高露潔 (CL) 2023 Q3 法說會逐字稿

Good morning. Welcome to today's Colgate-Palmolive Third Quarter 2023 Earnings Conference Call. This call is being recorded and is being simulcast live at www.colgatepalmolive.com. Now for opening remarks, I'd like to turn this call over to Chief Investor Relations Officer and Executive Vice President, M&A, John Faucher.

早安.歡迎參加今天的高露潔棕欖 2023 年第三季財報電話會議。本次通話正在錄音，並在 www.colgatepalmolive.com 上同步直播。現在，我想將這次電話會議轉交給首席投資者關係長兼併購執行副總裁 John Faucher。

Thanks, Allison. Good morning, and welcome to our third quarter 2023 earnings release conference call. This is John Faucher. Today's conference call will include forward-looking statements. Actual results could differ materially from these statements. Please refer to the Q3 2023 earnings press release and related prepared materials and our most recent filings with the SEC, including our 2022 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.

謝謝，艾莉森。早上好，歡迎參加我們的 2023 年第三季財報發布電話會議。這是約翰·福徹。今天的電話會議將包括前瞻性陳述。實際結果可能與這些陳述有重大差異。請參閱2023 年第三季收益新聞稿和相關準備資料以及我們最近向SEC 提交的文件，包括我們的10-K 表格2022 年年度報告以及隨後向SEC 提交的文件，所有這些都可以在高露潔網站上獲取，以討論可能影響公司業績的因素。導致實際結果與這些陳述有重大差異。

This conference call will also include a discussion of non-GAAP financial measures, including those identified in tables 4, 6, 7, 8 and 9 of the earnings press release. A full reconciliation to the corresponding GAAP financial measures is included in the Q3 2023 earnings press release and is available on Colgate's website.

本次電話會議也將討論非公認會計準則財務指標，包括收益新聞稿表 4、6、7、8 和 9 中確定的指標。 2023 年第三季財報新聞稿中包含了與相應 GAAP 財務指標的全面對賬，並可在高露潔網站上取得。

Joining me on the call this morning are Noel Wallace, Chairman, President and Chief Executive Officer; and Stan Sutula, Chief Financial Officer. Noel will provide you with some thoughts on our Q3 results and our 2023 outlook. And then we will open up for Q&A. Noel?

今天早上與我一起參加電話會議的還有董事長、總裁兼執行長諾埃爾華萊士 (Noel Wallace)；蘇圖拉 (Stan Sutula)，財務長。 Noel 將為您提供有關我們第三季業績和 2023 年展望的一些想法。然後我們將開放問答環節。諾埃爾？

Good morning, everyone. I want to give you my thoughts this morning on a very strong quarter of top and bottom line growth along with our raged 2023 outlook. As you can see in the materials we published this morning, our strategy is working, and the continued execution of the strategy leaves us well positioned as we look out to the future. We believe this will enable us to deliver balanced organic sales growth going forward, growing in all 6 divisions, all 4 of our categories and with both volume and pricing growth.

大家，早安。今天早上，我想向大家介紹我對季度營收和利潤成長非常強勁以及我們對 2023 年前景的看法。正如您在我們今天早上發布的資料中看到的，我們的策略正在發揮作用，而該策略的持續執行使我們在展望未來時處於有利地位。我們相信，這將使我們能夠在未來實現平衡的有機銷售成長，在所有 6 個部門、所有 4 個類別中實現成長，並實現銷售和價格的成長。

Organic volume performance improved in the quarter which we believe puts us on our way towards a return to volume growth. And with the leverage from this balanced growth along with the global productivity initiative, focused cost containment and our Funding the Growth initiatives, we now have multiple points of leverage in our P&L. This should enable us to deliver consistent operating profit and earnings growth going forward. You can see this in our Q3 results as our gross margin was up both sequentially and year-on-year driven by sales growth and overheads were down driven by logistics.

本季的有機銷量表現有所改善，我們相信這使我們走上了恢復銷售成長的道路。借助這種平衡成長的槓桿作用以及全球生產力計劃、重點成本控制和我們的成長融資計劃，我們現在在損益表中擁有多個槓桿點。這將使我們能夠在未來實現持續的營業利潤和獲利成長。您可以在我們第三季的業績中看到這一點，因為在銷售成長的推動下，我們的毛利率環比和同比均有所上升，而管理費用則在物流的推動下下降。

This leverage allowed us to deliver another quarter of double-digit operating profit growth, along with a 23% increase in advertising. Some of our markets remain choppy, and the headwinds like foreign exchange and higher interest rates will continue to impact us. But we are leveraging the strength and the global reach of our brands while driving scale advantages through our science-based innovation, digital marketing, revenue growth management and best-in-class on-the-ground execution.

這種槓桿作用使我們的營業利潤又實現了四分之一的兩位數成長，廣告收入成長了 23%。我們的部分市場仍然波動，外匯和利率上升等不利因素將繼續影響我們。但我們正在利用我們品牌的實力和全球影響力，同時透過基於科學的創新、數位行銷、收入成長管理和一流的實地執行來推動規模優勢。

Our momentum leaves us very well positioned to deliver strong results with compounding top and bottom line growth as we look to generate consistent long-term creation -- value creation for all of our stakeholders. And with that, I'll turn it over to questions.

我們的動力使我們處於有利地位，能夠透過營收和利潤的複合成長來實現強勁的業績，因為我們希望為所有利害關係人創造持續的長期創造——價值創造。接下來，我將把它轉為問題。

(Operator Instructions) The first question will come from Peter Grom of UBS.

（操作員說明） 第一個問題將由瑞銀集團的 Peter Grom 提出。

I hope you're doing well. So Noel, I wanted to ask specifically on just kind of the return to balance top line growth and kind of how you see that evolving over the next couple of quarters? I mean excluding H&H, you probably already would have been there in this quarter as you highlighted in the prepared remarks. So is this something that you kind of expect to achieve, call it, in the near term as you kind of exit '23? Or is it going to be a dynamic that you would expect to kind of play out over the next several quarters?

我希望你一切都好。諾埃爾，我想具體詢問平衡營收成長的回歸以及您如何看待未來幾季的發展？我的意思是，排除 H&H，正如您在準備好的評論中所強調的那樣，您可能已經在本季度出現了。那麼，這是您期望在退出 23 年後在短期內實現的目標嗎？或者您預計這會在接下來的幾個季度中出現？

Yes. Peter. Listen, we're obviously very pleased with the sequential improvement really throughout the entire P&L. Volume improved. And as you rightly pointed out, if you take the Hawley & Hazel and Hays business out, which as you know, we're working through a price increase in that market, our volume inflected positive in the quarter. And we've seen that pretty consistent around, particularly some of our emerging markets where we saw very positive volume.

