Kenvue Inc (KVUE) 2025 Q2 法說會逐字稿

Hello, and welcome to Kenvue's second quarter 2025 earnings conferencei call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Sofya Tsinis, Head of Investor Relations for Kenvue.

您好，歡迎參加 Kenvue 2025 年第二季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。現在我很高興介紹您的主持人，Kenvue 投資者關係主管 Sofya Tsinis。

Good morning, everyone, and welcome to Kenvue's second quarter 2025 earnings conference call. I'd like to extend a special welcome to Kirk Perry, Interim Chief Executive Officer; and Amit Banati, Chief Financial Officer, as they participate in their first earnings call with us today.

大家早安，歡迎參加 Kenvue 2025 年第二季財報電話會議。我要特別歡迎臨時執行長柯克·佩里 (Kirk Perry) 和財務長阿米特·巴納蒂 (Amit Banati)，他們今天與我們一起參加他們的第一次財報電話會議。

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. 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 earnings materials related to this call posted on our website and our filings with the SEC.

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。這些陳述代表了我們目前對未來事件的信念、預期或假設，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 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. 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.

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。非公認會計準則財務資訊的呈現不應被孤立地看待或取代依照美國公認會計準則呈現的財務資訊。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 and nearest to 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.

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。

With that, I'll turn it over to Kirk.

說完這些，我就把麥克風交給柯克。

Thank you, Sofya, and good morning, everyone. We appreciate you joining us today. I'm honored to be speaking with you for the first time as interim CEO. I've had the pleasure of serving on the Kenvue Board since late last year. It is a privilege to take on this new role, it's such an important time for the company.

謝謝你，索菲亞，大家早安。感謝您今天加入我們。我很榮幸能夠作為臨時執行長第一次與您交談。自去年年底以來，我很榮幸能夠擔任 Kenvue 董事會成員。我很榮幸能夠擔任這個新職位，這對公司來說是一個非常重要的時刻。

Our full Board is acting with urgency, making changes in leadership, working the Kenvue on an accelerated growth trajectory in progressing our comprehensive review of strategic alternatives. I clearly see the opportunity where I can step in and make a difference right away, drawing on my past experiences. As more than 30 years in the global CPG technology and data and analytics industries, I am committed to leveraging my knowledge and expertise to make an impact quickly, enabling Kenvue to deliver on its tremendous potential.

我們的整個董事會正在緊急採取行動，更換領導層，推動 Kenvue 沿著加速成長的軌道前進，並全面審查策略替代方案。我清楚地看到了這個機會，我可以利用過去的經驗介入並立即做出改變。憑藉在全球 CPG 技術、數據和分析行業 30 多年的經驗，我致力於利用自己的知識和專業技能迅速發揮影響力，使 Kenvue 發揮其巨大的潛力。

During my 23 years at Procter & Gamble, I competed against many of Kenvue's iconic brands, and I bring deep consumer, customer and operational experience in our categories. During this time, I spent six years working abroad in South Korea and Japan, gaining important insights into what it takes to win across diverse and dynamic markets outside the US. I was also responsible for running P&G's US operations group, overseeing all the North American marketing and US operations teams, deeply integrating into our customer teams to grow and win with our largest retail partners.

在寶潔公司工作的 23 年裡，我與 Kenvue 的許多標誌性品牌競爭，並在我們的產品類別中帶來了豐富的消費者、客戶和營運經驗。在此期間，我在韓國和日本工作了六年，對如何在美國以外多元化和充滿活力的市場中取得成功獲得了重要的見解。我還負責管理寶潔公司的美國營運集團，監督所有北美行銷和美國營運團隊，深度融入我們的客戶團隊，與我們最大的零售合作夥伴共同成長和獲勝。

I bring a tech first understanding of the global consumer marketplace for my time at [Carcano] and Google. As CEO of Carcano, a global tech data and analytics provider for the consumer retail and media sectors, I led the team that helped global clients successfully navigate the data in AI revolution. At Google, I was President of Global Client Agency Solutions, where we helped the world's largest advertisers and agencies win in the digital first world.

在我 [Carcano] 和 Google 工作期間，首先從技術角度對全球消費者市場進行了了解。作為為消費者零售和媒體領域提供全球技術數據和分析服務的 Carcano 公司的首席執行官，我領導的團隊幫助全球客戶在人工智慧革命中成功駕馭數據。在谷歌，我擔任全球客戶代理解決方案總裁，我們幫助世界上最大的廣告商和代理商在數位優先世界中獲勝。

By time at these companies shaped how I see the modern playbook for consumer brands, something that has transformed dramatically and rapidly in a data-driven, digitally enabled world and something that CPG companies need to embrace to win with consumers and customers. To win, we need to adopt not only the right tools, but the right mindset across everything we do.

在這些公司工作的時間塑造了我對現代消費品牌策略的看法，在數據驅動、數位化的世界中，消費品牌策略發生了巨大而迅速的變化，而消費品公司需要接受這種策略才能贏得消費者和客戶的青睞。為了取得勝利，我們不僅需要採用正確的工具，還需要在所做的每一件事中採取正確的心態。

The reason I'm so confident that Kenvue can be a turnaround is that I have been part of many over the course of my career. Probably the single biggest and most dramatic was turning around the Baby Care business at P&G during the time I was there, where I had the opportunity to lead the Northeast Asia and then the North America businesses. Over a two-year period, we strengthened the performance of a big business that have been losing share for years by focusing on the fundamentals we executed with excellence and turned it around.

我之所以如此有信心 Kenvue 能夠扭轉乾坤，是因為我在我的職業生涯中曾參與過許多這樣的轉變。可能最大、最引人注目的是在我任職期間扭轉了寶潔嬰兒護理業務的局面，當時我有機會領導東北亞和北美業務。在兩年的時間裡，我們透過專注於基本面並出色地執行，增強了多年來市場份額不斷下滑的大企業的業績，並扭轉了局面。

There has been important progress made in the business since Kenvue was established as a stand-alone company with Kenvue working to transition processes and systems and separate from J&J to create a stronger tailored business foundation and beginning to achieve efficiencies and cost savings along the way. Of course, with the separation now behind us, we have to find ways to work smarter and be more agile by simplifying work streams and streamline decision-making. The focus is on improving our execution and financial performance in order to deliver reliable and consistent results. I am a firm believer that promises made need to be promises kept.

