高露潔 (CL) 2019 Q1 法說會逐字稿

Good day, and welcome to today's Colgate-Palmolive Company First Quarter 2019 Earnings Conference Call.

美好的一天，歡迎參加今天的高露潔棕欖公司 2019 年第一季度收益電話會議。

This call is being recorded and is being simulcast live at www.colgatepalmolive.com.

該電話正在錄音，並在 www.colgatepalmolive.com 上同時直播。

Now for opening remarks, I'd like to turn the call over to Senior Vice President of Investor Relations, John Faucher.

現在開始致辭，我想將電話轉給投資者關係高級副總裁 John Faucher。

Please go ahead, sir.

請繼續，先生。

Thanks, Nikki.

謝謝，尼基。

Good morning, and welcome to our first quarter earnings release conference call.

早上好，歡迎參加我們的第一季度財報電話會議。

This is John Faucher, Senior Vice President for Investor Relations.

我是投資者關係高級副總裁 John Faucher。

Today's conference call will include forward-looking statements.

今天的電話會議將包括前瞻性陳述。

Actual results could differ materially from these statements.

實際結果可能與這些陳述大不相同。

Please refer to the earnings press release and our most recent filings with the SEC, including our 2018 annual report on Form 10-K and subsequent SEC filings, all available on Colgate's website for a discussion of the factors that could cause actual results to differ materially from these statements.

請參閱財報新聞稿和我們最近向 SEC 提交的文件，包括我們關於 10-K 表格的 2018 年年度報告和隨後向 SEC 提交的文件，所有這些都可在高露潔的網站上找到，以討論可能導致實際結果出現重大差異的因素從這些陳述中。

This conference call will also include a discussion of non-GAAP financial measures, including those identified in Table 6 of the earnings press release.

本次電話會議還將討論非 GAAP 財務指標，包括收益新聞稿表 6 中確定的指標。

A full reconciliation to the corresponding GAAP financial measures is included in the earnings press release and is available on Colgate's website.

收益新聞稿中包含與相應 GAAP 財務指標的完全對賬，可在高露潔網站上查閱。

Joining me this morning are Noel Wallace, President and Chief Executive Officer; and Henning Jakobsen, Chief Financial Officer.

今天早上加入我的是總裁兼首席執行官 Noel Wallace；和首席財務官 Henning Jakobsen。

I will start off with a review of the quarter and our full year 2019 outlook.

我將從回顧本季度和我們的 2019 年全年展望開始。

Noel will then provide a few quick thoughts before we open it up to Q&A.

在我們打開問答環節之前，Noel 將提供一些快速的想法。

Our net sales declined 3% in Q1.

我們的淨銷售額在第一季度下降了 3%。

We delivered 3% organic sales growth with 1% unit volume growth and 2% favorable pricing.

我們實現了 3% 的有機銷售增長、1% 的單位銷量增長和 2% 的優惠定價。

This was offset by negative foreign exchange impact of 6%.

這被 6% 的負面外匯影響所抵消。

We know that there is still work to do, but we are pleased with the further improvement in organic sales growth in the quarter as we believe our strategies to reaccelerate growth are beginning to bear fruit.

我們知道仍有工作要做，但我們對本季度有機銷售增長的進一步改善感到高興，因為我們相信我們重新加速增長的戰略正在開始取得成果。

Importantly, the composition of the growth gives us comfort that we are returning to a more sustainable trajectory.

重要的是，增長的構成讓我們感到欣慰，我們正在回到更可持續的軌道。

On an organic basis, we delivered both volume and pricing growth for the first time in over 2 years with volume and pricing growth in all 4 of our categories: Oral Care, Pet Nutrition, Personal Care and Home Care.

在有機的基礎上，我們在 2 年多來首次實現了銷量和價格的增長，我們所有 4 個類別的銷量和價格都實現了增長：口腔護理、寵物營養、個人護理和家庭護理。

We delivered geographically balanced organic sales growth with emerging markets and developed markets both up 3%.

我們實現了地域平衡的有機銷售增長，新興市場和發達市場均增長了 3%。

And we delivered breadth in our organic sales growth with more than 75% of our hubs delivering organic sales growth in the quarter.

我們實現了有機銷售增長的廣度，超過 75% 的中心在本季度實現了有機銷售增長。

Our focus on driving the core through innovation, attacking adjacent segments and expanding the availability of our brands in new and higher growth channels and markets is beginning to pay off.

我們專注於通過創新驅動核心、攻擊相鄰細分市場以及擴大我們品牌在新的和更高增長的渠道和市場中的可用性開始得到回報。

Coupled with our increased brand support, we are optimistic that we can continue to deliver against the expectations for 2019 that we laid out on the fourth quarter earnings call.

再加上我們增加的品牌支持，我們樂觀地認為，我們可以繼續實現我們在第四季度財報電話會議上提出的 2019 年預期。

On a GAAP basis, our gross profit margin was down 130 basis points year-over-year.

按公認會計原則計算，我們的毛利率同比下降 130 個基點。

Excluding the impact of our Global Growth and Efficiency Program, it was down 110 basis points year-over-year.

排除我們的全球增長和效率計劃的影響，它同比下降了 110 個基點。

For the quarter, our 200 basis points of pricing provided a 70 basis point benefit to gross margin.

本季度，我們 200 個基點的定價為毛利率帶來了 70 個基點的收益。

Raw materials cost, including foreign exchange transaction cost, were a 320 basis point drag on gross margin year-over-year.

包括外匯交易成本在內的原材料成本同比拖累毛利率 320 個基點。

Our productivity programs led by our Funding the Growth initiative provided a 150 basis point benefit to gross margin.

我們以資助增長計劃為主導的生產力計劃為毛利率帶來了 150 個基點的收益。

Other was a 10 basis point drag.

其他是10個基點的拖累。

On an absolute basis, advertising investment was up 3% year-over-year.

在絕對基礎上，廣告投資同比增長 3%。

On a percent of sales basis, advertising was up 60 basis points year-over-year with increases on a percent of sales basis in every division.

在銷售額百分比的基礎上，廣告同比增長 60 個基點，每個部門的銷售額百分比都在增加。

Excluding charges resulting from our Global Growth and Efficiency Program and advertising spending, our SG&A expenses were down year-over-year in the first quarter on an absolute basis and as a percent of sales, benefiting from our productivity programs.

排除我們的全球增長和效率計劃和廣告支出產生的費用，我們的 SG&A 費用在第一季度的絕對基礎上和銷售額的百分比同比下降，這得益於我們的生產力計劃。

On a GAAP basis, diluted earnings per share of $0.65 were down 10% year-over-year in Q1.

按公認會計原則計算，第一季度每股攤薄收益為 0.65 美元，同比下降 10%。

Excluding charges resulting from our Global Growth and Efficiency Program, diluted earnings per share were down 10% to $0.67.

不包括我們的全球增長和效率計劃產生的費用，攤薄後每股收益下降 10% 至 0.67 美元。

Our free cash flow in the quarter was $534 million which was up 7% versus Q1 2018.

我們本季度的自由現金流為 5.34 億美元，與 2018 年第一季度相比增長了 7%。

Taking a look at the divisional results.

看看分區結果。

North America delivered 3% net sales growth and 3.5% organic sales growth in the quarter with 2% volume growth and 1.5% pricing growth.

北美本季度實現了 3% 的淨銷售額增長和 3.5% 的有機銷售額增長，銷量增長 2%，定價增長 1.5%。

We saw strong sales growth in toothpaste in the quarter driven by Colgate Total SF, Colgate Optic White, Colgate Essentials and Tom's of Maine.

在 Colgate Total SF、Colgate Optic White、Colgate Essentials 和 Tom's of Maine 的推動下，我們看到本季度牙膏銷售強勁增長。

Club and e-commerce delivered particularly strong toothpaste growth this quarter.

俱樂部和電子商務在本季度實現了特別強勁的牙膏增長。

The Colgate Total relaunch is proceeding in line with our expectations as Total's market share is up year-over-year since the launch.

Colgate Total 的重新啟動符合我們的預期，因為 Total 的市場份額自啟動以來逐年上升。

In the U.S., we took pricing through a downsizing, and this should lead to a shorter repurchase cycle which should accelerate unit growth going forward as consumers come back more quickly.

在美國，我們通過縮小規模來定價，這應該會導致更短的回購週期，隨著消費者更快地回歸，這應該會加速未來的單位增長。

North America also benefited from the strong growth in the Elta MD and PCA skin care businesses we acquired during Q1 of 2018.

北美也受益於我們在 2018 年第一季度收購的 Elta MD 和 PCA 護膚業務的強勁增長。

These brands are delivering very strong growth across a number of channels, including professional, D2C and e-commerce.

這些品牌在包括專業、D2C 和電子商務在內的多個渠道中實現了非常強勁的增長。

Europe's net sales were down 7% in Q1 driven by negative foreign exchange.

受負匯率影響，歐洲第一季度的淨銷售額下降了 7%。

Organic sales were up 0.5% in the quarter as volume growth of 1.5% was mostly offset by negative pricing of 1%.

