高露潔 (CL) 2024 Q2 法說會逐字稿

Good morning.

早安.

Welcome to today's Colgate-Palmolive second quarter 2024 earnings conference call.

歡迎參加今天的高露潔棕欖 2024 年第二季財報電話會議。

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

本次通話正在錄音，並在 www.colgatepalmolive.com 上同步直播。

Now for opening remarks, I'd like to turn this call over to Chief Investor Relations Officer and Executive Vice Presidents, M&A, John Faucher.

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, Drew.

謝謝，德魯。

Good morning and welcome to our second quarter 2024 earnings release conference call.

早上好，歡迎參加我們的 2024 年第二季財報發布電話會議。

This is John Faucher.

這是約翰·福徹。

Today's conference call will include forward-looking statements, actual results could differ materially from these statements.

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。

Please refer to the second quarter 2024 earnings press release and related prepared materials.

請參閱2024年第二季收益新聞稿及相關準備資料。

And our most recent filings with the SEC, including our 2023 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.

我們最近向 SEC 提交的文件，包括 2023 年 10-K 表格年度報告以及隨後向 SEC 提交的文件，均可在高露潔網站上獲取，以討論可能導致實際結果與這些聲明存在重大差異的因素。

This conference call will also include a discussion of non-GAAP financial measures, including those identified in Tables four, six, seven, eight, and nine of the earnings press release.

本次電話會議也將討論非公認會計準則財務指標，包括收益新聞稿表四、六、七、八和九所確定的指標。

A full reconciliation to the corresponding GAAP financial measures is included in the second quarter 2024 earnings press release and is available on Colgate's website.

2024 年第二季財報新聞稿中包含了與相應 GAAP 財務指標的全面調節，並可在高露潔網站上查看。

Joining me on the call this morning are Noel Wallace, Chairman, President and Chief Executive Officer; and Stan Sutula, Chief Financial Officer.

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 will provide you with some thoughts on our Q2 results and our 2024 outlook.

Noel 將為您提供有關我們第二季度業績和 2024 年展望的一些想法。

We will then open it up for Q&A.

然後我們將打開它進行問答。

Noel?

諾埃爾？

Thanks, John, and thanks for joining us this morning and I look forward to taking your questions in regards to our strong Q2 results.

謝謝約翰，感謝您今天早上加入我們，我期待著回答您有關我們第二季度強勁業績的問題。

As part of our ambition to deliver consistent compounded earnings growth we have talked about the importance of driving balanced organic sales growth, all six divisions, all four categories and with a combination of volume and pricing growth.

作為我們實現持續複合盈利增長目標的一部分，我們討論了推動所有六個部門、所有四個類別以及銷售和價格增長相結合的平衡有機銷售增長的重要性。

We have revamped our innovation model, leveraged our global strength across price tiers, invested in marketing spend and scaled new exciting capabilities across the organization, all of which is driving brand health and household penetration.

我們改進了我們的創新模式，利用我們在各個價格層面的全球優勢，投資於行銷支出，並在整個組織內擴展令人興奮的新功能，所有這些都在推動品牌健康和家庭滲透率。

This is particularly important given the pricing we have taken over the past few years, our return to mid-single digit volume growth this quarter, including growth at both Hill's and Hawley and Hazel highlight some early success from this strategy, and this is well timed.

考慮到我們過去幾年採取的定價，本季銷量恢復到中個位數成長（包括 Hill's、Hawley 和 Hazel 的成長），這一點尤其重要，突顯了該策略的一些早期成功，而且時機恰到好處。

We are returning to strong volume growth as gross margins are expanding, which will drive the incremental gross profit that funds the investment in brands and capabilities, while still delivering compelling bottom line growth.

隨著毛利率的擴大，我們將恢復強勁的銷售成長，這將推動增​​量毛利，為品牌和能力的投資提供資金，同時仍實現引人注目的利潤成長。

We're also using data and analytics tools, including AI, to track the effectiveness of these activities as we look to further optimize the return on our increased spending.

我們還使用包括人工智慧在內的數據和分析工具來追蹤這些活動的有效性，以進一步優化增加支出的回報。

This is a topic we'll be discussing more over time.

隨著時間的推移，我們將更多地討論這個主題。

With this combination of increased penetration and the continued success of our revenue growth management strategy.

隨著滲透率的提高和我們收入成長管理策略的持續成功，這兩者相結合。

We have the plans in place to drive consistent balanced top line growth.

我們已製定計劃來推動持續平衡的營收成長。

We combine that with the benefits of operating leverage, productivity, and cost discipline to turn that into consistent compounded earnings per share growth, along with strong cash flow to fund investment dividends and share repurchases, we believe this leaves us well positioned to drive top-tier TSR.

我們將其與營運槓桿、生產力和成本紀律的優勢相結合，將其轉化為持續的複合每股收益增長，以及為投資股息和股票回購提供資金的強勁現金流，我們相信這使我們能夠很好地推動頂級 -級別 TSR。

Our recent results show the strength and effectiveness as we continue to execute against this strategy.

我們最近的結果顯示了我們繼續執行這項策略的力量和有效性。

And with that, open it up to questions.

然後，開放提問。

(Operator Instructions)

（操作員說明）

Peter Grom, UBS.

彼得‧格羅姆，瑞銀集團。

Thank you, operator, and good morning, everyone.

謝謝接線員，大家早安。

Noel, I was hoping you could give us a deeper understanding of the levels of investment and what drives the confidence that the changes you've made over the past several years can sustain this improvement we've seen.

諾埃爾，我希望您能讓我們更深入地了解投資水平，以及是什麼讓我們相信您在過去幾年中所做的改變能夠維持我們所看到的這種改善。

You, obviously from an outsider's perspective, it seems to be working given the market shares and the mid-single digit volume growth today.

顯然，從局外人的角度來看，考慮到今天的市場份額和中個位數的銷售成長，它似乎正在發揮作用。

But just as you look ahead, how do you sustain this momentum and continue to build household penetration from here?

但正如您展望未來，如何保持這一勢頭並繼續提高家庭滲透率？

Thanks.

謝謝。

Yeah, thanks, Peter.

是的，謝謝，彼得。

And first of all, happy birthday, Peter.

首先，生日快樂，彼得。

So like I said, let's get into the heart of the strategy, which I think we've been pretty consistently communicating over the past few years.

所以就像我說的，讓我們進入戰略的核心，我認為我們在過去幾年中一直在不斷地溝通。

And that's really getting the middle of that P&L in a place where we can have a lot more flexibility to invest behind the brands and that investment certainly is helping to drive the strong volume performance and more importantly, household penetration, which also drives category growth and market share.

And that's really getting the middle of that P&L in a place where we can have a lot more flexibility to invest behind the brands and that investment certainly is helping to drive the strong volume performance and more importantly, household penetration, which also drives category growth and市場占有率.

So it's keeping that flexibility in the middle of the P&L, allowing us to pinpoint the advertising in areas where we see real growth.

因此，它在損益表中保持了靈活性，使我們能夠在我們看到真正成長的領域精準定位廣告。

The international exposure of our business obviously is giving us opportunities to allocate money in regions and areas where we see great growth opportunities.

我們業務的國際化顯然讓我們有機會將資金分配到我們看到巨大成長機會的地區和領域。

And that was delivered in the quarter with category growth across all of our categories and all of our divisions.

隨著我們所有類別和所有部門的類別成長，本季實現了這一目標。

So keeping that investment levels where they are continuing to find ways to drive the effectiveness of that investment likewise is very important.

因此，將投資水準保持在繼續尋找提高投資有效性的方法非常重要。

As I've mentioned before, and as you saw down at CAGNY, we're using AI know and other tools to really drive improved ROI.

正如我之前提到的，正如您在 CAGNY 所看到的那樣，我們正在使用人工智慧知識和其他工具來真正提高投資回報率。

We're getting much better at our innovation.

我們的創新做得越來越好。

That's certainly helping drive that consistent growth around the world and the execution of the strategy we think is far better than it had been in previous years.

這無疑有助於推動全球範圍內的持續成長，我們認為該策略的執行情況比前幾年要好得多。

So overall, keeping the flex in the middle of the P&L, strong gross margins and allocating that in areas around the world where we're seeing real opportunities for growth, we think we'll drive sustained consistent compounded growth moving forward.

