高露潔 (CL) 2025 Q1 法說會逐字稿

Good morning. Welcome to today's Colgate Palmolive 2025 first-quarter conference call. This call is being recorded and is being simulcast live at www.colgatepalmolive.com. Now, for opening remarks, I'd like to turn this call over to Chief Investor Relations Officer and Executive Vice President, M&A, John Faucher.

早安.歡迎參加高露潔棕欖公司2025年第一季業績電話會議。本次電話會議正在錄音，並透過www.colgatepalmolive.com網站進行同步直播。現在，我謹將電話會議交給首席投資人關係長兼併購執行副總裁約翰‧福徹先生，請他致開幕詞。

Thanks, Betsy. Good morning, and welcome to our first quarter, 2025 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. Forward-looking statements inherently involve risks and uncertainties and are made on the basis of our views and assumptions at this time.

謝謝你，貝齊。早安，歡迎參加我們2025年第一季財報電話會議。這是約翰·福徹。今天的電話會議將包含前瞻性陳述。實際結果可能與這些說法有重大差異。前瞻性陳述本身就涉及風險和不確定性，並且是基於我們目前的觀點和假設而做出的。

Please refer to the earnings press release and our most recent filings with the SEC, including our 2024 annual report on Form 10-K, and subsequent SEC filings, all available on our website for a discussion of the factors that could cause actual results to differ materially from these statements.

請參閱我們的獲利新聞稿和我們最近向美國證券交易委員會提交的文件，包括我們的 2024 年 10-K 表格年度報告以及後續向美國證券交易委員會提交的文件，所有這些文件都可以在我們的網站上找到，其中討論了可能導致實際結果與這些聲明存在重大差異的因素。

These remarks also included discussion of non-GAAP financial measures, which exclude certain items from reported results. Including those identified in Tables 3, 5, and 6 of the first quarter earnings press release. A full reconciliation of the corresponding GAAP financial measures and related definitions are included in the earnings press release, which is available on our website.

這些發言也包括對非GAAP財務指標的討論，這些指標從報告結果中剔除了某些項目。包括第一季財報新聞稿表 3、表 5 和表 6 中列出的那些。完整的GAAP財務指標及其相關定義核對錶已包含在獲利新聞稿中，該新聞稿可在我們的網站上查閱。

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 2025 outlook. 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有董事長、總裁兼執行長諾埃爾·華萊士，以及財務長史丹·蘇圖拉。諾埃爾將向您介紹他對我們的業績以及2025年展望的看法。接下來我們將開放問答環節。諾埃爾？

Thanks, John, and good morning, everyone, and thanks to all of you for joining us today as we discuss our Q1 results. We came into '25 prepared for the volatility and uncertainty. As such, we built flexibility into our plans, knowing that this year would be more difficult than the years that preceded it.

謝謝約翰，大家早安，謝謝各位今天與我們一起討論我們第一季的業績。在進入2025年時，我們已經做好了應對市場波動和不確定性的準備。因此，我們在計劃中留出了靈活性，因為我們知道今年會比往年更加艱難。

And while 2025 is shaping up to be even more volatile than expected, we believe the work we have done and the work we continue to do leaves us well positioned to deliver solid results in this challenging environment.

儘管 2025 年的情況可能會比預期更加動盪，但我們相信，我們已經完成的工作以及我們正在繼續進行的工作，使我們能夠在這個充滿挑戰的環境中取得可靠的成果。

I see two key challenges and two key opportunities as I look to the rest of 2025. The first challenge is the weaker consumers you've heard throughout the week. While a slowdown in category pricing was always built into our assumptions for 2025, the macroeconomic and consumer uncertainty we saw on Q1, not just in the US but also in other countries around the world, had a negative impact on volume growth and therefore category growth in the quarter.

展望 2025 年剩餘時間，我認為有兩大挑戰和兩大機會。第一個挑戰是你在本週聽到的消費者購買力下降的問題。雖然我們對 2025 年的預測中一直包含了品類價格放緩的預期，但我們在第一季度看到的宏觀經濟和消費者不確定性，不僅在美國，而且在世界其他國家，都對銷量增長產生了負面影響，從而對本季度的品類增長產生了負面影響。

Our strategy is focused on selling daily use products. We believe that consumers are still brushing their teeth, taking showers, cleaning their floors, and feeding their pets. But there may have been some pantry deloading and some modest retailer destocking in the quarter as a result, we have seen some signs of category improvement in April. And our experience tells us that consumers will return to these categories.

我們的策略重點是銷售日用產品。我們相信消費者仍然會刷牙、洗澡、打掃地板和餵食寵物。但由於本季食品儲藏室可能出現了一些清倉，零售商也進行了一些適度的去庫存，因此我們在 4 月看到了類別改善的一些跡象。我們的經驗告訴我們，消費者會重新回到這些品類。

And we're focused on giving consumers reasons to come back to our brands. We will continue to deliver value-added, science-based core innovation like the relaunch of Colgate Total and the relaunch of Hill's Science Diet with ActivBiome Technology to add meaningful value to our products so that consumers choose our brands.

我們致力於讓消費者有理由再次選擇我們的品牌。我們將繼續提供增值、以科學為基礎的核心創新，例如重新推出高露潔全效牙膏和重新推出採用ActivBiome技術的希爾思科學配方奶粉，為我們的產品增添有意義的價值，從而讓消費者選擇我們的品牌。

The second is tariffs. As we said in the prepared commentary, we expect the impact of tariffs that have been announced since our conference call in January and that are currently in effect to have an incremental impact of roughly $200 million in 2025 versus our initial guidance. This is a fluid situation and we will continue to monitor and to respond to it over the course of the year.

第二點是關稅。正如我們在準備好的評論中所說，我們預計自 1 月電話會議以來宣布的、目前已生效的關稅的影響，到 2025 年將比我們最初的指導意見產生約 2 億美元的額外影響。目前情況瞬息萬變，我們將在今年持續關注並應對這一情況。

That's why we remain focused on continuing to take advantage of and build on the flexibility we have built into our supply chain over the past several years. As I mentioned on the Q4 call, we have changed many of our sourcing strategies and also invested approximately $2 billion in our supply chain in the United States over the past five years, which leaves us better positioned to adapt to this changing environment.

正因如此，我們將繼續專注於利用和增強過去幾年在供應鏈中建立的靈活性。正如我在第四季電話會議上提到的，過去五年裡，我們改變了許多採購策略，並在美國供應鏈上投資了約 20 億美元，這使我們能夠更好地適應不斷變化的環境。

We have developed, and are continuing to develop plans, to deal with the tariffs over the short, medium, and long term, including alternative sourcing, formula simplification, shifting production, and revenue growth management.

我們已經制定並將繼續制定應對短期、中期和長期關稅問題的計劃，包括替代採購、簡化配方、轉移生產和收入成長管理。

But we also have opportunities in this environment to advantages we have built up in our commitment to executing against our strategy. We are taking advantage of the breadth and strength of our global portfolio.

但我們也有機會利用我們在執行策略過程中累積的優勢，在這種環境下獲得發展機會。我們正在充分利用我們全球投資組合的廣度和實力。

In the majority of our categories, we offer products across all price tiers. We are fine tuning our promotional strategy so that consumers can still choose the right Colgate-Palmolive product even if they feel less certain about their own financial wellbeing. And our geographic breadth gives us more opportunities for growth as we are less exposed to any single market.

在大多數產品類別中，我們提供涵蓋所有價格檔次的產品。我們正在不斷調整促銷策略，以便即使消費者對自己的財務狀況不太有信心，他們仍然可以選擇合適的Colgate-Palmolive產品。我們的地域覆蓋範圍廣，因此對單一市場的風險敞口較小，從而為我們提供了更多的發展機會。

Our focus over the past few years on building brand health means that our brands are stronger now than they ever were before. We believe healthier brands will perform better in a difficult market environment.

過去幾年，我們專注於提升品牌健康度，這意味著我們的品牌現在比以往任何時候都更強大。我們相信，在艱難的市場環境下，更健康的品牌會表現得更好。

The second advantage is the strength and flexibility we built into our P&L and the balance sheet over the past several years. The strength of our P&L enables us to continue to invest in our brands and capabilities. While all companies may experience pressure on brand investment given the volatility, we enter 2025 with the advertising spending at an all-time high and feel that our focus on driving ROI leads us well positioned to compete effectively.

第二個優點是過去幾年我們在損益表和資產負債表上建立起的實力和彈性。我們強勁的損益表使我們能夠繼續投資於我們的品牌和能力。儘管考慮到市場波動，所有公司在品牌投資方面都可能面臨壓力，但進入 2025 年，廣告支出將達到歷史最高水平，我們認為，我們專注於提高投資回報率，這將使我們處於有利地位，能夠有效地參與競爭。

We also remain committed to investing in and scaling capabilities like AI, data analytics, and innovation: areas that will take an even greater importance in this more volatile environment. We also have the advantage of a strong balance sheet with low levels of net debt and plans to drive significant cash flow to fund growth and productivity. We think you can see the results of this focus on the P&L and balance sheet in our first quarter results where we delivered strong profit growth despite the volatility in the quarter.

我們也將繼續致力於投資和擴大人工智慧、數據分析和創新等能力：在當前更加動盪的環境中，這些領域將變得更加重要。我們也擁有強勁的資產負債表優勢，淨債務水準低，並計劃推動大量現金流，以資助成長和提高生產力。我們認為，從我們第一季的業績中，您可以看到我們專注於損益表和資產負債表所取得的成果，儘管該季度市場波動較大，但我們仍實現了強勁的利潤成長。

So we look to the ballots of 2025 knowing that we are well positioned to deal with the known challenges as well as the ones yet to come. Our commitment to our strategy and the strength of our execution and team give us the confidence that we will deliver on our 2025 goals while positioning ourselves to deliver long-term growth and strong shareholder return.

因此，我們展望 2025 年的選舉，因為我們知道我們已經做好充分準備，以應對已知的挑戰以及未來可能出現的挑戰。我們對策略的承諾，以及我們強大的執行力和團隊實力，使我們有信心實現 2025 年的目標，同時為實現長期成長和股東豐厚回報做好準備。

And with that, I'll take your questions.

那麼，接下來我將回答你們的問題。

(Operator Instructions) Peter Grom, UBS.

（操作說明）Peter Grom，瑞銀集團。

Thanks, operator. Good morning, everyone. So Noel, you touched on the consumer pressures and weakness, as you said, been a big topic of discussion across the group this week. But I would love to get your perspective on what you've seen from a consumption perspective across your categories as you move through the quarter and into April.1 And then just as we look ahead, how do you see that consumption or category growth evolving as we move through the year? Thanks.

謝謝接線生。各位早安。諾埃爾，你剛才談到了消費者面臨的壓力和疲軟，正如你所說，這週一直是集團內部討論的熱門話題。但我很想了解您從消費角度對本季度以及進入四月份的各個品類所觀察到的情況的看法。 1 展望未來，您認為隨著今年的推進，消費或品類成長將如何演變？謝謝。

Yeah, good morning, Peter. Thank you. So maybe let me just step back and talk about contextually and strategically how we're approaching the operating environment in general and pretty consistent with a lot of the discussions we've had Cagney, Boston, over the last couple of years, which is our focus is on continuing to drive household penetration. And improve the brand health, which is ultimately going to deliver that long term sustainable growth for us. We've improved the health of our brands, and that we believe is a function of the investment and innovation cycles that we have. And we're executing against that strategy we think in an extraordinarily difficult environment.

