Kenvue Inc (KVUE) 2024 Q2 法說會逐字稿

Hello, and welcome to the Kenvue second quarter 2024 earnings conference call.

您好，歡迎參加 Kenvue 2024 年第二季財報電話會議。

(Operator Instructions) As a reminder, this conference is being recorded.

（操作員指示）提醒一下，本次會議正在錄音。

It is now my pleasure to introduce your host, Jim Giannakouros, Interim Head of Investor Relations for Kenvue.

現在我很高興介紹您的主持人，Kenvue 投資者關係臨時主管 Jim Giannakouros。

Good morning, everyone, and welcome to Kenvue's second quarter 2024 earnings conference call.

大家早安，歡迎參加 Kenvue 2024 年第二季財報電話會議。

I'm pleased to be joined today by Thibaut Mongon, Kenvue's Chief Executive Officer; and Paul Ruh, our Chief Financial Officer.

我很高興今天能與 Kenvue 執行長 Thibaut Mongon 一起參加此次會議；以及我們的財務長 Paul Ruh。

Before we get started, I'd like to remind you that today's call includes forward-looking statements regarding, among other things, our operating and financial performance, market opportunities and growth.

在我們開始之前，我想提醒您，今天的電話會議包括前瞻性陳述，其中包括我們的營運和財務表現、市場機會和成長等。

These statements represent our current beliefs or expectations about future events and are subject to various risks, uncertainties, and assumptions that could cause our actual results to differ materially.

這些陳述代表了我們目前對未來事件的信念或期望，並受各種風險、不確定性和假設的影響，這些風險、不確定性和假設可能導致我們的實際結果大不相同。

For information regarding these risks and uncertainties, please refer to our earnings materials related to this call posted on our website and our filings with the SEC.

有關這些風險和不確定性的信息，請參閱我們網站上發布的與本次電話會議相關的收益資料以及我們向美國證券交易委員會提交的文件。

During this call, we will reference certain non-GAAP financial information.

在本次電話會議中，我們將參考某些非 GAAP 財務資訊。

The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for financial information presented in accordance with US GAAP.

此非公認會計準則財務資訊的呈現並非旨在單獨考慮或取代依照美國公認會計準則呈現的財務資訊。

These non-GAAP financial measures should be viewed in conjunction with the most comparable GAAP financial measures.

這些非 GAAP 財務指標應與最具可比性的 GAAP 財務指標結合起來。

A reconciliation of these items to their respective nearest US GAAP measure can be found in this morning's earnings press release and our presentation available on our IR website, investors.kenvue.com. With that, I'll turn it over to Thibaut.

這些項目與其各自最接近的美國 GAAP 指標的對帳可以在今天早上的收益新聞稿和我們的 IR 網站 investor.kenvue.com 上找到。說完這些，我將把話題交給 Thibaut。

Thank you, Jim, and thank you to everyone for joining us today.

謝謝你，吉姆，也謝謝大家今天加入我們。

This quarter, we made good progress against our strategy.

本季度，我們按照策略取得了良好進展。

We drove year-over-year organic growth of 1.5% on top of 7.7% organic growth last year and increased adjusted gross profit margin by 410 basis points to 61.6%.

我們在去年 7.7% 的有機成長率基礎上，又實現了 1.5% 的年比有機成長，調整後毛利率提高了 410 個基點，達到 61.6%。

This shows investment in our brands, while not impacting our ability to deliver EPS as per guidance.

這顯示我們對品牌進行了投資，同時不會影響我們按照指引實現每股盈餘的能力。

With our first and second quarter performance, we are on track to deliver our year as we continue to execute our new strategy as an independent company.

憑藉第一季和第二季的業績，我們有望實現新的業績，並將繼續作為獨立公司執行我們的新策略。

Earlier this year, I committed to you that you would see a new Kenvue, a bolder company that is moving quickly to advance our three priorities to reach more consumers effectively, invest further behind our brands, and build a culture of performance and impact.

今年早些時候，我向你們承諾，你們將看到一個全新的 Kenvue，一家更大膽的公司，正在快速推進我們的三大重點，即有效地接觸更多的消費者、進一步投資我們的品牌、建立一種績效和影響力的文化。

Our first half results show the value of our pure play model with a carefully curated portfolio covering a full spectrum of consumer health needs with iconic brands.

我們的上半年業績體現了我們的純粹經營模式的價值，該模式透過精心策劃的標誌性品牌，涵蓋了消費者全方位的健康需求。

While still early days, our results demonstrate that our transformation efforts are beginning to drive our interim impact.

雖然仍處於早期階段，但我們的結果表明，我們的轉型努力已開始推動我們的中期影響。

These efforts include our work to improve productivity and reduce cost.

這些努力包括我們提高生產力和降低成本的工作。

We expect to deliver approximately 150 basis points of adjusted gross profit margin expansion in 2024, higher than we anticipated coming into the year as we drive greater value realization from favorable mix and stronger efficiencies in operations.

我們預計，2024 年調整後的毛利率將擴大約 150 個基點，高於我們今年的預期，因為我們透過有利的組合和更高的營運效率實現了更大的價值。

In addition, we are actively reducing our cost structure through rigorous expense management and the on-track execution of our view forward, our program to become a leaner, more agile and fast-moving organization with a lower cost base.

此外，我們正在透過嚴格的費用管理和前瞻性的按計劃執行來積極降低我們的成本結構，以成為一個更精簡、更靈活、更快發展的組織，並降低成本基礎。

Our significant progress on productivity gives us more strategic flexibility.

我們在生產力方面的重大進步為我們提供了更大的策略靈活性。

We have now chosen to invest approximately 20% more behind our brands this year than we did last year, advancing our priority to free up resources to invest more behind our brands to drive future growth.

我們選擇今年對我們的品牌進行比去年多約 20% 的投資，以推進我們的優先事項，釋放資源，對我們的品牌進行更多投資，推動未來成長。

We are targeting our investment towards high yield strategies, such as healthcare, professional engagements, in-store prominence, and direct consumer engagement with an increasing focus on innovation and influences.

我們的投資目標是高收益策略，例如醫療保健、專業參與、店內知名度和直接消費者參與，並更加重視創新和影響力。

These both strength and loyalty among our existing consumers and expand our reach to new consumers.

這些既能鞏固我們現有消費者的實力和忠誠度，也能擴大我們對新消費者的影響力。

And we are beginning to see the impact on our brands across our portfolio.

我們開始看到它對我們整個產品組合品牌的影響。

Core to our transformation is the culture we are building, while driving a heightened sense of accountability across the organization that is fueling speed and execution to drive profitable growth.

我們轉型的核心是我們正在建立的文化，同時推動整個組織增強的責任感，從而加快速度和執行力，推動獲利成長。

In summary, halfway through our first full year as an independent company, we are on track to deliver our financial goals for 2024.

總而言之，作為一家獨立公司，我們已經度過了第一個完整年份的一半，我們預計將實現 2024 年的財務目標。

In addition, while we would expect to continue to operate in a volatile environment, our progress to date and our plans for the back half bolster our confidence to deliver on our long-term value-creation algorithm targeting attractive total shareholder return in 2025 and beyond.

此外，雖然我們預計將繼續在動蕩的環境中運營，但我們迄今取得的進展和下半年的計劃增強了我們的信心，使我們有信心實現我們的長期價值創造演算法，即在 2025 年及以後實現具有吸引力的股東總回報。

Now looking at the key highlights of our performance this quarter, we have started to see the early impact of our work on our three priorities.

現在回顧本季業績的亮點，我們已經開始看到我們的工作對三大優先事項的早期影響。

After a slow start in allergy and sun earlier in the quarter, we saw a positive shift in US consumption in the month of June.

在本季早些時候過敏和陽光消費緩慢啟動之後，我們看到 6 月美國消費出現了積極變化。

This immediately translated to shipments due to the strength of our brands being top of mind for consumers and our ability to replenish low levels of retail inventory with agility.

由於我們的品牌實力深受消費者青睞，並且我們能夠靈活地補充低水準的零售庫存，因此這立即轉化為出貨量。

In self-care, organic growth was essentially flat year over year on top of 14.2% growth last year, which beat our internal expectations.