是的。彼得.聽著，我們顯然對整個損益表的連續改進感到非常滿意。音量有所改善。正如您正確指出的那樣，如果您將 Hawley & Hazel 和 Hays 業務剔除，正如您所知，我們正在努力提高該市場的價格，我們的銷量在本季度會出現正值。我們看到這種情況非常一致，特別是在一些新興市場，我們看到了非常積極的成交量。

So we're pleased with the sequential improvements. The (inaudible) dynamics are consistent with what we talked about, but they're not necessarily linear. I mean we're seeing some puts and takes as we look around the regions and the different categories that we compete in. Obviously taking more pricing across the pet food business as ag prices continue to stay high. But overall, the sequential improvement is playing out more or less as we anticipated. And as we move forward, our intention is to continue to drive balanced organic growth in the short and the long term.

因此，我們對後續的改進感到滿意。 （聽不清楚）動態與我們討論的一致，但它們不一定是線性的。我的意思是，當我們環顧我們競爭的地區和不同類別時，我們看到了一些看跌期權和看跌期權。顯然，隨著農產品價格繼續保持高位，整個寵物食品行業的定價會更高。但總體而言，連續的改進或多或少地按照我們的預期進行。隨著我們的前進，我們的目的是繼續推動短期和長期的平衡有機成長。

The next question is from Andrea Teixeira of JP Morgan.

下一個問題來自摩根大通的安德里亞·特謝拉（Andrea Teixeira）。

Noel, you mentioned the full year guidance, of course, was raised 7 to 8, but it still implies a deceleration, of course, in the fourth quarter. And you called out in your prepared remarks some of the puts and takes in particular, anniversarying the acquisition impact and then that would lead to a reduction in third-party manufacturing for private label. Can you break that down? Because it also implies, I'm assuming the base business a deceleration, and I understand that you're lapping a lot of the pricing.

諾埃爾，您提到全年指引當然提高了 7 至 8，但這仍然意味著第四季度的減速。您在準備好的發言中特別提到了一些看法，紀念了收購的影響，然後這將導致自有品牌的第三方製造減少。能分解一下嗎？因為這也意味著，我假設基本業務正在減速，而且我知道您正在調整大量定價。

But just as we think about volumes and in particular in North America, there has been a sequential improvement, and you called out as well that you were expecting promo and more activations in trade. So anything you can share with us in terms of the progress you've made to regain volumes in North America as it relates to the full guidance for the fourth quarter?

但正如我們考慮交易量，特別是在北美，情況出現了連續的改善，您也指出您期待促銷和更多的貿易活動。那麼，您可以與我們分享您在北美恢復銷售方面所取得的進展嗎，因為這與第四季度的全面指導有關？

Andrea, let me take the North America piece of that question first, and then I'll highlight more (inaudible) across the enterprise. So North America is on pace with exactly what we talked about in the Q2 call, continued sequential improvement across the board, and we anticipate that they will see sequential improvement in their business as we move through the fourth quarter. A lot of that was getting the promotional cadence right, and we started to implement some of that promotional opportunity in the back end of the third quarter.

安德里亞（Andrea），讓我先回答這個問題的北美部分，然後我將重點介紹整個企業的更多內容（聽不清楚）。因此，北美地區正與我們在第二季電話會議中討論的情況保持同步，全面持續改善，我們預計，隨著第四季度的到來，他們的業務將持續改善。其中很大一部分是正確的促銷節奏，我們在第三季末開始實施一些促銷機會。

Most of that will come through in the fourth quarter and we're pleased with it. Obviously, the important part about North America is the Oral Care business. That inflected positive with high single-digit growth in Oral Care and positive volume growth on that business in the quarter as well and we anticipate that will continue as we move through the balance of the year. So North America overall trending as we expected. We're still not pleased with some of the scanner shares. But as we said, we'll get the promotional opportunity right as we move through the balance of the year.

其中大部分將在第四季度完成，我們對此感到滿意。顯然，北美的重要組成部分是口腔護理業務。這對口腔護理業務帶來了積極的個位數增長，並且本季度該業務的銷量也實現了正增長，我們預計隨著今年剩餘時間的推移，這種情況將持續下去。所以北美的整體趨勢正如我們所預期的。我們仍然對某些掃描器共享不滿意。但正如我們所說，隨著今年剩餘時間的推移，我們將獲得適當的促銷機會。

And importantly, our non-promoted volume, which reflects, I think, the strong advertising that we're putting into the North America business continues to inflect positive. Now, strategically around the world, we're seeing volume improve across the world. Now that is based on a lot of the geographies we've seen. The pricing start to subside a bit as we're not taking more pricing in some of the markets. Really pleased to see in markets where we took pricing early like Latin America, where we've seen a very positive inflection in volume.

重要的是，我們的非促銷量，我認為，這反映了我們在北美業務中投入的強大廣告繼續產生積極影響。現在，從策略來看，我們看到世界各地的銷量有所改善。現在這是基於我們所見過的許多地理位置。由於我們沒有在某些市場採取更多定價，因此定價開始下降。非常高興看到我們在拉丁美洲等早期定價的市場中看到了銷售的非常積極的變化。

Volume was up 5%. And if you look at Mexico and Brazil specifically, Mexico was up mid-single digits. Brazil was up high single digits in volume. So again, I think a reflection of the strong advertising innovation and the fact that over time, as pricing settles out in the market, you see the volumes come back, and that's pretty consistent.

成交量上漲 5%。如果你具體看看墨西哥和巴西，墨西哥的增幅為中個位數。巴西的銷量出現高個位數成長。再說一次，我認為這反映了強大的廣告創新，以及隨著時間的推移，隨著市場定價的確定，你會看到銷量回升，而且這是相當一致的。

Europe, likewise, a little improvement in volume. So we're seeing exactly as we expected to see volumes start to sequentially improve, but it's not necessarily linear. And I want to leave that point that we'll watch that carefully as we move forward and we'll continue to implement our strategies of strong innovation across the core adjacencies and channels and we'll see that play out as we move forward.

歐洲的銷售也略有改善。因此，我們看到的情況正如我們預期的那樣，交易量開始連續改善，但不一定是線性的。我想留下這一點，我們將在前進的過程中仔細觀察這一點，我們將繼續在核心鄰接和頻道上實施強有力的創新策略，我們將看到這一點在我們前進的過程中發揮作用。

Next question will come from Dara Mohsenian of Morgan Stanley.

下一個問題將由摩根士丹利的 Dara Mohsenian 提出。

Can you guys discuss market share performance in your key geographies and product categories in Q3, how you're performing on the share front. And given you've taken robust pricing, what are you seeing competitively in terms of the pricing and promotional environment? And how might that play into your share performance?

你們能否討論一下第三季你們在關鍵地區和產品類別的市佔率表現，以及你們在份額方面的表現如何。鑑於您採取了穩健的定價，您在定價和促銷環境方面看到了什麼競爭力？這對您的股票表現有何影響？

Sure. Dara. Sure, overall, shares look good. We're up on a global basis. Let me just take toothpaste, which we track globally. Shares are up about 100 basis points. That's driven by strong performance in Europe, where we've seen record high shares, particularly behind the strategy of pushing our higher-end therapeutic brands on the premium side with elmex and meridol as well as strong innovation on the Colgate side behind whitening. So Europe, delivering very strong.

