高樂氏 (CLX) 2026 Q4 法說會逐字稿

Good day, ladies and gentlemen, and welcome to The Clorox Company fourth quarter fiscal-year 2026 earnings release conference call. (Operator Instructions) At this time, all participants are in a listen-only mode. At the conclusion of our prepared remarks, we will conduct a question-and-answer session. If you would like to ask a question, you may press star 1 on your handset at any time. If anyone should require assistance during the conference, please press star 0 on your touchtone pad at any time.

各位女士、先生，大家好，歡迎參加高樂氏公司（The Clorox Company）2026 會計年度第四季財報發布電話會議。(接線員指示) 目前所有與會者皆為僅收聽模式。在我們預先準備的發言結束後，將進行問答環節。若您想提問，可於任何時間在話筒上按下星號 1。若會議期間需要協助，請於任何時間在按鍵式電話上按下星號 0。

As a reminder, this call is being recorded. Ms. Lisah Burhan, Vice President of Investor Relations for The Clorox Company. Ms. Burhan, please proceed.

提醒各位，本次電話會議將被錄音。高樂氏公司投資人關係副總裁 Lisah Burhan 女士。Burhan 女士，請開始。

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 also that our earnings release and prepared remarks are available on our site 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：董事長兼執行長 Linda Rendle，以及財務長 Luc Bellet。也請注意，我們的財報新聞稿與預先準備的發言稿已公布於 TheCloroxCompany.com 網站。Linda 會先做幾點開場說明，接著我們將回答各位的問題。

During this call, we may make forward-looking statements, including about our fiscal-year 2027 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 2027 會計年度展望。這些陳述係基於管理層目前的預期，但實際結果或結局可能與之不同。

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

此外，我們可能會提及非 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，且已向美國證券交易委員會（SEC）提交。另外，請參閱我們財報新聞稿中的非 GAAP 財務資訊章節，以及本公司網站投資人關係專區的補充財務附表，以取得非 GAAP 財務衡量指標與最可比 GAAP 指標之調節表。

I will turn it over to Linda.

接下來交給 Linda。

Thank you for joining us today. Throughout fiscal-year 2026, we operated in a dynamic environment marked by heightened value-seeking behavior, increased competitive activity, inflationary pressures, and ongoing macroeconomic uncertainty. We moved with urgency on incremental short- and medium-term actions to better compete more effectively in this environment. That work is focused on advancing superiority in key categories by sharpening our product experiences, strengthening our price-pack architecture, improving our promotion effectiveness, increasing the impact of our brand-building investments, and ensuring we are present where consumers choose to shop.

感謝各位今天加入我們。在 2026 會計年度期間，我們在一個充滿變動的環境中營運，其特徵包括：消費者更強烈的追求性價比行為、競爭活動增加、通膨壓力，以及持續的總體經濟不確定性。我們以緊迫感推動額外的短期與中期行動，以在此環境中更有效地競爭。這些工作聚焦於在關鍵品類中提升優勢：透過強化產品體驗、強化價格—規格（price-pack）架構、提升促銷成效、提高品牌建設投資的影響力，並確保在消費者選擇購物的通路中保持能見度。

At the same time, we took strong actions to advance our long-term strategy while continuing the always-on transformation work that is strengthening our capabilities, improving productivity, and positioning the business for more consistent and profitable growth. While the majority of our businesses are performing at or above expectations, we have taken decisive actions to improve in the areas that are not yet delivering what we expect. We are encouraged by the sequential improvement and the progress we are making.

同時，我們也採取有力行動推進長期策略，並持續進行「常態化」的轉型工作，以強化我們的能力、提升生產力，並讓業務具備更一致且更具獲利性的成長定位。雖然我們多數業務的表現符合或優於預期，但對於尚未達到我們期望的領域，我們已採取果斷行動以改善。我們對於逐季改善以及目前取得的進展感到鼓舞。

As we look at fiscal-year 2027, we're confident in our strategy and the stronger foundation we've built. Our focus remains on the priorities that will create long-term value, delivering superiority across our portfolio, accelerating consumer-led innovation, investing in our brands, shaping our portfolio structurally positioned for faster growth, advancing operational excellence, and generating fuel to reinvest in the business.

展望 2027 會計年度，我們對自身策略以及所建立的更強基礎充滿信心。我們仍將聚焦於能創造長期價值的優先事項：在整體產品組合中提供卓越表現、加速以消費者為導向的創新、投資品牌、以結構性方式塑造更有利於更快成長的產品組合、推進營運卓越，並創造可再投入業務的資源動能。

With that, Jen, we'll now open the line for questions.

接著，Jen，我們現在開放提問。

(Operator Instructions) Peter Grom, UBS.

(接線員指示) UBS 的 Peter Grom。

Two questions just on the top line. So maybe just a lot of moving pieces here, but you noted weaker category growth. Can you maybe just unpack what's embedded from a category standpoint relative to market share in the flat to up slightly organic sales outlook?

我有兩個關於營收（top line）問題。這裡可能有很多變動因素，但你們提到品類成長較弱。能否請你拆解一下：在「有機銷售持平至小幅成長」的展望中，從品類面相對於市占率的假設各包含了哪些內容？

So what we referenced as weaker category growth is very consistent with actually what we saw in fiscal year 2026. We expect the categories to continue to be muted given what's going on from a macroeconomic perspective and consumers continuing to engage in value-seeking behaviors, largely consistent with what we saw in 2026. Of course, we're watching that very carefully because this outlook assumes more of a continuity in category growth and no significant displacement depending on what happens with inflation and what happens in the Middle East, et cetera, but I would say very much in line with the category growth that we saw in 2026.

我們所提到的品類成長較弱，其實與我們在 2026 會計年度看到的情況非常一致。考量總體經濟面的狀況，以及消費者持續採取追求性價比的行為，我們預期各品類仍將維持相對低迷，整體大致與 2026 年所見一致。當然，我們會非常密切地觀察，因為此展望假設品類成長大致延續、且不會出現重大位移；但這仍取決於通膨的走勢，以及中東局勢等因素。我會說，整體非常符合我們在 2026 年看到的品類成長狀況。

And then from a market share perspective, we expect to continue to make progress on market share. We had a number of categories that had turnarounds, particularly the exit rate is much stronger Food, Glad, home care continue to be strong, but we expect to continue to make progress throughout the course of the fiscal year on market share, and that gets us to the combination of what we expect from an organic growth perspective.

至於市占率方面，我們預期將持續推進市占表現。我們有多個品類出現反轉（turnarounds），尤其是期末走勢（exit rate）在食品、Glad 等品類明顯更強；家居清潔（Home Care）也持續強勁。我們預期在整個會計年度中市占率將持續改善，而這也構成我們對有機成長的綜合預期。

Great. And I guess just to that point, so you're expecting a slower start to the year. It sounds like a continuation of the current consumption trends as well as some of the timing-related impact from growing and some merchandising. So is that improvement simply just the absence of those latter impacts? Or are you expecting consumption trends to also show signs of improvement as we move through the year?

了解。另外，依你剛才的說法，你們預期年度開局會較慢。聽起來這反映了目前的消費趨勢延續，以及部分來自成長與一些陳列（merchandising）時點相關的影響。所以後續的改善，是否只是因為後面那些影響因素消失？還是你們也預期消費趨勢會在年度進行中出現改善跡象？

We -- right now, Q1 is a timing issue for the most part, as you noted, on Kingsford, in particular. We can talk about the grilling season that's underway, but really a timing impact to Q1. And then we would expect the remainder of the year, particularly the back half, more in line with the trends that we've seen over the course of '26. And if you look at what we've done every quarter, we've made sequential improvement. So consumption sequentially improved with a stronger exit rate getting back to flat consumption in Q4 shares sequentially improved.

我們——目前來看，第一季主要是時點因素，如你所提，特別是在 Kingsford 方面。我們可以談談目前正在進行的烤肉季（grilling season），但本質上是對第一季的時點影響。接著我們預期今年其餘期間，尤其是下半年，會更貼近我們在 2026 年整體看到的趨勢。如果你看我們每一季的表現，我們都在逐季改善。因此，消費量逐季改善，第四季以更強的期末走勢回到消費持平；市占率也逐季改善。

Our exit rate in June was nearly flat. If you look at our category share results. Distribution continued to improve, merchandising continue to be more effective and so Q1 is a blip given some timing issues, but we would expect that pattern to continue, particularly again in the back half of '27.

我們在 6 月的期末走勢幾乎持平。如果你看我們的品類市占結果，通路鋪貨（distribution）持續改善，陳列（merchandising）也更有效。因此第一季因部分時點因素而出現小波動，但我們預期這種改善態勢會延續，尤其同樣是在 2027 年下半年。

Filippo Falorni, Citi.

花旗（Citi）的 Filippo Falorni。

So Linda, maybe just picking up on Peter's question. From a market share standpoint, can you give us an update where you feel you made the most progress so far from a category -- at the category level where you think there's more room to go in fiscal '27? And is the expectation to exit the year with some share gains? Like help us understand a bit the market share trajectory as you think about fiscal '27?

Linda，我接續 Peter 的問題。就市占率而言，你能否更新一下：到目前為止，你覺得在哪些品類層級的進展最大——以及在 2027 會計年度哪些品類你認為還有更大的提升空間？你們是否預期在年度結束時能取得一些市占增長？請協助我們理解你們對 2027 會計年度市占率走勢的看法。

Sure, Filippo. So starting in aggregate, again, we saw a sequential improvement, if you looked at fiscal year '26 from Q1 to Q4 with getting to close to flat, we're down 0.1 of a share point in aggregate. And that was due to a number of businesses continuing to perform from a share perspective. We saw our Home Care business continue to deliver share growth for eight consecutive quarters of share growth in Home Care. We continue to see stronger growth in our Pro and international businesses.

當然可以，Filippo。先從整體來看，如前所述，若你回顧 2026 會計年度從第一季到第四季，我們看到逐季改善，期末接近持平；整體市占率合計下滑 0.1 個百分點。這主要是因為多項業務在市占表現上持續良好。我們看到家居清潔（Home Care）業務持續帶來市占成長，已連續八個季度在 Home Care 實現市占成長。我們也持續看到專業（Pro）與國際業務有更強勁的成長。

And then really importantly, we saw market share turnarounds in Glad behind our reinvestment in superiority across a number of levers as we saw cash grow in Q4. And then importantly, despite the category still being a bit soft. We saw the turnaround of share for Hidden Valley Ranch behind all the actions we took on innovation, price pack architecture, marketing spend, and our activation against the World Cup, and we want to continue to make that progress in '27. And all of those businesses have strong innovation plans, have strong brand investments. And so we continue to expect those businesses to perform from a market share perspective heading into '27.

接著非常重要的是，我們看到在 Glad 方面，隨著我們在多個槓桿上加大對「卓越性」的再投資，市占率出現了扭轉，同時我們也看到第四季現金成長。而且同樣重要的是，儘管該品類仍然有些疲弱。在我們於創新、價格與包裝架構、行銷投入，以及配合世界盃的市場啟動等各項行動帶動下，我們看到 Hidden Valley Ranch 的市占率也出現回升，我們希望在 '27 年持續推進這項進展。而這些事業都有強勁的創新計畫，也有強而有力的品牌投資。因此，從市占率角度來看，我們仍預期這些事業在邁入 '27 年時會有良好表現。

We want to continue to make progress in other areas. So of note would be litter, where if you look at the most recent weeks, some of the incremental actions we've taken to improve superiority are leading to a better trend on market share, but we're far from where we want to be on that business, and we knew that this transformation would take time, but we'd expect to make progress on that.

我們也希望在其他領域持續取得進展。值得一提的是貓砂（litter），如果你看最近幾週，我們為提升「卓越性」所採取的一些增量行動，正帶來市占率趨勢的改善，但我們距離希望達到的水準仍有一段差距；我們也知道這次轉型需要時間，但我們預期會在這項業務上持續取得進展。

And then as well as Kingsford, maybe I'll just go ahead and talk about the season for Kingsford right now. I think that would be helpful. So if you look at the category from a grilling perspective across all fuel types, including pellets for the first time, the category declined, and this was largely and mostly due to weather-related issues on major holidays. So Memorial Day was unseasonably chilly and wet across most of the US. And then for July 4, 185 million Americans were under heat advisory and 100 -- almost 150 daily city temperature highs were broken during July 4th weekend. So we saw less grilling behavior from consumers and that significantly impacted the category.

