高樂氏 (CLX) 2026 Q3 法說會逐字稿

Good day, ladies and gentlemen, and welcome to The Clorox Company Q3 FY26 earnings release conference call. (Operator Instructions) As a reminder, this call is being recorded.

各位女士、各位先生，大家好，歡迎參加高樂氏公司（The Clorox Company）2026 會計年度第三季（Q3 FY26）財報發布電話會議。(接線員指示) 提醒各位，本次電話會議將被錄音。

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

現在我想介紹今天電話會議的主持人：高樂氏公司投資人關係副總裁 Lisah Burhan 女士。Burhan 女士，您可以開始會議。

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

謝謝你，Jen。各位下午好，感謝各位加入我們。今天與我一同出席電話會議的有：我們的董事長暨執行長 Linda Rendle，以及我們的財務長 Luc Bellet。請注意，我們的財報新聞稿與事先準備的發言稿已公布於我們的網站 thecloroxcompany.com。Linda 會先分享幾點開場評論，接著我們將回答各位的提問。

During this call, we may make forward-looking statements, including about our fiscal 2026 outlook. These statements are based on management's current expectations but may differ from actual results or outcomes.

在本次電話會議中，我們可能會做出前瞻性陳述，包括關於我們 2026 會計年度展望的內容。這些陳述係基於管理層目前的預期，但實際結果或成果可能與之不同。

In addition, we may refer to certain non-GAAP financial measures. Please refer to the forward-looking statements section, which identifies various factors that could affect such forward-looking statements, which has been filed with the SEC. In addition, please refer to the non-GAAP financial information section of our earnings release and the supplemental financial schedule in the Investor Relations section of our website for reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures.

此外，我們可能會提及某些非 GAAP 財務衡量指標。請參閱前瞻性陳述章節，其中列示可能影響此類前瞻性陳述的各項因素，且該文件已向美國證券交易委員會（SEC）申報。另外，請參閱我們財報新聞稿中的非 GAAP 財務資訊章節，以及我們網站投資人關係專區的補充財務附表，以取得非 GAAP 財務衡量指標與最直接可比之 GAAP 指標之調節資訊。

I'll now turn it over to Linda.

接下來我把時間交給 Linda。

Thank you for joining us today. As we approached fiscal year 2026, we knew it would take a disciplined, phased approach. In the front half of the year, we intentionally focused on implementing and stabilizing our new ERP. That work was foundational to strengthening how we operate, even though we knew it would create some near-term disruption.

感謝各位今天加入我們。在邁向 2026 會計年度之際，我們知道需要採取有紀律、分階段的方式推進。在上半年，我們刻意將重點放在導入並穩定我們新的 ERP 系統。這項工作是強化我們營運方式的基礎，儘管我們也知道短期內會帶來一些干擾。

As we moved into the back half, our focus turned to rebuilding momentum, getting innovation to shelf and sharpening execution. That sequencing is still the right one and it remains central to our plan. That said, the pace of improvement has been slower than we expected in some businesses. And as a result, our third-quarter results were mixed and fell short of our expectations. We continue to make progress on market share across much of the portfolio, but more gradually than we anticipated in certain categories.

進入下半年後，我們的重點轉向重建動能、讓創新產品上架，以及強化執行力。這樣的先後順序仍然是正確的，也仍是我們計畫的核心。不過，在部分業務上，改善的速度比我們預期更慢。因此，我們第三季的結果好壞參半，且未達我們的預期。我們在產品組合中的多數品類持續推進市占率，但在某些品類的進展比我們原先預估更為緩慢。

Gross margin also came in below expectations, driven by higher-than-expected supply chain costs and delayed cost savings as we deliberately prioritized stabilizing the ERP. Even with those challenges, we remain confident in the path forward. With the ERP implementation now complete, we're better positioned to convert our innovation, investments and distribution gains into value superiority for our brands and stronger results.

毛利率也低於預期，主要是因供應鏈成本高於預期，以及由於我們刻意優先確保 ERP 穩定而導致成本節省延後實現。即便面臨這些挑戰，我們仍對前進的路徑充滿信心。隨著 ERP 導入現已完成，我們更有條件把創新、投資與通路擴張的成果，轉化為品牌的價值優勢與更強勁的業績表現。

Our focus is squarely on execution, delivering the fundamentals, accelerating innovation performance and finishing the year with momentum as we set up for fiscal year 2027.

我們的重點將完全放在執行：交付基本功、加速創新表現，並在年度結束時帶著動能收官，為 2027 會計年度做好準備。

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

接下來，Luc 和我很樂意回答各位的問題。

(Operator Instructions) Peter Grom, UBS Financial.

(接線員指示) UBS Financial 的 Peter Grom。

Great. I was hoping you could start just on the top-line trajectory. You touched on some of the macro pressures, but as you just mentioned, the progression of your business has not been in line with your expectations.

很好。我想先從營收（top-line）的走勢談起。你們提到了一些總體環境的壓力，但如你剛才所說，業務的進展並未符合你們的預期。

So I mean, you touched on different areas in the prepared remarks, but do you just have any perspective as to why the improvement is it taking shape the way you hoped? And I guess as you look out to '27, you have confidence that you will see stronger performance across more pieces of the portfolio.

所以我的意思是，你們在事先準備的發言中提到了不同面向，但你們是否能分享一下觀點：為什麼改善沒有如你們所希望的方式成形？另外，當你們展望 2027 年時，你們有信心在產品組合的更多部分看到更強的表現。

Thanks, Peter. I'll get started and Luc can build if there's anything he wants to add to this. I'll start with there's areas of continued momentum in the portfolio that are going as well as we expected or better. I'd call out our Cleaning business, which continues to be an area of strength and, of course, is our biggest business. Innovation is going extraordinarily well there. And despite a very competitive promotional environment right now, we continue to win and win share.

謝謝你，Peter。我先開始回答，Luc 若有想補充的也可以接著說。我先談談產品組合中持續有動能的部分，這些業務的表現符合我們預期，甚至更好。我會特別點出我們的清潔（Cleaning）業務，這仍是我們的強項，當然也是我們最大的業務。該業務的創新表現非常出色。即便目前促銷環境競爭非常激烈，我們仍持續勝出並提升市占。

International, despite disruptions around the world, continues to perform with strength. We're seeing Glad make significant progress. So shares quarter after quarter have sequentially improved. We're seeing distribution pick up on that business and some of the actions that we took investing back in price have done really well. Food, we've returned to share growth this quarter.

國際業務方面，儘管全球各地有干擾因素，仍持續展現強勁表現。我們看到 Glad 取得顯著進展。因此，市占率一季接一季地逐步改善。我們也看到該業務的通路鋪貨在提升，而我們採取的部分措施（例如回饋部分價格投資）也帶來很好的成效。食品（Food）方面，我們本季已回到市占成長。

So lots of things going well and where momentum continues. And really, the area of the shortfall is a few businesses we expected to make more improvement that did not quite make the improvement that we expected in Q3. We expect continued progress there in Q4 and then continuing to make improvement in fiscal year '27. And I'll talk about a couple of them.

所以有很多事情進展順利，動能也在延續。真正的落差在於少數幾個業務：我們原本預期它們會有更大的改善，但在第三季並未達到我們預期的改善幅度。我們預期第四季會持續進步，並在 2027 會計年度持續改善。我會談其中幾項。

The first and most importantly, would be Litter. Category tailwinds continue to be exceptionally strong, and we are committed to getting back the share that we have lost, and we're doing that through a complete reinvention. So for those of you who saw what we talked about in CAGNY, this is really a fundamental reset of our fresh debt business.

第一個、也是最重要的，是貓砂（Litter）。品類順風仍然非常強勁，我們致力於拿回流失的市占，並透過全面重塑來達成。因此，對於看過我們在 CAGNY 所談內容的各位，這其實是對我們 Fresh Step 業務的根本性重置。

We changed all of the items. We changed their names. We changed their claims, pack size, through price pack architecture. And that began to roll out at the end of Q3. And while largely that foundation is now in place, now we're doing the really difficult work of mapping consumers from what they used to buy in freshed up to the new items.

我們更換了所有品項。我們更改了它們的名稱。我們調整了產品訴求、包裝規格，以及透過價格與包裝架構（price pack architecture）。而這些在第三季末開始陸續上市。雖然整體基礎大致已到位，但現在我們正在做更困難的工作：把消費者從過去購買的 Fresh Step 舊品項，導引到新的品項上。

I would say the distribution came in generally in line with what we expected, which was an increased amount of TDPs. But unfortunately, some things aren't quite where they need to be, and we're working on improving those in the next few months. And that would relate to shelf placement on a couple of items in key retailers, et cetera. But we're addressing those fast and making changes.

我會說，通路鋪貨（distribution）大致符合我們的預期，也就是 TDP 數量增加。但不幸的是，有些地方還沒有達到應有水準，我們正努力在接下來幾個月改善。這包括在關鍵零售商中，部分品項的貨架陳列位置等。不過我們正在快速處理並做出調整。

So I think Litter is going to be just bumpier, and it's not totally unexpected given the amount of transformation we're taking on there. And I also remind you, Litter is going to be a multiyear process. We talked about this was the first important step, but we've got to get innovation back on track to the place where, over time, we can begin building or growing share not just rebuilding share.

所以我認為貓砂業務的波動會更大一些；考量到我們正在推動的轉型幅度，這並非完全出乎意料。我也提醒各位，貓砂將是一個多年期的過程。我們談過這是第一個重要步驟，但我們必須讓創新回到正軌；隨著時間推進，我們才能開始建立或擴大市占，而不只是重建市占。

And then the other area I would just call out would be Food. And although we did grow share in the quarter and we saw a portion of the elements of the things we put in place working, that category was weaker than we had expected. So we expected a low single-digit decline. It was closer to a mid-single-digit decline in the category. And we're seeing high promotional intensity and deep discounting from competitors in that category, which is putting pressure on dollars. And we're also seeing some consumer trends that we're watching closely on GLP-1s, et cetera.

另一個我想點出的領域是食品（Food）。雖然我們本季確實提升了市占，也看到我們所採取的一部分措施開始奏效，但該品類的表現比我們預期更弱。我們原先預期品類會出現低個位數下滑。但實際更接近中個位數下滑。我們看到該品類促銷強度很高，競爭對手也進行深度折扣，對金額（dollars）造成壓力。此外，我們也在密切觀察一些消費者趨勢，例如 GLP-1 等。

But the good news for Hidden Valley is we did some price pack architecture work. I think you all recall, we had made a transition where we flipped our bottle upside down, which was consumer preferred right before last February when kind of value superiority really accelerated from a consumer perspective. So we have since reversed that decision and put our regular 16-ounce bottle that everyone knows and loves back on the shelf, that's playing well.

但對 Hidden Valley 來說的好消息是，我們做了一些價格／包裝架構（price pack architecture）的工作。我想大家都記得，我們曾做過一次轉換：在去年二月之前、從消費者角度看「價值優勢」加速之前不久，我們把瓶身改成倒置設計，而那是消費者偏好的。因此我們後來已經撤回那個決定，把大家熟悉且喜愛的常規 16 盎司瓶裝重新放回貨架上，目前表現良好。

In addition, we've just recently launched a number of trend-forward Hidden Valley launches, including protein forward options, Avocado Oil item, and we believe that's why we've seen that inflection in share and that, that should continue moving forward.

