food, drug, and [mass]. So I was curious if you could talk about this dynamic within your categories?

非常感謝您的提問。我的問題分為兩部分。首先，我想詢問一下零售商的分佈和包裝尺寸。我們不斷收到同儕回饋，他們提到帳單正在向俱樂部和線上轉移，這些管道的成長速度比食品、藥品等管道更快。[大量的]。所以我很好奇，您能否談談您分類中的這種動態？

And then secondly, on the M&A front, while you're still digesting Touchland, it has performed better than expected. And it's an interesting acquisition, given Touchland is in some of the specialty beauty stores like Sephora. You've done well in acquisitions the last few years in personal care.

其次，在併購方面，雖然你還在消化 Touchland 的收購案，但它的表現卻比預期好。考慮到 Touchland 的產品已經進駐 Sephora 等一些專業美妝商店，這筆收購就顯得非常有趣了。過去幾年，你們在個人護理領域的收購方面做得非常出色。

And I'm sure you'd like to get back to your more regular cadence of one tuck-in acquisition annually. So I was wondering if we should expect to continue to focus on personal care or maybe if you'd be willing to explore more in the adjacent duty space.

我相信您一定希望恢復到每年一次的定期收購節奏。所以我想知道我們是否應該繼續專注於個人護理，或者您是否願意探索相鄰的職責領域。

Yeah, Anna, good questions. I think -- actually very similar questions to -- again, when I was in Argentina that our distributors were asking. I would say we're, again, very encouraged with Touchland, and you're right, a little bit more of a niche in terms of distribution and kind of go to market. From an M&A perspective, we're typically agnostic on what categories we go into. It could be household, it could be personal care, has to be more like functional beauty, like we are not a beauty company.

是的，安娜，問得好。我認為——實際上與我在阿根廷時我們的經銷商提出的問題非常相似。我想說，我們對 Touchland 的表現非常鼓舞，你說得對，它在分銷和市場推廣方面更具小眾特色。從併購的角度來看，我們通常對進入哪些類別持開放態度。可以是家居用品，也可以是個人護理用品，但必須更偏向功能性美容，因為我們不是一家美容公司。

We can't perform. We don't have -- there's a lot of dead bodies on the road to trying to be a beauty company. We don't want to do that. We want to be right in the middle where there's a personal care/beauty component. We think there's a lot of goodness there, problem solution, yet a mode of advertising and connection. So we're laser-focused on that.

我們無法表演。我們沒有——想成為一家美容公司，這條路上已經死了很多人。我們不想那樣做。我們希望佔據中間位置，即兼顧個人護理/美容領域。我們認為這其中蘊含著許多優點，它既能解決問題，又是一種廣告宣傳和溝通方式。所以我們正全力以赴地投入這項工作。

Our new President, Chuck, is laser focused on that as well. Retailer pack size, not surprisingly, different channels are performing at different levels, right? The club class of trade is doing extremely well. We continue to have offerings in club. Our strategy internally is how do we make sure that that's always a proactive strategy and not a reactive strategy.

我們的新任總裁查克也對此高度重視。不出所料，不同通路的零售商包裝規格表現各異，對吧？俱樂部層級的貿易發展得非常好。俱樂部將繼續提供各種服務。我們內部的策略是如何確保始終採取積極主動的策略，而不是被動應對的策略。

They have to be on the forefront of pack sizes and innovation. But you also have to meet the consumer where they're at in different channels, like the drug channel or the dollar channel and have the right pack sizes and right price points. So it's not either/or, it's both, and we have to be good at both. And we've historically done that really well.

他們必須在包裝規格和創新方面走在前面。但你也必須了解消費者在不同通路的需求，例如藥品通路或一元商店通路，並提供合適的包裝規格和價格點。所以這不是二選一的問題，而是兩者兼顧，我們必須兩者都很擅長。而且我們歷來都做得很好。

Okay, great. Thanks so much.

好的，太好了。非常感謝。

Filippo Falorni, Citi.

Filippo Falorni，花旗銀行。

Two questions for me. One on the retailer inventory levels. Obviously, you had some destocking in the first half of the year. Did you see any impact in Q3 and you're assuming no impact in Q4? And then as you think about '26, should we think about the first half of the year having a particularly easy component retailer inventory, so maybe faster growth in the first half? I know you haven't given guidance, but just a high level how to think about it.

