高樂氏 (CLX) 2026 Q2 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Clorox Company second-quarter fiscal year 2026 earnings release conference call. (Operator Instructions)

各位女士、先生，大家好，歡迎參加高樂氏公司2026財年第二季財報發布電話會議。（操作說明）

As a reminder, this call is being recorded. 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.

再次提醒，本次通話正在錄音。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 Lisah Burhan 女士。布爾漢女士，您可以開始您的會議了。

Thank you. Joining me today are Chair and CEO, Linda Rendle; and CFO, Luc Bellet. The following remarks include forward-looking statements that are based on management's current expectations but may differ from actual results or outcomes. In addition, these remarks refer to certain non-GAAP financial measures. Please refer to CI's earnings release, which identifies various factors that could affect forward-looking statements and provide information that reconciles non-GAAP financial measures to the most directly comparable GAAP measures. The Risk Factors section of the company's Form 10-K also includes further discussion of forward-looking statements.

謝謝。今天與我一同出席的有董事長兼執行長琳達·倫德爾；以及財務長盧克·貝萊。以下評論包含前瞻性陳述，這些陳述是基於管理層目前的預期，但可能與實際結果或績效有所不同。此外，這些評論還涉及某些非公認會計準則財務指標。請參閱 CI 的收益報告，其中列出了可能影響前瞻性聲明的各種因素，並提供了將非 GAAP 財務指標與最直接可比較的 GAAP 指標進行調節的資訊。本公司 10-K 表格中的「風險因素」部分也包含對前瞻性陳述的進一步討論。

With that, I'll turn it over to Linda.

這樣，我就把麥克風交給琳達了。

Good afternoon, everyone, and thanks for joining us. Before we get into your questions, I want to take a moment to frame where we are in our transformation and how we're navigating a highly dynamic environment. We entered the year knowing the first half would be challenging given the volatile macroeconomic environment and the temporary impact of our ERP implementation. While external pressures added complexity, we delivered results largely in line with our expectations.

各位下午好，感謝各位的參與。在回答您的問題之前，我想花點時間概述我們目前在轉型中的位置，以及我們如何應對這個高度動態的環境。今年年初，我們就知道上半年會充滿挑戰，因為宏觀經濟環境動盪，而且我們的 ERP 系統實施也帶來了暫時性的影響。儘管外部壓力增加了複雜性，但我們所取得的成果基本上符合預期。

We're strengthening our foundation by advancing our digital transformation, enhancing execution, driving value from our newly modernized ERP foundation and accelerating innovation that delivers superior value to consumers. And with our planned acquisition of GOJO Industries, we're taking a decisive step to expand our leadership in health and hygiene and unlock long-term growth opportunities. There's more work to do, but we're optimistic about our future.

我們正在透過推動數位轉型、提升執行力、從新近現代化的 ERP 基礎架構中創造價值以及加速創新來鞏固我們的基礎，從而為消費者帶來卓越的價值。透過我們計劃收購 GOJO Industries，我們正在採取果斷措施，擴大我們在健康和衛生領域的領先地位，並釋放長期成長潛力。還有很多工作要做，但我們對未來充滿信心。

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)

（操作說明）

Andrea Teixeira.

安德烈亞·特謝拉。

I was hoping to see if you can talk about the exit of the quarter and how are you seeing -- I mean, obviously, you did data from your guidance. How we should be thinking of the competitive environment now and the promotional environment?

我希望你能談談本季末的情況，以及你如何看待——我的意思是，顯然，你已經根據你的業績指引提供了數據。我們現在該如何看待競爭環境和促銷環境？

Andrea, we saw, as we expected, a sequential improvement in the quarter, which was good and consistent with what we are expecting in the back half of the year, where we expect both the category and our performance to be stronger than they were in the first half. If you look at the category numbers, it was about in line with where Q1 was, it exclude our beauty business. Q1 was flat from a category perspective. Q2 was down 0.1 point, so about in line.

安德里亞，正如我們所預期的，本季度業績環比有所改善，這很好，也符合我們對下半年的預期，我們預計下半年該品類和我們的業績都會比上半年更強。如果查看各個類別的數據，會發現它與第一季的數據大致持平，但不包括我們的美容業務。從品類角度來看，第一季業績持平。第二季下降了0.1個百分點，基本上符合預期。

Our share performance was what it was supposed to be -- what we expected it to be, not what we want it to be, but we were down in share, but again, we saw sequential improvement as we move through the quarter. The competitive environment was largely what we expected it to be. Competitive activity, again, is back to what we'd say pre-COVID levels are. There are pockets where it continues to be a bit more competitively intense. We've talked about litter and Glad, we saw some pockets in home care, but nothing outside of what we are used to and able to handle, and we feel like we have the right plans to address that.

我們的市佔率表現符合預期——是我們期望的結果，而不是我們希望的結果。我們的市佔率有所下降，但隨著季度的推進，我們看到了環比改善。競爭環境基本上符合我們的預期。競爭活動再次恢復到我們所說的新冠疫情前的水準。有些地方的競爭仍然比較激烈。我們討論過貓砂和 Glad，也看到了家庭護理方面的一些問題，但這些問題都在我們習慣和能夠處理的範圍之內，我們覺得我們已經有了解決這些問題的正確方案。

And then as we head into the back half of the year, we continue to expect category growth to be in the 0% to 1% range. We expect to have stronger share performance based on our plans. We have excellent innovation plans in the back half, strong demand plans, and we're beginning to see the fruits of that. If you look at consumption in January, there was certainly a pickup. Some of it due in the last half of January to weather, but we are growing share in the last week. And so that's -- we're seeing the investments that we're putting in place working.

然後，隨著我們進入下半年，我們仍然預期該品類的成長將在 0% 到 1% 的範圍內。根據我們的計劃，我們預計股價將有更強勁的表現。我們在下半年制定了優秀的創新計劃和強勁的需求計劃，並且我們已經開始看到這些計劃的成果。如果觀察一月份的消費情況，可以明顯看出消費回升。部分原因是1月下半月的天氣原因，但上週我們的份額正在增加。所以，我們看到我們投入的投資正在發揮作用。

I think as you maybe take a step back on the consumer, the only other thing I would note, consumer is largely what we expected it to be. We're seeing consumers continue to focus on value. We're seeing them trade up to larger sizes down to smaller sizes. We've seen trips increase in the broad market basket. In our categories, we're seeing more stock-up behavior, which is pretty normal in our categories. And then, of course, we see consumers moving to more value-oriented channels. But I would say the consumer was largely steady as we had expected and in line with category growth.

我認為，當你退後一步審視消費者時，我唯一要指出的是，消費者在很大程度上符合我們的預期。我們看到消費者繼續關注性價比。我們看到他們要么從較大的尺寸換成較小的尺寸。我們看到，在大宗商品和服務組合中，出行次數增加。在我們銷售的商品類別中，我們看到了更多的囤貨行為，這在我們銷售的商品類別中是正常的現象。當然，我們也看到消費者轉向更注重性價比的管道。但我認為消費者整體上保持穩定，正如我們預期的那樣，並且與品類成長保持一致。

And if you can comment on some of your peers, Linda, that's helpful, but some of your peers had said that they're seeing the exit rate improving a bit. You might not be seeing that specifically because of the puts and takes on the ERP transition, but I understand that you've done you're mostly done in January from your prepared remarks. Just to think about how this trajectory to think about the third quarter of fiscal.

琳達，如果你能談談你的一些同行，那就很有幫助了，但你的一些同行表示，他們看到離職率有所改善。您可能沒有註意到這一點，因為 ERP 系統在過渡期間出現了一些波折，但我從您事先準備好的發言稿中了解到，您 1 月份的工作已經基本完成了。想想這個發展軌跡會如何影響第三財季。

I want to make sure, Andrea, that I'm getting your point. I'll return to the point I made at the beginning on Q2. We did see sequential improvement in Q2. So the extra rate was stronger coming out of the quarter than it was going in. We've seen that continue into January. And again, some of that at the end of the month, I think, is due to weather but we saw our share results pick up in that as well. So I feel good about our plans to address that.

安德莉亞，我想確認一下我是否理解你的意思。我將回到我在第二季開頭提出的觀點。第二季我們確實看到了環比改善。因此，季末的額外利率比季初的額外利率高。這種情況一直延續到了一月。而且，我認為月底的部分原因是天氣原因，但我們也看到我們的股價表現有所回升。所以我對我們解決這一問題的計劃感到滿意。

But I would say our expectation on the category based on that is still what it was before. It remains between 0 and 1. We don't see anything to indicate a trajectory change. We think it's well within that band. And again, Q1 and Q2 were about the same category growth rate, about flat, and we expect to see 0 to 1 in the back half.

但我認為，基於此，我們對這一類別的預期仍然與以前一樣。它的值始終介於 0 和 1 之間。我們沒有看到任何跡象表明發展軌跡會發生變化。我們認為它完全在這個範圍內。同樣，第一季和第二季的品類成長率大致相同，基本持平，我們預計下半年成長率將為 0 到 1。

Peter Grom, UBS.

Peter Grom，瑞銀集團。

So maybe one housekeeping and one real question. So you alluded to some shipment favorability in the quarter that I think is expected to come out in the third quarter. So can you maybe help frame the magnitude of the upside or maybe what we should be expecting to reverse?

所以，也許可以提一件家事，再提一個真正的問題。所以你暗示本季出貨量會有一些利多因素，我認為這些利多因素預計會在第三季顯現出來。那麼，您能否幫忙描述一下上漲的幅度，或者我們應該預期哪些方面會逆轉？

And then Linda, as we think about the back half of the year, and you kind of just spoke to this Andrea's question, and I get it's only a week, but you talked about share gains in the most recent week. So can you just talk about your confidence that can continue? And then specifically, can you speak to when we should start to see the benefits from all the innovation that you outlined in the prepared remarks start to show through?