早安，彼得。謝謝。所以，或許我應該退後一步，從背景和戰略角度談談我們總體上是如何應對當前的運營環境的，這與過去幾年我們在波士頓卡格尼進行的很多討論都相當一致，那就是我們的重點是繼續推動家庭滲透率。並改善品牌健康，最終將為我們帶來長期可持續成長。我們提高了品牌的健康狀況，我們認為這得益於我們的投資和創新週期。而我們正在執行這項策略，我們認為這是在一個極其艱難的環境下進行的。

We highlighted coming into the year that this year would be a little bit slower. That was reflected in our guidance. It was based on the fact that we would have less pricing given some of the hyperinflationary pricing we had last year. And we would be shifting more toward volume growth. What has changed this year is that the volume growth in our categories, as you rightfully mentioned and you've heard from others, has slowed a bit.

我們在年初就強調過，今年的發展速度會稍微慢一點。這一點體現在我們的指導方針上。這是基於這樣一個事實：考慮到去年我們經歷了惡性通貨膨脹，價格將會降低。我們將更加重視銷量成長。正如您所提到的，以及您從其他人那裡了解到的，今年我們所在品類的銷售成長速度有所放緩。

So just to give you some context on that, let me take the US as a good example. That's where most of our data is from. We have seen that through February in our categories, all 12 of those -- 11 of 12 of those categories were actually down sequentially through February.

為了讓您更好地理解這一點，我以美國為例。我們的大部分數據都來自於此。我們看到，截至 2 月份，在我們統計的 12 個類別中，有 11 個類別實際上在 2 月份呈現逐年下降趨勢。

I think importantly, we saw half of those categories down sequentially in March and half of them improved. And as you move into April, you've seen a better improvement across most of those categories. Not to where we were historically, so we're not out of the woods yet. But the good news is we're starting to see more stability as we move through April.

我認為重要的是，我們看到其中一半類別在 3 月環比下降，而另一半類別則有所改善。進入四月後，你會發現大多數類別都出現了更好的改善。還沒回到歷史上的水平，所以我們還沒有脫離險境。但好消息是，隨著四月的到來，我們開始看到市場趨於穩定。

If you look around globally, pretty consistent with that. A lot of uncertainty in the marketplace in February. We've seen a little bit more improvement in March. And we expect over the medium term, probably more towards the back half of the year, that we'll start to see more normalization of the categories.

從全球範圍來看，這種情況相當一致。二月份市場充滿許多不確定因素。三月份情況略有改善。我們預計，在中期內，可能更確切地說是在今年下半年，我們將開始看到各個類別逐漸恢復正常。

Consumers will come back. They destock some of their pantries, but these are everyday use categories as I mentioned up front. And we have an expectation as we built into our guidance to categories will come back in the medium term. I expect the second quarter to continue to be soft given the uncertainty that continues to exist. But the early signs that we're seeing in April at least give us some confidence that categories will slowly come back as the consumers settle down and the economic uncertainty that surrounds the markets around the world improves.

消費者會回來的。他們會清空一些食品儲藏室，但正如我前面提到的，這些都是日常用品類別。正如我們在指導方針中所述，我們預計各類別將在中期內恢復。鑑於目前仍存在許多不確定因素，我預計第二季經濟狀況將持續疲軟。但四月出現的早期跡象至少讓我們有信心，隨著消費者情緒穩定下來，以及全球市場經濟不確定性的改善，各品類將會慢慢恢復。

Andrea Teixeira, JPMorgan.

Andrea Teixeira，摩根大通。

Thanks, operator, and good morning, everyone. No, just a building into what you answered to Peter. In regards to North America, you mentioned, like the middle of April, even in the prepared remarks had been slightly better. So is that like from a shipment perspective and consumption as well? Because of what we saw, obviously, in the first quarter it was a negative 3% organic sales growth. And so obviously, as you said, not out of the woods yet. Can you comment a bit with where you stand right now?

謝謝接線員，大家早安。不，只是把你回答彼得的事情變成現實。關於北美的情況，您提到，就像四月中旬一樣，即使是事先準備好的演講稿也略有改善。所以，這既包括出貨量，也包括消費量嗎？顯然，根據我們所看到的，第一季有機銷售成長率為負3%。所以很明顯，正如你所說，我們還沒有脫離險境。能否簡單談談您目前的立場？

And in terms of the main question that I would say is in that -- in thinking about your flat gross margin, right, and the investments that you rightly so have been planning for innovation including what you call the Alturo and Hello, how we should be thinking of the competitive environment as you go into 2025 is that continues to be as relatively healthy in oral care and also in home care? And how you're embedding that in the whole context of that improvement in the category and investments behind the brands? Thank you.

至於我想提出的主要問題，那就是——考慮到你們持平的毛利率，以及你們一直以來為創新所做的投資計劃，包括你們所說的 Alturo 和 Hello，我們應該如何看待 2025 年的競爭環境？口腔護理和居家護理領域的競爭環境是否仍相對健康？以及，您是如何將這一點融入整個品類改進和品牌投資的大背景下的？謝謝。

Thanks, Andrea, and good morning. Let me take, obviously, the category discussion on North America first. And I think we're quite consistent with what you've heard from other CPGs throughout the last couple of weeks is that the categories took a real step down in February. As a result, trade started to adjust their inventories as a result of the slower consumption they saw from the consumer. And we highlighted this very early back at Cagney and we saw the slower consumption and the destocking that you may have heard is really a function of where the consumer is. And the consumer was soft in February, a little bit better in March and we're saying a little bit better in April.

謝謝你，安德里亞，早安。首先，讓我們來討論一下北美地區的相關主題。我認為，我們與過去幾週你從其他消費品公司聽到的說法基本一致，那就是2月各品類銷售確實大幅下滑。因此，由於消費者消費放緩，貿易商開始調整庫存。早在卡格尼公司，我們就強調了這一點，我們看到消費放緩和去庫存（你可能聽說過）實際上是消費者所在地區的情況。二月份消費者需求疲軟，三月略有好轉，我們預期四月會進一步改善。

And subsequently, as you see things get a little bit better, you see the inventories typically hold or get a little bit better and you see consumption come back. And that would reflect in our shipments as well. I wouldn't say anything too material there. But the good news is indicative of where we've seen the categories our shipments seem to be pacing well with that.

隨後，隨著情況逐漸好轉，庫存通常會保持穩定或略有改善，消費也會回升。這也會反映在我們的出貨量上。我不會透露任何實質的內容。但好消息是，我們看到的這些類別的出貨量似乎都與此趨勢相符。

Now, we have more work to do in North America. That team is very focused on implementing some sharpness in their strategy, particularly around getting innovation right, getting price pack architecture right, improving productivity through our facilities in the plant, and getting the advertising ROI elevated. So a lot of focus in those areas. We feel good about the new team that we put in North America now. And as we go into the back half, we expect to see things generally start to improve.

現在，我們在北美還有更多的工作要做。團隊非常注重在策略上進行一些調整，尤其是在創新、價格包裝架構、透過工廠設施提高生產力以及提高廣告投資回報率方面。因此，我們會專注於這些領域。我們對目前在北美組建的新團隊感到滿意。隨著賽季進入下半程，我們預計情況總體上會開始好轉。

In terms of the competitive environment in general, we're seeing it -- as I think -- characterized before, quite constructive. We don't see promotion numbers going through unusual rates. As a result of that promotion, volume on promotion is pretty consistent with where it's been. And you would hope that the category, the focus from ourselves and our competitors will continue to be on adding value to the category through innovation.

就整體競爭環境而言，正如我之前所認為的那樣，我們看到的是相當建設性的局面。我們沒有發現促銷數量有異常成長。由於這項促銷活動，促銷期間的銷售量與先前的水平基本保持一致。我們希望，我們和我們的競爭對手能夠繼續專注於透過創新為該品類增加價值。

And that's historically what's driven our household penetration and our success, and we'll continue to focus on that. It won't be a promotion environment that will turn things around. It will be the excitement that we bring to the categories through our innovation.

從歷史上看，這正是我們實現家庭滲透和成功的關鍵，我們將繼續專注於此。換個環境也扭轉不了局面。我們將透過創新為各個品類帶來新的活力。

Filippo Falorni, Citi.

Filippo Falorni，花旗銀行。

Hi, good morning, everyone. I wanted to ask you about your pricing approach. Obviously, pricing has decelerated, in Q1. But you mentioned some incremental pricing in some emerging markets, throughout the quarter. So maybe you can give us a sense of how you think the pricing contribution to organic sales can evolve? And then specifically, in developed markets, how do you think pricing as a way to offset some of those tariff headwinds that you called out? I know you mentioned a lot of different levers, but I wonder how pricing falls within the rank?

大家早安。我想問你們的定價策略。顯然，第一季價格成長放緩。但您提到，本季部分新興市場的價格有所上漲。那麼，您能否談談您認為定價對自然銷售的貢獻會如何變化？那麼具體來說，在已開發市場，您認為定價作為一種抵消您提到的關稅不利因素的方式會如何？我知道你提到了很多不同的槓桿，但我很想知道定價在這個等級體系中處於什麼位置？

Thank you. Yeah, good morning, Filippo. Thank you. Pricing was more or less what we expected in the quarter. And I think importantly, it improved sequentially on a two-year stack basis and particularly you will remember that the comp was quite difficult.

謝謝。是啊，早安，菲利波。謝謝。本季定價基本上符合我們的預期。而且我認為重要的是，它在兩年內逐年進步，尤其值得一提的是，你肯定還記得當時的競爭非常激烈。

Latin America, less, the Argentina benefit. Obviously, we've announced some pricing in Latin America, which is consistent with our strategy. And we'll see that executed in the second quarter and into the third and fourth quarter in Mexico and Brazil. And we'll see, obviously, that continues to normalize and move forward. Any anyone's guess on where Argentina will be with inflationary pricing. But right now, that market seems quite constructive. And importantly, we see ourselves gaining both volume and value share in that market. So we're quite pleased with that.

拉丁美洲的情況則有所不同，阿根廷也從中受益。顯然，我們已經在拉丁美洲公佈了一些定價策略，這與我們的策略是一致的。我們將在第二季以及第三季和第四季在墨西哥和巴西看到這項策略的實施。很顯然，我們會看到這種情況繼續正常化並向前發展。誰也說不準阿根廷在通膨物價上漲的情況下會發展到什麼程度。但就目前來看，該市場似乎相當具有建設性。更重要的是，我們看到自己在該市場中的銷售和價值份額都在不斷增長。我們對此相當滿意。

US pricing improved sequentially, which is encouraging, but as we had indicated back at Cagney and on the fourth quarter call, pricing, we had made some adjustments in the back half of '24. And we expected those to flow through the P&L in the first half of '25, and that's exactly what we're seeing. And I would expect the second quarter to be quite consistent with that, and we'll start to see improvements as we move through the back half.