因此，總體而言，將靈活性保持在損益表中間，保持強勁的毛利率，並將其分配到世界各地我們看到真正成長機會的地區，我們認為我們將推動持續持續的複合成長。

Dara Mohsenian, Morgan Stanley.

達拉莫森尼安，摩根士丹利。

Hey guys.

大家好。

Just wanted to focus on the long-term top line growth opportunity in Hill's from here on the volume and pricing side.

只是想從這裡關注希爾在銷售和定價方面的長期收入成長機會。

First, maybe just on volume.

首先，也許只是在音量上。

You've added a lot of capacity in the last couple of years.

在過去幾年中，您增加了許多容量。

You've also got a lot of areas you're still underpenetrated in theory, internationally wet food, small paws, et cetera.

理論上，還有很多領域尚未滲透，例如國際濕糧、小爪子等等。

So just some perspective at this point as we look out over the next three to five years, is there incrementality in volume as you pursue these areas more aggressively and how should we think about that?

因此，當我們展望未來三到五年時，現在只是一些觀點，當您更積極地追求這些領域時，數量是否會增加，我們應該如何考慮這一點？

And then on pricing, obviously, you've had very strong penetration increases, market share gains on the Hill's business, in theory that should support higher pricing over time, but you're also in a category environment with industry trade down in pet and probably a tough CPG environment in general for pricing.

然後在定價方面，顯然，Hill 業務的滲透率增長非常強勁，市場份額也有所增加，理論上，隨著時間的推移，這應該會支持更高的定價，但你也處於寵物和寵物行業行業貿易在下降的品類環境中。

So how should we think about pricing going forward, can you take consistent pricing maybe to recapture some of the margin compression if you strip out the higher marketing in recent years?

那麼，我們應該如何考慮未來的定價，如果你剔除近年來較高的行銷費用，你能否採取一致的定價來重新獲得一些利潤壓縮？

And just how would you juxtapose that sort of internal momentum versus the external environment in terms of your ability to take pricing longer term looking out over the next few years?

就您在未來幾年進行長期定價的能力而言，您將如何將這種內部動力與外部環境並置？

Thanks, Dara.

謝謝，達拉。

Clearly a great quarter for Hill's strong performance across the board, quite frankly, and we're particularly pleased with the strong volume in light of the significant pricing we've taken historically, I'll come back and talk about pricing in a moment.

坦白說，對於 Hill 的全面強勁表現來說，顯然這是一個偉大的季度，而且考慮到我們歷史上採取的重要定價，我們對強勁的銷量感到特別滿意，我稍後會回來討論定價問題。

But obviously, ex-private label to see the strength of the volume and the pricing move through the P&L is extremely encouraging, particularly given the advertising investment that we put into the business, which continues to strengthen the brand.

但顯然，前自有品牌透過損益表看到銷售和定價變化是非常令人鼓舞的，特別是考慮到我們投入該業務的廣告投資，這將繼續強化品牌。

And I think what's important to call out in the quarter is the real inflection on the margin line.

我認為本季最重要的是利潤線的真正變化。

Our strong gross margins, strong operating margin.

我們的毛利率強勁，營業利潤率強勁。

And this is a reflection, I think, of getting more volume running through the business and obviously seeing the leverage move through the P&L.

我認為，這反映了業務量的增加，並且明顯看到槓桿在損益表中的變化。

But I if I take a step back again and characterize the marketplace.

但如果我再退一步來描述市場。

Clearly, as we've talked about before, low household awareness and low brand penetration overall of the Hill's business, clearly supporting the strong advertising investment, and we're seeing that delivered in the quarter.

顯然，正如我們之前所討論的，Hill 業務的家庭認知度較低，品牌滲透率較低，這顯然支持了強勁的廣告投資，我們看到這一點在本季度得到了落實。

Penetration up market shares up.

滲透率上升，市佔率上升。

We're one of the fastest growing global brands in some of the pet specialty stores this quarter.

我們是本季一些寵物專賣店中成長最快的全球品牌之一。

So again, I think a reflection of the upside potential we still have.

再說一次，我認為這反映了我們仍然擁有的上行潛力。

And when you look at segment opportunities, we've talked about that in the past.

當你審視細分市場機會時，我們過去已經討論過這一點。

Obviously, wet, an area that we're under indexed in clearly seen the ramped up capacity we have in wet, delivering better penetration, better growth, better execution in stores is we're getting more wet SKUs on the shelf.

顯然，我們在濕貨方面的索引不足，可以清楚地看到我們在濕貨方面的產能不斷增加，在商店中提供了更好的滲透率、更好的增長和更好的執行力，我們在貨架上獲得了更多的濕貨SKU。

That's obviously translated into more upside potential as we see consumers obviously shifting into those categories.

當我們看到消費者明顯轉向這些類別時，這顯然會轉化為更多的上行潛力。

So overall, we think the balance of the business is where we want it, and we're continuing to invest aggressively to drive that household penetration.

因此，總體而言，我們認為業務平衡處於我們想要的位置，我們將繼續積極投資以推動家庭滲透率。

You couple that with a really strong innovation pipeline, we see that in the first half of this year, we see that moving into '25 as well.

再加上非常強大的創新管道，我們看到今年上半年，我們也看到進入 25 年。

So we think, quite frankly, the flywheel of the business is working very, very effectively for us right now.

因此，坦白說，我們認為業務飛輪現在對我們來說非常非常有效。

Low penetration, low awareness we're working on that getting more effectiveness in our advertising spend, which we're increasing and importantly, getting the gross margins and operating margins back to where we like them is allowing for the increased gross margin dollars to invest behind the business.

低滲透率、低認知度，我們正在努力提高廣告支出的效率，我們正在增加廣告支出，重要的是，讓毛利率和營業利潤率回到我們喜歡的水平，從而允許增加毛利率美元進行投資業務背後。

International likewise, we've talked about the opportunities that we still see globally in the long term to take this brand around the world.

同樣，在國際方面，我們已經討論了從長遠來看我們仍然看到的將這個品牌推向世界各地的機會。

We're very focused on the big core markets right now.

我們現在非常關注大型核心市場。

But long term, we see opportunities to expand into new markets.

但從長遠來看，我們看到了拓展新市場的機會。

The last I'd say is obviously the mix between Science Diet and Prescription Diet , we saw a good inflection on prescription diet this quarter.

我最後要說的顯然是科學飲食和處方飲食之間的混合，本季我們看到處方飲食出現了良好的變化。

That's been deliberate. that's been a function of partly due to the capacity expansion that we've had.

這是故意的。這部分是由於我們的產能擴張所致。

It's allowed us to get more diets on the shelf allowed us to provide more sustained, consistent delivery to the vet professionals on the Prescription Diet business and we saw a good mix benefit of that in the quarter as well.

它使我們能夠在貨架上獲得更多的飲食，使我們能夠為處方飲食業務的獸醫專業人士提供更持續、一致的交付，我們在本季度也看到了良好的綜合效益。

So overall, we're pleased with it.

總的來說，我們對此感到滿意。

The category is a little soft right now, as you mentioned, as household starts to come down.

正如您所提到的，隨著家庭數量開始下降，該類別現在有點軟。

But as we see the hopefully the US economy starting to show environments here, at least for a softer landing.

但正如我們所看到的，美國經濟有望開始展現出這裡的環境，至少是軟著陸。

We think that will bode well for us.

我們認為這對我們來說是個好兆頭。

Pricing is an opportunity given the strength of the brand will continue to take pricing where we have the necessity to do that.

鑑於品牌的實力，定價是一個機會，我們將繼續在有必要的地方進行定價。

The good news is we've seen a little bit of flattening on commodity pricing in the Hill's business, which is excellent for us as we get that pricing and we've had historically, we've seen the benefit of a more moderate inflationary environment on input costs.

好消息是，我們看到希爾業務中的商品定價略有趨平，這對我們來說非常好，因為我們得到了這個定價，而且我們從歷史上看，我們已經看到了更溫和的通膨環境的好處關於投入成本。

And we get more leverage through the P&L as we see the volume come back.

當我們看到交易量回升時，我們可以透過損益表獲得更多槓桿。

So overall, we feel like we're in a good position to sustain that moving forward.

總的來說，我們覺得我們處於有利的位置來維持這一發展。

Filippo Falorni, Citi.