我有兩個問題。一是零售商的庫存水準。顯然，你們在上半年進行了一些庫存清理。您在第三季是否觀察到任何影響？您假設第四季不會受到影響嗎？那麼，在展望 2026 年時，我們是否應該考慮到上半年零件零售商的庫存情況可能比較容易，因此上半年的成長速度可能會更快？我知道你沒有給出具體指導，只是提供了一個大致的思考方向。

And then the second question on the margins. Can you review the drivers of the lower tariff guidance? And maybe if you can give some color also on the broader commodity outlook?

然後是第二個邊緣問題。您能否分析一下降低關稅指導意見的驅動因素？或許您還能就更廣大的商品前景談談看法？

All right. Okay. Let's try to -- a couple of questions in there. So on the retailer inventory side, to your point, beginning of the year, we had some pressure points there about 300 basis points in the first quarter, maybe 100 basis points of pressure in 2Q. Not really seeing that we're seeing kind of stable levels here in the back half. That's what we experienced in the third quarter, and that's what we're kind of expecting as we go forward here. All I'll say a balanced place. We'll watch it closely.

好的。好的。我們來試著回答幾個問題。所以，就零售商庫存方面而言，正如您所說，年初的時候，我們確實遇到了一些壓力，第一季大約有 300 個基點，第二季度可能也有 100 個基點的壓力。目前看來，下半年的水平似乎比較穩定。我們在第三季經歷了這種情況，而且我們預計接下來的情況也會如此。我只能說，這是一個平衡的地方。我們會密切注意。

In terms of moving on to tariffs and commodities and things like that, let's go back. We've made a lot of progress on tariffs. So if we go back to April, we're looking at a bill, it could have been as high as $190 million. We quickly rallied the organization around that. We made some tough strategic decisions, but we've also really focused on what can we do about it?

至於關稅、大宗商品之類的話題，我們還是回到之前的話題。我們在關稅方面取得了很大進展。所以如果我們回到四月份，我們看到的帳單金額可能高達 1.9 億美元。我們迅速讓全組織圍繞這個目標團結起來。我們做出了一些艱難的戰略決策，但我們也真正專注於我們能為此做些什麼？

And additional productivity, the targeted pricing actions. We've now moved that down to what essentially is a $25 million 12-month number. And we released back on August 1, that number was about 60. It's moved really threefold. It's moved because we've driven more actions around the globe in terms of whether it's negotiations, movements, anything in the supply chain side. There's been -- there has been some targeted pricing and then, frankly, the rates change.

此外，透過有針對性的定價措施，還能提高生產力。我們現在已經將這個數字下調到大約 2500 萬美元的 12 個月內。我們在 8 月 1 日發布的數據是，當時的數字大約是 60。它真的移動了三倍。之所以會發生這樣的變化，是因為我們在全球範圍內採取了更多行動，無論是談判、人員調動，或是供應鏈方面的任何舉措。之前有過一些針對性的定價策略，但坦白說，價格後來發生了變化。

But that puts us in a really good place as we noted in the release. As we kind of look forward to 2026, we should be able to just have an environment of, I'll say, normal commodity inflation and tariffs should not be a drag. It could actually turn out to be an opportunity.

但正如我們在新聞稿中提到的，這使我們處於非常有利的地位。展望 2026 年，我們應該能夠擁有一個正常的商品通膨環境，關稅也不會成為阻礙。這或許會成為一個機會。

Commodities have still been sticky. You would stay here today with what our commodity view was for the year. It's still slightly up from what it was in the beginning of the year. I think as we look forward, we're kind of expecting more of the same, but we'll leave the rest of the '26 commentary until later.

大宗商品價格依然堅挺。今天，您將繼續關注我們對今年大宗商品市場的看法。雖然仍比年初略有上升，但仍略高於年初的水平。我認為展望未來，我們預計情況還會差不多，但關於 2026 年的其他評論，我們稍後再談。

Right. Super helpful. I'll pass it on.

正確的。非常有用。我會轉達的。

Olivia Tong, Raymond James.

Olivia Tong，Raymond James。

First, just a clarification. I assume there wasn't any pull forward from Q3 to Q4 or any other change in timing that helped contribute to the top-line upside this quarter?

首先，需要澄清一點。我假設本季營收成長並非由於第三季提前至第四季或其他時間安排上的變化所致？

No.

不。

Perfect. Very easy. And then just thinking about it a different way in terms of laundry. Given the strength there and obviously, consumer desire for value, how do you think about the options that are in front of you. Clearly, you've done very well in the category.

