高露潔 (CL) 2026 Q1 法說會逐字稿

Good morning. Welcome to today's Colgate-Palmolive first-quarter 2026 earnings conference call. This call is being recorded and is being simulcast live at www.colgatepalmolive.com. Now for opening remarks, I'd like to turn this call over to Executive Vice President, Investor Relations, Claire Ross.

早安。歡迎參加今天的高露潔-棕欖 2026 年第一季財報電話會議。本次會議將被錄音，並於 www.colgatepalmolive.com 進行同步直播。現在進入開場致詞，我想把電話會議交給執行副總裁、投資人關係主管 Claire Ross。

Thank you, Drew. Good morning, and welcome to our first-quarter 2026 earnings release conference call. This is Clay Ross, Executive Vice President, Investor Relations. 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，Drew。早安，歡迎參加我們 2026 年第一季財報發布電話會議。我是 Clay Ross，執行副總裁、投資人關係主管。今天的電話會議將包含前瞻性陳述。實際結果可能與這些陳述有重大差異。前瞻性陳述本質上涉及風險與不確定性，並係基於我們目前的觀點與假設而作出。

Please refer to the earnings press release and our most recent filings with the SEC, including our 2025 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.

請參閱財報新聞稿以及我們最近向美國證券交易委員會（SEC）提交的文件，包括我們 2025 年 Form 10-K 年報及其後續的 SEC 申報文件（皆可於我們網站取得），其中討論了可能導致實際結果與上述陳述出現重大差異的因素。

These remarks also include a discussion of non-GAAP financial measures, which exclude certain items from reported results, including those identified in Tables 3 and 6 of the first-quarter earnings press release. A full reconciliation to the corresponding GAAP financial measures and related definitions are included in the earnings press release.

本次發言亦包含對非 GAAP 財務衡量指標的討論，該等指標自已報告結果中排除若干項目，包括第一季財報新聞稿表 3 與表 6 所列之項目。與相對應 GAAP 財務衡量指標的完整調節表及相關定義，均已載於財報新聞稿中。

Joining me on the call this morning are Noel Wallace, Chairman, President and Executive -- Chief Executive Officer; Stan Sutula, Chief Financial Officer; and John Faucher, EVP, M&A and Special Projects. Noel will provide you with his thoughts on our results and our 2026 outlook. We will then open it up for Q&A.

今天早上與我一同參與電話會議的有：Noel Wallace，董事長、總裁暨執行長；Stan Sutula，財務長；以及 John Faucher，執行副總裁，負責併購（M&A）與特別專案。Noel 將分享他對我們業績表現及 2026 年展望的看法。之後我們將開放問答。

Thanks, Claire, and good morning, everyone. We're pleased with how we started the year as we delivered strong top- and bottom-line growth. Organic sales growth accelerated from the fourth quarter, driven by improved volume performance, particularly in Asia Pacific. Excluding the impact of private label pet food exit, we grew both volume and pricing in all four categories and four of five divisions.

謝謝你，Claire，各位早安。我們對今年的開局感到滿意，因為我們在營收與獲利兩端都實現了強勁成長。有機銷售成長較第四季加速，主要由銷量表現改善所帶動，尤其是在亞太地區。若排除退出自有品牌寵物食品業務的影響，我們在四大品類以及五大事業部中的四個事業部，銷量與定價皆實現成長。

Our sales growth was led by emerging markets, the regions where our strong global brands generally have higher market shares and the greatest scale advantages. We believe emerging markets are accretive in terms of growth prospects and are investing in them accordingly.

我們的銷售成長主要由新興市場帶動；在這些地區，我們強大的全球品牌通常擁有較高市占率，且具備最大的規模優勢。我們認為新興市場在成長前景方面具有增益效果，因此也相應加大投資。

And we use the strong net and organic sales growth to deliver gross profit, operating profit, earnings per share, and free cash flow growth while still increasing investment in our brands and capabilities. This encouraging start to the year gives us confidence in our outlook for the balance of the year, though significant increases in raw material and packaging costs, we have built into our guidance to reduce our expectations for gross margin for the year.

我們運用強勁的淨銷售與有機銷售成長，帶動毛利、營業利益、每股盈餘以及自由現金流成長，同時仍持續增加對品牌與能力建設的投資。今年良好的開局讓我們對全年其餘期間的展望更具信心；然而，鑑於原物料與包材成本大幅上升，我們已將其納入指引，並因此下調對全年毛利率的預期。

When I spoke to you on our Q4 2025 call, I talked about the strength of our 2030 strategic plan. It's the choices that we made in building this plan, along with the flexibility that we've built into our P&L that allow us to deliver short-term results in a volatile environment while simultaneously building for the long term.

在我與各位進行 2025 年第四季電話會議時，我談到我們 2030 策略計畫的強勁性。我們在制定該計畫時所做的取捨，加上我們在損益表（P&L）中建立的彈性，使我們能在波動環境中交出短期成果，同時也為長期發展奠基。

And best-in-class companies need to do both short-term results and long-term strategy. Our global brands are driving broad-based growth by geography, by category and with volume and pricing. Our investments in advertising through our omnichannel demand generation model keep our brands top of mind with consumers in the moments that matter, and we continue to drive higher ROI even as we increase spending.

而一流企業必須同時兼顧短期成果與長期策略。我們的全球品牌正以地域、品類以及銷量與定價等多面向，推動廣泛的成長。我們透過全通路需求生成模型加大廣告投資，讓品牌在關鍵時刻保持消費者心佔率；即使提高支出，我們仍持續推動更高的投資報酬率（ROI）。

We have built our capabilities in areas like innovation, data, analytics, digital, AI, and we'll continue to invest behind them and scale them across the organization. This leaves us well positioned to delight consumers with perceivable superior products to accelerate category growth and drive market share improvement.

我們已在創新、數據、分析、數位、AI 等領域建立能力，並將持續加碼投資，並在全組織擴大規模化應用。這使我們處於有利位置，能以消費者可感知的卓越產品取悅消費者，加速品類成長並推動市占提升。

We believe our efforts in RGM, Promo AI, and funding the growth give us the ability to drive profit and EPS growth even in a period of significant cost inflation. And our strategic growth and productivity program is another great example of how we're working to deliver in the short term while building up for our 2030 strategy.

我們相信在 RGM、Promo AI 以及「為成長提供資金」方面的努力，使我們即使在成本顯著通膨期間，仍有能力推動獲利與每股盈餘（EPS）成長。而我們的策略性成長與生產力計畫，亦是我們如何在交付短期成果的同時，為 2030 策略打底的另一個絕佳例子。

This morning, we announced an update along with annualized savings target of $200 million to $300 million, with the majority of the savings focused in 2027 and 2028. This is not an extension of the program as we still expect the program to be completed by the end of 2028. The savings will enable us to fund investments in capabilities to deliver on the 2030 strategy as well as to drive consistent compounded dollar-based EPS growth.

