高樂氏 (CLX) 2025 Q4 法說會逐字稿

Good day, ladies and gentlemen, and welcome to The Clorox Company fourth-quarter fiscal-year 2025 earnings release conference call. (Operator Instructions) As a reminder, this call is being recorded.

女士們、先生們，大家好，歡迎參加高樂氏公司 2025 財年第四季財報發布電話會議。（操作員指示）提醒一下，此通話正在被錄音。

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，高樂氏公司投資者關係副總裁麗莎·伯漢女士。伯漢女士，您可以開始您的會議了。

Thank you, Jen. Good afternoon, everyone, and thank you for joining us. On the call with me today are Linda Rendle, our Chair and CEO; and Luc Bellet, our CFO. Please note also that our earnings release and prepared remarks are available on our website at thecloroxcompany.com. In just a moment, Linda will share a few opening comments and then we'll take your questions.

謝謝你，Jen。大家下午好，感謝大家的參與。今天與我一起通話的有我們的董事長兼執行長 Linda Rendle 和我們的財務長 Luc Bellet。另請注意，我們的財報和準備好的發言稿可在我們的網站 thecloroxcompany.com 上查閱。琳達稍後會發表一些開場發言，然後我們會回答大家的提問。

During this call, we may make forward-looking statements, including about our fiscal-year 2026 outlook. These statements are based on management's current expectations but may differ from actual results or outcomes. In addition, we may refer to certain non-GAAP financial measures. Please refer to the forward-looking statements section, which identify various factors that could affect such forward-looking statements, which has been filed with the SEC.

在本次電話會議中，我們可能會做出前瞻性陳述，包括有關 2026 財年的展望。這些聲明是基於管理層目前的預期，但可能與實際結果或成果有所不同。此外，我們可能會參考某些非公認會計準則財務指標。請參閱前瞻性聲明部分，其中列出了可能影響此類前瞻性聲明的各種因素，該部分已提交給美國證券交易委員會 (SEC)。

In addition, please refer to the non-GAAP financial information section in 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.

此外，請參閱我們收益報告中的非 GAAP 財務資訊部分以及我們網站投資者關係部分中的補充財務時間表，以了解非 GAAP 財務指標與最直接可比較的 GAAP 指標的對帳。

Now I'll turn it over to Linda.

現在我將把話題交給琳達。

Thank you for joining us today. Our Q4 and fiscal-year 2025 performance was met, with weaker-than-expected top line growth, balanced by strong margin and earnings performance for the year. In the front half of the year, our fundamentals on consumer category and tariffs played out largely in line with our expectations. In the back half, our category slowed when macroeconomic uncertainties picked up. While this largely stabilized in Q4, it has not yet normalized.

感謝您今天加入我們。我們的第四季和 2025 財年的業績均達標，儘管營收成長低於預期，但全年利潤率和獲利表現強勁。上半年，我們的消費類別和關稅基本面基本上符合我們的預期。下半年，隨著宏觀經濟不確定性的加劇，我們的類別成長放緩。儘管第四季基本穩定，但尚未正常化。

To put the quarter in context, we executed many of the elements with [opulence] as we shipped higher than expected incremental orders to temporarily build retailer inventories in support of our ERP launch in the US And as a reminder, our new ERP is a critical part of a digital -- a strong digital foundation that enables us to better leverage data and insight to drive revenue and efficiencies. We also delivered strong gross margin and earnings in the quarter.

就本季而言，我們執行了許多具有[富裕]元素的措施，因為我們發送了高於預期的增量訂單，以臨時建立零售商庫存，支持我們在美國推出 ERP。提醒一下，我們的新 ERP 是數位化的重要組成部分——強大的數位基礎使我們能夠更好地利用數據和洞察力來提高收入和效率。本季我們也實現了強勁的毛利率和收益。

At the same time, when consumers are stressed, the bar goes up and we didn't deliver on all elements of our plans for value superiority on some of our businesses this quarter. We also lapped abnormally high demand creation activities from last Q4, as we continue to rebound shares following supply restoration from our August 2023 cyber attack. This led to lower-than-expected sales for the quarter when we exclude the ERP retail inventory build.

同時，當消費者感到壓力時，標準就會提高，而本季我們未能實現部分業務價值優勢計畫的所有要素。我們也克服了去年第四季異常高的需求創造活動，因為我們在 2023 年 8 月遭受網路攻擊後供應恢復，股價繼續反彈。當我們排除 ERP 零售庫存建設時，這導致本季的銷售額低於預期。

Looking ahead, we are clearsighted on what we need to do to win in the marketplace and deliver clearly superior experiences and value to our consumers in this environment. We see opportunity ahead as consumers continue to seek better experiences and we will lean into this with our innovation pipeline in the back half of the year.

展望未來，我們清楚知道我們需要做什麼才能在市場上取勝，並在這種環境下為我們的消費者提供卓越的體驗和價值。隨著消費者不斷尋求更好的體驗，我們看到了未來的機遇，我們將在今年下半年利用我們的創新管道來抓住這一機會。

Importantly, we're excited to advance our transformation and begin to fully unlock the new modernized capabilities we built. While we have more work to do, I'm confident we have the right plans, capabilities, and investment levels, not only to win with consumers, but also to deliver strong financial performance in fiscal year 2026 and beyond.

重要的是，我們很高興推進我們的轉型並開始全面釋放我們所建構的新的現代化能力。雖然我們還有很多工作要做，但我相信我們擁有正確的計劃、能力和投資水平，不僅可以贏得消費者的青睞，而且還可以在 2026 財年及以後實現強勁的財務業績。

With that, Luc and I will now take your questions.

現在，Luc 和我將回答大家的提問。

Thank you, Ms. Rendle. (Operator Instructions)

謝謝你，倫德爾女士。（操作員指示）

Peter Grom, UBS.

瑞銀的 Peter Grom。

Thanks, operator, and good afternoon, everyone. I guess just to start, I wanted to ask on the sales performance in the quarter. Obviously, we can see in the data and from your peers, category trends have been underwhelming. But if you back out the ERP benefit that you called out, the organic performance is a bit weaker than what we can see in the data and kind of a bit below what you -- was contemplated in the guidance a few months back.

謝謝接線員，大家下午好。我想先詢問一下本季的銷售業績。顯然，我們可以從數據和同行中看到，類別趨勢一直令人失望。但是，如果你放棄你所說的 ERP 優勢，那麼有機表現會比我們在數據中看到的要弱一些，並且比你幾個月前在指導中所考慮的要低一些。

So can you maybe just help us understand the gap between the implied performance and kind of the consumption data that we can see. And I understand having near-term visibility is difficult given all the many moving pieces, but just how did it all play out versus your expectations? Thanks.

那麼，您能否幫助我們了解隱含的效能和我們所能看到的消費數據之間的差距。我知道，考慮到許多變動因素，要獲得近期的可預見性非常困難，但與您的預期相比，這一切進展如何？謝謝。

Hi, Peter, this is Luc. Why don't I just give you the breakdown from our sales performance and the way to consumption. And then I think in that one is just offer a perspective on the consumption performance.

你好，彼得，我是路克。為什麼不直接給你看看我們的銷售業績和消費方式的細目呢？然後我認為這只是提供了一個關於消費表現的視角。

So if you look at our organic sales growth was about 8%. And if you back out the 13% to 14% related to the inventory retailer -- inventory build at the retailers, you get -- you call it about negative 5%. And remember, at our last earnings, we had estimated that excluding the impact of the ERP, we were expecting to be maybe negative 3%. So that's lower than we expected.

如果你看一下，我們的有機銷售額成長率約為 8%。如果你撤回與庫存零售商相關的 13% 到 14%（零售商的庫存建設），你就會得到 - 大約為負 5%。請記住，在我們上次獲利時，我們估計，排除 ERP 的影響，我們預計獲利可能會為負 3%。所以比我們預期的要低。

That's also lower than the consumption, which was about negative 3%, but the gap is the inventory destocking that we had mentioned in our last earnings. So really negative 3% consumption is lower. We would have expected to be in line with the category, which was slightly negative. And the difference is really a lower share performance than anticipated.

這也低於消費量（約為負 3%），但差距是我們在上次收益中提到的庫存去庫存。因此實際上負 3% 的消費是較低的。我們原本預期會與該類別一致，但結果略顯負面。而差異其實是股價表現低於預期。

And Peter, maybe I'll take on what we experienced and share and where we missed versus our expectation. And maybe it would be helpful just to take a step back and put the quarter in an overall context and then talk about what -- where we have confidence moving forward.

彼得，也許我會分享我們所經歷的事情以及我們與預期之間的差距。也許我們最好退一步，將本季放在整體背景下進行，然後再討論一下我們對未來發展的信心。

This was a pretty dynamic quarter and we knew it was going to be. We are lapping a quarter from last year that had very high spending and had high merchandising and that was due to many of the activities we put in the marketplace to recover from the cyber attack we had experienced the year before. So we knew we were lapping that, and we had made a lot of decisions to adjust spending and adjust our merchandising plans.

這是一個相當活躍的季度，我們知道將會如此。我們的季度業績比去年同期有所回升，去年的支出和商品銷售量都非常高，這是因為我們在市場上開展了許多活動，以從前一年遭受的網路攻擊中恢復過來。所以我們知道我們正在實現這一目標，我們已經做出了很多決定來調整支出和調整我們的商品銷售計劃。

At the same time, we saw a very, very dynamic consumer environment as consumers were trading off, trading into smaller sizes, moving to different retailers. And then, of course, we were preparing for our ERP transition. So a lot going on. And just quite frankly, in a few businesses, it didn't go as we had expected to. Some of those elements we didn't execute as well as we could have. And things were more than expected.

同時，我們看到了非常非常活躍的消費環境，消費者不斷更換尺寸，購買更小的商品，轉向不同的零售商。然後，當然，我們正在為 ERP 轉型做準備。發生了很多事。坦白說，在一些業務方面，情況並沒有像我們預期的那樣發展。其中一些要素我們沒有得到很好的執行。而事情超出了預期。

On the flip side, there were some businesses that were exactly as we expected, cleaning is a great example of that, where we continue to grow share. Innovation plans worked extremely well. The changes we made to merchandising played out. And so that's really the delta between where we thought we were going to be in Q4 and where we landed.

另一方面，有些業務正如我們預期的那樣，清潔就是一個很好的例子，我們的市場份額持續成長。創新計劃非常有效。我們對商品銷售所做的改變已經顯現出來。這實際上是我們預期的第四季業績和實際業績之間的差距。

We never like that, but we see clear opportunities to improve moving forward and our plans for '26 contemplate that and really begin to ramp up in the back half, and we feel good about that. And obviously, we'll make progress over the next couple of quarters on that. But this really just comes down to a very, very dynamic quarter, and we didn't get it all right, but we're clear sighted on where we didn't and what we need to do moving forward.

我們從不喜歡這樣，但我們看到了明顯的進步機會，我們 26 年的計劃也考慮到了這一點，並在下半年真正開始加速，我們對此感到滿意。顯然，我們將在接下來的幾個季度內取得進展。但這實際上是一個非常非常活躍的季度，我們並沒有把所有事情都做好，但我們清楚地知道我們沒有做到什麼，以及我們未來需要做什麼。

The other thing I'll note is really importantly for us, we look at our brands to say, was this a brand issue or was this an execution issue? And our brands continue to be incredibly healthy with consumers. We grew household penetration in fiscal year '25 and although we lost share in Q4, we grew share for the year and we came off of a quarter in Q3 where we maintained share. And if you look at our consumer value metric, that remains at a high point in fiscal year '25.

我要指出的另一件事對我們來說非常重要，我們會審視我們的品牌，看看這是品牌問題還是執行問題？我們的品牌繼續受到消費者的熱烈追捧。我們在 25 財年提高了家庭普及率，儘管我們在第四季度失去了份額，但我們全年的份額都有所增長，並且在第三季度保持了份額不變。如果你看一下我們的消費者價值指標，你會發現它在 25 財年仍然處於高點。

So we know it's not our brands. They still resonate with consumers and have every right to perform and we're going to make sure that that execution comes through for fiscal year '26.

所以我們知道這不是我們的品牌。它們仍然能引起消費者的共鳴，並且有充分的權利去履行這些義務，我們將確保在 26 財年實現這些義務。

Thank you for that. And I guess maybe just to that point, you just mentioned kind of the sequential improvement, it was mentioned in the prepared remarks that consumption trends would remain sluggish but improve in the second half. Can you just unpack that a bit and kind of what drives the confidence that trends are going to improve? Is that a category-based assumption? Or is that a reflection of some of the actions you're taking to drive improved share performance?

謝謝你。我想也許就這一點而言，您剛才提到了連續的改善，在準備好的評論中提到，消費趨勢將保持低迷，但下半年會有所改善。您能否稍微解釋一下這個問題，是什麼推動了人們對趨勢將會改善的信心？這是一個基於類別的假設嗎？或者這反映了您為提高股價表現而採取的一些行動？

Yes, Peter, it's both. But let me focus on what we control and kind of walk you through it. What we're really seeing in the front half of the year is continued sluggish categories, and we've adjusted our plans, which will take impact -- effect over time to address what we're seeing in consumer behavior.

是的，彼得，兩者都有。但讓我集中討論一下我們能控制什麼，並引導您完成它。我們在今年上半年真正看到的是持續低迷的品類，我們已經調整了計劃，這將隨著時間的推移產生影響，以解決我們在消費者行為中看到的問題。

So as they're going after larger sizes. We've adjusted our plan to deal with that. And you're going to see those types of activities ramp up through the front half of the year, but really take hold firmly in the back half. And then the other thing that I would mention, we have a very strong innovation plan in the back half of the year.

