Edgewell Personal Care Co (EPC) 2025 Q3 法說會逐字稿

Good morning, and welcome to Edgewell's third quarter fiscal year 2025 earnings call. (Operator Instructions) Please note, this event is being recorded. I would now like to turn the conference over to Chris Gough, Vice President, Investor Relations. Please go ahead.

早安，歡迎參加 Edgewell 2025 財年第三季財報電話會議。（操作員指示）請注意，此事件正在被記錄。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 third quarter fiscal year 2025 earnings call. 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. Rod will kick off the call, then hand it over to Dan to discuss our third-quarter commercial and operational highlights, followed by Fran, who will discuss our Q3 financial results and our 2025 updated full-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.

大家早安，感謝您今天上午參加 Edgewell 2025 財年第三季財報電話會議。今天早上與我一起的有我們的總裁兼執行長羅德·利特爾 (Rod Little)、我們的營運長 Dan Sullivan 和我們的財務長弗蘭·魏斯曼 (Fran Weissman)。羅德將開始電話會議，然後將其交給丹討論我們第三季度的商業和營運亮點，隨後弗蘭將討論我們的第三季財務業績和我們 2025 年更新的全年展望。然後我們將進入問答環節。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, brand investment, organizational and operational structures and models, cost mitigation and productivity efficiency efforts, 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. 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. 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, 2024, as amended November 21, 2024, and as may be amended in our quarterly reports for Form 10-Q filed with the SEC. These risks may cause our actual results to be materially different from those expressed or implied by our forward-looking statements.

在這次電話會議中，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、品牌投資、組織和營運結構和模式、成本緩解和生產力效率努力、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、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資本計劃等等。任何此類聲明均為 1995 年《私人證券訴訟改革法》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。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 10-K 表（經 2024 年 11 月 21 日修訂）中「風險因素」標題下所述的風險和不確定性，以及我們向美國證券交易委員會提交的季度報告 10-Q 表（可能和不確定性）中所述的風險和不確定性。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。

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. 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. 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.

除非法律要求，我們不承擔更新或修改任何前瞻性陳述以反映新事件或情況的義務。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 指標的對帳情況，該新聞稿可在我們網站的投資者關係部分查閱。此非 GAAP 資訊僅作為依照 GAAP 編製的財務績效指標的補充，而非替代或優於此指標。

However, management believes these non-GAAP measures provide investors with valuable information on the underlying trends of our business. With that, I'd like to turn the call over to Rob.

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。說完這些，我想把電話轉給羅布。

Thank you, Chris. Good morning, everyone, and thanks for joining us on our third-quarter fiscal 2025 earnings call. This was a challenging quarter with our top and bottom line performance falling below expectations. Our results were significantly impacted by very weak Sun Care seasons in North America and certain Latin America markets, largely related to adverse weather. While Sun Care performance pressured overall results, we continue to see strong results in two important areas.

謝謝你，克里斯。大家早安，感謝您參加我們的 2025 財年第三季財報電話會議。這是一個充滿挑戰的季度，我們的營收和利潤表現都低於預期。我們的業績受到北美和某些拉丁美洲市場防曬產品銷售疲軟的嚴重影響，這主要與惡劣天氣有關。雖然防曬產品的業績給整體業績帶來壓力，但我們仍然看到兩個重要領域的業績表現強勁。

Internationally, we delivered another quarter of growth, coupled with strengthened market share performance and strong supply chain execution led to further productivity gains above the year-to-date trend. Importantly, our market share performance in the US also improved, most notably across our Hawaiian Tropic, Cremo, and Schick Hydro Silk brands, which saw stepped-up investment levels in the quarter. The operating environment remains challenging with both tariffs and foreign exchange contributing to full-year profit headwinds. On the consumer side, apart from Sun Care, our categories grew modestly in the US, in line with the 26- and 52-week trends.

在國際上，我們又實現了一個季度的成長，加上市佔率表現的增強和強大的供應鏈執行，導致生產力進一步高於年初至今的趨勢。重要的是，我們在美國的市佔率表現也有所提高，最明顯的是我們的 Hawaiian Tropic、Cremo 和 Schick Hydro Silk 品牌，這些品牌在本季的投資水準有所提高。經營環境依然充滿挑戰，關稅和外匯均導致全年利潤面臨阻力。在消費者方面，除防曬產品外，我們的其他產品類別在美國均有小幅增長，與 26 週和 52 週的趨勢一致。

However, retailers further tightened inventory levels, most notably in the fem care category, leading to some divergence between our organic net sales and category consumption levels. Despite this challenging environment, as we discussed last quarter, we remain committed to incrementally investing across our business to support new brand campaigns, ensure robust backing for our newly launched innovations, and deliver the necessary improvements in our US business in order to strengthen our portfolio for the longer term. We are encouraged by the early results from these incremental investments, which bolster our confidence going forward, and I will say more on this shortly. Our performance in the quarter and over the first nine months of this fiscal year further reinforced three fundamental strengths of our business.

然而，零售商進一步收緊庫存水平，尤其是在女性護理類別中，導致我們的有機淨銷售額和類別消費水平出現一些差異。儘管面臨這種充滿挑戰的環境，但正如我們上個季度所討論的那樣，我們仍然致力於逐步投資於我們的整個業務，以支持新的品牌活動，確保為我們新推出的創新提供強有力的支持，並在我們的美國業務中提供必要的改進，以加強我們的長期投資組合。這些增量投資的早期成果令我們感到鼓舞，這增強了我們未來的信心，我很快就會就此詳細說明。我們在本季以及本財年前九個月的業績進一步鞏固了我們業務的三大基本優勢。

First, we continue to seamlessly execute our international market growth strategy across the business that now represents 40% of our global sales. These markets have collectively delivered consistent mid- to high single-digit organic growth over a four-year period, and we expect this business to deliver mid-single-digit organic growth again this year, with notable strengthening share positions across Shave, Sun, and Grooming in key markets. Second, we are committed to delivering consumer-led, locally designed innovation across our portfolio. We have expanded Billie's geographic reach, launching the full Wet Shave line in Australia in July. In Grooming, Bulldog has entered the premium Skin Care category, driving sales and market share growth across Europe.

首先，我們繼續無縫執行我們的國際市場成長策略，目前該市場占我們全球銷售額的 40%。這些市場在過去四年中共同實現了持續的中高個位數有機成長，我們預計該業務今年將再次實現中個位數有機成長，並在主要市場的剃須、防曬和美容領域顯著增強市場份額。其次，我們致力於在我們的產品組合中提供以消費者為主導、在地設計的創新。我們擴大了 Billie 的地理覆蓋範圍，並於 7 月在澳洲推出了完整的 Wet Shave 系列。在美容領域，Bulldog 已進入高端護膚品類別，推動了整個歐洲的銷售和市場份額的成長。

And we are seeing significant benefits from the broadened Cremo range in the United States and Europe. In Sun Care, Hawaiian Tropic is experiencing strong US growth due to a successful marketing campaign, updated formulations, and its on-trend branding. And in Japan, we've taken the Schick brand to premium skin care with the launch of the Progista brand in premium channels. Third, productivity and efficiency remain at the cornerstone of how we operate, as demonstrated by the delivery of another quarter of almost 300 basis points in realized gross savings.

我們看到 Cremo 系列在美國和歐洲的擴展帶來了顯著的效益。在防曬產品方面，Hawaiian Tropic 憑藉著成功的行銷活動、更新的配方以及緊跟潮流的品牌形象，在美國市場實現了強勁成長。在日本，我們透過在高階通路推出 Progista 品牌，將 Schick 品牌帶入高端護膚領域。第三，生產力和效率仍然是我們營運的基石，正如我們在本季實現的近 300 個基點的總節省所證明的那樣。

The work our teams are doing across the supply chain is more important than ever as we tackle the impact of global tariffs and increasing macro complexity. Now let's talk about North America, where our results have been below our expectations and where we've been on a journey to strengthen our business in the US as a catalyst for a return to profitable, sustained top-line growth. Let me provide an update on the work that has been done thus far. Following Jess's appointment last October, she and the team have focused their efforts in three distinct areas, working with both diligence and urgency.

當我們應對全球關稅和日益增加的宏觀複雜性的影響時，我們的團隊在整個供應鏈中所做的工作比以往任何時候都更加重要。現在讓我們來談談北美，在那裡我們的業績低於預期，我們一直在努力加強我們在美國的業務，以此作為恢復盈利和持續收入成長的催化劑。讓我介紹一下迄今為止所做工作的最新進展。自去年 10 月 Jess 上任以來，她和團隊就將精力集中在三個不同的領域，勤奮且迫切地開展工作。

First, performing a rigorous assessment of the business and gaining a clear understanding of the challenges inherent within our US portfolio and broader US business model. Second, leveraging deeper consumer understanding and taking a modern approach to brand building that allows us to enhance brand message and better activate our brands with consumers. And finally, designing an organization that can achieve meaningful improvements in both commercial effectiveness and operating efficiency, underpinned by improved capabilities, simplification, and a lower cost to operate.

首先，對業務進行嚴格的評估，並清楚了解我們的美國投資組合和更廣泛的美國商業模式中固有的挑戰。其次，利用更深入的消費者理解並採取現代化的品牌建立方法，使我們能夠增強品牌訊息並更好地與消費者互動。最後，設計一個能夠在商業效益和營運效率方面實現有意義改進的組織，以提高能力、簡化和降低營運成本為基礎。

This holistic approach is designed to fundamentally strengthen our business for the future, and I'm very pleased with the progress we are making, elements of which were visible in the quarter. During the quarter, we were highly proactive in the market, taking actions to support our brands at a different level, and we saw promising results. We designed and executed targeted brand campaigns across our focused brands of Cremo, Hawaiian Tropic, and Schick Hydro Silk. In support of these exciting programs, we have stepped up investments and have strategically shifted our spend to better balance both upper and lower funnel activities. The consumer has responded well, and we've seen each brand's consumption trends improve with Hawaiian Tropic share up 150 basis points in Q3, continued share gains in Grooming with Cremo up 40 basis points, and sequential improvement in Hydro Silk share.

