Edgewell Personal Care Co (EPC) 2024 Q1 法說會逐字稿

Good morning, and welcome to Edgewell Personal Care first-quarter 2024 earnings call. (Operator Instructions) Please note, this event is being recorded.

早安，歡迎參加 Edgewell Personal Care 2024 年第一季財報電話會議。（操作員說明）請注意，正在記錄此事件。

I would now like to turn the conference over to Chris Gough. Please go ahead.

我現在想把會議交給克里斯高夫。請繼續。

Good morning, everyone, and thank you for joining us this morning for Edgewell's first-quarter fiscal year 2024 earnings call. With me this morning are Rod Little, our President and Chief Executive Officer; and Dan Sullivan, our Chief Financial Officer. Rod will kick off the call then hand it over to Dan to discuss our results and full-year fiscal 2024 outlook before we transition to Q&A. This call is being recorded and will be available for replay via our website, www.edgewell.com.

大家早安，感謝您今天早上參加 Edgewell 的 2024 財年第一季財報電話會議。今天早上和我在一起的有我們的總裁兼執行長羅德·利特爾 (Rod Little)；和我們的財務長丹·沙利文。Rod 將開始電話會議，然後將其交給 Dan，討論我們的業績和 2024 財年全年展望，然後再進行問答。本次通話正在錄音中，可透過我們的網站 www.edgewell.com 重播。

During the call, we may make statements about our expectations, future plans, and performance. This might include future sales, earnings, advertising and promotional spending, product launches, savings and costs related to restructuring and repositioning actions, acquisitions and integrations, changes to our working capital metrics, currency fluctuations, commodity costs, category value, future plans for return of capital to shareholders, and more.

在電話會議期間，我們可能會就我們的期望、未來計劃和績效發表聲明。這可能包括未來的銷售、收入、廣告和促銷支出、產品發布、與重組和重新定位行動、收購和整合相關的節省和成本、我們的營運資本指標的變化、貨幣波動、商品成本、類別價值、未來回報計劃向股東提供資本等等。

Any such statements are forward-looking statements for the purposes of the Safe Harbor provisions under the Private Securities Litigation Reform Act of 1995, which reflect our current views with respect to future events, plans, or prospects.

就 1995 年《私人證券訴訟改革法案》中的安全港條款而言，任何此類陳述均為前瞻性陳述，反映了我們當前對未來事件、計畫或前景的看法。

These statements are based on assumptions and are subject to various risks and uncertainties, including those described under the caption Risk Factors in our annual report on Form 10-K for the year ended September 30, 2023, as may be amended in our quarterly reports on Form 10-Q, which is on file with the SEC.

這些陳述是基於假設，並受到各種風險和不確定性的影響，包括我們截至2023 年9 月30 日的年度報告10-K 表格中風險因素標題下描述的風險和不確定性，並可能在我們的季度報告中進行修訂10-Q 表，已在 SEC 備案。

These risks may cause our actual results to be materially different from those expressed or implied by our forward-looking statements. We do not assume any obligation to update or revise any of these forward-looking statements to reflect new events or circumstances except as required by law.

這些風險可能導致我們的實際結果與我們的前瞻性陳述明示或暗示的結果有重大差異。除法律要求外，我們不承擔更新或修改任何這些前瞻性陳述以反映新事件或情況的義務。

During this call, we will refer to certain non-GAAP financial measures. These non-GAAP measures are not prepared in accordance with generally accepted accounting principles. A reconciliation of the non-GAAP financial measures to the most directly comparable GAAP measures is shown in our press release issued earlier today, which is available at the Investor Relations section of our website.

在本次電話會議中，我們將提及某些非公認會計準則財務指標。這些非公認會計準則衡量指標並非依照公認會計原則制定。我們今天稍早發布的新聞稿顯示了非公認會計準則財務指標與最直接可比較的公認會計準則財務指標的對賬，該新聞稿可在我們網站的投資者關係部分找到。

This non-GAAP information is provided as a supplement to, not as a substitute for or as superior to, measures of financial performance prepared in accordance with GAAP. However, management believes these non-GAAP measures provide investors with valuable information on the underlying trends of our business.

此非公認會計原則資訊是作為根據公認會計原則編制的財務績效衡量標準的補充，而不是替代或優於其。然而，管理階層認為這些非公認會計準則衡量標準為投資者提供了有關我們業務基本趨勢的寶貴資訊。

With that, I'd like to turn the call over to Rob.

有了這個，我想把電話轉給羅布。

Thank you, Chris. Good morning, everyone, and thanks for joining us on our fiscal '24 first-quarter earnings call. We had a good start to the year with 3% organic net sales growth, largely driven by strong performance in international markets, where mostly healthier categories and improved in-market execution drove growth. The growth was underpinned by both price and volume gains.

謝謝你，克里斯。大家早安，感謝您參加我們的 24 財年第一季財報電話會議。我們今年開了個好頭，有機淨銷售額成長了 3%，這主要是由於國際市場的強勁表現推動的，其中大多數是更健康的品類和改善的市場執行力推動了成長。這一增長得益於價格和銷量的增長。

Notably, we saw meaningful organic growth and market share gains in both Japan and Germany, reflecting both good consumer response to our brands, also strong wholesaler and good retailer support. I am very excited about the results we are seeing in our international markets as we continue to strengthen our capabilities and streamline our leadership structure across the business.

值得注意的是，我們在日本和德國看到了有意義的有機成長和市場份額成長，這不僅反映出消費者對我們品牌的良好反應，也反映出強大的批發商和良好的零售商支持。隨著我們不斷增強我們的能力並簡化整個業務的領導結構，我對我們在國際市場上看到的結果感到非常興奮。

A year ago, we brought the markets closer to our global center with all non-North American markets directly reporting to me and Dan. We also made significant changes in leadership across Europe, Japan, and China, which collectively represent almost two-thirds of our international business. And we've continued to push decision making and accountability to the local teams, all of which has contributed to a more robust organic growth profile.

一年前，我們將市場拉近了我們的全球中心，所有非北美市場都直接向我和丹報告。我們也對歐洲、日本和中國的領導階層進行了重大調整，這些地區合計占我們國際業務的近三分之二。我們繼續向當地團隊推動決策和問責制，所有這些都有助於實現更強勁的有機成長。

In North America, despite some transitory dynamics that contributed to year-over-year organic net sales declines, most notably in fem care, our consumption and resulting market share results were solid and largely in line with trend.

在北美，儘管一些短暫的動態導致有機淨銷售額同比下降，尤其是在女性護理領域，但我們的消費和由此產生的市場份額結果仍然穩固，並且基本上符合趨勢。

Across our markets, the consumer remains resilient, our categories remained relatively healthy. As we move into our bigger spring and summer selling seasons, we believe we are well positioned with notable innovation in sun care, our brand replatforming in fem care, and the Billie launch into new body categories all in front of us.

在我們的市場中，消費者仍然保持彈性，我們的品類仍然相對健康。隨著我們進入更大的春夏季銷售季節，我們相信我們已經處於有利地位，在防曬護理方面的顯著創新、我們在女性護理方面的品牌重組以及 Billie 向新身體類別的推出都在我們面前。

Adjusted gross margin expanded year over year ahead of our expectations, driven by our ability to accelerate productivity savings and realized gains from improved price and revenue management. We increased investment in our brands in the quarter, remained disciplined on G&A costs, and delivered adjusted EBITDA and EPS ahead of our expectations. With this good start to the year and with strong fundamentals in place, we have increased confidence in our ability to deliver our outlook for both top and bottom line.

調整後的毛利率年增率超出了我們的預期，這得益於我們加速生產力節省的能力以及透過改進價格和收入管理所實現的收益。本季我們增加了對品牌的投資，維持對一般管理費用的嚴格控制，調整後的 EBITDA 和每股盈餘超出了我們的預期。憑藉今年的良好開局和強勁的基本面，我們對實現營收和利潤前景的能力更有信心。

The first quarter was a good example of the business model we have built, and ultimately, our path for continued success; solid top-line growth with good market share outcomes; accelerated gross margin accretion; incremental commercial investments in support of priority brands and markets; and a healthy, sustainable profit profile.

第一季是我們建立的商業模式的一個很好的例子，也是我們最終持續成功之路的一個很好的例子；穩健的營收成長和良好的市佔率結果；毛利率加速成長；支持優先品牌和市場的增量商業投資；以及健康、可持續的利潤狀況。

Importantly, our portfolio of leading brands continues to be top of mind for consumers across the globe regardless of their preferred channel, in-store or online.

