高露潔 (CL) 2025 Q2 法說會逐字稿

Welcome to Colgate-Palmolive 2025 seconnd quarter conference call. This call is being recorded and is being simulcast live at www.colgatepalmolive.com.

歡迎參加高露潔棕欖2025年第二季電話會議。本次通話正在錄音，並在 www.colgatepalmolive.com 上進行現場直播。

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.

現在，作為開場發言，我想將這次電話會議交給首席投資者關係官兼併購執行副總裁約翰·福徹 (John Faucher)。

Thanks, Betsy. Good morning, and welcome to our second 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. Please refer to the earnings press release and related prepared materials and our most recent filings with the SEC, including our 2024 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 the statements.

謝謝，貝琪。早安，歡迎參加我們 2025 年第二季財報發布電話會議。我是約翰·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。請參閱收益新聞稿和相關準備資料以及我們最近向美國證券交易委員會提交的文件，所有這些文件均可在高露潔網站上查閱，以了解可能導致實際結果與聲明存在重大差異的因素。

As we noted in the prepared commentary, our guidance includes the impact of tariffs that have been announced and finalized as of July 31, 2025. This does not include the tariffs announced by the United States last night. While these tariffs are not yet finalized, based on our preliminary analysis, we do not expect them to have a material impact.

正如我們在準備好的評論中指出的那樣，我們的指導包括截至 2025 年 7 月 31 日已宣布並最終確定的關稅的影響。這還不包括美國昨晚宣布的關稅。雖然這些關稅尚未最終確定，但根據我們的初步分析，我們預計它們不會產生實質影響。

Our remarks also included discussion of non-GAAP financial measures, which excludes certain items from reported results, including those identified in tables 4, 6, 7, 8 and 9 of the earnings press release. A full reconciliation to the corresponding GAAP financial measures is included in the second quarter 2025 earnings press release and is available on Colgate's website.

我們的評論還包括對非公認會計準則財務指標的討論，這些指標從報告結果中排除了某些項目，包括收益新聞稿表 4、6、7、8 和 9 中列出的項目。2025 年第二季財報新聞稿中包含了與對應 GAAP 財務指標的完整對賬，可在高露潔網站上查閱。

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 some thoughts on our Q2 results and our 2025 plan. We will then open it up for Q&A.

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) 和財務長 Stan Sutula。諾埃爾將向您提供一些關於我們第二季業績和 2025 年計劃的看法。然後我們將開放問答環節。

Noel?

諾埃爾？

Yeah. Thanks, John. Good morning, everyone. Thanks to all of you for joining us today as we discuss our Q2 results. In Q2, we grew net sales, organic sales and earnings per share despite significant raw material pressure and negative foreign exchange.

是的。謝謝，約翰。大家早安。感謝大家今天加入我們討論第二季業績。在第二季度，儘管原材料壓力巨大且外匯匯率不利，但我們的淨銷售額、有機銷售額和每股收益仍然實現成長。

Excluding the impact of lower private label, organic sales growth accelerated by 60 basis points to 2.4% in the second quarter with slightly positive volume driven by the improvement in North America and Africa/Eurasia. We also generated additional pricing through strong revenue growth management execution in key markets. We launched significant innovation across categories, geographies and price tiers, and we closed the acquisition of Prime100, the number one vet-recommended fresh pet food brand in Australia.

排除自有品牌銷售額下降的影響，第二季有機銷售額成長加速 60 個基點至 2.4%，其中北美和非洲/歐亞大陸的改善推動銷量略有成長。我們還透過在主要市場實施強勁的收入成長管理創造了額外的定價。我們在各個類別、地理和價格層級推出了重大創新，並完成了對澳洲獸醫推薦第一的新鮮寵物食品品牌 Prime100 的收購。

As I said to you on the Q1 conference call, throughout 2024, we had prepared for a more volatile and uncertain operating environment in 2025. This preparation is paying off as the Colgate-Palmolive team continues to execute with resilience even as the environment remains difficult with category volatility, geopolitical, macroeconomic and consumer uncertainty, high raw material and packaging costs, including as a result of tariffs and lower levels of mid-market inflation.

正如我在第一季電話會議上所說的那樣，在整個 2024 年，我們都為 2025 年更加動盪和不確定的營運環境做好了準備。這種準備正在產生效果，因為高露潔棕欖團隊繼續以韌性執行，儘管環境依然艱難，包括類別波動、地緣政治、宏觀經濟和消費者不確定性、原材料和包裝成本高昂（包括關稅和中端市場通膨水平較低）。

Through all of this, we remain committed to our strategy. And while we may shift tactics depending on the short-term fluctuations of the operating environment, our strategic focus keeps us on track for long-term performance. So first, I'd like to discuss how we're making short-term adjustments in light of what we're seeing in the world. Because we have a portfolio with broad-based strength across geographies, categories and price tiers, we think we're very well positioned for the current environment. We're sharpening our offerings to appeal to consumers who are looking for value.

在這一切過程中，我們始終堅持我們的策略。雖然我們可能會根據經營環境的短期波動而改變策略，但我們的策略重點使我們保持長期業績的正常軌道。首先，我想討論我們如何根據目前看到的世界情勢做出短期調整。由於我們的產品組合在各個地區、各個類別和各個價格層級上都具有廣泛的實力，我們認為我們已為當前環境做好了充分準備。我們正在完善我們的產品，以吸引那些尋求價值的消費者。

And the work we have put into core innovation over the last six years means that our big core brands provide consumer recognizable value. We are actively leveraging price pack architecture to deliver consumer perceived value. This can be through larger size, multipacks where consumers pay a lower price per user or through smaller sizes for consumers who are looking for a lower out-of-pocket expense. We can then leverage our global supply chain's breadth resiliency and agility to respond to these changes in consumer preference. The cost environment is difficult as we're dealing with tariff increases, higher raw and packaging material costs and less underlying category inflation.

我們過去六年在核心創新方面所付出的努力意味著我們的核心品牌能夠提供消費者可認可的價值。我們正在積極利用價格包架構來提供消費者感知價值。可以透過更大尺寸、多件裝的形式實現，讓消費者以更低的價格購買每個用戶；也可以透過更小尺寸的形式實現，讓消費者降低自付費用。然後，我們可以利用全球供應鏈的廣度、彈性和敏捷性來應對消費者偏好的變化。成本環境很困難，因為我們正在應對關稅上調、原材料和包裝材料成本上漲以及基礎類別通膨減少等問題。

This means that our revenue growth management strategies need to drive additional pricing and mix with lower levels of elasticity as we look to improve organic sales growth in the second half of the year. As I talked about at CAGNY, AI will be a difference maker for us in our RGM efforts as we work with our retail partners to use data analytics and machine learning to optimize our portfolio and promotional spending to solve for the best combination of sales and profit growth.

這意味著，我們的收入成長管理策略需要推動額外的定價和較低彈性水準的組合，因為我們希望在下半年提高自然銷售成長。正如我在 CAGNY 上談到的那樣，當我們與零售合作夥伴合作，利用數據分析和機器學習來優化我們的產品組合和促銷支出，以找到銷售和利潤成長的最佳組合時，人工智慧將成為我們 RGM 工作中的一大亮點。

What is not changing is our commitment to our long-term growth strategy. We are focused on driving household penetration and brand health, which we see as the key building blocks of organic sales growth and consistent compounded earnings per share growth. We're doing this by launching innovation to help drive category growth of Colgate-Palmolive and our retail partners.

不變的是我們對長期成長策略的承諾。我們專注於推動家庭滲透率和品牌健康，我們認為這是有機銷售成長和每股盈餘持續複合成長的關鍵基石。我們透過推出創新來幫助推動高露潔棕欖和我們的零售合作夥伴的品類成長。

Even in difficult environments, there are still many consumers that are looking to trade up with innovation, delivers incremental benefits. This is well represented in our investor presentation this morning through premium innovation like Colgate Miracle Repair serums, EltaMD UV skin recovery, along with relaunches on core brands like Sanex, Protex, Suavitel and of course, Hills.

即使在困難的環境中，仍有許多消費者希望透過創新來升級產品，以獲得增量利益。這在我們今天早上的投資者演示中得到了很好的體現，透過高露潔奇蹟修復精華液、EltaMD UV 皮膚修復等高端創新，以及 Sanex、Protex、Suavitel 和 Hills 等核心品牌的重新推出。

Our commitment to core innovation is vital as we work to bring news and consumer perceive value at every price point, and we remain committed to building our brands through investing in advertising and scaling capabilities in areas like digital, data and analytics and AI.