當然。達拉。當然，總體而言，股價看起來不錯。我們在全球範圍內處於領先地位。讓我以我們在全球追蹤的牙膏為例。股價上漲約100個基點。這是由歐洲的強勁表現推動的，我們在歐洲看到了創紀錄的高份額，特別是在將我們的高端治療品牌推向高端的戰略背後，包括elmex和meridol，以及高露潔在美白方面的強大創新。所以歐洲的表現非常強勁。

Africa, Middle East, were up in 10 of 11 markets in market shares there, so continue to show nice performance. Pleasingly, Latin America, where we -- as you know, we have very high shares, shares are stable. We've seen shares grow in Brazil, slightly down in Mexico, but tracking up in recent periods, so we're pleased with that.

非洲、中東在11個市場中的10個市場中的市佔率都有所上升，因此持續展現出良好的表現。令人高興的是，拉丁美洲，正如你所知，我們在那裡擁有非常高的份額，而且份額很穩定。我們看到巴西的股價有所增長，墨西哥的股價略有下降，但最近一段時間一直在上漲，因此我們對此感到滿意。

U.S. In the recent weeks, we started to see some of the promotional volumes come back as we very thoughtfully put promotions in the market. We're not just going to buy share back for the sake of buying it back. We're going to get a much healthier category as we move forward, and that's been very deliberate in how we thought about that business there.

在美國，最近幾週，我們開始看到一些促銷量回升，因為我們非常周到地在市場上進行了促銷活動。我們不會只是為了回購股票而回購股票。隨著我們的前進，我們將獲得一個更健康的類別，我們對那裡的業務的思考方式是經過深思熟慮的。

Africa -- excuse me, Asia shares continue to be strong for us in China. So we're pleased with that. And likewise, as you go around the region, share is pretty good in India. We've done some really good work on our core business in the last couple of months, and we anticipate that's going to reflect positive for our core business. Overall, pleased with market shares.

非洲—對不起，亞洲股市對我們中國來說持續強勁。所以我們對此感到滿意。同樣，當你環顧該地區時，你會發現印度的份額相當不錯。過去幾個月，我們在核心業務上做了一些非常好的工作，我們預計這將對我們的核心業務產生積極影響。整體而言，對市場佔有率感到滿意。

On the Hill's business, likewise, very strong volume and value share growth in pet specialty and neighborhood pets, which is where we track. We're one of the fastest-growing brands in both those retail environments. So we're pleased with, obviously, the strategy of bringing innovation and the increased advertising support we're bringing into the business. A little softness on our home care business in the U.S., and that again, attributes right back to the promotional cadence, and we're addressing that as we move through the fourth quarter.

同樣，在 Hill 的業務中，寵物專業和社區寵物的數量和價值份額增長非常強勁，這也是我們追蹤的領域。我們是這兩個零售環境中成長最快的品牌之一。因此，顯然，我們對為業務帶來創新和增加廣告支援的策略感到滿意。我們在美國的家庭護理業務略有疲軟，這又歸因於促銷節奏，我們將在第四季度解決這個問題。

Our next question will come from Filippo Falorni of Citi.

我們的下一個問題將來自花旗銀行的 Filippo Falorni。

So clearly, you returned to solid volume growth at Hills and solid results despite a more challenging category. So Noel, can you maybe comment about how your business its position compared to the category weakness that we're seeing, which seems concentrated more on the wet side and the treat side? And then just thinking about Q4, how should we think about the progression of volume in Hills considering you're going to lose some of the private label volumes, both from a top line, but also from a margin standpoint.

很明顯，儘管類別更具挑戰性，但 Hills 的銷量恢復了穩健的成長，並取得了穩健的表現。那麼，諾埃爾，您能否評論一下您的業務與我們所看到的類別弱點相比的地位如何，這些弱點似乎更多地集中在濕面和零食方面？然後想想第四季度，考慮到您將失去一些自有品牌銷售，無論是從營收角度還是從利潤角度來看，我們應該如何考慮 Hills 的銷售進度。

Yes. Thanks, Filippo. So again, a great quarter for Hill's. Obviously, with strong balance, pricing and volume growth in the quarter. That growth was quite pervasive across the world as we saw a good growth in the U.S., as well as in some of our emerging markets and likewise, in Canada. Category has slowed a bit, as you've heard from others That's, as you mentioned, a combination of sustained pricing in the category over the last 4 or 5 quarters, and ag prices still remaining high.

是的。謝謝，菲利波。再說一遍，這對希爾來說是一個偉大的季度。顯然，本季的平衡、定價和銷售都強勁成長。這種成長在世界範圍內相當普遍，我們在美國、一些新興市場以及加拿大都看到了良好的成長。正如您從其他人那裡聽到的那樣，該類別的增長速度有所放緩。正如您所提到的，這是過去4 或5 個季度該類別持續定價的綜合結果，而且農產品價格仍然很高。

And so it's not to be unexpected that the volume would slow a little bit. As you rightfully point out, you've seen some conversion from wet into dry. That lowers the volume. You've seen obviously treats, which is more discretionary. And you'll recall, as we said in the Q2 call, we don't have a significant business at all in the treat segment. And likewise, I would say the nonscience brands continued to perform quite well but are not immune to the continued challenges that you highlighted in the category.

因此，成交量稍微放緩也就不足為奇了。正如您正確指出的那樣，您已經看到了一些從濕到乾的轉變。這會降低音量。你顯然已經看到過招待，這是更隨意的。您會記得，正如我們在第二季電話會議中所說，我們在零食領域根本沒有重要的業務。同樣，我想說，非科學品牌繼續表現良好，但也無法免受您在該類別中強調的持續挑戰的影響。

But as I mentioned just a moment ago, we continue to grow share. And for us, this is a share gain. We only have 5% to 6% penetration in our largest market in the U.S. So we have a lot of upside still. Hence, the reason why we continue to bring strong innovation in the market. Hence, the reason why we continue to advertise very aggressively to drive household penetration. Likewise, we see opportunities continued in the prescription diet. Our study show that only about 5% of pet owners are using a prescription product, whereas potentially up to 80% could be using it, so that affords us an upside.

但正如我剛才提到的，我們的份額繼續增長。對我們來說，這是份額收益。我們在美國最大的市場只有 5% 到 6% 的滲透率，所以我們還有很大的上升空間。因此，這就是我們不斷為市場帶來強大創新的原因。因此，這就是我們繼續非常積極地做廣告以提高家庭滲透率的原因。同樣，我們在處方飲食中看到了繼續存在的機會。我們的研究表明，只有約 5% 的寵物主人使用處方產品，而可能高達 80% 的寵物主人正在使用它，因此這給我們帶來了好處。

We've talked about wet obviously, some conversion from wet into dry, but we have very low shares in the wet segment, which has been one of the historically growing segments, and we have plans, as we've talked about in the past, to continue to grow that. So overall, we feel we're positioned well, but not immune to some of the softness that we've seen. But likewise, as I mentioned, we're very focused on driving share and ultimately expanding this business internationally.

