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）謹此提醒，本次會議正在錄製中。

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

現在我很高興向您介紹主持人 Jim Giannakouros，Kenvue 投資者關係臨時主管。

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.

我很高興今天邀請 Kenvue 執行長 Thibaut Mongon 加入。和我們的財務長 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，今天的電話會議包含有關我們的營運和財務表現、市場機會和成長等方面的前瞻性陳述。

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預期，並受到各種風險、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出現重大差異。

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 SEC 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.

此非公認會計原則財務資訊的列報不應被孤立地考慮或作為根據美國公認會計原則列報的財務資訊的替代。

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

這些非公認會計原則財務指標應與最具可比性的公認會計原則財務指標結合起來看待。

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公認會計準則衡量標準的調節可以在今天早上的收益新聞稿和我們的投資者關係網站 Investors.kenvue.com 上的演示文稿中找到。有了這個，我會把它交給蒂博。

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

謝謝吉姆，也謝謝大家今天加入我們。

This quarter, we made good progress against our strategy.

本季度，我們的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%.

我們在去年有機成長 7.7% 的基礎上實現了 1.5% 的有機成長，並將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.

這表明了對我們品牌的投資，同時不會影響我們按照指導交付每股收益的能力。

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，我們將繼續作為一家獨立公司執行我們的新策略，從而有望實現這一年的目標。

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，你們將看到一家新的Kenvue，一家更大膽的公司，它正在迅速推進我們的三個優先事項，以有效地接觸更多消費者，進一步投資我們的品牌，並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.

我們上半年的業績顯示了我們純業務模式的價值，我們精心策劃的產品組合涵蓋了標誌性品牌的全方位消費者健康需求。

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

雖然還處於早期階段，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 年調整後毛利率將成長約 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強的營運效率推動更大的價值實現。

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，我們還透過嚴格的費用管理和按計劃執行我們的未來願景，積極降低我們的成本結構，我們的計劃是成為一個更精簡、更敏捷和快速發展的組織，並具有更低的成本基礎。

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帶來了更多的策略彈性。

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.

現在，我們選擇今年在品牌方面的投資比去年增加約 20%，從而優先釋放資源，並加大品牌方面的投資，以推動未來的成長。

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，並越來越注重創新和影響力。

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

這些既增強了我們現有消費者的實力和忠誠度，也擴大了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.

我們開始看到這對我們整個產品組合中的品牌的影響。

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責任感，從而提高速度和執行力，從而推動獲利成長。

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

總之，作為一家獨立公司，我們第一個全年已過半，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，但迄今為止的進展和下半年的計劃增強了我們實現長期價值創造演算法的信心，目標是在 2025 年及以後實現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.

現在看看本季業績的主要亮點，我們已經開始看到我們的工作對三個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日曬問題緩慢開始後，我們看到 6 月美國消費出現積極轉變。

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.

這立即轉化為出貨量，因為我們的品牌實力是消費者的首要考慮因素，我們有能力靈活地補充低水準的零售庫存。

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，去年有機成長 14.2%，超出了我們的內部預期，但與去年同期相比基本持平。

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

本季我們的表現再次跑贏全球市場，但過去兩年每季的份額都沒有維持或成長。

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.

全球第一大止痛品牌泰諾 (Tylenol) 在美國的市佔率連續第八個季度實現成長，進一步擴大了與我們最接近的競爭對手在價值和銷售方面的差距。

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，包括為那些猶豫服藥的人設計的易於吞嚥的泰諾，受益於我們增加的投資，以涵蓋更多的醫療保健專業人員和消費者，並擴大了店內的影響力和知名度。

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

在過敏方面，美國春季開局緩慢後，6 月銷售加速成長。

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 目前是美國過敏類別第一大且成長最快的製造商，我們的品牌 Zyrtec 和 Benadryl 的價值和銷售份額不斷增加。

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

這種成長的部分原因是我們店內業務的擴大和媒體的增加，以擴大 Zyrtec 口服溶解片等創新。

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，本季廣泛有機成長 7.6%，高於去年同期的 3.8%，實現價值與銷量之間實現平衡成長。

Notably, Listerine grew approximately 10% globally.

值得注意的是，李施德林的全球成長率約為 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，說明了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.

雖然該品牌歷來都是由我們的牙醫第一推薦和強大的臨床優勢所推動，但我們正在加強行銷支出，透過數位媒體、影響者和店內知名度在消費者中創造更高的知名度，從而吸引新消費者進入該類別。

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，這是我們新的優質產品線，其中每種產品都是針對特定的所有健康需求量身定制的。

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

因此，Clinical Solutions 成為當今美國第一大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.