本季度有機銷售額增長 0.5%，因為 1.5% 的銷量增長大部分被 1% 的負定價所抵消。

While categories in Europe remain sluggish, our market shares were up or flat in 7 of 10 categories.

雖然歐洲的品類仍然低迷，但我們的市場份額在 10 個品類中有 7 個上升或持平。

We delivered strong volume growth in Northern Europe with the U.K. and Scandinavia both up on the back of the Colgate Total relaunch.

在 Colgate Total 重新啟動後，我們在北歐實現了強勁的銷量增長，英國和斯堪的納維亞半島均實現了增長。

We have reintroduced Colgate Total in Scandinavia and it is driving strong incremental market share gains in that region.

我們在斯堪的納維亞半島重新引入了高露潔道達爾，它正在推動該地區強勁的增量市場份額增長。

We also launched meridol Pur in several markets in Europe in Q1 which brings our top therapeutic gum offering into the naturals space at a premium price.

我們還在第一季度在歐洲的幾個市場推出了 meridol Pur，以高價將我們頂級的治療性口香糖產品帶入天然產品領域。

In personal care, we continue to drive significant share gains behind the Sanex body wash business.

在個人護理方面，我們繼續推動 Sanex 沐浴露業務的顯著份額增長。

In France, Sanex's body wash share is up more than 100 basis points year-to-date behind Sanex Zero% and the Sanex physiologic brand.

在法國，今年迄今為止，Sanex 的沐浴露份額比 Sanex Zero% 和 Sanex 生理品牌高出 100 多個基點。

Latin America.

拉丁美洲。

We are pleased with our acceleration in organic sales growth in Latin America in Q1.

我們對第一季度拉丁美洲有機銷售增長的加速感到高興。

Net sales declined 4.5% in the quarter as 10.5% negative foreign exchange more than offset 2.5% volume growth and 3.5% pricing growth in the quarter.

本季度淨銷售額下降 4.5%，因為 10.5% 的負外匯抵消了本季度 2.5% 的銷量增長和 3.5% 的定價增長。

Importantly, the growth was broad-based as we delivered organic sales growth in every hub.

重要的是，隨著我們在每個中心實現有機銷售增長，增長基礎廣泛。

We are particularly pleased with the sequential improvement we saw in Brazil in the quarter versus Q4 2018 as we delivered both pricing and volume growth.

我們對本季度巴西與 2018 年第四季度相比的連續改善感到特別高興，因為我們實現了定價和銷量增長。

Encouragingly, category trends in Brazil do seem to be better, although the market remains very promotional.

令人鼓舞的是，儘管市場仍然非常促銷，但巴西的品類趨勢似乎確實更好。

Our recent innovations in oral care are paying off nicely as we are seeing market share gains for our Colgate Natural Extracts toothpaste line, our Colgate Gard franchise in pharmacies in Brazil and the Colgate Slim Soft Advanced toothbrush.

我們最近在口腔護理方面的創新取得了不錯的回報，因為我們看到我們的高露潔天然提取物牙膏系列、我們在巴西藥店的高露潔 Gard 特許經營權和高露潔 Slim Soft Advanced 牙刷的市場份額增加。

Net sales in Asia Pacific were down 8% driven by negative foreign exchange of 5.5%, a 2.5% decline in volume and flat pricing.

亞太地區的淨銷售額下降 8%，原因是匯兌匯率下降 5.5%，銷量下降 2.5%，價格持平。

Our results in China remain challenged by the difficult steps we are taking to reorient our portfolio in an oral care category that is rapidly premiumizing and shifting into e-commerce.

我們在中國的業績仍然面臨挑戰，因為我們正在採取艱難的步驟，將我們的產品組合重新定位在快速高端化並轉向電子商務的口腔護理類別。

As we indicated in January, we still expect trends to improve in the second half of the year.

正如我們在一月份指出的那樣，我們仍然預計下半年趨勢會有所改善。

Encouragingly, we saw strong growth in both volume and pricing in India with growth coming on both the Colgate Max Fresh and Colgate Vedshakti franchises.

令人鼓舞的是，我們看到印度的銷量和價格都出現了強勁增長，Colgate Max Fresh 和 Colgate Vedshakti 特許經營權都出現了增長。

In order to drive penetration of Vedshakti, we recently gave away 30 million samples at the Ardh Kumbh Mela festival in India.

為了推動 Vedshakti 的滲透，我們最近在印度的 Ardh Kumbh Mela 音樂節上贈送了 3000 萬個樣本。

Our Africa/Eurasia business showed solid underlying business momentum in Q1 despite the negative impact of foreign exchange.

儘管受到外彙的負面影響，我們的非洲/歐亞業務在第一季度表現出穩健的潛在業務勢頭。

FX was a 13% drag on sales growth in the quarter, offsetting 7% pricing growth and flat volume.

外匯對本季度的銷售增長造成 13% 的拖累，抵消了 7% 的定價增長和銷量持平。

Our Eurasia hub delivered a strong mixture of pricing and volume growth in the quarter driven by Russia.

在俄羅斯的推動下，我們的歐亞樞紐在本季度實現了價格和銷量的強勁增長。

Our North Africa, Middle East, Turkey hub also delivered volume growth in the quarter despite significant pricing to offset foreign exchange.

我們的北非、中東和土耳其樞紐在本季度也實現了銷量增長，儘管為了抵消外匯而進行了重大定價。

In order to help continue this momentum, we launched the full meridol regimen, toothpaste, toothbrushes and mouth rinse, in the pharmacy channel in Turkey in the first quarter.

為了幫助延續這一勢頭，我們於第一季度在土耳其的藥房頻道推出了完整的 meridol 養生法、牙膏、牙刷和漱口水。

We also launched Palmolive Micellar Care shower gel in Russia this past quarter, taking advantage of a big personal care trend.

我們還在上個季度在俄羅斯推出了 Palmolive Micellar Care 沐浴露，利用了個人護理的大趨勢。

And finally, Hill's.

最後，希爾的。

Our strong growth at Hill's continued in Q1.

我們在 Hill's 的強勁增長在第一季度繼續。

Growth was led by the United States with particularly strong growth in e-commerce, pet specialty and farm and feed.

增長由美國引領，電子商務、寵物專業和農場和飼料的增長尤為強勁。

Internationally, our growth was very broad-based.

在國際上，我們的增長基礎非常廣泛。

We delivered both volume and pricing growth in Canada, Europe, Australia, Asia and Latin America.

我們在加拿大、歐洲、澳大利亞、亞洲和拉丁美洲實現了銷量和價格的增長。

As we discussed at CAGNY, Q1 marked the beginning of our relaunch of our Science Diet brand with the new packaging on shelf as we speak.

正如我們在 CAGNY 討論的那樣，第一季度標誌著我們重新推出我們的科學飲食品牌的開始，正如我們所說的那樣，新包裝上架。

Initial response has been positive as Science Diet market share trends continue to increase year-over-year in Q1.

隨著科學飲食市場份額趨勢在第一季度繼續同比增長，初步反應是積極的。

The relaunch will continue across the globe through the first half of 2020.

重新啟動將在全球範圍內持續到 2020 年上半年。

We have also significantly exceeded our subscription target for our Hill's to Home service which allows pet parents to realize the benefits of home delivery while maintaining contact with the veterinarian.

我們還大大超出了我們的 Hill's to Home 服務訂閱目標，該服務使寵物父母能夠在與獸醫保持聯繫的同時實現送貨上門的好處。

Moving on to full year guidance.

繼續進行全年指導。

We continue to expect net sales to be flat to up low single digits.

我們繼續預計淨銷售額將持平至低個位數。

We continue to expect organic sales to be up 2% to 4%.

我們繼續預計有機銷售額將增長 2% 至 4%。

Based on current spot rates, for the full year, we still expect gross margin to be up year-over-year on both a GAAP basis and excluding charges related to our Global Growth and Efficiency Program.

根據當前的即期匯率，我們仍預計全年毛利率將同比增長，無論是在 GAAP 基礎上還是不包括與我們的全球增長和效率計劃相關的費用。

We expect the benefits of pricing and our productivity programs to offset an overall increase in raw material costs which includes the impact of transactional foreign exchange.

我們預計定價和我們的生產力計劃的好處將抵消原材料成本的整體增長，其中包括交易外彙的影響。

We expect our advertising spending to be up notably year-over-year on both an absolute basis and as a percent of sales.

我們預計我們的廣告支出在絕對基礎上和占銷售額的百分比上都將同比顯著增長。

We would expect advertising as a percent of sales for the full year to be fairly consistent with the Q1 level.

我們預計廣告佔全年銷售額的百分比與第一季度的水平相當一致。

We continue to expect our full year 2019 tax rate to be between 25.5% and 26.5%, both on a GAAP basis and excluding charges related to our Global Growth and Efficiency Program in 2019 and 2018, and the charge related to U.S. tax reform and the benefit from a foreign tax matter in 2018.