重要的是，我們的領先品牌組合仍然是全球消費者的首要考慮因素，無論他們喜歡哪種管道，無論是店內還是網路。

In our shaving business, we are seeing the clear advantages of our manufacturing technology and improved brand-building and digital capabilities with compelling innovation stronger retailer partnerships globally, private brands, market share gains, and the successful retail expansion of a Billie brand here in the United States and in Canada, all demonstrating clear proof points of a healthier shaving portfolio.

在我們的剃須業務中，我們看到了製造技術的明顯優勢，以及透過引人注目的創新、更強大的全球零售商合作夥伴關係、自有品牌、市場份額的成長以及比莉品牌在美國的成功零售擴張，提高了品牌建立和數位化能力。美國和加拿大都清楚地證明了更健康的剃鬚產品組合。

In sun care, the mid-single-digit organic growth in the quarter was in line with expectations, and we saw good execution from concept to shelf across our leading portfolio of trusted brands. Our end-to-end capabilities of product formulation, regulatory quality control, internal manufacturing, and direct-store delivery to shelf are all points of competitive advantage that contribute to our broader success.

在防曬護理方面，本季中個位數的有機成長符合預期，我們看到我們領先的值得信賴品牌組合從概念到上架的良好執行力。我們在產品配方、監管品質控制、內部製造和直接商店送貨到貨架方面的端到端能力都是有助於我們取得更廣泛成功的競爭優勢。

Our grooming portfolio of well-crafted brands continues to resonate with consumers and will soon be augmented by the disruptive force of the Billie brand as we begin to execute our retail pilot and the initial launch of the brand's offering in body beginning today.

我們精心打造的美容品牌組合繼續引起消費者的共鳴，並且隨著我們從今天開始執行零售試點並首次推出該品牌的身體產品，Billie 品牌的顛覆性力量將很快得到增強。

And finally, in fem care, we believe that we've now cycled through the supply chain and demand imbalances that have plagued the category over the last 18 months and make year-over-year comparisons challenging. I'm personally bullish about the opportunities that our new master brand strategy offers as we replatform our pads and liners business under the Carefree brand with a unique consumer positioning and emotive campaign that I expect will resonate well with our targeted consumers.

最後，在女性護理方面，我們相信我們現在已經經歷了過去 18 個月困擾該類別的供應鏈和需求不平衡問題，並使同比比較具有挑戰性。我個人看好我們新的主品牌策略所提供的機會，因為我們透過獨特的消費者定位和情感行銷活動，以Carefree 品牌重塑衛生棉和襯墊業務，我預計這將與我們的目標消費者產生良好的共鳴。

Our brands are healthier and once again, this year, better represented across all channels of distribution than at any point since we began as an independent company in 2015. Initial read on distribution outcomes for 2024 is encouraging, all of which underpins our durable, sustainable top-line growth profile this fiscal year and beyond.

我們的品牌更加健康，今年在所有分銷管道中的代表性再次高於我們 2015 年作為獨立公司成立以來的任何時候。初步了解 2024 年的分配結果令人鼓舞，所有這些都支撐了我們本財年及以後持久、可持續的營收成長狀況。

Operationally, we remain disciplined in the face of continued though easing inflationary headwinds. We generated almost 600 basis points of combined gross margin benefits from productivity and efficiency initiatives as well as price and revenue management execution.

在操作上，面對持續但有所緩解的通膨逆風，我們仍保持紀律。透過生產力和效率計劃以及價格和收入管理執行，我們的綜合毛利率收益提高了近 600 個基點。

Our teams did a terrific job in the quarter of driving operational excellence across the supply chain, while further realizing the benefits of our focus on unit economics and sound revenue and promotion management. And importantly, as planned, we increased investment in support of our brands with spend centered around digital activation ahead of the compelling innovation that will come to market later this quarter.

我們的團隊在本季度在推動整個供應鏈的卓越營運方面做得非常出色，同時進一步實現了我們專注於單位經濟效益以及健全的收入和促銷管理的好處。重要的是，按照計劃，我們增加了對品牌支持的投資，在本季度晚些時候推出市場的引人注目的創新之前，支出以數位激活為中心。

So to wrap up, the results, this quarter and our outlook for the full year illustrate the progress we've made since outlining our long-term vision and growth goals in 2020, and importantly, demonstrate that our strategy is working.

總而言之，本季的業績和我們對全年的展望說明了我們自概述 2020 年長期願景和成長目標以來所取得的進展，更重要的是，這表明我們的策略正在發揮作用。

As we move past peak inflationary pressures that we have contended with for the past two years, we remain confident in our financial model, which calls for organic net sales growth, gross margin accretion, G&A leverage, and strong free cash flow generation. Simply put, our business is better with a stronger portfolio of brands and a demonstrated ability to successfully execute against each of our key strategic priorities. This gives us confidence that we will deliver significant value creation for our shareholders.

隨著我們度過了過去兩年所面臨的通膨峰值壓力，我們對我們的財務模型仍然充滿信心，該模型要求有機淨銷售額增長、毛利率增加、一般管理費用槓桿和強勁的自由現金流生成。簡而言之，憑藉更強大的品牌組合和成功執行每項關鍵策略重點的能力，我們的業務變得更好。這讓我們相信我們將為股東創造巨大的價值。

And now, I'd like to ask Dan to take you through our first-quarter results and discuss our outlook for fiscal '24. Dan?

現在，我想請 Dan 向您介紹我們的第一季業績並討論我們對 24 財年的展望。擔？

Thank you, Rob. Good morning, everyone. As Rob mentioned, operational and commercial execution in the quarter was strong, particularly in our international markets, which helped drive solid top-line growth, good market share results, and notable gross margin accretion, all of which enabled better-than-expected earnings and cash generation for the quarter while setting us up well to deliver full-year results in line with our previous outlook.

謝謝你，羅布。大家，早安。正如羅布所提到的，本季的營運和商業執行力強勁，尤其是在我們的國際市場，這有助於推動穩健的營收成長、良好的市場份額結果和顯著的毛利率成長，所有這些都實現了優於預期的收益和本季的現金生成，同時使我們能夠很好地實現符合我們先前預期的全年業績。

For the quarter, organic net sales grew 3.1%, largely driven by higher pricing. International organic growth was just over 16%, underpinned by both price and volume gains. In the quarter, the consumer remained resilient with our categories in aggregate continuing to grow and signs of structural recovery in key international markets like Japan and Germany.

本季有機淨銷售額成長 3.1%，主要是由於定價上漲。在價格和銷售成長的推動下，國際有機成長略高於 16%。本季，消費者保持彈性，我們的品類整體持續成長，日本和德國等主要國際市場出現結構性復甦的跡象。

Aggregate consumption across our US segments increased 2.2% in the quarter, below 52-week trends as gains from pricing eased compared to a year ago. Importantly, volume consumption remained strong in both women's shave and grooming, where we gained and held volume share respectively.

由於定價收益與一年前相比有所放緩，本季度我們美國部門的總消費增長了 2.2%，低於 52 週的趨勢。重要的是，女性剃須和美容產品的銷售仍然強勁，我們分別獲得併保持了銷售份額。

Operationally, our teams continue to execute. The supply chain organization further improved service levels and unit fill rates while realizing better-than-expected productivity savings, and our commercial teams drove strong gains from both price and promotion management.

在營運方面，我們的團隊繼續執行。供應鏈組織進一步提高了服務水準和單位填充率，同時實現了好於預期的生產力節省，我們的商業團隊從價格和促銷管理中獲得了強勁收益。

In total, these efforts combine to provide almost 600 basis points of gross margin tailwinds in the quarter, which nearly offset the transitory unfavorable effect of lower manufacturing absorption and the negative effect of heightened unit cost inflation dropped in inventory, both of which we previewed last quarter.

In total, these efforts combine to provide almost 600 basis points of gross margin tailwinds in the quarter, which nearly offset the transitory unfavorable effect of lower manufacturing absorption and the negative effect of heightened unit cost inflation dropped in inventory, both of which we previewed last四分之一.

Despite these significant one-time headwinds, we delivered 30 basis points of adjusted gross margin accretion, adjusted EPS of $0.24 per share, and adjusted EBITDA of $57.2 million, all of which were above our expectations.