另外還有 Kingsford，也許我就直接談談 Kingsford 目前的旺季狀況。我想這會有幫助。如果你從烤肉（grilling）的角度來看整個品類、涵蓋所有燃料類型（這次也首次納入顆粒燃料 pellets），該品類是下滑的，而這主要、且大多是因為主要假期的天氣因素所致。因此，陣亡將士紀念日（Memorial Day）在美國大部分地區異常寒冷且多雨。而在 7 月 4 日期間，有 1.85 億美國人處於高溫警報之下，且在 7 月 4 日週末有 100—接近 150 個城市打破了每日最高溫紀錄。因此我們看到消費者的烤肉行為減少，這對該品類造成了顯著影響。

In addition, retailers made some choices on merchandising to go after value shopping consumers and put smaller sizes on deal, we'll correct that next year because it's actually better to load consumers earlier in the season. And so that was a learning, and we'll repeat that next year. So that is what you're seeing in the category and share results for Kingsford, but we would expect that to also improve as we head into season year '27 that will start in March of next year.

此外，零售商在陳列促銷上也做了一些選擇，為了吸引重視性價比的消費者而把較小規格拿來做促銷；我們明年會修正，因為其實在旺季較早期就讓消費者先備貨會更好。所以這是一個學習，我們明年會調整。因此，這就是你在 Kingsford 的品類與市占結果中看到的情況；但我們預期，隨著我們邁入 '27 年的旺季年度（將於明年 3 月開始），這也會有所改善。

Great. And then one question for Luc. At the gross margin line, can you remind us what is your expectation in terms of commodity cost for the year and the commodity headwind? And what assumption you have from oil prices for the year?

很好。接著有一個問題想請教 Luc。在毛利率這一行，你能提醒我們你對今年的大宗商品成本以及大宗商品逆風的預期是什麼嗎？以及你對今年油價的假設是什麼？

Sure, Filippo. So we expect fiscal '27 inflation to be about -- above $200 million. So for perspective, it's about more than double historical range, which has been in the $75 million to $100 million. Now clearly, the current geopolitical backdrop continues to create volatility across energy, commodity, and supply chain markets. So our outlook assume an average for Brent crude oil at about $90 per barrel.

當然可以，Filippo。我們預期 '27 財年的通膨約為——超過 2 億美元。作為參考，這大約是歷史區間的兩倍以上；歷史區間大約在 7,500 萬到 1 億美元。很明顯，目前的地緣政治背景持續在能源、大宗商品與供應鏈市場造成波動。因此，我們的展望假設布蘭特原油（Brent）平均約為每桶 90 美元。

But importantly, it's not just energy or commodity stories. While commodities remain a significant driver, we are also seeing inflation across a broader area of the supply chain, including supplier cost, ocean freight, trucking costs, and other logistic-related expenses. So as a result, it's fair to say that inflationary pressures are proving more persistent and should extend well beyond what is just reflected in the headline for the oil price.

但重要的是，這不只是能源或大宗商品的故事。雖然大宗商品仍是重要驅動因素，我們也看到供應鏈更廣泛領域的通膨，包括供應商成本、海運運費、卡車運輸成本，以及其他與物流相關的費用。因此，可以合理地說，通膨壓力正顯得更具持續性，且其影響將遠超過僅從油價標題所反映的範圍。

The last thing I would mention is there's a dynamic from a timing standpoint. We expect the impact of the inflation to be more pronounced in the first half of fiscal year '27.

最後我想提的是，從時間點來看也有一個動態。我們預期通膨的影響在 '27 財年上半年會更為明顯。

Andrea Teixeira, JPMorgan Chase.

Andrea Teixeira，摩根大通（JPMorgan Chase）。

So I hope to go back to the impact of GOJO and also kind of a clarification on the promo environment. On GOJO, the -- obviously, we can calculate how much the impact was on a like-for-like basis or are there additional M&A, but can you comment on how sales have been performing as an organic basis if you were to compare like-for-like. And then any indications of the plans, I think the integration you mentioned in the prepared remarks has been going well. But obviously, it's still in the phase of integration.

我想回到 GOJO 的影響，並且也想釐清一下促銷環境。關於 GOJO——顯然，我們可以用同店可比（like-for-like）的方式計算其影響，或是否還有其他併購（M&A）因素；但你們能否評論一下，如果以同店可比來比較，銷售在有機基礎（organic basis）上的表現如何？另外，對於後續計畫有任何指引嗎？我記得你們在事先準備的發言中提到整合進展良好。但顯然目前仍處於整合階段。

And the clarification on the promo is like how we should be thinking you speak about big trick integrations with some of the promo. So I wanted to see if there is any puts and takes from Prime Day earlier, anything we should be aware of coming into the fiscal '27?

至於促銷的釐清，是想了解我們應該如何看待你提到的、與部分促銷相關的大型「trick」整合。所以我想確認一下，像是 Prime Day 提前是否會有任何利弊得失（puts and takes），以及在進入 '27 財年時是否有任何我們需要留意的事項？

So Andrea, I'll start with GOJO, and I'll pass it to Luc to get into some more of the financial details. We're really pleased with the start that Clorox Purell has had. We are seeing the strategic rationale for this acquisition playing through. And of course, I'll notice early. But we continue to feel great about the synergies, about the opportunities to enhance growth, and the integration is going as planned and, in some places, slightly ahead given the opportunities that we found.

Andrea，我先從 GOJO 開始，然後我會把更偏財務面的細節交給 Luc。我們對 Clorox Purell 的開局非常滿意。我們正看到這項收購的策略理由逐步落地並發揮作用。當然，我也會注意到現在還在早期。但我們對協同效益、提升成長的機會仍然非常有信心；整合也按計畫進行，而且在某些方面，因為我們發現了新的機會，進度甚至略為超前。

If you look at the business performance outside of what we just thought you would add from a company perspective, like-for-like, that business continues to perform very strong. So they were actually ahead of their targets for and they have strong plans embedded into this outlook for fiscal year '27, so feeling very good about the base health and feeling very good about our Pro business in tandem, which delivered a strong Q4, and we have a lot of confidence that business will continue to be accretive and additive to the company's performance.

如果你看該業務的表現，撇開我們原先認為從公司角度會帶來的增量，以同店可比來看，該業務仍持續表現非常強勁。因此，他們實際上超過了他們的目標，而且在 '27 財年的展望中也納入了強勁的計畫；所以我們對基本面健康狀況感到非常好，也對我們的 Pro 業務同樣很有信心——該業務在第四季交出強勁表現；我們非常有把握這項業務將持續對公司表現帶來增益（accretive）與加分（additive）。

Yes. So I think from a financial standpoint, most of it will be in the adjustment except the fourth quarter where we'll start the growth in GOJO would start impacting the organic sales growth. And it will be an outsized growth contributor. That is just a quarter. So it's fairly small for the full year.

是的。所以我想從財務角度來看，大部分會反映在調整項目（adjustment）中，除了第四季——屆時 GOJO 的成長會開始影響有機銷售成長。而且它會是偏大的成長貢獻者。但那只是一個季度。因此對全年而言影響相對小。

Going forward, though, we fully expect this business to continue growing at mid-single digits, and we expect to start seeing some of the revenue synergies showing up as early as next year. And so once we start putting those in place, we probably -- our expectation for the business will be mid- to high single digits for a few years as we realize those synergies.

不過往後看，我們完全預期這項業務會持續以中個位數成長（mid-single digits），並且我們預期最快明年就會開始看到部分營收協同效益浮現。因此，一旦我們開始把這些措施落地，我們對該業務的預期可能會在幾年內提升到中到高個位數成長（mid- to high single digits），隨著我們逐步實現這些協同效益。

And since we're talking about financials, maybe just two more comments. Linda mentioned, the business is actually performing well and a little ahead of their plans. So they were actually accretive, not dilutive as we anticipated in the fourth quarter and we expect them to be accretive to adjusted EPS as well next fiscal year. So that, as you remember, we expected them to be initially neutral. So that's a stronger performance.

既然我們在談財務，我再補充兩點。Linda 提到，該業務實際上表現良好，且略微超出他們的計畫。因此，他們在第四季實際上是增益（accretive），而非如我們原先預期的稀釋（dilutive）；我們也預期他們在下一個財年同樣會對調整後 EPS 產生增益。所以如你所記得的，我們原先預期他們一開始會是中性。因此這是更強勁的表現。

And then last thing, we talked about it in our prepared remarks, and we talked about it last time, but it's just helpful to remember that GOJO is a B2B business and has a different P&L profile than The Clorox Company. So legacy. So when you look at the pro forma of the business we acquired on a gross margin standpoint, there's about half a point of dilutions and then the SG&A would be about make the post acquisition about less than a point higher than what it was and then advertising is about 1 point lower than what it was. So just keep that in mind as you look at -- I look at the different lines on the P&L for our outlook.

最後一點，我們在事先準備的發言中提到過，上次也談過，但提醒一下很有幫助：GOJO 是一個 B2B 業務，其損益表（P&L）結構與高樂氏公司（The Clorox Company）不同。所以是既有基礎。因此，當你從毛利率角度看我們所收購業務的備考（pro forma）數字時，大約有 0.5 個百分點的稀釋；而 SG&A 在收購後大約會比原先高不到 1 個百分點；廣告費用則大約比原先低 1 個百分點。所以當你看——我看——我們展望中的損益表各個科目時，請把這點記在心上。

Good, Andrea, and then I'll turn to your question on promotion. So I'll maybe just make a comment on Q4 and then what we expect for '27. So for Q4, to your point, there was some noise in the promotional numbers which meant that promotion was higher than a year ago, given the prime day shift into Q4 from a category perspective. But we view that as a timing issue versus a significant change in the increase in a promotional environment as a percent of sales. What we expect for fiscal year '27 is a continued elevated promotional environment given the fact the focus on value, and that's more in line with what we saw pre-COVID levels, and that varies again by category, but for the most part, just returning to those more historic promotional levels.

好的，Andrea，接著我來回答你關於促銷的問題。我先對第四季（Q4）做個評論，然後談談我們對 2027 財年的預期。就 Q4 而言，如你所說，促銷數據裡有一些雜訊，這意味著從品類角度看，由於 Prime Day 檔期移到 Q4，促銷程度比去年更高。但我們認為這是時點問題，而不是促銷環境占銷售比重出現顯著上升的結構性變化。我們對 2027 財年的預期是：在消費者更重視性價比的背景下，促銷環境仍將維持在較高水準；這更接近疫情前（pre-COVID）的水準，且仍會因品類而異，但整體而言主要是回到較具歷史性的促銷水準。

And then, of course, you'll see a little bit of noise and timing in Q1 given the shift in Prime Day, but nothing structurally different from a promotion perspective.

當然，由於 Prime Day 的移動，第一季（Q1）在數字上會出現一些雜訊與時點影響，但從促銷角度看，沒有任何結構性的不同。

Anna Lizzul, Bank of America.

Anna Lizzul，美國銀行（Bank of America）。

Linda, as you look at the business now and where it stands with some of the portfolio changes you've made in the last few years, especially on innovation and with the GOJO acquisition, do you see an opportunity here for a potential portfolio trimming with some of the underperforming categories like litter? And now that we are near the third anniversary of the cyber attack, I wanted to ask in light of that, how do you see those impacted businesses performing? And if some of the investment is maybe better used on other parts of the business or categories at this point?

Linda，當你看目前的業務狀況，以及你在過去幾年所做的一些投資組合調整，特別是在創新以及 GOJO 收購方面，你是否看到有機會針對一些表現不佳的品類（例如貓砂）進行潛在的投資組合精簡？另外，現在也接近網路攻擊事件的第三週年，我想請問在此背景下，你如何看待那些受影響業務的表現？以及目前是否有些投資更適合用在業務或品類的其他部分？

And secondly, as the challenging economic environment for consumers continues and you're expecting lower category growth, how is this impacting your plan for innovation and different pack sizes across the portfolio?