我們繼續預計 2019 年全年稅率將在 25.5% 至 26.5% 之間，以公認會計原則為基礎，不包括與我們在 2019 年和 2018 年的全球增長和效率計劃相關的費用，以及與美國稅制改革和從 2018 年的外國稅務事項中受益。

Based on current spot rates, we expect GAAP earnings per share to be down low single digits for the year.

根據當前的即期匯率，我們預計今年 GAAP 每股收益將下降個位數。

Excluding the charges related to the Global Growth and Efficiency Program in 2019 and 2018, and the charge related to U.S. tax reform and the benefit from a foreign tax matter in 2018, based on current spot rates, we expect earnings per share to decline mid-single digits for the year.

剔除 2019 年和 2018 年與全球增長和效率計劃相關的費用，以及 2018 年與美國稅制改革和外國稅收利益相關的費用，基於當前的即期匯率，我們預計每股收益將下降個位數的年份。

We would note that the consensus EPS estimate is in the middle of that range.

我們會注意到，普遍的每股收益估計值處於該範圍的中間。

And with that, I will turn it over to Noel for his thoughts before the Q&A.

有了這個，我將把它交給 Noel，讓他在 Q&A 之前的想法。

Thanks, John, and good morning, everyone, and thank you for joining us on the call today.

謝謝，約翰，大家早上好，感謝您今天加入我們的電話會議。

I found it appropriate to begin by framing 3 strategic areas of focus for our company that I believe will be critical to our ongoing success and we certainly started to see transpire in the first quarter.

我發現從為我們公司製定 3 個戰略重點領域開始是合適的，我相信這對我們的持續成功至關重要，我們當然在第一季度開始看到發展。

That first area of focus is how we're thinking about organic sales growth.

第一個重點領域是我們如何考慮有機銷售增長。

No question that to deliver long-term revenue growth that's sustainable, we need to be more aggressive about going after growth, and we're going after growth differently.

毫無疑問，為了實現可持續的長期收入增長，我們需要更加積極地追求增長，而且我們追求增長的方式不同。

As you'll recall on the fourth quarter call and at CAGNY, I spoke about some of our growth mindset.

正如您在第四季度電話會議和 CAGNY 上所記得的那樣，我談到了我們的一些成長心態。

Specifically, we're driving the core with brands like Total and Science Diet.

具體來說，我們正在通過 Total 和 Science Diet 等品牌推動核心業務。

Remember, these are big brands, big brands with a global penetration in many countries around the world.

請記住，這些都是大品牌，在全球許多國家都有全球滲透的大品牌。

And we're bringing that to market through significant new innovation and superior product and formulations.

我們正在通過重大的新創新和卓越的產品和配方將其推向市場。

We're also bringing that alongside significant brand building along those businesses with real brand purpose that resonates with consumers in a different way.

我們還將這一點與那些具有真正品牌目的的企業一起進行重要的品牌建設，以不同的方式與消費者產生共鳴。

Second, we're going after adjacent categories and product segments like naturals which is doing very well for us; therapeutics by expanding elmex and meridol into select markets; and importantly, expanding skin care and continuing to focus our investment on opening new doors and channels with that category.

其次，我們正在尋找相鄰的類別和產品細分，例如天然食品，這對我們來說非常好；通過將 elmex 和 meridol 擴展到特定市場來進行治療；更重要的是，擴大護膚品並繼續將我們的投資重點放在打開該類別的新大門和渠道上。

Third, we're expanding the availability of our products through distribution and new markets, being very thoughtful in that regard, but we see opportunities in new channels, particularly in channels like e-commerce, which is key to our continued growth moving forward.

第三，我們正在通過分銷和新市場擴大產品的可用性，在這方面非常周到，但我們看到了新渠道的機會，特別是電子商務等渠道，這是我們持續增長的關鍵。

We're very pleased with the growth in e-commerce in the first quarter which was up 28% versus the year ago period.

我們對第一季度電子商務的增長感到非常滿意，與去年同期相比增長了 28%。

So more to do and more to come, and we're certainly focused on those areas.

所以要做的事情更多，未來還會做更多，我們當然會專注於這些領域。

Our second key area of focus is to simplify our processes and our structures around the world.

我們的第二個重點關注領域是簡化我們在世界各地的流程和結構。

We recognize that we need to change in order to respond to a rapidly changing marketplace in terms of our ease and how consumers are shopping.

我們認識到，我們需要做出改變，以便在我們的便利性和消費者購物方式方面應對快速變化的市場。

For example, we're revamping our innovation process to dramatically reduce the time to market.

例如，我們正在改進我們的創新流程，以顯著縮短產品上市時間。

You heard Maria Paula speak about that at CAGNY.

你在 CAGNY 聽過 Maria Paula 談到這個問題。

And those changes are underway beginning in Latin America, and we'll begin to roll those out around the world as we move into the balance of the year.

這些變化正在拉丁美洲開始，隨著我們進入今年的平衡，我們將開始在世界各地推出這些變化。

Third area of focus for us is using data and looking to digitize the organization very differently.

我們關注的第三個領域是使用數據並尋求以非常不同的方式對組織進行數字化。

We know that data can enable faster growth and faster decision-making.

我們知道，數據可以實現更快的增長和更快的決策。

We know that data drives further ROI in media, and we know that data-driven marketing has far better return on investment than the way we're spending today.

我們知道數據推動媒體進一步的投資回報率，我們知道數據驅動的營銷比我們今天的消費方式具有更好的投資回報。

We also know that we can use data to improve our assortment in e-commerce.

我們也知道我們可以使用數據來改進我們在電子商務中的分類。

In the area of digitization, some exciting things coming down the pipeline for us to drive productivity across the organization.

在數字化領域，一些令人興奮的事情正在醞釀中，我們將推動整個組織的生產力。

We're going to change from our SAP system that we started in 1994 to the upgraded SAP S/4HANA which we think is going to simplify our processes significantly around the world, drive more standardization and better reporting and decision-making from all of that.

我們將從 1994 年開始的 SAP 系統轉變為升級後的 SAP S/4HANA，我們認為這將顯著簡化我們在世界各地的流程，推動更多的標準化以及更好的報告和決策制定.

So you begin to see a lot of this unfold as we move into the balance of the year, and we're pleased to see some of that taking hold in the first quarter of this year.

因此，隨著我們進入今年的平衡期，您開始看到很多這種情況，我們很高興看到其中一些在今年第一季度取得進展。

So before I jump into Q&A, I wanted to take a moment to thank the 35,000 Colgate people for supporting me during this important transition over the last year.

因此，在我開始問答之前，我想花點時間感謝 35,000 名高露潔員工，感謝他們在去年這一重要過渡期間對我的支持。

I'm extremely proud to lead, to listen and to learn from that extraordinary team.

我非常自豪能夠領導、傾聽和向這個非凡的團隊學習。

And I know with their drive and continued commitment and our focus on growth, we will build a future to smile about.

我知道，憑藉他們的動力和持續的承諾以及我們對增長的關注，我們將建立一個值得微笑的未來。

And it's those people that I want to extend a special thanks to Ian Cook for the past 12 years of his extraordinary leadership as CEO of this company.

正是這些人，我要特別感謝伊恩·庫克在過去 12 年中擔任這家公司首席執行官的非凡領導。

He has transformed this organization in many ways and we'll be forever grateful for his leadership.

他在很多方面改變了這個組織，我們將永遠感激他的領導。

And I especially want to thank him for his wise counsel and mentorship over the last 6 months as he prepared me for this new role.

我特別要感謝他在過去 6 個月中為我擔任這個新角色所做的明智建議和指導。

So with that, let me turn it over to the questions.

因此，讓我把它轉給問題。

(Operator Instructions) And we will take our first question today from Lauren Lieberman with Barclays.

（操作員說明）今天我們將回答來自巴克萊銀行的 Lauren Lieberman 的第一個問題。

Noel, I'm curious if we could talk a little bit about market share.

Noel，我很好奇我們能否談談市場份額。

Just market share in oral care have been an important metric for the business, the health of the business and so on and like a badge of honor, frankly.

坦率地說，口腔護理的市場份額一直是衡量企業、企業健康狀況等的重要指標，就像榮譽勳章一樣。

And this quarter, top line certainly improved sequentially.

而本季度，收入肯定環比有所改善。

But shares are down versus, I think, where we talked about them at the end of January, both globally and in some key markets like Brazil, Mexico, India.

但我認為，與我們在 1 月底討論的情況相比，全球和巴西、墨西哥、印度等一些主要市場的股價都在下跌。

So can you just talk a little bit about that, how you're thinking about market share in particular, when you'd expect that to turn as you think about the path forward and some of the greater growth mindset you're putting in play.

所以你能談談這個，特別是你是如何考慮市場份額的，當你考慮到前進的道路和你正在發揮的一些更大的增長心態時，你會期望這種情況發生轉變嗎？ .

Sure.

當然。

Sure.

當然。

Thanks, Lauren.