今天早上，我們宣布一項更新，並提出年化節省目標為 2 億至 3 億美元，其中大部分節省將集中在 2027 年與 2028 年。這並非該計畫的延長，因為我們仍預期該計畫將於 2028 年底完成。這些節省將使我們得以投入能力建設以落實 2030 策略，同時推動穩健、複利式的以美元計價 EPS 成長。

More importantly, the changes we are making to our organizational structure by reducing complexity will help us build a more agile company that can thrive in an omnichannel environment. There is still uncertainty in how the rest of 2026 will play out -- where oil will be, what will happen with interest rates, how the consumers will respond. But I can tell you is that we believe we've built a model that can deliver in this environment while setting us up for long-term success. And with that, I'll take your questions.

更重要的是，我們透過降低複雜度來調整組織架構，將有助於打造更敏捷的公司，使其能在全通路環境中茁壯成長。2026 年其餘時間將如何發展仍存在不確定性——油價走勢、利率變化、以及消費者將如何反應。但我可以告訴各位的是，我們相信我們已建立一個能在此環境中交付成果、同時為長期成功做好準備的營運模式。接下來我將回答各位的問題。

(Operator Instructions) Dara Mohsenian, Morgan Stanley.

（接線員指示）Dara Mohsenian，摩根士丹利。

So Noel, I just wanted to focus on volume mix. You clearly had strong results in emerging markets in Q1. Last year, you talked about reallocating marketing spend to some higher growth areas and opportunities. So I wanted to get a sense of how tangible the payoffs are from those efforts. Is that showing up in the Q1 results? And really, the question is how sustainable the volume strength in emerging markets might be going forward with those efforts, but also if you're seeing any negative impact post-Iran?

Noel，我想聚焦在銷量／組合（volume/mix）。你們第一季在新興市場顯然表現強勁。去年你們談到將行銷支出重新配置到一些更高成長的領域與機會。因此我想了解，這些努力帶來的回報有多具體、可感知。這是否已反映在第一季的結果中？更核心的問題是：在這些努力之下，新興市場的銷量強勢在未來有多可持續？另外，你們是否看到伊朗事件之後帶來任何負面影響？

And maybe while we're on the subject, on the other side, just North America continued to lag in Q1 and volume/mix. You did talk about improvement in Q2 in the published remarks. But just wanted to get more detail on the plans there, the level of improvement that might be realistic in North America.

另外，既然談到這個主題，另一端是北美在第一季的銷量／組合仍持續落後。你們在已發布的講稿中確實提到第二季會改善。但我想再多了解一些那邊的計畫細節，以及北美可能達到的、較為現實的改善幅度。

Yes. Thanks, Dara. Let me take the volume piece first. Clearly, globally, we're seeing volumes still be rather sluggish in our categories. So in that environment, you can imagine we're particularly pleased with the acceleration of volume growth in the quarter, certainly from the fourth quarter. And we saw that across almost all divisions and all categories, which is particularly pleasing to us.

是的。謝謝你，Dara。我先談銷量的部分。很明顯地，從全球來看，我們所處的品類銷量仍相當疲弱。因此在這樣的環境下，你可以想像我們對本季銷量成長加速感到特別滿意，尤其相較第四季更為明顯。而且我們幾乎在所有事業部與所有品類都看到了這點，這讓我們特別欣慰。

The broad-basedness of that growth, so to speak, is clearly showing up in the fact that emerging markets have accelerated. Asia Pacific was a big driver of that. We continue to see the interventions that we're taking with the Hawley & Hazel business, pay dividends for us moving forward. I wouldn't say we're completely out of the woods yet.

可以說，該成長的廣泛性很明顯地反映在新興市場的加速上。亞太地區是其中一個重要推動力。我們持續看到針對 Hawley & Hazel 業務所採取的介入措施，未來將為我們帶來回報。我不會說我們已經完全脫離險境。

The category continues to be pretty sluggish in China, but our business is executing better against the intervention strategies that we put in. The Colgate business continues to perform well. Latin America from a volume standpoint continues to hold its own, driving nice volume shares through the quarter.

該品類在中國仍然相當疲弱，但我們的業務在執行我們所制定的介入策略方面表現更佳。高露潔（Colgate）業務持續表現良好。拉丁美洲就銷量而言仍持續站穩腳步，在本季帶動了不錯的銷量市占。

Africa, Middle East and Europe continued to do better than we expected, quite frankly, given some of the pricing that we've taken in those regions. And I think that's the other point. The strength of our brands is allowing us to drive that volume share. And that -- coming back to the initial part of your question, that the fact that we've continued to sustain high levels of advertising investment, particularly in emerging markets has allowed us to accelerate the growth. That, combined with good RGM, we had a good balance, obviously, of pricing in the quarter as well. So overall, we're very pleased with the volume results.

坦白說，非洲、中東與歐洲的表現持續優於我們的預期，考量到我們在那些地區所採取的一些定價。我想這也是另一個重點。我們品牌的強勢讓我們得以推動銷量市占。而且——回到你問題的前半段——我們能夠持續維持高水準的廣告投資，特別是在新興市場，使我們得以加速成長。再加上良好的 RGM，我們在本季的定價也顯然取得了良好平衡。因此整體而言，我們對銷量表現非常滿意。

Going on to North America. Listen, I was pretty clear on the fourth quarter call that North America was going to take some time. The interventions are in place. I know John and Shane are working very diligently on a strategy reset for North America. That's going to include some real brand interventions, accelerated innovation, more RGM, better execution, getting our promotion strategy right with some of the key retailers.

接著談北美。聽著，我在第四季電話會議上已經講得很清楚，北美需要一些時間。相關介入措施已經到位。我知道 John 和 Shane 正非常努力地進行北美策略重置。這將包括一些真正的品牌介入、加速創新、更多 RGM、更好的執行力，並與部分關鍵零售商把促銷策略做對。

So there's a whole myriad of different initiatives being taking place. And we started to see some of those come through in the back half of the first quarter. Volume was a little dampened by the fact that some of the shelf resets were later than we expected.

因此有一整套各式各樣的措施正在推進。而我們在第一季後半段開始看到其中一些成效顯現。由於部分貨架重置（shelf resets）比我們預期更晚，銷量受到了一些抑制。

The new product that we shipped in the first quarter came later as well. We started to see that accelerate as we exited the quarter. So plans in place to address North America overall, quite pleased with the sequential volume growth across all of our business, particularly in emerging markets.

我們在第一季出貨的新產品也較晚推出。我們在季末時開始看到加速。因此，針對北美整體的計畫已到位；我們也對各項業務的銷量環比成長感到相當滿意，尤其是在新興市場。

Filippo Falorni, Citi.

Filippo Falorni，花旗（Citi）。

I was hoping you can give a little more color on the cost inflation that is currently embedded in guidance. I know you changed your gross margin guidance to down year-over-year versus up prior previously. So how much incremental cost inflation are you assuming?

我希望你們能就目前指引中所包含的成本通膨提供更多細節。我知道你們把毛利率指引從先前的年增改為年減。那麼你們假設的額外成本通膨增加了多少？

What are your assumptions on kind of like the crude oil underlying? And maybe if you can talk a little bit about a high level of the potential offsets as you get into the back half of the year and as we start thinking about next year as well? Thank you.

