Kenvue Inc (KVUE) 2025 Q1 法說會逐字稿

Hello and welcome to the Kenvue first quarter 2025 earnings conference call.

您好，歡迎參加 Kenvue 2025 年第一季財報電話會議。

(Operator Instructions)

（操作員指示）

As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Sophia Tsinis, Head of Investor Relations for Kenvue.

提醒一下，本次會議正在錄製中。現在我很高興介紹您的主持人，Kenvue 投資者關係主管 Sophia Tsinis。

Good morning, everyone and welcome to Kenvue's first quarter 2025 earnings conference call. I'm pleased to be joined today by Thibaut Mongon, Chief Executive Officer; and Paul Ruh, Chief Financial Officer.

大家早安，歡迎參加 Kenvue 2025 年第一季財報電話會議。我很高興今天能與執行長 Thibaut Mongon 一起參加會議；以及財務長 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, expectations, or assumptions about future events and are subject to various risks, uncertainties, and changes that are difficult to predict and could cause our actual results to differ materially. For information regarding these risks and uncertainties, please refer to our earning's material related to this call posted on our website and our filings with the SEC.

這些陳述代表了我們目前對未來事件的信念、期望或假設，並受到各種難以預測的風險、不確定性和變化的影響，並可能導致我們的實際結果大不相同。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. 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 the US GAAP.

在本次電話會議中，我們將參考某些非公認會計準則財務資訊。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 directly comparable US GAAP financial measures and are not presented as substitutes for or superior to those most directly comparable US GAAP financial measures.

這些非公認會計準則財務指標應與最直接可比較的美國公認會計準則財務指標結合起來看待，而不能替代或優於那些最直接可比較的美國公認會計準則財務指標。

Those most directly comparable US GAAP financial measures and a reconciliation of our non-GAAP items to their respective nearest US GAAP measures can be found in this morning's earnings press release and our presentation available on our IR page of Kenvue's website, investors.kenvue.com. With that, I'll turn it over to Thibaut.

那些最直接可比較的美國 GAAP 財務指標以及我們的非 GAAP 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在 Kenvue 網站 investors.kenvue.com 的 IR 頁面上提供的演示文稿中找到。說完這些，我就把麥克風交給 Thibaut。

Thank you, Sophia. Good morning, everyone and thank you for joining the call. Alongside our first quarter earnings report today, you will have seen that we have also announced plans for a CFO transition. And I'll speak more about that shortly.

謝謝你，索菲亞。大家早安，感謝大家參加電話會議。除了今天的第一季財報之外，您還會看到我們還宣布了財務長過渡計畫。我稍後會就此進行更多討論。

To begin with our results, we enter 2025 with clear and deliberate plans to accelerate profitable growth over the course of the year. We have an enviable portfolio of leading and resilient consumer health brands where efficacy and trust matter to consumers.

首先從我們的成果來看，我們邁入 2025 年時制定了明確而周密的計劃，以加速全年的獲利成長。我們擁有令人羨慕的領先且富有彈性的消費者健康品牌組合，這些品牌的功效和信任對消費者至關重要。

While we are not immune to significant micro shifts and seasonal viability in parts of the portfolio, we are well positioned to navigate through the current complex environment.

雖然我們無法免受部分投資組合中重大的微觀變化和季節性因素的影響，但我們已做好準備，以應對當前複雜的環境。

In Q1, our teams demonstrated strong execution of our plans. As such, we are maintaining our organic sales growth outlook for the year and we are updating our adjusted operating margin and adjusted diluted EPS outlook to reflect the estimated impact of incremental costs associated with current tariffs and of current foreign exchange rates.

在第一季度，我們的團隊展現了對計劃的強大執行力。因此，我們維持今年的有機銷售成長前景，並更新調整後的營業利潤率和調整後的稀釋每股收益前景，以反映與當前關稅和當前外匯匯率相關的增量成本的估計影響。

As anticipated, following a first half where we continue to expect the underlying health of the business to be masked by well identified factors, we expect to accelerate our top line performance in the back half of the year as we realize the compounding benefits from the structural changes and investment we have implemented across the business.

正如預期的那樣，在上半年我們繼續預期業務的基本健康狀況將被明確確定的因素所掩蓋之後，我們預計下半年我們的營收表現將會加速，因為我們意識到我們在整個業務中實施的結構性變化和投資帶來的複合效益。

While staying agile and flexible amidst dynamic market conditions, we continue to advance our three strategic priorities. First, our new operating model is now fully activated. Our brands are benefiting from more innovation and impactful marketing activation campaigns, supported by more competitive level of investments.

在動態的市場條件下保持敏捷和靈活的同時，我們繼續推動我們的三大策略重點。第一，我們的新營運模式已經全面啟動。我們的品牌正受益於更多的創新和有影響力的行銷活化活動，並得到更具競爭力的投資水準的支持。

As discussed at CAGNY, we are increasingly leveraging what we call our Kenvue's five extraordinary powers to unleash the full potential of our brands, leveraging our super science, launching insights-led innovation, increasing our presence with healthcare professionals, activating breakthrough marketing campaigns, and driving seamless commerce.

正如在 CAGNY 上所討論的那樣，我們正在越來越多地利用我們所謂的 Kenvue 的五大非凡力量來釋放我們品牌的全部潛力，利用我們的超級科學，推出洞察力驅動的創新，增加我們與醫療保健專業人士的影響力，啟動突破性的營銷活動，並推動無縫商務。

Second, we are continuing to optimize our cost structure through operational efficiencies. In April, we reached a major operational milestone, completing our transition services agreement program, finalizing the exit of more than 2,300 TSAs as per plan and without any disruption to our business.

其次，我們正在繼續透過提高營運效率來優化成本結構。今年 4 月，我們達到了一個重要的營運里程碑，完成了過渡服務協議計劃，按照計劃完成了 2,300 多個 TSA 的退出，並且沒有對我們的業務造成任何干擾。

We are starting to see the benefits from our more streamlined and efficient systems and processes that are fit for purpose for Kenvue.

我們開始看到更精簡、更有效率的系統和流程帶來的好處，這些系統和流程非常適合 Kenvue。

Third, we are strengthening our performance culture with new ways of working, new reward systems, and a new milestone. In March, we moved into a new global headquarters in Summit, New Jersey, where we consolidated seven US locations under one roof for the first time in our history, unlocking greater internal and external collaboration and speed.

第三，我們正在透過新的工作方式、新的獎勵制度和新的里程碑來加強我們的績效文化。今年三月，我們遷入位於新澤西州薩米特的新全球總部，這是我們歷史上首次將美國七個辦公地點整合到一個屋簷下，從而實現更緊密的內部和外部協作並提高速度。

So now let me provide more context on our first quarter results. Organic sales declined 1.2% versus Q1 last year, which was consistent with our full-year outlook. As anticipated, this included a 3% to 4% headwind from the combined impact of destocking, mostly in China, and the strategic investment we are making in price and trade spend in the US to improve the competitiveness of our brands.

現在讓我提供有關我們第一季業績的更多背景資訊。有機銷售額與去年第一季相比下降了 1.2%，這與我們的全年預期一致。正如預期的那樣，這包括 3% 至 4% 的逆風，這主要受到去庫存（主要在中國）和我們在美國對價格和貿易支出進行的戰略投資的綜合影響，以提高我們品牌的競爭力。

As we have discussed, the destocking in China is driven by both the lingering impact of the weak pediatric pain and fever season and actions we are taking to improve distributor execution. We are on track with our plans to strengthen and streamline or distribute our network and expect to have these two factors behind us by the end of Q2.

正如我們所討論的，中國去庫存的原因是兒童疼痛和發燒季節的持續影響以及我們為改善分銷商執行力而採取的措施。我們正在按計劃加強和精簡或分配我們的網絡，並預計到第二季末這兩個因素將會得到解決。

Globally, we are activating our five extraordinary powers, driving stronger consumption performance for the company in Q1 relative to Q4. In fact, consumption for the quarter outpaced organic sales growth across each of our three segments.

在全球範圍內，我們正在啟動五大非凡力量，推動公司第一季的消費業績較第四季度更加強勁。事實上，本季的消費量超過了我們三個部門的有機銷售成長。

In self-care, we delivered organic sales growth of 0.3%. Growth was broad-based across our allergy, digestive health, and smoking cessation franchises and more than offset a decline in the cough, cold, and flu category.

在自我照顧方面，我們的有機銷售額成長了 0.3%。我們的過敏、消化健康和戒菸特許經營業務均實現了廣泛增長，並且足以抵消咳嗽、感冒和流感類別的下滑。

Our self-care brands are stronger and performing better than ever, with nearly 80% of the business expanding or maintaining market share, we further enhance our leadership positions around the world this quarter.

我們的自我照護品牌比以往任何時候都更加強大，表現也更好，近80%的業務擴大或維持了市場份額，本季我們進一步增強了在全球的領導地位。

As it relates to cough, cold, and flu, both consumption and replenishment in the US exceeded our expectations due to higher than anticipated incidences, helping mitigate the impact of a very subdued season in EMEA in the Asia Pacific where consumption and destocking were worse than anticipated.

就咳嗽、感冒和流感而言，由於發病率高於預期，美國的消費和補貨均超出了我們的預期，有助於減輕亞太地區 EMEA 地區非常低迷的季節的影響，該地區的消費和去庫存情況比預期的要差。

Importantly, our teams capitalize on the seasonal spike in the US and strengthen Tylenol's number one position, gaining share for the 11th straight quarter and widening the gap further with competition.

重要的是，我們的團隊利用美國的季節性高峰，鞏固了泰諾的第一個位置，連續第 11 個季度獲得市場份額，並進一步擴大與競爭對手的差距。

We rolled out successful innovation and drove consumer engagement with our greatness Hurts football themed campaign and once again, Tylenol was the only brand in the category gaining value and volume share in Q1, increasing household penetration and expanding points of distribution.