此外，我們最近也推出了多項更貼近趨勢的 Hidden Valley 新品，包括主打蛋白質的選項、酪梨油產品；我們相信這就是我們看到市占出現拐點的原因，而且這個趨勢應該會持續向前。

So net, Peter, lots going well, and we're making progress in a lot of the areas we expected to. I would just call out Litter making slower progress than we had expected and Food are really working to get that category going again.

總體而言，Peter，很多事情進展順利，我們也在許多原本預期的領域取得進展。我只想特別指出，Litter 的進展比我們預期慢，而 Food 團隊也正努力讓該品類重新回到成長軌道。

Okay. Great. And then I guess, I know we've got '27 guidance in August, but there's just a lot of moving pieces here with the $0.90 is going to do and now that's inflationary pressure. And I guess, if I look at the guidance this year, it would seem the majority of the $0.40 move at the midpoint is related to cost pressures, which if you were to annualize, it would seem like a pretty substantial headwind. So it is just -- is there any way to frame how you see costs and inflation looking out to '27 at this stage?

好的。很好。接著我想，我知道我們會在八月提供 '27 年指引，但這裡有很多變動因素，包括那個 0.90 美元會怎麼走，現在也帶來通膨壓力。而且我想，如果我看今年的指引，似乎在中點 0.40 美元的變動中，大部分與成本壓力有關；如果把它年化，看起來會是相當可觀的逆風。所以就是——現階段有沒有任何方式可以框架化地說明，你們如何看待到 '27 年的成本與通膨走勢？

Peter, this is Luc. I can try to answer that. I mean, obviously, it's a very dynamic situation and uncertainty. I would say it's too early to share any perspective for next fiscal year. And as you can imagine, we're currently working on next fiscal year, working on a wide range of scenarios, including a wide range of potential outcomes.

Peter，我是 Luc。我可以嘗試回答。我的意思是，顯然這是非常動態且充滿不確定性的情況。我會說，現在還太早，無法分享對下一個會計年度的任何觀點。而且如你所想像，我們目前正在規劃下一個會計年度，並在廣泛的情境下運作，包括各種可能結果的廣泛範圍。

Having said that, what you can see, in Q4, is the current impact of the higher oil price. Right now, we're assuming about $100 per barrel will be the midpoint of our estimate in Q4, which is about between $20 million and $25 million of headwinds or about 130 basis points of gross margin. So that gives you a point of reference.

話雖如此，你在 Q4 看到的，是目前較高油價的影響。目前我們假設每桶約 100 美元會是我們在 Q4 估計的中點，這大約帶來 2,000 萬到 2,500 萬美元的逆風，或約 130 個基點的毛利率影響。所以這可以作為一個參考點。

This is obviously material. But because it's in Q4, we didn't have time yet to deploy any of the mitigation actions. So this is -- we're basically getting the full growth impact in Q4 and not yet any of the mitigation.

這顯然是重大的影響。但因為它發生在 Q4，我們還沒有時間部署任何緩解措施。所以這是——我們基本上在 Q4 承受了完整的成本上升影響，但尚未反映任何緩解效果。

As we talked in the past, over time, we feel confident in our ability to cover those input increased costs. We have a solid track record over the last few years. And if anything, we've developed a really robust set of tools around integrated margin management. And we have a really strong pipeline of cost savings next year. Now again, I'll get back to my first point, which is it's very hard to predict what might happen in the next few months, next quarter or even the next year.

如同我們過去談到的，隨著時間推進，我們對於覆蓋這些投入成本上升的能力有信心。過去幾年我們有扎實的紀錄。而且如果說有什麼不同，我們已經建立了一套非常強健的整合式利潤管理（integrated margin management）工具。同時，我們明年也有非常強的成本節省專案管線。不過我還是回到第一點：很難預測未來幾個月、下一季，甚至明年可能會發生什麼。

Filippo Falorni, Citigroup.

Filippo Falorni，花旗集團。

Linda, I was hoping you can talk about the shelf space gains that you realized so far versus expectations, especially as we think about Q4 organic sales as we're heading into fiscal '27. Are they going according to plan, especially around the innovation? And then are you seeing any of the areas of the business where you're seeing maybe more or less shelf space that you were expecting?

Linda，我希望你能談談目前為止你們實現的貨架空間（shelf space）增加，與原先預期相比如何，特別是當我們思考進入會計 '27 年、Q4 的有機銷售時。它們是否按計畫進行，尤其是在創新方面？另外，你們是否看到業務中有任何領域的貨架空間，比你們原先預期更多或更少？

Sure. Thanks, Filippo. So shelf space gains are going according to our plan at an aggregate level, and then I'll touch on a few businesses.

當然。謝謝你，Filippo。整體而言，貨架空間的增加符合我們的計畫；接著我會談幾個業務。

So if you look at Q3, total distribution points for Q3 were up over 5%. And we know that our retailers are still resetting our shelves and will through the remainder of Q4. So we expect continued progress on that as we move through this quarter.

如果你看 Q3，Q3 的總配銷點（total distribution points）成長超過 5%。我們也知道零售商仍在重新設定我們的貨架，並會持續到 Q4 剩餘期間。因此，隨著本季推進，我們預期這方面會持續取得進展。

That being said, what we're watching is not only that we got the gains, but the items are in the right locations. So I'll call out later. We got the distribution gains that we expected there are places where it was shelved in a different place than we had expected or next to an item that we didn't expect. So we're doing that type of detailed shelf work. But all of the distribution points were there.

話雖如此，我們觀察的不只是拿到增量，還包括商品是否擺在正確的位置。所以我稍後會特別提到。我們確實拿到了預期的配銷增量，但有些地方的上架位置與我們原先預期不同，或是被放在我們沒預期會相鄰的商品旁邊。因此我們正在做這類更細緻的貨架檢視工作。但所有的配銷點都已到位。

And I would say a number of the businesses, like I called out, Glad, that we have been working on. We feel good about we're landing on distribution points there, and that will continue to accelerate into Q4 as well as Food behind our innovation and our price pack architecture work. So on track from a shelf space perspective, but now we'll do that work to ensure that items are placed on the shelf where they should be.

我也會說，像我提到的幾個業務，例如 Glad，我們一直在推進。我們對於在那裡落地的配銷點感到滿意，而這也會在 Q4 持續加速；同樣地，Food 也會在我們的創新與價格／包裝架構工作帶動下加速。所以從貨架空間角度看是按計畫進行，但接下來我們會做更多工作，確保商品被擺在應該擺放的位置。

Great. That's helpful. And then, Luc, maybe I could follow up on Peter's question on the cost headwinds into next year. I guess as you think about the mitigating -- potential mitigating factors, how are you thinking in terms of order of importance between cost savings, potential, some pricing? And any other levers that you can pull to mitigate some of those headwinds?

很好。這很有幫助。接著，Luc，我想跟進 Peter 關於明年成本逆風的問題。我想在你思考可能的緩解因素時，你如何看待重要性排序：成本節省、可能的定價，以及其他你們可以用來緩解部分逆風的槓桿？

Filippo, yes, we're looking at a whole set range and looking at essentially all elements of our integrated management set of tools, anywhere from leveraging RGM and leaning more in RGM and PPA in some business units, to lean more into productivity and cost savings. And it's a whole wide range of potential savings, including potential reformulation, supply chains.

Filippo，是的，我們正在檢視一整套範圍，基本上涵蓋我們整合式管理工具組合中的所有要素：從運用 RGM（營收成長管理）——在某些事業單位更倚重 RGM 與 PPA（價格／包裝架構），到更著重生產力提升與成本節省。可行的節省範圍很廣，也包括可能的配方調整、供應鏈等。

And we're also looking to accelerate some more structural cost savings that we had planned, maybe later in '28 into '27. And as you probably saw in Q4, we are recognizing a large onetime cost, and this is in our gross margin. That's a headwind of 50 basis points, but that's going to allow us to actually accelerate one of those more structural cost savings.

我們也在評估加速一些原本規劃在 '28 年較晚時點才推動的、更結構性的成本節省，提前到 '27 年。而且如你可能在 Q4 看到的，我們會認列一筆較大的一次性成本，並反映在毛利率中。這會帶來 50 個基點的逆風，但它將使我們能夠加速其中一項更結構性的成本節省。

So I would say it's across the range of levers. Of course, it will differ by BUs, depending on the competitive dynamic as well as the pipeline that was already existing.

所以我會說，會動用各種槓桿。當然，這會因各事業單位（BUs）而異，取決於競爭態勢以及既有的專案管線。

Andrea Teixeira, JPMorgan.

Andrea Teixeira，摩根大通。

I wanted to just go back to the comments, Linda, you made on the exit of the quarter in the prepared remarks and things got offer, especially for the Food for Hidden Valley. I'm assuming you -- can you comment a little bit on how you landed as you exit the quarter, the categories, as you said it was like a mid-single-digit decline for Food, but just in general, categories that you're in, you can give us like an estimate of how much the categories have contracted?

我想回到你在開場陳述中提到、Linda，關於本季末端（exit of the quarter）的評論，以及情況變得更具促銷（offer），特別是在 Food 的 Hidden Valley 上。我假設你——你能否稍微評論一下，在你所說 Food 為中個位數下滑的情況下，你們在季末的落點如何；更一般地說，就你們所處的品類而言，你能否給我們一個估計：這些品類大約收縮了多少？

And then as you think about like the view that you embedded in there in terms of the mitigations and all of that, do you feel you can have a potentially an RGM that could allow you to create or maybe pivots into RGM as you pointed out, even in the first half of the year? Or that's going to be more of a long-term, let's say, a long-term shift that you wouldn't be able to make in such a short period of time?

另外，當你思考你們在其中嵌入的觀點——包括緩解措施等等——你是否覺得你們可能有一套 RGM 能讓你們創造價值，或如你所指出的，甚至在上半年就能轉向／加大 RGM？還是說那會更像是一個長期的轉變，無法在這麼短的時間內完成？

Thanks, Andrea. I got it. I'll start with the categories, and then I'll move to your question on RGM. So from a category perspective, we thought at the beginning of the year, we would be in the range of flat to up 1% in aggregate for our categories. And what's played out through Q3 is exactly that. So we're about in the middle of the range.

謝謝，Andrea。我了解了。我會先從品類談起，接著再回答你關於 RGM 的問題。就品類面來看，我們在年初認為，我們各品類合計的表現會落在持平到成長 1% 的區間。而截至第三季（Q3）的實際發展正是如此。所以我們大約在這個區間的中間位置。

What we did see in Q3 though was market differences in January, February and March. January and February were more in line with what we expected and March was slightly better, meaning that the categories at the end of Q3 were slightly above our expectation of 1%.

不過，我們在第三季確實看到 1 月、2 月和 3 月之間的市場差異。1 月和 2 月比較符合我們的預期，而 3 月略優一些，也就是說，截至第三季末，品類表現略高於我們 1% 的預期。

What we think happened in March was that people received additional tax refunds and some of that money they spent back in Essentials categories on stock-up trips. But we're starting to see that decline a little bit as people are having to spend more money at the pump. But generally, still for the remainder of the year, we expect our categories to be in that range of 0% to 1%. Some of them are higher as we noted.

我們認為 3 月發生的情況是，人們收到額外的退稅，其中一部分資金又花回到民生必需品（Essentials）品類，用於補貨型採購。但隨著大家在加油站得花更多錢，我們開始看到這股動能略有回落。不過整體而言，對於今年剩餘時間，我們仍預期各品類會落在 0% 到 1% 的區間。如我們所提到的，其中一些品類會更高。

So Litter is closer to mid-single digits. We're seeing Food down closer to mid-single digits, although we're hoping against some of those actions that we've taken are going to help mitigate some of that and then a range between those two. Most of our categories were positive, though, this quarter, which is good news.