所以他們追求的是更大的尺寸。我們已經調整了計劃來解決這個問題。你會看到這些類型的活動在上半年逐漸增多，但在下半年才真正穩固起來。然後我想提到的另一件事是，我們在今年下半年有一個非常強大的創新計畫。

As you might recall, we talked about in fiscal year '25 that we would be building on current platforms, innovation platforms that we had. And then beginning in '26, we would be launching new platforms. And that really was a result of the cyber attack we experienced. We decided to double down on what we had versus launching new, but now we're at that point, we'll be launching new innovation in the back half, which we're excited about. And that will support not only category growth, which we care first and foremost about but also we believe market share improvements.

您可能還記得，我們在 25 財年曾談到，我們將在現有平台、創新平台上進行建置。從 26 年開始，我們將推出新的平台。這確實是我們遭受網路攻擊的結果。我們決定加倍投入現有資源而不是推出新產品，但現在我們已經到了這一步，我們將在後半段推出新的創新，對此我們感到很興奮。這不僅將支持我們最關心的類別成長，而且我們相信也將支持市場份額的提高。

So looking at the category lens, I would say it still remains uncertain. Consumers are definitely still under stress. We continue to expect our categories to perform below what they normally do. And we'll see how that progresses throughout the year. But I can't tell you what certainty what the categories will look like, but what's under our control will sequentially improve throughout the year.

因此，從類別角度來看，我認為它仍然不確定。消費者肯定仍處於壓力之下。我們仍然預計我們的類別的表現將低於正常水平。我們將觀察全年的進展。但我無法確定地告訴你這些類別會是什麼樣子，但我們所能控制的情況將在全年逐步改善。

Got it. Thanks so much. I'll pass it on.

知道了。非常感謝。我會傳達的。

Thanks, Peter.

謝謝，彼得。

Andrea Teixeira, JPMorgan.

摩根大通的安德里亞特謝拉 (Andrea Teixeira)。

Thank you, operator. I wanted, Linda and Luc, just to go through the NAV of getting back to the levels as you did the ERP and then the pull forward, then the impact -- the negative impact seems a little more outside it, actually not a little probably more upsized than the benefit. I just want to go through the math or like any other peer in the industry having the same impact on destocking. So in other words, the destocking that is happening as we see channel shift into e-commerce that is even exacerbating that impact. Is that an additional destocking on top of the destocking from the ERP?

謝謝您，接線生。琳達和盧克，我希望透過淨值回到你們實施 ERP 時的水平，然後向前拉，然後是影響——負面影響似乎有點超出範圍，實際上可能比收益更大。我只是想透過數學計算，或者像業內其他同行一樣對去庫存產生同樣的影響。換句話說，隨著通路轉向電子商務，去庫存現象正在發生，這甚至加劇了這種影響。這是在 ERP 去庫存基礎上的額外去庫存嗎？

Got it. Why don't I hit two things? Let me address your more just industry destocking question, then I'll get into the ERP. And I'll pass it to Luc to walk you through how to think about Q4 as it relates to the ERP from a performance perspective. And then how to think about '26 coming out of that and what will happen in numbers because we acknowledge there is a lot of noise right now going on in that. And we'll try to provide as much clarity as we possibly can.

知道了。我為什麼不打兩樣東西？讓我先回答一下您更公正的行業去庫存問題，然後我再討論 ERP。我會把它交給 Luc，讓他從表現角度向您介紹如何思考 Q4 與 ERP 的關係。然後如何看待 26 年的到來以及數字上會發生什麼，因為我們承認現在有很多噪音。我們將盡力提供盡可能清晰的說明。

So first on destocking, as we talked about at the end of Q3, we did expect some destocking to continue in Q4 and largely what we saw was in line with our expectations. We saw a bit more in a couple of our businesses. We don't look at that as a structural issue. We look at that as more retailers continuing to do what we do, which is get better at inventory management. We're not experiencing out of stocks.

首先關於去庫存，正如我們在第三季末談到的那樣，我們確實預計第四季度將繼續進行一些去庫存行動，而且我們看到的情況基本上符合我們的預期。我們在幾項業務中看到了更多。我們不認為這是一個結構性問題。我們看到越來越多的零售商繼續做我們所做的事情，即改善庫存管理。我們並沒有出現缺貨的情況。

We do not have any material retailer destocking outside of the ERP, which we'll talk about, which is a different thing in our plans for fiscal year '26, but we continue to watch it very, very closely. And that wasn't the big story for Q4 and as we think about fiscal year '26.

除了 ERP 之外，我們沒有任何材料零售商去庫存，我們稍後會討論，這是我們 26 財年計劃中的另一件事，但我們會繼續密切關注它。這並不是第四季以及 26 財年的重大新聞。

With that, let's turn to the ERP, and I'll do some framing and then again hand it to Luc. First of all, we're on track to complete the implementation of our ERP this year in the US, which is terrific. And I think it's helpful to remind everybody that the ERP happened at the beginning of July and it happens in phases that the year, but the big portion really went live at the beginning of July, and we are now in a stabilization phase. So I wouldn't say we're done, but we're still in the ramp-up phase.

有了它，讓我們轉向 ERP，我會做一些框架，然後再把它交給 Luc。首先，我們預計今年在美國完成 ERP 的實施，這太棒了。我認為有必要提醒大家，ERP 是在 7 月初上線的，並且是分階段進行的，但大部分實際上是在 7 月初上線的，我們現在正處於穩定階段。所以我不會說我們已經完成了，但我們仍處於上升階段。

And to put the size of this ERP transition in context, which will connect the data that Luc will share on the actual numbers, this was not an upgrade of an ERP. This was a complete greenfield implementation of an ERP in the US. And that's because our current ERP, our former ERP now, was 25 years old. So we really needed to start from scratch. And that means this was incredibly complex, and it took years of planning.

並將這次 ERP 轉型的規模放在背景中，這將與 Luc 分享的實際數字連結起來，這並不是 ERP 的升級。這是在美國進行的 ERP 的完全綠地實施。這是因為我們目前的 ERP，也就是我們以前的 ERP，已經有 25 年的歷史了。所以我們確實需要從頭開始。這意味著這件事極為複雜，需要多年的規劃。

And of course, these types of implementations come with exceptionally high complexity. And as you think about what we just executed over the last, call it eight weeks, we had to build our own prebuilds ensure that retailers have the right amount of inventory for when we shut our system down because there's a period of time you can't take orders and then you have to bring the system back on.

當然，這些類型的實現具有極高的複雜性。想想我們在過去八週內所做的事情，我們必須建立自己的預建，以確保零售商在我們關閉系統時擁有適量的庫存，因為有一段時間你無法接受訂單，然後你必須重新啟動系統。

You have the nervousness of when you turn the system on and turn it off and turn it back on and then, of course, beginning to ramp up those processes. And the good news is, most of that went exceptionally well. We experienced the normal bumpiness as we're in the ramp-up phase. And the good news is retailers have been terrific partnering with us so that as we encounter issues, we're able to solve them quickly and move on. But we are still in the middle of that ramp-up phase here and will be for the next few weeks, and then we'll finish the implementation for the rest of the year.

當你打開、關閉系統並重新打開時，你會感到緊張，然後，當然，開始加速這些過程。好消息是，大部分工作進展非常順利。在上升階段，我們經歷了正常的坎坷。好消息是，零售商一直與我們保持良好的合作關係，因此，當我們遇到問題時，我們能夠迅速解決並繼續前進。但我們仍處於這一加速階段，並將在接下來的幾週內完成實施，並在今年剩餘時間內完成。

So as I hand it to Luc, just the takeaway is there is a lot of noise between fiscal year '25 and '26 because of the size of this implementation and we have to make sure that we have the right inventories at the right places to ensure that this went smoothly. And that's why I think you're seeing more than what you might for other companies are much bigger prebuild. And then, of course, we have to deal with that in the year. And again, it is just noise between years and nothing structural.

因此，當我把它交給 Luc 時，需要注意的是，由於實施規模較大，25 財年和 26 財年之間會出現很多噪音，我們必須確保在正確的地方有正確的庫存，以確保一切順利進行。這就是為什麼我認為你看到的比其他公司看到的預建規模大得多。當然，我們必須在今年解決這個問題。再說一遍，這只是多年來的噪音，沒有任何結構性。

But I'll hand it over to Luc to walk -- to walk through the different time lines.

但我會把它交給 Luc 來走一遍——走過不同的時間線。

Yes. Thanks, Linda. Let me offer a couple of comments on what happened in Q4 because it was a little different than our expectations. And once I do that, just let me walk you through the impact of the early shipments to the outlook.

是的。謝謝，琳達。讓我對第四季度發生的事情發表幾點評論，因為它與我們的預期略有不同。一旦我這樣做了，我將向您介紹早期發貨對前景的影響。

So the retailer inventory build ended up being much higher than we anticipated. If you remember, we had anticipated that the retailers would order between 1 and 1.5 weeks of inventory, and that was equivalent to about 2 to 3 points of annual growth. Now it is shown discussion with retail partners in the spring, they all indicated about 1.5 weeks. And based on the learnings from the pilot we did in Canada, also based on some benchmarking we have done versus prior implementation, we expected actual orders to be a little lower than a commitment.

因此零售商的庫存增加最終比我們預期的要高得多。如果你還記得的話，我們曾預期零售商將訂購 1 至 1.5 週的庫存，這相當於每年增長約 2 至 3 個百分點。現在顯示春季與零售合作夥伴的討論，他們都表示大約需要 1.5 週。根據我們在加拿大進行的試點的經驗，以及我們對先前實施情況進行的一些基準測試，我們預計實際訂單將略低於承諾訂單。

Well, most of the end is not ordering more, not less than their commitment. In fact, actually, many retailers order the maximum allowed. I think it speaks volume of the past experience with those types of transitions and the risk involved for those transitions. So we ended up shipping about two weeks of inventory, which is equivalent to 3.5% to 4%.

那麼，大多數的最終訂購量都不會超過他們的承諾，也不會少於他們的承諾。事實上，實際上許多零售商都訂購了允許的最大數量。我認為這充分說明了過去此類轉變的經驗以及這些轉變所涉及的風險。因此我們最終運送了大約兩週的庫存，相當於 3.5% 到 4%。

Now why do we have a range? We do have a very robust tracking process in place, but as probably there's still an element of triangulations, probably, as many of you know, several of our customers have an algorithm-based ordering system, which makes it challenging to separate all the prebuy orders and regular orders. So we expect that we will have a better perspective and a point estimates sometimes after the inventory drawdown. And we appreciate that this creates even more complexity.

那為什麼我們要有一個範圍呢？我們確實有一個非常強大的追蹤流程，但可能仍然存在三角測量的因素，可能正如你們許多人所知，我們的幾個客戶都有一個基於演算法的訂購系統，這使得分離所有預購訂單和常規訂單變得具有挑戰性。因此，我們預期在庫存減少後，我們會有更好的視角和點估計。我們意識到這會帶來更多的複雜性。

The last thing I mentioned on Q4 is that the gross margin impact was higher than what we had anticipated. We anticipated a fairly minor impact on margin, about 50 basis points for the quarter and about 10 basis points for the year. And there were two drivers. First, we expected the benefits from operating leverage from the higher shipments. And second, we were actually planning to incur incremental expenses like external warehousing as we build -- as we build up our own internal inventory. And so the reason the gross margin impact is higher, about 50 basis points for the full year and 150 basis points for the quarter is twofold.

我最後提到的第四季毛利率影響高於我們的預期。我們預計利潤率受到的影響相當小，本季約為 50 個基點，全年約為 10 個基點。並且有兩名司機。首先，我們預期更高的出貨量將帶來營運槓桿效益。其次，我們實際上計劃在建立自己的內部庫存時產生諸如外部倉儲之類的增量費用。因此，毛利率影響較高的原因有兩個，全年約 50 個基點，本季約為 150 個基點。

One, the higher shipment created higher operating leverage. And second, because we ended up shipping a lot more than we anticipated, we did not build inventory internally. And so we did not incur the expenses that we have planned. So let's just give you a little bit of perspective and kind of bridge the actual impact of the ERP in Q4 relative to the expectation that we had set.

一是出貨量增加創造了更高的經營槓桿。其次，由於我們最終的發貨量遠遠超出了我們的預期，所以我們沒有在內部建立庫存。因此，我們沒有發生計劃中的開支。因此，讓我們為您提供一點視角，並將 ERP 在第四季度的實際影響與我們設定的預期進行比較。

Now looking at the impact of the ERP on the outlook. And again, we appreciate that this is both material and complex. And so maybe what I'll do is, first, let's step back, and let me describe a little bit what happened in the transition because I think that provide the right context to understand what happens from a timing standpoint.

現在來看看 ERP 對前景的影響。我們再次意識到這既重要又複雜。因此，也許我要做的是，首先，讓我們退一步，讓我稍微描述一下過渡期間發生的事情，因為我認為這提供了正確的背景，以便從時間的角度理解發生的事情。

So as we transition in a new system at the beginning of July, essentially, we had a blackout period where for about a week, we were not able to process orders. And after that, just as Linda mentioned, you start processing orders, but you ramp up and you do so progressively.

因此，當我們在 7 月初過渡到新系統時，基本上我們有一個停電期，大約有一周的時間，我們無法處理訂單。之後，正如琳達所提到的，您開始處理訂單，但您會逐步增加處理速度。

So retailers know that they will not be able to receive product for a period of time in July. And as a result, they really essentially ordered about two weeks of July orders in June and temporarily build their inventory for that period of time. So really, when you look at our sales, June sales were higher than what they would have been if they have been no transition and July sales are lower than what they would have been if there were no transitions.

