高露潔 (CL) 2024 Q3 法說會逐字稿

Good morning. Welcome to today's Colgate Palmolive 2024 third-quarter earnings conference call. This call is being recorded and is being simulcast live at www.colgatepalmolive.com.

早安.歡迎參加今天的高露潔棕欖 2024 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。

Now for opening remarks, I'd like to turn this call over to Chief Investor Relations officer and Senior Vice President, 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資深副總裁 John Faucher。

Thanks Betsy. Good morning and welcome to our third quarter 2024 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 third quarter 2024 earnings press release and related prepared materials 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.

謝謝貝特西。早上好，歡迎參加我們的 2024 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2024 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2023 年年度報告和隨後的SEC 文件，所有這些都可以在高露潔網站上獲取，以討論影響因素可能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 nine of the earnings press release. A full reconciliation to the corresponding GAAP financial measures is included in the third quarter 2024 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。 2024 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查看。

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 his thoughts on our results and our 2024 outlook and we will then open it 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 將向您提供他對我們的業績和 2024 年展望的看法，然後我們將進行問答。諾埃爾？

Thanks John and good morning everyone and thanks again for joining us as we report another strong quarter of top line and bottom line performance. Our strategy of delivering more impactful core and premium innovation, increasing our advertising spending and scaling capabilities to drive improved brand health and higher household penetration is paying off through strong volume led organic sales growth.

感謝約翰，大家早上好，再次感謝您加入我們，我們報告了另一個強勁的季度營收和利潤表現。我們的策略是提供更具影響力的核心和高端創新，增加廣告支出和擴展能力，以推動改善品牌健康和提高家庭滲透率，這些策略正在透過強勁的銷售帶動的有機銷售成長獲得回報。

You're seeing this best represented in the fact that we have delivered volume growth in all six divisions for the second straight quarter with 3% growth in developed markets and 4.6% growth in emerging markets. It won't be every division every quarter, but we believe our geographic breadth and category mix will enable us to better weather volatility over time, whether that's from economic, geopolitical or other factors and deliver organic sales growth in line with our long term targets despite difficult comparisons.

最能體現這一點的事實是，我們的所有六個部門連續第二個季度實現了銷量成長，其中已開發市場成長了 3%，新興市場成長了 4.6%。不會是每個季度的每個部門，但我們相信我們的地理廣度和品類組合將使我們能夠更好地應對隨著時間的推移而出現的波動，無論是來自經濟、地緣政治還是其他因素，並根據我們的長期目標實現有機銷售成長儘管進行困難的比較。

This will be well considered in our plans and it's why we've been talking about building our business model to deliver sustained profitable growth, even as category growth decelerates as pricing growth recedes. Our commitment to re-establishing our gross margin is paying off in gross profit dollar growth even as we lack more difficult comparisons.

我們的計劃將充分考慮這一點，這就是為什麼我們一直在討論建立我們的業務模式以實現持續的盈利增長，即使類別增長隨著價格增長的放緩而放緩。儘管我們缺乏更困難的比較，但我們重建毛利率的承諾正在以毛利美元成長得到回報。

We have used this gross margin expansion to continue funding the investment in advertising and capabilities enabling us to deliver best in class volume growth which is driving strong organic sales growth. And we believe the flexibility we have built into our P&L gives us the ability to turn that organic sales growth into consistent, compounding earnings per share growth to deliver top tier TSR over the long term.

我們利用毛利率的成長繼續為廣告和能力投資提供資金，使我們能夠實現一流的銷售成長，從而推動強勁的有機銷售成長。我們相信，我們在損益表中建立的靈活性使我們能夠將有機銷售成長轉化為持續的複合每股收益成長，從而在長期內提供頂級的股東總回報率。

And with that, I'll open it up for questions.

接下來，我將開放提問。

We will now begin the question and answer session. (Operator instructions)

我們現在開始問答環節。 （操作員說明）

Dara Mohsenian, Morgan Stanley.

達拉莫森尼安，摩根士丹利。

Hey, good morning. So I just wanted to drill down into North America and a pricing was down significantly for the second quarter in a row. You'd warned us about that last quarter, but just take a step back and help us understand the competitive environment you're facing and what your strategy is from a pricing standpoint.

嘿，早安。因此，我只想深入了解北美，結果價格連續第二季大幅下降。您在上個季度警告我們這一點，但請退後一步，幫助我們了解您面臨的競爭環境以及從定價角度來看您的策略是什麼。

And how much volume payback you think you're getting given a muted result in the quarter, albeit with some timing caveats and just how that business is set up going forward as we look forward to 2025 and beyond.

儘管有一些時間上的注意事項，以及我們對 2025 年及以後的展望，但您認為本季度的業績回報率是多少，但該業務將如何發展。

And hopefully this isn't cheating, but I wanted to slip in a second question on PET, which is mostly North America actually. But the hills performance is really striking relative to industry trends. Can you just talk about the sustainability of low single digit PET pricing going forward, given that difficult industry pricing environment and the market share gains with your volume performance again in light of that difficult industry environment. Thanks.

希望這不是作弊，但我想插進關於 PET 的第二個問題，實際上主要是北美。但相對於產業趨勢而言，山丘的表現確實引人注目。鑑於行業定價環境困難，您能否談談未來低個位數 PET 定價的可持續性，以及在行業環境困難的情況下，您的銷售表現再次帶來市場份額的成長。謝謝。

Yeah, good morning Dara. Thank you. So, North America structurally, we came in exactly where we more or less expected, a little soft on the volume which I'll explain in just a moment. But what we're seeing is as carry growth accelerates a little bit as expected and what we talked about in the second quarter volumes returning, but not necessarily as fast as we would like, but I think there's more normalization on the volume line. We expect that to continue to inch up moving forward.

是的，早安，達拉。謝謝。因此，從北美的結構來看，我們或多或少達到了我們預期的水平，但數量上有點軟，我稍後會解釋這一點。但我們看到的是，套利成長如預期有所加速，以及我們在第二季度談到的交易量回歸，但不一定像我們希望的那麼快，但我認為交易量線更加正常化。我們預計這一數字將繼續小幅上升。

Pricing was in line with Q2 as you mentioned and as we talked about in the second quarter with similar adjustments that we expect to continue as we move through the balance of this year into the first quarter. I talked about volume being a little bit softer than it was expected. This was as we mentioned in the prepared remarks due to shipment timing on a couple of orders, we had the benefit of some promo moves from the third quarter, which we'll see a little bit more in the fourth quarter.

正如您所提到的，定價與第二季度一致，正如我們在第二季度談到的那樣，我們預計隨著今年的剩餘時間進入第一季度，類似的調整將繼續下去。我談到成交量比預期弱一些。正如我們在準備好的評論中提到的，由於幾個訂單的發貨時間，我們從第三季度開始進行了一些促銷活動，我們將在第四季度看到更多促銷活動。

And as you've noted that we've with the skin health business now in the North America, we obviously had the impact of lower skin health volumes, principally driven by China and a little bit of reduction due to some e-commerce business that didn't come through in the quarter. But overall, more or less where we expected, the team is very focused on obviously setting ourselves up for a really strong '25, a strong innovation growth plan that we have in place.

正如您所指出的，我們現在在北美開展皮膚健康業務，我們顯然受到了皮膚健康業務量下降的影響，這主要是由中國推動的，並且由於一些電子商務業務而略有減少本季度沒有實現。但總體而言，或多或少符合我們的預期，團隊非常專注於為真正強大的「25」做好準備，我們已經制定了強大的創新成長計畫。

And we'll see obviously the volume start to inch back as we've seen the category start to normalize more. But overall, the good news is we've been able to weather some of the softness in North America with really strong broad based growth across the business. You talked about hills coming in exceptionally strong. It was a strong performance for hills in the quarter, strong volume, which was really encouraging, given the impact of lower private labels.

隨著我們看到該類別開始更加正常化，我們顯然會看到銷量開始回落。但總體而言，好消息是我們已經能夠經受住北美市場的一些疲軟局面，整個業務實現了真正強勁的廣泛成長。你談到山丘異常堅固。考慮到自有品牌較低的影響，山丘在本季表現強勁，銷量強勁，這確實令人鼓舞。

So you take the private label up. We were up mid single digits on volume and a really strong margin performance on the business. And we've been consistent with what we've articulated in the past, which is that we want to continue to reinvest that margin into driving category growth and that's exactly what we're doing.

所以你採取了自有品牌。我們的銷售成長了中等個位數，業務利潤率表現非常強勁。我們一直與過去所闡明的一致，即我們希望繼續將利潤再投資於推動品類成長，而這正是我們正在做的事情。

A little bit of pricing that came through in the quarter. We'll think we've got the ability as prices move around to take some pricing given the strength again of the brand in the market. We're gaining market share. We're the fastest growing brand, global brand and PET specialty in neighborhood PET stores. So we feel good about where we are. We're continuing to expand that business into segments that we weren't aggressively competing in below specifically wet. So overall, we feel very good about where the HILLs business is and our ability to continue to drive strong, sustained growth behind strong advertising levels.