第二個問題，隨著消費者面臨的經濟環境仍具挑戰、且你們預期品類成長較低，這將如何影響你們在整個產品組合中的創新計畫，以及不同包裝規格（pack sizes）的規劃？

Anna, great. I'll start with portfolio. I'll probably move to your third question, second and then I'll tackle the cyber attack question to bring it home. So from a portfolio perspective, we are very pleased with the results of the disciplined action we've taken on our portfolio over the last number of years. The divestitures we've made aimed at getting a more predictable and steady and higher-growth company, and that certainly has played out in the divestiture of Argentina in vitamins, minerals and supplements.

Anna，好的。我先從投資組合談起。我可能先回答你的第三個問題，再回答第二個，最後再談網路攻擊的問題作結。就投資組合而言，我們對過去幾年在投資組合上所採取的紀律性行動成果非常滿意。我們所做的資產剝離（divestitures）旨在打造一家更可預測、更穩健、且成長性更高的公司；這點在我們剝離阿根廷業務以及維生素、礦物質與補充品（VMS）業務上已經得到驗證。

And as well as the large acquisition we made in GOJO, we see very clear line of sight to that improving company performance. And what I'll say is we'll continue to be disciplined, just as we've shown up over the last number of years. We regularly review our portfolio as a management team and a board, and we're always looking to see is there a way to strengthen our core whether that be through acquisitions or divestitures. And we'll, again, just stay disciplined. It's always focused on shareholder value.

同時，對於我們在 GOJO 進行的大型收購，我們也非常清楚地看到其將帶動公司績效改善的可見路徑。我想說的是，我們會一如過去幾年所展現的那樣，持續保持紀律。我們管理團隊與董事會會定期檢視投資組合，並持續尋找是否有方法強化核心業務——無論是透過收購或資產剝離。我們也會再次強調，保持紀律。一切都以股東價值為核心。

It's always focused on ensuring that we have the capabilities that can execute with excellence against each of the businesses that we own. And that's the way that we'll approach it. So hopefully, based on our track record, you can see the exact way that we'll approach us moving forward, although nothing to comment on at the moment.

同時也始終聚焦於確保我們具備相應能力，能夠對我們所擁有的每一項業務都以卓越方式執行。我們會以這樣的方式來推進。因此，希望你能從我們的過往紀錄看出我們未來將如何做法；但目前沒有任何可進一步評論的事項。

And then as you look at just the challenging categories, I think there's two things to note. And both of them are challenges in some ways, but both of them are very big opportunities. And what this is predicated on is we believe we are the drivers of category growth. And of course, there's things that impact category growth, macroeconomics, where the consumer is, but as the leaders of categories, when you have number one and number 2 share brands, we take the job very seriously that our job is to grow the category. And of course, we'd like to grow share in those categories as well.

接著談到具挑戰的品類，我認為有兩點需要注意。兩者在某種程度上都是挑戰，但同時也都是非常大的機會。其前提是：我們相信自己是品類成長的驅動者。當然，有些因素會影響品類成長，例如總體經濟、消費者狀況；但作為品類領導者，當你擁有市占第一與第二的品牌時，我們非常認真看待「我們的工作就是推動品類成長」這件事。當然，我們也希望在這些品類中提升市占。

And we're focused on two major areas to do that. The first is addressing value-seeking across consumers, and we see that across all consumers most potent in low-income consumers right now, but we are laser-focused against every aspect of value superiority. And for us, we have a superiority model. We shared this before. It takes into account the product, the package, the proposition, the place, so where consumers can find it, and of course, the price.

我們聚焦兩個主要方向來做到這點。第一是回應消費者對價值的追求；我們在所有消費者族群都看到這個趨勢，其中目前在低收入消費者身上最為明顯，但我們對「價值優勢」的每個面向都高度聚焦。對我們而言，我們有一套優勢模型（superiority model）。我們之前分享過。它涵蓋產品、包裝、主張（proposition）、通路/可得性（place，也就是消費者在哪裡能買到），以及當然還有價格。

And we're looking through all five of those levers by business, by retailer to ensure that we have value superiority, and we're laser-focused on that. And so what you'll see in the plan that we just finished in '26 as we made some of those investments, Glad Trash and Hidden Valley are two great examples, and those are playing out in share growth.

我們會依不同事業、不同零售商，檢視這五個槓桿，確保我們具備價值優勢，並且對此高度聚焦。因此，你會在我們剛完成的 2026 財年計畫中看到，我們做了一些投資；Glad 垃圾袋與 Hidden Valley 是兩個很好的例子，而這些投資已反映在市占成長上。

As we head into fiscal year '27, we're also willing to be making additional investments in superiority to do the same thing. We're going to be investing in some product superiority on a number of our big businesses, including packaging upgrades. We're investing in some places in a targeted way like we did with Glad on pricing because based off the amount of pricing we took since COVID, there's a few places where we need to make adjustments. And that's going to be a key focus for us as we move forward to continue to support consumers and category growth.

展望 2027 財年，我們也願意進一步在「優勢」上加碼投資，以達到同樣的效果。我們將在多個大型業務上投資於產品優勢，包括包裝升級。我們也會像 Glad 那樣，在某些通路以更有針對性的方式進行投資，例如在定價方面；因為自 COVID 以來我們做了相當幅度的漲價，有些地方需要做調整。這將是我們未來推進的關鍵重點，以持續支持消費者並帶動品類成長。

And then very, very importantly, consumers continue to look for better experiences overall. And of course, value is part of that, but they are looking for us to address trends that are important to them in their lives. And we highlighted some of them in the prepared remarks, but consumers continue to focus heavily on their wellness. And there's opportunities to provide them solutions like we're doing with Clorox Pure on their allergies or continuing to address pet health in litter. There's just a number of opportunities that we can address to ensure that we continue to support category growth and support getting back to more normalized category growth over time.

另外非常、非常重要的是，消費者持續尋求更好的整體體驗。當然，價值是其中一部分，但他們也期待我們回應那些對其生活重要的趨勢。我們在事先準備的發言中也強調了一些，但消費者仍高度關注自身健康（wellness）。我們有機會提供解決方案，例如我們透過 Clorox Pure 來協助處理過敏問題，或是在貓砂品類持續因應寵物健康需求。我們可以切入的機會很多，以確保我們持續支持品類成長，並在時間推移下支持品類成長回到更正常化的水準。

And we do that through innovation. In '26, our innovation as a percent of sales doubled, and we expect continued progress in '27. We have a very strong slate of innovation targeted at those trends and ensuring that we deliver value to consumers. So that's how we're thinking about it.

而我們是透過創新來做到這點。在 2026 財年，我們的創新占銷售比重翻倍，我們預期在 2027 財年仍將持續進步。我們有一套非常強的創新產品線（slate），聚焦於這些趨勢並確保我們為消費者創造價值。這就是我們的思考方式。

And then finally, on the cyber attack, I think it's a good point, Anna. Between COVID and supply chain disruptions in the cyberattack, we would've been very operationally focused as a company, getting back to basics. When you lose distribution after cyber, you have to get that distribution back. Your competition has, in many cases, had a six-month head start on you on innovation because they haven't been focusing on that. And so job one was restoring distribution, which we did, restoring the fundamentals which we did.

最後，關於網路攻擊，我認為你提得很好，Anna。在 COVID 與供應鏈中斷以及網路攻擊之間，我們作為一家公司會非常聚焦在營運面，回到基本功。當你在網路攻擊後失去通路，你就必須把通路拿回來。在許多情況下，你的競爭對手在創新上已經比你早了六個月起跑，因為他們沒有把重心放在這些事情上。因此首要任務是恢復通路，我們做到了；恢復基本面，我們也做到了。

And now most of the businesses have also been able to welcome consumers back fully. So I give a good example, Homecare did that in full, and you can see the share results. And I feel great about trash and food and some other of our businesses at the same time.

而現在，大多數業務也已能夠再次完全迎回消費者。我舉個很好的例子，家居清潔（Homecare）已全面做到，你也可以看到市占結果。同時，我也對貓砂與食品以及我們其他一些業務感到非常有信心。

Litter is the one that I would say continues to have a hangover. Given the operational challenges on that business, given the amount that was on e-commerce, et cetera, I feel good that we've gotten distribution points back, but we're still working through our litter reinvention to ensure that consumers know that we are a better value than competition and making sure that that is clear on packaging and the way that we talk to them in our marketing, improving the product, et cetera, and we're making some additional investments in superiority to deal with that.

我會說貓砂是目前仍然有些「宿醉效應」的一項。考量到該業務的營運挑戰、以及有相當多的量在電商等渠道，我對我們已把通路據點拿回來感到樂觀，但我們仍在推進貓砂的再造（reinvention），以確保消費者知道我們比競品更具價值，並確保這一點在包裝上以及我們在行銷溝通中的說法都清楚明確，同時改善產品等；我們也正在加碼一些在「卓越性／優越性」上的投資來因應。

So I would say, largely, we're through a lot of the cyber attack effects, but you have seen over the last couple of years just that operational intensity at higher levels, and we're getting back to innovation, getting back to full brand building, and leaving most of that behind, which is energizing to us as a management team and as a company.

所以我會說，整體而言，我們已大致走過網路攻擊帶來的許多影響，但你也看到過去幾年營運強度一直維持在較高水準；我們正在回到創新、回到完整的品牌建設，把大部分那些事情拋在身後，這對我們管理團隊與公司而言都很振奮。

Bonnie Herzog, Goldman Sachs.

Bonnie Herzog，高盛。

I just had a quick question first on your EPS guidance. I guess I'm wondering why your range is, I guess, relatively wide versus the tight guidance range on sales and the specific 42% gross margin guide. Maybe you could help frame for us what's implied at the bottom end versus the top end of your EPS growth guidance range this year?

我先有個關於你們 EPS 指引的簡短問題。我想知道為什麼你們的區間相對較寬，相較之下，銷售的指引區間很緊，且毛利率也明確指引 42%。你們是否可以幫我們框架一下，今年 EPS 成長指引區間的下緣與上緣各自隱含了什麼？

Yes, Bonnie, I can take that. The I mean it's -- at the end of the day, there's a lot of moving parts, especially with the transitory element on ERP. But if you look -- and the fact that we are comping lower-than-usual incentive comp in the base year. And if you remove all those, essentially the main impact on EPS is the lower gross margin. And -- but it is about 42%.

可以，Bonnie，我來回答。我的意思是——說到底，變動因素很多，尤其是 ERP 的短期性（transitory）因素。另外還有一點是，我們在比較基期（base year）時，當年的激勵性薪酬（incentive comp）低於平常。如果把這些都排除，本質上對 EPS 的主要影響就是較低的毛利率。而——但大約就是 42%。

It actually -- there's a little bit of movement and the EPS is quite sensitive. And as I just mentioned, this is probably where we have the environment around the cost and commodities and especially the timing more than the total is what's leading to a slightly wider than usual EPS range.

實際上——會有一點點波動，而 EPS 的敏感度相當高。如我剛提到的，這大概就是我們在成本與大宗商品環境上，尤其是「時點」而非「總量」的因素，導致 EPS 指引區間比以往略寬。

Okay. And just maybe a second quick question on A&P spend for the year. How should we think about phasing of that spend throughout the year? And I'm asking in the context of the incremental spend related to GOJO and then the steps that you've talked about as you're continuing to overhaul your litter business?

了解。再問第二個簡短問題，關於今年的 A&P（廣告與促銷）支出。我們應該如何看待全年支出的分配節奏？我這麼問是因為有與 GOJO 相關的增量支出，以及你們提到在持續大幅整頓貓砂業務時所採取的步驟。

Sure, Bonnie. I would consider ex-GOJO, where we're spending over 11% of sales as we have in the past, over the past number of years where we increased it from 10% to continue. And so the 10% reflects GOJO's lower percent of advertising and sales promotion. And I would just consider phasing to be very much like we've thought about in prior years. We tend to heavy up our spending during key pulse periods, whether that be back-to-school, cold and flu and particularly when we're launching new innovation, which tends to happen in Q3 and Q4.