我們推出了成功的創新，並透過以「偉大的傷害足球」為主題的活動推動了消費者的參與，泰諾再次成為第一季度該類別中唯一一個價值和銷量份額均有所增長的品牌，提高了家庭滲透率並擴大了分銷點。

In allergy, we strengthen Kenvue's leadership in the category with Zyrtec, growing both value and volume shares this quarter, also widening the gap relative to our competition.

在過敏領域，我們透過 Zyrtec 加強了 Kenvue 在該領域的領導地位，本季價值和銷售份額均有所增長，也擴大了與競爭對手的差距。

Similar to what I just described for Tylenol, our teams delivered an increase in household penetration and in distribution behind the excellent execution of a packaging refresh that leveraged consumer insights and the strategic implementation of value pricing on some codes. While a prolonged winter shifted the start of the season this year, we are well positioned to continue to win with consumers.

與我剛才描述的泰諾類似，我們的團隊透過出色地執行包裝更新，充分利用了消費者洞察力，並在某些代碼上策略性地實施了價值定價，從而提高了家庭滲透率和分銷率。雖然今年漫長的冬季改變了季節的開始，但我們仍處於有利地位，可以繼續贏得消費者的青睞。

In skin health and beauty, organic sales declined 4.8% amidst a decelerating category backdrop largely due to three reasons; the impact from destocking in China, the soft sun season in Latin America, and our planned strategic price investment in the US, along with a lot of rotations in the club channel this quarter.

在皮膚健康和美容領域，有機銷售額在類別減速的背景下下降了 4.8％，主要原因有三；受中國去庫存化、拉丁美洲日照淡季、我們計劃在美國進行的戰略價格投資以及本季度俱樂部渠道的大量輪換的影響。

Our EMEA region remained an area of strength, with organic sales growing year over year for the 12th consecutive quarter, largely driven by double digit growth in our Aveeno brand with excellent performance in the UK and a successful rollout of the brand across new doors in Central Europe, as well as continued momentum in OGX.

我們的 EMEA 地區依然表現強勁，有機銷售額連續第 12 個季度同比增長，這主要得益於 Aveeno 品牌的兩位數增長，該品牌在英國表現出色，在中歐新門店成功推出，以及 OGX 的持續增長勢頭。

Similar to what we discussed for self-care, consumption outpaced organic sales as expected. In the US, we have driven sequential consumption improvement in Q1 versus Q4 as a result of our breakthrough brand building campaigns, paired with expert recommendation and relevant value equation.

與我們討論的自我照護類似，消費量超過了有機銷售額，這一點是意料之中的。在美國，由於我們突破性的品牌建立活動，加上專家建議和相關價值方程，我們推動了第一季與第四季相比消費量的連續成長。

In April, we drove positive consumption for our priority platforms of Neutrogena face Care, Aveeno body care, and OGX hair care which represent together the majority of our US business.

4 月份，我們重點推動了露得清臉部護理、艾維諾身體護理和 OGX 護髮平台的消費成長，這三個平台合計占我們美國業務的大部分。

And the investments we made on several Neutrogena and Aveeno lines to ensure our pricing was in line with consumer psychological thresholds are starting to pay dividends in sellout with double digit volume growth for a number of important offerings in face and body care.

我們對露得清和艾維諾的幾條產品線進行的投資，確保我們的定價符合消費者的心理門檻，這些投資開始在銷售中獲得回報，面部和身體護理領域的許多重要產品的銷量都實現了兩位數的增長。

In particular, looking at our biggest brands Neutrogena. We launched our new beauty to a science brand positioning in February. We supported it with a 360-degree media campaign featuring artist and Gen Z influencer Tate McRae and world-renowned dermatologist Doctor Shah.

特別是我們最大的品牌露得清。我們在二月推出了新的從美容到科學的品牌定位。我們透過 360 度媒體宣傳活動為其提供支持，其中邀請了藝術家和 Z 世代影響者 Tate McRae 以及世界知名的皮膚科醫生 Doctor Shah。

The buzz across social media behind this campaign has been terrific, with over 8 billion earned media impressions, so far. And it is enabling Neutrogena to reach a new, younger audience in a highly relevant and authentic manner.

這項活動在社群媒體上引起了極大的反響，迄今已獲得超過 80 億次媒體曝光。這使得露得清能夠以高度相關和真實的方式吸引新的年輕受眾。

In fact, Neutrogena's household penetration with Gen Z consumers grew 30 basis points, a critical demographic driving about half of the growth in the skincare category, and all of this has been showing up in market share with Neutrogena maintaining its number one share position in America in both value and volume for the second quarter in a row.

事實上，露得清在 Z 世代消費者中的家庭滲透率增長了 30 個基點，這一關鍵人群推動了護膚品類別約一半的增長，所有這些都體現在市場份額上，露得清連續第二個季度在美國保持了價值和銷量第一的份額。

So while we expect global organic sales of skin health and beauty to continue to contract in the near term due to the remaining impact from this stocking in Asia, strategic price investment in the US, and what has been so far a slow start to the sun season, we're encouraged by the improvement in the underlying health of our brands.

因此，儘管我們預計，由於亞洲庫存的剩餘影響、美國的戰略價格投資以及迄今為止陽光季節的緩慢開局，全球皮膚健康和美容產品的有機銷售額將在短期內繼續萎縮，但我們對我們品牌基本健康狀況的改善感到鼓舞。

With a recent momentum in consumption growth and the strong slate of innovation we are activating in the back half, we remain laser focused on returning the segment to growth this year.

隨著近期消費成長動能以及我們在下半年啟動的強勁創新，我們今年仍將專注於恢復該領域的成長。

Finally, in essential health, Q1 organic cells were flat in the context of global category deceleration as growth in wound care was offset by declines in women's health and oral care. While we did see positive global consumption, organic cells were negatively affected by competitive pressures in certain geographies which we are addressing and this talking in Asia.

最後，在基本健康領域，在全球類別減速的背景下，第一季有機細胞持平，因為傷口護理的成長被女性健康和口腔護理的下降所抵消。雖然我們確實看到了全球消費的正面成長，但有機細胞卻受到某些地區的競爭壓力的負面影響，我們正在解決這些問題，尤其是在亞洲。

We continue to do well with our premium offerings. Two examples from the US market, in mouthwash, our most premium platform, Listerine Total Care and Listerine Clinical Solutions, grew double digits in Q1. And Listerine is now the fastest growing brand in dollars and in unit on Amazon.

我們的優質產品持續取得良好業績。舉兩個來自美國市場的例子，在漱口水中，我們最優質的平台李施德林全效護理和李施德林臨床解決方案在第一季實現了兩位數的成長。目前，李施德林已成為亞馬遜上銷售額和銷售成長最快的品牌。

And in Baby Aveeno grew double digits in Q1, growing four times faster than competition, and is the fastest growing brand in the category.

其中，Aveeno Baby 在第一季實現了兩位數的成長，成長速度是競爭對手的四倍，是同類產品中成長最快的品牌。

Moving forward, while we are seeing a deceleration in the categories, we're activating a two pronged approach, designed to ensure that we capture consumers across the price spectrum. On one hand, we continue to drive premium innovation to gain distribution and increase household penetration.

展望未來，雖然我們看到各類別的成長放緩，但我們正在採取雙管齊下的措施，旨在確保我們能夠吸引各個價格範圍內的消費者。一方面，我們繼續推動高端創新以獲得分銷並提高家庭滲透率。

In Q2, just to name a few examples, we are rolling out Listerine clinical solutions outside the US. We're launching a new variant targeted at sensitivities in the US. We are also expanded the Band-Aid brand and Aveeno Kids ranges with Band-Aid waterproof and Aveeno Kids for coily hair.

舉幾個例子，在第二季度，我們正在美國以外推出李施德林臨床解決方案。我們正在針對美國的敏感人群推出一種新變體。我們還擴大了 Band-Aid 品牌和 Aveeno Kids 系列，推出了 Band-Aid 防水產品和 Aveeno Kids 捲髮專用產品。

At the same time, we are bringing to market additional entry price point offerings across categories to meet the evolving consumer needs and continue to implement our strategic price and trade investments in the US.

同時，我們正在向市場推出更多不同類別的入門價位產品，以滿足不斷變化的消費者需求，並繼續在美國實施我們的策略性價格和貿易投資。

So throughout the portfolio, we are seeing increasing evidence that our new operating model is working and we remain focused on continuing to bring new users to our categories and expand usage occasions for our brands.

因此，在整個產品組合中，我們看到越來越多的證據表明我們的新營運模式正在發揮作用，我們仍然專注於繼續為我們的類別帶來新用戶並擴大我們品牌的使用場合。

Now before I turn it over to Paul, I want to share more on our CFO transition. First, I want to thank Paul for his leadership and many valuable contributions to Kenvue as we established the company as a standalone business through the separation and the IPO.

現在，在將時間交給保羅之前，我想分享更多有關我們財務長過渡的資訊。首先，我要感謝保羅的領導以及我們透過分離和 IPO 將 Kenvue 建立為獨立業務過程中做出的許多寶貴貢獻。

With much of the work to establish Kenvue as an independent company completed and of strengthened commercial and operational foundations now in place, now is the right time for this transition.

隨著將 Kenvue 建立為獨立公司的大部分工作已經完成，以及商業和營運基礎已經得到加強，現在正是進行這一轉變的最佳時機。

We wish Paul all the best in his next chapter and appreciate him continuing to support the company through a transition period. We are pleased to share that Amit Banati will join us on May 12 as our new Chief Financial Officer.

我們祝福保羅在新的篇章中一切順利，並感謝他在過渡時期繼續支持公司。我們很高興地宣布，Amit Banati 將於 5 月 12 日加入我們，擔任新任財務長。

Amit is a world class executive with 30 years of experience at global consumer product companies and a proven track record in both financial and operational roles. So we look forward to his contributions as Kenvue moves into his next chapter.