本季度的一些定價。我們認為，鑑於該品牌在市場上的再次強勢，我們有能力隨著價格的波動採取一些定價。我們正在贏得市場份額。我們是社區 PET 商店中發展最快的品牌、全球品牌和 PET 專賣店。所以我們對自己所處的位置感覺良好。我們正在繼續將業務擴展到我們沒有積極競爭的領域，特別是濕領域。因此，總的來說，我們對 HILLs 的業務狀況以及我們在強勁的廣告水平背後繼續推動強勁、持續成長的能力感到非常滿意。

Filippo Falorni, Citi.

菲利波·法洛尼，花旗銀行。

Hey, good morning, everyone. So Noel, I wanted to ask you some initial perspective as you start thinking about next year. I know you're not going to give guidance today, but you mentioned, you feel confident in your ability to be in the long term algorithm on a multiyear basis. So as you think about cycling those tough comparisons, what are the areas of the business that you expect could accelerate?

嘿，大家早安。諾埃爾，當你開始考慮明年時，我想問你一些初步的看法。我知道您今天不會提供指導，但您提到，您對自己多年參與長期演算法的能力充滿信心。因此，當您考慮進行這些艱難的比較時，您預計哪些業務領域可以加速發展？

Is it more innovation from a contribution from innovation and better volume in developed markets or maybe the [parcel] business? Just any perspective on how you're thinking about cycling those comps and the areas of the business that could accelerate. Thank you.

是更多的創新來自創新的貢獻和已開發市場更好的銷售還是[包裹]業務？關於您如何考慮循環這些比較以及可以加速的業務領域的任何觀點。謝謝。

Yeah, thanks Filippo for the question. We've been talking for, I think the better part of three years now on how important it is to invest in the long term capabilities that we think are going to be essential to drive sustained growth.

是的，謝謝菲利波的提問。我認為三年來的大部分時間我們一直在討論投資長期能力的重要性，我們認為這些能力對於推動持續成長至關重要。

And I really attribute that ability to do that to the flexibility that we've built into the P&L. So what we're focused on right now is elevating and accelerating innovation, particularly H2 and H3. We think we have a continued very strong new product grid moving into '25 and to '26. We've built gross margin flexibility into P&L that allows us to invest back behind the business that advertising level we will continue to do that. That's the way you improve brand health and drive long term sustainable share growth.

我確實將這種能力歸功於我們在損益表中內建的靈活性。因此，我們現在的重點是提升和加速創新，特別是 H2 和 H3。我們認為，進入 25 年和 26 年，我們將擁有持續非常強大的新產品網格。我們在損益表中建立了毛利率靈活性，這使我們能夠在廣告層面上對業務進行投資，我們將繼續這樣做。這就是改善品牌健康並推動長期可持續份額成長的方式。

You've seen the shared growth really inflect over the last couple of years as you've seen global shares particularly in toothpaste and toothbrushes continue to move upwards. That's a reflection of the innovation and the sustained growth that we have and the sustained advertising growth that we have in the P&L. So a lot of the same Filippo continuing to invest back behind the business, drive household penetration where we're getting much better with the analytical work that we're doing to understand where those growth opportunities are building per capita consumption in those markets, where we see real opportunities driving our brand through advocacy. So all the things that we've been talking about clearly will play out in '25 and into '26.

在過去幾年中，您已經看到共享成長確實發生了變化，因為您看到了全球份額，特別是牙膏和牙刷的份額繼續上升。這反映了我們的創新和持續成長以及我們在損益表中的持續廣告成長。因此，許多相同的菲利波繼續在業務背後進行投資，推動家庭滲透率，我們正在做的分析工作正在變得更好，以了解這些增長機會在這些市場中建立人均消費，在哪裡我們看到了透過宣傳推動我們品牌發展的真正機會。因此，我們一直在明確討論的所有事情都將在 25 年和 26 年發生。

Robert Moskow, TD Cowen.

羅伯特·莫斯科，TD·考恩。

Hi, thank you. I want to know about Europe, obviously a very strong quarter. And a lot of your peers have been delivering strong results in Europe as well. But what are your peers said, not to expect this on an ongoing basis? So I wanted to know if what's driving it, what were your market shares like in Europe during the quarter? And what do you expect going forward?

你好，謝謝。我想了解歐洲的情況，顯然這是一個非常強勁的季度。許多同行在歐洲也取得了強勁的業績。但你的同行怎麼說，不要期望這種情況會持續發生？所以我想知道是什麼推動了這個趨勢，本季你們在歐洲的市佔率如何？您對未來有何期望？

Yeah, thanks Robert. Again, a great quarter for Europe. My congratulations to the team out there, which is doing an exceptional job, really focusing on the fundamentals. We've clearly put significant investment back into Europe, which we're seeing really play out in that sustained top line growth. Volume growth was terrific. We're gaining a little bit of pricing.

是的，謝謝羅伯特。對歐洲來說，這又是一個偉大的季度。我祝賀那裡的團隊，他們做得非常出色，真正專注於基礎知識。我們顯然已經對歐洲進行了大量投資，我們看到這確實在持續的收入成長中發揮了作用。銷量成長非常驚人。我們正在獲得一點定價。

Pricing will, we're not immune to the challenges of pricing in Europe. But the good news is we move into '25 with much stronger market shares, good penetration across our categories and a very strong level of advertising that's improved brand health. So again, very consistent with the theme that we've been talking about reinvest behind those growth opportunities.

定價會，我們也不能倖免於歐洲定價的挑戰。但好消息是，進入 25 世紀，我們的市佔率更加強勁，各類別的滲透率都很高，廣告水準也非常高，可以改善品牌健康。再次強調，這與我們一直在談論的在這些成長機會背後再投資的主題非常一致。

Our oral care shares are at record high levels now. We continue to see growth opportunities there, particularly building penetration amongst very specific targets. The advertising levels across the business, not just in oral care are coming back in. So we're seeing more broad based growth across the European business.

我們的口腔護理品份額目前處於歷史高點。我們繼續看到那裡的成長機會，特別是在非常具體的目標中建立滲透率。整個業務的廣告水準正在恢復，而不僅僅是口腔護理領域。

But we're not immune to some of the softness and challenges that always seem to plague the European market long term. But the good news, the business is in very good shape, gross margins are at very high levels, advertising strong and market shares have been reflected very positively.

但我們也不能免於一些似乎長期困擾歐洲市場的疲軟和挑戰。但好消息是，業務狀況非常好，毛利率處於非常高的水平，廣告力度強勁，市場份額也得到了非常積極的體現。

Bonnie Herzog, Goldman Sachs.

邦妮·赫爾佐格，高盛。

Thank you. Good morning. I wanted to ask about your emerging market business. Organic sales growth has been strong in these markets. But, most of it's been driven by pricing to offset FX pressures. And I guess as a result, this isn't necessarily translating into significant growth on a net basis. So I guess I'd be curious to better understand how you're thinking about these businesses and ultimately, how we should think about the contribution of volume mix going forward?

謝謝。早安.我想問一下你們的新興市場業務。這些市場的有機銷售成長強勁。但是，其中大部分是由定價驅動的，以抵消外匯壓力。我想，因此，這並不一定會轉化為淨值的顯著增長。因此，我想我很想更了解您如何看待這些業務，以及最終我們應該如何考慮未來銷售組合的貢獻？

Yeah, thanks Bonnie. Listen, the emerging market numbers were terrific, even ex Argentina, very positive volume and positive pricing, ex Argentina. So we're encouraged very much. So some of our larger markets, particularly Brazil, India and Mexico continue to perform very, very strongly. And if you look long term strategically, this is where the growth is going to come from. I mean, there continues to be per cap opportunities, premiumization opportunities in those markets, which we think we're executing very well.

是的，謝謝邦妮。聽著，新興市場的數字非常好，甚至不包括阿根廷，非常積極的成交量和積極的定價，不包括阿根廷。所以我們深受鼓舞。因此，我們的一些較大市場，特別是巴西、印度和墨西哥，繼續表現非常非常強勁。如果你從長遠的策略角度來看，這就是成長的來源。我的意思是，這些市場中仍然存在著人均機會、高端化機會，我們認為我們執行得很好。

I'm sure we'll get into some discussions on Latin America, but they continue to perform exceptionally well, despite some of the choppiness that we've seen in some of those markets, particularly Mexico and post elections. But overall, the emerging market strategy that we have in place continues to deliver. So you go across the board, Asia strong performance this quarter, particularly China steps are Colgate China business performed exceptionally well. Indias strong, Africa, Eurasia, despite some of the volatility that division is going through again, quite strong.

我確信我們會就拉丁美洲進行一些討論，但儘管我們在其中一些市場（特別是墨西哥和選舉後）看到了一些波動，但它們仍然表現出色。但總體而言，我們現有的新興市場策略仍在繼續發揮作用。所以全面來看，亞洲本季表現強勁，特別是中國步驟，高露潔中國業務表現異常出色。印度強勁，非洲、歐亞大陸儘管再次經歷一些波動，但相當強勁。

So we think the, we focus on some of the real basic fundamentals that we had to put back into the business on driving household penetration, making sure we're looking at the premiumization opportunities getting gross margin back into the P&L has allowed us to get a lot more flexibility in targeting some of those markets.