例如，貓砂（Litter）更接近中個位數成長。我們看到食品（Food）下滑更接近中個位數，雖然我們希望我們採取的一些行動能幫助緩解其中一部分影響，其他品類則介於兩者之間。不過，本季我們大多數品類仍為正成長，這是好消息。

I think the important part to note here is that even though the consumer is under stress, and you could argue a lot more stress now, given what they're experiencing from gas prices and just the uncertainty of what's going on, they're still really resilient in our categories and that's a good sign. We're seeing them continue to buy innovation.

我認為這裡需要注意的重點是，即使消費者承受壓力，而且你也可以說在目前油價與整體不確定性之下，壓力更大，他們在我們的品類中仍然非常有韌性，這是個好跡象。我們看到他們持續購買創新產品。

Private label shares did not increase this quarter. They're still shopping for brands. We're seeing the premium here and many of our businesses do very well as people are looking for value in all of its forms, whether that be convenience or a little bit of joy in their lives as well as trading up to larger sizes and trading down to smaller sizes.

本季自有品牌（Private label）的市占並未上升。他們仍在選購品牌商品。我們看到高端（premium）需求仍在，而我們許多業務表現也很好，因為人們以各種形式尋求價值——不論是便利性、生活中的一點小確幸，或是在規格上升級到更大包裝、以及降級到更小包裝。

So all of that is playing out. But I would say, generally, again, the consumer is pretty resilient in our categories. And we will watch closely for '27 for what this means. I think what Luc outlined from a cost perspective is the single most important variable, whatever happens in the Middle East and how costs play out, that will impact the consumer environment in '27.

所以這些現象都正在發生。但我會說，整體而言，消費者在我們的品類中仍相當有韌性。而我們會密切關注 2027 年這對我們意味著什麼。我認為 Luc 從成本角度所概述的，是最重要的單一變數：中東局勢如何發展、成本如何演變，將會影響 2027 年的消費環境。

But again, what we're focused on is that we have resilient categories. They respond well to innovation. They respond well to growth plans, and that's what we're focused on is improving our superiority and being the leaders in category growth as we move to '27 and making improvement on share.

但再次強調，我們聚焦的是：我們擁有具韌性的品類。它們對創新反應良好。它們對成長計畫反應良好；我們專注於提升我們的卓越性（superiority），在邁向 2027 年之際成為品類成長的領導者，並提升市占。

And one of the important levers is the second question you had, which is RGM. And this is something that we are live in action right now. So we gave an example. If you might recall, at CAGNY that we did RGM work on Glad. And we actually took the price down on one of our items. That made a significant difference and grew a significant amount of share.

而其中一個重要槓桿，就是你第二個問題提到的 RGM。這是我們現在正在實際推動的工作。我們舉過一個例子。如果你還記得，在 CAGNY 上我們對 Glad 做了 RGM 的工作。我們實際上把其中一個品項的價格下調。那帶來了顯著差異，並大幅提升了市占。

We are doing that work across our businesses. And actually, in the coming weeks, we'll have a couple more tests in market. And if those tests do well, we'll expand those. So we have that built into our Q4 plan, and we would expect additional activity as part of our fiscal year '27 plan.

我們正在各個業務中推動這項工作。而且在接下來幾週，我們還會在市場上進行幾個測試。如果這些測試表現良好，我們就會擴大推行。因此我們已把這些納入第四季（Q4）計畫中，並預期在 2027 財年的計畫中也會有更多相關活動。

And that's very helpful. And then if I just can squeeze the GOJO acquisition. I mean, obviously, you have given the synergies. Did that change as you point out to like the impact that I think, if I understood it correctly. Luc, you mentioned 30 basis points gross margin headwind. But how does that change for GOJO's when you gave guidance at the time wasn't when we saw oil prices at these levels?

這非常有幫助。另外如果我可以再追問一下 GOJO 的收購案。我的意思是，顯然你們已經提供了協同效益（synergies）。但如你所指出的那樣，這是否有變化——就其影響而言，如果我理解正確的話。Luc，你提到毛利率會有 30 個基點的不利影響（headwind）。但當你們當時給出指引時，油價還沒有到現在這個水準；那對 GOJO 會有什麼改變？

So for GOJO -- and then I'll have Luc walk through the financials just so we're clear, but I'll make a few comments.

關於 GOJO——我會請 Luc 走一遍財務細節，讓大家更清楚，但我先補充幾點。

We closed on April 1 and have been deep at work on integration and integration planning. Since then, and I'll just say my confidence remains incredibly high on this acquisition, both from a strategic perspective and the fact that it gives us additional growth exposure in health and hygiene, where we have a long history of strong performance.

我們在 4 月 1 日完成交割，並一直深入進行整合與整合規劃。自那之後，我只想說，我對這項收購的信心仍然非常高：不論從策略面，或是它讓我們在健康與衛生領域獲得更多成長曝險，而我們在該領域長期以來都有強勁的表現紀錄。

The team, we were able to retain the management team. We're seeing strong results on the business. And as we think about that moving forward, we knew it had a different profile given it's a pro business, just like our Pro business has a little bit of a different profile. It's higher SG&A lower advertising, a bit lower gross margin.

在團隊方面，我們成功留任了管理團隊。我們看到該業務表現強勁。而展望未來，我們也知道它的結構特性不同，因為它是專業通路（pro）業務，就像我們的 Pro 業務也有些不同的結構特性一樣。它的 SG&A 較高、廣告較低，毛利率也略低一些。

But overall, this is financially attractive and will be accretive to the company in the near term, and we outlined that in the prepared remarks. And again, I'll have Luc go through it. But I would just say that my confidence continues to increase that this is a great acquisition for the company.

但整體而言，這在財務上具吸引力，且短期內將對公司具增益（accretive），我們也在事先準備的發言中說明了這點。同樣地，我會請 Luc 再說明一次。但我想說的是，我的信心持續提升，認為這對公司而言是一項很棒的收購。

Yes, I can -- I'll add maybe a little bit more context around how it's impacting the P&L. Maybe what I can do is some of it was already included in our prepared remarks as we think about Q4, but I'll also just give you a sense of how it might impact next year.

是的，我可以——我再補充一些它如何影響損益表（P&L）的背景。我可以先談一部分我們在事先準備的發言中已涵蓋、關於第四季（Q4）的內容，同時也讓你了解它可能如何影響明年。

So maybe let's start with growth. So we're adding a business of $800 million, that is a solid track record of growing mid-single digits. And so far, they're progressing as expected during the calendar year. So that means that we will be adding $200 million in Q4, right, which adds about 10% for the quarter and about 3% for the full year, and we'll add the remainder in fiscal year '27. So that's on growth.

那我們先從成長談起。我們新增了一個 8 億美元規模的業務，它有穩健的中個位數成長紀錄。到目前為止，在本曆年期間的進展符合預期。這表示我們在第四季會增加 2 億美元，對吧，這使得該季度增加約 10%，全年增加約 3%，其餘部分會在 2027 財年納入。以上是成長面。

EBITDA margin, nothing changed. As we discussed, the business EBITDA margin is in line with that of Clorox, right? And so -- so it would be year one EBITDA neutral. And of course, as we continue to be confident in generating about at least $50 million of run rate cost synergies, and so that mean accretion in EBITDA over time.

EBITDA 利潤率方面，沒有任何改變。如我們討論過的，該業務的 EBITDA 利潤率與 Clorox 大致一致，對吧？因此——因此第一年在 EBITDA 上是中性（neutral）。當然，隨著我們持續有信心產生至少 5,000 萬美元的年度化成本協同效益（run rate cost synergies），這也意味著 EBITDA 會隨時間帶來增益（accretion）。

Now maybe just a comment on how do we think about the integration and strategies. We're really going to prioritize the integration during the first year and expect to start delivering both revenue and cost synergies starting the second year and the third year. We -- the good news here is that we have retained the management team. We have a separate resources that are dedicated to the integration, and we're also a retail and integration partner to help lead through the execution, which is already off to a great start. So that's on EBITDA margin over time.

接著簡單談一下我們如何看待整合與策略。第一年我們會優先推動整合，並預期從第二年與第三年開始交付營收與成本協同效益。好消息是，我們已留任管理團隊。我們有專門投入整合的獨立資源，同時也有零售與整合合作夥伴協助帶領執行，而目前已經有非常好的開始。以上是 EBITDA 利潤率隨時間的情況。

Now on the rest of the P&L, Linda mentioned it, given that the business is about 80% B2B, the P&L looked a little bit different than the average of Clorox, right? So the gross margin is a little dilutive, and so that will be about 50 basis points of dilution in year one.

現在談到損益表（P&L）的其餘部分，Linda 提到，鑑於該業務約有 80% 是 B2B，這份損益表看起來會和 Clorox 的平均水準有些不同，對吧？因此毛利率會有些稀釋，第一年大約會稀釋 50 個基點。

Now of course, some of the synergies will be in supply chain, and so we would expect gross margin to increase over time and get pretty much in line with -- over time with the average of the company. Now that's going forward, and that's also in the fourth quarter. But in the fourth quarter, you also had the recognition of one time associated with the transactions, which are related to an inventory value step-up, right? And so just that's one time, that's worth about 150 basis points of headwind in Q4. But that's been nonrepeating.

當然，部分協同效益會來自供應鏈，因此我們預期毛利率會隨時間提升，並在一段時間後大致與公司平均水準一致。這是往後的情況，第四季也是如此。但在第四季，你也認列了與交易相關的一次性項目，這與存貨價值調升（inventory value step-up）有關，對吧？所以那只是一次性，約相當於第四季 150 個基點的逆風。但這是不會重複發生的。

And then if we look at the other line of the P&L. If you look at SG&A, as Linda mentioned, it would be -- it's a little higher than the average of the company. So it probably had less than a point to the total company average when it's fully integrated in year one. Again, that will go down over time as we start realizing synergies.

接著如果我們看損益表的其他項目。若看 SG&A（銷售、一般及行政費用），如 Linda 所提，它會——比公司平均水準略高。因此在第一年完全整合後，對整體公司平均的影響可能不到 1 個百分點。同樣地，隨著我們開始實現協同效益，這會隨時間下降。

And advertising is much lower, not that different than our own Pro business. And so that will actually probably bring the advertising as a percentage of sales down by about 1 point initially and probably ramp up as we continue growing the consumer business. So that's for the different lines of the P&L.

而廣告費用則低很多，和我們自有的 Pro 業務差異不大。因此一開始可能會把廣告費用占銷售比重拉低約 1 個百分點，之後隨著我們持續擴大消費者業務，可能會再逐步拉升。以上就是損益表各項目的差異。

And the last thing I'll mention, of course, our interest expenses will increase. Our run rate pre acquisition was about $100 million, and so we will see about an incremental $30 million in Q4. And then next year, we expect about $110 million above and beyond the $100 million run rate.

最後我再提一點，當然，我們的利息費用會增加。收購前我們的年化水準約為 1 億美元，因此在第四季我們會看到約增加 3,000 萬美元。而明年，我們預期在 1 億美元年化水準之上，還會再增加約 1.1 億美元。

Robert Moskow, TD Cowen.

