高樂氏 (CLX) 2025 Q1 法說會逐字稿

Good day, ladies and gentlemen, and welcome to The Clorox Company quarterly and fiscal year earnings release conference call. (Operator Instructions) As a reminder, this call is being recorded.

女士們、先生們，美好的一天，歡迎參加 Clorox 公司季度和財年收益發布電話會議。（操作員說明）謹此提醒，此通話正在錄音。

I would now like to introduce your host for today's conference call, Ms. Lisah Burhan, Vice President of Investor Relations for The Clorox Company. Ms. Burhan, you may begin your conference.

現在我想介紹今天電話會議的主持人 Lisah Burhan 女士，她是 Clorox 公司投資者關係副總裁。布爾漢女士，您可以開始會議了。

Thank you, Jen. Good afternoon, and thank you for joining us. On the call with me today are Linda Rendle, our Chair and CEO; and Kevin Jacobsen, our CFO. I hope everyone has had a chance to review our earnings release and prepared remarks, both of which are available on our website. In just a moment, Linda will share a few opening comments, and then we'll take your questions.

謝謝你，珍。下午好，感謝您加入我們。今天與我通話的是我們的董事長兼執行長琳達‧倫德爾 (Linda Rendle)；和我們的財務長凱文雅各布森。我希望每個人都有機會查看我們的收益發布和準備好的評論，這兩者都可以在我們的網站上找到。稍後，琳達將發表一些開場評論，然後我們將回答您的問題。

During this call, we may make forward-looking statements, including about our fiscal 2025 outlook. These statements are based on management's current expectations, but may differ from actual results or outcomes.

在本次電話會議中，我們可能會做出前瞻性聲明，包括我們的 2025 財年展望。這些陳述是基於管理階層目前的預期，但可能與實際結果或成果不同。

In addition, we may refer to certain non-GAAP financial measures. Please refer to the forward-looking statements section, which identifies various factors that could affect any such forward-looking statements, which have been filed with the SEC.

此外，我們可能會參考某些非公認會計準則財務指標。請參閱前瞻性陳述部分，其中列出了可能影響任何此類前瞻性陳述的各種因素，這些因素已提交給美國證券交易委員會。

In addition, please refer to the non-GAAP financial information section of our earnings release and the supplemental financial schedule in the Investor Relations section of our website for a reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures. Now I'll turn it over to Linda.

此外，請參閱我們收益發布的非 GAAP 財務資訊部分以及我們網站投資者關係部分的補充財務明細表，以了解非 GAAP 財務指標與最直接可比較的 GAAP 指標的對帳。現在我把它交給琳達。

Hello, everyone. Thank you for joining us today. Our first quarter results were strong. Taking a step back, we entered fiscal 2025 in a position of operational strength, having fully restored supply, distribution, and the vast majority of market share from the August 2023 cyber attack.

大家好。感謝您今天加入我們。我們第一季的業績強勁。退一步說，進入 2025 財年，我們處於營運優勢地位，完全恢復了 2023 年 8 月網路攻擊的供應、分銷和絕大多數市場份額。

This quarter, we drove further progress as we fully restored overall market share grew share in most of our categories and delivered results above our expectations, while continuing to make progress against our strategy long-term value. Importantly, we continue to deliver on our commitment to rebuild margin, achieving our eighth consecutive quarter of gross margin expansion.

本季度，我們取得了進一步的進展，我們完全恢復了整體市場份額，在大多數類別中增加了份額，並取得了超出我們預期的業績，同時繼續在我們的戰略長期價值方面取得進展。重要的是，我們繼續履行重建利潤的承諾，實現了連續第八個季度的毛利率擴張。

Our holistic margin management capabilities continue to enhance our ability to fuel growth, and we remain on track to return to pre-pandemic gross margins this fiscal year while investing in our business. We also completed the development of our VMS business during the quarter. This follows the previous sale of our Argentina business and marks another important milestone in the evolution of our portfolio, which supports our goal to reduce volatility and drive more consistent and profitable growth over time.

我們的整體利潤管理能力繼續增強我們推動成長的能力，並且在投資我們的業務的同時，我們仍有望在本財年恢復到疫情前的毛利率。我們也在本季完成了 VMS 業務的開發。繼先前出售我們的阿根廷業務之後，這標誌著我們投資組合發展的另一個重要里程碑，這支持了我們減少波動性並隨著時間的推移推動更一致和盈利增長的目標。

Looking ahead, we continue to see an uncertain macro environment where consumers remain under pressure and continue to seek value. Within this context and in the complexity of the recent years, our portfolio of trusted brands in everyday essential categories has remained strong and resilient. So during a time when it matters most, we are focused on delivering superior value to consumers and continuing to invest in our brands and innovation to win in the market.

展望未來，我們繼續看到宏觀環境的不確定性，消費者仍然面臨壓力並繼續尋求價值。在這種背景下，在近年來的複雜情況下，我們在日常必需品類別中值得信賴的品牌組合仍然保持強勁和彈性。因此，在最重要的時刻，我們專注於為消費者提供卓越的價值，並繼續投資我們的品牌和創新，以贏得市場。

We have strong fundamentals in place, and we remain laser-focused on advancing our transformation to be a stronger and more resilient company. Through these actions, we're making good progress in building a more consumer obsessed, faster and leaner company that's well positioned to deliver consistent and profitable growth.

我們擁有堅實的基礎，並將繼續專注於推動轉型，成為更強大、更有彈性的公司。透過這些行動，我們在建立一家更注重消費者、更快、更精簡的公司方面取得了良好進展，並有能力實現持續的獲利成長。

With that, Kevin and I will take your questions.

接下來，凱文和我將回答你的問題。

(Operator Instructions) Dara Mohsenian.

（操作員說明）Dara Mohsenian。

So I just wanted to touch on market share. You mentioned in the release that you guys have fully restored market share -- as you look out from here, do you think you can consistently expand share? Maybe talk about some of the key drivers behind that?

所以我只想談談市場佔有率。你們在新聞稿中提到，你們已經完全恢復了市場份額——從這裡看，你們認為你們能夠持續擴大份額嗎？也許可以談談背後的一些關鍵驅動因素？

And then specifically, if you could talk about the back half of the year, what are you assuming there in terms of your market share performance and volume growth? I'm guessing maybe you're not assuming much in the back half of the year, so some short-term clarity there and thoughts on long-term share potential from here and how you drive it?

然後具體來說，如果您可以談論今年下半年，您對市場佔有率表現和銷售成長有何假設？我猜你可能不會在今年下半年做出太多假設，因此有一些短期的清晰度以及對長期股票潛力的想法以及你如何推動它？

Sure, Dara. I'll cover that, maybe just starting with the performance in Q1. We did indeed return our overall market share to its pre-cyber levels, and we saw growth in almost every one of our categories. I don't think it's important to note that that growth came before we began lapping the cyber disruption as well. So our overall market share was up in that period before we started the lab.

當然，達拉。我會介紹這一點，也許只是從第一季的表現開始。我們確實將整體市場份額恢復到了網路時代之前的水平，並且幾乎每個類別都出現了增長。我認為值得注意的是，這種增長是在我們開始應對網路破壞之前發生的。因此，在我們啟動實驗室之前的那段時間裡，我們的整體市佔率有所上升。

We're also seeing, just from a private label perspective, not really a significant change in what we saw in previous quarters where private label share has been normalized coming out of the peak when they grew share during cyber. So if you look at aggregate, they only grew share in two of our categories and we also grew share in those same categories. And they're actually down versus pre-cyber levels if you look at this quarter compared to the quarter before we had the attack.

僅從自有品牌的角度來看，我們還看到，與我們在前幾個季度看到的情況相比，並沒有真正發生重大變化，當自有品牌份額在網絡期間增長時，自有品牌份額已從高峰期恢復正常。因此，如果你看一下總體，他們只在我們的兩個類別中增加了份額，而我們在這些相同類別中的份額也增加了。如果您將本季與遭受攻擊之前的季度進行比較，那麼它們實際上比網路時代之前的水平有所下降。

So we feel great about where our share position is obviously, we've invested more in both advertising and sales promotion and trade promotion to ensure that we have the health of our brands covered. I would say that's generally in line with what we thought we were going to see. So the share growth that we experienced this quarter was in line with our expectations.

因此，我們對自己的份額地位顯然感到滿意，我們在廣告、促銷和貿易推廣方面投入了更多資金，以確保我們品牌的健康發展。我想說，這總體上與我們認為將會看到的情況一致。因此，我們本季經歷的份額成長符合我們的預期。

Moving forward, we would expect to continue to grow share, albeit probably at a smaller level than we've seen, given we're in a lap period right now. So that share growth will be lumpy throughout the year. But we do expect to end the fiscal year with solid share growth and overall market share gains.

展望未來，我們預計份額將繼續增長，儘管可能會比我們看到的水平要小，因為我們現在正處於一個週期期。因此全年的份額增長將是不穩定的。但我們確實預期本財年結束時，份額將穩健成長，整體市佔率將會成長。

Okay. And within that, can you talk about what you're seeing from a promotional environment perspective in the industry and maybe parse out some of the different business segments in terms of what you're seeing there?

好的。其中，您能否從行業促銷環境的角度談談您所看到的情況，並根據您所看到的情況解析出一些不同的業務領域？

Yeah. Our assumption for this year was that promo would return to pre-COVID levels. And that's exactly what we've seen. I would say some categories are slightly ahead of that, some are below. Maybe the one that I think is probably the biggest variance versus pre-COVID and pre cyber would be litter -- litters promotional levels are significantly higher.

是的。我們今年的假設是促銷活動將恢復到新冠疫情之前的水平。這正是我們所看到的。我想說有些類別稍微領先，有些則低於。也許我認為與新冠疫情之前和網路之前最大的差異可能是垃圾——垃圾促銷水平明顯更高。

And to be fair, we're driving a lot of that as we work to get our business back with consumers, and we've talked about those dynamics being a little different in that category than others. We view that as temporary though, and we would say over time, we would restore that back to regular merchandising levels as we reestablish our share.

公平地說，當我們努力讓我們的業務重新回到消費者手中時，我們正在推動很多方面的發展，我們已經討論過該類別的這些動態與其他類別略有不同。我們認為這只是暫時的，而且隨著時間的推移，我們會在重建我們的份額時將其恢復到正常的銷售水平。

But overall, we're seeing generally in line with what we expected returning to pre-COVID levels, again, each category a little bit different. But on average, other than litter, I wouldn't call it anything that is materially different one way or the other.