顯然，我們已經討論了濕法，從濕法到乾法的一些轉變，但我們在濕法領域的份額非常低，這是歷史上增長的領域之一，我們有計劃，正如我們過去談到的那樣，繼續增長。總的來說，我們覺得我們的定位很好，但也不能倖免於我們所看到的一些疲軟的影響。但同樣，正如我所提到的，我們非常注重提高份額並最終在國際上擴展這項業務。

We'll watch the category carefully. We know our retailers are very focused on nutrition. The Science segment continues to perform well, and that's where we're putting our strategies in order to continue to drive penetration.

我們將仔細觀察該類別。我們知道我們的零售商非常注重營養。科學領域繼續表現良好，這就是我們制定策略以繼續推動滲透率的領域。

Next question will come from Jason English of Goldman Sachs.

下一個問題將由高盛的賈森·英格利希提出。

And let's stay there. I'll stay on pet nutrition for a minute, but let's pivot to maybe the bottom line. It looks like gross margins for that segment down 360 bps this quarter, kind of bringing 2 year to down 900, very consistent with what we saw last quarter. And I get the mix benefits of the acquisitions, I get the start-up expense, I get the inflation. Like these are all obviously factors that have been contributing to the pressure.

讓我們留在那裡。我將在寵物營養上停留一分鐘，但讓我們轉向也許是底線。本季該細分市場的毛利率似乎下降了 360 個基點，相當於 2 年下降了 900 個基點，這與我們上季度看到的情況非常一致。我得到了收購的綜合收益，我得到了啟動費用，我得到了通貨膨脹。這些顯然都是造成壓力的因素。

But I'm expecting all of them to sort of subside as you start to rotate the product out of the Red collar assets as you start to pivot some of your resources from starting up plants to attacking some of the efficiency and hopefully, as some of the input cost pressure subsides and price catches up, but we haven't yet seen progress yet.

但我預計，當你開始將產品從紅領資產中輪換出來時，當你開始將一些資源從啟動工廠轉向提高效率時，所有這些問題都會有所緩解，希望隨著一些投入成本壓力消退，價格迎頭趕上，但尚未看到進展。

What is a reasonable expectation for us as we try to level set our own expectations. When should we start to see the benefits of all those dynamics come to fruition? And how much recovery should we be expecting?

當我們嘗試設定自己的期望時，對我們來說合理的期望是什麼？我們什麼時候應該開始看到所有這些動態的好處得以實現？我們應該期待多少復甦？

Well, thanks for the question. Again, sequentially, things are moving in the right direction, and that's exactly what we've talked about in previous calls. And obviously, operating profit and EBIT continues to inflect where we want it. We continue to support the business with a disproportionate amount of our total increase in advertising, as we talked about. That is, again, strategic based on the low penetration and the real headroom that we continue to see in the category for us.

嗯，謝謝你的提問。再說一遍，事情正朝著正確的方向發展，這正是我們在之前的電話會議中討論過的內容。顯然，營業利潤和息稅前利潤繼續按照我們想要的方式變化。正如我們所談到的，我們繼續以不成比例的廣告增量來支持業務。這又是基於我們在這個類別中繼續看到的低滲透率和真正的發展空間的策略。

As we see ag prices have somewhat flattened out, and that's good news for us. Given a lot of the pricing that we've taken, we anticipate that, that will start to inflect more positive in our gross margins as we move forward. As you rightfully pointed out, we have a significant amount of cost still moving through the P&L on getting our new facilities ramped up. The new wet facility will start to ramp up here in the fourth quarter. So we'll have some costs associated with that. But ultimately, over the longer term, those costs will subside, and we feel good about where we are with the new Red collar plants, getting those integrated in.

正如我們所見，農產品價格已趨於平穩，這對我們來說是個好消息。鑑於我們採取的許多定價，我們預計，隨著我們的前進，這將開始對我們的毛利率產生更積極的影響。正如您正確指出的那樣，我們在損益表中仍有大量成本用於擴大我們的新設施。新的濕設施將於第四季開始在這裡擴建。所以我們會產生一些與此相關的成本。但最終，從長遠來看，這些成本將會消退，我們對新的紅領工廠的進展感到滿意，並將其整合進來。

So overall, with pricing continuing to flow through with ag prices holding and continuing to drive premiumization in the category, we feel good about the long-term trajectory of operating margins in this business.

因此，總體而言，隨著定價繼續流動，農產品價格保持不變並繼續推動該類別的高端化，我們對該業務營業利潤率的長期軌跡感到滿意。

Next question will come from Olivia Tong of Raymond James.

下一個問題將來自雷蒙德詹姆斯 (Raymond James) 的奧利維亞唐 (Olivia Tong)。

I wanted to ask you a little bit more about North America, given that a couple of things first, the pricing accelerated on a 2-year stack. If you could talk about the drivers of that. I see promotion is a big piece of that. You mentioned advertising was up 25% in North America. Was that the highest amongst the divisions? And just if you could talk a little bit more about how you think about the ROI and the timing of the impact of that higher advertising?

我想問你更多關於北美的問題，首先考慮到一些事情，定價在兩年內加速。如果您能談談其驅動因素。我認為促銷是其中一個重要的部分。您提到北美的廣告成長了 25%。這是各部門中最高的嗎？您是否可以多談談您如何看待投資報酬率以及更高廣告影響的時機？

Yes. Thanks, Olivia. Again, as I mentioned earlier, we're pleased with the progress. Again, this is a very deliberate strategic execution of how we're trying to get the health of our brands and the health of our P&L in a better place. And as I mentioned in the second quarter call, we may pull back a little bit too far on some of the promotional cadence, but we're adjusting but adjusting it very prudently, where we see the ROI and where we believe we can drive sustained volume and share opportunity moving forward.

是的。謝謝，奧莉維亞。正如我之前提到的，我們對進展感到滿意。再說一次，這是一次非常深思熟慮的策略執行，我們試圖讓我們的品牌健康和損益表健康更好。正如我在第二季電話會議中提到的，我們可能會在某些促銷節奏上稍微拉後一些，但我們正在調整，但調整得非常謹慎，我們會在哪裡看到投資回報率，並相信我們可以在哪裡持續推動未來的銷售和份額機會。

The 25% increase was not the highest, as I just mentioned. Hill's continues to receive a disproportionate amount of the advertising increase. But North America again, given the vibrancy of that market and the long-term strategic importance of that market, we will continue to invest for the long term. Great progress on the operating margins, as you saw move through that P&L. That is a reflection, again, I think, of a much more prudent approach to pricing in the market and our promotional cadence. And we feel good about the sequential growth that we saw in the quarter and the sequential growth that we'll continue to see in the fourth quarter.

正如我剛才提到的，25%的增幅並不是最高的。希爾繼續獲得不成比例的廣告成長。但再次是北美，鑑於該市場的活力以及該市場的長期戰略重要性，我們將繼續進行長期投資。正如您在損益表中看到的那樣，營業利潤率取得了巨大進步。我認為，這再次反映出我們在市場定價和促銷節奏方面採取了更謹慎的態度。我們對本季看到的環比增長以及第四季度將繼續看到的環比增長感到滿意。

Next question will come from Bryan Spillane of Bank of America.