菲利波·法洛尼，花旗銀行。

Hi, good morning, everyone.

嗨，大家早安。

I wanted to ask about the North American business.

我想問一下北美業務。

Great to see the volume return to solid growth, but you also called out a more promotional environment.

很高興看到銷量恢復穩健成長，但您也提出了一個更具促銷性的環境。

So maybe one you can talk about the general promotional environment in your categories from your competitors and private label.

因此，也許您可以談談您的競爭對手和自有品牌在您的類別中的整體促銷環境。

And also from a cycle standpoint, I know last year, you were cycling lower promotional levels.

而且從週期的角度來看，我知道去年你們的促銷程度較低。

Is it fair to think that's going to continue in Q3 and then by Q4, you're going to have a more normal comparison from a promotional levels.

公平地說，這種情況將在第三季度繼續下去，然後到第四季度，您將從促銷水平進行更正常的比較。

So any color on the balance between pricing and volume in the back half for North America will be helpful.

因此，北美後半段定價和銷售之間平衡的任何顏色都會有所幫助。

Thank you.

謝謝。

Thank you, Filippo.

謝謝你，菲利波。

Overall organic growth in North America was roughly in line with our expectations, albeit more volume, which was really pleasing, I'll come back to that in just a moment.

北美的整體有機成長大致符合我們的預期，儘管數量有所增加，這確實令人高興，我稍後會回到這一點。

And a little less pricing than expected, although as you rightfully point out and as we said in the prepared commentary, this was due to comparisons with a year ago, if you remember, really strong pricing in the second quarter, high single-digits, I think it was around 9%.

定價比預期要低一些，儘管正如您正確指出的那樣，正如我們在準備好的評論中所說，這是由於與一年前相比，如果您還記得的話，第二季度的定價非常強勁，高個位數，我認為大約是9%。

We talked about it in the call in the second quarter last year.

我們在去年第二季的電話會議中談到了這一點。

The fact that we perhaps may have pulled back a bit too far on promotions.

事實上，我們在促銷方面的削減幅度可能有點太大了。

We saw some of those promotions come back in the quarter this year, particularly one retail environment where we didn't promote at all in the year ago period, a little bit of a mix change between some of the higher price retailers to lower price retailers also impacting price.

我們看到其中一些促銷活動在今年季度捲土重來，特別是在我們去年完全沒有促銷的零售環境中，一些價格較高的零售商與價格較低的零售商之間出現了一些混合變化也影響價格。

But pleasingly, on the volume side, which we think is very important for us in North America right now, we saw great improvement and what was particularly encouraging there as we saw household penetration as a result of that we talked a lot about that over the last four quarters.

但令人高興的是，在數量方面，我們認為這對我們目前在北美非常重要，我們看到了巨大的進步，特別令人鼓舞的是，因為我們看到了家庭滲透率，因此我們在過去的一段時間裡對此進行了很多討論。

The importance of driving household penetration and the North American numbers are terrific market shares more or less flattened in value, but up quite considerably on the volume side.

推動家庭滲透率的重要性和北美市場的數據都表明，市場份額的價值或多或少持平，但數量方面卻大幅上升。

That reflects, I think, a much more targeted approach and a thoughtful approach and how we're utilizing promotional dollars to be very effective and prudent without going too far down the trap of over promoting.

我認為，這反映了一種更有針對性的方法和深思熟慮的方法，以及我們如何非常有效和謹慎地利用促銷資金，而不會陷入過度促銷的陷阱。

But right now, we feel we're in a very good place with that.

但現在，我們覺得我們處於一個非常好的位置。

We did see some of the retailers lean in.

我們確實看到一些零售商做出了努力。

There's been a little bit more lift on promotional coupons, a little bit higher, but expected as we move through the quarter and we expect that to continue through the balance of the year.

促銷優惠券的提升幅度更大，更高一些，但隨著本季的推進，我們預計這種情況將持續到今年餘下的時間。

And as I continually say, at least if you look outside of scanner data, our non-Nielsen business continued to track at multiples higher than the Nielsen tracked channels.

正如我不斷說的，至少如果你看看掃描器數據之外的情況，我們的非尼爾森業務的追蹤速度仍然高於尼爾森追蹤頻道的倍數。

So again, really, really pleased with the overall context of how the quarter was delivered.

再說一遍，我對本季交付的整體情況非常非常滿意。

We're going to watch the pricing carefully, but encouraged to see the volume coming back quite nicely.

我們將仔細觀察定價，但很高興看到銷售恢復得很好。

Andrea Teixeira, JPMorgan.

安德里亞·特謝拉，摩根大通。

Thank you.

謝謝。

Good morning to all.

大家早安。

My question is on Europe, obviously nothing short of impressive that you kept your momentum there.

我的問題是關於歐洲的，顯然你們在那裡保持了勢頭，令人印象深刻。

But with that, I mean, some of your peers have been calling and broader deceleration of similar to what has been happening in the US.

但我的意思是，一些同行一直在呼籲更大範圍的減速，類似於美國發生的情況。

So wanted to see if you’re as you exited the quarter and as you negotiated on some of the shelf spaces and promos in Europe as well.

所以想看看您是否像您退出本季度以及就歐洲的一些貨架空間和促銷活動進行談判時一樣。

And how you just described now on some of the shifts into the channels in the US into the low income on more affordable channels are discounters.

您剛剛描述了美國通路向低收入者轉移的一些管道，即折扣店。

Are you seeing this happening in Europe or just says you said your pricing letters and your innovation has been able to sustain momentum there and how we should be thinking to the back end?

您是否看到這種情況在歐洲發生，或者只是說您說您的定價信和您的創新能夠維持歐洲的勢頭，以及我們應該如何思考後端？

Thank you.

謝謝。

Yeah, good morning, Andrew.

是的，早上好，安德魯。

Much or around the latter.

很大程度上或圍繞後者。

Obviously, I think we've seen some shift in retail environments there.

顯然，我認為我們已經看到那裡的零售環境發生了一些轉變。

But again, we're through the negotiations and I think what's particularly pleasing in Europe is the breadth of the innovation across price tiers and the breadth of innovation across various channels.

但我們已經完成了談判，我認為在歐洲特別令人高興的是跨價格層級的創新廣度以及跨各種管道的創新廣度。

And that's allowed us in our view to deliver that sustained very strong growth.

我們認為這使我們能夠實現持續非常強勁的成長。

What's particularly pleasing is obviously the balance between pricing and volume there.

特別令人高興的顯然是價格和銷售之間的平衡。

We'll see pricing obviously come down as we lap some of the strong pricing we took last year, but the volume coming back into the P&L at such a healthy levels was particularly encouraging for the business, and that's reflected in market shares and household penetration as I said, the market shares on toothpaste at record high levels.

我們會看到定價明顯下降，因為我們採用了去年的一些強勁定價，但損益表中的交易量以如此健康的水平回歸對企業來說尤其令人鼓舞，這反映在市場份額和家庭滲透率上正如我所說，牙膏的市佔率達到歷史新高。

I think the balanced and effectiveness we have between the Colgate and Elmex and Meridol brands is really taking stride now in the sense of getting that promotional mix right between the three brands.

我認為高露潔、Elmex 和 Meridol 品牌之間的平衡和有效性現在確實取得了長足進步，在三個品牌之間實現了正確的促銷組合。

And we're seeing likewise on the home care and personal care brands, some of the innovation come into the market and drive good sustained growth.

我們在家庭護理和個人護理品牌上也看到同樣的情況，一些創新進入市場並推動良好的持續成長。

Overall, a great performance for Europe, we'll watch it in the back half.

總的來說，歐洲隊的表現非常出色，我們將在後半場觀看。

But right now, we think the sustained market share growth that we've had across of all of our categories is going to bode well for the back half and the volume coming back and across multiple price tiers.

但目前，我們認為我們所有類別的市佔率持續成長對於下半年以及多個價格層的銷售恢復來說是個好兆頭。

It's a good indication that we're in a good place to set us up for a strong back half as well.

這是一個很好的跡象，表明我們處於一個很好的位置，可以為我們的後半場做好準備。

Robert Moskow, TD Cowen.

羅伯特·莫斯科，TD·考恩。

Hi.

你好。

Thanks for the question.

謝謝你的提問。

Noel, you mentioned sequentially higher commodity costs as the year progresses.