但總體而言，我們看到的情況與我們預期的恢復到新冠疫情前的水平基本一致，但每個類別都略有不同。但平均而言，除了垃圾之外，我不會稱之為任何有實質不同的東西。

Great. Thank you.

偉大的。謝謝。

Peter Grom, UBS.

彼得‧格羅姆，瑞銀集團。

I kind of wanted to follow-up on Dara's line of questioning there. and just kind of ask around the phasing of the sales guidance. Obviously, 1Q getting better, some of that coming out of the second quarter. I guess what I'm trying to understand is just given what we're seeing from many of your peers talking about weaker category growth, a lot of them are delivering organic sales below the respective algorithms, your guidance seems to kind of still imply solid growth in the back half of the year.

我有點想跟進達拉的提問。只是詢問銷售指導的分階段情況。顯然，第一季正在變得更好，其中一些來自第二季。我想我想了解的是，鑑於我們從許多同行那裡看到的有關品類增長較弱的情況，他們中的許多人的有機銷售低於各自的算法，您的指導似乎仍然意味著可靠下半年增長。

So just kind of curious as to whether your expectations for organic growth in the back half of the year have evolved at all just given the current environment?

因此，我有點好奇，考慮到當前的環境，您對下半年有機成長的預期是否有所變化？

Hey, Peter. This is Kevin. Yes. Happy to take that one. As it relates to the phasing of sales. And obviously, as you folks saw, we had a good solid start to the year with 31% organic growth.

嘿，彼得。這是凱文.是的。很高興接受那個。因為它涉及銷售的階段性。顯然，正如你們所看到的，我們今年開局良好，有機成長 31%。

I think you probably saw in our prepared remarks, we have adjusted Q2 a bit as some of that performance in Q1 was pulling forward volume we thought was going to ship in Q2. So we made some adjustment there. And we're now expecting Q2 to be down probably in the low-teens.

我想您可能在我們準備好的發言中看到，我們對第二季度進行了一些調整，因為第一季的一些表現拉動了我們認為將在第二季度發貨的數量。所以我們在那裡做了一些調整。我們現在預計第二季的下降幅度可能會在十幾歲以下。

And then if you consider that front half, what that would suggest in the back half of the year is if you take the middle of our outlook that 4% or so for the full year, you're growing probably 3% to 5% in the back half of the year. So right in line with our long-term algorithm.

然後，如果您考慮前半段，那麼下半年的情況表明，如果您採用我們對全年 4% 左右的展望，您的成長率可能為 3% 到 5%下半年。非常符合我們的長期演算法。

I think your other question is kind of getting at what are those drivers that's supporting that 3% to 5% growth. And you remember, Peter, we called back in August that we expected the categories to slow and that sort of flat to 1%. That continues to be our expectation. Also keep in mind, though, for about 20% of our business are international, our Clorox professional businesses continue to perform quite well.

我認為你的另一個問題是了解支持 3% 到 5% 成長的驅動因素是什麼。你還記得嗎，彼得，我們在 8 月回電時表示，我們預計這些類別的成長將放緩，並且會持平至 1%。這仍然是我們的期望。但請記住，由於我們大約 20% 的業務是國際業務，因此我們的 Clorox 專業業務仍然表現良好。

We continue to expect those businesses to grow in the mid-single digits. So they are nice contributors to our growth. We've also got the benefit of our divestitures. We didn't fully see that in Q1 because we just sold our VMS business late in the quarter, but you'll get the full structural benefit to the top line starting in Q2, and that will certainly benefit the back half as well. And then as Linda was referring to earlier, just the strength of our overall demand plans. We've got a good innovation program lined up for the back half, and we certainly got strong marketing support.

我們繼續預計這些業務將以中個位數成長。所以他們是我們成長的重要貢獻者。我們也從資產剝離中受益。我們在第一季沒有完全看到這一點，因為我們剛剛在本季度末出售了我們的VMS 業務，但從第二季度開始，您將獲得全面的結構性收益，這肯定也會使後半段受益。正如琳達之前提到的，我們整體需求計畫的強度。我們為後半段準備了一個很好的創新計劃，當然也得到了強而有力的行銷支援。

So overall, I feel very good about the drivers of how we think we'll get to that 3% to 5%. And I think the point that's important is because I think you folks know we're not only about us delivering 3% to 5% this year, but we're spending quite a bit of time ensuring that we can continue to deliver 3% to 5% as we head into fiscal year '26 so I really like the exit rate we're focused on to make sure we've got a good plan in place as we move forward.

總的來說，我對我們如何達到 3% 到 5% 的驅動因素感到非常滿意。我認為這一點很重要，因為我想你們知道，我們不僅要在今年實現 3% 到 5% 的增長，而且我們還花了相當多的時間來確保我們能夠繼續為當我們進入26 財年時，退出率將達到5%，所以我真的很喜歡我們所關注的退出率，以確保我們在前進時制定出良好的計劃。

Great. And then just maybe a quick follow-up on gross margin. So just the first quarter, it came in well ahead of your guidance. Was that entirely related to the better fixed cost absorption related to the shipments? Or are there other drivers that kind of led to the upside in the quarter?

偉大的。然後可能只是對毛利率進行快速跟進。因此，僅在第一季度，它就遠遠超出了您的指導。這完全與運輸相關固定成本的更好吸收有關嗎？或者還有其他驅動因素導致了本季的上漲嗎？

Yes, it was really driven by the over delivery on the top line that just flowed through into better cost absorption, which also benefited earnings. But other than the benefit of cost absorbing, everything else is pretty much in line with our expectations across the other elements of total delivered costs.

是的，這確實是由營收的超額交付所推動的，而這又導致了更好的成本吸收，這也有利於收益。但除了吸收成本的好處之外，其他一切都與我們對總交付成本其他要素的預期基本一致。

Great. thanks so much. I'll pass along.

偉大的。非常感謝。我就過去吧

Filippo Falorni, Citi.

菲利波·法洛尼，花旗銀行。

I wanted to ask two questions on the businesses that you called out, Linda (inaudible) and the litter business. In Glad, it seems if you look at track-channel data, it seems you've recovered a lot of your shelf space with the introduction of the large pack sizes. So maybe you could give an update there.

我想問兩個關於你提到的企業的問題，琳達（聽不清楚）和垃圾生意。在 Glad 中，如果您查看軌道數據，您會發現隨著大包裝尺寸的推出，您似乎已經恢復了大量的貨架空間。所以也許你可以在那裡提供更新。

And in litter, it seems like there's more opportunity to recover shelf space. Can you talk a little bit about the progress and your ability to convert consumers back to your brand after a period of shifting in Canada?

在垃圾中，似乎有更多機會恢復貨架空間。您能否談談在加拿大經過一段時間的轉變後取得的進展以及您將消費者轉回您的品牌的能力？

Sure. Thanks, Filippo. Starting with Glad, we continue to make very good strong progress on Glad, and it was one of the businesses that we talked about that would take a little bit longer to recover, but we made great progress in Q1. We returned to share growth. We grew 0.7 of a share point in Q1, and you saw that accelerate as we moved through the quarter.

當然。謝謝，菲利波。從 Glad 開始，我們繼續在 Glad 上取得非常好的強勁進展，這是我們談到的需要更長的時間才能恢復的業務之一，但我們在第一季度取得了巨大進展。我們回來分享成長。第一季我們的股價成長了 0.7 個百分點，隨著本季的進展，您會看到這種成長速度在加速。

We've had very strong merchandising plans in place, including I think we shared this last time, but Glad Trash was the number one consumable item on all of Amazon Prime Day, performed very well, and we're seeing merchandising across other retailers performed very well.

我們已經制定了非常強大的推銷計劃，包括我想我們上次分享的這一點，但很高興垃圾是整個亞馬遜Prime Day 上排名第一的消費品，表現非常好，而且我們看到其他零售商的推銷計劃也在執行很好。

In addition and that is a business where we have fully restored distribution, and we're seeing that stick and hold as we come out of Q4 and into Q1. So feel great about the trajectory on Glad. A little bit more work to do on share, but we feel like we're heading in the right direction and have the right plans from an innovation and demand building perspective.

此外，我們已經完全恢復了分銷業務，並且隨著我們從第四季度進入第一季度，我們看到這種情況持續存在。所以對 Glad 的發展軌跡感覺很棒。在共享方面還有更多工作要做，但我們覺得我們正在朝著正確的方向前進，並且從創新和需求建設的角度製定了正確的計劃。

Litter, I'm also pleased with the progress, but we have more work to do. We've made some good progress on restoring our subscription business. So one of our leading retailers that use the subscriptions.

垃圾，我也對進展感到滿意，但我們還有更多工作要做。我們在恢復訂閱業務方面取得了一些良好進展。我們使用訂閱的領先零售商之一。

We have restored over 90% of that subscription business that we lost. We've also returned to the #1 share position at that retailer with (inaudible). So I feel good that we're moving in the right direction in places where it's a little bit more difficult to get consumers back given the nature of subscriptions. We also returned to share growth in litter. So that business also grew [0.7] of a share point in Q1, again, accelerated throughout the quarter.

我們已經恢復了 90% 以上失去的訂閱業務。我們還恢復了該零售商的第一大份額位置（聽不清楚）。因此，我很高興我們正在朝著正確的方向前進，因為考慮到訂閱的性質，在那些很難吸引消費者的地方。我們還回來分享垃圾的成長。因此，該業務在第一季也成長了 [0.7] 個百分點，再次在整個季度加速。

We're seeing good merch support, again, a bit higher than we would normally see pre-COVID but feel it's warranted given what we're trying to recover and ensuring we get our consumers back, and we'd expect that to normalize over time as we get our share back. But again, litters one where it's just going to take a little bit longer. I'm pleased with the progress but I think if I look across all the businesses, that's the one that we just feel like is going to continue to linger on for a couple more quarters, and we feel good about innovation that we have in the back half. We'll continue to invest strongly in advertising and sales promotion.

我們再次看到良好的商品支持，比我們在新冠疫情之前通常看到的要高一些，但考慮到我們正在努力恢復並確保我們讓消費者回來，我們認為這是有道理的，我們預計這種情況會在是時候我們拿回我們的份額了。但同樣，在需要更長的地方亂丟垃圾。我對進展感到滿意，但我認為，如果我縱觀所有業務，我們感覺這將繼續持續幾個季度，而且我們對我們在該領域的創新感到滿意後半段。我們將繼續大力投資廣告和促銷。

And I would say we are on track with the plan that we have for this year, and we'll continue to make progress in Q2, Q3 and Q4.