儘管存在這些重大的一次性阻力，但我們的調整後毛利率增長了 30 個基點，調整後每股收益為 0.24 美元，調整後 EBITDA 為 5720 萬美元，所有這些都超出了我們的預期。

Now let me turn to the detailed results for the quarter. As mentioned, organic net sales increased 3.1%, driven by strong performance across international markets, all of which grew year over year. The strong international performance was a result of nearly double-digit volume growth, coupled with mid-single-digit price-related gains. Performance in Japan was a highlight as a return to healthy category consumption was met with strong price execution and a favorable pull forward of purchases ahead of the New Year holiday.

現在讓我談談本季的詳細業績。如前所述，在國際市場強勁表現的推動下，有機淨銷售額成長了 3.1%，所有市場均較去年同期成長。強勁的國際業績得益於近兩位數的銷售成長以及中等個位數的價格相關收益。日本的表現是一大亮點，因為強勁的價格執行和新年假期前的有利採購推動了健康類別消費的回歸。

Organic sales in North America were down 4.9%, more than half of which was attributable to declines in fem care as we cycled double-digit organic growth last year. North America volumes were down just over 6%, while pricing delivered over 1 point of growth.

北美的有機銷售額下降了 4.9%，其中超過一半是由於去年我們實現了兩位數的有機成長，導致女性護理業務的下降。北美銷量下降略高於 6%，而價格則成長超過 1 個百分點。

Wet shave organic net sales were up 8.1% with growth across men's and women's systems, disposables, and preps. International wet shave growth stood out in the quarter at 18% as a result of improved market conditions, strong in-market brand activation, higher pricing, and the aforementioned replenishment phasing benefits in Japan.

隨著男士和女士系統、一次性用品和準備品的增長，濕剃有機淨銷售額增長了 8.1%。由於市場狀況改善、市場品牌活化強勁、定價更高以及上述日本分階段補貨優勢，國際濕剃業務本季成長 18%。

In the quarter, we saw meaningful market share gains in Japan, Germany, and Canada. Wet shave organic sales in North America declined 2% with declines in both disposables and perhaps more than offsetting a strong quarter for men's systems. In the US razors and blades category, consumption was flat in the quarter and our market share increased 10 basis points, driven by share gains in branded women's systems as Billie continued to scale at retail while also growing in newly activated online channels.

本季度，我們在日本、德國和加拿大的市佔率大幅成長。北美的濕剃有機銷售額下降了 2%，一次性用品的下降可能足以抵消男士系統強勁的季度表現。在美國剃刀和刀片類別中，本季消費量持平，但我們的市場份額增長了10 個基點，這主要是由於Billie 繼續擴大零售規模，同時在新激活的在線渠道上實現增長，從而推動了品牌女性系統的份額成長。

In the quarter, the brand reached a 14 share at Walmart and a 7 share on Amazon and in the most recent scanner data is now the number-three brand in the set at Target and CVS. Despite the heightened competitive environment within the women's category, our branded volume share gains of 210 basis points were above recent trend.

本季度，該品牌在沃爾瑪的份額達到 14，在亞馬遜的份額達到 7，根據最新的掃描器數據，該品牌目前在 Target 和 CVS 中排名第三。儘管女裝類別的競爭環境更加激烈，但我們的品牌銷售份額成長了 210 個基點，高於近期趨勢。

Men's systems and disposables market shares were essentially flat in the quarter. Sun and skin care organic net sales increased about 1% as mid-single-digit growth in sun care was partially offset by declines in North America grooming and skin.

本季男士系統和一次性用品的市佔率基本持平。防曬和皮膚護理產品的有機淨銷售額增長了約 1%，因為防曬產品的中個位數增長被北美美容和皮膚產品的下滑部分抵消。

North America sun care growth was over 5%, driven by higher volumes. International sun care sales increased just over 5% as well, despite cycling almost 70% growth last year, driven primarily by higher pricing. In the US, the sun care category was up approximately 8%, and our share was essentially flat.

在銷量增加的推動下，北美防曬產品成長超過 5%。儘管去年自行車銷量成長了近 70%，主要是由於價格上漲，但國際防曬產品銷量也僅成長了 5% 多一點。在美國，防曬品類成長了約 8%，而我們的份額則基本持平。

Grooming organic net sales decreased 2.6% as Bulldog growth in Europe was more than offset by declines in CREMO in the US as we cycle certain [MVD] launches a year ago. Wet Ones organic net sales declined 1.3% and our share grew approximately 77%. Fem care organic net sales were down 11.2% for the quarter, primarily reflecting lower volumes. Consumption in the category was up 1.5% or half the rate of the previous 52 weeks, and our share of the market declined 1 point.

美容有機淨銷售額下降了 2.6%，因為 Bulldog 在歐洲的成長被美國 CREMO 的下降所抵消，因為我們一年前推出了某些 [MVD]。Wet Ones 的有機淨銷售額下降了 1.3%，但我們的份額增長了約 77%。本季女性護理有機淨銷售額下降 11.2%，主要反映銷量下降。該類別的消費量增加了 1.5%，是前 52 週的一半，而我們的市佔率則下降了 1 個百分點。

In the quarter, we cycled competitive out-of-stocks a year ago and felt the impact of retailer inventory buydowns, in part as a result of the Carefree master brand launch happening later in the spring. However, increased promotional intensity in the tampons category as competition returned to shelf and the magnitude of the retailer destocking caused a higher-than-expected drag on organic sales and share performance in the quarter.

在本季度，我們經歷了一年前的競爭性缺貨，並感受到了零售商庫存回購的影響，部分原因是春季晚些時候推出的 Carefree 主品牌。然而，隨著競爭重新上架，衛生棉條類別的促銷力度加大，加上零售商大幅去庫存，對本季的有機銷售和股價表現造成了高於預期的拖累。

Now moving down the P&L, gross margin rate on an adjusted basis increased 30 basis points, inclusive of 70 basis points of favorable currency. Approximately 380 basis points of productivity savings and 210 basis points of price gains partially offset 520 basis points of transitory cost headwinds related to unfavorable absorption and heightened unit cost inflation trapped in inventory, core gross inflation pressures of about 70 basis points, and 40 basis points of negative mix and other items.

現在，從損益表來看，調整後的毛利率上升了30個基點，其中包括70個基點的有利貨幣。約380個基點的生產力節省和210個基點的價格上漲部分抵消了520個基點的暫時性成本逆風，這些逆風與不利的吸收和受困於庫存的單位成本通膨加劇有關，核心總通膨壓力約70個基點和40個基點負面組合和其他項目。

A&P expenses were 9.9% of net sales, 10 basis points higher than the prior year. Adjusted SG&A increased 110 basis points in rate of sale versus last year as higher incentive compensation and people-related costs and the impact of unfavorable currency movements were only partly offset by savings realized from ongoing operational efficiency programs and sales leverage.

A&P 費用佔淨銷售額的 9.9%，比前一年高出 10 個基點。調整後的 SG&A 銷售額與去年相比增加了 110 個基點，原因是激勵薪酬和人員相關成本的提高以及不利的貨幣變動的影響僅被持續運營效率計劃和銷售槓桿實現的節省所部分抵消。

Adjusted operating income was $35.7 million compared to $37.3 million last year, a decrease of approximately 4%. GAAP diluted net earnings per share were $0.09 compared to $0.24 in the first quarter of fiscal '23, and adjusted earnings per share were $0.24 compared to $0.32 in the prior-year period.

調整後營業收入為 3,570 萬美元，較去年的 3,730 萬美元減少約 4%。GAAP 攤薄後每股淨利為 0.09 美元，而 23 財年第一季為 0.24 美元；調整後每股收益為 0.24 美元，去年同期為 0.32 美元。

Currency movements had no material impact on adjusted earnings per share as currency benefits within operating profit were offset by lower hedge gains within other income and expense.

匯率變動對調整後每股盈餘沒有重大影響，因為營業利潤中的貨幣收益被其他收入和費用中較低的對沖收益所抵銷。

Adjusted EBITDA was $57.2 million compared to $64.5 million in the prior year. Net cash used from operating activities for the quarter was $72.9 million compared to $86.3 million in the prior-year period. We ended the quarter with $214 million in cash on hand, access to the $207 million undrawn portion of our credit facility, and a net debt leverage ratio of 3.8 times.