阿米特 (Amit) 是一位世界級主管，在全球消費品公司擁有 30 年的經驗，並在財務和營運職位上擁有良好的業績記錄。因此，我們期待 Kenvue 在邁入新篇章時做出貢獻。

And now I will turn it over to Paul.

現在我將把話題交給保羅。

Thank you, Thibaut. And good morning, everyone. I appreciate the kind words as Kenvue transitions to its next CFO and thank the rest of the leadership team and all of you, our talented Kenvue viewers. There are many accomplishments to be proud of as we established Kenvue as a standalone company, positioning the organization for accelerated growth.

謝謝你，蒂博。大家早安。在 Kenvue 過渡到下一任財務長之際，我非常感謝大家的善意言辭，也感謝其他領導團隊以及所有才華橫溢的 Kenvue 觀眾。在我們將 Kenvue 建立為獨立公司並為該組織加速發展做好準備的過程中，我們取得了許多值得驕傲的成就。

I look forward to working with Thibaut, Amit, and the rest of the team to ensure a smooth transition. And I will be cheering Kenvue on in this next chapter.

我期待與 Thibaut、Amit 和團隊的其他成員合作，確保順利過渡。我會在下一章中為 Kenvue 加油。

Now, I will go over the company's first quarter results. In Q1, organic sales declined 1.2% versus Q1 last year as the team executed on our plans against an increasingly dynamic external backdrop. As anticipated, both value realization and volumes were unfavorable in the quarter, declining 0.3% and 0.9%, respectively.

現在我來回顧一下公司第一季的業績。由於團隊在日益動態的外部背景下執行了我們的計劃，第一季的有機銷售額與去年第一季相比下降了 1.2%。正如預期的那樣，本季的價值實現和銷售均不理想，分別下降了 0.3% 和 0.9%。

As we indicated on our Q4 call [Hana] CAGNY, we implemented strategic price investments and in-store activations in the US, which weighed on value realization and more than offset the contribution from select price increases outside the US.

正如我們在第四季度電話會議上 [Hana] CAGNY 所指出的，我們在美國實施了戰略價格投資和店內激活，這對價值實現產生了影響，並且超過了美國以外地區部分價格上漲的貢獻。

While we have actioned these strategic investments across our segments, during the quarter, the impact was most pronounced in skin health and beauty.

雖然我們已在各部門實施了這些策略投資，但在本季度，其影響在皮膚健康和美容領域最為明顯。

We have been very deliberate with our approach, targeting specific categories and skills to enhance our brand's competitiveness and as Thibaut mentioned, we are seeing improvement in consumption as a result of these actions which is very encouraging.

我們非常謹慎地採取了我們的方法，針對特定的類別和技能來提高我們品牌的競爭力，正如 Thibaut 所提到的，由於這些行動，我們看到消費有所改善，這是非常令人鼓舞的。

As we look at our segment performance, in self-care, value realization drove 0.3% growth in organic sales as volumes were flat. Growth in our allergy, digestive health, and smoking cessation businesses more than offset the impact of a weak cold, cough, and flu season outside the US.

從我們細分市場的表現來看，在自我照護領域，由於銷售量持平，價值實現推動有機銷售額成長 0.3%。我們的過敏、消化健康和戒菸業務的成長足以抵消美國以外地區感冒、咳嗽和流感季節疲軟的影響。

In Asia Pacific, the pediatric business was softer than we anticipated, which means it will take a little bit longer to fully digest elevated trade inventories. In terms of consumption, we keep driving strong share gains across the portfolio, a testament to the strength of our brands and the quality of the execution of a strategy.

在亞太地區，兒科業務比我們預期的要疲軟，這意味著完全消化增加的貿易庫存需要更長的時間。在消費方面，我們繼續推動整個投資組合的強勁份額成長，這證明了我們品牌的實力和策略執行的品質。

In skin health and beauty, organic sales declined 4.8% as volumes and value realization were down 2.9% and 1.9% year by year, respectively. These results reflect our targeted and focused approach to investment within the skin health portfolio, a loss of rotations in the club channel this quarter, and the continued impact of destocking and non-distribution network adjustments in China.

在皮膚健康和美容領域，有機銷售額下降了 4.8%，因為銷售和價值實現分別比去年同期下降 2.9% 和 1.9%。這些結果反映了我們在皮膚健康產品組合中採取的有針對性和重點的投資方式、本季度俱樂部渠道輪換的損失以及中國去庫存和非分銷網絡調整的持續影響。

At the same time, the category was softer than anticipated, particularly in the US as well as in sun, which resulted in weaker volumes in the quarter.

同時，該類別的表現弱於預期，尤其是在美國和陽光地區，導致本季銷量下降。

As anticipated, we expect Q2 to remain pressured for similar reasons with stronger performance in the back half of the year as we lap the first half trainers and continue to execute on our powerful commercial plans. And lastly, in essential health, organic sales were flat as a 0.1% contribution from price mix offset a 0.1% decline in volumes.

正如預期的那樣，我們預計第二季度仍將面臨類似壓力，隨著我們超越上半年的訓練師並繼續執行強大的商業計劃，下半年的表現將更加強勁。最後，在基本健康領域，有機銷售額持平，因為價格組合貢獻了 0.1%，抵消了 0.1% 的銷售量下降。

We saw category deceleration as well as this talking in Asia Pacific, weighing on performance in the quarter and expect the latter to be largely behind us by the end of Q2.

我們看到亞太地區的類別減速以及這種說法，對本季的業績產生了影響，預計後者將在第二季末基本落後。

Switching gears to adjusted gross margin which came in at a good level of 60% although down 20 basis points versus last year, our supply chain teams continue to successfully execute our productivity initiatives, but volume the leverage on favorable currency and inflationary headwinds, as well as the price investments that we're making more than offsets those benefits.

調整後的毛利率達到了 60% 的良好水平，儘管比去年下降了 20 個基點，但我們的供應鏈團隊繼續成功執行我們的生產力計劃，但對有利的貨幣和通膨逆風的槓桿作用以及我們正在進行的價格投資抵消了這些好處。

As anticipated, adjusted operating margin contracted 220 basis points versus last year to 19.8%. This was entirely driven by the increased support behind our brands we initiated last year. As a reminder, we started to reflect the significant step of an investment in Q2 last year, so the base period comparison is lower in Q1, relative to the rest of the year.

正如預期的那樣，調整後的營業利潤率較去年同期下降 220 個基點，至 19.8%。這完全得益於我們去年創立的品牌所獲得的支持力度加大。提醒一下，我們從去年第二季就開始反映投資的重要舉措，因此與去年其他時間相比，第一季的基期比較較低。

Importantly, we continue to take out infrastructure costs and reduce SG&A spend, executing brand investments, and we are facing well towards realizing the $350 million in gross analyzed savings of our view forward initiative by 2026.

重要的是，我們繼續削減基礎設施成本、降低銷售、一般及行政費用，進行品牌投資，我們預計在 2026 年前實現前瞻性計劃所分析的 3.5 億美元的總節省目標。

Moving down the P&L, both net interest expense and adjusted effective tax rate came down slightly versus last year to $94 million, 27.5% respectively.

損益表中，淨利息支出和調整後有效稅率較去年同期均略有下降，分別為 9,400 萬美元和 27.5%。

This resulted in adjusted net income of $465 million and adjusted diluted EPS of $0.24, including about a $0.02 headwinds from currency.

這導致調整後的淨收入為 4.65 億美元，調整後的稀釋每股收益為 0.24 美元，其中包括約 0.02 美元的貨幣不利因素。

Now let me turn it back to Thibaut for our outlook.

現在讓我把話題轉回 Thibaut 身上，讓我們來展望一下。

Thank you, Paul. Let me turn now to our outlook. As you have heard from other companies over the past several weeks, from a macro perspective, 2025 is shaping up to be a dynamic year.

謝謝你，保羅。現在讓我談談我們的展望。正如您過去幾週從其他公司聽到的那樣，從宏觀角度來看，2025 年將是充滿活力的一年。

Despite this backdrop and with our first quarter results consistent with our full-year expectations, we're not changing our organic sales growth outlook for 2025, which remains in the 2% to 4% range.

儘管存在這種背景，我們的第一季業績與全年預期一致，但我們不會改變 2025 年有機銷售成長前景，該成長仍將在 2% 至 4% 的範圍內。

We continue to anticipate a muted first half, followed by growth acceleration in the back half behind strong commercial activation, launch of superior innovation, increased contribution from revenue growth management, and the lapping of headwinds that are weighing on the first half, specifically stepped up trade and price investments and disruptions in trade inventory.

我們仍預期上半年業績將較為平淡，而下半年業績將加速成長，這得益於強勁的商業活動、卓越創新的推出、收入成長管理貢獻的增加，以及上半年面臨的不利因素（尤其是貿易和價格投資的增加以及貿易庫存的中斷）的抵消。

As a reminder, we did anticipate at the beginning of the year that the categories and markets where we compete would decelerate towards the 2% to 3% range in 2025 with sequential deceleration relative to prior years, driven by the absence of price.

提醒一下，我們確實在年初預測，到 2025 年，我們所競爭的類別和市場將減速至 2% 至 3% 的範圍，並且由於價格的缺失，與前幾年相比將出現連續減速。

This continues to be our best case scenario at this time. We will continue to closely monitor actual category dynamics whether linked to seasonal incidents or macroeconomic factors. For example, in the short term, from a seasonal incidence point of view, the prolonged winter in the US has pushed allergy and sent seasons out, leading to a soft start to the season for both categories.

這仍然是我們目前最好的情況。我們將繼續密切監測實際類別動態，無論是與季節性事件或宏觀經濟因素有關。例如，短期內，從季節性發病率的角度來看，美國漫長的冬季推後了過敏和發病季節，導致這兩類疾病在季節開始時都表現疲軟。

And from a macro point of view, we have seen some retailers tightening order management in April in the US, so these two factors may shift volumes from one quarter to the next and require us to remain agile.

