高樂氏 (CLX) 2026 Q1 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Clorox Company first quarter fiscal year 2026 earnings release conference call.

女士們、先生們，大家好，歡迎參加高樂氏公司2026財年第一季財報發布電話會議。

(Operator Instructions) As a reminder, this call is being recorded.

（操作員說明）提醒您，本次通話正在錄音。

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

現在我謹向大家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 Lisa Burhan 女士。布爾漢女士，您可以開始您的會議了。

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

謝謝你，珍。下午好，感謝各位的參與。今天和我一起通話的是我們的董事長兼執行長琳達·倫德爾，以及我們的財務長盧克·貝萊特。請注意，我們的獲利報告和準備好的演講稿已發佈在公司網站 cloroxcompany.com 上。稍後，琳達將作開場白，之後我們將回答各位的問題。

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 statement section, which identifies various factors that could affect such forward-looking statements, which has been filed with the SEC.

在本次電話會議中，我們可能會發表一些前瞻性聲明，包括關於我們 2026 財年展望的聲明。這些聲明是基於管理層目前的預期，但可能與實際結果或業績有所不同。此外，我們可能會參考某些非公認會計準則財務指標。請參閱已提交給美國證券交易委員會的前瞻性聲明部分，其中列出了可能影響此類前瞻性聲明的各種因素。

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 reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures.

此外，請參閱我們獲利報告中的非GAAP財務資訊部分以及我們網站投資者關係部分的補充財務報表，以了解非GAAP財務指標與最直接可比較的GAAP指標的調節情況。

Now I'll turn it over to Linda.

現在我把麥克風交給琳達。

Thank you for joining us today. In Q1, we reached a major milestone in our transformation journey with the successful launch of our new ERP system in the US. This foundational step has strengthened our digital backbone and unlocks new value streams for our company.

感謝您今天蒞臨。第一季度，我們在美國成功推出了新的 ERP 系統，這是我們轉型之旅的一個重要里程碑。這一基礎性步驟加強了我們的數位化基礎架構，並為公司開闢了新的價值流。

Launching the ERP was a significant undertaking, and while the transition presented some challenges, our team's resilience and adaptability allowed us to navigate them effectively, and we're already be -- already seeing the benefits ramp up across our operations.

啟動 ERP 系統是一項重大工程，雖然在過渡期間遇到了一些挑戰，但我們團隊的韌性和適應能力使我們能夠有效地應對這些挑戰，我們已經看到它在我們的營運中帶來的益處不斷增加。

As we move forward, we've incorporated the realities of the implementation into our latest outlook and made the necessary adjustments to strengthen our plan for the remainder of the year.

隨著工作的推進，我們已將實施的實際情況納入我們最新的展望中，並做出了必要的調整，以加強我們今年剩餘時間的計劃。

Importantly, as we move past these temporary challenges, we are fully focused on our demand creation plan to deliver superior value to our consumers and reinvigorate category growth.

重要的是，在我們克服這些暫時性挑戰的同時，我們將全力以赴地推動需求創造計劃，為消費者提供卓越價值，並重振品類成長。

With that, Luc and I are happy to take your questions.

那麼，我和盧克很樂意回答你們的問題。

(Operator Instructions) Peter Grom, UBS.

（操作說明）Peter Grom，瑞銀集團。

So I just wanted to touch on the organic sales cadence, and I said there are a lot of moving pieces, but just was hoping to get some perspective on the second quarter as well as the balance of the year. So just first, can you just help us understand what you're including or betting from a category growth perspective? And then second, you touched on returning to sales growth or consumption growth in the back half as a result of the strong demand creation plan. So can you maybe just unpack that a bit more and just what drives the confidence that trends one plus versus what we're seeing today.

所以我想談談自然銷售節奏，我說有很多變數，但只是希望對第二季以及今年剩餘時間的情況有所了解。首先，您能否幫我們了解一下，從品類成長的角度來看，您正在考慮或押注哪些內容？其次，您提到，由於強勁的需求創造計劃，下半年銷售成長或消費成長可望恢復。所以您能否再詳細解釋一下，是什麼因素推動了「趨勢一加」的信心，以及我們今天看到的這種信心是如何產生的？

Peter. This is Luc and I can take that. So I think when we look at the phasing for the full year outlook, it might be easier to just exclude the impact of the ERP in both Q1 and Q4. And if you do so.

彼得。這是盧克，我可以接受。所以我認為，當我們展望全年前景時，或許可以簡單地排除 ERP 在第一季和第四季的影響。如果你這樣做的話。

Organic cell growth in the frontal would be negative low single-digits, and organic cell growth in the back half would be positive low single-digits.

前部有機細胞生長量為負個位數，後半部有機細胞生長量為正個位數。

The assumptions on the category remain the same. We're assuming that, our US retail category remain, muted kind of on average growing 0 to 1%, still below historical average, and so the improvement in the backyard is really, driven by improvement in consumption driven by, improvement in market share. And there's two main levers here. The first one is that we're launching a few major innovations in some key businesses. In some cases, we're actually launching a new platform in other expanding existing platform. I think we talked about it last quarter. We're excited about innovation plans in the back, and we have strong demand plans in place.

該類別的假設保持不變。我們假設，美國零售業的成長依然疲軟，平均成長僅為 0% 到 1%，仍然低於歷史平均水平，因此，本土市場的改善實際上是由市場份額的改善所驅動的消費改善所致。這裡有兩個主要槓桿。首先，我們將在一些關鍵業務領域推出幾項重大創新。在某些情況下，我們實際上是在現有平台的基礎上推出一個新平台。我想我們上個季度討論過這個問題。我們對後台的創新計劃感到興奮，我們已經制定了強有力的需求計劃。

And then the second thing is we are lapping some pretty negative trends that started in the back half of last fiscal year.

其次，我們正在克服上個財政年度下半年開始出現的一些相當負面的趨勢。

And that's for US retail and outside US retail, we feel really good about the momentum of both the international and the professional business in the background.

無論是美國零售業還是美國以外的零售業，我們都對國際業務和專業業務的發展勢頭感到非常樂觀。

Now Q2 low, you asked the question about Q2, so Front contact will be low single-digits, and we expect Q2 to be in the low single-digits. Mostly largely expect the continuation of the US retail consumption trends that we, that we've seen in the first quarter, that as well as about a point of headwinds from the timing of early shipments in the first quarter.

現在 Q2 較低，你問了關於 Q2 的問題，所以前端接觸將是一個位數低點，我們預計 Q2 也將是一個位數低點。預計美國零售消費趨勢將基本延續第一季的趨勢，但同時也會受到第一季早期出貨時間帶來的一些不利影響。

Okay, that's super helpful and just maybe more specifically on two, just on that consumption point, the decline you're expecting, you maybe just be more specific on what you've seen through October and how you see consumption trending from here? Is it more or less what we've seen through the majority of one queue, or do you see any, or are you embedding any sorts of improvement from here?

好的，這非常有幫助。關於第二點，也就是您預期的消費下降，您能否更具體地說明您在十月份觀察到的情況，以及您認為接下來的消費趨勢會如何？這和我們在一個隊列的大部分時間裡看到的情況基本上一致嗎？或者你看到了什麼不同？或者你打算在此基礎上進行一些改進嗎？

Yeah, Peter, there's some dynamics in October that would be helpful to cover, because there's definitely a difference if you're looking at the data between the first half of October and the second half. The first half is marked by a lap of what we saw last year with some storms, hurricanes, as well as port issues, and although they weren't very material to the quarter last year, they do create a year over year comparison issue, so you could see we were down.

是的，彼得，10 月有一些動態值得探討，因為如果你查看 10 月上半月和下半月的數據，就會發現它們之間肯定存在差異。上半年的情況與去年類似，遭遇了一些風暴、颶風以及港口問題。雖然這些問題對去年的季度業績影響不大，但確實造成了同比比較的問題，所以可以看出我們的業績下滑了。

Fairly significantly in consumption in the first two weeks, which we expected. Now you've seen in the third and fourth week of October that's rebounded significantly back to what we expected and you can see consumption down low single-digits in, low. So that would be the dynamic I would expect is that current rate that we've seen over the last two weeks to continue, for the remainder of the quarter, but outside of that, we don't have any material things that you should focus on, outside of what we provided in the outlook.

前兩週的消費量相當可觀，這符合我們的預期。現在，在 10 月的第三週和第四周，情況已經明顯反彈，恢復到我們預期的水平，可以看到消費量下降了個位數百分比。因此，我預計過去兩週的當前增速將在本季度剩餘時間內繼續保持，但除此之外，除了我們在展望中提供的內容之外，我們沒有任何需要您關注的實質事項。

Andrea Teixeira, JP Morgan.

Andrea Teixeira，摩根大通。

Thank you. Good afternoon. I was hoping if you can touch a little bit on the environment for promotions. I mean, I understand you mentioned in the prepared remarks that you continue to see consumers being cautious and and value seeking. We're hoping to see how the competitive environment unfolds and unfolded through the back half of October to Peter's question.

謝謝。午安.希望您能稍微談談促銷環境方面的問題。我的意思是，我理解您在準備好的發言稿中提到，您仍然看到消費者保持謹慎，追求性價比。我們希望看到競爭環境在十月下旬如何發展，以及它如何發展，以回答彼得的問題。

And then if you can also comment on the price bracket architecture that you're looking to do for this innovation that is coming in the back back half of the year, should we see you becoming more, I would say meeting where the consumer is at in terms of like price points, anything to add there, or in general what's embedded in your price, in the price algorithm for the organic sales growth in the second half.