自 Kenvue 作為獨立公司成立以來，業務取得了重要進展，Kenvue 致力於轉變流程和系統，並與強生公司分離，以創建更強大的客製化業務基礎，並開始實現效率和成本節約。當然，現在我們已經完成了分離，我們必須透過簡化工作流程和精簡決策過程來找到更聰明、更靈活的工作方式。重點是提高我們的執行力和財務業績，以提供可靠和一致的結果。我堅信，所做的承諾必須兌現。

To that end, I'll now turn to some of the key points we want to leave you with today. The Kenvue Board has taken a set of decisive actions to enable the company to unlock shareholder value and reach its full potential. The Board asked me to step into the CEO role on an interim basis following the earlier CFO transition with Amit Banati joining the company. Amit is here with us on his first earnings call today and is now three months into his role.

為此，我現在將談談我們今天想要告訴你們的一些要點。Kenvue 董事會已採取一系列果斷行動，使公司能夠釋放股東價值並充分發揮其潛力。在 Amit Banati 加入公司並完成財務長過渡後，董事會要求我臨時擔任執行長一職。阿米特今天與我們一起參加他的第一次財報電話會議，他上任已經三個月了。

Speaking for the Board and the company, we are very pleased to have someone with Amit's skills and relevant experiences in this critical role. In addition to these leadership changes, the Board has previously initiated a comprehensive review of strategic alternatives, and we now have a strategic review committee in place, which I'm a member of, to oversee this ongoing process.

我代表董事會和公司發言，我們非常高興能有像阿米特這樣擁有技能和相關經驗的人擔任這一關鍵職位。除了這些領導層變動之外，董事會先前還啟動了對戰略替代方案的全面審查，我們現在已設立戰略審查委員會（我是該委員會的成員之一）來監督這一正在進行的進程。

We are considering a broad range of potential alternatives, including optimizing the company's brand portfolio. Amit and I are working closely with other members of the Board on this process. We're moving with rigor and urgency to deliver the best outcome for our shareholders, and we'll update everyone as the review progresses.

我們正在考慮多種潛在的替代方案，包括優化公司的品牌組合。阿米特和我正在與董事會其他成員就此進程密切合作。我們正在以嚴謹和緊迫的態度為股東提供最好的結果，我們將在審查過程中向大家通報最新進展。

I also want to be clear that while the Board's work proceeds, we are not standing still, and we are actively and acutely focused on improving our operational and financial performance. Kenvue has an iconic brand portfolio with so much potential. Potential with outperformance doesn't matter. We need to enable these brands to live up to their full potential faster in a sustainable manner. We will be moving at warp speed to get the business moving in the right direction.

我還想明確指出，在董事會工作繼續進行的同時，我們並沒有停滯不前，而是積極而敏銳地致力於改善我們的營運和財務表現。Kenvue 擁有標誌性的品牌組合，潛力巨大。具有優異表現的潛力並不重要。我們需要以永續的方式讓這些品牌更快發揮其全部潛力。我們將以超光速前進，使業務朝著正確的方向發展。

In the three weeks since I've been in the interim CEO role, I've been diligently digging into the business to identify what we're doing well and what we need to change to win with consumers and customers and operate with greater impact and agility. While I'm still in my early days and going through deep dives across the entire organization, I wanted to share some initial observations, which have informed our immediate priorities.

在擔任臨時執行長後的三週內，我一直在認真研究公司業務，以確定我們做得好的地方以及我們需要做出哪些改變才能贏得消費者和客戶的青睞，並以更大的影響力和靈活性開展營運。雖然我還處於早期階段，正在對整個組織進行深入研究，但我想分享一些初步觀察，這些觀察為我們的當務之急提供了資訊。

There is a significant amount of complexity across the organization, whether it comes to SKUs, brands or even countries, we can't be everything to everyone, and we need to be more choiceful on where to play and how to win, even when it comes to innovation by focusing on fewer, bigger and better ideas, we can execute better and more efficiently. With that said, I do want to acknowledge that in the back half of the year, we have the most robust pipeline of innovation we've had in years.

整個組織都存在相當大的複雜性，無論是 SKU、品牌還是國家，我們都不可能滿足所有人的需求，我們需要更加謹慎地選擇在哪裡開展業務以及如何取勝，即使在創新方面，透過專注於更少、更大、更好的想法，我們也可以更好、更有效地執行。話雖如此，我確實想承認，在今年下半年，我們擁有多年來最強勁的創新管道。

Second, we should be winning share with our brands, period. To make this a reality, we need to transition to a consumer-centric mindset. The consumer should always be at the center of everything we do. When you do this well, it shows up everywhere. From iconic brand marketing campaigns to breakthrough innovation that drives category growth, to organizing everything you do on systems, processes and structure to the later boss, to consumer.

其次，我們應該透過我們的品牌來贏得市場份額，僅此而已。為了實現這一目標，我們需要轉變為以消費者為中心的思維方式。消費者應該始終是我們所做的一切的中心。當你做好這件事時，它就會隨處顯現。從標誌性的品牌行銷活動到推動品類成長的突破性創新，再到組織您在系統、流程和結構上所做的一切，再到後來的老闆和消費者。

As an organization, we need to refocus on household penetration, which is key to driving market share. Deep consumer understanding creates incredible consumer insights that deliver points of difference, we can leverage to drug big ideas and needle-moving innovation. We simply haven't done this well enough.

作為一個組織，我們需要重新關注家庭滲透率，這是推動市場份額的關鍵。深入了解消費者可以創造令人難以置信的消費者洞察力，從而提供差異點，我們可以利用這些洞察力來推動偉大的想法和推動性的創新。我們在這方面做得還不夠好。

When you deeply understand the consumer, you build insights that are the foundation of everything you do. It leads to brand building that resonates and allows your brand move from consumers liking it to needing it. Then you build innovation from the insights to delight and reinforce it through marketing.