我們的皮膚健康和美容部門的表現符合我們恢復計劃第一階段的預期。

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

繼去年第二季有機成長 3.4% 後，有機成長較去年同期下降 2.4%。

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.

這些團隊在店內表現出色，伴隨品牌塊的貨架數量顯著增加。

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，該品類持續疲軟，不斷變化的消費者偏好對城野博士品牌構成挑戰，導致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.

在我們的首要任務美國，我們今年繼續啟動穩定業務的計劃，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，我們正在努力提高店內形象和知名度，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(Neutrogena) 憑藉我們的Ultra Sheer 和海灘防禦系列，確認了其第一名的地位，並在季節性細分市場中獲得了份額，同時還提高了醫療保健、專業人士和消費者的參與度。

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.

我們將美容銷售團隊的規模擴大了一倍，並顯著增加了皮膚科醫生的抽樣工作，這已經導致皮膚科醫生建議的比例增加。

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 (Neutrogena) 正在大力吸引影響力人士中的 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.

希望本週的400公尺跨欄你能和我們一起為雪梨加油。

And we are amplifying innovation as well.

我們也在加強創新。

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（Neutrogena Collagen Bank），作為全新的預對沖平台，採用與皮膚科醫生開發的專利勝肽技術，可滲透到您的方案中超過10層深處。

This innovation received 100% acceptance by our top retailers.

這項創新得到了我們頂級零售商 100% 的認可。

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

為了在產品到達商店之前建立需求，Collagen Bank 首先在 TikTok 商店上推出，這是露得清 (Neutrogena) 的首家商店。

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巨大的轟動，並激勵我們的一位主要客戶加快其零售業務的推出。

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，但我們專注於精確執行我們的計劃，增強能力，並增加整個投資組合的投資。

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.

在我將其交給 Paul 之前，我對我們作為一家獨立公司正在取得進展的其他領域進行了一些最後的評論，首先我希望你們都有機會閱讀我們於 6 月發布的首份健康生活使命報告。

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

該報告概述了我們的 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.

您可能也看到上週我們宣佈在今年稍早出售強生股份後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.

凱西·帕魯斯(Kathy Pawlus) 和柯克·佩里(Kirk Perry) 被任命為兩名新獨立董事，而喬·沃爾克(Joe Wolk) 和彼得·法索羅(Peter Fasolo) 將於今年底辭職。

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.

我謹對 Joe 和 Peter 在 Kenvue 成功轉型為獨立公司過程中所做的貢獻表示深深的感謝，並歡迎 Kathy 和 Kirk，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，作為一家致力於創造股東價值的獨立公司，我們很高興在 7 月初宣布董事會宣布首次增加股利。

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產生能力，隨著我們繼續以 Kenvue 的身份前進，這種能力只會得到改善。

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

如果沒有我們員工的表現，我們所有的努力都是不可能的。

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 Kenvuer 領導我們的新文化，並感謝他們致力於推動本季的業績，再次展現了 Kenvue 的行動力量。

With that, I will turn it over to Paul.

這樣，我就把它交給保羅了。

Thank you, Thibaut, and good morning, everyone.

謝謝蒂博，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，六月份的銷售強勁，生產力和產品組合帶來了更大的好處，產生了高於預期的毛利率擴張。

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 提供長期價值創造演算法的地位，並且不會影響我們提供 2024 年 EPS 指導的能力。

Moving into more details.

進入更多細節。

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.

第二季度有機成長為 1.5%，主要是由所有細分市場的價值實現和基本健康領域的銷售成長所推動的，但部分被自我照護、皮膚健康和美容領域的低個位數銷售下降所抵消。

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這裡開始對銷售成長做出越來越多的貢獻，但價值實現將繼續成為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.

銷量年減 0.6%，但本季銷售量較上季有所改善，主要得益於基本健康績效的改善、自我照顧整體份額的持續成長以及穩定肌膚健康和美麗的穩步進展。

Now let's take a look at our segments.

現在讓我們看看我們的細分市場。

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

自我保健有機成長在去年十幾歲左右的成長基礎上基本持平，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，價值實現為本季的成長貢獻了 1.1%。

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，成交量下降 [1.3%] 抵消了這一影響。

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 2024 年第二季度，過敏季節開始緩慢，零售業的庫存控制持續嚴格到 5 月。

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

然而，六月過敏需求加速，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.

