Edgewell Personal Care Co (EPC) 2025 Q1 法說會逐字稿

Good day and welcome to the Edgewell first-quarter 2025 earnings conference call. (Operator Instructions)

大家好，歡迎參加 Edgewell 2025 年第一季財報電話會議。（操作員指令）

I would now like to turn the conference over to Chris Gough, Vice President, Investor Relations. Please go ahead.

現在，我想將會議交給投資者關係副總裁克里斯高夫 (Chris Gough)。請繼續。

Good morning, everyone, and thank you for joining us this morning for Edgewell's first-quarter fiscal year 2025 earnings call.

大家早安，感謝您今天上午參加 Edgewell 2025 財年第一季財報電話會議。

With me this morning are Rod Little, our President and Chief Executive Officer; Dan Sullivan, our Chief Operating Officer; and Fran Weissman, our Chief Financial Officer.

今天早上與我一起的還有我們的總裁兼執行長羅德·利特爾 (Rod Little)；丹‧沙利文 (Dan Sullivan)，我們的營運長；以及我們的財務長 Fran Weissman。

Rod will kick off the call and hand it over to Dan to discuss first-quarter commercial and operational highlights, followed by Fran who will discuss our financial results and 2025 four-year outlook. We will then transition to Q&A. This call is being recorded and will be available for replay via our website, www.edgewell.com.

羅德將啟動電話會議並將其交給丹討論第一季度的商業和營運亮點，隨後弗蘭將討論我們的財務業績和 2025 年四年展望。然後我們將進入問答階段。本次通話正在錄音，可透過我們的網站 www.edgewell.com 重播。

During this call, we may make statements about our expectations for 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, impacts from tariffs and other recent developments, changes to our working capital metrics, currency fluctuations, commodity costs, inflation, category value, future plans for return of capital to shareholders, and more.

在此次電話會議中，我們可能會對未來計畫和業績的預期做出陳述。這可能包括未來的銷售、收益、廣告和促銷支出、產品發布、與重組和重新定位行動相關的節省和成本、收購和整合、關稅和其他近期發展的影響、我們的營運資本指標的變化、貨幣波動、商品成本、通貨膨脹、類別價值、未來向股東返還資本的計劃等等。

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.

任何此類聲明均為 1995 年私人證券訴訟改革法下安全港條款所指的前瞻性聲明，反映了我們對未來事件、計劃或前景的當前看法。

These statements are based on assumptions and are subject to various risks and uncertainties, including those described under the captioned risk factors in our annual report on Form 10-K for the year end of September 30, 2024, as amended November 21, 2024, and as may be amended in our quarterly reports on Form 10-Q filed with the SEC.

這些聲明是基於假設，並受各種風險和不確定性的影響，包括我們截至 2024 年 9 月 30 日的年度報告（經 2024 年 11 月 21 日修訂）中標題為風險因素的風險因素，以及我們向美國證券交易委員會提交的季度報告（經 2024 年 11 月 21 日）中可能修訂的風險和不確定性。

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所表達或暗示的結果有重大差異。除非法律要求，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，我們將參考某些非公認會計準則財務指標。這些非公認會計準則指標並非依照公認會計原則編製。我們今天稍早發布的新聞稿中顯示了非 GAAP 財務指標與最直接可比較的 GAAP 指標的對賬，該新聞稿可在我們網站的「投資者關係」部分查閱。

This non-GAAP information is provided as a supplement to, not as a substitute 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 GAAP 資訊僅作為根據 GAAP 編制的財務績效指標的補充，而非替代或優於該指標。然而，管理階層認為這些非公認會計準則指標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 Rod.

說到這裡，我想把電話轉給羅德。

Thank you, Chris. Good morning, everyone, and thanks for joining us on our first-quarter fiscal '25 earnings call. I'm pleased to welcome Fran Weissman, our new CFO, to the call this morning. Fran knows our business well and is more than ready for her expanded responsibilities.

謝謝你，克里斯。大家早安，感謝您參加我們的 2025 財年第一季財報電話會議。我很高興歡迎我們的新任財務長 Fran Weissman 參加今天早上的電話會議。弗蘭非常了解我們的業務，並且已經做好了承擔更大責任的準備。

We delivered solid results this quarter, despite an external environment that has become increasingly more volatile and uncertain, largely driven by the strengthening of the US dollar. Organic net sales were down slightly versus last year, but in line with our expectations with a sequential improvement over recent trend.

儘管受美元走強等因素影響，外部環境變得越來越不穩定和不確定，我們本季仍然取得了穩健的業績。有機淨銷售額較去年同期略有下降，但符合我們的預期，且較近期趨勢有所改善。

Importantly, we saw continued growth in international markets with gains across wet shave, sun care, and grooming, and global growth in our Right to Win portfolio. Gross margin at constant currency was again strong in the quarter and served as an important catalyst for year-over-year incremental brand investments.

重要的是，我們看到國際市場持續成長，濕剃、防曬和美容產品均實現成長，並且我們的 Right to Win 產品組合實現了全球成長。以固定匯率計算的毛利率在本季再次保持強勁，並成為品牌投資年增的重要催化劑。

Despite the worse than planned foreign exchange headwinds, as Fran will discuss later in the call, for the whole year, we still expect to deliver organic net sales, adjusted EBITDA, and adjusted earnings per share within our previously provided outlook ranges.

儘管外匯逆風比計劃的更糟糕（正如 Fran 稍後將在電話會議上討論的那樣），但就全年而言，我們仍預計實現有機淨銷售額、調整後 EBITDA 和調整後每股收益在我們之前提供的展望範圍內。

This reflects our continued focus on driving operational performance, being disciplined in our investments, and management of costs and controlling the controllables. It also assumes the current macro conditions do not materially deteriorate.

這反映了我們持續專注於提高營運績效、嚴守投資紀律、管理成本和控制可控因素。它還假設當前的宏觀條件不會實質惡化。

Importantly, we believe our performance demonstrates traction against our broader strategic priorities and gives us confidence in our ongoing efforts to further transform the business.

重要的是，我們相信我們的業績體現了我們更廣泛的策略重點，並使我們對進一步轉變業務的持續努力充滿信心。

Putting our first-quarter performance in the context of our broader strategy, there are three important themes that underpin our performance to date, as well as the broader outlook for the full year.

將我們的第一季業績放在我們更廣泛的策略背景下，有三個重要主題支撐著我們迄今為止的業績以及全年更廣泛的前景。

First, the categories we compete in remain mostly healthy and consumption trends are in line with our expectations. While organic growth remains mostly a result of price, volume gains have returned in many markets and consumer sentiment related to experiential spend and personal travel continues to be positive.

首先，我們競爭的類別大多保持健康，消費趨勢符合我們的預期。雖然有機成長主要還是價格因素的結果，但許多市場的銷售量已經恢復成長，與體驗式消費和個人旅行相關的消費者情緒也持續保持正面。

Consumers remain resilient and at the same time cautious. Though in our categories, which are mostly non-discretionary, in everyday use, we see no material signs of purchasing hesitancy nor trade-down behavior.

消費者在保持韌性的同時，也保持謹慎。雖然在我們的類別中，大多數都是非必需品，但在日常使用中，我們沒有看到購買猶豫或降級行為的明顯跡象。

Having said that, the US wet shave and femcare categories remain highly competitive and promotional. Importantly, we have no material indications of a similar trend across international markets.

話雖如此，美國濕剃和女性護理類別的競爭仍然十分激烈，促銷活動也十分頻繁。重要的是，我們沒有發現國際市場出現類似趨勢的具體跡象。

We will continue to actively participate as needed in support of our brands on shelf making our outsized productivity savings and gross margin expansion even more important as it unlocks our ability to remain in an investment stance commercially.

我們將繼續根據需要積極參與，並支持我們的品牌上架，這使得我們超額的生產力節約和毛利率擴張變得更加重要，因為它釋放了我們在商業上保持投資立場的能力。

The second comment I would make relates to our international business. I am extremely pleased with our results here. And as Dan will discuss, the underlying drivers of our performance further reinforce the durability of our top-line growth.

我要提出的第二點評論與我們的國際業務有關。我對我們的成果非常滿意。正如丹將要討論的，我們業績的根本驅動力進一步增強了我們營收成長的持久性。

Of course, in the absence of weekly scanner data, the success is not as readily visible. But for international, the first quarter was our fifth consecutive quarter of organic sales growth, and 11th in the last 12 quarters, delivering a three-year CAGR of nearly 8%.

當然，由於缺乏每週的掃描器數據，成功並不是那麼明顯。但就國際業務而言，第一季是我們連續第五個季度實現有機銷售成長，也是過去 12 個季度中的第 11 個季度，三年複合年增長率接近 8%。

Importantly, share results were also strong, especially in leading sun care markets like Australia and Mexico, and also high-growth wet shave markets like China. Now representing 40% of our global business, we've never been in a better position internationally, and I'm increasingly confident in the future of this business.

重要的是，市佔率結果也很強勁，特別是在澳洲和墨西哥等領先的防曬市場，以及中國等高成長濕剃市場。現在，我們的業務佔全球業務的 40%，國際地位從未如此好過，我對這項業務的未來越來越有信心。

Relatedly, we're also seeing the initial benefits of our rebuilt innovation platform. As I've shared, we are committed to a more consumer-centric, locally driven new product development model, and we spent much of last year taking the appropriate organizational steps necessary to deliver on these objectives.