因此零售商知道他們將無法在 7 月的一段時間內收到產品。因此，他們實際上在 6 月訂購了 7 月大約兩週的訂單，並在那段時間臨時建立庫存。所以實際上，當你查看我們的銷售額時，你會發現 6 月份的銷售額高於沒有過渡時的銷售額，而 7 月份的銷售額低於沒有過渡時的銷售額。

And so because those two weeks of inventory are worth about 3.5 to 4 points of annual sales, fiscal year '25 sales are higher by 3.5% to 4% and fiscal year '26 sales are lower by 3.5 to 4 point. And when you look at the P&L, the same thing happened in margin and EPS.

因此，由於這兩週的庫存價值約為年銷售額的 3.5% 到 4%，因此 25 財年的銷售額將增長 3.5% 到 4%，而 26 財年的銷售額將下降 3.5% 到 4%。當你查看損益表時，利潤率和每股盈餘也發生了同樣的事情。

So maybe the last thing I mentioned is that from a phasing standpoint, there's really two quarters in fiscal year '26 where the year-over-year growth is going to be impacted. That the first quarter, as I just mentioned, the absolute dollars in sales are lower because when we think of two weeks of sales and that impact would be about negative 14% to 15%. But then you will also have the fourth quarter because you will be lapping a quarter prior year that add to additional weakens. And so those are like the two quarters that we impacted regulators.

因此，我最後提到的一點是，從分階段的角度來看，26 財年實際上有兩個季度的年增長將受到影響。正如我剛才提到的，第一季的絕對銷售額較低，因為當我們考慮兩週的銷售額時，其影響約為負 14% 至 15%。但你還會有第四季度，因為你將與去年同期的一個季度重疊，這會增加額外的疲軟。這兩個季度我們對監管機構產生了影響。

So how they help frame a little bit the year-over-year impact, which gets pretty material and complex. The main thing to remember is it is transitory. And just when you start looking in aggregate, we're looking at 7 and 8 points of organic sales, 100 basis point of margin and 22% to 25% in of adjusted EPS growth. And when you exclude that, essentially, our outlook assume minus 1% to plus 2% organic growth, gross margin being flat to 50 basis points and adjusted EPS growing 2% to 4%.

那麼它們如何幫助建構同比影響呢？這變得相當重要和複雜。要記住的主要一點是它是暫時的。當你開始從整體來看時，我們看到有機銷售額成長了 7 到 8 個百分點，利潤率成長了 100 個基點，調整後的每股盈餘成長了 22% 到 25%。如果排除這一點，我們的預期基本上是有機成長率為負 1% 至正 2%，毛利率持平至 50 個基點，調整後每股盈餘成長 2% 至 4%。

That's super helpful. I just wanted to figure like the 7% to 8% volume impact is greater than the positive 3% to 4%. That's why in fiscal '25, that's very simplistic to say, but just to feel how the impact is bigger this year, this upcoming fiscal, I guess, what the benefit was in fiscal '25.

這非常有幫助。我只是想弄清楚 7% 到 8% 的銷售影響是否大於正 3% 到 4% 的影響。這就是為什麼在 25 財年，這麼說很簡單，但只是為了感受一下今年、即將到來的財年的影響有多大，我想，25 財年的好處是什麼。

Andrea, I think what it is, is you just have a higher base than '25, and so you have to take that out and then you have the reversal. And that's why it's not double the impact. It's simply the math between years.

安德里亞，我認為，問題在於，你的基數高於 25 年，所以你必須把它拿出來，然後才能逆轉。這就是為什麼它的影響不會加倍。這只是年份之間的數學運算。

That's right.

這是正確的。

Great. I'll pass it on. Thank you very much for both.

偉大的。我會傳達的。非常感謝你們兩位。

Thank you.

謝謝。

Filippo Falorni, Citigroup.

花旗集團的 Filippo Falorni。

Hey. Good afternoon, everyone. So maybe just starting with the top line guidance, the -- excluding the ERP sector impact, the negative one to positive two the -- Luc you just mentioned on an underlying basis. Can you tell us a little bit about what category growth are you assuming within that guidance from an organic sales standpoint?

嘿。大家下午好。因此，也許只是從頂線指導開始，不包括 ERP 部門的影響，從負面到正面的影響，Luc 你剛才提到的基本基礎。您能否從自然銷售的角度告訴我們，在該指導範圍內您假設哪些類別會出現成長？

And then also from a promotional level, we've seen a lot of your categories being very promotional, some from your competitors, some from -- some of your action in -- later. How do you think the promotional environment will play out in fiscal '26? Thank you.

然後從促銷層面來看，我們看到很多類別都具有很強的促銷性，有些來自競爭對手，有些來自——有些來自你們後來採取的行動。您認為 26 財年的促銷環境將會如何？謝謝。

Thanks, Filippo. Yes. Let me provide a little perspective on the organic sales growth range. And I believe I can just provide a little more on the promotion. So we have a fairly wide range and this is really a reflection that we continue to assume that external environment remains volatile and challenging. So we continue to expect that consumer will continue to display basin behaviors. We continue to expect competitive activity to remain at a heightened level and we continue to expect also constant tariff environment to remain uncertain.

謝謝，菲利波。是的。讓我對有機銷售成長範圍提供一些看法。我相信我可以提供更多有關促銷的資訊。因此，我們的範圍相當廣泛，這實際上反映出我們繼續認為外部環境仍然動盪且充滿挑戰。因此我們繼續預期消費者將繼續表現出盆地行為。我們繼續預期競爭活動將保持在較高水平，我們繼續預期恆定關稅環境仍將保持不確定性。

So as I look at the organic sales growth range, it might be easier to talk about what we assume for the middle and then just talk a little bit about the high end and low end. For the middle of the range and the midpoint of our estimate, we essentially assuming that US category would be stabilized, but not yet normalized. And so essentially growing at an average of 0% to 1%.

因此，當我查看有機銷售成長範圍時，可能更容易談論我們對中間的假設，然後再稍微談論高端和低端。對於範圍的中間值和我們估計的中點，我們基本上假設美國類別將會穩定，但尚未正常化。因此基本上以平均 0% 到 1% 的速度成長。

Now, we good and make numbers outside that range in any specific month because of the volatility. From a share standpoint, we assumed a little continued pressure in the front as and as Linda mentioned, just improving sequentially and especially in the back half. We're clearly not satisfied with our current performance in the back half of fiscal year '25, but we feel really good about our plan in fiscal '26. We have strong innovation plans and strong net revenue management plan as well in the back half.

現在，由於波動性，我們在任何特定月份都會產生超出該範圍的數字。從份額的角度來看，正如琳達提到的那樣，我們假設前半部分會繼續承受一些壓力，但隨後會逐漸改善，尤其是在後半部分。我們顯然對 25 財年下半年的當前表現並不滿意，但我們對 26 財年的計畫感到非常滿意。我們在下半年也有強而有力的創新計畫和強而有力的淨收入管理計畫。

Now, maybe two more comments on the range. I would say volume growth would be fairly close to organic sales growth. We expect price mix to be maybe negative 1% or slightly better, which is an improvement of what we've seen this year. And while we continue to expect to see some headwinds from consumers seeking value behavior, channel shifting, and promotions, that will be generally offset -- partially offset by strong net revenue management initiatives. And again, as I mentioned, a lot of them are in the back half.

現在，也許還有兩則關於該範圍的評論。我想說銷售成長將相當接近有機銷售成長。我們預計價格組合可能會下降 1% 或略有改善，這比我們今年看到的情況有所改善。儘管我們仍然預期消費者尋求價值行為、管道轉變和促銷會帶來一些阻力，但這些阻力總體上將被抵消——部分被強勁的淨收入管理舉措所抵消。正如我所提到的，他們中的許多人都在後半部分。

So from a phasing standpoint, it's -- if you look at the frontal, it's probably -- we expect negative low-single digits and in the back half, probably low -- positive low-single digits. So that's for the range.

因此，從階段性角度來看，如果你看一下前部，它可能是——我們預計為負低個位數，而在後半部分，可能是低——正低個位數。這就是範圍。

As far as promotions and I'll pass it to Linda.

至於促銷，我會將其轉交給琳達 (Linda)。

We've seen largely the promotional environment fairly rational and we're not seeing significantly elevated levels in aggregate. There are a couple of pockets where we're seeing more competitive activity, particularly in our trash business as well as Cat Litter, where we're continuing to see some pretty high promotional levels and some very deep discounting. But that is pretty consistent with what we've seen over the last several months, and we do expect that to continue for fiscal year '26. So largely a rational promotional environment a couple of pockets in Cat Litter and trash that we would expect to continue to be more competitive.

我們看到促銷環境整體相當合理，整體水準沒有顯著提高。我們看到一些領域的競爭更加激烈，特別是在垃圾業務和貓砂業務中，我們繼續看到相當高的促銷水平和大幅折扣。但這與我們過去幾個月看到的情況非常一致，我們預計這種情況將在 26 財年持續下去。因此，在很大程度上合理的促銷環境，貓砂和垃圾中的幾個口袋，我們預計將繼續更具競爭力。

As we think about this in our approach, what we've really thought about for fiscal year '26 is continuing to pull all levers of superiority in our plan. And we believe that's the right way to drive categories. We want to make sure that we continue to drive profitable growth. So of course, merchandising will be an important part of our plan to remind people that we have new innovation to ensure that we capture them during periods like back-to-school and cold and flu.

當我們在思考這個問題時，我們真正考慮的是 26 財年繼續發揮我們計劃中的所有優勢。我們相信這是推動類別發展的正確方法。我們希望確保繼續推動獲利成長。因此，商品推銷當然是我們計劃的重要組成部分，以提醒人們我們有新的創新，以確保我們在返校和感冒流感等時期吸引他們。

But we really want to make sure that we're leveraging our claims and advertising, and we'll continue to spend strongly next year. Focusing on innovation, communicating value, ensuring that we have the right promotional activity going on in the categories, et cetera. So that's what you're going to see from us is that continued focus on ensuring that we have superiority across our brands and across all the elements that we control. And you will deal with those categories where it's a bit more promotional, but we want to make sure that we are continuing to preserve good profitable category growth.

但我們確實希望確保我們能夠充分利用我們的主張和廣告，並且明年我們將繼續大力投入。專注於創新、傳達價值、確保我們在各個類別中進行正確的促銷活動等等。因此，您將看到我們繼續致力於確保我們的品牌和我們控制的所有要素都具有優勢。您將處理那些需要更多促銷的類別，但我們希望確保我們能夠持續保持良好的獲利類別成長。

Great. And maybe a quick follow-up. On the tariff front, what are your expectations in terms of tariff impact for fiscal '26?

偉大的。或許還會有快速的跟進。在關稅方面，您對 26 財年的關稅影響有何預期？

Yes, we expect higher costs from tariffs to be around $40 million. Now, this is based on tariff announced as of today and of course, assumed and also assume USMCA exemption for some of the imports that we have from Canada and Mexico.

是的，我們預計關稅將增加約 4000 萬美元的成本。現在，這是基於今天宣布的關稅，當然，也假設我們從加拿大和墨西哥進口的部分產品享有 USMCA 豁免。

Now we expect to offset the impact through a broad range of mitigating actions with that includes sourcing change, sometimes reformulations, productivity improvements, but that will also include some level of strategic pricing, although I would say it's fairly targeted and surgical and generally very modest in magnitude.

現在，我們期望透過一系列緩解措施來抵消影響，其中包括採購變更、有時是重新配方、提高生產力，但這也包括一定程度的策略定價，儘管我想說它相當有針對性和針對性，而且通常規模非常適中。

Now as you know, the situation continues to be very fluid and dynamic and so the exposure could change, and we're staying very close to it.

如您所知，現在的情況仍然非常不穩定和動態，因此曝光度可能會發生變化，我們對此保持密切關注。

Great. Thanks, guys. I'll pass it on.

偉大的。謝謝大家。我會傳達的。

Anna Lizzul, Bank of America.

美國銀行的安娜‧利祖爾 (Anna Lizzul)。

Hi. Good afternoon, everyone. Thank you for the question. I was wondering if you could clarify on your expectations for an improvement in the back half of the year. I was wondering if this is based on your expectations for improving underlying consumption given innovation or also an assumption in an improving consumer environment?

你好。大家下午好。謝謝你的提問。我想知道您是否可以澄清一下您對今年下半年改善的期望。我想知道這是基於您對透過創新改善基礎消費的預期，還是基於消費環境改善的假設？

And then I wanted to follow up on the promotion question, just to better understand the dynamics around trade promotion. You did mention in your prepared remarks unfavorable timing, but given the consumer environment, I was wondering if this makes sense to be continuing with promotion if you are seeing unfavorable mix.

然後我想跟進促銷問題，以便更好地了解貿易促銷的動態。您確實在準備好的評論中提到了不利的時機，但考慮到消費者環境，如果您看到不利的組合，我想知道繼續促銷是否有意義。

And basically, where do you expect these promotional dollars are best allocated in your portfolio? Do you expect to cut down on promotion if this is unproductive and not meaningfully lifting a more challenging consumer landscape? Thank you.

那麼，您認為這些促銷資金在您的投資組合中應該如何最佳分配呢？如果促銷沒有成效，並且無法有效改善更具挑戰性的消費者環境，您是否會減少促銷？謝謝。

Yes. On the back half, we really do expect what we can control to be the main driver of what we will experience from the back half improving. That includes things like innovation that we talked about and again, are launching some new platforms and continuing to expand on existing platforms we have in the company, very excited about the innovation plans for the back half, and they have good spending behind them.