你們對原油等基礎假設是什麼？另外，若你們能從較高層次談談在下半年以及我們開始思考明年時，可能有哪些抵銷因素，也會很有幫助。謝謝。

Yeah. Let me just address it from a macro standpoint, I'll let Stan provide some more detail. Clearly, the assumptions that we have embedded into our guidance for the year include the $300 million of additional raw materials. We're assuming oil roughly at around $110.

好的。我先從宏觀層面回應，細節再請 Stan 補充。很明顯，我們在全年指引中納入的假設包含額外 3 億美元的原物料成本。我們假設油價大約在 110 美元左右。

I think importantly, strategically, as we've always gotten ahead of the cost environment, we need to ensure that our operating units are planning for these types of inflationary environments that are coming. Clearly, we'll wait and see. There's a lot of ups and downs moving around the world, so to speak, on oil pricing.

我認為重要的是，從策略面來看，我們一向會提前因應成本環境，因此我們必須確保各營運單位會為即將到來的這類通膨環境做規劃。當然，我們會再觀察。全球油價可說是上下波動很大。

But for us, strategically, it's important that the operating units start to build this into their strategies on how they want to execute some of the strong innovation plans that we have for the balance of the year, how we execute funding the growth for the rest of the year.

但對我們而言，從策略角度來看，重要的是各營運單位開始把這些因素納入其策略：包括他們打算如何執行我們在今年剩餘期間的強勁創新計畫，以及如何執行、如何為今年其餘時間的成長提供資金。

So again, we feel it's very prudent to get those numbers out there, and we built that into our guidance. Clearly, some of the inflationary environment has forced us to take the gross margin down for the year. But overall, we still feel we're well in line with our guidance on earnings per share. Stan?

因此，我們再次認為把這些數字提出來是非常審慎的作法，並已將其納入我們的指引。顯然，部分通膨環境迫使我們將全年毛利率下修。但整體而言，我們仍認為每股盈餘指引仍在掌握之中。Stan？

Yes. Let me pick that up. Our assumptions for the year embedded in our gross profit margin guidance includes roughly $110 on average for the remainder of the year and the associated impact that has on raw and packaging materials. Since the fourth-quarter call, we've seen an additional raw materials and logistics impact for the year of roughly $300 million.

是的。我接著說明。我們在毛利率指引中對全年所採用的假設，包含今年剩餘期間平均油價約 110 美元，以及其對原物料與包材的相關影響。自第四季電話會議以來，我們看到全年原物料與物流的額外影響約為 3 億美元。

And you should think of that as roughly two-thirds raw materials and one-third logistics. The biggest incremental impact, Filippo, is coming from oil byproducts resins, petrochemicals, fats and oils. And we now expect that spending in those areas to be up more than 20% year on year for the full year. So you can see the impact that that has.

你可以把它理解為約三分之二來自原物料、三分之一來自物流。Filippo，最大的新增影響來自石油副產品：樹脂、石化產品、油脂與食用油。我們現在預期，這些領域的支出全年將較去年增加超過 20%。因此你可以看到其影響。

Our logistics costs are up nearly 10% impacting both ocean and land freight. So that's what led us to take a look and put that into our guidance. And offsetting that is the work around RGM productivity across the entire P&L, which allows us to maintain our guidance.

我們的物流成本上升了將近 10%，影響海運與陸運。因此我們重新檢視並將其納入指引。而用來抵銷的是我們在整個損益表（P&L）上推動的 RGM 生產力提升工作，使我們得以維持指引。

Filippo, just one other point I'd make on that is, yes, remember, the logistics goes into the SG&A not in the gross margin. So there will be an incremental impact in SG&A from that.

Filippo，另外我想補充一點：是的，請記得物流成本是計入 SG&A，而不是計入毛利率。因此 SG&A 會因此受到額外影響。

Bonnie Herzog, Goldman Sachs.

Bonnie Herzog，高盛（Goldman Sachs）。

I guess I had a quick question on your guidance. You maintained your top- and bottom-line guidance, but you highlighted gross margins will be more pressured. So maybe first, could you just maybe touch a little bit further on some of the key puts and takes on the gross margin headwinds. But ultimately, I'm curious if you see scope for incremental pricing.

我想我有個關於你們指引的簡短問題。你們維持了營收與獲利（top line 與 bottom line）指引，但也提到毛利率將承受更大壓力。所以首先，你們是否能再多談一些毛利率逆風的主要拉抬與抵銷因素？但最終我想了解的是，你們是否看到進一步提價的空間？

And then second, you talked about the flexibility you have to potentially pull forward some cost savings or productivity initiatives. So any more color on that would be helpful. I'm thinking about in the context of your ability to deliver on the bottom line. But I guess, ultimately, wondering if we should realistically think about your EPS coming in closer to the midpoint of your range or possibly below. Again, I'm just trying to understand how much flexibility you have there. Thank you.

第二，你們談到你們具備彈性，可能可以把一些成本節省或生產力計畫提前。如果能再多提供一些細節會很有幫助。我是在你們達成獲利端表現的能力脈絡下思考。但我想最終想問的是，我們是否應該務實地預期你們的 EPS 會更接近區間中點，或甚至可能低於中點。我只是想了解你們在這方面到底有多少彈性。謝謝。

Bonnie, thank you. So our guidance reflects what we believe is the increased volatility that we see today in the current environment. And clearly, we had a strong start to the year. So we've maintained our organic sales growth guidance in the 1% to 4%, and we're waiting to see what -- quite frankly, what impact that has on the consumer moving forward. I would say, currently, we're not seeing a significant impact, but time will tell.

Bonnie，謝謝你。因此，我們的指引反映了我們認為在當前環境中所看到的波動性上升。而且很明顯，我們今年開局強勁。所以我們維持有機銷售成長指引在 1% 到 4%，並且我們在觀察——坦白說——這對未來消費者會帶來什麼影響。我會說，目前我們還沒有看到顯著影響，但時間會給出答案。

From an earnings standpoint, we're watching oil and other commodities, as you can imagine, to see where these prices settle out, but we feel very comfortable with our current range of low to mid-single digits. I would suggest you reflect the lower gross margin in your algorithm. It includes our increased oil and commodity assumptions for the balance of the year. As Stan just mentioned, with oil at a price of $110 for the balance of the year works out to an incremental $300 million across the board, including logistics in that number.

從獲利的角度來看，我們正如你所想地關注原油與其他大宗商品，看看這些價格最終會落在什麼水準，但我們對目前低到中個位數的區間感到非常有信心。我建議你在模型中反映較低的毛利率。其中包含我們對今年剩餘期間原油與大宗商品成本假設的上調。正如 Stan 剛才提到的，若今年剩餘期間油價維持在每桶 110 美元，整體增量成本約為 3 億美元，其中也包含物流成本。

So as you think of the rest of the income statement, understand that we remain deeply committed to offsetting as much of that as we possibly can. Clearly, the RGM efforts that we're executing across the world, we will possibly be taking pricing that will come through improved premium innovation as we execute some of the new product launches we have throughout the year.