在自我照護方面，有機成長基本上與去年持平，去年的成長率為 14.2%，超過了我們的內部預期。

Once again, we outperformed the market globally this quarter, having no maintain or grown share every quarter for the last two years.

本季度，我們的表現再次超越了全球市場，過去兩年來，我們的份額沒有每個季度都保持或成長。

Tylenol, the number one brand in pain relief globally delivered its eighth consecutive quarter of share growth in the US, further widening the gap versus our closest competitor in both value and volume.

泰諾是全球第一大止痛藥品牌，在美國的市佔率連續第八個季度成長，在價值和銷售方面進一步擴大了與我們最接近的競爭對手的差距。

Our consumer-centric innovations, including Tylenol easy-to-swallow designed for those who hesitate to take a pill, benefited from our increased investments to reach more health care professionals and consumers and we expanded in-store presence and prominence.

我們以消費者為中心的創新包括為那些不願服藥的人設計的易吞嚥泰諾，這得益於我們增加投資以接觸更多的醫療保健專業人士和消費者，並且我們擴大了店內影響力和知名度。

In allergy, sales accelerated in June after a slow start to the spring season in the US.

在美國，過敏藥物的銷售在春季銷售緩慢之後，6 月開始加速。

Kenvue is now the number one and fastest growing manufacturer in the allergy category in the US, with our brands Zyrtec and Benadryl gaining share in value and volume.

Kenvue 目前是美國過敏類藥物中排名第一且成長最快的製造商，其品牌 Zyrtec 和 Benadryl 的銷售額和銷售份額都在不斷增長。

This growth has been driven in part by our expanded in-store presence and increased media to amplify innovation like Zyrtec oral dissolve tablets.

這一成長在一定程度上得益於我們擴大了店內業務，以及增加了媒體來擴大 Zyrtec 口服溶膠片等創新。

Essential health continued to perform well, with broad-based organic growth of 7.6% in the quarter on top of 3.8% in the same period last year and balanced growth between value realization and volume.

基本健康業務持續表現良好，本季全面有機成長 7.6%，高於去年同期的 3.8%，且價值實現和銷售之間的成長均衡。

Notably, Listerine grew approximately 10% globally.

值得注意的是，李施德林在全球的銷量成長了約 10%。

Listerine is another good example of how increased investment in the right areas drives returns.

李施德林是另一個很好的例子，說明在正確領域增加投資如何帶來回報。

While the brand has historically been powered by our number one recommendation with dentists and strong clinical superiority, we are strengthening marketing spend to create higher visibility with consumers through digital media, influencers, and in-store prominence, driving new consumers to the category.

雖然該品牌歷來受到牙醫的首選推薦和強大的臨床優勢的推動，但我們正在加強行銷支出，透過數位媒體、影響力人士和店內知名度提高消費者的知名度，從而吸引新的消費者購買該類別。

We are also amplifying high-performing innovation, including Listerine Clinical Solutions, our new premium line in which each product is tailored to specific all health needs.

我們也正在擴大高性能創新，包括李施德林臨床解決方案，這是我們的全新高端產品線，其中的每種產品都是針對特定的健康需求而量身定制的。

As a result, Clinical Solutions is the number one mouthwash line innovation in the US today.

因此，Clinical Solutions 成為當今美國排名第一的漱口水系列創新產品。

Our skin health and beauty segment performed in line with our expectations in this first phase of our recovery plan.

在我們復甦計畫的第一階段，我們的皮膚健康和美容部門的表現符合我們的預期。

Organic growth declined 2.4% year over year following plus 3.4% organic growth in the second quarter last year.

有機成長率年減 2.4%，而去年第二季有機成長率為 3.4%。

This is an improvement sequentially, and while this is a journey, we are on track to stabilize the business.

這是一個連續的改進，雖然這是一個旅程，但我們正在穩定業務的軌道上。

Europe continues to perform well with the successful expansion of Aveeno and Neutrogena in the UK, Germany, and Southern Europe.

隨著 Aveeno 和 Neutrogena 在英國、德國和南歐的成功擴張，歐洲繼續表現良好。

The teams are executing with excellence in-store with a significant increase in shelf presence from companion brand blocks.

團隊在店內執行出色，配套品牌的貨架存在感顯著提升。

In China, the category continues to be soft and evolving consumer preferences are proving to be challenging for Dr.Ci:Labo brand, contributing to the impairment of assets we described in our press release.

在中國，該類別的銷售持續疲軟，不斷變化的消費者偏好對城野醫生 (Dr.Ci:Labo) 品牌來說帶來了挑戰，導致了我們在新聞稿中描述的資產減損。

In the US, which is our priority, we continue to activate our plans to stabilize the business this year with expectations to resume consumption growth next year.

在我們的重點市場美國，我們將繼續啟動計劃以穩定今年的業務，並預計明年消費將恢復成長。

As we shared with you previously, we are working diligently to improve our in-store presence and prominence, increasing the number of displays to augment growth.

正如我們之前與您分享的那樣，我們正在努力提高我們店內的曝光率和知名度，增加展示數量以促進成長。

We activated our strategies this sun season and as a result, Neutrogena confirmed its number one position and gained share in the seasonal segment with our Ultra Sheer and beach defense lines, while also elevating healthcare, professional, and consumer engagement.

我們在這個陽光季節啟動了我們的策略，結果，露得清憑藉我們的超透薄和海灘防禦系列，鞏固了其第一的位置並在季節性細分市場中獲得了份額，同時還提升了醫療保健、專業和消費者的參與度。

We have doubled the size of our detailing salesforce and significantly increased our sampling efforts with dermatologists, already resulting in an increased share of dermatologist recommendations.

我們的詳細銷售隊伍規模已擴大一倍，並顯著增加了對皮膚科醫生的抽樣力度，從而已經增加了皮膚科醫生的推薦份額。

And on social media, Neutrogena is making a strong pivot to reach Gen Z consumers from influencers, partnering with Alix Earle or gold medalist, Sydney McLaughlin-Levrone to launch engaging content on social media.

在社群媒體上，露得清正大力透過有影響力的人物吸引 Z 世代消費者，與 Alix Earle 或金牌得主 Sydney McLaughlin-Levrone 合作，在社群媒體上推出引人入勝的內容。

I hope you will join us in cheering for Sydney during the 400 meter hurdle this week.

我希望您能與我們一起在本週的 400 公尺欄架比賽中為雪梨加油。

And we are amplifying innovation as well.

我們也正在擴大創新。

For example, we launched Neutrogena Collagen Bank in the US for brand new pre-hedging platform with a patented peptide technology developed with dermatologists to penetrate more than 10 layers deep within your scheme.

例如，我們在美國推出了露得清膠原蛋白銀行，這是一個全新的預對沖平台，採用與皮膚科醫生共同開發的專利肽技術，可以深入您的計劃 10 層以上。

This innovation received 100% acceptance by our top retailers.

此項創新獲得了我們頂級零售商 100% 的認可。

To build demand before products arrive in store, Collagen Bank first launched on TikTok shop, the first for Neutrogena.

為了在產品到店前創造需求，膠原蛋白銀行首次在 TikTok 商店上線，這是露得清的首家此類商店。

This approach generated tremendous buzz online and motivated one of our major customers to pull forward their retail launch.

這種方法在網路上引起了極大的轟動，並促使我們的一個主要客戶提前推出了零售版本。

So while we are in the early days of our journey, we are focused on executing our plan with precision, strengthened capabilities, and increase investment across our portfolio.

因此，雖然我們處於旅程的早期階段，但我們專注於精準執行我們的計劃，增強能力，並增加對我們投資組合的投資。

A few final remarks on other areas where we are making progress as an independent company before I hand it over to Paul, first I hope you all had a chance to read our inaugural Healthy Lives Mission Report, which we published in June.

在將權力移交給保羅之前，我還有最後幾句話想談談我們作為一家獨立公司在其他領域取得的進展。

The report outlines our ESG strategy, goals, and progress.

報告概述了我們的 ESG 策略、目標和進展。

And there's a lot we are proud of in year one.