是的。在後半段，我們確實期望我們能夠控制的事情成為後半段改善的主要驅動力。其中包括我們談到的創新等內容，我們正在推出一些新平台，並繼續擴展公司現有的平台，我們對下半年的創新計劃感到非常興奮，並且他們有良好的支出支持。

As well as Luc mentioned, from a net revenue management perspective, we start to see many of the benefits flowing through in the back half of the year. So we expect the fundamentals, our execution and, of course, the things that drive value in our categories over time, like innovation and good net revenue management to take hold mostly in the back half, and that's why we see the improvement.

正如 Luc 所提到的，從淨收入管理的角度來看，我們開始看到下半年的許多收益。因此，我們預期基本面、執行力，當然還有那些隨著時間的推移推動我們產品類別價值的因素，例如創新和良好的淨收入管理，將在下半年佔據主導地位，這就是我們看到改善的原因。

At this point, we are not predicting a significant change to the consumer environment. We expect our categories to be above flat to one-ish sluggish, but that's very difficult to predict quarter to quarter, moment to moment, and we're really focused on reinvigorating our categories through good advertising spend, pulling of the levels of superiority, including innovation.

目前，我們預測消費環境不會有重大變化。我們預計我們的產品類別將處於持平或略微低迷的狀態，但這很難預測每個季度、每個時刻的情況，我們真正專注於透過良好的廣告支出來重振我們的產品類別，提升優勢水平，包括創新。

And then that leads to your point on promotion. And we've always felt that promotion is a very strategic activity in the way that we view it. It is a great way to remind consumers at times when they have a life event going on, for example, I'm getting ready to send one of my kids to college, and I'm thinking about all those things they need and consumers have the same attitude. And we helped them during that back-to-school period to maybe see products they haven't seen before, remind them that their kids are going to need access the fresh water and a better picture. Helping them to say well when they're staying up all night to through corks infecting what those types of things.

這就引出了您對晉升的觀點。我們始終認為，從我們的角度來看，推廣是一項非常具有策略意義的活動。這是一個很好的方式來提醒消費者，當他們生活中有重大事件發生時，例如，我正準備送我的一個孩子上大學，我正在考慮他們需要的所有東西，消費者也有同樣的態度。我們在開學期間幫助他們看到以前從未見過的產品，提醒他們，他們的孩子將需要獲得新鮮的水和更好的圖像。幫助他們在熬夜時說好透過軟木塞感染那些類型的東西。

That promotion is fairly strategic and helps bring in new consumers and remind current consumers to stock up when they need to for those events. It also allows us to introduce innovation. So in the back half, you would expect us to use promotion to introduce the new innovations that we have to the consumer and put it in a place where they can easily find it in the store, particularly because many of our categories. People are not going to spend 10 minutes in front of the shelf shopping, and that's why promotion is so effective to get them to see new items quickly in the store.

該促銷活動相當具有策略性，有助於吸引新消費者，並提醒現有消費者在需要時為這些活動進行儲備。它還使我們能夠引入創新。因此，在後半部分，你會期望我們利用促銷活動向消費者介紹我們的新創新，並將其放在商店中他們可以輕鬆找到的地方，特別是因為我們的許多類別。人們不會花 10 分鐘在貨架前購物，這就是為什麼促銷如此有效，可以讓他們快速看到商店中的新商品。

That being said, because the consumer is so dynamic, we are a absolutely being dynamic with our promotional spend. And I'll highlight that's one of the things we didn't execute as well as we could have in Q4. As consumers are being buying smaller sizes, we need to adjust our promotions to ensure that we are giving them the right options and promotions. So those are the things you'll see us do throughout the year is ensuring that we have the right promotions at the right place on the right items to ensure that we communicate value and superiority to our consumers.

話雖如此，由於消費者如此活躍，我們的促銷支出也絕對充滿活力。我要強調的是，這是我們在第四季未能盡職盡責的事情之一。由於消費者購買的產品尺寸越來越小，我們需要調整促銷活動，以確保為他們提供正確的選擇和促銷。因此，您會看到我們全年所做的事情是確保我們在正確的地點對正確的商品進行正確的促銷，以確保我們向消費者傳達價值和優勢。

What I don't anticipate, though, is using promotion as a way to differentially reinvigorate the category. We don't want to put spending in there that isn't good and efficient. We want to use it strategically, and we see that mainly in our categories. Again, it's fairly rational. That's what we're seeing from competitors. And we think that's the right way to grow our categories given most of the volume for our businesses is done off shelf and not on promotion. We want to continue to use it that way.

然而，我沒有預料到的是，利用促銷作為一種差異化的方式來重振該類別。我們不想把不完善、低效率的支出投入其中。我們希望策略性地使用它，並且我們主要在我們的類別中看到這一點。再說一遍，這是相當合理的。這就是我們從競爭對手那裡看到的。我們認為這是擴大我們產品類別的正確方法，因為我們業務的大部分銷售都是在貨架外完成的，而不是在促銷上完成的。我們希望繼續以這種方式使用它。

That being said, it's very dynamic right now. And if that changes, we'll adjust our plans. But it is an important tool for us, and we feel like we have the right mix of it in for fiscal year '26 and have a good line of sight to what we expect to happen in the categories and how we can drive them.

話雖如此，現在它非常活躍。如果情況發生變化，我們就會調整計劃。但它對我們來說是一個重要的工具，我們覺得我們在 26 財年已經將它正確組合起來，並且對我們預期在各個類別中會發生什麼以及我們如何推動它們有很好的了解。

Great. Thanks so much. Very helpful. And just one follow-up. On private label, I know you mentioned you haven't seen a significant change overall, but we are seeing some uptick in certain categories like wipes, for example. Are you seeing this starting on your end? Or is this maybe certain household income tiers or retail channels that we're seeing just the greater penetration of private label starting to uptick here? Thanks.

偉大的。非常感謝。非常有幫助。僅剩一個後續行動。關於自有品牌，我知道您提到您總體上沒有看到顯著的變化，但我們看到某些類別（例如濕紙巾）有所上升。您是否從自己的角度看到了這一點？或者，也許我們看到某些家庭收入層級或零售通路的自有品牌滲透率開始上升？謝謝。

Yes. In aggregate, we're not seeing any material shift to private label. With one exception we did call out with Glad and that mainly has to do with retailer assortment as consumers are moving into channels like Bob, et cetera. that's having more of an impact on our Glad business. But in aggregate, we're not seeing it.

是的。整體而言，我們並未看到任何向自有品牌的實質轉變。除了一個例外，我們確實對 Glad 提出了質疑，這主要與零售商的分類有關，因為消費者正在轉向 Bob 等管道。這對我們的 Glad 業務產生了更大的影響。但總體而言，我們並沒有看到這一點。

There are some nuances, if you look quarter to quarter, you're light on life. We've seen a little more private label on life. But if you look at on life's business, we grew very strongly, including our new Scentiva wipes that were four times the rate of our growth. And so we -- at this point, again, are not worried about private label expansion based on what we've seen, but we're watching it very closely. We're adjusting our plans to make sure we have the right sizes that people are forced to make a trade into a private label item because they have a lot of pocket.

有一些細微差別，如果你逐季觀察，你會發現生活很輕鬆。我們在生活中看到了更多的私人標籤。但如果你看一下生活業務，你會發現我們的成長非常強勁，包括我們的新 Scentiva 濕紙巾，其成長率是我們成長速度的四倍。因此，就目前的情況來看，我們並不擔心自有品牌的擴張，但我們正在密切關注。我們正在調整計劃，以確保我們有合適的尺寸，這樣人們就被迫將其換成自有品牌商品，因為他們有很多錢。

We're doing all of that work to make sure that we can capture the consumer along the entire value cycle. But for now, we feel confident in our brands and the fact that consumers continue to remain in our portfolio and that we give them the options to do that through sizing and price pack architecture.

我們所做的所有工作都是為了確保我們能夠在整個價值週期中吸引消費者。但就目前而言，我們對我們的品牌充滿信心，消費者將繼續留在我們的產品組合中，並且我們透過尺寸和價格包架構為他們提供選擇。

Great. Thanks so much. Very helpful.

偉大的。非常感謝。非常有幫助。

Thank you.

謝謝。

Bonnie Herzog, Goldman Sachs.

高盛的邦妮·赫爾佐格。

All right, thank you. Hi, everyone. I just had a quick follow-up question on the ERP transition. Was there a greater build in certain businesses or segments versus others? And then I did want to ask about Kingsford. Linda, you mentioned the pressure on the business or at least it was called out in the prepared remarks in your quarter, but it sounds like trends improved in July and you're optimistic for the rest of the summer.

好的，謝謝。大家好。我只是想快速問一下有關 ERP 轉換的後續問題。與其他業務或領域相比，某些業務或領域的成長是否更大？然後我確實想問金斯福德的情況。琳達，您提到了業務壓力，或者至少在您的季度準備好的發言中提到了這一點，但聽起來 7 月份的趨勢有所改善，您對今年夏天的剩餘時間持樂觀態度。

So could you maybe talk about how Kingsford is positioned to win? And maybe touch on some of your innovation and activation plans and essentially how you're also thinking about the price gaps within or with the rest of the Charcoal category? Thank you.

那麼，您能否談談 Kingsford 如何才能獲勝？或許可以談談您的一些創新和激活計劃，以及您如何考慮木炭類別內部或與其他木炭類別之間的價格差距？謝謝。

Yes. Starting with the ERP, Bonnie. No material difference between businesses that I would call out. The only thing you might have noticed in the press release would be that we do have some export business. So there was a lower impact for international simply because the size of the export business isn't corresponding to the size of what we would ship. But on all the rest of the businesses, there's nothing material to call out in terms of the differences in the segments, et cetera.

是的。從 ERP 開始，Bonnie。我認為各企業之間不存在實質差異。您可能在新聞稿中註意到的唯一一件事是我們確實有一些出口業務。因此，對國際業務的影響較小，因為出口業務的規模與我們運送的貨物規模不符。但對於其餘所有業務而言，在細分市場等方面的差異方面並沒有什麼實質的差異。

Particularly for Kingsford, we did call out that was a business where the execution just didn't meet our expectations for the quarter. And there was a lot going on. I think you all know there was some pretty terrible weather in Q4 for Memorial Day. But frankly, it came down to us not executing to the degree we know we can and we must execute on Kingsford in the key holidays. And that's what happened in Memorial Day. We had slightly less merchandising. And not necessarily all on the right sizes as we shifted our plan.

特別是對於 Kingsford，我們確實指出該業務的執行情況並未達到我們對該季度的預期。還有很多事情發生。我想你們都知道，陣亡將士紀念日第四季的天氣相當惡劣。但坦白說，這歸結於我們沒有按照我們所知道的程度執行，我們必須在關鍵假期在金斯福德執行。這就是陣亡將士紀念日發生的事情。我們的商品銷售量略有減少。而且隨著我們調整計劃，並不一定所有的尺寸都合適。

And so the good news is we adjusted our plan for July 4, and we saw improvement in the plan and we're seeing the trend on share moved in the right direction. Bonnie, I don't think this is an issue of our price gap versus private label, our value versus private label, all that remains what it was before. This was really just execution and we are adjusting our plan to ensure that we do that.

因此，好消息是我們調整了 7 月 4 日的計劃，我們看到計劃有所改善，並且我們看到份額趨勢朝著正確的方向發展。邦妮，我不認為這是我們與自有品牌之間的價格差距、價值與自有品牌之間的問題，一切都還是和以前一樣。這實際上只是執行，我們正在調整計劃以確保做到這一點。

An example would be, as we can see consumers want some smaller sizes for those who just want to have one or two grilling occasions. We are doing that to ensure that they have a smaller size and we're able to do that, and we're not just offering them a very large size for them to stock up on when they don't have that out-of-pocket. Those are the types of adjustments that we're making for Labor Day coming up here in a month. But don't feel like this has anything to do with our value equation between us and private label. It really just was execution.

舉個例子，我們可以看到，對於那些只想進行一兩次燒烤的消費者來說，他們想要一些較小尺寸的產品。我們這樣做是為了確保他們有更小的尺寸，而且我們能夠做到這一點，而不僅僅是在他們沒有自掏腰包的情況下為他們提供非常大的尺寸以供他們囤積。這些都是我們為一個月後即將到來的勞動節所做的調整。但不要覺得這跟我們和自有品牌之間的價值等式有任何關係。這實際上只是執行而已。

Okay. Thank you. I'll pass it on.

好的。謝謝。我會傳達的。

Thank you.

謝謝。

Chris Carey, Wells Fargo.

富國銀行的克里斯凱裡。

Hi, everyone.

大家好。

Hi, Chris.

你好，克里斯。

Hi, Chris.

你好，克里斯。

I think when we, on this side, are confronted with these sorts of situations where there's swings in sales from one year to the next, and there's a lot of volatility in the numbers and is really just a search for, I suppose, the True North. And I guess in that context, right, Luc gave some figures for how you see -- how you all see the underlying business for fiscal '26. But certainly, I think as early as it is, we'll all be, I suppose, looking over the horizon at fiscal '27 for when we can assess the business perhaps a bit more clearly, at least from a high-level perspective, right?

我認為，當我們面臨這樣的情況時，銷售額每年都在波動，數字也有很大波動，我想這實際上只是在尋找真正的北方。我想在這種背景下，Luc 給出了一些數據來說明你們如何看待 26 財年的基礎業務。但當然，我認為，儘管現在還早，但我想，我們都會展望 27 財年，屆時我們或許可以更清楚地評估業務，至少從高層次的角度來看是這樣，對嗎？

So with that kind of as a foundation, how are you thinking about what this business should be delivering over a medium-term horizon from a top line perspective, the 3% to 5% is a long-debated target. Many of your peers have category growth plus ambitions that gives some flexibility for category. You continue to see room in your gross margin given the ERP and some of the mix shifts? Do you still see S&A savings as longer-term objectives.