因此，我們認為，我們專注於一些真正的基本原理，我們必須將這些基本原理重新投入到推動家庭滲透率的業務中，確保我們正在考慮將毛利率重新納入損益表的高端化機會，這使我們能夠獲得在瞄準其中一些市場時具有更大的靈活性。

Now, as you well know, there's significant volatility in emerging markets. We've seen some of the exchange rates move negatively over the recent periods and we'll have to adjust accordingly to that moving forward. But overall, we feel very good about it, but we're not immune to some of the economic and political issues that I outlined earlier that impact those markets, but overall the underlying performance is kind of right where we'd like to see it.

眾所周知，現在新興市場出現了巨大的波動。我們看到最近一段時間一些匯率出現負面波動，我們必須根據這種情況進行相應調整。但總體而言，我們對此感覺非常好，但我們無法免受我之前概述的影響這些市場的一些經濟和政治問題的影響，但總體而言，基本表現是我們希望看到的。

Kevin Grundy, BNP.

凱文·格倫迪，法國巴黎銀行。

Great. Thanks, good morning, everyone and congratulations on the really strong quarter and results here today. Stan, I was hoping maybe we could pivot to gross margins again strong in the quarter. We're seeing the pricing contribution start to step down here commensurately with lower level cost inflation funding the growth continues to be quite good has been for a very long time with the company.

偉大的。謝謝大家，早安，恭喜今天的強勁季度和業績。史丹，我希望我們能夠在本季再次實現強勁的毛利率。我們看到，隨著成本通膨的降低，定價貢獻開始相應下降，該公司長期以來一直保持良好的成長動能。

Without giving guidance for next year, can you maybe just help us think about the building blocks and how you're thinking about margin development over the next 12 months or so? And then relatedly what that may mean that you're thinking about reinvestment further down the P&L? Thank you for that.

在不提供明年指導的情況下，您能否幫助我們考慮建置模組以及您如何考慮未來 12 個月左右的利潤發展？那麼，這可能意味著您正在考慮在損益表中進一步進行再投資？謝謝你。

Hey, good morning, Kevin. Thanks for the question. So, gross profit, we're very pleased with the gross profit margin here in the third quarter and candidly was better than our expectations of 270 basis points year-on- year and improved sequentially. As we've disclosed before, we continue to see raw material inflation and you saw that in our gross margin roll forward.

嘿，早上好，凱文。謝謝你的提問。因此，就毛利而言，我們對第三季的毛利率非常滿意，坦白說，好於我們預期的同比 270 個基點，並且環比有所改善。正如我們之前所披露的，我們繼續看到原材料通膨，您可以在我們的毛利率上看到這一點。

Also, we're going to wrap around on even tougher comparers year-on-year basis in Q4. So as we think about the components, I think the teams have done a really nice job of looking and driving funding the growth to drive productivity which will help us on the margin. And then openly, we also get benefit from volume.

此外，我們將在第四季度進行更嚴格的年比比較。因此，當我們考慮組件時，我認為團隊在尋找和推動成長資金以提高生產力方面做得非常好，這將有助於我們的利潤。然後公開地，我們也從數量中受益。

So as the volumes have been increasing, we get the ability to get more overhead absorption and that's always a benefit when we think about the variances. Now as Noel talked about earlier, we expect that the pricing contribution will mitigate over time. So we're not going to give '25 guidance here, but I think if you look at our history, you would see that we drive funding the growth.

因此，隨著數量的增加，我們能夠吸收更多的管理費用，當我們考慮差異時，這總是一個好處。正如諾埃爾之前所說，我們預計定價貢獻將隨著時間的推移而減輕。因此，我們不會在這裡提供 25 年的指導，但我認為如果你看看我們的歷史，你會發現我們推動了成長的融資。

We have a great program here to drive that productivity over time and that funding the growth combined with revenue growth management will help us balance out that P&L. The model we continue to expect, which would be gross margin, dollars will drive that profitable growth. We'll invest that back in the business through innovation, through advertising to deliver both top and bottom line.

我們有一個很棒的計劃來隨著時間的推移提高生產力，為成長提供資金與收入成長管理相結合將幫助我們平衡損益。我們繼續預期毛利率模型將推動獲利成長。我們將透過創新和廣告將其投資回業務，以實現營收和利潤。

Lauren Lieberman, Barclays.

勞倫·利伯曼，巴克萊銀行。

Great, thanks. Good morning. I was just curious if you could talk a little bit about the philosophy on advertising and reinvestment spending. Like, how high can you go? Is there a point at which there's sort of a, a diminishing rate of return?

太好了，謝謝。早安.我只是好奇你能否談談廣告和再投資支出的哲學。比如，你能爬多高？是否存在某一點，報酬率會遞減？

So whether it's a or not about '25 but let's call it '25 and beyond. As you've created this flexibility, Stan just spoke to ongoing productivity programs starting the growth continues. So how do you think about that spending and making sure it's still coming back with that same ROI and it's not diminishing. Thanks.

因此，無論它是否是“25 年”，但我們都稱其為“25 年及以後”。當你創造了這種靈活性時，史丹剛剛談到了正在進行的生產力計劃，開始繼續成長。那麼您如何看待這筆支出，並確保它仍然能帶來相同的投資報酬率並且不會減少。謝謝。

Yeah. Good morning, Lauren thank you. We've talked about it for quite some time and the fundamental strategy within the company is obviously building that flexibility. So we can reinvest in building our brands. I mean, we've got great penetration opportunities. We've got brand equity and health opportunities.

是的。早安，勞倫，謝謝你。我們已經討論了很長一段時間，公司內部的基本策略顯然就是建立這種彈性。這樣我們就可以再投資品牌建立。我的意思是，我們有很好的滲透機會。我們擁有品牌資產和健康機會。

And ultimately, that's how you drive sustained growth over the long term is making sure that consumers understand our product benefits and are excited about using our products. And so we find, as you see through the volume line particularly, we have a lot of internal measurements to assess ROI.

最終，確保消費者了解我們的產品優勢並對使用我們的產品感到興奮，這就是推動長期持續成長的方法。因此，我們發現，正如您特別透過體積線看到的那樣，我們有許多內部測量來評估投資報酬率。

But if you take it at the simplest level, continuing to drive volume growth and broad based penetration around the world is the most important benchmark for us to ascertain whether our advertising is working for us or not. How high is high? We continue to assess this on a geographic basis. Are we getting the returns? Are we do we need to move money which is new for us from one division to another where we're seeing better returns on that.

但如果從最簡單的角度來看，繼續推動全球銷售成長和廣泛滲透是我們確定廣告是否對我們有效的最重要基準。多高算高呢？我們繼續根據地理情況對此進行評估。我們得到回報了嗎？我們是否需要將對我們來說新的資金從一個部門轉移到另一個部門，在那裡我們看到了更好的回報。

I talked about Europe earlier. We're seeing exceptional return on investment with our advertising investments, particularly in oral care. We've obviously had the flexibility to put some more money into the North America business, which I think will benefit from that. But overall, we're getting better at understanding what's working for us and particularly as we look at some of the work we're doing around analytics and using AI to really improve our digital impact, that's going to have a better ROI for us moving forward.

我之前談到了歐洲。我們的廣告投資獲得了非凡的投資回報，特別是在口腔護理領域。顯然，我們可以靈活地向北美業務投入更多資金，我認為這將從中受益。但總的來說，我們正在更好地了解什麼對我們有用，特別是當我們審視我們圍繞分析所做的一些工作並使用人工智慧來真正提高我們的數位影響力時，這將為我們帶來更好的投資報酬率向前。

I would very much like to find even more efficiency in the advertising P&L. That will be a primary focus for us as we move into '25 and '26 is really beefing up the analytical capabilities we have around our media buys and making sure that we're really understanding what's working for us on a much more fluid basis than we've had before so we can make decisions on an intelligent basis as quickly as possible.

我非常希望在廣告損益方面找到更高的效率。當我們進入「25」和「26」時，這將是我們的主要關注點，這將真正加強我們圍繞媒體購買的分析能力，並確保我們真正了解什麼對我們來說比我們以前有過這樣的經歷，所以我們可以盡快做出明智的決定。

So overall, we're pleased with the advertising investment. We've been able to now support more of our brands broadly across the business that is certainly helping drive overall health. And most importantly, again, we're seeing good penetration numbers and good premiumization opportunities through some of our innovations. So overall, we feel good about that, we're going to continue to invest as long as we see the top line and penetration moving.

總的來說，我們對廣告投資感到滿意。我們現在能夠在整個業務範圍內廣泛支持我們的更多品牌，這無疑有助於推動整體健康。最重要的是，我們再次透過我們的一些創新看到了良好的滲透率和良好的高端化機會。總的來說，我們對此感覺良好，只要我們看到收入和滲透率發生變化，我們就會繼續投資。

Kaumil Gajrawala, Jefferies.