我想說，我們今年的計劃正在按計劃進行，我們將在第二季、第三季和第四季繼續取得進展。

And then, Kevin, if I can ask one more on gross margin. Given the outperformance in Q1, even if you account your guidance for Q2, it seems like you're going to be well ahead of your full year target in the first half. So can you give us a sense of what are your expectations in the back half on gross margin?

然後，凱文，我能否再問一個關於毛利率的問題。考慮到第一季的優異表現，即使您考慮了第二季的指導，您似乎也將在上半年遠遠超出全年目標。那麼您能否告訴我們您對下半年毛利率的預期是多少？

Sure, Filippo. If you look at Q2, you probably saw in our prepared remarks, we've updated our expectations. We think gross margin will be down, primarily due to the deleveraging of volume declining in the low teens.

當然，菲利波。如果您查看第二季度，您可能會在我們準備好的評論中看到，我們已經更新了我們的預期。我們認為毛利率將會下降，主要是因為去槓桿化後銷售量下降至十幾歲。

And so -- or expect Q2 to be down and an expectation in the back half of the year. An important for our exit rate is, I'd expect it to be sort of in that 44%, 44.5% really what we're projecting for the full year. I don't expect it to be that different front half versus back half. So fairly consistent through the year and then exiting at a rate that would reflect up for recovery and where we wanted to get to at the end of the year.

因此，或預計第二季將下降，並預計在今年下半年。對於我們的退出率來說，一個重要的因素是，我預計它將達到我們全年預期的 44%、44.5%。我不認為前半部和後半部會有什麼不同。全年表現相當穩定，然後退出的速度將反映復甦情況以及我們希望在年底達到的目標。

Andrea Teixeira, JPMorgan.

安德里亞·特謝拉，摩根大通。

Thank you, Kev. And good afternoon, everyone. I was hoping to see if you can talk about a little bit more on category consumption because obviously, there are puts and takes, and you're taking any recovery market share, but just thinking of the commentary that we heard from you in a long time for value-seeking behaviors and how you're responding to it with RGM and different count packs and all of that.

謝謝你，凱夫。大家下午好。我希望看看你是否能多談談品類消費，因為顯然，有看跌期權和拿走期權，你正在佔據任何復甦的市場份額，但只要想想我們長期以來從你那裡聽到的評論價值尋求行為的時間，以及您如何使用RGM 和不同計數包等來回應它。

And then as a follow-up to your comments, Kevin, on the cadence of margins in the second half. So should we think about like, because it was lumpy last year, last fiscal year with like a more pronounced margin in the fourth quarter.

然後，凱文，作為你關於下半場邊緣節奏的評論的後續行動。因此，我們是否應該考慮一下，因為去年的情況很不穩定，上個財年第四季的利潤率更為明顯。

So thinking about how to model for the third and the fourth for like a more balanced given that it seems like your revenues will be more balanced as well, if you can help us with that and in commodities or your commodities outlook, if it has changed from what it was last quarter as you initially guided and now as you exit the first quarter?

因此，考慮如何為第三和第四個模型建立一個更平衡的模型，因為如果您可以幫助我們解決這個問題，那麼您的收入似乎也會更加平衡，並且在大宗商品或您的大宗商品前景方面（如果它已經改變）從您最初指導的上個季度到現在您退出第一季時的情況？

All right, Andrea. I'll start with your category and consumer question. Consumer environment is largely playing out as we had expected. We've been talking about for the last several quarters that we expected the consumer to be under more stress broadly and impact on our categories was that we would move to low single-digit growth to low, low single-digit growth, which is about 0% to 1%. And that's exactly what we saw in Q1, right in line with our expectations. Some categories a bit higher than that, some a bit lower, but we got the average just about right.

好吧，安德里亞。我將從您的類別和消費者問題開始。消費環境基本上符合我們的預期。在過去的幾個季度中，我們一直在談論，我們預計消費者將承受更大的壓力，對我們類別的影響是，我們將轉向低個位數成長，這大約是0% 到 1%。這正是我們在第一季看到的情況，完全符合我們的預期。有些類別比這個要高一些，有些要低一些，但我們得到的平均值差不多是正確的。

What we continue to see from the consumer is that value-seeking behavior. They're looking for ways to maximize their budget. They're buying larger sizes. They're buying smaller sizes to get a lot out of pocket.

我們繼續從消費者身上看到的是價值追求行為。他們正在尋找最大化預算的方法。他們正在購買更大的尺寸。他們購買較小尺寸的產品是為了賺更多錢。

They are looking for promotion. So the promotions that we put in place, returning to those pre-covid levels have worked well. And we're seeing temporary price reductions work well with the consumer.

他們正在尋求晉升。因此，我們採取的促銷活動，恢復到疫情前的水平，效果很好。我們發現臨時降價對消費者來說效果很好。

Obviously, we're seeing retailers fighting for shoppers wallets at this point. So you're seeing different tactics that are very normal across different channels and different retailers. We're seeing a shift of moving to more value-oriented channels for consumers that continues. But I would say all of that is exactly in line with our expectations in aggregate. We expect that to continue for probably the balance of the year.

顯然，我們現在看到零售商正在爭奪購物者的錢包。所以你會看到不同的策略在不同的管道和不同的零售商中很常見。我們看到消費者轉向更加以價值為導向的管道的轉變仍在繼續。但我想說，所有這些總體上完全符合我們的預期。我們預計這種情況可能會持續到今年剩餘時間。

These cycles usually run 12 to 18 months. That's our best guess at this point of what the timing will look like if we look at history, but I think it's safe to say that there's an uncertain environment out there, particularly in the US over the coming months. We'll see how that all plays out. But the good news is that, for Q1, the consumer environment is exactly what we expected.

這些週期通常持續 12 至 18 個月。如果我們回顧歷史，這是我們目前對時機的最佳猜測，但我認為可以肯定地說，那裡存在著不確定的環境，特別是在未來幾個月的美國。我們將看看這一切如何進行。但好消息是，第一季的消費環境正是我們預期的。

And I think I'll just reiterate the point I made earlier on private label shares. What we're not seeing is trading down to private label in our categories. Private label shares are down versus pre-cyber levels this quarter in every one of our categories, except two. And that's wipes and salad dressing. And even for those we're growing share in those categories. So private label growth is coming at expense of competitors.

我想我會重申我之前就自有品牌股票提出的觀點。我們沒有看到我們的品類中出現自有品牌的情況。本季度，除兩個類別外，我們所有類別的自有品牌份額均較網路化前水準下降。那就是濕紙巾和沙拉醬。即使對於那些我們在這些類別中的份額也在不斷增長。因此，自有品牌的成長是以犧牲競爭對手為代價的。

We're feeling very good. Our brands are resilient the superior value would offer the increase in advertising and sales promotion and trade promo are working. And we feel that we've got the environment at this point right on, and we're going to continue to execute our plan and intend to grow share in that environment.

我們感覺很好。我們的品牌具有彈性，卓越的價值將帶來廣告、促銷和貿易促銷的增加。我們認為目前的環境已經具備，我們將繼續執行我們的計劃並打算增加在該環境中的份額。

And then, Andrea, on your questions on gross margin, maybe I'll start with the commodity view. And you'll recall when we came in to start this year back in August, our expectation was we're operating in a fairly normalized levels of cost inflation across the supply chain.

然後，安德里亞，關於你關於毛利率的問題，也許我會從商品觀點開始。您還記得，當我們今年八月開始時，我們的預期是整個供應鏈的成本通膨水準相當正常。

We said about $75 million. And our view is that would be split fairly equally between commodities and inflation across the rest of the supply chain. We have made a fairly modest update for this outlook. I'd say in commodities now, we think it's going to be just slightly better, still inflationary, but just a little bit less in place than we anticipated. So won't have much meaningful impact on our full year expectations based on the update we've made.

我們說大約 7500 萬美元。我們的觀點是，在供應鏈的其餘部分，商品和通膨之間的分配將相當平等。我們對這一前景進行了相當適度的更新。我想說的是，現在的大宗商品，我們認為情況會稍微好一點，但仍然存在通貨膨脹，但比我們預期的要少一些。因此，根據我們所做的更新，不會對我們全年的預期產生太大的有意義的影響。

And then on phasing on gross margins, our margins, obviously, in Q1, we delivered about 46%. I do expect our margins to be down in Q2 because of the deleveraging, and we said we'd be down less than 100 basis points. So that will probably put gross margin somewhere around that 43% range.

然後就毛利率而言，我們的利潤率在第一季顯然達到了 46% 左右。我確實預計，由於去槓桿化，我們的利潤率將在第二季下降，我們說下降幅度將不到 100 個基點。因此，毛利率可能會在 43% 左右。

And then the back half, we don't break it out by quarter. I continue to believe the back half will be sort of at that run rate exit rate somewhere around that 44%, 44.5% kind of in line with the full year estimate.

然後是後半部分，我們不會按季度進行細分。我仍然相信下半年的運行率退出率將在 44% 左右，44.5% 與全年估計一致。

Anna Lizzul, Bank of America.

安娜·利祖爾，美國銀行。

Hi. Good afternoon. Thanks so much for the question. I just wanted to ask in light of your full year guidance and expectations on the consumer environment with the increased promotional spending.

你好。午安.非常感謝您的提問。我只是想問一下您對全年促銷支出增加對消費環境的指導和期望。

How should we think about pricing in order to drive volume growth as we move through the year? And also on advertising, you spent over 12% of sales in the US retail business. And is that a dynamic you expect to continue?

我們應該如何考慮定價以推動全年銷售成長？另外，在廣告方面，您花了美國零售業務銷售額的 12% 以上。您希望這種動力持續下去嗎？

Anna, as it relates to pricing, in particular, in the US we have very little pricing outside of net revenue management. And that really is what you'll see for the remainder of the year as well. We expect that program to continue to build, delivering value in fiscal year '25, but building in fiscal year '26 and beyond as we put that program in place. So this really is volume-based growth that we're seeing as we've lapped those price increases.