戒菸整體上季也表現強勁。

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

因此，正如您從蒂博那裡聽到的那樣，該細分市場繼續表現出色，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、健康和美麗。

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%，銷售量下降 3.9%，部分被混合和結轉定價推動的正價值實現 1.5% 所抵消。

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.

在我們復甦計畫的第一階段，我們看到了改善的跡象，皮膚健康和美容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.

對於基本健康，該細分市場有機成長 7.6%，價值實現 4.1%，銷量成長 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，主要是在北美，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.

基本健康在所有類別和所有地理區域都有所增長。

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

相關創新和加強行銷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，調整後毛利率提高了 410 個基點，這主要得益於供應鏈效率的提高，其中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業績，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步伐令我們感到鼓舞。

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

這些團隊正在建立基礎，以在未來幾年實現毛利率的持續成長。

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，並在下半年下降，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，較低的價值實現和逐步降低的商品通膨收益預計將加劇這一趨勢。

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

現在來看調整後的營業利潤率，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、成本控制的優勢以及我們對下半年計畫實力的信心使我們今年能夠進一步增加品牌投資最多 1 億美元。

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

這使得我們優先考慮進一步投資我們的品牌，使我們更接近競爭水平，同時又不影響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，這種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中。

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.

在對後半段進行建模時，我們預計毛利率下降和支出增加的組合將導致營業利潤率比第二季設定的高水位線連續下降。

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.

對於全年，我們現在預計調整後的營業利潤率將在 21% 至 22% 之間，而不會影響我們的每股盈餘交付。

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正確時機，以我們所看到的勢頭為基礎，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.

結清損益表時，該季度的利息支出淨額為 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.

鑑於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%.

稅務方面，第二季調整後有效稅率為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.

造成損失的原因是我們更新了策略，以吸引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.

我們仍然相信品牌的實力，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，該季度調整後淨利為 6.11 億美元，調整後稀釋每股收益為 0.32 美元。

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

轉向資本配置，本季反映了我們的平衡方法。

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

我們的首要任務是對我們的品牌和營運進行投資，並保持我們的前瞻性。

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，我們的未來願景包括重新平衡我們的資源的多年計劃，以提高我們的敏捷性和速度，以更有效的成本基礎更好地為未來做好準備。

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.

我們的舉措正在按計劃進行，今年相關支出約為 2.75 億美元，我們計劃在 2025 年保持類似的支出水準。

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

到 2026 年，我們預計將節省 3.5 億美元，或將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，我們宣布作為一家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 年的預期，我們對在年初設定的銷售額和每股收益前景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以及 1.10 美元至 1.20 美元的調整後每股收益。就全年而言，我們預計外匯將帶來 1% 的阻力，與先前的指引相同。

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）Anna Lizzul，美國銀行。

Hi, good morning.

早安.

Thank you so much for the question.

非常感謝你的提問。

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為？

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

然後就銷量而言，本季皮膚健康狀況的下降幅度有所改善。

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提供更多關於您對後半部分的期望以及創新管道如何形成的詳細資訊。

Thank you.

謝謝。

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

是的，早安，安娜，謝謝你的問題。

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

關於你關於價值實現的第一個問題，正如你所說，這實際上是結轉定價和新定價的結合。

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

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

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

因此，通常情況下，我們會在仍會受到通膨和匯率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.

我們預計估值將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，你會發現結轉定價的影響越來越小，而混合和新定價行為的影響會越來越大。

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.

關於您關於我們的皮膚健康部門銷售連續改善的問題，我們對自今年年初以來實施的恢復計劃產生的影響的早期跡象感到高興。

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.

正如您所說，這些早期跡象令我感到鼓舞，我們看到從第一季到第二季的同比趨勢有所改善。

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的家庭滲透率增加，尤其是千禧世代和西班牙裔，這是令人鼓舞的。

And we have strong building blocks for the back half.

我們的後半場有強大的基礎。

So we are executing a thoughtful plan.

所以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.

但迄今為止我們所看到的情況讓我感到鼓舞。

Stephen Powers, Deutsche Bank.

史蒂芬鮑爾斯，德意志銀行。

Hey, guys.

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.

我想問一下您今年提出的品牌背後支出總額增加 20% 的情況。

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，您知道已經部署了多少內容，以及您計劃在下半年部署的內容嗎？

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，當你考慮 20% 的成長時，相對於你所認為的整體品牌支援的最佳化水平，這會為你帶來什麼？

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

從您的觀點看來，我們應該期待未來幾年會有更多投資。

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，你認為你今天相對於最終的最佳狀態處於什麼位置？

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.