美國定價環比有所改善，這令人鼓舞，但正如我們在卡格尼和第四季度電話會議上所指出的那樣，我們在 2024 年下半年對定價進行了一些調整。我們預計這些收益將在 2025 年上半年計入損益表，而我們現在看到的正是如此。我預計第二季的情況會與此相當，隨著賽季進入下半程，我們將開始看到一些改善。

If I go around the world a bit, we're really encouraged by Europe and the pricing that we're getting there. I think our real focus on premium innovation and improving mix in Europe has played out and has certainly delivered another very strong quarter for the European business. And that's a function, I think, of the strategy that we're deploying there. And if you look at the rest of the world, good pricing in Africa. Some challenging issues in Asia, more on the volume side, quite frankly, than on the pricing side as we saw the China market slow a bit.

如果我環遊世界，我們會發現歐洲的價格真的令人鼓舞。我認為我們對歐洲高端創新和產品組合改進的真正重視已經取得了成效，並且肯定為歐洲業務帶來了另一個非常強勁的季度。我認為，這取決於我們在那裡採取的策略。放眼世界其他地區，非洲的物價也很划算。坦白說，亞洲市場面臨一些挑戰性問題，更多體現在銷售方面，而不是價格方面，因為我們看到中國市場成長放緩。

But overall, I think all the work we put into RGM over the last couple of years and the sophistication that we're using now with AI to help us get better diagnosis and better predictability of how our promotions and our pricing will take effect in marketplaces is allowing us to get more in there.

但總的來說，我認為過去幾年我們在 RGM 上投入的所有工作，以及我們現在利用 AI 技術幫助我們更好地診斷和預測我們的促銷和定價策略在市場上的效果，使我們能夠取得更大的成功。

But most importantly, I think, is the innovation that we're putting in the market. You saw an improvement in mix this quarter, which is terrific to see. The pricing environment will continue to be challenging, I think, in terms of where things go now. As tariffs take hold there’s -- I think everyone will be looking for ways to create value in the category. That will be principally driven in my view through innovation. But there will be some pricing that will have to take place in certain markets around the world, and we'll take that on a market and category basis as we move forward.

但我認為最重要的是我們為市場帶來的創新。本季度產品組合有所改善，這非常好。我認為，就目前的市場走向而言，定價環境仍將充滿挑戰。隨著關稅的實施——我認為每個人都會想辦法在這個領域創造價值。我認為，這主要將由創新驅動。但是，在世界各地的某些市場，定價是必須的，我們將根據市場和類別的情況來制定定價策略。

Dara Mohsenian, Morgan Stanley,

Dara Mohsenian，摩根士丹利

Hey, good morning. So just to follow up on a couple of those questions, I was hoping to get a little more granular in emerging markets, specifically. Just -- can you give us a bit more detail on what you're seeing at the consumer level given some of the broader macro concerns in general, [that was] like India softened a bit. But just curious for your perspective on any change dynamics and what you're seeing there. And then B, just your market share performance in the quarter and emerging markets. Latin America is obviously a key area, but also just touch on China and what you're seeing there? That'd be helpful. Thanks.

嘿，早安。為了進一步回答其中幾個問題，我希望能夠更具體地探討新興市場的情況。鑑於一些更廣泛的宏觀經濟擔憂，您能否更詳細地介紹一下您在消費者層面觀察到的情況？比如，印度市場似乎有所緩和。我只是好奇您對任何變化動態的看法以及您觀察到的情況。然後是 B，即您本季在新興市場的市佔率表現。拉丁美洲顯然是一個關鍵地區，但也請簡單談談中國以及你在那裡看到的情況？那會很有幫助。謝謝。

Dara, great there, good morning. So overall, again, if I take a step back, volume was positive in the quarter ex-private label. And I think our exposure to emerging markets continues to play favorably for us, given that we're seeing certainly an impact from the economic uncertainty and the volatility that we've seen, particularly here in North America. But that is -- it’s certainly spread across the world. We saw that in February.

Dara，你好，早安。所以總的來說，如果我退一步來看，剔除自有品牌後，本季銷量為正。我認為，鑑於我們已經看到經濟不確定性和波動性的影響，尤其是在北美地區，我們對新興市場的投資仍然對我們有利。但這確實——它已經傳播到世界各地。我們在二月就看到了這一點。

But as a result, we've seen things come back a little faster in some of our emerging markets as we move through the end of the quarter and into April. And we expect that we'll see some improvements moving forward. If we look at specifically on Latin America market shares and your comment there, market shares are very very strong. Our volume share continues to perform exceptionally well in Latin America. We are up value share holding in the quarter, and that's obviously at a very high number.

但也因為如此，隨著本季末進入四月份，我們看到一些新興市場的經濟復甦速度略快一些。我們預計未來會有一些改進。如果我們具體看一下拉丁美洲的市場份額以及您在那裡的評論，您會發現市場份額非常非常強勁。我們在拉丁美洲的銷售份額持續表現出色。本季我們的股票持有量有所增加，而且顯然已經達到了一個非常高的數字。

Market shares in Africa, Middle East continue to be very strong and growing in those markets that were encouraged by that despite some of the softness that we saw in Turkey on the volume side as well as South Africa.

儘管土耳其和南非的銷量有所疲軟，但非洲和中東的市場份額依然非常強勁，這些市場仍在成長，這令人鼓舞。

And then, if I take specifically on Asia. China continues to be a challenge and that market continues to be quite soft, particularly on our Hawley & Hazel business, and I've talked about that quite extensively. I was just in China. With the team and we are in the midst of executing a revised go-to market strategy and doing some things around the innovation side, particularly on our joint venture with Hawley & Hazel. Colgate business happily continues to perform very very well.

然後，如果我專門研究亞洲。中國市場依然充滿挑戰，而且市場依然疲軟，尤其是對我們的 Hawley & Hazel 業務而言，我已經對此進行了相當深入的探討。我剛從中國回來。我和我的團隊正在執行一項修訂後的市場進入策略，並在創新方面做一些事情，尤其是在我們與 Hawley & Hazel 的合資企業方面。高露潔的業務表現依然非常出色，令人欣喜。

The Colgate side of the business delivered mid-single digit organic growth both on pricing and volume growth in the quarter, so we're encouraged by that. But China continues to be a challenging environment. On India, not much I can say as they'll announce in the next couple of weeks. But we did see the continued softness in the urban markets as we've highlighted before.

高露潔業務在本季度實現了中等個位數的有機增長，無論是在價格增長還是銷量增長方面，因此我們對此感到鼓舞。但中國市場依然充滿挑戰。關於印度，我能說的不多，他們會在接下來的幾週內宣布。但正如我們之前強調的那樣，我們確實看到了城市市場持續疲軟的局面。

Bonnie Herzog, Goldman Sachs.

邦妮·赫爾佐格，高盛集團。

Thank you, good morning. I had a question on your advertising spend. You updated the guide to flat spending as a present to sales for the year versus flats up slightly previously. So just wondering, is that a function of any change in your innovation plan and timing of launches for the rest of the year possibly to reflect reduced appetite, given end-market softness. And then specifically, on innovation, curious to hear if your plans have changed or evolved given end-market slowdown perhaps more towards the value end of the spectrum, given consumer pressures.

謝謝，早安。我有一個關於貴公司廣告支出的問題。您更新了公寓消費指南，作為今年的銷售禮物，與之前略有上漲的公寓價格相比。所以我想知道，這是否與貴公司今年剩餘時間的創新計畫和產品發佈時間有所調整有關，以反映終端市場疲軟導致的需求下降。具體來說，關於創新，我很想知道，鑑於終端市場成長放緩，消費者面臨壓力，你們的計畫是否有所改變或發展，是否更傾向於價值導向的面向。

Thanks. Yeah, thanks, Bonnie. Good morning. So no change at all relative to our innovation. Quite frankly, if I get into specifics on innovation in this environment, we're having lots of discussions about accelerating our innovation in the back half to stimulate consumption more at a varied degree of price point. So if anything, innovation will continue to accelerate.

謝謝。謝謝你，邦妮。早安.所以，就我們的創新而言，沒有任何改變。坦白說，如果我深入探討當前環境下的創新，我們正在進行許多討論，旨在加快下半年的創新步伐，以刺激不同價位產品的消費。所以，創新只會繼續加速發展。

The revision is a function of a couple of things. One, as I mentioned, I think at Cagney and in previous discussions, we're very focused on ROI. We're seeing opportunities to continue to drive our reach and our frequency If you optimize spending, and that will continue to be a sharpened focus. Second, particularly given some of the softness in categories, it's only prudent and appropriate at this point to balance the flexibility that we've built into the P&L. And that's exactly what we're doing. We don't see it hindering at all our strategy in terms of what we're doing through our accelerated core innovation and adjacencies. We don't see it hindering on our premiumization strategy, which we think continues to be a real growth opportunity for the business. And we're focused on that spending in markets where we're seeing the best growth opportunities for the company, and that will continue to be the case.

修訂取決於以下幾個因素。第一，正如我之前提到的，我認為在 Cagney 以及之前的討論中，我們非常注重投資回報率。我們看到，如果優化支出，就有機會繼續擴大覆蓋率和提高投放頻率，而這將繼續成為我們關注的重點。其次，特別是考慮到某些類別的疲軟，此時平衡我們在損益表中所建構的靈活性才是謹慎和適當的。而這正是我們正在做的。我們認為這絲毫不會阻礙我們透過加速核心創新和相關領域所採取的策略。我們認為這不會阻礙我們的高端化策略，我們認為這仍然是公司真正的成長機會。我們將重點放在那些我們認為對公司而言最具成長潛力的市場進行投資，這種情況還會繼續。

So -- and the other point I would make is if you take that on a local currency, local currency, advertising will still be quite strong and likely up on the year. And that's really what we need to look at in terms of the effectiveness of the spend and the absolute dollar spending that we have going through the P&L.

所以——我想提出的另一點是，如果以當地貨幣計算，廣告業仍然會非常強勁，而且很可能會比去年同期成長。而這正是我們需要關注的，它關係到支出的有效性以及我們在損益表中記錄的絕對美元支出。

Robert Moscow, TD Cowen.

Robert Moscow，TD Cowen。

Hi, thanks. No, I was hoping you could dive a little deeper into Hill’s. I think you talked about some signs of consumers trading down during the first quarter. Are you still seeing that, or is the Hill’s brand holding up okay in in this kind of dynamic? And secondly, you have a lot of growth in wet, you, you've added capacity to expand in wet. How do consumers view wet in the Hill’s portfolio that's more expensive, is there any kind of trading down, within formats like that?

您好，謝謝。不，我希望你能更深入地研究一下希爾。我想你之前提到過第一季消費者出現降級消費的跡象。你仍然看到這種情況嗎？或者說，在這種動態變化中，希爾斯品牌的表現還不錯？其次，你們在濕貨領域有很大的成長，你們增加了濕貨領域的擴張能力。消費者如何看待 Hill’s 產品組合中價格較高的濕式飲料？在類似的產品形式中，是否有降級消費的可能性？

Great. Thanks Robert. Just a clarification, some of the trade down that we've talked about was specifically in the super premium to the mid-tier in North America on toothpaste, and that's to a certain extent what we're seeing. I will characterize that we've seen no trade down in the private label.

偉大的。謝謝你，羅伯特。需要澄清的是，我們之前討論過的一些降級現象，具體是指北美地區牙膏市場從超高端轉向中端價位的轉變，而我們現在在某種程度上也看到了這種情況。我會這樣描述：我們沒有看到自有品牌出現任何降級現象。

In fact, quite the opposite. Private label is either flat to down in the US as well as Europe. So the trade down is not necessarily there. We've seen some trade down from super premium in the mid-tier. But nothing that is terribly concerning, but something that we will obviously address as we move through the back half of this year.

