切遲杜威 (CHD) 2026 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Church & Dwight's first-quarter 2026 earnings conference call.

各位女士、先生，早安，歡迎參加 Church & Dwight 2026 年第一季財報電話會議。

Before we begin, I have 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.

在開始之前，我受託提醒各位，在本次電話會議中，公司管理層可能會發表前瞻性陳述，內容包括但不限於公司的財務目標與預測。這些陳述受到風險與不確定性以及其他因素影響，相關內容已在公司向美國證券交易委員會（SEC）提交的文件中詳加說明。

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.

現在我想介紹今天電話會議的主持人：Church & Dwight 總裁暨執行長 Rick Dierker 先生。先生，請開始。

All right. Thank you. Good morning, everyone. Thanks for joining the call. We had a fantastic quarter. I want to start off by thanking all of our Church & Dwight employees around the world on executing so well in a volatile environment. I'll begin with some thoughts on the macro environment and then a review of our Q1 results. Then I'll turn the call over to Lee McChesney, our CFO. And when Lee is done, we'll open it up for questions.

好的。謝謝。各位早安。感謝加入本次電話會議。我們本季表現非常出色。我想先感謝全球所有 Church & Dwight 員工，在波動的環境中仍能如此出色地執行。我會先談談總體環境的一些看法，接著回顧我們第一季的業績。然後我會把電話交給我們的財務長 Lee McChesney。Lee 講完後，我們將開放提問。

Starting with the broader environment, conditions remain dynamic and the consumer backdrop continues to be mixed. Consumer sentiment remains pressured by inflation, borrowing costs and geopolitical uncertainty related to the Middle East, which, as you know, is also contributing significant inflation in commodities and transportation costs.

先從更廣泛的環境談起，整體情勢仍然多變，消費者背景依舊呈現分歧。消費者信心仍受到通膨、借貸成本，以及與中東相關的地緣政治不確定性所壓抑；如各位所知，這也正在推升大宗商品與運輸成本的顯著通膨。

That said, the consumer remains resilient. Employment remains stable, and our largest categories grew 3% in the quarter. Our portfolio with its balance of value and premium offerings continue to perform well in this type of environment supported by strong brands and innovation.

儘管如此，消費者仍具韌性。就業仍然穩定，而我們最大的品類在本季成長 3%。我們的產品組合兼具超值與高端產品，在強勢品牌與創新支持下，於此類環境中持續表現良好。

Turning to the Q1 results. We delivered a strong start to the year and exceeded our outlook across key metrics. Net sales increased 0.2% ahead of our expectation for a decline and organic sales grew 5%, well above our 3% outlook. This growth was driven by volume. Adjusted gross margin expanded 130 basis points to 46.4% and adjusted EPS was $0.95, up 4.4% year-over-year and above our $0.92 outlook. Overall, this was a high-quality beat driven by strong execution across the business.

接著談第一季業績。我們在年初交出強勁開局，並在關鍵指標上超越我們的展望。淨銷售額成長 0.2%，優於我們原先預期的下滑；有機銷售成長 5%，明顯高於我們 3% 的展望。這項成長由銷量帶動。調整後毛利率擴張 130 個基點至 46.4%，調整後每股盈餘（EPS）為 0.95 美元，年增 4.4%，亦高於我們 0.92 美元的展望。整體而言，這是一個高品質的超預期表現，來自全公司強勁的執行力。

Now I'm going to turn my comments to each of the three divisions. First up is the US Consumer business. Organic sales increased 5.4% which was primarily all volume. Across the portfolio, our brands continue to perform exceptionally well. Growth in the quarter was led by THERABREATH, ARM & HAMMER, HERO, and OXICLEAN, supported by strong innovation and distribution gains across all classes of trade.

接下來我將針對三個事業部逐一說明。首先是美國消費品業務。有機銷售成長 5.4%，幾乎完全由銷量帶動。在整體產品組合中，我們的品牌持續表現極為出色。本季成長主要由 THERABREATH、ARM & HAMMER、HERO 與 OXICLEAN 帶動，並受惠於強勁創新以及在各類通路的配銷提升。

Global e-comm also remained a key contributor with online sales now representing approximately 24% of total consumer sales. Innovation and distribution gains continue to be key drivers of our performance and the first quarter of this year is no different. We're confident that our relentless focus on innovation will continue to drive industry-leading growth, distribution gains in shelf, and market share expansion.

全球電商同樣仍是關鍵貢獻來源，線上銷售目前約占整體消費品銷售的 24%。創新與配銷提升持續是我們表現的關鍵驅動因素，今年第一季也不例外。我們有信心，對創新的不懈聚焦將持續帶動業界領先的成長、貨架配銷提升，以及市占率擴張。

In fact, we are just finishing tabulating all the distribution gains looking forward, and I'm proud to say Church & Dwight was number one across all of CPG on total distribution points gained year-over-year. New product launches this year are expected to account for half of our organic growth as we innovate in key categories across our portfolio of industry-leading everyday products.

事實上，我們剛完成對未來配銷提升的彙整統計，我很自豪地表示，Church & Dwight 在所有民生消費品（CPG）中，以年度總配銷點數（total distribution points）增加量排名第一。預期今年的新產品上市將貢獻我們有機成長的一半，因為我們在產品組合中多個關鍵品類持續創新，提供業界領先的日常必需品。

The ARM & HAMMER brand had another quarter of growth with laundry heading record shares across total water detergent, ARM & HAMMER laundry detergent consumption grew 4.1% in the quarter compared to category growth of 2.7%. The value segment of laundry continues to grow.

ARM & HAMMER 品牌本季再度成長；在洗衣品類方面持續創下整體水洗洗衣精的歷史新高市占。ARM & HAMMER 洗衣精本季消費量成長 4.1%，高於品類 2.7% 的成長。洗衣的超值（value）區隔仍持續成長。

ARM & HAMMER laundry grew despite a lower level of promotion in the quarter. Our newest innovation in laundry is ARM & HAMMER Baking Soda Fresh with 10 times the amount of baking soda and is off to a great start with a 4.9% consumer rating, where most laundry items are around 4.5%. Our ARM & HAMMER laundry sheets also continued to do well, growing consumption by 30%. We like the category building potential of EVO, and we are well positioned to win in value.

ARM & HAMMER 洗衣產品在本季促銷力度較低的情況下仍然成長。我們最新的洗衣創新是 ARM & HAMMER Baking Soda Fresh，含有 10 倍的小蘇打，用戶反應開局非常好，消費者評分達 4.9 分，而多數洗衣產品約在 4.5 分左右。我們的 ARM & HAMMER 洗衣片也持續表現良好，消費量成長 30%。我們看好 EVO 的品類擴張潛力，並且在超值市場具備良好勝出位置。

Next up is litter. Fantastic results as ARM & HAMMER cat litter consumption grew a robust 6.8% and share increased 0.4 points to reach 24.6%. While category promotional levels remain elevated, they did decline sequentially from Q4.

接下來是貓砂。表現非常亮眼，ARM & HAMMER 貓砂消費量強勁成長 6.8%，市占提升 0.4 個百分點至 24.6%。雖然品類促銷水準仍偏高，但相較第四季已呈現季減。

OXICLEAN share declined in the quarter as we continue to be impacted by distribution loss and lapping that from a large club retailer a year ago. The good news is that the trends on OXICLEAN improved throughout the quarter and sales growth surpassed our expectations.