我們對核心創新的承諾至關重要，因為我們致力於在每個價位上帶來新聞和消費者感知價值，我們仍然致力於透過投資廣告和擴展數位、數據和分析以及人工智慧等領域的能力來打造我們的品牌。

Today, we also announced the productivity initiative that is focused on prioritizing incremental investment and accelerating our capabilities to build a more future-fit organization as we transition to our 2030 strategic plan. While RGM and our Funding the Growth initiatives provide strong opportunities for investment and margin expansion, we are moving proactively to deliver incremental savings that can be levered to drive growth and create capabilities or apply to our bottom line.

今天，我們也宣布了生產力計劃，該計劃的重點是優先考慮增量投資，並在我們向 2030 年戰略計劃過渡的過程中加速我們建立更適合未來的組織的能力。雖然 RGM 和我們的「資助成長」計畫為投資和利潤擴張提供了強大的機會，但我們正在積極採取行動，提供增量儲蓄，這些儲蓄可以用來推動成長和創造能力或應用於我們的底線。

While we are mindful of the challenges in the current market, we are excited by the plans we have in place, both for 2025 and beyond. We have the brands, the strategies, the capabilities and, most importantly, the people to deliver on our short- and long-term goals.

雖然我們意識到當前市場面臨的挑戰，但我們對 2025 年及以後製定的計劃感到興奮。我們擁有品牌、策略、能力，最重要的是，我們擁有實現短期和長期目標的人才。

And with that, I'll take your questions.

現在，我將回答你們的提問。

(Operator Instructions)

（操作員指示）

Dara Mohsenian, Morgan Stanley.

摩根士丹利的達拉‧莫森尼安 (Dara Mohsenian)。

First just wanted to get a bit more detail on the restructuring program. How should we think about the savings payback versus the charges and why now is this just sort of a natural evolution after the conclusion of the prior program and as you look forward to to the 2030 strategy.

首先，我只是想了解更多有關重組計劃的細節。我們應該如何看待儲蓄回報與費用，以及為什麼這只是前一個計畫結束後以及展望 2030 年策略的一種自然演變。

And then I was just hoping you could also touch on US category growth. We've obviously seen a slowdown in household products. It seems fairly unique versus other parts of the keeping in mind your geographic diversity, it also seems fairly unique versus the broader US consumer. So I just love a bit of perspective on what you think is occurring in the category in the US. And any thoughts on a potential recovery as we look going forward.

然後我只是希望您也可以談談美國類別的成長。我們明顯看到家用產品的銷售放緩。與其他地區相比，它似乎相當獨特，考慮到地理多樣性，與更廣泛的美國消費者相比，它似乎也相當獨特。所以我只是想知道你對美國這一類別正在發生的事情的看法。展望未來，您對潛在的復甦有何看法？

So let me let me talk about the productivity initiative. So if I take the audience back to 2020, 2019, when we put together our 2025 growth strategy, the intention of that was very much about our growth mindset and where we needed to start to invest more in order to accelerate the growth of the company. And important within that program we had a lot of capability building, data analytics, our digital transformation.

那麼，讓我來談談生產力舉措。因此，如果我讓觀眾回顧 2020 年、2019 年，當時我們制定了 2025 年成長策略，其目的主要是關於我們的成長心態，以及我們需要從哪裡開始投入更多資金以加速公司的成長。重要的是，在該計劃中，我們進行了大量能力建構、數據分析和數位轉型。

More resources in the early onset of that and particularly innovation similarly to what we did in 2020. This plan is intended to accelerate all of the things we want to do and the excitement we have with our 2030 strategic. I'll be talking to the teams more in detail at Cagney as well as the back to school conferences, but you'll hear us talk more about our 2030 strategy moving forward.

在初期投入更多資源，特別是創新，類似我們在 2020 年所做的事。該計劃旨在加速我們想要做的所有事情以及我們對 2030 策略的興奮。我將在卡格尼以及返校會議上與各團隊進行更詳細的討論，但你們會聽到我們更多地談論我們未來的 2030 年戰略。

But this program is intentionally set up to keep us on our front foot relative to how we're thinking about driving growth for the organization. So we're going to invest in more capability building, particularly in innovation. We're going to invest in getting omnichannel correct. Demand generation initiatives we're going to bring those to a much more harmonious view on the ground so we continue to execute more efficiently and effectively all over the world.

但該計劃的設立是為了讓我們在思考如何推動組織成長方面保持領先地位。因此，我們將在能力建設方面投入更多資金，特別是在創新方面。我們將投資以實現全通路正確運作。我們將以更和諧的方式在實際中推動需求產生舉措，以便我們繼續在世界各地更有效率、更有效地執行這些舉措。

We're putting more resources into innovation and AI into our data analytics, so it's an exciting aspect for the company right now. As we embark tailwind behind us, so we continue to invest back. I've asked Stan to lead this initiative and so maybe I'll turn it over to Stan and give you a bit more detail on how we're thinking about the savings and more importantly, the cost associated with the program.

我們正在將更多的資源投入到創新和人工智慧的數據分析中，所以這對公司來說是一個令人興奮的方面。當我們乘著順風前進時，我們會繼續進行投資。我已經要求斯坦領導這項計劃，所以也許我會把它交給斯坦，並向你更詳細地介紹我們如何考慮節省開支，更重要的是，如何考慮與該計劃相關的成本。

So as Noel said our areas of focus are going to be to continue to invest in our strategic imperatives here, accelerating the innovation, our investments in data and analytics. Optimizing our supply chain, of course, AI is a big focus on driving our omnichannel demand generation. So as part of that we've announced a productivity program here that will be $200 million to $300 million of a charge over a three year period.

正如諾埃爾所說，我們的重點領域將是繼續投資於我們的策略要務，加速創新以及對數據和分析的投資。當然，優化我們的供應鏈，人工智慧是推動我們全通路需求產生的一大重點。因此，作為其中的一部分，我們宣布了一項生產力計劃，該計劃將在三年內投入 2 億至 3 億美元。

That program will encompass a number of items including optimizing our supplying and looking at where we need to make key strategic shifts. In terms of a savings profile, if you look back at history and how we've achieved those in our last initiative, you should think about savings roughly in the same range as what we've demonstrated in the past. So while this program, we've done a lot of planning, we're ready to go. It's going to be done thoughtfully and done with the right opportunity to drive our structural changes to continue to invest in the key objectives for our 2030 strategic plan.

該計劃將涵蓋多項內容，包括優化我們的供應以及研究我們需要在哪些方面做出關鍵的策略轉變。就儲蓄情況而言，如果回顧歷史以及我們在上一項舉措中是如何實現這些目標的，那麼您應該會認為儲蓄大致與我們過去所展示的儲蓄處於相同的範圍內。因此，對於這個項目，我們已經做了很多規劃，並且準備好開始了。我們將經過深思熟慮，並抓住適當的機會來推動我們的結構性變革，繼續投資於我們 2030 年策略計畫的關鍵目標。

Yeah, so let me come back on the North America, you clearly, excuse me, heard it from others. There's a persistently cautious consumer in North America right now. We saw some rebound in April, May. The categories took a little step back in June. Which we weren't expecting. So ultimately over time and we fully expect all the categories to normalize and get back to historical growth rates, but right now, given the level of uncertainty that we see externally and particularly in the US, I think you're going to see kind of hold where they are right now in the short term but certainly get better as we start to exit 2025.

是的，那麼讓我回到北美的話題，對不起，你顯然是從其他人那裡聽到的。目前北美的消費者一直保持謹慎態度。我們在四月和五月看到了一些反彈。六月份，各類別的表現略有回落。這是我們沒想到的。因此，最終隨著時間的推移，我們完全預計所有類別都會恢復正常並恢復到歷史增長率，但目前，考慮到我們看到的外部不確定性水平，特別是在美國，我認為你會看到它們在短期內保持目前的水平，但隨著我們開始退出2025年，肯定會變得更好。

Clearly the North America business improved in the quarter. You saw the improvements there, particularly on a volume standpoint. We've got good plans in place in the back half, as I mentioned in my upfront commentary. We're very focused on getting price pack architectures right. Building innovation both at the premium side as well as our core businesses.

顯然，本季北美業務有所改善。您看到了那裡的改進，特別是在數量方面。正如我在前期評論中提到的那樣，我們在後半部分已經制定了很好的計劃。我們非常注重製定正確的價格包架構。在高端業務和核心業務方面都建立創新。

Overall, the market share has improved during the quarter, so we lacks some of the significant promotions we had last year. We're pleased with where we see things now. The overall promotional environment is still quite constructive. I think everyone is focused innovation and driving value back into the categories. And again, when you go back to our productivity initiative, a lot of this is about generating more investment in the categories to get the categories growing again based on the current cautiousness that we see with the consumer.