此外，如果您還能就您計劃在今年下半年推出的這項創新產品的價格區間架構發表評論，例如您是否會更加迎合消費者在價格方面的期望，或者您還有什麼要補充的，或者您價格算法中總體上包含了哪些內容，以促進下半年的自然銷售增長。

I'll start with your first one on the environment. So we're seeing the environment largely in line with what we had expected when we started the year and a continuation of what we saw in the back half of last year. As you noted, the consumer continues to be under stress, definitely reacting to the level of volatility and uncertainty that's out there, and we're seeing that in their shopping behaviors. So while an aggregate, the entire consumer wallet has been fairly stable, the changes within that wallet have been quite significant, and varying week to week and quarter to quarter.

我先從你關於環境的第一個問題開始。因此，我們看到目前的環境與我們年初的預期基本一致，並且延續了去年下半年的情況。正如您所指出的，消費者持續承受壓力，他們肯定會對當前市場的波動性和不確定性做出反應，而我們從他們的購物行為中也看到了這一點。因此，雖然整體而言，消費者的整個錢包相當穩定，但錢包內部的變化卻相當顯著，而且每周和每季都在變化。

What that's meant for our categories is you know we've seen a generally more competitive environment, although I would say it varies business to business, category by category and what we're seeing in the specific competitive responses, we have seen increased promotions, for example, in the trash business in cat litter business, not different than we would have expected given the dynamics of those two categories. We've seen some price changes, both things that looked like promotional price changes turning permanent, as well as some minor price price increases, and so again it varies by category, but I would say on average the competitive environment seems pretty rational right now. If you look at the overall promotional spending, again in some categories it was up but in aggregate across our categories not that material.

這意味著我們所處的行業類別競爭環境總體上更加激烈，儘管我認為具體情況因企業、類別而異，而且從具體的競爭反應來看，我們看到促銷活動有所增加，例如在垃圾處理行業和貓砂行業，考慮到這兩個類別的動態，這與我們預期的並無不同。我們看到了一些價格變化，既有看起來像是促銷價格變動變成永久性價格變動的情況，也有一些小幅的價格上漲，所以情況因類別而異，但我認為，平均而言，目前的競爭環境看起來相當理性。如果看一下整體促銷支出，雖然某些類別有所成長，但整體而言，各類別的支出並沒有顯著增加。

And so what we are just responding to and and continuing to watch very closely is will there be a change. In the consumer environment that makes people become more competitive, put more money in the system, etc.

因此，我們正在積極應對並繼續密切關注的是，是否會出現變化。在消費環境中，人們會變得更具競爭力，投入更多資金等等。

We've seen retailers do some additional support on private label, although it hasn't yielded any private label share results, as of last quarter. So those are the things we're watching carefully, but again it's still, it still remains a fairly rational environment, but I think people are getting very sharp on value depending on what matters to them and their portfolio and and and the category, that we compete in.

我們看到零售商對自有品牌進行了一些額外的支持，儘管截至上個季度，這些支持還沒有帶來任何自有品牌市場份額的成長。所以這些都是我們正在密切關注的事情，但總的來說，這仍然是一個相當理性的環境，但我認為人們對價值的判斷越來越敏銳，這取決於對他們來說什麼最重要，他們的投資組合以及我們所處的競爭類別。

There are a couple of places, maybe that I would just call out that I think are, we're watching really carefully and one of them is food. In average, on average, the food category at large has been challenged, and specifically when we look at the food category that we're in with salad dressing, that category has been declining low single-digits and very variable.

有幾個地方，我可能要特別提一下，我認為我們正在非常仔細地觀察，其中之一就是食品。整體而言，食品業整體都面臨著挑戰​​，特別是當我們審視沙拉醬這個食品類別時，該類別的銷量一直在以個位數百分比下降，而且波動很大。

We've made adjustments to our plan. I think you saw in the prepared remarks that, large and small sizes in that business are working really well, but that's a good example of a place Andrea will be using price pack architecture fully to ensure that we're capturing the consumer wherever they are and offering them a hidden value. Offering that is right for if they want to get the very best value pro or if they can't afford to get that large size and they just need something in their pantry that's going to to get them through the next few meals I'd also note on the price pack architecture for the new innovation.

我們對計劃進行了一些調整。我想你們從準備好的發言稿中已經看到了，在這個行業，大號和小號產品都運作得非常好，但這恰恰說明了安德里亞將充分利用價格包裝架構，確保我們無論消費者身在何處都能吸引他們，並為他們提供隱藏的價值。如果他們想要獲得性價比最高的專業版，或者如果他們買不起大包裝，只是需要在食品櫃裡放一些能讓他們吃上幾頓飯的東西，那麼這個產品就是合適的選擇。我還想指出這項創新產品的價格包裝結構。

Similar to what you saw in the prepared remarks, that's how we've approached all of these programs, so we've talked about we have some innovation coming in later that will definitely have components of price pack architecture built into it thinking about what are the right price points we need to be at, etc.

正如你在準備好的發言稿中看到的那樣，我們就是這樣對待所有這些項目的，所以我們談到，我們稍後會推出一些創新，這些創新肯定會包含價格包架構的組成部分，我們會考慮我們需要達到的合適價格點等等。

As well all the innovations that we launch in the back half. Our teams have those tools now embedded in our innovation process, and they're using them to ensure that we capture the full spectrum, at launch, and we can talk more about those when those innovations launch in the back half.

以及我們在下半年推出的所有創新產品。我們的團隊現在已經將這些工具融入我們的創新流程中，他們正在使用這些工具來確保我們在發佈時能夠全面了解情況，我們可以在後半段這些創新發佈時再詳細討論這些內容。

That's helpful. And if I can squeeze in one for Luc on the gross margin side, I understand that obviously there was a lot of operation of the leverage, but you also mentioned commodities coming in, I think slightly better, if I'm not mistaken. Anything to add to that, in terms of like your flexibility. To perhaps, get into a better range than than guided. I understand some of these ranges will go into the low end, but I was curious to see what has changed from a cost perspective that would inform you to be at the low end.

那很有幫助。如果我能抽出一點時間幫盧克談談毛利率方面的問題，我知道顯然槓桿操作很多，但你也提到了大宗商品的入市，我想情況會稍微好一些，如果我沒記錯的話。關於你的靈活性方面，還有什麼要補充的嗎？或許，這樣能獲得比指導射擊更好的射擊範圍。我知道其中一些價格區間會比較低，但我很好奇從成本角度來看，有哪些變化促使你們選擇低端價格。

Sure, Andrea, maybe, let me just speak first about what we're seeing from an inflation in general, both commodity and supply chain, and then talk about the different goods and texts as we look at the gross margin drivers for the full year outlook.

當然，安德里亞，或許，我先談談我們目前看到的通貨膨脹情況，包括大宗商品和供應鏈，然後再談談不同的商品和文本，以及我們展望全年毛利率的驅動因素。

So, we, if I look at overall inflation, we expect it to continue to remain moderate, I would say for the year, but it, we did mention it's slightly more favorable than, our prior estimate in July. If you remember at the beginning of the year we assumed that input costs and inflation would increase a little under $90 million for the full year.

所以，如果我們看一下整體通膨情況，我們預計今年通膨將繼續保持溫和，但我們也提到過，這比我們7月份的先前估計略好一些。如果你還記得的話，年初的時候我們假設全年投入成本和通貨膨脹將增加近 9,000 萬美元。

With about half coming from commodities and half coming from supply chain, both manufacturing and logistics. Our latest projection assumed that input costs and inflation would increase about $70 million so about $20 million more favorable. And again, about half of that is coming in commodities and half of that is coming from the rest of the supply chain.

其中約一半來自大宗商品，另一半來自供應鏈，包括製造和物流。我們最新的預測假設投入成本和通貨膨脹將增加約 7,000 萬美元，因此比先前預測的預測有利約 2,000 萬美元。其中約一半來自大宗商品，另一半則來自供應鏈的其他環節。

Now, we also have to contend with tariffs, and right now our estimates on tariff fees remain the same. It's about a headwind of $40 million for the year. So, looking at, all of it together, this is, about $110 million or about $20 million more favorable than what we thought at the beginning of the year.

現在，我們還要應對關稅問題，目前我們對關稅費用的預估仍然保持不變。今年將面臨約 4000 萬美元的不利影響。所以，綜合所有因素來看，這比我們年初的預期要好大約 1.1 億美元，也就是大約 2,000 萬美元。

Now there's a few other puts and takes as we look at the gross margins for the full year. One, we did have to incur additional expenses during the first quarter to deal with the disruptions on the demand fulfillment related to the ERP ramp up being a little slower than expected. So that's incremental expenses. That offset some of, the benefits.

現在，當我們查看全年毛利率時，還有一些其他的買賣點需要關注。第一季度，由於 ERP 系統啟動速度比預期慢一些，導致需求履行中斷，我們必須承擔額外的費用來應對這個問題。這是新增費用。這抵消了部分好處。

And then second, we're as the teams are finalizing and optimizing their demand creation plans for the innovation in the back calf, we increased a little bit both trade spending and advertising. So the trade spending is also putting a little more pressure. So at this point it's a little more towards the lower end. Of the range, but keep in mind, it's, this, we expect to have like more movement going through the year. What's important is we generally feel good about our ability to meet the gross margin outlook.