事實上，情況恰恰相反。自有品牌在美國和歐洲都處於平穩或下滑狀態。所以向下交易的機會未必存在。我們看到一些中檔車型從超高階車型降級。但沒有什麼特別令人擔憂的事情，不過我們顯然會在今年下半年著手解決這些問題。

Specifically, on Hill’s, no trade down, and the Hill’s story, quite frankly, is really exciting. So ex-private label, that business was up 5% in organic growth on fundamentally a flat category. So we're obviously doing exceptionally well from a top-line standpoint. And that's really across all price tiers that we operate in, which is very focused on obviously the super-premium. But a couple of data points that I think are interesting. We grew organic cells in every combination that we measure. So wet, dry, treats, cat, dog, prescription diet, and science diet.

具體來說，希爾的球隊沒有降級交易，坦白說，希爾的故事真的很激動人心。因此，除去自有品牌業務，該業務在整體持平的品類基礎上實現了 5% 的有機成長。所以從整體來看，我們顯然做得非常好。而且這確實涵蓋了我們營運的所有價格檔次，顯然我們非常注重超高端市場。但我認為有幾個數據點很有趣。我們培養了所有我們測量過的有機細胞組合。所以，濕糧、乾糧、點心、貓糧、狗糧、處方糧和科學配方糧。

So the strength of the business in the first quarter was broad-based. And we saw that in market share, we saw that in penetration, and we saw that consistently across all retail environments here in the US. So typically, We don't have that broad base of success. We're very pleased with that.

因此，第一季的業務強勁表現是全方位的。我們看到，市場份額、滲透率都出現了這種情況，而且這種情況在美國所有零售環境中都持續存在。所以通常情況下，我們沒有那麼廣泛的成功基礎。我們對此非常滿意。

Why is that? A couple of things. One, we continue to keep strong investment in the category. Two, we've had a terrific innovation that's seeded itself in the market in the first quarter, and we'll see that play out through the rest of the year. Three, we've talked very extensively about the fact that even though the category has flattened a bit, we still have significant growth opportunities in areas like wet, as you rightfully point out, Robert.

這是為什麼？有幾件事。第一，我們將繼續加大對該領域的投資。第二，我們在第一季推出了一項非常棒的創新，並在市場上站穩了腳跟，我們將在今年餘下的時間裡看到它的發展。第三，我們已經深入討論過，儘管該類別成長有所放緩，但正如羅伯特所正確指出的那樣，我們在濕貨等領域仍然有很大的成長機會。

We see significant growth opportunities in [CAT], and that's exactly the way we're executing our strategy to go after those low-index categories that we operate in today and get the incremental growth versus the category. That's bringing value to our retailers, which they love that's bringing penetration to our brand. And that's ultimately growing the markets for our business.

我們看到了 [CAT] 領域的巨大成長機會，而這正是我們執行策略的方式，即進軍我們目前經營的低指數類別，並相對於該類別獲得增量成長。這為我們的零售商帶來了價值，他們非常喜歡，這也提高了我們品牌的市場滲透率。而這最終會為我們的業務拓展市場。

I think the other pleasing aspect was the incredible strong margin performance of the Hill’s business in the quarter. So up roughly 450 basis points, part of that private label going out. But the other half was again very focused on driving much more efficiency and productivity through our manufacturing facilities, which are operating much more effectively. Getting pricing -- a little bit of pricing in the category, and the strength of our innovation on the premium side as well as the mixed benefit we're seeing through improved prescription diets.

我認為另一個令人欣喜的方面是希爾公司本季的利潤率表現非常強勁。所以上漲了大約 450 個基點，這是部分自有品牌產品推出的結果。但另一半人則非常注重提高我們製造工廠的效率和生產力，這些工廠的運作效率也大大提高。定價方面——該類別中的一些定價，以及我們在高端領域的創新實力，還有我們透過改進處方飲食所看到的混合效益。

So overall, A combination of innovation, funding the growth, productivity is playing out to a very healthy P&L that's allowing us to accelerate advertising in an area where we see significant growth opportunities, particularly in those under index segments.

總的來說，創新、資金支持成長和生產力提升相結合，帶來了非常健康的損益表，使我們能夠在我們看到巨大成長機會的領域加速廣告投放，尤其是在指數較低的細分市場。

[Camil Surjewala], Jeffereys.

[Camil Surjewala]，傑弗里斯。

Hey, everybody. Not to keep it too macro, but do you feel like you have a sense of the -- why behind the slowdown in February as you kind of dug into it. and I recognize things are evolving or getting better in April. But do you have a good sense of what exactly was going on with the consumer at that time? And then around the world, but in particular, we're looking at $60 oil. Many of your markets are very much linked to commodity cycles and such. So I'm just curious if you're sort of reassessing how you approaching your forecast on inflation, and pricing, and those sorts of things in some of those markets? Thanks.

大家好。不想把話題搞得太宏觀，但你深入研究之後，是否覺得你對二月經濟放緩背後的原因有所了解？我注意到四月情況正在好轉。但你是否清楚當時消費者的真實狀況？然後在全球範圍內，特別是我們看到油價跌至每桶 60 美元。你們的許多市場都與大宗商品週期等因素密切相關。所以我很好奇，您是否正在重新評估您對某些市場中的通貨膨脹、價格以及類似情況的預測方法？謝謝。

Yeah, let me take the first part of that and I'll hand the second part off the Stan. So listen -- in our view, what happens globally, and it's pretty consistent that uncertainty creates a pensive and anxious consumer. And when you have uncertainty in terms of macroeconomics and everything surrounding that, consumers tend to hunker down and they're very cautious about the outlook.

好的，我先處理第一部分，第二部分交給史丹處理。所以聽著——在我們看來，全球範圍內發生的事情，以及相當一致的現象，那就是不確定性會使消費者變得憂心忡忡、焦慮不安。當宏觀經濟及其相關方面存在不確定性時，消費者往往會選擇觀望，對前景非常謹慎。

You see that obviously in the travel industry which people -- having questions on how they're going to spend their money, you see that obviously very forthrightly and discretionary products. And even in our categories that are non-discretionary, you'll see consumers destock their pantries and not necessarily buy that extra tube or that extra body wash as they see, obviously, a very volatile external environment.

很明顯，在旅遊業中，人們會質疑如何花錢，你會明顯看到這一點，而且人們往往會非常坦率地選擇非必需品。即使在我們非必需品類別中，你也會看到消費者減少食品儲藏室的庫存，不一定會購買額外的軟管或沐浴露，因為他們顯然看到了非常不穩定的外部環境。

So historically, as we've gone through these shifts, we've seen the categories soften a bit in terms of consumption. But ultimately, they're everyday use categories. They will come back, but they will come back at a pace that's consistent with the consumer confidence levels that exist in the marketplace.

因此，從歷史上看，隨著我們經歷這些轉變，我們看到各個品類的消費量下降。但歸根結底，它們都是日常用品類別。他們會回來的，但他們會以與市場上的消費者信心水平一致的速度回歸。

And as you see consumer confidence continue to return, which we expect it will in the medium term, I would say, over the balance of the back half of this year, moving hopefully into '26. You'll see the consumption improve. We will continue to accelerate our pace of innovation, which will bring excitement into the categories and give consumers a reason to come back into the categories.

正如你所看到的，消費者信心正在持續恢復，我們預計這種情況將在中期內發生，我認為，在今年下半年剩餘的時間裡，希望能夠延續到 2026 年。你會看到消費情況有所改善。我們將繼續加快創新步伐，這將為各個品類帶來活力，並讓消費者有理由再次購買這些品類的產品。

We'll continue to maintain our advertising as a way to drive excitement into the category as well. So as a result of that, we expect over the medium and longer term the categories will come back. But it's really driven by the shock to the system in February based on all the rhetoric existing around the world and the concerns with where the economies were headed. And as a result of that, consumers were very cautious. So let me turn it over to Stan for the inflation question.

我們將繼續加大廣告投入，以此激發人們對這一品類的興趣。因此，我們預計從中長期來看，這些類別將會回歸。但真正的驅動力是二月份全球各種言論以及對經濟走向的擔憂對經濟體系帶來的衝擊。因此，消費者非常謹慎。那麼，就讓史丹來回答通貨膨脹問題吧。

So any inflation related to commodities specifically. Overall, excluding tariffs, we continue to expect modest raw-material inflation. And while there's been some volatility in there, oils come down. But opposite that, we've seen palm and tallow actually go up. So in total, we expect that right now. Still modest raw material inflation.

因此，任何與大宗商品相關的通貨膨脹。整體而言，不計關稅，我們仍然預期原物料價格將溫和上漲。雖然期間出現了一些波動，但油價最終還是回落了。但與此相反，我們看到棕櫚油和牛油的價格實際上上漲了。所以總的來說，我們目前預計是這樣。原物料價格通膨依然溫和。

We tackle that the same way we always do, which is going after driving productivity to help us offset those increases and then constantly looking at formulation, supply chain efficiencies, and optimizing that. So we'll continue to leverage funding the growth to drive that gross margin to help offset those commodities. As you would expect, we watch them very closely looking to see if we'll see some changes in trajectory, particularly in the second half. But as of now, on balance, we still see modest inflation.

我們採取與以往相同的方式來應對這個問題，那就是努力提高生產力來幫助我們抵消這些成長，然後不斷研究配方、供應鏈效率並進行最佳化。因此，我們將繼續利用資金促進成長，提高毛利率，以幫助抵銷大宗商品成本。正如你所預料的那樣，我們會密切關注他們，看看他們的發展軌跡是否會發生一些變化，尤其是在下半程。但就目前而言，總體而言，我們仍然看到溫和的通貨膨脹。

Robert Ottenstein, EvercoreISI.

Robert Ottenstein，EvercoreISI。

Great, thank you very much. And first, I just want to give a quick shout out to the team at Hill's. We moved our dog over to Hill's Science Diet Small Bites. It's the only dry food she'll eat and her mood, her health has dramatically improved, as has my family's happiness. So thank you for that. (laughter)

太好了，非常感謝。首先，我要向希爾團隊致以簡短的感謝。我們把狗狗的狗糧換成了希爾思小型犬糧。這是她唯一願意吃的乾糧，她的情緒和健康狀況都得到了極大的改善，我的家人也因此更加幸福。所以，謝謝你。（笑聲）

I want to talk about Europe. Can you talk maybe just a little bit about why you're doing so well there, the role of Elmex in the strategy, what you've learned from that? And then maybe even more importantly, can you shift that strategy to other major markets to get the same kind of amazing results that you're getting in Europe now? Thanks.

我想談談歐洲。您能否簡單談談您在那裡取得如此成功的原因，Elmex 在您的策略中扮演的角色，以及您從中學到了什麼？更重要的是，你能否將這種策略轉移到其他主要市場，從而獲得與你現在在歐洲獲得的同樣驚人的成果？謝謝。

Thanks, Robin. I am brandedly nutritional of compliments we bring to that relationship. Hopefully you've seen our new campaign.

謝謝你，羅賓。我非常重視我們為這段關係帶來的讚美之情。希望您已經看過我們的新宣傳活動。

We have launched a new campaign on Hill’s and a new brand positioning, which has been extremely well received in the marketplace, and it talks about the love that pet owners have for their dogs and the guilt they feel when they leave them at home. And we feel like we've really anchored in on an incredible unique consumer insight that will leverage the wonderful product that we provide to our pet owners.