謝謝，勞倫。

Overall, we have seen significant growth, first of all, in untracked channels, particularly in the U.S., where we saw double-digit growth in a lot of those untracked channels which we're very encouraged about.

總體而言，我們看到了顯著增長，首先是在未跟踪的渠道，特別是在美國，我們看到許多未跟踪的渠道實現了兩位數的增長，我們對此感到非常鼓舞。

If I stay within North America, the toothpaste shares are flat.

如果我留在北美，牙膏份額持平。

We obviously introduced Colgate Total in the middle of February.

我們顯然是在 2 月中旬推出了 Colgate Total。

We saw a significant competitive response.

我們看到了顯著的競爭反應。

And we responded accordingly, but we weren't going to be overly aggressive in order to drive share.

我們做出了相應的回應，但我們不會為了提高份額而過於激進。

Bear in mind that we're in this for the long term.

請記住，我們是長期的。

This is a marathon, not a sprint with the launch of Colgate Total.

這是一場馬拉松，而不是高露潔 Total 推出的短跑。

It's not like introducing a new product.

這不像推出新產品。

We have existing shelf space and existing penetration.

我們有現有的貨架空間和現有的滲透率。

It's a big brand.

這是一個大品牌。

And we're looking to continue to drive trial and repeat throughout the year.

我們希望全年繼續推動試驗和重複。

So the way we've structured and strategized our media spending over the year is to continue with high investments quarter-on-quarter through the balance of the year.

因此，我們在一年中構建和製定媒體支出戰略的方式是在今年餘下時間繼續按季度進行高額投資。

And we think in the end that will generate sustained growth for the business.

我們認為最終將為業務帶來持續增長。

Moving on to some of the other markets.

轉移到其他一些市場。

Our value shares and volume shares in Mexico are actually flat.

我們在墨西哥的價值份額和成交量份額實際上是持平的。

We're slightly down in Brazil, and that was due to some aggressive promotion from the competitive environment.

我們在巴西的表現略有下降，這是由於競爭環境中的一些積極推動。

Recognize that the Colgate Total launch, which have a significant premium in both those markets where it has a sizable share, will launch in the second quarter.

認識到高露潔 Total 的推出將在第二季度推出，該產品在其擁有相當大份額的兩個市場都具有顯著的溢價。

Our volume shares on balance are only down 30 basis points so we feel quite comfortable with where we are particularly given the activity and most of the Total spending coming in the year to go.

總的來說，我們的交易量份額僅下降了 30 個基點，因此我們對未來一年的活動和大部分總支出感到非常滿意。

We'll take the next question from Bonnie Herzog with Wells Fargo.

我們將回答富國銀行的 Bonnie Herzog 的下一個問題。

I had a question on your pricing in the quarter.

我對你們本季度的定價有疑問。

I guess I'm wondering why it slowed sequentially.

我想我想知道為什麼它會依次變慢。

And then I'm also curious about this for your emerging markets, where I assume you would have been taking more pricing for FX.

然後我對你們的新興市場也很好奇，我認為你們會為外匯採取更多定價。

And then could you update us on your plans for any future pricing or essentially do you expect pricing to accelerate in the future or remain constant at current levels?

然後您能否向我們更新您對任何未來定價的計劃，或者您是否預計未來定價會加速或保持在當前水平？

Sure.

當然。

Thanks.

謝謝。

Thanks, Bonnie.

謝謝，邦妮。

We were actually very pleased with the balance of organic growth in the first quarter.

實際上，我們對第一季度的有機增長平衡感到非常滿意。

Obviously, both volume and pricing up.

顯然，量和價格都在上漲。

We had good pricing in the fourth quarter as you point out and likewise, good pricing in the first quarter.

正如您所指出的，我們在第四季度的定價很好，同樣，第一季度的定價也很好。

So coming off of that, we're quite pleased.

因此，我們對此感到非常高興。

Some of the pricing is still yet to come.

一些定價仍未到來。

We talked about in the fourth quarter that 2/3 would roll through from '18 to '19.

我們在第四季度談到了 2/3 將從 18 年滾動到 19 年。

We have 1/3 to go.

我們還有 1/3 的時間。

And we're quite confident that we will generate the pricing that we set out for ourselves on the year.

而且我們非常有信心，我們將產生我們在這一年為自己設定的定價。

Certainly, if the current spot rates, if spot rates change, we certainly have to take more pricing, but we're quite comfortable with where we are and how that's flowed through.

當然，如果當前的即期匯率，如果即期匯率發生變化，我們當然必須採取更多定價，但我們對我們所處的位置以及它是如何流動的非常滿意。

Specifically on Total, we're very pleased from the fact that we've seen pricing stick everywhere we have launched Colgate Total.

特別是在 Total 上，我們很高興看到我們在推出 Colgate Total 的所有地方都看到了定價。

Coming back to the U.S., our equivalized share, as John mentioned, we downsized so the price per ounce is up about 16% and the Total toothpaste franchise in the U.S. is up 8%.

回到美國，我們的等值份額，正如約翰所說，我們縮小了規模，因此每盎司的價格上漲了約 16%，而美國的 Total 牙膏專營權上漲了 8%。

So price is holding and more to come as we move through the balance of the year.

因此，隨著我們度過今年的餘額，價格保持不變，而且還會有更多。

And the next question will come from Wendy Nicholson with Citi.

下一個問題將來自花旗的 Wendy Nicholson。

Just following up on China specifically.

只是特別關注中國。

Could you tell us exactly how much volumes were down in China?

您能否準確地告訴我們中國的銷量下降了多少？

And I know you're going through a big repositioning of the brand and the product assortment in that market.

而且我知道您正在對該市場的品牌和產品分類進行重大重新定位。

But can you sort of give us some timing on that?

但是你能給我們一些時間嗎？

When should we expect to see stronger numbers?

我們應該在什麼時候看到更強勁的數字？

Are there specific new products coming out or new advertising or anything like that?

是否有特定的新產品推出或新廣告或類似的東西？

So when do you think we turn positive in China?

那麼你認為我們什麼時候在中國轉好？

Sure.

當然。

So China came in as we expected in the quarter.

因此，中國在本季度如我們預期的那樣進入了市場。

We had, I think, communicated in the fourth quarter call that we expected China to turn in the back half.

我認為，我們在第四季度的電話會議中曾表示，我們預計中國將在後半段出現轉機。

And that's exactly the timing that we're still looking for.

這正是我們仍在尋找的時機。

Some significant changes in investment going into China as we speak.

正如我們所說，進入中國的投資發生了一些重大變化。

We are looking obviously to get the portfolio structured appropriately.

我們顯然正在尋求使投資組合結構合理。

We're getting the structure in the organization and putting resources where we think the growth will come in that business moving forward.

我們正在建立組織結構，並將資源放在我們認為該業務向前發展的地方。

So we're making some investments in the business in the short term that we believe will drive sustainable growth in the long term for our business, which will be -- we'll start to see that turn in the back half of the year.

因此，我們在短期內對業務進行了一些投資，我們相信這將推動我們業務的長期可持續增長，這將是 - 我們將在今年下半年開始看到這種轉變。

And we'll go to Andrea Teixeira with JPMorgan.

我們將與摩根大通一起前往 Andrea Teixeira。

So my question is on North America organic volumes and a follow-up on the Colgate Total relaunch.

所以我的問題是關於北美有機銷量和高露潔 Total 重新啟動的後續行動。

So on North America, you called out on the prepared remarks that the benefit from Elta MD and PCA Skin now included in organic growth.

因此，在北美，您在準備好的評論中指出，Elta MD 和 PCA Skin 的好處現在包括在有機增長中。

Can you give us like kind of a sort of magnitude, an order of magnitude of that launch -- of the relaunch that's included on the organic growth?

你能給我們提供一個數量級，一個數量級的發布——包含在有機增長中的重新發布嗎？

And also on the Colgate Total relaunch, thinking about specifically Latin America with Brazil in terms of the timing of the launch.

在 Colgate Total 的重新啟動中，特別考慮了拉丁美洲和巴西的啟動時間。

Will all the volume of the relaunch be shipped during the second quarter?

重新啟動的所有量會在第二季度發貨嗎？

You had some of that done in the first quarter.

你在第一季度完成了一些工作。

So I'm trying to see if there is any lumpiness on the volume as we progress through the quarters.

所以我想看看隨著我們在每個季度的進展，音量是否有任何波動。

Thanks, Andrea.

謝謝，安德里亞。

Again, good growth in the first quarter out of North America.

再次，北美第一季度增長良好。

We're not going to break it out.

我們不會打破它。

But suffice it to say, all the key elements of the North America business grew in the first quarter.

但可以說，北美業務的所有關鍵要素都在第一季度增長。

We were particularly pleased with Tom's of Maine which had another significant growth following sequential growth over the last 3 quarters.

我們對 Tom's of Maine 感到特別滿意，它在過去 3 個季度的連續增長之後又出現了顯著增長。

So that's doing well.

所以這很好。

The sell-in on Total performed well.