當你深入了解消費者時，你就會建立洞察力，這是你所做的一切的基礎。它將促進品牌建設，引起共鳴，讓您的品牌從消費者喜歡它變成消費者需要它。然後，您可以根據洞察來建立創新，並透過行銷來強化它。

And last but certainly not least, law list go-to-market execution is absolutely critical to our success. Whether it comes to category management, revenue growth management, perfect store or how we show up online, in particular with e-commerce. Executing with excellence is mandatory, not optional. It is something we have not done but absolutely need to do well everywhere.

最後但同樣重要的一點是，法律清單的上市執行對於我們的成功至關重要。無論是涉及品類管理、收入成長管理、完美商店或我們如何在線上展示，尤其是電子商務。卓越執行是強制性的，而不是可選的。這是我們在各地還沒有做過但絕對需要做好的事情。

Importantly, none of these are insurmountable challenges. Members of our leadership team and I have already run this place look before, and I'm confident we can do it again. The good news is that over the past few weeks, I've also seen an organization that wants to win. They want us to refocus on fundamentals and make bold choices. By focusing on the following four immediate priorities, I believe we can reach our goals faster.

重要的是，這些都不是無法克服的挑戰。我和我們的領導團隊成員之前已經對這個地方進行過考察，我相信我們可以再次做到。好消息是，在過去的幾周里，我還看到了一個想要獲勝的組織。他們希望我們重新專注於基本面並做出大膽的選擇。透過專注於以下四個當務之急，我相信我們能夠更快地實現目標。

Our first priority is to strengthen leadership and capabilities. We are pleased that Andy Dasgupta, a nearly 30-year global consumer products industry veteran assumed the leadership of our Asia Pacific region in July. With extensive leadership experience in health, nutrition and food and beverage sectors, Andy has held senior level regional and global roles across Europe, the US and Asia Pacific.

我們的首要任務是加強領導和能力。我們很高興擁有近 30 年全球消費品產業經驗的 Andy Dasgupta 於 7 月出任我們亞太地區的領導。Andy 在健康、營養和食品飲料領域擁有豐富的領導經驗，曾在歐洲、美國和亞太地區擔任區域和全球高階職位。

And today, we announced that Mike Wondrasch will serve as our new Chief Technology and Data Officer effective August 25 and bringing nearly 30 years of experience at the intersection of technology, digital and data for global Fortune 100 companies.

今天，我們宣布 Mike Wondrasch 將於 8 月 25 日起擔任我們的新任首席技術和數據官，他將為全球財富 100 強公司帶來近 30 年的技術、數位和數據交叉領域經驗。

These appointments complement the many new talents and capabilities we have brought in across the organization to accelerate our marketing, sales, digital and capabilities across our markets. Ensuring that we have the right leadership and capabilities in place to improve performance is a critical focus area for me.

這些任命補充了我們在整個組織中引入的眾多新人才和能力，以加速我們在各個市場的行銷、銷售、數位和能力。確保我們擁有正確的領導力和能力來提高績效是我關注的關鍵領域。

With these moves, we've appointed four new leaders to Kenvue's leadership team over the past three months which is one-third of the team. We'll also take a fresh look at our operating strategy. As I mentioned earlier, our focus will be on making the right choices on where to play and how to win. Unfortunately, what has inhibited our ability to do this well to date is that we have created self-induced complexity that we need to fix.

透過這些舉措，我們在過去三個月內任命了四位新領導人加入 Kenvue 的領導團隊，佔團隊人數的三分之一。我們也將重新審視我們的營運策略。正如我之前提到的，我們的重點是做出正確的選擇，決定在哪裡比賽以及如何獲勝。不幸的是，迄今為止阻礙我們做好這項工作的原因是，我們創造了需要解決的自我引發的複雜性。

A few examples. While we have 115 brands in the company, play a role across one or more regions and account for over three-fourth of our sales. We have a long tail of SKUs that make up a significant portion of total SKUs yet account for approximately 1% of our sales. Finally, we have a robust pipeline of innovation, but far too many initiatives that can be executed efficiently and effectively. We can and we will do better here.

舉幾個例子。我們公司旗下有 115 個品牌，分佈在一個或多個地區，占我們銷售額的四分之三以上。我們的 SKU 數量很長，佔總 SKU 的很大一部分，但卻只占我們銷售額的 1% 左右。最後，我們擁有強大的創新管道，但可以有效執行的舉措卻太多了。我們能夠並且將會做得更好。

Third, improving the execution will be at the core of everything. My mentor once told me, the only strategy our consumers and customers ever see is our execution and I obsess over three critical moments of truth and execution. It's when consumers hit the zero moment of truth, which is where they become aware of our brands.

第三是把提高執行力當作一切工作的核心。我的導師曾經告訴我，我們的消費者和客戶唯一能看到的策略就是我們的執行力，而我非常關注真相和執行力的三個關鍵時刻。當消費者到達關鍵時刻時，他們就會意識到我們的品牌。

The first moment of truth is when consumers find us on the shelves or online. And the second moment of truth is when consumers use our product and decide to repurchase it or not. Simply put, we need to win with our biggest brands and our biggest customers in our biggest markets because when we win here, we win. Our 10 biggest brands in each region account for more than two-thirds of our sales and our 10 biggest markets account for more than three quarters of our sales.

當消費者在貨架上或網路上找到我們時，就是第一個關鍵時刻。第二個關鍵時刻是當消費者使用我們的產品並決定是否再次購買時。簡而言之，我們需要在我們最大的市場上憑藉我們最大的品牌和最大的客戶來贏得勝利，因為當我們在這裡獲勝時，我們就獲勝了。我們在每個地區的 10 個最大品牌占我們銷售額的三分之二以上，而我們 10 個最大市場占我們銷售額的四分之三以上。

And lastly, we'll review ways to optimize our structure and operating model. The limits test here is simple. Does the model we have and enable us to make decisions as fast as possible and win with consumers and customers? If not, how do we adjust course to be a simpler, more agile, higher impact organization? I'm a big believer that lots of different operating models can work if you are laser-focused on enabling the right decisions at the right level with speed and precision.