那麼，以此為基礎，您如何看待這項業務從中期來看應該實現什麼目標，從營收角度來看，3% 到 5% 是一個長期爭論的目標。您的許多同行都有類別成長和雄心，這為類別提供了一定的靈活性。考慮到 ERP 和一些產品組合的變化，您仍然認為您的毛利率還有空間嗎？您是否仍將 S&A 節省視為長期目標？

I know it's a big question, but I think at least for us, personally, here, it would be helpful to kind of understand how you see more the medium term and whether some of these debates -- the markets have evolved your own thinking. Thanks so much.

我知道這是一個大問題，但我認為至少對我們個人而言，了解您對中期前景的看法以及這些爭論是否——市場已經改變了您的想法，將會很有幫助。非常感謝。

Thanks, Chris. First of all, I just want to acknowledge, it's never easy to go through these types of transitions, and we want to provide real clarity on the shifts because we know that it's difficult to do that. But I also want to emphasize how absolutely necessary. Unfortunately, this noise is to do exactly what you talked about, Chris, which is get back to a place where we're delivering that accelerated profitable growth as a stronger company moving forward.

謝謝，克里斯。首先，我要承認，經歷這些類型的轉變從來都不是一件容易的事，我們希望對這些轉變提供真正的清晰度，因為我們知道這很困難。但我也想強調這絕對必要。不幸的是，這種噪音確實像你所說的那樣，克里斯，那就是回到我們作為一家更強大的公司向前發展、實現加速盈利增長的地方。

And so I just appreciate everyone's patience as we go through this. And we're frankly excited about what's ahead of us because of this transformation. And what it does unlock is our ability to accelerate revenue having the access to data and insights that we've never had before being able to move as fast as consumers do. Seeing end-to-end to ensure that we're able to remove waste in new ways that we haven't done before. Are all of the reasons we're going through this pain now to get to the other side and build a stronger company that does this more consistently. And I know it's hard in the noise to get all that, but I want you to hear how excited we are and I am as a company to do that.

因此，我非常感謝大家在我們經歷這過程時的耐心。坦白說，我們對這次轉變帶來的未來感到興奮。它確實釋放了我們加速收入的能力，讓我們能夠獲取以前從未有過的數據和見解，能夠像消費者一樣快速行動。全面審視，確保我們能夠以前所未有的新方式消除浪費。我們現在經歷這些痛苦的原因都是為了走出困境，建立一家更強大、更持續做到這一點的公司。我知道在如此嘈雜的環境中實現這一切並不容易，但我希望你們能聽到我們以及我作為一家公司對此感到多麼興奮。

That being said, it is a year where we have volatility. And also, as we've acknowledged, and I think everybody is acknowledging right now, it's a tough consumer environment. So unfortunately, our categories are lower growth. Of course, it's incumbent upon us to reinvigorate that category growth and we intend to do that through innovation and through good spending, which we have in our plan. And of course, we want to win share over that period of time.

話雖如此，今年我們仍處於動盪之中。而且，正如我們所承認的，而且我認為現在每個人都承認，這是一個艱難的消費環境。因此不幸的是，我們的類別成長較低。當然，我們有責任重振該類別的成長，我們打算透過創新和良好的支出來實現這一目標，這也在我們的計劃中。當然，我們希望在這段時間內贏得市場份額。

And very, very importantly, we have built a capability and a flywheel behind our margin improvement to fund that type of activity. And we feel very confident in our ability to do that going forward, and that's reflected in the plan in fiscal year '26. As Luc talked about it, if you exclude that variability that the ERP is driving.

而且非常非常重要的是，我們在利潤率提高背後建立了能力和飛輪來資助這類活動。我們對未來實現這一目標的能力非常有信心，這在 26 財年的計劃中有所體現。正如 Luc 所說的那樣，如果排除 ERP 所驅動的可變性。

So maybe -- of course, we're not providing fiscal year '27 guidance or beyond that and I know you all know that. just if I take a step back, how do we get back to that 3% to 5%, obviously, we need categories to come back to what we thought they would be. And that was in the 2%, 2.5% range.

所以也許——當然，我們不會提供 27 財年或之後的指導，我知道你們都知道這一點。如果我退一步問，我們如何回到 3% 到 5% 的水平，顯然，我們需要類別回到我們想像的水平。這在 2% 到 2.5% 的範圍內。

We also continue to see good performance and better than company average from our international and professional business, and we would expect both of those over time to add a point. In addition, we would expect some share growth. And you'll see that through the innovation capabilities that really start to take off in the back half of the year through net revenue management, which is really just ramping up. And I want to acknowledge we've been talking about these capabilities for a while. It takes a while to build them.

我們的國際和專業業務也繼續表現良好，並且優於公司平均水平，我們預計隨著時間的推移，這兩項業務都會增加一分。此外，我們預期市場佔有率還會有所成長。您將看到，透過創新能力，我們將在下半年透過淨收入管理真正開始起飛，而淨收入管理實際上正在加速發展。我想承認我們已經談論這些能力有一段時間了。建造它們需要一段時間。

But if I remind you, we talked about this with margin transformation back when we had a significant inflationary cycle on our business, and we showed that with these capabilities can do. And we've been able to restore that margin and continue to show expansion. So we have the same confidence in these other capabilities we built, given the cyber attack, they are a little bit delayed in the value creation, but you really start to see them come through in the fiscal year 2016 plan, and we would expect to continue in '27 and beyond.

但如果我提醒你的話，當我們的業務經歷嚴重的通膨週期時，我們討論過利潤轉型的問題，並且我們證明了這些能力是可以做到的。我們已經能夠恢復該利潤率並繼續擴張。因此，我們對我們構建的其他能力抱有同樣的信心，考慮到網路攻擊，它們在價值創造方面稍有延遲，但你真的開始看到它們在 2016 財年計劃中發揮作用，我們預計它們將在 27 年及以後繼續發揮作用。

So that's what we're looking forward to. We remain confident in our ability to deliver our financial algorithm we're going to have to get those categories back to what they were. And then we feel confident in the capabilities we're building. We have to execute them and we intend to do that. And we know this year is the year of a lot of noise and we just appreciate everyone's patience as we go through it. And we'll continue throughout fiscal year '26 to show you those signs that we're seeing of the things that we are building and how they're taking hold. And then, of course, when we get closer to '27, we'll talk about what that looks like.

這就是我們所期待的。我們仍然對實現財務演算法的能力充滿信心，我們必須讓這些類別恢復到原來的狀態。我們對我們正在建立的能力充滿信心。我們必須執行它們，並且我們打算這樣做。我們知道今年是喧鬧的一年，我們感謝大家的耐心等待。我們將在整個 26 財年繼續向大家展示我們所看到的有關我們正在建造的事物以及它們如何生根發芽的跡象。然後，當然，當我們接近 27 歲時，我們會談論它是什麼樣子。

Okay. Thanks, Linda. That was a long question. I dare not ask another one. Thank you for the insights.

好的。謝謝，琳達。這是一個很長的問題。我不敢再問了。感謝您的見解。

Thanks, Chris.

謝謝，克里斯。

Kaumil Gajrawala, Jefferies.

傑富瑞的 Kaumil Gajrawala。

Kaumil, are you there?

考米爾，你在嗎？

I'm here. Sorry about that. I wanted to talk a little bit about the -- or dig in a little bit more on the consumer in that we're hearing from yourselves and other household goods companies on a weak consumer. But we're also hearing the opposite from a lot of other industries and retailers and banks and things like that.

我在這裡。很抱歉。我想稍微談一談——或者更深入地探討一下消費者問題，因為我們聽到了你們和其他家居用品公司對疲軟的消費的看法。但我們也從許多其他產業、零售商、銀行等機構聽到了相反的聲音。

So have you been able to dig into what it might be that's specific to household goods or in personal care that the consumer seems to be a lot more, I guess, value seeking or sensitive or pressure than perhaps they are in some other sectors?

那麼，您是否能夠深入了解家居用品或個人護理領域的具體情況，我猜想消費者似乎比其他一些領域的消費者更注重價值追求、更敏感或面臨更大的壓力？

Yeah. I think it's helpful to start and take a step back on the consumer and aggregate. And we've talked about this a bit over the last couple of quarters and what's really unique and going on. If you take a step back and look at consumers overall, if you look at jobs, if you look at income inflation, if you look at the broader fundamentals, yes, you see some strength in the consumer. And that was, I think, what made people very optimistic heading into this period that we would start to see improvements in places where it was a bit weaker.

是的。我認為從消費者和整體角度回顧一下是有幫助的。在過去的幾個季度中，我們已經討論過這個問題，以及它的獨特之處和正在發生的事情。如果你退一步來看看整體消費者，看看就業，看看收入通膨，看看更廣泛的基本面，是的，你會看到消費者的一些實力。我認為，這就是人們在這段時期非常樂觀的原因，我們將開始看到一些較弱的地方出現改善。

But the dynamic that's going on and I would highlight one word, it's uncertainty. And maybe I'd add volatility to that is that there's so many things uncertain right now for consumers as they see macroeconomic policy, trade, other things coming into life that they are making trade-offs based on the information that they have at the moment.

但對於正在發生的動態，我想強調一個詞，那就是不確定性。也許我會加上波動性，因為現在消費者面臨太多不確定因素，因為他們看到宏觀經濟政策、貿易和其他事物正在發生，所以他們會根據目前掌握的資訊做出權衡。

And that information, to be fair, has changed pretty rapidly over the last number of months. And we talked about a little bit of this in the last quarter, at the beginning, it was the end of February through March, we saw people making purchases of goods were coming from Mexico and Canada, for example, to get ahead of tariffs. We saw an influx of spending into edibles versus none. People were really trying to be sharp on their spending in these stores in order to make sure that they could kind of deal with the uncertainty that they had in their wallet because consumers have one wallet at the end of the day.

公平地說，這些資訊在過去幾個月裡發生了相當迅速的變化。我們在上個季度討論過這個問題，一開始，也就是二月底到三月，我們看到人們從墨西哥和加拿大等地購買商品，以避免關稅。我們看到，食品消費支出大幅增加，而沒有出現任何成長。人們確實試圖精打細算在這些商店的消費，以確保他們能夠處理好錢包裡的不確定性，因為消費者一天下來只有一個錢包。

At the same time that you see this value seeking and you see this uncertainty behavior from consumers. Interestingly, you also see this really made accentuated trend right now on convenience and experiences. Consumers are still buying things and experiences they like. You're still seeing them do things outside their home, go back to eat, et cetera, which might not be rational at this moment, but you can see how consumers are starting to shape those experiences.

同時，您也會看到消費者的這種價值追求和不確定性行為。有趣的是，您還會看到，現在這種趨勢在便利性和體驗性方面確實得到了強調。消費者仍在購買他們喜歡的商品和體驗。你仍然會看到他們在外面做一些事情，回去吃飯等等，這在目前可能並不合理，但你可以看到消費者是如何開始塑造這些體驗的。

We're seeing in our categories. We're seeing significant move to convenience. So our wipes business, which might be counterintuitive, is growing very strong right now. The trade up to our business, Scentiva, which is a highly experiential fragrance cleaning line, we saw 40% growth in Scentiva this year.

我們在我們的類別中看到。我們看到了向便利邁出的重大步伐。因此，我們的濕紙巾業務（這可能有悖常理）目前正在成長非常強勁。我們的業務 Scentiva 是一個高度體驗式的香水清潔系列，今年 Scentiva 的成長率為 40%。

So we're seeing all these dynamics of consumers having to manage the uncertainty, which is meaning they're moving their dollars in their wallet across different places and they're doing it very, very dynamically. In aggregate, they're pretty healthy. And that's why we have confidence over the long term, this is going to work out because we are in essential goods.

因此，我們看到消費者必須應對不確定性的所有這些動態，這意味著他們將錢包裡的錢轉移到不同的地方，而且他們的做法非常非常動態。總體而言，他們的健康狀況相當良好。這就是為什麼我們對長期前景充滿信心，這將會成功，因為我們擁有必需品。

At some point, they will run out of pantry inventory. We don't see at-home behaviors changing that much. In terms of the amount of cleaning or the times they're changing their litter box, but they're definitely dealing with a lot of uncertainty right now. And that's why we're so focused on ensuring superiority.

到了某個時候，他們的食品儲藏室的庫存就會用完。我們沒有發現居家行為有太大的改變。就清潔的次數或更換貓砂盆的次數而言，他們現在肯定面臨許多不確定性。這就是我們如此重視確保優勢的原因。

And I'll tell you, in times they're tough, superiority matters, more than ever. And every element has to come together to ensure that we're conveying superiority to that consumer. And that's what we are laser-focused on right now with our categories, with our brands to ensure we're doing that. that's what our innovation is focused on.

我要告訴你，在困難時期，優勢比以往任何時候都更重要。而所有元素都必須結合起來才能確保我們向消費者傳達優越性。這就是我們現在專注於我們的產品類別和品牌以確保我們能夠做到這一點。這就是我們的創新重點。

But I think, Kaumil, that's the difference you're seeing and where there are some places where you're seeing a more healthy consumer. And I would say they're not unhealthy in our categories, they're under stress is the way I would describe it. And again, that's due to that uncertainty. But given the strength of our brands, the strength of our plans, I'm confident that we'll control what we can this year to deal with that and hope to reinvigorate category growth. So we see stronger numbers in our categories moving forward.