與此相關的是，我們也看到了重建創新平台的初步效益。正如我所說，我們致力於更加以消費者為中心、本地驅動的新產品開發模式，而我們去年花了大量時間採取必要的適當組織步驟來實現這些目標。

While work remains, our consumer insights are better, we're more locally focused and informed, and we're faster in bringing new products to market, some of which are already having an impact. Our strong international results this quarter include contribution from the highly successful and disruptive launch of Schick First Tokyo in Japan, the broadening of our Bulldog range to deepen our skincare penetration in Europe, and meaningful new forms and formats in sun care that supported strong share gains in Australia and Mexico.

儘管仍有工作要做，但我們對消費者的洞察力更加敏銳，我們更加關注本地市場並了解當地情況，我們將新產品推向市場的速度也更快，其中一些產品已經產生了影響。我們本季強勁的國際業績包括在日本成功推出的 Schick First Tokyo 的顛覆性貢獻、Bulldog 系列的擴大以加深我們在歐洲的護膚滲透，以及防曬護理中有意義的新形式和新模式，支持了澳大利亞和墨西哥的份額強勁增長。

Third and finally, our business transformation continues to be most dependent on our talented people. I've said from the beginning, we are equally committed to both a business and a cultural transformation, as we will not have one without the other.

第三，也是最後一點，我們的業務轉型仍然最依賴我們的人才。我從一開始就說過，我們同樣致力於業務轉型和文化轉型，因為二者缺一不可。

Our team is highly motivated and continues to perform with excellence, in the face of an increasingly challenging environment. Having been recently recognized as the number two best midsize company to work for out of 400 ranked, our efforts are clearly being recognized externally and our ability to attract and retain top talent is a key catalyst for our continued strong performance.

面對日益嚴峻的挑戰，我們的團隊積極性很高，並且持續表現卓越。我們最近被評為 400 家最適合工作的中型公司中的第二名，我們的努力顯然得到了外界的認可，而我們吸引和留住頂尖人才的能力是我們繼續保持強勁表現的關鍵催化劑。

Over the past six months, we've announced a series of leadership changes and organizational changes designed to strengthen our capabilities and operating model, streamline decision-making, and improve enterprise execution. In the quarter, we saw notable improvements in commercial and operational performance. Dan will share more about this shortly.

在過去的六個月裡，我們宣布了一系列領導層變動和組織變革，旨在加強我們的能力和營運模式，簡化決策流程，並提高企業執行力。本季度，我們看到商業和營運績效顯著改善。丹很快將會分享更多有關此事的資訊。

Last quarter, I announced the appointment of Jess Spence to the role of president of our North America business. At that time, I noted my desire to both continue the strong performance across our Right to Win portfolio, while equally accelerating our recovery and our Right to Play portfolio in the US market. And I'm excited about our early progress.

上個季度，我宣布任命傑西·斯賓塞（Jess Spence）為我們北美業務總裁。當時，我指出，我希望既能繼續保持我們的「贏錢權利」投資組合的強勁表現，又能同樣加快我們在美國市場的復甦和「玩錢權利」投資組合的步伐。我對我們的早期進展感到非常興奮。

Jess and the team are moving with pace to confirm the strategic clarity and commercial baseline for the path forward for our North American business. We've already begun to enhance our talent profile in the US market, and we are better connected with our top retail partners. We're very excited about the path forward and the opportunity we have here.

傑西和團隊正在快速行動，以確認我們北美業務未來發展的策略清晰度和商業基線。我們已經開始提升我們在美國市場的人才形象，並與我們的頂級零售合作夥伴建立了更好的聯繫。我們對未來的道路和我們所擁有的機會感到非常興奮。

Finally, Jess and team are raising the bar on brand building, and I expect our portfolio, brand plans, and our in-market activations will be significantly improved over the coming quarters. I'm confident in Jess and the team's ability to have impact and create a lot of value in our North American business as we move forward.

最後，傑西和團隊正在提高品牌建立的標準​​，我預計我們的產品組合、品牌計畫和市場活化將在未來幾季顯著改善。我相信，隨著我們未來的發展，傑西和他的團隊能夠對我們的北美業務產生影響並創造巨大的價值。

So in summary, I'm pleased with our performance in the quarter and more broadly expect continued stability across our categories as we move through the fiscal year. Our strategy is clear and we remain committed to its successful execution with our global teammates at the core of our success.

總而言之，我對我們本季的表現感到滿意，更廣泛地預計，在整個財政年度中，我們各個類別將繼續保持穩定。我們的策略很明確，我們將繼續致力於與全球隊友一起成功執行該策略，這是我們成功的核心。

And while the macro environment remains challenging, we will stay focused on controlling the controllables, delivering products that our consumers love, and ultimately, winning on shelf and online.

儘管宏觀環境仍然充滿挑戰，我們將繼續專注於控制可控因素，提供消費者喜愛的產品，並最終在貨架和線上贏得勝利。

And now I'd like to ask Dan to take you through our operational performance highlights. Dan?

現在我想請丹向您介紹我們的營運績效亮點。擔？

Thanks, Rod, and good morning, everyone. As Rod mentioned, this was a solid start to the year, with organic net sales in line with our expectations, constant currency gross margins stronger than planned, improved operational execution, and solid market share performance across our international businesses as well as the billion promo brands in the US.

謝謝，羅德，大家早安。正如羅德所提到的，今年開局良好，有機淨銷售額符合我們的預期，按固定匯率計算的毛利率高於計劃，運營執行力有所提高，我們的國際業務以及美國十億促銷品牌的市場份額表現穩健。

As the macro environment grew increasingly volatile, we remained highly focused on executing in areas of the business that are under our direct control, with focus on maintaining our growth momentum in international markets and global Right to Win categories, continuing to drive our productivity and enterprise efficiency initiatives, improving service levels and partnerships with retailers, and strengthening commercial execution behind our brands to drive share gains in market.

隨著宏觀環境變得越來越不穩定，我們仍然高度專注於直接控制的業務領域的執行，重點保持在國際市場和全球獲勝權類別的增長勢頭，繼續推動我們的生產力和企業效率計劃，提高服務水平和與零售商的合作夥伴關係，並加強我們品牌背後的商業執行，以推動市場份額的增長。

This quarter demonstrated that we had the right leadership in place, our innovation pipeline is robust, and our broader categories are largely healthy. As we move forward, we will continue to be relentless on commercial and operational execution, and that's why underpinning all of our strategic priorities, is a deep organizational commitment to executional excellence across the enterprise. This is a key priority for me in my role as COO, and we believe it will provide further unlock of value going forward as we execute better in everything that we do.

本季表明，我們擁有正確的領導力，我們的創新管道強勁，而且我們更廣泛的產品類別總體上是健康的。在我們前進的過程中，我們將繼續堅持不懈地進行商業和營運執行，這就是為什麼我們所有的策略重點都建立在對整個企業卓越執行的深刻組織承諾之上。這是我擔任營運長的首要任務，我們相信，隨著我們在所做的每一件事上執行得更好，它將進一步釋放未來的價值。

Now let's move to the commercial and operational highlights for the quarter. Organic net sales decreased 1.3% in line with our expectations. Growth was driven by international markets and our Right to Win businesses globally. International growth of 2% was slightly better than expected, driven by both price and volume gains.

現在讓我們來看看本季的商業和營運亮點。有機淨銷售額下降 1.3%，符合我們的預期。成長的動力來自於國際市場和我們全球的贏利業務。受價格和銷售上漲的推動，國際市場成長率達 2%，略優於預期。

This growth rate was slightly lower than trend as we lapped strong growth in international a year ago, largely related to last year's surge in orders ahead of the holiday period in Japan. Organic sales in North America declined about 4%, reflecting declines in our Right to Play businesses, wet shave, and femcare.

這一增長率略低於趨勢水平，因為我們一年前就實現了國際業務的強勁增長，這主要與去年日本假期前訂單激增有關。北美的有機銷售額下降約 4%，反映了我們的遊戲權業務、濕剃和女性護理業務的下滑。

Before discussing segment specifics, let me offer some commercial highlights in the quarter. In North America, organic growth was strongest across our grooming portfolio, and in particular, the Cremo brands. We saw double-digit segment organic growth with Cremo growing 20%, driven by range expansion and good retail execution.

在討論具體細分市場之前，讓我先介紹一下本季的一些商業亮點。在北美，我們整個美容產品組合的有機成長最為強勁，尤其是 Cremo 品牌。我們看到了兩位數的分部有機成長，其中 Cremo 成長了 20%，這得益於產品範圍的擴大和良好的零售執行。

The Billie brand was also a strength in the quarter, gaining an additional 230 basis points in women's shave market share, and now stands with a 15% share of the category of Walmart and over a 10% share nationally.

Billie 品牌在本季也表現強勁，在女性刮鬍用品市場的份額又增加了 230 個基點，目前在沃爾瑪同類產品中佔有 15% 的份額，在全國範圍內佔有 10% 以上的份額。

Importantly, in a clear sign of growing consumer loyalty, the strength of its refills business is noteworthy as Billie is now the number one brand in women's refills in units and number two brand in dollars across the top five retailer landscape.

重要的是，作為消費者忠誠度不斷提高的明顯標誌，其補充裝業務的實力值得關注，因為 Billie 現在是排名前五的零售商中女性補充裝銷量第一的品牌，銷售額排名第二的品牌。

In terms of US market share performance, we saw solid performance in grooming behind the accelerated growth for Cremo and, as discussed, meaningful gains for the Billie brand. The remainder of our shave portfolio and femcare business share results were largely in line with trends. Internationally, we delivered 2% organic growth while cycling 16% growth last year. As Rod mentioned, this was our fifth consecutive quarter of organic growth and 11th out of the last 12.