其次，由於各團隊正在最終確定和優化針對小腿後側創新產品的需求創造計劃，我們略微增加了貿易支出和廣告投入。因此，貿易支出也帶來了一些額外的壓力。所以目前來看，它的價格稍微偏低一些。雖然價格波動幅度不大，但請記住，我們預計今年會有更多類似的波動。重要的是，我們總體上對實現毛利率預期目標感到樂觀。

And if I may say, if I look at the back end of the year uro, you should see pretty robust gross margin expansion in both Q3 and Q4.

如果允許我這麼說，如果我看一下年底的情況，你應該會看到第三季和第四季的毛利率都有相當強勁的成長。

Kaumil Gajrawala, Jefferies.

Kaumil Gajrawala，傑富瑞集團。

Hey guys, I wouldn't digging in just a little bit on, maybe your report card, because there's so many moving parts with ERP and shipments and all of that. When you're making adjustments for it, how do you feel about your market shares? Are they trending in, direction that you prefer the opposite? It's just a little hard to read, given everything that's going on, curious where you are and And layered, I guess, on top of that, you sort of hinted at a few things on, more demand creating activities. Do you have the all clear from an infrastructure perspective to go and pursue them and if so, maybe just some more details on what it is and how much you expected to contribute.

嘿，夥計們，我建議你們稍微深入研究一下成績單之類的東西，因為ERP、發貨等等都涉及很多方面。當您進行調整時，您對您的市佔率有何感想？它們的趨勢方向與你偏好的方向相反嗎？鑑於目前的情況，這篇文章有點難以理解，我很好奇你在哪裡。而且，我想，除此之外，你似乎還暗示了一些關於更多創造需求的活動的事情。從基礎設施的角度來看，您是否已經做好充分準備去推進這些專案？如果是的話，能否提供更多關於專案內容以及您預計投入多少的細節？

Yeah, maybe what I can do commo is just unpack a little bit what was the underlying performance of the first quarter because there was so much noise. So let me stop there and then, maybe Linda can provide a little more perspective on the on the performance in the market.

是的，或許我能做的就是稍微分析一下第一季的實際業績，因為當時有許多幹擾因素。我就說到這裡吧，或許琳達能對市場表現提供一些更深入的見解。

So if we look at one, organic sales excluding the impact of the LRP, the the ERP, sorry.

所以如果我們看一下有機銷售額，不包括 LRP、ERP 等因素的影響，抱歉。

We declined about 3 points and even within the 3 points, there was a few things happening, one, there was a, one favorite point of timing, which is really just the timing shifts between Q2 and one related to some early shipments for merchandizing in the second quarter.

我們下降了大約 3 個百分點，即使在這 3 個百分點之內，也發生了一些事情，其中​​之一是，一個重要的時機，這實際上只是第二季度與第一季度之間的時間變化，與第二季度的一些商品提前發貨有關。

But we also had the impact of the out of stock, which, impacted, both the market share and maybe to certain extent you some categories in some businesses, and that was about 3 points of headwinds.

但我們也受到了缺貨的影響，這影響了市場份額，也可能在一定程度上影響了某些業務的某些類別，這帶來了約 3 個百分點的不利影響。

So again if you unpack that, the negative, the decline of 3 points in the first quarter and exclude those two lovers, like the underlying performance was about one, right? So that gives you some context and also kind of just fairly consistent with what we signaled. Around the frontals being in the, negatively low single-digits.

所以，如果你再仔細分析一下，你會發現第一季下降了 3 個百分點，並且排除那兩個情侶，那麼基本面表現大約只有 1 個百分點，對吧？這樣就能給你一些背景訊息，而且也和我們之前發出的訊號相當一致。額骨周圍是負個位數。

Hey, I know a little bit on the therapy.

嘿，我對心理治療略知一二。

Go ahead. Yeah, go ahead. I was just going to ask.

前進。好的，請便。我正想問呢。

You to.

你也一樣。

Perfect. So on on share and just how that translates to the market.

完美的。所以接下來要討論的是份額以及它如何轉化為市場份額。

Unfortunately with the ramp up that we had on our ERP, it did cause us to lose more market share than we had anticipated, and you saw that primarily impact August in a material way. We saw September a bit better and again in October continues that trend, but we can't say we're satisfied with that. We intend to grow market share over the long-term and so we are laser focused on that as we head into Q2 in the back half of the year. And that's why you're seeing us, continue to refine and tune our plans, which we feel good about in the back half, feel great about the innovation that we have, feel good about the spending levels we have. And I think what that also connects to is the other parts of the scorecard that will make up share and give us confidence in our ability to grow share again in the back half, and that's household penetration, which remains stable. In fact, if you look at our biggest mega brands, that's up in household penetration, the Clorox brand, and up fairly significantly, our consumer value metric remains higher, significantly higher than it was pre-COVID. And again we have all of the right spending and tools and innovation in that plan to drive market share performance. So while I'm not satisfied right now, I feel like we have the right plans to get that turned around and the fundamentals of our business remain very strong.

不幸的是，由於我們的 ERP 系統升級，導致我們失去了比預期更多的市場份額，這一點在 8 月受到了實質的影響。9 月的情況略有好轉，10 月也延續了這一趨勢，但我們不能說對此感到滿意。我們的目標是長期擴大市場份額，因此在進入下半年第二季之際，我們將全力以赴實現這一目標。所以你會看到我們不斷改進和調整我們的計劃，我們對下半年的計劃感到滿意，對我們擁有的創新感到自豪，對我們擁有的支出水平感到滿意。我認為這也與評分卡的其他部分有關，這些部分將構成市場份額，並讓我們有信心在下半年再次擴大市場份額，那就是家庭滲透率，它保持穩定。事實上，如果你看看我們最大的幾個超級品牌，你會發現它們的家庭滲透率有所上升，例如 Clorox 品牌，而且上升幅度相當大，我們的消費者價值指標仍然很高，比 COVID-19 疫情前要高得多。我們再次強調，該計劃包含了所有正確的支出、工具和創新，以推動市場份額的成長。所以，雖然我現在並不滿意，但我感覺我們有正確的計劃來扭轉局面，而且我們業務的基本面仍然非常強勁。

Filippo Falorni, Citi.

Filippo Falorni，花旗銀行。

Hi, good afternoon, everyone. So maybe following up on Camil's question, just on the second half, Linda, you mentioned a lot of the improvement is based on the innovation plans that you have for the second half of the year. Can you give us a little bit more color on what categories the innovation is going, what's differentiated, what gives you that confidence that innovation will work. And then maybe you can give a specific like drill down a little bit more on trash bag and calli. Those continue to remain two of the most challenged, categories, and you mentioned increased promotional activities, so maybe just a review on the plans on those two particular categories as well.

大家好，下午好。那麼，也許可以接著 Camil 的問題，就下半年而言，Linda，你提到許多改進都基於你為下半年制定的創新計畫。您能否更詳細地介紹這項創新涉及哪些類別、它的差異化優勢是什麼，以及是什麼讓您對這項創新成功充滿信心？然後，或許你可以更具體地深入探討垃圾袋和卡利。這兩個類別仍然是最具挑戰性的類別，而且您提到了增加促銷活動，所以也許應該對這兩個特定類別的計劃進行審查。

Thank you.

謝謝。

Surely both, innovation, maybe I'll talk about some of the ones that we just launched that are in market now, and that we have the ability to speak a bit more about, in Glad we're continuing to build on the very successful scent platform that we have. You've heard us talk about, Bahama Bliss, which was, the last big scent, that we had released, and we're following that with a false scent, which we think will do very well for Glad and continue to attract that consumer that's looking for that, extra piece of treat at home given what they're going through.

當然，兩者都是創新，也許我會談談我們剛推出的、現在已經上市的一些產品，我們有能力更詳細地介紹一下。很高興我們能夠繼續在我們非常成功的香氛平台上發展壯大。你們都聽我們說過巴哈馬之樂，這是我們推出的最後一款熱門香水，接下來我們將推出一款人造香氛，我們認為這款香氛對 Glad 來說會非常成功，並繼續吸引那些在經歷特殊時期後，想要在家中享受額外愉悅的消費者。

In Brita we've active or actively moder modernizing our pictures with new colors. We're also ensuring that we're doing price pack architecture there to ensure we're capturing consumers. Who can't afford to buy a larger pitcher at the moment, so we're, we've launched, some smaller sizes for both, pitchers and filters, and that gives consumers, a reason to not turn away from a Britta pitcher.

在 Brita，我們積極或正在積極地用新的色彩來更新我們的圖片。我們也確保進行價格組合架構設計，以確保能夠吸引消費者。目前有些人買不起大容量的濾水壺，所以我們推出了一些小尺寸的濾水壺和濾紙，這讓消費者有理由不放棄碧然德濾水壺。

On Birts, we've expanded a very successful platform. We launched a boosted bomb a while back and we're increasing the. Footprint of that and launching that into body, and we just launched innovations, including a lotion, a whipowder, and moisturizing melt. They're quite delightful, and I think the consumers are really going to like them. So those just came out, and we're feeling good about those. We will have additional innovations and the way I would think about it, Filippo, is that we will have innovations across all of our major brands this year, and so you'll see those coming in the back half.