當然，Bonnie。若排除 GOJO（ex-GOJO），我們的支出占銷售比會如同過去一樣超過 11%；過去幾年我們已從 10% 提高並持續。因此，10% 反映的是 GOJO 較低的廣告與銷售促銷占比。至於節奏分配，我會說非常類似我們過去幾年的規劃方式。我們通常會在關鍵的脈衝期加大投放，例如返校季、感冒與流感季，特別是在推出新創新時——而這通常發生在第三季與第四季。

And again, we're not super detailed on when we have that spending, we wanted to mirror the business plan, but it should look largely like other years have in the past.

另外，我們不會非常細緻地揭露支出發生的時間點；我們希望與業務計畫一致，但整體看起來應該會大致與過去幾年相似。

Robert Moskow, TV Cowen.

Robert Moskow，TV Cowen。

I have a couple. One for you, Luke. It's great to see all these investments in digital capabilities in the rearview mirror your ERP is set up. Can you give us an example of how it's helping you move faster, maybe, make decisions with fewer touches, combined data pools? And are we right to think that at some point, it can help you shrink your overhead cost as the organization learns to use the new platform?

我有幾個問題。第一個給你，Luke。很高興看到這些在數位能力上的投資已經告一段落，你們的 ERP 也已建置完成。你能否舉例說明它如何幫助你們更快行動，例如用更少的接觸點做決策、整合資料池？另外，我們是否可以合理地認為，隨著組織學會使用新平台，它在某個時間點也能幫助你們縮減間接費用（overhead cost）？

Yes. Thanks, Robert. Yes, nice to starting the cost noise and volatility associated with large complex implementation in the rearview mirror. And we expect to see the benefit ramping up. It will take a little while.

可以。謝謝你，Robert。是的，很高興與大型、複雜導入案相關的成本雜訊與波動已經成為過去。我們預期效益會逐步放大。但還需要一點時間。

We are just very much in stabilization mode right now, and we're going to start seeing optimization across the supply chain and across our admin functions I would say, probably later this fiscal year and then into next fiscal year. This is when we see the brand benefit on efficiencies. There is -- as you can imagine, there is obviously some productivity gain to be had on the supply chain through just better planning, lower inventory levels, just more automation opportunities, but there's actually a lot of effectiveness and where we start seeing it is now people are able to see end-to-end data. So you can have just your supply chain being much more reactive and, in some cases, proactive, to some change in demand signal. So we'll start seeing this in our integrated business planning though, and we also see a lot of efficiency or like we have some initial inefficiencies that we'll be lapping, but some efficiencies, demand fulfillment and order to cash functions.

我們目前仍非常處於穩定化（stabilization）階段；我會說，大概在本財年稍晚、以及進入下一財年，我們會開始看到供應鏈與行政職能的最佳化。這時我們會看到效率帶來的效益。如你所想像，供應鏈方面顯然可以透過更好的規劃、更低的庫存水位、以及更多自動化機會來取得一些生產力提升；但其實還有很多「效能」面的提升，而我們開始看到的地方在於：現在人們能看到端到端（end-to-end）的資料。因此，你的供應鏈可以對需求訊號的變化更具反應性，在某些情況下甚至更具前瞻性（proactive）。我們會先在整合式業務規劃（integrated business planning）中看到這些；同時我們也會在需求履約（demand fulfillment）與從接單到收款（order to cash）等職能看到不少效率——或是我們目前有一些初期的低效率會在之後被「跨越比較」（lapping），但也會有一些效率提升。

And then later, we also expect to see much more automation and efficiencies in the back office. We went from an environment that was quite manual working on spreadsheets were now fairly automated. And I think I had mentioned this, 1 of the benefits also of upgrading our digital infrastructure is we're able to take advantage at a broader scale of global business services. And so this is something that will accelerate in the next few years, and that's a great source of productivity for us in SG&A.

再往後，我們也預期後台（back office）會有更多自動化與效率提升。我們從一個相當仰賴人工、用試算表作業的環境，轉變為現在相當自動化的狀態。而且我想我也提過，升級數位基礎建設的另一個好處是，我們能在更大範圍內利用全球商務服務（global business services）。因此，這會在未來幾年加速，並成為我們 SG&A（銷售、一般與行政費用）生產力的重要來源。

Okay. Very good. Luc, was there any quantification of what those inefficiencies were in fiscal '26 to maintain customer service? Is it material enough to provide a benefit in comparison in '27?

好的。非常好。Luc，你們是否量化過在 2026 財年為維持客戶服務而產生的那些低效率成本？它是否足夠重大，以至於在 2027 年的比較基期上能帶來好處？

Yes. If you remember, Robert, we experienced most of those in the second quarter and the third quarter. There's a little bit of a range with it. But I would say, it's under alpha point and then we definitely included that lapping in our gross margin guidance.

是的。Robert，如果你還記得，我們大部分是在第二季與第三季經歷那些情況。這裡面有一點區間幅度。但我會說，低於一個百分點（under a point），而且我們確實已把這個「跨越比較」（lapping）納入毛利率指引之中。

Kevin Grundy, BNP Paribas.

Kevin Grundy，法國巴黎銀行（BNP Paribas）。

Two for me. First 1 is for you, if I may. Just on visibility on free cash flow and then sort of relative to the dividend policy, then I have a follow-up on pricing for Linda. So specifically on the dividend, as you're well aware, the Board decided to modestly increase the dividend again, it sets the payout ratio for you guys around 85% of net earnings, the group, the Staples Group is around 50% to 60%. It's not quite as onerous from a payout ratio perspective.

我這邊有兩個問題。如果可以的話，第一個先問你。主要是關於自由現金流的能見度，以及相對於股利政策；接著我會有一個關於定價、要問 Linda 的追問。具體來說，在股利方面，如你非常清楚的，董事會決定再次小幅提高股利，這使得你們的配息率大約落在淨利的 85%；而整個民生必需品（Staples）類股大約是 50% 到 60%。從配息率的角度來看，這並沒有那麼沉重。

If we look at free cash flow, provided that the company is able to deliver against this 11% to 13% of sales, which has been a bit choppy in recent years given all the volatility. So that's all kind of a big wind out. Luc, maybe just comment on the current dividend policy why you think it's appropriate, I guess, given that payout ratio has crept up and is well above staples peers. And if there's any consideration by the Board to potentially look at a reset to free up capital flexibility for more reinvestment elsewhere?

如果我們看自由現金流，前提是公司能夠達成銷售額的 11% 到 13% 這個目標——而在近幾年因為各種波動，這個數字有些起伏。所以這整體算是一個很大的順風。Luc，或許你可以評論一下目前的股利政策、為什麼你認為它是合適的；我想，畢竟配息率已經逐步上升，且明顯高於民生必需品同業。以及董事會是否有考慮過可能重設（reset）股利政策，以釋放資本彈性，讓資金能更多投入其他再投資方向？

Kevin, thanks for the question. Actually, let me use your framing, I like that. I'm going to start with talking about free cash flow. So we have a business model that generates and continue to generate strong free cash flows. In fiscal year '27, we expect another year from cash flow generation.

Kevin，謝謝你的提問。其實我想沿用你剛才的框架，我很喜歡。我先從自由現金流談起。我們的商業模式能夠產生、並且會持續產生強勁的自由現金流。在 2027 財年，我們預期現金流產生仍會是表現良好的一年。

That should be in line with our targeted range of 11% to 13%. That does include the temporary lower margin in the front half of the year, driven by the elevated cost wins, but it also includes some continued focus on working capital and balance sheet discipline to drive cash flow improvement. So net, we feel good about cash flow. As a reminder, GOJO also bring some -- not only some strong cash flows in line with the 11% to 13%, but very stable cash flow because of their installed base. And beyond that, the way we structured the acquisition of GOJO, we also expect to see some tax benefit in the years to come.

這應該會符合我們 11% 到 13% 的目標區間。其中包含上半年因成本上升（elevated cost）所導致的暫時性較低毛利，但也包含我們持續聚焦營運資金與資產負債表紀律，以推動現金流改善。總體而言，我們對現金流感到樂觀。提醒一下，GOJO 不僅能帶來符合 11% 到 13% 的強勁現金流，且因其裝機/既有客戶基礎（installed base），現金流非常穩定。此外，我們在收購 GOJO 的交易架構上，也預期未來幾年會看到一些稅務效益。

So all of that is actually just helping strengthening the cash flow. So net feel good about our cash flow generation.

因此，這些因素其實都在幫助強化現金流。總之，我們對自身的現金流產生能力感到有信心。

Within that context, I think answering your question on dividend. I think at this point, our commitment to support the dividend has not changed. As you know, we have a long track record here. Dividend has increased annually for a decade. And for now, you should expect this to continue.

在這樣的背景下，來回答你關於股利的問題。我認為就目前而言，我們支持股利的承諾並沒有改變。如你所知，我們在這方面有很長的紀錄。股利已連續十年逐年增加。而就目前來看，你可以預期這個趨勢會持續。

We do regular reviews with our board, and we have a really robust process. And at this time, we are comfortable with our current dividends. As you mentioned, the current payout is a bit elevated, but we see this as something more transitory as we rebuild our gross margin and not something structural. So -- but of course, we'll continue to evaluate this over time.

我們會與董事會定期檢視，且有一套非常健全的流程。在此時此刻，我們對目前的股利水準感到安心。如你提到的，目前的配息率確實偏高一些，但我們認為這較偏向過渡性現象，因為我們正在重建毛利率，並非結構性問題。當然，我們也會隨時間持續評估。

Very good. If I could just squeeze in a quick follow-up. Maybe it's not quick. But for you, Linda, on the pricing side, I guess I'm a bit intrigued by the reluctance for more pricing when there seems to be a price justification for it and more on household products and less in personal care. So this is an industry sort of question.

非常好。如果我可以再塞一個很快的追問。也許不算快。但想請教你，Linda，在定價方面：當看起來有定價的理由、而且在家用產品上更有空間、在個人護理上相對較少時，我對於不更積極定價這件事有點好奇。所以這算是一個產業層面的問題。

It's a proctor question. It's a church in to 1 question, et cetera, where it seems like in past cycles, there's been more of a, I guess, a leaning to use that as a lever when it seems like the pricing window would be open, and there's a price justification for it. And it sort of begs the question, is it just cyclical? Or do you think this is something more secular going on in some of these categories and particularly those where you play where private label is high, so whether this is going to be trash bags, whether this is going to be bleach, whether it's going to be litter, et cetera. So I'd just be curious to get your thoughts on that and whether you think that has merit that there may be a loss of pricing power within some of these household product categories.

這有點像是問寶僑（P&G）那類的問題。像是 Church & Dwight 之類的問題等等；因為在過去的循環中，似乎更傾向把定價當作一個槓桿來使用——當定價窗口看似打開、且有定價正當性時。這也讓人不禁想問：這只是景氣循環性的現象嗎？還是你認為在某些品類中存在更偏結構性（secular）的變化，特別是你們參與、且自有品牌（private label）占比高的品類——不論是垃圾袋、漂白水、貓砂等等。所以我想聽聽你的看法：你是否認為在某些家用產品品類中，定價能力可能正在流失？

Yes. Thanks for the question, Kevin. So I don't view a structural issue on pricing over the long term in our categories. We see consumers to continue to accept pricing and better innovation that we price for with better experiences, and that's playing out in many of our categories today. I think I'll speak for Clorox only.

是的。謝謝你的問題，Kevin。我不認為在我們的品類中，長期來看定價存在結構性問題。我們看到消費者仍持續接受定價，以及我們透過更好的創新、以更佳體驗來支撐的溢價，而這點今天在我們許多品類中都正在發生。我先只就 Clorox 的情況來談。

What we view is a unique period of time where we have near back-to-back inflation cycles off of a record-setting inflation cycle back in '22 and '23, where we experienced costs at a level 10x higher than what we had normally experienced. And we took 4 rounds of pretty substantial pricing across our categories. And it turned out that the elasticities in that pricing were a bit better than we had expected. But now as consumers come under pressure, you can kind of see little places where we've had to adjust pricing, et cetera.

我們所看到的是一段特殊時期：在 2022 與 2023 年創紀錄的通膨之後，幾乎接連出現通膨循環；當時我們所面臨的成本水準，是以往正常情況的 10 倍。我們在各品類進行了 4 輪相當幅度的漲價。結果顯示，那些定價的需求彈性（elasticities）比我們原先預期的要好一些。但現在當消費者承受壓力時，你會看到某些地方我們必須調整定價等等。

So I think from our perspective, we just look at our toolbox because pricing is only 1 tool in the toolbox and say that it is best for our categories right now to take targeted pricing, which we are doing. There are places where we are taking a regular price increase Glad is a good example, given its commodity exposure to resin. We are taking a regular price increasing at that category and have already announced and implemented that pricing but in other places, we're being much more targeted.