諾埃爾，您提到隨著時間的推移，商品成本不斷上升。

And I was wondering if you could help us quantify it or tell us like is it material enough that you would have to make any kind of pricing actions?

我想知道您是否可以幫助我們量化它或告訴我們它是否足夠重要以至於您必須採取任何類型的定價行動？

And if so, where would the hotspots be?

如果是這樣，熱點會在哪裡？

Yeah, let me let Stan get into the details, but you know, strategically, obviously, we think with the pricing that we've taken and strong productivity moving through the P&L, particularly with the volume starting to inflect much more positively.

是的，讓我讓史丹談談細節，但你知道，從戰略上講，顯然，我們認為我們採取的定價和透過損益表實現的強勁生產力，特別是隨著銷量開始更加積極地變化。

We think we're set up well for the back half.

我們認為我們為後半場做好了準備。

We will see some inflationary commodity increases, at least in terms of where commodities are in the back half.

我們將看到一些通貨膨脹性商品的增加，至少就商品的後半部而言。

But nothing that gives us tremendous concern, particularly given the strong margin profile that we have across the business and where we're seeing the growth.

但沒有什麼讓我們非常擔心，特別是考慮到我們整個業務的強勁利潤狀況以及我們看到的成長。

But let me have Stan, give you a little bit more color there.

但讓史丹來給你多一點色彩。

Yeah.

是的。

Thanks, Noel.

謝謝，諾埃爾。

So what we saw in the first quarter we talked about coming out was that we had general easing a bit on commodities.

因此，我們在第一季看到的情況是，我們對大宗商品採取了整體寬鬆政策。

But as we're looking into the back half of the year, we do see some raw material inflation and in commodity costs as well as an impact from transactional FX.

但當我們展望今年下半年時，我們確實看到了一些原物料通膨和大宗商品成本以及交易性外匯的影響。

So as we think about the components of that, there are some pieces here they're going through, but we do feel confident in our ability to offset those with funding the growth and productivity.

因此，當我們考慮其中的組成部分時，他們正在經歷一些部分，但我們確實有信心有能力透過為成長和生產力提供資金來抵消這些部分。

I don't see the need unless they move more dramatically to take large incremental price.

我認為沒有必要，除非他們採取更大幅度的行動來採取大幅增量價格。

In addition on our margin, as we look even anticipating these, we expect that our second half gross margin should be up year on year and levels have probably more similar to Q2.

此外，在我們的利潤率方面，正如我們預期的那樣，我們預計下半年的毛利率應該會同比上升，並且水平可能與第二季度更加相似。

So overall, I think the teams keep a good eye on this.

總的來說，我認為團隊會密切關注這一點。

We look at it on a forward basis, we've already locked in a significant proportion of Q3, and we'll look at that obviously in Q4 as we go ahead.

我們以前瞻性的方式看待它，我們已經鎖定了第三季度的很大一部分，隨著我們的進展，我們將在第四季度明顯地關注這一點。

So while we're aware of it, we feel pretty well positioned.

因此，雖然我們意識到了這一點，但我們感覺自己處於有利地位。

Yeah.

是的。

The one unknown there is probably foreign exchange, and you've seen that obviously move a bit against us in the last three weeks, particularly in the Latin currencies.

未知的可能是外匯，您已經看到過去三週內匯率明顯對我們不利，尤其是拉丁貨幣。

So we'll have to watch that carefully but we're on it.

所以我們必須仔細觀察，但我們正在努力。

Bonnie Herzog, Goldman Sachs.

邦妮·赫爾佐格，高盛。

All right.

好的。

Thank you.

謝謝。

Good morning.

早安.

Noel, I'd be curious to hear if you've seen any noticeable changes in consumer behavior in any of your key markets, especially from the low-income consumer.

諾埃爾，我很想知道您是否發現任何關鍵市場的消費者行為發生了任何明顯的變化，尤其是低收入消費者的行為。

And then, if so, you know, what initiatives have you guys have been implementing to ultimately offer more value for consumers to drive this faster volume growth that we're seeing?

然後，如果是這樣，你們知道，你們一直在實施哪些舉措，以最終為消費者提供更多價值，從而推動我們所看到的更快的銷售成長？

Thank you.

謝謝。

Thank you.

謝謝。

And I think overall, we are quite constructive around the world, and that's obviously reflected in the strong volume growth and likewise, the penetration and market share growth.

我認為總體而言，我們在全球範圍內都非常具有建設性，這顯然反映在銷量的強勁增長以及滲透率和市場份額的增長上。

But overall, constructive I think a lot of the strategy that we've put in place over the last couple of years, and that's innovating against some of our big core businesses and making sure that we're deliberate about the innovation by retail environment has played out well relative to ensuring that those consumers looking for more value oriented offerings that we have, that disposable opportunity in our portfolio.

但總的來說，我認為過去幾年我們制定的許多策略都是建設性的，這些策略針對我們的一些大型核心業務進行創新，並確保我們對零售環境的創新進行深思熟慮。我們擁有的更有價值的產品的消費者來說，我們的產品組合中的一次性機會表現得很好。

And we've seen that, I think outside of the US, the consumer has been quite constructive.

我們已經看到，我認為在美國以外，消費者非常有建設性。

We've seen a little bit more price value shopping in North America, but nothing too unusual right now, but we'll have to watch that carefully as we move through the back half of the year.

我們在北美看到了一些物有所值的購物，但現在並沒有什麼太不尋常的，但我們在今年下半年時必須仔細觀察。

As I mentioned earlier, we're seeing a little bit more volume on deal coming through in North America, but nothing that's not in line with historical numbers, quite frankly.

正如我之前提到的，我們看到北美的交易量增加，但坦白說，沒有任何與歷史數據不符的情況。

So overall, US watchful, Europe seems to be okay, Latin America again, you've seen the really strong volume growth over the last three or four quarters despite significant pricing.

因此，總體而言，美國的情況值得關注，歐洲似乎還不錯，再次是拉丁美洲，儘管定價顯著，但您已經看到過去三四個季度的銷量增長非常強勁。

And so we're seeing a good consumer environment there.

所以我們在那裡看到了良好的消費環境。

Africa, Asia, Eurasia, strong again, good volume growth.

非洲、亞洲、歐亞大陸再次強勁，銷售成長良好。

And pleasingly, starting to see some good volume growth coming back out of Asia and India specifically, which is encouraging.

令人高興的是，開始看到亞洲和印度的銷量出現良好增長，這是令人鼓舞的。

Chris Carey, Wells Fargo Securities.

克里斯凱裡，富國銀行證券。

Good morning.

早安.

I just wanted to go back to the North America business, specifically around volume and investment posture.

我只想回到北美業務，特別是關於銷量和投資狀況。

And so just two parts to I guess first the negative pricing in the quarter, is there a way to dimensionalize how much of that you think is the year-ago compare versus, say action that you're taking in the market a bit more off sensitively?

因此，我想，首先是本季的負定價，有兩個部分，有沒有一種方法可以衡量您認為與一年前相比有多少，比如說您在市場上採取的行動更多一些敏感地？

And then just from a volume perspective, what is this volume number, I guess, feel either sustainable going into the back half I know you have some compare dynamics and I believe that low, so it enhanced.

然後，從成交量的角度來看，我猜這個成交量是多少，感覺要么可持續進入後半部分，我知道你有一些比較動態，我相信很低，所以它有所增強。

So but at the same time, I think in your prepared remarks, you called out double-digit growth volume growth in toothpaste, which is quite a bit ahead of what we can see in the consumption data.

因此，但同時，我認為在您準備好的演講中，您提到了牙膏銷量的兩位數增長，這遠遠超出了我們在消費數據中看到的水平。

So I'm just wondering if there both timing and also durable dynamics that you see in Q2 as we go into the back half.

所以我只是想知道，當我們進入後半段時，您是否在第二季度看到了時機和持久的動態。

So thanks for that, too.

所以也謝謝你。

Yeah, let me start with, I guess the volume numbers overall and we feel obviously the good strong growth in the quarter largely toothpaste driven, but we saw it across all categories, which is terrific.

是的，讓我首先，我猜總體銷量數字，我們明顯感覺到本季度的強勁增長主要是牙膏驅動的，但我們在所有類別中都看到了這一點，這非常棒。

And we expect that to continue as the comparisons in North America will be favorable for us in the third quarter and in the fourth quarter.