讓我回答你問題的第一部分，也就是 20% 的行銷支出。

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

今年年初，我們的成長率年增了 15%。

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

請記住，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，各項措施的加速落地，我們也看到了毛利率提高的好處，現在我們更有信心增加 20% 的投資，而不是增加 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，我們將從第二季開始部署並繼續前進。

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.

隨著我們不斷看到毛利率的提高以及新遠期計劃的好處，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 年發生，而且我們正在為 25 年及以後的發展做好準備。

Thibaut if you can comment, where are we going?

蒂博，如果你能評論一下，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，正如您所知，我們比預期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那樣，我們將繼續投資消費者健康領域的現實之一是，我們正在談論滲透不足的類別，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.

所以只要我們看到機會，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.

在未來的許多年裡，我們將與許多消費者交談並透過我們的創新將其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，我們將繼續遵守紀律，並始終著眼於強勁的投資回報。

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.

但只要我們看到強勁的投資回報，我們就會繼續釋放資源來投資我們的品牌並吸引更多消費者。

Andrea Teixeira, JPMorgan.

安德里亞·特謝拉，摩根大通。

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

大家早安，謝謝你的提問。

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?

Thibaut，您提到皮膚健康和美容部門的業績符合預期，並且正在按計劃完成今年的計劃，這是否意味著有機銷售成長出現積極的變化？

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，您對線上支援和創新非常積極。

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

但我認為投資人希望看到下半年出現某種令人放心的情況。

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，您有更容易的比較和良好的設置，還有很多銷售人員的改進。

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，有什麼特別的更新嗎？

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.

我知道大部分業務都在美國，但如果可以的話——考慮到您的業務非常國際化，我們現在主要專注於美國，但您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保健。

Thank you.

謝謝。

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

是的，讓我很快地從第二個開始，安德里亞。

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

上半年我們看到美國出現了一些去庫存的情況。

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，它影響了第一季度，因此，發生的事情將繼續影響，我們已經看到這個水平穩定下來，我們預計不會進一步影響今年下半年，正如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，我們看到庫存水準處於健康水平，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.

關於你關於皮膚健康和美容的問題，這確實是我們美國復原計畫的早期階段。

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

正如我所說，我對所看到的感到鼓舞。

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確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.

隨著進入今年下半年，我們看到銷售量持續持續改善。

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增加我們的存在和我們在商店中的顯著性，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.

也包括我們如何以更大的方式接觸皮膚科醫生和消費者並與之互動，擴大創新，尤其是在有影響力的社交媒體上。

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，我們不會在一夜之間看到連續的改善。

Nik Modi, RBC Capital Markets.

尼克莫迪，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?

我想有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情況，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，我聽到了很多在改善業務、更多支出、更多展示方面的戰術舉措。

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 Thibaut，我希望你能從品牌架構、SKU 合理化等方面來談談品牌本身，這些合理化需要精簡和減少產品陣容的混亂。

Any perspective around that would be helpful.

任何圍繞這一點的觀點都會有所幫助。

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

只要了解其核心動態，您需要做的就是真正讓這項業務扭虧為盈。

Thank you.

謝謝。

Yeah, Nik, great question.

是的，尼克，好問題。

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

因此，在領導力方面，我們正在努力填補該細分市場的領導地位。

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

因此，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 內部的事情正在快速而激烈地發生。

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 在該領域處於領先地位，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注重執行力，在美國之外也是如此。

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，世界各地的整個團隊都被動員起來，精確地執行我們的三個優先事項，其中包括皮膚、健康和美容，您將開始看到他們工作的影響。

Now talking about your second question on our brands.

現在談談您關於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，並以多種方式接觸更多消費者。

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確執行，確保我們透過社群媒體影響者接觸更多的消費者，接觸更多的皮膚科患者，這樣他們就可以更多地推薦該品牌。

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，我們不僅接觸到了更多的消費者，而且我們的相關性也更高，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.

每當我們推出新產品時，創新就是一個很好的例子，膠原蛋白銀行就是一個很好的例子，對於像露得清這樣的品牌來說，這是一個提高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.

所以我們的品牌很強大，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.

我談到上半年我們看到露得清在美國的家庭滲透率有所提高，這是非常棒的。

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

我們專注於提高品牌的相關性，創新在其中扮演重要角色。

Filippo Falorni, Citi.