OXICLEAN 本季市占下滑，主要因我們持續受到配銷流失影響，且去年同期在一家大型會員制零售商的影響形成基期因素。好消息是，OXICLEAN 的趨勢在本季逐步改善，銷售成長也超出我們預期。

HERO and THERABREATH continue to contribute considerably to overall performance. THERABREATH achieved another quarter of record share gains, 3.5 points to 24.1%, and further solidifying our number two position in total mouthwash.

HERO 與 THERABREATH 持續對整體表現做出顯著貢獻。THERABREATH 再度創下單季市占增幅新高，提升 3.5 個百分點至 24.1%，進一步鞏固我們在整體漱口水市場的第二大地位。

Household penetration remains low relative to the category. In fact, even with these great distribution gains recently, we still have less than 20% of the shelf, so more room to run even in mouthwash. Early days, but the THERABREATH toothpaste launch is off to a great start.

相較於品類，家庭滲透率仍偏低。事實上，即使近期配銷大幅提升，我們在貨架上的占比仍不到 20%，因此即便在漱口水品類仍有很大成長空間。雖然仍在早期階段，但 THERABREATH 牙膏上市開局非常順利。

HERO consumption growth also outpaced the category, leading to share gains and remains the share leader, 2 times larger than the next competitor. HERO's growth was driven by distribution expansion, strong Q1 activations led by brand ambassador, Jordan Chiles on Mighty Patch Original and Mighty Shield innovation. Mighty Shield is already achieving retailer hurdle rates.

HERO 的消費量成長也超越品類，帶動市占提升，並且仍是市占領導者，規模為下一個競爭對手的 2 倍。HERO 的成長來自配銷擴張，以及第一季強勁的行銷推廣活動；由品牌大使 Jordan Chiles 主導，聚焦 Mighty Patch Original 與 Mighty Shield 的創新。Mighty Shield 已經達到零售商的門檻銷售率（hurdle rates）。

Finally, TOUCHLAND. In Q1, consumption continued to grow low double digits, but sales were impacted by a strong Q4 holiday multipack sell-through. Recent consumption has slowed as we lapped year ago launches. Internally, we are hard at work integration and innovation.

最後是 TOUCHLAND。第一季消費量持續以低雙位數成長，但銷售受到第四季假期多入數組合包（multipack）強勁售罄（sell-through）的影響。近期消費量成長放緩，因為我們進入去年新品上市的比較基期。內部方面，我們正全力投入整合與創新。

Turning to international. Our international business delivered organic sales growth of 3.7%, driven by our GMG and our subs. Growth was led by THERABREATH, HERO, and BATISTE brand and partially offset by lower Middle East regional sales. Of note, in April, we went live with our upgraded ERP system. Our project leader, Nicole said it best, our customers did not notice the transition. Thank you to the entire team.

接著談國際業務。我們的國際業務有機銷售成長 3.7%，由 GMG 與我們的 subs 業務帶動。成長主要由 THERABREATH、HERO 與 BATISTE 品牌帶領，並部分被中東區域銷售較低所抵銷。值得一提的是，我們在 4 月正式上線升級後的 ERP 系統。我們的專案負責人 Nicole 說得最好：客戶沒有注意到這次轉換。感謝整個團隊。

I'll close by saying that we are very pleased with our start to the year. Our brands remained strong. Our portfolio is well positioned, and our strategic actions continue to support long-term growth. I'm proud of our Church & Dwight team as we performed well in a volatile environment.

最後我想說，我們對今年的開局感到非常滿意。我們的品牌依然強勁。我們的產品組合具備良好定位，而我們的策略性行動也持續支持長期成長。我為 Church & Dwight 團隊感到驕傲，因為我們在波動的環境中仍表現出色。

As we look forward, our TSA agreement with the VMS business is winding down, and that organizational time that has been freed up is being spent on our forward-looking growth initiatives. We're laying the groundwork for ARM & HAMMER expansion, Oral Care growth behind THERABREATH, and international M&A.

展望未來，我們與 VMS 業務的 TSA 服務協議正逐步到期，而釋放出來的組織資源時間正投入到我們面向未來的成長計畫上。我們正在為 ARM & HAMMER 的擴張、以 THERABREATH 帶動的口腔護理成長，以及國際併購（M&A）奠定基礎。

And with that, I'll turn the call over to Lee for more detail on the quarter.

接下來，我把電話交給 Lee，請他更詳細說明本季表現。

Thank you, Rick, and good day, everyone. Back in January at our 2026 Investor Day, we've shared an industry-leading outlook for 2026. The highlights of that outlook included organic sales growth of 3% to 4% and EPS growth of 5% to 8% in line with our evergreen model.

謝謝你，Rick，各位大家好。今年 1 月在我們的 2026 投資人日上，我們分享了 2026 年具產業領先水準的展望。該展望的重點包括：有機銷售成長 3% 至 4%，以及每股盈餘（EPS）成長 5% 至 8%，與我們的常青模型一致。

As we now share results from the first quarter, we are delighted with the execution of our Church & Dwight team members across the globe. The first quarter highlights once again the many strengths of our portfolio and the team's execution capabilities. Let's jump into the details and provide you an update on our views for the year.

現在我們分享第一季的結果，我們對 Church & Dwight 團隊成員在全球的執行表現感到非常欣喜。第一季的亮點再次展現了我們產品組合的多項優勢，以及團隊的執行能力。讓我們進入細節，並向各位更新我們對今年的看法。

We'll start with EPS. First-quarter adjusted EPS is $0.95, up 4.4% from the prior year and $0.95 was better than our $0.92 outlook and was driven by higher volume and gross margin results. Organic sales in 1Q were up 5%, above our outlook of 3% and organic sales are broad-based across the globe, with volume growth of 5.3%, partially offsetting a negative price and mix of 0.3%.

先從 EPS 開始。第一季調整後 EPS 為 0.95 美元，較去年同期成長 4.4%；0.95 美元優於我們原先 0.92 美元的展望，主要由更高的銷量與毛利率表現所帶動。第一季有機銷售成長 5%，高於我們 3% 的展望；有機銷售成長在全球範圍內皆相當廣泛，其中銷量成長 5.3%，部分抵銷了 -0.3% 的價格與組合影響。

Our organic growth was fueled by a steady stream of market-leading innovation and strong distribution wins with our commercial partners. The organic results also drove our reported revenue up to 0.2% versus our original outlook of negative 1% back in January.

我們的有機成長來自持續推出市場領先的創新，以及與商業合作夥伴取得強勁的通路鋪貨勝利。有機表現也帶動我們的報告營收成長至 0.2%，相較於我們 1 月原先預估的 -1%。

I want to put our reported results in perspective. Due to our portfolio actions, our reported sales results would naturally be down 8%. However, organic growth of 5%, our TOUCHLAND acquisition, and some FX favorability fully closed the gap. The first quarter fueled by volume growth was certainly a strong start to the year.

我想把我們的報告結果放在脈絡中說明。由於我們的產品組合調整行動，按理說我們的報告銷售自然會下滑 8%。然而，有機成長 5%、TOUCHLAND 的收購，以及部分匯率利多，完全彌補了差距。第一季在銷量成長帶動下，確實為今年開了個強勁的好頭。

Our first-quarter adjusted margin was 46.4%, a 130-basis-point increase from a year ago. Our results versus last year were driven by 150 basis points from productivity programs; 110 basis points from higher margin acquisitions combined with the impact of the strategic portfolio actions; 50 basis points from the combination of volume, price, and mix; and 10 basis points from FX. These factors offset 190 basis points of inflation and tariff costs.