第一年有很多事情讓我們感到驕傲。

You may also have seen last week that we announced the implementation of a Board succession process following the sale of J&J stake earlier this year.

您可能還在上週看到，我們在今年稍早出售強生股後宣布實施董事會繼任程序。

The appointment of Kathy Pawlus and Kirk Perry as two new independent directors coincide with Joe Wolk and Peter Fasolo, stepping down by the end of this year.

Kathy Pawlus 和 Kirk Perry 被任命為兩位新的獨立董事，同時 Joe Wolk 和 Peter Fasolo 也將於今年年底卸任。

I would like to express my deep gratitude for Joe and Peter's contributions to Kenvue as we executed a successful transition to become an independent company, and welcome Kathy and Kirk, who has deep experience, expertise, and capabilities will be valuable additions to the Board.

我要對喬和彼得對 Kenvue 所做的貢獻表示深深的感謝，因為我們成功實現了轉型成為一家獨立公司，我也歡迎凱西和柯克，他們擁有豐富的經驗、專業知識和能力，將成為董事會的寶貴補充。

Additionally, as an independent company with a deep commitment to shareholder value creation, we were pleased to announce earlier in July, the Board's declaration of our first dividend increase.

此外，作為一家致力於為股東創造價值的獨立公司，我們很高興在 7 月初宣布董事會首次宣布增加股利。

This is a testament to our strong balance sheet and cash generating capabilities, which will only improve as we continue our journey as Kenvue.

這證明了我們強大的資產負債表和現金創造能力，隨著我們作為 Kenvue 繼續前進，這些能力只會不斷改善。

All our efforts would not be possible without the performance of our people.

如果沒有我們員工的出色表現，我們的一切努力就不可能實現。

I would like to thank Kenvuers around the world for leading our new culture and for their commitment to driving results this quarter, again demonstrating the power of Kenvue in action.

我要感謝世界各地的 Kenvuers 引領我們的新文化，並致力於推動本季的業績，再次展現了 Kenvue 的實際力量。

With that, I will turn it over to Paul.

說完這些，我會把話題交給保羅。

Thank you, Thibaut, and good morning, everyone.

謝謝你，蒂博，大家早安。

Overall, our Q2 performance came in ahead of our mid-quarter expectations, with strong sales in June and greater benefits from productivity and mix, generating higher than expected gross profit margin expansion.

總體而言，我們第二季的業績超出了我們季度中期的預期，6 月份銷售強勁，生產力和產品組合帶來更大收益，導致毛利率擴張高於預期。

As a result, we have made the strategic decision to further increase our marketing spend.

因此，我們做出了進一步增加行銷支出的策略決策。

This strengthens Kenvue's position to deliver our long-term value-creation algorithm and does not impact our ability to deliver our EPS guidance for 2024.

這增強了 Kenvue 實現長期價值創造演算法的地位，並且不會影響我們實現 2024 年每股收益指引的能力。

Moving into more details.

進一步了解細節。

Second quarter organic growth was 1.5%, primarily driven by value realization across all segments and volume growth in essential health, partially offset by low single digit volume declines in both self-care and skin health and beauty.

第二季度有機成長率為 1.5%，主要得益於所有部門的價值實現和基本健康領域的銷售增長，但個人護理、皮膚健康與美容領域的個位數低銷量下降部分抵消了這一增長。

Value realization contributed 2.1% to growth, benefiting mostly from carryover and incremental pricing actions.

價值實現對成長貢獻了 2.1%，主要受益於結轉和增量定價行動。

While we expect volume to increasingly contribute to sales growth from here, value realization will continue to be an important part of our value creation algorithm.

雖然我們預計銷售量將從現在起不斷增加對銷售成長的貢獻，但價值實現仍將是我們價值創造演算法的重要組成部分。

Volume was down 0.6% year over year with sequential improvement during the quarter on the back of greater essential health performance, continued overall share gains in self-care and steady progression towards stabilizing skin health and beauty.

由於基本健康產品表現更好、自我護理產品整體份額持續增長以及皮膚健康和美容產品穩步穩定，本季度銷量同比下降 0.6%，但環比有所改善。

Now let's take a look at our segments.

現在讓我們來看看我們的片段。

Self-care organic growth was essentially flat on top of mid-teens growth last year with continued share gains across the segment.

自我照護的有機成長在去年中段成長率的基礎上基本持平，整個細分市場的份額持續成長。

Value realization contributed 1.1% of growth in the quarter, driven by both carryover and incremental pricing actions.

在結轉和增量定價行動的推動下，價值實現在本季度貢獻了 1.1% 的成長。

This was offset by volume down [1.3%] due to a shorter cough, cold, and flu season versus last year.

與去年相比，由於咳嗽、感冒和流感季節較短，銷量下降 [1.3%]，抵消了這一下降。

We entered the second quarter of 2024, experiencing a slow start to the allergy season and observing a continuation of tight inventory controls in retail through May.

我們進入了 2024 年第二季度，經歷了過敏季節的緩慢開始，並觀察到零售業的庫存控制持續嚴格直到 5 月。

However, demand for allergy accelerated in June and we activated our Zyrtec and Benadryl brands successfully and gain share.

然而，6 月對過敏症的需求加速，我們成功啟動了 Zyrtec 和 Benadryl 品牌並獲得了市場份額。

Smoking cessation also had a strong quarter overall.

整體而言，本季戒菸活動也表現強勁。

So as you heard from Thibaut, the segment continues to do very well outgrowing the market and strengthening our leadership positions.

正如您從 Thibaut 那裡聽到的，該部門繼續表現良好，超越市場並鞏固了我們的領導地位。

Moving to skin, health, and beauty.

轉向皮膚、健康和美容。

Organic growth decreased 2.4% with 3.9% of volume decline, partially offset by 1.5% of positive value realization driven by mix and carryover pricing.

有機成長下降 2.4%，銷量下降 3.9%，但由產品組合和結轉定價推動的 1.5% 的正價值實現部分抵消了這一下降。

In the first phase of our recovery plan, we see signs of improvement as skin health and beauty's second quarter year-over-year volume trends sequentially improved 300 basis points from the first quarter.

在我們的復甦計畫的第一階段，我們看到了改善的跡象，因為皮膚健康和美容產品第二季度的同比銷售趨勢比第一季度連續提高了 300 個基點。

For essential health, the segment had strong organic growth of 7.6% with 4.1% of value realization and 3.5% of volume growth.

就基本健康而言，該部門實現了 7.6% 的強勁有機成長，其中價值實現率為 4.1%，銷量成長率為 3.5%。

Carryover pricing, primarily in North America and to a lesser extent, new pricing outside the US drove value realization.

結轉定價（主要在北美）以及在較小程度上美國以外的新定價推動了價值實現。

Essential health grew across all categories and all geographic regions.

所有類別和所有地理區域的基本健康都有所增長。

An effective combination of relevant innovation and increased marketing drove the volume gains.

相關創新與行銷加強的有效結合推動了銷售的成長。

Moving to adjusted gross profit margins.

轉向調整後的毛利率。

In the quarter, adjusted gross profit margin improved 410 basis points, largely driven by supply chain efficiency gains, which includes favorable commodity costs and also value realization.

本季度，調整後的毛利率提高了 410 個基點，主要得益於供應鏈效率的提高，包括有利的商品成本和價值實現。

Given our performance to date, we now expect full year 2024 gross margin to be closer to 60% or expand approximately 150 basis points versus last year.

鑑於我們迄今為止的表現，我們現在預計 2024 年全年毛利率將接近 60% 或比去年擴大約 150 個基點。

We are encouraged by the pace of improvements made by our supply chain and revenue growth management teams.

我們的供應鏈和營收成長管理團隊的改進速度令我們感到鼓舞。

The same teams are creating the building blocks to deliver continued gross margin expansion over the next several years.

同樣的團隊正在創建基礎模組，以在未來幾年內持續實現毛利率的擴大。

For modeling purposes, adjusted gross profit margin typically highest in Q2 and declines in the back half with Q4 being the lowest due to annual plant maintenance.