就美國市場佔有率表現而言，我們看到 Cremo 加速成長背後的穩健表現，以及如上所述的 Billie 品牌的有意義的成長。我們其餘的剃鬚產品組合和女性護理業務份額結果基本上符合趨勢。在國際方面，我們去年實現了 2% 的有機成長，而週期性成長則達到了 16%。正如羅德所提到的，這是我們連續第五個季度實現有機成長，也是過去 12 個季度中第 11 個季度實現有機成長。

Commercial execution across the markets was very strong, and both our innovation and strong brand activation were core to our results. Schick First Hydro in Japan has achieved almost 130% of its targeted distribution since its launch in August last year. and has quickly scaled to a two-share in the category.

整個市場的商業執行都非常強勁，我們的創新和強大的品牌活化都是我們業績的核心。自去年8月在日本推出以來，Schick First Hydro 已經實現了其目標分銷量的近130％。並迅速擴大至該類別的兩個份額。

Our Wilkinson Sword brand relaunch continues to be disruptive in Europe, where we were also awarded three Best Product of the Year honors, including the new Hydro 5 Razor in the grooming category.

我們的 Wilkinson Sword 品牌重新推出繼續在歐洲引起轟動，我們還獲得了三個年度最佳產品榮譽，包括美容類別的全新 Hydro 5 刮鬍刀。

And our private brands business remains a meaningful competitive advantage, posting double-digit organic growth fueled in part by new business across many key retailers, including Aldi and Lidl.

我們的自有品牌業務仍具有顯著的競爭優勢，實現兩位數的自然成長，部分原因是來自 Aldi 和 Lidl 等多家主要零售商的新業務。

Market share across international was solid, with noteworthy gains in sun care across both Australia and Mexico, and good performance in the grooming category in Europe, where the Bulldog brand now sits at the number two men's grooming brand in the UK.

國際市場份額穩固，在澳洲和墨西哥的防曬護理方面取得顯著增長，在歐洲的美容類別中表現良好，Bulldog 品牌目前是英國第二大男士美容品牌。

Now, turning to our segment performance. Wet shave organic net sales were down 1.3%. International wet shave grew 3%, with both price and volume gains, reflecting continued category health, impactful innovation, and strong in-market activation.

現在，談談我們的分部表現。濕剃有機淨銷售額下降 1.3%。國際濕剃市場成長 3%，價格和銷售量均上漲，反映出該品類持續健康發展、具影響力的創新和強勁的市場活化度。

In North America, wet shave organic gut sales declined just under 7%, as gains in men's systems and disposables were more than offset by declines in shave preps and women's systems. Women's systems continue to be negatively impacted by weakening channel dynamics and a highly competitive and promotional environment.

在北美，濕剃有機腸衣的銷售量下降了近7%，因為男用系統和一次性產品的銷售成長被刮鬍製劑和女用系統的銷售下滑所抵消。通路動態減弱以及高度競爭和促銷環境持續對女性系統產生負面影響。

Consumption in the US razors and blades category was down 80 basis points in the quarter, with continued heightened declines in the drug channel. Our market share decreased 100 basis points, consistent with 26- and 52-week trends.

本季度，美國刮鬍刀和刀片類別的消費量下降了 80 個基點，藥品通路的消費量持續下降。我們的市佔率下降了 100 個基點，與 26 週和 52 週的趨勢一致。

Sun and skin care organic net sales increased approximately 5%, as double-digit growth in skin and grooming more than offset declines in North America's sun care, primarily as a result of a shift in phasing in some customer orders in what is our lightest sales quarter of the year. In the US sun care category, consumption increased about 1.6% in the quarter, led by increased e-commerce sales, and our market share was down slightly.

防曬和護膚品有機淨銷售額增長約 5%，因為皮膚和美容產品的兩位數增長抵消了北美防曬產品的下滑，這主要是由於在我們今年銷售最清淡的季度中部分客戶訂單的分階段轉變所致。在美國防曬產品類別中，由於電子商務銷售額的成長，本季消費量增加了約1.6％，而我們的市佔率略有下降。

In our two most noteworthy international markets, we saw strong sun season performance, with both value and volume market share gains in Australia and Mexico. Grooming organic net sales increased 13% in the quarter, with growth across each brand, as mentioned, most notably led by 20% organic net sales growth in Cremo and growth from the national rollout of Billie's Body Care. Wet One's organic net sales increased 15%, fueled by better in-stock positions, and our share was approximately 71%. Femcare organic net sales were down approximately 12%.

在我們最值得關注的兩個國際市場中，我們看到了強勁的陽光季節表現，澳洲和墨西哥的市佔率和價值都有所成長。美容產品有機淨銷售額在本季度增長了 13%，如上所述，每個品牌均實現增長，最顯著的是 Cremo 的有機淨銷售額增長了 20%，以及 Billie's Body Care 的全國推廣帶來的增長。由於庫存狀況改善，Wet One 的有機淨銷售額增長了 15%，我們的份額約為 71%。Femcare 有機淨銷售額下降約 12%。

The decline was largely driven by our pads business, as we continued to ramp conversion from stay-free to care-free. Consumption in the category was up 4%, though continues to be driven mostly by 7% growth in pads where our penetration is the lowest. In the categories where we mostly compete, tampons and liners, consumption was down 1% and up 3% respectively. Overall, the category remains highly promotional.

下滑的主要原因是我們的衛生棉業務，因為我們持續增加從免停留到無憂的轉變。該類別的消費量增加了 4%，但主要推動力仍來自於滲透率最低的衛生棉 7% 的增幅。在我們主要競爭的類別中，衛生棉條和護墊的消費量分別下降了 1% 和增加了 3%。總體而言，該類別仍然具有很強的促銷性。

And finally, turning to our operational performance in the quarter, Q1 reflects a continuation of our cost excellence strength paired with meaningful improvements in broader service levels and much improved in-stock positions. Productivity savings were 340 basis points and provided the tailwinds for our approximately 80 basis points of constant currency gross margin accretion in the quarter.

最後，談到本季的營運業績，第一季反映了我們成本優勢的延續，以及更廣泛的服務水準的顯著改善和庫存狀況的大幅改善。生產力節省了 340 個基點，為我們本季約 80 個基點的恆定貨幣毛利率成長提供了順風。

Productivity savings were realized from a full collection of programs, including global sourcing and indirect savings, labor automation, and broader plant efficiency efforts. Importantly, we also delivered meaningful service gains, saw unit fill rates above target levels across most categories and markets, and addressed the supply challenges referenced last quarter in our grooming, preps, and skin businesses.

生產力節約是透過一系列計劃實現的，包括全球採購和間接節省、勞動力自動化和更廣泛的工廠效率努力。重要的是，我們還實現了有意義的服務收益，大多數類別和市場的單位填充率都高於目標水平，並解決了上個季度提到的美容、準備和皮膚業務中的供應挑戰。

Lastly, we were very pleased with our supply levels and in-stock positions as we prepare for the critical sun season in the US and northern Latin American markets. While we continue to see some modest inflationary pressures, largely driven by labor, and more modest increases in commodities, there is no material change to our inflation expectations for the full year.

最後，我們對我們的供應水準和庫存情況非常滿意，因為我們正在為美國和拉丁美洲北部市場的關鍵陽光季節做準備。雖然我們繼續看到一些溫和的通膨壓力（主要由勞動力推動）和大宗商品價格溫和上漲，但我們對全年通膨的預期並沒有發生重大變化。

The same cannot be said on the FX front. Given a significant strengthening of the dollar against most major currencies, gross margin in the quarter was negatively impacted by an incremental 40 basis points of currency headwinds.

外匯方面的情況並非如此。由於美元兌大多數主要貨幣大幅走強，本季的毛利率因貨幣逆風而受到 40 個基點的負面影響。

On a full-year basis, FX is now expected to be an incremental 20-basis point headwind to gross margin. So while I'm pleased with the progress, we're making in the areas of the business that are in our direct control, these external factors certainly make for a more challenging operating environment.

從全年來看，外匯預計將對毛利率造成 20 個基點的負面影響。因此，雖然我對我們在直接控制的業務領域所取得的進展感到滿意，但這些外部因素無疑地使營運環境更具挑戰性。

Going forward, we will continue to be proactive, act with urgency and discipline, and prioritize executing our strategies and focusing on the operational elements of the business that will lead to durable growth and broader value creation.

展望未來，我們將繼續積極主動，緊急且嚴謹地採取行動，優先執行我們的策略並專注於可帶來持久成長和更廣泛價值創造的業務營運要素。

Now, let me turn it over to Fran to discuss the financial results for the quarter and our full-year outlook.

現在，讓我把主題轉給 Fran，討論本季的財務表現和全年展望。

Thank you, Dan. Good morning, everyone. I'm excited to be here in my new role, and I look forward to getting to know many of you in the weeks and months ahead.

謝謝你，丹。大家早安。我很高興能在這裡擔任新的職務，並期待在未來的幾週和幾個月裡認識你們。

Now let's jump into a quick review of the first quarter, followed by our updated outlook for fiscal '25. As previously discussed, organic net sales decreased 1.3%. International growth of 2%, driven by both price and volume gains, were more than offset by a 4% decline in North America. due to lower volumes in fanfare and wet shave.