第一季調整後毛利率為 46.4%，較去年同期提升 130 個基點。相較去年，我們的結果主要來自：生產力計畫貢獻 150 個基點；高毛利收購案加上策略性產品組合調整影響合計 110 個基點；銷量、價格與組合合計 50 個基點；以及匯率 10 個基點。上述因素抵銷了 190 個基點的通膨與關稅成本。

Let's jump to our investments in marketing. Our marketing expense as a percentage of sales was 9.5% or 20 basis points higher than the first quarter of last year. Looking forward, we're continuing to target investments at approximately 11% of net sales, in line with our evergreen model.

接著談我們在行銷上的投資。我們的行銷費用占銷售比重為 9.5%，較去年第一季高 20 個基點。展望未來，我們仍以約占淨銷售額 11% 的水準作為投資目標，與我們的常青模型一致。

Q1 adjusted SG&A increased 110 basis points year-over-year. As we noted in our January Investor Day, SG&A in the first half of the year is primarily growing versus last year due to the inclusion of TOUCHLAND's SG&A and amortization expense. Adjusted other expense increased by $5.2 million due to the lower interest income compared to the last year.

第一季調整後 SG&A（銷售、一般及行政費用）年增 110 個基點。如同我們在 1 月投資人日所提到的，今年上半年 SG&A 相較去年增加，主要是因納入 TOUCHLAND 的 SG&A 與攤銷費用。調整後其他費用增加 520 萬美元，原因是相較去年利息收入較低。

In Q1, our adjusted tax rate was 20.3% compared to 21.8% in Q1 of 2025, a 150-basis-point year-over-year decrease. And our expected adjusted effective tax rate for the year remains at 21.5%.

第一季我們的調整後稅率為 20.3%，相較 2025 年第一季的 21.8%，年減 150 個基點。而我們對全年預期的調整後有效稅率仍維持在 21.5%。

Let's now turn to cash flow. We delivered strong cash results in the quarter as cash flow from operations was $174.8 million. Our higher year-over-year cash earnings were partially offset by an increase in working capital and supported growth. And capital expenditures for the period were $31.9 million and we continue to expect full year capital expenditures to be approximately 2% of sales.

接著談現金流。本季我們交出強勁的現金表現，營運活動現金流為 1.748 億美元。我們較去年同期更高的現金獲利，部分被營運資金增加所抵銷，而該增加也支撐了成長。本期資本支出為 3,190 萬美元；我們仍預期全年資本支出約為銷售額的 2%。

Let's now turn to our '26 outlook. While the macro environment remains dynamic, we remain encouraged with their path forward, the strength of our brands, our strategic portfolio actions in 2025, and our growth initiatives continue to provide us confidence. As we noted in our press release, the situation in the Middle East is fluid and is creating some incremental volume and inflationary pressure on commodities and transportation.

接著談我們對 2026 年的展望。儘管總體環境仍然多變，我們對未來的前進路徑、品牌實力、2025 年的策略性產品組合調整，以及成長計畫，仍感到鼓舞並持續有信心。如同我們在新聞稿中提到的，中東局勢仍在變動，正對大宗商品與運輸帶來一些額外的銷量與通膨壓力。

For example, we currently are estimating $25 million to $30 million of incremental inflation pressure. Our teams across the globe are responding to these developments and are taking actions across the P&L. As a result of our mitigating actions, we are reiterating our full-year 2026 outlook.

例如，我們目前估計額外的通膨壓力約為 2,500 萬至 3,000 萬美元。我們全球各地的團隊正因應這些發展，並在損益表（P&L）各面向採取行動。基於我們的緩解措施，我們重申 2026 全年展望不變。

We remain on track to deliver full-year organic growth of approximately 3% to 4%, and we continue to expect reported sales growth to decline approximately 1.5% to 0.5% as a result of the strategic portfolio actions taken in 2025. We continue to expect full-year gross margin expansion of approximately 100 basis points versus 2025. And this outlook reflects the breadth of actions we discussed in January in the balance of incremental headwinds and actions that we've identified since the Middle East conflict began.

我們仍按計畫可達成全年約 3% 至 4% 的有機成長；同時，由於 2025 年採取的策略性產品組合調整，我們仍預期報告銷售成長將約下滑 1.5% 至 0.5%。我們仍預期全年毛利率相較 2025 年擴張約 100 個基點。此展望反映了我們在 1 月所討論的一系列行動，以及自中東衝突開始以來我們所辨識的新增逆風與對應措施之間的平衡。

Marketing as a percentage of sales remains at approximately 11%. SG&A as a percentage of sales will be higher than last year, reflecting the impact of the TOUCHLAND acquisition in the first half of the year and our focused growth investments. Our adjusted EPS expectation for '26 remains at 5% to 8% growth.

行銷費用占銷售比重仍約為 11%。SG&A 占銷售比重將高於去年，反映 TOUCHLAND 收購案在上半年的影響，以及我們聚焦的成長投資。我們對 2026 年調整後 EPS 的預期仍為成長 5% 至 8%。

And if we turn to the second quarter, we expect reported sales to decline approximately 1% with organic sales growth of approximately 3%. And we anticipate gross margin expansion of approximately 50 basis points, reflecting transportation cost pressures ahead of the mitigation efforts that will take effect later in the year.

若看第二季，我們預期報告銷售將約下滑 1%，有機銷售成長約 3%。我們也預期毛利率擴張約 50 個基點，反映在緩解措施於今年稍晚生效之前，運輸成本壓力仍在。

And in the quarter, we continue to expect higher marketing and SG&A. And in 2Q, the investment in marketing and higher SG&A will offset -- will more than offset the gross margin expansion, resulting in an adjusted EPS of $0.88 per share for the quarter. Recall, we continue to expect flattish EPS growth in the first half of 2026.

在本季，我們仍預期行銷與 SG&A 會較高。第二季中，行銷投資與較高的 SG&A 將抵銷——且將超過抵銷——毛利率擴張，因而使本季調整後 EPS 為每股 0.88 美元。請記得，我們仍預期 2026 年上半年 EPS 成長大致持平。

To conclude, remain confident in our 2026 outlook. We began the year with strong execution and are taking the steps to ensure continued success this year. And my final prepared remarks is for the Church & Dwight Associates. Thank you for all of your efforts in the first quarter, and congratulations on the robust execution, well done.

總結來說，我們對 2026 年展望仍有信心。我們以強勁的執行力開啟今年，並正採取步驟以確保今年持續成功。我最後一段預先準備的談話是給 Church & Dwight 的同仁。感謝各位在第一季的所有努力，也恭喜大家展現強勁的執行成果，做得很好。

Carly, we are now ready for questions.

Carly，我們現在準備好進入提問。

(Operator Instructions) Chris Carey, Wells Fargo Securities.

（接線員指示）Wells Fargo Securities 的 Chris Carey。

Rick, you mentioned that distribution gains were number one in CPG. I'm not exactly sure of the timing of those gains. But nevertheless, a very strong number. When you think about your Q1 delivery, how important are those gains to what we're seeing today?

Rick，你提到通路鋪貨增長在 CPG 中排名第一。我不太確定這些增長的時間點。但不管怎麼說，這是一個非常強勁的數字。當你回顧第一季的出貨表現時，這些增長對我們今天看到的結果有多重要？

I'm really speaking to the durability of some of the volume growth that we are seeing relative to perhaps some of the tailwinds that may have been caused by some inventory reductions in the base. So I just wonder if you could contextualize the quarter as you see it. And what does the Q1 means for kind of go-forward top line, volume-driven results? And then I have a follow-up.