總體而言，本季的市佔率有所提高，因此我們缺少去年的一些重大促銷活動。我們對目前的情況感到滿意。整體推廣環境仍相當正面。我認為每個人都專注於創新並將價值重新帶回各個類別。再說一次，當你回顧我們的生產力計劃時，你會發現其中很大一部分是為了在各個類別上進行更多投資，以便根據我們目前看到的消費者謹慎態度，讓各個類別再次增長。

Robert Ottenstein, Evercore ISI.

羅伯特‧奧滕斯坦 (Robert Ottenstein)，Evercore ISI。

I know the total relaunch had a great start this year, particularly in Latin America. I'm wondering if you could kind of give us an assessment of how it's going on around the world. What you're seeing? And then drilling back to Latin America, we're hearing from some other companies that maybe things are getting a little tougher in Mexico and Brazil. So perhaps give us an update in terms of what you're seeing in Latin America, and if you have to pivot there at all? And then just big picture, what we should be expecting in the second half of the year from the global program.

我知道今年的全面重啟已經有了一個很好的開端，特別是在拉丁美洲。我想知道您是否可以對我們全球範圍內的疫情發展進行評估。你看到了什麼？然後回到拉丁美洲，我們從其他一些公司聽說，墨西哥和巴西的情況可能變得更加艱難。那麼，能否請您向我們介紹一下您在拉丁美洲看到的情況，以及您是否必須轉向那裡？然後從整體來看，我們應該對下半年的全球計畫抱持怎樣的期待。

Great. Thank you, Robert. So in total, as we talked about big core relaunch for us out of the gates quite strong in Latin America, we're seeing good incremental share and incremental growth coming from that. It's got a wonderful formulation. We obviously launched it collectively for the first time in quite some time with a whole new regimen portfolio associated with that launch.

偉大的。謝謝你，羅伯特。總的來說，正如我們所說的，我們在拉丁美洲強勢重啟大型核心業務，我們看到了良好的增量份額和增量成長。它有一個奇妙的配方。顯然，這是我們在相當長一段時間內首次共同推出該產品，並且與該產品的發布相關，推出了一套全新的方案組合。

So it's not just the toothpaste, it's a toothbrush and mouthwash to complement each other, to give us the opportunity for very strong efficacy claims. We're in 75 markets so far with that launch around the world, and LatAm was the lead. So we're encouraged by what we're seeing there. We're also very encouraged by what we're seeing in Asia, with some of the early onsets of that as well as Europe. So early days, but the early indications are very positive for us driving our share in premium and certainly driving some incrementality into the toothpaste business.

因此，它不僅僅是牙膏，它還是一種牙刷和漱口水，可以相互補充，為我們帶來非常強大的功效宣傳的機會。到目前為止，我們已經在全球 75 個市場推出了這項服務，其中拉丁美洲處於領先地位。因此，我們對那裡所見的景象感到鼓舞。我們也對亞洲以及歐洲的一些早期發展感到非常鼓舞。雖然還處於早期階段，但早期跡象對我們提高高端市場份額以及為牙膏業務帶來一些增量非常有利。

So overall, pretty good there. LatAm, as you said, I mean, we've seen a little bit of improvement in Mexico in terms of the categories, but a little bit of deceleration in the categories in Brazil. So overall, LatAm, I think, likewise, you're seeing a bit of cautiousness right now relative to the consumer environment in general across Latin America. And I expect that as things get -- the tariff noise gets behind us, you'll start to see that improve through the back half of the year. We will -- obviously, we talked about taking a little bit of pricing in the first quarter.

總體來說，那裡相當不錯。拉丁美洲，正如你所說，我的意思是，我們看到墨西哥在各個類別方面有所改善，但巴西的各個類別方面則有所減速。因此，總體而言，我認為，同樣地，與整個拉丁美洲的消費者環境相比，拉丁美洲現在也表現出一些謹慎的態度。我預計，隨著關稅噪音逐漸消退，你會在今年下半年看到情況有所改善。顯然，我們討論了在第一季採取一些定價措施。

That has happened, and we've seen that start to flow through the back half of the second quarter, and we'll see that benefit as we move through the back half of the year. Good innovation plans across Latin America, good investment there. So I think our responsibility is to drive more excitement into the categories, and that's certainly how we're approaching the back half of the year.

這已經發生了，我們已經看到它在第二季後半段開始顯現，並且我們將在今年下半年看到它的好處。拉丁美洲各地都有良好的創新計劃，那裡的投資也很好。因此，我認為我們的責任是為這些類別帶來更多興奮，這也是我們應對下半年的方式。

Andrea Teixrira, JPMorgan.

摩根大通的 Andrea Teixrira。

I just wanted to -- perhaps, Noel, you spoke about the program a bit on an earlier question. But just to drill down where we should see this -- I mean, you clearly said that you're not going to -- we're not going to see the benefits, obviously, this year. But just thinking how we should see go through the P&L, is just more ammunition for innovation. Digital, as you said, AI, and how we should be thinking in terms of timing there. And then on a separate question, just a follow-up around the world. You gave us like some color on Latin America. But then in Europe, can you talk about how we should be seeing both Western and Eastern European or EMEA?

我只是想——諾埃爾，也許你在之前的問題中談到了該計劃。但只要深入研究我們應該在哪裡看到這一點——我的意思是，你明確表示你不會——顯然，今年我們不會看到好處。但光是思考我們該如何看待損益表，就為創新提供了更多的彈藥。正如您所說，數位化、人工智慧，以及我們應該如何從時間角度來思考。然後是關於另一個問題，只是對世界各地的後續關注。您為我們介紹了一些有關拉丁美洲的色彩。但是在歐洲，您能談談我們應該如何看待西歐和東歐或 EMEA 嗎？

Yeah. Let me let Stan take the productivity initiative, and I'll come back and answer your question on Europe.

是的。讓我讓史丹採取生產力主動行動，我會回來回答你關於歐洲的問題。

Yeah, on the productivity initiative, you shouldn't assume any major impact here in the back half of the year. So as we go to execute this, it can be over a two to three-year period. We believe will conclude within 3 years. And as you see -- you might see some cash here in late in the year as we start to execute those programs. And you'll see that roll through the P&L, both in overheads as well as in margin because it's going to be a combination of events.

是的，就生產力計劃而言，你不應該假設它會在今年下半年產生任何重大影響。因此，當我們執行這項任務時，可能需要兩到三年的時間。我們相信將在3年內完成。正如您所看到的——當我們開始執行這些計劃時，您可能會在年底看到一些現金。而且您會看到損益表中的滾動，包括管理費用和利潤，因為它是一系列事件的組合。

In terms of the investment, those investments will occur over that period as well. So any of those are incorporated into what we have for our guidance for this year. So overall, for this, not a material impact for the back half of the year.

就投資而言，這些投資也將在那段時期內發生。因此，所有這些都被納入了我們今年的指導中。因此總體而言，這對下半年不會產生實質影響。

Yeah. And the only thing I'd add is we're very excited about some of the opportunities we've identified within our 2030 plan. And again, this program will serve as a catalyst to get ahead of those programs as quickly as we can. It's clearly in investments in the area of innovation and resources, we're putting AI into our innovation process. So there's going to be investments there, getting our tech stacks continuing to use technology to enhance productivity across the organization.

是的。我唯一想補充的是，我們對 2030 年計畫中發現的一些機會感到非常興奮。再次強調，該計劃將起到催化劑的作用，幫助我們盡快推進這些計劃。顯然，我們在創新和資源領域的投資中，將人工智慧納入了我們的創新流程。因此，我們將在那裡進行投資，讓我們的技術堆疊繼續使用技術來提高整個組織的生產力。

We're going to accelerate that. I talked a little bit about omni demand generation. We think that's a significant opportunity for us to get the consistency of how we deploy our marketing and commercial strategies on the ground more in line with each other. And we've seen some opportunities based on some of the success we've seen at Hill's and other markets around the world to drive more consistency of that deployment around the world. So overall, we'll see that's an exciting space to invest behind.

我們將加速這一進程。我稍微談了一下全能需求生成。我們認為，這對我們來說是一個重要的機會，讓我們在實際部署行銷和商業策略的方式上更加一致。根據希爾思和全球其他市場取得的一些成功，我們看到了一些機會，可以推動全球部署更加一致。總的來說，我們認為這是一個值得投資的令人興奮的領域。

On Europe and some of the other geographies, a little softness in the Europe business as we saw some of the volumes come down, volumes obviously still positive pricing still positive in that region. But again, I think a little bit of a pushback from consumers as they wait and see what's going to happen with inflationary pressure. I think one of the things we're seeing both in the US and around the world is the inflation has hit food a little bit quicker than it hit other products. And as a result of that, consumers are spending more money on their food choices, and as a result, perhaps being more cautious in other categories right now.