從宏觀角度來看，我們看到美國一些零售商在四月份收緊了訂單管理，因此這兩個因素可能會影響一個季度到下一個季度的訂單量，需要我們保持靈活性。

So we are proactively taking additional actions to address this fluid environments, such as ensuring we have sufficient offerings across both ends of the pricing spectrum and reframing our communication to highlight the value our brands bring to consumers.

因此，我們正在積極採取額外措施來應對這種不穩定的環境，例如確保我們在價格範圍的兩端都有足夠的產品，並重新建構我們的溝通方式，以突顯我們的品牌為消費者帶來的價值。

Regarding FX, since February, the dollar has depreciated and based on current rates we're assuming approximately 1% drag on top line from currency, which is better than the approximately 3% impact we assumed previously. So this leads to a 2% improvement in the full-year net sales growth range to 1% to 3%.

關於外匯，自 2 月以來，美元一直在貶值，根據當前匯率，我們預計貨幣將對營收造成約 1% 的拖累，這好於我們先前假設的約 3% 的影響。因此，這將使全年淨銷售額成長範圍提高 2% 至 1% 至 3%。

As it relates to our adjusted operating margin and adjusted diluted EPS, we continue to expect margins to expand in the back half of the year, albeit at lower levels than we previously thought due to the impact of tariffs on costs.

就我們的調整後營業利潤率和調整後稀釋每股收益而言，我們繼續預計利潤率將在下半年擴大，儘管由於關稅對成本的影響，利潤率將低於我們先前的預期。

Regarding tariffs, the outlook we provided in early February accounted for the tariffs that were in effect at that time. Since then, the situation has evolved considerably and remains quite fluid.

關於關稅，我們在二月初提供的展望考慮了當時生效的關稅。自那時起，局勢發生了很大變化，並且仍然相當不穩定。

Based on what we currently know, we estimate the gross impact of tariffs that have been implemented by the US as of May 7, as well as the retaliatory measures implemented to date by other countries will be nearly $150 million for 2025.

根據我們目前掌握的信息，我們估計，截至 5 月 7 日美國實施的關稅以及其他國家迄今實施的報復措施的總影響將達到 2025 年的近 1.5 億美元。

Even though our current infrastructure is set up so that most of our manufacturing happens close to our end markets, there are some finished goods and raw materials that move across borders.

儘管我們目前的基礎設施使得大多數製造活動都發生在終端市場附近，但仍有一些成品和原材料會跨境流動。

We are implementing a number of actions to help mitigate the impact of tariffs, including accelerating our productivity initiatives, activating alternate sourcing, optimizing our supply chain, and leveraging revenue growth management.

我們正在採取一系列措施來幫助減輕關稅的影響，包括加快我們的生產力計劃、啟動替代採購、優化我們的供應鏈以及利用收入成長管理。

But even with these mitigation actions, we will face higher than previously anticipated costs for our imported products and components and we will not be able to absorb the full impact this calendar year. Importantly, we are determined to preserve the long-term health of our brands. And we'll work with our retail partners to find the best way to minimize the impact for our consumers.

但即使採取這些緩解措施，我們的進口產品和零件的成本仍將高於先前的預期，而且我們將無法在今年吸收全部影響。重要的是，我們決心保持我們品牌的長期健康。我們將與零售合作夥伴共同努力，找到將對消費者的影響降至最低的最佳方法。

Given this backdrop and our ongoing commitment to invest in our brands, we now expect adjusted operating margin to contract slightly for the full year. Please note we have not changed any of our below the line assumptions.

鑑於這種背景以及我們對品牌的持續投資承諾，我們現在預計全年調整後的營業利潤率將略有萎縮。請注意，我們沒有改變任何低於該線的假設。

Taking this all together, we now expect adjusted diluted EPS for 2025 to be about flat versus last year. This forecast assumes that currency is a low single digit headwind to EPS with adjusted diluted EPS, up low single digits on a constant currency basis.

綜合考慮這些因素，我們現在預計 2025 年調整後的稀釋每股盈餘將與去年持平。此預測假設貨幣對每股盈餘造成較低個位數的不利影響，而調整後的稀釋每股盈餘在固定匯率基礎上上漲較低個位數。

So in closing, we are focused on executing our strategy to accelerate profitable growth while ensuring that we remain agile and nimble to strengthen our competitive positions as we navigate through this dynamic and evolving environment.

最後，我們專注於執行我們的策略，以加速獲利成長，同時確保我們保持敏捷和靈活，以加強我們的競爭地位，因為我們在這個充滿活力和不斷發展的環境中前進。

And all of this is made possible by all Kenvue viewers around the world. Our teams are getting stronger every day. And I would like to thank all Kenvue viewers for their continued commitment to unlock our full potential and drive long-term shareholder value creation.

而這一切都歸功於全世界的 Kenvue 觀眾。我們的團隊每天都在變得更強大。我還要感謝所有 Kenvue 觀眾的持續承諾，以釋放我們的全部潛力並推動長期股東價值創造。

And now we will open the call for questions.

現在我們開始提問。

(Operator Instructions)

（操作員指示）

Bonnie Herzog, Goldman Sachs.

高盛的邦妮·赫爾佐格。

All right. Thank you. Good morning, everyone. I guess I wanted to drill down a little bit on, you know, some of the innovation plans that you have for the year and spending. Just given the environment and the macro, just curious to hear how you know maybe your innovations, the innovation plans have evolved if at all, especially given, you know, some of the slowdown we're seeing and the consumer pressures?

好的。謝謝。大家早安。我想深入了解你們今年的一些創新計劃和支出。考慮到環境和宏觀因素，我只是好奇想聽聽您是如何知道您的創新、創新計劃是否有所發展，特別是考慮到我們看到的一些經濟放緩和消費者壓力？

I guess I'm asking in terms of timing of launches, and or merchandizing support, especially as consumer spending may be pressured, any color there would be helpful? Thanks.

我想我問的是發佈時間或商品支援方面的問題，特別是在消費者支出可能面臨壓力的情況下，任何顏色都會有幫助嗎？謝謝。

Yeah, good morning, Bonnie. Thank you for your question. Indeed, we have a strong plan for innovation and brand activation throughout 2025 with an expected acceleration in in the back half of the year. .

是的，早上好，邦妮。感謝您的提問。事實上，我們有一個強有力的計劃，用於 2025 年全年的創新和品牌激活，預計下半年將會加速。。

We believe that in times like that, our brands are well positioned to really respond to what consumers are looking for. Consumers are looking for efficacy. They're looking for trust, and that's what Kenvue is all about.

我們相信，在這樣的時代，我們的品牌能夠真正滿足消費者的需求。消費者追求的是功效。他們尋求的是信任，而這正是 Kenvue 所追求的。

Now when consumers are pressured, value and convenience matter. And that's why we are tweaking our plans to make sure that we are present where shoppers are and offer the right value equation. I think we were -- we did plan a year with investment in price and trade in the US, that weighs on our results in the short term, that's helpful in an environment like this to make sure that you have the right price equation.

現在，當消費者面臨壓力時，價值和便利性很重要。這就是為什麼我們要調整計劃，以確保我們出現在購物者所在的地方並提供正確的價值等式。我認為我們確實計劃了一年在美國價格和貿易方面的投資，這會在短期內影響我們的業績，但在這樣的環境下，這有助於確保我們有正確的價格方程式。

And you heard in my prepared remark the impact we start seeing on consumption moving in the right direction. So are we planning to change our plans significantly given the external environment? The answer is broadly no.

在我的準備好的發言中，你們聽到了我們開始看到消費朝著正確方向發展的影響。那麼，考慮到外部環境，我們是否打算大幅改變我們的計劃？答案大致是否定的。

We continue to believe that innovation and giving reasons for consumers to enter our categories that remember are all underdiagnosed, undertreated, under penetrated is more important than ever. But for those consumers who are already in our categories, we need to make sure that our products are present in store, visible, and offers a value equation.

我們始終相信，創新以及為消費者提供選擇我們類別的理由比以往任何時候都更加重要，因為這些類別都未被充分診斷​​、治療不足、滲透不足。但對於已經購買我們產品類別的消費者，我們需要確保我們的產品出現在商店中、清晰可見，並提供價值等式。

Now, we are augmenting our plans, given the existing the current environment on a number of fronts. On one hand, we are making sure that we have the right entry price points and right price pack architecture. To make sure that we respond to the different needs of different consumers.

現在，考慮到當前多方面的環境，我們正在擴大我們的計劃。一方面，我們要確保我們有正確的入門價格點和正確的價格包架構。確保我們能夠滿足不同消費者的不同需求。

If you are looking for low cash outlay pack, we will have that. If you are more looking for a high-volume value pack, we will also have that. So we make sure that across our categories, we offer the right value equations. We also make sure that we are present in the channels where shoppers are.

如果您正在尋找低現金支出套餐，我們可以提供。如果您更需要高容量的超值套裝，我們也可以提供。因此，我們確保在我們的各個類別中提供正確的價值方程式。我們也確保我們出現在購物者所在的管道中。

As you know, we are present in omni channels, but we make sure that we continue to be where consumers are. So these are some of the things that we are doing to augment our plans in in this environment.

如您所知，我們遍布全通路，但我們確保我們始終存在於消費者所在的地方。這些就是我們在這種環境下為增強計劃所做的一些事情。

Peter Grom, UBS.

瑞銀的 Peter Grom。

Thanks, operator. Good morning, everyone. Hope you're doing well.

謝謝，接線生。大家早安。希望你一切都好。

I wanted to ask just on kind of the phasing of organic growth maybe specifically on the second quarter. It sounds like a week or start to the allergy season. You mentioned some destocking in the US in April, as well as in China continued price investment.