最後，我們將回顧優化結構和營運模式的方法。這裡的極限測試很簡單。我們擁有的模型是否能夠讓我們盡快做出決策並贏得消費者和客戶的青睞？如果不是，我們要如何調整方向，成為一個更簡單、更靈活、更有影響力的組織？我堅信，只要你全神貫注地在正確的層面上快速而準確地做出正確的決策，許多不同的營運模式都可以發揮作用。

All of these priorities need to work in harmony for us to grow our market share and win in market. So while it's not a complicated formula, we're determined to get it right and I'm energized by the opportunities we have ahead. I'll now turn to an overview of top line results for Q2 before Amit does a deeper dive on the financials.

所有這些優先事項都需要協調一致，以便我們擴大市場份額並在市場中取勝。因此，雖然這不是一個複雜的公式，但我們決心要把它做好，而我們未來的機會也讓我充滿活力。在 Amit 深入分析財務狀況之前，我現在將概述第二季的營收表現。

We faced a tough quarter. Our top line results were well below expectations. While organic sales declined 4.2%, global consumption grew year-over-year and outpaced organic sales across each segment. Results in self-care were disproportionately impacted by unfavorable seasonal and customer inventory dynamics, which masked strong market share performance for the business.

我們面臨一個艱難的季度。我們的營收業績遠低於預期。儘管有機銷售額下降了 4.2%，但全球消費量同比增長，並且超過了各個細分市場的有機銷售額。自我照護的表現受到不利的季節和客戶庫存動態的嚴重影響，掩蓋了該業務強勁的市佔率表現。

For example, in the US, 83% of our business held or gained share and in allergy despite the soft season, ZYRTEC didn't just strengthen its leadership position, but also grew household penetration across both adult and children franchises. In skin health and beauty, while we still have work to do to get back to market share gains and consistent top line growth, we are encouraged by the sequential improvement in consumption in the US.

例如，在美國，儘管處於淡季，我們 83% 的業務仍保持或增加了份額；在過敏領域，ZYRTEC 不僅鞏固了其領導地位，而且在成人和兒童特許經營中的家庭滲透率也都有所提高。在皮膚健康和美容方面，雖然我們仍需努力才能恢復市場份額的成長和持續的收入成長，但美國消費的連續改善令我們感到鼓舞。

Neutrogena Face, a key platform for the brand returned to year-over-year consumption growth in the US during the quarter with market share trends also improving sequentially. Globally, consumption of our skin health and beauty brands stabilized for the first time in more than a year, to yield by growth in EMEA, Latin America and Asia Pacific.

作為該品牌的主要平台，露得清面部護理在本季在美國恢復了同比增長，市場份額趨勢也環比提升。在全球範圍內，我們的皮膚健康和美容品牌的消費量一年多來首次趨於穩定，在歐洲、中東和非洲、拉丁美洲和亞太地區實現了成長。

In Essential Health, we performed well in Latin America but face declines in other regions against a strong year ago quarter. We have stepped up our efforts to increase household penetration for Listerine and in Q2, launched our global wash your mouth campaign in the US, which has since been activated across other major markets such as Canada, UK, Germany and China.

在基本醫療領域，我們在拉丁美洲表現良好，但與去年同期的強勁表現相比，其他地區則出現下滑。我們加強了力度，提高李施德林的家庭普及率，並於第二季度在美國啟動了全球漱口水活動，該活動隨後已在加拿大、英國、德國和中國等其他主要市場開展。

From a regional perspective, we are pleased with our performance in EMEA and Latin America. Although Q2 results were impacted by external dynamics, ultimately, we did not execute at the level we should have. In light of Q2 results and current expectations through the end of the year, we have revised guidance for 2025.

從區域角度來看，我們對歐洲、中東和非洲地區以及拉丁美洲的表現感到滿意。儘管第二季的業績受到外部動態的影響，但最終我們的執行並沒有達到應有的水準。根據第二季的業績和截至今年年底的當前預期，我們修改了 2025 年的指引。

Now I'll turn it over to Amit for more on our financial results and outlook.

現在我將把主題交給阿米特 (Amit)，以進一步介紹我們的財務表現和前景。

Thank you, Kirk, and good morning, everyone. I'm pleased to be here for my first earnings call with Kenvue. While our iconic brands and geographic footprint initially attracted me to the company, ultimately, I joined because I saw and continue to be excited about the significant opportunity for value creation as we unlock the full potential of our brands.

謝謝你，柯克，大家早安。我很高興來到這裡參加與 Kenvue 的第一次收益電話會議。雖然我們標誌性的品牌和地理覆蓋範圍最初吸引了我加入公司，但最終我加入是因為我看到了我們充分釋放品牌潛力所帶來的重大價值創造機會，並且對此感到興奮不已。

Similarly to Kirk, I have extensive experience in global consumer packaged good companies, having spent more than 30 years working in different countries across the globe, both in finance and operational leadership roles. Equally important and relevant to us today is my strong background in leading businesses through transformation and strategy evolution.

與柯克一樣，我在全球消費品公司擁有豐富的經驗，在全球不同國家工作了 30 多年，擔任財務和營運領導職務。對我們今天來說同樣重要且相關的是我在領導企業進行轉型和策略演變方面的豐富經驗。

Over the past three months, I have immersed myself in the business by conducting deep dives with our teams, meeting with both Kenvue and external stakeholders to understand our strengths and opportunities and working closely with our Board to advance our ongoing strategic review. Although it's still early days, I would like to share a few initial observations and the financial priorities that I'll be focusing on which are closely aligned with what Kirk has just discussed.

在過去的三個月裡，我全身心投入到業務中，與我們的團隊進行了深入交流，與 Kenvue 和外部利益相關者會面以了解我們的優勢和機遇，並與董事會密切合作以推進我們正在進行的戰略審查。雖然現在還為時過早，但我想分享一些初步觀察結果以及我將重點關注的財務重點，這些重點與柯克剛才討論的內容密切相關。

Clearly, we are now delivering on our growth potential and our results have not been consistent or reliable. Enhancing operating rigor and discipline will be a key priority for me. We have a significant opportunity to improve our overall integrated business planning process with a particular focus on consumption-driven demand forecasting. Addressing this will be critical to driving consistency and reliability in our results.