Robert Moskow，TD Cowen。

You are one of many HPC companies that have talked about rising inflation from oil-related costs. And the higher costs are all pretty uniform. Is it possible that since everyone is kind of facing the same cost at once, that, that makes it a little bit easier to go to retailers and argue for either some price increases or maybe some less generous price promotion?

你們是眾多談到油相關成本帶動通膨上升的 HPC 公司之一。而成本上升看起來相當一致。是否有可能因為大家同時面臨相同成本，反而讓你們更容易與零售商溝通，爭取一些漲價，或是較不慷慨的價格促銷？

Robert, yeah, I think what you've heard from everyone is we would expect rising inflation and what Luc talked about was our ability to handle these over time. And we feel confident about that ability, given the toolbox that we've built over the last number of years and certainly, how we handle the last round of inflation that we experienced in 2022.

Robert，是的，我想你從大家那裡聽到的是，我們預期通膨會上升，而 Luc 談到的是我們隨時間因應這些情況的能力。我們對這個能力很有信心，因為過去幾年我們建立了一整套工具箱，當然也包括我們在 2022 年經歷上一波通膨時的應對方式。

That being said, on the pricing front, although we're evaluating pricing and expect that we could take potential targeted pricing, we are approaching this with a high level of discipline and caution. We know the consumer is under stress, and our absolute number one priority is to ensure that we are driving improvements in value superiority to drive our categories and to drive share.

話雖如此，在定價方面，雖然我們正在評估定價，並預期我們可能採取一些有針對性的定價措施，但我們會以高度的紀律與謹慎來推進。我們知道消費者承受壓力，而我們絕對的第一優先是確保我們在「價值優勢」上持續改善，以帶動品類成長並提升市占。

So we do see there's places where we think we can take pricing. There are places where we can do trade optimization. The point that Andrea made on RGM is going to be very important, and we can be very targeted with that activity.

因此我們確實看到有些地方我們認為可以調價。也有些地方我們可以做通路促銷（trade）最佳化。Andrea 提到的 RGM（營收成長管理）會非常重要，而我們也可以非常精準地進行這些活動。

So I think these are conversations that certainly everyone in the industry will be facing, which always makes it a more productive conversation because everyone sees what we see. But at the same time, we are all focused on the same thing, and our retailers are seeing exactly what we see, a stressed consumer, and we want to make sure that we're doing the things for long-term category growth that are right.

所以我認為，這些確實是產業內每家公司都會面臨的對話；而這通常會讓對話更具建設性，因為大家看到的情況一致。但同時，我們也都聚焦在同一件事上，而我們的零售商也看到我們看到的：消費者承壓；我們要確保我們所做的是有利於品類長期成長、且正確的事情。

And so again, I feel like we have the right tools. I know we can handle this. we'll discuss the pacing between sales and margin as we get a better look at what '27 will bring from an inflation perspective. And our number one priority will be on driving consumer stability and ensuring we have value superiority to do that.

因此再次強調，我覺得我們有正確的工具。我知道我們能應對；當我們更清楚從通膨角度來看 2027 年會帶來什麼時，我們會討論銷售與毛利之間的節奏安排。而我們的第一優先會是推動消費者穩定，並確保我們具備價值優勢來做到這點。

Anna Lizzul, Bank of America.

Anna Lizzul，美國銀行。

So your second-half guidance here, it was somewhat hinging on your ability to deliver here on innovation. And I know it's still moving forward, but it's proven challenging, I think, for that to come through fully in this environment. So I was wondering if you can elaborate on the ways maybe how you're adjusting moving forward, meaning have there been any changes made on these innovation investments core marketing spend as you're thinking ahead?

所以你們這裡對下半年指引，在某種程度上是取決於你們能否在創新上交出成果。我知道仍在推進，但我認為在這樣的環境下，要完全兌現確實具挑戰。因此我想請你們說明一下，往前看你們如何調整：也就是在你們思考未來時，這些創新投資與核心行銷支出是否有做任何改變？

We've also seen some greater exposure from private label and the data coming through in certain categories. So wondering if you can comment on this as well.

我們也看到自有品牌（private label）在某些品類的曝險更高，且數據也反映出來。也想請你們就此評論一下。

And then longer term, just with GOJO, do you see -- still see our ability here to meet your longer-term Ignite strategy just given the margin profile of the business? And then the potential advantages that come from this acquisition here longer term?

另外，長期來看，就 GOJO 而言，考量該業務的毛利結構，你們是否——仍然看到我們有能力達成你們更長期的 Ignite 策略？以及這項收購在長期可能帶來的優勢？

Thanks, Anna. I'll go through these, and if I miss anything, please come back to me. Innovation, that has been largely very successful in this back half. So despite everything that's going on, our innovation execution -- and I'm going to put Litter to the side for a moment, and I'll touch on that again. has been great.

謝謝，Anna。我會逐一回應；如果我漏了什麼，請再提醒我。創新方面，在這個下半年大致上非常成功。所以儘管發生了這麼多事，我們的創新執行——我先把貓砂（Litter）放一邊，稍後我會再談——表現一直很出色。

So our largest innovation with Clorox PURE, which is our allergen platform, has gone very well. We got early wins on distribution. We were online early. We're getting great reviews. Retailers are very excited and they're excited for the next round that we have coming at the beginning of fiscal year '27.

我們最大的創新是 Clorox PURE，也就是我們的過敏原（allergen）平台，表現非常好。我們在通路鋪貨上取得了早期勝利。我們很早就上線電商。我們獲得很好的評價。零售商非常興奮，也期待我們在 2027 財年初推出的下一波產品。

We'll bring them some new benefits in this category. But on that, we got preferred shelf placements and these are new sections of the store for us, and retailers are partnering with us to ensure we can get this in front of consumers. So feeling terrific about that big innovation platform, its execution and the results, which are at this point from a velocity perspective above expectations.

我們會在這個品類帶來一些新的效益點。而且在這方面，我們拿到了優先的貨架陳列位置；這些對我們而言是店內的新區塊，零售商也正與我們合作，確保我們能把產品呈現在消費者面前。因此，對這個大型創新平台、其執行與成果都感到非常振奮；就目前的銷售動能（velocity）而言，表現已高於預期。

I'd also note that the other innovations we have in Cleaning, including the expansion of our Scentiva line continue to do really well. We launched a new flavor in Cherry Blossom and that has been our number one scent. And we're expanding that scent into different forms. But that's a place where, as I talked about, consumers are continuing to willing to pay for a premium experience and Joy in Scent fit in that bucket, and Scentiva continues to personify that.

我也要提到，我們在清潔品類的其他創新，包括 Scentiva 產品線的擴張，持續表現非常好。我們推出了櫻花（Cherry Blossom）新香味，這已成為我們排名第一的香味。我們也正把這個香味延伸到不同型態的產品。但這也是一個例子：如我所說，消費者仍願意為高端體驗付費，而 Joy in Scent 就屬於這一類；Scentiva 也持續體現了這點。

I'd also call out our Food launches, which we believe are off to a good start. And our Glad line, where we have a new absorbent layer in our trash bag. We continue to feel good about the distribution and the plans for that as well as new scents. So generally, innovation, very strong execution and strong performance.

我也想特別提到我們的食品新品，我們認為目前開局良好。以及我們的 Glad 產品線，我們在垃圾袋中加入了新的吸收層。我們對其通路鋪貨與相關計畫（以及新香味）也持續感到樂觀。因此整體而言，創新執行非常強，表現也很強。

Litter, again, early days, and this was a hard conversion. So I would note, it's not unexpected where we are, but we just have not proven yet that it is exactly what it needs to be, and we are making the adjustments to the plan. I feel good about the fact that we're offering a better value. The claims are better. The packaging is better.

貓砂方面，再次強調，仍在早期階段，而這次轉換（conversion）很不容易。所以我要指出，我們目前的狀況並不意外，但我們尚未證明它完全達到所需的樣子，因此我們正在對計畫做調整。我對於我們提供更好的價值這點感到有信心。產品宣稱（claims）更好。包裝也更好。

Our digital execution is much stronger, and we're seeing very strong digital pickup on Fresh Step, but we don't have yet the whole thing in market yet to see exactly where we need to make adjustments. The places we do know we need to make adjustments, we are with retailers right now doing that. So I'd call that out as the one place in innovation that is behind our expectation with everything else at or above.

我們的數位執行力強很多，而且我們看到 Fresh Step 的數位拉動非常強勁，但我們目前還沒有在市場上完整鋪開，因此還無法精準判斷需要在哪些地方做調整。至於我們已經知道需要調整的部分，我們現在正與零售商一起進行調整。所以我會把這點點出來：在創新方面，這是唯一一個落後於我們預期的地方，其餘都達到或超過預期。

And then on -- I'll go to your next question as long as I've covered innovation sufficiently for I'll start with private label. And I think I mentioned in one of my comments that private label shares have been flat over the majority of our categories. It's basically stabilized. We're watching it really carefully because we have seen ticks up in certain time periods as retailers promote it or and bring in a new item. But generally, consumers continue to want brands, and they continue to want value overall, not just the lowest price.

接著，關於——我會進入你的下一個問題；如果我已經充分涵蓋創新，那我就從自有品牌開始。我想我在其中一則評論裡提到，自有品牌的市占在我們大多數品類中都持平。基本上已經穩定下來。我們非常密切地觀察，因為我們確實看到在某些期間，當零售商促銷或引進新品時，會有些微上升。但整體而言，消費者仍然想要品牌，他們也仍然追求整體價值，而不只是最低價格。

There are places where we've seen a bit more pickup in private label, Brita would be one. We're watching that one carefully. We've seen that trend over time. And as we continue to launch innovation, we end up getting some of that share back. But that's a place we're watching carefully. And then I'd say we're watching carefully any other place where retailers are leaning in and making investments.

有些地方我們確實看到自有品牌的拉動更明顯，Brita 就是一個例子。我們正在密切關注這一項。我們隨時間推移一直看到這個趨勢。而當我們持續推出創新時，往往能把其中一部分市占拿回來。但這確實是我們在仔細觀察的領域。另外我也會說，我們也在密切關注其他任何零售商加大投入、進行投資的地方。

But overall, private label just hasn't had the impact that many would have expected. And I know many of you are asking questions about that. We've continued to see it play the role that it normally does, which is offering a low price for those consumers who need it.

但整體而言，自有品牌的影響並沒有像許多人原本預期的那麼大。我知道你們很多人都在問這方面的問題。我們持續看到它扮演一如既往的角色，也就是為有需要的消費者提供低價選項。

And then on GOJO, on the long-term algorithm, certainly, GOJO is a strong step to delivering our overall algorithm, which we remain committed to. But also what is also very important is that our categories get back to normalized levels in order for us to deliver that. So because it's accretive from a growth perspective, we see that playing a role in '27 and beyond. And of course, most importantly, we're focused on getting our core categories back up to what they were before, in low-mid-single digits.

接著談 GOJO、以及長期演算法（long-term algorithm），當然，GOJO 是推動我們整體演算法落地的一個強而有力的步驟，而我們也仍然致力於這個演算法。但同樣非常重要的是，我們的各個品類必須回到正常化水準，才能讓我們交付這個目標。因此，由於它在成長面是增益性的（accretive），我們預期它會在 2027 年及之後發揮作用。當然，最重要的是，我們正專注於讓核心品類回到先前的水準，也就是低到中個位數的成長。

Chris Carey, Wells Fargo.

Chris Carey，富國銀行。

I just wanted to ask about just, first and foremost, as a clarification. Was there any kind of like shipment versus consumption dynamic in the quarter?