因此，當你思考損益表其餘部分時，請理解我們仍然非常堅定地致力於盡可能抵消其中的影響。很明顯，我們在全球推動的 RGM（營收成長管理）工作，我們可能會透過更好的高端創新來進行定價，並在全年執行一些新產品上市時體現出來。

We'll look at price pack architectures as well. We'll look at mix opportunities as we move through the balance of the year. And as Stan rightfully called out, I mean, obviously, our SGPP program will allow us to offset some of that as well. But for right now, the clear indication that we have is margins will likely be down. And so we want to be prudent in getting that number out there ahead of time. Stan, anything to add to that?

我們也會檢視價格與包裝架構。我們會在今年剩餘期間尋找產品組合（mix）機會。而且正如 Stan 恰當指出的，顯然我們的 SGPP 計畫也能幫助我們抵消其中一部分。但就目前而言，我們得到的明確訊號是毛利率很可能會下滑。因此我們希望審慎地提前把這個數字對外說明。Stan，還有什麼要補充的嗎？

No, just we have a regular productivity program outside of SGPP and our teams do an exceptionally good job executing that. So we'll be looking to drive that productivity. That is not just in the cost line. That also impacts SG&A. So as we look to drive that productivity, that will be one of the other flexibility points that we execute on.

沒有，只是我們在 SGPP 之外也有一個常態性的生產力提升計畫，而我們的團隊在執行上做得非常出色。所以我們會致力於推動那項生產力。這不僅僅是在成本項目上。它也會影響到銷售、一般及行政費用（SG&A）。因此，當我們推動這項生產力時，這將是我們可運用的另一個彈性槓桿。

Peter Galbo, Bank of America.

Peter Galbo，美國銀行。

Noel, I was actually hoping to pivot back to APAC. You called it out in your prepared remarks as a source of strength. And in the prepared remarks, I think you noted India very briefly, just as kind of the main driver. So hoping to unpack that a little bit more, just India growth in the quarter. And then any help around just whether GST is really aiding that business and what you've seen so far?

Noel，我其實希望把話題轉回亞太地區。你在事先準備的發言中提到它是強勁動能的來源。而在準備稿裡，我記得你非常簡短地提到印度，算是主要驅動因素。所以希望你能再多拆解一些，談談本季印度的成長。另外也想請你說明一下，GST 是否真的在幫助那個業務，以及你目前看到的情況？

Yeah. Thanks, Peter. I can't give a lot of detail on India. They haven't announced officially their numbers, but we did say, obviously, the growth in Asia Pacific were strong, and you can clearly connect that back to the two largest markets, which are China and India.

是的。謝謝你，Peter。我無法提供太多關於印度的細節。他們尚未正式公布數字，但我們確實說過，亞太地區的成長很強勁，而你也可以很清楚地把這與兩個最大的市場連結起來，也就是中國和印度。

So as I look at Asia Pacific in general, I'm really pleased with the acceleration that we saw in the first quarter. As I mentioned on the first question, we're not out of the woods yet on Hawley & Hazel, but they're making some very significant improvements in their execution and the strategic interventions we've taken over the last year are starting to take hold.

因此，當我整體看亞太地區時，我對第一季看到的加速成長感到非常滿意。如同我在第一個問題中提到的，我們在 Hawley & Hazel 方面還沒有完全脫離困境，但他們在執行上正在做出非常顯著的改善，而我們在過去一年採取的策略性介入也開始發揮效果。

One, we've accelerated innovation in that market. We're seeing that through the dual tube technology. That's in some of the prepared charts that we shared with everyone earlier. Clearly, that's having a great impact. We're getting our omnichannel execution, much more effectively implemented across the different platforms that exist, including Douyin.

第一，我們加速了該市場的創新。我們從雙管技術（dual tube technology）上看到了這一點。這也出現在我們先前與各位分享的一些簡報圖表中。很明顯，這帶來了很好的影響。我們也讓全通路（omnichannel）的執行在不同平台上更有效落地，包括抖音（Douyin）。

And so we feel good about where Hawley & Hazel is going. We've got some good brand work going on in the balance of the year, investment levels continue to be strong. And you couple that with the strength of the Colgate business in that market, which is executing very, very well. The Colgate business delivered mid-single-digit growth in a flat to declining market. So again, very encouraged by what we saw across China.

因此，我們對 Hawley & Hazel 的發展方向感到樂觀。今年剩餘期間我們也有一些不錯的品牌工作在推進，投資水準仍然維持強勁。再加上 Colgate 在該市場的業務表現強勢，執行得非常、非常好。Colgate 業務在一個持平到下滑的市場中，仍交出中個位數成長。所以，再次強調，我們對中國市場的表現感到非常鼓舞。

That being said, if you go across the rest of the region, Philippines performed well. Thailand performed well. Malaysia performed well. Australia, a little softer than anticipated. But overall, Asia doing quite well. And clearly, some of the volume drivers that we -- volume acceleration we saw in the quarter was coming out of that region.

話雖如此，如果你看該區域其他市場，菲律賓表現良好。泰國表現良好。馬來西亞表現良好。澳洲則比預期稍微疲弱一些。但整體而言，亞洲表現相當不錯。而且很明顯，我們本季看到的一些銷量驅動因素——銷量加速——就是來自該區域。

Peter Grom, UBS.

Peter Grom，瑞銀。

So I was hoping to get some perspective on Latin America. Another strong volume quarter. Can you maybe just give us some more context on category growth and market share performance in the region? And Noel, you sounded pretty confident on emerging market growth from here in your response to Dara's question.

我希望能請教一些關於拉丁美洲的觀點。又是一個銷量表現強勁的季度。你能否提供更多背景，談談該區域的品類成長與市占表現？另外，Noel，你在回應 Dara 的問題時，對接下來新興市場的成長聽起來相當有信心。

So curious, just as you look ahead, do you expect this momentum to continue? And maybe specifically, do you expect to see continued balance from a volume and price perspective? Thanks.

所以我想問的是，往前看，你是否預期這股動能會延續？以及更具體地說，你是否預期在銷量與價格的貢獻上能持續保持平衡？謝謝。

Yeah, good morning, Peter. Thank you. Listen, Latin America continues to execute very, very well. We've got really -- I was down in Mexico and Brazil and Argentina in the last month and really pleased to see how some of the strategic capabilities that we're building and driving from the center, Latin America is definitely at the forefront of executing some of those.

是的，早安，Peter。謝謝你。聽著，拉丁美洲持續執行得非常、非常好。我上個月去了墨西哥、巴西和阿根廷，很高興看到我們正在建立並由總部推動的一些策略性能力，拉丁美洲絕對走在前面，率先把其中一些落實到位。

Clearly, their omni demand generation work is excellent, some of the work they're using AI for is excellent. RGM continues to be best-in-class and their in-store execution and driving numeric and weighted distribution across some of our adjacency categories looks terrific as well. So overall, they're executing terrifically and you saw the obviously mid-single-digit growth coming out of them and particularly the growth being Mexico and Brazil driven. So excellent results from that perspective.