在歐洲和其他一些地區，歐洲業務略顯疲軟，我們看到部分交易量下降，但該地區的交易量顯然仍然為正，定價仍然為正。但我再次認為，消費者會有些抵觸，因為他們觀望通膨壓力的走向。我認為我們在美國和世界各地看到的現象之一是通貨膨脹對食品的影響比對其他產品的影響要快一些。因此，消費者在食品選擇上花費了更多錢，因此，現在對其他類別的消費可能更加謹慎。

But the key for us is getting exciting innovation back in the categories and making sure that we can continue to trade up consumers into some of our brands as we think about the innovation moving forward.

但對我們來說，關鍵是讓令人興奮的創新重新回到各個類別中，並確保我們在考慮未來創新的同時，能夠繼續吸引消費者購買我們的一些品牌。

Filippo Falorni, Citi.

花旗銀行的 Filippo Falorni。

I wanted to ask about the gross margin outlook for the balance of the year. Obviously, there's a lot of puts and takes, lower tariffs, now $75 million versus your prior $200 million, but you mentioned offset by higher raw material costs. Can you give us a sense within the raw material costs, what is driving the increase? It seems mainly palm oil, but maybe give us a sense of the rest of the cost basket and any other offsetting factors that you can think in terms of offsetting the tariffs on the productivity on the productivity front.

我想問一下今年剩餘時間的毛利率前景。顯然，有很多得失，關稅降低，現在是 7500 萬美元，而之前是 2 億美元，但您提到這被原材料成本的上漲所抵消。您能否告訴我們原材料成本中，是什麼因素推動了成本的上漲？看起來主要是棕櫚油，但也許可以讓我們了解其餘的成本籃以及在抵消生產力方面的關稅方面可以想到的任何其他抵消因素。

Yeah. So let me take that here. For gross profit. So the gross margin was down year over year in the quarter, driven by a combination of greater anticipated raw material inflation and tariffs. And although tariffs are below our earlier expectations, there's still an impact to the margin.

是的。讓我來談談這個。為了毛利。因此，受預期原物料通膨和關稅上漲等因素的影響，本季毛利率較去年同期下降。儘管關稅低於我們早先的預期，但仍對利潤率產生影響。

But 1 point to note, Q2 24 was our lowest level of material inflation. So if you look at last year, it was 140 basis points versus 420 basis points this year. So you can see the impact of the material -- raw material costs. Our gross margin guidance stays roughly the same. It's based on lower tariff exposure, offset by higher raw material costs and lower organic sales.

但需要注意的一點是，24 年第二季是我們物質通膨的最低水準。因此，如果你看看去年，它是 140 個基點，而今年是 420 個基點。因此你可以看到材料——原料成本的影響。我們的毛利率預期大致不變。這是基於較低的關稅風險，但原材料成本較高且有機銷售額較低。

So we guided that gross margin to be roughly flat for 2025. And as a point of context, that guidance, if you look at the first half gross profit, it's flat year to year. So we feel like we're in a good position here to deliver the guidance. Now in terms of what's driving the raw materials as we go into that is primarily what we said in the prepared comments, and that is that palm, veg oils and fats and tallow all have moved higher. They're higher on a year-on basis.

因此，我們預計 2025 年的毛利率將大致持平。從背景來看，如果你看上半年的毛利，你會發現它與去年同期持平。因此，我們覺得我們有能力提供良好的指導。現在就推動原物料價格上漲的因素而言，主要是我們在準備好的評論中所說的，那就是棕櫚油、植物油和脂肪以及牛脂的價格都上漲了。與去年同期相比，這一數字有所上升。

We don't see a lot of relief here yet. Keep in mind that like most companies, we have a buy-ahead program we lock in, so these are largely locked in for the third quarter. And if they ease, we'll see some of that easing in the back half of the year. Now some of the other categories have softened a bit. But in total, we still see that increase driven by fast and oils.

我們目前還沒有看到太多緩解。請記住，與大多數公司一樣，我們有一個鎖定的預購計劃，因此這些計劃在第三季基本上已經鎖定。如果他們放鬆政策，我們將在今年下半年看到一些放鬆。現在其他一些類別已經有所軟化。但總體而言，我們仍然看到成長是由快速和石油推動的。

Yeah. The only thing I would add, Filippo, is we had strong funding the growth in the quarter as well. We're encouraged by the 250 basis points that we saw move through the reconciliation. And obviously, we're very focused on that and accelerating our programs as much as we can in the back half to continue that strong pace.

是的。菲利波，我唯一想補充的是，我們也為本季的成長提供了強大的資金支持。我們對透過協調看到的 250 個基點的變動感到鼓舞。顯然，我們非常關注這一點，並在後半段盡可能加快我們的計劃，以保持強勁的步伐。

Kumail Gajrawala, Jefferies.

傑富瑞 (Jefferies) 的庫梅爾·加杰拉瓦拉 (Kumail Gajrawala)。

Can you talk maybe a bit about Hill's. We're seeing -- you're seeing a bit of an acceleration. There's been some kind of debate about the category, the pet food category in general, on if they had been fading. So obviously, you have you have new products out and such, but is there a macro component to it, or is it more some of the initiatives that you've made that's leading to some of the acceleration?

您能談談希爾嗎？我們看到──你看到了一點加速。關於寵物食品類別，總體而言，存在一些爭論，關於它們是否已經衰落。顯然，您已經推出了新產品等等，但這其中是否存在宏觀因素，還是您採取的一些舉措導致了加速發展？

Yeah, thanks. Great performance on Hill's in the quarter and what you characterize that, which is what we see is roughly a flat category operating environment, particularly in North America. But we delivered mid-single-digit organic across almost every hub on Hills, including the US and Europe. Hill's ex private label, as you probably run the numbers already, was 5% organic, consistent with where we were in the first quarter.

是的，謝謝。希爾思在本季表現出色，而您所看到的是大致平穩的類別營運環境，尤其是在北美。但我們在 Hills 的幾乎每個樞紐（包括美國和歐洲）都實現了中等個位數的有機成長。您可能已經計算過數據，希爾思（Hill's）的自有品牌有機產品佔比為 5%，與第一季的情況一致。

And that is obviously in a flat category. And we're really encouraged with the fact that volume was 2% and price was 3%. So well balanced on the quarter. The comp as well, remember the comp was just shy of 8% last year. So again, I think supporting the fact that the underlying business remains very, very strong.

這顯然屬於平坦類別。交易量成長 2%，價格成長 3%，這讓我們感到非常鼓舞。本季的平衡性很好。同樣，請記住，去年的同店銷售額成長率略低於 8%。因此，我再次認為，支持這一事實的基礎業務仍然非常非常強勁。

What was different in the quarter and particularly encouraging for us is the therapeutic side of the business continues to grow faster than the wellness size. So -- and that's very consistent with our strategy and the professional advocacy that we continue to generate behind the brand. Good mix and obviously some good growth on the margin line. We did see a greater impact from private label this quarter, about 300 basis points, as you picked up in the commentary. We're not in the business as I repeatedly have said of producing private label.

本季的不同之處，對我們來說尤其令人鼓舞的是，業務的治療方面繼續以比健康規模更快的速度成長。所以——這與我們的策略以及我們在品牌背後持續產生的專業倡議非常一致。良好的組合，並且利潤率顯然有一些良好的增長。正如您在評論中提到的那樣，本季度我們確實看到了自有品牌帶來的更大影響，大約 300 個基點。正如我一再說過的，我們並不從事生產自有品牌的業務。

So I continue to insist that the best way to look at the underlying health of both the Hill's and the total Colgate-Palmolive business is ex private label. We grew organic sales in every combination this quarter of wet dry treats, dog, cat, you name it, prescription diet particularly in Science Diet. So the good news is the growth is broad-based across all of our segments, the strategic areas that we're focused on as well as geographies. We also launched a new advertising campaign in the quarter, which we're excited about, seems off to a great start. The margin performance was good, again, driven by a lot of the fundamentals and the resurgence of funding the growth opportunities that we've seen across that business.

因此，我繼續堅持認為，了解希爾思和高露潔棕欖整體業務的根本健康狀況的最佳方式是除自有品牌之外。本季度，我們的乾濕零食、狗糧、貓糧、處方糧（尤其是科學飲食）等各種組合的有機銷售額均實現了成長。因此，好消息是，我們的所有部門、我們關注的策略領域以及各個地區都實現了廣泛的成長。我們也在本季推出了一項新的廣告活動，我們對此感到非常興奮，這似乎是一個好的開始。利潤率表現良好，這再次受到許多基本面因素以及我們在整個業務中看到的融資成長機會復甦的推動。

Category growth has stabilized. We haven't seen a decline any further, and we anticipate that it will continue to be more or less flat for the next quarter or so, but overall, the long-term dynamics of this category would suggest we'll continue to get some tailwinds, but perhaps later in the latter part of the year. I will say that we have stopped producing private label as of July. So we will continue to have some shipments through the quarter, but the private label will cease to be produced as we move exit -- as we exited July. So overall, good business, good results for Hill's.