我想先問一個問題，主要是釐清一下。本季是否存在某種出貨（shipment）相對於消費（consumption）的動態差異？

I think just health and wellness and household specifically came in a bit different than expectation. I realized that you had the timing dynamic from last quarter, but I just wanted to check how results compared to underlying consumption as you see it. Then I have a follow-up.

我認為健康與保健（Health and Wellness）以及家用（household）這兩塊的表現，和預期有些不同。我知道你們上季有時點因素，但我想確認一下，就你們所見，本季結果與底層消費相比如何。然後我還有一個追問。

Yes, Chris, I can take that. There was certainly a lot of movement across segments on -- a difference between shipments and consumption. For the total company, US retail, we -- it all netted out to about a point of negative timing relative to consumption.

好的，Chris，我來回答。確實，各事業部之間在——出貨與消費之間的差異有相當多的變動。以公司整體、美國零售來看，整體加總後，相對於消費大約有 1 個百分點的負向時點影響。

Now if you remember, in the second quarter, we shipped volume ahead of consumption in Health and Wellness ahead of our last wave of manufacturing ERP implementation. So we were expecting that point of favorability in the second quarter to reverse in the third quarter, and that happened. So that's on Health and Wellness.

如果你還記得，在第二季，我們在健康與保健部門的出貨量領先於消費，因為我們在最後一波製造端 ERP 導入之前先行出貨。因此我們原本就預期，第二季那 1 個百分點的正向因素會在第三季反轉，而確實也發生了。這就是健康與保健的部分。

But then you have more noise in both household and lifestyle, and they were related to a mix of retailer inventory adjustment, mostly in lifestyle as well as some early shipments in -- mostly in household, both in Litter and in Kingsford. So those two offset each other. They're worried about a point of the company -- a point for total company each.

但接著在家用與生活風格（lifestyle）兩個部門會有更多雜訊，主要來自零售商庫存調整的組合影響——多數在生活風格；以及一些提前出貨——多數在家用，包含貓砂（Litter）與 Kingsford。所以這兩項彼此抵銷。它們各自對公司整體大約是 1 個百分點的影響。

And the retail inventory is just onetime and not repeating. But of course, the early shipment is something that we expect to reverse in the fourth quarter. So that will be a little less than a point of headwind in the fourth quarter.

而零售端庫存調整是一次性的，不會重複發生。但當然，提前出貨我們預期會在第四季反轉。因此第四季會有略低於 1 個百分點的逆風。

Now the fourth quarter has a lot of mutualizing leading up to July, August, September period. So there might be more noise. And so we'll see what happens. But that's the gist of it as you think about shipment related to consumption.

另外第四季在進入 7、8、9 月期間之前，會有很多相互抵銷（mutualizing）的因素。所以可能會有更多雜訊。因此我們會再看實際情況如何發展。但就出貨相對於消費的關係而言，大致就是這樣。

Okay. The follow-up question is just around the portfolio. There are some areas of the portfolio, which have been challenged for some time. There are some categories where maybe they're not traditionally where you would think you are right to win exists. When you go through moments like this where market shares are maybe progressing a bit slower, there's potentially an opportunity to be even a bit more focused.

了解。追問是關於產品組合（portfolio）。產品組合中有些領域已經面臨挑戰一段時間了。也有一些品類，可能並不是你們傳統上會認為「你們具備正確的致勝條件（right to win）」的地方。當你們經歷像這樣、市占推進可能稍慢的時刻時，或許也存在讓焦點更集中的機會。

Are you having those portfolio review conversations? Is that activity becoming a bit sharper? Any context on just when you're going through these kinds of cycles, how you think about them and how you react?

你們是否正在進行這類產品組合檢視的討論？這方面的行動是否變得更聚焦、更犀利？能否分享一些背景：當你們走過這類週期時，你們如何思考、又如何應對？

Sure, Chris. Yes, first, I'd start with we're always doing portfolio work, and we have a regular review process as a management team and, of course, importantly, the regular review process as a Board where we're looking at our portfolio and we're doing a number of things. We're deciding how we allocate resources within the portfolio that we have, where we want to place bets, where we think we need to be more efficient and we do that on a regular basis. And in fact, we'll do that again coming up here for fiscal year '27.

當然可以，Chris。是的，首先我要說我們一直都在做產品組合的工作；作為管理團隊我們有固定的檢視流程，當然也很重要的是，董事會也有固定的檢視流程，我們會在其中檢視產品組合並做幾件事。我們會決定如何在既有產品組合內配置資源、要在哪些地方下注、在哪些地方需要更有效率，而這些我們都會定期進行。事實上，我們也會在接下來針對 2027 財年再做一次。

And then we are evaluating the portfolio more strategically as well and looking at inorganic options. And that's led to many of the things that we have done, including the divestiture of Argentina, the acquisition of the majority of the ownership in the JV that we had in Saudi Arabia as well as the sale of MS and, of course, importantly, the acquisition of GOJO and our expansion in our Health and Hygiene portfolio. And that is exactly the result of the work that we have done. And we'll continue to do that work. It's important work to ensure that we have a portfolio set up for success.

此外，我們也會以更策略性的角度評估產品組合，並檢視外生成長（inorganic）的選項。這也促成了我們做過的許多事情，包括出售阿根廷業務、收購我們在沙烏地阿拉伯合資企業（JV）的多數股權，以及出售 MS；當然也很重要的是，收購 GOJO，並擴張我們的健康與衛生（Health and Hygiene）產品組合。這些正是我們所做工作的成果。而我們也會持續做這些工作。這是很重要的工作，確保我們擁有一個能夠成功的產品組合配置。

Thing I would note is some of these issues, we just -- we've got to execute better, and we have to deliver better superiority. And a case in point would be Glad. In Glad trash, it can be a tough category. It's very competitive. Consumers can be price sensitive, but innovation works in that category. And we've seen, through the work that we've done in getting sharper price points, better innovation, stronger plans that Glad has begun to progress and make progress.

我想補充的是，有些問題我們就是——必須把執行做得更好，並且提供更好的優越性（superiority）。一個很好的例子就是 Glad。在 Glad 的垃圾袋（trash）品類，這可能是一個很難打的品類。競爭非常激烈。消費者可能對價格很敏感，但創新在這個品類是有效的。而我們也看到，透過我們在更精準的價格帶、更好的創新、更強的計畫等方面所做的工作，Glad 已經開始推進並取得進展。

We saw the trash category was quite strong this quarter, up over 2 points, and our share is sequentially improving significantly. And we feel good about our Q4 plan. So it's a great example of where we talked about that, that's been a little bit of a thorn for the last couple of years. But through putting the right measures in place, being disciplined about cost management, ensuring that we have superiority, we can make progress and we're doing just that. And I would expect that for any of our businesses.

我們看到本季垃圾袋品類表現相當強勁，上升超過 2 個百分點，而我們的市占也在序列上顯著改善。我們對第四季的計畫也感到有信心。所以這是一個很好的例子：我們之前談到過，這在過去幾年有點像一根刺。但透過採取正確的措施、在成本管理上保持紀律、確保我們具備優越性，我們就能取得進展，而我們正在這麼做。我也期待我們任何一個事業都能做到同樣的事。

So maybe just to sum up, Chris, yes, we're always doing the portfolio work. That leads to the type of actions like we've taken. And job number one no matter what, is always ensuring that we have a healthy core, and that's exactly what we're focused on.

所以也許簡單總結一下，Chris，是的，我們一直都在做投資組合的相關工作。這也促成了我們所採取的這類行動。而無論如何，第一要務永遠是確保我們擁有健康的核心業務，這正是我們目前專注的重點。

Javier Escalante, Evercore ISI.

Javier Escalante，Evercore ISI。

Hello, everyone. I guess mine are for look, I think. So double clicking on the -- hello? Sorry for that. Okay.

各位好。我想我的問題是給——我認為是給 Luke 的。所以先深入追問一下——喂？抱歉。好。

So perhaps for Luc, I think, because they are very mechanical questions. One clarification about price/mix for household. So reported was flat, right? But Circana data shows pricing running down mid-single digits. So trying to bridge the difference.

所以也許是給 Luc，我想，因為這些問題很偏機械性。先釐清一下家用（household）的價格/組合（price/mix）。你們公布的是持平，對吧？但 Circana 的數據顯示定價在中個位數下滑。所以想把這個差異銜接起來。

Should we think of that to be some sort of an artifact, meaning that the advanced shipments of litter and grilling and that trade and marketing spending will accrue in Q4? So shall we expect pricing to become negative in Q4? And then I have a follow-up on Glad.

我們是否應該把這視為某種統計假象（artifact），也就是說，像貓砂與烤肉相關品類的提前出貨，以及通路與行銷費用會在第四季入帳？所以我們是否應預期第四季的定價會轉為負值？另外我還有一個關於 Glad 的追問。

Yeah, Javier. In general, like the price/mix for household, I would I would step back and you might have a little bit of noise by quarter, but we expect it to be about 1 point of headwind, meaning that volume would grow about 1 point ahead of sales. That's the average for the quarters.

好的，Javier。整體來看，家用業務的價格/組合，我會先退一步看：你可能會看到按季度有一些雜訊，但我們預期大約會有 1 個百分點的逆風，也就是說，銷量成長會比銷售額成長高約 1 個百分點。這是各季度的平均情況。

We'll see a little bit of difference by quarter, and it depends, of course, of promo events. And in our household especially if you have different promo at Club. This can actually really disturb the data and which might not be fully reflected in the same exact period from a P&L standpoint.

各季度之間會有些差異，當然也取決於促銷活動。而在我們的家用業務中，尤其如果在會員制通路（Club）有不同的促銷，這其實會明顯干擾數據，而從損益表（P&L）的角度看，可能不會在同一個精確期間完全反映出來。

So that's maybe what it is. But we don't expect a big shift in Q4. Again, just we're currently tracking as expected on price/mix for the remainder of the year.

所以大概就是這個原因。但我們不預期第四季會有很大的變化。同樣地，就今年剩餘期間而言，我們目前追蹤到的價格/組合表現符合預期。

Very helpful. And on the Glad JV buyout, what category growth pricing assumptions you guys built as you presented capital spending model to the Board when you value the acquisition, right, and whether you compare that NPV and return of the buyout, the gains divesting it, for instance. Could you elaborate on that?

非常有幫助。另外關於 Glad 合資（JV）買斷案，你們在向董事會提出資本支出模型、並為該收購估值時，採用的是哪些品類成長與定價假設？對吧？以及你們是否把買斷的淨現值（NPV）與報酬率，拿去和例如出售該資產所能獲得的收益做比較。可以請你們多談一些嗎？

Yeah, Javier, we won't get into that level of specificity. But what I will say when we are talking about this with the Board and why we feel really good about what we did in Glad, we saw an opportunity to move faster. And that -- our Glad JV offered great innovation results for a number of years. But we knew that by having full control, we would be able to move faster. We would be able to get innovation to market faster, make changes faster. And we've seen that come to life in the plan, and we believe that's part of the reason we've been able to have an inflection in the Glad business.