然後琳達，當我們回顧下半年時，你剛才也談到了安德里亞提出的問題，我知道現在才一周時間，但你談到了最近一周的股價上漲情況。所以，您能談談您能否繼續保持的信心嗎？那麼，您能否具體談談，您在準備好的演講稿中概述的所有創新何時才能開始帶來好處？

Peter, this is Luc. I can take your first question. Yes, we ended up, I think, about a point of favorability due to higher and expected shipments ahead of consumption on a few different businesses. And we'll expect that it will reverse in the third quarter. Now there are a few drivers, but I would say the main one was some higher shipments related to the final phase of ERP implementations. And just for context, if you remember, we went live with a new ERP in July. And now is for most of our operations, including audit cash, demand fulfillment and logistics.

彼得，這是路克。我可以回答你的第一個問題。是的，我認為，由於幾個不同企業的消費前出貨量較高且預期較高，我們最終達到了有利點。我們預計這種情況將在第三季逆轉。現在有一些驅動因素，但我認為主要因素是與 ERP 實施最後階段相關的較高出貨量。補充一下背景信息，如果你還記得的話，我們7月份上線了新的ERP系統。現在，我們的大部分業務都採用了這種方式，包括審計現金、需求履行和物流。

But for manufacturing, given the large number of facilities that we had, we took a phased approach. And so, we essentially transition manufacturing facilities into three phases. The first one was in July, the second was in October and the last one was in January. And so, we had a little bit higher retailer inventory prebuild as a result of that last phase. To be clear, we expected some level of prebuild, it just ended up being higher than expected. So the good news is, at least the last phase went very smoothly, and this is -- it's great to have this behind us. So that's really just wanted you to know and there's no implication on the full year.

但就製造業而言，鑑於我們擁有大量的設施，我們採取了分階段的方法。因此，我們基本上將製造設施的轉型分為三個階段。第一次是在7月份，第二次是在10月份，最後一次是在1月份。因此，由於上一階段的緣故，我們的零售商預建庫存略高一些。需要說明的是，我們預料到會有一些預建工程，只是最終的預建工程量比預期的還要大。所以好消息是，至少最後一個階段進行得非常順利，而且──很高興這件事已經過去了。所以，我只是想讓您知道這件事，這不會對全年的業績產生任何影響。

I'll take your second part of your question, Peter. For our back half, it is heavily weighted towards launching innovation across all of our major brands, and we're pretty excited about the innovation we have slated. And as we talked about, I think, last year at CAGNY and have spoken about on our call since. We're excited about this back half because it introduces some new platform as well as builds on existing and very successful platforms we've had in the company. So a good mix of like the spending that we have addresses what we need to, to ensure we're driving trial and to continue to expand on the platforms we have.

彼得，我來回答你問題的第二部分。下半年，我們的重點將放在所有主要品牌的創新產品上，我們對已計劃的創新感到非常興奮。正如我們去年在 CAGNY 會議上討論過的，以及之後在電話會議上也討論過的。我們對下半年的發展感到興奮，因為它引入了一些新平台，同時也鞏固了公司現有的、非常成功的平台。因此，我們現有的支出組合能夠很好地滿足我們的需求，確保我們能夠推動試驗並繼續擴展我們現有的平台。

How they'll build throughout the quarter, I think it's important to note, we've begun shipping many of these innovations already, but most shelf resets won't occur until the back half of Q3 or early Q4. So that's when we would expect to see a significant ramp-up from innovation. And certainly, that will impact share at that time. But maybe I'll talk about a few of the innovations, how we're thinking about the investments and then any -- I'll talk about some of the early indications we've had on success and what we're looking for.

值得注意的是，我們將在本季如何進行產品開發，我們已經開始交付其中許多創新產品，但大多數貨架調整要到第三季下半年或第四季初才會進行。所以，我們預計屆時創新活動將大幅增加。當然，屆時這將對市場佔有率產生影響。不過，我可能會談論一些創新，我們是如何考慮投資的，然後——我會談談我們取得的一些早期成功跡像以及我們正在尋找什麼。

I think many of you have seen, we've launched a new platform in our cleaning business, which deals with one of the most troubling things that consumers have, which is allergies, and they fight these things constantly through different avenues, they take medication, they clean more, et cetera. But this is a proprietary technology that actually destroys the allergen. And we saw great consumer results when we did testing. That began shipping. It's very, very early, but so far, we have good consumer reviews.

我想你們很多人都看到了，我們在清潔業務中推出了一個新平台，該平台旨在解決消費者面臨的最棘手的問題之一——過敏症，他們不斷地通過各種途徑與過敏作鬥爭，例如服用藥物、加強清潔等等。但這是一項專有技術，它能夠真正破壞過敏原。我們在測試中看到了非常好的消費者回饋。發貨開始了。現在還為時過早，但到目前為止，我們收到了不錯的消費者評價。

And most importantly, we have very strong plans with retailers. They're very excited about a new platform and a new launch in this space. And again, we would expect that to ramp up over the back half of Q3 and early in Q4.

最重要的是，我們與零售商制定了非常強而有力的計劃。他們對這個領域的新平台和新產品發布感到非常興奮。我們預計這種情況將在第三季後半段和第四季初加速發展。

And then from an investment perspective, we have doubled our typical launch size investment plan behind marketing, behind demand creation, et cetera. So feeling very excited about that. And this is one that we're launching, of course, not just to have a launch in our back half of the year, but to be a platform that we can build on for many years to come. And in fact, we're already selling the second and third wave of this platform out with retailers.

從投資角度來看，我們在行銷、需求創造等方面的投資計畫規模是平常的兩倍。對此我感到非常興奮。當然，我們推出這款產品，不僅是為了在今年下半年進行一次發布，更是為了打造一個我們可以在未來很多年裡不斷發展的平台。事實上，我們已經透過零售商售罄了該平台的第二波和第三波產品。

Ticking through a few of the others, we're expanding on our Glad ForceFlex program and adding a new technology with LeakGuard in the bag. So -- and frustration for consumers is if a tear happens in the bag, they end up having liquid sleepout. And the bottom of our bag now has an absorbent layer that absorbs that liquid and prevents leaks and this will be in our premium line of trash bags. We're excited about continuing to offer consumers additional value in the trash segment, and particularly, again, focused on ensuring that we are innovating and giving people better experiences. And this is a way that, hopefully, we can temper a little bit of the promotional activity that we've seen out there.

再來看看其他一些項目，我們正在擴展 Glad ForceFlex 項目，並在袋子中添加 LeakGuard 新技術。所以——令消費者感到沮喪的是，如果袋子破了，他們最終會喝到漏出來的液體。現在，我們的垃圾袋底部增加了一層吸水層，可以吸收液體並防止洩漏，這將應用於我們的高端垃圾袋系列。我們很高興能夠繼續為消費者在垃圾處理領域提供更多價值，尤其再次專注於確保我們不斷創新，為人們帶來更好的體驗。希望透過這種方式，我們能夠稍微緩和一下目前出現的過度宣傳活動。

Litter, we are fully relaunching our litter business beginning in the back half of this fiscal year, and we actually have a multiple year plan in place. But this first portion of our litter relaunch will include new packaging new graphics and claims, some updated items and we're feeling good on what we've seen in early results. Some customers have started that implementation and early results are encouraging. That category continues to be competitive, but we feel like we have the right plan for the next 6 months and the next couple of years to begin to win some of that share back that we've lost as a result of both cyber and then our ERP implementation.

垃圾處理業務方面，我們將在本財年下半年全面重啟垃圾處理業務，並且我們已經制定了多年計劃。但我們這次垃圾重新上市的第一部分將包括新的包裝、新的圖形和宣傳語，一些更新的產品，我們對目前為止的初步結果感到滿意。部分客戶已開始實施，初步結果令人鼓舞。該領域競爭仍然激烈，但我們感覺我們已經制定了未來 6 個月乃至幾年的正確計劃，可以開始贏回一些因網路安全和 ERP 系統實施而失去的市場份額。

And then other businesses, I would call out, Hidden Valley is another where price pack architecture will play a big role in the back half of the year. We've seen consumers trading up to larger and smaller sizes. So we're addressing that in the back half as well as a new Avocado Ranch, which addresses people who are looking for non-feed oil dressings and food items.

此外，我還想特別指出其他一些企業，例如 Hidden Valley，價格組合架構將在今年下半年發揮重要作用。我們看到消費者會購買更大或更小的尺寸。所以我們在後半部分也考慮到了這一點，同時也推出了新的酪梨農場，以滿足那些尋找不含飼料油的調味品和食品的人們的需求。

The list goes on and on. But Peter, I think the main takeaway here is the plans are very strong. They ramp up throughout the year. We would expect that this is a major lever for us to improve our share results and, of course, our sales results. We have investment buying all of them. We're ready to lean in, if any of them start to take off. And we have the ability to do that, given our strong gross margin position and the fact that we rebuilt that fully. But feeling terrific and excited, and we'll speak more to you about the specific items when we talk to you later at CAGNY this month.

這樣的例子不勝枚舉。但是彼得，我認為最主要的一點是，這些計劃非常有力。他們在一年中會逐步增加產量。我們預計這將是我們提高市場佔有率和銷售業績的重要槓桿。我們有投資者買下了它們。如果其中任何一家公司開始起飛，我們都準備好全力支持。鑑於我們強勁的毛利率以及我們已經完全重建了毛利率體系，我們有能力做到這一點。但我們感覺棒極了，也很興奮，我們會在本月晚些時候在CAGNY與您見面時，詳細討論具體項目。

Filippo Falorni, Citi.

Filippo Falorni，花旗銀行。

I have a follow-up on the question on pricing and promotional environment. In Q2, your pricing was flattish for the total company, but you had negative pricing household. I think, Linda, you mentioned that you're expecting still a competitive environment. So should we think -- how should we think about pricing in the second half of the year? Can we still see it flat for the total company, or could there be some more price intervention?

關於定價和促銷環境的問題，我還有一些後續問題。第二季度，貴公司整體定價較為平穩，但家庭定價出現負成長。琳達，我想你之前提到過，你預期競爭環境依然會很激烈。那我們該如何考慮下半年的定價策略呢？公司整體股價能否維持平穩，還是會有一些價格幹預措施？

And then on gross margin, can you help us understand the puts and takes in the back half of the year. I think in this quarter, you called out higher-than-anticipated supply chain cost. Do we expect those to stay elevated in the back half? And what are the puts and takes in terms of cost saving, pricing and commodities?