這種整體方法旨在從根本上加強我們未來的業務，我對我們的進展感到非常滿意，其中的一些內容在本季度已經顯現出來。本季度，我們在市場上非常積極主動，採取行動在不​​同層面支持我們的品牌，並看到了令人鼓舞的成果。我們針對 Cremo、Hawaiian Tropic 和 Schick Hydro Silk 等重點品牌設計並執行了有針對性的品牌活動。為了支持這些令人興奮的項目，我們加強了投資力度，並策略性地調整了支出，以更好地平衡上層和下層漏斗活動。消費者反應良好，我們看到每個品牌的消費趨勢都有所改善，其中 Hawaiian Tropic 的份額在第三季度上漲了 150 個基點，Grooming 的份額繼續上漲，Cremo 上漲了 40 個基點，Hydro Silk 的份額也連續提高。

Also, we just completed the redesign and launch of the new US commercial organization, underpinned by what is essentially a new US leadership team, bringing together a talented, proven, and highly capable leadership group under Jess. This team will be fully in place by September and operating in a simplified, streamlined structure with laser focus on US consumers and building brands that consumers love more and can win in market.

此外，我們剛剛完成了新的美國商業組織的重新設計和啟動，其基礎是一個新的美國領導團隊，在傑西的領導下，匯集了一支才華橫溢、經驗豐富、能力超群的領導團隊。該團隊將於 9 月全面到位，並以簡化、精簡的架構運作，重點關注美國消費者，打造消費者更喜愛、能夠在市場上獲勝的品牌。

And as you saw last quarter, and we'll continue to see this quarter, this will come with targeted increased investment in both trade support and A&P, along with a more efficient overhead structure. Where we have winning campaigns, as I highlighted earlier, we will invest. Many of the changes we are making in the US market are in line with the changes we have successfully driven across our international markets, which are now delivering consistent mid-single-digit sales growth and operating margin expansion. As with anything, driving a step change in results takes time, but I'm confident the team we are putting in place and the renewed focus we have on doing all of the right things to create value in our most important market.

正如您在上個季度所看到的，並且我們將在本季度繼續看到，這將伴隨著對貿易支援和 A&P 的有針對性的增加投資，以及更有效率的管理費用結構。正如我之前所強調的，只要我們的活動能夠成功，我們就會進行投資。我們在美國市場做出的許多改變與我們在國際市場上成功推動的改變是一致的，目前國際市場的銷售額和營業利潤率持續保持中等個位數成長。就像任何事情一樣，推動結果的逐步改變需要時間，但我相信，我們正在組建的團隊和我們重新關注的重點是做所有正確的事情，以便在我們最重要的市場中創造價值。

The team is actively building plans for 2026, and we will share more on the US transformation effort as part of our Q4 earnings call. This leads me to our outlook for the full year. We're at a pivotal moment in our transformation. We are orchestrating significant change across our North America commercial operations while facing numerous external headwinds, including foreign exchange, tariffs, and a significantly reduced Sun Care consumption profile for this season.

該團隊正在積極制定 2026 年的計劃，我們將在第四季度財報電話會議上分享更多有關美國轉型努力的資訊。這讓我對全年的展望有所了解。我們正處於轉型的關鍵時刻。我們正在策劃整個北美商業營運的重大變革，同時面臨許多外部阻力，包括外匯、關稅以及本季防曬用品消費量大幅下降。

Last quarter, we discussed the importance of maintaining investment levels for key brands even in the face of a challenging macro environment. Similarly, as we look at the remainder of the year, we will continue to press forward on investment to support the required changes in the US that are already beginning to demonstrate returns through our improved share performance. While these investments weigh on profitability in the near term, we believe they serve to strengthen our business and better position our portfolio in the competitive US market to set us up for long-term success.

上個季度，我們討論了即使在充滿挑戰的宏觀環境下保持對主要品牌的投資水平的重要性。同樣，展望今年剩餘時間，我們將繼續加大投資力度，支持美國所需的變革，這些變革已開始透過我們改善的股票表現展現出回報。雖然這些投資在短期內會影響獲利能力，但我們相信它們有助於增強我們的業務，並在競爭激烈的美國市場中更好地定位我們的投資組合，為我們的長期成功奠定基礎。

And now I'd like to ask Dan to take you through our operational and commercial performance highlights in the quarter. Dan?

現在我想請丹向您介紹我們本季的營運和商業業績亮點。擔？

Thanks, Rod. Good morning, everyone. As Rod mentioned, this was a challenging quarter, made even more so by very weak Sun Care category performance, especially in the critical period of Memorial Day through the 4th of July. Despite this, we delivered solid top and bottom line results internationally, drove another quarter of outsized productivity savings, and took meaningful actions in North America, both in terms of commercial activation and investment, and to create a stronger, better fit-for-purpose commercial organization. Before discussing performance in the quarter, let me start by sharing perspectives on the broader operating environment.

謝謝，羅德。大家早安。正如羅德所提到的，這是一個充滿挑戰的季度，防曬品類的表現非常疲軟，尤其是在陣亡將士紀念日至 7 月 4 日的關鍵時期，這使得這一季度更加充滿挑戰。儘管如此，我們在國際上取得了穩健的營收和利潤業績，推動了又一個季度的超額生產力節約，並在北美採取了有意義的行動，包括商業激活和投資，並創建了一個更強大、更適合用途的商業組織。在討論本季的業績之前，我首先想分享一下對更廣泛的營運環境的看法。

The macro environment remains challenging and unpredictable. Tariffs and foreign exchange continue to be volatile and have added pressure to our full-year results. Consumption trends have been mixed. While the Sun category has been meaningfully weaker than anticipated, particularly in the US, we have seen stability across our other categories in the US, which grew modestly in the quarter, generally in line with 26- and 52-week trends. Internationally, consumption trends also remained solid, and our share performance strengthened.

宏觀環境依然充滿挑戰且難以預測。關稅和外匯持續波動，給我們的全年業績增加了壓力。消費趨勢好壞參半。雖然太陽類別的表現明顯弱於預期，尤其是在美國，但我們看到美國其他類別的表現保持穩定，本季度略有增長，基本上與 26 週和 52 週的趨勢一致。從國際來看，消費趨勢也保持穩固，我們的股票表現也增強。

The environment surrounding tariffs continues to evolve, and the ever-changing policies have added significant challenges to the global supply chain. While in-year cost impact of tariffs for fiscal 2025 remains modest at about $5 million, this is approximately $2 million higher than our previous outlook. Our teams continue to act with urgency, responding swiftly to the evolving landscape and taking action to quickly mitigate some of the near-term impacts via inventory prebuys and other supply chain actions. These steps, including the in-year temporary benefit of these higher costs being trapped in inventory, have kept tariff expenses more modest in the current fiscal year. Based on what we know today, we continue to anticipate that gross tariffs before our mitigation efforts would have an approximately $40 million to $50 million impact on an annualized basis or in the range of 3% to 4% of COGS.

關稅環境持續演變，不斷變化的政策為全球供應鏈增添了重大挑戰。雖然 2025 財年關稅的年度成本影響仍然很小，約為 500 萬美元，但這比我們先前的預測高出約 200 萬美元。我們的團隊繼續採取緊急行動，迅速應對不斷變化的情況，並透過庫存預購和其他供應鏈行動迅速減輕一些短期影響。這些措施，包括將這些較高成本困在庫存中所帶來的年度暫時利益，使得本財年的關稅支出保持較為適度。根據我們目前掌握的情況，我們繼續預計，在採取緩解措施之前，總關稅將產生約 4,000 萬至 5,000 萬美元的年化影響，或占 COGS 的 3% 至 4%。

The team is actively pursuing all opportunities to mitigate the potential impact of tariffs through expanded sourcing efforts, footprint optimization, and heightened vendor negotiations. However, ongoing policy uncertainty continues to pose significant challenges. Fortunately, with the capabilities we've demonstrated over time in our global supply chain organization, we believe we have the right level of urgency and confidence to act swiftly as policy formalizes. In addition to direct cost mitigation efforts and commercial pricing actions in certain markets and categories, we also continue to lean into our ongoing productivity efficiency efforts to support our gross margins. In the quarter, the dollar continued to weaken, providing a modest translational net of hedge benefit for our P&L.

團隊正在積極尋求一切機會，透過擴大採購力度、優化足跡和加強供應商談判來減輕關稅的潛在影響。然而，持續的政策不確定性繼續帶來重大挑戰。幸運的是，憑藉我們在全球供應鏈組織中長期展現的能力，我們相信，隨著政策的正式實施，我們擁有適當的緊迫感和信心來迅速採取行動。除了在某些市場和類別中採取直接的成本降低措施和商業定價行動外，我們還將繼續依靠持續的生產力效率來支持我們的毛利率。本季度，美元繼續走弱，為我們的損益表帶來了適度的對沖淨收益。

However, transactional FX headwinds have increased cost pressures, largely due to meaningful appreciation of inter-market currency fluctuations in locations where we manufacture and do not hedge, namely the Czech krona, euro, and Mexican peso. This resulted in greater currency headwinds than originally expected in 3Q. Now let's move to the commercial and operational highlights for the quarter. Earlier, Rod discussed our sustained investment approach in support of focused brands and improved innovation platform with a local mindset, as well as new targeted incremental investments within our US portfolio.

然而，交易外匯逆風增加了成本壓力，主要是由於我們生產且未進行對沖的地區的市場間貨幣波動大幅升值，即捷克克朗、歐元和墨西哥比索。這導致第三季的貨幣逆風比最初預期的更大。現在讓我們來看看本季的商業和營運亮點。先前，羅德討論了我們為支持重點品牌和具有本地思維的改進創新平台而採取的持續投資方式，以及我們在美國投資組合中新的有針對性的增量投資。

We believe that these investments are having the desired effects, delivering strong returns while strengthening our market share trends across much of the business. Market share performance internationally was strong in the quarter as we saw significant gains across branded Shave in Greater China and solid gains across Sun Care and disposables in Latin America and Grooming and Sun Care in Europe. Additionally, our branded Wet Shave portfolio in Europe held share overall. And importantly, we saw growth in four of our six key markets as well as in private labels across Europe. In the US, we saw a notable improvement in market share trends for the Hawaiian Tropic brand, Women's Systems and Grooming portfolios, in part due to targeted new investments we're making in these brands.