所以從我們的角度，我們會檢視我們的工具箱，因為定價只是工具箱中的一項工具，並判斷就目前而言，對我們的品類來說最好的做法是採取更具針對性的定價，而我們也正在這麼做。有些地方我們會進行常規性漲價——Glad 就是很好的例子，因為它對樹脂等大宗商品成本曝險較高。我們在該品類進行常規性漲價，且已經公告並落實該定價；但在其他地方，我們會更有針對性。

And we're using the other tools we have in the toolbox, which we feel confident about, whether that be revenue growth management, price pack architecture, cost savings, and we'll have another strong year of all of that this year and we have our confidence ability to do it over the mid- to long term.

同時我們也會運用工具箱中的其他工具，而我們對此很有信心——不論是營收成長管理（revenue growth management）、價格/包裝架構（price pack architecture）、成本節省；今年我們在這些方面仍會有另一個強勁的年度表現，且我們有信心在中長期持續做到。

So I think, Kevin, the point is, it's a unique period where we typically have a bit longer between inflation cycles I think given the uncertainty and volatility consumers are experiencing, we are just being more targeted in the toolbox but feel fully confident that these categories can take pricing over time, continue to do that through innovation. Again, we'll take targeted pricing this year where we think it's warranted, and we'll take a strike price increase on Glad trash as you might expect, and I think as we move forward, when we get back to hopefully a more normal set of cycles around inflation, you'll continue to see pricing be a strong lever for our type of business.

所以我想，Kevin，重點在於：這是一段特殊時期；通常通膨循環之間的間隔會更長一些。我認為在消費者面臨不確定性與波動的情況下，我們只是更有針對性地運用工具箱，但我們完全有信心，這些品類隨時間推移仍能承受定價，並持續透過創新來做到這點。再次強調，今年我們會在我們認為合理之處採取針對性定價；而對 Glad 垃圾袋，我們也會如你所預期地進行明確的漲價。我想隨著未來我們回到希望更正常的通膨循環節奏，你仍會看到定價會是我們這類業務的一個強力槓桿。

Kaumil Gajrawala, Jefferies.

Kaumil Gajrawala，Jefferies。

I guess the big question is on what's the right level of spending. It looks like shares are just slowly starting to get better. Hidden Valley Ranch may have had a bit of a boost from the World Cup. We don't know if that's sustainable or not. Why not maybe a higher figure for investment as you just to assure that you don't end up back in the situation you were in earlier with more broader share losses because it feels like we're sort of just at the edge, and I'm curious what the math is behind what that right level of spending is?

我想最大的問題在於，支出的適當水準應該是多少。看起來市占率只是慢慢開始好轉。Hidden Valley Ranch 可能因為世界盃而獲得一些提振。我們不知道那是否具有可持續性。為什麼不把投資金額設得更高一些，以確保你不會回到先前那種情況——出現更廣泛的市占流失——因為感覺我們現在正處在邊緣，我也很好奇，支出適當水準背後的計算邏輯是什麼？

Kaumil, I'll tackle that. So first, I wouldn't attribute some of the bumpiness we had in fiscal year '26 to a lack of investment. We had an operationally challenging environment. We were transitioning our ERP in the US, et cetera, which caused more of the issues than a spending issue. And what I would say is we looked across every line of investments across the P&L and balance sheet to say, do we have the right level of spending to support superiority in the categories we can see.

Kaumil，我來回答這題。首先，我不會把我們在 26 財年出現的一些波動歸因於投資不足。我們當時面臨營運上具挑戰性的環境。我們正在美國進行 ERP 轉換等等，這些因素造成的問題比支出問題更大。我想說的是，我們檢視了損益表與資產負債表上每一項投資支出，來判斷我們是否具備正確的支出水準，以支撐我們在可見的品類中維持優勢。

And we are being very targeted and disciplined about adding incremental spending, and we have done that. You see that in margin this year as we're investing in some product performance. You see that in advertising, where we're spending over 11% in retail again. You see it in our trade spending where trade has been higher. And so we want to do that in a way that we have better data, we can do that in a much more targeted and effective way to get to the place we want to and it's working.

而且我們在增加額外支出方面非常聚焦且自律，我們也確實這麼做了。你可以從今年的毛利率看到，因為我們正在投資於部分產品性能。你也可以從廣告看到，我們在零售端的投入再次超過 11%。你也可以從通路促銷支出看到，促銷投入更高。因此，我們希望在擁有更好的數據之下，以更精準、更有效的方式來做，達到我們想要的位置，而且這正在奏效。

You've seen we have been able to increase consumption, increase share over time. We expect that to continue. But that's the way that we approach it. And even in advertising, we expect a very high level of efficiency improvements every year from our team, but we have reinvested those efficiencies back into the business where we have the highest return, and we'll do that again this year. So we feel good about the spending level.

你已經看到我們能夠提升消費量，並隨時間推進提升市占。我們預期這會持續。但這就是我們的做法。即便在廣告方面，我們也期待團隊每年都能帶來非常高水準的效率提升，但我們已將這些效率所節省下來的資源再投資回報最高的業務領域，今年也會再這麼做。所以我們對目前的支出水準感到滿意。

If it turns out that the consumer environment weakens or strengthens in any way, those are things that we will reopen up and ensure that we continue to have the right level of spending. And our team is prioritizing ensuring we have superiority, ensuring we support the innovations that are growing the categories in the market that we're launching. And as I mentioned earlier, we have a very strong innovation plan for '27. And if there's opportunities to put good ROI spending in the system, we will.

如果消費者環境在任何方面轉弱或轉強，這些都是我們會重新檢視的事項，以確保我們持續維持正確的支出水準。我們的團隊把優先順序放在確保我們具備優勢、確保我們支持正在推動品類成長的創新（也就是我們在市場上推出的新品）。如我先前提到的，我們在 '27 年有非常強的創新計畫。如果系統中有機會投入具備良好 ROI 的支出，我們就會做。

Got it. And then just following up on that a little bit on value-seeking or superiorities. You talked about for 2027 more focus on value seeking more focus on value superiority. There's -- I think sometimes when going through that exercise, you realize maybe a larger percentage of your portfolio, maybe offside there and it may take a while to turn and that it's not just related to price, it's also related to speed of product innovation or whatever it is. So how do you feel about the sort of current set products that you have out or innovations that are coming in the near term that would sort of make sure you're on the right side of the sort of value superiority equation versus where you feel you stand now?

了解。接著就「追求價值」或「優勢」再追問一下。你談到 2027 年會更聚焦於追求價值、更聚焦於價值優勢。我想有時候在做這個檢視時，你會發現你的產品組合中可能有更大比例在這方面落後，而要扭轉可能需要一段時間；而且這不只與價格有關，也可能與產品創新的速度或其他因素有關。所以你如何看待目前你們已上市的產品組合，或近期即將推出的創新，能夠確保你們在「價值優勢」這個等式上站在正確的一邊，相較於你認為目前所處的位置？

Yeah. I think for the vast majority of our portfolio, I feel very good. We either continue to see performance. So again, I'd call out our health and hygiene business in aggregate, which is over 50% of our business continue to feel very good that we're staying ahead of the consumer on value superiority. There will be places even in that business.

是的。我對我們產品組合中的絕大多數都很有信心。我們要嘛持續看到表現。再舉例來說，我會特別提到我們的健康與衛生業務整體，這部分占我們業務超過 50%，我們仍然非常有信心能在價值優勢上持續領先消費者。即便在這個業務中也會有一些領域。

We're investing in product improvements this year to continue to advance that superiority and continue to win market share. I feel very good about the changes we've made in Glad. Glad was not just pricing work that we did in large card trash. We also improved our innovation plans. We improved the proposition for better marketing campaign behind Don't get mad, get Glad.

我們今年正在投資產品改良，以持續推進那個優勢並持續贏得市占。我對我們在 Glad 所做的改變非常有信心。Glad 不只是我們在大包裝垃圾袋所做的定價調整。我們也改善了創新計畫。我們也強化了主張，並以「Don't get mad, get Glad」作為更好的行銷活動主軸。

And so I feel very good about the comprehensive nature of what we tackled. And then to point we did see a category lift from World Cup, but we grew share significantly. And so our team's ability to activate price pack architecture at that time, strengthen our innovation plans, and, of course, take advantage of the fact that there was a lot of eyes on ranch during that time led us to market share improvements. And we'll watch the category carefully. I feel very good about the plans that the food team has in store for '27.

因此，我對我們所處理事項的全面性非常有信心。另外，你提到我們確實因世界盃看到品類需求提升，但我們的市占成長幅度很大。因此，我們團隊當時啟動價格與包裝架構（price pack architecture）、強化創新計畫，當然也把握了那段期間大家對 ranch 的高度關注，帶動了市占改善。我們會密切觀察該品類。我對食品團隊為 '27 年所準備的計畫非常有信心。

So I would say, largely, we're in a place where we are going to continue to improve superiority, et cetera. The one I would call out that is early work in progress is litter. We have made improvements across the full range of superiority for all the things I spoke about, product, packaging, the proposition place and really focused on winning in e-commerce, but we've taken some additional actions on pricing recently in a targeted way, and we're seeing improvements off of that, but we'll continue to take additional actions, including launching a set of innovations in the back half.

所以我會說，整體而言，我們已處在一個將持續提升優勢等各方面的位置。我唯一要特別點出的、仍在早期推進中的，是貓砂（litter）。我們已在我提到的各項優勢面向做出改善，包括產品、包裝、主張定位，並且非常聚焦於在電商通路取勝；但我們最近也以更有針對性的方式在定價上採取了一些額外行動，我們看到因此帶來的改善，不過我們仍會持續採取更多行動，包括在下半年推出一系列創新。

And to your point, come those take a while, innovations don't happen overnight, but you'll start to see those things flow through in the back half of the year, and that will lead to further improvement.

而且如你所說，這些需要時間，創新不會一夕之間發生，但你會在今年下半年開始看到這些措施逐步反映出來，並帶來進一步的改善。

Chris Carey, Wells Fargo.

Chris Carey，Wells Fargo。

The first question I wanted to ask, just Linda, I suppose a bit of a personal professional update. Clorox has announced that it will be looking for a new CEO, you have been very transparent about you'll be running the business for us as long as is needed. And so can you just tell us how is that process going? What are the sorts of skill sets you're looking for? Do you have any updated view on time line?

我想問的第一個問題，Linda，我想算是個人與職涯方面的近況更新。Clorox 已宣布將尋找新的 CEO，而你也非常透明地表示，只要有需要你就會繼續為我們經營這家公司。所以你能否談談目前這個流程進展如何？你們在尋找哪些技能組合？對時間表是否有任何更新的看法？

Would just love to get a little bit more context for the leadership development for the organization if you'll entertain that?

如果你願意的話，也很希望能多了解一些組織在領導力培育方面的背景脈絡？

Sure, Chris. Of course. As we announced back in May, as you note, I informed the Board of my intent to step down from my role given personal health challenges. The good news is I continue to do well. I'm cancer-free and feeling well and continue to execute on my job just like I did before.

當然，Chris。沒問題。正如我們在 5 月宣布的，如你所提到的，我已告知董事會，基於個人健康挑戰，我有意卸下目前職務。好消息是我目前持續狀況良好。我已無癌症，身體感覺也很好，並且像以前一樣持續執行我的工作。

The Board has made good progress in the search. When we first announced that we let you know that they were in the process of hiring a leading external search from they have done that. And I can say that the search is progressing as expected against the time line the Board has laid out. And then from a skill set perspective, that independent group of the board is properly evaluating our strategy and where we are in our execution and looking for the next leader to take that next leap. We've made a very large transformation as a company, rebuilding the foundation of our data and technology, our innovation plans, our portfolio, and of course, it will be up to a new leader to take a fresh look at that, continue the progress, but also depending on where they land, maybe take it in a different direction, too.