很明顯，他們的全通路需求生成（omni demand generation）工作非常出色，他們運用 AI 的一些工作也非常出色。RGM 仍然是同級最佳（best-in-class），而他們在門店端的執行，以及在我們一些鄰近品類推動數量與加權鋪貨（numeric and weighted distribution）的表現也非常亮眼。因此整體而言，他們執行得非常卓越，你也看到他們帶來了明顯的中個位數成長，尤其成長主要由墨西哥與巴西所驅動。所以從這個角度來看，成果非常好。

The innovation, I'll talk to for just a moment in Latin America, and we're seeing that across emerging markets. I talked a lot about that last year, how we're truly trying to step up innovation across all price points. And I think that bodes well as we set up an environment that will be more challenged from a consumer standpoint.

我想花一點時間談談拉丁美洲的創新，我們也在各個新興市場看到同樣情況。我去年談了很多，我們如何真正嘗試在所有價格帶提升創新。而我認為，當我們面對一個從消費者角度來看更具挑戰的環境時，這將帶來良好的支撐。

We clearly expect emerging markets to continue to drive the growth for the balance of the year, and that will be driven by some of the changes that we've made on accelerating innovation at the lower price points and mid-price points while continuing to see the biggest strategic growth opportunity to be in the premium side. So you'll see that unveiled.

我們明確預期新興市場將在今年剩餘期間持續帶動成長，而這將由我們所做的一些改變所驅動：在較低價位帶與中價位帶加速創新，同時我們仍然認為最大的策略性成長機會在高端／高價位（premium）端。因此你們會看到相關內容陸續揭露。

The purple launch that we had in Asia that we've carried through Latin America now is doing very, very well. Our Home Care launch and some of the adjacencies that we've gotten into and the relaunch of our core business on Suavitel is performing quite well. So the good news is we have ample opportunities across the innovation to continue to drive growth. And I think some of the capabilities that we're executing from the center and LatAm taking on gives us great confidence that they'll continue to perform well in the quarter.

我們在亞洲推出的紫色系列（purple launch），如今也延伸到拉丁美洲，表現非常、非常好。我們的家居護理（Home Care）上市，以及我們切入的一些相鄰品類（adjacencies），再加上我們以 Suavitel 為核心業務的重新上市（relaunch），表現都相當不錯。所以好消息是，我們在創新方面有充足的機會可以持續推動成長。而且我認為，我們從總部推動並由拉美承接落地執行的一些能力，讓我們對他們在本季持續良好表現充滿信心。

Andrea Teixeira, JPMorgan.

Andrea Teixeira，摩根大通（JPMorgan）。

I was just hoping to know if you can elaborate a little bit more on the -- how competitive the US Oral Care business is now? And I understand there were some setups on the innovation side. And historically, you have had a higher volume share, which sets you well for this type of like more RGM-driven market.

我只是想了解你是否可以再多闡述一下——目前美國口腔護理（Oral Care）業務的競爭程度如何？我也理解在創新方面有一些前期布局。而且從歷史上看，你們的銷量市占（volume share）較高，這讓你們在這種更由 RGM（營收成長管理）驅動的市場中具備不錯的基礎。

So I was hoping to see how you left the quarter, you exited the quarter. And as you said those, if you see sequential improvement in market shares and how you're seeing that setup going to the balance of the year?

所以我想看看你們本季結束時的狀況、也就是你們如何退出本季。以及如你所說，是否看到市占出現逐季改善（sequential improvement），並且你們如何看待這樣的布局在今年剩餘期間的發展？

Yeah. Thank you, Andrea. Yeah, very much the case. We expect sequential improvement in North America moving forward. The innovation came late in the quarter. We're getting that executed and some of the early signs are encouraging. But clearly, a lot more work to do in North America. And I have been through some of the strategic interventions that we're taking. I'm quite pleased with some of the decisions they're taking.

是的。謝謝你，Andrea。是的，確實如此。我們預期北美接下來會出現逐季改善。創新是在本季較晚的時候才推出。我們正在推動落地執行，且一些早期跡象令人鼓舞。但很明顯，北美還有更多工作要做。我也已經談過我們正在採取的一些策略性介入措施。我對他們所做的一些決策感到相當滿意。

The environment, to your point, is quite competitive. We see quite a bit of our competition spending a little bit more money on couponing. Nothing tremendously unusual, but one of our competitors certainly trying to drive more volume in that regard. So we will step up our investments in North America. Clearly, as we look at the balance of the year, that's a strategic growth opportunity for us, particularly in toothpaste, the toothbrush business continues to perform very well.

如你所說，環境競爭相當激烈。我們看到競爭對手中有不少在折價券（couponing）上多花了一些錢。沒有什麼特別異常，但其中一位競爭對手確實在這方面試圖拉動更多銷量。因此我們也會加大在北美的投資。很明確地，當我們看今年剩餘期間，這對我們而言是策略性成長機會，特別是在牙膏；牙刷業務則持續表現非常好。

And we're starting to see nice growth with some of the other categories as well. We've taken a much more aggressive stance on innovation, both in Home Care and Personal Care and particularly the early signs on Home Care are encouraging. So sequentially, the business should improve as we move through the balance of the year and shares should come right behind that.

而且我們也開始看到其他一些品類出現不錯的成長。我們在創新上採取了更積極的立場，涵蓋家居護理與個人護理（Personal Care），尤其家居護理的早期跡象令人鼓舞。因此，隨著我們走過今年剩餘期間，業務應會逐季改善，而市占也會隨之跟上。

Chris Carey, Wells Fargo Securities.

Chris Carey，富國證券（Wells Fargo Securities）。

Just given the inflation is picking up over the course of the year, I just wanted to see if this adjust or alters your plan for pricing perhaps specifically in emerging markets where our pricing can move a bit quicker and whether that's factored in your outlook. And just as a follow-up on North America, the margins were a bit light this quarter. Any context on that and how you see those tracking from here? Thanks so much.

考量到通膨在今年過程中正在升溫，我想了解這是否會調整或改變你們的定價計畫，特別是在新興市場，因為那裡的定價可能調整得更快，以及這是否已反映在你們的展望中。另外追問北美：本季毛利率（margins）有點偏弱。能否提供一些背景，以及你們如何看待後續走勢？非常感謝。

Yeah. First on -- we'll watch the consumer very, very carefully. Clearly, there's been some compounded inflation over the last couple of years. We've seen that obviously lead to a little bit more of the sluggishness that we're seeing in the categories, but the categories have not worsened. And in fact, we think emerging markets are picking up a little bit. But we're going to watch that very, very closely.

好的。首先——我們會非常、非常仔細地觀察消費者。很明顯，過去幾年通膨是累積叠加的。我們也看到這顯然導致我們在品類中看到一些較為遲滯的現象，但品類並沒有惡化。事實上，我們認為新興市場正在略有回升。但我們會非常、非常密切地關注。

That being said, I mean, the key focus for most companies today is the inflationary environment. And your ability to get pricing in the category continues to be critically important to maintain the margin dollars and the spending in the categories. And so I think you'll see pricing still come through as we move through the balance of the year.