現在讓我們快速回顧一下第一季度，然後介紹我們對25財年的最新展望。如前所述，有機淨銷售額下降了 1.3%。在價格和銷售上漲的推動下，國際市場實現了 2% 的成長，但被北美地區 4% 的下滑所抵消。由於號角聲和濕剃音量較低。

Adjusted gross margin rate decreased 60 basis points, but increased approximately 80 basis points in constant currency, exceeding our expectations. We realized approximately 340 basis points of productivity savings, which was partially offset by increased promotions net of price of 40 basis points, 200 basis points of core growth inflation and volume absorption, and 20 basis points of unfavorable mix and other headwinds.

調整後的毛利率下降了 60 個基點，但以固定匯率計算則增加了約 80 個基點，超出了我們的預期。我們實現了約 340 個基點的生產力節約，但部分被扣除價格的 40 個基點、核心增長通膨和銷量吸收的 200 個基點以及不利組合和其他不利因素的 20 個基點所抵消。

A&P expenses were 10.5% of net sales, up from 9.9% last year. Adjusted SG&A was 21.2% in rate of sales, up approximately 20 basis points versus last year. Overall, higher people costs and outside services were offset by lower incentive compensation expense, lower bad debt, and favorable currency impacts.

廣告宣傳費用佔淨銷售額的 10.5%，高於去年的 9.9%。調整後的銷售、一般及行政支出為銷售率為 21.2%，較去年同期上升約 20 個基點。整體而言，較高的人力成本和外部服務被較低的激勵薪酬費用、較低的壞帳和有利的金錢影響所抵消。

Rate of sale increase was impacted by lower net sales in the quarter. Adjusted operating income was $27 million compared to approximately $36 million last year. Adjusted operating margin decreased 170 basis points almost entirely due to the net unfavorable impact from currency. Importantly, on a constant currency basis, adjusted profit margin was nearly flat, despite the incremental brand investments driven by strong gross margin accretion.

銷售成長率受到本季淨銷售額下降的影響。調整後的營業收入為 2,700 萬美元，而去年同期約為 3,600 萬美元。調整後的營業利潤率下降了 170 個基點，幾乎完全是由於貨幣帶來的淨不利影響。重要的是，以固定匯率計算，儘管毛利率強勁成長推動了品牌投資的增加，但調整後的利潤率幾乎持平。

GAAP diluted net earnings per share were a loss of $0.04 compared to earnings of $0.09 in the first quarter of fiscal '24, and adjusted earnings per share were $0.07. Currency movements had an approximately $0.17 per share unfavorable impact in the quarter due to translational currency headwinds to operating profit and higher year-over-year hedge and balance sheet remeasurement losses within our other income and expense. At constant currency, adjusted earnings per share were flat to prior year.

以美國通用會計準則計算，每股攤薄淨收益為虧損 0.04 美元，而 24 財年第一季的每股收益為 0.09 美元，調整後每股收益為 0.07 美元。由於匯率變動對營業利潤造成不利影響以及其他收入和支出中對沖和資產負債表重估損失同比增加，本季度貨幣變動對每股產生了約 0.17 美元的不利影響。以固定匯率計算，調整後的每股盈餘與前一年持平。

Adjusted EBITDA was $45.9 million, inclusive of an $11 million unfavorable currency impact compared to $57.2 million in prior year. At constant currency, adjusted EBITDA was flat to prior year.

調整後 EBITDA 為 4,590 萬美元，其中包括 1,100 萬美元的不利貨幣影響，而去年同期為 5,720 萬美元。以固定匯率計算，調整後的 EBITDA 與上年持平。

Net cash used by operating activities was 115.6 million for the quarter, compared to 72.9 million in the prior year period. Shifts in seasonal inventory bills versus last year drove the increased use of cash in the quarter. We ended the quarter with $176 million in cash on hand, access to the $221 million undrawn portion of our credit facility, and, as anticipated due to cash flow seasonality, a net debt leverage ratio of 3.8 times.

本季經營活動所用淨現金為 1.156 億美元，去年同期為 7,290 萬美元。與去年同期相比，季節性庫存帳單的變化推動了本季現金使用量的增加。截至本季末，我們手頭上有 1.76 億美元現金，可以使用 2.21 億美元尚未提取的信貸額度，並且由於現金流季節性的預期，淨債務槓桿率為 3.8 倍。

In the quarter, share repurchases totaled $30 million. we continued our quarterly dividend payout and declared another cash dividend of $0.15 per share for the first quarter. In total, we returned approximately 38 million to shareholders during the quarter.

本季度，股票回購總額為 3,000 萬美元。我們繼續派發季度股息，並宣布第一季再發放每股 0.15 美元的現金股息。總體而言，本季我們向股東返還了約 3,800 萬美元。

Now turning to our outlook for fiscal '25. As Ron and Dan mentioned earlier, we are pleased with our operational performance in the quarter, and we have strong underlying fundamentals in place to continue to execute and deliver on our previously provided outlook ranges.

現在來談談我們對25財年的展望。正如 Ron 和 Dan 之前提到的，我們對本季度的營運業績感到滿意，並且我們擁有強大的基本面，可以繼續執行並實現我們先前提供的展望範圍。

However, the current macro environment remains challenging, particularly across currency markets. And as such, we have updated our outlook for the full year, primarily to reflect the impact of unfavorable currency movements compared to our prior outlook.

然而，當前的宏觀環境仍然充滿挑戰，特別是在貨幣市場。因此，我們更新了全年展望，主要是為了反映與先前的展望相比不利的貨幣走勢的影響。

On a constant currency basis, our outlook is essentially unchanged from a quarter ago. For the fiscal year, we still anticipate organic net sales growth to be in the previously provided range of 1% to 3%. Looking ahead, our growth assumptions for second quarter are now approximately 1%, reflecting an expected shift in sun care orders into third quarter.

以固定匯率計算，我們的展望與一個季度前相比基本上沒有變化。對於本財年，我們仍然預期有機淨銷售額成長率將在先前提供的 1% 至 3% 的範圍內。展望未來，我們對第二季的成長假設目前約為 1%，這反映了防曬產品訂單預計轉移到第三季。

On a reported basis, currency is now expected to negatively impact reported sales by 160 basis points. versus our prior expectation of a positive 70 basis points impact. While our outlook for a 90-basis point increase in gross margin on a constant currency basis is unchanged, we now expect full year adjusted gross margin accretion of 55 basis points, inclusive of 35 basis points of FX headwinds, 20 basis points worse than our previous outlook.

據報道，目前預計貨幣將對報告銷售額產生 160 個基點的負面影響。而我們先前預期的影響為積極 70 個基點。雖然我們對以固定匯率計算的毛利率增加 90 個基點的預期保持不變，但我們目前預計全年調整後毛利率將增加 55 個基點，其中包括 35 個基點的外匯不利因素，比我們之前的預期低 20 個基點。

Our outlook for adjusted EPS and EBITDA are now expected to be towards the lower end of their respective ranges, essentially flowing through the incremental FX headwinds, partly offset by slightly improved below-the-line items, including a favorable pension true-up.

我們對調整後每股收益和 EBITDA 的預期目前預計接近各自範圍的低端，本質上將受到增量外匯逆風的影響，但部分被略有改善的線下項目（包括有利的養老金調整）所抵消。

Adjusted earnings per share are now anticipated to be towards the lower end of our $3.15 to $3.35 outlook range. inclusive of approximately $0.36 per share of currency headwinds, an increase of $0.18 versus our prior outlook.

目前預計調整後每股收益將接近我們預期的 3.15 美元至 3.35 美元區間的低端。包括每股約 0.36 美元的貨幣逆風，比我們先前的預測增加 0.18 美元。

Adjusted EBITDA is also now expected to be towards the lower end of our $356 million to $368 million outlook range, inclusive of approximately $23 million in currency headwinds versus the $12 million currency headwind contemplated in our prior outlook.

調整後的 EBITDA 目前預計也將接近我們 3.56 億美元至 3.68 億美元預期範圍的低端，其中包括約 2,300 萬美元的貨幣逆風，而我們之前預期的是 1,200 萬美元的貨幣逆風。

Due to our revised FX expectations, we now expect approximately 70% of adjusted net earnings to be generated in the second half of the fiscal year, slightly higher than our previous outlook.

由於我們修改了外匯預期，我們現在預計約 70% 的調整後淨收益將在本財年下半年產生，略高於我們先前的預測。

On a constant currency basis, our half-one and half-two phasing expectations are essentially unchanged. As outlined in our earnings release, this outlook does not reflect the potential impact from the US or retaliatory tariffs given their rapidly evolving nature. For more information related to our fiscal '25 outlook, I would refer you to the press release that we issued earlier this morning.

以固定匯率計算，我們對第一階段和第二階段的預期基本上沒有改變。正如我們在收益報告中所述，鑑於美國或報復性關稅的快速發展性質，這一前景並未反映其潛在影響。有關我們 25 財年展望的更多信息，請參閱我們今天早些時候發布的新聞稿。

And now, I'd like to turn the call over to the operator for the Q&A session.

現在，我想將電話轉給接線員進行問答環節。

(Operator Instructions) Kate Grafstein, Barclays.