那麼關於毛利率，您能否幫我們了解下半年的毛利波動？我認為在本季度，您指出了供應鏈成本高於預期的問題。我們預計這些球在後半段會保持在高位嗎？那麼，在成本節約、定價和商品方面，有哪些利弊權衡呢？

Sure. What I can do -- Filippo, this is Luc. Let me just answer your question on gross margin. And then just talk a little bit of how do we think about price mix within the context of the outlook. And then I'll just pass it on for Linda that to provide a little more perspective on our way to this externally.

當然。我能做的就是──菲利波，我是盧克。讓我來回答一下你關於毛利率的問題。然後，我們再簡單談談在展望未來背景下，我們該如何看待價格組合。然後我會把這個轉告給琳達，讓她從外部視角為我們解決這個問題提供更多想法。

So on the gross -- if you step back or after excluding the impact, the temporary impact of the ERP, Arc, look, I assume that gross margin will be expanding in the back half, and it's been contracting in the front half. And so there's a few differences when you compare the back half to the front half. Inflation is actually fairly consistent across quarters. So that's not really where we see some differences. But there's about three that are worth going out.

所以就毛利而言——如果你退後一步，或者排除ERP、Arc的暫時性影響，你看，我假設下半年的毛利率將會擴大，而上半年的毛利率一直在收縮。因此，後半部與前半部有一些不同之處。實際上，各季度的通貨膨脹率相當穩定。所以，我們並沒有真正看到分歧所在。但其中大約有三家值得一去。

First, generally, our projected cost savings run rate is a little higher in the back half than in the front half. Second, as you alluded to, we incurred incremental expenses in the front half as we stabilize and optimize our service level following the ERP transition. And as you can imagine, we had a lot of different types of expenses, especially on logistics that came up with that. But this will start coming down in the back half and then we'll fully go away by the fourth quarter.

首先，一般來說，我們預期後半段的成本節約運轉率會比前半段略高一些。其次，正如您所提到的，在 ERP 系統過渡後，為了穩定和優化服務水平，我們在上半年產生了額外的費用。正如你所想，我們有很多不同類型的開支，尤其是在物流方面。但到了下半場，這種情況會開始好轉，到第四節我們就會徹底拉開差距。

And then finally, we also expect the benefit and step-up of the Glad JV termination. As we talked to you in the past, that creates about a 50 basis points of benefit in the back half, that is not in the front half. So those are the main differences.

最後，我們也期待 Glad 合資企業終止帶來的益處和進步。正如我們之前和您談過的，這會在後半段產生大約 50 個基點的收益，而前半段則沒有這種收益。以上就是主要差異。

From a phasing standpoint in back half, we expect the third quarter to be about flat, and we expect solid expansion in the fourth quarter. The main thing here to consider is that there's some timing of manufacturing expenses and cost savings between the two quarters, which is bringing Q3 down and Q4. And we also still have some of those few incremental expenses that we just talked about in the third quarter, and they kind of go away in the fourth quarter. So that's from a phasing standpoint. And it's a little bit of noise by quarter, but overall, we feel confident in our back half and full year outlook on gross margin.

從下半年的發展階段來看，我們預計第三季將基本持平，第四季將穩定成長。這裡需要考慮的主要因素是，製造費用和成本節約在兩個季度之間存在一些時間上的差異，這導致第三季和第四季的業績下降。此外，我們還有一些在第三季提到的新增支出，這些支出在第四季基本上會消失。這是從分階段的角度來看的。雖然每季都有些許波動，但總體而言，我們對下半年和全年的毛利率前景充滿信心。

Now regarding -- maybe just a comment on price mix. As you look at our full year outlook, assumption is the same as the prior outlook, which is we expect price mix to be a little bit of a headwind, probably about 1% or so for the full year. So volume would grow slightly ahead of organic sales growth. Now this might vary a bit by quarter, right?

現在來說說——或許可以就價格組合提一點意見。展望全年，我們的假設與先前的展望相同，即我們預期價格組合將帶來一些不利影響，全年可能約為 1% 左右。因此，銷量成長將略高於有機銷售成長。現在，每個季度的情況可能會略有不同，對吧？

In the second quarter, we were about flat and the quarter might be a little worse than that. But I think the point is we still feel that this is the right number for the full year. There's a few drivers there. The main one is really the continued headwind from consumer value-seeking behaviors and continued channel shifting. And that's partially offset by the net revenue management initiatives that we put in place.

第二季度我們基本上持平，而本季的情況可能會比這更糟一些。但我認為關鍵在於，我們仍然認為這個數字對於全年來說是正確的。那裡有幾個司機。最主要的阻力來自消費者追求價值的行為和管道的持續轉變。而我們實施的淨收入管理措施在一定程度上抵銷了這項影響。

Filippo, I'll just talk a bit about what we're continuing to see from competition and then your particular question on household and what we're seeing out there is largely consistent with us. We've seen elevated promotion levels this year versus last year as we expected, but those are in line with historical category rates. And we've called out and this particularly impacts household that cat litter and the trash bag categories or 2 where we're seeing higher promotional levels. And we're seeing that both in our Glad, Fresh Step and Scoop Away business.

菲利波，我先簡單談談我們從競爭中持續看到的情況，至於你提出的關於家庭市場的問題，我們目前看到的情況與我們基本一致。正如我們預期的那樣，今年的促銷力度比去年有所提高，但這與歷史類別水準相符。我們已經指出，這種情況尤其會影響到家庭用品，例如貓砂和垃圾袋類別，或者說是第 2 類，在這些類別中，我們看到了更高的促銷水平。我們在 Glad、Fresh Step 和 Scoop Away 這三個品牌的業務中都看到了這一點。

I would say Kingsford is a minimal impact, given the thermal order for Kingsford, and so we're seeing a little impact there. The other thing I would call out is that we continue to see consumers trade to larger sizes in our trash bag business, and that certainly impacted Glad this quarter as people change channels, but are also just looking to stock up and get a better price per unit. But overall, I would say both of those were generally in line with what we expected for the quarter and we're watching them very closely. And we're being disciplined about how we react when we see promotion.

考慮到金斯福德的熱力等級，我認為金斯福德受到的影響微乎其微，因此我們看到的影響很小。我還要指出的是，我們持續看到消費者在垃圾袋業務中轉向購買更大尺寸的垃圾袋，這無疑對 Glad 本季的業績產生了影響，因為人們不僅改變了購買管道，也希望囤貨並獲得更優惠的單價。但總的來說，我認為這兩項指標都基本上符合我們對本季的預期，我們正在密切關注它們。我們對晉升這件事的反應非常謹慎。

We're trying to do promotion that is strategic and focused, and we're seeing the benefits of that play out in Glad as you saw sequential improvement in that business throughout the quarter.

我們正在努力進行有策略性和有針對性的推廣活動，正如您所看到的，Glad 的業務在本季度持續改善，我們看到了這種推廣活動的好處。

Javier Escalante, Evercore ISI.

Javier Escalante，Evercore ISI。

Good afternoon, everyone. I have a clarification and a question, actually a double click. The clarification is with the ERP already done. So why is still going to see investment in digital capabilities or this is going to wrap up this quarter? And if they are going to continue, if you can explain us what is it that you are spending on that is not related to the ERP, but it still need to be separated out from results. So that's the clarification.

大家下午好。我有一個需要澄清的問題，實際上是一個雙擊問題。ERP系統的澄清工作已經完成。那麼，為什麼還會繼續投資數位化能力，還是說這股投資浪潮將在本季結束？如果他們要繼續這樣做，請您向我們解釋一下，您在哪些方面花費了與 ERP 無關的資金，但這些資金仍然需要與業績分開。以上就是澄清內容。

And number two is double-clicking on the household piece. So it is rare in staples when you have negative volume and negative pricing at the same time. So is this because Scoop Away is driving most of the growth, and this is where soft or negative pricing or you are taking prices down, say, or promoting Glad and the other brands and the volume is still negative? So if you can explain that, that would be great.

第二步是雙擊家用物品。因此，在生活必需品產業，同時出現負銷售量和負價格的情況非常罕見。所以這是因為 Scoop Away 推動了大部分成長，而你採取了軟性或負定價策略，或者降低了價格，或者推廣 Glad 和其他品牌，但銷量仍然為負嗎？如果你能解釋一下，那就太好了。

Let me take your question on ERP. Yes, we're wrapping up the fundamental investments around the digital transformation, which is really about fundamentally upgrading the digital infrastructure of the company, which included the ERP and the core suite of technologies. I think there's about $0.08 of adjustment in the third quarter and will be done on the adjustment associated with the 5-year digital investment road map.

讓我來回答您關於ERP的問題。是的，我們正在完成圍繞數位轉型的基礎性投資，這實際上是對公司數位基礎設施進行根本性升級，其中包括 ERP 系統和核心技術套件。我認為第三季會有大約 0.08 美元的調整，這將根據 5 年數位投資路線圖進行調整。

Now keep in mind, we've been steadily increasing our investment in technology over the past few years, and that's in the P&L, right? And just as we take advantage of our technology and as actually as we take advantage of the new digital infrastructure that we put in place, we expect that this will continue.

請記住，過去幾年我們一直在穩步增加對技術的投資，這都體現在損益表中，對吧？正如我們充分利用我們的技術，正如我們充分利用我們建立的新數位基礎設施一樣，我們預計這種情況將會繼續下去。

This is generally tend to be offset by a lot of productivity savings from automation as well as some effectiveness gains. But as far as the onetime investment, Q3 will be the last quarter we see an adjustment. And then on household, I think just at a high level, there's two things going on. One, there was some loss in consumption and market share that was really volume driven. And there was also some shift to larger sites, especially in back and wraps, as well as some channel shifting that are creating a headwind on the price mix.