我主要是在談我們目前看到的部分銷量成長的持久性，這相對於基期中可能因為去化庫存而帶來的一些順風因素。所以我想請你就你所看到的情況，幫我們把這一季放在脈絡中說明一下。另外，第一季對於未來的營收走勢、由銷量帶動的表現，意味著什麼？然後我還有一個追問。

Yeah. Sure, Chris. Q1 was for phenomenal organic growth. And I think more than anything, we were -- it was great to see our categories were growing around 3%, and we grew faster than that a little bit. And we talked a year ago about inventory and retail inventory dynamics. And so we had a tailwind of a couple of points from that as well. So that's how we get to kind of 5% for Q1.

是的。當然可以，Chris。第一季的內生成長非常亮眼。我想最重要的是——很高興看到我們的品類大約成長3%，而我們的成長略高於此。我們一年前也談過庫存與零售端庫存的動態。因此我們也從中獲得了大約幾個百分點的順風。所以第一季大概就來到約5%。

Now all these distribution gains, that's really just hitting now. And so it depends how you look at the metric. If you look at it on an average basis over 13 weeks, I think it's like a 7% TDP lift. If you look at it as in more recent time, as these resets are happening in a more recent time, it's closer to 10% or 11%, which is about double what most of the CPG peers are getting.

至於這些通路鋪貨（distribution）增量，其實現在才真正開始反映。所以要看你怎麼看這個指標。如果以13週的平均來看，我想大概是TDP提升約7%。如果看更近期、隨著這些貨架重置（reset）在最近發生的情況，則更接近10%或11%，大約是多數同業CPG所拿到的兩倍。

And that's not just THERABREATH and HERO. That's across laundry and litter and personal care, sets across the whole portfolio. So we just believe that's a great tailwind to our business. And it's really a payoff of all the innovation that we're doing. So anyway, it's a tailwind as we look forward and it gives us confidence.

而且這不只是THERABREATH和HERO。這是橫跨洗衣、貓砂與個人護理等，全產品組合的各個品類都在發生。所以我們相信這對我們的業務是很大的順風。這其實是我們持續創新所帶來的回報。總之，往前看這是一股順風，也讓我們更有信心。

Okay. Great. A follow-up on TOUCHLAND. You did note that consumption slowed on year ago -- activity that was strong in the base period. Can you just give us an update on how you're thinking about growth of the business, the sustainability of growth and whether you think that it has the kind of runway to sustain perhaps double-digit growth into the back half of the year and into next year?

好的。很好。我想追問一下TOUCHLAND。你確實提到，由於去年同期基期活動很強，消費端（consumption）有所放緩。你能否更新一下你們如何看待這項業務的成長、成長的可持續性？以及你是否認為它有足夠的成長跑道，能在今年下半年以及明年維持可能的雙位數成長？

Yeah, sure thing. And when we look at consumption that kind of shows up for you folks, we understand, it shows consumption for the quarter is down 20%. When we look at consumption that is all in, including untracked channels, we were up about 12% or 13%. So there is a difference in what you see versus what the entire picture is.

好的，當然。當我們看你們看到的那種消費數據時，我們理解——你們看到的是本季消費下滑20%。但我們看的是全口徑的消費，包括未被追蹤的通路在內，我們大約成長12%或13%。所以你們看到的與整體全貌之間確實有差異。

But it has slowed and it slowed partly because of all these holiday gift sets that go out and also because of the club class channel. Overall, we believe that we still are going to have double-digit growth for TOUCHLAND for the full year.

不過它確實放緩了，部分原因是大量節慶禮盒組出貨，以及會員制量販（club class）通路的影響。整體而言，我們仍然相信TOUCHLAND全年會維持雙位數成長。

The good news is we have great ratings. We have low household penetration, and we're just starting now to advertise. A lot of our activations with either collaborations or just partnerships are happening in the back half. So we feel good about TOUCHLAND.

好消息是，我們的評分很高。家庭滲透率仍低，而且我們現在才剛開始投放廣告。我們很多不論是聯名合作或一般合作夥伴的行銷活動，都會在下半年展開。所以我們對TOUCHLAND感覺良好。

Anna Lizzul, Bank of America.

Anna Lizzul，美國銀行。

Your portfolio actions, I think, from last year helped drive the outperformance here in Q1. Just wondering how you're looking at the portfolio now, given the changes on the VMS business and others that you have exited?

我認為你們去年進行的產品組合調整，有助於推動第一季的超預期表現。想請問在VMS業務變動以及你們退出其他業務之後，你們現在如何看待整體產品組合？

And then just a follow-up on TOUCHLAND, if you can comment on where it's performing best in terms of the channel? And further on M&A, where are you now more focused in this more challenging consumer environment?

另外再追問TOUCHLAND，你能否談談它在哪些通路表現最好？以及在更具挑戰的消費環境下，關於併購（M&A），你們目前更聚焦在哪些方向？

Yeah. So that's three questions. Let me see if I can remember all of them. The first one is how we're -- on M&A, I'm not really going to comment. I would just say that the team is always hard at work. The leadership team spends an inordinate amount of time on looking for great businesses and brands to buy.

好的。所以這是三個問題。我看看能不能把它們都記住。第一個是關於併購（M&A），我不太會評論。我只能說團隊一直都在努力。管理團隊花了非常多時間在尋找值得收購的優質企業與品牌。

And we've gone through our criteria again and again and again. And I would say the team is hard at work. And it's just not in the US, it's also internationally. It's not an or, it's an and. And that's some of the highest and best use of our time. So I continue to be optimistic there.

我們一再、一再地檢視我們的標準。我會說團隊確實很努力。而且不只在美國，也包含國際市場。這不是二選一，而是兩者都要。這是我們時間投入中最重要、最有效益的用途之一。所以我仍然對此保持樂觀。

On TOUCHLAND, I think you're asking, hey, what channels are doing well. I would say the channels that are doing better than most are ones that aren't necessarily tracked. The club class trade did extremely well. Amazon does well. I think some of the beauty classes at trade because of the timing of promotions and also some of the innovation doesn't look as good. But again, some of the other channels that you don't necessarily see are doing better.

至於TOUCHLAND，我想你問的是：哪些通路表現好。我會說表現優於多數的通路，往往是不一定被追蹤的那些。會員制量販（club class）通路表現非常好。Amazon表現也很好。我認為部分美妝類通路，因為促銷時點以及部分創新產品的因素，看起來就沒那麼好。但再說一次，有些你們不一定看得到的其他通路，其實表現更好。

And your third question, Anna, just remind me what it was?

你的第三個問題，Anna，提醒我一下是什麼？

Yeah. I was just wondering, I guess, in terms of the portfolio, you've exited certain categories and wondering how you're viewing the entire portfolio here based on those changes?

好的。我主要是想問，關於產品組合方面，你們退出了某些品類，想了解在這些變動之後，你們如何看待目前的整體產品組合？

Yeah. I love our portfolio is the short answer. I mean to be in a world -- remember, a lot of growth, a lot of categories out there are not growing or they're going backwards. And we've got to choose and select our categories over many, many years as we bought businesses.