類別成長已經穩定。我們還沒有看到進一步的下降，我們預計下一季左右將繼續保持平穩，但總體而言，這個類別的長期動態表明我們將繼續獲得一些順風，但也許是在今年下半年晚些時候。我想說的是，我們從七月起就停止生產自有品牌了。因此，我們本季將繼續有一些出貨量，但隨著我們退出（七月結束後），自有品牌將停止生產。整體而言，希爾斯的業務良好，業績也不錯。

Bonnie Herzog, Goldman Sachs.

高盛的邦妮·赫爾佐格。

I had a question on your FY25 EPS guidance. You've previously talked about building P&L flexibility in the years ultimately to deliver consistent performance year-on-year. So I guess I'm curious what gives you the confidence in your low single-digit EPS growth expectation this year? I guess if end market trends don't pick up meaningfully, the promotional intensity remains elevated and tariffs certainly lower now, still weigh on margins. So I guess I'm hoping you could maybe walk us through the key growth drivers given all of that.

我對您的 FY25 EPS 指導有疑問。您之前曾談到，要在未來幾年內建立損益彈性，最終實現逐年穩定的業績。所以我很好奇是什麼讓您對今年低個位數的每股盈餘成長預期充滿信心？我想，如果終端市場趨勢沒有明顯回升，促銷強度仍然會較高，而且關稅現在肯定會降低，這仍然會對利潤率造成壓力。所以我希望您能向我們介紹所有這些因素導致的關鍵成長動力。

Sure. Thanks, Bonnie. So clearly, there's a lot of uncertainty in the market, and we've built that into our guidance level. We feel pretty good about where we are in terms of the first half of the year in terms -- and at least in what we see for the outlook of the year. Now things could go materially different if the categories go into further decline and we see heightened tariffs and raw material prices continue to move north.

當然。謝謝，邦妮。顯然，市場存在著許多不確定性，我們已將其納入我們的指導水準。我們對上半年的情況感到十分滿意──至少對今年的前景也抱持相同的看法。現在，如果這些類別進一步下滑，關稅提高，原物料價格繼續上漲，情況可能會發生重大變化。

But based on where we see things today, based on current spot rates of raw material prices, current spot rates of FX, we feel very good about the guidance that we provided on call this morning. So overall, we feel we're in a good situation. Strategy seems to be working. We would like to see the categories turn. We've got good investment in the back half of the year, combined with with good innovation. So we feel we'll see some excitement go through the categories through that. But overall, we seem to be in a pretty good place. Stan?

但根據我們今天看到的情況，根據當前的原材料現貨價格、當前的外匯現貨價格，我們對今天早上提供的指導感到非常滿意。所以總體而言，我們覺得我們的狀況良好。該策略似乎正在發揮作用。我們希望看到類別的轉變。我們在下半年獲得了良好的投資，並進行了良好的創新。因此，我們覺得我們會看到一些令人興奮的事情透過這個類別發生。但整體而言，我們的處境似乎相當不錯。史丹？

The only thing I'd add to that, if you kind of look at what changed from last guidance to this guidance. We saw a reduction in tariffs. We saw a benefit netbacks, but those were offset by slowing categories where we saw that impact on organic and then the increase in raw materials. So those kind of balance out. But when we look underneath what gives us confidence for the year, we're still going to invest in this business.

我唯一要補充的是，如果你看一下從上一份指南到這份指南的變化。我們看到關稅降低了。我們看到了淨收益回值，但這些收益被放緩的類別所抵消，我們看到了對有機產品的影響以及原材料的成長。所以這些都達到了平衡。但當我們深入思考是什麼讓我們對今年充滿信心時，我們仍然會對這項業務進行投資。

We have roughly flat advertising. We're going to deliver roughly flat gross profit margin so the team's ability to manage productivity to drive funding the growth, to manage our expenses, we're confident in those to be able to deliver this guidance on the year.

我們的廣告業務基本持平。我們將實現大致持平的毛利率，因此團隊管理生產力的能力可以推動資金成長，管理我們的費用，我們有信心在今年實現這項指導。

Robert Moskow, TD Cowen.

羅伯特·莫斯科（Robert Moskow），TD Cowen。

Another CPG company mentioned --

另一家 CPG 公司提到--

Sorry, Robert. Robert, we're having a real hard time hearing you. Can you -- it's something you get a connection --

對不起，羅伯特。羅伯特，我們真的很難聽清楚你的聲音。你能嗎——這是你能獲得聯繫的東西--

Is this any better? Sorry about that. Can you hear better now?

這樣好些了嗎？很抱歉。你現在聽得清楚一點了嗎？

Yes.

是的。

I heard another CPG company mentioned higher food prices in Brazil as putting pressure on consumer spending in their category. And now you're raising prices in Brazil. Can you give us like just kind of ballpark, like how much are you raising prices? And what's your confidence level that competitors follow your increase and that the elasticity will be strong raising prices in the US hasn't worked out so well. What -- why will the Brazilian consumer absorb it better?

我聽到另一家快速消費品公司提到巴西食品價格上漲給他們所在類別的消費者支出帶來了壓力。現在你們卻在巴西提高價格。您能否給我們一個大概的估計，例如價格上漲幅度是多少？您對競爭對手跟隨您漲價以及漲價彈性有多大信心？在美國，漲價的效果並不好。為什麼巴西消費者會更好地吸收它？

Yeah. First of all, we've taken prices consistently over the years in Brazil, and that environment tends to be far more accommodating price increases. Now we've seen the food prices, as you mentioned, moved pretty quickly. And overall, I think that's created a short-term cautiousness with the consumer. But again, this plays back to the fact that we've been investing in brand health for the last four or five years.

是的。首先，多年來我們在巴西的價格一直保持一致，而且那裡的環境往往更能適應價格上漲。正如您所說，我們現在看到食品價格變動得相當快。總的來說，我認為這會導致消費者短期內產生謹慎情緒。但這再次證明了我們過去四、五年來一直在投資品牌健康。

And the brands are as strong as they've ever been in Latin America relative to how we measure them. So we feel quite comfortable, particularly with the innovation that we have, that we can take pricing through the innovation on the premium side. We talked about Colgate total and some of the success we're having incrementality there, and that was launched at a premium price. So we feel a collection of innovation, good RGM efforts and the strength of the brand gives us confidence that we can continue to take some pricing. Foreign exchange was obviously a headwind initially.

按照我們的衡量標準，這些品牌在拉丁美洲的實力達到了前所未有的水平。因此，我們感到非常放心，特別是考慮到我們擁有的創新，我們可以透過高端方面的創新來定價。我們討論了高露潔全效牙膏以及我們在該領域取得的一些成功，而且該產品是以高價推出的。因此，我們認為創新、良好的 RGM 努力和品牌實力讓我們有信心繼續採取一些定價措施。外匯交易最初顯然是一個阻力。

So we've had to adjust for that. We took some pricing in the second quarter at the end of the quarter. We'll see that balance through the back half of the year. But overall, we feel good about where we are from a pricing standpoint. As I mentioned upfront, though the Brazilian categories have been a little softer than we expected, but we'll anticipate that as we move through the back half.

所以我們必須對此做出調整。我們在第二季末進行了一些定價。我們將在今年下半年看到這種平衡。但總體而言，從定價的角度來看，我們對目前的狀況感到滿意。正如我之前提到的，儘管巴西的類別比我們預期的要弱一些，但隨著我們進入後半段，我們預計這種情況會發生。

I talked about price sizing changes, getting the elasticity across our different price points in the right place, and we feel that we've got a good strategy as we've done historically in that market where things have slowed.

我談到了價格規模的變化，在正確的位置獲得不同價格點的彈性，我們認為我們已經有一個很好的策略，就像我們在歷史上在那個發展放緩的市場中所做的那樣。

Steve Powers, Deutsche Bank.

德意志銀行的史蒂夫·鮑爾斯。

I wanted to pick back up on the prioritization of innovation within the 2030 strategy because it's a bit big focus of the 2025 strategy. So as we look forward, when you think about doubling down and stepping up innovation capabilities, is it simply objective of more and more broad-based innovation? Is it specifically more premium innovation? Is it innovation better aligned to unique insights to enhance ROI, probably a combination of all of the above, but I'm just curious if we could hone in on exactly where you see the most opportunity for further innovation efficacy. Again, in the context of what I think has been a pretty good innovation advancement story over the last five years.