出於建模目的，調整後的毛利率通常在第二季度最高，在下半年下降，而由於年度工廠維護，第四季度最低。

This year, lower value realization and progressively lower commodity inflation benefits are expected to accentuate this trend.

今年，價值實現的降低和商品通膨效益的逐步下降預計會加劇這一趨勢。

Now onto adjusted operating income margin, which was 22.8% in the second quarter.

現在來看看調整後的營業收入利潤率，第二季為 22.8%。

Our strong delivery of gross margin expansion, benefits of cost controls, as well as our confidence in the strength of our back half plans enable us to further increase our brand investments by up to $100 million this year.

我們強勁的毛利率擴張、成本控制效益以及對後半部分計劃實力的信心，使得我們今年能夠進一步增加高達 1 億美元的品牌投資。

This advances our priority to further invest behind our brands, getting us closer to competitive levels without compromising our ability to deliver on EPS.

這推動了我們進一步投資於我們的品牌，使我們更接近競爭水平，同時又不損害我們實現每股收益的能力。

As a reminder, this increased investment will be reflected in our advertising, consumer and product promotion, and healthcare professional spend.

提醒一下，增加的投資將反映在我們的廣告、消費者和產品促銷以及醫療保健專業支出。

With regards to modeling the back half, we anticipate the combination of lower gross margins and increased spend will result in operating margin being down sequentially versus the high watermark set in the second quarter.

對於下半年的建模，我們預期毛利率下降和支出增加將導致營業利潤率與第二季創下的高點相比將比去年季下降。

And for the full year, we now expect adjusted operating margin to be in the range of 21% to 22% with no impact to our EPS delivery.

就全年而言，我們預計調整後的營業利潤率將在 21% 至 22% 之間，不會對我們的每股盈餘產生影響。

We believe this is the right time to accelerate these investments, building on the momentum we are seeing to bolster our ability to deliver on our long-term algorithm.

我們相信，現在是加速這些投資的最佳時機，利用我們所看到的動力來增強我們實現長期演算法的能力。

To close out the P&L, interest expense net for the quarter was $92 million.

為了結算損益表，本季的淨利息支出為 9,200 萬美元。

Given our year to date net interest expense, we now expect it to be in the range of $380 million to $400 million for the full year 2024.

考慮到我們今年迄今的淨利息支出，我們現在預計 2024 年全年的淨利息支出將在 3.8 億美元至 4 億美元之間。

For taxes, the second quarter adjusted effective tax rate was 25.7%.

就稅收而言，第二季調整後的有效稅率為 25.7%。

Regarding other income and expenses in the quarter, we incurred a non-cash after-tax charge of $337 million to adjust the carrying value of long-lived assets related to the Dr.Ci:Labo business.

關於本季的其他收入和支出，我們產生了3.37億美元的非現金稅後費用，用於調整與Dr.Ci：Labo業務相關的長期資產的帳面價值。

The impairment was a result of updates in our strategy to reach more consumers and appropriately address evolving market dynamics, including shifts in consumer sentiment in China as well as changing shopping patterns in the region.

此項減損是由於我們更新了策略以接觸更多消費者並適當應對不斷變化的市場動態，包括中國消費者情緒的變化以及該地區購物模式的變化。

We continue to believe in the strength of the brand and are actively investing in its long-term opportunities.

我們繼續相信品牌的實力，並積極投資其長期機會。

And finally, adjusted net income was $611 million for the quarter and adjusted diluted earnings per share was $0.32.

最後，本季調整後的淨收入為 6.11 億美元，調整後的每股稀釋收益為 0.32 美元。

Moving to capital allocation, the quarter reflects our balanced approach.

在資本配置方面，本季反映了我們平衡的做法。

Our first priority is investing in the business both in our brands and in our operations with our view forward.

我們的首要任務是以長遠的眼光來投資我們的品牌和營運。

As a reminder, our view forward includes a multiyear program of rebalancing our resources to improve our agility and speed, better positioning us for the future with a more efficient cost base.

提醒一下，我們的未來規劃包括一項多年的資源重新平衡計劃，以提高我們的靈活性和速度，以更有效率的成本基礎為我們的未來做好更好的準備。

Our initiatives are tracking on plan with associated spending tracking to approximately $275 million this year and we plan to maintain similar spending levels for 2025.

我們的計劃正在按計劃進行，今年相關支出約為 2.75 億美元，我們計劃在 2025 年維持類似的支出水準。

By 2026, we expect to have generated $350 million in savings or better stated resources reallocated to future growth investments.

到 2026 年，我們預計將產生 3.5 億美元的儲蓄或更好地說資源重新分配給未來的成長投資。

In addition, we are committed to returning cash to our shareholders.

此外，我們致力於向股東返還現金。

In July, we announced our first increase in our dividend as a public company and intend to continue to deliver attractive dividends to our shareholders over the long run.

7月份，我們宣布作為上市公司首次增加股息，並打算長期繼續為股東提供有吸引力的股息。

Now to summarize our expectations for 2024, we are increasingly confident in our ability to deliver within the sales and EPS outlook ranges set at the beginning of the year.

現在總結我們對 2024 年的期望，我們對自己在年初設定的銷售和每股收益預期範圍內實現目標的能力越來越有信心。

This includes organic growth expectations in the 2% to 4% range and adjusted EPS of $1.10 to $1.20. For the full year, we expect foreign exchange to be a 1% headwind, also unchanged from prior guidance.

這包括 2% 至 4% 範圍內的有機成長預期和 1.10 美元至 1.20 美元的調整後每股收益。我們預計全年外匯將帶來 1% 的阻力，與先前的預期相同。

Thank you.

謝謝。

And with that, we will take your questions.

接下來我們將回答您的問題。

(Operator Instructions) Anna Lizzul, Bank of America.

（操作員指示）美國銀行 Anna Lizzul。

Hi, good morning.

嗨，早安。

Thank you so much for the question.

非常感謝您的提問。

I was wondering if you could elaborate on the new pricing actions that you mentioned in terms of the depth and the categories in which you took pricing?

我想知道您是否可以從定價的深度和類別方面詳細說明您提到的新定價行動？

And then on volumes, the declines improved sequentially in skin health this quarter.

從銷售來看，本季皮膚健康產品的下滑情況有所改善。

So I was wondering if you could give us more detail on your expectations for the back half and how the innovation pipeline is shaping up here.

所以我想知道您是否可以向我們詳細介紹您對下半年的期望以及這裡的創新管道的進展。

Thank you.

謝謝。

Yes, good morning, Anna, and thank you for your question.

是的，早安，安娜，感謝您的提問。

Regarding your first question on value realization, it's really the combination of carryover pricing, new pricing, as you stated and mix.

關於您關於價值實現的第一個問題，它實際上是結轉定價、新定價的組合，正如您所說的那樣。

Regarding new price actions, remember that our philosophy at Kenvue is to offset inflation and FX conditions with pricing.

關於新的價格行動，請記住，Kenvue 的理念是透過定價來抵消通貨膨脹和外匯條件。

So typically, we take these price actions in markets and categories where we still see inflation and FX impact.

因此，通常我們會在仍受到通膨和外匯影響的市場和類別中採取這些價格行動。

We expect valorization to continue to be part of our value-creation algorithm.

我們期望價值增值繼續成為我們價值創造演算法的一部分。

But as the year continues, you'll see less and less impact of carryover pricing and you will see more impact of mix and new pricing actions.

但隨著時間的推移，你會看到結轉定價的影響越來越小，而組合和新定價行動的影響越來越大。

In terms of your question on the sequential improvement in volume as for our skin health segment, we are pleased with the early signs of impact of the recovery plan we have put in place since the beginning of the year.

關於您提到的我們皮膚健康部門銷售持續成長的問題，我們對今年年初以來實施的復甦計畫產生的早期影響感到滿意。

I'm encouraged with these early signs, as you said, we see a sequential improvement from Q1 to Q2 in terms of year-over-year trends.

這些早期跡象讓我感到鼓舞，正如您所說，我們看到同比趨勢從第一季到第二季連續改善。

We are reaching more consumers and HCPs successfully.