我想問一下有機成長的具體階段，特別是第二季。聽起來這週好像是過敏季節的開始。您提到美國四月有一些去庫存現象，以及中國持續的價格投資。

So is there any way to frame an expectation for second quarter organic growth versus what we just saw in the first quarter and then I guess just related, totally understands, Thibaut, you know some of the headwinds are going to reverse in the back half of the year?

那麼，有沒有辦法對第二季度的有機成長做出預期，與第一季相比，我想這只是相關的，完全理解，Thibaut，你知道一些不利因素將在下半年逆轉嗎？

But can you just talk about the degree of confidence and the embedded improvement in the back half, just given the uncertain backdrop? Thanks.

但是，考慮到不確定的背景，您能否談談信心程度以及後半部分的內在改善？謝謝。

Great, Peter. Good morning. Good to see you. So your first question on organic growth in the second quarter, given what we see in the environment, as we do not guide by quarters. Our plans still assume a muted first half followed by an acceleration in the second half.

太好了，彼得。早安.很高興見到你。因此，您的第一個問題是關於第二季度的有機成長，考慮到我們所看到的環境，因為我們不以季度為指導。我們的計劃仍然假設上半年成長緩慢，下半年成長加速。

What has not changed for Q2 in the very short term is that our organic sales growth will continue to be burdened by the headwinds from destocking in Asia and the impact of the strategic price investments we are making in the US. That was in the plan that has not changed.

短期內第二季沒有改變的是，我們的有機銷售成長將繼續受到亞洲去庫存的阻力以及我們在美國進行的策略性價格投資的影響。這是計劃中沒有改變的部分。

To your point, what we are monitoring right now because it could have an impact in terms of shifting revenue from one quarter to the next is season and macro. On the season side, we have experienced a prolonged winter, and cough cold and flu incidences in the US, so that has been positive for our Tylenol brands, for example, in Q1.

正如您所說，我們現在正在監控的是季節和宏觀因素，因為它可能會對從一個季度到下一個季度的收入轉移產生影響。從季節方面來看，我們經歷了漫長的冬季，美國咳嗽感冒和流感發病率較高，這對我們的泰諾品牌來說是利好，例如在第一季。

But the side effect of that, it has that's pushed spring out a bit and so what we see is the allergy and sun season have been pushed out and we see a slow start at the beginning of the second quarter for the season.

但其副作用是，春季被稍微推遲了，因此我們看到過敏和陽光季節被推遲了，我們看到第二季度初春季的開始比較緩慢。

But much as much of the season remains in front of us. These things can change quickly as you have seen in the past year and past quarters, so it's way too early to call on the season. From a macro point of view on consumer confidence, we see some deceleration in some categories and geographies, but then that's the beauty of the consumer health categories.

但這個賽季的大部分時間還沒結束。正如您在過去一年和過去幾季所看到的那樣，這些情況可能會迅速發生變化，因此現在判斷本賽季還為時過早。從消費者信心的宏觀角度來看，我們看到某些類別和地區的消費者信心有所放緩，但這正是消費者健康類別的魅力所在。

People are not leaving our categories in some spaces they are spending less per trip, and so we need to see how these things continue to evolve. What matters for us is regardless of the external environment is how do we remain laser focused on increasing household penetration.

在某些領域，人們並沒有離開我們的類別，他們每次旅行的花費更少，所以我們需要觀察這些情況如何繼續發展。對我們來說，重要的是無論外部環境如何，我們如何始終專注於提高家庭普及率。

And we have a lot of opportunities there and gaining share as we activate our brands and that's why we are encouraged by the momentum we saw in consumption and share across some of our categories and geographies. I talked about self-care. I talked about part of skin health in the US or skin health in Europe. That's what we are pushing forward.

隨著我們激活品牌，我們在那裡有很多機會並獲得份額，這就是為什麼我們對某些類別和地區的消費和份額的勢頭感到鼓舞。我談到了自我照顧。我談到了美國的皮膚健康或歐洲的皮膚健康。這就是我們正在推動的事情。

Your second question on our confidence in the outlook for the back half. So as you rightly said the back half of the year will not have some of the headwinds that are clouding our results in the first half, namely the investment in trade and price in the US as we lap a higher base period comparison, but also the destocking in Asia where we are on track to put that behind us by the end of Q2.

您的第二個問題是我們對下半年前景的信心。因此，正如您所說，下半年將不會遇到上半年影響我們業績的一些不利因素，即美國的貿易和價格投資（因為我們的基期比較高），以及亞洲的去庫存化，我們預計在第二季度末將其拋諸腦後。

What gives us confidence that we will accelerate growth in the second half is the strength of our commercial plan. We have more innovation. We have -- we see that our investment in breakthrough marketing campaigns is paying back. Consumers are responding. We see an increase in household penetration.

我們的商業計劃的力度讓我們有信心在下半年加速成長。我們有更多的創新。我們看到，我們在突破性行銷活動上的投資正在獲得回報。消費者正在做出回應。我們看到家庭普及率有所提高。

We are investing in in-store presence and prominence and have exciting plans in this regard for the back half and we also start realizing benefits of enhance RGM capabilities.

我們正在投資店內展示和知名度，並在這方面為下半年制定了令人興奮的計劃，我們也開始意識到增強 RGM 能力的好處。

And if you look at the full year 2025, we expect pricing to be a net positive. And overall, we see that our teams are executing at a higher level through 2025. So that makes us very confident in the back half. Now as I said, what could impact the second half performance is if the underlying demand for categories is lower than anticipated.

如果你展望 2025 年全年，我們預期定價將為淨正值。總體而言，我們看到我們的團隊在 2025 年的執行水準將達到更高水準。所以這讓我們對後半部非常有信心。正如我所說，如果類別的潛在需求低於預期，可能會影響下半年的表現。

Which would have an impact on the sales lift from our brain activations. So that's where we need to continue to be agile and make sure that we augment our plans where necessary. But to date, we don't see our categories going below the 2% to 3% that we anticipated for the year.

這會對我們的大腦活化帶來的銷售提升產生影響。因此，我們需要繼續保持敏捷，並確保在必要時增強我們的計劃。但到目前為止，我們認為我們的類別不會低於我們預期的今年的 2% 至 3%。

But you know, this is a very fluid environment and we'll see how things play out for both seasons and macro, regardless, Kenvue is here to play to win.

但你知道，這是一個非常不穩定的環境，我們將看看賽季和宏觀情況如何發展，無論如何，肯維都會在這裡爭取勝利。

Andrea Teixeira, JP Morgan.

摩根大通的安德里亞特謝拉 (Andrea Teixeira)。

Thank you, operator. Good morning, and in particular, wishing Paul all the best in the new chapter. My question is on kind of like building to what you just said to in terms of like the building blocks of innovation and what keeps you confident in particularly the skin health and beauty?

謝謝您，接線生。早上好，特別祝福保羅在新的篇章中一切順利。我的問題是關於您剛才所說的創新基石，是什麼讓您對皮膚健康和美容充滿信心？

I understand that the initiatives and the dermatologist, the backing, and the influencer. All of that is positive, but it's not probably giving us a lot of like at least in the sell in confidence at this point. So I wanted to just double click on that and see how we should be thinking understandably knowing that you're very strong in the summer season?

我了解這些措施和皮膚科醫生、支持者和影響者。所有這些都是正面的，但目前可能並沒有為我們帶來太多信心。所以我只想雙擊它，看看我們應該如何思考，因為你在夏季表現非常強勁？

It might be early to gauge the success of these campaigns, but just to give investors some confidence across channels how it's behaving in terms of like parsing out the effects in China and all of those and in particular double clicking in the US to see how we can measure success? And how you're going to be tracking and how can investors track this in more details? Thank you.

現在評估這些活動是否成功可能還為時過早，但為了讓投資者在各個管道上都有一些信心，看看它在中國以及其他國家的影響如何，特別是美國的影響，看看我們如何衡量成功？您將如何追蹤以及投資者如何更詳細地追蹤這一點？謝謝。

Yeah. Thank you, Andrea, and good morning. So just to be clear on skin health and beauty. We are encouraged by the positive signs we see in terms of consumptions and how consumers react to our campaigns.

是的。謝謝你，安德里亞，早安。因此，要清楚了解皮膚健康和美麗。我們看到消費方面的正面跡像以及消費者對我們活動的反應，這令我們感到鼓舞。

We are not yet where we want to be, and we totally understand that we have more work to do. Having said that, we are really encouraged to see the flywheels starting to turn in the right direction with -- given all the actions we have taken to drive consumption in positive territory.

我們還沒有達到我們想要的水平，我們完全明白我們還有很多工作要做。話雖如此，考慮到我們為推動消費向好所採取的所有行動，我們確實很高興看到飛輪開始朝著正確的方向轉動。

And so we are very happy to see that in the most recent period, we see that happening on the -- in the areas of the business in the US where we have focused our attention, namely Aveeno body care, Neutrogena face care, and OGX hair care, that together represents the majority of our business of skin health and beauty business in the US.

因此，我們很高興地看到，在最近一段時間，我們看到了這種情況發生在我們重點關注的美國業務領域，即 Aveeno 身體護理、Neutrogena 面部護理和 OGX 護髮業務，這些業務共同構成了我們在美國皮膚健康和美容業務的大部分。

So, what we are, what we have said all along is that this year consumption will come ahead of revenue or of organic sales growth is that what you see playing out. In the first quarter, with consumption growing -- outpacing organic sales growth, so we continue -- we expect to continue to see that playing out in the first half of the year.

所以，我們一直在說的是，今年的消費將超過收入或有機銷售成長，這就是您所看到的結果。在第一季度，隨著消費的增長（超過有機銷售的增長，所以我們繼續）——我們預計這種情況將在今年上半年繼續發生。

Anna Lizzul, Bank of America.

美國銀行的安娜‧利祖爾 (Anna Lizzul)。

Hi, good morning. And thank you so much for the question.