我們相信這些投資正在產生預期的效果，帶來豐厚的回報，同時加強我們大部分業務的市佔率趨勢。本季國際市佔率表現強勁，我們看到大中華區品牌刮鬍用品的顯著成長、拉丁美洲防曬護理和一次性用品以及歐洲美容和防曬護理的穩健成長。此外，我們在歐洲的品牌濕剃產品組合總體佔有份額。重要的是，我們在六個主要市場中的四個以及整個歐洲的自有品牌都實現了成長。在美國，我們看到夏威夷熱帶品牌、女性系統和美容產品組合的市場份額趨勢顯著改善，部分原因是我們對這些品牌進行了有針對性的新投資。

For Hawaiian Tropic, our new Tana Sutra campaign featuring Alix Earle launched in May and reflects a step change in how we design and activate content to better reach and influence consumers. This through-the-line campaign is successfully delivering on our brand-building objectives while driving notable sales and market share growth. We saw 18% dollar sale consumption growth versus a year ago amidst a declining category and 150 basis point share gain, which was the most for the top 10 brands in our competitive set. In April, we relaunched Hydro Silk with new packaging, a new brand campaign, and a modern approach to brand activation, further supported on shelf by investment in promotion and trade. The incremental A&P dollars drove upper funnel focus and delivered a reach of over 70%, all of which contributed to improved organic sales and market share trends.

對於 Hawaiian Tropic 來說，我們以 Alix Earle 為主角的全新 Tana Sutra 活動於 5 月啟動，這反映了我們在設計和激活內容方面發生了重大變化，以便更好地接觸和影響消費者。這項貫穿始終的活動成功實現了我們的品牌建立目標，同時推動了顯著的銷售和市場份額成長。在類別下滑的情況下，我們的銷售額與去年同期相比增長了 18%，市場份額增加了 150 個基點，這是我們競爭組中排名前 10 位的品牌中增幅最大的。4 月份，我們重新推出了 Hydro Silk，並採用了新包裝、新品牌活動和現代化的品牌激活方式，並透過促銷和貿易方面的投資進一步支持了貨架銷售。增加的廣告和宣傳費用推動了上層漏斗的關注，並實現了超過 70% 的覆蓋率，所有這些都有助於改善有機銷售額和市場份額趨勢。

Our Cremo APDO launch shifted to a full funnel approach, increasingly focused on Amazon, driving substantial uplifts versus previous campaigns. We increased Amazon media spend and shifted significantly to enhanced video content. This launch has had a strong start, exceeding forecasted unit sales and underpinning 35% year-over-year consumption growth for the franchise. Behind our strategic brands, we've seen the early benefits of these strong brand campaigns that are well-architected, reach consumers in a variety of ways, and ultimately influence purchase behavior. We are encouraged by this early read, and we'll continue to invest incrementally where we see such strong returns.

我們的 Cremo APDO 發布轉向了全通路方法，越來越關注亞馬遜，與之前的活動相比，取得了大幅提升。我們增加了亞馬遜媒體支出，並大幅轉向增強視訊內容。此次發布會開局強勁，銷量超出預期，並支撐了特許經營的 35% 的同比消費增長。在我們的策略品牌背後，我們已經看到了這些強大的品牌活動的早期效益，這些活動經過精心設計，以各種方式接觸消費者，並最終影響購買行為。我們對這一早期解讀感到鼓舞，我們將繼續在看到如此強勁回報的地方進行增量投資。

Operationally, productivity savings remain an important lever in gross margin performance, delivering 270 basis points of tailwinds in the quarter. These savings continue to be realized from a full collection of programs, including global sourcing and indirect savings, labor automation, and broader network efficiency efforts. Importantly, in the face of a more challenging global supply chain, we sustained our strong service performance from a quarter ago and saw global unit fill rates and OTIF measures above target levels across most categories and markets. Delivering on our productivity objectives and maintaining strong service levels are key in our effort to mitigate tariff and currency headwinds, support our sustained brand investments, and deliver elevated service levels to our customers. Now turning to our business results in the quarter.

從營運角度來看，生產力節約仍然是毛利率表現的重要槓桿，為本季帶來了 270 個基點的順風。這些節省是透過一系列計劃不斷實現的，包括全球採購和間接節省、勞動力自動化以及更廣泛的網路效率努力。重要的是，面對更具挑戰性的全球供應鏈，我們維持了一個季度前的強勁服務表現，並且全球單位供應率和 OTIF 指標在大多數類別和市場中都高於目標水準。實現我們的生產力目標和維持強大的服務水準是我們努力減輕關稅和貨幣逆風、支持我們持續的品牌投資以及向客戶提供更高服務水準的關鍵。現在來談談我們本季的業務成果。

Organic net sales decreased 4.2% in the quarter. Growth in international markets continued with the 2% organic growth driven largely by price and SRGM gains, while cycling over 6% growth a year ago. This represents our 13th growth quarter in the last 14. Double-digit organic growth in Greater China and mid-single-digit growth in both Oceania and Europe fueled our results. Our international business continues to strengthen in market.

本季有機淨銷售額下降 4.2%。國際市場持續成長，其中有機成長 2%，主要受價格和 SRGM 收益推動，而去年同期的成長率超過 6%。這是我們過去 14 個季度中第 13 次實現成長。大中華區的兩位數有機成長以及大洋洲和歐洲的中等個位數成長推動了我們的表現。我們的國際業務在市場上持續加強。

And in the quarter, approximately 80% of this business held or gained share. Organic sales in North America declined about 8% with volume declines and increased promotional levels in Sun Care, Wet Shave, and Fem Care. Now turning to segment performance. Wet Shave organic net sales were down about 2%. International Wet Shave grew about 3%, largely driven by price and SRGM gains, reflecting continued category health, good innovation execution, and strong in-market brand activation.

本季度，該業務約有 80% 的份額保持或增加。由於銷量下降以及防曬護理、濕剃和女性護理促銷力度加大，北美有機銷售額下降約 8%。現在轉向細分市場表現。Wet Shave 有機淨銷售額下降約 2%。國際濕刮鬍刀銷售成長約 3%，主要受價格和 SRGM 上漲的推動，反映出該品類持續健康發展、創新執行良好以及市場品牌活化強勁。

Our private brands business remained a meaningful competitive advantage and source of growth, posting low single-digit gains. Our International Women's private brands branded business continued to grow at a rapid pace, growing over 18% while cycling 54% growth a year ago. In North America, our Wet Shave results were as expected, with organic net sales down about 8%. Consumption in the US razors and blades category was down 10 basis points in the quarter, with continued heightened declines in the drug channel.

我們的自有品牌業務仍然具有顯著的競爭優勢和成長源泉，實現了低個位數的成長。我們的國際女性自有品牌業務持續快速成長，成長超過 18%，而去年同期的成長率為 54%。在北美，我們的濕剃業績符合預期，有機淨銷售額下降約 8%。本季度，美國刮鬍刀和刀片類別的消費量下降了 10 個基點，藥品通路的消費量持續大幅下降。

Our market share decreased 30 basis points for the quarter, though sequentially improved 60 basis points versus Q2. We continue to see solid results in Women's Systems with meaningful gains for the Billie brand on shelf, where it gained an additional 140 basis points in market share and now stands at a 16% share of the category at Walmart, 13% at Target, and over an 11% share nationally. Additionally, as noted, we saw sequential improvement in market share results for Hydro Silk. Sun and Skin Care organic net sales were down approximately 5% with mid-single-digit growth in Grooming, led by 28% organic net sales growth for Cremo. This was more than offset by declines in Sun, primarily a result of category consumption declines and higher trade spend.

我們的市佔率本季下降了 30 個基點，但與第二季相比較上季提高了 60 個基點。我們繼續看到女性系統的穩健成果，Billie 品牌在貨架上的份額顯著增加，市場份額增加了 140 個基點，目前在沃爾瑪的同類產品中佔有 16% 的份額，在塔吉特的同類產品中佔有 13% 的份額，在全國範圍內佔有超過 11% 的份額。此外，如上所述，我們看到 Hydro Silk 的市佔率連續提高。防曬和保養品有機淨銷售額下降約 5%，美容類別實現中等個位數成長，其中 Cremo 有機淨銷售額成長 28%。這被 Sun 的下滑所抵消，主要原因是類別消費下降和貿易支出增加。

Our Sun Care results in the quarter were materially impacted by adverse weather during the Memorial Day to 4th of July period, both here in the US and across notable LatAm markets, including Mexico and Puerto Rico, all of which weighed on consumer consumption and ultimately impacted replenishment orders to retail. In the US, category consumption decreased over 2%, and we had significant declines in shipments in May and June. Our market share was down 60 basis points as the previously mentioned strong gains for Hawaiian Tropic were more than offset by declines in Banana Boat. Hawaiian Tropic's 1.5 point of share growth reflected sustained velocity and distribution gains as well as impactful NPD, supported by the incremental investments made in the brand.

本季度，我們的防曬產品業績受到陣亡將士紀念日至 7 月 4 日期間惡劣天氣的嚴重影響，無論是在美國還是在墨西哥和波多黎各等著名的拉美市場，這些惡劣天氣都對消費者消費產生了影響，並最終影響了零售補貨訂單。在美國，該類別的消費量下降了2%以上，5月和6月的出貨量大幅下降。我們的市佔率下降了 60 個基點，因為先前提到的夏威夷熱帶航空的強勁成長被香蕉船航空的下滑所抵消。Hawaiian Tropic 的市佔率成長了 1.5 個百分點，反映了持續的速度和分銷收益以及有影響力的新產品開發，這得益於對該品牌的增量投資。

Share losses in Banana Boat were largely driven by poor weather, impacting this occasion-based usage brand. In international markets, we saw notable value and volume market share gains across Europe and LatAm, though we saw a sizable category decline in Mexico. Fem Care organic net sales were down approximately 10%. The decline was largely driven by tampons and pads. We saw much-improved consumption and market share trends across our portfolio as expected.