考米爾·加吉拉瓦拉，傑弗里斯。

I'd like to follow up on that a little bit. I think it was interesting when you said, better at some of the things that are working. Can you maybe just talk about some of the changes that you've made? Maybe it's in being tactical on the advertising versus longer term brand building. If you could just maybe get into some of the tweaks because when we see such a good result, especially in some markets where CPG peers have struggled. This feels like there's a lot more going on and if you could just give a little more detail to what's behind that, I think it would be helpful.

我想跟進一下。我覺得你說的很有趣，在一些有效的事情上做得更好。您能談談您所做的一些改變嗎？也許是在廣告策略上而不是長期品牌建立上。如果你可以進行一些調整，因為當我們看到如此好的結果時，特別是在一些快速消費品同行陷入困境的市場。感覺還有很多事情正在發生，如果您能提供更多關於其背後的細節，我認為這會有所幫助。

Yeah. Sure, Kaumil, thank you. Listen over the last three or four years, our team here in New York working really closely with our operating heads has spent a significant amount of time in the strategy of the company and what that really entails is making sure that we are collectively working together on prioritizing where we see the biggest growth opportunities.

是的。當然，考米爾，謝謝你。聽著，在過去的三四年裡，我們在紐約的團隊與我們的營運主管密切合作，在公司策略上花費了大量時間，而這真正需要的是確保我們共同努力優先考慮我們認為最大成長機會的領域。

Historically, I'd say we were a bit democratic in our spending. We're now much more strategic and we are able to pinpoint where we're getting the best ROI, where we see the best growth opportunities and the division Presidents aren't afraid to move money around within their divisions and across divisions to ensure that we're putting our money in areas where we're going to get the best return for that.

從歷史上看，我想說我們的支出有點民主。我們現在更具策略性，我們能夠確定在哪裡可以獲得最佳投資回報率，在哪裡看到最好的成長機會，並且部門總裁不害怕在部門內和部門之間轉移資金，以確保我們將把錢投入到能夠獲得最佳回報的領域。

And that clearly is demonstrated through the volume growth that we're seeing across all six divisions. I think it really comes down to not only just oral care and PET health and skin health, but now looking at opportunities both in the personal care businesses, the classical personal care businesses, body wash had a great performance in Europe this quarter. They're supporting some relaunches with great innovation and advertising.

我們在所有六個部門看到的銷售成長清楚地證明了這一點。我認為這實際上不僅取決於口腔護理、PET 健康和皮膚健康，而且現在在個人護理業務、經典個人護理業務、沐浴露本季在歐洲表現出色。他們透過出色的創新和廣告來支持一些重新推出。

Likewise, we're seeing some great opportunities in home care across Latin America, which had a nice home care result in the quarter. So it's broad based support and it's making sure strategically that we're very thoughtful about where we're putting the money in terms of geographic.

同樣，我們在拉丁美洲的家庭護理領域看到了一些巨大的機會，該地區在本季度取得了不錯的家庭護理業績。因此，這是廣泛的基礎支持，並且從策略上確保我們對將資金投入地域方面進行了深思熟慮。

The second aspect of that is exactly how we spend our money. The media environment has become far more complex. There are various platforms to choose from. We're being very selective and focused on how we spend that money. It's easy to get enamored with a lot of shiny objects out there in terms of media opportunities.

第二個方面就是我們如何花錢。媒體環境變得更加複雜。有多種平台可供選擇。我們非常有選擇性，並專注於我們如何花這筆錢。就媒體機會而言，人們很容易被大量閃亮的物體迷住。

But we're focused on where we can build, reach and build the frequency accordingly to build brand health and the digital teams here in New York helping to share best practices around the world and getting that ROI up, specifically in the digital area across different mediums has really paid out nicely for us.

但我們專注於我們可以在哪裡建立、達到和建立相應的頻率，以建立品牌健康，而紐約的數位團隊幫助分享世界各地的最佳實踐並提高投資回報率，特別是在不同領域的數位領域。 Mediums 確實為我們帶來了豐厚的回報。

Chris Carey, Wells Fargo.

克里斯凱裡，富國銀行。

Hi, good morning. Can you expand a bit on what you're seeing in Latin America? You made a comment about Mexico and elections. But in the prepared remarks, there was also a comment about stabilizing and still positive. So just what's the direction of travel in Latin America, specifically Mexico and perhaps, Brazil.

嗨，早安。能詳細介紹一下您在拉丁美洲看到的情況嗎？您對墨西哥和選舉發表了評論。但在準備好的發言中，也有關於穩定的評論，仍然積極。那麼拉丁美洲的旅行方向是什麼，特別是墨西哥，也許還有巴西。

And then just connected to that, you talked about some currency volatility and needing to respond in different ways. How do you think about pricing in this market specifically? The macros are stable, but maybe not as strong as they were a year ago. Just any thoughts on how you'd approach strategy in these markets over the next 12 months? Thanks.

然後就與此相關，您談到了一些貨幣波動以及需要以不同方式做出反應。您如何看待這個市場的具體定價？宏觀經濟穩定，但可能不如一年前強勁。您對未來 12 個月如何在這些市場制定策略有什麼想法嗎？謝謝。

Sure, Chris. Thank you. Good morning. So again, as you mentioned, really strong performance in Latin America and notably against tougher volume comps. We did expect some slowdown in organic sales growth and that's what we're seeing, but very much in line with our expectations. So feel very good about that and the underlying health of the business i.e., specifically market shares, Latin America had a terrific quarter.

當然，克里斯。謝謝。早安.正如您所提到的，拉丁美洲的表現非常強勁，尤其是在銷售量比較強勁的情況下。我們確實預計有機銷售成長會有所放緩，這就是我們所看到的，但非常符合我們的預期。因此，對此以及業務的基本健康狀況感到非常滿意，即特別是市場份額，拉丁美洲的季度表現非常出色。

Pleasingly, if you look at that business on a two year stack basis volume has increased sequentially for four consecutive quarters. So despite the fact that there's a lot of volatility, we're seeing volume come back into the categories and you'll remember that we took significant pricing in those geographies over the last two years.

令人高興的是，如果你以兩年為基礎來看業務，交易量已連續四個季度連續成長。因此，儘管存在很大的波動性，但我們看到交易量重新回到這些類別中，您會記得過去兩年我們在這些地區進行了重大定價。

So to see volume come back as quickly as it did and sustained is important. Now, post elections, we've seen some choppiness in Mexico, particularly around the category, may be more of a normalization. We're going to have to watch that carefully and make sure that we're thinking about our spending accordingly in that market, but we've got a really strong innovation plan.

因此，看到交易量盡快恢復並持續很重要。現在，選舉後，我們看到墨西哥出現了一些波動，特別是在該類別方面，可能更多的是一種正常化。我們必須仔細觀察並確保我們相應地考慮在該市場的支出，但我們有一個非常強大的創新計劃。

You saw in the prepared remarks, we've relaunched Colgate Total, which is a very significant business across Latin America and affords us a very important opportunity to continue to drive premiumization. But behind what we think is the best formula we've ever put in the market on Colgate Total. And one that we are very excited about seeing the results of that across Latin America.

您在準備好的發言中看到，我們重新推出了高露潔道達爾，這是整個拉丁美洲非常重要的業務，為我們提供了繼續推動高端化的非常重要的機會。但我們認為，這背後是我們在高露潔道達爾市場上推出的最佳配方。我們非常高興看到整個拉丁美洲的成果。

But again, pricing up ex Argentina. So, if foreign exchange continues to move against us, the strength of the brands and the support that we put behind that business, we think we can take more pricing in those markets to help offset that, but we're not immune to some of the sluggishness in the foreign exchange that hits those markets as you well know.

但同樣，阿根廷前的物價上漲。因此，如果外匯繼續對我們、品牌的實力以及我們對業務的支持不利，我們認為我們可以在這些市場採取更多定價來幫助抵消這一影響，但我們也不能倖免於某些因素的影響。 ，外匯市場的低迷影響了這些市場。

I talked about Mexico at Barclays and overall, I think we continue to have a very strong performance there. But the sluggishness that we're seeing across some of the categories as we ended the quarter, we need to watch that carefully. And I think again, the team is very well positioned to execute based on what we see. So overall, good.

我在巴克萊銀行談到了墨西哥，總的來說，我認為我們在那裡繼續有非常強勁的表現。但在本季結束時，我們看到某些類別的低迷，我們需要仔細觀察。我再次認為，團隊處於非常有利的位置，可以根據我們所看到的情況執行。總的來說，很好。

Brazil a terrific quarter for Brazil. Despite obviously some a little bit of uncertainty in those markets that continues to plague them, but I feel good about what we're seeing coming out of Brazil across the rest of the region. The performance continues to be quite strong.

巴西隊的季度表現非常出色。儘管這些市場顯然存在一些不確定性，並繼續困擾著他們，但我對巴西在該地區其他地區所看到的感到滿意。表現仍然相當強勁。

This is a team that knows how to execute in volatile environments, knows how to continue to drive penetration and premiumization. So I feel pretty confident that despite the lack of aggressive pricing given the inflationary pressures, we will still get some foreign exchange pricing in the business over the subsequent quarters.