下一個問題將由美國銀行的 Bryan Spillane 提出。

I had a question on ad spend. I think year-to-date now, we're over 12% -- we're running at a rate that's about a little over 12% as a percentage of sales. And so given the increase that we'll end the year at, is this a good base to think of in terms of ad spend going forward? Or would you consider taking up further? So just trying to get a sense now if we've kind of rebased or if this is a new base in terms of ad spend?

我有一個關於廣告支出的問題。我認為今年迄今為止，我們已經超過 12%——我們的運行速度佔銷售額的百分比略高於 12%。因此，考慮到我們年底的成長，這是否是考慮未來廣告支出的良好基礎？或者你會考慮進一步採取行動嗎？那麼現在只是想了解我們是否已經重新調整了基礎，或者這是否是廣告支出的新基礎？

Yes. Thanks, Brian. Listen, it's not as much as a percent of sales. It's really about how we're getting -- what return on investment we're getting for that. And clearly, you've seen that play through the P&L on the strong organic in the business, the continued growth on market shares around the world, particularly in those strategic categories that we're pushing more deliberately with the advertising.

是的。謝謝，布萊恩。聽著，這還不到銷售額的百分比。這實際上是關於我們如何獲得——我們為此獲得的投資回報。顯然，您已經透過損益表看到了業務的強大有機性、全球市場份額的持續成長，特別是在我們透過廣告更刻意推動的那些策略類別中。

So it's really about an ROI. And as we see that play back through the P&L, which we clearly are, we'll continue to invest. So we're really focused now, I'll say, on making sure we continue to optimize that investment. We put a lot more focus on programmatic buying, a lot more focus on personalization and getting content right. You heard Yves talk about when we were down in Florida with regards to the importance of advertising creative and content development.

所以這其實與投資報酬率有關。當我們透過損益表看到這一情況時，我們顯然會繼續投資。所以我想說，我們現在真正關注的是確保我們繼續優化這項投資。我們更加關注程序化購買、個人化和正確的內容。當我們在佛羅裡達州時，您聽到伊夫談論廣告創意和內容開發的重要性。

So putting a lot more focus to get better ROI for what we're delivering. So not necessarily a percent, but overall, we are getting the performance through the P&L and through our businesses on the ground.

因此，我們要更加重視為我們所提供的產品獲得更好的投資報酬率。因此不一定是百分比，但總體而言，我們透過損益表和我們的實際業務來獲得績效。

Our next question will come from Steve Powers of Deutsche Bank.

我們的下一個問題將來自德意志銀行的史蒂夫鮑爾斯。

Okay. Great. Maybe 2 questions if I could. One is to follow up and round up of volume conversation. You talked about line of sight to improvements in North America and in Asia Pacific. The other area of softness in the quarter was Europe, just love some perspective on sort of your path to volume improvement in that region?

好的。偉大的。如果可以的話，也許有兩個問題。一是對大量對話進行跟進和匯總。您談到了北美和亞太地區改進的視線。本季另一個疲軟的地區是歐洲，您想了解該地區銷售改善的途徑嗎？

And then more broadly, stepping back, I guess this builds a little bit on the question Bryan was just asking, but you had just tremendous success this year in driving underlying margin improvement, which has allowed the A&P reinvestment that we've seen year-to-date. I guess as your scenario modeling and starting to plan for the year ahead, how do you weigh the puts and takes on margins as you look ahead? And what's your level of confidence you can continue to drive that underlying margin improvement to enable the investment should the ROI exist?

然後更廣泛地說，退後一步，我想這有點建立在布萊恩剛才問的問題上，但今年你們在推動潛在利潤率改善方面取得了巨大成功，這使得我們今年看到的A&P 再投資成為可能——迄今為止。我想，當您進行情境建模並開始規劃未來一年時，您如何權衡未來的看跌選擇權和承兌利潤？如果存在投資報酬率，您對繼續推動潛在利潤率改善以實現投資的信心有多大？

Yes. Steve, let me talk again a little bit on volumes. Globally, as you've heard from others volumes in the categories tend to be down around 2% to 3%. This is a function, obviously, of the aggressive pricing that you've seen sequentially over the last 3 or 4 quarters. So that continues to improve. And in my view, that will continue to improve as pricing moderates over the next couple of quarters, and we lap some of the aggressive pricing that we've had certainly within our P&L.

是的。史蒂夫，讓我再談談音量。在全球範圍內，正如您從其他人那裡聽說的那樣，該類別的銷量往往會下降 2% 至 3% 左右。顯然，這是過去三、四個季度連續不斷的激進定價的結果。這樣就可以繼續改善。在我看來，隨著未來幾季定價的放緩，這種情況將繼續改善，並且我們將在損益表中採用一些激進的定價。

But from a category standpoint, there's going to be obviously a shift from more pricing-driven organic growth to more volume-driven organic growth. And it's very difficult to actually predict exactly at the pace that's going to happen by geography because we've taken pricing -- competitors taking pricing to different points in the year. So over time, sequentially though, we see volume returning to a more normalized level and we see pricing returning to a more normalized level. And that's more or less how it's playing out, difficult to predict from geography to geography, from quarter-to-quarter.

但從類別的角度來看，顯然將從更多由價格驅動的有機成長轉向更多由銷售驅動的有機成長。實際上很難準確地預測按地理位置劃分的變化速度，因為我們已經採取了定價——競爭對手在一年中的不同時間點進行了定價。因此，隨著時間的推移，我們會看到交易量逐漸恢復到更正常化的水平，並且我們看到價格也恢復到更正常化的水平。這或多或少就是它的發展方式，很難從地理到地理位置、從季度到季度預測。

On the margin, obviously, a lot of focus, as you know, across the business. We've got a lot of levers in the P&L now to drive operating margins and gross margins. Why don't I let Stan talk to you a little bit about that. He's been very focused on driving that across most of our regions.

如您所知，顯然，整個業務都受到了很多關注。我們現在在損益表中有很多槓桿可以提高營業利潤和毛利率。為什麼我不讓史丹和你談談這件事呢？他一直非常專注於在我們大部分地區推動這一目標。

Steve, it's a good question on the driving margins. So if you take a look at what we've been able to do with the income statement this year, the top to bottom, the flexibility and the strength on all the different lines have given us a lot more opportunity to drive margin and it gives us flexibility, and that allows us to react to market conditions and anticipate and more importantly, invest in those areas of the business that can deliver value.

史蒂夫，這是一個關於驅動利潤的好問題。因此，如果你看一下我們今年在損益表上所做的事情，從上到下，所有不同產品線的靈活性和實力給了我們更多的機會來提高利潤率，並且它給了我們我們具有靈活性，這使我們能夠對市場狀況做出反應並進行預測，更重要的是，投資於能夠創造價值的業務領域。

When we look at all those collectively, we think that leaves us well positioned for expanding margin over time. And while we're not going to give guidance for '24 here today, we think that we are exiting the quarter with a stronger business model here than we entered the year.

當我們綜合考慮所有這些因素時，我們認為這使我們能夠隨著時間的推移擴大利潤率。雖然我們今天不會在這裡給出 24 小時的指導，但我們認為，我們在本季度結束時的業務模式將比今年初時的業務模式更強大。

Our next question today will come from Lauren Lieberman of Barclays.