香蕉船的份額損失主要是由於惡劣天氣，影響了這個基於場合使用的品牌。在國際市場上，我們看到歐洲和拉丁美洲的市場份額和價值均顯著增長，但墨西哥的品類份額卻大幅下降。Fem Care 有機淨銷售額下降約 10%。下降的主要原因是衛生棉條和衛生棉。正如預期的那樣，我們看到整個投資組合的消費和市場份額趨勢大幅改善。

However, that improvement was not reflected in organic net sales in the quarter as certain retailers appear to be managing to lower inventory levels, particularly in tampons. Consumption in the category was up 4.5%, though driven by just under 8% growth in pads, where our penetration is the lowest. In the categories where we primarily compete, tampons and liners, consumption was up approximately 60 basis points and 30 basis points, respectively. In the quarter, our share declined 30 basis points, a 70 basis point improvement from the 52-week trend, and we saw strong share gains in liners. As Rod mentioned earlier, we're at a critical juncture in our transformation as we drive significant change across our US commercial business while also facing numerous external headwinds, including currencies and tariffs. Against this backdrop, much of our business remains healthy, and we remain confident in our ability to grow international and across our right to win businesses of Sun, Skin, and Grooming. These businesses are fundamentally strong, putting aside this year's unusual sun season. Despite short-term transitory pressures, the core underlying fundamentals of our business are unchanged, underpinned by a relevant portfolio of brands, a strong gross margin profile across all categories, relentless cost management capabilities, and the ability to generate strong free cash flow. We are thoughtfully and deliberately making investments across the business despite lower-than-expected sales, and these investments are generating strong initial returns.

然而，這一改善並未反映在本季度的有機淨銷售額中，因為某些零售商似乎正在設法降低庫存水平，尤其是衛生棉條的庫存水平。該類別的消費量增加了 4.5%，但其中衛生棉的增幅略低於 8%，而衛生棉的滲透率最低。在我們主要競爭的類別中，衛生棉條和護墊的消費量分別增加了約 60 個基點和 30 個基點。本季度，我們的份額下降了 30 個基點，較 52 週趨勢提高了 70 個基點，並且我們的班輪份額強勁增長。正如羅德之前提到的，我們正處於轉型的關鍵時刻，因為我們正在推動美國商業業務的重大變革，同時也面臨著包括貨幣和關稅在內的許多外部阻力。在此背景下，我們的大部分業務依然保持健康，我們仍然對自己在國際上發展的能力以及贏得防曬、護膚和美容業務的權利充滿信心。拋開今年不尋常的陽光季節不談，這些企業的基本面都很強勁。儘管面臨短期的暫時壓力，但我們業務的核心基本面沒有改變，其基礎是相關的品牌組合、所有類別的強勁毛利率、不懈的成本管理能力以及產生強勁自由現金流的能力。儘管銷售額低於預期，我們仍在深思熟慮地對整個業務進行投資，這些投資正在產生強勁的初始回報。

When combined with other transitory headwinds, they are having a short-term impact on profitability and therefore, free cash flow. However, we firmly believe they serve to strengthen our business and better position our portfolio, setting us up to deliver stronger results in 2026 and beyond. Now let me turn it over to Fran to discuss key financial results for the quarter and our updated full-year outlook.

當與其他暫時性不利因素結合時，它們會對獲利能力產生短期影響，從而影響自由現金流。然而，我們堅信它們有助於加強我們的業務並更好地定位我們的產品組合，為我們在 2026 年及以後取得更強勁的業績做好準備。現在，讓我將主題交給 Fran，討論本季的主要財務表現以及我們最新的全年展望。

Thank you, Dan. Good morning, everyone. Let's jump into a quick review of the third quarter, followed by our updated outlook for fiscal '25. As previously discussed, organic net sales decreased 4.2%, with our North America Sun Care business underperforming our expectations by approximately $25 million in the quarter. Adjusted gross margin rate decreased 150 basis points, or down approximately 40 basis points in constant currency.

謝謝你，丹。大家早安。讓我們快速回顧一下第三季度，然後更新 25 財年的展望。如前所述，有機淨銷售額下降了 4.2%，其中北美防曬業務本季表現低於我們的預期約 2,500 萬美元。調整後的毛利率下降了150個基點，以固定匯率計算下降了約40個基點。

This was roughly 20 basis points below our outlook at constant currency, as lower Sun Care sales impacted both mix and trade promotion. However, productivity, price, and core inflation were largely as expected. A&P expenses were 12.8% of net sales, up from 11.8% last year. While A&P rate of sales was in line with our outlook, we did rephase some spending for Banana Boat out of Q3 and into Q4. Adjusted SG&A was 16.2% in rate of sales and flat versus last year.

以固定匯率計算，這比我們的預期低了約 20 個基點，因為防曬產品銷售額下降影響了產品組合和貿易促銷。然而，生產力、價格和核心通膨基本上符合預期。廣告宣傳費用佔淨銷售額的 12.8%，高於去年的 11.8%。雖然廣告和宣傳的銷售率與我們的預期一致，但我們確實將香蕉船的部分支出從第三季調整到第四季。調整後的銷售、一般及行政費用為 16.2%，與去年持平。

This was primarily driven by lower incentive compensation expense and favorable currency impacts, which mitigated the negative impact of lower sales. Adjusted operating income was $75.1 million or 12% of net sales compared to $94.8 million or 14.6% of net sales last year, reflecting the impact of lower sales, lower gross margins, incremental brand investments, and the net impact of exchange, which drove a headwind of 100 basis points in the quarter. GAAP diluted net earnings per share were $0.62 compared to $0.98 in the third quarter of fiscal '24, and adjusted earnings per share were $0.92 compared to $1.22 in the prior year quarter. Currency headwinds drove a $0.12 unfavorable impact on adjusted EPS in the quarter as the unfavorable transactional currency and lower year-over-year hedge and balance sheet remeasurement gains within other income and expense were only partially offset by translational currency tailwinds to operating profit. Adjusted EBITDA was $96.4 million, inclusive of a $7.8 million unfavorable currency impact compared to $117.2 million in the prior year.

這主要是由於激勵薪酬費用降低和有利的金錢影響，從而減輕了銷售額下降的負面影響。調整後的營業收入為 7,510 萬美元，佔淨銷售額的 12%，而去年同期為 9,480 萬美元，佔淨銷售額的 14.6%，這反映了銷售額下降、毛利率下降、品牌投資增加以及匯率淨影響的影響，導致本季業績下降 100 個基點。以美國通用會計準則計算，每股攤薄淨收益為 0.62 美元，而 24 財年第三季為 0.98 美元；調整後每股收益為 0.92 美元，去年同期為 1.22 美元。貨幣逆風對本季調整後每股收益產生了 0.12 美元的不利影響，因為不利的交易貨幣以及其他收入和支出中同比對沖和資產負債表重估收益的下降僅被營業利潤的折算貨幣順風部分抵消。調整後的 EBITDA 為 9,640 萬美元，其中包括 780 萬美元的不利貨幣影響，而去年為 1.172 億美元。

Net cash provided by operating activities was $44.3 million for the nine months ended June 30, 2025, compared to $157.3 million in the prior year. Shifts in inventory build and other working capital timing, in addition to lower earnings versus last year, drove the heightened use of cash in the current year. In the quarter, share repurchases totaled approximately $25 million. We continued our quarterly dividend payout and declared another cash dividend of $0.15 per share for the third quarter. In total, we returned approximately $32 million to shareholders during the quarter and achieved our target of approximately $90 million in share repurchases for the fiscal year.

截至 2025 年 6 月 30 日的九個月，經營活動提供的淨現金為 4,430 萬美元，而上年為 1.573 億美元。庫存增加和其他營運資本時間的變化，加上獲利較去年同期下降，導致今年現金使用增加。本季度，股票回購總額約 2,500 萬美元。我們繼續派發季度股息，並宣布第三季再派發每股 0.15 美元的現金股息。總體而言，我們在本季向股東返還了約 3,200 萬美元，並實現了本財年約 9,000 萬美元的股票回購目標。

Now turning to our outlook for fiscal '25. We have updated our outlook for the year to reflect year-to-date performance as well as the expected Q4 financial impact of slightly lower than previously forecasted Sun Care sales, increased brand investments in both trade and A&P in the US, as well as additional tariff and FX headwinds, which are only partially offset by more favorable taxes. For the fiscal year, we now anticipate organic net sales to be down approximately 1.3%. On a reported basis, currency is now expected to be favorable for the full year reported net sales by 10 basis points versus our prior expectation of a negative 10 basis point impact. On a constant currency basis, our outlook reflects full-year adjusted gross margin rate accretion of 30 basis points, a decline of 40 basis points from our previous outlook due primarily to the impact of higher trade spend, unfavorable mix, and incremental tariffs.

現在來談談我們對 25 財年的展望。我們已更新今年的展望，以反映年初至今的業績以及預計的第四季度財務影響，包括略低於之前預測的防曬產品銷售額、美國貿易和廣告與包裝業務的品牌投資增加，以及額外的關稅和外匯逆風，但更優惠的稅收政策只能部分抵消這些影響。對於本財年，我們預計有機淨銷售額將下降約 1.3%。根據報告，目前預期貨幣因素將對全年報告淨銷售額產生有利影響，即 10 個基點，而我們先前預期的影響為負面 10 個基點。以固定匯率計算，我們的預期反映出全年調整後的毛利率將增加 30 個基點，比我們先前預期的下降 40 個基點，這主要歸因於貿易支出增加、不利的組合和增量關稅的影響。

On a reported basis, full-year gross margin is expected to decline 60 basis points versus prior year, inclusive of a 90 basis point currency headwind, which is 30 basis points higher than our prior outlook. We now expect full-year operating profit margin to be down approximately 150 basis points, inclusive of the aforementioned 90 basis points of currency headwinds. Given these changes, full-year adjusted earnings per share are now anticipated to be approximately $2.65, inclusive of approximately $0.46 per share of currency headwinds. On a constant currency basis, adjusted EPS is expected to increase by $0.06 or 2%. Adjusted EBITDA is now expected to be approximately $312 million, inclusive of approximately $29 million in currency headwinds, or down $12 million at constant currency.