調整後 EBITDA 為 5,720 萬美元，上一年為 6,450 萬美元。本季經營活動使用的現金淨額為 7,290 萬美元，去年同期為 8,630 萬美元。本季末，我們手頭現金為 2.14 億美元，可使用信貸額度中 2.07 億美元的未提取部分，淨債務槓桿率為 3.8 倍。

In the quarter, share repurchases totaled $15 million, and we continued our quarterly dividend payout and declared another cash dividend of $0.15 per share for the first quarter. In total, we returned nearly $23 million to shareholders during the quarter.

本季度，股票回購總額為 1500 萬美元，我們繼續支付季度股息，並宣布第一季再次現金股息每股 0.15 美元。本季我們總共向股東返還了近 2,300 萬美元。

Now turning to our outlook for fiscal 2024, as Rod mentioned earlier, with a good start to the fiscal year and strong fundamentals in place, we have increased confidence in our ability to meet our previously provided outlook, which reflects sustainable top-line growth, gross margin accretion, and double-digit constant currency adjusted EPS growth.

現在轉向我們對2024 財年的展望，正如羅德之前提到的，憑藉本財年的良好開局和強勁的基本面，我們對實現之前提供的前景的能力更有信心，這反映了可持續的營收成長，毛利率增加，以及兩位數的固定貨幣調整後每股盈餘成長。

The macro environment remains challenging with an uncertain geopolitical and economic backdrop, potential risks from further supply chain disruptions, and a lack of clarity around the durability of the consumer resiliency that we have seen thus far. And while FX remains volatile, our assumption for currency impacts to the full fiscal year is unchanged from our prior outlook.

宏觀環境仍然充滿挑戰，地緣政治和經濟背景不確定，供應鏈進一步中斷帶來的潛在風險，以及迄今為止我們所看到的消費者彈性的持久性缺乏明確性。儘管外匯仍然波動，但我們對整個財年貨幣影響的假設與先前的展望沒有改變。

For the fiscal year, we still anticipate organic net sales growth in the 2% to 4% range. Our outlook for gross margin accretion is unchanged as we continue to anticipate an increase of approximately 80 basis points or 100 basis points at constant currency. There was no change to our full-year view for the elements that underpin our gross margin profile, including inflationary headwinds, productivity savings, pricing, and FX.

對於本財年，我們仍預期有機淨銷售額將成長在 2% 至 4% 範圍內。我們對毛利率成長的展望保持不變，因為我們繼續預期以固定匯率計算將成長約 80 個基點或 100 個基點。我們對支撐毛利率狀況的因素的全年看法沒有變化，包括通膨阻力、生產力節省、定價和外匯。

Adjusted EBITDA is still expected to be in the range of $340 million to $352 million. Adjusted EPS is still expected to be in the range of $2.65 to $2.85, inclusive of approximately $0.20 per share of currency headwinds. In terms of phasing, we continue to expect similar organic sales growth rates between H1 and H2. And we now expect 35% of our full-year EPS in H1 and 65% in H2.

調整後 EBITDA 預計仍將在 3.4 億美元至 3.52 億美元之間。調整後每股收益預計仍將在 2.65 美元至 2.85 美元之間，其中包括每股約 0.20 美元的貨幣不利因素。就分階段而言，我們繼續預期上半年和下半年的自然銷售成長率相似。我們現在預計上半年每股盈餘將佔全年每股盈餘的 35%，下半年將佔 65%。

For more information related to our fiscal 2024 outlook, I would refer you to the press release that we issued earlier this morning. And now, I would like to return the call to the operator for the Q&A session.

有關 2024 財年展望的更多信息，請參閱我們今天早上早些時候發布的新聞稿。現在，我想將電話回撥給接線員進行問答環節。

(Operator Instructions) Nik Modi, RBC Capital Markets.

（操作員指令）Nik Modi，RBC 資本市場。

Thanks. Good morning, everyone. Just a quick clarification, Dan, if you don't mind. Obviously, a pretty good result on earnings relative to where I think most people were, and you held the guidance. Is that just because of the pull-forward in Japan? I just want to make sure I understand exactly what's going on just from a cadence perspective.

謝謝。大家，早安。丹，如果你不介意的話，請快速澄清一下。顯然，相對於我認為大多數人的收入而言，這是一個相當不錯的結果，而且你持有指導。這只是因為日本的拉動嗎？我只是想確保我從節奏的角度準確地理解正在發生的事情。

And then the broader question is obviously, international, 50% of your business. You have a lot of change. What inning are we in in terms of the full foundation being set from some of your new operators in those markets and the new reporting structure just to understand how much more progress you can actually making that in that market.

然後更廣泛的問題顯然是國際化，佔您業務的 50%。你有很多改變。就這些市場中的一些新營運商和新的報告結構而言，我們處於什麼階段，只是為了了解您實際上可以在該市場中取得多少進展。

Hey, good morning, Nick. Thanks for the question. I'll take them in reverse order. I'll start with international because you're right, we've been on this journey now for a little over a year. Rod alluded to it in his prepared remarks. So the first thing we did was bring the markets closer to us and changed the reporting lines, eliminating a layer within the previous international leadership team, and essentially bring that business closer to the management table here in the US.

嘿，早上好，尼克。謝謝你的提問。我會以相反的順序來處理它們。我將從國際開始，因為你是對的，我們已經踏上這趟旅程一年多了。羅德在他準備好的演講中提到了這一點。因此，我們做的第一件事就是拉近市場與我們的距離，改變匯報關係，消除以前的國際領導團隊中的一個層級，本質上使該業務更接近美國的管理層。

The second step is we've made meaningful leadership changes across three really important markets, China, Japan, and Europe. That was about a year ago as well. What you're seeing now is a combination of those effects, new strategies that have been developed and are being executed, and they're playing out differently in each market, right?

第二步是我們在中國、日本和歐洲這三個非常重要的市場進行了有意義的領導變動。那也是大約一年前的事了。現在您看到的是這些效應的組合，已經制定並正在執行的新策略，它們在每個市場上的表現都不同，對吧？

You've got the changes we made in wholesaler and wholesaler inventory in Japan a year ago. We've got a new organization in Europe with a new strategy. And so I think there's a lot of really good things happening. If I had to peg it, I would say we're in the middle innings. We like what we've done over the last year to 18 months. But certainly, you're bullish on continued upside across all of our international business.

您已經看到我們一年前對日本批發商和批發商庫存所做的更改。我們在歐洲建立了一個新的組織，並制定了新的策略。所以我認為有很多非常好的事情正在發生。如果一定要我說的話，我會說我們正處於中局。我們喜歡我們在過去一年到 18 個月裡所做的事情。但當然，您看好我們所有國際業務的持續成長。

Before I go on, Rod, anything you would add to that?

在我繼續之前，羅德，您還有什麼要補充的嗎？

Yeah, I think Nick has captured it well. What I would double-click on those is the importance of leadership, having the right local leadership that's fit to win, capable to win locally. And we've done that now in the key markets, not only with the leaders themselves, but building out much more capable teams below them.

是的，我認為尼克捕捉得很好。我想強調的是領導力的重要性，擁有適合獲勝、有能力在地方獲勝的正確的地方領導力。現在，我們已經在關鍵市場做到了這一點，不僅是領導者本身，而且還為他們建立了更有能力的團隊。

I won't mention the market by name, but we have one market where we have an entirely new leadership team in place that's now been in place for over a year. We're starting to see the fruits of that.

我不會提起這個市場的名字，但我們有一個市場，我們有一個全新的領導團隊，現在已經成立一年多了。我們開始看到其成果。

The final thing I'll mention relative to international is there's a big opportunity from here. And I think this is the back-end innings, part of what's to come to have our innovation be fit for purpose for more local Asian and European markets as opposed to exporting US ideas or innovating towards a global consumer that frankly doesn't exist. And so I think that's to come as we look towards '25 and '26. We remain bullish on international.

我要提到的關於國際的最後一件事是這裡有一個巨大的機會。我認為這是後端階段，是讓我們的創新適合更多亞洲和歐洲本地市場的目的的一部分，而不是輸出美國的想法或向坦率地說不存在的全球消費者進行創新。所以我認為當我們展望 25 和 26 時，這就會發生。我們仍然看好國際市場。

Yeah, and then, Nick, just to pick up the question on holding on the outlook, I think there's a couple of points I would make. One, what we were really encouraged by in the quarter was the gross margin profile. Some of that is timing and phasing of what we have pulled forward into the quarter that we had faced for later in the year. That's just a reality.