道達爾的賣出表現良好。

Obviously, as you point out, PCA and Elta were added into the organic growth, not a significant portion, but we were very pleased with the progress on that business that we've seen thus far.

顯然，正如您所指出的，PCA 和 Elta 被添加到了有機增長中，而不是一個重要的部分，但我們對迄今為止我們所看到的該業務的進展感到非常滿意。

So overall, a good performance in North America across a well-balanced organic growth in all of their categories and their core businesses.

因此，總體而言，北美的所有類別和核心業務均實現了均衡的有機增長，表現良好。

In terms of the relaunch of Colgate Total in Latin America, we just started shipping at the end of the first quarter with most of the activity and all of the investment to come in the second quarter.

關於高露潔道達爾在拉丁美洲的重新啟動，我們剛剛在第一季度末開始發貨，大部分活動和所有投資都將在第二季度進行。

So I would say a portion in the first, most to come in the second as we move forward.

所以我會說第一個部分，隨著我們前進，大部分將出現在第二個中。

We'll go to Ali Dibadj with Bernstein.

我們將和伯恩斯坦一起去 Ali Dibadj。

Hey, I'm just trying to contextualize some of the discussions so far and the quarterly results and a little bit more broad.

嘿，我只是想將迄今為止的一些討論和季度結果與更廣泛的內容聯繫起來。

And you've done that a couple of times, but I want to continue on that theme.

你已經做過幾次了，但我想繼續這個主題。

The big debate I think is, are you spending enough?

我認為最大的爭論是，你花的錢夠嗎？

That's the one I hear the most.

這是我聽到最多的一個。

And so if you look at the quarter's results, you could argue that they're consistent with that concerning narrative, right, we're not spending enough to turn the ship.

因此，如果您查看該季度的結果，您可能會爭辯說它們與有關敘述一致，對，我們沒有花費足夠的錢來扭轉局面。

The sequential pricing, i.e.

順序定價，即

probably more trade spend, more promo this quarter to get more shelf space.

本季度可能會有更多的貿易支出，更多的促銷活動以獲得更多的貨架空間。

There was clearly a lot of the inventory load, right?

顯然有很多庫存負載，對吧？

So that pricing that you guys talked about on Colgate Total, for example, in North America, a lot of those inventory loaded in, elmex and others.

所以你們在高露潔道達爾談到的定價，例如，在北美，很多庫存都加載了，elmex 和其他。

A&P was up, maybe not quite as much as I thought it might be, but up, which I guess is good.

A&P 上漲了，可能沒有我想像的那麼多，但是上漲了，我想這很好。

But all this, all this activity so far and we still see those market share issues in the U.S. and Mexico, Brazil, Russia, India, China.

但是所有這一切，到目前為止所有這些活動，我們仍然看到美國和墨西哥、巴西、俄羅斯、印度、中國的市場份額問題。

I mean U.K. looked a little bit better, but there's still some pressure.

我的意思是英國看起來好一點，但仍然有一些壓力。

And by the way, I do wonder in the U.S. what the sell-out was versus the sell-in.

順便說一句，我確實想知道在美國，售罄與賣出是什麼。

Certainly doesn't look great on the tracked channel.

在跟踪的頻道上肯定看起來不太好。

So I guess I'm just trying to get underneath this idea of, should we just be more patient to see those turn?

所以我想我只是想弄清楚這個想法，我們是否應該更耐心地看到這些轉變？

I think that's your messaging.

我想那是你的消息。

But should we just be more patient to see this stuff turn and so you're 100% confident that you're actually spending enough.

但是，我們是否應該更加耐心地看到這些事情發生轉變，這樣您就可以 100% 確信您實際上已經花費了足夠的錢。

And so this concern about another rebase can happen around the corner.

因此，對另一個 rebase 的擔憂可能會在拐角處發生。

We're not spending enough.

我們花的還不夠。

That view is just, so far what you're seeing, going to be wrong?

到目前為止，您所看到的這種觀點是錯誤的嗎？

Thanks, Ali.

謝謝，阿里。

A lot in that question.

這個問題很多。

So let me try to step back for a moment and talk a little bit about our strategy.

所以讓我試著退後一步，談談我們的策略。

We realized to drive long-term, sustainable growth that we need to do things very thoughtfully and in a measured way.

我們意識到要推動長期、可持續的增長，我們需要非常深思熟慮地以一種有節制的方式做事。

We've taken the advertising up as you well pointed out quite significantly in our view up in the first quarter.

正如您在我們第一季度的觀點中所指出的那樣，我們已經接受了廣告。

We will hold those levels through the balance of the year.

我們將在今年餘下時間保持這些水平。

And everything that we know about building brands, particularly brands as big and as scalable as Colgate Total, it's that continuity that really pays off in the long run.

我們所知道的關於建立品牌的一切，特別是像高露潔道達爾這樣的大品牌和可擴展的品牌，從長遠來看，這種連續性才是真正的回報。

We don't look to a percent of sales.

我們不看銷售額的百分比。

We look for, what do we need to do to create the right impressions and the right engagement behind a significant innovation like Colgate Total?

我們尋找的是，我們需要做些什麼來在像高露潔道達爾這樣的重大創新背後創造正確的印象和正確的參與？

And that's exactly what we're doing.

這正是我們正在做的。

We're going to continue to plod away with the plan that we have.

我們將繼續推進我們的計劃。

We were very strategic and not necessarily spending all our money in the first quarter.

我們非常具有戰略意義，不一定會在第一季度花光所有的錢。

We want to balance that over the year.

我們希望在一年中平衡這一點。

We're not buying shelf space.

我們不購買貨架空間。

I heard you mention that.

我聽說你提到過。

And a brand like Colgate Total which is an existing brand in the U.S. with a 10 share, that's a successful brand already.

而像高露潔道達爾這樣的品牌，它在美國是一個現有的品牌，佔有 10 份額，這已經是一個成功的品牌。

So what we're doing is basically trying to drive more velocity off the shelf.

所以我們所做的基本上是試圖提高現成的速度。

We're not necessarily increasing shelf.

我們不一定要增加貨架。

And we didn't necessarily see any of that in terms of shelf increases in the first quarter.

就第一季度的貨架增長而言，我們不一定看到任何這些。

So we got strong shares, strong shelf space, and we're going to continue to build on that.

因此，我們獲得了強勁的股票，強大的貨架空間，我們將繼續在此基礎上發展。

I'll give you a little bit about consumption on Colgate Total.

我會給你一些關於高露潔總消費的信息。

Obviously, as we move through some of the hot, competitive reactions in February and March, the last 4 weeks on Colgate Total, the consumption is up 14% and our share is up 1 point.

顯然，當我們在 2 月和 3 月經歷一些激烈的競爭反應時，過去 4 周高露潔道達爾的消費量上升了 14%，我們的份額上升了 1 個百分點。

So we're in a good position relative to what we're seeing there.

因此，相對於我們在那裡看到的情況，我們處於一個很好的位置。

And obviously, a lot of the work to come as we move through the balance of the year.

顯然，隨著我們度過今年的剩餘時間，還有很多工作要做。

In terms of advertising, we'll likewise see those increases come to bear as we roll it out particularly in big markets like Latin America.

在廣告方面，隨著我們特別在拉丁美洲等大市場推出廣告，我們同樣會看到這些增長。

And the next question is from Steve Powers with Deutsche Bank.

下一個問題來自德意志銀行的史蒂夫鮑爾斯。

So as you talked about in the open, you're arguably managing a larger number of growth priorities today versus history.

因此，正如您公開談論的那樣，與歷史相比，您現在可以管理更多的增長優先事項。

I'm wondering if you can talk more about how you're prioritizing them relative to one another.

我想知道您是否可以更多地談論您如何相對於彼此優先考慮它們。

I'm sure the first order of business is ensuring that Colgate, the core Colgate oral care franchise returns to market-leading growth.

我敢肯定，首要任務是確保高露潔的核心口腔護理專營權重回市場領先的增長。

But around that, as you talked about, you got the expansion into naturals.

但圍繞這一點，正如你所說，你得到了自然的擴展。

You're broadening the reach of brands like elmex, investing in e-commerce, stepping up support for professional skin care and obviously driving Hill's as well.

你們正在擴大 elmex 等品牌的影響力，投資電子商務，加強對專業護膚品的支持，顯然也推動了 Hill's 的發展。

And obviously, not all those initiatives are mutually exclusive.

顯然，並非所有這些舉措都是相互排斥的。

But again, how are you thinking about allocating relative investment dollars to each of them?

但同樣，您如何考慮將相對投資資金分配給他們每個人？

If you had an extra dollar, which bucket are you most likely to add to?

如果您有額外的美元，您最有可能添加到哪個桶中？

And then any thoughts if you can do it all organically or are you increasingly open to M&A in support of those initiatives?

如果你能有機地做到這一切，或者你是否越來越願意併購以支持這些舉措，那麼你有什麼想法嗎？

Thanks, Steve.

謝謝，史蒂夫。

So let me go back to a little bit about with regards to my upfront comments around how we're framing growth.