（操作員指示）巴克萊銀行的凱特·格拉夫斯坦。

Thanks. So femcare sales took another step back this quarter, and you've talked about consolidating the brand portfolio with stay-free and carefree and simplifying the portfolio, but it seems like there's still some work to do. So if you could just talk a little bit about why the business is still so weak and maybe if the spring resets will help this time around. Thanks.

謝謝。因此，本季女性護理產品的銷售再次出現下滑，您曾談到要整合stay-free和carefree品牌組合併簡化產品組合，但似乎還有一些工作要做。因此，您能否稍微談一談為什麼業務仍然如此疲軟，以及春季重置是否會有所幫助。謝謝。

Good morning, Kate. So on femcare, look, the category is healthy overall. And if you look at where the growth in the category is, it's being driven by pads in the most recent quarter. And that's where we're most challenged at the moment.

早安，凱特。因此，就女性護理而言，該類別總體上是健康的。如果你看一下該類別的成長情況，你會發現它是由最近一個季度的衛生棉所推動的。這正是我們目前面臨的最大挑戰。

And so, if you step back and go back nine months or so ago, we looked to consolidate our pads and liners under the Carefree Master Brand. So we had Stay Free in the base being shipped, and today we don't have that. And it's taking us longer than we had anticipated to transition consumers from stay-free pads into care-free pads.

因此，如果您回顧大約九個月前，我們希望將我們的護墊和襯墊整合到 Carefree Master Brand 旗下。因此，我們在運輸基地配備了 Stay Free，但今天我們沒有配備它。我們花費的時間比預期的要長，才讓消費者從免支撐墊過渡到無照護墊。

Are we making progress? Absolutely, we are. So we're on that journey. Liners performed as we expected. Plate tech sport performed as we expected, slightly weaker in pads. That's the story.

我們有進展了嗎？當然是了。所以，我們正踏上這段旅程。班輪的表現正如我們預期。Plate Tech Sport 的表現正如我們預期，護墊方面略弱。這就是故事。

Final thing I'll say, and Dan, if you want to comment, you can, is you will see our results. improve sequentially from here as we go throughout the year, if nothing else, from easier compares. And then the work we're doing to convert consumers will continue. So I think we get better from here.

最後我想說的是，丹，如果你想評論，你可以，你會看到我們的結果。從現在開始，隨著我們全年的發展，我們將逐步改進，如果沒有其他改進，我們將從更容易的比較開始。然後，我們將繼續致力於改變消費者。所以我認為我們會變得更好。

But, Dan, I don't know if you had anything.

但是，丹，我不知道你是否有什麼。

Yeah, I would only add we're actually pleased with Carefree's performance. So we're seeing, actually, traction here in terms of the brand itself. We saw low single-digit growth in liners. We saw mid-single-digit growth in pads.

是的，我只想補充一點，我們對 Carefree 的表現非常滿意。因此，我們實際上看到了品牌本身的吸引力。我們看到班輪業務呈現低個位數成長。我們看到衛生棉的銷量出現了中等個位數的成長。

As Rod pointed out, the challenge, and this is what certainly takes time, is bringing the state-free consumer along. We did activate above-the-line marketing late in the quarter. We'll continue that in Q2.

正如羅德所指出的，挑戰在於引導無政府消費者參與進來，這肯定需要時間。我們確實在本季末啟動了線上行銷。我們將在第二季度繼續這樣做。

So the work remains. It will take time. I think we have to separate Carefree's performance, which we're actually seeing traction on, which is helpful, but the work remains on the state-free consumer, and it's obviously where we'll stay focused.

因此工作還得繼續。這需要時間。我認為我們必須將 Carefree 的表現分開，我們實際上看到了它的吸引力，這是有幫助的，但工作仍然針對無狀態消費者，這顯然是我們會重點關注的地方。

Chris Carey, Wells Fargo.

富國銀行的克里斯凱裡 (Chris Carey)。

Hi, everyone. Can you maybe just provide some context on the collection of your businesses that are going to be seeing atypically or that have been seeing atypically negative performance and when those businesses start to lack that performance?

大家好。您能否提供一些背景資訊，說明您的業務將會出現哪些異常表現或已經出現哪些異常負面表現，以及這些業務何時開始缺乏這種表現？

Thinking about the shape prep transition, sudden care transition, when do those businesses start to encounter or start to lap that really difficult, atypically difficult performance?

考慮一下形狀準備轉變、突然的照護轉變，這些企業什麼時候開始遇到或開始克服真正困難、非典型困難的表現？

And I guess I ask that in the context of the acceleration that's embedded here. It's some challenge businesses that are going to get beyond this this current one-year cycle, if you will, and then what are you embedding for the rest of the business from a acceleration standpoint from here? I can reframe that if that doesn't make sense, but curious your thoughts.

我想我是在嵌入此處的加速背景下提出這個問題的。如果您願意的話，一些挑戰性業務將超越當前的一年周期，那麼從現在的加速角度來看，您將為其餘業務嵌入什麼？如果這沒有意義的話我可以重新解釋一下，但我很好奇你的想法。

Yeah, good morning, Chris. Look, I think it's primarily as we get into the second half of the year is when we start to have the better compares. If you think about the supply chain issues we had last year, the fire in our manufacturing plant for wet ones was happening last fall.

是的，早上好，克里斯。看起來，我認為主要是當我們進入下半年時我們才開始有更好的比較。如果您想想我們去年遇到的供應鏈問題，就會知道去年秋天我們的濕貨製造廠發生了火災。

And so as we start to lock that, as we come back on in full production rate and mode, we're already seeing that one come back. Wet ones is about 15% in the quarter that we just finished. So that one's back online and in a relatively good spot.

因此，當我們開始鎖定它時，當我們恢復完全生產率和模式時，我們已經看到它的回歸。在我們剛結束的這個季度中，濕貨佔比約為 15%。這樣，那個人就回到了線上，並且處於一個相對較好的位置。

If you then look at EDGE and Cremo and some of the areas where we had some constraint. We'll start to lap those and get into those periods, again, as we get into the back half of this fiscal year, so out in the summer. And then I mentioned femcare in Kate's question earlier.

如果你看一下 EDGE 和 Cremo 以及我們受到一些限制的領域。當我們進入本財政年度的後半年，也就是夏天的時候，我們將開始研究這些問題並再次進入這些時期。然後我之前在凱特的問題中提到了女性保健。

That's one where one of the issues we've had is we had a delayed planogram reset, which was targeted February, March last year. actually, didn't happen until the summer.

我們遇到的一個問題是，規劃圖重置延遲了，原計劃去年 2 月、3 月進行。事實上，直到夏天才發生。

And so, I think sequentially as you go here, you'll see us improve. But the easiest comparison, the more like-for-like comparison, are really in Q3 and Q4 of this year.

所以，我認為，隨著你逐漸來到這裡，你會看到我們不斷進步。但最容易的比較、更同類的比較實際上是今年第三季和第四季。

Yeah, and the only thing I would add, Chris, just to ladder back up we said last quarter 70% of our business is growing at mid-single digits, and we expect that to continue growing. for the fiscal year 2025. We still have a line of sight to that. Now, remember that's made up of international and our global Right to Win portfolio. And our expectation is still for 2025 that that 70% of our business will grow in single digits.

是的，克里斯，我唯一想補充的是，我們上個季度說過，我們 70％ 的業務以中等個位數增長，我們預計這一數字將繼續增長。 2025 財政年度。我們仍然能看到這一點。現在，請記住，它由國際和我們的全球獲勝權投資組合組成。我們仍然預計，到 2025 年，70% 的業務將實現個位數成長。

Okay. You mentioned some shifts in sun care orders, I believe. Can you expand on that please? Thanks.

好的。我相信您提到了防曬命令的一些變化。能進一步詳細說明一下嗎？謝謝。

Yeah, I'll just, I think there's, There's a single driver here around Easter timing. I mean, there's a couple things, but there's a big driver where Easter is three weeks later. This year, as you get out into mid-April last year, it was earlier, and what you had profiled was more shipments into the second quarter ahead of some of those big Easter resets. And from a planning basis, as we look at it, that is a driver.

是的，我認為，復活節前後這裡有一位司機。我的意思是，有幾件事，但最重要的原因是復活節推遲了三週。今年，比去年 4 月中旬更早，而且據您統計，在一些大型復活節重置之前，第二季的出貨量會更多。從規劃基礎來看，這是一個驅動因素。

Yeah, just to be clear, you said fem. I think you meant sun because Rod was answering sun.

是的，為了清楚起見，你說的是女性。我認為你的意思是太陽，因為羅德回答的是太陽。

That's what we called out as an order. If I said femcare, I meant the sun care business.

這就是我們所發出的命令。如果我說女性護理，我指的是防曬護理業務。

Yeah, no, of course. It's sun care. Look, we just have to remember 80% of the season's consumption happens between April 1 and September. So whether shipments go in late March or in first week of April, always tough to profile. We're as bullish on the season here in the US as we were when we initiated our guide back in November, just some order phase.

是的，當然不是。這是防曬霜。看，我們只需要記住，該季節 80% 的消費發生在 4 月 1 日至 9 月之間。因此，無論貨物是在三月下旬還是四月第一周發貨，都很難進行分析。我們對美國的這個季節很看好，就像我們去年 11 月發布指南時一樣，只是一些訂單階段。

And I'll add a data point. Chris, we were down in Florida last week with the board and out looking at the shelf and some formats, and the shelves look great. We are, I think, at the right place from an activation standpoint this year, we feel really good about that.