菲利波·法洛尼，花旗銀行。

Hi, good morning, everyone.

嗨，大家早安。

Thanks for taking the question.

感謝您提出問題。

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

所以我想詢問基本健康業務，這是您投資組合中的一個優勢領域。

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下半年對基本健康的一些預期。

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.

然後是第二個問題，我對皮膚健康和美容業務進行了快速跟進，也許您可以評論一下該業務的中國部分，您在本季度看到了什麼，您對下半年有何期望。

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.

讓我從你關於基本健康的問題開始。

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.

我們對基本健康領域第二季度的強勁表現、上半年的強勁表現以及每個地區和每個類別在去年增長基礎上的廣泛增長以及價值和數量之間的平衡增長感到滿意。

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業績，成長了兩位數，你會看到這個品牌是一個全球品牌，比我們的下一個競爭對手大五倍以上，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.

但我們在各個細分市場都呈現類似的勢頭，具有強大的創新能力。

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.

上個季度我們談到了美國的 Aveeno Kids，這是我們從嬰兒擴展到兒童以擴大該類別的業務。

This continues to do extremely well.

這繼續表現得非常好。

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 餐巾在印度也做得很好，因此，鑑於我們在每個類別中都擁有非常強大的領導地位，我們在基本健康方面的主題實際上是擴大類別，為這些類別帶來新用戶。

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

長遠來看，這就是我們打算繼續做的事情，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.

我們有很大的空間將其發展到新的方向，為該類別引入新用戶，並提供幫助他們更好地照顧健康的解決方案，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，關於中國。

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

中國對我們第二季度的成長做出了積極貢獻，我們預計 2024 年將繼續如此。

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都是自我護理，在過敏、鎮痛、抗真菌、兒科領域擁有非常強大的地位，我們不斷看到中國消費者在自我護理領域尋找基於科學的有效解決方案。

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

我們完全有能力應對這種不斷增長的需求。

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貢獻。

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

然後我們的一小部分業務屬於其他領域。

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其他人一樣，您提到的軟類別部分，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，這是我們在投資時更加謹慎的領域。

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，我們在這個領域看到了我們的模型之美和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

雖然我們看到源自日本的品牌 Dr.Ci:Labo 今年受到了負面影響，但我們看到我們本土的中國品牌（名為「Dr.Ci:Labo」）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.

這就是我們的產品組合的美妙之處，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，Canaccord Genuity。

Hi, good morning.

早安.

Thanks for taking my question.

感謝您提出我的問題。

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在促銷環境上提供更多色彩，尤其是在美國。

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

我認為沃爾瑪和塔吉特都已經談到了降價。

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?

所以我只是好奇你是否真的在所有類別中都看到了這一點，然後你在今年下半年的毛利率上投入了多少？

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.

我會先告訴你一些我們對消費者的看法，然後我會讓保羅回答你關於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，當我們觀察美國乃至世界各地的消費者時，我們發現消費者在做出權衡時仍然是深思熟慮且有選擇性的。

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個領域是他們自己和親人的健康。

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.

我們的產品組合中有不同的價位和不同的品牌，可以滿足他們的需求，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.

但我們看到，在消費者健康方面，消費者願意為有科學支持、由醫生推薦、由他們信任的品牌帶來的品牌支付溢價，這就是 Kenvue 的意義所在。

So in my prepared remarks.

所以在我準備好的發言中。

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.

我談到了泰諾易於吞嚥或李施德林臨床解決方案，我剛剛談到了 BAND AID Pro Heal，這些都是優質解決方案，比基礎產品貴 10%、15%、20%，而且它們非常好-深受消費者好評。

Why?

為什麼？

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

因為它們為消費者的真正需求帶來了有效的解決方案。

We are not in the impulse buying categories.

我們不屬於衝動購買類別。

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.

我想向您提供的另一個數據點是，我們沒有看到自有品牌在美國和世界各地我們的類別中的滲透率發生變化。

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.

如果我以美國自我照顧類別為例，這可能是我們自有品牌滲透率最高的類別之一，那麼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，我們在我們的類別和 Kenvue 中看不到您在其他類別中看到的情況。

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，我們並不認為這是理所當然的，我們的團隊每天都非常努力地工作，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.

讓我談談一些事情，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，促銷力度更多是我們策略的一部分，也是為我們的產品在商店中提供更多知名度和知名度的一種方式。

It's not necessarily about price discounting.