因此，讓我回過頭來談談我關於我們如何構建增長的前期評論。

As I talked about at CAGNY, we're really looking at 3 specific priorities.

正如我在 CAGNY 所說的，我們確實在關注 3 個具體的優先事項。

And in many respects, that would kind of prioritize how our spending will unfold through the balance of the year.

在許多方面，這將優先考慮我們的支出將如何在今年餘下展開。

Historically, we were very focused on line extensions and to a certain extent, growing in adjacencies.

從歷史上看，我們非常專注於生產線的延伸，並且在一定程度上，在鄰接中增長。

And we quickly recognize that we have to have a real balance.

我們很快意識到我們必須有一個真正的平衡。

Colgate has big core businesses that are in many countries around the world that had significant leakage relative to share and were not driving the growth that we needed.

高露潔在全球許多國家擁有大型核心業務，這些業務相對於份額而言存在重大洩漏，並且沒有推動我們所需的增長。

Hence, our need to put real superior bundles behind the core in order to shore up the core.

因此，我們需要在核心後面放置真正優質的捆綁包以支撐核心。

So when we balance that with increased innovation behind adjacencies like naturals, like therapeutics that we get the incremental growth moving forward.

因此，當我們將這一點與自然療法等鄰接物背後的創新增加取得平衡時，我們就會獲得增量增長。

And that's exactly how we're going to prioritize it.

這正是我們要優先考慮的方式。

Relative to M&A.

相對於併購。

Certainly, there's a lot of activity out there.

當然，那裡有很多活動。

We're still going to be extremely thoughtful on how we approach M&A.

我們仍然會非常考慮如何處理併購。

We've obviously done some great M&A over the last couple of years, specifically PCA and Elta, which we're very excited about.

在過去的幾年裡，我們顯然做了一些偉大的併購，特別是 PCA 和 Elta，我們對此感到非常興奮。

As those assets become available, we will think through them very carefully relative to their strategic fit in the business and what they bring.

隨著這些資產變得可用，我們將非常仔細地考慮它們在業務中的戰略契合度以及它們帶來的東西。

And if we find the right value, we will certainly go after them.

如果我們找到合適的價值，我們肯定會追求它們。

And we'll go to Olivia Tong with Bank of America.

我們將和美國銀行一起去 Olivia Tong。

I want to talk a little bit about the balance.

我想談談平衡。

You talked a lot about the balance between developed markets versus emerging markets performance, volume versus price.

您談了很多關於發達市場與新興市場表現、數量與價格之間的平衡。

So as you progress through the year, how do you think about that?

因此，隨著您在這一年中取得進展，您對此有何看法？

Because I would assume that -- you talked about some of the pricing that you're planning to do in some of the markets.

因為我會假設-您談到了您計劃在某些市場上進行的一些定價。

1/3 of it still hasn't rolled through.

1/3 還沒有通過。

So I would assume that price becomes a bigger component of that.

所以我會假設價格成為其中一個更大的組成部分。

Do you think that volume then sort of turns a little bit and just your overview on the balance between all those different factors.

您是否認為音量會有點變化，只是您對所有這些不同因素之間的平衡的概述。

Sure.

當然。

I think at the heart of a lot of that good balance this year, particularly between emerging and the developed world, was the fact that we're starting to see some of the categories turn in the emerging markets which is particularly encouraging for us given our footprint.

我認為，今年很多良好平衡的核心，尤其是在新興市場和發達國家之間，是因為我們開始看到新興市場的一些類別發生轉變，這對我們來說尤其令人鼓舞，因為我們的腳印。

So moving forward, we will continue to see that balance of pricing and volume moving through the balance of the year.

因此，展望未來，我們將繼續看到定價和數量的平衡在今年的平衡中移動。

The innovation will support the volume.

創新將支持銷量。

The innovation will support the premiumization that we're going after, particularly as we see Total and the Science Diet business, which is just now going into the U.S. and will roll out through the balance of the year start to take hold.

這項創新將支持我們追求的高端化，特別是當我們看到道達爾和科學飲食業務剛剛進入美國並將在今年剩餘時間內推出時開始佔據主導地位。

So we'll continue to see the right balance as we move forward, keeping the investment there will help drive that.

因此，在我們前進的過程中，我們將繼續看到適當的平衡，保持投資將有助於推動這一點。

Next is Kevin Grundy with Jefferies.

接下來是 Jefferies 的 Kevin Grundy。

So Noel, my question is on industry growth rates relative to your organic sales growth guidance of 2% to 4%.

所以諾埃爾，我的問題是相對於你的 2% 到 4% 的有機銷售增長指導的行業增長率。

So at this point, where would you peg industry growth in total as you roll up your business and your geographies relative to the 3% organic growth in the quarter?

那麼在這一點上，相對於本季度 3% 的有機增長，當您匯總業務和地域時，您會在哪裡確定行業總增長？

How has that changed, if at all?

如果有的話，它是如何改變的？

Since 4Q, you sound more upbeat on emerging markets which is obviously a good thing.

自第四季度以來，您聽起來對新興市場更加樂觀，這顯然是一件好事。

And then for us, is it fair that we should expect an acceleration in your organic sales growth over the next couple of quarters as year-over-year comps ease and more spending goes into the marketplace and it seems like emerging markets are in a better place?

然後對我們來說，我們應該期待在接下來的幾個季度中，隨著同比增長放緩和更多支出進入市場，並且新興市場似乎處於更好的狀態，我們是否應該期待您的有機銷售增長加速？地方？

Sure.

當然。

The categories, as you mentioned, and we've seen a tick up particularly in emerging.

正如您所提到的，這些類別我們已經看到了特別是在新興領域的上升。

We're modeling organic -- excuse me, we're modeling category growth rates in that 3% to 5.5% depending on the market around the world.

我們正在模擬有機模型——對不起，我們正在模擬 3% 到 5.5% 的類別增長率，具體取決於世界各地的市場。

In the developed world, somewhere between flat to around 2.5%.

在發達國家，這一比例在持平到 2.5% 左右之間。

We've seen a little bit of tick up in the U.S. Europe continues to move sideways.

我們已經看到美國出現了一點點上漲，歐洲繼續橫盤整理。

But the U.S., we've seen a little bit of acceleration there.

但在美國，我們已經看到了一點點加速。

So we think relative to our guidance on the 2% to 4%, we're well positioned or the categories are.

因此，我們認為相對於我們對 2% 到 4% 的指導，我們處於有利位置或類別。

And if Latin America and particularly Africa continued to accelerate or hold at their current levels, that would bode well for us.

如果拉丁美洲，特別是非洲繼續加速或保持在目前的水平，那對我們來說是個好兆頭。

But we've said that before.

但我們之前已經說過了。

Let's get a couple of more quarters underneath us relative to those categories and we'll go from there.

相對於這些類別，讓我們在我們下面再增加幾個季度，我們將從那裡開始。

We'll now go to Bill Chappell with SunTrust.

我們現在將與 SunTrust 聯繫 Bill Chappell。

Noel, first, just a clarification.

諾埃爾，首先，只是澄清一下。

You had said to Bonnie's question, you came into the year 2/3 of pricing and still 1/3 to go.

你曾對 Bonnie 的問題說過，你進入定價的 2/3 年，還有 1/3 年。

Are we still 1/3 to go or did you do a fair amount during first quarter?

我們還有 1/3 的時間，還是您在第一季度做了相當多的事情？

And then the second just on Hill's.

然後第二個就在希爾的。

Can you give us a little more color on the strength and maybe from a market share perspective we don't get to see.

你能給我們多一點關於實力的色彩，也許從我們看不到的市場份額的角度來看。

And then so much of the channels are untracked, it's kind of hard to understand exactly where you're getting it.

然後很多渠道都沒有被跟踪，很難準確地理解你從哪裡得到它。

Is it from emphasis from the specialty channel coming back or is it just the vet channels doing well or just kind of help us, give some more color why it's doing better.

是來自專業頻道的強調，還是只是獸醫頻道做得很好，或者只是幫助我們，給我們更多的色彩，為什麼它做得更好。

Sure.

當然。

Let me take the pricing question first.

讓我先回答定價問題。

Yes, we're about right.

是的，我們差不多。

We're right where we thought we'd be.

我們就在我們認為我們會在的地方。

About 2/3 of the business we're seeing roll through and 1/3 to go.

我們看到的大約 2/3 的業務已經完成，還有 1/3 的業務要完成。

And we've got some pricing that's going into place starting in the second quarter.

我們已經制定了一些定價，將從第二季度開始實施。

So we're quite comfortable with that in terms of how that's going to roll through the balance of the quarters in '19.

因此，就如何在 19 年的季度餘額中滾動而言，我們對此感到非常滿意。

Hill's is a great story.

希爾的故事很棒。

I come back to a lot of the fundamentals of our strategy which is driving the core, working on adjacencies and particularly expanding into new segments and new retail environments.