據報道，預計全年毛利率將比上年下降 60 個基點，其中包括 90 個基點的貨幣逆風，這比我們先前的預測高出 30 個基點。我們現在預計全年營業利潤率將下降約 150 個基點，其中包括前面提到的 90 個基點的貨幣逆風。鑑於這些變化，預計全年調整後每股收益約為 2.65 美元，其中包括每股約 0.46 美元的貨幣不利因素。以固定匯率計算，調整後的每股盈餘預計將增加 0.06 美元或 2%。調整後的 EBITDA 目前預計約為 3.12 億美元，其中包括約 2,900 萬美元的貨幣不利因素，以固定匯率計算則減少 1,200 萬美元。

The updated outlook for adjusted EPS also reflects a lower full-year adjusted effective tax rate of 16.5% compared to 20% in our prior outlook. Versus last year, this implies a Q4 outlook on a constant currency basis of approximately 2.5% organic net sales growth, flat adjusted gross margin rate, and approximately 2% growth in adjusted EBITDA, even after incorporating meaningful additional brand investment and tariff headwinds. Free cash flow for the year is now expected to be approximately $80 million, reflective of lower GAAP earnings and reduced contribution from working capital in Q4, which includes the impact of higher tariffs trapped in inventory. While the P&L impact of tariffs is approximately $5 million, the cash impact is estimated at approximately $10 million. For more information related to our fiscal '25 outlook, I would refer you to the press release that we issued earlier this morning.

更新後的調整後每股盈餘展望也反映出全年調整後有效稅率較低，為 16.5%，而我們先前的展望為 20%。與去年相比，這意味著即使考慮到有意義的額外品牌投資和關稅阻力，第四季度的前景仍將以固定匯率計算有機淨銷售額增長約 2.5%，調整後的毛利率持平，調整後的 EBITDA 增長約 2%。目前預計全年自由現金流約為 8,000 萬美元，反映了第四季度 GAAP 收益下降和營運資本貢獻減少，其中包括庫存中關稅上調的影響。雖然關稅對損益的影響約為 500 萬美元，但現金影響估計約為 1000 萬美元。有關我們 25 財年展望的更多信息，請參閱我們今天早上發布的新聞稿。

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) Chris Carey, Wells Fargo Securities.

（操作員指示）富國證券的克里斯凱裡 (Chris Carey)。

Hi, good morning everyone. I wanted to start with cash flow and leverage. So number one, can you expand just on the drivers of the free cash flow cut? And I also want to understand within the organization how the organization is incentivized around cash flow. I'm just conscious that leverage is ticking up, and I just wanted to get a bit more context on key drivers this year and how you're thinking about kind of attacking this over the next 12-plus months? Thanks.

大家早安。我想從現金流和槓桿開始。那麼第一點，您能否詳細說明一下自由現金流削減的驅動因素？我還想了解組織內部如何圍繞現金流進行激勵。我只是意識到槓桿率正在上升，我只是想更多地了解今年的主要驅動因素，以及您打算如何在未來 12 個多月內應對這一問題？謝謝。

Hey Chris, good morning. So I'll start with the incentive piece and cash flow, and then throw it to Fran on how we're looking at cash right now as we move forward. From an incentive perspective, we've had cash flow in for the executive level around delivery. We look at -- when we go down in the organization, we look at operating profit, EBITDA metrics with some adjustment for capital spend.

嘿，克里斯，早安。因此，我將從激勵部分和現金流開始，然後向 Fran 介紹我們在前進過程中如何看待現金。從激勵角度來看，我們在執行層面獲得了現金流。當我們深入組織時，我們會查看營業利潤、EBITDA 指標以及資本支出的一些調整。

And so we have the metrics you would want us to have in place around cash flow. I will say in this moment, some of that gets overwritten by example, when you have to make adjustments to inventories to try to deal with the new tariff regime that's come up, right?

因此，我們擁有您希望我們制定的有關現金流的指標。我想說的是，此時此刻，有些情況會被例子所覆蓋，例如你必須調整庫存以應對新出現的關稅制度，對嗎？

That's not something an individual is responsible for. That becomes a corporate decision when we pivot and make adjustments to plan and put inventory in places that will benefit us not only now, but over time, as we think about tariff mitigation as one example. But it's in there as we incent the teams, and I'll flip it over on how we want to address the piece on the cash flow change and leverage.

這不是個人該負責的事。當我們調整計劃並將庫存放在不僅現在對我們有利，而且長期對我們有利的地方時，這成為一項企業決策，例如，我們認為降低關稅。但當我們激勵團隊時，它就在那裡，我會反過來討論我們如何解決現金流變化和槓桿問題。

Hi Chris, thank you for the question. So when we look at cash and we compare versus our previous outlook, you've got two main drivers. About 2/3 of the difference is really driven off of lower earnings, the additional FX headwinds, as well as the incremental tariffs to the P&L. And then you've got 1/3 of the increase that's really driven off of working capital changes and namely inventory. So weaker sun season has left us with slightly higher Sun Care inventory levels.

你好，克里斯，謝謝你的提問。因此，當我們查看現金並與先前的展望進行比較時，我們會發現兩個主要驅動因素。大約 2/3 的差額實際上是由於收益下降、額外的外匯不利因素以及損益表中的增量關稅造成的。然後你會發現 1/3 的成長實際上是由營運資本變化和庫存所推動的。因此，陽光較弱的季節導致我們的防曬用品庫存水準略高。

We have been leaning in on tariff mitigation efforts, especially around increasing levels to prepare us to mitigate. And I think as we look at the full year, slightly higher prebuild around our Mexican consolidation. So significant amount of transitory items within cash, especially as we compare versus our previous outlook.

我們一直在努力降低關稅，特別是提高關稅水平，以做好準備。我認為，從全年來看，墨西哥合併後的預建量會略高一些。現金中存在大量的暫時性項目，尤其是與我們先前的展望相比。

Chris, the only thing I would add, it's Dan. The only thing I would add, look, there's a few things this business model does really well, and throwing off free cash flow is one of them, and I appreciate you kind of asking where are we going with this. You know better than anyone as a business, we've thrown off anywhere between $150 million and $200 million of cash flow, and we have a cash flow yield over 10%. So we're really confident in our ability to do that, and I think history shows that. Fran's points are fair.

克里斯，我唯一想補充的是丹。我唯一想補充的是，你看，這種商業模式確實有幾件事做得很好，擺脫自由現金流就是其中之一，我很感謝你問我們要怎麼做。作為一家企業，您比任何人都清楚，我們已經產生了 1.5 億至 2 億美元的現金流，而且我們的現金流收益率超過 10%。因此，我們對自己做到這一點的能力非常有信心，我認為歷史也證明了這一點。弗蘭的觀點很公正。

They're not great answers, but they're fair. Lower earnings, higher working capital inventory builds around tariffs. We got caught a bit heavy with Sun for obvious reasons, given the season. I mean all of that factors in, but we don't see any of these as structural barriers going forward. And I think importantly, our CapEx rate is largely where it's been as a percentage of sales.

這些答案雖然不是很好，但還算公平。較低的收益、較高的營運資本庫存是圍繞關稅而建立。由於顯而易見的原因，考慮到這個季節，我們與 Sun 的關係有點緊張。我的意思是，所有這些因素都存在，但我們不認為這些因素會成為未來的結構性障礙。我認為重要的是，我們的資本支出率基本上與銷售額的百分比相同。

So structurally, there's nothing here to prevent us from thinking about a return to the type of free cash flow generation that you've seen from us. We'll talk more about that in November. But I think at the spirit of your question, I think we believe strongly in our ability to continue to deliver really healthy cash flow.

因此，從結構上講，沒有什麼可以阻止我們考慮恢復到您從我們這裡看到的那種自由現金流生成。我們將在十一月進一步討論這個問題。但我認為，從你的問題本質上來說，我們堅信我們有能力繼續提供真正健康的現金流。

Okay, alright, I'm going to leave it there thank you.

好的，好的，我就不說了，謝謝。

Thanks, Chris.

謝謝，克里斯。

Peter Grom, UBS.

瑞銀的 Peter Grom。

Thanks operator and and good morning everyone. So maybe following up, and I know we're going to get more details in a few months on fiscal '26. But can you maybe just speak high level, I guess, to the puts and takes as you see them today? Maybe specifically on organic sales, you're exiting the year with much stronger growth than maybe what we've seen in the last couple of quarters. So just curious if there's anything unique that is driving that? Or is that exit rate a fair run rate as we begin to look out to next year?

謝謝接線員，大家早安。因此，也許進行跟進，我知道我們將在幾個月後獲得有關 26 財年的更多詳細資訊。但我想，您能否從更高的層面談談您今天所看到的優缺點？或許具體到有機銷售額，今年的成長速度可能比過去幾季強勁得多。所以我只是好奇是否有任何獨特的東西推動了這個現象？或者，當我們開始展望明年時，這個退出率是否是一個公平的運行率？

And then just on profit, a lot of moving pieces, cost tariffs, et cetera. Can you maybe just help us understand what's transitory versus maybe the headwinds that you would expect to persist as you move into next year? Thanks.

然後僅就利潤而言，還有很多變動因素、成本關稅等等。您能否幫助我們理解哪些是暫時的，哪些是您預計明年持續存在的不利因素？謝謝。

Yeah, good morning. Peter, I'll start with this one and take the growth rate and kind of where we are today. If you -- I think you're referencing basically what's implied for quarter four is an organic growth rate of 2.5% growth, which would be good, right? That will be the best quarter of the year. And the question is, does that carry forward?

是的，早安。彼得，我將從這個開始，了解成長率以及我們目前的狀況。如果您——我認為您指的是第四季度的有機增長率基本上為 2.5%，這將是好的，對嗎？這將是今年最好的一個季度。問題是，這種情況會延續下去嗎？

We are not going to get into fiscal '26 or give any specific guidance for '26. But what I will tell you, we've got one month in the books, July. We're on track for that 2.5% in the quarter. And structurally, what plays out there is very much in line with how we thought about the algorithm. We've got Fem Care improving in quarter four versus where it's been.