我想重新討論 2030 年策略中創新的優先順序，因為這是 2025 策略的重點。因此，展望未來，當您考慮加倍努力並提高創新能力時，這是否僅僅是越來越多廣泛創新的目標？它是否特別具有高端創新？創新是否更好地與獨特見解相結合以提高投資回報率，可能是上述所有因素的結合，但我只是好奇我們是否可以準確地找到您認為進一步創新效力的最大機會。再次，我認為過去五年的創新進步故事相當不錯。

Yeah, thanks, Steve. So you're right. I mean we feel very good about how we've deployed some of the that we used in the 2025 strategy to accelerate innovation. And the KPIs that we measure it internally against that would suggest it's working. But at the same time, we feel we need to do a much better job in H2 and H3 innovation.

是的，謝謝，史蒂夫。所以你是對的。我的意思是，我們對如何部署 2025 策略中用於加速創新的一些措施感到非常滿意。我們內部衡量的 KPI 表明它正在發揮作用。但同時，我們覺得我們需要在 H2 和 H3 創新方面做得更好。

You've heard me talk about that. That's more of the breakthrough in the transformational innovation, which a little bit longer to develop and obviously, a little bit longer to see it come through. We're going to be looking at incubating more H2 and H3 innovation around the world that takes resources and money. So that's going to be stepped up. We have a couple of geographies where we're still not 100% comfortable that we're agile and quick enough with the H1 innovation.

您已經聽我談論過這個了。這更像是轉型創新的突破，需要更長的時間來開發，顯然，也需要更長的時間才能實現。我們將在全球孵化更多需要資源和資金的 H2 和 H3 創新。因此，我們將加大力度。在幾個地區，我們對於 H1 創新是否足夠靈活和快速還不是 100% 放心。

So we need to do a better job, bringing new news to the trade, particularly on H1 and that we feel -- historically, we weren't bringing real big ideas on H1. Now we need -- we've done a much better job in that space. But there are a couple of geographies where we would all say we need to step it up a bit, and that's where we're focused on of those resources.

因此，我們需要做得更好，為產業帶來新的消息，特別是在 H1 上，我們認為——從歷史上看，我們並沒有在 H1 上帶來真正的大想法。現在我們需要——我們在該領域做得更好。但我們都認為，有幾個地區需要稍微加強一下，而這些地區正是我們關注的資源所在。

Peter Galbo, Bank of America.

美國銀行的彼得‧加爾博 (Peter Galbo)。

Noel, I just wanted to circle back on Hill's. And maybe one is -- maybe this is a question for Stan. Just a modeling point. So just as the private label kind of you exit that effective in July, right, that will still impact the P&L through, I guess, the first half of next year. Just a, to clarify that.

諾埃爾，我只是想回到希爾的話題。也許有一個是——也許這是問斯坦的問題。只是一個建模點。因此，就像您在 7 月退出的自有品牌一樣，我想這仍將影響到明年上半年的損益表。只是為了澄清這一點。

And b, look, Noel, I think at a 5% organic, you'd probably not only be the best pet comp in North America, but probably globally. So just -- what is it about the category at this point that's allowing you to just outpace at such a high rate, again, we cover a lot of the different pet food companies. They all seem to be struggling. I know you've talked about the category kind of flattening out. But -- it's a very broad question, but I just want to maybe drill a little bit deeper on what really is allowing Hill's just again outperform at such a high level at this point.

而且，你看，諾埃爾，我認為如果有機含量達到 5%，你們可能不僅會成為北美最好的寵物公司，而且可能成為全球最好的寵物公司。那麼——目前這個類別中是什麼讓你能夠以如此高的速度超越，再次，我們涵蓋了許多不同的寵物食品公司。他們看起來都在苦苦掙扎。我知道您已經談論過類別趨於平緩的問題。但是——這是一個非常廣泛的問題，但我只是想更深入地探究一下，究竟是什麼讓希爾再次表現得如此出色。

Great. Thanks, Peter. I'll take the latter part of the question, and I'll let Stan talk a little bit about the other part. So overall, the strategy is very consistent with what we've been talking about for the last four or five years. We've obviously put -- stepped up the investment levels, but it's not just increasing advertising behind that brand that's paying off.

偉大的。謝謝，彼得。我將回答問題的後半部分，並讓史丹談談另一部分。所以總的來說，該戰略與我們過去四、五年一直在談論的非常一致。我們顯然已經加大了投資力度，但不僅僅是增加品牌背後的廣告投入就能帶來回報。

It's the innovation and the breadth of innovation that we brought into the market and staying very, very true to the swim lane that we find ourselves in, and that's high-end therapeutic brands that drive real nutritional value for pet owners, and getting the advocacy of those brands deliver to the profession. And so we've been very consistent with that strategy and very consistent on going after the growth segments that where we see the brand can play the most effectively. We've talked about vet. We've talked about cat. We've talked about small dogs.

我們為市場帶來了創新和廣泛的創新，並且非常忠實於我們所處的領域，這就是為寵物主人帶來真正營養價值的高端治療品牌，並讓這些品牌的擁護者為整個行業做出貢獻。因此，我們一直堅持這項策略，並始終如一地追求我們認為品牌能夠發揮最有效作用的成長領域。我們已經討論過獸醫了。我們已經討論過貓了。我們已經討論過小狗了。

And so we've been very strategic on investing R&D resources into the growth areas for the category. And that's how we're seeing the growth coming through in the business. Certainly, this quarter, we saw great growth in vet, great growth in cat, great growth on therapeutics, which is driven by our prescription diet innovation and great growth on small pause. So again, I think it's the consistency of the strategy. And again, recognizing that we still are a low brand awareness brand, and low brand penetration.

因此，我們非常有策略地將研發資源投入到該類別的成長領域。這就是我們看到的業務成長。當然，本季度，我們看到獸醫、貓科動物和治療學方面都有很大的增長，這是由我們的處方飲食創新和小停頓方面的巨大增長推動的。所以，我再次認為這是戰略的一致性。再次，我們認識到我們仍然是一個品牌知名度較低、品牌滲透率較低的品牌。

So there's a lot of upside potential for us as we continue to expand the awareness of the brand and get the distribution where we need to, and more importantly, get the omnichannel strategy executed as effectively as we possibly can. So overall, consistency of strategy.

因此，隨著我們繼續擴大品牌知名度、將分銷範圍擴大到我們需要的地區，更重要的是，盡可能有效地執行全通路策略，我們將擁有很大的上升潛力。總體而言，戰略是一致的。

So let me take the impact of private label. So as we said, we stopped producing private label in the month of July. There will be shipments here as we ship out that volume, that will be a modest amount here in third quarter. But now if you think about what happens, we have private label last year, so there will be an impact in the second half. If you think about the impact in Q2, it was roughly 60 basis points.

那麼讓我來談談自有品牌的影響。正如我們所說，我們在七月停止生產自有品牌。當我們發出該數量的貨物時，這裡也會有貨物出貨，這將是第三季的一個適量的數量。但現在如果你想想會發生什麼，我們去年就有自有品牌，所以下半年會產生影響。如果你考慮第二季的影響，它大約是 60 個基點。

It will be slightly more than that in 3Q and 4Q on a year on year basis. So you will see that impact as we have private label last year, and we'll have essentially zero here in the back half. So the impact will be closer to 80 basis points or 90 basis points. And that is factored into our guidance.

與去年同期相比，第三季和第四季將略有增加。因此，您會看到這種影響，因為我們去年有自有品牌，而今年下半年我們基本上沒有自有品牌。因此影響將接近80個基點或90個基點。這已計入我們的指導中。

Chris Carey, Wells Fargo.

富國銀行的克里斯凱裡。

I wanted to unpack a little bit of the evolution in Asia. India has been a topic this quarter. You called out maybe some softening in urban markets, where are you seeing this business going from here? And can you just maybe balance the Colgate China versus JV performance and also just how you see the evolution of that business going forward as well?

我想稍微了解一下亞洲的演變。印度是本季的一個主題。您提到城市市場可能會出現一些疲軟，您認為該業務未來將如何發展？您能否平衡一下高露潔中國公司與合資公司的業績，以及您如何看待該業務未來的發展？

So let me take the overall Asia first, a little softer than we expected as volume and pricing came in weaker on the Hawley & Hazel business in China, and we're not pleased really with the performance we had in India, but we feel good about where we're headed in the back half, and I'll talk about that in specificity when I get into India. Specifically on the China piece.