通常情況下，自動化帶來的生產力提升和效率提高可以抵消這種損失。但就一次性投資而言，第三季將是我們看到調整的最後一季。然後就家庭而言，我認為從宏觀層面來看，有兩種情況正在發生。第一，消費量和市佔率有所下降，這主要是由銷售所驅動的。此外，還有一些轉向大型網站的趨勢，尤其是在包裝和包裝方面，以及一些管道的轉變，這些都對價格組合造成了不利影響。

As I mentioned -- especially -- it depends by business, the timing, but every business has a pretty robust net revenue management plan to try to offset this. And I think when you look at the total portfolio, for the full year, I think we're able to do this fairly effectively.

正如我之前提到的——尤其——這取決於具體的業務和時間安排，但每個企業都有一個相當完善的淨收入管理計劃來試圖抵消這種影響。我認為，從全年的整體投資組合來看，我們能夠相當有效地做到這一點。

And in the promotional spending, particularly in cat liter, what Circana data shows, and I don't know whether this is reflective of reality or not, but what Circana data suggests is that if you that is promoting is not competitors. Is that the case that is reflective of what is the negative price mix that you have in the P&L?

在促銷支出方面，尤其是在貓砂方面，Circana 的數據顯示（我不知道這是否反映了現實），如果你在促銷，那麼你的競爭對手就不是你。這種情況是否反映了您損益表中存在的負面價格組合？

Javier, what we see is the overall category merchandising is certainly higher. We see that for competitors, and it is true that we have higher promotional levels as well. And we did that intentionally as we're building back some share. You're also seeing a significant amount of promotion from Scoop Away from Costco, which can create noise because that's a large promotion and can significantly impact the results. And those events, given a lot of people are moving to Costco have become much more sizable over the last 12 months.

哈維爾，我們看到的是，整體品類商品的銷售情況確實有所提高。我們看到競爭對手的情況也是如此，而且我們的促銷力道也確實更高。我們這樣做是有意為之，因為我們正在重建部分市場份額。你也會看到 Costco 旗下 Scoop Away 的大量促銷活動，這可能會造成乾擾，因為這是一次大規模的促銷活動，可能會對結果產生重大影響。鑑於許多人轉向 Costco 購物，這些活動在過去 12 個月中規模變得更大了。

So I think that's the combination of the two things that you're seeing, Scoop Away having a disproportionate impact on the amount of merchandising that you see from us in Circana but we are seeing overall competitors raising their level of promotion as well, and which is just making an overall competitive category. Nothing different than what we had expected. But those are the two main factors that we see playing in the category.

所以我認為這是兩個因素共同作用的結果：一方面，Scoop Away 對我們 Circana 的商品銷售量產生了不成比例的影響；另一方面，我們也看到競爭對手整體上也在提高促銷力度，這使得整個品類競爭更加激烈。一切都在預料之中。但我們認為，這兩個因素是影響這個類別的主要因素。

Bonnie Herzog, Goldman Sachs.

邦妮·赫爾佐格，高盛集團。

All right. I actually wanted to stick on household, if I may. I just maybe asked a little differently. Organic sales remain quite pressured despite your stepped-up promotions behind trash and litter as you highlighted. But if I look at it that way, then I see the pressures are also, I assume, negatively impacting your margins in the quarter, in addition to the higher manufacturing logistics costs you called out.

好的。如果可以的話，我其實想堅持用「家庭」這個詞。我可能只是換了一種方式問了。正如您所強調的，儘管您加大了對垃圾和亂丟垃圾問題的宣傳力度，但有機產品的銷售仍然面臨相當大的壓力。但如果我這樣來看，那麼我認為，除了您提到的較高的製造物流成本之外，這些壓力也對本季的利潤率產生了負面影響。

When you look at the margins in the quarter, they were EBIT margins this is they were only 5.3%. So I guess could you talk about your strategy behind trash and litter? And how much further you're willing to promote to try and improve share? I guess, essentially, how are you balancing a return to growth with profitability?

從本季的利潤率來看，息稅前利潤率只有 5.3%。那麼，您能否談談您處理垃圾和廢棄物背後的策略？為了提高市場份額，你還願意做多少推廣？我想，歸根結底，您是如何在恢復成長和獲利能力之間取得平衡的？

Yes, we've been talking about the trash bag and litter category for a little bit of time now. And certainly, both of those were impacted as we talked about coming out of cyber and then certainly a change in competitive activity that we've seen, particularly in the trash bag segment. And we have returned to what we believe the best way to return a category to growth is, which is doubling down on our innovation plans, and we worked hard over the last 18 months to refresh our innovation plans on both Glad and litter, and you're going to see those come to fruition in the back half of this year.

是的，我們已經討論垃圾袋和垃圾問題一段時間了。當然，正如我們之前討論的，隨著網路安全狀況的惡化，以及競爭格局的變化，尤其是在垃圾袋領域，這兩者都受到了影響。我們已經回歸到我們認為使某個品類恢復成長的最佳途徑，那就是加倍投入創新計畫。在過去的 18 個月裡，我們努力更新了 Glad 和貓砂的創新計劃，您將在今年下半年看到這些計劃取得成果。

As I mentioned, we have a full relaunch of our litter business that includes price pack architecture work, some upgrades in formulas, packaging, et cetera. And then we feel like we have a great, robust innovation plan for the remaining 2 to 3 years coming after that. which really gets back to growing the category the way that we like to do and want to do, which is investing in better consumer experiences that deliver superior value.

正如我之前提到的，我們對貓砂業務進行了全面重啟，包括價格包裝架構調整、配方升級、包裝升級等等。然後，我們感覺我們已經制定了一個強大而穩健的創新計劃，以應對接下來的兩到三年。這其實又回到了我們喜歡和想要發展品類的方式上，那就是投資於更好的消費者體驗，從而提供卓越的價值。

And trash, much the same. We have great innovation in the back half. We have been doing some price promotion, and we've been disciplined about trying to do that because we want to make sure that we're doing it in a way that doesn't destroy value in the category. We know people don't use more trash bags just because they are lower priced per bag. They want benefits in a trash bag that helps make their life easier at home. They don't want it to leak. They don't want it to smell. They don't want it to tear. So we continue to invest in that.

垃圾的處理方式也大致相同。後半部分我們有很多創新。我們一直在進行價格促銷活動，我們一直嚴格遵守規則，因為我們希望確保我們這樣做不會破壞該品類的價值。我們知道人們不會因為垃圾袋單價降低就增加垃圾袋的使用量。他們想要的是一種能讓居家生活更輕鬆的垃圾袋。他們不想讓它洩漏。他們不希望它有異味。他們不想讓它撕裂。因此，我們會繼續加大對該領域的投資。

And that's exactly the balance money you spoke about. We want to make sure that we are balancing market share and consumption data and profitability with growing the category in a way that we think is sustainable. And what we're happy to see is our back half plan really leans into that. But we haven't been afraid to increase some price promotion in the short term to deal with the headwinds that we've been experiencing.

而這正是你剛才提到的餘額資金。我們希望確保在市場佔有率、消費數據和獲利能力之間取得平衡，同時以我們認為可持續的方式發展該品類。令人欣慰的是，我們下半程的計畫也確實朝著這個方向發展了。但是，為了因應我們目前遇到的不利因素，我們不害怕在短期內增加價格促銷。

I think over the long term, we remain confident that we can grow these categories through good innovation work, strong demand spending and building, continuing to drive efficiencies in that spend, and, of course, making sure that we are doing all the great margin work that we've done for the last few years in the company and for, frankly, decades before that, to continue to fund that. And we have strong programs in both our Glad and our cat litter businesses internally.

我認為從長遠來看，我們仍然有信心透過良好的創新工作、強勁的需求支出和建設，以及持續提高支出效率，當然，還要確保我們繼續做好過去幾年以及坦率地說，在此之前的幾十年裡所做的所有出色的利潤率工作，以繼續為這些工作提供資金，從而實現這些品類的增長。我們公司內部在 Glad 洗潔精和貓砂業務方面都有很強的實力。

So overall, I don't think anything has changed strategically. These categories are competitive, but we do well in competitive categories. I can't say that we would say our last 12 months have been our best performance in these categories, but we feel like we have the right plans moving forward to address that and have taken the right short-term steps to ensure that we get that balance right.

所以總的來說，我認為戰略上沒有任何改變。這些類別競爭都很激烈，但我們在競爭激烈的類別中表現出色。我不能說過去 12 個月我們在這些方面表現最好，但我們覺得我們已經制定了正確的計劃來解決這個問題，並且採取了正確的短期措施來確保我們能夠取得平衡。

Anna Lizzul, Bank of America.

安娜·利祖爾，美國銀行。

Linda, I was wondering if you could comment on where you are now post the quarter versus the category growth rate in light of the improvement that you're seeing in consumption trends. And then where do you think category growth would have to be to get back to meet your longer-term algorithm with your IGNITE strategy of 3% to 5% net sales growth?

琳達，鑑於你觀察到的消費趨勢改善，我想請你談談本季結束後你目前的狀況與該類別成長率相比如何。那麼，您認為品類成長需要達到什麼水準才能重新達到您長期演算法的目標，即透過您的 IGNITE 策略實現 3% 至 5% 的淨銷售額成長？

Yes. So if you -- we'll walk through Q1 and Q2 again and then just what we expect in the back half and then bridge to what we expect over the longer term. So in Q1 and Q2, we saw our categories about flat. So in line with what we had expected. We recall we had expected about flat to up 1%.

是的。所以，如果你——我們會再次回顧第一季和第二季度，然後談談我們對下半年的預期，最後過渡到我們對長期的預期。因此，在第一季和第二季度，我們看到各個類別的成長基本上持平。這與我們的預期一致。我們記得我們之前預期漲幅在 1% 左右。

January, I would just advise if you look at any -- actually, any time period until in January, there's a lot of noise in the data. So I would not look at a 1 week or even 4-, 5-week category number and project from that. For example, January has significant weather-related events, and that will have many impacts.