我們不會深入探討 26 財年，也不會給予任何具體的指導。但我要告訴你的是，我們已經有一個月了，七月。本季我們的成長率預計達到 2.5%。從結構上看，那裡發生的事情與我們對演算法的思考非常一致。與之前相比，第四季度我們的女性護理業務有所改善。

As you know, Fem Care has been down high single digits to low double digits as we've cycled through the change over the last year of the Carefree master brand execution and all the dynamics that have been in that category. We've got Fem Care back to growth in quarter four, and I think a flatter business going forward. Shave is an increasing priority for this company. We can win and be successful in Shave, and we're going to do that. In the quarter we just printed, Global Shave down 2% organic.

如您所知，隨著我們在過去一年中對 Carefree 主品牌執行情況以及該類別的所有動態進行週期性變化，Fem Care 的銷售額已從高個位數下降到低兩位數。我們的女性護理業務在第四季度恢復了成長，我認為未來業務將會更加平穩。剃須對這家公司來說越來越重要。我們能夠在 Shave 中取得勝利並取得成功，我們將做到這一點。在我們剛剛公佈的季度中，全球剃刀銷量有機下降了 2%。

We'll be better than that as we go forward. But this idea that we can be a flat business in Shave absolutely holds. Sun Care, we are -- I guess, it depends on how you look at it, glass half empty, we were impacted and maximally negative in the quarter we just reported, down $25 million in the quarter versus what we expected going in. That's 5 points of growth in the quarter right there. So you're seeing that in our print maximally negative due to weather, by the way, not a change in consumer behavior or our brand resonance.

隨著我們不斷前進，我們會做得更好。但我們絕對可以認為 Shave 是一家扁平化企業。防曬護理，我想，這取決於你如何看待它，半空的杯子，我們受到了影響，並且在我們剛剛報告的季度中產生了最大的負面影響，與我們預期的相比，本季度下降了 2500 萬美元。這意味著本季成長了 5 個百分點。順便說一句，您在我們的印刷品中看到的負面消息大多是由於天氣原因造成的，而不是消費者行為或品牌共鳴的改變。

So as we go forward, yes, I would look for Sun Care to be in growth position as well, certainly off of what is a very weak base as we move into this. And then we've had Grooming in growth high single digits all the way along with a Cremo brand that is accelerating. So we're not going to give you a number for '26. But I guess what you're getting at is, can we deliver our growth algorithm of plus 2% to 3% as we move forward? We absolutely can.

因此，隨著我們不斷前進，是的，我希望防曬產品也能處於成長位置，當然，在我們進入這一階段時，基礎肯定非常薄弱。隨後，我們的美容業務一直保持高個位數成長，同時 Cremo 品牌也在加速發展。所以我們不會給你‘26’的數字。但我想您想問的是，我們能否在未來實現 2% 至 3% 的成長演算法？我們絕對可以。

And I'm not going to time-stamp that because we're going through the transformation work in North America. But I think we're more convicted than ever when we look at what we have and how we go forward that we can grow this business. Dan?

我不會對此進行時間戳記，因為我們正在進行北美的轉型工作。但我認為，當我們審視我們所擁有的以及我們如何繼續發展這項業務時，我們比以往任何時候都更加堅信這一點。擔？

Yes, Peter, I would only add, I think Rod's comments are fair, and this isn't the moment to start to put numbers on the board for next year. But this has been an incredibly challenging and transitory year on a number of fronts, right? Tariffs, inflation, currencies, a disastrous Sun Care quarter, which is 50% of the season negative year-over-year. So that -- we'll work our way through all of that. I think what we feel really good about, though, what continues to underpin this business, international growth, mid-single digits.

是的，彼得，我只想補充一點，我認為羅德的評論是公平的，現在還不是開始在董事會上公佈明年數字的時候。但從很多方面來看，今年都是充滿挑戰且充滿轉折的一年，對嗎？關稅、通貨膨脹、貨幣，防曬季度表現糟糕，與去年同期相比，季度銷售額下降了 50%。所以——我們會努力解決所有這些問題。我認為，真正讓我們感到高興的是，繼續支撐我們業務發展的是國際成長，即中等個位數的成長。

We've talked about this, really good proxy going forward. Productivity savings, 250 basis points a year as a placeholder. It will be more than that this year. I just talked about free cash flow and our confidence there. So it comes down to the North America business, which Rod just talked about.

我們已經討論過這個問題，這是一個非常好的代理商。生產力節省，每年 250 個基點作為佔位符。今年將會更多。我剛才談到了自由現金流和我們的信心。所以這歸結於羅德剛才談到的北美業務。

And so we've got a lot of work to do to get this tariff policy locked down and get mediation efforts in place. And then, of course, the state of the consumer and how they're going to be feeling next year as they feel the effects of likely rising inflation and a pressured job market. So there's a lot for us to work through. But at the core, international growth feel really good. Productivity savings feel really good.

因此，我們還有很多工作要做，以確保這項關稅政策的落實，並做好調解工作。當然，還有消費者的狀況以及他們明年的感受，因為他們會感受到通貨膨脹上升和就業市場壓力的影響。因此，我們還有很多工作要做。但從本質上來說，國際成長確實令人感覺良好。生產力的節省確實讓人感覺很好。

Free cash flow will come back. And we just got to cycle our way through some of these other points, and we'll certainly share more about that in November.

自由現金流將會回歸。我們剛剛循環討論了其他一些觀點，我們肯定會在 11 月分享更多相關資訊。

Great, thanks so much. I'll pass it on thank you.

太好了，非常感謝。我會傳達的，謝謝。

Olivia Tong, Raymond James.

奧利維亞·童，雷蒙德·詹姆斯。

Great thanks. I want to follow up on that a little bit about Q4 and what kind of drives that organic sales growth that you're looking for. That looks like about a 650 basis point turn from Q3 to Q4. What are you thinking in terms of underlying category growth? How much have you seen some rebound now that the season has commenced? And sort of what's your view also on further destocking across the business? And then I have a follow-up.

非常感謝。我想稍微跟進一下第四季度的情況，以及您所尋求的推動有機銷售成長的因素是什麼。這看起來就像是從第三季到第四季的 650 個基點的轉變。您對潛在類別的成長有何看法？賽季已經開始，你看到反彈的程度如何？您對進一步減少整個產業的庫存有何看法？然後我有一個後續問題。

Yes. Olivia, it's Dan. Good morning, look, so let me try to unpack the quarter. And I think you have to look at it differently between what we're expecting internationally, where we are going to see growth rates accelerate, and what we're expecting in North America, where we will expect to see declines moderate and sequentially improve. Let me take them in order.

是的。奧莉維亞，我是丹。早上好，看，那麼讓我試著解開這個季度。我認為你必須以不同的眼光看待我們對國際市場的預期，即我們將看到成長率加速，以及我們對北美市場的預期，即我們預期下降幅度將減緩並逐步改善。讓我按順序來。

For international, we have a really good line of sight to what looks like a step-up in growth of about 5 points. We've been running sort of in the 2% to 3% growth for the year. We're profiling the quarter between 7% and 8%. A couple of drivers to that. We've got new pricing going into the markets that's been fully executed that will start to impact 4Q.

對於國際市場，我們非常看好其成長將上升約 5 個百分點。今年我們的成長率大概在 2% 到 3% 之間。我們認為本季成長率在 7% 至 8% 之間。有幾個因素可以推動這一進程。我們已經將新的定價引入市場並已全面執行，這將對第四季度產生影響。

That's worth a couple of points. We've got a healthy NPD and product launches, including Billie moving into international new to the quarter. And we've got some successful private brand tenders that ramp in the quarter that had started earlier, but that ramp in the quarter. That collectively is worth 3 points. So you've got the pricing, you've got Billie and other NPD, you've got private brands tenders that have successfully been won, and now scale.

這值得幾點。我們擁有健康的新產品開發和產品發布，包括 Billie 本季進軍國際市場。我們有一些成功的自有品牌招標，這些招標在本季度早些時候就開始了，但在本季度有所增加。總共值 3 分。所以你已經有了定價，你有了 Billie 和其他 NPD，你有了成功贏得的自有品牌招標，現在又擴大了規模。

That delivers your growth for international. On North America, there's essentially three factors, all of which are fairly equally weighted. One is Sun Care. We are not expecting a minus 11% organic profile in 4Q. We're expecting 4% consumption growth in the category and 4% organics.

這將促進您的國際化發展。在北美，主要有三個因素，這些因素的權重都相當均衡。一是防曬。我們預計第四季有機成長率不會達到-11%。我們預計該類別的消費量將成長 4%，有機產品的消費量將成長 4%。

Two is Fem Care. And I think for Fem Care, here, we're profiling low single-digit growth in North America. And I think here, you have to look at shelf performance to get confident with that. We've seen really improved trends in consumption growth. We grew 1 point in Fem Care in the third quarter and essentially held share.

二是女性護理。我認為，對於女性護理而言，我們正在描繪北美低個位數的成長。我認為，你必須專注於貨架表現才能對此充滿信心。我們看到消費成長趨勢確實有所改善。第三季度，我們在女性護理領域成長了 1 個百分點，並且基本上保持了市場份額。

You didn't see it in organics to the inventory point you made, but we're feeling much better about the state of the portfolio there. And then lastly is Wet ones, where we've got an outsized quarter profile largely because we're cycling some of the effects of the fire last year and some out-of-stocks. That -- put all of that together, that sort of gets you to that minus 1% that we're expecting in North America. Now let me talk about the month we're in because I think or the month we just ended, because I think that's important, and Rod was alluding to that. First of all, we've essentially delivered our sales profile for the month of July, our biggest month of the quarter.