因此，讓我先談談整個亞洲的情況，由於中國 Hawley & Hazel 業務的銷售和定價較弱，亞洲市場表現比我們預期的要弱一些，而且我們對在印度市場的表現並不滿意，但我們對下半年的發展方向感到滿意，當我進入印度市場時，我會具體談論這一點。特別是關於中國的部分。

Again, curtailment to city, the Colgate business continues to perform exceptionally well. The learning that we're getting from that is go-to-market execution that we have that we've revamped over the last three to four years is playing out very effectively in the market and how we're targeting the growth opportunities we see in that market as well as a very comprehensive and concerted and thoughtful digital strategy to grow in the e-commerce class of trade, which is obviously growing very, very quickly.

再次，儘管城市規模縮減，高露潔業務仍持續表現優異。我們從中獲得的經驗是，我們在過去三到四年中改進的市場進入執行方式在市場上發揮了非常有效的作用，我們如何瞄準我們在該市場中看到的增長機會，以及如何制定非常全面、協調和周到的數字戰略，以在電子商務貿易領域實現增長，這顯然增長非常非常快。

On the Hawley & Hazel side, we're having to make adjustments in terms of what we do with our go-to-market there, particularly in China, where we need to get the go-to-market addressed and get the wholesaler channel address in a more effective way, and more important to make sure that we effectively compete on digital in the online world, where we're stepping up our resources that we've learned, both on the Colgate side as well as in other parts of the world.

在 Hawley & Hazel 方面，我們必須調整我們在那裡的行銷方式，特別是在中國，我們需要以更有效的方式解決行銷問題並找到批發商通路地址，更重要的是確保我們在網路世界中有效地進行數位競爭，我們正在加強我們在高露潔以及世界其他地區所學到的資源。

To ensure our Hawley & Hazel people have the tools necessary to grow a very competitive online environment moving forward. So again, we feel we're starting to see things improve. It will take some time for sure for the Hawley & Hazel business. But over time, we feel comfortable we will get that back. On India, as you said, we saw some sluggishness in urban class of trade.

確保我們的 Hawley & Hazel 員工擁有必要的工具來發展極具競爭力的線上環境。因此，我們再次感覺到情況開始好轉。對於 Hawley & Hazel 的業務來說，這肯定需要一些時間。但隨著時間的推移，我們相信我們將會恢復這一切。關於印度，正如您所說，我們看到城市貿易有些不景氣。

We will certainly address that as we move into the back half through a very stepped-up innovation strategy. We're launching our biggest core business in India as we speak. We've introduced and relaunched the Colgate Total line in India as we speak. And we have some more higher-end premium innovation coming through the back half and into 2026. So getting the urban markets right and executing more effectively there is critically important.

當我們進入後半段時，我們一定會透過加強創新策略來解決這個問題。我們正在印度啟動我們最大的核心業務。我們已在印度推出並重新推出了高露潔全效牙膏系列。到 2026 年下半年，我們還將推出更多高階創新產品。因此，正確引導城市市場並更有效地執行至關重要。

Pleasingly, we're seeing great growth for our e-commerce business there. We're up almost 500 basis points in market share in e-commerce. So as that trade class grows, we'll see some tailwinds come from that. But overall, executing better in the urban, keeping the rule and getting the core brands we launched. We also have some price pack architecture that needed to be addressed at entry price point.

令人高興的是，我們看到那裡的電子商務業務正在大幅成長。我們的電子商務市佔率上升了近 500 個基點。因此，隨著貿易類別的成長，我們將看到一些順風。但總體而言，我們在城市中表現更好，遵守規則並獲得我們推出的核心品牌。我們還有一些價格包架構需要在入門價格點解決。

And we had done -- we had completed on the INR20 part of our business, but the INR10, which is the entry price point wasn't addressed, and we're addressing that as we speak. So we're optimistic that we'll see the benefits of that coming in the second half.

我們已經完成了 20 印度盧比的業務部分，但 10 印度盧比的入門價格點尚未解決，我們正在解決這個問題。因此，我們樂觀地認為，我們將在下半年看到它帶來的好處。

Olivia Tong, Raymond James.

奧利維亞唐，雷蒙德詹姆斯。

I was wondering if you could talk about the sales run rate and the expectation to improve slightly in the second half versus first half to get to sort of a 2% for the full year. If you could talk a little bit about what's going to drive that acceleration? Is it more of a view of a slight rebound in the category or more of your initiatives to improve your share?

我想知道您是否可以談談銷售運行率，以及預計下半年的銷售運行率會比上半年略有提高，全年達到 2% 左右。您能否稍微談談推動這加速發展的因素？這更多的是對該類別略有反彈的看法，還是您為提高份額而採取的更多舉措？

And on the restructuring, a lot of the things you discussed on the restructuring, it sounds like things you were already doing. So is there a component of it that's new, or is it more of a fast track of existing initiatives? And is there any headcount reduction or a particular look at resin category that will be more of a focus.

關於重組，您討論的許多重組內容聽起來就像您已經在做的事情。那麼，它是否有新的組成部分，或者它是否更像是現有舉措的快速通道？是否會減少員工人數或特別關注樹脂類別？

Great. Thanks, Olivia. Let me take the first part of that, and I'll let Stan take the second. So on our confidence on the guidance relative to the back half, again, first and foremost, we've got good advertising levels planned in the back half consistent with where we were in 2024. So we feel good about that.

偉大的。謝謝，奧莉維亞。讓我來負責第一部分，然後讓史丹負責第二部分。因此，對於我們對下半年指引的信心，首先，我們計劃在下半年實現與 2024 年水準一致的良好廣告水準。因此我們對此感到很高興。

We've got a strong innovation pipeline that we've executed in some of it in the second quarter, which will play out more in the second half. We've taken some pricing and have opportunities and surely areas to take more pricing in the back half. And clearly, we don't expect the categories to get worse from here. In fact, we expect them to get modestly better, but not significantly better. So the guidance anticipates all that. So again, we'll see where the consumer goes, but we're being cautiously optimistic and prudent based on what we're seeing in the categories right now, and that's reflected in our guidance.

我們擁有強大的創新管道，其中一些已在第二季度實施，並將在下半年發揮更多作用。我們已經採取了一些定價措施，並且有機會和領域在下半年採取更多定價措施。顯然，我們並不認為這些類別今後會變得更糟。事實上，我們預計它們會略有改善，但不會有顯著改善。因此，該指南預見了這一切。因此，我們會再次關註消費者的消費趨勢，但根據目前各類別的觀察，我們持謹慎樂觀和審慎的態度，這也反映在我們的指導中。

So on the productivity program, as we said, $200 million to $300 million completed in three years. We're not going to go into detailed specifics here. But as you said, it will be a combination of optimizing our supply chain and then looking at areas where we think that we can optimize where we have our allocation of resources. So as we look to invest in some areas, we're going down to get more efficient in other areas. And what I would say is, as we grow over time, inherently, we have to rebalance those assets over time. That includes hard assets as well as headcount. So we'll disclose more on that in time as we execute those programs.

因此，關於生產力計劃，正如我們所說，三年內將完成 2 億至 3 億美元的投資。我們不會在這裡討論細節。但正如您所說，這將是優化我們的供應鏈，然後研究我們認為可以優化資源配置的領域的結合。因此，當我們考慮在某些領域進行投資時，我們也會降低在其他領域的投資效率。我想說的是，隨著我們逐漸成長，本質上，我們必須隨著時間的推移重新平衡這些資產。其中包括硬資產和員工人數。因此，我們將在執行這些計劃時及時披露更多相關資訊。

Lauren Lieberman, Barclays

勞倫·利伯曼，巴克萊銀行

I wanted to go back, Noel, to the prepared remarks on this call at the published one when you talked about sharpening offerings, value the consumer and so on. So I was curious, and that was in a tactical bucket. So I was just curious, any particular market where you would call out the need to do that. And then in tandem, you also mentioned needing to drive -- find ways to drive incremental pricing with RGM because there's less inflation. So sort of -- it's a bit of like tritening to do two things at once.

諾埃爾，我想回顧一下在這次電話會議上您準備好的發言，當時您談到了完善產品、重視消費者等等。所以我很好奇，這是一個戰術桶。所以我只是很好奇，在哪個特定市場你會呼籲這樣做。同時，您也提到需要推動—找到透過 RGM 推動增量定價的方法，因為通貨膨脹率較低。所以有點——這有點像同時做兩件事。

So I'd just love to understand better how one can approach that if we're sharpening value but also needing to find incremental price. So first is the markets where sharpening price points, the other is kind of pulling these two kind of different streams, if you will.

因此，如果我們要提高價值，同時也需要找到增量價格，那麼我只是想更好地理解該如何解決這個問題。因此，首先是市場不斷提高價格點，另一個是拉動這兩種不同的流，如果你願意的話。

Yeah. Thanks, Lauren. So on the price side, this is pretty much is going to be consistent around the world. But the area where we see a little bit more sensitivity are clearly in some of the emerging markets where opening price points are critically important. So I mentioned the INR10 price point in India, getting the price-pack architecture right on that.