顯然，我們現在正在發揮我們的成長潛力，但我們的業績並不一致或不可靠。提高操作嚴謹性和紀律性將是我的首要任務。我們有重大機會改善我們的整體綜合業務規劃流程，特別注重消費驅動的需求預測。解決這個問題對於確保結果的一致性和可靠性至關重要。

Another priority will be driving efficiencies and getting to appropriate peer benchmark levels across the P&L. This will provide fuel for our growth while also enabling us to expand margins over time. While our gross margins are at healthy levels and the company has made good progress over the past years, we can realize further improvements over time by continuing to drive strong productivity across our supply chain through further procurement, network optimization, planning and digitization initiatives.

另一個優先事項是提高效率並在整個損益表中達到適當的同業基準水準。這將為我們的成長提供動力，同時也使我們能夠隨著時間的推移擴大利潤率。雖然我們的毛利率處於健康水平，並且公司在過去幾年中取得了良好的進展，但隨著時間的推移，我們可以透過進一步的採購、網路優化、規劃和數位化舉措繼續推動整個供應鏈的強勁生產力，從而實現進一步的改進。

Strengthening our revenue growth management capability with an immediate focus on our top markets and driving margin-enhancing innovation. On SG&A, recognizing the sizable lift of separation and the fact that Kenvue recently became a stand-alone company, our costs are above comparable benchmarks. This represents an opportunity going forward, and work is underway to identify additional sources of cost savings as we look to get to levels commensurate with the potential of our brands within the categories and regions in which we operate.

加強我們的收入成長管理能力，立即關注我們的頂級市場並推動提高利潤率的創新。在銷售、一般及行政費用方面，考慮到分離帶來的巨大提升以及 Kenvue 最近成為獨立公司的事實，我們的成本高於可比基準。這代表著一個前進的機會，我們正在努力尋找額外的成本節約來源，以達到與我們品牌在我們經營的類別和地區的潛力相稱的水平。

While we have increased our investments behind our brands closer to peers, we have opportunities to optimize our spend and drive higher ROI on our brand investments. Work on this is underway as we speak. On cash flow, we have opportunities in working capital. As we continue to transform the supply chain, we expect to see benefits across inventory and payables and improved cash flow conversion.

雖然我們增加了對品牌的投資，使其更接近同行，但我們仍有機會優化支出並提高品牌投資的投資報酬率。就在我們說話的同時，這項工作正在進行中。在現金流方面，我們在營運資本方面有機會。隨著我們不斷轉變供應鏈，我們期望看到庫存和應付款項的好處以及現金流轉換的改善。

A key enabler will be modernizing and optimizing our systems, processes and technologies. Through the separation and TSA exits, the company cloned legacy infrastructure that we are modernizing as we look to drive our digital and data strategies and realize productivity and efficiency opportunities. During my short tenure, it is clear to me that while we have significant strengths, there is also substantial work to do, both in support of the review of strategic alternatives and to drive operational improvements that will accelerate profitable and sustainable growth while providing consistency and reliability for investors.

一個關鍵的推動因素是實現我們的系統、流程和技術的現代化和最佳化。透過分離和 TSA 退出，公司克隆了我們正在現代化的遺留基礎設施，以期推動我們的數位和數據策略並實現生產力和效率機會。在我短暫的任期內，我清楚地認識到，雖然我們擁有顯著的優勢，但也有大量的工作要做，既要支持對戰略替代方案的審查，又要推動運營改進，以加速盈利和可持續增長，同時為投資者提供一致性和可靠性。

Now I will provide additional color on our second quarter results as well as the revised outlook for the year. As we shared several weeks ago, in quarter two, organic sales declined 4.2%, which was below our expectations, and I'll discuss the drivers shortly.

現在，我將進一步介紹我們第二季的業績以及修訂後的年度展望。正如我們幾週前所分享的，第二季度有機銷售額下降了 4.2%，低於我們的預期，我將很快討論原因。

On margins, SG&A savings helped offset the impact of softer gross margins so that adjusted operating margin contracted 10 basis points versus last year to 22.7%, that had diluted EPS coming in at $0.29 versus $0.32 in the year-ago period.

在利潤率方面，銷售、一般及行政費用的節省幫助抵消了毛利率下降的影響，因此調整後的營業利潤率較去年同期下降 10 個基點至 22.7%，攤薄後每股收益為 0.29 美元，而去年同期為 0.32 美元。

Let's dive deeper into our top line performance in the quarter. Organic sales in quarter two declined 4.2%. While global consumption was positive and significantly outpaced organic sales performance across each segment, this was a disappointing result in what remains a dynamic macro backdrop. In addition to execution being below expectations, there were four other major drivers of our sales performance in the quarter.

讓我們更深入了解本季的營收表現。第二季有機銷售額下降4.2%。儘管全球消費表現積極，且大幅超過各細分市場的有機銷售業績，但在依然動態的宏觀背景下，這一結果令人失望。除了執行情況低於預期之外，本季我們的銷售業績還有其他四個主要驅動因素。

First, our categories decelerated sequentially versus quarter one and year-over-year, and our share performance is not where it needs to be. Second, soft allergy and sun care seasons in our largest markets weighed on replenishment orders during the quarter. Third, there was a negative impact on top line from both trade inventory fluctuations at certain customers in the US across all segments and changes in shipment timing versus last year in China. And lastly, strategic investments in price in the US weighed on value realization.

首先，與第一季和去年同期相比，我們的產品類別較上季下降，而且我們的份額表現沒有達到應有的水準。其次，我們最大市場的過敏和防曬季節的疲軟對本季的補貨訂單造成了壓力。第三，所有部門中某些美國客戶的貿易庫存波動以及中國發貨時間與去年相比的變化對營收產生了負面影響。最後，美國的價格策略投資影響了價值實現。

As a result of these factors, both value realization and volumes were unfavorable in quarter two, contracting and 3.3%, respectively. Looking at the segments, our self-care business was most significantly impacted by the inventory and seasonal dynamics across North America and Asia Pacific regions.

由於這些因素，第二季的價值實現和交易量均不利，分別萎縮和 3.3%。從細分市場來看，我們的自我照護業務受到北美和亞太地區庫存和季節性動態的影響最為顯著。

Self-care is where we saw the largest gap between consumption, which grew year-over-year and organic sales, which contracted 5.9% largely due to lower volumes. From a category perspective, while we continue to drive strong momentum on our smoking cessation business as we built on the rollout of Nicorette lozenges across global markets, organic sales declined year-over-year across the allergy as well as cough, cold and flu and pain care franchises.