您沒有在有機物中看到您所說的庫存點，但我們對那裡的投資組合狀況感覺好多了。最後是濕貨，我們在本季的銷售表現異常出色，主要是因為我們正在經歷去年火災和缺貨的部分影響。把所有這些加在一起，就得到了我們預期的北美-1%的降幅。現在讓我談談我們所處的這個月，因為我認為或我們剛結束的這個月，因為我認為這很重要，羅德也暗示了這一點。首先，我們基本上已經公佈了七月的銷售情況，七月是本季銷售額最高的月份。

I think that's important. It gives us sort of added confidence for the fourth quarter. I think, as importantly, we've seen performance on shelf in the US actually improve. Categories remain healthy, grew about 4% last four weeks ended July.

我認為這很重要。這讓我們對第四季更有信心。我認為，同樣重要的是，我們看到美國貨架上的表現確實有所改善。類別保持健康，截至 7 月的四周內增長了約 4%。

Sun Care was up 8%, and we held share. That's a really good indicator. And Fem Care, we again held share. So now you've got about 16, 17 weeks of demonstrated Fem Care strength on shelf. As a result of all of that, total Edgewell business was flat in terms of share.

Sun Care 股價上漲 8%，我們持有該股。這是一個非常好的指標。在 Fem Care 方面，我們再次佔據份額。因此，現在您已經獲得了大約 16、17 週的 Fem Care 功效證明。受上述因素影響，Edgewell 整體業務的份額持平。

So we like what we're seeing. We are seeing evidence of strength on shelf. It doesn't suggest the quarter is done yet, but we have increased confidence today in our ability to deliver that organic growth in the quarter.

所以我們喜歡我們所看到的。我們看到了貨架實力的證據。這並不意味著本季已經結束，但我們今天對在本季實現有機成長的能力更有信心。

Got it. That's very helpful. And then in terms of investment levels going forward, it sounds like you're quite pleased with some of the new brand support things that you're doing, unfortunately, that ran against poor weather this quarter. So as you think about the go forward, what continues? What -- as you think about elevated levels of brand support in certain areas, we -- should we expect that to continue into fiscal '26? And then as you think about the innovation plan for next year, are there other areas where you could potentially see increased investment as we think about all the different puts and takes for next year? Thank you.

知道了。這非常有幫助。就未來的投資水平而言，聽起來您對正在進行的一些新品牌支援工作感到非常滿意，不幸的是，這些工作本季度遇到了惡劣的天氣。那麼，當您考慮前進時，會發生什麼？當您考慮在某些領域提升品牌支援水準時，我們是否應該預期這種支援水準會持續到 26 財年？然後，當您考慮明年的創新計劃時，當我們考慮明年所有不同的投入和產出時，是否還有其他領域可能會增加投資？謝謝。

Yes. So thanks, Olivia. I think what you'll see continue from an international perspective, as Dan referenced that 40% of the portfolio. As we've been growing, we've been incrementally investing behind those brands and growing margin at the same time that we've been doing that by getting leverage out of the G&A profile and also driving really good gross margin management with all the pricing revenue mechanics. So you'll see that continue as we move forward in international.

是的。所以謝謝你，奧利維亞。我認為從國際角度來看，你會看到這種情況繼續下去，正如丹提到的 40% 的投資組合。隨著我們的發展，我們一直在逐步投資這些品牌，同時透過從 G&A 概況中獲取槓桿來提高利潤率，同時透過所有定價收入機制推動真正良好的毛利率管理。因此，隨著我們在國際上的不斷進步，你會看到這種情況將繼續下去。

In North America, what you've seen us do incrementally in Q3 and what we'll continue to do in Q4 are three specific new activations. Cremo, the Scents King campaign is in place and is working and driving Hawaiian Tropic. Dan referenced, you've probably seen the Alix Earle campaign with Hawaiian Tropic. We feel really good about that. And then we've got a nice campaign up against Hydro Silk that's resonating.

在北美，您已經看到我們在第三季度逐步開展了三項具體的新活動，並且我們將在第四季度繼續開展這三項具體的新活動。克雷莫 (Cremo) 的「香味之王」 (Scents King) 活動已到位，並正在推動夏威夷熱帶地區的發展。丹提到，你可能已經看過阿利克斯·厄爾 (Alix Earle) 與夏威夷熱帶 (Hawaiian Tropic) 合作的活動。我們對此感到非常高興。然後我們針對 Hydro Silk 開展了一場引起共鳴的精彩活動。

These are campaigns that are part of broader activations, getting the lineup right, the pricing right, now get the messaging right with good scoring campaigns. We're seeing that we're getting an ROI on those campaigns. As we pivot to next year, not only will we continue those styles of campaigns, we'll look to put new campaigns potentially against a couple of other brands as well. I'm not going to mention the brands, but there's two brands we've got in mind. Again, you don't just throw a new campaign out there.

這些活動是更廣泛活動的一部分，包括正確的陣容、正確的定價，現在透過良好的得分活動來正確傳達訊息。我們看到這些活動獲得了投資回報。隨著我們轉向明年，我們不僅會繼續這些風格的活動，還會考慮針對其他幾個品牌開展新的活動。我不會提及品牌，但我們想到了兩個品牌。再說一遍，你不能只是發起一個新的活動。

You've got to have the lineup structure right. You've got to have the capabilities right with the team. You've got to have everything in place and have a point of view on where you want to take the brand. And increasingly, the capabilities built -- being built in the North American business, the US specifically, are really strong in the brand-building area.

你必須有正確的陣容結構。你必須具備與團隊合作的能力。你必須把所有事情都準備好，並且對品牌的未來發展有一個清晰的認識。而且，在北美業務（特別是在美國）所建立的能力在品牌建立領域越來越強大。

And so you'll see us continue to invest in A&P. And we haven't talked about it, but it's in the results. You see it. There's also some trade support and investment as well. So there's very much a 360 view as we work to get our brands to healthy positions, not only with consumers, but also with retailers where we can win space on shelf.

因此你會看到我們繼續投資 A&P。我們還沒有談論它，但它已經在結果中了。你看到了。此外還有一些貿易支持和投資。因此，我們努力讓我們的品牌佔據健康的位置，不僅在消費者心目中如此，在零售商心目中也是如此，這樣我們才能在貨架上贏得一席之地。

It's a very holistic set of investments being put in.

這是一套非常全面的投資。

Olivia, I would only add, I think we're going to continue to operate with two key thoughts in mind. One is we're going to continue to invest where we see good returns, and we're seeing that with the work the North America team is doing. And two, we're going to continue to drive like hell on a productivity and efficiency front to fund it. We talk a lot about supply chain and the numbers there. You've seen that.

奧利維亞，我只想補充一點，我認為我們將繼續在思想上牢記兩個關鍵點。一是我們將繼續在我們看到良好回報的地方進行投資，而且我們從北美團隊所做的工作中看到了這一點。其次，我們將繼續竭盡全力提高生產力和效率來為其提供資金。我們談論了很多有關供應鍊及其數字的問題。你已經看到了。

Equally, in the remarks, you would have heard Fran talk about North America's reorganization, which ultimately led to a more cost-effective and more talented, and more capable organization. So we're going to continue on that front with driving cost out to create dry powder to invest.

同樣，在演講中，你會聽到弗蘭談論北美的重組，這最終導致了一個更具成本效益、更有才華、更有能力的組織。因此，我們將繼續在這方面努力降低成本，創造資金進行投資。

Understood. Thank you.

明白了。謝謝。

Thank you, Olivia.

謝謝你，奧莉維亞。

Operator, next question, please.

接線員，請問下一個問題。

Susan Anderson, Canaccord Genuity.

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

Hi, good morning. Thanks for taking my questions. Really quick follow-up on Sun. I guess, I assume you're expecting some replenishment in the rest of the year with the expectation for 4% growth in fourth quarter. And then maybe if you could just talk a little bit about how inventories right now are in the channel for Sun Care. And then I guess, looking out to next year, are you expecting any new innovation in the category, as it seems like there's been quite a few competitors kind of jump into the space and start to take a little share.

嗨，早安。感謝您回答我的問題。對 Sun 的後續行動非常迅速。我想，我假設您預計今年剩餘時間會有一些補充，並預計第四季將成長 4%。然後，也許您可以稍微談談目前 Sun Care 頻道的庫存情況。然後我想，展望明年，您是否期待該類別中出現任何新的創新，因為似乎已經有不少競爭對手進入該領域並開始佔據一點份額。

Yeah, hi, good morning. It's Dan. So look, we're overall profiling a flat to slightly down Sun season. Decent at the start, really tough in the middle, which is the quarter we just exited, and then up mid-single digits here in the final stretch of the season. So flat to slightly down is our profile.

是的，你好，早安。是丹。因此，我們總體上認為太陽季節的太陽活動平穩或略有下降。一開始還不錯，中間階段真的很艱難，也就是我們剛結束的那個季度，然後在賽季的最後階段上升了個位數。因此，我們的概況是持平或略有下降。

Right now -- and so yes, our organic sales expectations for the quarter are largely the replenishments to feed that expected growth. One month in, so far, July, it's holding, and you see the impact of improved weather. Right now, I think we're generally comfortable in terms of inventory levels. We sort of worked our way through that last quarter. That's why you saw organics down such a big amount versus consumption on shelf.

現在——是的，我們對本季的有機銷售預期主要是補充以滿足預期的成長。到目前為止，七月已經過去一個月了，你可以看到天氣好轉的影響。目前，我認為我們的庫存水準總體上是令人滿意的。我們差不多已經完成了最後一個季度的工作。這就是為什麼你會看到有機食品的銷售量相對於貨架上的消費量下降如此之多。

So I think we're in a pretty good place. I would also say this is where our supply chain is a distinct advantage because we can replenish quicker than others because of proximity and the amount of product end-to-end that we manufacture. So we're hopeful that we can end the season here in a good way, one month in, certainly, the data supports that. And as for next year, look, I'm not going to get into the specifics. But as always, we have a really healthy view right now of interesting innovation that we will bring to the category, not just here in the US but across international as well. Rod, anything you want to add to that?