我們針對希爾思寵物狗發起了一項新的宣傳活動和新的品牌定位，該活動和定位在市場上受到了極大的歡迎。活動講述了寵物主人對愛犬的愛，以及將愛犬獨自留在家中時的內疚感。我們感覺我們已經真正抓住了一個令人難以置信的獨特消費者洞察，這將充分利用我們為寵物主人提供的優質產品。

On Europe specifically, obviously, another very strong quarter for Europe. With organic growth across all hubs. And I think what was important is to see the volume growth we talked about a little bit earlier, obviously, some volume growth sluggishness and emerging, but we see that coming back.

就歐洲而言，顯然，歐洲又迎來了一個非常強勁的季度。所有樞紐均實現有機成長。我認為重要的是要看到我們之前談到的銷售成長，顯然，銷量成長出現了一些放緩和停滯，但我們看到這種情況正在恢復。

But the volume growth in Europe was terrific. Remember we were comping a four volume growth in the first quarter of last year and we put a three on top of that. So I think it continues to reflect a couple of things. One, as you rightfully point out, we've seen terrific market share point -- market share growth in the region, particularly in our oral care business. And that's both on the Colgate franchise as well as the Elmex and Midol franchises. And that has obviously helped drive the incremental margin in the P&L that's allowed us to sustain and actually increased our advertising levels in Europe across more categories. And so that is certainly played out in the overall health of the business.

但歐洲的銷售成長非常驚人。請記住，我們去年第一季的銷售成長是四倍，而我們在此基礎上又成長了三倍。所以我認為這仍然反映了兩方面的情況。第一，正如您所指出的，我們已經看到了巨大的市場份額成長——尤其是在口腔護理業務方面。這既包括高露潔品牌，也包括艾美絲和美多品牌。顯然，這有助於提高損益表中的利潤率，使我們能夠在歐洲更多類別中維持甚至提高廣告投放水準。因此，這無疑會對企業的整體健康狀況產生影響。

Your specific question on Elmex, that continues to operate very very strongly as we strategically invest in those markets where we have strong pharmacy shares. And where we have democratized the brand in certain countries. And the good news is that strategy of innovation, strong advertising, strong professional advocacy and endorsement is playing out to record share growth for the business.

關於Elmex的具體問題，該公司繼續保持非常強勁的營運勢頭，因為我們對那些我們擁有強大藥房市場份額的市場進行了策略性投資。在某些國家，我們已經實現了品牌的民主化。好消息是，創新、強有力的廣告宣傳、強有力的專業倡導和支持這項策略正在發揮作用，為公司帶來了創紀錄的市場份額成長。

I've talked about, in various public forums, we are being very selective on how we take Elmex into other markets around the world.

我曾在各種公開場合談到，我們對如何將 Elmex 推向世界其他市場非常謹慎。

There's very specific criteria that we look for. It's not a one- or two-year investment. It's a 5- to 10-year playout in terms of how we see the decision to make that strategic shift. And we're excited about what we've seen in Brazil. That business continues to operate very well in Brazil. We've seen it expand into a couple of other markets, particularly in the Middle East, where we're encouraged.

我們尋找的都是非常具體的標準。這不是一兩年的投資。從我們對做出這項策略轉變的決定的理解來看，這需要 5 到 10 年的時間才能見分曉。我們對在巴西所看到的感到興奮。這家企業在巴西的營運狀況依然非常好。我們看到它已經擴展到其他幾個市場，尤其是在中東，這讓我們感到鼓舞。

We'll be selective, but that remains a growth opportunity for the business as we move into the balance of '25 and '26. But it will be very selective and a long-term strategy, not a short-term gain in terms of generating incremental margin and volume for a quarter. We're going to look at it over a three-year horizon.

我們會有所選擇，但隨著我們進入 2025 年和 2026 年的剩餘時間，這仍然是業務成長的機會。但這將是一項非常有選擇性的長期策略，而不是為了在短期內增加一個季度的利潤和銷售。我們將以三年為週期來審視這個問題。

Kevin Grundy, BNP.

Kevin Grundy，法國巴黎銀行。

Great. Thanks. Good morning, everyone. So, now my question on tariffs, and I appreciate the situation sort of continues to evolve. Two questions, please. One, if you could just speak broadly to the sources of the tariff exposure, China imports, reciprocal tariffs, retaliatory tariffs. Just kind of broad brush strokes would be useful for folks. And then two, please speak to your ability to offset the $200 million you called out. If I'm not mistaken, it was not offset in there per se, at least you spoke to the $200 million gross.

偉大的。謝謝。各位早安。所以，現在我想問關稅問題，我知道情況還在不斷變化。請問兩個問題。第一，如果您能大致談談關稅風險的來源，例如中國進口、對等關稅、報復性關稅。對大家來說，大致概括一下就夠了。其次，請說明您有能力彌補您提到的 2 億美元損失。如果我沒記錯的話，它本身並沒有被抵消，至少你提到了 2 億美元的總票房。

So maybe just talk about productivity, revenue growth management, and sourcing. It doesn't seem like pricing is the preferred path from companies we've heard from, and there's a myriad moving parts competitively how you position where you're sourcing versus the competition, et cetera. But it doesn't seem like pricing is the preferred path for you or for others. Maybe just confirm that that is your stance as we sit here today. So thanks for all that.

所以或許可以談談生產力、收入成長管理和採購。從我們所了解的情況來看，定價似乎不是企業首選的策略，而且在競爭中，有很多因素會影響你的採購定位，例如與競爭對手相比等等。但對你或其他人來說，定價似乎不是首選方案。或許你今天在這裡只是想確認一下，這是否就是你的立場。所以，非常感謝你所做的一切。

Kevin, why don't I start. Noel can add on some color for tariffs. Our revised guidance includes $200 million of gross incremental impact from tariffs that have been announced since our Q4 earnings release and are in effect. It does not include tariffs that have been announced and either delayed or postponed.

凱文，不如我先來吧。諾埃爾可以為關稅問題增添一些色彩。我們修訂後的業績指引包括自我們發布第四季財報以來宣布並生效的關稅帶來的 2 億美元新增毛利影響。不包括已經宣布但被推遲或延期的關稅。

So the incremental impacts fairly equally split from Q2 through Q4, and the incremental impacts are primarily tariffs on raw materials and finished goods coming from China into the US, and from the US into China. That that's a predominant makeup.

因此，從第二季度到第四季度，增量影響基本均衡分佈，而增量影響主要是對從中國流入美國以及從美國流入中國的原材料和成品徵收的關稅。這是主要的妝容特徵。

Strategically, we aim to have local manufacturing as the cost of shipping many of our products. long distances can be very high. And over the last several years we've lowered our supply chain exposure to China as part of our overall supply chain strategy. And we spent the past few years building more flexibility into our global supply chains. Not necessarily about building more capacity, it's about making better use of that existing capacity and alternative sourcing.

從策略角度來看，我們的目標是實現在地化生產，因為長途運輸的成本可能非常高。過去幾年，作為我們整體供應鏈策略的一部分，我們降低了對中國的供應鏈依賴。過去幾年，我們一直在努力提高全球供應鏈的彈性。不一定要增加產能，而是要更好地利用現有產能和替代資源。

We've also invested meaningfully in the US. We mentioned this in the prepared remarks in our US supply chain. Almost $2 billion over the past five years between investment and our oral care, personal care, and home care businesses. Along with the purchase of pet food capacity and the opening of our Tonganoxie wet pet food facility.

我們也在美國進行了大量投資。我們在關於美國供應鏈的準備好的演講稿中提到了這一點。過去五年，我們在口腔護理、個人護理和家庭護理業務方面的投資金額接近 20 億美元。同時，我們也收購了寵物食品產能，並開設了位於東加諾克西的寵物寵物食品工廠。

We've increased our number of US-based manufacturing facilities by more than 40% over this time. So we're working hard to mitigate the incremental costs from tariffs, but we're going to do that through a combination of approaches of productivity, revenue growth management, formulation, sourcing, and optimizing our supply chain. So the impact of those tariffs are included in our revised guidance where we said that gross profit margin would be roughly flat.

在此期間，我們位於美國的製造工廠數量增加了 40% 以上。因此，我們正在努力減輕關稅帶來的額外成本，我們將透過提高生產力、管理收入成長、改進配方、採購和優化供應鏈等多種方法來實現這一目標。因此，這些關稅的影響已納入我們修訂後的業績預期中，我們表示毛利率將大致持平。

Yeah. So you know it's -- as I mentioned, it's a country category combination, and you can't look at this holistically. You have to look at it on a category basis where the tariffs are having the most impact. And so we're going to be looking at all of our business to be able to offset these tariffs moving forward. And I can assure you we are extremely focused on this. As you heard from Stan, we've made a lot of changes over the last couple of years relative to mitigating our reliance on single-source countries. We have reduced our reliance on raw materials and finished products coming out of China.

是的。所以你知道，正如我所提到的，這是一個國家類別組合，你不能從整體上看待這個問題。你必須按類別來看待這個問題，看看關稅對哪些類別的影響最大。因此，我們將審視我們所有的業務，以便能夠抵消這些關稅的影響。我可以向你保證，我們對此高度重視。正如史丹所說，在過去的幾年裡，我們做出了許多改變，以減少對單一來源國家的依賴。我們減少了對來自中國的原料和成品的依賴。

And as a result, we have a lot more flexibility in the supply chain that we've had before. But the sheer size of some of these tariffs requires us to balance our strategy moving forward in terms of how we think we can offset that. The mitigation will come across not just the impact of categories, but all the categories where we feel we can offset with productivity, which will be our main focus, continuing to accelerate our funding the growth opportunities.

因此，我們現在的供應鏈比以前靈活得多。但其中一些關稅的規模之大，要求我們在製定未來策略時，要權衡如何抵銷這些關稅的影響。緩解措施不僅涵蓋各個類別的影響，還會涵蓋我們認為可以透過提高生產力來抵消的所有類別，這將是我們的主要關注點，我們將繼續加快對成長機會的資金投入。

Innovation, as I mentioned upfront, we will step up our innovation to particularly drive more premiumization in the category, more absolute dollar margin moving through the P&L.

正如我前面提到的，我們將加強創新力度，以推動該品類的高端化，並在損益表中實現更高的絕對美元利潤。

And of course, our revenue growth management. We will certainly look at that as an. The strategy that we've always looked at is ways to drive value in the category and drive more margin growth for the business. So it will be a combination of all those elements. I can assure you that the teams are deeply focused on this across the board. We will watch the market very carefully. But there's no question that we want to get out ahead of this as fast as we possibly can and not wait for the -- what if to see if it happens. We need to take steps to make sure we protect the margin. And importantly, the advertising and the innovation plans we have in the P&L.

當然，還有我們的營收成長管理。我們一定會認真考慮這一點。我們一直以來所關注的策略是，如何提升品類價值，並為企業帶來更大的利潤成長。所以它將是所有這些因素的結合。我可以向你保證，各個團隊都非常重視這件事。我們會密切關注市場動態。但毫無疑問，我們希望盡快採取行動，而不是等到萬一發生時才採取行動。我們需要採取措施確保利潤空間得到保障。更重要的是，我們在損益表中製定了廣告和創新計畫。

Chris Carey, Wells Fargo.