我們預計這種情況將持續下去，因為北美的比較將在第三季和第四季對我們有利。

So volume should continue to track well.

因此成交量應該會繼續保持良好的走勢。

Let me get into a little bit of dimensionalizing the pricing.

讓我對定價進行一些維度化。

I mean, as you said, most of it was a comp as you recall, we had 10% price in Q1, 9% price in Q2 last year.

我的意思是，正如您所說，正如您所記得的那樣，其中大部分是補償，我們去年第一季的價格為 10%，第二季的價格為 9%。

And we talked specifically, as I mentioned earlier, that we may have pulled back a little bit too much on promotions in the second quarter.

正如我之前提到的，我們特別談到，我們可能在第二季的促銷活動上削減了太多。

So the comparison was obviously very, very favorable and we needed to get the promotion cadence back to where we need to.

因此，這種比較顯然非常非常有利，我們需要將促銷節奏恢復到我們需要的水平。

We had one particular retailers, I mentioned that we had pulled out of last year that came back online this year, which was encouraging, helped drive some of the strong volume growth.

我們有一個特定的零售商，我提到我們去年已經退出，今年又重新上線，這是令人鼓舞的，有助於推動一些強勁的銷售成長。

But again, I think the promotional cadence that we'll see will be or the pricing will be somewhat consistent with where we were in the second quarter as we move through the back half of the year off a very strong year in 2023.

但我再次認為，隨著 2023 年下半年的強勁表現，我們將看到的促銷節奏或定價將與第二季的情況一致。

And overall, what's most encouraging is to see the elasticity there as we put a little bit more pricing in the market relative to couponing promotion.

總的來說，最令人鼓舞的是看到那裡的彈性，因為我們相對於優惠券促銷在市場上設置了更多的定價。

We're obviously seeing a great return on that relative to volume.

顯然，我們看到相對於銷量的巨大回報。

Encouraging, likewise gross profit percent and gross margin dollars were up in North America, which is allowing us to continue to invest strongly behind the business.

令人鼓舞的是，北美的毛利率和毛利率也有所上升，這使我們能夠繼續大力投資業務。

And we are encouraged by that, particularly as we move in the back half of the year.

我們對此感到鼓舞，特別是當我們在今年下半年採取行動時。

Olivia Tong, Raymond James.

唐奧立，雷蒙德詹姆斯。

Thanks.

謝謝。

Good morning.

早安.

I wanted to go back to Latin America, given that it continues to be a very strong driver of your total company growth.

我想回到拉丁美洲，因為它仍然是公司整體成長的強大推動力。

Obviously very strong volume, very strong price, but you called out Brazil and Mexico, so can you talk about what you're seeing any incremental concerns given the macros there, your sense of how the consumer's behaving in those key markets as well as some of the other countries, given the overall resonating out of the growth in Latin America.

顯然，銷量非常強勁，價格也非常強勁，但您提到了巴西和墨西哥，那麼您能否談談考慮到那裡的宏觀情況，您所看到的任何增量擔憂，以及您對消費者在這些關鍵市場以及一些市場的行為的感覺？

Thank you.

謝謝。

Great.

偉大的。

Thank you, Olivia.

謝謝你，奧莉維亞。

And yeah, we're encouraged our two largest businesses, LatAm and Hill's, both delivering really strong quarters, particularly at the EBIT line, LatAm up 15% on EBIT, Hill's up 20%.

是的，我們對我們最大的兩家企業 LatAm 和 Hill's 感到鼓舞，它們都實現了非常強勁的季度業績，特別是在息稅前利潤方面，LatAm 的 EBIT 增長了 15%，Hill's 增長了 20%。

So getting the big businesses growing at that level is encouraging for us.

因此，讓大企業以這種水準成長對我們來說是令人鼓舞的。

And LatAm obviously continues to be such a consistently strong performer for us.

對我們來說，拉丁美洲顯然仍然是一個持續強勁的表現者。

Organic sales growth was strong.

有機銷售成長強勁。

We saw good volume growth across all of our businesses.

我們所有業務的銷售量都取得了良好的成長。

Every country was positive in volume, with exception of Argentina.

除阿根廷外，每個國家的銷售量均呈正值。

This was led by Brazil, which was high single digits, which is really, really strong and four quarters of mid-single-digit volume growth in LatAm.

其中巴西的銷量處於領先地位，其銷量達到了高個位數，非常非常強勁，拉丁美洲的銷量連續四個季度實現了中個位數增長。

So overall, a pretty good consumer environment in, I would say Brazil seems to be quite strong, Mexico slowed a little bit in the quarter.

因此，總體而言，巴西的消費環境相當不錯，我認為巴西似乎相當強勁，而墨西哥在本季略有放緩。

We'll have to watch that carefully, but the rest of the region performed quite strongly.

我們必須仔細觀察，但該地區的其他地區表現相當強勁。

Oral Care, as you mentioned, really strong performance.

正如您所提到的，口腔護理的表現非常強勁。

Our market shares were up 90 basis points across the division, volume shares were up, likewise across the divisions so encouraged by that.

我們整個部門的市佔率上升了 90 個基點，成交量份額也上升了，同樣受此鼓舞的各個部門也都上升了。

The strong marketing innovation that we put in the first half seems to be taking hold so we think we're well set up for continued consistent growth as we move through the back half.

我們在上半年投入的強大行銷創新似乎正在發揮作用，因此我們認為，隨著下半年的發展，我們已經做好了持續持續成長的準備。

So I would characterize the consumer environment is pretty good and the innovation that we have, particularly at the premium side, seems to be taking hold on whitening and some of the core relaunches seem to be driving some good success in terms of household penetration.

因此，我認為消費環境非常好，我們所擁有的創新，特別是在高端方面，似乎正在美白領域佔據一席之地，並且一些核心產品的重新推出似乎在家庭滲透率方面取得了一些良好的成功。

Overall, we're encouraged by LatAm and continue to believe it will be a great growth driver for us moving forward.

總體而言，我們對拉丁美洲感到鼓舞，並繼續相信它將成為我們前進的巨大成長動力。

Steve Powers, Deutsche Bank.

史蒂夫鮑爾斯，德意志銀行。

Noel, I was hoping we could talk about pricing more broadly as it's been a topic already, but it's been the number one focus, as I've heard from investors today and really not just for Colgate, not just North America but for the industry at large given what we've seen from I heard from others.

諾埃爾，我希望我們能夠更廣泛地討論定價，因為它已經成為一個話題，但正如我今天從投資者那裡聽到的那樣，它一直是首要焦點，不僅對高露潔，不僅對北美，而且對整個行業總的來說，考慮到我們從其他人那裡聽到的情況。

Where arguably pricing's coming down faster than might have previously been expected, at least in significant pockets.

可以說，價格下降的速度比之前預期的要快，至少在重要領域是如此。

It's not hurting your performance today.

這不會影響你今天的表現。

Volumes and gross margins are great, strong reinvestment, middle of P&L's discussed.

銷量和毛利率都很高，再投資強勁，處於損益表討論的中間位置。

But I guess the question is if the direction of travel is lower on pricing, again, not just for Colgate, but for the competitive set, is that volume and full P&L performance sustainable?

但我想問題是，如果定價的方向降低，不僅對於高露潔來說，而且對於競爭對手來說，這種銷售和全面的損益表現是否可持續？

And how do you think about that?

您對此有何看法？

Yeah, we're listed.

是的，我們被列入名單了。

We know that the market's been focused on getting back to volume growth that we've consistently talked about is certainly at Deutsche Bank.

我們知道，市場一直專注於恢復我們一直在談論的德意志銀行的銷售成長。

In Paris on the importance of that growth being balanced that we were going to continue to focus on the strong revenue growth management principles we have in place, the price pack architecture work that we're doing and necessity to continue to get pricing in the P&L now as the inflationary environment becomes more benign.

在巴黎，關於平衡成長的重要性，我們將繼續關注我們現有的強大的收入成長管理原則、我們正在進行的價格包架構工作以及繼續在損益表中定價的必要性現在通膨環境變得更加良性。

Obviously, we'll see some foreign exchange transactional pricing that needs to go into the P&L.