董事會在搜尋方面已取得良好進展。當我們最初宣布時，我們告訴各位他們正在聘請一家領先的外部獵才機構，而他們已經完成了這件事。我可以說，搜尋正依照董事會所訂的時間表如預期推進。接著從技能組合的角度來看，董事會中那個獨立小組正在適當地評估我們的策略、我們在執行上的進展，並尋找下一位領導者來帶領公司再上一步。我們作為一家公司已完成非常大的轉型，重建了我們的資料與科技基礎、創新計畫與產品組合；當然，將由新任領導者以全新視角審視這些，延續進展，但也可能視其判斷，將方向做出不同的調整。

And the Board is hard at work in determining the right person to do that for the company. In the meantime, we are laser-focused on continuing to execute high personally and laser-focused on continuing to execute and then, of course, ensuring a smooth transition that we will do once that new leader is named.

董事會正全力以赴，為公司確定最合適的人選來完成這件事。在此期間，我們將高度聚焦於持續以高水準執行，並且當新任領導者確定後，確保我們能順利完成交接。

Okay. And we're certainly sending you many low wishes. And then just from a fundamental perspective, I just had 2 clarifications from this earnings call. The first would be on why growth accelerates a bit relative to the fiscal Q1, which I think you characterized as a blip. Was that a reference specifically to the seasonal impact of the grilling category?

好的。我們當然也向你致上許多祝福。接著從基本面角度，我對這次財報電話會議有兩點釐清。第一點是，為什麼成長相較於會計年度第一季會稍微加速；我想你把第一季形容為一次短暫波動。這是否特別指的是烤肉類別的季節性影響？

Is it -- if we were to exclude the Grilling business, you should be running about in line with your full year guidance? Or are you looking for something else to improve relative to where you'd be in fiscal Q1?

也就是說——如果我們排除烤肉業務，你們的表現應該大致會與全年指引一致嗎？或者你們期待還有其他因素，能讓表現相較於會計年度第一季有所改善？

The second clarification is just around pricing. You noted in the prepared remarks projects for pricing. You said strategic pricing several times, including on Glad. How much -- what level of pricing that we should be thinking about when it comes to your for your expectations for flat to slightly positive organic sales growth?

第二點釐清是關於定價。你在事先準備的談話中提到定價相關的專案。你多次提到策略性定價，包括在 Glad 上。就你們對有機銷售額持平到小幅正成長的預期而言，我們應該如何思考定價的幅度——大概會是什麼水準？

Sure. For Q1, Chris, you have it right in assuming that the timing impacts due to Kingsford and some other promotional impacts are really the story in Q1. And if not, that would look much like the trajectory for the remainder of the year. So that is the primary impact to Q1, as you note. And then from a pricing perspective, back to Kevin's question, we are taking what we would call targeted or strategic pricing, and we've done that across the portfolio, looking at the places where the purity warrants it, where we feel we have more exposure, but being very disciplined about that.

當然。Chris，就第一季而言，你的理解是正確的：由於 Kingsford 的時點因素以及其他一些促銷影響，這才是第一季的主要故事。如果沒有這些因素，走勢會更像今年其餘時間的軌跡。所以如你所說，這是第一季的主要影響。至於定價方面，回到 Kevin 的問題，我們採取的是我們所稱的「目標式」或「策略性」定價；我們已在整個產品組合中這麼做，找出在價值主張足以支撐、且我們認為曝險較高的地方，同時在執行上保持高度紀律。

And the one category I called out that is more like it has been in the past is Glad given its exposure to commodities. That price increase is being implemented right now and largely going as expected. But you would see versus historical inflation cycles, if you look back, certainly 2023, a more muted price impact from that perspective, given the degree of pricing we're taking. And then, of course, we price through innovation, which you see as innovations roll out and that gets built in. But that's the extent you won't see a very, very large aspect from straight price increases given the amount that we're using it for this year to offset inflation.

我特別點名的一個品類，較像過去情況的是 Glad，因為它對大宗商品的曝險較高。這次漲價正在實施中，整體進展大致符合預期。但若與歷史上的通膨循環相比、回頭看，尤其是 2023 年，你會看到從這個角度來看，價格影響會更為溫和，因為我們採取的定價幅度較小。當然，我們也會透過創新來定價；當創新產品推出時，相關定價會被納入。但整體而言，由於今年我們使用直接漲價的幅度主要是為了抵銷通膨，你不會看到非常、非常大的直接漲價影響。

Great. And just -- is it fair to assume that pricing should be positive when we see the net price line for the end of the year and that the initial outlook for volume is for negative volume that perhaps you think a little bit better over the course of the year. But is that the construct for the outlook?

很好。另外——是否可以合理假設：當我們看到年底的淨價格（net price）項目時，定價應該會是正貢獻；而對於銷量的初始展望是負成長，但你們認為在一年當中可能會逐步改善一些。這就是你們展望的架構嗎？

That's correct, Chris. We have a few things going on, but net, this is how it will play out.

沒錯，Chris。我們有幾件事同時在發生，但整體而言，結果會是這樣呈現。

Javier Escalante, Evercore ISI.

Javier Escalante，Evercore ISI。

I guess I'm going to ask the pricing question from a different angle. Perhaps for Luc, it would be helpful if you frame it on the context of the gross margin in 2027 sort of a bridge, right? You mentioned that commodity inflation is about $200 million plus, so that would you around 300 basis points of negative. So if you can dimension the offset basically the mix or savings or pricing, what have you, that would be very helpful and whether that take, why is it doesn't risk the recovery in market share that you mentioned on Glad?

我想我會從不同角度來問定價問題。也許對 Luc 來說，如果你能把它放在 2027 年毛利率的脈絡下，用一個「橋接」的方式來說明，會很有幫助，對吧？你提到大宗商品通膨大約是 2 億美元以上，這大概相當於約 300 個基點的負面影響。所以如果你能量化一下抵銷項目——不論是組合、節省、定價等等——會非常有幫助；以及這為何不會危及你提到 Glad 市占回升的進程？

Yes, sure, Javier. I can take it. So yes, as you just mentioned, inflation of $200 million would be -- it's going to be more concentrated in the front half. AS you look at our levers to offset those, productivity would still be the primary level, right? And we actually feel very good about the strength of our cost-savings pipeline.

好的，當然，Javier。我可以回答。是的，正如你剛提到的，2 億美元的通膨——而且會更集中在上半年。當你看我們用來抵銷的槓桿時，生產力提升仍會是主要手段，對吧？而且我們對成本節省專案管線的強度其實感到非常有信心。

And pricing would be another level, strategic pricing. So not as much as productivity. There are other levers that we're taking, Linda just mentioned. In some cases, we're making investments to actually improve our superiority brand position. And it can be adjustment in pricing or trade promotion going the other way.

定價會是另一個手段，也就是策略性定價。因此它的比重不會像生產力提升那麼大。我們也在採取其他槓桿，Linda 剛剛也提到。在某些情況下，我們會進行投資，以實際強化我們「更優勢品牌」的定位。而這可能表現在定價調整，或是貿易促銷（trade promotion）往相反方向調整。

But when you net all of that, we expect to start recovering gross margin in the back half. Now of course, across the full year, we won't be able to fully recover the gross margin, but we expect to exceed the year with a much stronger gross margin.

但把這些全部加總後，我們預期在下半年開始回升毛利率。當然，以全年來看，我們無法完全恢復毛利率，但我們預期今年結束時的毛利率會明顯更強。

And Linda, if you can comment on the market share?

Linda，你能評論一下市占率嗎？

Sure, Javier. Is there a particular angle on market share you want me to cover?

當然可以，Javier。你希望我從市占率的哪個角度來說明？

Yes, because you basically -- I mean, and it seems kind of like antagonistic kind of goal because you talk about value-seeking behavior and the two categories where -- that you flag are bags and cat litter. And those -- what you see there is that you have value brands actually gaining share. And basically, the investments that you talked about, at least from the kind of standpoint, shows negative pricing. So from going from negative pricing, which is what drove the share stabilization to positive pricing going forward if you can help us have your confidence in terms of this is not going to come at expense of the share recovery that you mentioned?

是的，因為你基本上——我的意思是，這看起來像是有點相互牴觸的目標：你談到消費者追求價值的行為，而你點名的兩個品類是垃圾袋和貓砂。在那兩個品類中，你看到的是價值型品牌正在提升市占。而你談到的投資，至少從某種角度看，呈現的是負向定價。所以，若從負向定價（這是推動市占穩定的因素）轉為未來的正向定價，你能否幫助我們理解你們為何有信心：這不會以犧牲你提到的市占回升為代價？

Yes. I think it's really important that we're balancing those two things, Javier. We're balancing, ensuring that we recover margins over time with continued performance from a category and share perspective. So let's just take Glad trash. I think it's a great example.

可以。我認為我們在這兩件事之間取得平衡非常重要，Javier。我們在平衡：一方面確保毛利率隨時間回升；另一方面從品類表現與市占角度持續交出成果。我們就以 Glad 垃圾袋來說。我認為這是一個很好的例子。

Glad trash is actually growing share, and we feel good about the progress that it has made and we are taking pricing consistent with what we see in the category. We see that the pricing is moving in other parts as well. And typically, when we've taken price in the past, that's a place where share is either neutral or positive. We're going to see how this plays out. We don't know the level of pricing other people will take.

Glad 垃圾袋的市占實際上正在成長，我們對其進展感到滿意，且我們採取的定價與我們在該品類所觀察到的情況一致。我們也看到其他部分的定價同樣在變動。而通常，過去我們調價時，市占表現不是持平就是正向。我們會看看後續會如何發展。我們不知道其他人會採取多大幅度的定價。

We've determined our own level of pricing that we think is right to recover the right degree of commodities combined with all those other factors, but we'll watch it very closely. And the good news is we have better tools to evaluate those changes in pricing. And if we need to make adjustments after we take that price increase, we'll do exactly like we did in Glad trash before. And all of our other businesses will follow a similar model. I'd also call out for Hidden Valley at the same thing.

我們已經決定了我們自己的定價水準，認為這樣才能在綜合所有其他因素下，回收適當程度的大宗商品成本，但我們會非常密切地觀察。好消息是，我們有更好的工具來評估這些定價變動。如果在我們調價之後需要做調整，我們會完全比照先前在 Glad 垃圾袋所做的方式來處理。我們其他所有業務也會遵循類似的模式。我也要特別提到 Hidden Valley 也是同樣的做法。

We've been very targeted in how we think about pricing. We've recovered share through good fundamentals through good distribution, strong innovation, good price pack architecture. And so as we layer pricing on top of those things, we will look very carefully to see that, that whole package of superiority is coming together. And if not, we'll make adjustments. But right now, feeling good about the share position we head into, sequential improvement quarter after quarter, exit rate in June the strongest we saw all fiscal year '26, and we'd expect that we continue to make progress in '27.

我們在思考定價時一直非常有針對性。我們透過良好的基本面——良好的鋪貨/通路覆蓋、強勁的創新、良好的價格/包裝組合架構——把市占拉回來。因此，當我們在這些要素之上再疊加定價時，我們會非常仔細地檢視，確保整套「優勢組合」能夠到位。如果沒有，我們就會做調整。但就目前而言，我們對市占位置感覺良好：一季接一季的序列改善，6 月的退出率是整個 2026 會計年度中我們看到最強的，我們也預期在 2027 年會持續取得進展。

And we know with pricing, it might be a little bumpy or heading in the right direction.

我們也知道，配合定價，過程可能會有些顛簸，但方向是正確的。

Olivia Tong, Raymond James.

Olivia Tong，Raymond James。

Given the volatility in fiscal '26, can you talk about your retail relationships and how you're adapting your business for the level of promotion in the market? And any other learnings from this year that you think should help you stay better on track towards targets this year?

鑑於 2026 會計年度的波動性，你能談談你們與零售商的關係，以及你們如何因應市場促銷強度來調整業務嗎？另外，今年還有哪些你認為能幫助你們在今年更好地朝目標推進的學習與收穫？

Second, can you talk about inventory levels at the moment beyond the grilling and food-related categories that you talked about for Q1. Is there anywhere else where shipments and sell-in have -- where shipments in sell-in might have diverged?