我建議，如果您查看一月份的任何時間段的數據——實際上，查看一月份之前的任何時間段的數據，都會發現數據中存在很多噪音。所以我不會參考 1 週甚至 4 週、5 週的類別數字來做專案預測。例如，一月份會發生一些與天氣有關的重大事件，這將產生許多影響。

One, consumers stocked up. But two, you can have challenges dealing with weather and retailer inventory, et cetera, and none of that has played out yet. So we'll see what those impacts are. And then of course, we'd assume consumers we'll use that household inventory and may not -- might extend their purchase cycle depending on how much they did stock up in advance of that. So I would warn not to look at the last 2 weeks as a significant change in the category trajectory, but simply, I think, some shifting in timing, given what's going on with weather.

第一，消費者囤積了庫存。但第二，你可能會遇到天氣和零售商庫存等方面的挑戰，而這些挑戰都還沒發生。所以我們將拭目以待，看看這些影響是什麼。當然，我們還要假設消費者會使用家庭庫存，並且可能會延長購買週期，這取決於他們之前囤積了多少庫存。因此，我建議不要將過去兩週視為類別軌蹟的重大變化，而只是時間上的調整，我認為這與天氣狀況有關。

That being said, we still expect the consumer to remain under pressure and that means we expect categories to be flat to up 1% in the back half of the year. We certainly hope we could get to the top end of that range given the plans that we have but we'll see how that plays out and what the consumer decides to do. We just feel like we have the right plans to both support category growth and share growth within those categories. whether that be innovation, the base distribution that we're working on with retailers, our demand spending and plans, which is very strong. So we feel like we're doing everything we can to continue to support getting back to category growth that is in line with what we've experienced in the past and that leads me to our IGNITE strategy algorithm.

儘管如此，我們仍預期消費者將面臨壓力，這意味著我們預計下半年各類別將持平或成長 1%。我們當然希望按照我們現有的計劃，能夠達到這個價格區間的上限，但具體情況還要看最終結果如何，以及消費者會做出怎樣的選擇。我們感覺我們已經制定了合適的計劃，既能支持品類成長，又能提升這些品類內的市場份額。這包括創新、我們正在與零售商合作建立的基礎分銷管道，以及我們強勁的需求支出和計劃。因此，我們感覺我們正在盡一切努力繼續支持品類恢復到與我們過去經歷一致的增長水平，這引出了我們的 IGNITE 戰略演算法。

We assume for us to get to that 3% to 5% range that categories have to return to what they were historically. And that's typically been about 2% to 2.5%. And then we're able to add a point of incremental growth from our pro and International business, and that gets you well within our IGNITE range. And of course, we talked about the acquisition that we made of GOJO, and we would be -- we believe that will be accretive to growth as well in supportive of us getting to the growth algorithm that Ignite contemplated in the 3% to 5% range.

我們假設，要達到 3% 到 5% 的水平，各個類別必須恢復到歷史上的狀態。通常情況下，這個比例在 2% 到 2.5% 之間。然後，我們能夠從我們的專業和國際業務中獲得增量成長，這使您完全符合我們的 IGNITE 產品範圍。當然，我們也談到了我們對 GOJO 的收購，我們相信這將促進成長，並支持我們實現 Ignite 所設想的 3% 至 5% 的成長目標。

We don't see that yet, obviously, this year in our categories. But we're hoping now as we continue to invest and others continue to invest in the consumer and in innovation that we'll start to see that build over time.

顯然，今年在我們的評選類別中，我們還沒有看到這種情況。但我們希望，隨著我們和其他各方繼續投資於消費者和創新，隨著時間的推移，我們將開始看到這種成果。

Kevin Grundy, BNP Paribas.

凱文·格倫迪，法國巴黎銀行。

I'd like to ask you both a question on price investment. It's topical today with the PepsiCo news and obviously, you don't compete in the categories. But what is relevant is the consumer under pressure, the K-shaped economy, et cetera, et cetera. So Pepsi's making substantial price investments embarking on a lot of productivity to do it. Your categories have been weak for a while. You're not alone, Linda, Luc, of course, but we've been talking about this for a while.

我想問你們二位一個關於價格投資的問題。今天百事可樂的新聞讓這個話題變得很熱門，而且很明顯，你們並不在這些品類上競爭。但相關的是面臨壓力的消費者、K型經濟等等。因此，百事可樂正在進行大量的價格投資，並大力提高生產力來實現這一目標。你們的分類一直比較薄弱。琳達，你不是一個人，盧克當然也是，但我們已經討論這個問題一段時間了。

Would you be willing to take price investments off the table for your categories, particularly where volumes have been weak for a while. Whether this is bags or whether this is bleach, et cetera? Because you talked about innovation, Linda, we would all collectively agree. That's exactly how you want to win, but maybe it's not an either/or, maybe it's a both/and we're seeing at PepsiCo given the unprecedented level of -- excuse me, of inflation that we haven't seen in 4 decades and a consumer that's still under pressure? Would you take that off the table?

您是否願意暫停某些品類（尤其是銷售持續低迷的品類）的價格投資？是袋子還是漂白水等等？因為你談到了創新，琳達，我們都會一致同意。這正是你想要取得勝利的方式，但也許這不是非此即彼的問題，而是兩者兼顧的問題，就像我們在百事公司看到的那樣，因為前所未有的通貨膨脹水平——抱歉，是40年來從未見過的通貨膨脹水平——以及消費者仍然面臨壓力？你能把這個方案排除在外嗎？

Thanks for the question, Kevin. Maybe just start with what we're seeing from the consumer, which I think is largely consistent with what you just outlined and what we've seen from some competitors as they spin out or people who are even competing in our categories. we're definitely continuing to see bifurcation of consumers. We continue to see all consumer groups under pressure, but I would note that we have seen from low-income consumers some additional pressure and making sure that we have the right value for those consumers is absolutely top of mind.

謝謝你的提問，凱文。或許我們可以先從消費者的回饋入手，我認為這與您剛才概述的內容以及我們從一些競爭對手（包括那些與我們同屬一個領域的競爭對手）那裡觀察到的情況基本一致。我們確實看到消費者群體持續分化。我們看到所有消費群體都面臨壓力，但我注意到低收入消費者承受著額外的壓力，確保我們為這些消費者提供合適的價值絕對是我們最關心的問題。

And that is what we're doing in the capability that we've built on RGM to ensure that we have the right price pack architecture. So getting them supported with smaller sizes for consumers who only have a little bit of cash to outlay, larger sizes, et cetera. And the purpose of that program is to deal with just that. And it's more important than ever that we have that capability, and we're beginning to ramp that up, and we've had some success in a number of businesses, but we need to, frankly, expand it faster across our portfolio.

這就是我們在 RGM 上建立的能力所做的事情，以確保我們擁有合適的價格包架構。因此，要為預算有限的消費者提供小尺碼，為預算有限的消費者提供大尺碼等等。而該計劃的目的正是為了解決這個問題。擁有這種能力比以往任何時候都更加重要，我們正在開始加大力度，並且在一些業務領域取得了一些成功，但坦白說，我們需要更快地將其擴展到我們的所有業務組合中。

That being said, on price investments, we have made some, and I think that's what you've seen in some of the promotional activity that we've done. We have made selective price investments in places where we're seeing the consumer be under more pressure. Certainly, trash bag is one of them. We've seen a bit more in home care, and we continue to do that in a disciplined manner. But our team is looking at this all the time.

也就是說，我們在價格方面進行了一些投入，我想這就是你們在我們開展的一些促銷活動中看到的情況。我們在消費者面臨較大壓力的地區進行了有針對性的價格投資。當然，垃圾袋就是其中之一。我們在居家照護方面看到了更多進展，我們將繼續以嚴謹的方式進行這項工作。但我們的團隊一直在關注這個問題。

And we're committed to making sure that our price gaps are where they need to be. And we do not want to get in a place where we're losing significant household penetration with consumers or share because our price is out of [whack].

我們致力於確保我們的價格差距保持在應有的水平。我們不希望因為價格過高而導致我們在消費者中的家庭滲透率或市場份額大幅下降。[啪]

So you can hear my commitment to if we need to make a price reduction that is strategic will do it. And the good news is we've built a holistic margin management capability to be able to fund that if we need to do it. And again, we have made some of those investments over the last 12 months as we've noticed for out of whack on a certain size or certain price points. It will be something that we'll watch very closely.

所以你們可以聽出我的承諾，如果需要進行策略性降價，我們一定會去做。好消息是，我們已經建立了一套全面的利潤管理能力，以便在需要時能夠為此提供資金。而且，在過去的 12 個月裡，我們也進行了一些投資，因為我們注意到某些規模或某些價格點的產品存在不平衡。我們會密切關注此事。

The other thing I would note is in our categories, we have not seen significant trade down to private label. The last quarter, private label was up 1/10 of a share point, and we didn't see any material change. Consumers still want brands. And we just need to figure out the right way to make sure we're giving them the right price, the right pack at the right moment at the right retailer. And I feel like our back half plans better contemplate that.

我還要指出一點，在我們銷售的品類中，還沒有看到大量商品被降級到自有品牌。上個季度，自有品牌市佔率成長了0.1個百分點，我們沒有看到任何實質的變化。消費者仍然需要品牌。我們只需要找到正確的方法，確保在合適的時間，在合適的零售商處，以合適的價格，向他們提供合適的包裝。我覺得我們下半程的計畫最好考慮到這一點。

But again, Kevin, I'm not taking it off the table, but we'll do it in a disciplined way. And now with our RGM capabilities, we have even more ability to do that at scale.

但是凱文，我再次強調，我並沒有完全排除這種可能性，但我們會以嚴謹的方式進行。現在，憑藉我們的 RGM 能力，我們更有能力大規模地做到這一點。

Olivia Tong, Raymond James.

Olivia Tong，Raymond James。

Great. The promotional environment has obviously been heightened for some time, and it doesn't seem to be abating. And as more sales go to club and e-com and larger pack sizes, can you talk about what initiatives you have or are putting in place sort of longer term to help offset what could, I assume, be multiyear headwinds? And then can you also talk about what inventory levels look at -- look like at retail outside of club and e-com post-ERP? Is there any risk that as activity continues to shift outside of the channels that you run the risk of having to deal with destocking in the next 12 months more so than your peers?