安娜，因為它與定價有關，特別是在美國，我們在淨收入管理之外幾乎沒有定價。這也是你在今年剩餘時間將會看到的情況。我們預計該計劃將繼續建設，在第 25 財年創造價值，並在我們實施該計劃後在第 26 財年及以後繼續建設。因此，隨著價格上漲，我們所看到的確實是基於數量的成長。

The other dynamic that we've talked about that is a hit to price mix, of course, is to trade promo and we are seeing that play out. That impacted Q1 but was offset, of course, by some other factors on segment mix, but we would expect that to continue into Q2. And with less of a dynamic happening in the back half given the fact that, that increased promotion started in Q3 of last year as we fully restored distribution.

當然，我們討論過的另一個動態是對價格組合的打擊，那就是交易促銷，我們正在看到這種情況的發生。這影響了第一季度，但當然被細分市場組合的其他一些因素所抵消，但我們預計這種情況將持續到第二季​​度。鑑於下半年動態較少，隨著我們完全恢復分銷，去年第三季開始加強促銷。

So this really will be about volume-based growth through innovation, through demand spending, through ensuring that we have the right value at the shelf for the consumer. And we continue to expect that our trade promotion expectations around being around pre-covered levels are about right.

因此，這實際上是透過創新、透過需求支出、透過確保我們在貨架上為消費者提供正確的價值來實現基於數量的成長。我們繼續預計，我們對圍繞預先覆蓋水平的貿易促進預期大致正確。

When it comes to advertising and sales promotion, we say about 11%, 11.5% at the aggregate level. We typically spend more in the US than we do in international. So I would expect to see that dynamic continue to play out in the quarters to come.

當談到廣告和促銷時，我們說總體上大約是11%、11.5%。我們在美國的花費通常比在國際上的花費更多。因此，我預計這種動力將在未來幾季繼續發揮作用。

And of course, that varies by business depending on what's effective for each one of the business units and what we have going on in the quarter, whether that be innovation or a particular merchandising pulse period that matters for that business but you would expect to see the US run ahead of international as we move forward.

當然，這因業務而異，取決於每個業務部門的有效方式以及我們在本季度發生的事情，無論是創新還是對該業務很重要的特定銷售脈衝週期，但您希望看到當我們前進時，美國領先國際。

Bonnie Herzog, Goldman Sachs.

邦妮·赫爾佐格，高盛。

I had a quick follow-up question on Litter. Linda, you mentioned you're promoting quite heavily. So I guess I'd love to hear if you believe you're getting the appropriate lift on your promotional spend? And if not, do you have plans to modify your strategy in any way going forward?

我有一個關於 Litter 的快速跟進問題。琳達，你提到你正在大力宣傳。所以我想我很想聽聽您是否認為您的促銷支出得到了適當的提升？如果沒有，您是否計劃以任何方式修改您的策略？

And then I guess, how concerned are you overall that you might be in a prisoner's dilemma right now in this category, considering the elevated promo spend by everyone?

然後我想，考慮到每個人的促銷支出都在增加，您總體上對自己現在在這一類別中可能陷入的囚徒困境有多擔心？

Bonnie, on litter, this is a case where consumer behavior is a little bit different. We've talked about in the past when you have a cat using litter for a number of consumers, that's hard to change them. And so there's a bit more thinking about what we need to use the levers that we have in our toolbox, including trade promotion to ensure that we remind them why they love fresh step and that we were sorry to disappoint them while we were out of stock, but it's time to bring their cap back to the Litter they love. And so we think this is a smart promotion.

邦妮，關於垃圾，這是一個消費者行為有點不同的例子。我們過去曾討論過，當一隻貓為許多消費者使用貓砂時，就很難改變它們。因此，我們需要更多地思考如何使用我們工具箱中的槓桿，包括貿易促銷，以確保我們提醒他們為什麼他們喜歡新鮮的步驟，並且我們很抱歉在缺貨時讓他們失望，但現在是時候把他們的帽子帶回他們所愛的小窩裡了。所以我們認為這是一次明智的促銷。

What we're not doing is anything that is incredibly deep discounting or outside of what we would think is right for our brand value. And as long as we don't do that, we're not communicating anything to the consumer that changes the value of our products, et cetera. So I feel very good that this is strategic promotion that is done in the right way.

我們不會做任何大幅折扣或超出我們認為適合我們品牌價值的事情。只要我們不這樣做，我們就不會向消費者傳達任何改變我們產品價值的訊息，等等。所以我感覺非常好，這是以正確的方式進行的策略推廣。

However, I would expect over time that that promotion will normalize. And we are certainly seeing competitors also promote given what we've had in the marketplace. But I think this just category is a little bit unique, and I don't feel like we're doing, again, anything outside of what we would normally do to gain share back in the category that way.

然而，我預計隨著時間的推移，這種促銷將會正常化。鑑於我們在市場上擁有的產品，我們當然看到競爭對手也在進行促銷。但我認為這個類別有點獨特，我覺得我們沒有再做任何超出我們通常所做的事情來以這種方式重新獲得該類別的份額。

I think moving forward, the great news about this category, which I think gets to your question on prisoners dilemma I don't feel that at all, this category has natural tailwinds that many categories don't have. It grows faster than the average given the number of cats that are in the US and places around the world.

我認為展望未來，關於這個類別的好消息，我認為這涉及到你關於囚犯困境的問題，我根本不覺得這個類別有許多類別所沒有的自然順風。考慮到美國和世界各地貓的數量，它的增長速度比平均水平要快。

In addition, it's a heavily innovation-driven category. And you can say this category has been reinvented many times by us and our competitors. If you look at things like lightweight or different substrates, and so I have no fear that this is turning into that. I think what we'll get all of us out of this is great innovation, and we certainly are planning that for the back half and well beyond that. And I'm sure we'll see that from competitors as well.

此外，它是一個高度創新驅動的類別。你可以說我們和我們的競爭對手已經對這個類別進行了多次改造。如果你看看輕質或不同基材之類的東西，所以我不擔心這會變成那樣。我認為我們所有人都將從中獲得偉大的創新，我們當然正在為後半段以及更遠的時間進行規劃。我相信我們也會從競爭對手那裡看到這一點。

Okay. That's helpful. And then. if I may, I just also wanted to get your perspective on any channel shifts or growth rate by channels. We've heard that some of your peers have seen some weakness like channels, whether it be the consumer just lower foot traffic. So as I think about your lapping cyber attack, are there any specific channels that have shown weaker recovery? And I guess, how has the performance maybe differed between tracked and untracked channels for you? Thank you.

好的。這很有幫助。進而。如果可以的話，我也想了解您對任何通路轉變或通路成長率的看法。我們聽說，您的一些同行已經看到了一些弱點，例如管道，無論是消費者還是客流量較低。因此，當我想到您的重疊網路攻擊時，是否有任何特定管道顯示恢復較弱的情況？我想，對於您來說，追蹤通道和非追蹤通道之間的效能可能有何不同？謝謝。

Sure. So on channel, we are not seeing anything specific to our recovery on cyber that's driving a change in consumer behavior. But we certainly are seeing a change in consumer behavior that's expected due to value seeking. So we see consumers moving to more value-oriented channels.

當然。因此，在通路上，我們沒有看到任何與網路恢復相關的具體內容正在推動消費者行為的改變。但我們確實看到了消費者行為的變化，這是由於價值追求而預期的。因此，我們看到消費者轉向更加以價值為導向的管道。

We see consumers shopping a bit more on deal and promotion and channels where that's really important. So a channel like that would be in grocery. And we are seeing consumers as they move to large sizes and small sizes go to channels where they can get those.

我們看到消費者更多地在優惠、促銷和管道上購物，這非常重要。所以像這樣的管道應該是在雜貨店。我們看到消費者轉向大尺寸，而小尺寸則轉向可以獲得這些尺寸的管道。

So obviously, for club, that business is very strong because that's where you can get the largest size and the lowest price per use. So we would expect those dynamics to continue. They typically have in times when the consumer is more value stressed, and we tend to see more stock-up trips, some more fill-ins as consumers are managing their wallet. But there's nothing unusual in what we're seeing. It's about in line with our expectations and nothing related to distribution or merchandising or any of our recovery from cyber.

顯然，對於俱樂部來說，這項業務非常強勁，因為在那裡你可以獲得最大的尺寸和最低的每次使用價格。因此，我們預計這些動態將持續下去。它們通常發生在消費者更注重價值的時候，我們往往會看到更多的備貨旅行，以及在消費者管理錢包時更多的補充。但我們所看到的並沒有什麼異常。這與我們的預期一致，與分銷或銷售或我們從網路中的恢復無關。

Robert Moskow, TD Cowen.

羅伯特·莫斯科，TD·考恩。

Hi, thanks for the question. I just want to make sure I understand the logic for the gross margin being at 43% for 2Q. I understand the deleveraging compared to last year, but is there something seasonal about gross margin? Because if you're 45.8% in first quarter and then you dip down to 43%. And second -- I'd like to know what causes that. I doubt it's deleveraging.

你好，謝謝你的提問。我只是想確保我理解第二季毛利率為 43% 的邏輯。我了解與去年相比去槓桿化的情況，但是毛利率有季節性嗎？因為如果第一季你的比例是 45.8%，那麼你就會下降到 43%。第二，我想知道是什麼原因造成的。我懷疑這是去槓桿化。

And then secondly, just on EPS. I mean you're beating consensus by like $0.50. You're only raising by about 10% or so. So did you beat your internal estimates by this much or by something less than that in the first quarter.

其次，就每股盈餘而言。我的意思是你比共識多了 0.50 美元。你只籌集了大約 10% 左右。那麼，與第一季相比，您的內部預期超出了多少還是超出了這麼多？

Yes. Robert, happy to take those questions. And gross margin, particularly around -- we do have a seasonal element to our business typically in normalized years. Q2 would be our lowest gross margin quarter of the year, and it's really driven by two primary factors.

是的。羅伯特，很高興回答這些問題。毛利率，尤其是——我們的業務確實有季節性因素，通常在正常年份。第二季度將是我們今年毛利率最低的季度，這實際上是由兩個主要因素所驅動的。

The first is we're now out of the Kingsford charcoal season. So Kingsford is a nice profitable business that we do about 50% of the business in Q4 and Q1 and Q2. Then it's a low season for Kingsford as well as it tends to be the period of time in our birds business where we're doing quite a bit of holiday merchandising, which comes at a bit lower margin. So historically, that's always been a lower margin quarter for us, and this reflects that as well plus the added impact of the deleveraging with the top line declining as we said, double digits.