今天我們的下一個問題將來自巴克萊銀行的勞倫·利伯曼。

So in the release or in the prepared remarks, you talked about some of the improvement in Oral Care toothpaste specifically in North America. But I was wondering if we could talk a bit about home and personal care. The advertising spend, like you said, up 25% this quarter. Just curious about how that is maybe being allocated across the different divisions within North America? How you're thinking about kind of innovation in Home and Personal Care. Noel, you had mentioned some our promotional cadence dynamics improving for Home Care in the fourth quarter, but I was just curious of efforts beyond that to kind of get those businesses more on the right track?

因此，在新聞稿或準備好的發言中，您談到了口腔護理牙膏的一些改進，特別是在北美。但我想知道我們是否可以談論家庭和個人護理。正如您所說，本季廣告支出成長了 25%。只是好奇這可能是如何在北美不同部門之間分配的？您如何看待家庭和個人護理領域的創新。諾埃爾，您提到我們第四季度家庭護理的一些促銷節奏動態有所改善，但我只是好奇除此之外的努力，以使這些業務更加走上正軌？

Sure. So overall, the bulk of our North America business is oral care, and it receives the bulk of that advertising increase. But pleasingly, we are supporting our home care and our personal care businesses, which is important. And clearly, as we get the promotional cadence back on those businesses, particularly here in the fourth quarter, we anticipate we'll see an improvement in shares.

當然。因此，總體而言，我們北美業務的大部分是口腔護理，廣告成長的大部分都來自該業務。但令人高興的是，我們正在支持我們的家庭護理和個人護理業務，這很重要。顯然，當我們恢復這些業務的促銷節奏時，特別是在第四季度，我們預計我們的股價將會有所改善。

Now again, we had a lot of unprofitable share historically where we were chasing share and buying share, and we have deliberately as we see great health across our P&L and the geographies across the world, we have the opportunity to rightsize that in the U.S. and get the shares much more profitable and get much more sustainable share growth moving forward. And the intention is to continue to support all those businesses in the U.S. as we move forward.

現在，我們歷史上有很多無利可圖的股票，我們在追逐股票和購買股票時，當我們看到我們的損益表和世界各地的地區都非常健康時，我們有意識地有機會在美國和世界各地調整規模。讓股票獲得更多利潤，並獲得更永續的股票成長。我們的目的是在我們前進的過程中繼續支持美國的所有這些企業。

The other one is our Skin Health business in the U.S. is getting a good levels of advertising. That continues to perform well. If you take our Skin Health business outside of China, that grew double digits in the quarter for us. So we continue to see a nice growth on that business, and we'll continue to support that in the U.S. market as well.

另一個是我們在美國的皮膚健康業務獲得了很好的廣告水平。這繼續表現良好。如果將我們的皮膚健康業務擴展到中國以外的地區，那麼本季我們的皮膚健康業務將實現兩位數成長。因此，我們繼續看到該業務的良好成長，我們也將繼續支持美國市場的業務。

Your next question will come from Chris Carey of Wells Fargo Securities.

您的下一個問題將來自富國銀行證券的克里斯凱裡。

I couldn't help but notice the commentary around the currency impact carrying into 2024. At the same time, Noel, you were quite clear in your remarks today that Colgate has multiple levers to continue profit growth. This year, you're going to be doing high single-digit earnings, It would appear on low single-digit currency impact.

我忍不住注意到有關 2024 年貨幣影響的評論。與此同時，諾埃爾，您在今天的演講中非常清楚地表明，高露潔擁有多種槓桿來繼續利潤增長。今年，您將獲得高個位數的收入，這將出現在低個位數的貨幣影響上。

You, I think, put up the best productivity number on a basis point impact that we've seen in almost 10 years despite raw materials, which remain stubbornly high. Well, I know there's conversion and another cost in there as well. But just as you think about next year, and I know you're not giving guidance today, but is your ability to still deliver high single-digit earnings this year despite the currency headwind, give you confidence on next year, especially because some of these drivers like pricing, perhaps strong productivity and other levers at your disposal remain available to you going into next year.

我認為，儘管原材料仍然居高不下，但你們提出了近 10 年來我們所看到的基點影響的最佳生產力數字。嗯，我知道其中還有轉換和其他成本。但正如你對明年的看法一樣，我知道你今天不會給出指導，但儘管貨幣逆風，今年你仍然有能力實現高單位數收益，這會讓你對明年充滿信心，特別是因為一些這些驅動因素（例如定價、也許強大的生產力以及您可以使用的其他槓桿）在明年仍然可供您使用。

Yes, Chris, thanks. Listen, I'm not going to get into 2024, start predicting where things will evolve. But clearly, foreign exchange move more negative in the quarter for us. And you've seen that, obviously, the dollar strengthening as we move into the fourth quarter. But as Stan rightfully pointed out, I think the important aspect here is that the levers within our P&L are better than they've been in quite some time.

是的，克里斯，謝謝。聽著，我不會進入 2024 年就開始預測事情會如何發展。但顯然，本季外匯走勢對我們來說更加不利。顯然，您已經看到，隨著進入第四季度，美元走強。但正如史丹正確指出的那樣，我認為這裡重要的一點是我們的損益表中的槓桿比相當長一段時間以來更好。

We have different aspects playing to our advantage now. Obviously, we're getting the pricing executed in the market. We're starting to see volume flow through. Over the longer term, that will improve efficiencies in our plants. As we've gotten our forecast accuracy improved in the plant, that allows us to obviously run more of our funding to growth, which obviously came through very strong. We have the productivity moving through the P&L. So we're really trying to pull on all levers to give us as much flexibility as possible.

我們現在有不同的方面發揮我們的優勢。顯然，我們正在市場上執行定價。我們開始看到成交量的增加。從長遠來看，這將提高我們工廠的效率。隨著我們工廠的預測準確性提高，這使我們能夠將更多資金用於成長，這顯然非常強勁。我們透過損益表來衡量生產力。因此，我們確實正在努力利用所有槓桿，為我們提供盡可能多的靈活性。

Foreign exchange is obviously a big unknown as we move forward. But you've seen us historically be able to price against us. We obviously have some inflationary pricing in the P&L in the third quarter based on where we see the Argentine peso go where we see a part of the -- Nigeria foreign exchange has been an issue as well and likewise in Turkey. But over time, the important part is for us to drive flexibility through our P&L, so we can adjust to market circumstances in the most efficient and prudent way.

隨著我們的前進，外匯顯然是一個很大的未知數。但您已經看到我們歷史上能夠與我們競爭的定價。顯然，我們在第三季的損益表中存在一些通貨膨脹定價，根據我們看到的阿根廷比索的走勢，我們看到尼日利亞外匯也一直是一個問題，在土耳其也是如此。但隨著時間的推移，重要的是我們透過損益表來提高靈活性，這樣我們就可以以最有效和審慎的方式適應市場情況。

Next question today is from Mark Astrachan of Stifel.