我們正在成功接觸更多的消費者和 HCP。

We saw an increase in household penetration for Neutrogena in the US, particularly with millennials and Hispanics, which is encouraging.

我們看到露得清在美國家庭的滲透率有所提高，尤其是在千禧世代和西班牙裔人群中，這是令人鼓舞的。

And we have strong building blocks for the back half.

我們為後半部打下了堅實的基礎。

So we are executing a thoughtful plan.

因此我們正在執行一個深思熟慮的計劃。

This will be a journey.

這將是一次旅程。

But I'm encouraged with what we have seen so far.

但我對我們目前所看到的情況感到鼓舞。

Stephen Powers, Deutsche Bank.

德意志銀行的史蒂芬鮑爾斯 (Stephen Powers)。

Hey, guys.

嘿，大家好。

Good morning.

早安.

Thank you.

謝謝。

I wanted to ask on the 20% aggregate increase in spending behind your brands that you called out this year.

我想問您所提到的今年你們品牌背後的支出總計增加了 20%。

I am curious, you know as to how much of that has already been deployed versus something that you're targeting to come in the second half?

我很好奇，您知道其中有多少已經部署完畢，以及您計劃在下半年部署多少嗎？

And then I guess as you contemplate that 20% increase, where does that bring you relative to what you view as kind of the optimized level of aggregate brand support?

然後我想，當您考慮到這 20% 的成長時，相對於您所認為的整體品牌支援的優化水平，這會給您帶來什麼呢？

It sounds like from your view forward contemplation that we should expect more investment in the years to come.

從您前瞻性的考慮來看，我們應該期待未來幾年有更多的投資。

But I guess I'm curious as to where you think you are today relative to what is ultimately optimal?

但我想，我很好奇，相對於最終的最佳狀態，您認為您現在處於什麼位置？

Thank you.

謝謝。

Thank you, Steve.

謝謝你，史蒂夫。

Let me take the first part of your question, which is about the 20% marketing spend.

讓我來回答你問題的第一部分，關於 20% 的行銷支出。

We started the year with a 15% year-over-year increase.

我們以 15% 的年成長率開始了新的一年。

Remember, it was $300 million that we talked about.

記住，我們談論的是 3 億美元。

As we have seen, the acceleration of initiatives take hold and we have seen the benefits of gross margin enhancement, now we feel more confident in investing 20% more instead of 15% more.

正如我們所看到的，這些措施的加速實施取得了成效，我們也看到了毛利率提高的好處，現在我們更有信心增加投資 20％而不是 15％。

So we added another $100 million that we are starting to deploy as of Q2 and going forward.

因此，我們又增加了 1 億美元，並從第二季開始部署。

We believe that this is a step in the right direction.

我們相信這是朝著正確方向邁出的一步。

And as we continue to see efficiencies in our gross profit margin and we continue to see the benefits of our new forward programs, we will continue to invest more.

隨著我們繼續看到毛利率的提高以及我們繼續看到新前瞻性計劃的好處，我們將繼續增加投資。

That will not only happen in 2024, but we are preparing the building blocks along those lines into '25 and beyond.

這不僅會在 2024 年實現，而且我們正在為 2025 年及以後的目標奠定基礎。

Thibaut if you can comment, where are we going?

Thibaut，如果你可以評論的話，我們要去哪裡？

And what's how far?

還有多遠？

Yes, Steve, as you can tell we are getting closer to industry standard faster than we anticipated.

是的，史蒂夫，正如你所看到的，我們正在比預期的更快地接近行業標準。

Having said that, as you heard from Paul, we'll continue to invest one of the reality of the consumer health space is that we are talking about categories that are underpenetrated and where we have many opportunities to expand usage occasions.

話雖如此，正如您從保羅那裡聽到的，我們將繼續投資消費者健康領域的現實之一就是我們正在談論尚未滲透的類別，並且我們有很多機會擴大使用場合。

So as long as we see opportunities to do that, we will raise our investment level.

因此，只要我們看到這樣的機會，我們就會提高投資水準。

We have many consumers to talk to and to recruit into our portfolio with our innovation for many years to come.

在未來許多年裡，我們有許多消費者可以與我們交流，並透過我們的創新將他們納入我們的產品組合中。

Having said that, we'll continue to do that with discipline always with an eye on strong return on investment.

話雖如此，我們將繼續嚴守紀律，並始終著眼於豐厚的投資回報。

But as long as we see strong returns on our investments, we will continue to free up resources to invest behind our brands and reach more consumers.

但只要我們看到投資的豐厚回報，我們就會繼續釋放資源來投資我們的品牌並接觸更多的消費者。

Andrea Teixeira, JPMorgan.

摩根大通的安德里亞特謝拉 (Andrea Teixeira)。

Hi, good morning to all and thank you for the question.

大家早安，感謝您的提問。

Thibaut, you mentioned that the skin health and beauty division delivered according to expectations and is on track for the plan in the year, would that imply a positive inflection in organic sales growth?

蒂博，您提到皮膚健康和美容部門的業績符合預期，並且今年的計劃進展順利，這是否意味著有機銷售增長出現積極拐點？

I mean, more specifically, I know to a previous question, you were very positive about that support and the innovation that is coming online.

我的意思是，更具體地說，我知道對於先前的問題，您對這種支持和即將上線的創新持非常積極的態度。

But I think investors wanted to see some sort of like reassuring into the second half.

但我認為投資者希望看到下半年出現某種令人安心的情況。

Understandably, you have much easier comps and good setups on as you mentioned before, a lot of salesforce improvement there as well.

可以理解的是，正如您之前提到的，您有更容易的補償和更好的設置，銷售人員也有很多改進。

And then related to the comments about the retail destocking and thinking about self-care as well is there any update on that in particular?

然後，關於零售去庫存和自我保健思考的評論，有什麼特別的最新消息嗎？

I understand it's mostly into the US, but if you can -- given that your business is a lot of international, we are focusing a lot in the US right now, but you have half of your business outside the US.

我知道你們的業務主要在美國，但如果可以的話——考慮到你們的業務很大程度上是國際性的，我們目前主要關注美國，但你們有一半的業務在美國以外。

So wondering if you can comment on how you're seeing Europe, how you're seeing Asia, and across the board in self-care.

所以想知道您是否可以評論一下您如何看待歐洲、亞洲以及全面的自我照顧。

Thank you.

謝謝。

Yeah, let me start with the second one very quickly, Andrea.

是的，安德里亞，讓我很快就開始第二個問題。

We saw some destocking happening in the US in the first half.

我們看到上半年美國出現了一些去庫存現象。

We mentioned at the beginning of the year that it impacted Q1, it would continue to impact due to that, what happened, and we've seen this level stabilizing and we don't expect further and impact into the back half of the year, as we communicated earlier in the year.

我們在年初提到，它對第一季產生了影響，並且會繼續產生影響，我們已經看到這個水平趨於穩定，我們預計不會在下半年產生進一步影響，就像我們今年早些時候溝通的那樣。

Outside of the US, we see healthy levels of inventory and don't expect any major movement in that area.

在美國以外，我們看到庫存水準健康，並且預計該地區不會出現任何重大變動。

On your question on skin health and beauty, it's really the early stage in our recovery plan in the US.

關於皮膚健康和美容的問題，這確實是美國復甦計畫的早期階段。

As I said, I'm encouraged with what I see.

正如我所說，我對所見所聞感到非常鼓舞。

I see that our US team is executing with precision the plan that they outlined at the beginning of the year, we are on track to stabilize the business in 2024.

我看到我們的美國團隊正在精準執行他們在年初制定的計劃，我們預計在 2024 年穩定業務。

We see volumes continue to improve sequentially as we get into the back half of the year.

我們看到，隨著進入下半年，銷售量繼續逐季提高。

As we continue to increase our presence and our prominence in store with more displays, like I gave you the example of the sun season.

隨著我們繼續透過更多的展示來提高我們的存在感和知名度，就像我給你舉的太陽季節的例子一樣。

You will see a similar activities in the back half.

您將在後半部分看到類似的活動。

But also how we reach and engage with dermatologists and consumers in a bigger way, amplifying innovation, especially on social media with influencers.