嗨，早安。非常感謝您提出這個問題。

I had a follow up to Bonnie's question earlier on skin health and beauty. Just with the significant promotional activity you're doing in these categories, how are you expecting to balance this with marketing investment as we're moving through the year?

我之前對邦妮關於皮膚健康和美容的問題進行了跟進。鑑於您在這些類別中開展的大量促銷活動，您預計如何在全年平衡這些活動與行銷投資？

And then given your upcoming innovation, are you expecting some bigger shelf space gains in this segment? How are those conversations with retailers going, so far? Any early reads on this would be helpful. Thank you.

那麼，考慮到您即將進行的創新，您是否預計這一領域的貨架空間會更大？到目前為止，與零售商的對話進展如何？任何關於此內容的早期閱讀都會有所幫助。謝謝。

So good morning and thank you for the question. On our investment for the balance of the year, we continue to plan to invest more this year than last year behind our brands, that's across the portfolio, and that is the case for skin, health, and beauty.

早安，感謝您的提問。就今年剩餘時間的投資而言，我們繼續計劃比去年在我們的品牌上投入更多資金，這涉及整個產品組合，尤其是在皮膚、健康和美容方面。

We are going to continue to do that in a responsible way with a keen eye to our eye as we always do. But we have a lot of space to go after with our brands and as long as we see the right return on investment, whether it's on media ROI.

我們將一如既往地以負責任的方式、密切關注此事。但是，只要我們看到正確的投資回報，無論是媒體投資報酬率，我們的品牌就有很大的發展空間。

On a number of displays, we get from retailers or increase in weekly recommendations by dermatologists, we will continue to invest again. We are very encouraged to see consumptions moving into positive territories for our priority platforms. And we expect to continue to do that moving forward. This year, as anticipated, we are in investment mode in skin, health, and beauty.

在許多展示中，我們從零售商那裡獲得或由皮膚科醫生增加的每週推薦，我們將繼續再次投資。我們非常高興地看到，我們的優先平台的消費正在朝著積極的方向發展。我們希望未來繼續這樣做。今年，正如預期的那樣，我們在皮膚、健康和美容方面處於投資模式。

We are making progress in terms of improving our growth margins with supply chain efficiencies. This is masked in, especially in the first half by the investment we are making in price and trade investment in the US and overall with our marketing investment. But over time, we will -- we expect our margin to improve as consumption increases, we gain volume leverage and as the first half if winds dissipate.

我們在透過提高供應鏈效率來提高成長利潤率方面正在取得進展。尤其是在上半年，我們在美國價格和貿易方面的投資以及整體行銷投資掩蓋了這一點。但隨著時間的推移，我們預計隨著消費的增加、產量槓桿的提高以及上半年風力消散，我們的利潤率將會提高。

Keith Devas, Jefferies.

傑富瑞的基斯‧德瓦斯 (Keith Devas)。

Hi, thanks for the question. Good morning. Just wanted to drill down I guess on the price and trade investments you guys are making, most notably in skin health and beauty. It looks like the consumer responding, I guess from your perspective.

你好，謝謝你的提問。早安.我只是想深入了解你們正在進行的價格和貿易投資，尤其是在皮膚健康和美容方面。我想從您的角度來看，這看起來像是消費者的回應。

It'd be good to know, are you largely, do you feel like you're largely catching up to where competitors are, in terms of the kind of the price different price offerings? How you expect them to respond, and then maybe just broader, the consumption uplift in April, any context around?

我想知道，就價格差異化產品而言，您是否感覺自己在很大程度上趕上了競爭對手？您預計他們會如何反應，也許更廣泛地說，四月份的消費成長有什麼背景嗎？

Are those new customers that are new, entirely new to the brand, or old customers returning, that may be a little price sensitive? Thank you for the color.

這些新客戶是對該品牌全新的、全新的客戶，還是對價格有點敏感的老客戶？謝謝你的顏色。

Yes, Keith, so on skin health and beauty, you're right. We see consumers increasingly responding to our investment and effort. Again, early days and we are certainly not claiming victory. It's not a victory lap today. But it's really encouraging signs that the actions, the cumulative impact of our actions is starting to play out. And that's what makes us confident for not only the balance of the year but the future of these brands.

是的，基思，關於皮膚健康和美麗，你是對的。我們看到消費者對我們的投資和努力的反應越來越強烈。再說一次，現在還為時過早，我們當然不會宣稱勝利。今天並不是慶祝勝利的日子。但這確實是一個令人鼓舞的跡象，表明我們的行動以及行動的累積影響開始顯現。這讓我們不僅對這些品牌今年的業績充滿信心，而且對這些品牌的未來也充滿信心。

We see, as I said, what we are particularly excited about is to see the increase in household penetration with Gen Z consumers, which is a demographic where we were lagging our competitors and seeing this group of consumers who, as represent a big part of consumption in skincare categories, select Neutrogena as their brand is extremely encouraging for the future.

正如我所說，我們特別興奮的是看到 Z 世代消費者的家庭滲透率不斷提高，在這一群體中，我們落後於競爭對手，看到這群消費者代表了護膚品類別消費的很大一部分，選擇露得清作為他們的品牌，這對未來來說是極其令人鼓舞的。

So we are pleased about that. We see that our breakthrough marketing campaigns combined with relevant innovation, but also investment in making sure that we have the right price points are paying back. I just want to make sure that it's clear for everybody that when I talk about investment in having the right price points.

所以我們對此感到高興。我們看到，我們突破性的行銷活動與相關創新相結合，以及為確保我們擁有合適的價格點而進行的投資正在獲得回報。我只是想確保每個人都清楚，當我談論投資時，要有正確的價格點。

It's not necessarily being the cheapest. We are not the cheapest in the categories, but we want to make sure that we hit the right psychological threshold that our consumers are comfortable with. So think about [499, 999, 1,499]. We were not always well positioned. That created some confusion and made it less easy to shop with these corrections that we have a short term price to pay in terms of top line.

它不一定是最便宜的。我們並不是同類產品中最便宜的，但我們希望確保達到消費者感到舒適的心理閾值。所以想想[499，999，1499]。我們並不總是處於有利位置。這造成了一些混亂，使得我們不太容易透過這些修正來購物，因為我們需要在短期內為營收付出代價。

But it's definitely helping consumers shop Neutrogena, Aveeno, OGX, and other brands in a much easier way, and we see the impact on consumption.

但它確實幫助消費者以更簡單的方式購買露得清、Aveeno、OGX 和其他品牌，我們也看到了對消費的影響。

Nik Modi, RBC Capital Markets.

尼克莫迪 (Nik Modi)，加拿大皇家銀行資本市場 (RBC Capital Markets)。

Yeah, thank you. Good morning, everyone. People, I just wanted to get your thoughts on a supply chain. A lot of reports on shipments from China to the US are down significantly, more recently. And it might continue just given some retailers, and even some manufacturers aren't taking, some of the inventory in -- under their own P&L and keeping it over in China.

是的，謝謝。大家早安。各位，我只是想了解你們對供應鏈的看法。最近，許多關於中國對美國的出貨量大幅下降的報告。而這種情況可能會持續下去，因為一些零售商，甚至一些製造商都沒有將部分庫存納入自己的損益表並將其保留在中國。

And so I guess I have two questions on that. One is have you thought about that exposure? Does that create any risk in terms of ingredients coming, that could potentially lead to some issues in terms of product shortages?

我想我對此有兩個問題。一是您是否考慮過這種曝光？這是否會對原料進口造成風險，可能導致產品短缺等問題？

But more importantly, a lot of competitors in the beauty space, in the personal care space, are produced in China. So I'm just curious if you think this could create an opportunity actually, and do you have the supply chain agility to deliver on the demand if in fact retailers have some bare shelves? Thanks.

但更重要的是，美容領域、個人護理領域的許多競爭對手都來自中國。所以我只是好奇，您是否認為這實際上可以創造一個機會，如果零售商實際上有一些空貨架，您是否擁有供應鏈靈活性來滿足需求？謝謝。

Nick, that's a great question, and it seems like you could be in our offices working with our teams because that's exactly the way we look at it. On one hand, we are making sure that we are working very hard, as you heard from Paul to mitigate the impact of tariffs as much as we can.

尼克，這是一個很好的問題，看起來你可能在我們的辦公室和我們的團隊一起工作，因為這正是我們看待它的方式。一方面，正如保羅所說，我們正在努力工作，盡可能減輕關稅的影響。

In a fluid environment, dual sourcing and adjusting our supply chain is part of it. As you know, China represents a relatively small part of our imports into the US. Our supply chain is structured to be in region for region, so we produce very close to where we sell.

在流動的環境中，雙重採購和調整我們的供應鏈是其中的一部分。眾所周知，中國在美國進口中所佔比例相對較小。我們的供應鏈是按區域建構的，因此我們的生產地和銷售地非常接近。

But what it means is that the small part that doesn't fit this model is there for a good reason. And so it's not easy to move quickly because if it were, we would have done -- if it was easy, we would have done it some time ago. So that's why making these adjustments is going to take time.

但這意味著，不符合這個模型的一小部分的存在是有原因的。因此，快速行動並不容易，因為如果容易的話，我們早就做了——如果容易的話，我們早就做了。所以這就是為什麼進行這些調整需要時間。

But you are absolutely right, we are also looking at opportunities. This situation creates for us again in consumer health, we are in resilient categories, can view brands are trusted by consumers and so that's why you have us really deploy the playbook that we have used in in the past.

但您說得完全正確，我們也在尋找機會。這種情況再次為我們創造了消費者健康的機會，我們處於有彈性的類別，可以看到品牌受到消費者的信任，這就是為什麼你讓我們真正部署我們過去使用過的劇本。

When it's getting tougher for consumers, which is continuing to stay the course on innovation to bring new consumers in our categories that are under penetrated, continuing to advertise and invest behind our brands, especially those like ours who are number one and number two in their categories, but making sure that you are extremely precise in the type of packaging format you offer and making sure that you are where shoppers are.