這是一支知道如何在不穩定的環境中執行、如何繼續推動滲透和高端化的團隊。因此，我非常有信心，儘管考慮到通膨壓力，缺乏激進的定價，但我們在接下來的幾季仍將在業務中獲得一些外匯定價。

Olivia Tong, Raymond James.

唐奧立，雷蒙德詹姆斯。

Good morning. Thank you. I wanted to ask you broadly about affordability, given the macro environment, particularly in North America, but I think this is relevant to all markets. And as consumers continue to scrutinize your spending, can you talk about some of the initiatives that you have that help with respect to either promotional plans or at mid tier price points with product?

早安.謝謝。考慮到宏觀環境，特別是北美，我想廣泛地詢問您有關負擔能力的問題，但我認為這與所有市場都相關。隨著消費者繼續審查您的支出，您能否談談您在促銷計劃或產品中端價位方面採取的一些有幫助的舉措？

Just sort of thinking about the broader picture and, and how consumers are thinking about their total basket spend and actions that you're taking to maintain if not grow share in that backdrop. Thank you.

只是考慮更廣闊的前景，以及消費者如何考慮他們的總購物籃支出以及您在這種背景下為維持（如果不是增加）份額而採取的行動。謝謝。

Yeah, thanks. Good morning Olivia. So again, let me come back to strategy. Our strategy has been to accelerate our innovation, particularly on the premium side of the business, providing value add benefits to the big core businesses that we have around the world, supporting that with advertising and ultimately getting the brand penetration and share growth.

是的，謝謝。早上好，奧莉薇亞。讓我再次回到策略上。我們的策略是加速我們的創新，特別是在高端業務方面，為我們在世界各地擁有的大型核心業務提供增值效益，透過廣告提供支持，並最終實現品牌滲透和份額增長。

Our volume shares performed well in the quarter in general across the world. Likewise, our value share, as we saw. Obviously toothpaste performed quite well in that regard. So overall, again, the consumer may be a little bit challenged, particularly in North America. It's making sure that we continue to dial up our innovation and provide real added value for across the multiple price tiers in which we compete.

本季我們的銷售份額在全球範圍內整體表現良好。同樣，正如我們所看到的，我們的價值份額。顯然牙膏在這方面表現得相當好。因此，總體而言，消費者可能再次面臨一些挑戰，尤其是在北美。它確保我們繼續加大創新力度，並為我們競爭的多個價格層級提供真正的附加價值。

The other aspect of that is making sure that you are very thoughtfully thinking about your promotional cadence and how you promote your digital coupon strategy, your paper coupon strategy, your promotions, on pack promotions, your price pack architectures. All of those are critically important in making sure that we have the analytics to really determine what's going to drive category growth for our retailers and continue to drive performance for our business.

另一方面是確保您深思熟慮地考慮促銷節奏以及如何促銷數位優惠券策略、紙本優惠券策略、促銷、包裝促銷、價格包架構。所有這些對於確保我們擁有分析能力來真正確定什麼將推動零售商的品類成長並繼續推動我們的業務績效至關重要。

I was just reviewing the other day some incredible work that we're doing with some of the the retailers in the US with real AI and analytics around our promotions and seeing great results for that. So I think the point is yes, the environment is a little bit more competitive coupon, redemption rates are up. Promotions seem to be more or less in line which I would say normalized, still not back to the pre COVID levels, which is good, but more or less normalized and ultimately, it's making sure that we're spending our money as thoughtfully as we possibly can to get the best ROI.

前幾天我剛回顧了我們與美國一些零售商合作進行的一些令人難以置信的工作，這些工作利用真正的人工智慧和分析來圍繞我們的促銷活動進行，並看到了很好的結果。所以我認為重點是，環境是優惠券更具競爭力，兌換率上升了。促銷活動似乎或多或少符合我所說的正常化，但仍然沒有回到新冠疫情前的水平，這很好，但或多或​​少已經正常化，最終，它確保我們像我們一樣深思熟慮地花錢可能可以獲得最佳的投資報酬率。

But I would say a more normalized consumer, slightly higher promotional redemption rates behind coupons. But across the world, it's pretty consistent in terms of where we were post COVID.

但我想說的是，消費者更加常態化，優惠券背後的促銷兌換率略高。但在世界各地，新冠疫情過後我們的處境相當一致。

Robert Ottenstein, Evercore ISI.

羅伯特·奧滕斯坦，Evercore ISI。

Great. Thank you very much. Terrific results, Noel. So if you, I think stand back and listen to, at least three or four of the questions. I think the underlying question is, is why are you guys doing so well in so many places? And it's, I think, you know, is it just that, hey, you're spending more money, you can spend more money, you've got the data, so you're spending it in the right places and that's kind of a very broad sort of answer.

偉大的。非常感謝。非常棒的結果，諾埃爾。因此，我認為，如果你退後一步，請聽聽至少三到四個問題。我認為根本的問題是，為什麼你們在這麼多地方做得這麼好？我想，你知道，只是這樣，嘿，你花更多的錢，你可以花更多的錢，你已經有了數據，所以你把它花在正確的地方，這就是一個非常廣泛的答案。

But what I'd like to do is drill down a little bit more on that point and see, and maybe just talk about oral care. How much of your success is driven by technology, by the whitening initiatives and then marketing that or other specialties, just trying to get a sense of things that can drive sustainable continued market share gains that go beyond just spending more money in marketing.

但我想做的是在這一點上更深入地研究一下，也許只是談談口腔護理。你的成功有多少是由技術、美白計劃以及隨後的美白產品或其他專業產品的營銷推動的，只是試圖了解能夠推動可持續的持續市場份額增長的事物，而不僅僅是在營銷上花費更多的錢。

And I know that's going on, but I just want to give you the chance to talk about that a little bit more. And then also if we have the time, looking at what you're doing in China, which is just, you're just being much more successful than anybody else at this point and how that model applies to that very tough market. Thank you.

我知道這種情況正在發生，但我只是想讓你有機會多談談這個問題。然後，如果我們有時間，看看你們在中國所做的事情，就是說，你們在這一點上比其他任何人都要成功得多，以及該模式如何應用於這個非常艱難的市場。謝謝。

Good morning Rob. Thanks. Thanks for the question. So again, it comes back. I think with just consistency of performance in our focus categories around the world and our ability to really dial in on where we see the growth opportunities. We've spent a lot of time talking about building capabilities and I really want to emphasize that because you don't necessarily see the immediate impact in the quarter. But those capabilities are all intended on building long term sustainable health behind our business. So it's innovation, it's digital, it's our advertising, our return on investment, it's our data acquisition and using data to drive better decision making.

早安，羅布。謝謝。謝謝你的提問。所以，它又回來了。我認為，只要我們在全球重點領域的表現保持一致，並且我們有能力真正抓住我們所看到的成長機會。我們花了很多時間討論能力建設，我真的想強調這一點，因為您不一定會在本季看到直接影響。但這些能力都是為了在我們的業務背後建立長期可持續的健康。所以這是創新，這是數位化，這是我們的廣告，我們的投資回報，這是我們的數據獲取和使用數據來推動更好的決策。

It's making sure that our innovation across H2 and H3 is where it needs to be making sure the core is where it needs to be making sure that we're addressing new channel behaviors. But it's all the basics that we've been talking about and making sure then that we invest accordingly and we had to get the middle of the P&L address to do that.

它確保我們在 H2 和 H3 上的創新是需要確保核心是需要確保我們正在解決新的通路行為。但這是我們一直在討論的所有基礎知識，並確保我們進行相應的投資，並且我們必須獲得損益地址的中間才能做到這一點。

So we deliberately took a lot of pricing over the last three years to get our categories where they needed to get to. And then ultimately, that is paid out in allowing us to really invest consistently behind our brands. And we measure internally our brand health, the health of our equities and they are in a really good place and that's what we want to continue to build.

因此，我們在過去三年刻意採取了大量定價措施，以使我們的品類達到他們需要的水平。最終，我們能夠真正持續地投資於我們的品牌，從而得到回報。我們在內部衡量我們的品牌健康狀況、股票的健康狀況，它們處於非常好的位置，這就是我們想要繼續建立的。

Now, we're not immune to what everyone's talking about. Clearly, we're going to see some divisions take a step back, but the breadth of our business and our geographic footprint we believe allows us to weather some of these, the volatility that you're seeing and referring to better than most and we want to continue to do that, but we can't be complacent.

現在，我們也不能免於大家談論的事情的影響。顯然，我們將看到一些部門後退一步，但我們相信，我們業務的廣度和地理足跡使我們能夠比大多數部門更好地應對其中的一些問題，即您所看到和提到的波動性。我們想繼續這樣做，但我們不能自滿。

We need to build more capabilities and sharpen those as we move forward. We need to continue to address the opportunities we see in certain geographies where we think there's real growth for us there. But again, it's deliberate, thoughtful approach to this business. We're going to be consistent. We're not going to necessarily try to hit home runs a lot of singles or to take a sports analogy.