是的。簡短的回答是：我很喜歡我們的產品組合。我的意思是，在這個世界——記得，很多成長、很多品類其實不是在成長，就是在倒退。而我們在多年來收購業務的過程中，已經挑選並布局了我們的品類。

And the fact that our categories grew 3% this quarter, we grew typically -- like particularly do faster than that, it bodes well. And I think when we did the portfolio decisions last year, it provides nothing but tailwinds for us as we look forward.

而且本季我們的品類成長了3%，我們通常——尤其是——會比這個速度更快，這是個好兆頭。我認為我們去年做的產品組合決策，往前看只會為我們帶來順風。

Rupesh Parikh, Oppenheimer.

Rupesh Parikh，Oppenheimer。

Just -- I guess just going back to organic sales growth expectations. I know you typically give it by segment. So just curious, updated thoughts for the year by segment, including for international?

我想——回到內生銷售成長的預期。我知道你們通常會按事業部（segment）提供。所以想請教一下，今年按事業部的最新看法，包括國際業務？

Go ahead, Lee.

Lee，你來回答。

Yeah. So to your point, we're maintaining the outlook of 3% to 4%. Similar to what we talked about back in January, we still have US in kind of approximately a 3% zone. International is probably approximately 7%, so a little bit softer because of the Middle East situation and the SPD is still sitting at about 5%.

好的。如你所說，我們維持3%到4%的展望不變。和我們一月談到的類似，美國仍大約在3%左右。國際大約是7%，因為中東局勢影響所以稍微偏弱；SPD仍約在5%左右。

Again, it's a range. US hits their number. There's others that you end up in the higher end, but we'll see how it goes. It's only one quarter so far gone, so.

再次強調，這是一個區間。美國達成其目標。其他部分可能會讓你落在區間的高端，但我們再看看進展。目前也才過了一季，所以。

Great. And then my follow-up question, just as you look at the consumer out there, just curious if you're seeing any changes in consumer behavior? And then as you look at your portfolio historically, when you see these spikes in gas prices, do you see any parts that typically benefit?

很好。接著我的追問是，當你們觀察外部消費者時，好奇你們是否看到消費者行為有任何變化？另外，回顧你們歷史上的產品組合，當你們看到汽油價格出現這些飆升時，是否有任何部分通常會受惠？

Yeah. No, it's a good question, Rupesh. I think in my prepared remarks, and this is the second quarter in a row, I've said it, but I'll just emphasize it. Promotional levels are up in laundry as an example, for the category. We're hitting all-time share highs and our promotional levels are down. All three competitors besides us are up.

是的。不，這是個好問題，Rupesh。我想在我事先準備的發言中，而且這已經是連續第二個季度我提到它了，但我再強調一次。以洗衣品類為例，促銷水準正在上升。我們的市占率創下歷史新高，而我們的促銷水準反而下降。除了我們之外的三個競爭對手都在上升。

The value segment of laundry is growing. So that is a -- not only do we deliver great cleaning and efficacy, but we do it at a great value, right? And so that is hitting the mark. And right now in this economy, I think the same concepts for litter. Some of our competitors are promoting very heavily. But we are promoting a little bit more, but we're gaining share again and again. So for those two areas of household products, which are more responding to promotions and stuff. That is a good sign.

洗衣的價值型（value）區隔正在成長。所以這點——我們不僅提供很好的清潔力與效能，而且以很好的性價比做到，對吧？因此這正好切中需求。而在目前這樣的經濟環境下，我認為貓砂也是同樣的概念。我們的一些競爭對手促銷非常激進。但我們也稍微增加了一點促銷，同時我們一次又一次地提升市占。所以在這兩個較會對促銷等因素做出反應的家用產品領域，這是一個好跡象。

Javier Escalante, Evercore ISI.

Javier Escalante，Evercore ISI。

My questions have to do with the commodity backdrop, right? I personally was expecting a more muted kind of like outlook for gross margin given oil derivatives going into detergent. So if you can go back and explain us your -- how much oil derivatives goes into your [COGS].

我的問題與大宗商品背景有關，對吧？就我個人而言，考量到進入洗衣精的石油衍生品，我原本預期毛利率展望會更溫和一些。所以如果可以的話，請回頭向我們解釋一下你們——有多少石油衍生品會進入你們的[COGS]。

And I believe that you mentioned that the impact is like $25 million, $30 million. Is that a full-year number? So anything that can help us explain the gross margin expansion going into calendar 2026? And I have a follow-up.

而且我相信你提到影響大約是2,500萬到3,000萬美元。那是全年數字嗎？所以任何能幫助我們解釋毛利率在2026曆年擴張的資訊都很有幫助。我還有一個追問。

Yeah, I'll start and then, Lee, if you want to add a couple of comments. It is a full-year number, Javier, for that $25 million or $30 million. And it's primarily, as you would expect, oil-based derivatives like diesel and resin and surfactants. And that's not atypical.

好的，我先回答，然後Lee，如果你想補充幾點也可以。Javier，那2,500萬到3,000萬美元是全年數字。而且主要如你所預期，是以石油為基礎的衍生品，例如柴油、樹脂與界面活性劑。這並不罕見。

Remember, in any given year, we always enter a year about 60% hedged as well. And so all these are kind of net impacts for us. So hopefully, this is transitory and it's not permanent, but we have good coverage for an extended period of time, especially in the foreseeable 2026.

記住，在任何一年，我們通常在進入該年度時就已經做了大約60%的避險。因此這些對我們而言都算是淨影響。所以希望這是暫時性的而非永久性的，但我們在較長一段時間內都有良好的覆蓋，尤其是在可預見的2026年。

The team is laser-focused on productivity, really, to offset many of these things. And yeah, there will be some RGM and promotional adjustments, but it's largely productivity. And that's really been the hallmark of the company. We've transformed this place on being able to get gross productivity year after year after year.

團隊非常專注於生產力提升，確實是為了抵消許多這類因素。是的，會有一些RGM與促銷調整，但主要還是靠生產力。而這一直是公司的核心特質。我們已經把這裡轉型成能夠年復一年取得毛利生產力提升的組織。

And in a perfect world, if that doesn't happen, great. Then we continue to spend on marketing, even higher and spend that money back that we would have saved and then it drives the top line even faster behind our innovation. So Lee, any other comments you have?

在最理想的情況下，如果這些（成本上升）沒有發生，那很好。那我們就能持續、甚至更高幅度地投入行銷，把原本省下來的錢再投入回去，並在創新帶動下更快推動營收成長。所以Lee，你還有其他想補充的嗎？

Yeah. I'll just put it in perspective, keep in mind, we had to have about 160 basis points of inflation in the outlook when we -- back in January. We've got this $25 million to $30 million, so that now brings you up to 200 basis points. But to Rick's point, we have these additional offsets we're going after. And this is what you see from us.

有。我只是把它放在脈絡裡看：請記得，我們在1月提出展望時，必須在展望中納入大約160個基點的通膨。現在又有這2,500萬到3,000萬美元，等於把通膨帶到200個基點。但如Rick所說，我們正在尋求額外的抵消項。這就是你們從我們這裡看到的做法。

You saw it last year when we did our work on tariffs. We got that lever down to a similar number, and we worked it down, and that's what we're doing here. So I think we're in a good spot, and that's why we reiterate our outlook for the year.

你們去年在我們處理關稅時也看到了。我們把那個槓桿降到類似的水準，然後再把它往下壓，而我們現在也在做同樣的事。所以我認為我們處於不錯的位置，這也是為什麼我們重申今年的展望。

And a follow-up, this is very, very helpful. It's very positive. I feel that is idiosyncratic to you. But in terms of -- if this externality continues and commodities remain very high, would you expect then value players, say, the guys in Germany to lead first, calibrating the promotional environment and then potentially the price increases? Is that a good assumption?