是的，然後，尼克，為了回答有關堅持前景的問題，我想我要說幾點。第一，本季我們真正感到鼓舞的是毛利率狀況。其中一些是我們將今年稍後面臨的問題提前到本季的時間和階段。這就是現實。

I think the general sentiment, though, is we're one quarter in. We haven't yet gotten into the sun season in the US, which we all know what that can mean for our business. And so we're just being prudent here about where we are in the year, what line of sight we have.

不過，我認為整體情緒是我們已經完成了四分之一。美國尚未進入陽光季節，我們都知道這對我們的業務意味著什麼。因此，我們只是對今年的情況、我們的視線持謹慎態度。

We're confident. We feel really good with the start of the year and some of the underlying execution. But given the business that lies ahead of us, particularly in sun, we obviously chose to hold the guide.

我們有信心。我們對今年年初和一些基本執行情況感覺非常好。但考慮到我們面前的業務，特別是在陽光下，我們顯然選擇保留指南。

Makes total sense. Thanks, guys. I'll pass it on.

完全有道理。多謝你們。我會把它傳遞下去。

Thank you, Nik.

謝謝你，尼克。

Operator, next question, please.

接線員，請下一個問題。

Olivia Tong, Raymond James.

唐奧立，雷蒙德詹姆斯。

Great, thanks. Good morning. I want to understand a little bit about what came in better than expected on the expense lines since those -- you were pretty clear in the guide for this quarter, sort of giving us caution around some of the inventory and some of the SG&A sort of being more in line with Q2 and Q3 of last year.

萬分感謝。早安.我想了解一些有關費用項目的情況好於預期的情況，因為您在本季度的指南中非常清楚，讓我們對一些庫存和一些銷售管理費用（SG&A）持謹慎態度。與去年第二季度和第三季更加一致。

What worked better than you thought? And as you think about your -- the fact you gave us guidance for Q2, which would suggest that in order to sort of stay in the range, Q3 and Q4 have to come in a little bit. Just talk a little bit about the puts and takes there, if you wouldn't mind. Thank you.

有什麼比你想像的效果更好？當您想到您的事實時，您為我們提供了第二季度的指導，這表明為了保持在該範圍內，第三季度和第四季度必須稍微調整。如果您不介意的話，就談談那裡的看漲期權和看跌期權。謝謝。

Yeah, good morning, Olivia. Sure. Look, I think the surprise, if you will, in Q1 was all in the margin profile. And it was obviously a good surprise, but it was the reflection of really good execution by the team on both the cost side of the ledger. So productivity worked harder for us and delivered more than we had expected; and on the revenue side, both in price and what we call SRGM.

是的，早上好，奧莉維亞。當然。聽著，我認為第一季的驚喜（如果你願意的話）全部體現在利潤率方面。這顯然是一個很好的驚喜，但這反映了團隊在帳本成本方面的良好執行力。因此，生產力對我們來說更有效，交付的成果超出了我們的預期；在收入方面，包括價格和我們所說的 SRGM。

And I think there's sort of three factors that I would point to, and I will tick through them in order of magnitude, recognizing all three carry with them some phasing benefit that doesn't necessarily change the year but certainly was a benefit in the quarter.

我認為我會指出三個因素，我將按大小順序勾選它們，並認識到這三個因素都會帶來一些階段性的好處，這些好處不一定會改變今年，但肯定會在本季度帶來好處。

As I mentioned, the first item is productivity. The team did an excellent job on execution. They accelerated certain initiatives that we had faced later in our plans and really are executing at a high level. I think what was a bit of a surprise, which is timing in the quarter, is where global procurement was able to land certain global contracts, rebate programs, and settlements that we had planned for later in the year. That hit us in the quarter in a good way, but really good execution.

正如我所提到的，第一個項目是生產力。該團隊在執行方面做得非常出色。他們加速了我們計劃後期面臨的某些舉措，並且確實在高水準上執行。我認為在本季的時間點上有點令人驚訝的是，全球採購能夠獲得我們計劃在今年稍後進行的某些全球合約、回扣計劃和和解。這在本季度給我們帶來了很好的影響，但執行力確實很好。

I think the second thing I would point to is mix. Anytime you see this level of growth in shave, right -- we grew wet shave over 8% in the quarter. And particularly, internationally in Japan, where we had price increases attached to it, you got a mix benefit for the business. That is all entirely timing for us.

我想我要指出的第二件事是混合。任何時候你看到剃須的這種增長水平，對吧——我們的濕剃在本季度增長了 8% 以上。特別是在國際上，在日本，我們的價格上漲了，你可以為企業帶來混合效益。這對我們來說完全是時機。

And then the third piece is warehouse and distribution costs, which is a little bit both, I think, really good structural execution. We are seeing rates come down. We are seeing inflation easing. We also shipped heavy. We're very productive in our in our shipments in terms of full truckloads.

第三部分是倉庫和分銷成本，我認為這兩者都是很好的結構執行。我們看到利率下降。我們看到通膨正在放緩。我們也出貨很重。就整車裝載量而言，我們的貨運效率非常高。

So I put all that together. I would say to you the 200-basis-point margin accretion in the quarter was more than we had profiled. And I would say roughly 75% of that is likely timing; 25% of that is structural. That was really what we saw in the quarter. On the expense lines, G&A, A&P, and otherwise, as we mentioned also, and FX lined up pretty much what we had expected.

所以我把所有這些放在一起。我想說的是，本季 200 個基點的利潤成長超出了我們的預期。我想說，其中大約 75% 可能是時機；其中 25% 是結構性的。這確實是我們在本季看到的情況。在費用方面，正如我們也提到的，G&A、A&P 以及其他方面，以及外匯幾乎符合我們的預期。

Great, thanks. And just following up on advertising, obviously, advertising is plus or minus flattish this quarter. The guide would suggest that there's more of an increase as the year progresses. Can you talk about the categories in particular that you expect to see really ramp up with respect to the advertising?

萬分感謝。就廣告而言，顯然，本季的廣告正負持平。該指南建議，隨著時間的推移，增幅會更大。能具體談談您期望看到廣告真正成長的類別嗎？

Yeah, good morning, Olivia. Rod here. We have the bulk of our innovation program for the year to come. It is in front of us. We've talked about Billie body launching actually yesterday and today as we launch into brick and mortar and online with the new line of body products that we're very excited about. So that will be a net increase in investments in advertising and support behind that.

是的，早上好，奧莉維亞。羅德在這裡。我們已經制定了來年的大部分創新計劃。它就在我們面前。我們昨天和今天討論了 Billie Body 的推出，因為我們在實體店和網路上推出了我們非常興奮的新系列身體產品。因此，這將是廣告和背後支持投資的淨增加。

We have what we believe is the number-one innovation, the biggest and most disruptive innovation in sun care coming this year. On Banana Boat, 360 coverage missed. It's an alternative spray product for those that like sea sprays. They're typically propellant driven, not great for the environment.

我們相信，今年防曬護理領域的第一大創新、最大、最具顛覆性的創新即將到來。在香蕉船上，360° 覆蓋範圍缺失。對於那些喜歡海浪噴霧的人來說，這是一種替代噴霧產品。它們通常由推進劑驅動，對環境不利。

This is a sustainable non-propellant-driven spray. It is, we believe, a superior spray formulation. It's exclusive on Banana Boat. Beyond all the other innovation we have coming on sun care, that's the number-one thing that comes. You'll see us start to ramp up investment behind that as we come into the big spring and summer months.

這是一種可持續的非推進劑驅動噴霧劑。我們相信，這是一種卓越的噴霧配方。這是香蕉船上獨有的。除了我們在防曬方面的所有其他創新之外，這是首要的事情。隨著春季和夏季的到來，你會看到我們開始加強投資。

And the final piece is a Carefree master brand replatforming, where we have a major product upgrade coming on our Carefree pads business: less plastic, more sustainable, more absorbent.

最後一部分是 Carefree 主品牌重塑，我們的 Carefree 衛生棉業務將進行重大產品升級：更少的塑膠、更永續、更具吸收性。

We have a major simplification as part of that, where we're collapsing the Stayfree brand under Carefree, so effectively going two brands into one with very strong retailer support and absolute clarity on the target for that new brand and positioning. [It's moms], and we've got a very emotive campaign that we're going to put in place and spend against to drive that brand.