話雖如此，我的意思是，如今大多數公司的關鍵焦點都是通膨環境。而你在品類中取得定價（pricing）的能力，對於維持毛利金額（margin dollars）以及在品類中的投入至關重要。因此我認為，隨著我們走過今年剩餘期間，你仍會看到定價逐步落地。

But that needs to be coupled with strong innovation -- if we have the right value proposition, across our different price points. Consumers are willing to pay more. We've seen that coming out of COVID when we saw the inflationary environment then. So the key for us is getting the innovation executed and maximizing the opportunities we see both at the top end of the market in premium as well as making sure that we have a choiceful offerings at the bottom end of the market.

但這需要搭配強勁的創新——也就是在不同價位帶上，我們要有正確的價值主張（value proposition）。消費者願意支付更高價格。我們在 COVID 之後、當時也出現通膨環境時，就已經看到這一點。因此對我們而言，關鍵在於把創新執行到位，並最大化我們在市場高端的高價位（premium）機會，同時也要確保在市場低端有足夠多元、可選擇的產品供給。

So the answer to your question on pricing, we will take pricing where we see the opportunities. More of that will be innovation-led as we move through the balance of the year. But part of the reason why we wanted to get the raw materials into our guidance is to make sure the operations are planning accordingly. And we want to be very thoughtful about them thinking about where the cost environment is going so they can maintain the investment in the P&L moving forward.

所以回答你關於定價的問題：我們會在看到機會的地方採取定價。隨著我們走過今年剩餘期間，其中更多會是由創新帶動（innovation-led）。但我們之所以希望把原物料納入我們的指引（guidance），部分原因是要確保營運端能相應規劃。我們也希望非常審慎地讓他們思考成本環境的走向，以便在未來能維持損益表（P&L）上的投資。

I'll pick up the gross profit margin piece in North America. So their margins obviously are significantly pressured by tariffs on a year-on-year basis. If you recall, there was minimal tariffs in the prior year, but North America incurs the vast majority of them, and obviously, higher raw material costs. So we are lapping the highest gross profit margin quarter last year with no incremental tariffs and that year-on-year impact, we expect, will be less going forward.

我來補充北美的毛利率（gross profit margin）部分。他們的毛利率顯然在年對年（year-on-year）基礎上受到關稅的顯著壓力。如果你還記得，去年關稅影響很小，但北美承擔了其中絕大部分，此外還有更高的原物料成本。因此我們正在對比去年毛利率最高的一季——當時沒有新增關稅——而我們預期這個年對年影響在未來會減輕。

Within North America as well, the actions that we're taking -- the raw materials is the biggest impact that we have. We will continue to drive the productivity to look to improve that margin and then the tariffs will normalize as we go through the year.

在北美內部，我們正在採取的行動——原物料是我們最大的影響因素。我們將持續推動生產力提升，以改善毛利率，並且關稅也會在今年過程中逐步正常化。

Yeah. The other thing I would add is the cost environment obviously is an industry issue and impacting everyone. So my sense is you will see some pricing move through the categories over time as people try to offset the inflationary environment moving through their P&L. For us, being proactive is very important to ensure that we protect the margin lines in the P&L to ensure we maintain the investment.

是的。我還想補充的是，成本環境顯然是整個產業的議題，並影響所有人。所以我的感覺是，隨著時間推移，當大家試圖在損益表（P&L）中抵消通膨環境的影響時，你會看到一些定價在各品類中逐步推進。對我們而言，主動出擊非常重要，以確保我們保護損益表中的毛利線，並確保我們能維持投資。

Robert Moskow, TD Cowen.

Robert Moskow，TD Cowen。

Noel, I was wondering what made you decide today or just recently to expand the scope of the SGPP program to $350 million to $500 million (sic - see presentation, "$550 million"). What held you back last year from making that your original recommendation to the Board? Does it have anything to do with the higher cost environment that we're in now?

Noel，我想請教是什麼原因讓你今天或最近決定將 SGPP 計畫的範圍擴大到 3.5 億至 5 億美元（原文如此——請見簡報，「5.5 億美元」）。去年是什麼因素讓你沒有把這個作為對董事會的原始建議？這是否與我們目前所處的較高成本環境有關？

No. I mean, the latter part of your question, no. I mean, clearly, we've been very proactive on putting that program together. And these programs are complex. I mean, they involve a lot of different inputs and a lot of different assumptions, which the team here painstakingly goes through to ensure the assumptions are correct.

不是。我是說，你問題的後半段，不是。我是說，很明顯，我們在建立這個計畫上一直非常積極主動。而這些計畫很複雜。我是說，它們涉及許多不同的輸入與許多不同的假設，團隊在這裡會非常仔細地逐一檢視，以確保這些假設是正確的。

I think what's so pleasing about the program, the fact that we got ahead of it is that we've seen the execution from our teams on the ground be a lot better than we expected. And a lot more ideas have come to the table as they thought it through in terms of the opportunities they have to simplify the operational structure of our business and drive more accountability across the enterprise.

我認為這個計畫最令人欣慰之處，以及我們能提前布局的一點，是我們看到第一線團隊的執行表現比我們預期好得多。而且在他們深入思考後，提出了更多想法，關於如何把握機會簡化我們業務的營運架構，並在整個企業範圍內推動更高的問責。

And so we're pleased with the fact that the programs have come in better than we anticipated, and there's been a lot of very interesting ideas that came through. You don't necessarily always know those. You know the big ones from the start. But the more important ones are how the operations are thinking about structuring themselves in a more efficient manner and those seem to be coming through.

因此，我們很高興這些計畫的成果優於我們原先預期，也有許多非常有意思的想法被提出。你不一定一開始就能知道這些。你從一開始就知道那些大的項目。但更重要的是，營運端如何思考以更有效率的方式來重塑自身架構，而這些似乎正在逐步浮現。

Let me turn it over to Stan, who has been driving this from the top and doing a wonderful job in making sure the teams are really proactive in thinking about the opportunities that we can go after.

我把問題交給 Stan，他一直從高層推動這件事，並且在確保團隊真正積極主動思考我們可以追求的機會方面做得非常出色。

Thanks, Noel. So first of all, the strong execution from the teams, when they -- when we first went in this program is a little bit different than some of our previous ones that it was addressed a little bit more methodically on addressing structure through spans and layers and items like that. The strong execution has gotten us to the high end of the initial targets.

謝謝，Noel。首先，團隊的強勁執行力——當他們、當我們一開始推動這個計畫時——它與我們以往的一些計畫有點不同；過去那些計畫在處理架構問題時，會更有系統地從管理幅度與層級（spans and layers）以及類似項目著手。而這次的強勁執行，讓我們達到了初始目標區間的高端。

And then as Noel mentioned, we've identified additional opportunities since that launch of the program as teams look to simplify the operations, enhance the efficiency of how we operate day-to-day. Importantly, we're not extending the program. So this is going to still end by December 31, 2028. But as a result of these actions, we now expect that we'll be able to generate $200 million to $300 million of savings over the term of the program. And the majority of those savings we expect will flow through in '27 and '28.