偉大的。促銷氛圍顯然已經持續高漲了一段時間，而且似乎沒有減弱的跡象。隨著越來越多的銷售額流向俱樂部、​​電商平台和更大包裝規格的產品，您能否談談您有哪些長期舉措或正在實施的措施，以幫助抵消我推測可能會持續多年的不利因素？那麼，您能否也談談ERP實施後，零售業（不包括俱樂部和電商）的庫存水準是什麼樣的呢？隨著業務活動持續向通路外轉移，未來 12 個月內，您是否可能比同業面臨更大的去庫存風險？

I'll take both of those, Olivia. So on the large sizes, this has been a trend on our business for quite a while. We've seen consumers move to value channels, including club, but they've also been moving to dollar and that has the opposite effect where they tend to buy smaller sizes. And we've been able to manage this for many years and would expect we'd be able to do that moving forward. And it's a little bit about -- to the question that Kevin had, the RGM capabilities that we are building are going to enable us to do this faster and at scale and with more data.

奧莉維亞，這兩個我都要。所以，就大尺碼服裝而言，這在我們公司已經成為一種趨勢相當長一段時間了。我們看到消費者轉向了包括會員店在內的低價管道，但他們也轉向了美元店，這產生了相反的效果，他們往往會購買小包裝的商品。多年來我們一直能夠做到這一點，並且預計未來也能繼續做到這一點。這有點像是凱文提出的問題，我們正在建立的 RGM 功能將使我們能夠更快、大規模地、利用更多的數據來完成這項工作。

We did a lot of work in our ERP implementation to harmonize our data across the company, and that's giving us more real-time insights that allow us to design exactly the right pack for the consumer for the right retailer and also at the same time, remove costs where we can. So we feel like we have a capability for a long time, but adding RGM gives us additional capability to address this.

我們在 ERP 實施過程中做了很多工作，以協調公司內部的數據，這讓我們能夠獲得更多即時洞察，從而為合適的零售商設計出最適合消費者的包裝，同時也能盡可能地降低成本。因此，我們感覺我們長期以來都具備這種能力，但增加 RGM 為我們提供了額外的能力來解決這個問題。

And I think the good news is we want to be wherever a consumer is. If they're in club, we want to be there if they're in dot-com, we want to be there. if they're buying at a small grocery store, we want to ensure that we're there with the right price and pack. And we've been able to do that for many years and been able to absorb and frankly, fund it through our margin work.

好消息是，我們希望出現在消費者所在的地方。如果他們在俱樂部購物，我們希望在那裡出現；如果他們在網上購物，我們也希望在那裡出現；如果他們在小型雜貨店購物，我們希望確保我們能以合適的價格和包裝出現在那裡。多年來，我們一直能夠做到這一點，並且能夠透過我們的利潤來吸收和坦率地說，為之提供資金。

I think the one thing you should note, though, and I think that is important for our portfolio is the point I made on dollar and smaller sizes, there is a corresponding downward pressure on sizing as well. And that will offset some of the trade-up that we to larger sizes. And that is why you're seeing, I think, the price mix that you're seeing right now for the company that some of those things are offsetting each other. And I would expect that to continue given the strength of the dollar channel and consumers having a lot of pocket expenditures. And I think that will keep that in a reasonable range for the next couple of years, and we're well positioned as consumers continue to move to different retailers to address that as well.

不過，我認為有一點要注意，而且我認為這對我們的投資組合很重要，那就是我之前提到的美元和較小尺寸的問題，尺寸也面臨著相應的下行壓力。這樣可以抵消一部分我們升級到更大尺寸的影響。我認為，這就是為什麼你現在看到該公司的價格組合是這樣的，因為其中一些因素相互抵消了。鑑於美元管道的強勁勢頭以及消費者大量的零用錢，我預計這種情況還會持續下去。我認為這將使價格在未來幾年內保持在合理的範圍內，隨著消費者繼續轉向不同的零售商來解決這個問題，我們也做好了充分的準備。

And then on inventory levels and destocking we're largely -- if you look across our enterprise inventory levels are where we would expect them to be in retail, there's always puts or takes here and there, but we wouldn't call out anything material that we see at this moment that would impact our potential destocking for us versus anyone else.

至於庫存水準和去庫存，我們目前的情況大致如此——如果你縱觀整個企業，庫存水準與我們預期的零售水準一致，雖然總會有一些進出庫存的情況，但我們目前沒有看到任何實質性的因素會影響我們與其他公司相比的潛在去庫存水準。

Kaumil Gajrawala, Jefferies.

Kaumil Gajrawala，傑富瑞集團。

On ERP, it looks like the last of the big phase is complete. Can you maybe -- just talk about what you should be able to do now, what you see maybe some cadence of benefits that flow through, whether there are things that are driving top line or things that are driving savings? And maybe I think you mentioned some of it will be automation inception. So should there be a different goal or a new goal on where gross margins can go now that a lot of that hard work is behind you?

ERP方面，看起來最後一個大階段已經完成了。您能否談談您現在應該能夠做什麼，您看到了哪些逐步帶來的好處，有哪些因素在推動收入成長，哪些因素在推動成本節約？或許你之前提到過，其中一些會是自動化的雛形。既然之前的大部分辛苦工作已經完成，現在是否應該設定一個不同的目標，或是一個新的目標，來衡量毛利率的提升幅度呢？

Kaumil, thank you. So you're right. Like as I just mentioned, we'll be finishing the implementation and at the end of our large digital transformational investment at the end of Q3. And by the way, I think we have about $0.04 of EPS. I think I mentioned about $0.08 of adjustment in Q3.

考米爾，謝謝你。你說得對。正如我剛才提到的，我們將在第三季末完成實施工作，屆時我們的大規模數位轉型投資也將結束。順便說一下，我認為我們的每股收益約為 0.04 美元。我記得我在第三季提到過大約 0.08 美元的調整。

But really, right now, the remainder of the year on the RP is really going to be about stabilizing, right? You heard us. We've been spending the last quarter just stabilizing and optimizing service level, we expect incremental cost of doing so to just go away by the fourth quarter. And once we're done optimizing then we can start the optimization phase.

但實際上，就目前而言，RP今年的剩餘時間主要還是會以穩定為目標，對吧？你沒聽錯。過去一個季度，我們一直在努力穩定和優化服務水平，預計到第四季度，由此產生的額外成本將完全消失。一旦我們完成了優化，就可以開始優化階段了。

And really, what happened now that we have a new both data and technology infrastructure, you essentially have to redesign the process as well as change the talent and the different type of food that is being done around those processes. And sometimes that can happen, the redesign can actually just happen fairly in a matter of months and sometimes you can take a little longer.

現在我們有了新的數據和技術基礎設施，實際上，你必須重新設計流程，並改變人才以及圍繞這些流程的各種食品類型。有時確實會發生這種情況，重新設計可能只需幾個月就能完成，有時則可能需要更長。

Now a lot of the benefit of optimizations will be on the supply chain, whether it's on the manufacturing or the logistics both in the P&L and on the balance sheet. And of course, we will also start seeing some benefit of automation in our admin. So we'll see some benefit in both gross margin as well as EBIT. And on that -- I mean, I think we mentioned that in the past, now that we have a global data infrastructure, we're able to actually accelerate our adoption of Global Business Services, which will create further efficiencies on the admin side.

現在，優化帶來的許多好處將體現在供應鏈上，無論是在生產製造或物流方面，都會體現在損益表和資產負債表上。當然，我們也將開始看到自動化管理帶來的好處。因此，毛利率和息稅前利潤都會提高。關於這一點——我的意思是，我想我們過去曾提到過，現在我們擁有了全球數據基礎設施，我們實際上能夠加快全球業務服務的採用，這將進一步提高管理方面的效率。

Now we do see all of those as just more inputs and initiatives to feed our pipeline of cost savings over the next few years and then just contributing to our goal of expanding 25 to 50 basis points. Our goal has always been to expand EBIT margin, but of course, we would want to expand gross margin generally in line with that because gross margin is really what creates the fuel for us to reinvest in our business.

現在，我們認為所有這些都只是更多的投入和舉措，以在未來幾年內為我們的成本節約計劃提供更多資金，並最終實現擴大 25 至 50 個基點的目標。我們的目標一直是提高息稅前利潤率，但當然，我們也希望毛利率能夠隨之提高，因為毛利率才是我們進行業務再投資的真正動力。

Lauren Lieberman, Barclays.

勞倫·利伯曼，巴克萊銀行。

So in the reiterated guidance, you guys mentioned advertising still targeted at 11% of sales for the year. First half came in at 11.5%. So I think the implication is second half dollars are going to be down maybe like mid-singles. So just given how much innovation you have coming, I was just curious about the timing of that. As my math basically is right, but also if it is, why it would make sense to have your spending down year-over-year in the back half?

所以，在重申的指導方針中，你們提到廣告仍將佔全年銷售額的 11%。上半年佔11.5%。所以我認為這暗示著下半年美元匯率可能會像10月中旬那樣下跌。鑑於你們即將推出如此多的創新產品，我只是好奇它們的推出時間表。我的計算基本上正確，但如果正確的話，為什麼下半年支出會比去年同期下降？

Yes, Lauren. So yes, there's a little bit of rounding. So I'll just make sure that to drive too much conclusion on the back half level. Having said that, keep in mind that advertising investments are generally something that's planned to down that was really planned at the SBU level, the business unit level. And they're really pretty integrated demonstration plan financing the investment across advertising and trade promotions. So with a clear objective of supporting both the innovation and reinforce superiorities. So net, I think there's a little bit of shift, but when we look at the level of investment behind the innovations, we feel that they're adequate quite strong.

是的，勞倫。所以，是的，這裡有一點四捨五入。所以我會確保不要在下半場得出太多結論。話雖如此，但請記住，廣告投資通常是在策略性事業單位 (SBU) 層面上製定的計劃。而且，他們的示範計劃非常完善，為廣告和貿易促銷方面的投資提供了資金。因此，其明確目標是支持創新並鞏固優勢。所以總的來說，我認為情況略有變化，但當我們審視創新背後的投資水平時，我們覺得這些投資相當充足且強勁。

Okay. So does that mean that more is, I guess, in trade promotion to drive trial on some of this innovation?