第二，能否談談目前的庫存水位，除了你們在第一季提到的烤肉與食品相關品類之外。是否還有其他地方出貨與鋪貨（sell-in）——也就是出貨與 sell-in 之間——可能出現了背離？

And then lastly, on shelf space, are you still below where you were pre cyber? And what's your view on opportunity for incremental shelf space gains this year?

最後，關於貨架空間，你們目前是否仍低於網路事件（cyber）之前的水準？你們如何看待今年額外爭取更多貨架空間的機會？

Sure. If you don't mind, I'm going to go a little bit out of order. I'll just start with the simple one upfront, which is inventory levels. So largely, we see inventory levels in line with what we would expect and have not seen in our categories any material inventory changes or pressures from retailers. We would expect that to be fluid throughout the year as retailers make choices, but we have no visibility to that.

當然。如果你不介意，我會稍微不按順序回答。我先從最簡單的問題開始，也就是庫存水位。整體而言，我們看到的庫存水位符合我們的預期，且在我們的品類中，沒有看到零售商端任何重大的庫存變化或壓力。我們預期零售商會在全年依其選擇而有所調整、保持彈性，但我們對此沒有能見度。

And again, it's short-term noise. It doesn't tend to change the way that consumers consume or how retailers approach our brands in store. But for now, we don't have any aspects outside of the ones that you mentioned with promotional timing in Kingsford.

而且再次強調，這是短期雜訊。它通常不會改變消費者的使用/消耗方式，也不會改變零售商在店內對我們品牌的做法。但就目前而言，除了你提到 Kingsford 在促銷時點上的情況之外，我們沒有看到其他面向的問題。

Shelf space from cyber, we fully recovered all the distribution we lost from cyber, and we did detailed planning at a bi-retailer level by business level. Distribution is actually higher today than it was post cyber, and we gained share of distribution this year as well. And based off of our innovation plans, we expect to continue to have another strong year in gaining physical virtual shelf space as well as PDPs. And I think that moves nicely into your question on retailer relationships, Olivia, because the reality is that the sales environment, the retail environment is changing really rapidly and in exciting ways for consumers given the technology, given the data that we all have in the ecosystem, we have an opportunity to give consumer better shopping experiences, whether that be through e-commerce, through the way that we talk to them about our brands all the way to visions of having Agentified commerce where consumers are really out of a lot of the decision-making patterns, and we can ensure that they are spending time doing things they really love doing rather than shopping. And with that, we've invested with our retail partners to ensure that we're ready and leading in many of those aspects.

至於網路事件（cyber）後的貨架空間，我們已完全恢復因 cyber 而流失的所有鋪貨/通路覆蓋，我們也按「零售商（retailer）×業務」的層級做了非常細緻的規劃。目前的鋪貨覆蓋其實比 cyber 之後更高，而且我們今年也提升了鋪貨覆蓋的市占。基於我們的創新計畫，我們預期將持續在實體與虛擬貨架空間以及 PDP（商品詳情頁）方面，再迎來另一個強勁的成長年度。我認為這也很自然地帶到你關於零售商關係的問題，Olivia，因為現實是：在科技與我們生態系中可取得的數據推動下，銷售環境、零售環境正在非常快速且令人振奮地改變，讓我們有機會為消費者提供更好的購物體驗——無論是透過電商、透過我們與他們溝通品牌的方式，甚至到「代理化商務（Agentified commerce）」的願景：消費者可以從許多決策模式中解放出來，我們能確保他們把時間花在真正喜歡做的事情上，而不是購物。因此，我們也與零售夥伴共同投資，確保我們已準備就緒，並在其中許多面向保持領先。

I'd call out, in particular, with some of our larger retailers our focus on e-commerce. We're getting much more sophisticated with those retailer partners on how we talk to consumers in e-commerce, how we translate that into sales, how we tie that into brick-and-mortar stores and our plans there. And we're seeing the impact. We've had a number of categories significantly improved their growth rates in e-commerce. And that will continue to be a focus for the company in '27.

我特別想點出的是，我們與一些大型零售商在電商方面的聚焦。我們與這些零售夥伴在電商端如何與消費者溝通、如何把這轉化為銷售、以及如何與實體門市與我們在那裡的計畫串聯，正變得更加成熟與精細。而我們也看到了成效。我們有多個品類在電商的成長率顯著改善。這也將持續成為公司在 2027 年的重點。

We have relatively strong share position in e-commerce, but there are places where we're under-shared and we will make progress this year and ensuring that each category by retailer, we have specific plans for and are laser-focused on e-commerce.

我們在電商的市占相對強勁，但也有一些地方我們的市占偏低；我們今年會推進改善，並確保在「各品類×各零售商」層級都有明確計畫，且高度聚焦在電商。

And then I think from a future perspective, because we've invested so much in those retailer relationships, we're ready for whatever comes and want to be building in our categories, the plans of the future for retailers. And we've seen that with them. We are a category advisers given our leading share position in most of the categories we compete and we continue to invest in that capability through category growth ideas that we work with retailers on and then, of course, the future of capabilities.

再從更長期的角度來看，因為我們在這些零售商關係上投入很多，我們已準備好迎接任何變化，也希望與零售商一起在我們的品類中打造未來的藍圖。我們也確實在他們身上看到了這點。由於我們在多數競爭品類中具領先市占，我們是品類顧問（category advisers），並持續投資這項能力：一方面是與零售商共同推動的品類成長構想，另一方面當然是面向未來的各項能力建置。

So I feel very, very good that our retailer relationships are stronger than they've been, but that's an area where you have to continue to improve year after year, and that's what we're focused on for '27, particularly on the e-commerce side.

因此，我對我們與零售商的關係比以往更強感到非常、非常有信心；但這也是必須年復一年持續精進的領域，而這正是我們在 2027 年的重點，特別是在電商端。

Stephen Powers, Deutsche Bank.

Stephen Powers，德意志銀行（Deutsche Bank）。

Maybe can we just -- as you mentioned in the prepared remarks, there's been a lot of work done on Fresh Step over the last several months, and I know it's still relatively early, but maybe a little bit more perspective on what you've seen since you made those changes? And what your expectations are in terms of the progression from here?

或許我們可以——如你在事先準備的發言中提到，過去幾個月在 Fresh Step 上做了很多工作；我知道現在仍算相對早期，但能否多分享一些你們做出這些改變後所看到的情況？以及你們對接下來進展節奏的預期？

Yes. Thanks, Steve. Maybe just taking a step back on Fresh Step. I think this ties really well to how we talk about growing categories and making sure that we win share in our categories. And that all ties to do we have an overall superior proposition that we're giving the consumer through all aspects.

可以。謝謝你，Steve。或許先退一步談 Fresh Step。我認為這與我們如何談品類成長、以及如何確保我們在所屬品類中贏得市占非常契合。而這一切都回到：我們是否透過各個面向，向消費者提供整體更優越的價值主張。

Is the product better? Is the packaging better? Are we communicating that difference to consumers in a way that's compelling? Can they find us wherever they're shopping and is it easy to procure. And then of course, is at the right price.

產品是否更好？包裝是否更好？我們是否以有說服力的方式向消費者傳達這些差異？他們無論在哪裡購物都能找到我們嗎？購買取得是否容易？然後當然，價格是否合適。

And when we evaluated our plan on Fresh Step, we could see that we were not in a place where we had superiority. And so we overhauled the entire Fresh Step brand to address every single one of those elements of superiority, and we knew that, that would just be a first phase. So we improved the product. We had some product that was -- had too much dust. So we reduced the dusting in our product.

當我們評估 Fresh Step 的計畫時，我們可以看到我們並不處於具備優勢的狀態。因此，我們徹底改造了整個 Fresh Step 品牌，以解決每一項「優越性」要素，而我們也知道那只會是第一階段。所以我們改善了產品。我們有些產品——粉塵太多。因此我們降低了產品的揚塵。

We changed our focus on some of the categories where we haven't been competing a lot lightweight is a very important part of the segment, and we had a very small business there. So we've invested in innovation in lightweight. We've invested in packaging changes to consumer preferred packaging in that lightweight. We changed our marketing and all of our e-commerce sites. And then in addition, more recently, we've invested more in price.

我們也調整了重點，聚焦在一些我們過去競爭不多的品類；輕量化是該細分市場非常重要的一部分，而我們在那裡的業務規模很小。因此我們投入輕量化的創新。我們也投入包裝變更，改為消費者偏好的輕量化包裝。我們調整了行銷以及所有電商網站。此外，最近我們也在價格方面加大了投資。

So that's all in an effort to improve that superiority. But because we changed all of those elements, that takes a while to ensure the consumer understands the value you're getting with that better product, translating that into sales and then translating that into repeat. And that's what we're in right now is getting through the hump of that, making executional changes where things weren't shelved exactly right, making claim changes where we are not communicating exactly right, the product changes, we're in early innings. And then, of course, most importantly, is getting back to a strong slate of innovation that drives the category. And we knew that would take some time, and that really starts in earnest in fiscal year '27, which we're excited to get out in the market in the back half.

這些都是為了提升「優越性」。但因為我們改變了所有這些要素，需要一些時間才能確保消費者理解你透過更好的產品所獲得的價值，並將其轉化為銷售，再轉化為回購。而我們現在正處於跨越那個門檻的階段：在陳列沒有完全到位的地方做執行面調整；在我們溝通不夠精準的地方調整宣稱；以及產品變更——我們還在早期階段。當然，最重要的是，回到一套強而有力、能帶動品類成長的創新組合。我們知道這需要一些時間，而真正全面啟動會在 2027 財年，我們也很期待在下半年把它推向市場。

So I would characterize it as something where given cyber, given the impacts and given the very strong competitive set we have here who continue to make strides, we sell behind the superiority, but we're taking all the right steps to address that. And you can see through examples and whether that be Glad Trash or Hidden Valley that when we put our mind and get that superior right, we can make the right changes to get back to a leadership position in this category. So I feel confident over time, we will, but it's early innings, Steve, and we'll continue to keep you updated as we make progress.

所以我會這樣描述：考量到資安事件（cyber）、其影響，以及我們在這裡面對的競爭組合非常強、且對手持續取得進展，我們目前是靠「優越性」來支撐銷售，但我們正在採取所有正確的步驟來解決這些問題。你也可以從一些例子看到——不論是 Glad 垃圾袋或 Hidden Valley——當我們下定決心把「優越性」做到位時，我們就能做出正確的改變，回到這個品類的領導地位。因此我對長期而言我們能做到這點很有信心，但現在還在早期階段，Steve，我們會在取得進展時持續向你更新。

Yes. Okay. Very good. And if I could, I guess a question on guidance, but more from a philosophical perspective, I mean, given the CEO search, as you mentioned, being still underway, and a transition anticipated. I guess, was there anything that was done differently in approaching the fiscal -- to fiscal '27 guidance formulation in terms of embedding just enough conservatism to make sure that you're setting up incoming leadership for success and avoiding a need to make additional changes in reinvestments from this new level is a fiscal '27 base, if you will?

是的。好的。非常好。如果可以的話，我想問一個關於財測（guidance）但更偏哲學層面的問題：鑑於你提到 CEO 的遴選仍在進行中，且預期會有交接。我想問，在制定到 2027 財年的財測時，是否在方法上有任何不同——例如嵌入足夠的保守性，以確保新任領導能成功上任，並避免需要在以 2027 財年作為基準（base）的新水準上，再做額外的再投資調整？

Yes, Steve. As we set this budget with our Board, we took the exact same principled approach we've taken every year, which is looking at the external factors, making the assumptions around what we expect from the consumer category and cost looking at the plans that we have and doing everything we can to strengthen them and then setting an appropriate and balanced outlook based off of those factors. So nothing else was taken into consideration. It was the same set of factors that we always consider. And from a management team and Board perspective, we are laser focused on executing that because that's the best way that we can set that up for a new CEO to come in, is to execute these plans we have, and we feel these plans are the right plans to continue to advance our categories and our share position within them.