接著如 Noel 所提到的，自從計畫啟動以來，隨著各團隊著手簡化營運、提升我們日常運作的效率，我們也辨識出額外的機會。重要的是，我們並沒有延長這個計畫。因此它仍將在 2028 年 12 月 31 日結束。但基於這些行動，我們現在預期在計畫期間可產生 2 億至 3 億美元的節省。而其中大部分的節省，我們預期會在 2027 年與 2028 年反映出來。

I think also an important note, as we said when we launched this program, we'll utilize these savings in two primary areas: to fund incremental investments, accelerating growth as part of our 2030 strategy, and then, of course, bottom line contribution. And we'll balance those based on the opportunities that we see and the overall market conditions.

我也認為還有一點很重要：正如我們在啟動這個計畫時所說，我們會把這些節省主要用在兩個領域：一是用來支持額外投資，作為我們 2030 策略的一部分以加速成長；二當然是對淨利的貢獻。我們會依據所看到的機會以及整體市場狀況，在兩者之間取得平衡。

Olivia Tong, Raymond James.

Olivia Tong，Raymond James。

You flagged that even with the cost inflation headwinds, your plan to stay disciplined on brand spend. Clearly, a lot of your peers feel the same. But I'm wondering how your strategy and management of brand spend potentially pivots given the cost environment, looking for additional efficiencies, for example. And what's your view also on how this could impact the promotional environment?

你提到即使面臨成本通膨的逆風，你們仍計畫在品牌支出上保持紀律。很明顯，你們許多同業也有相同看法。但我想了解的是，考量成本環境、例如尋求額外效率，你們在品牌支出策略與管理上是否可能有所調整？另外，你對這可能如何影響促銷環境有何看法？

Yeah. Listen, I think most of us in the industry understand that innovation is a clear driver of sustainable long-term growth. And the exciting aspect for us is the flexibility that we have in the P&L to ensure that we're supporting our innovation in a meaningful way. And that will continue to be the strategy that we adopt. That's been successful for us over the last couple of years, and we'll continue to execute that.

是的。聽著，我認為我們產業中的大多數人都明白，創新是可持續的長期成長的明確驅動因素。而對我們而言令人振奮的是，我們在損益表（P&L）上具備彈性，能確保以有意義的方式支持我們的創新。而這將持續是我們採取的策略。這在過去幾年對我們很成功，我們也會持續執行。

And the combination of our strong funding-the-growth, our RGM and the productivity initiatives that Stan just took you through, give us confidence that we can continue to invest at healthy levels behind our brands, and that will help drive category growth in the long term. So clearly, we see an opportunity to elevate top-line investment.

而我們強勁的「為成長提供資金」（funding-the-growth）、我們的 RGM，以及 Stan 剛才帶你們回顧的生產力提升措施的組合，讓我們有信心能持續以健康的水準投資於我們的品牌，並在長期推動品類成長。因此，很明顯我們看到提升營收端投資的機會。

I talked a lot about omni demand generation, and we're putting a significant amount of time within the company to truly understand the pressure points in omni demand generation and making sure that we have the appropriate understanding and insights to drive persuasion and excitement behind our brands.

我談了很多關於全通路需求生成（omni demand generation），我們在公司內投入大量時間，真正去理解全通路需求生成的壓力點，並確保我們具備適當的理解與洞察，以推動消費者對我們品牌的說服力與興奮感。

And that might include different platform advertising, that might include increased focus on social commerce or agentic commerce. So we clearly are understanding where the profit pools are, the revenue pools are, so to speak, and using our money wisely, and we're spending significantly more time understanding ROI as more of our money moves into digital advertising.

而這可能包括不同平台的廣告投放，也可能包括更聚焦於社群商務（social commerce）或代理式商務（agentic commerce）。因此，我們很清楚正在理解所謂的利潤池、營收池在哪裡，並明智地使用資金；同時，隨著更多資金轉向數位廣告，我們也投入顯著更多時間來理解投資報酬率（ROI）。

So overall, we feel the increased advertising is something that will benefit us, benefit our brands. We're not necessarily suggesting that's going into promotion at all. Quite frankly, on the contrary, we expect our advertising, our thematic brand building work to be much more effective as we move forward as we accelerate advertising, particularly in some of the key geographies where we need more aggressive intervention relative to the success we're having.

總體而言，我們認為增加廣告投入將對我們、對我們的品牌有利。我們並不是在暗示這會轉向促銷。坦白說，恰恰相反，隨著我們加速廣告投放，特別是在一些關鍵地理區域——相較於我們目前的成功程度，那些地方需要更積極的介入——我們預期我們的廣告、我們的主題式品牌建設工作將會更有效。

We also have brands where the advertising is driving real momentum across the world. Hill's is a great example of that, and we'll continue to accelerate growth in that part of the business where we're seeing great returns on that investment.

我們也有一些品牌，其廣告正在全球帶動真正的動能。Hill's 就是一個很好的例子；在我們看到這項投資帶來很高回報的業務領域，我們將持續加速成長。

Robert Ottenstein, Evercore ISI.

Robert Ottenstein，Evercore ISI。

Great. So I was wondering if you can talk a little bit more about Hill's, which has largely gone unnoticed so far in this call, except for your last mention. Can you -- first off, how is the category doing? Is there any signs of improvement? And then second, following on that competitive activity, how your innovations are going, how household penetration is. And then taking out the private label side, would you expect the core business to accelerate as the year goes?

很好。我想請你多談一點 Hill's。到目前為止，除了你剛才最後提到之外，這通電話中幾乎沒有談到它。你能否——首先，這個品類表現如何？是否有任何改善跡象？其次，延續剛才談到的競爭活動，你們的創新進展如何、家戶滲透率如何？另外，若排除自有品牌（private label）的影響，你是否預期核心業務會隨著年度推進而加速？

Yeah. Robert, thanks. And thanks for bringing up a wonderful business that continues to perform exceptionally well. They had an impressive quarter in arguably what's a tough market. We delivered solid organic, I would say, both volume and price ex private label at 4.8%. The US grew at 5%. So excellent growth on a top-line basis way outperforming the market, which is roughly flat right now.

是的。Robert，謝謝。也謝謝你提到一個持續表現非常出色的優秀業務。在可以說是艱難的市場中，他們交出了一個令人印象深刻的季度表現。我們實現了穩健的有機成長；我會說，在排除自有品牌後，無論是銷量還是價格，合計為 4.8%。美國成長 5%。因此在營收端呈現優異成長，遠遠優於目前大致持平的市場。

As you saw in the prepared remarks, private label is a 260-basis-point negative. That will continue to taper off. It will probably be on the total company, 20 basis points to 30 basis points of negative impact in the second quarter, and then we should be out of that by the back half of the year.

如同您在事先準備的發言中所看到的，自有品牌帶來了260個基點的負面影響。這個影響將會持續逐步減弱。在第二季，對整體公司而言，負面影響可能約為20到30個基點，之後在下半年我們應該就能擺脫這項影響。

Our volume continues to be impressive on that business. Excluding the impact of private label, volume was up 1%, which is terrific. We're seeing Science Diet and Prescription Diet continuously grow, particularly the Prescription Diet business had an exceptional quarter. We had double-digit growth in some of the areas that we wanted to go after, particularly on some of the strong indications that we're focused on.