我們需要在前進的過程中建立更多的能力並提高這些能力。我們需要繼續抓住我們在某些​​地區看到的機遇，我們認為這些地區對我們來說有真正的成長。但同樣，這是對這項業務深思熟慮的、深思熟慮的方法。我們將保持一致。我們不一定會嘗試打出很多單打全壘打，或採取運動類比。

But making sure that we do that in a way that drives broad based growth over time. So again, a lot of the strategy, Rob, particularly on oral care to your question, we think the focus on premiumization, the great new product innovations that we brought on whitening adjacencies, we now have Colgate Total rolling out in Latin America with some significant new innovation behind the core.

但要確保我們這樣做的方式能夠隨著時間的推移推動廣泛的成長。所以，羅布，我們有很多策略，特別是關於口腔護理的問題，我們認為重點是高端化，我們在美白領域帶來了偉大的新產品創新，我們現在在拉丁美洲推出了高露潔全效產品，其中包括一些產品。

You heard about some of the great technology that we're bringing into Maxfresh across India and some of the Southeast Asia markets that will continue to roll out. So again, the stepped up innovation and resources that we're putting behind that will ultimately play out. On China, specifically, it should be said that we had some pretty easy cops.

您聽說過我們正在印度和一些東南亞市場引入 Maxfresh 的一些偉大技術，這些技術將繼續推廣。再說一次，我們投入的創新和資源的加強最終將發揮作用。特別是在中國，應該說我們有一些非常輕鬆的警察。

But that being said, our China business continues to perform really, really well. I'll talk to Colgate first and then the Hawley and Hazel business. The Colgate business continues to do very well up high single digits driven primarily by premiumization, great innovation across the calendar moving forward. We're improving our brand health behind some of the investment that I referred to.

但話雖這麼說，我們的中國業務仍然表現得非常非常好。我會先和高露潔談談，然後再談談霍利和黑茲爾的業務。高露潔業務持續表現出色，取得高個位數成長，這主要得益於高端化和未來的偉大創新。在我提到的一些投資背後，我們正在改善我們的品牌健康。

And overall, we're getting a good mix of volume and pricing against tougher comps on the Colgate side. Hawley and Hazel, as you know, has come out of quite a few quarters of challenged growth. We're starting to see that come back nicely, which is good but not where we need to be yet. So we still have room for opportunity.

總體而言，我們在銷量和價格方面與高露潔方面的競爭對手相比取得了良好的成績。如你所知，霍利和黑茲爾已經擺脫了好幾個季度的成長挑戰。我們開始看到這種情況很好地恢復，這很好，但還沒有達到我們需要的水平。所以我們還有機會的空間。

We are looking at our go to market approach on Hawley and Hazel moving forward. That team is really deliberately thinking about how we want to be structured over the next couple of years to ensure that we can continue to invest in a very competitive market and drive sustained volume and value growth for the business.

我們正在研究 Hawley 和 Hazel 的市場推廣方法。該團隊確實在認真考慮未來幾年我們希望如何構建，以確保我們能夠繼續投資於競爭非常激烈的市場，並推動業務量和價值的持續成長。

But overall, pleased with the China performance, but we're not immune to the slowdown that we're seeing across that business, but we think the consistent performance behind our innovation and supporting those business will drive sustained growth moving forward.

但總的來說，我們對中國的表現感到滿意，但我們也不能倖免於我們看到的整個業務放緩的影響，但我們認為我們創新背後的持續表現和對這些業務的支持將推動持續增長。

Andrea Teixeira, JPMorgan.

安德里亞·特謝拉，摩根大通。

Hi, good morning. My question is what was the exit rate for organic sales growth in the quarter? And what is embedded in your guidance for Q4? Because even if the guidance rate, it's a wide range and Noel, from your tone on this call, it seems that you're supposed to keep the pace of 6% globally. So in other words, if your current trends continue. Is that the way we should be thinking that the top of the range would be that embedded around 6%.

嗨，早安。我的問題是本季有機銷售成長的退出率是多少？您對第四季的指導包含哪些內容？因為即使指導率的範圍很廣，諾埃爾，從你在這次電話會議上的語氣來看，你似乎應該在全球範圍內保持 6% 的步伐。換句話說，如果你當前的趨勢繼續下去。我們是否應該這樣認為，範圍的上限應該是 6% 左右。

And if I can squeeze a clarification on [Hughes], can you comment now on the potential for more international expansion with more capacity into 2025? Thank you for both.

如果我可以對 [Hughes] 進行澄清，您現在能否評論一下到 2025 年以更多產能進行更多國際擴張的潛力？謝謝你們倆。

Great and good morning. Thank you. Listen, we don't guide by quarter. So I didn't want to get into the specifics. But, I do think, we feel pretty good about the underlying health of where the quarter came in. So overall, we're good. And as I said in my upfront comments, we think we're positioned for consistent growth, but we're not again, as I mentioned, immune to some of the issues that many of the CPG companies have talked about throughout the the earnings season.

早安.謝謝。聽著，我們不按季度進行指導。所以我不想討論具體細節。但是，我確實認為，我們對本季的基本健康狀況感覺非常好。正如我在前面的評論中所說，我們認為我們已經做好了持續增長的準備，但正如我提到的，我們並沒有再次免受許多 CPG 公司在整個財報季討論的一些問題的影響。

But that's reflected in our guidance and I think you see that in our numbers and the guidance speaks for itself in terms of where we think we'll be. Obviously, we've seen a little slowdown, a little move in foreign exchange. We'll see ultimately where, where the categories unfold as we exit the year. But overall, we feel like we're in a pretty good position.

但這反映在我們的指導中，我認為您在我們的數字和指導中看到了這一點，就我們認為我們將達到的目標而言，指導本身就說明了這一點。顯然，我們看到了一點放緩，外匯匯率出現了一點波動。當我們結束這一年時，我們最終會看到類別在哪裡展開。但總的來說，我們感覺我們處於一個非常好的位置。

On Hills capacity that is continuing to obviously allow a lot of good things on the Hills business. It's allowing us to build more flex in the middle of the P&L, we continue to find ways to truly optimize that supply chain and build more positive variances through those factories.

山上的產能顯然繼續為山上的業務帶來許多好處。它使我們能夠在損益表中建立更多的靈活性，我們繼續尋找真正優化供應鏈的方法，並透過這些工廠建立更多積極的差異。

Secondly, it's allowing us to obviously expand into higher growth segments in the wet segment, which we saw nice growth in the wet business in the quarter and continuing to drive overall share in that segment. So it's giving us a lot more flexibility.

其次，它使我們能夠明顯擴展到濕法領域的更高成長領域，我們看到本季濕法業務的良好成長，並繼續推動該領域的整體份額。所以它給了我們更多的彈性。

There's more work to be done. We'll continue to, obviously be very, very diligent about how we think about allocating volumes across the world and addressing some of the growth opportunities that we see particularly internationally, but overall a terrific quarter and the supply chain team at Hills is doing just an exceptional job integrating the new facilities and finding ways to really optimize the network.

還有更多工作要做。顯然，我們將繼續非常非常努力地考慮如何在全球範圍內分配銷量，並解決我們特別看到的一些成長機會，特別是在國際上，但總體而言，這是一個出色的季度，Hills 的供應鏈團隊正在做的只是整合新設施並尋找真正優化網路的方法是一項出色的工作。

Bryan Spillane, Bank of America.

布萊恩·斯皮蘭，美國銀行。

Thanks operator. Good morning, everyone. So I have just maybe one point of clarification and then, and then a question. And the clarifying, Noel I think earlier, excuse me, you talked a little bit about gross profit dollars, and gross dollar profit growth and I think it's maybe created a little bit of a question about whether there's a signal here that the focus may be more shifting to gross profit dollar growth versus growth margin percentages.

感謝運營商。大家早安。所以我可能只需要澄清一點，然後再提出一個問題。澄清一下，諾埃爾，我想早些時候，對不起，你談到了毛利美元和毛利潤增長，我認為這可能會產生一些問題，即這裡是否有一個信號表明重點可能是更多地轉向毛利潤美元成長與成長率百分比。

And I know, you've had a view on that in the past. So if you can just, sort of clarify that just, is there any sort of message that you're trying to send or we still leave gross margin expansion?

我知道，你過去對此有過看法。因此，如果您能澄清一下，您是否想傳達某種訊息，或者我們仍然保留毛利率擴張？

Yeah, let me, throw it to stand, Brian and good morning. No message whatsoever here. We could, as we, I think we've been quite consistent. We understand the importance of gross margin, both gross margin percent and gross margin dollars. Encouragingly in the quarter, we saw both, and that's important for us. But again, as we strategically look at the growth opportunities, whether it's innovation geographically, we're thoughtfully thinking through exactly how the impacts on gross margin will be.