我回到了我們戰略的許多基本要素，這些基本要素是推動核心，致力於鄰接，特別是擴展到新的細分市場和新的零售環境。

And Hill's ticks those boxes extraordinarily well.

Hill's 在這些方面做得非常好。

We obviously had great growth in the fourth quarter, a really strong start to the year relative to what we're seeing.

顯然，我們在第四季度取得了巨大的增長，相對於我們所看到的，今年的開局非常強勁。

The Science Diet relaunch just now going into the market, as I mentioned, in terms of the full impact of the new packaging and the new formulations, which as I mentioned at CAGNY will be coupled with increased pricing.

正如我所提到的，就新包裝和新配方的全面影響而言，科學飲食剛剛進入市場，正如我在 CAGNY 提到的那樣，這將伴隨著價格上漲。

And the media investment behind that business, particularly in North America, will now start to go into the market in the second quarter.

而該業務背後的媒體投資，尤其是在北美，現在將在第二季度開始進入市場。

U.S. had a very strong first quarter.

美國第一季度表現非常強勁。

And again, I think it's driven by great market share gains, particularly in pet specialty.

再一次，我認為這是由巨大的市場份額增長推動的，特別是在寵物專業領域。

We obviously continue to have a very strong e-commerce business and holding shares there.

我們顯然繼續擁有非常強大的電子商務業務並在那裡持有股份。

And in terms of expanding into new channels, we've gone aggressively after the farm and feed channel which was growing and we were under-indexed.

在擴展到新渠道方面，我們積極追隨正在增長的農場和飼料渠道，我們的索引不足。

And we've seen incremental distribution and sales growth come from that.

我們已經看到增量分銷和銷售增長來自於此。

So all in all, really pleased with where Hill's is right now and particularly pleased given a lot of the Science Diet stuff is still to come in the U.S. And we'll start to roll that out in the balance of the world as we move into the second half.

總而言之，對 Hill's 現在的情況感到非常滿意，特別高興的是，許多科學飲食的東西仍將進入美國。當我們進入時，我們將開始在世界的平衡中推廣它下半場。

We'll go to Robert Ottenstein with Evercore ISI.

我們將與 Evercore ISI 一起前往 Robert Ottenstein。

Wondering if we could drill down a little bit more into what's going on in Brazil.

想知道我們是否可以深入了解巴西正在發生的事情。

And so a couple of subpoints.

所以有幾個子點。

Perhaps you can talk a little bit more about the competitive situation you mentioned, still very tough promo environment.

也許你可以多談談你提到的競爭情況，仍然非常艱難的促銷環境。

Is there any visibility on that changing?

這種變化有什麼可見性嗎？

And how do you expect to deal with that?

您希望如何處理？

Second, the rollout of the therapeutics, elmex, meridol in Brazil, how that's going?

其次，在巴西推出治療藥物 elmex 和 meridol，進展如何？

Do you need more investment there?

你需要更多的投資嗎？

Is it kind of going to be self-funding at this point?

在這一點上是不是要自籌資金？

And I guess tied to that, how you're doing in the pharmacy channel?

我想與此有關，你在藥房頻道的表現如何？

Great.

偉大的。

Thanks, Robert.

謝謝，羅伯特。

So again, good results coming out of Brazil.

再次，來自巴西的好成績。

We are pleased particularly given that we generate both volume and pricing in Brazil in the quarter which was terrific to see.

我們特別高興的是，我們在本季度在巴西產生了銷量和定價，這真是太棒了。

Relative to the promotion environment, yes, we saw some of our competitors go quite aggressive in the first quarter.

相對於促銷環境，是的，我們看到我們的一些競爭對手在第一季度非常激進。

We decided not to chase that with our business.

我們決定不用我們的業務來追求這一點。

It was interesting.

很有意思。

The share loss that we saw in the first quarter which is roughly about 1 point on the business -- we're still at a 72 share -- came out our Kolynos, our Sorriso brand, which is our secondary brand because of the deep discounting.

我們在第一季度看到的份額損失大約是業務上的 1 個百分點——我們仍然是 72 個份額——來自我們的 Kolynos，我們的 Sorriso 品牌，這是我們的二級品牌，因為大幅折扣.

We saw some from our competitors.

我們從競爭對手那裡看到了一些。

That being said, our instinct is that will particularly be driven by high promotional activity that we always see in the first quarter that we opted not to chase given some of the foreign exchange headwinds that we've seen in that market.

話雖如此，我們的直覺是，這將特別受到我們在第一季度經常看到的高促銷活動的推動，鑑於我們在該市場看到的一些外匯逆風，我們選擇不追逐。

And we think that will balance itself out through the remainder of the year.

我們認為這將在今年剩餘時間內保持平衡。

Early days on elmex.

elmex 的早期版本。

We have rolled it into the pharmacy channel.

我們已將其納入藥房頻道。

The pharmacy channel is roughly 15% to 20% of the ACV in Brazil.

藥房渠道約佔巴西 ACV 的 15% 至 20%。

Early news is really good on elmex in terms of driving incremental share in the pharmacy channel.

就推動藥房渠道的增量份額而言，elmex 的早期消息確實非常好。

We're up about 1 point so far in that channel but lots more to go.

到目前為止，我們在該頻道中上升了大約 1 個百分點，但還有很多事情要做。

The investments there, we ring fenced it.

那裡的投資，我們把它圍起來。

It's an important strategic initiative for us.

這對我們來說是一項重要的戰略舉措。

And we're optimistic that we'll continue to see particularly that channel grow as we move through the balance of the year.

我們樂觀地認為，隨著我們在今年餘下時間的推移，我們將繼續看到特別是該渠道的增長。

Next is Jason English with Goldman Sachs.

接下來是高盛的 Jason English。

Sticking on the topic, but going a little bit deeper in some of the markets.

堅持這個話題，但在一些市場上更深入一點。

Can you take us a little bit deeper into China, give us a beat on where you think your consumption is tracking and whether or not your net sales are still lagging on inventory reduction or whether or not that's been flushed out?

您能否帶我們更深入地了解中國，告訴我們您認為您的消費在哪裡追踪，以及您的淨銷售額是否仍然落後於庫存減少，或者庫存是否已被沖走？

And then a second question and sorry for piling on.

然後是第二個問題，很抱歉堆積如山。

Thinking about your gross margin trajectory for the year, cost inflation headwinds stepped down fairly sizably 4Q to 1Q.

考慮到您今年的毛利率軌跡，成本通脹逆風在 4 季度至 1 季度大幅下降。

How should we expect that to trend through the remainder of the year?

我們應該如何預期這一趨勢將在今年剩餘時間內呈現？

Thanks, Jason.

謝謝，傑森。

So quickly coming back to China.

這麼快就回中國了。

Not a lot more to add there.

沒有太多要添加的內容。

Well, obviously, it came in, in line with our expectations.

好吧，顯然，它符合我們的預期。

The inventory destocking continues.

去庫存仍在繼續。

We made good progress in the fourth quarter, continued progress in the first.

我們在第四季度取得了良好的進展，第一季度繼續取得進展。

We're rebalancing, as I mentioned, some of our go-to-market structures and how we take the product to market, particularly results around the portfolio specifically.

正如我所提到的，我們正在重新平衡我們的一些上市結構以及我們如何將產品推向市場，特別是圍繞投資組合的結果。

And that will unfold as we move through the balance of the year.

隨著我們度過今年的餘額，這將展開。

So as I said, we expect to see sequential improvement moving through the back half of the year.

因此，正如我所說，我們預計下半年會出現連續改善。

And that is on schedule as we speak.

正如我們所說，這是按計劃進行的。

Relative to gross margin.

相對於毛利率。

So your question around costs, yes, we saw a significant elevation of costs in the fourth quarter, a little bit better in the first quarter.

所以你關於成本的問題，是的，我們看到第四季度的成本顯著增加，第一季度稍微好一點。

We're in the range of 4% to 6% commodities in terms of increases moving through the gross profit line.

就毛利潤線的增長而言，我們處於 4% 至 6% 的商品範圍內。

And we expect that to abate as we move through and lap some of the foreign exchange transaction impact that we had last year that occurred in the first half and will get better as we move through the balance of the year.

我們預計，隨著我們度過上半年的一些外匯交易影響，我們預計這種影響會減弱，並且隨著我們度過今年餘下的時間，這種影響會變得更好。

So the answer to your question is, yes, we expect that to abate which is giving us confidence that we can continue to hold and increase gross margins moving forward.

所以你的問題的答案是，是的，我們預計這種情況會減弱，這讓我們有信心繼續保持並提高毛利率。

We'll go to Kaumil Gajrawala with Crédit Suisse.

我們將與瑞士信貸一起前往 Kaumil Gajrawala。

Noel, you mentioned e-commerce in various parts of your prepared remarks.

Noel，你在準備好的發言中的各個部分都提到了電子商務。

Can you perhaps provide us a little more context what your share looks like online versus elsewhere and maybe what your margins look like online versus elsewhere?

您能否向我們提供更多背景信息，您的份額在網上與其他地方的對比，以及您的利潤在網上與其他地方的對比？

And then I think you said e-commerce was up 28%.