顯然，我們會看到一些需要計入損益表的外匯交易定價。

But we're going to continue to be very focused on finding ways to drive some balanced pricing through the P&L.

但我們將繼續專注於尋找透過損益表推動定價平衡的方法。

And we think we'll continue to see that obviously in the back half of the year for across most of our divisions.

我們認為，在今年下半年，我們的大部分部門都會繼續看到這種情況。

As I mentioned earlier, our revenue growth management capabilities are very, very strong right now.

正如我之前提到的，我們的收入成長管理能力現在非常非常強大。

And that's encouraging for us to find ways where we're seeing less inflationary pricing to find ways to optimize category growth from a dollar standpoint.

這對我們來說是令人鼓舞的，我們會找到減少通膨定價的方法，從美元的角度找到優化品類成長的方法。

But we've talked about it consistently that we would see, particularly this year, in fact, more towards volume than pricing, but that being said, the 4.2% pricing that we generated in the second quarter continues to be very, very strong in the context of where the marketplace is.

但我們一直在談論這一點，尤其是今年，事實上，更多的是數量而不是定價，但話雖這麼說，我們在第二季度產生的 4.2% 定價仍然非常非常強勁市場所在的環境。

I think that talks to the strength of our brands and our need to continue to offset some of the inflationary pressures that we saw in the business.

我認為這與我們品牌的實力以及我們繼續抵消我們在業務中看到的一些通膨壓力的需要有關。

So overall, we'll see pricing in the second half come to be a little bit lower than where we were in the second quarter.

因此，總體而言，我們將看到下半年的定價會比第二季略低。

But given the levels of raw material inflation and the benefit of FTG we still feel good about where we are from a gross profit standpoint.

但考慮到原物料通膨水準和 FTG 的效益，從毛利的角度來看，我們仍然對自己的現狀感到滿意。

Bryan Spillane, Bank of America.

布萊恩·斯皮蘭，美國銀行。

Hey, thanks, operator, and good morning, everyone.

嘿，謝謝接線員，大家早安。

Firstly, just wanted to extend a happy birthday to Peter Grom we all love Pete.

首先，我只是想祝彼得葛羅姆生日快樂，我們都愛皮特。

Second, just a question.

第二，只是一個問題。

I guess as we go into kind of looking at in the first half and going into the balance of the year and thinking about just as we fill in our models, kind of the base that we're using for '24 for next year.

我想當我們進入上半年並進入今年的餘額並思考我們填寫模型時，我們將在明年使用 24 小時的基礎。

So I guess though you've had upside in the first half.

所以我猜你上半場還是有優勢的。

And I think, you know, last year there were some reinvestment and I think as you started this year.

我想，你知道，去年有一些再投資，我想今年就開始了。

You also spoke a bit about the bias right to balance the driving earnings growth.

您還談到了平衡推動獲利成長的偏見。

But at the same time taking the opportunity when you have it right when things are good, and you've got upside to reinvested.

但同時，當情況良好時，要抓住機會，並且有機會進行再投資。

Can you give us a sense of just maybe the scope of reinvestment that's occurred in the first half.

您能為我們介紹一下上半年發生的再投資的範圍嗎？

And then as we're thinking about the second half with that be your bias?

然後，當我們考慮下半年時，這是您的偏見嗎？

Have you identified potential areas to spend some money back that you hadn't planned?

您是否已經確定了可以花掉一些您未計劃的資金的潛在領域？

And then finally, and that as we're thinking about that for a base for '25, you know, is there anything we should consider with regards to the level of investment in '25, whether this would be a good base of '24?

最後，當我們考慮 25 年的基礎時，你知道，關於 25 年的投資水平，我們是否應該考慮什麼，這是否是 24 年的良好基礎？

Thanks.

謝謝。

Yeah, thanks, Bryan.

是的，謝謝，布萊恩。

Again, very consistent with what we've spoke about in the past, and that is getting the flexibility in the middle of the P&L to give us the opportunities to really direct advertising in areas where we're going to get the best return on that investment.

同樣，這與我們過去談到的非常一致，那就是在損益表中獲得靈活性，使我們有機會真正在我們將獲得最佳回報的領域進行直接廣告投資。

And with the continued growth in gross margin dollars with the strong top line growth that affords us flexibility around the world.

隨著毛利率的持續成長和強勁的收入成長，為我們在全球範圍內提供了靈活性。

And at the same time, as I've mentioned, we are all over trying to improve the ROI of that spend in terms of getting more bang for the buck and being very deliberate in terms of how we approach the advertisers, not increased advertising for the sake of increased advertising.

同時，正如我所提到的，我們全力以赴地努力提高支出的投資回報率，以獲得更多的回報，並非常謹慎地對待廣告商，而不是增加廣告為了增加廣告。

They are alive culture that we're implementing across the organization is very, very strong.

他們是我們在整個組織中實施的活躍文化，非常非常強大。

So our intention is to continue invest where we see a return on investment.

因此，我們的目的是在看到投資回報的地方繼續投資。

And we see real opportunities for continued volume growth opportunities, particularly around household penetration and build brand awareness.

我們看到了持續銷售成長的真正機會，特別是在家庭滲透率和建立品牌知名度方面。

And we'll continue to invest opportunistically where we see those opportunities.

我們將繼續在看到這些機會的地方進行機會主義投資。

So I don't think there'll be anything changing in the back half of this year.

所以我認為今年下半年不會有任何變化。

Our intention is to continue to invest behind the business and drive that top line consistently to drive the bottom compounding growth that we've talked about over the last three or four quarters.

我們的目的是繼續對業務進行投資，並持續推動營收成長，以推動我們在過去三、四個季度討論過的底部複合成長。

And Bryan, I think just to add on to that, you know, if you look, I think we've demonstrated a good track record here with our ROIC back over a 33%.

Bryan，我想補充一點，你知道，如果你看一下，我認為我們在這裡展示了良好的記錄，我們的 ROIC 回到了 33% 以上。

We're on a mission for consistent compounded EPS growth, and we'll make those investments where we see the ROI.

我們的使命是實現每股收益的持續複合成長，我們將在看到投資回報率的地方進行這些投資。

And I think our track record is pretty good here, and we'll look to continue that going forward.

我認為我們在這裡的記錄非常好，我們將期待繼續前進。

Robert Ottenstein, Evercore ISI.

羅伯特·奧滕斯坦，Evercore ISI。

Great, thank you.

太好了謝謝。

First a quick follow up just on North America, given that you're returning to historical or normal promotional levels, would it be fair to say that you don't expect any kind of particular competitive response.

首先對北美進行快速跟進，考慮到您正在恢復到歷史或正常的促銷水平，公平地說您不會期望出現任何特定的競爭反應。

So just love to get color on that.

所以只是喜歡在上面塗上顏色。

And then my bigger picture question is, it seems to us, and I think we see it in your results that the consumer at least certain groups of consumers are more willing perhaps than in the past to pay up for innovation and performance, perhaps more than pre-COVID levels.

然後我更大的問題是，在我們看來，我認為我們從你的結果中看到，消費者至少是某些消費者群體可能比過去更願意為創新和性能付費，也許比過去更願意為創新和性能付費。

Is that in fact something that is true that you're seeing?

您所看到的確實是這樣嗎？

Why would that be the case or and is it perhaps in combination with better communications on your part in terms of making clear exactly how the performance is better and maybe what's driving that better communications?

為什麼會出現這種情況，或者是否可能與您更好的溝通相結合，明確說明表現如何更好，以及是什麼推動了更好的溝通？

Thank you.

謝謝。

Yeah, good morning, Rob.

是的，早安，羅布。

Thank you.

謝謝。

Again, I think the overall promotional environment as constructive.

再次，我認為整體促銷環境具有建設性。

As I mentioned, we may have pulled back a little bit too far last year as we pull promotions out to get some pricing in the categories.

正如我所提到的，去年我們取消了促銷活動以獲得一些類別的定價，這可能有點太過了。

And we've simply rebalanced that and more importantly, probably match promotional pricing then to lead -- certainly to lead at our intention is not to lead category on a promotional cadence that can't be sustained.

我們只是重新平衡了這一點，更重要的是，可能會匹配促銷價格，然後引領——當然，按照我們的意圖引領並不是以無法持續的促銷節奏引領品類。

So overall, we feel like it's more or less consistent with where we are.