克里斯凱裡，富國銀行。

Hi, good morning, everyone.

大家早安。

Morning Chris.

早上好，克里斯。

Hi Chris.

嗨，克里斯。

I wanted to ask about the back half of the year, again, in a slightly different way. But when you look at the improvement in category growth rates, which appear to be slightly embedded into the back half of the year. How do you think or -- in what regions or product categories do you have the highest level of confidence or where you're seeing early signs that give you some confidence that that regions or categories are going to be accelerating.

我想以稍微不同的方式再次詢問下半年的情況。但如果你觀察品類成長率的改善情況，就會發現這種改善似乎更體現在下半年。您認為哪些地區或產品類別最有信心？或者，您認為哪些地區或類別已經出現早期跡象，讓您有信心這些地區或類別將會加速成長？

And then just connected, if the category growth rates prove a bit more volatile, you know as we've seen, what are the areas of the portfolio where you feel best about your ability to accelerate outperform and (inaudible) relative to categories, and other way control your own destiny despite how the macro may evolve so thanks for those?

然後，我們再接一下，如果品類成長率波動較大，正如我們所看到的，您認為在投資組合的哪些領域，您最有信心加速超越其他品類，並以其他方式掌控自己的命運，無論宏觀經濟如何演變？謝謝您的回答！

Yeah, let me touch on some of the macro aspects and I have Stan be more specific on how we phase the balance of the year. One thing that we do expect the macros to get slightly better. We don't think there will be a material change based on the uncertainty that will continue to persist through the balance of this year. But we do expect the macros to improve. And therefore, as you said, the categories will get will get better.

是的，讓我談談一些宏觀的問題，然後讓史丹更具體地說明我們如何安排今年剩餘的時間。我們預計宏命令會略有改進。鑑於今年剩餘時間持續存在的不確定性，我們認為不會出現實質變化。但我們預期宏命令會有所改進。因此，正如你所說，這些分類會越來越完善。

Comps get easier as we move through the back half of the year. The pricing that we're taking in the first half will obviously roll through some of that into the back half of the year. And then, as I said, we'll have a little bit more stabilization on things.

隨著下半年的到來，比賽會變得越來越容易。我們上半年採取的定價策略，很可能會將部分影響下半年。然後，正如我所說，事情會逐漸穩定下來。

If I look at a lot of the work that we've done over the last couple of years to improve the health of the brands, they are in a better position today to withstand the economic uncertainty that exists and obviously, the value that they bring to consumers. Particularly in oral care, where I believe we put a significant amount of investment in improving the brand equity. We put a lot more time into improving our core innovation. We've got the total relaunch this year, which is a big core business for us. We have our anti-cavity relaunch and some of our big emerging markets.

回顧過去幾年我們為改善品牌健康狀況所做的許多工作，如今這些品牌更有能力抵禦當前的經濟不確定性，而且顯然也更能為消費者帶來價值。尤其是在口腔護理領域，我認為我們投入了大量資金來提升品牌價值。我們投入了更多時間來改進我們的核心創新。我們今年進行了全面重啟，這是我們的一項重要核心業務。我們的防蛀產品重新上市，並進入了一些重要的新興市場。

So we've got good news coming to continue to stimulate and excite the category and give consumers a reason to continue to stay within our brands. But the strength of the brands to me gives me confidence, particularly in oral care, that we're in a good place.

因此，我們將發布一些好消息，繼續刺激和激發該品類的發展，並讓消費者有理由繼續選擇我們的品牌。但這些品牌的實力讓我感到信心，尤其是在口腔護理領域，我相信我們處於一個好的發展階段。

Hill's, as I mentioned, that goes without saying, we will continue to focus on those segments where we have low shares in and low brand penetration. And we're bringing a lot of innovation both in terms of form and packaging into the market to deal with some of the economic uncertainty that exists. But that business. we believe, will continue to perform well in the back half despite the fact that I don't anticipate the category necessarily reversing itself from what we've seen, but we're getting good growth out of that business as we speak.

正如我之前提到的，希爾斯公司將繼續專注於那些我們市場佔有率低、品牌滲透率低的細分市場，這毋庸置疑。為了應對當前的一些經濟不確定性，我們在產品形式和包裝方面都進行了許多創新。但我們相信，儘管我不認為該品類會像我們目前看到的那樣出現逆轉，但這項業務在下半年仍將繼續表現良好，而且就目前而言，我們正在從這項業務中獲得良好的增長。

Yeah to pick up a little bit, we expect the top line to improve as we go into the back half. We expect some improvement in North America and Asia, as you saw, the performance here in the first quarter. And we think Africa, Asia will also get better, as we look at countries like South Africa and Turkey, those will flow through.

是的，我們預計球隊的進攻火力會有所提升，進入下半季後，我們的進攻線將會有所改善。正如你所看到的，我們預計北美和亞洲市場會有所改善，就像第一季的業績一樣。我們認為非洲和亞洲的情況也會好轉，看看南非和土耳其等國家，它們的發展動能將會增強。

Now we have the impact of tariffs that will roll through, but all the work we've done on -- you know, looking at pricing, the roll through, remember that the private label will also roll off here. As we go through the year, that will be a tailwind. And we have two of our strongest categories with oral care and Hill’s with strong margins. And as they continue to grow and outperform the category, we get a positive mix effect that. That will help us offset the impact from tariffs and deliver our guidance for kind of flat margin for the year, and then low-single digits for earnings per share.

現在關稅的影響將會逐步顯現，但我們所做的所有工作——你知道，研究定價、逐步實施，記住自有品牌也會在這裡逐步取消。隨著時間的推移，這將是一股順風。口腔護理和希爾思是我們兩個最強的品類，利潤率也很高。隨著它們持續成長並超越同類產品，我們獲得了積極的混合效應。這將有助於我們抵消關稅的影響，並實現我們對全年利潤率基本持平以及每股收益低個位數成長的預期。

Yeah, I would also probably say I think our expectation, we saw a little bit of softness in Mexico in the first quarter as well as Brazil. But we -- given the strength of our business in both those markets, I would anticipate that as we move through the back half of the year, we should see some improvements there as things settle down. Market shares look terrific, and as the categories come back, we will recognize that.

是的，我可能還會說，這符合我們的預期，我們在第一季看到了墨西哥和巴西的一些疲軟表現。但是，鑑於我們在這兩個市場的業務實力，我預計隨著下半年的到來，隨著情況趨於穩定，我們應該會看到一些改善。市佔率看起來非常出色，隨著各個品類的復甦，我們將認識到這一點。

Olivia Hong, Raymond James.

Olivia Hong，Raymond James。

Great, thank you. Two questions. First, in the US, if you could provide a bit more granularity in terms of where you're seeing more of the pressure. You mentioned trade down from super premium to base, but it doesn't sound like the middle traded down to the lower end. So why do you think that that was the case when the pressure seems to be a little bit more heavier on the lower end consumer?

太好了，謝謝。兩個問題。首先，在美國，如果您能更具體地說明您在哪些地方看到了更大的壓力，那就太好了。你提到從超高階車型降級到基本車型，但聽起來中階車型並沒有降級到低階車型。那麼，你認為為什麼會出現這種情況，而低端消費者似乎承受的壓力更大呢？

And then in Latin America. Historically, you've been able to maintain a certain level of inelasticity and volume when you price. But you've been quite transparent that Latin America has been a bit more challenging of late. So what gives you the confidence that you can continue to get back to historical levels of an elasticity given the evolving backdrop. Thank you.

然後是拉丁美洲。從歷史經驗來看，定價時通常能夠維持一定的非彈性水準和成交量。但你也坦誠地表示，近來拉丁美洲的情況更具挑戰性。那麼，在不斷變化的背景下，是什麼讓你有信心能夠繼續恢復到歷史水準的彈性呢？謝謝。

Yeah, good morning, Olivia. Thank you. So specifically in North America, it's really been more of a volume issues we talked about in the in the first quarter. We saw some weakness in the volume, and that's fundamentally driven by all the things I characterized upfront. And obviously, to a certain degree of function of lower store traffic and lower conversion in store. But overall, I think as the market settles down, we should see a better impact in terms of promotional velocity. As I said, promotions aren't increasing, but the velocity on those promotions was softer in the first quarter given the short traffic was down. But we expect that to come back a bit as we move forward, and we are certainly stepping up our innovation as a way to hopefully get some more volume in the category in the back half of this year.

早上好，奧莉薇亞。謝謝。所以具體到北美，確實更多的是我們在第一季討論過的銷售問題。我們發現成交量有所疲軟，這從根本上來說是由我前面提到的所有因素造成的。顯然，這在一定程度上是由於客流量減少和店內轉換率降低所造成的。但總的來說，我認為隨著市場趨於穩定，我們應該會在促銷速度上看到更好的效果。正如我所說，促銷活動並沒有增加，但由於第一季短期內客流量下降，促銷活動的推進速度也較為緩慢。但我們預期隨著業務的推進，這種情況會有所好轉，而且我們肯定會加大創新力度，希望今年下半年能在這個品類中獲得更大的銷售。

In terms of Latin America specifically, this is one of our strongest markets globally. The brands are exceedingly strong. We have a big relaunch on Colgate Total, which I talked about, which is doing very well across the region in terms of driving incremental value and market share into the business. A really solid innovation pipeline, particularly starting in the second quarter and moving through the back half of this year. As I mentioned, we'll get some pricing in those markets which we're taking and announced. That will help as well.

就拉丁美洲而言，這是我們在全球最強大的市場之一。這些品牌實力非常強大。我們對高露潔全效牙膏進行了大規模的重新上市，正如我之前提到的，該產品在整個地區表現非常出色，為公司帶來了增量價值和市場份額。創新產品線非常穩健，特別是從第二季開始，一直持續到今年下半年。正如我之前提到的，我們將在我們正在開拓並公佈的這些市場中獲得一些定價資訊。那也會有所幫助。

So overall, it's just a matter of the market settling down a bit and continuing to execute our strategy of driving brand penetration and ultimately delivering category growth in market share.

所以總的來說，現在的問題只是市場稍微穩定下來，我們將繼續執行推動品牌滲透並最終實現市場份額品類成長的策略。

So I don't see any fundamental issues in Latin America that give me concern, but it will largely depend on the macroeconomics obviously improving globally. And that will certainly help Latin America as we go into the back half. So it's not uncharacteristic to see the softness, but we fully expect as we see historically, that in the medium to long term, those markets will come back nicely.

因此，我認為拉丁美洲沒有什麼根本性問題令我擔憂，但這很大程度取決於全球宏觀經濟的改善。這無疑會對拉丁美洲在下半季有所幫助。因此，市場出現疲軟並不罕見，但我們完全預期，正如我們從歷史經驗中所看到的那樣，從中長期來看，這些市場將會很好地復甦。

[Brian Spila], Bank of America.

[布萊恩·斯皮拉]，美國銀行。

Hey, thanks operator, good morning, everyone.

嘿，謝謝接線員，大家早安。

Good morning.

早安.

I had a question, maybe a good it's a follow up to Chris Carey's question is we're kind of thinking about the puts and takes balance of the year and in the press release. And I just want to make sure I understood this correctly. If I read the in within the guidance and related to Hill’s, and pet nutrition, and private label that the drag from exiting private label actually will become more pronounced after 1Q.