作為其中的一部分，我們進行了重大簡化，將Stayfree 品牌合併到Carefree 之下，從而有效地將兩個品牌合而為一，並擁有非常強大的零售商支持以及新品牌目標和定位的絕對明確性。 [這是媽媽們]，我們將進行一場非常令人興奮的活動，並投入資金來推動品牌的發展。

So that's all still to come, and that's what I think you'll see coming in Q2 to the [balance sheet].

所以這一切都還沒有到來，這就是我認為你會在第二季度看到的[資產負債表]。

All right, thank you. Best of luck.

好吧。謝謝。祝你好運。

Thank you, Olivia.

謝謝你，奧莉維亞。

Operator, next question, please.

接線員，請下一個問題。

Bill Chappell, Truist Securities.

比爾‧查普爾 (Bill Chappell)，Truist 證券公司。

Thanks. Good morning.

謝謝。早安.

Good morning, Bill.

早安，比爾。

I guess, two questions, one back on women's in the US. What's the line of sight in the -- beyond Walmart in terms of shelf space gains for this year? Do you think you can move? Have the store's side moved for Billie in terms of total share? Are we narrowing the gap further with where you are at Walmart, or is it less of a share gain than we saw last year?

我想有兩個問題，一個是關於美國女性的問題。就今年貨架空間的成長而言，除了沃爾瑪之外，人們的視線是什麼？你覺得你能搬家嗎？就總份額而言，商店方面是否為比莉做出了改變？我們是否會進一步縮小與沃爾瑪的差距，或者市佔率增幅低於去年？

Good morning, Bill. Just relative to last year, less of a share gain, just given what's already in the base now. But as it relates to Billie and distribution, there's some additional incremental distribution coming online this year around some of the regional players. All the big ones are covered. We're effectively national, but there's a little more fill-in to come.

早安，比爾。與去年相比，考慮到現在已經存在的基礎，股票漲幅較小。但由於它與 Billie 和發行有關，今年圍繞一些區域參與者將有一些額外的增量發行上線。所有大的都被覆蓋了。我們實際上是全國性的，但還有更多的補充。

And then there's a couple of channels, the channels specifically that we've just turned on and online. And then there's always the club opportunity potentially out there for incremental distribution and coverage.

然後有幾個頻道，特別是我們剛剛打開的線上頻道。然後總會有俱樂部潛在的機會來增加分銷和覆蓋範圍。

And then we think the bigger play over time beyond shave is really realizing that the opportunity around a broader lifestyle brand and play in a much broader portfolio beyond shave, which we think the brand has the right to do.

然後我們認為，隨著時間的推移，除了剃須之外更大的作用是真正意識到圍繞更廣泛的生活方式品牌的機會，並在剃須之外更廣泛的產品組合中發揮作用，我們認為該品牌有權這樣做。

So is there a plan to step up marketing, advertising behind Billie this year now that you are kind of on a national platform, or that's been building throughout last year, anyways?

既然你們已經在全國性平台上，那麼今年是否有計劃加強 Billie 背後的營銷和廣告，或者說去年一直在建設？

You will see increased investment behind Billie this year that starts effectively now.

今年您將看到 Billie 背後的投資增加，現在就開始生效。

Got it. And then one other follow up on the fem care. Rod, I mean, I understand you have a new strategy and working on that, but skin care seems to have had 5, 10 different new strategies over the past 15, 20 years I have followed it. So I mean, what gives you confidence that volumes can stabilize again or actually grow?

知道了。然後另一位跟進女性護理。羅德，我的意思是，我知道你有一個新策略並且正在努力，但在過去的 15、20 年裡，皮膚護理似乎有 5、10 種不同的新策略，我一直在遵循它。所以我的意思是，是什麼讓您有信心銷售可以再次穩定或實際成長？

Yeah, this is not a new strategy, Bill, with what's happening on Carefree. This is part of the strategy put in place a couple of years ago with a new dedicated team in place to do that.

是的，比爾，對於 ​​Carefree 上發生的事情來說，這並不是一個新策略。這是幾年前製定的策略的一部分，並為此組建了一個新的專門團隊。

We've had clarity of strategy, consistency, I think, of execution against that strategy, which was first to stabilize the business, take some cost out, stabilize the business. We've very much now moved into the phase of building better innovation, product performance focused around claims, better product formulation, better targeting of who we're talking to. So that's where we are in the phase of the journey.

我認為，我們的策略很清晰，執行策略也很一致，首先是為了穩定業務，降低一些成本，穩定業務。我們現在已經進入了建立更好的創新、以聲明為重點的產品性能、更好的產品配方、更好地針對我們正在交談的對象的階段。這就是我們目前所處的階段。

You're rightly pointing out, I think, Billie, a question or what could be a concern of what's really going on and can we be successful in fem care? Let me start by saying I completely believe we can be successful in fem care, and we will be successful in fem care and that we can maintain unit volume growth, at least in line with category or ideally ahead of category over time, right?

我認為，比莉，你正確地指出了一個問題，或者可能對正在發生的事情感到擔憂，我們能否在女性護理方面取得成功？首先我要說的是，我完全相信我們可以在女性護理方面取得成功，我們將在女性護理方面取得成功，並且我們可以保持單位數量的增長，至少與類別一致，或者理想情況下隨著時間的推移領先於類別，對嗎？

So you've had what's traditionally been a low-single-digit growth category. If you hold share within that position, you're going to grow low single digits, all else being equal. We're coming off a period since the beginning of the pandemic where this category has been disrupted.

因此，傳統上，您已經看到了低個位數成長的類別。如果你持有該職位的份額，那麼在其他條件相同的情況下，你的股價將會成長較低的個位數。自大流行開始以來，我們正經歷一段時期，這個類別受到了乾擾。

If you go back to day one of the pandemic, fem care, that was one of the shelves that emptied out at the very beginning. We had supply disruptions. We -- the category, not just us, the competitive set.

如果你回到大流行的第一天，女性護理，那是一開始就被清空的貨架之一。我們遇到了供應中斷。我們──這個類別，不只是我們，是競爭群體。

And as recently as in the period we just left a year ago, we had competitors out of stock, where we were benefiting from that position because we were in stock, which drove the double-digit growth in the period a year ago. We're lapping that today. So when you take year-ago growth with where we are today, we're actually at that low single-digit growth place on a two-year-stack basis in the quarter just finished.

就在我們一年前剛離開的時期，我們的競爭對手缺貨，我們從這一地位中受益，因為我們有庫存，這推動了一年前時期的兩位數增長。我們今天正在研磨它。因此，當你將去年同期的成長與我們今天的成長情況相比較時，我們實際上在剛結束的季度的兩年堆疊基礎上處於較低的個位數成長水平。

The good news for us, I think, it will be less messy going forward because I think a lot of that is behind us in the category. And what we now cycle for our Q2, Q3, and Q4 is much more like for like, where consumption and our reported sales trends ought to match in a much closer way, not only for us, but also for competition as we go forward. I hope that helps.

我認為對我們來說好消息是，未來不會那麼混亂，因為我認為該類別中的許多問題都已經過去了。我們現在第二季、第三季和第四季的周期更像是這樣的，消費和我們報告的銷售趨勢應該以更接近的方式匹配，不僅對我們來說，而且對我們前進的競爭也是如此。我希望這有幫助。

That helps. Thanks for the color.

這有幫助。謝謝你的顏色。

You got it.

你說對了。

Thank you, Bill.

謝謝你，比爾。

Operator, next question, please.

接線員，請下一個問題。

Chris Carey, Wells Fargo Securities.

克里斯凱裡，富國銀行證券。

Good morning. So just two questions, but I wanted to start with gross margin. So if I adjust the gross margin for the inventory impact this quarter, obviously, the underlying run rate was quite a bit higher, closer to 46% gross margin. It sounds like, obviously, there was quite a bit of pull forward. But you're also implying, I guess, roughly 43% gross margins for the rest of the year.

早安.只有兩個問題，但我想從毛利率開始。因此，如果我調整本季庫存影響的毛利率，顯然，基本運行率要高得多，接近 46% 的毛利率。聽起來顯然有相當大的推動力。但我猜你還暗示今年剩餘時間的毛利率約為 43%。

What's really driving that down sequentially? Is that all productivity? Do you expect mix to get worse? Maybe thoughts on inflation? So just contextualizing why the underlying run rate stepped down would be helpful, and then I have a follow-up.