總的來說，我們覺得它或多或少與我們所處的位置一致。

We'll continue to be very prudent and mindful on where we invest those dollars and making sure that we see the volume and the gross margin where we need it to be to continue to sustain where we want to focus on, which is strong advertising, building the brands and leveraging the strong innovation pipeline that we have.

我們將繼續非常謹慎和謹慎地投資這些資金，並確保我們看到我們需要的數量和毛利率，以繼續維持我們想要關注的領域，即強大的廣告，打造品牌並利用我們擁有的強大創新管道。

In IFA extend on the innovation clearly, we will continue to operate with a real focus on the premium side of the business, and we're seeing great results from that across most of our divisions where some of our premium innovation, particularly in whitening now with the relaunch of total going into Latin America, obviously, Elmex and Meridol, all at the premium side were some other innovations.

在 IFA 中，我們明確地擴展了創新，我們將繼續真正專注於業務的高端方面，我們在大多數部門中都看到了巨大的成果，其中我們的一些高端創新，特別是現在的美白領域隨著Total 重新進入拉丁美洲，顯然，Elmex 和Meridol 都在高端方面還有其他一些創新。

We're seeing great inflection on the premium side of the business.

我們看到高端業務出現了巨大的變化。

And if you couple that with the strong core business innovation that we've had, Max Fresh in India, a great example of that.

如果將其與我們強大的核心業務創新結合起來，印度的 Max Fresh 就是一個很好的例子。

We're seeing great core innovation that's driving real value oriented points of difference versus our competitors.

我們看到了偉大的核心創新，這些創新正在推動與競爭對手相比真正的價值導向差異點。

And that's what we'll focus on making sure that consumers are willing to trade up based on a really strong proposition and a big selling idea behind that.

這就是我們將要關注的重點，確保消費者願意基於真正強而有力的主張和背後的大​​銷售理念來升級。

We've talked about the science and the superiority of our brands.

我們討論了我們品牌的科學性和優越性。

And we're really trying to put incorporate that much more into our messaging to your point to get the messaging stronger and the content delivery stronger.

我們確實在努力將更多內容融入我們的訊息傳遞中，以達到您的目的，使訊息傳遞更強大，內容傳遞更強大。

So overall, it's a combination of all you discussed -- the all of what you discussed making us be focused on ensuring that we have the innovation pipeline and the pricing in place to continue to sustain that strong top-line growth.

因此，總的來說，這是您所討論的所有內容的組合 - 您所討論的所有內容使我們專注於確保我們擁有創新管道和適當的定價，以繼續維持強勁的營收成長。

Lauren Lieberman, Barclays.

勞倫·利伯曼，巴克萊銀行。

Great, thanks.

萬分感謝。

Good morning.

早安.

And I know you just mentioned on Elmex and Meridol in the last question, but I wanted to ask a bit about that three brand strategy in Europe and get just maybe a bit of an update in on kind of how you're managing, channel reach.

我知道您在上一個問題中剛剛提到了 Elmex 和 Meridol，但我想問一些有關歐洲這三個品牌策略的問題，並了解一下您的管理方式、管道覆蓋範圍的最新情況。

And if you've taken those more premium brands beyond the pharmacy channel in Europe and more countries that have been added maybe in the last few years, that we've kind of lost sight of and how applicable that strategy in particular may be to other markets?

如果您將這些更優質的品牌帶到了歐洲和過去幾年可能增加的更多國家/地區的藥房管道之外，那麼我們就有點忽視了該策略如何適用於其他國家市場？

Because I think I recall that you were launching one of the premium brands in Latin America a few years ago.

因為我想我記得幾年前你們在拉丁美洲推出了一個高端品牌。

Just curious if that's progressed at all.

只是好奇這是否有進展。

Thanks.

謝謝。

Yeah.

是的。

Thanks, Lauren.

謝謝，勞倫。

And yeah, you're absolutely right.

是的，你是完全正確的。

We launched the Elmex in Brazil and I'll come back to that here at the end of my my answer.

我們在巴西推出了 Elmex，我將在回答結束時回到這一點。

But overall, it's been a very deliberate strategy for us to really flex our portfolio far more than we have done historically and making sure that we're capturing what does the unique needs and the consumer journey in the marketplace and what are the growing parts of the category and particularly the therapeutic side of the category, which is where we were not seeing the level of growth that we needed.

但總的來說，對我們來說，這是一個非常深思熟慮的策略，我們的產品組合比我們歷史上所做的要多得多，並確保我們能夠捕捉到市場上的獨特需求和消費者旅程，以及市場中不斷增長的部分。

So using Elmex and Meridol, all particularly across Europe to capitalize on that growth has been very successful.

因此，利用 Elmex 和 Meridol（特別是在整個歐洲）利用這種成長是非常成功的。

You combine that with the strong focus we've had on whitening and multi benefit in total as well as the optic across the world.

您將其與我們對美白和多種功效以及全球光學的強烈關注結合起來。

That gives us a unique combination of offerings to both the retail environments that we compete in, as well as the consumer and the retail environments as we've been very disciplined about how we take Elmex and Meridol around the world.

這為我們提供了針對我們競爭的零售環境以及消費者和零售環境的獨特產品組合，因為我們在如何將 Elmex 和 Meridol 推向世界各地方面一直非常嚴格。

First and foremost, we've been very deliberate and selective on what markets we're going to put that into.

首先也是最重要的是，我們對於投入哪些市場非常謹慎且有選擇性。

We're not going to put it in drop opportunity sake alone, we're going to be strategic about where we do that, particularly where the pharmacy channel is strong, and the therapeutic benefits are growing.

我們不會僅僅把它放在下降機會的緣故上，我們將在哪裡做這件事上採取策略，特別是在藥房管道強大且治療效果不斷增長的地方。

And we have a unique offering to go against some of our competitors in that space.

我們擁有獨特的產品來對抗該領域的一些競爭對手。

So we're going to be very selective on how we continue to take that around the world, but we will take it to new markets around the world where we see that opportunity.

因此，我們將非常有選擇性地繼續在全球範圍內推廣這項技術，但我們將其推廣到世界各地我們看到機會的新市場。

The point is, I think, is getting the balance between Elmex, Meridol and Colgate, right.

我認為，重點是在 Elmex、Meridol 和高露潔之間取得平衡，對吧。

And Europe's been a great test market for that, where we're seeing very significant incremental growth across the whole entire franchise by being very focused on where we're going to take those brands and how we advertise them.

歐洲是這方面的一個很好的測試市場，透過非常專注於我們將把這些品牌帶到哪裡以及我們如何為它們做廣告，我們看到整個特許經營權都取得了非常顯著的增量增長。

So overall, we feel good about that.

總的來說，我們對此感覺良好。

Professional was the other aspect and really focusing on the professional heritage of the Elmex and the Meridol brands.

專業是另一個方面，真正專注於 Elmex 和 Meridol 品牌的專業傳統。

We've been very deliberate about going back to the profession, educating them on the science.

我們一直非常慎重地想回到這個行業，對他們進行科學教育。

And the key point of difference behind the Elmex and the Meridol brands.

Elmex 和 Meridol 品牌背後的關鍵區別點。

And that should certainly lead to stronger endorsement levels from the profession, which obviously improve the premiumness of the brand and the loyalty that we have behind those franchises.

這肯定會帶來業界更強的認可水平，這顯然會提高品牌的溢價以及我們在這些特許經營權背後的忠誠度。

And you had a question with regards to Latin America come back on LatAm, Lauren quickly.

你有一個關於拉丁美洲的問題，請盡快回到拉丁美洲，勞倫。

The Brazil was where we decided to take that brand.

我們決定在巴西採用該品牌。

Again, a very strong pharmacy class of trade where we were not seeing that incremental growth that we wanted just with the Colgate franchise, we came in with the Elmex brand in LatAm, launched it in pharmacies in Sao Paulo only.

同樣，在一個非常強大的藥房行業中，我們沒有看到我們想要的高露潔特許經營權帶來的增量增長，我們在拉丁美洲推出了 Elmex 品牌，僅在聖保羅的藥房推出了它。

And then decided to expand that based on the success that we had around the country.

然後決定根據我們在全國範圍內取得的成功來擴大這一範圍。

And we've seen that drive a very significant incremental share in the pharmacy class of trade.