我們也要考慮如何更廣泛地接觸和吸引皮膚科醫生和消費者，擴大創新，特別是在有影響力的社群媒體上。

So we will continue to execute this plan.

所以我們會繼續執行這個計劃。

It will not happen overnight that we will see sequential improvement as the year unfolds.

隨著時間的推移，我們不會一夜之間就能看到連續的改善。

Nik Modi, RBC Capital Markets.

尼克莫迪 (Nik Modi)，加拿大皇家銀行資本市場。

Yeah, thank you.

是的，謝謝。

Good morning, everyone.

大家早安。

I guess two questions on the beauty business in health and beauty business, maybe we can get an update on leadership, any progress there?

我想問兩個關於健康和美容業務的美容業務的問題，也許我們可以了解領導層的最新消息，那裡有什麼進展嗎？

And then the second question is just I'm hearing a lot of tactical initiatives in terms of improving the business, more spending, more displays.

第二個問題是，我聽到很多關於改善業務、增加支出、增加展示的戰術措施。

But Thibaut, I was hoping you could maybe talk about the brands themselves in terms of the architecture of the brands, SKU rationalization that needs to happen to kind of streamline and kind of make it less confusing lineup.

但是 Thibaut，我希望您可以從品牌架構的角度來談談品牌本身，需要進行 SKU 合理化來簡化流程並減少產品線的混亂。

Any perspective around that would be helpful.

任何關於此的觀點都會有幫助。

Just kind of understand kind of the core dynamics of that, that you need to do to really get this business to turnaround.

只是了解其中的核心動力，這就是你需要做的事情，才能真正讓這項業務好轉。

Thank you.

謝謝。

Yeah, Nik, great question.

是的，尼克，這個問題問得很好。

So on the leadership, we are making progress to fill the segment's leadership position.

因此在領導力方面，我們正在取得進展以填補該部門的領導地位。

So we will inform you when we are ready to do so.

當我們準備好時，我們會通知您。

In the meantime, things are happening fast and furious within Kenvue.

與此同時，Kenvue 內部的事情也迅速而激烈地發生著。

Our Chief Growth Officer, Charmaine England is leading the segment in interim and making great progress there.

我們的首席成長長 Charmaine England 正在臨時領導該部門並取得了巨大進展。

I talked about how the US team is focused on execution, the same thing outside the US.

我談到了美國團隊如何專注於執行，美國以外也是如此。

So the entire team around the world is mobilized to execute with precision against our three priorities, and that includes skin, health, and beauty, and you'll start seeing the impact of their work.

因此，我們遍布全球的團隊都被動員起來，精準執行我們的三大重點任務，即皮膚、健康和美容，您將開始看到他們的工作所產生的影響。

Now talking about your second question on our brands.

現在談談有關我們品牌的第二個問題。

Our focus is on making sure that our brands are more relevant every day and reach more consumers in multiple ways.

我們的重點是確保我們的品牌每天都更具相關性，並透過多種方式接觸更多的消費者。

And that's why we are so focused on executing with precision, making sure that we reach more consumers with social media influencers, we reach more dermatology, so they can recommend the brand more.

這就是為什麼我們如此專注於精準執行，確保我們能透過社群媒體影響者接觸更多的消費者，接觸更多的皮膚病學專家，這樣他們就可以推薦更多的品牌。

Through these activities, we are not only reaching more consumers, but we're more relevant as is also the case with innovation.

透過這些活動，我們不僅接觸了更多的消費者，而且與時俱進，創新也是如此。

Innovation is every time we launch a new product and Collagen Bank is a good example, it's an opportunity for a brand like Neutrogena to advance its relevance with our target audience and demonstrate our superiority.

創新是我們每次推出新產品時所做的，而膠原蛋白庫就是一個很好的例子，對於露得清這樣的品牌來說，這是一個提升其與目標受眾的相關性並展示我們的優勢的機會。

So our brands are strong, highly penetrated.

因此我們的品牌非常強大，滲透率很高。

I talked about the improvement we have seen in the first half in household penetration for Neutrogena in the US, which is great.

我談到了上半年露得清在美國家庭滲透率的提高，這是非常好的。

We are focused on improving the relevance of our brands and innovation plays a big role there.

我們專注於提高我們品牌的相關性，創新在其中發揮著重要作用。

Filippo Falorni, Citi.

花旗銀行的 Filippo Falorni。

Hi, good morning, everyone.

大家早安。

Thanks for taking the question.

感謝您回答這個問題。

So I wanted to ask about the essential health business, it's been an area of strength in your portfolio.

所以我想問一下基本健康業務，這是你們投資組合中的一個強項。

Maybe what drove the strength in the quarter, a bigger improvement in volume growth compared to Q1, maybe you can elaborate on that and some of the expectations into the second half for essential health.

也許是什麼推動了本季的強勁成長，與第一季相比，銷售成長有了更大的改善，也許您可以詳細說明這一點以及對下半年基本健康業務的一些預期。

And then a second question, I have a quick follow-up on the skin health and beauty business, maybe you can comment about the China portion of the business, what you saw in the quarter, what are your expectations in the second half.

然後第二個問題，我對皮膚健康和美容業務有一個快速的跟進，也許您可以評論一下業務的中國部分，您在本季度看到了什麼，您對下半年有什麼期望。

Thank you.

謝謝。

Okay, Filippo, good morning.

好的，菲利波，早安。

So let me start with your question on essential health.

那麼，讓我先來回答關於基本健康的問題。

We are pleased with the performance of the essential health segment's strong quarter two, strong first half and broad-based growth across every region and every category on top of growth last year, also a balanced growth between value and volume.

我們對基本健康部門第二季度的強勁表現和上半年的強勁表現感到滿意，在去年的增長基礎上，各地區和各類別均實現了廣泛增長，價值和數量之間也實現了均衡增長。

We talked about the very strong performance of Listerine growing double digit and you see that this brand is a global brand and more than five times bigger than our next competitor, it's a very strong showing.

我們談到了李施德林的強勁表現，其銷量增長了兩位數，而且您會發現，這個品牌是一個全球性品牌，其規模比我們的下一個競爭對手大五倍多，這是一個非常強勁的表現。

But we have a similar momentum going on across the segments with strong innovation.

但我們在各個領域都有類似的發展勢頭，創新能力強勁。

We launched a BAND-AID Pro Heal in the US, which is up to a good start.

我們在美國推出了 BAND-AID Pro Heal，這是一個很好的開始。

We talked last quarter about Aveeno Kids in the US, which is our expansion from babies into kids to grow the category.

我們在上個季度談到了美國的 Aveeno Kids，這是我們從嬰兒產品擴展到兒童產品以擴大產品類別。

This continues to do extremely well.

這一表現持續表現優異。

We are also doing very well with our premium Stayfree napkins in India, so really the theme for us across essential health is too expand the categories, bring new users to the categories, given the very strong leadership positions we have in each of the categories in which we compete, and that's what you see happening across the portfolio this quarter and the first half.

我們的優質 Stayfree 衛生棉在印度的銷量也非常好，因此對於我們來說，在整個基本健康領域，我們的真正主題是擴大產品類別，為這些產品類別帶來新用戶，因為我們在每個競爭產品類別中都擁有非常強大的領導地位，這就是本季度和上半年整個產品組合中正在發生的事情。

Longer term, that's what we intend to continue to do, driving category growth.

長遠來看，我們打算繼續這樣做，推動品類成長。

We have a lot of room to growing this into new directions, bringing new users in the category, with solutions that help them take better care of their health, and that's what we intend to do moving forward.

我們在新方向上還有很大的發展空間，為該類別帶來新的用戶，並提供解決方案幫助他們更好地照顧自己的健康，這就是我們未來打算做的事情。

On the second question regarding China.

關於第二個問題，涉及中國。

China is a positive contributor to our growth in Q2, and we expect it to continue to be the case in 2024.

中國對我們第二季的成長做出了積極的貢獻，我們預計這種情況在 2024 年仍將持續。

Remember that the majority of our business in China is in self-care, with very strong position in allergy, analgesics, antifungals, pediatrics, and we continue to see Chinese consumers looking for science-based efficacious solutions in the self-care space.