在 Birts 平台上，我們擴展了一個非常成功的平台。我們前段時間發射了一枚增強型炸彈，現在我們正在增加它的威力。我們研究了該產品的功效，並將其應用於人體，我們剛剛推出了創新產品，包括乳液、爽身粉和保濕融化劑。它們非常討人喜歡，我認為消費者一定會很喜歡它們。這些產品剛上市，我們對它們的表現感到滿意。我們將推出更多創新產品，菲利波，我的想法是，今年我們將在所有主要品牌中推出創新產品，所以你會在下半年看到這些產品。

Some of these innovations are brand new spaces for us in terms of, what we are going after from a a consumer perspective and what, problems we're trying to solve for them, and then some of them build again on existing capabilities that we already have and I know you you can understand that I can't get into exactly where those are right now but I think the key takeaway is innovation across all major brands feel really good about the innovation that we launched. In 11, very good about the back half.

就我們從消費者角度追求的目標以及我們試圖為他們解決的問題而言，其中一些創新對我們來說是全新的領域；而另一些創新則是在我們現有能力的基礎上進行的。我知道您能理解我現在無法具體說明這些創新在哪裡，但我認為關鍵在於，所有主要品牌的創新都讓我們對我們推出的創新感到非常滿意。第 11 場，後半程表現非常出色。

We have the right spending, and I think they are the right mix between continuing to improve the base, and bringing new world innovations that are superior value to consumers, and that we think we can create, years and years of value from.

我們的支出方向是正確的，我認為我們在繼續改善基礎和引入具有卓越價值的新世界創新之間取得了正確的平衡，我們相信我們可以從中創造多年的價值。

Great, and maybe just on, some trash bags and later, we've seen continued pressure from market share standpoint, so maybe can you give us a sense of your assessment of those categories and how sustained this promotional environment can remain in those categories.

很好，也許就一些垃圾袋而言，後來我們看到市場份額持續面臨壓力，所以您能否談談您對這些類別的評估，以及這種促銷環境在這些類別中能夠持續多久。

On both of those categories they're largely what we expected to see, which is very competitive, more promotional activity, continued innovation, and we're seeing about in line with what we expected to see in both of those, of course.

這兩個類別的情況基本上符合我們的預期，競爭非常激烈，促銷活動增多，創新不斷，當然，我們看到的情況與預期基本一致。

Q1 was impacted by our implementation of the ERP so we saw a bit more share decline than we had expected, but obviously once we're back in stock and we for the most part are now we've begun to see those shares rebound, but both of those continue to be marked by higher than normal competitive activity and we see that in pricing we see that in additional promotional spending.

第一季受到ERP系統實施的影響，因此我們的市場份額下降幅度比預期要大一些，但顯然，一旦我們恢復了庫存（現在大部分庫存已經恢復），我們就開始看到市場份額反彈，但這兩方面都持續受到高於正常水平的競爭活動的影響，我們在價格方面看到了這一點，在額外的促銷支出方面也看到了這一點。

And what we're trying to balance in both categories and particularly in trash would be the long-term value creation aspects of this. We do not want to get into a place where we're destroying value in the category, because we just don't see people create a lot more trash, when a trash bag is more discounted. And what we're trying to do is ensure that we preserve the right to grow this category through innovation and better consumer ideas and experiences, and so we're being very choiceful.

而我們試圖在這兩類垃圾，特別是垃圾處理中，達到長期價值創造的平衡。我們不想陷入破壞該品類價值的境地，因為我們並沒有看到人們在垃圾袋價格更低的情況下製造出更多的垃圾。我們正在努力確保透過創新和更好的消費者理念和體驗來維護這一品類的成長權利，因此我們非常謹慎地進行選擇。

There are places where we have increased our investment and I'm glad we're being very surgical about that, and there are places where we're willing to lose a bit of share in the short-term and service of that long-term objective. So that's what we think we're getting the balance right on now. We're going to watch it really carefully in Q2 and in the back half. We want to execute our innovation with excellence, but I would say, that that category is very much what we expected to see litter, of course, in a place where the category is growing and we're not getting our fair share of that, that's highly disappointing to all of us.

有些地方我們增加了投資，我很高興我們在這方面做得非常精準；有些地方我們願意在短期內失去一些市場份額，以服務長期目標。所以我們認為，我們現在在這方面做得恰到好處。在第二季和下半季，我們會非常仔細地觀察情況。我們希望以卓越的方式執行我們的創新，但我想說，這個類別的情況正如我們所預期的那樣，當然，在這個類別不斷增長的地方，我們卻沒有獲得應有的份額，這讓我們所有人都非常失望。

We feel good about the plans we have on litter in the back half. We'll talk more about those, in our next call. But we will go after all of the things that we think aren't working quite right for us and litter right now, and, we are, we're hopeful that that will show a marked turnaround in the back half once we get, that implementation and market.

我們對後半程垃圾清理計畫感到滿意。我們將在下次通話中詳細討論這些問題。但我們會著手解決所有我們認為目前對我們不太有利、有問題的事情，我們希望，一旦我們實現了目標並進入市場，下半年就能出現明顯的改善。

Chris Carey, Wells Fargo.

克里斯凱裡，富國銀行。

Hey everyone, My first question is just around the like spending plans for the back half. I'm mostly curious how these have evolved, since you started the year and what I'm specifically interested in is, are we talking about you have these great innovations, you'll be leaning in more and you're basically funding that with the incremental cost savings that you're getting from, more favorable commodities. Or are you looking at the broader suite of activities and thinking that you can drive, greater outcomes, beyond even those innovations and just, is there a way you think about it between promotional activity and advertising, I have a follow-up.

大家好，我的第一個問題是關於下半年的支出計畫之類的。我主要好奇的是，自年初以來，這些方面發生了怎樣的變化。我特別感興趣的是，我們正在討論你們是否擁有這些偉大的創新，你們是否會更加投入，並且你們基本上是用從更有利的商品價格中獲得的增量成本節約來為這些創新提供資金。或者，您是否著眼於更廣泛的活動組合，並認為您可以推動更大的成果，甚至超越這些創新？您是否考慮過促銷活動和廣告之間的關係？我還有一個後續問題。

I'll start, Chris, so yeah, on the spending plans for the back half, we started the year we felt very good about them, to begin with. We have pretty sophisticated tools that allow us to put money, where we know we're going to get a good return. You've heard us a lot of talk about the personalization engine that we built that allows us to target consumers in a way that gets some messaging that's driving very good ROIs and we have one of the leading ROI.

我先來，克里斯。是的，關於下半年的支出計劃，年初的時候我們對此感覺非常好。我們擁有非常先進的工具，可以讓我們把錢投到我們知道會獲得良好回報的地方。你們已經聽我們多次談到我們開發的個人化引擎，它使我們能夠以某種方式定位消費者，從而獲得非常好的投資回報率，而且我們的投資回報率處於領先地位。

In the industry from an advertising perspective, so we already felt strongly about our plans heading into the back half. What we took an opportunity to do is as consumers are adjusting their behaviors, we've adjusted our plans, to sharpen that spending in the back half.

從廣告業的角度來看，我們對下半年的計畫已經充滿信心。我們抓住機會，隨著消費者調整消費行為，我們也調整了計劃，以增加下半年的消費力度。

Now I'll give you some. Examples, some of it is innovation as we've gotten clearer on what distribution looks like and what retailers plan to do. We've made adjustments in spending on retail media. We've made adjustments in spending and advertising or how we might do a promotional kick off in a retailer. Those are the things that teams have done. In addition, I'll give you an example in Kingsford, we saw that many consumers are doing exactly what they are in other categories from a value perspective. They're either trading up to larger sizes or they're looking for an opening price point.

現在我給你一些。例如，隨著我們對分銷模式和零售商計劃採取的措施有了更清晰的認識，其中一些就體現了創新。我們調整了零售媒體的支出。我們對支出和廣告，或者說我們在零售商中進行促銷活動的方式，都做出了調整。這些都是各隊已經做過的事。此外，我舉個金斯福德的例子，我們看到，從價值的角度來看，許多消費者在其他類別中的做法與在其他類別中的做法完全相同。他們要不是想換買更大尺寸的，就是想找個價格更實惠的入門級產品。

So for really the first time in July 4 and Labor Day we had much more merchandise. On smaller sizes and larger sizes, it actually grew household penetration as a result of that plan and that we adjusted that spending based on the learnings we had for Memorial Day where we talked about, the merchandizing plan did not go as we had anticipated and we didn't execute to the degree we wanted to. We made those adjustments in July 4 and Labor Day and are taking those forward as we look at the back half of the year.

所以，在7月4日和勞動節這天，我們的商品數量確實第一次大幅增加。無論是小號還是大號，該計劃實際上都提高了家庭滲透率，而且我們根據陣亡將士紀念日的經驗教訓調整了支出，當時我們談到，商品銷售計劃沒有按預期進行，也沒有達到我們想要的程度。我們在 7 月 4 日和勞動節期間做出了這些調整，並將在展望下半年時繼續沿用這些調整。

So it's across a number of things, Chris, we're using the tools that we have at the consumer understanding that we're getting and making real-time adjustments with retailers to try to capture as much of the change as we possibly can, and because we feel very confident about our ability to to deliver strong returns on that on that advertising, we feel confident about the choices that we've made and frankly we'll probably continue to make adjustments as we learn more, and our business units are fully empowered to do that and. And they're watching the consumer carefully and we'll make adjustments if they need to to to support innovations or the base.