今天的下一個問題來自 Stifel 的 Mark Astrachan。

So yesterday, a competitor of yours sort of in certain categories, talked about refocusing the business on product superiority. Obviously, a large U.S. competitor has successfully pivoted the business towards that strategy with success in recent years. Curious how you think about or would assess the portion of your portfolio an innovation that meets the criteria?

因此，昨天，您在某些類別中的競爭對手談到了將業務重新集中在產品優勢上。顯然，美國的一家大型競爭對手近年來已成功地將業務轉向這項策略。好奇您如何看待或評估您的投資組合中符合標準的創新部分？

Have you adjusted R&D as a focus, the spending towards these product areas? And as sort of a second question, it might be related, might not be, the issues you bring up with the H&H business in China, maybe I'm naive and assuming that some of it could potentially relate to this, where you're taking prices up but not necessarily innovating. If that's wrong, obviously, talk through that, but just kind of talk generally about what's going on there and how much is price, how much is other stuff?

您是否調整了研發重點、這些產品領域的支出？作為第二個問題，它可能與您提出的有關中國 H&H 業務的問題相關，也可能無關，也許我很天真，假設其中一些問題可能與此相關，您所在的位置提高價格但不一定創新。如果這是錯誤的，顯然，請討論一下，但只是一般性地討論一下那裡發生的事情以及價格是多少，其他東西是多少？

Yes. Thanks, Mark. Let me come back to the core of our strategy, which was innovating across our core and adjacencies and channels and all of it is underpinned by science-based innovation. And that has always distinguished our portfolio historically, and we have absolutely dialed that up in terms of how we focus our R&D efforts across the organization.

是的。謝謝，馬克。讓我回到我們策略的核心，在我們的核心、週邊和管道上進行創新，所有這些都以科學創新為基礎。從歷史上看，這一直是我們產品組合的特色，而且我們在如何集中整個組織的研發工作方面絕對做到了這一點。

Good examples of that is obviously the growth that we've had in the whitening segment. We have, in our view, some of the best efficacy-based products in the category. We're very pleased with the growth that we've seen in whitening at the premium side with our peroxide based. We've obviously moved into pens, which is incremental consumption opportunity and an opportunity to drive [regiment] and premiumization. We moved into our Chair distinct strategy, which is anchoring science-based whitening through the profession as well.

一個很好的例子顯然就是我們在美白領域的成長。我們認為，我們擁有該類別中一些基於功效的最佳產品。我們對基於過氧化物的高端美白產品的成長感到非常滿意。顯然，我們已經進入了鋼筆領域，這是增量消費的機會，也是推動[軍團]和高端化的機會。我們制定了主席獨特的策略，即在整個行業中鞏固基於科學的美白。

So science continues to play very importantly to our growth strategy. And you've seen that play out in Oral Care, certainly seeing it play out in our Pet Nutrition business as well as very recently in Skin Health. And likewise, as we look at some of the innovations coming on -- in our home care business, we've seen some great innovation on concentrate, some great innovation on tablets in Europe. So we continue to use science as a way to drive differentiation and certainly drive our premiumization.

因此，科學對於我們的成長策略仍然發揮著非常重要的作用。您已經看到了這一點在口腔護理領域的應用，當然也看到了它在我們的寵物營養業務以及最近在皮膚健康領域的應用。同樣，當我們專注於家庭護理業務中正在出現的一些創新時，我們看到了歐洲在濃縮液方面的一些偉大創新，以及在平板電腦方面的一些偉大創新。因此，我們繼續利用科學來推動差異化，當然也推動我們的高端化。

Specifically on the Hawley & Hazel business, as I mentioned in the second quarter, we took pricing, that has taken longer to actually get executed in the market given the multiple levels of our go-to-market strategy on the Hawley & Hazel business. And obviously, you've seen a slowdown in the category in China, which is has also come on top of that. But the good news is we exited the third quarter, we saw the Hawley & Hazel business start to inflect positively and we continue to see that as we speak.

特別是在Hawley & Hazel 業務上，正如我在第二季度提到的，我們採取了定價，考慮到我們在Hawley & Hazel 業務上的市場進入策略的多個層面，我們需要更長的時間才能在市場上實際執行。顯然，您已經看到中國該類別的成長放緩，而這也是最重要的。但好消息是，我們在第三季結束後，我們看到 Hawley & Hazel 業務開始出現積極的變化，並且在我們發言時我們繼續看到這一點。

So we're not completely out of where we wanted to be, but everything is moving in the right direction. Conversely, the innovation behind Hawley & Hazel is very strong. Once we have that pricing executed, we'll come in with a good first half plan of innovation, and that will be science-based innovation, as I mentioned. The parallel to that is obviously the great success we've had in China with the Colgate business. The Colgate business continues to perform very, very well, growing share in e-commerce, the fastest-growing channels, and that is driven behind premium innovation with real science-based structures to that.

所以我們並沒有完全偏離我們想要的目標，但一切都朝著正確的方向發展。相反，Hawley & Hazel 背後的創新非常強大。一旦我們執行了定價，我們將製定一個良好的上半年創新計劃，這將是基於科學的創新，正如我所提到的。與此類似的顯然是我們的高露潔業務在中國取得的巨大成功。高露潔業務持續表現非常非常好，在電子商務這一成長最快的管道中所佔的份額不斷增長，而這背後的驅動力是優質創新和真正基於科學的結構。

Next question will come from Rob Ottenstein of Evercore.

下一個問題將來自 Evercore 的 Rob Ottenstein。

Great. I'm wondering if we can drill in on the U.S. And maybe talk a little bit about what's going on in the nontrack channels, kind of which channels are leading the growth? And why do you continue to -- do you expect that to continue in the future, having a pretty big gap between the scanner results and the non-track? And then if you could put that also in the context of how you see the U.S. consumer and the health of the U.S. consumer, developing over the next couple of quarters and any pivots that you may do or adjustments to potentially a weakening consumer outlook.

偉大的。我想知道我們是否可以深入研究美國，也許可以談談非軌道管道中正在發生的事情，哪些管道正在引領成長？為什麼你會繼續下去——你是否期望這種情況在未來繼續下去，掃描器結果和非追蹤結果之間存在相當大的差距？然後，您是否也可以將這一點放在您如何看待美國消費者和美國消費者的健康狀況、未來幾季的發展以及您可能採取的任何轉向或針對可能疲軟的消費者前景進行調整的背景下。

Clearly, in the results, and you've seen the scanner data, which continues to be soft. And as I mentioned, we're addressing that more sharply in the fourth quarter. Our non-track business continues to perform exceptionally well. And that has been a strategy that we've talked about for quite some time. Those are some of the faster-growing channels. We continue to invest in those channels. We continue to grow share in those channels.