所以我認為我們目前處於一個非常好的位置。我還想說，這是我們的供應鏈的明顯優勢，因為我們可以比其他公司更快地補貨，因為我們距離很近，而且我們生產的端到端產品數量也很多。因此，我們希望能夠以一種好的方式結束這個賽季，一個月後，當然，數據也支持這一點。至於明年，我不會談具體細節。但與往常一樣，我們現在對將為該類別帶來的有趣創新抱持著非常健康的看法，不僅在美國，而且在國際上。羅德，你還有什麼要補充的嗎？

Yes. On that last point, Susan, on some of the new entrants and innovation. Let's just look at where we are with our two brands. Hawaiian Tropic, in the top 10 brands in Sun Care, which is the bulk of the volume, is the fastest-growing brand in the set. The team has done an amazing job with that brand.

是的。關於最後一點，蘇珊，請談談一些新進者和創新。讓我們看看我們的兩個品牌的現狀。Hawaiian Tropic 是防曬產品十大品牌之一，佔了銷售量的大部分，也是該類別中成長最快的品牌。該團隊為該品牌做出了出色的貢獻。

It's current, it's relevant, and it's resonating with consumers. And that's the campaign. It's the brand positioning, it's the messaging, it's the product lineup, leaning into body butters, tanning, things that enhance skin look and feel. So it's even less about SPF in that case when you look to Hawaiian traffic. And then as you look then at Banana Boat, it's more about being outside the fun in the sun, which makes it highly correlated to weather.

它符合時事、貼切，並且能引起消費者的共鳴。這就是活動內容。這是品牌定位，這是訊息傳遞，這是產品陣容，傾向於身體乳、曬黑，以及改善皮膚外觀和感覺的東西。因此，當您查看夏威夷的交通時，與 SPF 的關係就更小了。然後，當你看著香蕉船時，你會發現它更多的是在陽光下的戶外樂趣，這使得它與天氣高度相關。

So when the weather wasn't good between Memorial Day and July 4, you saw Banana Boat suffer. Well, as the weather turns better in July, as we go into quarter four, we're seeing Banana Boat now perform significantly better. And so it's just interesting from a portfolio perspective, the impact that weather specifically has on Banana Boat. Now we're going to take that knowledge as we move forward. And the same team that has built the Hawaiian Tropic campaign, the focus is not only on continuing that for next year, but putting energy up against Banana Boat as well.

因此，當陣亡將士紀念日至 7 月 4 日天氣不好時，香蕉船就會遭受損失。好吧，隨著七月天氣轉好，進入第四季度，我們看到香蕉船的表現明顯好轉。因此，從投資組合的角度來看，天氣對香蕉船的影響非常有趣。現在，我們將利用這些知識繼續前進。和創建夏威夷熱帶戰役的同一支隊伍一樣，他們的重點不僅是在明年繼續保持這一勢頭，而且還要在與香蕉船隊的比賽中傾盡全力。

We've got a multiyear plan for Banana Boat to strengthen what is already a leading brand in the set to ensure that we don't lose that. I would tell you, too, as you look to some of the other brands that have come into the set this year, that happens every year. There's always some level of newness that people come in. There's not necessarily a new form, a new product packaging, a new formulation that's breakthrough or different. We think we're on the leading edge of all of that.

我們為香蕉船制定了多年計劃，以加強該系列中已經領先的品牌地位，確保我們不會失去這一地位。我還要告訴你，當你看到今年加入這個行列的其他一些品牌時，你會發現這種情況每年都會發生。人們總是會帶來某種程度的新鮮感。不一定有新的形式、新的產品包裝、新的配方來取得突破或與眾不同。我們認為我們在所有方面都處於領先地位。

It's just a new name for today, grabbing influencer momentum to get out, get some real estate. And again, we see a certain amount of that cycle every year. So as we go forward to next year, I assume that will continue, but we feel really good about the momentum we have with our brands and the team doing the work.

這只是今天的一個新名稱，抓住有影響力的勢頭來走出去，獲得一些房地產。而且，我們每年都會看到一定數量的這類循環。因此，展望明年，我認為這種情況將會持續下去，但我們對我們的品牌和團隊的工作勢頭感到非常滿意。

And then I guess maybe just a follow-up on the Wet Shave. I guess just curious what you're seeing from a competitive dynamic? Are you seeing it ease at all on the women's side? Or is it still kind of very promotional? Then also if you could talk about how Billie's Body Wash has performed?

然後我想也許只是對濕剃的後續行動。我只是好奇你從競爭動態中看到了什麼？您覺得女子方面的狀況是否輕鬆？或者它仍然具有某種促銷性質？那麼，您能談談 Billie's Body Wash 的表現如何嗎？

And have you also seen a similar competitive dynamic in that area, just given a number of brands seem to be kind of moving across categories?

鑑於許多品牌似乎都在跨類別發展，您是否也看到了該領域類似的競爭動態？

Yes. I'll just address the questions directly on and then I got a bit of a broader statement. On women's in the US specifically, yes, highly promotional continues to be at an elevated level. It's a very, very competitive space with that being -- the number of brands in that space right now is too many for the future.

是的。我將直接回答這些問題，然後我會得到一個更廣泛的聲明。特別是對於美國的女性來說，是的，高度的宣傳仍然處於較高的水平。這是一個競爭非常激烈的領域——目前該領域的品牌數量對於未來來說太多了。

Frankly, I don't think we'll continue with all the brands in the set. So women's highly promotional. You see our share results in that space, Billie winning share, Hydro Silk sequentially improving in a material way in the quarter. So we're -- I think we're super competitive in what is the most competitive space. As you asked the question about Billie Body, frankly, we're not happy with the results on where we are there.

坦白說，我認為我們不會繼續使用該系列中的所有品牌。因此對女性的促銷力道很大。您可以看到我們在該領域的份額結果，Billie 贏得了份額，Hydro Silk 在本季度連續實現了實質改善。所以——我認為我們在競爭最激烈的領域中具有超強的競爭力。正如你問到的關於 Billie Body 的問題，坦白說，我們對目前的結果並不滿意。

We still feel like Billie absolutely has the right to be a lifestyle brand and can play outside of Shave from a category perspective. In some cases, like we like the products. The products are amazing. They work, but they didn't hit some of the thresholds we wanted at some of the retailers. And so we're looking at how do we reset and go forward with the body range.

我們仍然覺得 Billie 絕對有資格成為一個生活方式品牌，並且可以從類別角度在 Shave 之外發揮作用。在某些情況下，就像我們喜歡這些產品一樣。這些產品非常棒。它們確實有效，但在某些零售商那裡並沒有達到我們想要的門檻。因此，我們正在研究如何重置並推進身體範圍。

It's not material. I think if you go back to our language in the past, as we launched this, it was more of a test-and-learn pilot as we put it out there. We've learned, and so we'll adapt and adjust as we go forward. What I will tell you, though, the strength of the Billie brand is in Shave. It continues to grow over 100 basis points of share in every period as we go forward.

這不是物質的。我認為，如果你回顧我們過去的說法，當我們推出這個產品時，它更像是一個測試和學習的試點。我們已經吸取了教訓，因此我們會在前進的過程中不斷適應和調整。不過，我要告訴你的是，Billie 品牌的優勢在於 Shave。隨著我們不斷前進，它的份額在每個時期都繼續增長超過 100 個基點。

It's now an 11 share brand nationally and has surpassed some of the other brands that were out there in brick-and-mortar before it. Final thing I'll say around Shave competitively, and I said it earlier in one of the responses, we are going to increase the priority of winning in Shave in this company. We're the number two player by far globally. Most of our shave business is outside the US, over 55% of our shave business is outside the US It's structurally profitable.

現在，它已成為全國第 11 個市場份額品牌，並且已經超越了之前在實體店中存在的一些其他品牌。最後我想說的是有關剃刀競爭力的事情，我之前在一個回復中說過，我們將提高這家公司在剃須刀領域獲勝的優先級。目前我們是全球排名第二的公司。我們的大部分剃須業務都在美國以外，超過 55% 的剃須業務都在美國以外，這在結構上是有利可圖的。

It's primarily a 2-player category outside the US, and we have wonderful R&D and manufacturing capabilities that we can leverage. And as we get the marketing and brand-building capabilities right, we have a ton of opportunity in what is a stable, slightly growing category. Dan, I don't know what you want--

在美國以外，它主要是雙人遊戲類別，我們擁有出色的研發和製造能力，可以利用這些能力。隨著我們掌握了正確的行銷和品牌建立能力，我們在這個穩定、略有成長的類別中擁有大量的機會。丹，我不知道你想要什麼——

Yes, I would just highlight because I think the Shave performance in the quarter on shelf in the US was a real eye-opening strength for us. Men's Systems we're flat in terms of share. That's about 1 point improvement from where we've been. Women's Systems gained a point of share, including Hydro Silk handles being flat in share, to your point, Rod.

是的，我只是想強調一下，因為我認為 Shave 在美國上市季度的表現對我們來說是一個真正令人大開眼界的優勢。男士系統在份額方面持平。這比我們之前的水準提高了大約 1 個百分點。女子系統獲得了市場份額，包括 Hydro Silk 手柄的市場份額持平，正如你所說，羅德。

Our disposable business grew 40 basis points in share. So we were really encouraged. This goes back to the investing and returning point I made earlier with our Shave performance. 13 weeks does not make a trend for sure, but encouraging results on shelf.

我們的一次性業務份額成長了 40 個基點。所以我們真的受到了鼓舞。這又回到了我先前針對我們的剃鬚表現所提出的投資和回報觀點。 13 週肯定不會形成一種趨勢，但在貨架上的結果令人鼓舞。

Okay, great. Thanks so much for all the details.

好的，太好了。非常感謝您提供的所有詳細資訊。

Thank you, Susan. Operator, next question please.

謝謝你，蘇珊。接線員，請問下一個問題。

Seeing no further questions in the queue. This concludes our question-and-answer session. I would like to turn the conference back over to Rod Little, CEO for any closing remarks.

隊列中沒有其他問題。我們的問答環節到此結束。我想將會議交還給執行長羅德·利特爾 (Rod Little) 來做閉幕發言。

All right, thank you, operator, and thanks everybody for your continued interest and time this morning. We'll see you in November with an update.

好的，謝謝接線員，也謝謝大家今天早上的持續關注和時間。我們將在十一月向您發布最新消息。

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。