首先，我們現在已經結束了 Kingsford 木炭季節。因此，Kingsford 是一項獲利良好的業務，我們在第四季、第一季和第二季完成了約 50% 的業務。接下來是金斯福德的淡季，也是我們鳥類業務的淡季，我們會進行大量的假日商品銷售，但利潤率較低。從歷史上看，這對我們來說一直是利潤率較低的季度，這也反映出去槓桿化的額外影響，正如我們所說，收入下降了兩位數。

And then on EPS, what we don't disclose our interim forecast, this came in stronger than our internal forecast. There's a couple of things we were thinking about as we set the outlook for the year. And certainly, the first one is, and I think you're going to appreciate this. We're only one quarter into the year. And so we want to be thoughtful not to give ahead of ourselves for the full year.

然後在每股收益方面，我們沒有透露我們的中期預測，這比我們的內部預測更強。在設定今年的前景時，我們考慮了一些事情。當然，第一個是，我想你會欣賞這一點。今年才剛過四分之一。因此，我們要深思熟慮，不要在全年中超前付出。

And having said that, that's, I think, always good counsel. But particularly this year, as we've talked about a couple of areas we're watching pretty closely, which is the health of the US consumer as well as the promotional environment. Now as Linda just said, Q1 played out very much like we expected, but that doesn't mean that, that's going to continue. So that's something we're going to watch very closely.

話雖如此，我認為這始終是很好的建議。但特別是今年，正如我們已經討論過的幾個我們正在密切關注的領域，那就是美國消費者的健康狀況以及促銷環境。正如琳達剛才所說，第一季的表現非常符合我們的預期，但這並不意味著這種情況會持續下去。所以這是我們將非常密切關注的事情。

And then we had some time elements. So some of that over-delivery in Q1, as we mentioned, was based on pull some shipments forward from Q2. So that wouldn't have a full year impact.

然後我們有一些時間元素。因此，正如我們所提到的，第一季的部分超額交付是基於第二季的部分出貨量提前。所以這不會對全年產生影響。

And then maybe just the last perspective I'll give you is what I like is I think it gives us some financial flexibility. And I think that's important. This is still a volatile macroeconomic environment and if the environment changes and it's different than what we think, we've got some financial flexibility to address that. So I think that just builds our confidence and being able to deliver the year. That's really how we approach the full year.

也許我要給你的最後一個觀點是我喜歡的，我認為它給了我們一些財務彈性。我認為這很重要。這仍然是一個不穩定的宏觀經濟環境，如果環境改變並且與我們想像的不同，我們有一定的財務彈性來解決這個問題。所以我認為這只會增強我們的信心並能夠實現這一年的目標。這就是我們對待全年的方式。

And as you know, we modestly took up the full year, but I think we're in a -- we've got the right plan for where we sit this early in the year.

正如你所知，我們謙虛地度過了全年，但我認為我們正處於一個——我們已經為今年年初的位置制定了正確的計劃。

Olivia Tong, Raymond James.

唐奧立，雷蒙德詹姆斯。

Thanks. Good afternoon. Could you talk about your inventory positions at this point, whether at retail or if you have a view on consumer pantries, especially in traction letter, given the level of trade spend in those businesses and how you think about consumption trends once the promo sort of normalize?

謝謝。午安.您能否談談您目前的庫存狀況，無論是零售方面還是您對消費者食品儲藏室的看法，尤其是在牽引信中，考慮到這些企業的貿易支出水平以及一旦促銷活動您如何看待消費趨勢正常化？

And then just one follow-up on gross margin. If you could just talk about how much of the overage was sort of ongoing price pack architecture work you're doing, either revenue management, digital stuff that you've been working on just to kind of think about what's sort of the ongoing portion as opposed to the fixed cost leverage/recovery from cyber portion of the gross margin overage? Thank you.

然後是毛利率的一項後續行動。如果你能談談有多少超額是你正在做的正在進行的價格包架構工作，要么是收入管理，要么是你一直在做的數位化工作，只是為了思考一下正在進行的部分是什麼反對固定成本槓桿/從毛利率超額部分的網路部分回收？謝謝。

So on the inventory front, there's really no major things to call out here. We see pretty much normalized inventory in the retail environment. We're not seeing anything where inventories are coming down or going up. We just see the normal things that happen at a retailer at quarter end, quarter beginning, but nothing material to call out.

因此，在庫存方面，實際上沒有什麼值得指出的。我們看到零售環境中的庫存幾乎已經標準化。我們沒有看到庫存下降或上升的情況。我們只看到零售商在季度末、季度初發生的正常情況，但沒有什麼值得指出的。

On the consumer front, I would say much of the same. We tend to watch our shipments and consumption pretty closely to see if there's any gaps. And at this point, there's nothing to talk about. The only thing I would call out is in as we noted in our professional business, we did see some shifting in cold and flu shipments into Q1 from Q2.

在消費者方面，我想說的也差不多。我們傾向於密切關注我們的出貨量和消費量，看看是否有任何差距。而此時此刻，已經沒有什麼好談的了。我唯一要指出的是，正如我們在專業業務中指出的那樣，我們確實看到感冒和流感發貨量從第二季度轉移到第一季。

But that's really just about retailers and distributors getting ready for season, and that's a pretty normal thing and we just anticipated it would be in Q2 and it happened in Q1 instead. But I wouldn't call out anything material nor do we have plans for that. And so if there are any adjustments by retailers, et cetera, we don't have plans for that in our forecast.

但這實際上只是零售商和分銷商為季節做好準備，這是很正常的事情，我們只是預計它會在第二季度，但它發生在第一季。但我不會透露任何實質內容，我們也沒有這方面的計畫。因此，如果零售商等做出任何調整，我們的預測中沒有相應的計劃。

And then, Olivia, on your gross margin question, I think the nature of the question is what portion of the strong performance in Q1 is structural. I would certainly point to our cost savings. And I think you can see in our web attachments, we delivered about 240 basis points of improvement to gross margin in Q1 from cost savings. We're on track to have another very good year this year.

然後，奧利維亞，關於你的毛利率問題，我認為問題的本質是第一季強勁業績的哪一部分是結構性的。我當然會指出我們節省的成本。我想您可以在我們的網路附件中看到，由於成本節約，我們第一季的毛利率提高了約 240 個基點。今年我們有望迎來另一個美好的一年。

I think as you know, we target a 175 basis points of EBIT margin expansion each year. But because of the very good work by the team over the last couple of years, we've delivered over 200 basis points each year, and I'm I believe we're on track to do that again this year. So certainly, the cost savings element will continue.

我想如您所知，我們的目標是每年將息稅前利潤率擴大 175 個基點。但由於過去幾年團隊的出色工作，我們每年都實現了 200 多個基點，我相信今年我們有望再次實現這一目標。因此，成本節約因素肯定會持續下去。

The other item, though, we talked a bit about back in August was the benefit of the two recent divestitures. They are both margin dilutive to the company. So by divesting those businesses, they will structurally improve our margins 50 to 70 basis points on average. And so we're starting to see the benefit of that in Q1.

不過，我們在八月討論過的另一個問題是最近兩次資產剝離的好處。它們都會稀釋公司的利潤。因此，透過剝離這些業務，我們的利潤率將在結構上平均提高 50 至 70 個基點。因此，我們開始在第一季看到這一點的好處。

Again, we didn't get the full benefit because we sold the VMS business in the middle of the quarter. But you'll start to see more of that playing out as we move into Q2 and beyond.

同樣，我們沒有獲得全部收益，因為我們在本季度中期出售了 VMS 業務。但隨著我們進入第二季及以後，您將開始看到更多這樣的事情發生。

Got it. And then just one follow-up. The 20% of the business that's growing at the mid-digit rate like (inaudible) -- what's driving that? Because if I remember correctly, the comps are particularly in the manning, so maybe that's a piece of it because I can't imagine that the demand is really changing all that materially in PPD? Thank you.

知道了。然後只有一個後續行動。20% 的業務以中等速度成長（聽不清楚）—是什麼推動了這項成長？因為如果我沒記錯的話，補償特別是在人員配置方面，所以也許這就是其中的一部分，因為我無法想像需求真的會在 PPD 中發生重大改變？謝謝。

Sure. So we talked about both PPD and our international business growing at that mid-single-digit rate and we feel strongly that they'll be manage contributors moving forward. International, I think we've spoken a lot about as we've reduced the volatility of that business, removed a lot of the FX headwinds that we had experienced coming out of Argentina. We see more stability and ability to grow in different parts of the world, and that continues, and we feel even stronger about that now that we have divested the Argentina business.

當然。因此，我們談到 PPD 和我們的國際業務都以中等個位數的速度成長，我們強烈認為他們將成為未來的管理貢獻者。國際方面，我認為我們已經談了很多，因為我們降低了該業務的波動性，並消除了我們在阿根廷經歷的許多外匯阻力。我們看到世界各地的穩定性和成長能力都增強了，而且這種情況還在繼續，而且既然我們已經剝離了阿根廷業務，我們對此感覺更加強烈。

From a PPD perspective, we got to a place that was up and down during COVID. We've seen that normalized. This is not a result of a lot of people coming back to the office as one might expect. But what we've talked about in the past, which is we have so much opportunity across our portfolio with innovation, different places that we don't play in today.

從 PPD 的角度來看，我們在新冠疫情期間經歷了一個起起落落的階段。我們已經看到這種情況已經正常化。這並不是像人們想像的那樣，很多人回到辦公室的結果。但我們過去談到的是，我們的產品組合中有很多創新的機會，但我們今天沒有涉足不同的領域。

The industry is pretty favorable right now as we see consolidation in health care and we're able to work with those systems to ensure that they have the right cleaning and disinfecting products to protect their workers and to protect patients. So we see continued upside in that business and we feel confident in its ability to deliver above company average growth moving forward. And certainly, we're seeing evidence of that in Q1.

該行業目前非常有利，因為我們看到醫療保健領域的整合，我們能夠與這些系統合作，確保他們擁有正確的清潔和消毒產品來保護他們的工人和患者。因此，我們看到該業務的持續成長，並且我們對其未來實現高於公司平均水平的成長的能力充滿信心。當然，我們在第一季看到了這方面的證據。

Kevin Grundy, BNB Paribas.

凱文·格倫迪，法國巴黎銀行。

Hearing no response, we'll move to our next question that will come from Kaumil Gajrawala.