完美的。非常簡單。然後換個角度，從洗衣服的角度來看這個問題。有鑑於此，以及消費者對價值的渴望，您如何看待擺在您面前的各種選擇？顯然，你在這個類別中表現非常出色。

You've driven greater profitability in the category. Is there -- as you think about the options in front of you, is there a thought around potentially being more aggressive on price or things for those consumers who are struggling potentially looking at it from a share perspective, given the opportunity that you have in front of you and the fact that gross margins have actually shown some pretty nice upside.

你提高了該品類的獲利能力。當您考慮擺在您面前的各種選擇時，您是否考慮過在價格或其他方面採取更積極的措施，以幫助那些在市場份額方面遇到困難的消費者？考慮到您面前的機會以及毛利率實際上已經顯示出相當不錯的成長空間。

Yeah, I mean, for laundry, I think -- look, the promotional levels, plus or minus, are going to be what they are and will always be competitive. I think overall, the medium to long term, we love where we are in the intersection of value. That's fantastic.

是的，我的意思是，就洗衣服務而言，我認為——你看，促銷力度，無論多少，都會保持不變，並且始終保持競爭性。我認為整體而言，從中長期來看，我們對目前在價值交會點上的位置非常滿意。太棒了。

Innovation is always the reason why we perform well over a long period of time, right? We're at a 15 or so share these days. We're in 30% of households lead in wash loads. Look, there's a reason for that.

創新始終是我們能夠長期維持良好業績的原因，對嗎？目前我們的股價在15左右。我們發現，30%的家庭在洗衣過程中會使用含鉛洗滌劑。你看，這其中是有原因的。

We're right there at value and innovation. So our deep clean innovation, while our most expensive form of Arm & Hammer is still 70% the price of premium laundry detergent. And so innovation matters. We're going to have some more laundry innovation next year. And so that's why, over a long period of time, we've been able to grow our business.

我們在價值和創新方面都做得非常出色。所以，我們深層乾淨的創新產品，雖然我們最貴的 Arm & Hammer 產品價格仍然只有高級洗衣精的 70%。因此，創新至關重要。明年我們將推出更多洗衣技術創新。所以，正因如此，經過很長一段時間，我們的業務才能不斷發展壯大。

Great. Thank you.

偉大的。謝謝。

Javier Escalante, Evercore ISI.

Javier Escalante，Evercore ISI。

High-level question from me. Why do you think that the broader personal care sector is premiumizing in an environment like this? TheraBreath, Hero continue doing great, compounding. There is no port strike impact for them. Why is that?

我有一個比較高層次的問題。在這種環境下，你認為整個個人護理產業為何會走向高端化？TheraBreath和Hero繼續保持良好的發展勢頭，不斷增長。港口罷工對他們沒有影響。這是為什麼？

Is it differences in channel? Are these different consumer sets? Is it because there is legacy brands from which you can gain market share? Anything that you can tell us to explain what's happening and what does it mean for your future growth into 2026.

是頻道差異嗎？這些是不同的消費群嗎？是因為可以從一些傳統品牌中獲得市場佔有率嗎？您能告訴我們一些信息，解釋一下目前的情況以及這對您到 2026 年的未來發展意味著什麼嗎？

Yeah, it's a good question, Javier. It's never one thing, right? It's always -- it's a few different things, in my opinion. I believe it's -- these are great problem solution brands, right? TheraBreath really works for bad breath.

是的，哈維爾，這是一個很好的問題。從來都不是單一因素造成的，對吧？在我看來，這總是——它包含幾種不同的因素。我認為——這些都是很棒的問題解決方案品牌，對吧？TheraBreath 對口臭真的有效。

However, it's also appeals to the young and old consumer, great packaging, great story, great social media presence. Hero, it's a problem solution brand. It really works. It's the best performing acne patch out there. And Touchland, it really works and premiumizes kind of a tired old category with fragrance and scent, on-the-go convenience.

然而，它也吸引了各個年齡層的消費者，包裝精美，故事引人入勝，在社群媒體上也擁有強大的影響力。Hero，是一個解決問題的品牌。真的有效。它是市面上效果最好的祛痘貼。Touchland 的確成功，它以香氛和香味，以及隨時隨地的便利性，將一個略顯陳舊的品類提升到了高端水平。

So I would say there's a problem solution aspect to it. There's a great branding aspect to it. There's -- some of the competition in those categories isn't -- it's been around for a really long time, isn't as new and fresh, I would say. So it's not just one thing. It's multiple things.