當消費者面臨越來越艱難的處境時，我們要繼續堅持創新，為那些滲透率較低的產品類別吸引新的消費者，繼續為我們的品牌做廣告和投資，特別是像我們這樣在各自產品類別中位居第一和第二的品牌，但要確保你提供的包裝格式極其精確，並確保你的產品出現在購物者所在的地方。

I would add one more point on supply chain resiliency. You know that we have invested quite a lot in the past number of years since COVID in increasing the resiliency of our supply chain, and for times like this, a resilient supply chain is certainly something that is valued by our retail partners.

我想就供應鏈彈性再補充一點。您知道，自新冠疫情爆發以來，我們在過去幾年中投入了大量資金來提高供應鏈的彈性，而在這樣的時期，有彈性的供應鏈無疑是我們的零售合作夥伴所重視的。

It's just one more point to add, in terms of our analyzed exposure to foreign sources, China represents only about 10%, so that gives you a frame of reference of how much we're talking about.

還有一點需要補充，就我們分析的對外國來源的接觸而言，中國僅佔 10% 左右，因此這可以給你一個參考框架，讓你了解我們所談論的數量。

In addition, of course, to the point that Thibaut just made, we have been working hard on making our supply chain more resilient with do outsourcing, triple sourcing. So, we have created some of the agility to give us the flexibility to capture some of the upside opportunities that you mentioned.

此外，當然，正如 Thibaut 剛才提到的那樣，我們一直在努力透過外包、三重採購等方式來提高我們的供應鏈的彈性。因此，我們創造了一些敏捷性，使我們能夠靈活地抓住您提到的一些上行機會。

Filippo Falorni, Citi.

花旗銀行的 Filippo Falorni。

Hi, good morning, everyone, and best of luck to Paul in your next chapter. First, I have two questions, one on, self-care.

大家早安，祝福保羅在新的篇章中一切順利。首先，我有兩個問題，一個是關於自我照顧的。

Maybe, can you talk about like the benefits that you saw from the high incidence in the US, cold and flu? I think your expectation was that you were not expecting any replenishment of inventory, but maybe can you help me understand if you got one in Q1.

也許，您能談談您從美國感冒和流感高發病率中看到的好處嗎？我認為您的預期是您不期望任何庫存補充，但也許您可以幫助我了解您是否在第一季得到了補充。

And then another one on tariffs, the $150 million gross input that you mentioned, can you help us understand what buckets it's composed of in terms of like what raw materials or finished product it includes?

然後另一個關於關稅的問題，您提到的 1.5 億美元的總投入，您能否幫助我們了解它由哪些部分組成，例如它包含哪些原材料或成品？

And obviously there's been, so far, an exemption on pharmaceutical imports, but maybe can you give us a sense of the potential impact if there were some incremental tariffs on pharmaceutical imports? Thank you.

顯然，到目前為止，藥品進口一直享有豁免，但您能否讓我們了解一下，如果對藥品進口徵收一些增量關稅，可能產生的影響？謝謝。

Okay, so Filippo, let's -- good morning. Let me take the first one and then Paul can take the second one on tariff. So on self-care and specifically the cough, cold, and flu season, overall globally the season was, I would say about flat if you think about the combination of Q4 and Q1, a slightly down versus last year.

好的，菲利波，早安。讓我回答第一個問題，然後保羅可以回答有關關稅的第二個問題。因此，就自我護理，特別是咳嗽、感冒和流感季節而言，如果將第四季度和第一季度結合起來，我認為全球總體上這個季節的情況基本持平，與去年相比略有下降。

So not a great versus last season. So not a great season with marked differences by region. So in the US, if you recall, we had a very low season in Q4, followed by an initial peak early February. It went down, then a large peak in -- So the first peak in January, a second peak in February.

因此與上賽季相比，表現並不出色。因此，這不是一個好的季節，各地區之間有明顯的差異。如果你還記得的話，在美國，我們在第四季度經歷了一個非常淡季，然後在二月初迎來了一個最初的高峰。它先是下降，然後出現了一個大高峰——所以第一個高峰出現在一月份，第二個高峰出現在二月。

And what we saw in the month of March is distributors replenishing the inventory not to the appropriate level, I would say, not to a large degree, but slightly more than what we anticipated to an appropriate level.

我們在三月看到的情況是分銷商補充庫存沒有達到適當的水平，我想說，補充的程度不是很大，但略高於我們預期的適當水平。

So I would say that in the US distributors left the season, with an appropriate level of inventory to go through the coming quarters until the next season. In Asia, we saw something different with a low level of incidents continuing in the first quarter.

因此我想說，在美國，分銷商已經離開了這個季節，並留有適當的庫存水平，可以維持接下來幾個季度的銷售，直到下一個季節。在亞洲，我們看到了不同的情況，第一季事故發生率持續較低。

As a result of that, if you recall correctly, we were expecting retailers to deplete their inventory with the expected increased demand during the first quarter. That didn't happen to the level and to the extent we expected.

因此，如果您沒有記錯的話，我們預計零售商會隨著第一季預期需求的增加而耗盡庫存。事情並沒有達到我們預期的程度和程度。

So that's going to be somewhat of a small headwind in the second quarter because the destocking will continue to happen in the second quarter for them to hit the appropriate level of replenishment. So overall, they balance each other, but different dynamics between the US and China.

因此，這在第二季度將是一個小小的阻力，因為第二季將繼續去庫存，以達到適當的補貨水準。因此總體而言，它們相互平衡，但美國和中國之間的動態不同。

Let me take the tariffs question. So Philip, you said we have a gross impact of tariffs that are currently in place of about $150 million for 2025. Let me break it down into two dimensions.

讓我來回答關稅問題。菲利普，您說，目前實施的關稅對我們造成的總體影響是，到 2025 年將達到約 1.5 億美元。讓我把它分解成兩個維度。

The biggest importer is Canada into the US, and most of that is finished goods. And it has been qualified the majority on current USA MCA exemptions. So that nets out to a small proportion of the total impact, less than 10%. The other dimension is where does the biggest impact, in terms of the tariff come from and that's from China.

美國最大的進口國是加拿大，其中大部分是成品。並且已經滿足了當前美國MCA豁免的大多數要求。因此，這只佔整體影響的一小部分，不到 10%。另一個維度是，就關稅而言，最大的影響來自哪裡？那就是中國。

It's only about 10% of our analyzed trade spent. However, it is the largest impact. It's about 2/3 of the analyzed impact at the current rate of 145%.

這僅占我們所分析的貿易支出的 10% 左右。但它的影響卻是最大的。以目前 145% 的速率計算，這大約是分析影響的 2/3。

To give a little bit more color, 2/3 is finished products, about 1/3 is raw materials, and that's what we have embedded into our guidance. In terms of your question on pharma tariff impact that has not got in effect, we are. of course. assessing the impact. But at this point, we're not ready to provide a number. It's not in effect yet.

為了更直觀地說明，2/3 是成品，約 1/3 是原料，這就是我們指導中嵌入的內容。關於您關於尚未生效的藥品關稅影響的問題，我們已經生效了。當然。評估影響。但目前我們還沒準備好提供一個數字。它還沒有生效。

Javier Escalante, Evercore ISI.

哈維爾·埃斯卡蘭特，Evercore ISI。

Hello. Good morning, everyone. A high-level question for me. I'm new to the name, but if you could please help me and investors understand why your SD&A is so elevated in terms of percentage of sales if we exclude marketing and R&D reinvestment? So to what extent scale plays a role in this given the breadth of your portfolio and it's a global geographic footprint?

你好。大家早安。對我來說這是一個高層次的問題。我對這個名字不太熟悉，但如果您能幫助我和投資者理解，如果我們排除行銷和研發再投資，為什麼您的 SD&A 在銷售額中所佔百分比會如此之高？那麼，考慮到您的投資組合的廣度和全球地理覆蓋範圍，規模在多大程度上發揮了作用？

So as you end this DSA with GNJ, are you considering restructuring at the regional level to bring down SG&A to levels more commensurate to peers or even open to a more focused product portfolio? Thank you.

那麼，當您與 GNJ 結束 DSA 時，您是否考慮在區域層面進行重組，以將 SG&A 降低到與同行更相稱的水平，甚至開放更有針對性的產品組合？謝謝。

Yeah. Thank you for the high-level question. So we report, SG&A including total SG&A, and advertising expenses, so that all of that is embedded into operating margins. And we do thorough benchmarking in terms of understanding our competitiveness, both in terms of how much we invest in our brands and how much we have in terms of the infrastructure costs.

是的。感謝您提出這個高水準的問題。因此，我們報告的銷售、一般和行政費用包括總銷售、一般和行政費用以及廣告費用，以便所有這些都計入營業利潤率。我們會進行徹底的基準測試，以了解我們的競爭力，包括我們對品牌的投資金額以及我們在基礎設施成本方面的投入。

As you well know, we are investing more in behind our brands and we have increased last year over the prior year $400 million more, so assertively going after brand investment and at the same time, we're fueling that from efficiencies and that's why we put Our Vue Forward program together.

眾所周知，我們正在加大對品牌的投資，去年的投資比前一年增加了 4 億美元，因此我們積極進行品牌投資，同時透過提高效率來推動投資，這就是我們推出 Vue Forward 計畫的原因。

The separation from J&J is allowing us to be more flexible, nimble, and also have a lower cost base, but we needed to separate. On top of that, we put Our Vue Forward program that makes us more efficient.

與強生公司的分離使我們變得更加靈活、敏捷，且成本基礎更低，但我們需要分開。最重要的是，我們推出了 Vue Forward 程序，以提高我們的效率。

And we are very much on track to deliver the $350 million of savings that we talked about, that should be realized by 2026. The program is on track. We are acutely looking at our cost efficiencies to be able to fuel the top line, and that's the puts and takes in the P&L that you see in the SG&A and reflecting the operating margins.