沒有聽到任何回應，我們將轉向 Kaumil Gajrawala 提出的下一個問題。

(technical difficulty) it's been a big piece of conversation sort of in the past, but not as much today. And maybe just the learning so far on turning on Canada and perhaps what the timeline is for the US?

（技術難度）這在過去是一個很大的話題，但現在已經不那麼重要了。也許只是到目前為止對加拿大的學習，也許美國的時間表是什麼？

Kaumil, do you mind repeating your question? The first part was cut off.

Kaumil，你介意重複一下你的問題嗎？第一部分被砍掉了。

No problem. I was asking about ERP and what you've learned so far from Canada and what the time line looks like for the US?

沒問題。我問的是 ERP 以及到目前為止您從加拿大學到了什麼以及美國的時間表如何？

Sure. And we spoke about just briefly last time that we implemented the ERP in Canada at the end and the beginning of this -- end of last fiscal year, beginning of this fiscal year, and it went very well. The team had done a lot of preparation as our lead market to ensure that, that execution went as smoothly as possible and it did. We didn't have any customers experience, any significant disruptions and in fact, many of them noted they didn't even really remember that it was going on, which is actually exactly what you want from your retailers when you're doing an ERP transition.

當然。上次我們簡單地談到，我們在加拿大年底和年初實施了 ERP——上一財年末、本財年年初，進展非常順利。作為我們的主導市場，團隊做了很多準備工作，以確保執行盡可能順利，而且確實如此。我們沒有任何客戶體驗，也沒有任何重大中斷，事實上，他們中的許多人表示他們甚至不記得發生了什麼，這實際上正是您在進行 ERP 時希望零售商提供的服務過渡。

That being said, the US business will come next, and that is much more complex with a lot more ship points, a lot more businesses. So the team is taking the learnings that we had from that Canadian implementation and building our implementation plan for the US right now.

話雖這麼說，美國業務將是下一個，而且要複雜得多，有更多的船舶點和更多的業務。因此，團隊正在從加拿大的實施中汲取經驗教訓，並立即為美國制定實施計劃。

We would expect that that would begin at the end of this fiscal year. We're still working through what the exact timing will look like and how we will phase that because it won't all happen at once. And we'll be able to report at our Q2 earnings release a little bit more detail on how we expect that to play out and any potential impacts. But feel very good about what we did in Canada, giving us a lot of confidence heading into a very complex US implementation.

我們預計這將在本財年末開始。我們仍在研究確切的時間安排以及我們將如何分階段進行，因為這一切不會同時發生。我們將能夠在第二季財報中更詳細地報告我們預期的結果以及任何潛在影響。但對我們在加拿大所做的事情感到非常滿意，這讓我們對進入非常複雜的美國實施充滿信心。

Okay. Great. And then on Litter, as you're thinking about how to get the consumer to come back, promos is a piece of it, but I suppose marketing is also quite a large piece of it. So can you maybe just talk about what specifically you're doing to try to get that consumer to switch back to where they were or maybe even bringing in new consumers?

好的。偉大的。然後在 Litter 上，當你考慮如何讓消費者回來時，促銷是其中的一部分，但我認為行銷也是其中相當大的一部分。那麼，您能否具體談談您正在採取哪些具體措施來嘗試讓消費者回到原來的狀態，甚至可能引入新的消費者？

Yes, absolutely. You're right that trade promotion is only a part of what we're doing. And clearly, reminding people about the benefits of the products that we have and why they've always loved or maybe why they should be introduced to your point, for the first time to (inaudible) any of our other Litter brands is top of mind.

是的，絕對是。你說得對，貿易促進只是我們正在做的事情的一部分。顯然，提醒人們我們擁有的產品的好處以及為什麼他們一直喜歡或為什麼應該向他們介紹您的觀點，這是第一次（聽不清楚）我們任何其他 Litter 品牌的首要任務。

And with that, we put new advertising in place in July, for our first step business, which we think is doing pretty well and contributing to the share results that we saw in Q1. We're continuing to ensure that we have the right claim and ensure that we have the right price pack architecture and itter. So we're taking steps.

就這樣，我們在 7 月為我們的第一步業務投放了新的廣告，我們認為這項業務做得相當不錯，並為我們在第一季度看到的股票業績做出了貢獻。我們將繼續確保我們擁有正確的主張，並確保我們擁有正確的價格包架構和其他資訊。所以我們正在採取措施。

We're doing what we can in the short term, which really is through increased advertising, better advertising messaging using digital, which can allow us to do kind of claims real time to ensure that we're communicating with those consumers. And obviously, at the subscription level, we can have more of a one-on-one conversation with them and engage with them on reminding them that fresh up the brand that they know and love. And that's worked pretty well.

我們正在盡我們所能在短期內，這實際上是透過增加廣告，使用數位更好的廣告訊息，這可以使我們能夠即時進行某種索賠，以確保我們與這些消費者進行溝通。顯然，在訂閱級別，我們可以與他們進行更多的一對一對話，並與他們互動，提醒他們更新他們所了解和喜愛的品牌。這非常有效。

Moving forward, as we're thinking about innovation, we're looking at all of the levers that you would expect us to pull. What are the next sets of innovation that we can launch that delight them, how can we ensure that we're communicating superior value overall for our proposition, and how they shop for it, the product, the package, the brand communication.

展望未來，當我們考慮創新時，我們正在考慮您期望我們使用的所有槓桿。我們接下來可以推出哪些令他們高興的創新，我們如何確保我們的主張整體上傳達卓越的價值，以及他們如何購買產品、產品、包裝和品牌傳播。

And so we are taking under advisement that entire ecosystem right now to say, do we really feel great about the plans that we have in place, and we've done a lot to already improve those given what we face. But I feel good about the plan that we put in place over the last couple of quarters. It's clearly beginning to work, but more to come as we sequence through the remainder of the year.

因此，我們現在正在考慮整個生態系統，我們是否真的對我們現有的計劃感到滿意，並且我們已經做了很多工作來改進我們所面臨的情況。但我對我們過去幾季所製定的計劃感到滿意。顯然，它已經開始發揮作用，但隨著我們今年剩餘時間的排序，將會有更多的效果。

Lauren Lieberman, Barclays.

勞倫·利伯曼，巴克萊銀行。

Great. Can you talk about the sources of surprise in the quarter on top line and that pull forward of timing on professional products. But I think in the prepared remarks, you also mentioned international -- just curious if you could just elaborate a little bit on kind of what went better than expected on international, and that sounded less like it's timing and more like it gives us better trend. So I'd like to hear more about that?

偉大的。您能否談談本季營收的意外來源以及專業產品時間提前的原因。但我認為在準備好的發言中，你也提到了國際——只是好奇你能否詳細說明一下國際上比預期更好的情況，這聽起來不像是時機，更像是它給我們帶來了更好的趨勢。所以我想聽更多相關資訊？

Yes. Overall, international just performed well. And certainly, we're seeing the impacts of removing Argentina. We're also seeing some strength in pockets around the world. But I would say international wasn't widely outside of our expectations, it was a bit better, and it's just all things coming together as we put innovation in the market that's working, our consumer plans are working.

是的。整體而言，國際表現良好。當然，我們也看到了移除阿根廷的影響。我們也看到世界各地的口袋裡有一些力量。但我想說的是，國際化並沒有大大超出我們的預期，它要好一些，而且當我們將創新投入到有效的市場中時，所有的事情都會結合在一起，我們的消費者計劃正在發揮作用。

And we're seeing some stability now that we've removed the majority of the FX headwinds that we had due to Argentina. But I would just say, it's good execution of the fundamentals, nothing of major surprise one way or the other, just everything went a little better.

現在我們看到了一些穩定性，因為我們已經消除了阿根廷帶來的大部分外匯阻力。但我只想說，這是對基本面的良好執行，沒有什麼大的驚喜，只是一切都變得更好了一點。

Okay, great. Thank you so much.

好的，太好了。太感謝了。

Chris Carey, Wells Fargo.

克里斯凱裡，富國銀行。

Hi, everyone. So I have a question about pricing in the quarter and into really, I guess, the back half of the year. So if I look at the segment disclosure, pricing flat in health and wellness, price/mix that is down 5% in household, down 8% in lifestyle. And yet in the prepared remarks, it's plus 1.

大家好。所以我有一個關於本季定價的問題，我想，實際上是今年下半年的定價。因此，如果我看一下細分市場的揭露，健康和保健的定價持平，家庭的價格/組合下降了 5%，生活方式的價格/組合下降了 8%。但在準備好的發言中，它是+1。

There's like a positive pricing dynamic in international, which I don't think I fully understand, given the 11% organic is driven by 11% volume growth. I don't know. If you can maybe just help me bridge that gap?

國際市場存在著積極的定價動態，但我認為我並不完全理解這一點，因為 11% 的有機成長是由 11% 的銷售成長所推動的。我不知道。如果你能幫我彌補這個差距嗎？

And really, what I'm trying to understand is if the underlying US business is kind of running price/mix down low single digits right now. Is that the expectation for the US business going into the back half of the year?

事實上，我想了解的是，美國的基本業務目前是否正在將價格/組合降低到低個位數。這是美國企業對下半年的期望嗎？

I guess I'm trying to understand if the volume is going to be over and above that to get to this [3 to 5] or just -- if I'm just misunderstanding something, I fully realize it's kind of been tactical on litter, and you were probably quite taxable on promotional activity to recapture sales growth in Q1 but I'm trying to close the logic gap on a couple of these things. So any perspective would help?

我想我正在嘗試了解音量是否會超過這個值才能達到[3到5]，或者只是——如果我只是誤解了某些東西，我完全意識到這是一種關於垃圾的戰術，並且您可能在促銷活動上繳納了相當多的稅，以重新獲得第一季的銷售成長，但我正在努力縮小其中一些事情的邏輯差距。那麼任何觀點都會有幫助嗎？

Yeah, Chris. This is Kevin. I can certainly answer that one, and I agree it's a bit challenging to read the performance right now given the cyber lap. So maybe I can separate what's happening because of cyber versus the underlying business.

是的，克里斯。這是凱文.我當然可以回答這個問題，而且我同意考慮到網路圈，現在閱讀效能有點具有挑戰性。因此，也許我可以將因網路而發生的事情與基礎業務分開。

If you looked last year in Q1, we had very significant favorable price mix. And what you're seeing is most of that is just reversing out. That's strictly noise of the lap in cyber. And I'll just give you a little flavor for why that happened. I'll give you an example.