是的，Javier，我們不會深入到那麼具體的層級。但我想說的是，當我們與董事會討論、以及為什麼我們對 Glad 的決策感到非常有信心時，我們看到一個可以加速推進的機會。而我們的 Glad 合資在多年來確實帶來很好的創新成果。但我們知道，如果擁有完全控制權，我們就能更快行動。我們能更快把創新推向市場、更快做出調整。我們已經在計畫中看到這點落地，我們也相信這是 Glad 業務能出現轉折的部分原因。

The other thing I would just note is, we look at all of the businesses, like I said with Chris, we're always looking at our portfolio. And of course, there's a multitude of things that have to be true. There has to be buyer. There has to be interest. It has to be the right move for our company. We have to make sure that we're able to execute any time we take very seriously whether we've divested a business like Argentina or VMS or acquired one, the organizational capacity and resources to do that.

另外我也想補充，我們會檢視所有業務；就像我跟 Chris 說的，我們一直在看我們的投資組合。當然，必須同時滿足很多條件。必須要有買方。必須要有興趣。必須對公司而言是正確的舉措。而且我們必須確保我們有能力執行——無論是像阿根廷或 VMS 那樣的出售，或是收購，我們都非常嚴肅看待組織的承載能力與資源配置。

So we're evaluating all of those things with the Board. And net where we landed is ending this JV and moving forward with our Glad business was the right thing to do. And we are continuing to be focused on innovation in that category, ensuring that we get prices right and then managing through what -- I don't know exactly what it's going to look like, as Luc said, but a potential difficult cost environment coming up here for an uncertain period of time.

所以我們與董事會一起評估所有這些因素。最終我們的結論是：結束這個合資並以 Glad 業務繼續往前走，是正確的決定。而我們也會持續聚焦於該品類的創新、確保定價到位，並管理——我不確定接下來會長什麼樣子，正如 Luc 所說——在一段不確定期間內可能出現的艱困成本環境。

Olivia Tong, Raymond James.

Olivia Tong，Raymond James。

Great. I wanted to ask about a comment that you made in your prepared remarks on Glad and saying that you're prepared to adjust your plans as needed to balance growth and profitability. Obviously, that business is the most impacted by resin costs and if they start to materially move.

很好。我想問你在事先準備的發言中，關於 Glad 的一段評論：你提到你們已準備好在需要時調整計畫，以平衡成長與獲利能力。顯然，該業務受樹脂成本影響最大，如果樹脂成本開始出現實質變動的話。

So we've seen a lot of your staples peers doubling down on brand support and how that isn't going to be an area where companies are going to look to pull back despite the increased anxiety about the consumer or despite the increased inflation because of the increased anxiety about the consumer. So if you could just sort of elaborate on that comment around the balance of growth and profitability, where you could potentially find areas of flexibility within the P&L, given that Glad has started to turn the corner and just understanding your ability to hold that momentum?

我們看到很多民生必需品同業都在加碼品牌支持，並且即使對消費者的擔憂升高，或因通膨升高而對消費者的擔憂升高，品牌支持也不會是公司會考慮縮手的領域。所以如果你能就「成長與獲利的平衡」這段話多做說明：在 Glad 已開始好轉的情況下，考量到你們要維持這股動能，你們在損益表（P&L）中可能在哪些地方找到彈性？

Thanks, Olivia. Yeah, we really do mean a balance. And Glad is one, as you rightly note, that does have a big impact depending on energy complexes and then how it plays out into resin costs. And it's one that we have a long history of taking price and actually taking price down over time, depending on where those markets are.

謝謝，Olivia。是的，我們確實指的是「平衡」。而 Glad 如你所說，會因能源相關商品組合的變動、以及其如何傳導到樹脂成本，而受到很大影響。而且我們在這方面有很長的歷史：會視市場狀況調價，甚至也會隨時間推移把價格往下調。

So too early to say what we're facing in fiscal year '27. So we're evaluating it closely. But I'll just make a comment that's true of Glad and it's true of the entire portfolio. I said a little bit earlier, but I'll emphasize it.

所以現在要說我們在 2027 財年會面臨什麼還太早。我們正在密切評估。但我想補充一點：這不只適用於 Glad，也適用於整個投資組合。我稍早提過一點，但我想再強調一次。

Our number one priority right now and in fiscal year '27 will be on driving value superiority in our brands, investing in them and strongly, and I mean that very broadly. I mean that in advertising and sales promotion, and we're strengthening our plans and investments right now on that as we think about '27, ensuring that we have the right RGM activities in the market as I gave you an example of Glad. And we'll be putting more tests in the market that we think will pan out well and potentially could be more permanent moving forward.

我們目前以及在 2027 財年的第一優先事項，是推動我們品牌的價值優勢（value superiority），並且強力投資於品牌——我指的是非常廣義的投資。包括廣告與銷售促銷；在我們思考 2027 年時，我們正在強化相關計畫與投資，確保市場上有正確的營收成長管理（RGM）活動，就像我以 Glad 舉的例子。而且我們會在市場上投入更多測試，我們認為這些測試會有良好成效，並且未來可能更永久化。

Of course, we've invested in data and technology. So we're making all of the spending we have more efficient at the same time, moving more dollars into working media and out of nonworking media, using AI to take costs down. We're focused on just a holistic way that we can get more investments to our brands and drive superiority. And that will absolutely be true of Glad. And we will evaluate it's is pricing the right move, would we change trade, et cetera. But that's the order of operations for us.

當然，我們也投資了數據與科技。因此我們一方面讓既有支出更有效率，同時把更多預算移到有效媒體（working media）、並從無效媒體（nonworking media）移出，利用 AI 降低成本。我們聚焦於以更全面的方法，把更多投資導向品牌並推動優勢。這點對 Glad 絕對也同樣適用。我們也會評估：定價是否是正確的動作、是否要調整通路費用（trade）等等。但對我們而言，作業順序就是如此。

Number one, value superiority and driving categories and shares. Number two, and we believe we will be able to do both of these balance over time is recovering cost. And we think we have the toolbox to do both, and Glad will be no different than the rest of the portfolio.

第一，價值優勢，並推動品類與市占。第二，我們相信隨時間推移能把這兩者平衡好，也就是回收成本。我們認為我們有工具箱可以同時做到這兩點，而 Glad 不會與投資組合中的其他業務有任何不同。

And the other thing that I would note is it's really important that we continue to be focused and we are on innovation. We said we were ramping up the back half. We have. Most of it has gone very well. We expect to continue to make progress in fiscal year '27. We feel great about our innovation pipeline over the next couple of years. And getting -- if we can get another point of innovation, that is a significant driver to our top line and to our shares.

我還想補充的另一點是，我們必須持續保持專注，而且我們確實專注在創新上，這非常重要。我們說過下半年會加速推進。我們已經做到了。其中大部分進展都非常順利。我們預期在 27 財年會持續取得進展。我們對未來幾年的創新產品管線感到非常有信心。而且如果我們能再多帶來一個創新點，這將會是推動我們營收與市占的重大動力。

Lauren Lieberman, Barclays.

Lauren Lieberman，巴克萊。

First thing I just wanted to ask about was just the ERP stabilization that you talked about in this quarter. First, a technical aspect. Sort of where does the incremental costs from that show up in the gross margin bridge that you guys shared, so we could just kind of try to understand the magnitude of pressure as we think about into next year, the comp?

我第一個想問的是你們這一季提到的 ERP 穩定化。首先是技術面的問題。這部分帶來的增量成本，在你們分享的毛利率橋接表裡是反映在哪裡？這樣我們就能大致理解其壓力幅度，並在思考明年同比時納入考量。

And then just sort of anything that you could add on where you stand. You said, I don't know where -- when during the quarter you thought you reached stabilization and kind of what that entailed? And then I do have a second question afterwards.

另外，也想請你們補充一下目前的進度。你們說已經達到穩定化，但我不確定是在本季的哪個時間點你們認為達到穩定化，以及這個「穩定化」具體包含哪些內容？我後面還有第二個問題。

Lauren, thanks for the question. I'll start, and then I'll hand it over to Luc for the technical margin. So we were able to complete our ERP in Q3. If you all recall, we did the major portion of the US at the beginning of our fiscal year, but then we had a series of changes at our plant, and that's finalized in Q3 with very minimal impact as we had expected. So mainly the ERP stabilization too is about getting our performance in service levels up. And we continue to stabilize that in Q3, and that was a result of the cost.

Lauren，謝謝你的提問。我先回答，接著把技術面與毛利率的部分交給 Luc。我們在第三季完成了 ERP。如果各位還記得，我們在財年開始時完成了美國地區的主要部分，但之後工廠端有一系列變更，而這些在第三季完成定案，對營運的影響非常小，符合我們的預期。因此，ERP 的穩定化主要是把服務水準的表現拉升。我們在第三季持續讓它穩定下來，而這也帶來了相關成本。

I think I would just maybe take an opportunity to say again how important this transition is to the company. And we recognize it's created some dispersed focus, but it's critical to having the foundation of the company that allows us to use all of the tools from a data and technology perspective that can help us grow our business, make our business more efficient. And so recognize the noise and certainly the dispersed focus we've had.

我想也藉此機會再強調一次，這次轉換對公司有多重要。我們也知道它造成了一些注意力分散，但它對於建立公司的基礎至關重要，讓我們能從數據與科技的角度運用各種工具，協助我們成長、並提升營運效率。所以我們理解其中的雜音，以及我們確實出現過的注意力分散。

But we feel good about where we are and the fact that we've gotten to the place where it is all three rounds are complete. And it did have a margin impact. I think we talked about that last quarter where we would expect some incremental costs that were a bit higher than we had expected.

但我們對目前的狀態感到不錯，因為我們已經走到三個階段都完成的程度。而且它確實對毛利率造成影響。我想我們上季也提過，我們預期會有一些增量成本，且略高於我們原先的預估。

And I'll have Luc walk through those details now.

現在我請 Luc 來說明這些細節。

Yeah. And Lauren, maybe one more piece of context is we rolled out a lot of different, what I would call, module as part of the ERP transition, some of it is supporting our manufacturing operations, some of it we're supporting our logistic demand fulfillment and order to cash. And if you remember, in the first quarter and second quarter, we've been slower in ramping up our order to cash and stabilizing our service levels. And we knew that we will continue that stabilization through the third quarter and the fourth quarter, right?

好的。Lauren，也許再補充一點背景：在 ERP 轉換過程中，我們上線了許多不同的、我稱之為模組的功能；其中一部分支援製造營運，另一部分支援物流需求履約以及從接單到收款（order to cash）。如果你還記得，在第一季與第二季，我們在接單到收款的爬坡以及服務水準的穩定化上進度較慢。而我們也知道，這個穩定化會延續到第三季與第四季，對吧？

Now we had expected -- we incurred additional costs in the frontal as we stabilize that -- as we stabilize that service -- the service level. And those costs are mostly in the area of logistics and fulfillment, right? So think about cost of expect in orders, additional costs moving around inventory model you should, less than optimal transportation costs and incremental labor costs. So as you -- now we expected those to linger in the third quarter, and those costs ended up being a little more than we had anticipated.

我們原本預期——在穩定化服務水準的過程中——前期會產生額外成本。而這些成本主要集中在物流與履約領域，對吧？例如：加急出貨的成本、為了調整庫存而增加的搬運/調撥成本、較不理想的運輸成本，以及額外的人力成本。因此——我們原本預期這些成本會延續到第三季，但實際發生的成本比我們預期略高一些。

Now the good news, though, is that as we moved through the third quarter, we started making more progress on stabilization and towards the end of the quarter and in this month. We incurred very minimal cost. So we're seeing those come down. And for the fourth quarter, we would expect no incremental cost or very minimal. So that was one portion of the shortfall relative to our outlook.