但是我認為，考米爾，這就是你所看到的區別，在某些地方你會看到更健康的消費者。我想說，在我們的類別中，他們的健康狀況並不算不健康，我只是說他們處於壓力之下。再次強調，這是由於不確定性造成的。但考慮到我們品牌的實力和計劃的實力，我相信我們今年將盡力應對這一問題，並希望重振品類成長。因此，我們看到我們的產品類別在未來將呈現更強勁的成長動能。

Okay, got it. That's useful. Thank you.

好的，明白了。這很有用。謝謝。

Olivia Tong, Raymond James.

奧利維亞唐，雷蒙德詹姆斯。

Great, thanks. Good afternoon. I wanted to ask you about the efforts that you're making in fiscal -- in the next fiscal year to improve your value superiority. You talked about innovation in the second half, talk about more promotion potentially. If you could talk about also the flexibility you have either on promotion and other brand support, if necessary, to really sort of drive home that message.

太好了，謝謝。午安.我想問一下您在下一財年為提高價值優勢所做的努力。您談到了下半年的創新，談到了潛在的更多推廣。如果您可以談談在促銷和其他品牌支援方面所具有的靈活性（如果有必要），以真正傳達這一訊息。

And then -- maybe if you could step back and just talk about some of the major drivers of the weakness beyond, obviously, the consumer environment because some of this is trade down, but perhaps how much of an impact is the product lineup needs some improvement. Your channel and category exposure and where your over-index versus under-indexed and just the mix of your categories, that would be helpful. Thank you.

然後——也許您可以退一步，只談論導致疲軟的一些主要驅動因素，顯然，除了消費環境之外，因為其中一些是交易下降，但也許產品陣容需要改進的影響有多大。您的頻道和類別曝光度、您的過度指數與低指數的位置以及您的類別組合，這將會很有幫助。謝謝。

Sure, Olivia. So superiority is fundamental to how we win in our categories over the long term. And as you know, it's incredibly important that our '26 plans improve that superiority. And there are places that we're starting from a very strong place. And if you look at our categories overall, our consumer value metric were 60% superior, which is higher than it was even pre-pandemic, and we've continued to maintain that even through the tough times of the last few years.

當然，奧利維亞。因此，優勢對於我們在各自的領域中長期取勝至關重要。如你所知，我們的 26 項計畫對於增強這一優勢至關重要。在某些地方，我們的起點非常強大。如果你看我們的整體類別，我們的消費者價值指標高出 60%，甚至比疫情之前還要高，即使在過去幾年的艱難時期，我們也一直保持著這種水平。

And so what we want to do is in those categories where we already have here good superior, we want to continue to raise the bar and we will do that through new innovation through continued good claims work through making packages work better for consumers, not just what's in the package, to ensure their shopping experience is as simple as it possibly can be and being assorted wherever they are. And we have pretty good assortment now, but those are things that we want to make sure we're really tight on all of the right locations have the right sizes, that things are available on e-commerce as we see e-commerce accelerate.

因此，我們想要做的就是在那些我們已經擁有良好優勢的類別中，我們希望繼續提高標準，我們將透過新的創新，透過持續的良好宣傳工作，透過使包裝更好地為消費者服務（而不僅僅是包裝中的內容）來實現這一點，以確保他們的購物體驗盡可能簡單，並且無論他們身在何處都能得到分類。現在我們的商品種類相當豐富，但我們希望確保所有商品都位於合適的地點，有合適的尺寸，並且隨著電子商務的加速發展，商品可以在電子商務上買到。

And those are the things the sharpening that we do every single day on that businesses on our businesses. And the places that are starting from a place of superiority, we want to be driving the narrative and changing what superior needs. We want to set the bar. And then there are some places where we don't have the superiority. And I think Cat Litter is very fair to say that's a place where we need to improve our superiority.

這些都是我們每天在業務上不斷精進的事情。對於那些從優越地位出發的地方，我們希望能夠推動敘事並改變優越地位的需求。我們想設定標準。但有些地方我們並不具備優勢。我認為 Cat Litter 非常公平地說，這是我們需要提高優勢的地方。

You've seen us have to go through what we did on cyber. We lost some of our consumers. We got that distribution back. We've got a lot of consumers back. But we fell behind in that period. And we've talked about that, that's why it's taking some time to get it back. And that's a place where we're laser focused on getting back to a place in superiority that we feel good about.

你已經看到我們必須經歷我們在網路方面所做的事情。我們失去了一些消費者。我們收回了那個分佈。我們又贏回了很多消費者。但那段時期我們落後了。我們已經討論過這個問題，這就是為什麼需要花一些時間才能恢復。在那個地方，我們全神貫注於恢復令我們感到滿意的優勢地位。

The good news is we have those plans to do that this year. And as we move through the year, we'll see that improve really culminating in the back half. But those are the places that we're focused on maintaining a superiority and setting the bar in categories where we're already leading and then getting back to a place where we are superior in places that we're not. And I think Cat Litter is the best example of that.

好消息是，我們今年有計劃這麼做。隨著時間的流逝，我們將看到這種改善在下半年達到頂峰。但在這些領域，我們專注於保持優勢，並在我們已經領先的領域設定標準，然後在我們不領先的領域回到我們領先的位置。我認為貓砂就是最好的例子。

And then on your flexibility question, this is about the flywheel that I spoke about a little bit in my earlier answer we built a flywheel where we're generating good savings that we can reinvest back in our business, and we feel really good about our ability to do that. And so we do have the financial flexibility if we need to adjust our plan to put more spending in to adjust our spending.

然後關於您的靈活性問題，這是關於飛輪的，我在之前的回答中稍微談到了這一點，我們建造了一個飛輪，我們可以產生良好的儲蓄，並將其重新投資於我們的業務，我們對我們這樣做的能力感到非常滿意。因此，如果我們需要調整計劃，投入更多支出來調整支出，我們確實具有財務靈活性。

And of course, with our ERP implementation and our full digital transformation, we have more visibility into the data to be able to make those changes more real time. And so those things will go hand in hand, but we feel we have the right investment level for next year. And again, we'll adjust that if we need to and certainly have built that flywheel to have the flexibility to do that next year or in the future.

當然，透過 ERP 實施和全面數位化轉型，我們可以更清楚地了解數據，從而能夠更即時地進行這些變更。所以這些事情會齊頭並進，但我們認為明年我們的投資水準是合適的。再說一次，如果需要的話，我們會進行調整，而且我們已經建立了飛輪，以便明年或將來能夠靈活地做到這一點。

Got it. That's helpful. And then just following up on gross margin for fiscal '26. You're still looking for something in the flat-to-plus-50x ERP despite the top line challenges. So can you talk about your level of confidence here on potentially driving continued expansion and just the key drivers there? Because you're already back to peak levels now.

知道了。這很有幫助。然後只是跟進 26 財年的毛利率。儘管面臨營收挑戰，您仍在尋找 ERP 持平至 50 倍以上的產品。那麼，您能否談談您對推動持續擴張的信心程度以及主要驅動因素？因為你現在已經恢復到巔峰水平了。

And you don't have a ton, but you do have some exposure to tariffs. It sounds like there's going to be more promotion next year. So I'm just trying to think about the tailwinds that gets you to the flat to 50 when we know the headwinds that could be appearing.

雖然你的庫存不多，但你確實會受到一些關稅的影響。聽起來明年會有更多的促銷活動。因此，當我們知道可能出現的逆風時，我只是試著思考讓你平穩達到 50 的順風。

Yes, sure. I'll take that on. Well, you'll notice that we provided a fairly wide range excluding the impact of the ARPU of it basically being flat to 50 basis points. And that's acknowledging there's a lot of uncertainty in the cost environment in the first place. But I mentioned the current assumptions for tariff, we'll have to see how that evolves. But in terms of general supply chain inflation, we probably expect between $80 million to $90 million of headwinds. So you're right with the tariff. This is slightly higher than what we normally experience.

是的，當然。我會接受的。嗯，你會注意到，我們提供了一個相當廣泛的範圍，排除了 ARPU 的影響，它基本上是持平於 50 個基點。這首先承認成本環境存在許多不確定性。但我提到了當前對關稅的假設，我們必須看看它如何發展。但就一般供應鏈通膨而言，我們預期逆風可能會達到 8,000 萬至 9,000 萬美元。所以你對關稅的看法是正確的。這比我們通常經歷的要略高一些。

Having said that, we just talked about it. We've been ramping up for the past three years, our margin transformation and holistic margin management effort, I should say. And we really still have a pretty strong pipeline. And so I think we feel generally good about offsetting the current cost assumptions. We'll have to stay close to it, especially with tariffs.

話雖如此，我們只是談論了這一點。應該說，過去三年來，我們一直在加大利潤轉型和整體利潤管理。而且我們確實仍然擁有相當強大的管道。因此我認為我們對抵消當前的成本假設總體上感覺良好。我們必須密切注意這一情況，特別是在關稅方面。

And the good news is, while again, the ERP creates a lot of effort, complexity, and noise from a reporting standpoint, once we stabilized this will provide another source of productivity for years to come. But in general, I think right now, albeit staying close to what happened from a tariff standpoint, we generally feel good about our ability to deliver our guidance.

好消息是，雖然從報告的角度來看 ERP 會帶來許多工作量、複雜性和噪音，但一旦我們穩定下來，它將在未來幾年提供另一個生產力來源。但總的來說，我認為現在，儘管從關稅角度來看情況與實際接近，但我們總體上對我們實現指導的能力感到滿意。

Understood. Thank you.

明白了。謝謝。

Kevin Grundy, BNP Paribas.

法國巴黎銀行的凱文‧格蘭迪。

Great, thanks. Good afternoon, everyone. I also wanted to maybe pull out a little bit away from the quarter and ask a longer-term question, kind of along the lines of Chris Carey's question, but further down the P&L. So Luc, it may be for you, but Linda as well.

太好了，謝謝。大家下午好。我還想稍微偏離一下本季度，問一個長期問題，有點像克里斯凱裡 (Chris Carey) 的問題，但更接近損益表。所以 Luc，對你來說可能是如此，但對 Linda 來說也是如此。

So I think the way I understand it, some of the ERP benefits here, the idea is to get to around 18% operating margin. There were some norms, obviously, this year, there'll be noise again in '26. I think the expectation is you're probably around 16% or so operating margin this year, all in, including the noise from the ERP and the deleverage associated with it.

所以我認為，根據我的理解，這裡的一些 ERP 優勢是實現約 18% 的營業利潤率。顯然，今年有一些規範，26 年又會出現噪音。我認為，預計今年的營業利潤率大概在 16% 左右，其中包括 ERP 帶來的噪音和與之相關的去槓桿。

So the question is, I think the target is to get to 18% with some of the benefits the ERP is going to afford you. So I fully appreciate everyone on the call does the amount of volatility over the next three months, let alone the next three years. But I'm really curious, when you guys are putting together the plan, how quickly you think you can get to that 18% before you kind of get back to sort of like a normal 25 to 50 basis points sort of cadence.

所以問題是，我認為目標是透過 ERP 為您帶來的一些好處達到 18%。因此，我完全理解電話會議上每個人對未來三個月波動幅度的擔憂，更不用說未來三年的波動幅度了。但我真的很好奇，當你們制定計劃時，你們認為多快才能達到 18% 的水平，然後才能恢復到正常的 25 到 50 個基點的節奏。

And I'm also curious, too -- Linda, for you, if this gives you any pause, like what you thought was potentially going to flow through. Now it just seems like there's more necessity for investment up and down the P&L, whether this is artificial intelligence, supply chain, the market share is not what you want it to be, et cetera. So what you thought was potentially going to flow through we can all agree, getting the top line going, what's going to drive the most value for shareholders. So how you're thinking about that?

我也很好奇——琳達，對你來說，這是否讓你有所停頓，就像你認為可能會發生的事情一樣。現在看起來，無論是人工智慧、供應鏈，還是市佔率都不理想，對損益表的投資都變得更加必要。因此，您認為潛在的流通方式我們都同意，獲得收入成長，為股東創造最大價值。那麼您對此有何看法？

So sorry, I know that was reboot a bit rambling, but I hope you get the gist and I'd love your thoughts. Thank you very much.

非常抱歉，我知道重啟有點雜亂，但我希望你明白重點，我很想聽聽你的想法。非常感謝。

Yes. Maybe I can take a first pass as we look at the P&L. I mean you're right, there's so much volatility. And you have sales that are higher than they should have been in the base year lower than it should have been. But I would say we're pretty much close to that target of 18%. That has been mainly driven by the fact that we are now fully rebuild our gross margin beyond where they were actually at -- when we had 18% EBIT margin.

是的。也許我可以先看一下損益表。我的意思是，你是對的，波動性確實很大。您的銷售額高於基準年的應有水平，但低於基準年的應有水準。但我想說我們已經非常接近 18% 的目標了。這主要是因為我們現在已經完全重建了我們的毛利率，使其超過了當時的實際水平——當時我們的息稅前利潤率為 18%。

Now the goal is going to be -- and I think once the noise settles down, we are pretty confident that we'll be essentially there by next year. And then the goal will be to continue improving 25 to 50 basis points. And of course, that can come from different places from the P&L. We're going to continue being extremely focused on driving the gross margin because that really creates the fuel for the strategic investments, both from a brand and capability standpoint, as you mentioned.

現在的目標是——我認為一旦噪音平息下來，我們非常有信心明年就能實現目標。然後目標將是繼續提高 25 至 50 個基點。當然，這可能來自損益表的不同地方。我們將繼續高度重視提高毛利率，因為正如您所說，這確實為策略性投資創造了動力，無論是從品牌還是能力的角度來看。

And then we have to acknowledge that our current selling and admin is higher than we expected. And this year, again, it's dropped by the time the last year of onetime investment associated with the API transitions, but we -- it doesn't include any of the productivity that we expect from the RP. And so that would be another source going forward. So that's as we think about the P&L over the next year or two.