所以我認為這個問題有解決問題的層面。它具有極佳的品牌推廣意義。在某些類別中，有些競爭已經存在很長時間了，並不那麼新穎獨特，我認為。所以這並非單一因素造成的。它包含多方面因素。

That's why we believe at the end of the day, that there's a lot of opportunity in those three businesses, right? And I said in my prepared remarks, household penetration for Hero (inaudible) category 28; for TheraBreath, 11 category 65; Touchland 7, category 42; and that's why we keep getting TDP growth as well. So again, it's a mix of all those things.

所以，我們最終相信，這三個產業都蘊藏著許多機會，對吧？我在事先準備好的發言稿中提到，Hero（聽不清楚）的家庭滲透率為第 28 類；TheraBreath 為第 65 類，家庭滲透率為第 11 類；Touchland 為第 42 類，家庭滲透率為第 7 類；這就是為什麼我們的 TDP 也持續增長的原因。所以，歸根結底，這是所有這些因素的混合。

Thank you.

謝謝。

Lauren Lieberman, Barclays.

勞倫·利伯曼，巴克萊銀行。

Just one thing I want to talk about was couponing and just how much couponing is currently part of your strategy, how much activity there's been? Because this is something that kind of shows up differently, right? It's in market. You can't necessarily see it in the Nielsen data. So I was curious if you could talk about couponing.

我只想談談優惠券的使用，以及目前優惠券在你們的策略中佔多大比重，使用情況如何？因為這件事的表現形式比較特殊，對吧？它已上市。你未必能從尼爾森數據中看出這一點。所以我很好奇您是否可以談談優惠券的使用方法。

And then also just looking specifically at laundry in the data, it does show price per EQ is down low-single digits. So even though, like you said, the percentage that's on promotion is low, just curious broadly about pricing in the market and if the depth is worth talking about.

此外，單獨查看洗衣數據，也顯示每單位價格下降了個位數百分比。所以，即使如您所說，促進商品的比例很低，但我只是對市場上的定價情況以及其深度是否值得討論感到好奇。

Yeah, I'll take the second one first. When you look at EQ, that really means wash loads. And so as you have consumers trade up to larger sizes, as you have channels like club that are growing faster, then that means the larger sizes are doing more sales, which then translates into a lower price per EQ, and that's part of it.

嗯，我先選第二個。當你查看 EQ 時，它實際上指的是洗衣量。因此，隨著消費者購買更大尺寸的服裝，隨著像俱樂部這樣的管道發展得更快，這意味著更大尺寸的服裝銷售量更高，這反過來又會降低每單位價格，這就是其中的一部分原因。

And then if you go to a few of the different retailers you see, not just us, but also others having some rollbacks at mass. But in general, I think the biggest thing is the trend on larger sizes, which is channel-specific in part, but also pretty broad-based.

然後，如果你去幾家不同的零售商那裡看看，你會發現不只是我們，還有其他一些零售商也在大規模地進行降價促銷。但總的來說，我認為最大的趨勢是尺寸偏大，這部分與頻道有關，但也相當普遍。

The second one on couponing. We've been very consistent on couponing, like year over year, we're flat on couponing. I think in general, we believe that our competitors link to couponing a heck of a lot more than we do. And you're right, that's not shown in Nielsen. The way you kind of look at that is maybe through numerator or what receipts are actually being scanned is really maybe the best way to look at that. But usually, our competitors rely more heavily on couponing than we do.

第二篇是關於優惠券的。我們在優惠券使用方面一直非常穩定，就像每年一樣，我們在優惠券使用方面保持不變。我認為整體而言，我們的競爭對手比我們更重視優惠券的使用。你說得對，尼爾森的數據顯示並非如此。或許最好的方法是透過分子，或者說，透過實際掃描的收據數量來觀察。但通常情況下，我們的競爭對手比我們更依賴優惠券。

And that's the case in laundry as well?

洗衣業也是如此嗎？

Yes.

是的。

Okay.

好的。

We obviously -- a lot of questions here on discounting, couponing. We've shared what we're doing here is measures depth, breadth, all of that -- and I guess I'll bring you back to gross margins. Gross margins are doing what they're doing, which speaks to, obviously, all these elements here. So I think there's a good story. We've got -- we're doing things the right way here.