不過好消息是，隨著第三季的推進，我們在穩定化方面取得更多進展；在季末以及本月，我們產生的成本非常少。我們的增量成本已經降到很低。所以我們看到這些成本正在下降。而對第四季，我們預期不會有增量成本，或僅有非常少。因此，這是相對於我們展望所出現落差的其中一個原因。

And then we also ended up delaying some cost savings and having a little less cost savings than we planned in our outlook, which further put pressure on gross margin. And that's, again, related to the stabilization of the order to cash and service level.

另外，我們也延後了部分成本節省，且實現的節省幅度比我們在展望中規劃的少一些，這也進一步對毛利率造成壓力。而這同樣與接單到收款與服務水準的穩定化有關。

If you remember, in Q1, Q2, as we were at the peak of the AP disruption, we had lower cost savings than our historical level, especially in Q1. As we essentially at the organization and operational organization and resource really focused on stabilization and ramping up service levels. And so since it took a little longer to ramp up in the third quarter, we had to further delay some cost savings. And so that will -- some will go in Q4 and some of Q4 will go in next year. Now the good thing here, though, is that we already had a strong pipeline next year, and that will only strengthen the pipeline going forward.

如果你還記得，在第一季、第二季，當我們處於 AP 干擾的高峰期時，我們的成本節省低於歷史水準，尤其是在第一季。因為整個組織與營運資源基本上都把重心放在穩定化與提升服務水準的爬坡上。因此，由於第三季的爬坡比預期多花了一點時間，我們不得不再延後一些成本節省。所以其中一部分會落在第四季，另一部分則會從第四季延續到明年。不過好的一點是，我們明年原本就有很強的專案管線，而這只會讓未來的管線更強。

Okay. Great. And then my second question was just about TDPs earlier in the call. Linda, when you shared that TDPs are up 5%, which is great, we can definitely see that when we look at the Nielsen data. But what we have seen is that the velocities have actually been pretty weak.

好的。很好。那我第二個問題是關於電話會議前面提到的 TDP。Linda，你提到 TDP 成長 5%，這很棒；我們從尼爾森數據也確實看得到。但我們看到的情況是，銷售速度（velocity）其實相當疲弱。

I guess you shared that the items are in the wrong place. So maybe the answer is just that simple. But I just wanted to check in if that's kind of the right way to think about it and that as you get that on-shelf execution more in line with your plan and your thinking that that's where we should see the indication of change. Is that right?

我想你提到商品擺放位置不對。所以也許答案就這麼簡單。但我想確認一下，是否可以這樣理解：當你們把上架執行（on-shelf execution）更貼近你們的計畫與預期時，我們就應該會看到改善的跡象？是這樣嗎？

That's right, Lauren. We would expect that ramp up as we get things fully on shelf and we turn on advertising related to those specific items.

沒錯，Lauren。我們預期當商品完全上架到位，並且針對那些特定品項啟動相關廣告投放後，銷售速度就會開始拉升。

I'd also note on Litter, if you're specifically referring to velocities there, which you likely are given what we've seen in performance. Because that was a hard conversion, and I know you all know this, but I'll take the opportunity to explain it a click more, we took an item and then we completely changed it. So actually changed the UPCs, and that requires a hard conversion at a retailer.

我也想補充一下貓砂（Litter）品類；如果你特別指的是那邊的銷售速度，你很可能是，因為就我們看到的表現而言。因為那是一個「硬轉換」（hard conversion），我知道各位也都了解，但我想藉機再多解釋一點：我們把一個品項做了徹底更改。也就是連 UPC 都更換了，而這在零售商端就需要進行硬轉換。

So what happens is, in the old items, they start to discontinue it and they sell it down before they bring the new item in. And in some places, they don't want to have any overlap in that. So there were places where we had some out of stocks, it's pretty normal in a conversion, which can impact velocities. And that's what we think some of what the noise was in Litter and will continue to be until we get the shelf fully reset is.

因此會發生的情況是：舊品會先開始停賣，並在導入新品之前先把庫存賣完。而在某些通路，他們不希望新舊品有任何重疊。所以有些地方出現缺貨（out of stocks），這在轉換期間相當常見，會影響銷售速度。我們認為這就是貓砂品類部分雜音的來源，而且在貨架完全重置之前，這種情況可能還會持續。

And we're also noticing there's some change in velocity data, Lauren, due to the fact that people are making value choices. So we're trading up to larger sizes and small mix of velocity, information a little noisy. But where it's cleaner, we see strong performance. And as we continue to ramp up spending, we would expect that to continue. Litter will be watching very closely, and we might have to make additional adjustments so we can get those velocities back up.

另外我們也注意到，銷售速度數據出現一些變化，Lauren，原因是消費者正在做更重視性價比的選擇。因此大家會轉向購買更大包裝，這也讓銷售速度的組合（mix）使得數據看起來有點雜訊。但在數據較乾淨的地方，我們看到表現強勁。而隨著我們持續加大支出，我們預期這樣的趨勢會延續。我們會非常密切關注貓砂品類，且可能需要做進一步調整，讓銷售速度回升。

Stephen Powers, Deutsche Bank.

Stephen Powers，德意志銀行。

Great. I thought I was on mute. I'm glad not. Okay. Fantastic.

太好了。我還以為我在靜音。很高興沒有。好。太棒了。

First question to round out the gross margin. I guess -- and maybe I'm a little slow to the punch here, but can you just, Luc, maybe bridge exactly what's changed and what the drivers are between last quarter's full-year outlook for gross margin down around 100 basis points and now down 250 to 300? I think I've got the buckets qualitatively, but I'm having a hard time assigning like numbers to those various drivers.

第一個問題是關於把毛利率的部分補齊。我想——也許我反應慢了點，但 Luc，你能不能把到底改變了什麼、以及驅動因素是什麼，從上季對全年毛利率展望大約下修100個基點，到現在下修250到300個基點，做一個清楚的銜接（bridge）？我大概知道幾個類別的定性因素，但我很難把各個驅動因素對應到具體數字。

Yeah. And Steve, just confirming you, you're asking a bridge for the third quarter or for the fourth quarter?

是的。Steve，我先跟你確認一下，你要的是第三季的銜接，還是第四季的？

For the full year (multiple speakers) guidance.

是全年（多位發言者）指引。

Well, yes, you mentioned there's two essentially impacts. The third quarter, we just talked about it. It was a little over 1 point, and we just talked about what drove that. And then there was Q4. And Q4, let me unpack this a little bit because there's certainly some complexity.

嗯，是的，你提到基本上有兩個影響。第三季我們剛談過。大概略高於1個百分點，我們也剛說明了驅動因素。然後是第四季。第四季我稍微拆解一下，因為確實有一些複雜性。

I guess the most important thing when we look at Q4, projected margin is probably important to frame it within the context of several temporary and non-repeating items. So maybe what I can do is let me do a quick rack versus a year ago and then just talk about what is different in the new outlook.

我想在看第四季時，最重要的是：預估毛利率需要放在幾個暫時性、且不會重複發生的項目脈絡下來理解。所以我可以先很快用「相較一年前」做個對照，然後再談新的展望有哪些不同。

So versus a year ago, we're also -- we're seeing about 5 points of decline versus last Q4 gross margin. 150 basis points of that is coming from the fact that we're lapping strong shipment and operating leverage associated with the ERP transitions. So that was in our prior outlook, but it's still significant on a year-over-year basis.

所以相較一年前，我們看到相較去年第四季毛利率大約下滑5個百分點。這其中有150個基點來自於：我們正在對比（lap）去年因ERP轉換帶來的強勁出貨與營運槓桿。這在我們先前的展望中就已包含，但在年對年比較下仍然很顯著。

And then we have about 200 basis points coming from the GOJO acquisition. Now as I mentioned, we'll expect ongoing in the first year to see about 50 basis points of gross margin dilution. Then in Q4, we have 150 basis points of onetime items related to -- that are associated with the inventory value step up of the -- that we acquired. And so that won't be repeating, but that creates a total of 200 basis points.

接著大約有200個基點來自GOJO併購。如我提到的，我們預期在第一年持續會有約50個基點的毛利率稀釋。另外在第四季，還有150個基點的一次性項目，與我們所收購存貨的價值調升（inventory value step up）相關。因此這部分不會重複，但合計就形成200個基點。

And then the last item is really just recognizing about 100, 150 basis points of elevated input costs related to the conflict in the Middle East. So that's the 5 point versus year ago.

最後一項是：因中東衝突導致投入成本上升，我們反映了約100到150個基點的較高投入成本。以上就是相較一年前的5個百分點變動。

Now what is new, we already had the first item, which was the lapping of the ERP transition, both the GOJO and the Middle East are new and that creates most of the variants. And then there's a few -- probably the most meaningful one is what I mentioned. We have about 50 basis points of win associated with some onetime expenses related to a large cost saving projects that we're accelerating into fiscal year '27. So that's the bulk of the difference between our prior outlook and the current outlook.

至於哪些是新的：第一項（ERP轉換的對比效應）我們原本就有；GOJO與中東則是新的，這兩項造成了大部分差異。另外還有幾個——其中最重要的大概是我提到的：我們有約50個基點的正面影響，來自於某些一次性費用，與我們正在加速推進、原本規劃在2027財年執行的大型節省成本專案相關。

Okay. I follow that. That's very helpful. Okay. My follow-up then is two parts. One is you said earlier that the fourth-quarter Middle East impact at $100 oil was a pretty full impact at $20 million to $25 million a quarter. So I'm assuming that annualized at $100, your impact at $100 of oil would be $80 million to $100 million. And therefore, we'd be looking at roughly $75 million incremental in fiscal '27, if you followed that kind of math.

好。我理解了。這很有幫助。好。那我的追問有兩部分。第一，你先前說第四季在油價100美元時，中東影響在每季2,000萬到2,500萬美元，算是相當完整的影響。所以我假設若以油價100美元年化，你的影響會是8,000萬到1億美元。因此如果照這樣的算法，2027財年大概會有約7,500萬美元的增量影響。

My second question is on advertising. You held the 11% of sales even as we layered on more sales with the addition of GOJO. So there's implied more advertising dollars in the guide now. And I'm just curious if that incremental A&P is intended to go against the GOJO portfolio or if it goes against your legacy portfolio? And if the latter, kind of where you'd be targeting it?

第二個問題是關於廣告。即使因為併入GOJO而增加了更多銷售額，你仍維持「占銷售額11%」。所以現在指引隱含的廣告金額更高。我想了解這部分新增的A&P（廣告與促銷）是要投向GOJO產品組合，還是投向你們原有的產品組合？如果是後者，大概會鎖定在哪些地方？

Perfect. Steve, I'll start with just maybe a framing on the Middle East and cost, and then I'll hand it over to Luc for a couple of more details, and he can cover the advertising in Q4 as well.

很好。Steve，我先就中東與成本做個框架性的說明，然後再交給Luc補充幾個細節，他也可以一併說明第四季的廣告。

So just from the Middle East perspective, I think what's important to note -- and I'll just go back to what Luc said, I think that's what everyone knows, two folds right in front of us. So we can see the energy complex effects that are happening and you got that right in the $20 million to $25 million. But as we look to the year ahead, what I would just caution us all to do is there are so many impacts potentially depending on how this conflict plays out, how long it goes, other related downstream commodity impacts that can happen that we're watching carefully, and they're just really uncertain in volatile right now.