是的，讓我把它扔到一邊，布萊恩，早安。這裡沒有任何消息。我們可以，因為我們，我認為我們一直都非常一致。我們了解毛利率（包括毛利率百分比和毛利率美元）的重要性。令人鼓舞的是，在本季度，我們看到了這兩點，這對我們來說很重要。但同樣，當我們策略性地審視成長機會時，無論是地理上的創新，我們都會仔細思考對毛利率的影響。

But ultimately, what we're looking for is our ability to continue to drive gross margin dollars to invest in the business and it's hard to get there without growth margin percent. We're not just going to chase volume to drive dollars is what I'm saying. It has to be a very deliberate choice, but let me give it to Stan, he can provide a little bit more color.

但最終，我們所尋求的是我們繼續提高毛利率以投資於業務的能力，而如果沒有成長率，就很難實現這一目標。我的意思是，我們不會只追求銷售來推動美元成長。這一定是一個非常深思熟慮的選擇，但讓我把它交給斯坦，他可以提供更多的色彩。

Yeah, Brian. So first of all, it is obviously a combination of the two. And if you think about the business. You saw a great margin improvement in a number of the businesses, particularly in Hills. And as we look, the only part we are trying to point, we're trying to make is that how we deliver that margin improvement in those in that dollar growth is going to shift.

是的，布萊恩。所以首先，它顯然是兩者的結合。如果你考慮一下業務。您看到許多企業的利潤率大幅提高，特別是在 Hills。正如我們所看到的，我們唯一想要指出的是，我們在美元成長中實現利潤率改善的方式將會改變。

So pricing will be less of a benefit, volume has been a help here going in and productivity will continue to be a driver as we look at that. But obviously, as we look at both margin and dollars, it's a combination of both, and that is part of our overall business model on how we drive the investment back into the business and deliver top and bottom line growth.

因此，定價將不再是一個好處，數量一直是一個幫助，而生產力將繼續成為我們所看到的驅動因素。但顯然，當我們考慮利潤和美元時，它是兩者的結合，這是我們整體業務模式的一部分，即我們如何將投資重新投入業務並實現營收和利潤成長。

Brian. If I can just add one point to Stan's point with the bottomline growth piece is key, right? We need EPS growth in dollars, right? Because that's what creates longterm TSR at the top end of our peer group. So, we talk about organic sales growth, but we're focused on driving dollar based sales growth.

布萊恩.如果我可以在史丹的觀點上加一分，而底線成長部分是關鍵，對嗎？我們需要以美元計算的每股盈餘成長，對嗎？因為這就是在我們同儕群體中創造長期 TSR 的原因。因此，我們談論有機銷售成長，但我們專注於推動基於美元的銷售成長。

We talk about driving gross margin percentage, but we also know we need to drive those gross profit dollars to drive EPS growth and dollars to drive TSR. So it's a very thoughtful way to look at it, but as Stan said, you need both to drive that bottomline growth.

我們談論提高毛利率，但我們也知道我們需要提高毛利來推動每股盈餘成長，並提高股東總回報率。所以這是一種非常深思熟慮的看待它的方式，但正如史丹所說，你需要兩者來推動利潤成長。

Korinne Wolfmeyer, Piper Sandler.

科琳·沃爾夫邁耶，派珀·桑德勒。

Hey, good morning. Thanks for taking the question. I'd like to get a little bit more clarity on some of the dynamics that were going on in North America in the quarter. I mean, it sounds like some shipments were pushed from Q3 to Q4.

嘿，早安。感謝您提出問題。我想更清楚地了解本季北美地區發生的一些動態。我的意思是，聽起來有些出貨量從第三季推遲到了第四季。

Can you just clarify what that was due to? And then the pullback in the e-commerce, what that was attributable to and then how should be thinking about some of the macro dynamics in Q4, especially in the US as some retailers are talking about pulling back inventory orders. Thank you.

您能澄清一下這是因為什麼嗎？然後是電子商務的回落，原因是什麼，然後應該如何考慮第四季度的一些宏觀動態，特別是在美國，因為一些零售商正在談論撤回庫存訂單。謝謝。

Yeah, Korinne. Thank you. Again. We talked about three specific things. Obviously, there's some shipment timing that moved from third to the fourth quarter that was just due to some disruptions in our network and ultimately getting that order out in time but ultimately, it will move into the fourth quarter, but nothing systemic there that we feel would be recurring.

是的，科琳。謝謝。再次。我們討論了三件具體的事情。顯然，有一些發貨時間從第三季度移至第四季度，這只是由於我們的網路出現一些中斷，最終及時發出訂單，但最終，它將移至第四季度，但我們認為沒有系統性的情況會反覆出現。

The e-commerce issue was specifically on the skin health business. We've seen a little, obviously, there's some softness coming out of out of Asia, specifically China. But this one was more specific to the US market where we saw some of our big online retailers pull back a little bit on orders at the end of the quarter, we think those were inventory adjustments more than anything.

電子商務問題特別針對皮膚健康業務。顯然，我們已經看到亞洲，特別是中國出現了一些疲軟的情況。但這是針對美國市場的，我們看到一些大型線上零售商在季度末略微減少了訂單，我們認為這些主要是庫存調整。

But in any case, we need to watch that carefully and see if that's going to be sustained or not moving forward. And overall, the macro dynamics in the North America, I would say a more stabilization. We haven't seen anything deeply unusual on the promotion side. I think the percent sold on promotion is more or less, pretty consistent, still not back to where it was as high as it was pre COVID.

但無論如何，我們需要仔細觀察，看看這種情況是否會持續或不會向前發展。整體而言，我認為北美的宏觀動態更加穩定。我們在促銷方面沒有看到任何非常不尋常的事情。我認為促銷活動的銷售百分比或多或少是相當穩定的，但仍然沒有回到新冠疫情爆發前的水平。

So overall, I would say more normalization, as I did mention a little higher redemption rates coming through on couponing and a little bit more broad based activity in terms of the number of promotions, but overall depth and proportion to what we've seen in the past seems pretty normalized right now.

因此，總的來說，我想說更多的標準化，正如我確實提到的，優惠券的兌換率更高一些，促銷活動的數量也更廣泛一些，但總體深度和比例與我們所看到的相比過去現在似乎已經很正常了。

Steve Powers, Deutsche Bank.

史蒂夫鮑爾斯，德意志銀行。

Hey, thanks and good morning. I wanted to ask on skin care. I guess first, just mechanically and following up to Rio North America. Are you able to quantify how much of a drag the restatement was on growth in that segment this quarter to something that it was?

嘿，謝謝，早安。我想問一下關於皮膚護理的問題。我想首先，只是機械地跟進北美里約熱內盧。您能否量化重述本季該細分市場成長的拖累有多大？

But then more generally, I guess you've talked a little bit about it, but maybe could you expand on what you're seeing in skin care trends across key markets because I'm assuming there's a good deal of variability. And do any of the reporting structure changes that you've made this year carry with them shift in strategy with respect to how you approach skin care or skin health opportunities longer term? Thank you.

但更一般地說，我想您已經對此進行了一些討論，但也許您可以擴展一下您在主要市場的皮膚護理趨勢中所看到的內容，因為我假設存在很大的可變性。您今年所做的報告結構變化是否會帶來有關您如何長期處理皮膚護理或皮膚健康機會的策略轉變？謝謝。

Yeah, thanks, Steve. So overall, let me just generalize North America was, with the order changes and the skin, if you take skin out was closer to flat for the quarter but I'm not going to quantify any more specifics than that. But specifically around the skin sector, I think you've heard from others there's been some sluggishness, particularly in Asia. Likewise in Europe and to a certain extent in the US as well. So we're not necessarily immune to that. But what we have been doing very specifically is we are thinking about that business quite differently.

是的，謝謝，史蒂夫。總的來說，讓我概括一下北美的情況，隨著訂單的變化和皮膚，如果去除皮膚，本季度的情況接近持平，但我不會量化更多細節。但特別是在皮膚行業，我想你已經從其他人那裡聽到了一些低迷的情況，特別是在亞洲。歐洲也是如此，美國在某種程度上也是如此。所以我們不一定能免於這種影響。但我們一直在做的非常具體的事情是，我們以完全不同的方式思考這項業務。

We brought in some outside talent somebody with over 20 years experience at L'oreal. We're getting very clear and articulate about what we, where we want to compete and how we want to compete in that space. We feel very good about that organization now being much more centralized here in the US in order to drive global decisions from the center and making very deliberate choices on how we invest and where we invest.

我們引進了一些外部人才，其中一些在歐萊雅擁有 20 多年的工作經驗。我們對於我們想要競爭的內容、我們想要在哪裡競爭以及我們想要如何在該領域競爭變得非常清楚和清晰。我們對該組織現在在美國更加集中化感到非常滿意，以便從中心推動全球決策，並就我們的投資方式和投資地點做出非常審慎的選擇。

We had to clean up some of the market expansion opportunities there that we didn't think were sustainable for the business. But overall, the economics and long term health aspects of where we see that business growing continue to be very favorable.

我們必須清理一些我們認為對業務不可持續的市場擴張機會。但總體而言，我們認為業務成長的經濟和長期健康方面仍然非常有利。

And we're encouraged, obviously, by the long term strategy, we've got some short term issues with obviously Asia and some of the softness that we're seeing in some of the European markets to address. But overall, again, we feel the strategy we're putting in place will get us back to the sustained growth that we expect.