請記住，我們在中國的大部分業務是在自我照護領域，在過敏、止痛、抗真菌、兒科領域佔有非常強的地位，我們繼續看到中國消費者在自我照護領域尋求基於科學的有效解決方案。

And we are extremely well-positioned to respond to this increasing demand.

我們完全有能力滿足這日益增長的需求。

So we remain committed to the China market from this perspective and would expect China to continue to be a positive contributor to our growth.

因此，從這個角度來看，我們仍然致力於中國市場，並期望中國繼續為我們的成長做出積極的貢獻。

Then we have a small part of our business that is in the other segments.

我們的一小部分業務涉及其他領域。

And here as everybody else we see in skin health, part that you mentioned that soft categories, the consumer is more cautious.

正如我們在皮膚健康方面看到的，您提到的軟性類別中，消費者更加謹慎。

You have an evolving consumer preferences and that's an area where we are more cautious in our investments.

消費者的偏好不斷變化，因此我們在投資這個領域會更加謹慎。

Having said that, it's an area where we see the beauty of our model and the strengths of our portfolio.

話雖如此，但我們在這一領域看到了我們的模型之美以及我們產品組合的優勢。

While we see Dr.Ci:Labo, a brand of Japanese origin being negatively impacted this year, we see very strong demand and very strong growth for our local Chinese brand called

雖然我們看到日本品牌城野醫生今年受到了負面影響，但我們看到中國本土品牌城野醫生的需求非常強勁，成長也非常強勁。

[Dewav].

[德瓦夫]。

And so that's where you see the beauty of the portfolio where multiple brands allow us to cater to the different needs of different consumers.

這就是您看到產品組合的魅力所在，多個品牌使我們能夠滿足不同消費者的不同需求。

Susan Anderson, Canaccord Genuity.

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

Hi, good morning.

嗨，早安。

Thanks for taking my question.

感謝您回答我的問題。

I was wondering if maybe you could give some more color just on the promotional environment, particularly in the US.

我想知道您是否可以提供一些有關促銷環境的詳細信息，特別是在美國。

I think both Walmart and Target have talked about lowering prices.

我認為沃爾瑪和塔吉特都談到了降價。

I know the drug store channel has been tough.

我知道藥局通路一直很艱難。

So I'm just curious if you're really seeing it across all of your categories and then also how much have you put into the gross margin for the back half of the year?

所以我只是好奇，您是否真的在所有類別中都看到了這一點，那麼您在下半年的毛利率中投入了多少？

Thank you.

謝謝。

Okay.

好的。

I'll start with telling you a little bit about what we see with the consumer, and then I will let Paul answer your question on the gross margin in the back half of the year.

我會先向您介紹我們對消費者的看法，然後讓保羅回答您關於今年下半年毛利率的問題。

So when we look at the consumers in the US and frankly, around the world, we see that consumers continue to be thoughtful and choiceful on where they make trade-offs.

因此，當我們觀察美國消費者乃至全世界的消費者時，我們會發現消費者在做出權衡時仍然深思熟慮，謹慎地選擇。

One area where they are not making trade-offs is the their health and the health of their loved ones.

他們不會做出權衡的一點就是他們自己的健康和親人的健康。

There we see consumers, I would say, increasingly prioritizing their health and the health of their family.

我想說，我們看到消費者越來越重視自己的健康和家人的健康。

And we have in our portfolio, different price points and different brands to meet them where they are and cater to the different needs of different consumers.

我們的產品組合包括不同的價位和不同的品牌，以滿足不同消費者的不同需求。

But we see that in consumer health, consumers are willing to pay a premium for brands that are science-backed, recommended by their doctors, and brought to them by brands they trust and that's what Kenvue is all about.

但我們發現，在消費者健康領域，消費者願意為有科學依據、醫生推薦、由他們信賴的品牌支付溢價，而這正是 Kenvue 所追求的。

So in my prepared remarks.

這是我準備好的發言。

I talked about Tylenol easy-to-swallow or Listerine Clinical Solutions, I just talked about BAND AID Pro Heal, these are all premium solutions that are 10%, 15%, 20% more expensive than the base offering, and they are extremely well-received by consumers.

我談到了泰諾易吞嚥或李施德林臨床解決方案，我剛才談到了邦迪創可貼，這些都是比基礎產品貴 10%、15%、20% 的優質解決方案，而且非常受消費者的歡迎。

Why?

為什麼？

Because they bring an efficacious solution to a real need for consumers.

因為他們為消費者的實際需求帶來了有效的解決方案。

We are not in the impulse buying categories.

我們不屬於衝動購物者。

At Kenvue, we are providing efficacious solutions to respond to the needs of our consumers.

在 Kenvue，我們提供有效的解決方案來滿足消費者的需求。

Another data point that I would give you is that we don't see a change in the penetration of private label in our categories in the US and around the world.

我要給您的另一個數據點是，我們沒有看到自有品牌在美國和世界範圍內的滲透率發生變化。

If I take the US self-care category, which is probably one of the most penetrated categories we have in terms of private-label, the private-label penetration is down so far this year.

如果我以美國個人護理類別為例，這可能是我們自有品牌滲透率最高的類別之一，今年迄今自有品牌的滲透率有所下降。

So we don't see in our categories and at Kenvue what you see in other categories.

因此，我們在我們的類別中以及在 Kenvue 中看不到您在其他類別中看到的東西。

Having said that, we don't take it for granted and our teams work very hard every day to make sure that we understand our consumers, are close to our consumers, and bring them the data, the solutions, the products, the brands they trust and they need to take care of their health.

話雖如此，我們不會認為這是理所當然的，我們的團隊每天都在努力工作，以確保我們了解我們的消費者，貼近我們的消費者，並為他們帶來他們信賴的和他們照顧健康所需的數據、解決方案、產品和品牌。

Thank you, Thibaut.

謝謝你，蒂博。

Let me talk about a couple of things, promotional intensity, promotional environment in the US, and the potential impact that has on the gross margins.

讓我談談幾個事情，促銷強度，美國的促銷環境，以及對毛利率的潛在影響。

So promotional intensity for us promoting promotion is more part of our strategy, and it's a way to provide more visibility and prominence in store for our products.

因此，對我們來說，促銷力度更多的是我們策略的一部分，這是一種為我們的產品提供更多知名度和突出性的方式。

It's not necessarily about price discounting.

這不一定與價格折扣有關。

I can tell you that in 2024, we have not seen us increase promotional intensity or our portion of volume or sales sold on deal above our peer set.

我可以告訴你，在 2024 年，我們沒有看到我們的促銷強度或交易量或銷售額份額高於同業。

So we're very judicious about how we manage our promotional intensity.

因此，我們非常謹慎地管理我們的促銷強度。

It's an ROI-based approach, and we continue -- intend to continue to do that.

這是一種基於投資回報率 (ROI) 的方法，我們會繼續進行——打算繼續這樣做。

And so when it comes to gross profit margin, let me step back and tell you about our Q2 performance, we're pleased with our Q2 performance.

因此，當談到毛利率時，讓我回顧並向您介紹我們第二季的業績，我們對第二季的業績感到滿意。

It was driven by value realization mix, supply chain efficiencies, and it's typically -- Q2 is typically the highest GP quarter due to seasonal builds and also the mix that we have.

它是由價值實現組合、供應鏈效率推動的，而且通常——由於季節性建設以及我們的組合，第二季通常是毛利最高的季度。

If I look at the balance of the year, it will go down from the high watermark of Q2 and Q4 is expected to be the lowest, as I mentioned in my prepared remarks due to factory and plant maintenance with Q3 being above, in about in line with Q1.

如果我看今年的餘額，它將從第二季度的高水位下降，預計第四季度將是最低的，正如我在準備好的評論中提到的那樣，由於工廠和廠房維護，第三季度的餘額高於第一季度，大約與第一季度持平。

We're also seeing commodity pricing hedging up, although it's still deflationary, but we're continuing to work on productivity and continue to advance our productivity enhancements.