是的。謝謝，勞倫。因此，就價格方面而言，全球範圍內的價格基本上保持一致。但我們發現一些較敏感的領域顯然是一些新興市場，在這些市場中開盤價點至關重要。因此我提到了印度的 10 印度盧比價格點，並以此為基礎制定了價格包架構。

We see some opportunities in Latin America. I would say likewise in Europe and in the US, getting price back architectures in some of our categories is critically important, to ensure that we not only are providing value at the opening point but making sure that value transcends through the entire portfolio. Now the way we balance that is the portfolio we compete at opening price points, mid-price points and premium price points.

我們在拉丁美洲看到了一些機會。我想說的是，在歐洲和美國也是如此，在我們的某些類別中獲得價格回歸架構至關重要，以確保我們不僅在開盤點提供價值，而且確保價值超越整個投資組合。現在，我們平衡這個價格的方式是，我們在起始價位、中價位和溢價位上進行競爭。

And we have a very conservative effort to continue to drive premiumization and that continues to be the biggest growth opportunity we have around the world in terms of where our category sits today. So the Colgate Total relaunch, as an example, we've taken significant price behind that in certain markets that will give us more RGM and more pricing and value in the category.

我們採取非常保守的措施來繼續推動高端化，就我們目前的產品類別而言，這仍然是我們在全球範圍內最大的成長機會。以高露潔全效牙膏的重新推出為例，我們在某些市場上採取了顯著的降價措施，這將為我們提供更多的 RGM 以及該類別產品的更高定價和價值。

So we'll continue to execute that. Our premiumization in the whitening category, likewise, we'll continue to execute and support that quite aggressively to drive the top end of the market. So it really is, is a balanced approach. How do we think about making sure we're being a little bit more tactical with price back architecture from promo packs while at the same time, making sure that we're driving value through the categories by some of the premiumisation opportunities we have. So again, balance between the two.

因此我們將繼續執行這一目標。同樣，我們將繼續大力推行並支持美白類產品的高端化，以推動高端市場的發展。所以這確實是一種平衡的方法。我們如何考慮確保我們在促銷包的價格返還架構方面更具策略性，同時確保我們透過我們擁有的一些高端化機會來推動各個類別的價值。所以再次強調，兩者之間要保持平衡。

Kevin Grundy, BNP Paribas.

法國巴黎銀行的凱文‧格蘭迪。

So -- no, I want to come back to North America, but I wanted to ask you in the context of balance that balance between top line growth and margin restoration. We spent a lot of time on these calls talking about the appropriate need and focusing on profit dollars and not necessarily margins. But for -- given the competitive landscape of consumer market share issues, you kind of had both where it's been top line has been not where you'd like it to be and margins are down considerably. So as we think about and as you think about where you like the North America business to go, how much of a priority restoring some of the North America product margins where we see a considerable amount of erosion here in recent years? Your thoughts there would be appreciated.

所以 - 不，我想回到北美，但我想在平衡的背景下問您，即收入成長和利潤率恢復之間的平衡。我們在這些電話會議上花了很多時間討論適當的需求，並專注於利潤，而不一定是利潤率。但是，考慮到消費者市場佔有率問題的競爭格局，你的收入並沒有達到你所希望的水平，而且利潤率也大幅下降。因此，當我們思考並且您也在思考您希望北美業務走向何方時，恢復北美產品利潤率的優先程度有多高？我們發現近年來北美產品的利潤率出現了相當大的下降。我們將非常感激您的想法。

Yeah. Thanks, Kevin. Listen, simple, a significant priority for us. We need to get the profit margins back up in the US. That's going to be through a combination of our innovation strategy and the resources we put into North America to ramp up the innovation, particularly on the premium side.

是的。謝謝，凱文。聽著，這很簡單，對我們來說是一個重要的優先事項。我們需要重新提高美國的利潤率。我們將結合創新策略和投入北美的資源來加強創新，特別是在高端領域。

We've seen some of our competitors do some innovation that's driving some real value in the categories. We know we can replicate and do better than that. We'll continue to accelerate that. But getting profit margins, both from a dollar and a percent up in the North America business continues to be a significant priority. I'm very encouraged by how the team is approaching the business how we're thinking about the opportunities across all of our categories, not just the focus that we had on oral care, but both on personal care and home care.

我們看到一些競爭對手做出了一些創新，為各個類別帶來了真正的價值。我們知道我們可以複製並且做得更好。我們將繼續加速這一進程。但提高北美業務的利潤率（無論是美元還是百分比）仍然是我們的首要任務。我對團隊處理業務的方式感到非常鼓舞，我們正在考慮所有類別的機會，不僅是我們對口腔護理的關注，還包括個人護理和家庭護理。

And as we look at some of the productivity initiatives, we clearly will be allocating some resources into North America to dial up the innovation particularly. But good funding there, we need to get the margins up both dollar and percentage wise and that focus for that team.

當我們研究一些生產力措施時，我們顯然會向北美分配一些資源，特別是為了推動創新。但是有了充足的資金，我們需要在美元和百分比兩方面提高利潤率，並將重點放在該團隊上。

Peter Grom, UBS.

瑞銀的 Peter Grom。

So I wanted to just round out the category commentary. Noel, you mentioned that you expect categories to get modestly better as we move through the balance of the year. And I would be curious, is that a broad-based comment, or are there certain markets where you have greater confidence in that improvement? And conversely, are there any markets where you see category trends moderating or at risk of moderating?

所以我只是想完善一下類別評論。諾埃爾，您提到，您預計隨著我們度過今年餘下的時間，類別會略有改善。我很好奇，這是一個廣泛的評論嗎，還是在某些市場你對這種改善更有信心？相反，您是否看到某些市場的品類趨勢正在放緩或面臨放緩的風險？

It's pretty much a broad-based comment. Overall, if I take on a constant dollar basis, maybe to provide some granularity here, our categories are growing somewhere between 2% and 3%. And on a constant dollar basis globally. Volumes are slightly positive if we take the aggregate category growth around the world. So if you go back historical, you've seen, obviously, volume performed a little bit better, closer to 1% historically and the constant dollars improving probably 100 basis points historically.

這幾乎是一個廣泛的評論。總體而言，如果以美元不變為基礎，也許可以提供一些細節，我們的類別成長率在 2% 到 3% 之間。並且以全球恆定美元為基礎。如果我們考慮全球總體類別的成長情況，那麼銷量會略為正值。因此，如果回顧歷史，你顯然會看到，交易量表現要好一些，歷史上接近 1%，而恆定美元歷史上可能提高了 100 個基點。

So we expect a very modest acceleration across the board. Certainly, in categories like toothpaste to see that probably come back sooner rather than later some of the all of our categories, not necessarily discretionary, their daily use categories, but there are certain businesses that in the home care were consumers amortize their usage over longer periods of time and are more cautious. So we set some of the home care categories to perhaps come back a little slower than we'd see some of the personal care and oil care categories.

因此，我們預計整體增速將非常溫和。當然，在牙膏等類別中，我們可能很快就會看到這些類別的復甦，這些類別不一定是可自由支配的日常使用類別，但有些企業在家庭護理中，消費者會在較長時間內攤銷其使用量，並且更加謹慎。因此，我們將一些家庭護理類別的恢復速度設定得可能比個人護理和油護理類別的恢復速度要慢一些。

This concludes the QA portion of our call. I will now return the call to Noel Wallace, Colgate's Chairman, President and CEO, for any closing remarks.

我們的通話的 QA 部分到此結束。現在我將回電給高露潔公司董事長、總裁兼執行長諾埃爾華萊士，請他做最後發言。

Yeah. Thanks, everyone. Again, I think we're deploying our strategy very effectively around the world. We saw that through the consistency and the improvement in the quarter. We have great confidence in our ability to keep an eye into both the short term and the long term with our strategy, particularly excited about the 2030 and getting on -- getting started with that.

是的。謝謝大家。我再次認為我們正在全球非常有效地部署我們的策略。我們透過本季的一致性和改進看到了這一點。我們對我們的策略能夠同時專注於短期和長期的能力充滿信心，尤其對 2030 年以及從 2030 年開始感到興奮。

Let me put a special thanks out to all Colgate from all the people around the world, who are operating in, obviously, a more challenged environment, but we appreciate all the hard work, and what they're doing to deliver for our shareholders. Thanks, everyone. We'll talk to you soon.

我要特別感謝高露潔全球各地的所有員工，他們顯然在更具挑戰性的環境中開展業務，但我們感謝他們的辛勤工作以及他們為股東做出的貢獻。謝謝大家。我們很快會和你聯絡。

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

會議現已結束。感謝您參加今天的電話會議。您現在可以斷開連線。