我將添加一個數據點。克里斯，我們上週帶著董事會去了佛羅裡達，查看了貨架和一些格式，貨架看起來很棒。我認為，從激活的角度來看，我們今年處於正確的位置，我們對此感覺非常好。

And weather's better already at this point down in South Florida than it was at this point last year, where it was rainy and wet for most of the season. So it's early to Dan's point, but I think we're excited about the start, what we've seen here in the early couple of months.

目前南佛羅裡達州的天氣已經比去年同期好多了，去年大部分時間都是陰雨潮濕。現在談論丹的觀點還為時過早，但我認為，我們對這個開始以及前幾個月所看到的情況感到很興奮。

Okay. Thanks.

好的。謝謝。

Olivia Tong, Raymond James.

奧莉維亞通 (Olivia Tong)、雷蒙詹姆斯 (Raymond James)。

Great. Thanks. Good morning. FX is obviously a much bigger hit for you this year than you had originally anticipated. So can you talk about some of the offsets that you've planned, if you have any pricing plans or are evaluating that?

偉大的。謝謝。早安.FX 對你來說今年的打擊顯然比你最初預期的要大得多。那麼，如果您有任何定價計劃或正在評估的話，您可以談談您計劃的一些抵銷措施嗎？

Hey, Olivia. It's Dan. I'm sorry. It was a bit muddled. Could you repeat the question?

嘿，奧利維亞。是丹。對不起。有點混亂。你能重複一下這個問題嗎？

Sure. My question was around FX, and it's obviously a bigger hit this year. So just if you have any – what the plans are to offset that, if you have any plans for pricing or potentially evaluating incremental pricing in some of the categories.

當然。我的問題是關於 FX 的，顯然它今年受到了更大的關注。所以，如果您有任何計劃來抵消這一影響，如果您有任何定價計劃或可能評估某些類別的增量定價。

Yeah, look, it is a bit of a heavier FX hit for us in the quarter, and we discussed that. We flowed that through for the full year or so. Certainly, the FX headwinds have increased from when we spoke back in November.

是的，你看，這對我們來說，本季的外匯打擊有點嚴重，我們也討論過這個問題。我們已經完成了大約一年的時間。確實，外匯逆風比我們 11 月談話時有所增大。

Now, we've held to the lower end of the guide within our original ranges on profit. As far as how we solve for that, yeah, look, we have executed the pricing that was planned in our 2025 business. It doesn't mean we can't reconsider.

現在，我們的利潤一直維持在原有指導範圍的下限。至於我們如何解決這個問題，是的，看，我們已經執行了 2025 年業務中計劃的定價。這並不意味著我們不能重新考慮。

I think the areas that we typically will go to just in good operational hygiene are going to be around revenue management and how do we make sure Promotional dollars are most effective. Trade terms are optimized. Mix is managed well, which you actually saw in the first quarter. It was a tailwind for us in margin.

我認為，在良好的營運衛生方面，我們通常會關注的領域是收入管理以及如何確保促銷資金最有效。貿易條件得到最佳化。Mix 管理得很好，你在第一季就看到了這一點。這對我們來說是一個有利因素。

And then, of course, on the productivity side, while we delivered a healthy 340 basis points of productivity savings in the quarter, the team's DNA, of course, is always to push for more.

當然，在生產力方面，雖然我們在本季度實現了 340 個基點的生產力節約，但團隊的 DNA 當然永遠追求更多。

So not committing to either one of those, but the team will continue to look at all levers, I don't know that I would say price at this point. There's a lot of factors going in right now, tariff and otherwise. We are certainly looking at it, but nothing that we would say today is firm.

因此，不會對其中任何一項做出承諾，但團隊將繼續考慮所有槓桿，我不知道現在我是否會說價格。目前有很多因素需要考慮，包括關稅等等。我們當然在考慮這個問題，但是今天我們所說的一切都還不是確定的。

And Olivia, I would add, one thing we're not going to do is to cut our brand investment as a way to offset this. We're going to stay leaned in. As you saw in the quarter, we've invested in supporting our brands.

奧利維亞，我想補充一點，我們不會透過削減品牌投資來抵消這一影響。我們將保持傾斜。正如您在本季度看到的，我們已經投資以支持我們的品牌。

We like the campaigns. We like the activation. and what we have coming, and we're going to keep that in because we think operationally that's the right thing to do, and that sets us up for success not only in the back half of the year, but as we start to look out to fiscal 26. And so, I think that's an important point of what we're not going to do.

我們喜歡這些活動。我們喜歡這種激活。以及我們即將發生的事情，我們會保留這些，因為我們認為從營運角度來看這是正確的做法，這不僅為我們在下半年的成功奠定了基礎，而且在我們開始展望 26 財年時也奠定了基礎。所以，我認為這是我們不會做的事情的一個重要點。

Got it. Thanks. And then just following up on femcare, understand the delayed planogram from winter to spring, to summer last year, but it's been quite challenged for some time, and there have been a number of different reasons for that.

知道了。謝謝。然後只是跟進女性護理，了解去年從冬季到春季再到夏季的規劃圖延遲，但一段時間以來它一直面臨很大挑戰，並且有多種不同的原因。

So as you think about the plan for this year, what gives you confidence that that is the right plan for this year and that you can the consolidation of the master brand does help stabilize the business?

那麼，當您考慮今年的計劃時，是什麼讓您有信心這是今年的正確計劃，並且主品牌的整合確實有助於穩定業務？

I think, Olivia, it starts with the fact that we've got the healthy category. All right, so the category after a couple of years of being very choppy, a lot of noise in the printed results and consumption data around demand spikes, around inability to supply against those demand spikes, that's behind us now.

奧利維亞，我認為，這首先要考慮的是，我們擁有健康類別。好的，因此，在經歷了幾年的波動之後，印刷結果和消費數據中出現了很多關於需求激增的噪音，無法滿足這些需求激增的供應，但這些現在已經過去了。

And so we've got a stable, I would call it traditionally normal operating category that is growing. We've talked about R3 segments, pads, liners, tampons, We have good line of sight to what's happening in each one of those. I think we feel good about our plans and the execution for the year.

因此，我們獲得了一個穩定的、我稱之為傳統上正常且正在成長的營運類別。我們討論了 R3 部分、衛生棉、護墊、衛生棉條，我們對每個部分的情況都有很好的了解。我認為我們對今年的計劃和執行感到滿意。

We'll see the sequential improvement as we've talked about. And so, whether or not we're right at that category growth rate or slightly below, I think part of what makes us feel good about it is we've just got line of sight to what's required, and the lap gets easier from here.

正如我們之前所說，我們將看到連續的改進。因此，無論我們是否處於該類別成長率或略低於該成長率，我認為讓我們感到滿意的部分原因是我們已經了解了所需的內容，並且從現在開始每圈都變得更容易了。

Thank you.

謝謝。

Thanks, Olivia. Operator, next question, please.

謝謝，奧莉維亞。接線員，請問下一個問題。

Peter Grom, UBS.

瑞銀的 Peter Grom。

Thanks, operator. Good morning, everyone. Maybe just a few on just the top line, and maybe specifically to Chris's question. I apologize if I missed this, but can you quantify how big of an impact this timing shift is having on the second quarter organic sales outlook?

謝謝，接線生。大家早安。也許只是第一行的一些問題，也許專門針對克里斯的問題。如果我錯過了這一點，我很抱歉，但你能量化這個時間轉變對第二季有機銷售前景的影響有多大嗎？

And then maybe just on the growth from here. So I hear you completely that the US weekly scanner data masks what the company is doing as a whole, just given the strong international performance.

然後也許只是從這裡開始成長。因此，我完全明白您所說的，鑑於強勁的國際表現，美國每週的掃描器數據掩蓋了公司整體的表現。

But how are you seeing US versus international growth evolving from here? And I guess what I'm trying to understand just as we look at the data would you expect to see some improvement here in the US?

但您認為今後美國和國際的成長將如何演變？我想了解的是，當我們查看數據時，您是否期望看到美國的情況有所改善？

Yeah. So good morning. The scanner data that you see, we look at this, obviously, as 35% to 40% in what's US available to read. It's 35% to 40% of our business. So it's a relatively small piece of the overall global total. But it's an important piece, right? It's out there every week, and it's roughly more than a third of the business. We expect to see sequential improvement. in our North American results.

是的。早安.您看到的掃描器數據，我們顯然認為是美國可讀取數據的 35% 到 40%。這占我們業務的35%到40%。因此，這佔全球總量的比例相對較小。但它是一件重要的作品，對吧？它每週都會出現，大約佔業務的三分之一以上。我們期望看到連續的改善。在我們的北美業績中。

I think we went from minus six in quarter four to minus four organic here in quarter one. We're going to continue to see improvement as we go across the year in North America. And we're going to continue to see strength in international.

我認為我們從第四季的負六下降到了第一季的負四。隨著時間的推移，我們將繼續看到北美地區的進步。我們將繼續看到國際上的實力。

And I think Dan mentioned it earlier, we have 70% of our business in mid-single digits growth between the international business and the Right to Win categories here domestically in the US. So we've got good line of sight to that, and I think we have a good level of confidence that we'll be successful from here and be back in growth territory for the balance of the year.

我記得丹之前提到過，我們的國際業務和美國國內的獲勝權利類別中有 70% 的業務都實現了中等個位數成長。所以我們對此有很好的認識，我認為我們有充分的信心從現在開始取得成功，並在今年餘下時間裡重回成長軌道。

Related to the suncare question, timing, I'll flip that to Dan, but it's a mechanical piece of what we had guided to initially. It's just not how the execution is happening from a quarterly phasing.