顯然，這裡有很多關於折扣、優惠券的問題。我們已經分享了我們在這裡所做的是衡量深度、廣度以及所有這些方面——我想我會帶大家回到毛利率這個主題。毛利率目前的表現，顯然反映了這裡的所有因素。所以我覺得很有意思。我們──我們做事的方式是對的。

Robert Moskow, TD Cowen.

Robert Moskow，TD Cowen。

Thanks for the question. I think the messaging here is that despite a lot of challenges for the consumer, your categories have been pretty stable in the aggregate, running around 2%. And adjusting for some things, you're gaining share. But when I look at your retail tracking data, at least in my metrics, things do get weaker in October.

謝謝你的提問。我認為這裡傳達的訊息是，儘管消費者面臨諸多挑戰，但你們的產品類別總體上相當穩定，佔比約為 2%。考慮到一些因素，你的市佔率正在成長。但當我查看你們的零售追蹤數據時，至少從我的指標來看，10 月的情況確實有所惡化。

Can I assume that, that's a comparison to last year's port strike? And maybe just refresh me on why that influenced consumer spending in your categories rather than just timing of shipments?

我可以假設這是在與去年的港口罷工進行比較嗎？或許您能幫我解釋一下，為什麼這會影響您產品類別中的消費者支出，而不僅僅是出貨時間？

Yeah, Robert. Yeah, in my prepared remarks, I kind of talked a little bit about October. But remember, we looked it up last night. We believe that for the category and for Church & Dwight will be a little bit negative in October. A year ago, the port strike had 11% growth in one week for the categories.

是的，羅伯特。是的，在我準備好的演講稿中，我稍微談到了十月份的情況。但請記住，我們昨晚已經查過了。我們認為，對於該品類以及 Church & Dwight 而言，10 月的業績可能會略微下滑。一年前，港口罷工導致各類別在一周內增加了 11%。

That meant a month was around 5%. And that wasn't really real. That was pantry loading, probably massive pantry loading that was happening, probably more so in other categories as well. So we think that's pretty clear.

這意味著一個月大約是 5%。而那並非真實發生過的事。那很可能是在囤積食品儲藏室，而且很可能是大規模的食品儲藏，其他類別的食品儲藏量可能更大。所以我們認為這一點很清楚。

Sure. I understand. But by November and December, I would imagine the pantry loading would be kind of over. So I guess I'm just unclear like how that would affect your overall results in a quarter and then when I look at your quarterly results last year, it was very stable. Third quarter, fourth quarter were exactly the same. So is it that much of a tough comparison to a year ago despite that?

當然。我明白。但到了 11 月和 12 月，我想食品儲藏室的囤貨活動應該就差不多結束了。所以，我不太清楚這會對你們一個季度的整體業績產生什麼影響，而且當我查看你們去年的季度業績時，發現業績非常穩定。第三季和第四季的情況完全相同。儘管如此，與一年前相比，現在的情況真的那麼難比較嗎？

It's -- we can get into a little bit more detail. It's three things, okay? So the port strike that happened in October, if you recall, there was a threatened port strike, I believe, in early January that also had an impact. So -- and then you got to go figure out how much pantry loading really happened.

我們可以更詳細地談談。是三件事，懂嗎？所以，如果你還記得的話，10 月發生的港口罷工，我相信 1 月初也曾有港口罷工的威脅，那也造成了影響。所以——然後你就得去弄清楚到底有多少食品儲藏室被囤積了。

Was it one unit? Was it two units? Was it three units? And then you got to go figure out for the category, how long that normal usage goes through. But I would tell you, October was extremely elevated a year ago. Like when categories are up 5% a year ago. That's not normal.

這是一個單元嗎？是兩台嗎？是三個單元嗎？然後你還得弄清楚，對於這個類別來說，正常使用時間要持續多久。但我可以告訴你，去年十月的水平非常高。例如，某些類別的銷售額比一年前成長了 5%。這不正常。

Sure.

當然。

So that's one. The second thing we said in the release was vitamin business for us in Q4. When it's down in consumption in the low 20s, then Q4 is a seasonal business for vitamins and so it just has a little bit more of an impact. And then the third thing that I think Lee mentioned was just our International business in Q4 a year ago had a bit higher of a comp.