這不一定是價格折扣。

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，到 2024 年，我們還沒有看到我們增加促銷力度，也沒有看到我們在交易中所佔的銷售或銷售額比例高於同業。

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

因此，我們對於如何管理促銷強度非常明智。

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的方法，我們將繼續——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，讓我退後一步，告訴您我們第二季的業績，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、供應鏈效率驅動的，而且由於季節性建設以及我們擁有的組合，第二季通常是 GP 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，而第四季度預計將是最低的，正如我在準備好的發言中提到的，由於工廠和工廠的維護，第三季度將在上面，大約在與 Q1 一致。

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.

我們也看到大宗商品價格對沖，儘管仍然存在通貨緊縮，但我們將繼續致力於提高生產力，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.

當我們看待未來的毛利率時，我們會從整體上看待它，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 年及以後做好準備。

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，促銷是我們考慮的事情，但這是對我們如何推動未來毛利率的整體分析。

Jeremy Fialko, HSBC.

傑里米·菲亞爾科，匯豐銀行。

Hi there.

你好呀。

Thanks for taking the questions.

感謝您提出問題。

A couple from me.

我的一對。

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，我們有很多同行談論美國皮膚護理的放緩，特別是在皮膚科方面。

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

所以我想聽聽你們是否看到了他們提到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，只是一些對季節性業務的後續行動。

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準備。

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，你現在有一個非常正常的季度，即正常的庫存，正常的比較基礎。

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

因此，我們應該期望看到某種與歷史平均值相符的同比增長。

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

但同樣，你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關於我們在皮膚健康類別中看到的情況，我們看到第二季的單位基本上持平。

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.

在臉部方面，我們最近在保濕霜中看到了一些柔軟度，但被痤瘡的生長所抵消。

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.

所以我想說，從 Kenvue 的角度來看，我們專注於執行我強調的計劃，我們沒有看到類別動態會影響我們計劃執行的準確性。

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，我不會開始報告第三季度，但我想說，我們在 6 月看到了一些消費的積極轉變，基本上這個季節幾乎是由第二季度末我們的出貨量。

And I would not expect replenishment happening in Q3.

我預計第三季不會出現補貨。

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

對於即將到來的咳嗽、感冒和流感季節，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.

正如我們在年初所說，我們計劃今年正常季節。

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

我們看到更多的是第三季和第四季之間的分階段出貨。

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的訂購模式，即第四季度比第三季度訂購更多他們需要的東西。

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.

去年，當我們仍在從 22 年大流行前的疫情中恢復過來時，世界各地的供應鏈彈性都受到質疑。

We saw some retailers anticipating their purchase in Q3.

我們看到一些零售商預計在第三季進行採購。

This year we don't see that happening.

今年我們不會看到這種情況發生。

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.

我們看到零售商恢復了歷史上的訂購模式，利用了供應鏈更具彈性的事實，Kenvue 的情況確實如此。

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

但一如既往，無論季節如何，我們都將準備好響應需求。

(Operator Instructions) Peter Grom, UBS.

（操作員說明）Peter Grom，UBS。

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.

希望你做得很好，也許只是為了開始更多的家事。

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，您預計今年下半年皮膚健康和美麗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?

您預計下半年某個時候會恢復成長嗎？

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

只是想確保我們在考慮到所有移動部件的情況下正確地考慮了軌跡。

So good morning, and thanks for the question.

早安，謝謝你的提問。

So we see sequential improvement in volume.

因此，我們看到成交量的連續改善。

In the second half, it will turn to positive.

下半年，情況將轉為正面。

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

我們預計，無論是在數量還是增長方面，這種情況在第四季度都會發生更多。

Also keep in mind the comps versus last year.

也要記住與去年相比的比較。

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

因此，第四季度，我們肯定會看到皮膚健康和美麗方面的積極表現。

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.

現在我想請 Thibaut Mongon 發表結論性意見。

Right.

正確的。

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

好的，謝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.

最後我要重複一遍，今年早些時候，我向你們承諾，今年你們會看到一個新的Kenvue 投入使用，該公司正在迅速推進我們的三個優先事項，以有效地接觸更多消費者，進一步投資我們的品牌，並建立一種績效和影響力的文化，以及為什麼我們仍處於實施策略的早期階段。

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.

因此，祝大家有個愉快的一天。

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

感謝您加入我們的通話，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.

祝你有美好的一天。

You may disconnect your lines at this time.

此時您可以斷開線路。