與防曬問題、時間有關，我會將這個問題轉交給丹，但這是我們最初指導的機械部分。這與按季度分階段進行的執行方式不一樣。

Yeah, so we've taken our thinking for Q2 down to the lower end of our outlook, so call it 1% growth is our thinking. That's down 0.5 from what we originally contemplated. So if I were to size it, I would put it in the $6 million, $7 million range as an impact that now slides into 3Q. Just to ladder back up,

是的，因此，我們將第二季的預期下調至低端，因此我們認為成長率為 1%。這比我們最初預想的下降了 0.5。因此，如果我要對其進行評估的話，我會將其影響範圍定在 600 萬美元至 700 萬美元之間，而這種影響現在已延續到第三季。只是為了爬上梯子，

I do want to make the point we always contemplated a sequentially improving organic growth profile across the year. Q1 came in literally exactly as we had profiled it. And the drivers of this growth, we continue to see international at mid-single digits. Remember, we just cycled our strongest quarter of a year ago, 16% growth last year in Q1.

我確實想指出的是，我們始終考慮全年有機成長狀況的持續改善。Q1 的結果與我們預測的完全一樣。我們繼續看到國際上以中等個位數成長作為這一成長的驅動力。請記住，我們剛剛經歷了一年前最強勁的季度，去年第一季成長了 16%。

Sun season US coming off a flat season last year. Consumption, we think there'll be underlying growth there. The Billie brand and other grooming strength here, you saw double-digit growth in the quarter. So it is a sequentially improving growth story. We have a good line of sight to the drivers of it, and all of that ladders back into the range that we contemplated on organics, improving, as Rod said, quarter over quarter as the year plays on.

去年美國的陽光季節比較平淡。我們認為，消費方面將會出現潛在的成長。Billie 品牌和其他美容品牌在本季實現了兩位數的成長。因此，這是一個持續改善的成長故事。我們對它的驅動因素有很好的了解，所有這些都回到了我們在有機產品方面考慮的範圍，正如羅德所說，隨著時間的推移，每個季度都會有所改善。

That's super helpful. Thank you very much. I'll pass it on.

這非常有幫助。非常感謝。我會傳達的。

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

謝謝你，彼得。接線員，請問下一個問題。

Dara Mohsenian, Morgan Stanley.

摩根士丹利的 Dara Mohsenian。

Hey, good morning. So I just wanted to touch on pricing. Maybe we could just start with the US. Wanted to understand the promotional environment you're seeing from a category standpoint, but also as you look to reinvigorate your top line thoughts on forward pricing from here, particularly given the muted category environment. and the industry landscape.

嘿，早安。所以我只想談談定價問題。或許我們可以從美國開始。希望從類別的角度了解您所看到的促銷環境，同時也希望從現在開始重新激發您對遠期定價的首要想法，特別是在低迷的類別環境下。以及產業格局。

And then internationally, I know we touched on this with Olivia's question, but just how do you think conceptually about pricing relative to FX? Is it just this year you're not making the decision to be too aggressive on pricing and look to offset it? Is it that FX has moved substantially? Just how should we think about how you guys manage pricing typically internationally relative to FX from a longer-term perspective? Thanks.

然後從國際上來說，我知道我們在奧利維亞的問題中談到了這一點，但是您如何從概念上看待相對於外匯的定價？是不是只是今年你們決定不採取過於激進的定價策略，而是尋求抵銷措施？外匯是否已經大幅波動？從長遠角度來看，我們該如何看待你們如何管理相對於外匯的國際定價？謝謝。

Yeah. Good morning, Dara. Thanks for the question. So let me take a step back. What is in our plans for this year from a pricing standpoint? Price increases are entirely outside of the US, so international is where you will see us taking price.

是的。早安，達拉。謝謝你的提問。因此，讓我退一步來說。從定價角度來看，我們今年的計畫是什麼？價格上漲完全發生在美國以外，因此您會看到我們在國際範圍內漲價。

You've seen it show up in, not surprisingly, for the most part, in Japan Shave, where we're market leader, or in various aspects of our sun care business, Australia and Mexico, where we're also market leader. So that's where we've taken price.

毫不奇怪，您已經看到它大部分出現在我們處於市場領先地位的日本剃須刀市場，或者在我們防曬業務的各個方面，以及澳大利亞和墨西哥市場，我們也是市場領導者。這就是我們所得到的價格。

There is a bit of carryover price from last year that plays in as well, but all of our pricing outside of the US has been executed already, so I'll put a pin in that. I think in the US itself, as I mentioned earlier, I think our focus right now is much more on revenue management, not necessarily list price increase. We are seeing promotional intensity continue in women's shave and in femcare.

去年的部分結轉價格也發揮了作用，但我們在美國以外的所有定價都已經執行，因此我將對此進行固定。我認為在美國，正如我之前提到的，我們現在的重點更多是收入管理，而不一定是提高標價。我們看到女性剃鬚和女性護理領域的促銷力道持續加大。

At a heightened level, particularly in femcare, so Rod mentioned it's a healthy category. It is, but it is still quite promotional. And although we thought perhaps that would ease seasonally as we came out of the summer and fall, we haven't yet seen that.

在更高層次上，特別是在女性保健方面，羅德提到這是一個健康的類別。是的，但是它仍然具有相當的促銷性。儘管我們認為隨著夏季和秋季的到來，這種情況可能會有所緩解，但我們還沒有看到這種情況。

We are participating in that, and so we're not getting out-executed on shelf. That's a bit of what is also a headwind within femcare is it had increased promotional levels behind it.

我們正在參與其中，因此我們不會在執行上被超越。這也是女性保健領域的一個不利因素，因為它背後的促銷水平有所提高。

As far as our broader thinking, yeah, the team is always going to be looking at opportunistic pricing. FX is one of the variables that could affect that. Tariffs is another one. Rising costs is another one. But it will ultimately be thought of as a commercial decision.

就我們更廣泛的想法而言，是的，團隊總是會尋找機會定價。外匯是可能影響此情況的變數之一。另一個原因是關稅。另一個原因是成本上升。但它最終將被視為一個商業決定。

Where do we have the opportunity and the right to take price? Where can our brands withstand the price? Where are we a market leader and therefore will lead with price? All of these things go into pricing. our calculus here commercially. And while I said earlier, we won't commit to further price at this point, we also haven't ruled it out.

我們在哪裡有機會和權利獲取價格？我們的品牌哪裡能負擔這個價格？我們在哪些方面處於市場領先地位並因此能夠以價格領先？所有這些都會影響定價。我們在這裡進行商業化的計算。雖然我之前說過，我們目前不會對進一步的價格做出承諾，但我們也沒有排除這種可能性。

Great. And then, suncare came up a couple times. Obviously, there's some near-term shipment timing. But just maybe taking a step back, how do you think your position from a consumer takeaway standpoint as we head into the peak season?

偉大的。後來，防曬又出現了幾次。顯然，有一些近期的發貨時間。但讓我們退一步來說，當我們進入旺季時，您如何看待從消費者外送的角度來看您的立場？

It's pretty cold in New York here today. We're moving ahead to the spring and summer. So just thoughts around market share, innovation pipeline as you look at the sun care business both in the US and internationally would be helpful. Thanks.

今天紐約這兒相當冷。我們正邁入春季和夏季。因此，當你審視美國和國際上的防曬業務時，僅僅考慮市場份額和創新管道是有幫助的。謝謝。

Yeah, I'll start and then throw it to Dan for some international flavor because I think that's important. 18 degrees on my writing this morning, Darrell. So you're right, it is cold up north here. Yes, sir. Look, we feel really good about how we're set for the sun season.

是的，我會開始，然後把它交給丹，讓他加入一些國際風味，因為我認為這很重要。達雷爾，今天早上我寫作時的溫度是 18 度。所以你說得對，這裡北方很冷。是的，先生。瞧，我們對於陽光季節的準備感到非常滿意。

We have -- I think we're ready early for what I think in the south-southeast we're optimistic if you look at weather forecast patterns for it to be sunnier and relatively warmer than last year on the start, and we've got all the distribution we had expected.

我們已經做好了提前準備，我認為在東南地區，如果你看天氣預報模式，我們是樂觀的，今年年初會比去年更加陽光明媚、相對溫暖，而且我們已經得到了我們預期的所有分佈。

I think as we look at the distribution outcomes domestically here in the US, really solid as expected. We feel really good about the innovation pipeline, what's to come. We're in year two of Banana Boat 360 and the activations that go with that. We've got really good innovation coming on Hawaiian Tropic again with some new products.

我認為，當我們看一下美國國內的分銷結果時，它確實如預期般穩固。我們對未來的創新管道感到非常滿意。我們正在進行 Banana Boat 360 以及與之相關的活化活動的第二年。我們再次在 Hawaiian Tropic 上推出了一些非常好的創新新產品。

And I think from an innovation standpoint, we're set. And I think as we look at the relative competitive set, we feel good about our positioning and who we are. We know what we are. We're occasion-based, outdoor, beach, sport, fun, active type of brands, and that's where we win.