所以，克里斯，這涉及到很多方面。我們正在利用我們掌握的消費者資訊工具，並與零售商進行即時調整，以盡可能捕捉變化。因為我們對廣告帶來強勁回報的能力非常有信心，所以我們對我們所做的選擇充滿信心。坦白說，隨著我們了解更多信息，我們可能會繼續做出調整，我們的業務部門也完全有權這樣做。他們會密切關註消費者，如果需要支持創新或鞏固基礎，我們會做出調整。

Okay, thank you. One follow-up we've seen an increase in portfolio actions. I guess, we can call them at a number of companies across consumer staples to respond or or maybe adjust to different demand backdrops. I'm conscious you have a fairly diverse portfolio, a very clean balance sheet. You, you've called out certain categories that have been more volatile than what you wanted. Perhaps there are others where you'd want to play more in.

好的，謝謝。後續觀察顯示，投資組合操作增加。我想，我們可以聯絡多家消費必需品公司，讓他們做出回應或調整以適應不同的需求環境。我知道您的投資組合相當多元化，資產負債表也非常健康。你指出了一些比你預期更不穩定的類別。或許還有其他你想多玩玩的地方。

So just, in this environment, with the balance sheet you have and the volatility we're seeing, can you give us maybe a sense of how you're thinking about, the concept of portfolio and and and what you're really trying to accomplish with your own and and how you think about maybe, any future evolution. Thanks so much.

所以，在當前環境下，考慮到貴公司目前的資產負債表狀況以及我們所看到的市場波動，您能否談談您對投資組合概念的看法，以及您真正想透過自己的投資組合實現的目標，以及您對未來發展趨勢的思考？非常感謝。

Sure. First, I think the most important principle we have is we always take a long-term focus when it comes to our portfolio and so there's certainly a lot of things going on right now, some of which is just noise and temporary, and some of which we'll see, does it turn more permanent? Is there a change in the consumer environment that we need to account for or any company needs to account for? But we're saying very disciplined and taking a long-term portfolio focus, and that that plays itself out in two very important ways.

當然。首先，我認為我們最重要的原則是，我們在投資組合方面始終著眼於長期發展，因此目前確實有很多事情正在發生，其中一些只是噪音和暫時的，而另一些我們將拭目以待，看看它們是否會變得更加永久。消費者環境是否發生了我們或任何公司需要考慮的變化？但我們強調要非常自律，並著眼於長期投資組合，而這體現在兩個非常重要的面向。

The first and the most important is that we strengthen our core and that we take the brands that we have that are in the vast majority of US households and in households all around the world, and we offer better value to consumers. We invest in those brands, and we get to the place where we're, pretty consistently growing market share, growing household penetration, etc. And we've seen moments of that over the last several years and it's certainly been choppy given the external environment, and some of the challenges we've had on our own, but that's our number one focus, and I feel.

首先也是最重要的是，我們要加強核心業務，將我們擁有的、遍佈美國絕大多數家庭和世界各地家庭的品牌，為消費者提供更高的價值。我們投資這些品牌，並取得了目前的成就，市場份額和家庭滲透率都在穩步增長等等。在過去幾年裡，我們見證了這些成就的實現，當然，考慮到外部環境以及我們自身面臨的一些挑戰，這一過程也並非一帆風順，但這仍然是我們最關注的重點，也是我認為最重要的。

Better than I have in a long time around the innovation plans that we have, and the ability for those to continue to grow our market share and household penetration over the long-term, we have plenty of opportunities in our core business to get better and sharper and deliver profitable growth. Of course, the second component of that is actively with our board all the time looking at our portfolio to ensure that you know we have the right portfolio moving forward and you've seen us make a few moves, albeit on the smaller side, but very important, we divested our business in Argentina which had.

在過去很長一段時間裡，我對我們制定的創新計劃以及這些計劃能否長期持續擴大我們的市場份額和家庭滲透率感到非常滿意。我們在核心業務方面有很多機會變得更好、更敏銳，並實現獲利成長。當然，第二個組成部分是與董事會積極合作，不斷審視我們的投資組合，以確保我們擁有正確的投資組合，並讓大家看到我們採取了一些行動，儘管規模較小，但非常重要，我們剝離了在阿根廷的業務。

Driven the vast majority of the currency volatility we had experienced as well as divesting the business for vitamins, minerals, and supplements, which unfortunately did not contribute what we had anticipated it would in a series of the two acquisitions that we made, and that is delivering real results, every day in the portfolio and we are always looking with our board at all options for our portfolio, whether that be tuckins continuing to expand on.

導致我們經歷了絕大多數貨幣波動，以及剝離維生素、礦物質和補充劑業務，不幸的是，這並沒有像我們預期的那樣，在我們進行的兩次收購中做出貢獻。我們每天都在投資組合中取得實際成果，我們始終與董事會一起審視投資組合的所有選擇，無論是繼續擴張還是其他方面。

Categories that we play in today or or looking of course at more transformational things, just as you would expect us to with our board, but we will remain disciplined. The good news is we do have a strong balance sheet, so if there's something that we think is attractive from a shareholder perspective, we have the ability to act on it, but we want to make sure that we are taking a long-term view always, and not chasing some short-term temporary disruption, and, setting ourselves up for for a good long-term shareholder returns.

我們目前所處的領域，或者當然也在關注更​​具變革性的事物，正如你們期望我們的董事會所做的那樣，但我們將保持自律。好消息是，我們的資產負債表非常穩健，所以如果我們認為從股東的角度來看有什麼有吸引力的事情，我們有能力採取行動，但我們希望確保始終著眼於長遠，而不是追逐一些短期的暫時性幹擾，並為股東帶來良好的長期回報。

Anna Zhou, Bank of America.

安娜週，美國銀行。

Just want to ask, we're hearing from peers in the space that there's some destocking here from certain retailers, and I suppose with the ERP transition you're not as exposed to that right now, but I was wondering if you can comment on this inventory trend. And as we see a retailer shift to club and online from consumers, I was wondering how you're looking to increase your exposure here. You mentioned in the past that Glad was a brand that has significant competition from the club channel. And any innovation you can mention with this in mind in terms of your offerings to have these retailers pick up new products and new pack sizes.

我想問一下，我們從業內同行那裡了解到，某些零售商正在進行去庫存，我想由於 ERP 系統的過渡，您目前受到的影響可能不大，但我想知道您是否可以就這種庫存趨勢發表一下看法。隨著零售商的消費重心從實體店轉向線上和線下通路，我想知道您打算如何增加在這些通路的曝光度。你之前提到過，Glad 品牌面臨來自俱樂部管道的激烈競爭。考慮到這一點，您可以提出任何創新建議，以吸引零售商購買新產品和新的包裝規格。

Sure, and on destocking, you're right to assume that our ERP would of course have the opposite effect because we were rebuilding inventories with retailers as we got through that period, so largely we're not seeing any material destocking behavior impacting results, and largely what we continue to see from retailers is they're doing the good structural work you would want to reduce inventories across the value chain.

當然，關於去庫存，您認為我們的ERP系統當然會產生相反的效果，這是正確的，因為我們在那段時間裡一直在與零售商一起重建庫存，所以基本上我們沒有看到任何實質性的去庫存行為影響結果，而且我們繼續從零售商那裡看到的是，他們正在進行良好的結構性工作，以減少整個價值鏈上的庫存。

And that's good for everybody over the long-term, but we don't see anything in the short-term, and again that could change as retailers plans change, that are impacting our business and we have largely, recovered our inventories from the period during the ERP implementation disruption, but again at this point we're not seeing anything material that we that would. That we would call up for this quarter or for the remainder of the year.

從長遠來看，這對每個人都有好處，但我們短期內看不到任何影響，而且隨著零售商計劃的改變，這種情況可能會改變，這些計劃正在影響我們的業務，我們已經基本從 ERP 實施中斷期間的庫存中恢復過來，但目前我們還沒有看到任何實質性的影響。我們會召集他們參加本季或今年剩餘時間的會議。

On the club business, and we have a very strong club business, across many of our businesses, and we do focus on specific innovation for the club member and shopper just like we do for, the grocery Channel and for the dollar channel and for e-commerce we're looking to combine, the moment of truth, with what the product offering needs to be and so we work very closely with our club.

在俱樂部業務方面，我們擁有非常強大的俱樂部業務，涵蓋我們許多業務領域。我們專注於為俱樂部會員和購物者提供特定的創新，就像我們為雜貨通路、一元商店通路和電子商務所做的那樣。我們希望將關鍵時刻與產品供應的需求結合起來，因此我們與俱樂部密切合作。

Customers and others to ensure that we're getting the right member value for them and we've been doing that for for many many years which means we have very strong positions in club now you're right that we've called out Gla as being a place where we have less of a position in club we continue to work on opportunities there to ensure that we're providing the right value and and potentially unlock different distribution opportunities.