然後我想你說電子商務增長了 28%。

Are you able to give some context on how much that contributed to organic growth?

您能否就這對有機增長的貢獻程度提供一些背景信息？

Sure, Kaumil.

當然，考米爾。

First of all, we're very pleased.

首先，我們非常高興。

Again, coming back to those growth strategies that I outlined earlier, expanding in new retail environments and getting our fair share, so to speak, is a real strategic focus for us.

同樣，回到我之前概述的那些增長戰略，在新的零售環境中擴張並獲得我們的公平份額，可以說是我們真正的戰略重點。

And e-commerce is an important area of that.

電子商務是其中的一個重要領域。

As I mentioned, we were up just shy of 29% in the first quarter.

正如我所提到的，我們在第一季度僅上漲了 29%。

Importantly, that was driven with a strong North America performance.

重要的是，這得益於北美強勁的表現。

Their shares were up 1.7 points on the Colgate franchise alone which was terrific and likewise driven by continued strong growth on the Hill's business.

僅在高露潔專營權上，他們的股價就上漲了 1.7 個百分點，這非常棒，同樣受到希爾業務持續強勁增長的推動。

The softness we have is, to a certain extent, is in Asia.

我們所擁有的柔軟，在某種程度上，是在亞洲。

While the e-commerce shares are flat, we didn't see the growth that we were expecting there.

雖然電子商務份額持平，但我們沒有看到我們預期的增長。

And that's part of the turnaround strategy that we're looking to execute as we move through the back half of this year.

這是我們在今年下半年開始執行的扭虧為盈戰略的一部分。

Next is Steven Strycula with UBS.

接下來是瑞銀的史蒂文·斯特里庫拉。

Congratulations on the new seat.

恭喜新座位。

Thanks, Steve.

謝謝，史蒂夫。

So Noel, my question is, as you look across the portfolio after the work you guys have done the last few years, which 3 countries and category combinations do you think are the biggest revenue and profit dollar opportunity from an incrementality standpoint as we look forward the next few years?

所以Noel，我的問題是，當你們在過去幾年所做的工作之後回顧投資組合時，從我們期待的增量的角度來看，您認為哪三個國家和類別組合是最大的收入和利潤美元機會未來幾年？

And a quick second part of that would be, is there any reason you guys haven't given a more defined perimeter around your gross margin outlook for the year relative to what you did last quarter?

第二部分是，你們是否有任何理由沒有給出與上一季度相比更明確的年度毛利率前景？

So listen, on the categories, we love all our children equally in this case.

所以聽著，在類別上，在這種情況下，我們平等地愛我們所有的孩子。

Obviously, oral care continues to be a real focus for us.

顯然，口腔護理仍然是我們真正關注的焦點。

The first quarter organic that we delivered was largely driven by toothpaste and by Hill's.

我們交付的第一季度有機產品主要是由牙膏和 Hill's 推動的。

And so we're very encouraged.

所以我們很受鼓舞。

But as John mentioned in his opening remarks, we had positive organic across all the categories, which in our view is the quality and the composition that we're ultimately looking for.

但正如約翰在開場白中提到的那樣，我們在所有類別中都有積極的有機，在我們看來，這是我們最終要尋找的質量和組成。

But from a prioritization, certainly, oral care, personal care and our pet food have always been our top 3 priorities, and we'll continue to focus on growth in that regard.

但從優先順序來看，口腔護理、個人護理和我們的寵物食品一直是我們的首要任務，我們將繼續關注這方面的增長。

Your second question was around gross margins.

你的第二個問題是關於毛利率的。

Listen, as I've mentioned, not much more to add.

聽著，正如我所提到的，沒有太多要補充的。

We expect gross margins to be up on the year.

我們預計毛利率將同比上升。

We expect that some of the cost environment that we saw in the fourth and the first quarter to abate as we move through the balance of the year.

我們預計，我們在第四季度和第一季度看到的一些成本環境將隨著我們度過今年的餘額而減弱。

We've got more pricing to come.

我們還有更多的定價。

And we obviously have the Total relaunch and Science Diet relaunch rolling out around the world.

我們顯然在全球範圍內推出了全面重新啟動和科學飲食重新啟動。

So we're comfortable with where we are now at the current spot rates and we'll see how that unfolds, but comfortable in terms of the outlook that we've given.

因此，我們對目前的即期匯率情況感到滿意，我們將看到情況如何發展，但就我們給出的前景而言，我們感到滿意。

And we'll go to Mark Astrachan with Stifel.

我們將和 Stifel 一起去 Mark Astrachan。

Wanted to ask about specific learnings from PCA and Elta.

想問一下從 PCA 和 Elta 那裡學到的具體知識。

And I'm curious, do you think you can take those brands into other channels?

我很好奇，您認為您可以將這些品牌帶入其他渠道嗎？

How you think about differences of selling into specific specialty-type channels, doctors' offices and the like versus mass or other channels?

您如何看待銷售到特定專業類型渠道、醫生辦公室等與大眾或其他渠道的差異？

And perhaps indulge me, kind of take that a step further, what gives confidence that you can have success in skin care more broadly just given competitive dynamics in the market?

也許放縱我，更進一步，是什麼讓你有信心在更廣泛的皮膚護理方面取得成功，只是考慮到市場上的競爭動態？

And I'm kind of alluding to your comment about expanding on skin care going forward.

我有點暗示你關於未來擴大皮膚護理的評論。

Yes.

是的。

Thanks, Mark.

謝謝，馬克。

Let me step back for a minute and give you a little bit of insight in terms of how we look at M&A, not just simply from the economics and the growth aspects of those categories or businesses that we acquire, but more importantly, what are the core competencies and learning that they can bring in to the larger enterprise across the company.

讓我退後一步，就我們如何看待併購向您提供一些見解，不僅僅是從我們收購的那些類別或業務的經濟和增長方面，更重要的是，什麼是他們可以為整個公司的大型企業帶來核心競爭力和學習。

And Elta and PCA fit those parameters just perfectly.

Elta 和 PCA 非常適合這些參數。

Obviously, we love businesses with strong endorsement levels, Elta at the dermatology level, PCA at the aesthetician level.

顯然，我們喜歡具有強大代言水平的企業，Elta 在皮膚科層面，PCA 在美學家層面。

And we've learned from obviously what we've done in oral care and our vet business on how to successfully monetize that going forward.

我們顯然已經從我們在口腔護理和獸醫業務方面所做的工作中學到瞭如何成功地將其貨幣化。

Both those businesses have unique aspects to them.

這兩項業務都有其獨特的方面。

Elta has an incredible e-commerce business and an influencer model, particularly as they use digital very effectively.

Elta 擁有令人難以置信的電子商務業務和影響者模式，尤其是當他們非常有效地使用數字技術時。

Likewise, PCA has a wonderful in-office strategy in terms of how they go to market there, particularly around their data-driven marketing that they use.

同樣，PCA 在如何進入市場方面也有一個出色的辦公室策略，特別是圍繞他們使用的數據驅動營銷。

So some great insights that we'll bring into the business and certainly leverage across other categories.

因此，我們將把一些很棒的見解帶入業務中，並肯定會在其他類別中加以利用。

And we continue to dial up the investment in those businesses given the great growth that we're seeing coming out of them at least initially in the first quarter.

鑑於我們至少在第一季度最初看到這些業務的巨大增長，我們將繼續加大對這些業務的投資。

Moving forward, skin care is interesting to us.

展望未來，皮膚護理對我們來說很有趣。

We've got 2 businesses that we're focused on right now.

我們現在專注於 2 項業務。

We'll continue to drive those moving forward.

我們將繼續推動這些向前發展。

If we see other things become available that we think we're interested and that will bring real value to the Colgate company, we will certainly go after those.

如果我們看到其他我們認為感興趣的東西變得可用，並且會給高露潔公司帶來真正的價值，我們肯定會追求這些。

But we're very focused on what we have right now, and that's how we're going to lay it out for the balance of the year.

但是我們非常專注於我們現在擁有的東西，這就是我們將如何為今年餘下的時間安排它。

So again, let me extend my thanks to the entire Colgate team.

所以，讓我再次感謝整個高露潔團隊。

Obviously, a good quarter that we should be proud of.

顯然，這是一個值得我們引以為豪的好季度。

We all know there's a lot of work to do.

我們都知道有很多工作要做。

We're very focused on growth.

我們非常關注增長。

And let's get after it.

讓我們去追求它。

We're in the second quarter as they say, and we'll be in touch with everyone on the call as we move through the balance of the quarter and into the third quarter.

正如他們所說，我們正處於第二季度，我們將在本季度剩餘時間進入第三季度時與電話中的每個人保持聯繫。

Thanks so much.

非常感謝。

And thank you very much.

非常感謝你。

That does conclude our call for today.

這確實結束了我們今天的呼籲。

I'd like to thank everyone for your participation and you may now disconnect.

我要感謝大家的參與，您現在可以斷開連接。