我們在該業務的銷量表現依然令人印象深刻。若排除自有品牌的影響，銷量成長了1%，這非常出色。我們看到Science Diet與Prescription Diet持續成長，尤其是Prescription Diet業務本季表現特別亮眼。在我們希望加速推進的一些領域，我們實現了兩位數成長，特別是在我們聚焦的一些強勢適應症上。

Importantly, as I mentioned on the fourth-quarter call, we're seeing broad-based growth across that business across all of the key growing segments. The only part of the category that's suffering more than others is a dry dog. And we've seen that category continue to slip, and our growth was not where we'd like it to be. But across the growing segments, whether it's wet, whether it's cat, whether it's Small Paws, we continue to see nice, nice growth.

重要的是，正如我在第四季電話會議中提到的，我們看到該業務在所有關鍵成長區隔都呈現廣泛的成長。該品類中受影響相對更大的唯一部分是乾狗糧。我們看到該品類持續下滑，而我們的成長未達到我們希望的水準。但在各個成長中的區隔，不論是濕糧、不論是貓、不論是Small Paws，我們持續看到相當不錯、相當不錯的成長。

We're gaining share across almost every single channel across the innovation that we put into the market, which is terrific. We're gaining shelf space based on the strong growth that we're bringing to our retailers. So overall, we feel very good about the business. We feel very good about the innovation cycle coming through the balance of the year. And the supply chain, as we've talked about a couple of times, continues to perform exceptionally well, giving us a lot more flexibility and leverage as we move through -- as we look through the P&L.

我們幾乎在每一個通路都因為我們投放到市場的創新而持續提升市占，這非常棒。基於我們為零售商帶來的強勁成長，我們也正在獲得更多貨架空間。因此整體而言，我們對這項業務感到非常樂觀。我們也對今年剩餘期間的創新週期推進感到非常有信心。而供應鏈，如同我們已談過幾次的，仍持續表現極為出色，讓我們在往前推進——在檢視損益表（P&L）時——擁有更大的彈性與槓桿。

So overall, the business is in good shape. We'd like to see the category turn a little bit more. I think that's going to take some time. But we feel we've got real growth opportunities in some of those segments I mentioned that we continue to be under-indexed in.

所以整體而言，業務狀況良好。我們希望看到品類能再多一些回溫。我認為這需要一些時間。但我們認為，在我提到的某些區隔中，我們確實有實質的成長機會，而我們在那些區隔的滲透率仍偏低。

Michael Lavery, Piper Sandler.

Michael Lavery，Piper Sandler。

I actually wanted to come back to Hill's, and I know you gave a lot of color just then. But I was wondering if you could unpack that consumer a little bit and just maybe what, if any, risk from higher gas prices on how they think about maybe trading up or getting a pet in the first place or just some of the kind of ways you see where that consumer sits in some of the various markets and if there's ways to think about how sustainable the momentum is from their point of view.

我其實想再回到Hill's這個話題，我知道你剛才已經提供了很多細節。但我想請你更深入拆解一下那位消費者：例如油價上漲是否會帶來任何風險，影響他們對於是否升級購買（trade up）、是否一開始就養寵物的想法，或是你如何看待在不同市場中該消費者所處的位置；以及從他們的角度來看，這股動能有多可持續，有沒有一些思考方式。

Yeah. Thanks. Recall and remember that we compete at the super premium end of the market on Hill's. And clearly, we'll continue to focus on real value-added innovation particularly on Prescription Diet side, which is an area where when you have a sick pet, you're very -- have to spend more money to address those issues in the Prescription Diet formulations that we have are absolutely outstanding and addressing a lot of the health concerns that pet owners have. And given the vet endorsement that comes behind that brand that allows us to continue to justify the premium price, obviously delivered by the strong efficacy that's delivered through that product.

是的。謝謝。請回想並記得，在Hill's方面，我們是在市場的超高端（super premium）區間競爭。而且很明顯地，我們會持續聚焦於真正具附加價值的創新，特別是在Prescription Diet端；這是一個當你有生病的寵物時，你非常——必須花更多錢來處理那些問題的領域，而我們的Prescription Diet配方確實非常出色，能解決許多寵物主人所關切的健康問題。再加上該品牌背後有獸醫的背書，使我們能持續合理化其高端定價，而這當然是由該產品所帶來的強勁功效所支撐。

We're not immune, obviously, to the compounding inflation that will likely come in the market over the next six to nine months based on where energy prices are today. But as I mentioned upfront, no different on the Hill's business, we have to continue to drive real value-added innovation into the category. Innovation that means something to the consumer. And the Hill's business clearly is -- at the center of that is the science. The science that we bring to the market is clearly differentiated in a very meaningful way. Hence, we have such strong endorsement from vet professionals to recommend the product.

我們當然也無法完全免疫於通膨的疊加效應；依照目前能源價格的水準，未來六到九個月市場很可能會出現這樣的壓力。但如同我一開始提到的，Hill's業務也一樣，我們必須持續把真正具附加價值的創新帶入這個品類。也就是對消費者有意義的創新。而Hill's業務的核心顯然就是科學。我們帶到市場的科學在非常有意義的層面上具備明顯差異化。因此，我們才能獲得獸醫專業人士如此強力的背書來推薦這項產品。

And that's the case across all of our advocacy-driven brands, whether it's oral care, whether it's skin health or others, will continue to drive real science-based innovation to make sure that we're bringing real value. And you balance that with a strong innovation across some of our big core businesses around the world, we find that we'll figure out ways to at least address some of the inflationary concerns to the consumer, but we're not immune to it. We're going to have to watch that very carefully.

而這也適用於我們所有以倡議（advocacy）驅動的品牌，不論是口腔護理、不論是皮膚健康或其他領域，我們都會持續推動真正以科學為基礎的創新，確保我們帶來真正的價值。同時，搭配我們在全球一些大型核心業務上的強勁創新，我們認為我們會找到方法，至少能在一定程度上回應消費者對通膨的疑慮，但我們並非不受影響。我們必須非常謹慎地密切觀察。

Well, thank you. I appreciate everyone, and thanks for listening in on the call today and your interest in the company. I hope you share our confidence that we have, the short-term plans in place, and more importantly, investing in the long-term capabilities of the company to continue to drive superior returns in what is obviously a very volatile operating environment.

好的，謝謝。感謝各位，也謝謝大家今天收聽電話會議並關注本公司。我希望各位能分享我們的信心：我們已具備短期計畫，更重要的是，我們正在投資公司的長期能力，以在顯然非常波動的營運環境中持續帶來優異回報。

I want to make sure I thank the 34,000 Colgate people around the world who do just extraordinary work in a very difficult environment to deliver strong results and their tireless effort needs to be recognized and thanks. So we look forward to our next discussion. Thanks, everyone.

我也想特別感謝全球34,000位高露潔（Colgate）同仁，他們在非常艱難的環境下做出非凡的工作，交出強勁成果；他們不懈的努力值得被肯定與感謝。因此，我們期待下一次的交流。謝謝大家。

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

本次電話會議到此結束。感謝您參加今天的電話會議。您現在可以掛線。