好的。所以，這是否意味著，我想，更多的是透過貿易推廣來推動某些創新技術的試用？

Yes. I think it's both. Yes. That's right.

是的。我認為兩者都是。是的。這是正確的。

Okay. Okay. And then I had one follow-up question on litter. Just in the discussion of the relaunch, what you mentioned in the -- I can't recall if it's the release of the prepared remarks. The discussion about this innovation, there's packaging, but also some mentions on value and competitiveness, which did suggest potentially some price changes and just in keeping with Kevin's question, just curious in litter specifically, if there's sort of a reset on price pack architecture and price with this relaunch?

好的。好的。然後我還有一個關於垃圾的後續問題。就在討論重新啟動事宜時，你提到的──我不記得是不是指發布準備好的演講稿。關於這項創新的討論中，既有包裝方面的，也有關於價值和競爭力方面的，這確實暗示了價格可能會有所變化。為了回應凱文的問題，我很好奇，就垃圾而言，這次重新推出是否會對價格包裝結構和價格進行某種程度的調整？

Yes, you read that right, Lauren. We are including price pack architecture work in the relaunch. We looked at our sizing lineup for litter, and we are making some adjustments to address changes in consumer trends, et cetera. So you will see that play through. And that will support also the innovation that we have and making sure that consumers understand the tiering that we have in our litter business what value Fresh Step offers versus Scoop Away, et cetera, and of course, versus competitors, you will absolutely see a price pack architecture component of the back half litter plan in addition to the other things listed.

是的，你沒看錯，蘿倫。我們將價格方案架構設計工作納入此次重新發布計畫中。我們審視了貓砂的尺寸系列，並正在做出一些調整以應對消費者趨勢等的變化。所以你會看到整個過程。這也將有助於我們進行創新，並確保消費者了解我們在貓砂業務中的分級制度，了解 Fresh Step 與 Scoop Away 等產品相比的價值，當然，與競爭對手相比，您肯定會在貓砂計劃的後半部分看到價格包架構，以及列出的其他內容。

Edward Lewis, Rothschild.

愛德華路易斯，羅斯柴爾德家族。

Yes. Thanks very much. Linda, Interesting to hear you talk about the price investments. And I just wondered if you can look at the other side of the coin, when you consider the innovation plans. Specifically, are you able to pitch these new products at the historic premium what we would expect? Or does the current environment give you a pause when you consider the potential pricing levels?

是的。非常感謝。琳達，聽你談價格投資很有趣。我只是想知道，在考慮創新計劃時，您是否能從另一個角度來看待這個問題。具體來說，您能否以我們預期的歷史性溢價來推銷這些新產品？或者，在考慮潛在的價格水平時，當前的環境是否會讓你猶豫不決？

We do a lot of work when we are testing innovation to say what the right value mix is. So what are the benefits that we're offering that are incremental to what's offered today in any given category, how differentiated are those, how strong does the brand play there and then what price makes sense given that benefit brand mix for the consumer. And what we're finding is that continues to be price premium and that consumers are willing to do that for a superior product and a superior experience. So you're seeing many of our innovations launch with a price premium.

我們在測試創新時會做很多工作，以確定正確的價值組合是什麼。那麼，我們提供的產品和服務在現有類別中有哪些增量優勢？這些優勢的差異化程度如何？品牌在該類別的影響力有多大？考慮到這些優勢，對於消費者而言，什麼樣的價格才是合理的？我們發現，溢價依然存在，消費者願意為更優質的產品和更優質的體驗支付溢價。所以你會看到我們的許多創新產品都以溢價上市。

And we're seeing many of our price premium categories doing very well. So I'll give you a few examples. If you look at our home care business, where we play in the full spectrum, so we understand this really well. We play in the most value-oriented segment with things like Clorox Liquid Bleach or our dilutables business with Pine-Sol, all the way up to a much more expensive price per use like a wipe or even a Clorox toilet wand, which is a significant premium versus other things.

我們看到很多高價位產品類別表現都非常出色。我舉幾個例子。如果你看看我們的家庭護理業務，你會發現我們涉足的領域非常廣泛，所以我們對這一點非常了解。我們涉足的領域涵蓋了最注重性價比的產品，例如 Clorox 液體漂白劑或我們的可稀釋清潔劑 Pine-Sol，以及單次使用價格更高的產品，例如濕巾，甚至是 Clorox 馬桶清潔棒，這些產品的價格與其他產品相比有顯著的溢價。

And those are growing well. Wipes and our toilet business are tending to lead the category growth. Consumers are willing to pay for that time and ease convenience. That is a good trade-off for them to make. And we see the same with Pure Allergen, for example. Allergy sufferers don't have great solutions today, and they're willing to pay that premium versus what they do today in order to get that set of benefits.

而且它們長得很好。濕紙巾和我們的廁所用品業務正引領品類成長。消費者願意為節省時間和享受便利買單。對他們來說，這是一筆划算的交易。例如，我們在 Pure Allergen 上也看到了同樣的情況。目前過敏症患者沒有很好的解決方案，他們願意支付比現在更高的價格來獲得這些好處。

I think though correspondingly, Ed, and I think it's to the questions that Kevin and Anna and others had, we are seeing consumers who really need to get the lowest price per use that they can, but they still want the branded players. So we also need to appeal to them, and we’re doing everything we can to make sure we remove anything from our products that’s not offering that value, invest those back in the brands, get the price and sizing right, and that matters to those consumers deeply.

不過，我認為，艾德，正如凱文、安娜和其他人提出的問題一樣，我們看到消費者確實需要盡可能降低每次使用的成本，但他們仍然想要品牌播放器。所以我們也需要吸引他們，我們正在盡一切努力確保從我們的產品中去除任何不提供這種價值的東西，並將這些錢重新投資到品牌上，使價格和尺寸合適，這對消費者來說非常重要。

So I think the answer is, no, we just can’t lean on price premium innovation. It’s an important component, and we see it working across all income groups. We also must get the value equation right on our core business. we're laser-focused on that and have better tools than we ever have to do it. And I think both of those are the answer to growing categories and growing share.

所以我認為答案是，不，我們不能只依賴價格溢價創新。這是一個重要組成部分，我們看到它在所有收入群體中都發揮了作用。我們也必須在核心業務中正確建構價值方程式。我們正全力以赴，並且擁有比以往任何時候都更好的工具來實現這一目標。我認為這兩點都是擴大品類和提升市場佔有率的關鍵。

Robert Moskow, TD Cowen.

Robert Moskow，TD Cowen。

I was wondering, Linda, I don't know if anyone asked this on the call about Purell, but you have a lot of categories that you're trying to juggle all at once and several of them are having some pretty significant weaknesses. And now you're adding the hand sanitizer category on top of it. What's the risk of getting distracted as you're trying to execute on the core business. To what extent will the Purell business kind of kind of run itself, so to speak, for a few months before it's fully integrated?

琳達，我想問一下，我不知道在關於 Purell 的電話會議上是否有人問過這個問題，但是你們要同時兼顧很多類別，而其中一些類別存在一些相當明顯的弱點。現在你們又在上面增加了洗手液這個類別。在執行核心業務的過程中，分心會帶來什麼風險？在完全整合之前，Purell 業務在多大程度上能夠自主運作幾個月？

Really, when we sit back and think about Purell, this is leaning into a place where we've had very strong performance in the company for many years. If you look at our Health and Wellness segment at international, where a lot of our Health and Hygiene business resides, our Pro business, those businesses have continued to perform year after year, and we feel we're adding just another business with very strong tailwinds from a category perspective and lots of upside in both B2B and retail.

實際上，當我們冷靜下來思考 Purell 時，就會發現這正是我們多年來在該領域表現非常強勁的一個方向。如果你看看我們在國際上的健康和保健業務板塊，那裡集中了我們很多健康和衛生業務，以及我們的專業業務，這些業務已經連續多年保持良好業績，我們認為我們正在增加的又一項業務，從品類角度來看，具有非常強勁的增長勢頭，並且在 B2B 和零售方面都有很大的發展空間。

And really, that combination will make the current plans that we have that we feel very -- are very strong and performing well even better. So we have strong confidence in our ability to do that. And I would also call out, they have a very strong management team, a very talented team, advanced operations. And so, we feel like that was another way we could have confidence in integration that we would be able to do this seamlessly. And of course, we are integrating in a very disciplined way to make sure that we're focused on the places where we can add value and you're not integrating in places where it does not add value. So we feel very good about that.

事實上，這種組合將使我們目前那些我們認為非常強大且表現良好的計劃變得更好。因此，我們對自身實現這一目標的能力充滿信心。我還要特別指出，他們擁有一支非常強大的管理團隊、一支非常有才華的團隊和先進的營運體系。因此，我們覺得這是我們對整合充滿信心的另一種方式，我們可以確保整合過程能夠無縫進行。當然，我們的整合方式非常嚴謹，以確保我們專注於能夠創造價值的地方，而不是整合到無法創造價值的地方。所以我們對這一點感到非常滿意。

That being said, too, we are laser-focused on improving the performance in the categories that are softer right now where we've had less strong share performance. And we feel like we have made a turning point in our plans. We feel you'll see that reflected in the back half plans through innovation and improved share results and that we have our arms around those. And as you know, we've been a company of managing many categories and brands for a number of years, and the way that our operating model is built to do just that.

話雖如此，我們也正集中精力改善目前表現較弱、市佔率表現欠佳的品類的表現。我們感覺我們的計劃迎來了一個轉折點。我們相信，您將在下半年的計劃中看到這一點，我們將透過創新和提升市場份額來推動業績成長，而我們已經完全掌控了這些計劃。如您所知，我們公司多年來一直管理著許多品類和品牌，而我們的營運模式正是為了實現這一目標而建構的。

We have dedicated teams that run our businesses. So nobody who's going to be working on the Purell integration has anything to do with Glad. While the Glad team will be laser-focused on continuing to improve performance as well all the other businesses in their individual business unit team. So I would just reiterate, I think this is such a strong strategic financial fit for the company, adds to a very strong set of businesses that have been performing for many years, we have a 4% 10-year CAGR of growth, if you look at our health and wellness business, and I have every confidence that we can integrate successfully and continue to double down in a place where we've delivered year after year.