這是其中之一。我們在新聞稿中提到的第二件事是我們在第四季度的維生素業務。當維生素消費量下降到 20% 左右時，第四季是維生素的季節性銷售旺季，因此會受到更大的影響。然後，我認為李提到的第三點是，我們去年第四季的國際業務比去年同期略高。

So all those things are true, I guess, but the biggest thing for us and what I said earlier was we think the order of magnitude is really more in the port strike and some of the timing on vitamins, and we don't believe there's a roll forward issue into 2026. So that's kind of how we'd button it up.

所以我想這些事情都是真的，但對我們來說最重要的是，正如我之前所說，我們認為真正的問題在於港口罷工和維生素的供應時間，我們不認為會延續到 2026 年。所以，我們大概就是這樣收尾的。

Okay. Thank you very much.

好的。非常感謝。

Kevin Grundy, BNP Paribas.

凱文·格倫迪，法國巴黎銀行。

Congrats on the good result this quarter. Two for me, if you don't mind. The first one to kind of revisit the portfolio and trade down risk and then the second one is going to be on AI. So the first one, Rick, how do you assess the portfolio today relative to, say, like the global financial crisis. And I think the view would be that Church was a big beneficiary. I would agree with that of trade-down risk.

恭喜本季取得好成績。如果你不介意的話，我要兩個。第一件事是重新審視投資組合併降低風險，第二件事是專注於人工智慧。第一個問題，瑞克，你如何評估目前的投資組合，比如說，與全球金融危機相比？我認為人們普遍認為教會是最大的受益者。我同意存在降級風險的說法。

Arm & Hammer did well. Value laundry detergent did well. But it is a more premium portfolio today than it was and the brands that you've had success with like Batiste and TheraBreath and Hero and Touchland are more premium price points.

Arm & Hammer表現不錯。平價洗衣液銷售不錯。但如今的產品組合比以前更高端，像 Batiste、TheraBreath、Hero 和 Touchland 這樣取得成功的品牌，價格也更高端。

So how do you assess trade-down risk, particularly in those parts of your portfolio today. How do you sort of square that with some of the trade down that we're seeing. And granted it's in household product categories, which you do tend to see a little bit more trade down, but I'd just be kind of curious to get your thoughts on that, Rick.

那麼，您如何評估交易下調風險，尤其是在您目前的投資組合中。你如何解釋這種情況與我們目前看到的一些交易下滑現象之間的矛盾？誠然，它屬於家居用品類別，這類產品往往會有更多降級消費的現象，但我很好奇你對此有何看法，里克。

Granted it skews higher to higher income consumers. It does offer unique benefits. Can you kind of have it both ways where the consumer is weak, but then the higher end of the portfolio are going to continue to sustain. And then I have a follow up.

當然，這種現象更傾向於高收入消費者。它確實具有獨特的優勢。能否兩全其美，一方面消費者疲軟，另一方面高端投資組合又能持續維持成長？然後我還有後續問題。

Yeah. And it's a good question. Maybe we were 40-60 around the financial crisis. Now we're 60-40 and I do believe that we will do well in most any economic environment, and that's what we've kind of shown over time. Household for sure, as folks trade down.

是的。這是個好問題。金融危機時期我們大概40到60歲。現在我們的持股比例是 60/40，我相信無論在何種經濟環境下我們都能取得好成績，而我們也已經用實際行動證明了這一點。當然，家庭用戶也會受到影響，因為人們會選擇購買更經濟實惠的商品。

And what's been unique a little bit, Kevin, is like these premium personal care categories I would say, in some cases, are accelerating during this time. And it kind of goes back to what I was thinking about earlier, it's just -- to [Javier]. There's just two or three or four reasons why -- but the problem solution, but even the macro behind that is the high-end consumer is still doing well. And maybe it's a barbell. That's why the club class of trade continues to do well.

凱文，比較特別的是，我認為，某些高端個人護理類別在這段時間裡，在某些情況下，正在加速成長。這其實跟我之前想的有點關係，就是──[哈維爾]原因可能只有兩三個，或者四五個——但問題的解決方案，甚至背後的宏觀原因是高端消費者仍然過得很好。或許那是一根槓鈴。這就是為什麼俱樂部層級的貿易持續表現良好的原因。

That's why, if anything, the trade down is happening a little bit in the mass and those trends look pretty good. So I would -- I kind of view it as the company is positioned to do well and good times or bad times. Yeah, the portfolio shifted a little bit, but what brands you have matter more than anything. More so than the category itself on mouthwash as an example.