如果你看看去年第一季度，我們有非常優惠的價格組合。你所看到的大部分只是逆轉。這完全是網路圈的噪音。我將簡單介紹為什麼會發生這種情況。我給你舉個例子。

If you look at our Lifestyle segment last year, you see about 9 points of favorable price/mix. The reason that occurred is when you think about the business and lifestyle, our Brita, our food and our Burt's Bees business, Burt's Bees declined at a faster rate than our other businesses. That business is what we call LTL or less than full truckload. It had a much more negative impact as a result of the cyber event, and we generate less revenue per case in that business.

如果您查看去年我們的生活方式細分市場，您會發現大約 9 個點的優惠價格/組合。發生這種情況的原因是當你考慮到業務和生活方式時，我們的 Brita、我們的食品和 Burt's Bees 業務，Burt's Bees 的下降速度比我們其他業務更快。該業務就是我們所說的零擔或零擔業務。網路事件造成了更大的負面影響，我們在該業務中每個案例的收入也減少了。

And so you got what appeared to be a nice price mix last year because you just sold a lot less birth than the other businesses. That now reverses out this year that our Burt's business grew almost twice the rate of food and Brita just getting back to a normalized level. That's really all noise of lapping the cyber event.

所以去年你的價格組合看起來不錯，因為你的出生率比其他企業少很多。今年情況發生了逆轉，伯特的業務成長幾乎是食品業務的兩倍，而布麗塔剛剛恢復到正常水平。這確實是網路事件的所有噪音。

What I'd tell you is structural within price and mix, if you think that plus 1, what is structural and unrelated to lab is we had about 1 point of negative trade spending very much in line with what we've been talking about. We're returning to a more normalized promotional environment. We expected trade spending to be up, particularly because we're lapping the cyber event.

我要告訴你的是價格和組合中的結構性，如果你認為加 1，結構性且與實驗室無關的就是我們有大約 1 個百分點的負貿易支出，這與我們一直在談論的非常一致。我們正在回歸更正常化的促銷環境。我們預計貿易支出將會增加，特別是因為我們正在經歷網路事件。

So there's one point of negative trade spending and that was more than offset by 2 points of favorable mix. And that mix was a little bit what Linda was talking about, particularly in our US cleaning business. We saw some favorable mix at the SKU level. And so that was a benefit to the quarter we did not anticipate that helped with the older delivery in Q1.

因此，存在 1 個點的負貿易支出，並且被 2 個點的有利組合所抵消。琳達談到的就是這種混合，特別是在我們的美國清潔業務中。我們在 SKU 層面看到了一些有利的組合。因此，這對本季度來說是一個好處，我們預計這不會對第一季較早的交付有所幫助。

And that was really -- that's how you get to that 1 point overall price mix. So you really have to take away a lot of the noise of the lap and just get down to kind of the fundamental elements that are part of the ongoing business. But let me stop there and see if that answers your question.

這確實是——這就是你獲得 1 點整體價格組合的方法。因此，您確實必須消除許多圈內的噪音，並專注於作為正在進行的業務的一部分的基本要素。但讓我停在這裡，看看這是否能回答你的問題。

Yeah. So as we get through that last dynamic into the back half of the year, this will start to go away. I'm still confused. And look, I can take this offline, maybe this isn't the forum, but you had 11% organic sales growth in international, driven by 11 points of volume. What's the 4% price mix that's offsetting that? And again, I realize this is kind of a modeling question that I can take it offline, but if there's any cost out there, that would be?

是的。因此，當我們度過今年下半年的最後一個動態時，這種情況將開始消失。我還是很困惑。看，我可以將其離線，也許這不是論壇，但在 11 個銷售點的推動下，國際市場的有機銷售額增長了 11%。抵銷這項影響的 4% 價格組合是多少？再說一遍，我意識到這是一個建模問題，我可以將其離線，但如果有任何成本的話，那會是什麼呢？

I'll give a quick answer and then you can follow up. But that's the structural benefit of the divestiture of the Argentina business. It shows up in mix now. And after a year, that will just be part of the base business, but it shows up in mix when you -- the first year, you don't have that lower revenue per case business in your portfolio. And then in terms of the phasing, as we said, we expect trade to be unfavorable in the front half of the year because we're lapping an unusually low level of promotion last year during cyber.

我會快速回答，然後您可以跟進。但這就是剝離阿根廷業務的結構性好處。現在它出現在混合中。一年後，這將只是基礎業務的一部分，但當你在第一年，你的投資組合中的每個案例業務收入不再那麼低時，它就會以混合形式出現。然後就分階段而言，正如我們所說，我們預計今年上半年的貿易情況將不利，因為去年我們在網路期間的促銷水平異常低。

And we were back to a normalized level of promotional activity in the back half of last year. So when you get to the back half, we don't expect to see negative trade spending. That's really a front half issue as we're lapping cyber. Yes, you bet. But if I didn't get you all the way there, feel free to follow up with at least afterwards.

去年下半年，我們的促銷活動又回到了正常水準。因此，當你進入下半年時，我們預計不會出現負貿易支出。當我們正在研究網路時，這確實是一個前半部分的問題。是的，你敢打賭。但如果我沒有讓你一路到達那裡，請隨時跟進，至少在事後。

It's really helpful. Thanks so much.

這真的很有幫助。非常感謝。

Javier Escalante, Evercore ISI.

哈維爾·埃斯卡蘭特，Evercore ISI。

Hi, good afternoon, everyone. I have a question if you can remind us -- what is the underlying category growth that you're assuming for which is equivalent to the 3% to 5% organic sales growth that you are targeting for 2025 and I have a follow-up?

嗨，大家下午好。我有一個問題，您能否提醒我們 - 您假設的基本品類增長是什麼，相當於您設定的 2025 年有機銷售增長 3% 到 5% 的目標，我有後續行動？

Sure, Javier. We had said that it was low single digits, so we said 0% to 1%, and we were within that range for Q1.

當然，哈維爾。我們說過這是低個位數，所以我們說 0% 到 1%，第一季我們就在這個範圍內。

If you -- we both use CanaData. And you see that there was a spike, at least it seems as if in October and it coincided with with the hurricanes down in the Southeast. So when you mentioned that your quarter was above expectations and it was strong, if there is any possibility that basically at the time that you merchandise very strongly, and at a time you have the serge of impulse purchases because of the storm and somehow the promotional lift was stronger than otherwise would have been, is that a possibility or not necessarily a factor?

如果您—我們都使用 CanaData。你會看到，有一個峰值，至少看起來是在十月份，而且它與東南部的颶風同時發生。因此，當您提到您的季度超出預期並且強勁時，是否有可能基本上在您的商品非常強勁的時候，並且由於風暴和促銷活動而出現衝動購買的時候升力比其他情況下更強，這是一種可能性還是不一定是因素？

We're not seeing that as a factor, Javier. We have pretty good analytics given hurricanes unfortunately happen pretty often nowadays in the US. And so we don't see the hurricane having any meaningful impact in the course of time.

哈維爾，我們不認為這是一個因素。不幸的是，如今美國經常發生颶風，因此我們有很好的分析。因此，隨著時間的推移，我們認為颶風不會產生任何有意義的影響。

It can. It splits a quarter, but if we don't see that at this point, we don't see significant pantry loading, and we don't see any impact as we think about the Q1 versus Q2 dynamic. What I would note is I would also be very careful looking at short time periods, looking at anything in October, we have merchandising. There's different timing shifts.

可以。它分裂了四分之一，但如果我們此時沒有看到這一點，我們就不會看到顯著的食品儲藏室負載，並且當我們考慮第一季度與第二季度的動態時，我們不會看到任何影響。我要指出的是，我也會非常仔細地觀察短期，觀察十月份的任何事情，我們有商品推銷。有不同的時間變化。

There's different lapse. And so we try to take a little bit of a longer view but we still feel very comfortable that the 0% to 1% range is right for the year. Again, though, we'll watch the consumer. We'll watch the pricing dynamic in the US to see if there's any adjustments we need to make or if there's any changes there. But for now, we still see 0% to 1% is the right range.

有不同的失誤。因此，我們嘗試著眼長遠，但我們仍然對 0% 到 1% 的範圍適合今年感到非常滿意。不過，我們將再次關註消費者。我們將關注美國的定價動態，看看是否需要進行任何調整或是否有任何變化。但目前，我們仍然認為 0% 到 1% 是正確的範圍。

So by a high level then, Linda, you basically said that again, the business is strong above expectations. So if it is not that externality, could you tell me kind of like the one or two things that you believe pan out better than you expected?

那麼，琳達，從高水準上來說，你基本上又說了一遍，業務的強勁程度超出了預期。那麼，如果不是那種外部性，你能告訴我你認為比你預期的更好的一兩件事嗎？

Yeah. If you look at just overall, our portfolio, health and wellness came in stronger. And that was we saw very strong share growth in our home care and laundry business. We actually picked up significant share in our bleach business. PPD came in very strong, as you saw. And we talked about -- we think there's real tailwinds to that business. So what I would talk about is the strong demand plans that we have in place, the advertising and trade promotion is working very well.

是的。如果你從整體來看，我們的投資組合、健康和保健都表現得更強。我們看到家庭護理和洗衣業務的份額增長非常強勁。實際上，我們在漂白劑業務中獲得了很大的份額。正如您所看到的，PPD 表現非常強勁。我們談到了——我們認為該業務確實有順風車。因此，我要談論的是我們制定的強勁需求計劃，廣告和貿易促銷運作良好。

Consumers are coming back to our brands because we're offering them superior value. It's really good execution of the fundamentals and that's what's delivering the strength. And then, of course, PPD was a bit of a surprise, some of it, great. And overall, we see PPD performing better, but some of it was a shift between Q1 and Q2.

消費者回歸我們的品牌是因為我們為他們提供了卓越的價值。這確實是對基本面的良好執行，這就是提供力量的原因。然後，當然，PPD 有點令人驚訝，其中一些，很棒。總體而言，我們看到 PPD 表現更好，但其中一些是第一季和第二季之間的轉變。

Steve Powers, Deutsche Bank.

史蒂夫鮑爾斯，德意志銀行。

Thank you very much. Two questions, one for each of you, if I could. The first one, Linda, just perspective, as you think about the progress you're seeing in market, just a perspective on the household penetration metric that you guys track, how that's progressing, how you think it plays out over the balance of the year.