是的，Steve。我們與董事會一起制定這份預算時，採取了與每年完全相同、以原則為導向的方法：檢視外部因素，針對我們對消費者、品類與成本的預期做出假設；檢視我們的計畫並盡一切努力強化它們；然後基於這些因素設定適當且平衡的展望。因此沒有把其他事情納入考量。我們考量的仍是我們一貫會考量的那一組因素。從管理團隊與董事會的角度，我們高度聚焦於把它執行到位，因為這是我們能為新任 CEO 順利接任所做的最佳方式——把我們既有的計畫執行好；而我們也認為這些計畫是正確的計畫，能持續推進我們的品類發展，以及我們在其中的市占地位。

Lauren Lieberman, Barclays.

Lauren Lieberman，巴克萊（Barclays）。

Great. Just a quick ones, I know we've covered a lot of ground. SG&A drivers, I know you mentioned the incentive comp reset and then like sort of a structural increase from GOJO, but just Luc, how should we think about like comparable level of SG&A going forward? And then also, I don't -- I apologize if I missed it, but if there's been any conversation on beginning the ERP-enabled savings? I know you've talked about productivity as kind of the first line of defense versus inflation.

很好。我只有幾個簡短問題，我知道我們已經談了很多。關於 SG&A 的驅動因素：我知道你提到獎酬（incentive comp）重設，以及來自 GOJO 的結構性增加，但 Luc，往後我們應該如何看待可比口徑下的 SG&A 水準？另外，我不——如果我漏聽了先道歉，但是否有任何關於開始實現 ERP 帶來節省的討論？我知道你談過生產力（productivity）是對抗通膨的第一道防線。

But ERP-driven savings that may be starting to manifest in SG&A this year or also in logistics savings, another area we talked about is being subject to help with the new ERP.

但 ERP 驅動的節省是否可能在今年開始反映在 SG&A 上，或也反映在物流節省上——我們也談到另一個領域是新 ERP 有望帶來幫助的？

Yes. Thanks, Lauren. There's a lot going on in the SG&A line. So let me unpack it a little bit. The -- first and foremost, the 16% of sales includes about 40 basis points of negative impact from GOJO transaction-related costs, right, some onetime.

是的。謝謝你，Lauren。SG&A 這一行有很多事情在發生。我稍微拆解一下。首先也是最重要的，銷售額的 16% 包含約 40 個基點來自 GOJO 交易相關成本的負面影響，對，屬於一次性項目。

So that, you're about 15.5%. Now as I mentioned, GOJO has a higher level of SG&A. And so that adds about 1 point also. And so excluding this, you get pretty close to where we finished the year. But keep in mind, this year, the -- actually, the incentive comp was quite significant.

所以扣掉之後，大約是 15.5%。如我提到的，GOJO 的 SG&A 水準較高。因此也會增加大約 1 個百分點。所以若排除這些因素，你會非常接近我們今年結束時的水準。但請記住，今年的獎酬其實相當顯著。

And so without going through the math, what I'll tell you is that the level of productivity next year more than offset the level of inflation. So we are making progress. Now we're not making step progress. There's two things. One, because the top line is fairly flat.

不逐一帶你算數學，我可以告訴你的是：明年的生產力提升幅度將超過通膨幅度。所以我們正在取得進展。但我們不是那種跳躍式的進展。原因有兩點。第一，因為營收端相當持平。

You don't get the benefit of operating leverage. But most importantly, most of the initiatives that we talk about that are enabled by the ERP and further expansion in Global Business Services will start taking place, maybe starting late this year and most likely next fiscal year.

你就無法享有營運槓桿的好處。但更重要的是，我們所談的大多數由 ERP 賦能、以及全球商業服務（Global Business Services）進一步擴張所帶動的各項計畫，將會在今年稍晚開始發生，而更可能是在下一個財年。

Okay. Just so I can clarify that. Did you say that total productivity will be greater than inflation?

好的。我只是想確認一下。你是說總體生產力會高於通膨嗎？

That is correct. So we are actually -- on a comparable basis, we're actually making progress in SG&A next year.

沒錯。所以我們其實——在可比口徑下——明年的 SG&A 是在改善的。

Okay. Net productivity statement, sorry, that was specific to SG&A, not gross margins as separate conversation.

好的。抱歉，我說的淨生產力（net productivity）是特指 SG&A，不是毛利率，那是另一個話題。

That is correct.

沒錯。

Okay. And then since we're doing this, on the $200 million of inflation you mentioned, I just want to clarify what that covers? Is that just inputs, does that include logistics and transportation inflation as well or not?

好的。既然談到這裡，關於你提到的 2 億美元通膨，我想確認它涵蓋哪些內容？那只是原物料投入嗎？是否也包含物流與運輸通膨，還是不包含？

Yes, that's total inflation across supply chain, right? So commodities is going to be the majority of it. But as you mentioned, we're actually seeing pretty material inflation across different elements of logistics as an example, labor is actually not as much of a driver next year.

是的，那是供應鏈端的總通膨，對吧？其中大宗商品會占大多數。但如你所提，我們其實也在物流的不同要素上看到相當明顯的通膨；例如勞動力在明年其實不是那麼主要的驅動因素。

Okay. Great. And then actually just one last one thing. Interest expense for 2027, I'm guessing that's north of $200 million. Is that right?

好的。很好。然後其實最後還有一件事。2027 年的利息費用，我猜應該超過 2 億美元。對嗎？

Yes, that's right. Right now, it's about $210 million.

是的，沒錯。目前大約是 2.10 億美元。

Nik Modi, RBC Capital Markets.

Nik Modi，RBC 資本市場。

This is Clark for Nik Modi. Ranch saw an uplift in demand and consumer engagement during the World Cup, as you noted in your prepared remarks, what type of capabilities do you have in place to monitor these trends? And how do you plan on leveraging this momentum to drive further growth for Hidden Valley Ranch?

我是代 Nik Modi 發言的 Clark。如您在事先準備的發言中提到，Ranch 在世界盃期間需求與消費者互動都有所提升，您們有哪些能力來監測這些趨勢？以及您們打算如何運用這股動能，推動 Hidden Valley Ranch 的進一步成長？

Sure. Clark, it was an exciting moment, I think, for everyone around the world with the World Cup. And of course, an exciting moment for our company was the love that international visitors experienced when they tried Ranch for the first time. That is an American staple and not available in many other countries. And the team was prepared that this could be a moment and took full advantage of it.

當然。Clark，我想世界盃對全球每個人而言都是令人振奮的時刻。當然，對我們公司而言令人興奮的一點是，國際訪客第一次嘗試 Ranch 時所展現的喜愛。那是美國的經典必備品，在許多其他國家並不常見。團隊也預先準備好這可能是一個契機，並充分把握了它。

So we worked with our retail partners to ensure that they were putting Ranch out in front, given visitors were wanting to try it and giving incented consumers in the United States to remind them to use it. We did the largest sampling program that we've ever done once we started to see the impact. We got to many of the quarter final semis and finals games and did the largest sampling program with our dry product, which allowed those consumers to take it back home with them if they wanted to. And then, of course, we captured a lot of attention on social media as we talk about the love that Ranch was getting and turning that again into sales.

因此我們與零售合作夥伴合作，確保他們把 Ranch 擺在更顯眼的位置，因為訪客想要嘗試，同時也透過激勵措施提醒美國的消費者使用它。在我們開始看到影響後，我們做了史上最大規模的試吃活動。我們到訪了許多八強、四強與決賽的比賽現場，並針對我們的乾燥產品進行了最大規模的試吃，讓消費者如果願意也能把它帶回家。然後，當然，我們在社群媒體上也獲得大量關注，我們談論大家對 Ranch 的喜愛，並再次把這些關注轉化為銷售。

I think the important part here is, one, we have a superior product that consumers love and we continue to invest in that product. We will continue to invest in it in fiscal year '27. We have a very strong slate of innovation that is targeted at consumers who are thinking about wellness. And there's a number of innovations we have, whether that be avocado oil, et cetera, that are focused on that trend.

我認為這裡重要的是：第一，我們有消費者喜愛的優質產品，而且我們持續投資於該產品。我們在 2027 財年也會持續投資。我們有非常強勁的一系列創新，鎖定正在思考健康福祉的消費者。我們有多項創新，例如酪梨油等，都是聚焦於這個趨勢。

We ensured that we got price pack architecture right for those consumers that are value stretched. And so we have focused some smaller sizes and larger sizes and getting that distribution right, and we will see that play into '27. And then given the love and attention, we continue our social campaigns to remind consumers of all the great ways to use Ranch to make their at-home meals even better, and we're seeing strong consumer reaction to that as well.

我們也確保針對那些預算吃緊、重視性價比的消費者，把價格與包裝組合架構（price pack architecture）做對。因此我們聚焦於較小與較大規格，並把通路鋪貨做對，我們會看到這些在 2027 年發揮作用。此外，鑑於這份喜愛與關注，我們持續進行社群行銷活動，提醒消費者使用 Ranch 讓居家餐點更美味的各種方式，我們也看到消費者對此反應強勁。

So I feel good about the progress feel good about the moment that we took advantage of, but this was much broader than a moment. It was taking our full capabilities to bear and building a stronger plan for '27.

所以我對進展感到樂觀，也對我們把握住的那個時機感到滿意，但這其實不只是一次性的時刻。這是把我們的完整能力發揮到極致，並為 2027 年建立更強的計畫。

Priya Ohri-Gupta, Barclays Capital.

Priya Ohri-Gupta，巴克萊資本。

I was just wondering if you could address how you plan to think (technical difficulty)

我只是想請問您是否可以說明，您打算如何看待(技術問題)

Priya?

Priya？

Notes that you have outstanding. Should we expect those to get refinanced?

你們目前尚未償還的票據（Notes）。我們是否應該預期你們會為這些進行再融資？

I think we lost you a little bit. Do you mind repeating your question?

我想我們剛剛有點聽不清楚。你介意重複一下你的問題嗎？

Sorry about that. I just wanted to see if we should expect you to refinance the short-term and CP balance that you have outstanding?

抱歉。我只是想確認，我們是否應該預期你們會為目前未償還的短期借款與商業本票（CP）餘額進行再融資？

Hi, Priya. We don't have any plan for the moment. Actually, just the way we structured the debt is to ensure that we would actually repay those with the free cash flow that we'll generate over the next 12 to 18 months. Now we do have some maturity coming up. And so that will be -- that will give us an opportunity to just reassess the debt structure going forward into next calendar year.

嗨，Priya。我們目前沒有任何計畫。其實，我們的債務結構設計就是為了確保我們能用未來 12 到 18 個月將產生的自由現金流來償還這些。不過我們確實有一些到期日即將到來。因此，那將會——那將會給我們一個機會，在進入下一個曆年時重新評估未來的債務結構。

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

問答環節到此結束。Rendle 女士，我想把會議交回給您。

Thanks, Jen. I will close by saying we're entering fiscal year 2027 from a stronger position than we started fiscal year 2026, and we expect that momentum to continue building as we move through the year. With our ERP implementation complete, we're focused on optimizing the platform, unlocking productivity and realizing the benefits of that investment. At the same time, we're continuing to advance our long-term strategy, sustain our always on transformation agenda, and take the necessary targeted short- and medium-term actions to strengthen superiority. The acquisition of GOJO further strengthens our foundation by expanding our health and hygiene platform, bringing the Purell brand into our portfolio and creating new opportunities to serve consumers and professional customers with a more complete set of trusted hygiene solutions.

謝謝你，Jen。最後我想說，我們以比 2026 財年開始時更強的態勢進入 2027 財年，並預期這股動能將在全年持續累積。隨著我們的 ERP 導入完成，我們正專注於最佳化該平台、釋放生產力並實現這項投資的效益。同時，我們持續推進長期策略、維持我們的持續轉型議程，並採取必要且具針對性的短期與中期行動，以強化卓越優勢。收購 GOJO 也透過擴展我們的健康與衛生平台進一步強化基礎，將 Purell 品牌納入我們的產品組合，並創造新的機會，以更完整的一套可信賴衛生解決方案服務消費者與專業客戶。

Combined with the investments we've made in our business over the last several years, these actions give us confidence in our ability to accelerate category and market share growth, expand profitability and create long-term shareholder value. Thank you for your time and questions today. We look forward to updating you on our progress next quarter.

再加上我們過去幾年對業務所做的投資，這些行動讓我們對自身能力更有信心，能加速品類與市占成長、擴大利潤率，並創造長期股東價值。感謝各位今天撥冗與提問。我們期待在下個季度向各位更新我們的進展。

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。