我們發現，個人護理領域的消費量與有機銷售額之間的差距最大，前者較去年同期成長，後者因銷售量下降而萎縮 5.9%。從類別角度來看，雖然我們在全球市場推出尼古丁喉糖的基礎上，繼續在戒菸業務上保持強勁勢頭，但過敏、咳嗽、感冒和流感以及疼痛護理特許經營的有機銷售額同比下降。

These businesses were not only impacted by a decline in seasonal incidences in quarter two of this year, but also lapped against an inventory build in China for the 24th season, which, as you may recall, ended up being very weak.

這些業務不僅受到今年第二季季節性發病率下降的影響，而且還受到中國第 24 季庫存增加的影響，您可能還記得，庫存增加最終變得非常疲軟。

In allergy, a reduction in incident hindered category performance across our two key markets, US and China. In the US, allergy incidences in quarter two were the second lowest on record with adults and children's incidences declining 7.7% and 16.9%, respectively. Despite these category headwinds, which also weighed on replenishment orders, ZYRTEC continued to strengthen its leadership position, gaining both share and household penetration behind excellent execution of a packaging refresh and strong promotional and media support.

在過敏方面，事件的減少阻礙了我們在美國和中國兩個主要市場的產品類別表現。在美國，第二季過敏發生率是有記錄以來第二低的，成人和兒童的過敏發生率分別下降了 7.7% 和 16.9%。儘管存在這些類別不利因素，也對補貨訂單產生了壓力，但 ZYRTEC 繼續加強其領導地位，透過出色的包裝更新和強大的促銷和媒體支持，獲得了市場份額和家庭滲透率。

In China, while the allergy category was also weak, Rhinocortgained share. Despite top line softness, Self Care remains a bright spot when it comes to the strength of our brands and the underlying health of the business. In the US, 83% of our business held or gained share. Our largest brand in Self Care, Tylenol continued to gain share as this was the 12th consecutive quarter of share improvement in the US for adult Tylenol.

在中國，儘管抗過敏類藥物市場同樣疲軟，但雷諾考特的市佔率卻上升。儘管營收疲軟，但從我們品牌的實力和業務的基本健康狀況來看，自我照護業務仍然是一個亮點。在美國，我們83%的業務持有或獲得了市場份額。我們最大的自我照護品牌泰諾的市佔率持續成長，這是成人泰諾在美國的市佔率連續第 12 季成長。

Importantly, Tylenol also continues to be at the forefront of innovation as we leverage and extend this excellent brand equity into adjacent categories. For example, we're adding Tylenol Precise Nighttime to the precise lineup. Furthermore, we are also meeting evolving consumer needs as we recently launched the new Children's TYLENOL Natural Apple Flavor, which provides a new dye-free formula that does not have artificial flavoring.

重要的是，隨著我們利用並將這一優秀的品牌資產擴展到相鄰類別，泰諾也繼續走在創新的前沿。例如，我們將 Tylenol Precise Nighttime 加入精準產品線。此外，我們還滿足了不斷變化的消費者需求，我們最近推出了新的兒童泰諾天然蘋果味，它提供了一種不含人工香料的新型無染料配方。

Turning to Skin Health and Beauty where organic sales decreased 3.7% versus last year as value realization and volume declined 2.3% and 1.4%, respectively. Solid organic sales growth across EMEA and Latin America regions was offset by declines in North America and Asia Pacific. Encouragingly, global consumption stabilized for the first time since the third quarter of 2023, with similar drivers behind the sizable gap relative to organic sales, as I just laid out for Self Care.

談到皮膚健康和美容，有機銷售額較去年同期下降 3.7%，因為價值實現和銷量分別下降 2.3% 和 1.4%。歐洲、中東和非洲地區以及拉丁美洲地區強勁的有機銷售成長被北美和亞太地區的銷售下滑所抵銷。令人鼓舞的是，全球消費自 2023 年第三季以來首次趨於穩定，與有機銷售相比存在巨大差距，其背後的驅動因素與我剛才在《自我照顧》中所述類似。

In our largest market, the US despite weak Sun care category performance during the quarter, overall consumption trends continue to improve sequentially, benefiting from the strategic price investments the team implemented starting in quarter four of last year across some of our brands.

在我們最大的市場美國，儘管本季防曬品類表現疲軟，但整體消費趨勢持續較上季改善，這得益於團隊從去年第四季開始對我們部分品牌實施的策略性價格投資。

At the same time, the team's brand-building efforts behind NEUTROGENA face and OGX are resonating with consumers as consumption for these two platforms inflected back into positive territory during the quarter. In fact, the OGX bond protein repair launch has been the number one performing innovation from Kenvue view year-to-date and has helped secure additional distribution for the brand.

同時，團隊在露得清臉部和 OGX 背後的品牌建立工作引起了消費者的共鳴，因為這兩個平台的消費在本季度重新回到了正增長區間。事實上，OGX 鍵蛋白修復產品的推出是 Kenvue 今年迄今為止表現最好的創新產品，並幫助該品牌獲得了額外的分銷。

While we are encouraged by these improvements, we also recognize there is considerable work to do to get back on a sustainable growth and share gain trajectory for the US business. As we continue to focus on turning around this important business and bring new product innovation to the market this fall, we will be agile and disciplined with our investments to ensure they drive strong returns.

雖然這些改進讓我們感到鼓舞，但我們也意識到，要讓美國業務重回可持續成長和份額成長的軌道，還有很多工作要做。隨著我們繼續專注於扭轉這項重要業務並在今年秋季將新產品創新推向市場，我們將靈活而嚴謹地進行投資，以確保獲得豐厚的回報。

Organic sales for Essential Health decreased 2.4% as volume and value realization contracted 1.8% and 0.6%, respectively. In addition to cycling against the strongest comparison of 2024, as Essential Health registered 7.6% organic sales growth in the year ago period. Similarly to the other segments, there was a disconnect between consumption and top line performance. This was most pronounced in Wound Care which fundamentally is on a good footing as BAND-AID brand adhesive bandages grew share with strong performance from a new product lineup, such as BAND-AID waterproof and tie dye.