顯然，在結果中，您已經看到掃描器資料仍然疲軟。正如我所提到的，我們將在第四季度更加尖銳地解決這個問題。我們的非賽道業務繼續表現出色。這是我們已經討論了一段時間的策略。這些是一些成長較快的管道。我們將繼續投資這些管道。我們繼續增加在這些管道中的份額。

And overall, that's certainly leading to a broader-based healthier business for us moving forward. You talk Club, you talk some of the discount channels, you talk some of the e-commerce channels as well. So overall, we think we're well positioned in the U.S. to continue to leverage where the growth is coming from. The consumer continues to be resilient. I would say the promotional environment is constructive right now. We've seen a little bit of pickup in some categories, but overall, still below pre-COVID levels. And as we continue to be, as I said, very thoughtfully prudent on how we elevate our cadence of promotions moving forward. We feel good about our ability to continue to drive non-track.

總的來說，這肯定會為我們帶來更廣泛、更健康的業務向前發展。你談論俱樂部，你談論一些折扣管道，你也談論一些電子商務管道。因此，總體而言，我們認為我們在美國處於有利地位，可以繼續利用成長來源。消費者持續保持彈性。我想說現在的促銷環境是有建設性的。我們看到某些類別有所回升，但總體而言仍低於新冠疫情前的水平。正如我所說，我們繼續對如何提高促銷節奏保持非常審慎的態度。我們對繼續在非賽道上行駛的能力感到滿意。

Now I'll remind you the non-track are about 14% of the total company sales. And so while very important for us in the U.S. and the team there under Jesper's leadership is laser-focused on addressing that. We're going to get that back to a healthier share as we move forward.

現在我要提醒您的是，非賽道銷售額約占公司總銷售額的 14%。因此，雖然這對我們在美國非常重要，但 Jesper 領導下的團隊正在專注於解決這個問題。隨著我們的前進，我們將使其恢復到更健康的份額。

Our last question today is a follow-up from Bryan Spillane of Bank of America.

我們今天的最後一個問題是美國銀行的布萊恩·斯皮蘭 (Bryan Spillane) 的後續提問。

Stan, just a question around inflation. I know in the press release or the prepared remarks you talked about -- or I guess the press release, talked about still several hundred million dollars of inflation expected for this year. Can you just give us some context of, is it the same moderating? Like as we're exiting the year, just how we should be thinking about the trend on inflation?

史丹，只是一個關於通貨膨脹的問題。我知道在您談到的新聞稿或準備好的言論中——或者我猜新聞稿中談到了今年預計的通膨率仍將達到數億美元。您能否給我們一些背景訊息，是同樣的調節嗎？就像我們即將結束這一年一樣，我們該如何思考通膨的趨勢？

I know you called out inflation in pet. So just trying to get a sense of whether or not it's -- how it's trending? Is it trending better or worse than kind of where we were coming out of 2Q.

我知道你指出了寵物的通膨。所以只是想了解它是否是——它的趨勢如何？與我們第二季的情況相比，它的趨勢是好還是壞？

Yes. Sure, Brian. As we said, our view on raw materials in total remains consistent with prior quarters, and we still do see several hundred million of gross cost inflation, raw materials for 2023. And while the overall total is in line, there have been some shifts underneath that. First, agriculture has not eased; in some cases, it actually gone up. That affects primarily our Hill's business. Offsetting that, some commodities such as resins and oils have actually softened a bit.

是的。當然，布萊恩。正如我們所說，我們對原物料總量的看法與前幾季保持一致，我們仍然預計 2023 年原物料總成本通膨將達到數億美元。雖然總體總量符合預期，但內部發生了一些變化那。一是農業沒有緩和；在某些情況下，它實際上上漲了。這主要影響我們希爾的業務。樹脂和石油等一些大宗商品實際上已經有所走軟，抵消了這種影響。

But when we look in total, that basket is roughly still in line. And while it hasn't gotten worse, it hasn't gotten a lot better. The one we continue to launch carefully is obviously energy with all the volatility in that market. And then also, just keep in mind, some of our raw materials are not pure commodities, but specialty; flavors, fragrances, those tend to have less volatility. But I think if you pull back, our teams have done a great job driving productivity to mitigate some of that inflation.

但當我們從總體上看時，這個籃子大致仍然在排隊。雖然情況沒有變得更糟，但也沒有好轉很多。我們繼續謹慎推出的顯然是能源市場的所有波動。另外，請記住，我們的部分原料不是純商品，而是特產；香精、香料，這些往往具有較小的揮發性。但我認為，如果你退一步看，我們的團隊在提高生產力、緩解部分通膨方面做得非常出色。

And you saw in our funding the growth, this has really helped us balance the margin. You combine that with RGM and has resulted in that margin expansion. So if I kind of pull that back, while that's been relatively steady in total, the pieces moving around underneath, that has -- our gross profit in total for the company has gone up 140 basis points year-to-year, and that's a combination of that pricing in RGM has been able to more than compensate for the raw materials going through.

你看到我們為成長提供資金，這確實幫助我們平衡了利潤。您將其與 RGM 結合起來，就實現了利潤率的擴大。因此，如果我把它拉回來，雖然總體上相對穩定，但下面的部分在移動，那麼我們公司的總毛利同比增長了 140 個基點，這是一個RGM 的定價組合足以彌補原材料的消耗。

So as we look at that heading into the last quarter, we haven't actually seen a lot of change in the commodity basket. So we expect that to continue through the end of the year.

因此，當我們回顧上個季度的情況時，我們實際上並沒有看到商品籃子發生很大變化。因此，我們預計這種情況將持續到今年年底。

Yes, Bryan, I'd just reiterate, again, that 140, you add another 50 basis points for private label. And if you add logistics in there, which others include in cost of goods, that adds roughly another 130, so north of 300 basis points of margin improvement in the quarter, and that's terrific in terms of how we saw things ultimately playing out.

是的，Bryan，我只是再次重申，140，您為自有品牌再增加 50 個基點。如果再加上物流（其他人將其計入商品成本），則本季的利潤率將再增加約130 個基點，超出300 個基點，從我們對最終結果的看法來看，這是非常了不起的。

And as we see, hopefully, a more benign cost environment over the medium term and our ability to hold pricing and continue to innovate at the high end, we feel pretty good about the continued ability to sustain high margins in the categories in which we compete.

正如我們所看到的，希望中期成本環境更加良性，以及我們保持定價並繼續在高端創新的能力，我們對在我們競爭的類別中持續維持高利潤率的能力感到非常滿意。

So thanks, everyone, for joining the call today. Let me just close out by saying we really appreciate your interest in the company. We hope you agree that we have the strategies and the plans in place to deliver consistent compounded profitable growth to drive value for all of our shareholders.

謝謝大家今天加入電話會議。最後我想說的是，我們非常感謝您對公司的興趣。我們希望您同意我們制定了策略和計劃來實現持續的複合利潤成長，從而為我們所有股東帶來價值。

And I would be remiss not to thank all the Colgate from all of folks around the world who have delivered a very strong quarter for us in the third quarter of 2023.

如果我不感謝高露潔來自世界各地的所有人，他們在 2023 年第三季為我們帶來了非常強勁的季度業績，那我就太失職了。

So thanks, everyone. We'll talk to you in January.

謝謝大家。我們將在一月份與您交談。

Conference has now concluded. Thank you for attending today's call. You may now disconnect.

會議現已結束。感謝您參加今天的電話會議。您現在可以斷開連線。