非常感謝。如果可以的話，有兩個問題，每個人問一個。第一個，琳達，只是一個觀點，當你思考你在市場上看到的進展時，只是對你們跟踪的家庭滲透率指標的觀點，它是如何進展的，你認為它在平衡方面如何發揮作用年。

And then perhaps related, Kevin, for you, is the 3% to 5% growth that you referenced round about in the second half. I guess, can you talk a little bit about how you think that compares to consumption -- is it in line? Or do you think that you'll be continuing to gain points of distribution or ship ahead of SAP with any materiality as you exit the year?

凱文，對您來說，也許相關的是您在下半年提到的 3% 到 5% 的增長。我想，可以談談你對消費的看法嗎──這符合嗎？或者，您是否認為在今年結束時，您將繼續獲得分銷點或領先 SAP 的出貨量？

Just trying to frame that 3% to 5% relative to what your expectations are on consumption?

只是想根據您對消費的預期來確定 3% 到 5% 的比例嗎？

Sure, Steve. Starting with postal penetration, that is something that we monitor closely. And obviously, it's a metric that we look at over the long term to say or the health of our businesses on track? Are we bringing new consumers in and are we retaining them. We certainly expected a trade-off when we took four rounds of pricing in household penetration, and we saw that, but it wasn't unique to us. It was true for our categories.

當然，史蒂夫。從郵政滲透率開始，我們密切監控這一點。顯然，這是我們長期關注的指標，或者說我們業務的健康狀況是否步入正軌？我們是否引進了新消費者並留住了他們？當我們對家庭滲透率進行四輪定價時，我們當然期望進行權衡，我們看到了這一點，但這並不是我們獨有的。對於我們的類別來說確實如此。

We had consumers change behavior as they reacted to pricing. But the good news is as we expected, we're starting to see that trend reverse, and that's showing up in the volume-based growth that we're experiencing right now.

我們讓消費者隨著對定價的反應而改變行為。但好消息是，正如我們所預期的那樣，我們開始看到這種趨勢發生逆轉，這體現在我們目前正在經歷的基於數量的成長中。

And we would expect, over time, as we bring consumers new innovation, as we continue to invest strongly in advertising and sales promotion, that will bring those consumers back in and household penetration will begin to grow again. And that's what we're focused on. But we would expect to be at about this point.

我們預計，隨著時間的推移，隨著我們為消費者帶來新的創新，隨著我們繼續大力投資廣告和促銷，這將使這些消費者重新回歸，家庭滲透率將開始再次成長。這就是我們關注的重點。但我們預計大約會達到這個時間點。

Then you throw in the noise of a cyber disruption where we were out of stock for a period of time, and that put some noise in the data as well. But I would say the fact that it has turned, and we reversed that trend is the right place to be and we're focused on growing it from here and doing all the things that we know how to do with a focus on if we have superior value experiences for people, that's how we grow household penetration.

然後，你會加入網路中斷的噪音，導致我們在一段時間內缺貨，這也會在數據中帶來一些噪音。但我想說的是，事實已經發生了轉變，我們扭轉了這種趨勢，這是正確的地方，我們專注於從這裡發展它，並做我們知道如何做的所有事情，如果我們有的話為人們提供卓越的價值體驗，這就是我們提高家庭滲透率的方式。

We want to grow categories, and we want to grow share within those categories. So I'd say on track, but more work to do. And I think that's what we're all focused on from a category perspective.

我們希望擴大品類，並增加這些品類中的份額。所以我想說，已經步入正軌，但還有更多工作要做。我認為從品類角度來看，這就是我們所關注的重點。

During a time when the consumer is seeking value, we're focusing more on things like trade promotion and other things than we would normally do. But we're also ensuring that we're doing the good long-term things that bring consumers into categories and retain them.

在消費者尋求價值的時期，我們比平常更關注貿易促銷和其他事情。但我們也確保我們正在做一些長期的好事，將消費者納入類別並留住他們。

And then, Steve, on the back half, that 3% to 5% are kind of growing in line with our algorithm, we believe that's in line with consumption. We're not assuming we're shipping above consumption we have not built in any impacts for SAP. I think you mentioned that. So that's as Linda said, we'll come back in February and make any adjustments we think are appropriate as it relates to the impact of SAP.

然後，史蒂夫，在後半部分，3% 到 5% 的增長與我們的演算法一致，我們相信這與消費一致。我們並沒有假設我們的運輸量超過了我們尚未對 SAP 產生任何影響的消耗量。我想你有提到這一點。正如 Linda 所說，我們將在 2 月回來並做出​​我們認為適當的任何調整，因為這與 SAP 的影響有關。

So this really just relates to all the building blocks we talked about, modest category growth in the US, good strong performance in that portion of our portfolio outside the US, Clorox professional, international as well as the benefits of the divestitures of the two businesses. Those are really the building blocks and that really the expectations. It's in line with consumption.

因此，這實際上只與我們討論的所有組成部分有關，美國的溫和類別增長，我們在美國以外的投資組合部分的良好強勁表現，高樂氏專業、國際以及兩項業務剝離的好處。這些確實是建構模組，也是真正的期望。很符合消費。

Kevin Grundy, BNP Paribas.

凱文·格倫迪，法國巴黎銀行。

Hey, good afternoon. Sorry, before my line dropped off. I will be quick because we covered a ton of ground. There's an election next week and just in the way of housekeeping.

嘿，下午好。抱歉，在我的線路斷線之前。我會很快，因為我​​們覆蓋了很多地方。下週將舉行選舉，這只是家務事。

Kevin, can you just remind us what portion of the business, this is sort of a broader question would potentially be at risk if there were sort of broader tariffs that came back into play. So maybe just a question around sourcing outside of the US would be helpful.

凱文，您能否提醒我們，如果更廣泛的關稅重新發揮作用，那麼業務的哪一部分可能會面臨風險，這是一個更廣泛的問題。因此，也許僅詢問有關在美國境外採購的問題就會有所幫助。

Yes, Kevin. What I can tell you, and I won't go in too many specifics here, but we've done quite a bit of work if you obviously remember all the supply chain disruptions we had a number of years ago. As a result of that, and I think we -- not just Clorox, but many companies realize we were more vulnerable than we anticipated. We've been doing quite a bit of work to, I'd say, nearshore and onshore production to move it much closer to our consumer.

是的，凱文。我可以告訴你的是，我不會在這裡透露太多細節，但如果你顯然還記得我們幾年前發生的所有供應鏈中斷，我們已經做了相當多的工作。因此，我認為我們——不僅僅是高樂氏，還有許多公司都意識到我們比我們預期的更脆弱。我想說，我們在近岸和陸上生產方面做了相當多的工作，以使其更接近我們的消費者。

And so over the last number of years, you may know we've expanded Life's capacity in the US We've stood up contract manufacturers in Europe and Asia for businesses in those markets. And so we've done quite a bit of work to reduce our risk of these long supply chains. I think that certainly benefits us. And as you know, we have a broad network of suppliers. And so I won't go in too many specifics, but certainly something we're aware of, something our team has been very focused on to make sure that we've got access to product and we can manage effectively. And so we don't see this happening any major disruptions on the business at this point.

因此，在過去的幾年裡，您可能知道我們已經擴大了 Life 在美國的產能。因此，我們做了很多工作來降低這些長供應鏈的風險。我認為這肯定對我們有利。如您所知，我們擁有廣泛的供應商網路。因此，我不會透露太多細節，但肯定是我們知道的事情，我們的團隊一直非常關注的事情，以確保我們能夠訪問產品並且能夠有效管理。因此，我們目前認為這種情況不會對業務造成任何重大干擾。

And I think we all have to wait and see exactly how this plays out. There's a lot of discussions going on. But I don't want to get ahead of ourselves and start speculating on what may play out. I want to see how this actually turns in any types of legislation.

我認為我們都必須等待，看看事情到底會如何發展。目前正在進行很多討論。但我不想超前並開始猜測可能會發生什麼。我想看看這實際上如何轉化為任何類型的立法。

And so right now, that is something we're looking at and we're very focused on making sure we're prepared for any eventualities. But beyond that, it's nothing that we've baked in specifically into this outlook.

所以現在，這是我們正在考慮的事情，我們非常專注於確保我們為任何可能發生的情況做好準備。但除此之外，我們並沒有特別納入這前景。

Totally fair. Just to box it in maybe a little bit more understanding we're in a realm of a lot of I'm going to ask you an uncertain question on top of an uncertain outcome. But what portion of the company's cost of goods are currently sourced from outside the US? Let me ask it that way.

完全公平。只是為了讓大家更了解我們所處的領域，我將在不確定的結果之外問您一個不確定的問題。但目前公司的商品成本中有多少是從美國境外採購的呢？讓我這樣問吧。

We don't break that out to you. So Kevin, that's not something we provided probably. We have a broad network of suppliers all over the world, but we don't break down how much comes from outside the US versus inside the US.

我們不會向你透露這一點。所以凱文，這可能不是我們提供的。我們在世界各地擁有廣泛的供應商網絡，但我們沒有詳細說明有多少來自美國境外和美國境內。

Okay, very good. All right. Thank you. Congrats on the quarter.

好的，非常好。好的。謝謝。恭喜本季。

This concludes the question-and-answer session. Ms. Rendle, I will now turn the conference back to you.

問答環節到此結束。倫德爾女士，我現在將會議轉回給您。

Thanks, Jim. As we close today's call, I want to stress three areas. First, we have made strong progress against our commitments. Second, our brands are strong, and we continue to invest in them to deliver superior experiences for consumers. And finally, our team is taking the right steps to accelerate growth and transform for the future.

謝謝，吉姆。在我們今天的電話會議結束時，我想強調三個面向。首先，我們在兌現承諾方面取得了巨大進展。其次，我們的品牌實力雄厚，我們將繼續對其進行投資，為消費者提供卓越的體驗。最後，我們的團隊正在採取正確的步驟來加速成長和麵向未來的轉型。

We're building a stronger company poised to deliver more consistent, profitable growth and enhance long-term shareholder value. Thank you for your time and for your questions. We look forward to updating you on our continued progress in February.

我們正在建立一家更強大的公司，準備實現更持續、更有利可圖的成長並提高長期股東價值。感謝您抽出時間並提出問題。我們期待向您通報我們二月的持續進展。

And this concludes today's conference call. Thank you for attending.

今天的電話會議到此結束。感謝您的出席。