另外一個追問，這非常、非常有幫助。而且非常正面。我覺得這是你們公司特有的（idiosyncratic）。但就——如果這個外部因素持續、而大宗商品維持在很高水準，你是否預期價值型玩家，例如德國的那些公司，會先帶頭調整促銷環境，然後可能再進行漲價？這樣的假設合理嗎？

Yeah. I think it's probably a better question for those competitors, Javier. Like in my kind of comments back to Rupesh for laundry, despite all these other competitors promoting a bit more in laundry, which is still kind of within the range of historical numbers, it's not crazy. But they're up; we're down. We're gaining share. The value segment is growing.

是的。我想這可能更適合問那些競爭對手，Javier。就像我剛才回覆Rupesh談洗衣時提到的，儘管其他競爭對手在洗衣品類的促銷稍微多了一點——仍大致在歷史區間內，並不誇張。但他們在上升；我們在下降。我們正在提升市占。價值型區隔正在成長。

So that's a great position to be in because there's a huge macro when consumers are pressed at the gas tank, they want to make sure their dollar goes further. And one way they can do that is they can buy ARM & HAMMER laundry detergent. It's half the price of the leading detergent. So -- and it's a great efficacy, great value. And that's true not just among laundry, but many of our brands.

所以這是一個很好的位置，因為當消費者在加油時感受到壓力，宏觀環境很明顯，他們會希望每一塊錢花得更有價值。而其中一種方式就是購買ARM & HAMMER洗衣精。它的價格只有領先品牌洗衣精的一半。所以——而且它的效能很好、性價比很高。而且這不只是在洗衣品類，我們很多品牌都是如此。

So that's a great question. I think it's a more pertinent question for kind of the competitors.

所以這是個很好的問題。我認為這對競爭對手來說可能更切題。

Olivia Tong, Raymond James.

Olivia Tong，Raymond James。

First question, just relative to your expectations, obviously, a very nice beat on the top line. Where did you see the biggest positive surprises in your view? Was it more volume? Was it more price mix? So it seems pretty broad-based? I'm just kind of curious how you're thinking about that. And then I have a follow-up.

第一個問題，相對於你們的預期，顯然營收表現大幅超預期。以你們的觀點來看，最大的正向驚喜來自哪裡？是更多的銷量（volume）嗎？是更多的價格/組合（price mix）嗎？看起來相當全面？我只是有點好奇你們怎麼看。然後我還有一個追問。

Yeah. So I mean, as you talked about, it's a broad-based improvement across the globe. I mean, really, the only pressure point we saw was international was Middle East. And so I got the question earlier just what do we think about for the year. We're generally the same type of view we shared back in January in terms of how we thought growth is going to play out across the globe. That's still where we sit today, Olivia.

是的。所以我的意思是，如你所說，這是全球範圍的廣泛改善。我的意思是，真的，我們看到的唯一壓力點是在國際市場的中東。所以我先前也被問到，今年我們怎麼看。就全球各地的成長走勢而言，我們大致維持1月時分享的同類型看法。Olivia，我們今天仍然是這樣看。

Yeah. And I said the volume -- there was a volume-driven beat is what I would say.

是的。而我會說，這次超預期主要是由銷量帶動的。

Got it. And then as more and more business consolidates into club and online, it feels like the move online should be good for you or at least on a hindrance for you, whereas club typically keeps their income pretty tight. So given those dynamics, how do you think about your ability to grow in these channels whether disproportionately relative to your peer set, and then ability to sort of stand out in both club and online?

了解。接著，隨著越來越多業務集中到會員制通路（club）與線上，感覺線上轉移對你們應該是有利的，或至少不會成為阻礙；但會員制通路通常會把他們的加價空間（income）壓得很緊。所以在這些動態之下，你們如何看待自己在這些通路的成長能力——是否能相對同業更具優勢——以及在會員制與線上兩個通路中脫穎而出的能力？

Yeah. I would say there's no grand new strategy. We're performing really, really well online and in the club class of trade. Remember, we started in 2016 as 2% of sales, we're at 24%. We went from a laggard leader. We moved really quickly.

是的。我會說沒有什麼宏大的全新策略。我們在線上以及俱樂部通路的業態表現非常、非常好。記得我們在2016年時只占銷售額的2%，現在已經到24%。我們從落後者變成領先者。我們推進得非常快。

But you got to start even further back than that. We have great brands especially after the portfolio realignment we did. We have number one, number two brands. Consumers love them. I gave you the quote in our prepared remarks, even our new launch for ARM & HAMMER liquid laundry with the baking soda, 10x. It has a 4.9% review here in the average portfolio is at 4.5%. That story is playing out across all categories, and many of our brands.

但你得把時間軸再往前拉得更早一些。我們擁有很棒的品牌，尤其是在我們完成投資組合重新調整之後。我們有第一名、第二名的品牌。消費者很喜歡。我在事先準備的發言裡給過你那段引述，甚至我們新推出的 ARM & HAMMER 小蘇打液體洗衣精，10倍。它的評分是4.9分，而整體產品組合的平均是4.5分。這個故事正在所有品類、以及我們許多品牌上演。

And so that's the starting point. And when we do that, then we have to make sure we can win with the right pack sizes in the dollar class of trade, the right pack and offerings in the club channel, the right pack and offerings online. And we've proven time and time again that we can move faster. That's one of our competitive advantages, move quickly in order to give the customer what they want, where they want, and so we plan on trying to win not just in one class of trade, but all classes of trade.

所以這就是起點。而當我們做到這點時，我們就必須確保：在折扣通路的業態用對的包裝規格取勝、在俱樂部通路用對的包裝與產品組合取勝、在線上用對的包裝與產品組合取勝。而我們一次又一次證明，我們能更快行動。這是我們的競爭優勢之一：快速行動，讓客戶在他們想要的地方得到他們想要的東西；因此我們計畫不只在單一業態取勝，而是在所有業態都取勝。

Lauren Lieberman, Barclays.

Lauren Lieberman，巴克萊。

So I just want to talk a little bit maybe about your perspective on the consumers' ability to absorb pricing, not necessarily in terms of how you'll deal with mitigating cost inflation. You've been pretty clear on that front. But in general, that a lot of companies are -- there's a mixed bag, let's say, in how companies are factoring in the current state of the world in terms of inflation expectations for the second half.

我想稍微談一下，也許是你對消費者吸收漲價能力的看法，不一定是指你們將如何應對成本通膨的緩解。你們在那方面已經講得很清楚了。但更廣泛地說，很多公司——可以說——在如何把當前世界狀況納入考量、尤其是對下半年通膨預期的判斷上，呈現出一種好壞參半的情況。

And everyone seems to be treading very lightly on whether they will or whether they won't price. And so I was just curious on your perspective broadly, on the consumer's ability to absorb pricing, should that be where the industry ends up going?

而且大家似乎都非常謹慎地在觀望到底要不要漲價。所以我想請教你更宏觀的看法：如果產業最後真的走向漲價，消費者吸收漲價的能力如何？

Yeah. I think that's a great question, Lauren. And our personal view is the consumer is pressed. And if they were pressed three months ago or six months ago or 12 months ago, they're pressed even more today because gas costs show immediately. And when that happens, they're going to retrench.