我們與客戶和其他相關方合作，確保我們為他們提供合適的會員價值。多年來，我們一直致力於此，這意味著我們在俱樂部中擁有非常強大的地位。您說得對，我們指出格拉（Gla）是我們俱樂部中地位較低的地方，但我們將繼續努力尋找機會，以確保我們提供合適的價值，並有可能開拓不同的分銷管道。

But for now what we're focused on is ensuring consumers who want a large count of trash bags can get them in other places so obviously we have very strong distribution across other channels that also sell large sizes and so we're focused on that and focused on on the club customers where we have good distribution, but I think I feel very good largely about where we are in club and our ability to specifically target innovation that's, that provides great member value.

但就目前而言，我們的重點是確保需要大量垃圾袋的消費者可以從其他地方買到。顯然，我們在其他銷售大包裝垃圾袋的管道中擁有非常強大的分銷能力，因此我們專注於此，也專注於我們分銷管道良好的會員製商店客戶。但我認為，總的來說，我對我們在會員製商店的現狀以及我們精準定位創新、為會員提供巨大價值的能力感到非常滿意。

Okay. And just one follow-up on private label, while the overall share is more muted in terms of growth, we're still seeing some increases in categories like wipes, so I'm curious for your thoughts here, relative to private label share and the increase that we're seeing versus on the branded side.

好的。關於自有品牌，還有一個後續問題。雖然整體份額增長較為緩慢，但我們仍然看到濕巾等品類有所增長，所以我很想听聽您對此的看法，相對於自有品牌份額和我們看到的增長與品牌產品相比如何。

Yeah, so in aggregate we have not seen private label make any material inroads, and aggregate, but there are a couple of categories we call it. I actually wouldn't call it wipes as being one of the categories that we have concern about, or are watching carefully, but actually Britta is one that we're watching carefully right now we've seen some consumers, trade down to private label filters and smaller sizes and so we have reacted with ensuring that we have the right line up of pitchers.

是的，總的來說，我們還沒有看到自有品牌取得任何實質進展，總的來說，但我們將其分為幾個類別。我其實不會把濕紙巾列為我們關注或密切關注的品類之一，但布里塔濾水壺確實是我們目前正在密切關注的品類之一。我們看到一些消費者轉而使用自有品牌濾水壺和更小的容量，因此我們採取的應對措施是確保我們擁有合適的濾水壺產品線。

And filters and making sure that we're having the right value there, but that's one place we're watching very carefully. We've seen this behavior in the past when consumers are under stress, they may make a substitution here and there, for a lower price private label filter, but, that's a place that we've been watching, pretty carefully.

還有篩選，確保我們在那裡的值是正確的，但這是我們非常密切關注的一個方面。我們過去也看到過這種行為，當消費者面臨壓力時，他們可能偶爾會用價格更低的自有品牌濾芯來替代，但這是我們一直在密切關注的領域。

And then I was saying bleach would be the other place that we're watching very carefully. Generally our cleaning portfolio is doing very well, particularly against private label, and we're seeing consumers across the whole value spectrum all the way from dilutables up to wipes, looking for that premium experience. We continue to see a good overall share performance in home care. Obviously it was impacted by the out of stocks that we had in Q1. But we're seeing that bounce back. But bleach is the place we're watching carefully.

然後我說，漂白劑是我們密切關注的另一個領域。總的來說，我們的清潔產品組合表現非常出色，尤其是在與自有品牌的競爭中，我們看到從稀釋型清潔劑到濕巾，各個價值區間的消費者都在尋找優質體驗。我們看到居家護理領域的整體市佔率表現依然良好。顯然，這受到了第一季缺貨的影響。但我們看到這種反彈勢頭正在增強。但我們正密切關注漂白劑的使用情況。

We've seen a bit of private label uptick. We feel like we have good bleach plans in the back half, and that's a place where we have targeted strengthening the plan in the back half. But those are two categories that we're watching very carefully, and watching particularly lower income consumers to see what their behaviors are and adjusting our plans to make sure that we have an offering from Clorox that meets their needs.

我們看到自有品牌產品略有成長。我們覺得我們在下半季有很好的補強計劃，這也是我們重點加強下半季計劃的地方。但我們正在非常密切地關注這兩類消費者，尤其關注低收入消費者，觀察他們的行為，並調整我們的計劃，以確保高樂氏提供的產品和服務能夠滿足他們的需求。

Bonnie Herzog, Goldman Sachs.

邦妮·赫爾佐格，高盛集團。

Thank you. Hi, everyone. I am, I wanted to circle back on your guidance, your organic sales growth guides, of the declines that are expected of 5% to 9%. Just hoping for a little bit more color on the puts and takes of that, you highlighted your current expectations are for, to be at the lower end of the range, but just curious if the high end of this range is achievable, and if so, what would the drivers of that be? And then just a quick clarification of the inventory unwind was there, maybe a greater unwind than you expected in any areas of your business.

謝謝。大家好。我想再次談談您先前的指導意見，您之前提到的自然銷售成長預期下降 5% 到 9%。我只是希望您能更詳細地說明一下這方面的情況。您強調了您目前的預期是達到該範圍的下限，但我只是好奇該範圍的上限是否可行，如果可行，其驅動因素是什麼？然後，庫存調整情況得到了快速澄清，或許在你業務的任何領域，庫存調整的幅度都比你預期的要大。

Yeah, thanks. I can take that. First, on your last question, I think we generally feel good about our inventory positioning at the end of the first quarter. So, that you probably noticed we we find the estimates of the incremental shipment associated with the IP transitions from a range of 7 to 8 points of negative cells that win in fiscal '26 to a point estimate of 7.5.

嗯，謝謝。我可以接受。首先，關於你最後一個問題，我認為我們總體上對第一季末的庫存狀況感到滿意。所以，您可能已經注意到，我們發現與 IP 過渡相關的增量出貨量的估計值從 2026 財年的 7 到 8 個負單元格的範圍，變成了 7.5 個點的估計值。

And just the background there, I think we talked about it last quarter, but we had a pretty robust pro tracking process in place to try those incremental, orders, but you know there's also an element of triangulation as you probably know some of our customers have algorithm-based ordering systems and so we really needed to wait for the end of the first quarter to kind of finalize the estimate so.

至於背景方面，我想我們上個季度討論過，我們當時有一個相當完善的專業跟踪流程來嘗試這些增量訂單，但你也知道，其中也存在三角測量的因素，因為你可能知道我們的一些客戶擁有基於算法的訂購系統，所以我們確實需要等到第一季度末才能最終確定估算結果。

Again, feel good about the current retail inventory position at the end of the one, and we feel also good about the now having finalized the estimate of the ERP transitions. Having said that, maybe when we look at looking at the outlook for the organic growth range, I think a few things that's worth mentioning. One, we're still early in the year.

再次強調，我們對目前零售庫存狀況感到滿意，同時我們也對 ERP 系統過渡的最終估算感到滿意。話雖如此，當我們展望有機成長前景時，我認為有幾點值得一提。第一，現在還是年初。

And second, it's a pretty wide range, in that, given the environment, and that was, the breadth of the range was a deliberate choice because it allows us to really remain agile and realistic as we navigate the market dynamic and the external environment during the year. So it is a wide range. So when you look at the higher end of the range, having said that, it's fair to say that we would need, everything to eat on that all assumptions to eat on the high end for us to.

其次，範圍相當廣泛，考慮到環境因素，選擇如此廣泛的範圍是經過深思熟慮的，因為這使我們能夠在一年中應對市場動態和外部環境時保持靈活和務實。所以範圍很廣。所以，當我們審視範圍的高端時，也就是說，公平地說，我們需要所有的一切才能按照高端飲食的所有假設來生活。

To meet the higher end and it would be a pretty robust, sales in the back. So that means category growth would be on the higher end of our estimates, either 1 point on average for US retail or higher. Second, we would have a great execution on innovation and demand creation plan. And then third, of course. And assume no supply or extraneous issues, coming up as as we continue through the year. So yeah, that's what we need to be true.

為了滿足高端市場需求，而且銷售業績會相當強勁，所以後台會有銷售人員。這意味著品類成長將處於我們預估的較高水平，美國零售業平均成長 1 個百分點或更高。其次，我們將出色地執行創新和需求創造計劃。當然，還有第三點。並且假設今年不會出現任何供應或其他方面的額外問題。所以，是的，這正是我們所需要的。

Olivia Tong, Raymond James.

Olivia Tong，Raymond James。

Good evening. First, you mentioned in your prepared marks that category growth rates have stabilized, even if they're lower than historical. What are you seeing that underlies your confidence in that stabilization because many of your peers seem concerned that things could get worse through basically first half of calendar '26, and I think you mentioned flat to plus one category growth at the moment. Are you expecting that to get better as time progress progresses, or is it more about your innovation, other actions that are driving that share, driving some share opportunity to to continue the stabilization? Thanks.

晚安.首先，你在準備的分數中提到，即使低於歷史水平，各類別成長率也已經趨於穩定。您認為市場趨於穩定的原因是什麼？因為您的許多同行似乎擔心，2026 年上半年情況可能會惡化，而且我認為您提到目前各類別的成長持平或略有成長。您認為隨著時間的推移，情況會好轉嗎？還是說，這更取決於您的創新或其他舉措，這些舉措正在推動市場份額的成長，並創造一些市場份額成長的機會，以繼續保持穩定？謝謝。

Hey Olivia. Okay, so on the category growth piece we've been talking for a while about the stress of the consumers on under and have been calling mut muted category growth rates for quite a while and basically what we have seen, which we've estimated 0 to 1, it's been in that range for a number of quarters. Now it's been on the higher end of that range, and then it's been on the lower end and if you look at this quarter, it was on the lower end if you exclude beauty, which we don't have a very big business in, we obviously compete in Burks, but that's relatively small. Category growth was about flat.