到底是什麼導致了這數字的連續下降？這就是生產力的全部嗎？您預計混合情況會變得更糟嗎？也許對通貨膨脹有想法？因此，僅僅了解為什麼基本運行率下降會有所幫助，然後我會有後續行動。

Yeah, hey, Chris. Thanks for the question. Look, I think we have to put Q1 in proper context for what's structural versus what's timing, which I think I did in the previous question. But I think if you look at the elements that underpin the margin, Q1 we expect would likely be our strongest quarter for productivity savings, our strongest quarter for price realization. That's not to say that those won't drive quarters two through four, but the impact will be less. And so you'll start to see that scale down.

是的，嘿，克里斯。謝謝你的提問。聽著，我認為我們必須將第一季放在適當的背景下，以了解什麼是結構性的，什麼是時機性的，我想我在上一個問題中就是這樣做的。但我認為，如果你看看支撐利潤率的因素，我們預計第一季可能是我們在生產力節省方面最強勁的季度，也是我們在價格實現方面最強勁的季度。這並不是說這些不會推動第二季到第四季的發展，但影響會較小。所以你會開始看到規模縮小。

Again, partly, that is timing. But also, partly, that is just structural the way productivity and pricing are profiled in. Equally, though, you will see inflation continue to ease maybe at a bit of a slower rate over time.

同樣，部分原因在於時機。但在某種程度上，這只是生產力和定價的結構性描述方式。但同樣，隨著時間的推移，你會看到通膨繼續放緩，速度可能會稍微慢一些。

And so I think when you put all of that together, I would summarize it this way: I think we're super encouraged about the way the team executed and the gains that we saw in the quarter. We're hesitant to use Q1 as a proxy for the full year, given some of the timing dynamics and the way productivity and price will phase back half of the year. But we're certainly confident as we look at our full-year outlook in terms of the margin profile that we laid out, which was essentially 100 points constant currency gain.

因此，我認為當你將所有這些放在一起時，我會這樣總結：我認為我們對團隊的執行方式以及我們在本季度看到的收益感到非常鼓舞。考慮到一些時間動態以及生產力和價格將在今年下半年逐步回落的情況，我們對於使用第一季作為全年的指標猶豫不決。但當我們從我們制定的利潤率概況來看我們的全年前景時，我們當然充滿信心，這基本上是 100 點的恆定貨幣收益。

Okay, that's helpful. Regarding organic sales growth for the year, there's a lot of moving pieces between strength in international markets, declines in North America this quarter. Obviously, wet shave had a very strong quarter, offset by fem care, with sun and skin being kind of maybe more neutral in the quarter.

好的，這很有幫助。關於今年的有機銷售成長，國際市場的強勁與本季北美市場的下滑之間存在著許多變化。顯然，濕剃的季度表現非常強勁，但被女性護理所抵消，而本季的陽光和皮膚可能更加中性。

How do we frame the way that you're viewing the business for the rest of the year? I don't know if you can maybe offer some comments for expectations by segment, perhaps some expectations by international versus North America?

我們如何看待您對今年剩餘時間業務的看法？我不知道您是否可以對按細分市場劃分的期望提出一些評論，也許是國際與北美的一些期望？

I'm just conscious that you were talking about mix impacting gross margin in the quarter, and maybe that changes go forward. So can you maybe just offer a bit more context on the complexion of the top line within international, North America, and some of your segments for the rest of the year? It would be helpful. Thanks.

我只是意識到您正在談論影響本季毛利率的混合，也許這種變化會繼續下去。那麼，您能否提供更多關於國際、北美以及今年剩餘時間的一些細分市場的營收情況的背景資訊？這會有幫助的。謝謝。

Yeah, Chris, good morning. It's a good question because there's a lot going on, but we try to make it very, very simple. Last year, our international business outgrew our domestic US business, let's call it approximately double the rate. I would expect that to be about where we land this year, all else being equal in terms of if you look on a full year basis. We have international growing ahead of our domestic US business as we kind of look at it together.

是的，克里斯，早安。這是一個很好的問題，因為發生了很多事情，但我們試著讓它變得非常非常簡單。去年，我們的國際業務成長超過了美國國內業務，我們可以稱之為大約兩倍。我預計這將是我們今年的情況，如果你從全年的角度來看，其他條件都相同。當我們一起看待時，我們的國際業務成長領先於我們的美國國內業務。

What you saw in quarter one on the US business is by no means a proxy of what we -- the North Americas as we reported. As a proxy going forward, I would expect to see sequential improvement in our North American business throughout the balance of the year, largely because the innovation to come is domestically mostly here.

您在第一季看到的美國業務絕不代表我們所報導的北美業務。作為未來的代表，我預計我們的北美業務將在今年餘下時間裡出現連續改善，這主要是因為即將到來的創新主要是在國內。

We know we have better planogram outcomes around distribution outcomes in the balance of the year. And so I think when we look at how the year sets up, particularly as you normalize for fem care, which was half of the Q1 delivery -- under delivery, as that normalizes, that kind of takes care of itself. So I think you'll see better North American performance in the balance of the year. I think you'll see the strength in international continue, albeit not at the absolute rate of growth we saw in the first quarter.

我們知道，在今年餘下的時間裡，我們在分銷結果方面有更好的貨架圖結果。因此，我認為，當我們看看這一年的情況時，特別是當女性護理正常化時，這是第一季分娩的一半——隨著正常化，分娩不足，這種情況會自行解決。因此，我認為您會在今年剩餘的時間裡看到北美地區更好的表現。我認為你會看到國際市場的強勁勢頭持續存在，儘管絕對成長率沒有達到我們在第一季看到的水平。

Depending on weather, you ought to see a pretty resilient sun category. Shave, we think, continues to be on growth for us for the full year. And you'll see, again, I think, sequential improvement in both grooming and fem care as we cycle forward here through the balance of the year.

根據天氣情況，您應該會看到相當有彈性的陽光類別。我們認為，Shave 全年持續保持成長。我想，當我們在這一年的剩餘時間裡向前推進時，你會再次看到美容和女性護理的連續改善。

Dan, do you want to clarify or add anything?

丹，你想澄清或補充什麼嗎？

No. Maybe to put some context to it, Chris, we still think the 3% midpoint on organics is largely how it will phase by quarter, so we don't necessarily anticipate a change there. And on the segment piece, we still anticipate sort of mid to high single-digit growth on the Right to Win portfolio and low single-digit growth on the Right to Play portfolio.

不。也許為了說明這一點，克里斯，我們仍然認為有機食品的 3% 中點很大程度上是按季度分階段進行的，因此我們不一定預計會發生變化。在該細分市場上，我們仍然預期「獲勝權」投資組合將出現中高個位數成長，而「參與權」投資組合將出現低個位數成長。

Okay. That's helpful. Thank you.

好的。這很有幫助。謝謝。

Thanks, Chris. Operator, next question, please.

謝謝，克里斯。接線員，請下一個問題。

Susan Anderson, Canaccord Genuity.

蘇珊安德森，Canaccord Genuity。

Hi, good morning. Nice job on the quarter. I wanted to ask on the men's grooming. I think sales were slightly down, but I think you know that Bulldog was up. Maybe if you could give a little bit more color on the drivers there and what drove that growth, both domestic and international? Then also, I'm curious if you have any new products coming out in the category for the year?

早安.本季工作做得很好。我想問一下男士的打扮。我認為銷量略有下降，但我想你知道鬥牛犬的銷量有所上升。也許您可以更詳細地介紹那裡的驅動因素以及推動這種成長的因素，無論是國內還是國際？另外，我很好奇今年該類別是否有新產品推出？

Good morning, Susan. Yeah, thank you for the question. Yeah, the grooming portfolio internationally had a very, very strong quarter, in large part led by Bulldog, which grew by 18% year over year. The brand has now reached number two in the UK ahead of need Nivea in the category, which is a significant accomplishment, and the team has worked very hard here.

早安，蘇珊。是的，謝謝你的提問。是的，國際美容產品組合在本季表現非常強勁，其中 Bulldog 領銜，較去年同期成長 18%。該品牌現已在英國該類別中排名第二，領先於妮維雅，這是一項重大成就，團隊在這裡付出了巨大的努力。

I would attribute it to three things: continued distribution gains, which we had profiled in for the year; interesting innovation. We've introduced the new advanced line for Bulldog, which is a more premium-priced set of products for the brand, which has been very well received initially. And then innovation; this year in the category, we're seeing it mostly in antiperspirant deodorant expansion, a bit into hair care. So the brand continues to really perform well in its home base and deliver some really exciting growth.