基本保健品的有機銷售額下降了 2.4%，因為銷量和價值實現分別下降了 1.8% 和 0.6%。除了與 2024 年相比表現最強勁的自行車業務外，Essential Health 去年同期的有機銷售額也成長了 7.6%。與其他部門類似，消費和營收表現之間存在脫節。這在傷口護理領域中表現得最為明顯，傷口護理領域基本面良好，因為邦嘜品牌創可貼的市場份額隨著邦嘜防水和紮染等新產品系列的強勁表現而增長。

We are making progress addressing competitive pressures in women's health in Asia Pacific and are encouraged by the consumption of our Baby Care brands. However, we are not satisfied with the performance of our mouthwash business in the US, where despite gaining share online, we are losing share across the total universe, even as the brand continues to deliver strong growth on the premium line.

我們在應對亞太地區女性健康領域的競爭壓力方面取得了進展，並對我們的嬰兒護理品牌的消費感到鼓舞。然而，我們對美國漱口水業務的表現並不滿意，儘管線上市場份額有所增長，但我們在整個市場的市場份額卻在下降，儘管該品牌在高端產品線上繼續保持強勁增長。

The teams are urgently working through plans to arrest the share decline, which we have slowed relative to last year through actions we have taken to be more competitive on our base business. The key challenge our teams are addressing is on our portfolio mix where we are not playing strongly enough in the fastest-growing mild alcohol-free segment.

各團隊正在緊急制定計劃，以阻止份額下滑，透過採取行動提高基礎業務的競爭力，我們已將份額下滑的速度相對於去年減緩。我們的團隊正在應對的關鍵挑戰是我們的投資組合，我們在成長最快的溫和無酒精飲料領域表現不夠強勁。

Our first step is our recently launched wash your mouth campaign, which is showing positive early reads. There are strong marketing and customer activation plans in place to support the campaign and this shift. The new campaign will be coupled with new product launches as a second step, but we do expect that it will take some time to get back to share gains.

我們的第一步是最近發起的「漱口」運動，該運動初期取得了積極的效果。我們制定了強而有力的行銷和客戶活化計畫來支持活動和這項轉變。新的活動將與新產品的發布相結合，作為第二步，但我們預計恢復市場份額還需要一些時間。

Moving down the P&L. Adjusted gross margin contracted 70 basis points versus last year to 60.9%. Our supply chain team continued to drive strong productivity, which was more than offset by the headwinds from input cost inflation, unfavorable mix currency and strategic price investments.

降低損益。調整後毛利率較去年同期下降70個基點至60.9%。我們的供應鏈團隊持續保持強勁的生產力，但這被投入成本上漲、不利的組合貨幣和策略性價格投資帶來的阻力所抵消。

Relative to last year, adjusted operating income declined 4.5% with adjusted operating margin contracting 10 basis points to 22.7%. We lapped against a significant step-up in brand support in the year ago period and adjusted accruals for incentive compensation, which contributed to the SG&A leverage in the quarter.

與去年相比，調整後的營業收入下降 4.5%，調整後的營業利益率下降 10 個基點至 22.7%。我們抓住了去年同期品牌支持的大幅提升，並調整了激勵薪酬的應計項目，這導致了本季銷售、一般和行政費用槓桿的上升。

Gross savings from Our Vue Forward also continued to track to expectations and contributed to the year-over-year reduction in SG&A costs. Adjusted net income in quarter two came in at $560 million with adjusted diluted EPS at $0.29, including about a $0.01 headwind from foreign exchange.

我們的 Vue Forward 帶來的總節省也持續符合預期，並有助於銷售、一般及行政費用 (SG&A) 年減。第二季調整後淨收入為 5.6 億美元，調整後稀釋每股收益為 0.29 美元，其中包括外匯帶來的約 0.01 美元的不利影響。

Below-the-line items were unfavorable year-over-year and contributed to the 8.3% decline in adjusted net income. Net interest expense went up about $2 million to $94 million and the adjusted effective tax rate increased to 26.9% from 25.7% as we lapped a discrete tax benefit in the year ago period.

線下項目年表現不佳，導致調整後淨收入下降 8.3%。淨利息支出增加約 200 萬美元，達到 9,400 萬美元，調整後有效稅率從 25.7% 上升至 26.9%，因為我們在去年同期獲得了單獨稅收優惠。

We are revising our outlook for 2025 to reflect the year-to-date results as well as our current expectations for the second half, considering the dynamic external environment, and underlying business fundamentals. For 2025, we currently expect organic sales to be down low single digits with about neutral impact from currency.

我們正在修改 2025 年的展望，以反映年初至今的業績以及我們對下半年的當前預期，同時考慮到動態的外部環境和潛在的業務基本面。對於 2025 年，我們目前預期有機銷售額將下降個位數，且受貨幣影響約為中性。

While we continue to plan for greater contribution from innovations in the back half of the year, we believe a more muted outlook is warranted on the base business given year-to-date performance fluctuation in retailer auto patterns and the sequential slowdown in our categories in quarter two.

雖然我們繼續計劃在下半年透過創新做出更大貢獻，但我們認為，鑑於今年迄今為止零售商汽車模式的業績波動以及第二季度我們各類別業績的連續放緩，基礎業務的前景應該更加低調。

We are assuming adjusted operating margin will contract versus last year, largely as a result of strategic price investments, fixed cost deleverage and inflationary pressures, which we do not expect to be fully offset with productivity initiatives. The tariff backdrop remains very fluid, but based on what is currently in effect, we expect gross annualized impact to be around $150 million and below that in 2025, given the timing of tariffs.

我們假設調整後的營業利潤率將與去年相比有所收縮，這主要是由於策略性價格投資、固定成本去槓桿和通膨壓力，我們預計這些影響不會透過生產力措施完全抵銷。關稅背景仍然非常不穩定，但根據目前的情況，考慮到關稅的時間，我們預計年化總影響將達到 1.5 億美元左右，到 2025 年則將低於這一數字。

Given the top line shortfall, we are taking urgent actions to curtail our discretionary spend and accelerate productivity measures. Within this outlook, we plan to continue supporting our brands at a higher level than last year, although you should fully expect us to be much more choiceful in our investments as we are laser-focused on redirecting spending towards higher ROI ideas.