嗨，奧利維亞。好的，關於品類成長方面，我們已經討論了一段時間消費者面臨的壓力，並且已經將品類增長率維持在較低水平很長時間了，基本上我們看到的情況是，我們估計在 0 到 1 之間，這種情況已經持續了好幾個季度。現在它一直處於這個範圍的較高水平，然後又處於較低水平。如果你看看這個季度，如果排除美容業務（我們在這個領域的業務規模不大），它就處於較低水平。我們顯然在 Burks 有競爭，但 Burks 的規模相對較小。該品類成長基本持平。

Now, to be fair, we were out of stock in some places, and so, how much of that is attributed getting to that lower end of the range to us, regardless, it wasn't the the situation that we would have hoped for, and we could have expected category to be a little bit better than that and maybe more in line with what we had seen in the previous two quarters.

公平地說，我們在某些​​地方確實缺貨，所以，有多少原因導致價格跌至較低水平，我們不得而知。無論如何，這並非我們所期望的情況，我們原本預期該品類的情況會好一些，或許更接近前兩季的水準。

So our confidence that that will continue as we're an essential categories, we're, we fuel people's everyday lives. They need to clean their house, they need to take care of their pets. They need to take out the trash and so that's why we feel there's been a floor on the categories that we compete in, keeping them in that range. And in addition to that, just as you call out Olivia, we feel very good about our back half plans and of course, our number one focus is reinvigorating category growth, and then two, our focus is on growing share in those categories through better ideas and better execution, so.

因此，我們有信心繼續保持這種勢頭，因為我們是必需品類別，我們為人們的日常生活提供動力。他們需要打掃房子，他們需要照顧寵物。他們需要清理垃圾，所以我們覺得我們所參與的競爭類別都有一個最低標準，使它們保持在那個範圍內。除此之外，正如你提到的奧利維亞，我們對下半年的計劃感到非常滿意，當然，我們的首要重點是重振品類增長，其次，我們的重點是透過更好的創意和更好的執行來提高這些品類的市場份額。

That being said, we're watching the consumer carefully because there's a lot of things going on right now, many of which are still playing out and are uncertain, and that can mean the consumer would react differently. But again, given the dynamics that we know today, what we see as the most likely scenario and how consumers have been responding over the last number of quarters, we feel pretty good about that category estimate of 0 to 1.

話雖如此，我們仍在密切關註消費者，因為目前有很多事情正在發生，其中許多事情仍在發展且充滿不確定性，這意味著消費者可能會做出不同的反應。但是，鑑於我們目前所了解的動態，以及我們認為最有可能出現的情況和消費者在過去幾個季度中的反應，我們對 0 到 1 的類別估計相當有信心。

Got it, thanks. And then just on the ERP, could you just talk about how the organization is adjusting to all these changes, do you expect any disruption to extend beyond Q2 other than obviously the comp issues in Q4 that that you've got to deal with, but just thinking about the organization and what's the next step after this and, whether you're expecting any big, pull forward pushbacks, etc for the remainder of the year, thanks.

明白了，謝謝。關於ERP系統，您能否談談公司是如何適應這些變化的？除了第四季度必須處理的薪資問題之外，您預計第二季之後還會有任何中斷嗎？就公司而言，下一步是什麼？您是否預計今年剩餘時間會有任何重大的提前實施、延後實施等問題？謝謝。

Perfect. Yes, on the ERP, we're through the hard part is the way that I would put it. We did the heavy lifting in Q1 and we had one additional implementation that happened later in the quarter that went without a note. We have another smaller implementation happening coming up here, and again we would expect expect based on what we've seen that that would be of no consequence either. And so now the entire company is focused on using that new ERP to drive value and then getting laser focused on re reinvigorating category growth and executing the plans that we have for Q2 and beyond. I think generally we're all really excited.

完美的。是的，就ERP系統而言，我們可以說我們已經度過了最艱難的階段。我們在第一季完成了大部分工作，之後在本季晚些時候進行了額外的實施，但沒有做任何記錄。我們這裡還有另一個規模較小的實施項目即將啟動，根據我們目前所看到的，我們預計這也不會造成任何影響。因此，現在整個公司都專注於利用新的 ERP 系統來創造價值，然後專注於重新振興品類成長，並執行我們為第二季及以後製定的計劃。我認為我們大家都非常興奮。

We've been waiting for this moment for a long time. This unlocks so many things for us to be able to do when it comes to creating superior value for consumers, faster insights, faster ability to react when consumers have changing behaviors, the ability to see end to end in our supply chain, which will just make us better at reacting to what's going on from retailers and consumers. And of course on the saving side there's a lot to be had here from an efficiency perspective that ability to see end to end allows us to remain take costs out. It fuels our ability to do net revenue management and all the tools that you know we've talked about over the over the last couple of years.

我們已經等待這一刻很久了。這為我們創造更多機會，讓我們能夠為消費者創造更卓越的價值，更快地獲得洞察，更快地對消費者行為的變化做出反應，並全面了解我們的供應鏈，這將使我們能夠更好地應對零售商和消費者的動態。當然，從效率的角度來看，在節省成本方面也有很多可取之處，因為能夠看到端到端的情況，使我們能夠持續降低成本。它增強了我們進行淨收入管理的能力，以及我們在過去幾年中討論過的所有工具。

So generally the organization's very optimistic and laser focused on now that we've gotten through this period, it is time to put that to work, and time to ensure that we are rein reinvigorating categories and giving consumers, the very best value we can at the moment they need it more than ever.

所以總的來說，該組織非常樂觀，並且高度專注於我們已經度過這段時期，現在是時候將成果付諸實踐，確保我們能夠重振各個品類，並在消費者比以往任何時候都更需要的時候，為他們提供我們所能提供的最佳價值。

Robert Moskow, TD Town.

Robert Moskow，TD Town。

I just wanted to just confirm, given the issues related to ERP in first quarter, are your customer fill rates now back to normal, or are you still like a little bit below normal in your second quarter? And then secondly, I had a question on price mix. There's three straight quarters now with price mix negative and a lot of commentary on the call about competitive pressures, values seeking behavior across many categories at once. So is there a path for price mix to inflect positively or is this going to be kind of like a negative environment, although albeit modest. While working through this value seeking environment.

我只是想確認一下，考慮到第一季與 ERP 系統相關的問題，你們的客戶訂單完成率現在是否恢復正常，還是在第二季度仍然略低於正常水平？其次，我還有一個關於價格組合的問題。價格組合連續三個季度呈現負成長，電話會議上有許多關於競爭壓力和多品類消費者同時追求性價比的評論。那麼價格組合是否有可能出現積極的轉變，還是說這將是一個相對不利的環境，儘管程度可能不大？在這種追求價值的環境中工作。

Thanks Robert. I'll take the first and then I'll pass it over to Luc for price next. So on Q2 order fulfillment, we are back with retailers able to fill the orders that they need, and we have largely rebuilt inventories nearly everywhere on the margins there's some small things that we're continuing to work out. Professionals is a good example of that, where just give. And the distribution network it's taking a little bit longer than the average to to fully rebuild inventories but yes you know with a from a customer perspective they're experiencing more of a normal clock and we're able to get back to the type of fill rates that they expect from us.

謝謝你，羅伯特。我先拿走第一個，然後把價格交給盧克。因此，在第二季訂單履行方面，零售商已經能夠滿足他們所需的訂單，而且我們幾乎在所有地方都已基本重建了庫存，還有一些小問題我們正在繼續解決。專業人士就是一個很好的例子，他們只需要付出。分銷網絡重建庫存所需的時間比平均水平要長一些，但從客戶的角度來看，他們正在體驗到更正常的節奏，我們也能夠恢復到他們期望的供貨率。

Yes, and on price, Robert, you're right, we, last year we actually saw about 2 points of price, negative price mix, and this was really a lot of it was really driven by the value seeking behaviors from consumers and channel shifting as well, altogether along with some incremental promotions as we, both normalize promotion and so increased competitive activity.

是的，關於價格，羅伯特，你說得對，去年我們確實看到了大約 2 個百分點的價格負增長，這很大程度上是由於消費者追求價值的行為和渠道轉變所致，再加上一些增量促銷，因為我們既要使促銷正常化，又要應對日益激烈的競爭活動。

This year outlook contemplates still a headwind, but lesser about a point and really essentially it's the continuation of value seeking behavior and channel shifting.

今年的展望預計仍將面臨一些不利因素，但將減輕一個點左右，其本質是價值追求行為的延續和管道的轉變。

Promotions are like fairly stable year over year and then we're actually seeing some benefits from some of the net revenue management activities that were taking place, but not fully offsetting the headwinds of the value seeking behavior and channel shifting. Now it'd be about a point for the year. It was about a point for the first quarter. It might move quarter by quarter, but I think, we're seeing good momentum and then we'll have to see where we at after after next year.