我認為從創新的角度來看，我們已經準備好了。我認為，當我們審視相對的競爭對手時，我們對自己的定位和身份感到滿意。我們知道我們是什麼。我們的品牌面向場合，專注於戶外、海灘、運動、娛樂和活躍等類型，這就是我們的成功之處。

And so I think that combined with the fact that leisure, travel still appears to be robust as you look at not only domestically here in the US, but globally, that is a key driver of what drives our brands and our business. And so I think Feel good overall. That's the US perspective.

因此我認為，結合休閒旅遊仍然強勁的事實，不僅在美國國內，而且在全球範圍內，這是推動我們品牌和業務發展的關鍵驅動力。所以我認為整體感覺很好。這是美國的觀點。

Dan, I don't want you to add international.

丹，我不想讓你添加國際。

Yeah, look, we're coming off perhaps our best single quarter of international sun care in terms of in-market performance. We won share in dollars and units in Australia at the heart of the season, and we won share dollars and units in Mexico as we ready up for the season. So I think we feel really good.

是的，從市場表現來看，我們或許剛度過了國際防曬產品領域中最好的一個季度。我們在賽季中期贏得了澳大利亞的美元和單位份額，在為賽季做準備時，我們在墨西哥贏得了美元和單位份額。所以我認為我們感覺非常好。

I was in Mexico before the holidays with the team, I can tell you, The travel, the leisure, the destination tourism is on fire and that bodes well for us for sure as we enter spring break and holy week and then kick off the season. The only other thing I would say on NPD, Rob mentioned a couple of the big ones.

假期前我和團隊在墨西哥，我可以告訴你，旅行、休閒、目的地旅遊都很火爆，這對我們來說肯定是個好兆頭，因為我們將進入春假和聖週，然後開始新的旅遊季節。關於 NPD 我唯一想說的另一件事是，Rob 提到了幾個大問題。

I would also add there's a complete mineral restage happening here in the US, which we think is going to be super impactful. We're launching the banana boat baby line, which has been really well received from retail as well. Good distribution outcomes, good innovation. We need sunshine, obviously, but good in stock position. We're certainly bullish on the season itself.

我還要補充一點，美國正在進行全面的礦物再分期，我們認為這將產生巨大的影響。我們正在推出香蕉船嬰兒系列，該產品也受到了零售業的熱烈歡迎。分銷結果良好，創新良好。顯然，我們需要陽光，但庫存狀況良好。我們當然對這個賽季本身充滿信心。

Great. Thanks, guys.

偉大的。謝謝大家。

Susan Anderson, Canaccord Genuity.

蘇珊安德森（Susan Anderson），Canaccord Genuity。

Hi. Good morning. Thanks for taking my question. I guess maybe first I wanted to ask about Zilli Body and how it's doing. It sounds like it did help to drive growth. Maybe if you could talk about how the products are performing versus your expectations. And then I think historically you had mentioned national expansion for the categories in 2025. Just curious if that's still in the works.

你好。早安.感謝您回答我的問題。我想也許首先我想問一下 Zilli Body 的情況以及它的運作。聽起來它確實有助於推動成長。也許您可以談談產品的表現與您的預期如何。然後我認為從歷史上看，您曾經提到過 2025 年這些類別的全國擴張。只是好奇這是否仍在進行中。

Yeah. Good morning, Susan. Thanks for the question. Yeah, look, overall, we feel really good about the total grooming portfolio. Obviously, you're going to have some puts and takes across body where you'll see some examples of velocity that are at or above threshold, some that are below, still very much in activation mode. So overall, we feel good.

是的。早安，蘇珊。謝謝你的提問。是的，總的來說，我們對整個美容產品組合感到非常滿意。顯然，您將進行一些跨身體的放置和移動，您會看到一些速度等於或高於閾值的例子，一些速度低於閾值，仍然處於激活模式。總體來說，我們感覺很好。

I think the data point we're most excited about is now as we begin the national launch, we're getting terrific retailer support, most notably Target, who's really gotten behind this brand and sees a really good connection with the Target shopper, especially on body wash.

我認為我們最興奮的數據點是，現在我們開始在全國範圍內推出，我們得到了零售商的大力支持，最值得注意的是塔吉特，他們非常支持這個品牌，並且與塔吉特購物者建立了良好的聯繫，尤其是在沐浴露方面。

And so good opening at Walmart performed largely as we expected it would, and now we'll bring the offering to a national level. And I think Target, a really, really exciting retailer behind the launch.

沃爾瑪的開幕活動表現良好，基本上符合我們的預期，現在我們將把這項服務推向全國範圍。我認為 Target 是此次發表會背後真正令人興奮的零售商。

Rod, anything you would add?

羅德，您還有什麼要補充嗎？

I would just add this is all a logical adjacency brand expansion, Susan, off of what is and has to be a healthy and rock-solid core shave business. And Billie is exactly that. We are the number one. The Billie four-count refill is the number one SKU, volume SKU, in the entire category across the top five retailers, number one in volume, despite having just over a 10 share nationally and increasing 200 basis points quarter on quarter.

我只想補充一點，蘇珊，這都是合乎邏輯的相鄰品牌擴張，基於健康和堅如磐石的核心剃須業務。而 Billie 正是這樣的人。我們是第一。Billie 四支裝補充裝是五大零售商整個類別中銷量第一的 SKU，儘管其在全國範圍內的份額剛剛超過 10%，且環比增長了 200 個基點，但其銷量仍位居第一。

So that's the other piece of this that we're really focused on, is driving the growth that's there in Shea and building that out because that ultimately is a credentialer to the body piece as we go forward. So it's definitely a both strategy as we play forward with Billie, but very, very happy with the progress to date.

所以這是我們真正關注的另一部分，即推動 Shea 的成長並擴大其規模，因為這最終是我們未來身體部分的憑證。因此，我們與 Billie 一起前進絕對是一種雙贏的策略，但對迄今為止的進展感到非常非常高興。

Okay. Great. That sounds good. And then maybe if you could talk about any updated thoughts around capital allocation plans, any potential M&A down the road, Billie's obviously been pretty successful, so just curious if you'd consider buying another DTC brand like Billie in one of your segments to help drive growth. Thanks.

好的。偉大的。聽起來很好。然後，也許您可以談論有關資本配置計劃的最新想法，以及未來任何潛在的併購，Billie 顯然非常成功，所以我很好奇您是否會考慮在您的某個領域購買另一個像 Billie 這樣的 DTC 品牌來幫助推動增長。謝謝。

Yeah, look, I think it's a really good question. We've been on about an 18-month journey prioritizing delevering, debt pay down, and share buyback given what we think is a very undervalued share price. We expect to end the year right around three times levered.

是的，看，我認為這是一個非常好的問題。鑑於我們認為股價被嚴重低估，我們已經進行了大約 18 個月的旅程，優先考慮去槓桿、償還債務和回購股票。我們預計今年年底槓桿率將達到三倍左右。

We think we've done the good hygiene in that, and so certainly M&A will remain an important part of our growth story and our portfolio shaping efforts here going forward. We've always been quite active, Susan, in the market.

我們認為我們在這方面做得很好，因此，併購無疑仍將是我們未來成長故事和投資組合塑造工作的重要組成部分。蘇珊，我們在市場上一直非常活躍。

We've looked at a lot of assets. It's difficult right now on value for sure, but we certainly wouldn't shy away from acquisition if we thought it would be meaningful to our growth and to the portfolio.

我們已經查看了很多資產。目前的價值確實很困難，但如果我們認為收購對我們的成長和投資組合有意義，我們當然不會迴避收購。

I think we're in a 18 months later, we're in a much healthier position. We have certainly optionality for ourselves given our free cash flow generation, and M&A will continue to be top of mind for us from here pending valuation and opportunity.

我認為 18 個月後我們的狀況會更健康。考慮到我們的自由現金流產生，我們當然擁有自己的選擇權，而從現在起，等待估值和機會，併購將繼續是我們的首要考慮因素。

But it's not lost on us, Susan, that with the valuation we have now, repurchase is a really good use of capital. And I think that's always something we look at it It's relatively where can you get return. We're more convinced than ever that we can get a good return on the repurchase, which is why we're leaning in earlier in the year here.

但是蘇珊，我們並沒有忘記，以我們現在的估值，回購確實是一種很好的資本利用方式。我認為這是我們始終關注的問題，相對而言你能從哪裡獲得回報。我們比以往任何時候都更加確信，我們可以從回購中獲得良好的回報，這就是我們在今年早些時候做出這一舉動的原因。

Okay. Great. That's really helpful. Thanks so much. Good luck for the rest of the year.

好的。偉大的。這真的很有幫助。非常感謝。祝今年餘下的時間好運。

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

謝謝你，蘇珊。接線員，請問下一個問題。

At this time, there are no further questions in the queue. I would like to turn the conference back over to Rod Little for any closing remarks.

目前，隊列中沒有其他問題。我想將會議交還給羅德·利特爾 (Rod Little) 來做結束語。

Yeah. Thank you, everybody. Look, I think it's important to stay focused on the fundamentals and the basics with a lot of uncertainty and noise around us. We're focused on controlling what we can control, building our brands, investing behind our brands, and are confident in our path forward here. So we look forward to speaking with you in early May when we talk about the Q2 results. See you, then. Thank you.

是的。謝謝大家。看，我認為在我們周圍有很多不確定性和噪音的情況下，專注於基本面和基本面是很重要的。我們專注於控制我們能夠控制的事情，打造我們的品牌，投資我們的品牌，並對我們前進的道路充滿信心。因此，我們期待在 5 月初與您討論第二季業績。到時候見。謝謝。

The conference is 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。