是的。我覺得這是個很好的問題，Lauren。我們自己的看法是，消費者正承受壓力。如果他們在三個月前、六個月前或12個月前就已經有壓力，那麼今天壓力更大，因為油價成本會立刻反映出來。而當那種情況發生時，他們就會縮手。

And the worst thing to do in an environment like this -- so we have no plans to try to price through this $25 million, $30 million offer. We're going to go offset it with productivity. There's just no appetite there for the consumer to bear something like this. So that's our plan. I think companies who do that will be more successful than companies that don't.

在這樣的環境下最糟的做法——所以我們沒有計畫要透過漲價來消化這2,500萬到3,000萬美元的影響。我們會用生產力提升來抵銷。消費者根本沒有意願去承擔這樣的東西。所以這就是我們的計畫。我認為這麼做的公司會比不這麼做的公司更成功。

Steve Powers, Deutsche Bank.

Steve Powers，德意志銀行。

I guess building on that to the extent -- I mean, I guess, two questions. Is there any kind of heuristic you could offer as to if we see volatility in the Middle East, we see further rise in the price of oil or more extended duration and higher cost of oil, what would make that $25 million to $30 million grow and at what pace? Like how we can gauge external dynamics and apply it to Church & Dwight is kind of one question.

我想在此基礎上延伸——我想有兩個問題。第一個是，你能否提供某種經驗法則：如果我們看到中東局勢波動、油價進一步上升，或油價高檔維持更久、成本更高，會讓這2,500萬到3,000萬美元的影響變大？會以什麼速度變大？也就是我們如何衡量外部動態並套用到 Church & Dwight，這是一個問題。

And the second question, the follow-up from that is that if that $25 million to $30 million grows over time, Rick, and you kind of run dry on the ability to kind of press incremental productivity. Is there a different -- do you approach pricing across different parts of your portfolio with a different mindset?

第二個問題、也是延伸追問是：如果這2,500萬到3,000萬美元的影響隨時間擴大，Rick，而你在進一步擠出生產力提升方面也逐漸用盡空間時，是否會有不同的做法——你會用不同的思維來看待你們產品組合不同部分的定價嗎？

When I think about value versus premium, is there more ability to push price to the premium and less on the value? Or how do you think about pricing in a scenario where you're forced to kind of at least contemplate something beyond productivity?

當我想到「價值型」對比「高端型」時，高端產品是否更有能力推漲價、而價值型較少？或者在一個你被迫至少要考慮生產力以外手段的情境下，你如何看待定價？

Yeah. No, it's a fair question. We're not going to go through the detail of what does every $5 or $10 of oil translate into an impact on Church & Dwight. I think that's a little bit too nuanced. But I will say my answer to Lauren was based on the question of kind of the current scenario, $25 million to $30 million. We think that's just like many things in life, we can handle something like that.

是的。不，這是個合理的問題。我們不會深入到每增加5美元或10美元油價，對 Church & Dwight 會轉化成多大的影響。我覺得那有點太細緻了。但我會說，我對 Lauren 的回答是基於目前這種情境，也就是2,500萬到3,000萬美元。我們認為這就像生活中的很多事情一樣，我們可以處理這種程度。

If it becomes a lot more meaningful, call it, $50 million or $100 million or $150 million, who knows where it stops, then you have to solve a different problem with different solutions. And so the first stop on the train is productivity. The second stop on the train is RGM on promotions, and that's usually through household, that's where a lot of our promotions are. The third step on the train would be pricing.

如果它變得更具實質性，比如說5,000萬、1億或1.5億美元，誰知道會停在哪裡，那你就必須用不同的解法去解決不同的問題。所以列車的第一站是生產力。第二站是促銷的RGM（營收成長管理），通常是在家用類別，因為我們很多促銷都在那裡。第三站才會是定價。

And you're right, many of our premium products are extremely premium and high priced and the consumer loves it, but you got to do that behind innovation. And so as we're launching our innovations to really look with a fine tooth comb on what the price point really should be is also something that we would look at.

你說得對，我們許多高端產品確實非常高端、價格也很高，而消費者很喜歡，但你必須以創新作為後盾來做。因此，當我們推出創新時，也會用非常嚴謹的方式去檢視價格點到底應該是多少，這也是我們會看的事情。

But for today, my answer would be if it's in this range, and we all hope that it is, and we hope that it's transitory, then that's how we would solve it through productivity. If it becomes something else and bigger, then we have other tools in the toolkit if we need to.

但就今天而言，我的回答是：如果它在這個區間內——我們都希望如此，也希望它是暫時性的——那我們就會透過生產力來解決。如果它變成別的、更大的問題，那我們的工具箱裡還有其他工具可用（如果需要的話）。

Yeah. Okay. Very fair. And I guess the only follow-up I have is that if it is transitory and as you say, hopefully, it is; is the productivity you're putting in place, is it structural? Or is it more belt tightening such that if it rolls over, maybe some of it gets reinvested, but some of it just kind of backfill using the belt back up?

是的。好。非常合理。我想我唯一的追問是：如果它是暫時性的，如你所說、也希望如此；那你們正在推動的生產力提升，是結構性的嗎？還是更像勒緊褲帶，意思是如果之後情況回落，可能其中一部分會再投資，但另一部分只是把褲帶再放鬆、把先前勒緊的部分補回去？

Yeah. I wouldn't call it belt tightening, I mean I would call it we kind of accelerate project. We have a three-year pipeline on productivity projects, just like we have a three-year pipeline of innovation. And so at any given time, we can choose to fast forward certain projects or slow down other projects, whatever we want to do.

是的。我不會稱之為勒緊褲帶；我會說我們是把一些專案加速。我們有一個三年的生產力專案管線，就像我們也有一個三年的創新管線一樣。因此在任何時間點，我們都可以選擇把某些專案快轉、或把其他專案放慢，視我們想做什麼而定。

And we can influence timing. If the productivity happens, but costs also continue to drop, perhaps we slow some of it back down or we take that money and go reinvest it in marketing and build the virtuous cycle all over again.

而且我們可以影響時點。如果生產力提升發生了，但成本也持續下降，也許我們會把其中一些再放慢，或者把那筆錢拿去再投資行銷，重新建立良性循環。

Andrea Teixeira, JPMorgan.

Andrea Teixeira，摩根大通。

I was just hoping to see if you can comment a little bit, Rick, on what you said like you had some, I wouldn't say pull forward, you had an adjustment you called out for the fact that you outperformed on the organic sales growth. The comparison, I think, from an inventory dynamic from against last year.

Rick，我只是想看看你能否稍微評論一下你剛才提到的：你們有一些——我不會說是把需求提前拉動——你提到有一個調整，原因是你們在有機銷售成長上表現超出預期。我想比較基期是來自庫存動態、相對於去年。

So hoping to see, and we saw what you guided for the second quarter and more aligned with the consumption you called out. So is that something to think like that 2% extra that you got in the first quarter, was more an adjustment, not a pull forward from the second quarter? That's my first question.

所以希望看到的情況是，而且我們也確實看到你們對第二季的指引，與你提到的消費趨勢更加一致。那麼，是否可以這樣理解：第一季多出來的那 2%，比較像是調整因素，而不是把原本第二季的需求提前拉到第一季？這是我的第一個問題。

And then just a follow-up. So if I understood it correctly, you're going to take some -- potentially, some price actions to mitigate the $20 million to $30 million, I believe you called out to be the impact of the costs or the Middle East? Or you are just saying, potentially, you're going to take some pricing?