就中東的角度來看，我認為重要的是——我回到Luc剛才說的，我想大家都知道，眼前有兩個層面。我們可以看到正在發生的能源綜合影響，你對每季2,000萬到2,500萬美元的理解是對的。但展望明年，我想提醒大家的是：依衝突如何發展、持續多久，以及其他可能發生的下游大宗商品影響，潛在影響非常多；我們正密切觀察，而目前確實高度不確定且波動。

And so if everything were to continue as is, and it was just energy complexes that would be a fair set of assumptions. But I think based on what we know and what goes through the Strait of Hormuz and things that are happening now across infrastructure, it's -- we'll be better positioned to tell you in '27 exactly what we think that looks like, depending on the assumptions that we'll have at that time.

所以如果一切都照現在持續，而且只有能源綜合因素，那樣的假設是合理的。但基於我們所知道的、以及荷莫茲海峽的運輸與目前各項基礎設施的情況——我們會在2027年更有條件告訴你，我們認為會是什麼樣子，取決於當時我們所採用的假設。

But I just -- I wouldn't take that and just multiply that. That's only one of the impacts. And again, we'll be watching the other ones carefully as we move forward.

但我只是——我不會把那個數字直接乘上去。那只是其中一個影響。同樣地，隨著我們往前走，我們會仔細觀察其他影響。

I'll hand it over to Luc.

我把時間交給Luc。

No, I think that's right. I mean, it's still very helpful. number and certainly materialize what we're currently seeing.

不，我認為那是對的。我的意思是，這仍是一個很有幫助的數字，並且確實把我們目前看到的情況具體化。

And maybe just switching to your advertising question. So the short answer, Steve, is just rounding. So you are correct. In Q4, we will see advertising as a percentage of sales going down by 1 point due to the integration of the GOJO business. But because it's only one quarter, it's about negative 25 basis points or so for the full year, so we're still running to 11%.

再切換到你關於廣告的問題。簡短回答，Steve，就是四捨五入的因素。你說得沒錯。在第四季，因為整合GOJO業務，我們會看到廣告占銷售額的比例下降1個百分點。但因為只有一個季度，換算到全年大約是負25個基點左右，所以我們仍以11%來運行。

Edward Lewis, Rothschild.

Edward Lewis，羅斯柴爾德。

I guess just a couple of ones for me. Just Linda, you talked about value superiority of the last. We've heard you talk about it alone. I guess, just wondering now how much of a role does price take when you're considering sort of value superiority, how it sort of calculated or perceived just in light of what you were saying around the actions you've done about Glad. Just any color on that would be interesting.

我這邊大概有幾個問題。Linda，你談到「價值優勢」的持續性。我們也聽你單獨談過這個。我想問的是，現在在你們考量所謂價值優勢時，價格扮演多大的角色？它是如何計算或被感知的——尤其是結合你剛才提到你們對Glad所做的那些動作。如果能提供一些補充說明會很有意思。

And then you've talked about making some investments to address further cost savings going forward. Can you just elaborate a bit more on those? Because obviously, we've got pretty used to seeing very consistent cost savings coming through. And so I'm interested to hear what you're doing there.

另外，你們提到會做一些投資，以在未來進一步推動成本節省。你能不能再多談一點這些投資？因為很明顯，我們已經很習慣看到非常穩定的成本節省持續落地。所以我很想了解你們在這方面正在做什麼。

Ed, I'll start on value superiority and I'll cover investments as well. And if anything, Luc wants to add.

Ed，我先從價值優勢開始，也會涵蓋投資部分。另外，如果 Luc 想補充什麼。

So on value superiority, that is by definition, a combination of the entire experience that we provide to a consumer. It's the product, it's the package. Is it where that needs to be? Is the place right? And is the proposition right? Does the brand stand for something? And then, of course, importantly, price. And those five things work together, those five Ps to give an overall value to a consumer.

關於價值優勢，按定義來說，它是我們提供給消費者的整體體驗的組合。包含產品、包裝。是否在該在的位置？通路是否正確？主張是否到位？品牌是否代表某種意義？然後，當然很重要的是價格。這五件事相互配合，這五個 P 共同為消費者帶來整體價值。

And what we aim to do is take those five and create overall superiority. And what we want to do is drive superiority through a better brand experience through a better product through a great package that gives consumers a new way to use a product or an easier way. And then we want to be able to price to that superiority, which usually means we can command a premium, which is what we do in most of our categories. And we just got to make sure we have that balance right.

我們的目標是把這五項做到位，創造整體的優勢。我們希望透過更好的品牌體驗、更好的產品、以及出色的包裝來推動優勢；包裝能讓消費者以新的方式使用產品，或更容易使用。接著我們希望能針對這種優勢來定價，通常意味著我們可以收取溢價，而這也是我們在多數品類所做的。我們必須確保這個平衡是正確的。

So for example, in Glad, on that RGM activity where we took price down on 80 count, we didn't have that quite right. We took the price down and we got back to a place where we felt we had overall value superiority, but we did need to pull the price lever to get closer in line to the right price gap that we needed.

例如在 Glad，在那項 RGM 活動中，我們把 80 入的價格下調，當時我們沒有把握得那麼準。我們降價後回到一個我們認為具備整體價值優勢的位置，但我們確實需要拉動價格這個槓桿，讓價格差距更貼近我們所需要的合理區間。

We're testing other things, as I mentioned, in RGM that we'll look at that for other brands where we want to be targeted to ensure that we have that overall equation right and where we think prices a little bit more of an important goal or because we took four price increases as did the industry during that significant period of inflation, and there might be some places and we've said we knew we would have to do this where we'd have to adjust. And again, we're testing a few of those now.

如我提到的，我們也在 RGM 中測試其他做法；我們會把這套方法用在其他品牌上，並以更精準的方式確保整體方程式正確。在某些地方，我們認為價格是更重要的目標；或者因為在那段顯著通膨期間，我們和整個產業一樣做了四次漲價，因此可能有些地方——我們也說過我們知道必須這麼做——需要進行調整。同樣地，我們現在正在測試其中幾項。

And we also want to use things like price pack architecture and other RGM levers where we don't have to just take a truckload price, but we can do -- take pricing in different ways as we trade off benefits. So I would say price play is a very important role, but it is really about connecting it to those other four levers and making sure you have overall superiority.

我們也希望運用像是價格-包裝架構（price pack architecture）以及其他 RGM 槓桿，這樣我們不必只是一口氣調整整車（truckload）的價格，而是可以——在權衡不同利益的同時——用不同方式來做定價。所以我會說，價格策略扮演非常重要的角色，但真正關鍵是把它和另外四個槓桿連結起來，並確保你擁有整體的優勢。

The most important thing that we can do so is have those other things right. So I'll take PURE, for example. We have a superior product that we know gives consumers more benefits to remove allergies. It's in a great package that consumers love and makes it easier for them to use. The proposition is clear. Their claims are clear. We're spending against it strongly.

我們能做的最重要的事，是把其他那些要素做到位。以 PURE 為例。我們有一個更優越的產品，我們知道它能為消費者帶來更多去除過敏原的效益。它的包裝很出色，消費者很喜歡，也讓他們更容易使用。主張清楚。產品宣稱清楚。我們也在這上面投入強力的行銷資源。

And then we've leaned into digital and on-shelf placement to ensure they get it, and we can command a premium for that experience as a result and velocities are quite strong to start. That's the magic. And that's where we want all of our brands to be. But if we need to lean into price in a couple of places to get back in line, we will, Ed. We've done that, like you said, on Glad, and we'll do that in other places.

接著我們加碼數位與貨架陳列位置，確保消費者能理解；因此我們能為這樣的體驗收取溢價，而一開始的銷售速度（velocities）也相當強勁。這就是魔法。這也是我們希望所有品牌都能達到的狀態。但如果我們需要在少數地方更著力於價格、讓它回到合理水平，我們也會這麼做，Ed。正如你所說，我們已在 Glad 這麼做了，其他地方也會。

Yeah. And then moving to the second point on your investment on cost savings. So I won't give specifics on the project. We'll talk about it more later, but it's a big supply chain project that we're able to accelerate and will offer significant savings moving forward. But as we look ahead into the cost environment in '27, we thought the right thing to do was to go ahead and accelerate that project. And so we made that investment in this quarter, and we'll talk more about what we're doing as we head into fiscal year '27.

是的。接著談你第二點，關於成本節省的投資。我不會提供該專案的具體細節。我們稍後會再多談，但這是一個我們能加速推進的大型供應鏈專案，未來將帶來可觀的節省。不過當我們展望 2027 年的成本環境時，我們認為正確的做法是提前加速該專案。因此我們在本季做了這項投資；在邁入 2027 財政年度時，我們也會更詳細說明我們正在做的事情。

Yeah. And Ed, maybe just as a context, we always have one-time investment associated with our savings is digitally planned pretty tightly by quarter. Since we've been removing and delaying some cost saving and accelerating some, that created a little bit of a difference in the fourth quarter. And just the magnitude of the project is a little larger than normally what we see. Those investment can be asset write-off, could be engineering cost, if you look at the manufacturing project -- manufacturing cost saving project as an example.

是的。Ed，補充一下背景：我們的節省計畫通常都會伴隨一次性投資，而且按季度以數位化方式做得相當精準的規劃。由於我們移除並延後了一些節省項目、同時加速了另一些，這在第四季造成了一點差異。而且這個專案的規模也比我們平常看到的更大一些。這些投資可能是資產沖銷，也可能是工程成本；例如你看製造專案——製造成本節省專案——就是一個例子。

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。Rendle 女士，我現在想把會議交回給您。

Thanks, Jen. As we close out today's call, I want to reinforce a few points.

謝謝你，Jen。在結束今天的電話會議之前，我想再次強調幾點。

First, while our third-quarter results did not meet our expectations, we're operating from a much stronger foundation. The ERP implementation is complete, service levels have stabilized and complexity and costs are coming down. These are critical enablers of better execution.

第一，雖然我們第三季的結果未達預期，但我們是在更強健的基礎上運作。ERP 導入已完成，服務水準已趨於穩定，複雜度與成本也正在下降。這些都是提升執行力的關鍵促成因素。

Second, we see clear signs of progress as we focus on driving value superiority across our portfolio. Innovation across the portfolio is strong, on-shelf presence is improving and teams are sharply focused on the fundamentals that matter most. Availability, pricing and promotional effectiveness and end market execution, these actions are essential to building momentum through the fourth quarter. Looking ahead, we're also strengthening our plans and investments in targeted areas to accelerate share gains.

第二，當我們專注於在整體產品組合推動價值優勢時，我們看到了明確的進展跡象。產品組合的創新力道強勁，貨架能見度正在改善，團隊也高度聚焦在最重要的基本功上。供應可得性、定價與促銷成效，以及終端市場的執行；這些行動對於在第四季建立動能至關重要。展望未來，我們也正在強化在特定領域的計畫與投資，以加速市占提升。

And finally, we remain confident in our ability to translate these efforts into improved performance over time. While the environment remains challenging, we have the right strategy, capabilities and teams in place to finish the year stronger and enter fiscal 2027 with greater momentum.

最後，我們仍然有信心，能隨時間把這些努力轉化為更好的表現。儘管環境仍具挑戰，我們已具備正確的策略、能力與團隊，能以更強勢的態勢完成本年度，並以更大的動能進入 2027 財政年度。

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

感謝各位撥冗與提問，我們期待在下季向各位更新我們持續取得的進展。

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

今天的電話會議到此結束。感謝各位參與。