我有一個問題，也許可以作為對 Chris Carey 問題的後續，我們正在考慮今年的買賣平衡以及新聞稿中的內容。我只是想確認一下我理解得是否正確。如果我閱讀指南中與希爾思、寵物營養和自有品牌相關的內容，那麼退出自有品牌帶來的拖累實際上會在第一季之後變得更加明顯。

So I guess a bigger drag -- I don't know if it's balance of the year or just over the next quarter or two. But I just, I guess I want to understand if that component is -- if that's a headwind we need to consider as we're thinking about re-accelerating organic sales growth over the balance of the year. And maybe connected to that, if you can just remind us all the whole drama around the private label. I know there was, you were going to exit more originally than you originally expected. Now, it was last. I don't know just kind of where we stand on just exiting private label and when that should be behind us, I guess?

所以我覺得會造成更大的拖累——我不知道是今年剩餘時間還是接下來的一兩個季度。但我只是想知道，這個因素是否——這是否是我們在今年餘下時間考慮重新加速有機銷售成長時需要考慮的阻力。或許可以藉此機會，提醒我們自有品牌引發的那場風波。我知道確實有，你的退出方式比你最初預想的要出人意料。現在，它排在最後。我不太清楚我們目前在退出自有品牌這件事上的立場，也不知道什麼時候才能徹底結束這件事？

Yeah, thanks, Brian. So yeah, you know we've been -- I think, extraordinarily transparent and consistent with that. We had said that private label, we will exit private label in 2025 that we anticipate to be fully out of that likely by the third quarter.

謝謝你，布萊恩。是的，你知道，我認為，我們在這方面一直非常透明和一致。我們曾說過，我們將在 2025 年退出自有品牌業務，預計到第三季將完全退出該業務。

We will -- the pace of that exit obviously we saw the impact, as I mentioned, in the quarter for Hill’s. Ex-private label was up 5%, and if you take the company, our volume was a positive X to private label. So that obviously had an impact in the first quarter. We expect more or less the same, slightly more in the second quarter.

我們將——很明顯，正如我所提到的，我們已經看到了這種退出速度對希爾本季的影響。自有品牌銷售成長了 5%，如果把公司整體來看，我們的銷售量對自有品牌來說是正 X。所以這顯然對第一季產生了影響。我們預計第二季情況大致相同，可能會略有成長。

Yeah, so Brian, it was 40 basis points to total company volume in the first quarter. Okay, as we ramp down to get to zero in the back half of the year.

是的，布萊恩，第一季占公司總交易量的 40 個基點。好的，我們將逐步減少產量，爭取在下半年達到零產量。

It will be a slightly greater impact on a quarterly basis. Now, what's going to happen is, we're going to be out of private label at some point in the back half of the year. So then it's zero for a couple of quarters and we're still going to be lapping a little bit in the prior year as we go through the first half of the year. So this will continue to be a little bit of a drag, but as we said, really starting with the fourth quarter guidance that's baked into our organic sales growth guidance. It's not an incremental. We're providing you with the organic or the volume -- we're providing you with the organic impact quarter by quarter for a transparency standpoint.

按季度來看，影響會略大。接下來會發生的情況是，我們將在今年下半年某個時候停止自有品牌產品的銷售。所以接下來幾季都是零成長，今年上半年，我們還是會比前一年稍微落後一些。所以這還會繼續造成一些拖累，但正如我們所說，真正從第四季度業績指引開始，這已經融入我們的有機銷售成長指引中。這不是漸進式的。為了確保透明度，我們將按季度向您提供有機增長或增長量——我們將按季度向您提供有機增長的影響。

But yeah, that will be a little bit of a drag, a little bit more than 40 basis points per quarter as we go out through the balance of the year. It's providing nice margin benefit. Transparently, you should be thinking about the Hill’s business from a branded standpoint, what's PD doing? What's FD doing, not what the private label impact is. So we think that's going to give you a little bit more transparency and you can see the strength of the underlying business.

但確實，這將會帶來一些拖累，在今年剩餘的時間裡，每季可能會增加 40 多個基點。它帶來了可觀的利潤收益。坦白說，你應該從品牌角度來考慮希爾的業務，PD 正在做什麼？關注的是FD在做什麼，而不是自有品牌的影響。所以我們認為這將使透明度更高一些，您可以看到公司業務的內在實力。

Yeah, and it's going to be -- moving forward to the second part of your question, Brian. I mean this was, I think, long foreshadowed. Our core business is what we control. We don't control private label sales. We were, as part of the acquisition agreed to do that, there's no issue whatsoever with our exit. We're doing this as smoothly and efficiently as our retailers require.

是的，接下來——布萊恩，我們來回答你問題的第二部分。我的意思是，我認為這其實早有預兆。我們的核心業務就是我們能夠掌控的業務。我們無法控制自有品牌銷售。作為收購協議的一部分，我們同意這樣做，所以我們的退出沒有任何問題。我們正在以零售商要求的流暢且有效率的方式完成這項工作。

But we don't control their sales. What we focus on is what we produce, and I think that's the better way to look at the business is how are we performing ex-private label. And that first quarter is one, eight ex-private label, and we're pleased with that. And we'll balance the exit of this as efficiently as possible for the business and continue to focus on the things that we control and we do best.

但我們無法控制他們的銷售。我們關注的是我們生產的產品，我認為看待這項業務的更好方法是，看看我們在不考慮自有品牌的情況下表現如何。第一季的銷售額為 1.8 個百分點（不包括自有品牌），我們對此感到滿意。我們將盡可能有效率地平衡此次退出對公司業務的影響，並繼續專注於我們能夠控制和最擅長的領域。

Lauren Lieberman, Barclays.

勞倫·利伯曼，巴克萊銀行。

Great, thanks. Good morning. I wanted to talk more pointedly about some of the emerging markets that last quarter we discussed there being some competitive activity that you were watching and monitoring. It was, we talked about India a bit already, but Turkey and South Africa.

太好了，謝謝。早安.我想更具體地談談上個季度我們討論過的一些新興市場，當時你們正在關注和監測一些競爭活動。是的，我們之前已經稍微談到了印度，還有土耳其和南非。

And when I look at the dynamics for the APAC Region, in Africa, Eurasia, sequentially. Last quarter it was interesting because pricing was negative. This quarter pricing in both inflected to up pretty solidly, but volumes went the other way. So just wanted to hone in on those two buckets of emerging markets specifically, and some of the local competition that we started to talk a bit about last quarter kind of status report there. Thanks.

當我依序觀察亞太地區、非洲、歐亞大陸的動態時，就會發現這一點。上個季度很有意思，因為定價為負值。本季價格均呈現穩定上漲趨勢，但銷售量卻恰恰相反。所以，我只想專注在這兩類新興市場，以及我們上個季度開始討論的一些本地競爭情況。謝謝。

Yeah, great, thank you, Lauren. So listen, it's really just a couple of markets on the emerging side that really drove some of that. Obviously, we talked about China earlier and the Holly & Hazel business. I mentioned Turkey. I mentioned South Africa, and clearly those, if you take the other markets in Asia outside of China, they had a terrific performance in the quarter.

好的，太好了，謝謝你，勞倫。所以聽著，真正推動這種情況的，其實只是新興市場的幾個小眾市場。顯然，我們之前已經討論過中國以及Holly & Hazel的業務。我提到了土耳其。我提到了南非，很明顯，如果你把中國以外的亞洲其他市場也考慮在內，它們在本季度都取得了非常出色的業績。

So Philippines doing well, Thailand doing very well. So across the board, and likewise across Africa, with the exception of South Africa and Turkey, we saw some very balanced growth both on volume and price moving forward. A little bit of the pricing to be more specific, we obviously had some pricing challenges on the Holly & Hazel business in the quarter, a little bit of adjustment. Again, part of that Holly & Hazel was the Chinese New Year shift that you've heard.

菲律賓表現不錯，泰國表現非常好。因此，整體而言，非洲其他地區（南非和土耳其除外）的銷售和價格都呈現非常均衡的成長態勢。具體來說，價格方面我們遇到了一些挑戰。本季度，Holly & Hazel 業務的價格出現了一些問題，需要進行一些調整。再次強調，Holly & Hazel 節目調整的一部分原因是你們都聽說的中國新年假期安排。

But again, the stuff that we can control, we did do a little bit of adjustment on some pricing and promotions in the quarter, but I anticipate that will hopefully hold to get a little bit better moving forward. But it's really those three markets, and we're not at liberty to talk about India yet. But as I mentioned and you referred to just now, the urban market continues to be soft, and we had anticipated that would come back a little bit faster this year.

但是，對於我們能夠控制的因素，我們在本季度對一些定價和促銷活動進行了一些調整，我希望這種情況能夠保持下去，並在未來有所改善。但其實只有這三個市場，我們現在還不方便談論印度。但正如我剛才提到的，也是你剛才提到的，城市市場依然疲軟，我們原本預計今年市場會復甦得更快一些。

Korinne Wolfmeyer, Piper Sandler.

科琳·沃爾夫邁耶，派珀·桑德勒。

Hi, good morning. Thank you for taking the question. I'd like to touch or dive a little bit deeper on some of the tariff impacts and kind of the pace of mitigation and how we should be thinking about over the next couple quarters. How we should start to see that that $200 million start to get a little bit more offset. And then as it relates to the tariffs that are on pause, and still to be enacted, is there any scenario analysis that you've done so far that can help you give us a little bit more context on the steps [digs] done to those impacts if they were fully enacted? Thank you.

您好，早安。感謝您回答這個問題。我想稍微深入探討一下關稅的影響、緩解措施的步伐以及我們在接下來的幾個季度應該如何考慮這些問題。我們應該開始看到這 2 億美元逐漸得到一些抵消。至於那些暫停實施、尚未生效的關稅，您目前是否進行過任何情境分析，可以幫助我們更了解如果這些關稅完全生效，將會採取哪些措施來應對這些影響？謝謝。

Sure, as, as you said, the tariffs that are announced and currently in effect make up the $200 million, and the impact of those is roughly linear through the quarters. As you'd expect, it takes time to try to offset all of these, and that's why we've updated our guidance to look at the gross profit margin roughly flat for the year.

當然，正如你所說，已宣布並正在生效的關稅構成了 2 億美元，而且這些關稅的影響在各個季度大致呈線性變化。正如你所預料的那樣，要抵消所有這些影響需要時間，因此我們更新了業績預期，預計全年毛利率將大致持平。

So you'll see more mitigation as we go through the year to help offset those tariffs. Now in scenario planning, we've run a large number of scenarios and there's really no way to predict exactly which tariffs to go in, what the retaliatory response would be. While we while we run various scenarios, we can only deal with the ones that we actually know.

因此，隨著時間的推移，我們將採取更多緩解措施來幫助抵消這些關稅。現在，在情景規劃中，我們已經運行了大量的情景，但實際上根本無法準確預測應該實施哪些關稅，以及會遭到怎樣的報復。雖然我們模擬了各種場景，但我們只能處理我們真正了解的那些場景。

Now, one part that you know we do look at is we had mentioned in the last quarter call, that we do import some toothpaste from Mexico. And we have concluded that that toothpaste is compliant with USMCA, so it's not subject to that.

現在，我們確實關注的一個方面是，我們在上個季度的電話會議上提到過，我們確實從墨西哥進口了一些牙膏。我們最終得出結論，該牙膏符合美墨加協定，因此不受該協定約束。

Some of those raw ingredients could be subject to some tariffs, but that's a big improvement for us as we look at tariffs, and that is included in our guidance. So we'll continue to do that scenario analysis and we're going to play this day by day as we see a different tariffs get implemented and lifted. But it is really not possible to predict that through the end of the year.