顯然，我們受到長期策略的鼓舞，我們在亞洲顯然存在一些短期問題，而我們在一些歐洲市場看到的一些疲軟問題需要解決。但總的來說，我們再次認為我們正在實施的策略將使我們回到我們預期的持續成長。

Mark Astrachan, Stifel.

馬克·阿斯特拉坎，斯蒂菲爾。

Thanks and morning, everybody. Wanted to go back to US worldcare and kind of ask more of a deep dive question there. So, you can look at its market trend for a long period of time. There was, four or five quarters where it was actually growth [22 to 23], but largely it's been in a decelerating or share loss situation going back quite a long time.

謝謝大家，早安。想回到美國的 worldcare 並在那裡提出更多深入的問題。所以，你可以觀察它的市場長期走勢。有四、五個季度實際上是成長的 [22 到 23]，但在相當長的一段時間內，很大程度上一直處於減速或份額損失的情況。

I guess the question is what contributes to that period of outperformance, what has contributed to this bit of back to share loss and maybe if you had like deep dive on what you think competitors are doing well where they're gaining share, where do you think Colgate could do a better job from a share perspective?

我想問題是什麼導致了這段時期的出色表現，是什麼導致了份額損失，也許如果你想深入了解你認為競爭對手在哪些方面做得很好，他們正在獲得份額，你會在哪裡您認為從股票角度來看高露潔可以做得更好嗎？

And how do you broadly kind of think about it because I know there's a lot of thought innovation around this total relaunch to refocus on whitening and (inaudible) the general trajectory remains kind of where it is. Thank you.

您如何廣泛地思考這個問題，因為我知道圍繞這次全面重新啟動有很多思想創新，以重新關注美白，並且（聽不清楚）整體軌跡仍然如此。謝謝。

Yeah, thanks, Mark. Listen, overall shares are roughly flat down 20 basis points on toothpaste and up on toothbrushes. And clearly, we've seen some impact of our refocus on some of the untracked channels that we've had over the last couple of years and seeing good performance in those untracked channels. So, overall business is good. It's not exactly where we want it right now. And we're very focused on getting the innovation strategy dialed up. We've got to get the premiumization side of that business addressed. We've got strong core businesses that we're seeing benefited as you see the consumer to a certain extent, some of the consumers trading more into the mid tier.

是的，謝謝，馬克。聽著，牙膏的整體股價大致持平下降 20 個基點，而牙刷的整體股價則上漲。顯然，我們已經看到了過去幾年我們重新關註一些未追蹤管道的一些影響，並且在這些未追蹤管道中看到了良好的表現。所以，整體生意還是不錯的。這並不完全是我們現在想要的地方。我們非常注重實施創新策略。我們必須解決該業務的高端化問題。我們擁有強大的核心業務，我們看到這些業務在一定程度上受益於消費者，一些消費者更多地進入中端市場。

But overall, it's getting the premiumization side of the business address moving forward and we're very focused on that in the strategy. Toothbrush business continues to perform very, very well. So again, putting more investment into that market, getting the innovation right, executing the fundamentals around distribution and shelf sets, all the basics that we think are necessary and the plans that we have in '25 with some of the big core relaunches that we're not privy to talk about.

但總體而言，它正在推動業務地址的高端化，我們在策略中非常關注這一點。牙刷業務繼續表現非常非常好。因此，再次向該市場投入更多投資，進行正確的創新，執行圍繞分銷和貨架設置的基本原則，我們認為必要的所有基礎知識以及我們在25 年制定的計劃以及我們重新推出的一些大型核心產品。

We think we're set up for stronger success moving forward. We've seen some again choppiness with some of the retail environments, particularly the drug class of trade where we had higher shares has struggled to drive traffic and turn in their retail environment. So we're having to shift accordingly, but we still feel the drug channel long term provides a growth opportunity for us but you've seen some sluggishness in that retail environment. In the short term.

我們認為我們已經為未來更大的成功做好了準備。我們再次看到一些零售環境的波動，特別是我們擁有較高份額的藥品貿易類別，一直在努力推動零售環境中的客流量和轉變。因此，我們必須做出相應的轉變，但我們仍然認為藥品通路長期為我們提供了成長機會，但您已經看到零售環境出現了一些低迷。短期內。

Edward Lewis, Redburn Atlantic.

愛德華‧劉易斯，《雷德伯恩大西洋》。

Yes, thanks very much. I guess just looking back when you launched your sort of new strategy a few years ago. You talked about the core products of CBC doing a lot around that. You talked about adjacent categories and you also talked about adjacent channels, the opportunities there.

是的，非常感謝。我想只是回顧一下幾年前你推出新策略的時候吧。您談到了 CBC 的核心產品，圍繞這一點做了很多工作。您談到了相鄰的類別，也談到了相鄰的管道以及那裡的機會。

I am just looking at the results today, I mean, we've seen the success for a number of years now in e-commerce in China. But but how much of the channel mix changed in regions like say, Latin America and Asia, ex China relative to where it was before. And how much is that helping with success you're seeing with the premiumization strategy?

我今天只是看結果，我的意思是，我們已經看到中國電子商務多年來的成功。但是，拉丁美洲和亞洲（中國除外）等地區的通路組合相對於以前發生了多大變化。您看到的高端化策略對成功有多大幫助？

Yeah, good morning. Thank you. Interesting question. It's back on the channel expansion. I mean the initial focus on that was predominantly e-commerce, but we identified real unique opportunities in the expansion of very innovative discount formats around the world. The expansion of the club store format in certain parts of the world.

是的，早安。謝謝。有趣的問題。又回到了通路拓展。我的意思是，最初的重點主要是電子商務，但我們在全球範圍內擴展非常創新的折扣形式方面發現了真正獨特的機會。俱樂部商店業態在世界某些地區的擴張。

You're seeing club stores, particularly in Asia and more specifically China grow quite significantly a couple of years. So it's making sure that as we think strategically around where we want to invest. We're investing in those retailers that are going to drive long term growth of the business and we've been very quick to adopt to new formats and that's been one of the successes we've had here in North America when we initially got into the dollar stores decades ago.

你會看到俱樂部商店，特別是在亞洲，更具體地說是在中國，幾年來成長相當顯著。因此，當我們圍繞著我們想要投資的地方進行策略思考時，就需要確保這一點。我們正在投資那些將推動業務長期成長的零售商，我們很快就採用了新的業態，這是我們最初進入北美市場時取得的成功之一幾十年前的一元商店。

And ultimately, we've got strong shares there, but it's making sure that we are working with our retailers, all of our retailers to bring products to drive innovative growth for their sectors. And that's the key focus for us category growth across all channels and making sure that as we see new retail environments come on stream that we're thinking very thoughtfully and how to do that in a way that drives growth for our retailers, for the category and for the whole market.

最終，我們在那裡擁有強大的份額，但它確保我們正在與我們的零售商、我們所有的零售商合作，推出產品來推動其行業的創新成長。這是我們在所有通路中品類成長的重點，並確保當我們看到新的零售環境出現時，我們正在深思熟慮，以及如何以推動我們的零售商、品類成長的方式做到這一點以及整個市場。

So I think it's just being very attuned to what we're seeing in the markets. You're seeing a lot of very innovative things happening at the retailer level. I think that's to be expected given some of the challenges in the move to e-commerce.

所以我認為這與我們在市場上看到的情況非常吻合。您會看到零售商層面發生了許多非常創新的事情。考慮到向電子商務轉型過程中面臨的一些挑戰，我認為這是可以預料的。

So there's big box retailers that are having to change their shopping experience and we're very much working in tandem with them to ensure that we have the products that they need, the price pack architectures and configurations that they need in order to drive excitement at the shelf.

因此，大型零售商必須改變他們的購物體驗，我們正在與他們密切合作，以確保我們擁有他們需要的產品、他們需要的價格包架構和配置，以激發人們的興奮感。

Okay, with that--

好吧，這樣的話——

Q&A portion.

問答部分。

Thanks to everyone. Again, a strong quarter. We're having a good year so far through three quarters. Net sales were up 4.5%, organic up 8.5% with again a very strong balance between volume at [33] and pricing at [52] and EPS double digit on a on a year-to-date basis. And importantly, getting that flexibility across the income statement and the balance sheet.

謝謝大家。再次，這是一個強勁的季度。到目前為止，我們已經度過了三個季度的美好一年。淨銷售額成長 4.5%，有機成長 8.5%，銷售量 [33] 和定價 [52] 之間再次保持強勁平衡，年初至今每股收益達到兩位數。重要的是，在損益表和資產負債表中獲得這種彈性。

But this is the hard work of Colgate people all around the world aligned to our growth strategy and executing extraordinarily well. So thanks to everyone for the questions today and thanks to all the Colgate people for delivering a strong quarter.

但這是世界各地高露潔人的辛勤工作，與我們的成長策略保持一致，並且執行得非常好。感謝大家今天提出的問題，並感謝所有高露潔員工交付了強勁的季度業績。

The conference is 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。