我們有專門的團隊負責經營我們的業務。所以，所有參與 Purell 整合工作的人員都與 Glad 沒有任何關係。同時，Glad 團隊將全力以赴，持續提升業績，同時也將致力於提升各自業務部門團隊中所有其他業務的業績。因此，我再次重申，我認為這對公司來說是一個非常強大的策略財務契合點，它為我們多年來表現優異的一系列業務錦上添花。如果您看看我們的健康和保健業務，您會發現我們過去 10 年的複合年增長率達到了 4%。我完全有信心，我們能夠成功整合，並繼續在我們年復一年取得佳績的領域加倍投入。

Chris Carey, Wells Fargo.

克里斯凱裡，富國銀行。

I just -- I wanted to ask more logistically about the components of fiscal '27. Is it still correct to think about taking the impact from the ERP shift this year and then adding that back effectively in fiscal '27 and then assuming some underlying growth? So that's number one.

我只是——我想更詳細地詢問一下 2027 財年的組成部分。現在是否仍應該考慮將今年 ERP 系統變更的影響計入 2027 財年，然後假設存在一些潛在成長？這是第一點。

And then secondly, I asked this in the context of if market shares are perhaps a bit softer than expected for longer? I realize you got some innovation coming in the second half, comps get easier and these sorts of things. How would you think about using some of this incremental ERP get back and investing some of that back if these objectives that you have for the back half maybe don't come to fruition? So really just asking about the logistics of the model and how much flexibility you think you may have to lean in if you so desire?

其次，我提出這個問題的背景是：市佔率是否會比預期疲軟更久？我知道下半年會有一些創新，比賽也會變得更容易等等。如果後半段的這些目標可能無法實現，您會考慮將部分 ERP 增量效益重新投入使用嗎？所以，我其實只是想問一下這種模式的運作方式，以及如果你願意的話，你認為自己有多少彈性可以投入其中？

Chris, yes, on the ERP, you're absolutely correct, right? As you remember, we essentially shifted some sales that should have been in fiscal year '26 to fiscal year '25. And so essentially, the current shipments and sales in fiscal year '26 are understated relative to the underlying consumption at the retailers, right? And so next year, when you have normalized shipment and sales, you would have a pickup of about 3.5 points on sales and a pick up about $0.09 in EPS.

克里斯，是的，關於ERP系統，你的說法完全正確，對吧？如您所知，我們基本上將原本應該在 2026 財年發生的一些銷售額轉移到了 2025 財年。因此，從本質上講，2026 財年的當前出貨量和銷售額相對於零售商的實際消費量而言被低估了，對吧？因此，明年當出貨量和銷售額恢復正常後，銷售額將成長約 3.5 個百分點，每股收益將成長約 0.09 美元。

Now I would say that's going to happen no matter what. And we're not seeing this as something that -- we make any investment decisions on the spend level, on our brand based on strategy and return on investment. And that is totally independent of the financial impact of the ERP next year.

現在我認為，無論如何，這件事都會發生。我們並不認為這是——我們在支出層面、在品牌方面做出任何投資決策都是基於策略和投資報酬率。這與明年ERP系統的財務影響完全無關。

Chris, I'll just add to that. Maybe just taking a step back, and I think it's getting to the point that many people are asking today just on investment levels and how it's feeling, et cetera. And just how we think about this philosophically. We are certainly in a time and we've seen this before in different contexts in the recession, et cetera, where the consumer is under more strain.

克里斯，我再補充一點。或許我們應該退後一步，我認為現在很多人都在問投資水準以及投資感受等等問題。以及我們從哲學角度是如何看待這個問題的。我們目前正處於一個消費者面臨更大壓力的時期，這種情況我們以前在經濟衰退等不同背景下也曾看到過。

That being said, they've been fairly resilient. Our categories, we'd love to see them in the 2% to 2.5% growth range that we're accustomed to. They've been below that, about flat in the last 2 quarters, but we think between 0 and 1. So actually fairly resilient given what's happening, certainly very noisy and volatile. So lots of puts and takes across weather and government shutdowns and SNAP benefits. And looking at that is, we want to make sure that we're not reacting to noise, but we're reacting to what's really going on with the consumer and what's going on in our categories.

話雖如此，他們的韌性還是相當強的。我們希望各個品類都能維持我們習以為常的 2% 到 2.5% 的成長速度。過去兩個季度他們的表現一直低於這個水平，基本上持平，但我們認為應該在 0 到 1 之間。所以考慮到目前的情況，實際上它相當有韌性，當然，它肯定非常嘈雜且不穩定。所以，天氣、政府停擺和食品券福利等方面都有很多利弊權衡。因此，我們希望確保我們不會對噪音做出反應，而是對消費者真正發生的事情以及我們產品類別中正在發生的事情做出反應。

We believe the right and the best way to grow categories for long-term value is to give people the very best experiences that we can with our brands, that those are superior to other experiences they can get in the category or for alternative options. We do that by innovating. We do that by ensuring that we have the right fundamentals in place so that we get our claims right, our packaging right, all of the components that give consumers the way to live their life at home with a product just a little bit better and easier.

我們相信，實現長期價值成長的正確和最佳方法是，透過我們的品牌為人們提供最佳的體驗，這些體驗要優於他們在同一品類或替代選擇中獲得的體驗。我們透過創新來實現這一目標。我們透過確保我們擁有正確的基本要素來實現這一點，從而確保我們的宣傳正確、包裝正確，以及所有能夠讓消費者在家中使用產品時生活得更好、更輕鬆的組成部分。

Save them time, save them hard work, make a meal taste better, bring people around the table. We fundamentally believe that's the right way to grow. And we're excited about our back half because they're very consistent with that.

節省他們的時間，減輕他們的體力勞動，讓飯菜更美味，讓人們圍坐在餐桌旁。我們堅信這是正確的成長方式。我們對後半程的表現感到興奮，因為他們在這方面一直非常穩定。

That being said, I don't know exactly what the consumer environment is going to look like coming up here. We have made a set of assumptions. We've largely been in line for the last 12 to 18 months. But if that were to change or innovation plans were not to be -- do not come to fruition, we absolutely will make the right investments to grow our brands, grow our categories, protect our shares. We always want to get that balance, right back to Bonnie's question, on that and profitability, but we feel we have all the right tools in place to do that through the digital investment we've made and the additional capabilities we've built, as well as the pure firepower given our margin transformation and holistic margin management efforts, then if we need to invest more on our brands than we absolutely can.

話雖如此，我並不確切知道未來這裡的消費環境會是什麼樣子。我們做了一系列假設。在過去 12 到 18 個月裡，我們基本上一直在排隊。但如果情況發生變化，或創新計畫未能實現，我們一定會進行正確的投資，以發展我們的品牌，拓展我們的品類，保護我們的市場佔有率。我們一直希望在品牌和盈利能力之間取得平衡，回到邦妮提出的問題，但我們認為我們已經擁有所有合適的工具來實現這一點，這得益於我們所做的數位投資和我們建立的其他能力，以及我們利潤率轉型和整體利潤率管理努力所帶來的強大實力。因此，如果我們需要對我們的品牌進行比我們所能做的更多的投資，那也是完全可以的。

But we feel like we're in the right place right now. We feel like we have a good plan. We're happy to see early, very early share results in January. We expect it will be up and down depending on the month and the plan, but we think we'll end this fiscal year in a different trajectory with some momentum, and we're excited about entering fiscal year '27. As you know, we build our innovation plans for multiple years.

但我們感覺我們現在所處的位置很合適。我們覺得我們有一個不錯的計劃。我們很高興看到一月份就出現了早期市場份額的初步結果。我們預計業績會根據月份和計劃而有所波動，但我們認為本財年結束時，業績將呈現不同的發展軌跡，並保持一定的勢頭，我們對進入 2027 財年感到興奮。如您所知，我們的創新計劃都是以多年為週期制定的。

So we already know what we have planned for '27. We're excited about those plans. Retailers are excited about those plans. But I think like we have had to be and everyone in the industry had to be, we're going to be nimble. We're going to watch the consumer closely. And then we will adjust if we need to, to ensure that we are growing our categories and growing our brands. I appreciate the question.

所以我們已經知道2027年的計畫了。我們對這些計劃感到興奮。零售商們對這些計劃感到興奮。但我認為，就像我們和業界所有人一樣，我們必須靈活應變。我們將密切關註消費者。然後我們會根據需要進行調整，以確保我們的產品類別和品牌都能持續成長。感謝您的提問。

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，現在我想把主持權交還給您。

Thanks, Jen. As we wrap up today's call, I want to emphasize that we are confident in the solid foundation we've built over the last few years to make Clorox a stronger, more resilient company. We're investing behind our brands, delivering innovation that delivers superior consumer value and strengthening our portfolio in ways that position Clorox to more consistent profitable growth. We are encouraged by the momentum we see in our fiscal year '26 back half plans.

謝謝你，珍。在今天的電話會議即將結束之際，我想強調，我們對過去幾年建立的堅實基礎充滿信心，這將使高樂氏成為更強大、更有韌性的公司。我們正在加大對旗下品牌的投入，致力於提供能為消費者帶來卓越價值的創新，並透過各種方式加強產品組合，從而使高樂氏能夠實現更持續的盈利增長。我們對2026財年下半年計畫的良好動能感到鼓舞。

The addition of Purell and the capabilities of the GOJO team further extend that trajectory. Their leadership and innovation, combined with our scale and margin management expertise positions us to create significant long-term value. Thank you for joining us today, and we look forward to sharing more with you at CAGNY later this month.

Purell 的加入以及 GOJO 團隊的能力進一步延長了這一發展軌跡。他們的領導力和創新精神，加上我們的規模和利潤管理專長，使我們能夠創造巨大的長期價值。感謝您今天蒞臨，我們期待在本月稍後的CAGNY會議上與您分享更多資訊。

This concludes today’s conference call. Thank you for attending.

今天的電話會議到此結束。謝謝各位的出席。