有些原料可能需要繳納關稅，但就關稅而言，這對我們來說是一個很大的進步，這一點也已納入我們的指導方針中。所以我們會繼續進行情境分析，並且會根據不同關稅的實施和取消情況，每天做出相對應的調整。但要預測到年底的情況，真的是不可能的。

Steve Powers, Deutsche Bank.

史蒂夫鮑爾斯，德意志銀行。

Hey, everybody, good morning. Thank you. Two follow-ups for me if I could. The first one goes back to Brian's question on Hill’s and private label. I'm just curious, how to what degree you'll be carrying idle capacity. On Hill’s, related to that into '26 and how quickly you can fill that with Hill’s and just to what extent that that could be a margin tailwind as we go forward, number one.

大家好，早安。謝謝。如果可以的話，我想問兩個後續問題。第一個問題要追溯到布萊恩關於希爾和自有品牌的問題。我只是好奇，你們的閒置產能會佔多大比例？關於希爾的，與此相關的是 2026 年的情況，以及你能多快用希爾填補這個空缺，以及這在多大程度上能成為我們前進的有利因素，這是第一點。

And then number two is just you talked about this a couple times, but going back to the macro and category assumptions over the balance of the year. It just -- I just want to -- because I had this question come in during the call. Just if the improvement that you're expecting doesn't play out, consumer confidence remains soft, is the planning assumption that you'd have enough incremental flex in the P&L know to protect the bottom line in that scenario, or is there a risk associated with that? Thank you.

第二點，你之前也提到過幾次，那就是回顧今年剩餘時間的宏觀和類別假設。我只是——我只是想——因為在通話過程中有人問了這個問題。如果預期中的改善沒有發生，消費者信心依然疲軟，那麼規劃假設損益表中有足夠的增量彈性來保護利潤底線嗎？或者說，這其中是否有風險？謝謝。

Yeah, thanks, Steve. Good morning. So let me talk about the Hill’s piece first. We talked about it, and I think I've been quite outspoken on coming out of all the capacity constraints we had when we made the acquisition of red collar, how in time driving those efficiencies throughout the entire network was going to be a real opportunity for the Hill’s business. And that allows us to truly optimize all of our facilities in terms of their asset utilization and the productivity that comes out of those.

謝謝你，史蒂夫。早安.那麼，我先來談談希爾的文章。我們討論過這個問題，而且我認為我一直非常直言不諱地談到，當我們收購紅領時，我們面臨著各種產能限制，隨著時間的推移，在整個網絡中推動這些效率的提高將為希爾的業務帶來真正的機遇。這樣一來，我們就能真正優化所有設施的資產利用率和由此產生的生產力。

And that's exactly what that team has done. They're doing an exceptional job really isolating plants to be more specific and more focused on driving efficiency through the specific skews that we can now run through those plants and the specific diets versus the widespread strategy that we have, which was just trying to meet demand. And now we'll be much more thoughtful about that vis-à-vis how we think about the business.

而那支球隊也正是這樣做的。他們做得非常出色，真正做到了將植物進行更具體的篩選，更加專注於透過我們現在可以對這些植物進行的特定調整和特定的飲食來提高效率，而不是像我們之前那樣，僅僅為了滿足需求而採取廣泛的策略。現在，我們會更認真地思考這個問題，以及我們如何看待這項業務。

The private-label exit, we have obviously built that into our guidance in terms of the absorption, to your point that would move out of the business. But in time, as we continue to grow market share in the business and continue to drive efficiency in some of the new areas that we're focused on that I've outlined, that productivity will be picked up by the rest of our plans.

對於自有品牌退出，我們顯然已經將其納入了我們的指導方針中，以進行吸收，正如您所說，這將使該業務退出市場。但隨著時間的推移，隨著我們在業務中不斷擴大市場份額，並繼續提高我概述的我們正在關注的一些新領域的效率，這種生產力的提高將會被我們其他的計劃所吸收。

So we feel good about where that impacts our business and the guidance that we've set relative to Hill’s. And we don't anticipate that we're going to see significant variances move through the P&L as a function of this, and that's all within our within our numbers.

因此，我們對這如何影響我們的業務以及我們針對希爾公司所製定的指導方針感到滿意。我們預期不會因此對損益表造成重大影響，這一切都在我們的預期之內。

In terms of the investment levels that we have in the business and the flex that we have in the P&L, this is something that we've talked about now for two years. And that we were missing historically was having different levers within the P&L to pull, to offset economic circumstances. Or more importantly, as we look at it, to address the opportunities that we see for growth around the world and where we can step up investments as an example in certain markets.

就我們在業務中的投資水準和損益表中的靈活性而言，這是我們兩年來一直在討論的問題。而我們過去所缺乏的，是在損益表中運用不同的槓桿來抵銷經濟環境的影響。更重要的是，從我們的角度來看，要抓住世界各地存在的成長機遇，並加強對某些市場的投資。

And that will continue to be the case. We are very focused on building flex into this P&L. I would say the $200 million incremental tariffs to be holding gross margins flat is a clear testament to that. We think we have flex to be able to continue to drive productivity in certain facilities around the world to generate the savings that we need.

這種情況還會繼續下去。我們非常注重在損益表中增加彈性。我認為，2億美元的額外關稅使得毛利率保持不變，這清楚地證明了這一點。我們認為我們有足夠的靈活性，能夠繼續提高世界各地某些工廠的生產力，從而實現我們所需的成本節約。

Now, I can't predict exactly where things will go. All I can suggest to you now is that we do have flex in the P&L. If things move materially worse, we will have to adjust accordingly.

現在，我無法準確預測事情會如何發展。我現在唯一能建議你的就是，我們的損益表裡確實有彈性空間。如果情況進一步惡化，我們將不得不做出相應的調整。

I think we've done a terrific job handling an extremely turbulent environment that we're seeing out there now. And you know, bringing the quarter in that we did this quarter, and we anticipate that things will get equally challenging through the balance of the year. But we'll continue to deploy the same strategies and continue to look for ways to build flexibility into the P&L. I think our geographic footprint, the category, diversity that we have, and the price points that we play in set us up for hopefully continued stability throughout the balance of the year.

我認為我們出色地應對了當前極其動蕩的環境。你知道，考慮到我們本季的業績，我們預計今年剩餘時間情況同樣充滿挑戰。但我們會繼續實施同樣的策略，並繼續尋找方法，讓損益表更有彈性。我認為，我們的地理覆蓋範圍、產品類別、產品多樣性以及我們所處的價格點，有望使我們在今年餘下的時間裡保持穩定。

[Mark Asperchan], People.

[Mark Asperchan]，《人物》雜誌。

Thanks and morning everybody. I wanted to ask specifically about some of the channel shifts in in North America. So yeah, where's the company from a market share perspective in the context that that mass and club and e-commerce continue to outperform and there's weakness in in drug and to a lesser extent and just general food, and how does the company market your stack up there? And then more specifically, I saw that you recently added Hill’s to Walmart online, not in store. I just curious how that decision is arrived at -- if the online portion works well, does that expand into Walmart and, how does that relate back to my comments on the market share overall for the company? Thank you.

謝謝大家，早安。我想具體詢問一下北美地區的一些頻道變化。所以，從市場佔有率的角度來看，在大眾市場、俱樂部和電子商務持續表現優異，而藥品市場疲軟，食品市場疲軟程度稍輕的情況下，公司處於什麼位置？公司是如何在這些市場推廣其產品組合的？更具體地說，我看到你們最近在沃爾瑪線上商店添加了 Hillâ 品牌的產品，而不是在實體店裡。我只是好奇這個決定是如何做出的——如果線上部分運作良好，是否會擴展到沃爾瑪，以及這與我對公司整體市場份額的評論有何關係？謝謝。

Sure, let me take the the Hill’s question first. Obviously, there's a significant 3P environment out in the marketplace today. We focus very heavily on the integrity of our brand and making sure that the brands are represented the way they need to be represented. We have now a 3PL distributor selling to Walmart that allows us to clean up a lot of the 3PLs that weren't authorized sellers for the business. And as a result, 3PL is responsible for dealing with that. And so that's where that is.

當然，讓我先回答希爾提出的問題。顯然，當今市場上存在著大量的第三方供應商（3P）環境。我們非常重視品牌的完整性，並確保品牌以應有的方式展現。我們現在有一家向沃爾瑪供貨的第三方物流分銷商，這使我們能夠清理掉許多未經授權的第三方物流分銷商。因此，第三方物流公司負責處理這些問題。事情就是這樣。

On the second -- first part of your question on market shares, obviously we've seen a transition to big box retailers. We've seen a migration towards the club environment, and to a certain extent, e-commerce. Not as much, but certainly club and mass. Our market shares continue to be quite strong in those three classes of trade.

關於您問題的第二部分——市場份額的第一部分，顯然我們已經看到市場向大型零售商轉型。我們看到了一種向俱樂部環境的遷移，並在一定程度上遷移到電子商務。雖然不多，但俱樂部和群眾肯定不少。我們在這三類貿易的市佔率依然相當強勁。

We've seen obviously some struggles in the drug class of trade. We have higher market shares there but not materially higher than what we have in the rest of the country. Food continues to perform okay and we have decent market shares there. The dollar stores are strong market shares for us, and we'll anticipate as they get some of their operational things are resolved that that business will continue to improve in terms of holding our shares there. But overall, the migration to club and to mass bodes well for us as we have strong market shares and strong margins in those retail environments.

很明顯，我們在毒品交易領域遇到了一些困難。我們在那裡的市場份額較高，但並沒有比我們在其他地區的市場份額高出很多。食品業務表現依然良好，我們在該領域擁有相當可觀的市場份額。一元商店是我們市場份額較大的店鋪，我們預計隨著他們的一些營運問題得到解決，我們在這些店舖的股份也會繼續成長。但總體而言，遷移到俱樂部和大眾市場對我們來說是個好兆頭，因為我們在這些零售環境中擁有強大的市場份額和強大的利潤率。

Okay, well thank you, everyone. I greatly appreciate it. Let me just close off by again thanking the extraordinary Colgate-Palmolive team in a highly turbulent and uncertain environment with a lot of volatility. This team continues to execute exceptionally well, building flexibility into our business, delivering brand penetration, market share growth, and ultimately, delivering what we intend to do, which is great shareholder value. So I appreciate all the work that they do, and I look forward to talking to everyone soon here in the second quarter. Thank you. The conference is now concluded. Thank you for attending today's call. You may now disconnect.

好的，謝謝大家。我非常感謝。最後，我再次感謝高露潔棕欖公司在高度動盪、充滿不確定性和波動性的環境中所展現的卓越能力。團隊繼續表現出色，為我們的業務帶來了靈活性，實現了品牌滲透率和市場份額的成長，並最終實現了我們想要實現的目標，即為股東創造巨大價值。因此，我非常感謝他們所做的一切工作，並期待在第二季度盡快與大家見面。謝謝。會議到此結束。感謝您參加今天的電話會議。您現在可以斷開連線了。

The conference is now concluded. Thank you for attending today's call. You may now disconnect.

會議到此結束。感謝各位參加今天的電話會議。您現在可以斷開連線了。