然後我們必須承認我們目前的銷售和管理費用高於我們的預期。而今年，它再次下降了，因為與 API 轉換相關的一次性投資的最後一年已經過去了，但是我們 - 它不包括我們期望從 RP 獲得的任何生產力。因此，這將成為未來的另一個來源。這就是我們對未來一兩年的損益表的思考。

But essentially, where we want to be from an EBIT margin once the noise settle down and we feel like we have between the gross margin and between the work we're doing on SG&A, we feel like we have the fuel to continue expand EBIT margin going forward as well as we invest in the business.

但本質上，一旦噪音平息下來，我們希望從息稅前利潤率中獲得收益，我們覺得我們在毛利率和我們在銷售、一般和行政費用上所做的工作之間，我們覺得我們有動力繼續擴大息稅前利潤率以及我們對業務的投資。

And I'll just emphasize that point that Luc just made, Kevin, to the question that you've asked me that's exactly why we've made these investments. We made investments in solidifying our supply chain coming out of COVID and ensuring that we had more protection as we saw dynamic events happening and that has served us really, really well. We invested significantly in this transformation for both our digital transformation and new processes and tools for our team. I mean that includes AI.

凱文，我只想強調盧克剛才提出的觀點，這正是我們進行這些投資的原因。在新冠疫情爆發後，我們進行了投資，鞏固了我們的供應鏈，並確保在動態事件發生時我們得到更多的保護，這對我們非常非常有幫助。我們為數位轉型以及團隊的新流程和工具在這次轉型中投入了大量資金。我的意思是這包括人工智慧。

So we've already put investments in AI in this plan. We're using it today, both generative AI and AI across how we plan, et cetera. And we'll continue to invest in our business over time, but that's more of a normal rate like we normally would over time. You see the capital investments that we make in the company year after year to ensure we're improving our supply chain. And of course, we make those same investments in technology. This was just a big reset given we haven't had a technology upgrade in so many years, 25 years, our ERP was in place.

因此，我們已經在該計劃中對人工智慧進行了投資。我們今天正在使用它，包括產生人工智慧和用於規劃的人工智慧等等。我們會隨著時間的推移繼續對我們的業務進行投資，但這更像是一個正常的速度，就像我們通常會隨著時間的推移而進行的那樣。您可以看到我們年復一年地對公司進行資本投資，以確保改善我們的供應鏈。當然，我們在技術方面也進行了同樣的投資。這只是一次大的重置，因為我們已經很多年沒有進行過技術升級了，25 年來，我們的 ERP 一直到現在。

So that being said, I feel still confident on our ability to get the value from these investments. And that is what our team is laser-focused on just like we were in getting those margins back from a gross margin perspective, and you saw that we've done that and exceeded that target. We're doing the same to make sure we realize that benefit in EBIT margin. And then the same to extract the revenue and the productivity benefits moving forward. And we see that again as a virtuous cycle and we feel confident in our ability to do that.

話雖如此，我仍然對我們從這些投資中獲得價值的能力充滿信心。這就是我們的團隊所關注的，就像我們從毛利率的角度重新獲得利潤一樣，而且您看到我們已經做到了這一點，並且超出了目標。我們正在採取同樣的做法，以確保實現息稅前利潤率的效益。然後以同樣的方式提取收入和生產力效益。我們再次看到這是一個良性循環，我們對我們做到這一點的能力充滿信心。

So I believe we have the right investments. It's about 11% of advertising and sales promotion next year. with healthy promotional levels. We had healthy investments in our different businesses. We're getting better and better at using those and we have industry-leading return on investment from an advertising perspective, and we continue to expect our team to improve that.

所以我相信我們的投資是正確的。明年的廣告和促銷費用將達到約 11%，促銷水準保持健康。我們在不同的業務上進行了健康的投資。我們在使用這些功能方面做得越來越好，從廣告角度來看，我們的投資報酬率處於行業領先地位，我們繼續期望我們的團隊能夠改進這一點。

So I feel like we do have the right plan, the right level of investment, and we've created that flywheel. And again, to your point, it's a bit noisy right now as we get through that other side, but remain confident in this transformation and this ability to ensure that we deliver profitable accelerated growth moving forward.

所以我覺得我們確實有正確的計劃、正確的投資水平，而且我們已經創造了飛輪。再說一遍，正如您所說，在我們度過難關時，現在有點吵，但我們對這種轉變以及確保我們在未來實現盈利加速增長的能力仍然充滿信心。

That's great. Thank you, both, very much. I appreciate the, thoughts, good luck.

那太棒了。非常感謝你們兩位。我很感激你的想法，祝你好運。

Thanks, Kevin.

謝謝，凱文。

Javier Escalante, Evercore ISI.

哈維爾·埃斯卡蘭特，Evercore ISI。

Hi, good afternoon, everyone. I guess a question first for Luc. Could you help us understand why price mix in the quarter got so negative? I understand that you guys are not promoting. Is this channel package? And then I have a follow-up for Linda.

大家好，下午好。我想先問 Luc 一個問題。您能否幫助我們理解為什麼本季的價格組合變得如此負面？我明白你們沒有進行推廣。這是頻道套餐嗎？然後我要跟進琳達的狀況。

Yes. Javier, you're right. It was abnormally high. Price mix was about negative 4 points in the quarter. And we did have some onetime items that increased trade spending for the quarter. We have a normal process at the end of fourth quarter to really evaluate trade spending accrual and trade promotion that took place throughout the year.

是的。哈維爾，你說得對。它異常高。本季價格組合約為負4個百分點。我們確實有一些一次性項目增加了本季的貿易支出。我們在第四季末有一個正常流程，以真正評估全年的貿易支出累積和貿易促進。

And we had an adjustment, and that was really onetime in nature. I think if you exclude this, price/mix would have been about minus 2%. And that's generally about the average that we've seen throughout the year. And as I mentioned, going forward, we expect it to be about minus 1%.

我們進行了調整，而這實際上是一次性的。我認為如果排除這一點，價格/組合將會是負2％左右。這基本上是我們全年看到的平均水平。正如我所提到的，展望未來，我們預計這一數字將在-1%左右。

And particularly in household why it was down 6%. Is that -- which of the businesses saw such a negative price mix?

尤其是家庭消費下降了 6%。那是——哪些企業經歷瞭如此負面的價格組合？

This is driven by a significant merchandising events that we didn't took place in the prior period. So the year over year was impacted by that. That's an additional 2 points for the segment.

這是由我們之前沒有發生的重大商品銷售活動所推動的。因此，年復一年，這一情況都受到了影響。這為該部分額外增加了 2 分。

Sure. I got it. So Linda, more kind of like a bigger picture question, I understand the promotionality and the value-seeking behavior and these are transient, these are not structural. But the two categories where problems to reoccur are categories and there are two.

當然。我得到了它。所以琳達，這更像是一個更大的問題，我理解促銷和價值追求行為都是暫時的，不是結構性的。但是，再次發生問題的類別有兩類。

One is Glad and the other is pretreater is categories where you have value brands. And I understand that the impetus is behind the innovation, but have you considered a price realignment, so you stabilize market share? And if not, why not? Thank you.

一個是 Glad，另一個是預處理器，它們是具有價值品牌的類別。我明白創新是背後的動力，但您是否考慮過調整價格，以穩定市場佔有率？如果不是，為什麼？謝謝。

Javier, you're right that we've spent a lot of time over the last year talking about Cat Litter and Glad. Those are two very competitive categories and different dynamics going on. just so everybody is on the same page. Primarily, we compete in very premium segments in both of those categories. Our FreshUp brand is a premium and Cat Litter as well as Glad. We play in the premium tier and we've leveraged innovation for a number of years to grow in both of those categories.

哈維爾，你說得對，去年我們花了很多時間討論貓砂和 Glad。這是兩個競爭非常激烈的類別，並且有不同的動態。只是為了讓每個人都達成共識。首先，我們在這兩個類別的高端領域中競爭。我們的 FreshUp 品牌是優質貓砂，也是 Glad 品牌。我們處於高端市場，多年來我們一直利用創新在這兩個類別中取得成長。

What I would just call out, just frankly on Cat Litter, our superiority is not where it needs to be. So this is not about price, in my opinion. This is about ensuring that we have better innovation, that we execute that better on market, that we get our price pack architecture right, et cetera, and we absolutely have plans to do that.

我想說的是，坦白說，在貓砂方面，我們的優勢還沒有達到應有的程度。所以，在我看來，這與價格無關。這是為了確保我們擁有更好的創新，在市場上更好地執行，獲得正確的價格包架構等等，我們絕對有計劃做到這一點。

And of course, I will acknowledge that was one of the businesses most hit by the cyber attack because of the behaviors that are unique to Cat Litter owners. But I feel confident our ability to do that over time, confident in our ability to command a premium over time, but you'll see our plans in this year start to take hold and realize that.

當然，我承認這是受網路攻擊最嚴重的企業之一，因為貓砂所有者的行為是獨一無二的。但我對我們隨著時間的推移做到這一點的能力充滿信心，並對我們隨著時間的推移獲得溢價的能力充滿信心，但你會看到我們今年的計劃開始生效並實現這一點。

And then in Glad, the way that we have created value in a category where consumers are generating more trash is getting more value out of every single trash bag. And that's by offering them a better experience. And trashes can be a pretty terrible experience. If it smells in your house or if you take it out in the bag reps, and we have launched innovation after innovation platform to strengthen the bag to make it a better experience, to add some visual to light. And we know that's worked for consumers.

在 Glad，我們在消費者產生更多垃圾的類別中創造價值的方式是從每個垃圾袋中獲取更多價值。那就是為他們提供更好的體驗。而垃圾可能會是一個非常糟糕的經驗。如果您家裡有異味，或者您用袋子把它拿出來，我們已經推出了一個又一個創新平台來加強袋子，讓它變得更好，為光線增添一些視覺效果。我們知道這對消費者來說是有效的。

For example, we launched and we talked about this in the last few quarters, our Bahama Bliss line, that's done very well. We've been expanding that, and we continue to see opportunities to do that. We need to make sure now given how competitive this category is that those elements work even harder, Javier, than they have in the past when you're faced with competition that is doing deep discount. And we want to make sure that we continue to drive profitable category growth through innovation that helps consumers have better experiences in categories like these and that remains true today.

例如，我們在過去幾季推出了並討論過 Bahama Bliss 系列，這款產品表現非常好。我們一直在擴大這個範圍，並且我們繼續看到這樣做的機會。考慮到這一類別的競爭程度，我們現在需要確保這些元素比過去在面對大幅折扣的競爭時發揮更大的作用，哈維爾。我們希望確保透過創新繼續推動獲利類別的成長，幫助消費者在這些類別中獲得更好的體驗，這一點今天仍然適用。

As I noted, we're seeing consumers continue to value that. They're willing to pay a premium. They're willing to trade up if you offer them that. And that's where you'll continue to see us sharpen on both flat and Cat Litter and frankly, across the rest of our portfolio are superiority to ensure that we can continue to win in two very competitive categories.

正如我所指出的，我們看到消費者繼續重視這一點。他們願意支付額外費用。如果你提供他們這樣的服務，他們就會願意進行交易。您將繼續看到我們在平板和貓砂方面不斷精進，坦白說，我們在其他產品組合中也保持優勢，以確保我們能夠繼續在兩個競爭非常激烈的類別中獲勝。

Robert Moskow, TD Cowen.

羅伯特·莫斯科（Robert Moskow），TD Cowen。

Hi, thank you. Luc and Linda, I wanted to ask about the $0.35 of spending on digital capabilities that you exclude from your adjusted earnings this year, $0.68 in fiscal '25. I assume that this will eventually get down to 0, I think, in fiscal '27 when you're done with your projects.

你好，謝謝。路克和琳達，我想問你們今年從調整後收益中扣除的 0.35 美元數位化能力支出，以及 2025 財年扣除的 0.68 美元數位化能力支出。我認為，當你完成專案後，這個數字最終將在 27 財年降至 0。

But I think you might agree that the digitization and things like AI are a moving target, and you're probably going to have to keep investing in your capabilities and adjusting to an ever-changing world just to keep up. So what makes this spend so unique that there's an end point to it and it doesn't -- We don't end up having to think about another investment a year or two from now. Thank you.

但我想你可能會同意數位化和人工智慧之類的東西是一個不斷變化的目標，你可能必須不斷投資於你的能力並適應不斷變化的世界才能跟上步伐。那麼，是什麼讓這筆支出如此獨特，它有一個終點，而且它沒有——我們最終不必考慮一兩年後的另一項投資。謝謝。

Yes, Robert, you're absolutely correct that every business, including ours, we'll need to invest over time to ensure that they have modern capabilities, modern technologies. And we definitely intend to do that moving forward. But I would consider that to be normal course of business.

是的，羅伯特，你完全正確，包括我們在內的每個企業都需要隨著時間的推移進行投資，以確保他們擁有現代化的能力和現代化的技術。我們確實打算繼續這樣做。但我認為這是正常的業務過程。

We have spending that we have in our plan every year behind capital spending as well as operating expense dollars that are to invest back in our business in all sorts of technologies that might be improving technologies in a manufacturing plant can be implementing different AI technologies, et cetera. And we do view that as a normal course of business and accounted for in how we think about the overall algorithm for the company.