我們非常有望實現我們談到的 3.5 億美元的節省目標，這一目標應該在 2026 年實現。該計劃正在順利進行。我們正在密切關注成本效率，以便能夠推動營收成長，這就是損益表中銷售、一般和行政費用中的投入和收益，反映了營業利潤率。

Susan Anderson, Canaccord Genuity

蘇珊安德森（Susan Anderson），Canaccord Genuity

Hi, good morning, Alex Legg for Susan. My question is just on trading down or potentially seeing that. So we've heard from some peers that they were gaining share maybe in private label, but are there any brands or categories that you're seeing hold up maybe better than expected and then other areas that may be seeing consumers looking for more value options? Thank you.

大家好，早安，我是 Alex Legg，代表 Susan。我的問題只是關於交易下降或可能看到的情況。因此，我們從一些同行那裡聽說，他們可能在自有品牌方面獲得了份額，但您是否看到任何品牌或類別的表現可能比預期更好，而其他領域可能會看到消費者尋求更多價值選擇？謝謝。

Yeah, thank you for the question. Here, as I said, we see that consumers remain choiceful. They are looking for convenience and value, but they are not compromising on their health and the health of their loved ones.

是的，謝謝你的提問。正如我所說，我們看到消費者仍然有選擇性。他們追求便利和價值，但不會以自己和親人的健康為代價。

That's -- I would say constant in our consumer health categories. We have seen that over and over again in expansion times or in recession times, consumer behavior in our categories, doesn't really change much.

我想說的是，這在我們的消費者健康類別中是恆定的。我們一次又一次地看到，無論是在擴張時期還是在衰退時期，我們類別的消費者行為並沒有太大變化。

People are looking for trust, value brands that they are familiar with, that have been recommended to them by the healthcare professionals that has been part of their medicine cabinet or their household for years, decades, sometimes generations. And that's what Kenvue is all about.

人們正在尋找他們熟悉的、值得信賴的、有價值的品牌，這些品牌是由醫療保健專業人士推薦給他們的，這些品牌已經成為他們藥櫃或家庭中多年、幾十年甚至幾代人的一部分。這就是 Kenvue 的全部意義所在。

So the short answer to your question is no, we don't see a down trade to private label globally as Kenvue. Our exposure to private level is limited on a on a global basis and within this limited universe where we are exposed to private label.

因此，對於您的問題，簡短的回答是否定的，我們並未看到 Kenvue 等全球自有品牌的貿易下滑。在全球範圍內，我們對私人層面的接觸是有限的，在這個有限的範圍內，我們接觸到的自有品牌是有限的。

We don't see down trading actually if I look at the most recent periods, penetration of private label in our categories is down overall by another 50 basis points in the last period. Now, it doesn't mean that we are not taking this very seriously.

實際上，如果我看一下最近的時期，我們並沒有看到交易量下降，上一時期我們類別中自有品牌的滲透率總體下降了 50 個基點。現在，這並不意味著我們沒有非常重視這個問題。

And our teams are working every single day to make sure that we offer the right value proposition whether it's a new format, an innovation, the right pack and count or the right, making sure that we hit the price thresholds that I talked about earlier.

我們的團隊每天都在努力確保我們提供正確的價值主張，無論是新格式、創新、正確的包裝和數量還是正確的，確保我們達到我之前提到的價格門檻。

So we work very hard every day to make sure that our brands continue to earn consumer confidence and so far that's what we continue to see playing out in the marketplace.

因此，我們每天都非常努力地工作，以確保我們的品牌繼續贏得消費者的信任，到目前為止，我們在市場上也看到了這樣的情況。

Steve Powers, Deutsche Bank.

德意志銀行的史蒂夫·鮑爾斯。

Thank you very much and good morning. And Paul, thank you for your partnership over the past few years. Thank you.

非常感謝，早安。保羅，感謝您過去幾年來的合作。謝謝。

Thibaut, I wanted to ask, sure Amit will have more to say when he arrives on the scene, but can you provide maybe a bit more perspective on what you're expecting him to bring to the Kenvue team?

蒂博，我想問一下，阿米特到達現場後肯定會有更多話要說，但是你能否提供更多一些關於你期望他為 Kenvue 團隊帶來什麼的觀點？

Obviously, he's a professional, as you said, and he's well known to many of us and very well respected. But he's probably most closely associated today with seeing Kellogg through the Kellanova WK Kellogg separation and the subsequent sale of Kellanova to Mars.

顯然，正如你所說，他是一名專業人士，我們很多人都熟悉他，並且非常尊重他。但他今天最密切相關的可能是透過 Kellanova WK Kellogg 的分離以及隨後將 Kellanova 出售給 Mars 來了解 Kellogg。

So, I guess in that context, one key question, it's certainly one I've been fielding this morning. Is whether today's change in some ways signals more appetite and more open-mindedness or analogous types of corporate action on Kennedy's part? Thank you.

因此，我想在這種背景下，一個關鍵問題肯定是我今天早上一直在回答的問題。今天的改變是否在某種程度上表明甘迺迪表現出了更大的興趣和更開放的思想，或類似的企業行動？謝謝。

Yes, Steve, thank you for the question. And you heard me talk about the fact that we were excited to welcome Amit to Kenvue and then emphasize the fact that we were excited for him to bring his 30 years of global experience in CPG, in both finance and operational roles and that's really what drove our decision to invite Amit to join the team and it brings expertise across the spectrum.

是的，史蒂夫，謝謝你的提問。您聽到我談到我們很高興歡迎 Amit 加入 Kenvue，然後強調我們很高興他能帶來他在 CPG 的 30 年全球經驗，包括財務和營運方面的經驗，這才是我們決定邀請 Amit 加入團隊的真正原因，它帶來了各個領域的專業知識。

He has a proven track record of driving profitable growth, and that's what we are going for -- at Kenvue. And it will oversee both the finance and the strategy functions and really initiatives aimed at accelerating our profitable growth agenda and deliver value for shareholders.

他在推動獲利成長方面有著良好的記錄，而這正是我們在 Kenvue 所追求的。它將監督財務和策略職能，並真正實施旨在加速我們的獲利成長議程並為股東創造價值的措施。

So it will be focused on revenue growth, stronger data management, right resource allocation, improving our agility, including better integration of planning, financial forecasting, continue to drive what Paul talked about our strong program to shift resources from fixed cost infrastructure to viable cost, brand investments, strengthening our operating cash flow. I could go on and on.

因此，我們將專注於收入成長、更強大的數據管理、正確的資源配置、提高我們的敏捷性，包括更好地整合規劃和財務預測，繼續推動保羅所說的強有力的計劃，將資源從固定成本基礎設施轉移到可行成本、品牌投資，加強我們的經營現金流。我還可以繼續說下去。

So this is really about this global leadership, operational expertise, proven track record, and long tenure in consumer goods that make us believe that Amit is a great addition to the team.

因此，這實際上是關於全球領導力、營運專業知識、良好的業績記錄以及在消費品領域的長期任職，這些讓我們相信 Amit 是團隊的一大助力。

Korinne Wolfmeyer, Piper Sandler.

科琳·沃爾夫邁耶，派珀·桑德勒。

Hey, good morning. Thank you so much for the question. I'd like to just touch a little bit more on the tariff impact that you're embedding for the year, and any color you can give us on -- when that should start to hit the P&L?

嘿，早安。非常感謝您的提問。我想再多談談你們今年嵌入的關稅影響，以及你們能否告訴我們什麼時候關稅會開始對損益表產生影響？

And when we should start to see some of those mitigation efforts really take hold? And then is there any chance, if the tariffs do continue that the impacts could be fully offset at some point come 2026, or how are you thinking about that? Thank you.

我們什麼時候才能看到這些緩解措施真正發揮作用？那麼，如果關稅繼續下去，到 2026 年某個時候，其影響是否有可能被完全抵消，或者您對此有何看法？謝謝。

Thank you for the question, Korinne. So this is what we have reflected in our guidance for the year. FX helped us with a couple of points, in EPS, and the rest is estimated to be the impact of tariffs, the net impact of tariffs.

謝謝你的提問，科琳。這就是我們在今年的指導中所反映的內容。外匯在每股收益方面為我們提供了一些幫助，其餘部分估計是關稅的影響，即關稅的淨影響。

So that's the math, in terms of being able to absorb it in 2026 we're working towards it, we have many actions in place, that includes productivity initiatives.

這就是計算結果，為了能夠在 2026 年吸收這些能源，我們正在努力實現這一目標，我們已經採取了許多行動，其中包括提高生產力的舉措。

We are looking for alternate sourcing and we're optimizing our supply chain and we're also working on revenue growth management initiatives, including targeted price actions, but we will only take those in partnership with our retail partners because ultimately what we want to do is protect the brand health.

我們正在尋找替代採購，優化我們的供應鏈，我們也致力於收入成長管理舉措，包括有針對性的價格行動，但我們只會與我們的零售合作夥伴合作採取這些措施，因為我們最終想要做的是保護品牌健康。

So that's the plan, and we're working towards absorbing as much as we can this year, and we will see how the fluid situation evolves in 2026 and beyond.

這就是計劃，我們正在努力在今年吸收盡可能多的信息，然後看看 2026 年及以後流動性情況將如何發展。

Thank you. We have reached the end of our question-and-answer session. I would now like to turn the floor back over to Thibaut Mongon for concluding comments.

謝謝。我們的問答環節已經結束。現在我想把發言權交還給 Thibaut Mongon，請他作最後總結。

So thank you all for joining us today for this quarter one earnings update and for your continued support for Kenvue.

感謝大家今天參加我們第一季的收益更新，也感謝大家對 Kenvue 的持續支持。

Thank you, that does conclude today's conference. Thank you for your participation. Have a wonderful day. You may now disconnect your lines.

謝謝，今天的會議到此結束。感謝您的參與。祝您有美好的一天。現在您可以斷開線路了。