接著一個追問。如果我理解正確的話，你們可能會採取一些——潛在的——價格行動，來緩解你們提到的因成本或中東因素帶來的 2,000 萬到 3,000 萬美元影響？還是你們只是說，可能會考慮做一些定價？

Yeah. So let's take that second one first. I think I was super clear, the $25 million to $30 million headwind that the Middle East conflict has created in terms of higher commodity costs and inflation, we believe we can offset that with productivity, okay? When we do that, that enables us to keep our outlook where it's at.

是的。那我們先回答第二個問題。我想我講得非常清楚：中東衝突在大宗商品成本上升與通膨方面造成的 2,500 萬到 3,000 萬美元逆風，我們相信可以透過生產力提升來抵銷，好嗎？當我們做到這點，就能讓我們維持目前的展望不變。

The question that Steve just asked was, well, what happens if that doubles or triples? Can you still just do that with productivity? And the answer was no. With that amount, we can do with productivity. If it goes a lot higher, then we would look at RGM type actions on promotions.

Steve 剛剛問的是，如果那個影響變成加倍或三倍會怎樣？你們還能只靠生產力來處理嗎？答案是不行。以目前這個幅度，我們可以用生產力來應對。如果再高很多，我們就會在促銷上考慮採取 RGM 類型的行動。

If it goes a lot higher from there, then we would look at potential pricing. So that's kind of the normal sequence of events. And I just said before at those types of levels, the consumer is pressed. And so we don't plan on raising prices at this point, okay? So that's the price point --

如果再更高一些，我們就會考慮潛在的定價。所以這大概就是一般的處理順序。而且我剛才也說過，在那樣的水準下，消費者會承受壓力。因此我們目前不打算漲價，好嗎？所以在價格這一點上--

And just to fine point that idea, the midpoint -- and I'm sorry if I missed that, the midpoint of that scenario is oil at which price because what is the -- what you said $100 per barrel? Or is it $110, different companies are using different assumptions on their own?

再把這個想法釐清一下：在那個情境的中位數——如果我漏聽了先說抱歉——油價是以哪個價格為基準？因為你剛才是說每桶 100 美元嗎？還是 110 美元？不同公司用的假設不太一樣。

We're using a reasonable average of what we've seen in the last couple of weeks. Obviously, it changes daily, but it's a good safe bet. So it's $95 to $100 is a good base point.

我們採用的是過去幾週所見的合理平均值。當然它每天都在變，但這是一個相當穩健的估計。所以以 95 到 100 美元作為良好的基準點。

Okay. And your -- what was your first question, Andrea?

好的。那你——你的第一個問題是什麼，Andrea？

Yeah. Sorry, the second part. But the first question was the fact that you came out at 5%, and you did comment the 2 percentage benefit from potentially like inventory dynamics. Just wondering if that's going to come out of the third quarter, second quarter? Or it doesn't look like because you're guiding in line with category growth, but I guess, I mean, with market share gains and distribution gains, all of that.

是的。抱歉，剛才是第二部分。但第一個問題是，你們公布是 5%，而且你們也提到有 2 個百分點的利多，可能來自像是庫存動態。我想了解那會在第三季或第二季回吐嗎？或者看起來不會，因為你們的指引與品類成長一致，但我想說，畢竟還有市占提升與通路鋪貨增加等等。

Yeah. So just rewind the clock 12 months. And remember, Q1 of 2025 every CPG manufacturer said what's going on. And there was a retail inventory pullback, right, because of all the ad around tariffs and the consumer and whatnot. And everyone called out a number back then.

是的。我們把時間倒回 12 個月。記得 2025 年第一季，每一家民生消費品（CPG）製造商都在說到底發生什麼事。當時零售端有一波庫存回收，對吧，因為到處都是關於關稅、消費者等等的討論。而當時大家都提到了一個數字。

This earnings cycle, most folks aren't talking about it as much, which is fine. We're just trying to be transparent. We called that a year ago. And we said, hey, that means a year later, then that's worth a 2% health.

這一輪財報季，多數公司沒有談那麼多，這也沒關係。我們只是想保持透明。我們一年前就提過這件事。我們也說過，嘿，這代表一年之後，會帶來 2% 的利多。

And so we grew our business around 3%, and we had that 2% health. That's 5% organic and categories are growing well. We continue to take share. We're getting distribution gains, and that's why we gave an outlook, we think, that's really strong for the full year and really solid for Q3, I mean Q2.

因此我們的業務本身成長大約 3%，再加上那 2% 的利多。合計就是 5% 的有機成長，而品類也成長得不錯。我們持續提升市占。我們也在取得通路鋪貨的增量，這就是為什麼我們給出的全年展望，我們認為非常強勁，而對第三季——我是說第二季——也很扎實。

Peter Grom, UBS.

UBS 的 Peter Grom。

So I was hoping to get some perspective on category growth. I think you mentioned 3%. But some of your peers have touched on growth showing signs of improvement as you move through the quarter. So can you maybe comment on what you've seen from a category standpoint, exited the quarter-to-date?

我想請教一下對品類成長的看法。我記得你提到是 3%。但你們的一些同業提到，隨著季度推進，成長似乎有改善跡象。所以你能否評論一下，從品類角度看，你們在季度結束以及截至目前（quarter-to-date）看到的情況？

And Rick, related, you've always had a pretty good pulse on what to kind of expect from a category standpoint. So just given the many things the consumer is dealing with right now, curious how you see that evolving from here?

另外 Rick，相關地，你一向對品類端可能的走勢掌握得很準。考量到消費者現在面臨的各種壓力，我也想了解你怎麼看接下來的演變？

Yeah. Good question, Peter. For us in the quarter, and I just talk about our major categories. I think it's just easier to talk about our seven. So we were around 3% for the quarter, 3% in January, 3% in February, closer to 3.5% in March. So that bodes well. It came down a little bit in April, but we're doing extremely well in April.

是的。好問題，Peter。就我們在本季的情況，我只談我們的主要品類。我想談我們的七大品類會比較容易。所以本季大約是 3%，1 月是 3%，2 月是 3%，3 月更接近 3.5%。所以這是個好兆頭。4 月稍微下來一點，但我們在 4 月表現非常好。

So I would tell you it was better than we expected. When we were starting the year, we were expecting closer to maybe 2% category growth. Now this is only 90 days, but I am more enthusiastic than I was many days ago despite everything else that's happening in the world.

所以我會說，整體比我們預期的更好。年初的時候，我們原本預期品類成長可能更接近 2%。當然這只有 90 天的數據，但儘管世界上還發生很多事，我現在比幾天前更樂觀。

Because again, not every company -- you can't paint every company with the same brush, the categories really matter. And many of our categories, it's not just one category driving a 3% weighted average. It's almost all the categories are growing at least 2.5% to 3%. So that's just a great thing.

因為再說一次，不是每家公司——不能用同一把尺看所有公司，品類真的很重要。而我們的許多品類，不是只有單一品類在拉動加權平均 3% 的成長。幾乎所有品類至少都有 2.5% 到 3% 的成長。所以這真的是一件很棒的事。

There are no further questions at this time. I'll now turn the call back over to Rick Dierker for any closing remarks.

目前沒有其他問題。我現在把電話交回給 Rick Dierker，請他做結語。

All right. Well, thank you very much, and we'll talk to everybody in July.

好的。非常感謝，我們 7 月再和大家交流。