我們已經看到，這推動了製藥業貿易份額的顯著成長。

So a great combination of portfolio offerings to the pharmacists in terms of being high and therapeutic with the Elmex brand and making sure that we had the core offerings for the pharmacist as well with the Colgate brand.

因此，我們為藥劑師提供了一個很好的產品組合，即 Elmex 品牌的高功效和治療性，並確保我們為藥劑師以及高露潔品牌提供核心產品。

So it's been a great combination for us to leverage that portfolio, and we'll use that as a proxy as we think about new markets around the world but again, a very consistent and disciplined go-to-market strategy, only launching in pharmacy, building the brand through the profession and then finding ways to potentially democratize that brand as we move forward.

因此，對我們來說，利用該投資組合是一個很好的組合，當我們考慮世界各地的新市場時，我們將使用它作為代理，但同樣，這是一個非常一致和嚴格的進入市場策略，僅在藥房推出，透過專業打造品牌，然後在我們前進的過程中尋找可能使該品牌民主化的方法。

But we're going to be very deliberate and very cautious as we do that to ensure that the brand is well established and well seeded in the marketplace based on its credentials.

但我們在這樣做時會非常慎重和謹慎，以確保品牌基於其信譽良好地建立並在市場上紮根。

Mark Astrachan, Stifel.

馬克·阿斯特拉坎，斯蒂菲爾。

Yes, thanks and good morning, everybody.

是的，謝謝大家，早安。

I wanted to ask a couple of questions.

我想問幾個問題。

One more clarification on the North America commentary and the shift to lower price channels.

關於北美評論和轉向較低價格管道的進一步澄清。

We can see in the scanner data these days of the shift to Costco and Amazon, as an example, the growth is 8 times, 9 times what it is in the legacy tracked channels.

我們可以在這些天的掃描器資料中看到，以 Costco 和亞馬遜為例，成長是傳統追蹤管道的 8 倍、9 倍。

I guess are you referring to those lower-priced channels?

我猜你指的是那些低價通路？

If not, I guess I'm curious what's driving the growth?

如果不是，我想我很好奇是什麼推動了成長？

It's been there for at least number of quarters now of what's driving the share shift them into those channels?

它已經存在至少幾個季度了，是什麼推動了份額將他們轉移到這些管道？

And then separately on relatedly, on prescription diet and your commentary around the supply chain flexibility, increasing shelf space in volume.

然後分別相關地，關於處方飲食以及您對供應鏈靈活性、增加貨架空間的評論。

We started to see some of it in the pet specialty channel, but you still have a sign up there that says you need to have a prescription to buy the product.

我們開始在寵物專業頻道中看到其中一些產品，但那裡仍然有一個標誌，表明您需要有處方才能購買該產品。

So I guess I'm curious how that works in terms of that you get on shelf, you increase brand awareness and it sort of sells from there?

所以我想我很好奇這如何影響你上架、提高品牌知名度、從那裡銷售？

And if you could provide just the mix of the prescription versus the rest of the business would be helpful too.

如果您能提供處方與其他業務的組合也會有所幫助。

Thank you.

謝謝。

Yeah, thanks, Mark.

是的，謝謝，馬克。

Let me take the retail channel.

讓我以零售通路為例。

This has been I think nothing new here, quite frankly and I wouldn't say it's been a huge inflection in terms of shift.

坦白說，我認為這並不是什麼新鮮事，而且我不會說這是轉變的巨大轉變。

You've seen the non-tracked Nielsen channels consistently growing faster than the track Nielsen channels.

您已經看到非追蹤尼爾森頻道的成長速度始終快於追蹤尼爾森頻道。

And there's a value play there, obviously, with some of the club, the club offerings.

顯然，俱樂部的一些產品和服務具有價值。

But overall, I think all the channels are looking very, very carefully at their value proposition and the price pack architectures and finding ways to ensure that there's a value orientation back to the consumer without losing, obviously, the great pricing that's come through the P&L's or the categories over the last couple of years.

但總的來說，我認為所有管道都非常非常仔細地審視自己的價值主張和價格包架構，並尋找方法確保向消費者提供價值導向，同時又不會失去透過損益表獲得的優惠定價。過去幾年的類別。

And I don't anticipate those shifts will be anything different moving forward.

我預計這些轉變未來不會有任何不同。

We'll continue to see, I think, more consistent with where we've been in the past, and we're well prepared to continue to capitalize on those shares.

我認為，我們將繼續看到與過去的情況更加一致，並且我們已做好充分準備繼續利用這些股票。

But the encouraging aspect is growing the Nielsen tracked channels.

但令人鼓舞的是尼爾森追蹤管道的成長。

We've seen, as you've seen, as I mentioned earlier, the strong volume share growth that we've had in Nielsen tracked channels.

正如您所看到的，正如我之前提到的，我們已經看到尼爾森追蹤頻道的銷售份額強勁增長。

We're encouraged by that suggests that obviously the innovation and the value proposition that we're offering to our trade customers to grow their categories it continues to be quite solid.

我們對此感到鼓舞，這表明我們為貿易客戶提供的創新和價值主張，以擴大他們的類別，這顯然仍然非常可靠。

On Prescription Diet, again, a great opportunity for us to continue to grow the Prescription Diet business.

關於處方飲食，這對我們來說又是一個繼續發展處方飲食業務的絕佳機會。

We've talked about it in the past where the Prescription Diet opportunity with only less than 5% of pets are using a therapeutic nutrition today.

我們過去曾討論過，如今只有不到 5% 的寵物使用治療性營養品。

And while our study shows, you've heard me saying that I talked about in the past that 80% of pets can benefit from the therapeutic nutrition.

雖然我們的研究表明，您已經聽到我說過，我過去談到 80% 的寵物可以從治療性營養中受益。

So we're very focused on making sure pet specialty, our vet partners, et cetera, have the plethora of offerings that we bring to the market and the increased capacity that we have with Tonganoxie coming online and allowing us to optimize our network and provide more of our offerings to the retail environments on a consistent basis is playing out quite nicely for the brand, getting more of those recipes into pet specialty and neighborhood pet stores as well as making sure we have consistent supply to our veterinary professions where they recommend and provide that recommendation to their pet owners has been terrific for us.

因此，我們非常專注於確保寵物專業、我們的獸醫合作夥伴等擁有我們向市場帶來的大量產品，以及我們隨著 Tonganoxie 上線而增加的容量，使我們能夠優化我們的網絡並提供我們向零售環境提供的更多產品在一致的基礎上為該品牌發揮了相當好的作用，將更多的這些食譜引入寵物專營店和附近的寵物商店，並確保我們向我們的獸醫專業人士提供一致的供應，他們推薦和向寵物主人提供這項建議對我們來說非常棒。

So we will continue to make sure that offering expands and making sure that we continue to we look for ways to increase the mix towards Prescription Diet, which is a real benefit for the pet owner.

因此，我們將繼續確保產品範圍擴大，並確保我們繼續尋找增加處方飲食組合的方法，這對寵物主人來說是真正的好處。

This concludes the Q&A portion of our call.

我們電話會議的問答部分到此結束。

I will now return the call to Noel Wallace, Colgate-Palmolive, Chairman, President and CEO, for any closing remarks.

現在，我將回電給高露潔棕欖董事長、總裁兼執行長諾埃爾華萊士 (Noel Wallace)，讓其發表結束語。

Thank you all for joining us today.

感謝大家今天加入我們。

And I just want to applaud all the Colgate-Palmolive team around the world for the exceptional efforts to deliver strong top and bottom line growth.

我只想讚揚全球所有高露潔棕欖團隊為強勁的營收和利潤成長所做的卓越努力。

Importantly, we're doing that while we're building capabilities, we need to stay strong moving forward.

重要的是，我們在建立能力的同時，也需要保持強勁的前進動能。

So that's a terrific work by all the team.

所以這是整個團隊的一項出色的工作。

But I remind us is always that we're only halfway through the year and we still have a lot of work to be done.

但我始終提醒我們，今年才剛過半，我們還有很多工作要做。

So thanks, everyone.

謝謝大家。

And appreciate the great discussion this morning.

感謝今天早上的精彩討論。

The conference has now concluded.

會議現已結束。

Thank you for attending today's call.

感謝您參加今天的電話會議。

You may now disconnect.

您現在可以斷開連線。