促銷活動與往年相比相當穩定，而且我們確實從一些淨收入管理活動中看到了一些好處，但這些好處並不能完全抵消消費者追求價值的行為和管道轉變帶來的不利影響。現在差不多是今年的里程碑了。第一節比賽雙方比分相差約一分。雖然情況可能會逐季度變化，但我認為，我們目前看到了良好的發展勢頭，接下來我們還要看看明年之後的情況如何。

Kevin Grundy, BNP Paribas.

凱文·格倫迪，法國巴黎銀行。

Question probably for Luc, but Linda, I'd like to get your thoughts as well. So it's twofold. Number one, on run rate, EPS, how we should still be thinking about that, but then relative to adequacy of investment levels.

這個問題可能應該問盧克，但琳達，我也想聽聽你的想法。所以這是雙重的。第一，關於營運率、每股盈餘，我們仍然應該考慮這一點，但相對於投資水準的充足性。

So. Look, I think you said before we should be thinking about adding back the entirety of the ERP transition EPS now seems like it's going to be the low end of the range, so like a 595 number, and then we just gross that up for the for the ERP transition as we're thinking about run rate going forward. And I want to take your temperature on whether you both still feel comfortable with that thinking and I ask in the context that market share is not where you'd like it to be, promo is ramping. It seems like the cost of business is moving higher, a lot of categories are are slower, so.

所以。你看，我想你之前說過我們應該考慮把 ERP 過渡期間的全部 EPS 加回來，現在看來它會是範圍的下限，比如 595 這個數字，然後我們在考慮未來的運行率時，就把這個數字加到 ERP 過渡期間。我想了解你們是否仍然對這種想法感到滿意，我這樣問是因為市場份額還沒有達到你們的預期，而且促銷力度正在加大。似乎商業成本正在上升，很多產業的成長速度都放緩了。

Do you still feel comfortable with that sort of thinking, and I guess the question really gets to, as you're thinking about the investment factors that may potentially hold back that kind of thinking for investors, and that is that the entirety of the $0.90 should be thought about in sort of base earnings or is there potential here that investment levels need to move higher in the current environment. So, love to get your thoughts there on that.

你是否仍然覺得這種想法合適？我想這個問題實際上涉及到，當你思考可能阻礙投資者採取這種想法的投資因素時，那就是這 0.90 美元是否應該被視為基本收益，或者在當前環境下，投資水平是否有可能提高。所以，很想聽聽你對此的看法。

Sure, Kevin, I'll start. The way that we look at this is the year outside of the fact that we had a blip in the implementation on order fulfillment is largely playing out as we expected.

當然，凱文，我先來。我們認為，除了訂單履行實施過程中出現的小問題之外，今年的整體情況基本上符合我們的預期。

We're seeing in the consumer largely in line with what we expected categories largely in line, competitive activity largely in line, our execution largely in line. We are seeing some nuances by category, which is typical in a portfolio like ours where we play in so many different categories, but I would say the environment, the competitiveness, the consumer generally what we thought it would be.

我們看到消費者的反應基本上符合預期，品類基本上符合預期，競爭活動基本上符合預期，我們的執行情況也基本符​​合預期。我們看到不同類別之間存在一些細微差別，這在我們這樣涉足眾多不同類別的產品組合中很常見，但我認為環境、競爭和消費者總體上都和我們預想的一樣。

And so nothing has changed in our confidence in our ability to navigate that environment, to deliver the performance that we expect of ourselves, and then of course as we come out of this, to accelerate all of the things that we know will add value, like innovation, continuing to invest sharply and deeply in our brands which we are this year.

因此，我們對自身駕馭當前環境的能力、實現我們期望的績效的信心絲毫未減。當然，隨著我們走出困境，我們將加速推進所有我們知道能夠創造價值的事情，例如創新，並繼續加強對我們品牌的投資和深度，而這正是我們今年正在做的。

And we feel like we have the right investment level given everything, all the factors that we spoke about, so generally we see the world very much like we saw the world the last time we talked about this, and the changes that we, from a quarter perspective we turned up our outlook to account for the fact that, we had a blip in our implementation.

考慮到我們討論過的所有因素，我們感覺目前的投資水準是合適的。總的來說，我們對世界的看法與上次討論這個問題時的看法非常相似。從季度角度來看，我們提高了預期，以彌補我們在實施過程中出現的一些小問題。

But largely all the other stuff remains true, you know what we're watching really carefully, Kevin is when when can we and others reinvigorate category growth and that's what we aim to do in the back half and can we get our categories growing back to the 2% to 5% range we're used to seeing. Even if they don't, and this is a prolonged period, we still see the opportunity for our brands to play a leading role in the categories and deliver good value creation and earnings for our shareholders, albeit even if it's at a lower top-line growth number. But it's too early to call that yet, we're focused on '26 and making progress in Q2 in the back half, but I would say nothing has changed in our thinking or confidence and our ability to come out of this year and continue to deliver a good earnings performance for our shareholders.

但其他方面基本上保持不變，你知道，凱文，我們真正密切關注的是，我們和其他人何時才能重振品類增長，這就是我們下半年的目標，我們能否讓我們的品類增長恢復到我們習慣看到的 2% 到 5% 的水平。即使他們沒有做到這一點，而且這種情況會持續很長時間，我們仍然看到我們的品牌有機會在各個品類中發揮領導作用，並為我們的股東創造良好的價值和收益，即使營收成長數字較低。但現在下結論還為時過早，我們專注於 2026 年，並在下半年的第二季度取得了進展，但我認為我們的想法、信心以及我們走出今年困境並繼續為股東帶來良好盈利表現的能力都沒有改變。

Yeah. And Kevin on on the earnings run rates, your your understanding is correct. We would see the $0.90 being added to wherever we finish this year as a starting point to next year. And again, as a reminder, we essentially ended up shifting two weeks of sales out of fiscal '26 into fiscal '25. So the absolute. The absolute sales dollars and and EPS dollars in fiscal '26 are understated and as you lap that, you will see a step up in fiscal '20.

是的。凱文，關於獲利運行率，你的理解是正確的。我們會把 0.90 美元加到今年的最終預算上，作為明年預算的起點。再次提醒一下，我們最終將 2026 財年的兩週銷售轉移到了 2025 財年。所以，絕對的。2026 財年的絕對銷售額和每股盈餘被低估了，隨著時間的推移，您將會看到 2020 財年的成長。

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

問答環節到此結束。倫德爾女士，現在我想把主持權交還給您。

Thanks, Jen. As we wrap up today's call, I want to emphasize that our team is actively navigating a rapidly changing consumer environment. We recognize that consumers are facing ongoing challenges with spending habits shifting quickly across all income levels. While we anticipated many of these changes, new patterns continue to emerge, and we're closely monitoring these developments. By leveraging more real-time insights, we are adapting our strategies with agility and focus to meet evolving consumer needs.

謝謝你，珍。在今天的電話會議即將結束之際，我想強調的是，我們的團隊正在積極應對快速變化的消費者環境。我們意識到，各個收入階層的消費者都面臨著消費習慣快速變化帶來的持續挑戰。雖然我們預料到其中許多變化，但新的模式仍在不斷出現，我們正在密切關注這些發展。透過利用更多即時洞察，我們正在靈活、專注地調整我們的策略，以滿足不斷變化的消費者需求。

Our portfolio of trusted brands with strong consumer value, loyalty, and stable household penetration will help to reinvigorate category growth, enable us to recover market share.

我們擁有值得信賴的品牌組合，這些品牌具有強大的消費者價值、忠誠度和穩定的家庭滲透率，這將有助於重振品類成長，使我們能夠恢復市場份額。

Looking ahead to the second half of the year, we have a robust pipeline of innovation supported by significant demand creation investments. We are laser focused on continuing to deliver and enhance superior value experiences with our brands for consumers in a time they need it more than ever.

展望下半年，我們擁有強大的創新產品線，並有大量的需求創造投資作為支撐。我們始終專注於透過我們的品牌，在消費者比以往任何時候都更需要的時候，繼續為他們提供和提升卓越的價值體驗。

Our strong holistic margin management program enables us to reinvest in our brands, balancing immediate actions with a long-term perspective to ensure their ongoing health and success.

我們強大的整體利潤管理計劃使我們能夠對品牌進行再投資，在短期行動和長期視角之間取得平衡，以確保品牌的持續健康和成功。

To support our focus on delivering superior value with speed, our new ERP system gives us real-time visibility, enhances demand planning, and enables faster execution. With the majority of the implementation complete, our focus is on rebuilding growth momentum.

為了支援我們專注於快速提供卓越價值，我們的新 ERP 系統為我們提供了即時可見性，增強了需求計劃，並實現了更快的執行。大部分實施工作已經完成，我們的重點是重建成長動能。

The choices we're making today are shaping a stronger, more resilient Clorox, setting the stage for sustained growth and stakeholder value in the years ahead. Thank you for your time and questions. We look forward to sharing our continued progress in the quarters to come.

我們今天所做的選擇正在塑造一個更強大、更有韌性的高樂氏，為未來幾年的持續成長和股東價值奠定基礎。感謝您抽出時間並提出問題。我們期待在接下來的幾季與大家分享我們所取得的持續進展。

And this concludes today's conference call. Thank you for attending. The host has ended this call. Goodbye.

今天的電話會議到此結束。謝謝各位的出席。主播已結束通話。再見。