因此，如果有什麼變化的話，那就是交易下跌正在大規模發生，而且這些趨勢看起來相當不錯。所以我認為——我認為這家公司無論在順境或逆境中都能取得成功。是的，產品組合略有調整，但你擁有哪些品牌比什麼都重要。以漱口水為例，這種現象甚至比漱口水本身更甚。

So that's kind of my short answer. I think that there's more than one reason those brands are doing well, and it's a bigger tailwind than the category headwind potentially.

這就是我的簡短回答。我認為這些品牌表現良好的原因不只一個，而且這可能比產業本身的逆風更有利。

Got it. Thanks, Rick. But quick follow up is just around artificial intelligence, and what that evolution is going to mean for the CPG industry. Matt, like to -- to refer to these as the crystal ball kind of questions.

知道了。謝謝你，里克。但接下來要快速跟進的內容是關於人工智慧，以及這種發展對消費品產業意味著什麼。馬特，我喜歡把這些問題稱為「水晶球式」的問題。

But particularly on the heels of the Walmart announcement and its collaboration with OpenAI, I'd be curious to kind of get your thoughts, Rick, if in a world where AI is actually going to see much, much greater levels of adoption, do you see this evolution as a favorable development for big brands in your portfolio specifically?

但尤其是在沃爾瑪宣布與 OpenAI 合作之後，里克，我很想聽聽你的看法，在人工智慧真正得到更大程度應用的未來，你是否認為這種發展對你投資組合中的大品牌來說是一個有利的發展？

And relatedly, on the heels of this Walmart announcement, how do you assess the risk here that this potentially leads to a balance of power shift to retailers as they exert greater control over the virtual shelf?

此外，在沃爾瑪宣布這一消息之後，您如何評估這是否會導致權力平衡向零售商傾斜，從而對虛擬貨架施加更大控制的風險？

Yeah, I think my crystal ball would probably say our company is laser-focused on our brands. Like how do we make sure that we have brands that consumers love and through our advertising, through our marketing, through our innovation -- if we do those things well, then that is an enabler for how we show up online. And at the end of the day, recommendations in the future are going to be based on how well we're selling, how well consumers love our products, what the reviews say, what new news we have.

是的，我覺得我的水晶球可能會告訴我，我們公司正全力專注於我們的品牌。例如，我們如何確保我們的品牌深受消費者喜愛？透過我們的廣告、行銷和創新——如果我們把這些事情做好，就能提升我們在網路上的形象。歸根結底，未來的推薦將取決於我們的銷售情況、消費者對我們產品的喜愛程度、評論內容以及我們發布的新消息。

And same way that advertising has shifted over a long period of time, we have to make sure we're nimble enough and fast enough to adjust with speed to the new way of playing the game. And we've shown that we can do that. When Matt and I talked back in 2016, we were 2% of sales for e-com, now we're 23%. We have adjusted and changed the way we play the game.

就像廣告業在很長一段時間內發生了變化一樣，我們必須確保自己足夠靈活、足夠迅速，才能快速適應新的遊戲規則。我們已經證明我們能做到這一點。2016 年我和 Matt 交談時，我們的電商銷售額佔比為 2%，現在我們佔比為 23%。我們調整並改變了我們的比賽方式。

And so that is a competitive advantage for us versus our larger peer set, in my opinion. And so we have to make sure that we're on the forefront of that. And I have no doubt that we will.

因此，我認為這對我們來說是一個相對於我們規模更大的同儕群體而言的競爭優勢。所以我們必須確保自己走在最前面。我毫不懷疑我們會這麼做。

Makes sense. Thanks, Rick. Good luck.

有道理。謝謝你，里克。祝你好運。

There are no further questions at this time. I'd now like to turn the call over to Mr. Rick Dierker for closing remarks. Please go ahead.

目前沒有其他問題了。現在我謹將電話交給瑞克‧迪爾克先生，請他作總結發言。請繼續。

Okay. Thanks, Eric. Well, thank you for all the questions and look forward to getting together next year if we talk about our go-forward strategy on Investor Day. And thank you and see you in January.

好的。謝謝你，埃里克。非常感謝大家提出的所有問題，期待明年投資人日與大家見面，討論我們未來的發展策略。謝謝，一月見。

Ladies and gentlemen, this concludes today's call. 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。感謝各位參與，現在可以斷開連結了。