我們也看到商品價格正在對沖，儘管仍然處於通貨緊縮狀態，但我們仍在繼續努力提高生產力並繼續推動生產力的提高。

As we look at gross margin going forward, we look at it holistically, value realization, efficiencies, et cetera.

當我們展望未來的毛利率時，我們會從整體來看它，包括價值實現、效率等等。

And we are preparing building blocks for 2024 and 2025 and beyond.

我們正在為2024年、2025年及以後奠定基礎。

So that's how I look at it and promotions are and are something we consider, but it's a holistic analysis on how we drive our gross profit margins going forward.

這就是我的看法，促銷也是我們考慮的事情，但這是對我們未來如何推動毛利率的整體分析。

Jeremy Fialko, HSBC.

匯豐銀行的傑里米·菲亞爾科 (Jeremy Fialko)。

Hi there.

你好呀。

Thanks for taking the questions.

感謝您回答這些問題。

A couple from me.

這是我的兩個孩子。

First wanted to follow up on the previous question, we've had a number of peers talk about a slowdown in US skin care, particularly on the dermatological side.

首先想跟進上一個問題，我們有很多同行談到美國皮膚護理行業的成長放緩，特別是皮膚病學方面。

So I wanted to hear whether that is something that you are seeing whether the slowdown that they refer to is happening.

所以我想聽聽您是否看到了他們所指的經濟放緩是否正在發生。

And then secondly, just a bit of a follow-up on the seasonal businesses.

其次，我們對季節性業務進行一點跟進。

Talk about sun care, the trends that you're seeing through Q3 and then the setup for the cold and flu season.

談論防曬、您在第三季度看到的趨勢以及感冒和流感季節的設定。

My assumption is that you've now got a pretty normal quarter, i.e., normal inventories, a normal base of comparison.

我的假設是，現在這個季度的情況相當正常，也就是庫存正常、比較基數正常。

And therefore, we should expect to see some sort of year-on-year growth in line with the historic averages.

因此，我們應該預期看到與歷史平均值一致的同比增長。

But again, your perspective on that would be very helpful.

但再說一次，您對此的看法將會非常有幫助。

Thanks.

謝謝。

Yes, Jeremy.

是的，傑瑞米。

So your first question on what we see in the skin health category, we see units at about flat in Q2.

所以你的第一個問題是，我們在皮膚健康類別中看到了什麼，我們看到第二季的單位數量大致持平。

I would say you have differences between body, sun, and hair, and face.

我想說的是，身體、陽光、頭髮和臉部之間存在著差異。

Within face, we see some softness recently in moisturizers, but offset by growth in acne as an example.

在臉部，我們最近看到保濕霜有一些柔軟度，但是卻被痤瘡的增長所抵消。

So I would say that from a Kenvue point of view, we are focused on executing the plan I highlighted, and we don't see category dynamics impacting the precision in the execution of our plan moving forward.

因此，我想說，從 Kenvue 的角度來看，我們專注於執行我強調的計劃，我們認為類別動態不會影響我們未來計劃執行的精確度。

If you think about the back half of the year, I'm not going to start reporting on Q3, but I would say that some we saw a positive shift in consumption in June and basically the season is almost -- is basically done by the end of the second quarter in terms of shipments for us.

如果你考慮今年下半年的情況，我不會開始報告第三季度的情況，但我想說的是，我們看到 6 月份消費出現了積極的變化，而且就我們的出貨量而言，這個季節基本上已經結束了——第二季度末基本上已經結束了。

And I would not expect replenishment happening in Q3.

我預計第三季不會發生補貨。

For the upcoming cough, cold, and flu season, that's in front of us.

咳嗽、感冒和流感季節即將來臨，這一切都在我們面前。

As we said at the beginning of the year, we are planning for normal season this year.

正如我們年初所說的那樣，我們正在為今年的正常賽季做計劃。

What we are seeing is more in terms of phasing of shipments between Q3 and Q4.

我們看到的更多是第三季和第四季之間的分階段出貨情況。

What we see is retailers reverting to the historical ordering pattern of ordering what they need more in Q4 than in Q3.

我們看到零售商恢復了歷史訂購模式，即在第四季度比第三季度訂購更多他們需要的商品。

So last year, when we were still recovering from the pre-pandemic in '22 and there were questions on supply chain resiliency around the world.

因此，去年，當我們仍在從2022年的疫情前恢復時，世界各地都對供應鏈的彈性提出了質疑。

We saw some retailers anticipating their purchase in Q3.

我們看到一些零售商預計在第三季購買。

This year we don't see that happening.

今年我們預計這種情況不會發生。

We see retailers reverting to their historical ordering pattern, capitalizing on the fact that supply chains are more resilient, and that's certainly the case with Kenvue.

我們看到零售商正在恢復其歷史訂購模式，利用供應鏈更具彈性的事實，而 Kenvue 的情況正是如此。

But as always, we will be ready to respond to the demand regardless of the season.

但與往常一樣，無論什麼季節，我們都將做好準備滿足需求。

(Operator Instructions) Peter Grom, UBS.

(操作員指示) 瑞銀 (UBS) 的 Peter Grom。

Thanks, operator, and good morning, everyone.

謝謝接線員，大家早安。

Hope you're doing well, maybe just to start a bit more of a housekeeping.

希望你一切順利，也許只是開始做一點家事。

I think you've already mentioned in response to Andrea's question that you expect sequential improvement in volume performance in the back half of the year for skin health and beauty.

我想您在回答 Andrea 的問題時已經提到過，您預計今年下半年皮膚健康和美容產品的銷售表現將持續改善。

Do you anticipate returning to growth at some point in the back half of the year?

您是否預計今年下半年某個時候會恢復成長？

Just trying to make sure we think about the trajectory correctly, just given all the moving pieces.

只是想確保我們正確地思考軌跡，並考慮到所有的移動部件。

So good morning, and thanks for the question.

早安，感謝您的提問。

So we see sequential improvement in volume.

因此，我們看到銷量連續改善。

In the second half, it will turn to positive.

下半年就會轉正。

We expect it to happen more towards the fourth quarter, both in terms of volume and also growth.

我們預計，無論從銷售量或成長率來看，第四季的情況都會更加明顯。

Also keep in mind the comps versus last year.

也要記住與去年同期相比的情況。

So Q4, we certainly see a positive showing in skin health and beauty.

因此在第四季度，我們確實看到皮膚健康和美容的積極表現。

Thank you.

謝謝。

We have reached the end of our question-and-answer session.

我們的問答環節已經結束。

I would now like to turn the floor back over to Thibaut Mongon for concluding comments.

現在我想把發言權交還給 Thibaut Mongon，請他作最後評論。

Right.

正確的。

Well, thank you all for all your questions this morning.

好吧，感謝大家今天早上提出的所有問題。

I would just end by repeating right that earlier this year, I committed to you that you would see a new Kenvue in action this year, one, that company that is moving quickly to advance our three priorities to reach more consumers effectively, invest further behind our brands, and build a culture of performance and impact, and why we are still in the early stages of implementing our strategies.

最後，我想重複一下，今年早些時候，我向你們承諾，今年你們將看到一個全新的 Kenvue，第一，該公司正在迅速推進我們的三大重點，以有效地接觸更多的消費者，進一步投資我們的品牌，建立一種績效和影響力的文化，這就是為什麼我們仍處於實施戰略的早期階段。

We are confident that we are on the right path to deliver on our near-term targets, but as importantly, setting up Kenvue to deliver on our long-term value-creation algorithm.

我們相信，我們正走在實現近期目標的正確道路上，但同樣重要的是，建立 Kenvue 來實現我們的長期價值創造演算法。

So with that, I wish you all a great day.

最後，我祝大家有個愉快的一天。

Thank you for joining us on the call, and thank you.

感謝您參加我們的電話會議，謝謝。

Thank you.

謝謝。

This does conclude today's teleconference.

今天的電話會議到此結束。

We appreciate your participation.

我們感謝您的參與。

Have a wonderful day.

祝您有美好的一天。

You may disconnect your lines at this time.

現在您可以斷開您的線路。