我將其歸因於三件事：持續的分配收益，我們已經在今年進行了分析；有趣的創新。我們為 Bulldog 推出了新的高級系列，這是該品牌的一套價格更高的產品，最初受到了好評。然後是創新；今年在該類別中，我們看到它主要是在止汗除臭劑領域擴展，也有一點擴展到護髮領域。因此，該品牌繼續在其本土表現出色，並實現了一些令人興奮的成長。

Okay, great. That's really helpful. And then also, I wanted to ask just on transportation costs and the issues going on in the Red Sea if you're expecting those, or what your expectations are for transportation for this year. And then also if you have any exposure to the issues there? Thanks.

好的，太好了。這真的很有幫助。然後，我想問運輸成本以及紅海發生的問題，如果您對此有預期，或者您對今年的運輸有何期望。那麼您是否接觸過那裡的問題？謝謝。

Yeah, so the exposure is fairly limited. It would essentially be shaved product that moves between Europe and China. And what we've seen today is very little disruption and very low complexity. We have built a bit of inventory. We have seen lead times expand a bit as we've had to go around the Cape as opposed to through the Red Sea.

是的，所以曝光度相當有限。它本質上是在歐洲和中國之間流動的剃須產品。我們今天看到的破壞非常小，複雜性也非常低。我們已經建立了一些庫存。我們發現交貨時間有所延長，因為我們必須繞過海角而不是穿過紅海。

So far, it has been de minimus in terms of implications in both cost and complexity. Obviously, the teams have taken the right steps to plan for it, and we don't anticipate that there will be significant implications for the business this year. Obviously, like everyone else, we're monitoring the situation.

到目前為止，它對成本和複雜性的影響都是微不足道的。顯然，團隊已經採取了正確的步驟來計劃，我們預計今年不會對業務產生重大影響。顯然，和其他人一樣，我們正在監控局勢。

Okay, great. Thanks so much. Good luck the rest of the year.

好的，太好了。非常感謝。祝你今年剩下的時間一切順利。

Thank you.

謝謝。

Thanks, Susan. Operator, next question, please.

謝謝，蘇珊。接線員，請下一個問題。

Peter Grom, UBS.

彼得‧格羅姆，瑞銀集團。

Thanks, operator, and good morning, everyone. Hope you're doing well. So maybe one quick housekeeping question and then another one on gross margin. First, just the pull forward you mentioned in Japan. Is there any way to kind of quantify that? I'm not sure if you mentioned that previously or not, but if you didn't, it would be helpful if you could share that.

謝謝接線員，大家早安。希望你做得很好。因此，也許是一個快速的內務問題，然後是另一個關於毛利率的問題。首先，就是你提到的日本的拉動。有什麼方法可以量化這一點嗎？我不確定您之前是否提到過，但如果您沒有提到過，如果您能分享一下，將會很有幫助。

And then specifically on gross margin, several times throughout this call, you mentioned a good chunk of this was timing related. But I was curious whether the productivity performance this quarter gives you greater confidence that there can be further savings to unlock as we look at it. Thanks.

然後，特別是在毛利率方面，在整個電話會議中，您多次提到其中很大一部分與時間相關。但我很好奇，本季的生產力表現是否讓您更有信心，相信我們可以進一步節省開支。謝謝。

Yeah. Hi, Peter, good morning. On just the first part, on Japan, I'll take it and flip it to Dan for the broader gross margin perspective. Look, we had a solid quarter in Japan driven by really three things. One was cycling a period in the year-ago period, so October, November, December a year ago, so back to '22 that had relatively low shipments because of the way we have traditionally phased the business where we would have heavy promotion wholesale pushes in that August-September window.

是的。嗨，彼得，早安。關於日本的第一部分，我會將其轉交給丹，以獲得更廣泛的毛利率視角。看，我們在日本的季度業績表現穩健，主要是由三件事推動的。一個是一年前的一個時期，所以一年前的10 月、11 月、12 月，所以回到22 年，出貨量相對較低，因為我們傳統上分階段業務的方式，我們會大力促銷批發推動在八月至九月的窗口期。

We're near the end of the year versus historical practice that, frankly, I don't like, and I don't think the team likes. So we got out of that. And so think of it as we had an easy base to comp in the quarter one, where we put up good growth. That was -- I would call it in the range of $5 million to $10 million of an easy comp, but the bulk of the deliveries and the other two things are market growth.

我們已經接近年底，與歷史慣例相比，坦白說，我不喜歡這種做法，而且我認為團隊也不喜歡這種做法。所以我們擺脫了這種情況。因此，請考慮一下，因為我們在第一季有一個容易比較的基礎，我們在該季度實現了良好的成長。那是——我將其稱為 500 萬至 1000 萬美元的簡單補償，但大部分交付和其他兩件事都是市場成長。

That market has returned to growth. It had a delayed recovery coming out of the pandemic. And we now have the market in high single-digit growth territory, at least if that's where it was in the quarter just finished. And we have incremental pricing and revenue management coming on top of that, where we've taken a couple of our own pricing in Japan in a market that hadn't seen much pricing activity over the last few years.

該市場已恢復成長。它從大流行中恢復過來的時間被推遲了。現在我們的市場處於高個位數成長區域，至少在剛結束的季度是如此。除此之外，我們還有增量定價和收入管理，我們在日本採取了一些自己的定價，而日本市場在過去幾年中沒有出現太多定價活動。

So just catching up for inflation that hit us in the P&L is now benefiting us. We had the cost -- think of it, we had the cost in the P&L, but now the pricing helped. We're now seeing that flow. And so I think we're optimistic on Japan for the future, but not nearly at the rate of what you are seeing that we're now cycling like-for-like comps on how we're distributing and managing the business there.

因此，只要趕上損益表中對我們造成打擊的通膨，現在就讓我們受益。我們有成本——想想看，我們在損益表中有成本，但現在定價有幫助。我們現在看到了這種趨勢。因此，我認為我們對日本的未來持樂觀態度，但並不像你所看到的那樣，我們現在正在就如何分配和管理那裡的業務進行類似的比較。

Yeah. On the margin piece, Peter, what I would say is, look, we're certainly encouraged by the results. And I think what we've demonstrated within our supply chain organization is we go pretty hard after productivity savings, and we've got in excess of 100 different initiatives ongoing at any point in time. I think that the team will continue to lean in and accelerate where they can.

是的。在邊緣部分，彼得，我想說的是，看，我們當然對結果感到鼓舞。我認為我們在供應鏈組織中所展示的是，我們非常努力地追求生產力節省，並且我們在任何時間點都有超過 100 項不同的計劃正在進行中。我認為團隊將繼續努力並盡其所能加速。

So could there be upside there? I think there could be, would likely -- more likely be on the cost side. I think on the revenue side, we've got a pretty good line of sight for what we faced. And all of our incremental pricing, which is mostly in international, has been sold in now. So there's no execution risk there, but I wouldn't anticipate upside.

那麼這方面會有好處嗎？我認為可能、很可能——更可能是在成本方面。我認為在收入方面，我們對所面臨的情況有很好的了解。我們所有的增量定價（主要是國際定價）現在都已售出。因此，不存在執行風險，但我預計不會有上升空間。

So I guess, short answer to your question, I think, could be. We're certainly not ready to call it yet, especially with some of the challenges we see in the macro environment. But if it were to come, it would be in productivity, more likely non-revenue.

所以我想，我想，對你的問題的簡短回答可能是。我們當然還沒準備好稱呼它，特別是考慮到我們在宏觀環境中看到的一些挑戰。但如果它真的到來，那將是生產力，更有可能是非收入。

Thank you.

謝謝。

Thank you, Peter. Operator, next question, please.

謝謝你，彼得。接線員，請下一個問題。

At this time, there are no further questions. This concludes our question-and-answer session. I would like to turn the conference over to Rod Little, CEO, for any closing remarks.

目前，沒有其他問題了。我們的問答環節到此結束。我想將會議轉交給執行長羅德·利特爾 (Rod Little) 發表閉幕詞。

Yeah, thank you, everyone. Appreciate the time today and the continued interest in the company, and we'll talk to you in three months as an update on Q2.

是的，謝謝大家。感謝今天的時間以及對公司的持續興趣，我們將在三個月後與您討論第二季的最新情況。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。