我們每年的計劃中都有資本支出和營運支出，這些支出將重新投資於我們業務中的各種技術，這些技術可能會改進製造工廠的技術，可以實施不同的人工智慧技術等等。我們確實認為這是正常的業務過程，並且在我們如何考慮公司的整體演算法時考慮到了這一點。

What's so unique about what you just spoke about and the fact that we've been excluding this is this is kind of a once in a generation reset of our technology platform. We hadn't upgraded our ERP in 25 years. And the corresponding set of technologies that go around that needed to be upgraded as well. We're talking things like just having a warehouse management system, some basic things that are in the industry. And so what we chose to do is to do a big project to do that all at once and to maximize the value and of course, the resources we have to put that could be doing other things in our company are having to do this implementation.

您剛才談到的獨特之處以及我們一直排除這一點的事實是，這有點像是我們技術平台一代又一代的重置。我們已經有 25 年沒有升級 ERP 了。與之相關的一系列相應技術也需要升級。我們正在討論諸如倉庫管理系統之類的事情，這是行業中的一些基本事物。因此，我們選擇做一個大項目，一次完成所有工作，並實現價值最大化，當然，我們必須投入公司其他資源來完成這項實施工作。

And that's why it's onetime in nature because it really is less about just upgrading the normal course of things that we'll do from here on out. And it's about I'll call it a once-in-a-generation reset. And moving forward, again, you would expect to see that in our normal capital spending, our normal OpEx dollars. And if there was never anything that we needed to do, one time, of course, we've raised the visibility to that, but we believe we have the right spending in place to be able to deal with that technology transformation over time.

這就是為什麼它本質上是一次性的，因為它實際上不僅僅是升級我們從現在開始要做的事情的正常進程。我將其稱為一代人中一次的重置。展望未來，您將再次看到這一點，體現在我們的正常資本支出和正常營運支出中。如果我們從來沒有需要做任何事情，當然，有一次我們已經提高了對此的可見性，但我們相信我們已經有適當的支出，能夠隨著時間的推移應對技術轉型。

Okay. Thank you.

好的。謝謝。

Thank you.

謝謝。

Lauren Lieberman, Barclays.

巴克萊銀行的勞倫·利伯曼。

Hey, thanks so much. I have two quick questions. The first is that the advertising spend this quarter was down dramatically in dollars, the lowest level of spend since the fourth quarter of 2019. So just curious if you could comment on that. That was a big swing factor in the quarter. And I know you're talking about it going back up as a percentage of sales next year. But just overall, surprised the advertising that low.

嘿，非常感謝。我有兩個簡單的問題。首先，本季的廣告支出以美元計算大幅下降，為2019年第四季以來的最低水準。我只是好奇您是否可以對此發表評論。這是本季的一個重要影響因素。我知道您說的是明年銷售額的百分比會回升。但整體來說，廣告費這麼低，令人吃驚。

And the other thing was earlier the question on drivers of gross margin next year. I guess this year now, I think the Glad JV was coming to an end. So it was just in the January, I believe. So just curious what kind of benefit that should look like to gross margins? Thanks.

另一件事是之前關於明年毛利率驅動因素的問題。我想今年 Glad JV 即將結束。所以我相信那隻是在一月。所以只是好奇這對毛利率會有什麼樣的好處呢？謝謝。

Yes. Sure. On the advertising spend in Q4, maybe just put this in context, we obviously don't provide guidance at a quarterly level on advertising. We are lapping a very large spend of advertising from last Q4, which, of course, was about returning share growth to our business post cyber.

是的。當然。關於第四季的廣告支出，也許只是把它放在背景中，我們顯然不會在季度層級提供廣告指導。從去年第四季開始，我們在廣告上投入了大量資金，這當然是為了讓我們的業務在網路攻擊後恢復份額成長。

So we knew we had that lap. But if you kind of take a step back and look, we said we spent about 11% for the year, we spent 11% in the front half. We spent 11% in the back half, and we expect and about 11% next year. So it's really just noise between quarters, Lauren, and not something that's an indication of our investment in the business.

所以我們知道我們已經完成了那一圈。但如果你退一步來看，我們說我們今年的支出約為 11%，上半年的支出為 11%。我們在下半年花了 11%，預計明年也將花費 11% 左右。所以，勞倫，這實際上只是季度之間的噪音，而不是我們對業務投資的指示。

Yes. I'll talk about that. And maybe just on the advertising, there's a little bit of upticks too because your revenue is essentially 13% or 14% higher. So if you were -- and of course, the shipments were not concerned. So really, if you just adjust for that, I think you're about 10% just within the normal variability between quarters.

是的。我會談論這個。也許僅在廣告方面，也會有一點上漲，因為你的收入基本上增加了 13％ 或 14％。所以如果你是——當然，貨物並不受影響。所以實際上，如果你對此進行調整，我認為你在季度之間的正常變化範圍內大約有 10%。

So on Glad, yes, I mean, as we talked, we're going to be exceeding our contractual agreements we have with P&G this coming January, right? And so essentially, we will repurchase 20% of that P&G currently own, and we'd probably finance that through a mix of cash and borrowing. So there's probably two impacts that I was mentioning. The first one is the impact on the P&L that you alluded to, Lauren.

所以就 Glad 而言，是的，我的意思是，正如我們所說的，我們將在今年 1 月超越與寶潔簽訂的合約協議，對嗎？因此，從本質上講，我們將回購寶潔目前擁有的 20% 的股份，並且我們可能會透過現金和借款相結合的方式籌集資金。所以我提到的影響可能有兩個。第一個是你提到的對損益表的影響，蘿倫。

Under the current agreement, we P&G, the about 20% of our cash flow every quarter. And that cell charges through the cost of goods sold. So of course, when we buy back their interest, we will longer pay that 20%. And for perspective, that represent about 50 basis points of gross margin annually.

根據目前的協議，我們寶潔每季將獲得約20%的現金流。並且該單元的費用是透過銷售商品的成本來計算。因此，當然，當我們回購他們的利息時，我們將不再支付那 20%。從這個角度來看，這代表著每年約 50 個基點的毛利率。

Now given that we will exceed the agreement at the end of January, the impact for '26 is probably around 20 to 25 basis points. And there's another onetime -- there's another impact that we'll keep an eye on is potential onetime EPS impact of the acquisitions. Because right now, we're making a very simple assumption that the acquisition price will be in line with our current estimated value on the balance sheet. So if the purchase price was to be different, higher, lower, that would create a onetime impact on EPS.

現在考慮到我們將在 1 月底超出協議規定，對 26 年的影響可能在 20 到 25 個基點左右。還有另一個一次性影響——我們將密切關注的另一個影響是收購對每股盈餘的潛在一次性影響。因為現在，我們做出了一個非常簡單的假設，即收購價格將與我們在資產負債表上的當前估計價值一致。因此，如果購買價格有所不同、更高或更低，這將對每股盈餘產生一次性影響。

Okay, great. Thanks so much.

好的，太好了。非常感謝。

Thanks, Lauren.

謝謝，勞倫。

Steve Powers, Deutsche Bank.

德意志銀行的史蒂夫·鮑爾斯。

Oh hey, thanks. I guess two quick ones for me, too. Obviously, a long way to go before we get to the end of the year, but just to not everything that we've been talking about so far and just confirm your base case. I guess is there any way -- any reason why from where we sit today that we shouldn't be thinking about kind of the midpoint of your normalized earnings exiting the year at around $7 or maybe slightly higher.

噢嘿，謝謝。我想對我來說也有兩個簡單的問題。顯然，到今年年底我們還有很長的路要走，但這並不是我們迄今為止所談論的一切，而只是確認了你的基本情況。我想，從我們今天所處的位置來看，有什麼理由不認為我們不應該考慮年底正常化收益的中點在 7 美元左右或略高一點呢？

If I just take the midpoint of this year's headline EPS guidance range and add back $0.90 or so for the ERP shift. Is that is there any reason why that's not the right way to kind of think through the noise and come up with a kind of a normalized base?

如果我只是取今年總體 EPS 指導範圍的中點，並為 ERP 轉變加上 0.90 美元左右。有什麼理由可以解釋為什麼這不是透過各種幹擾來思考並得出一種標準化基礎的正確方法嗎？

That's exactly right, Steve. That's the simplest thing to do. Of course, there's a range because we acknowledge all the noise that is relative to the RP and, of course, on the uncertainty environment. But right now, our best thing as it.

完全正確，史蒂夫。這是最簡單的事。當然，存在一個範圍，因為我們承認所有與 RP 相關的噪音，當然還有不確定的環境。但目前，我們最好的事情就是它。

All right. Perfect. Perfect. And then on the ERP transition, clearly, a number of benefits that I know you're excited about given that you're effectively leaping forward the IT capabilities of the company by a couple of decades. So that's exciting.

好的。完美的。完美的。然後，關於 ERP 轉型，顯然，我知道您會對許多好處感到興奮，因為您實際上將公司的 IT 能力向前推進了幾十年。這很令人興奮。

But I guess, is there any potential risk of transition from an offsetting standpoint, I'm thinking, I guess, in some kind of structural period of essentially but would translate it like a destocking headwind. As on your top line, as retailers take advantage of your theoretically better capabilities, better agility, better service levels and essentially run Clorox a leaner level of trade inventory, which as we transition would be a headwind on your revenue. Is that -- is there any consideration that we should be thinking about there as we think through the transition?

但我想，從抵銷的角度來看，是否存在潛在的轉型風險，我想，在某種結構性時期，本質上會將其解讀為去庫存逆風。就像您的營業收入一樣，零售商利用您理論上更好的能力、更好的靈活性、更好的服務水平，並且本質上以更精簡的水平運行 Clorox 貿易庫存，這在我們轉型時會對您的收入產生不利影響。那是不是——當我們考慮過渡時，我們是否應該考慮一些事情？

Interesting question, Steve. The way I would look at this is no. And the reason why is this doesn't fundamentally change any retailer processes. This is not about that improving they're doing that work all the time to ensure that they are like we are managing our inventories.

有趣的問題，史蒂夫。我對此的看法是否定的。原因是這不會從根本上改變任何零售商的流程。這並不是為了改進，他們一直在做這項工作，以確保他們像我們一樣管理我們的庫存。

Now on our end, it absolutely gives us the ability to better manage inventories, have better line of sight to where things are in our network and move them most cost efficiently. But there's no structural reason why our ERP should translate into a different posture from retailers on their inventories with us.

現在，就我們而言，它絕對使我們能夠更好地管理庫存，更好地了解物品在我們網路中的位置，並以最經濟的方式移動它們。但是，沒有任何結構性原因導致我們的 ERP 必須與零售商在庫存方面採取不同的態度。

We already have to do that stuff manually on our side. So it's really just a cost that we get to remove over time. They still -- they don't -- because we are on an old version of ERP in the past, they didn't give us more inventory in their system in order to account for that. It's just that we had to work harder and cost us more on the back end to ensure that we could meet their expectations.

我們已經必須手動完成這些工作了。所以這實際上只是一項我們隨著時間的推移可以消除的成本。他們仍然 - 他們沒有 - 因為我們過去使用的是舊版本的 ERP，所以他們沒有在他們的系統中為我們提供更多的庫存以解決這個問題。只是我們必須更加努力，在後端花費更多，以確保能夠滿足他們的期望。

So I don't see that as a structural risk moving forward. What I am excited about that was what you highlighted, which is our ability to do things like managed inventory over time and better manage trade spend and advertising and have better line of sight to end-to-end costs in places that we can drive savings. And those are the structural things that we are excited about.

所以我不認為這會成為未來的結構性風險。令我興奮的是，您強調了這一點，即我們有能力隨著時間的推移管理庫存，更好地管理貿易支出和廣告，並在我們可以節省成本的地方更好地了解端到端成本。這些都是令我們興奮的結構性事物。

Okay. Thank you very much. Appreciate it.

好的。非常感謝。非常感謝。

Thanks, Steve.

謝謝，史蒂夫。

And this concludes the question-and-answer session. Ms. Rendle, I would now like to turn the program back to you.

問答環節到此結束。倫德爾女士，現在我想把節目單交還給您。

Thanks, Jen. As we close out today's call, I'd like to note that this is a big moment for our transformation as we lay the foundation for a stronger future and unlock new value streams. While I recognize the timing noise from our ERP implementation in the US is not ideal, in the short term, it's absolutely necessary for our long-term growth aspirations. The costs are winding down and the benefits are just ramping up as this new digital foundation and operating model will help us continue to reimagine work, scale our digital tools, and move faster as an organization for years to come.

謝謝，Jen。在我們結束今天的電話會議時，我想指出，這是我們轉型的重要時刻，因為我們為更強大的未來奠定了基礎並釋放了新的價值流。雖然我承認我們在美國實施 ERP 的時機並不理想，但從短期來看，這對我們的長期成長願望來說是絕對必要的。由於這種新的數位基礎和營運模式將幫助我們在未來幾年繼續重新構想工作、擴展我們的數位工具並作為組織更快地發展，因此成本正在下降而收益卻在增加。

I'm excited for the future and I'm confident we're taking all the right steps as we advance our IGNITE strategy. Our fiscal year '26 plan lays a strong foundation for new scalable innovation platforms as we work to reinvigorate category growth and deliver solid margin and earnings growth. Through it all, we are transforming Clorox into a stronger company poised to deliver more consistent profitable growth and enhance long-term shareholder value.

我對未來充滿期待，我相信我們在推進 IGNITE 策略的過程中正在採取一切正確的措施。我們致力於重振產品類別的成長，實現穩健的利潤和獲利成長，我們的 26 財年計畫為新的可擴展創新平台奠定了堅實的基礎。透過這一切，我們正在將高樂氏轉變為更強大的公司，準備實現更持續的獲利成長並提高長期股東價值。

Thank you for your time and questions. We look forward to updating you on our continued progress.

感謝您的時間和提問。我們期待向您通報我們持續取得的進展。

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

今天的電話會議到此結束。謝謝您的出席。