鑑於營業收入不足，我們正在採取緊急措施，削減可自由支配的開支，並加快提高生產力的措施。在這種前景下，我們計劃繼續以比去年更高的水平支持我們的品牌，儘管您應該完全期待我們在投資方面更加謹慎，因為我們專注於將支出轉向更高投資回報率的想法。

Taking these factors into account and maintaining the same below-the-line assumptions gets us to a full year adjusted diluted EPS in the range of $1 to $1.05 including a low single-digit drag from currency. We are not satisfied with our performance in the second quarter and the results we currently expect for the full year. We are committed to moving with speed to improve our operating performance and financial results and are making the necessary interventions to strengthen the business.

考慮到這些因素，並保持相同的離線假設，我們全年調整後的稀釋每股收益將在 1 美元至 1.05 美元之間，其中包括貨幣帶來的個位數拖累。我們對第二季的業績以及目前預期的全年業績並不滿意。我們致力於快速提高我們的經營業績和財務業績，並採取必要的干預措施來加強業務。

And now I'll turn it back over to Kirk for closing remarks.

現在我將把發言權交還給柯克，請他作最後發言。

Thanks, Amit, for walking through that detail. Our results are not where we want them to be, and we're going to focus on our four operating priorities to drive improved performance. As we move forward, I am focusing the team on where we are doing well, what I'll call, glimpses of greatness so that we can search and reapply proven business building use cases.

謝謝 Amit 詳細介紹。我們的業績並未達到我們的預期，我們將集中精力於四大營運重點，以提高業績。隨著我們不斷前進，我將帶領團隊關注我們做得好的地方，我稱之為偉大的一瞥，以便我們能夠搜尋並重新應用經過驗證的業務建設用例。

Let me share a few examples. We are leveraging our investments with health care professionals through increased and integrated sales forces, stronger sampling and more competitive claims to drive share gains. Tylenol, which is the number one health care professional recommended brand continues to expand our pain leadership position through impactful brand campaigns and communications and (inaudible) total distribution points and strong innovation.

讓我分享幾個例子。我們透過增加和整合銷售團隊、加強抽樣和更具競爭力的索賠來利用對醫療保健專業人士的投資，以推動市場份額的成長。泰諾是醫療保健專業人士推薦的第一品牌，它透過有影響力的品牌活動和溝通以及（聽不清楚）總分銷點和強大的創新，繼續擴大我們在疼痛治療方面的領導地位。

Another example is our ability to scale successes across geographies through our international Nicorette franchise, which is driving top line growth for the brand. We continued our streak of seven consecutive quarters of share gains by increasing distribution for lozenge and gum and broader brand activations in top, EMEA markets and globally.

另一個例子是，我們能夠透過國際 Nicorette 特許經營權在各個地區擴大成功，從而推動品牌的營收成長。透過增加錠劑和口香糖的分銷以及在頂級市場、歐洲、中東和非洲市場和全球範圍內開展更廣泛的品牌活動，我們繼續保持連續七個季度的份額成長。

Lastly, but certainly not least, we know how to turn businesses around in high-growth competitive markets. Our team in Brazil has done exactly that with Johnson's Baby, the world's number one data care brand that elevates precious moments of bonding by launching consumer-centric innovation, leveraging revenue growth management to improve competitiveness strengthening ROI on enhanced communications, we just realized our second quarter of year-over-year share growth in reclining the number one prescribed brand through strong health care professional engagement and increased total distribution points.

最後，但同樣重要的是，我們知道如何在高成長的競爭市場中扭轉業務局面。我們在巴西的團隊正是透過這種方式，為強生嬰兒這個世界第一的數據護理品牌做到了這一點。強生嬰兒透過推出以消費者為中心的創新，利用收入成長管理來提高競爭力，增強溝通的投資報酬率，進而提升珍貴的親密時刻。我們剛剛實現了第二季度的市場份額同比增長，透過強大的醫療保健專業人士參與度和增加的總分銷點，我們成為第一大處方品牌。

I want to wrap up with a few important points. The company's recent performance is below what we believe we can achieve, and the Board is committed to taking decisive actions to unlock shareholder value. We're taking a fresh look at the business and providing an updated guidance range today that we are confident in.

我想總結幾個要點。公司近期的表現低於我們認為能夠實現的水平，董事會致力於採取果斷行動來釋放股東價值。我們正在重新審視業務，並今天提供我們充滿信心的最新指導範圍。

We've also outlined our immediate operating priorities to get us there. We're focused on having the right leadership. We're focused on flawless execution and faster decision-making to enable and advance the right operating strategy. Our goal of accelerating profitable growth is not changing. We're just revisiting how we can deliver it. At the same time, our review of strategic alternatives underway, and the Board is considering a broad range of potential alternatives.

我們還概述了實現這一目標的當前營運重點。我們專注於擁有正確的領導力。我們專注於完美的執行和更快的決策，以實現和推進正確的營運策略。我們加速獲利成長的目標並沒有改變。我們只是在重新考慮如何實現它。同時，我們正在審查戰略替代方案，董事會正在考慮廣泛的潛在替代方案。

I want to close by saying a huge and heartfelt thank you to our more than 20,000 [Kenvuers] for the warm welcome in the first few weeks in its first three months. Change is not easy but I love the passion and desire to win that I sense from this organization. I see it, hear it and feel it. It's an honor to step into this role at this important time. I look forward to keeping you updated on progress in the months ahead.

最後，我要向我們 20,000 多名 [Kenvuers] 表示衷心的感謝，感謝你們在前三個月最初幾週的熱烈歡迎。改變並不容易，但我喜歡從這個組織感受到的熱情和勝利的渴望。我看見它、聽見它、感受到它。我很榮幸能在這個重要時刻擔任這一職位。我期待在未來幾個月內向您通報進度。

With that, we'll open up the call to questions.

接下來，我們將開始回答問題。

(Operator Instructions)

（操作員指示）

Lauren Lieberman, Barclays.

巴克萊銀行的勞倫·利伯曼。

Great. So there was a lot of great color. And I just wanted to talk maybe a little bit about time frame, Kirk, around the idea of we're identifying key operating goals and things we can do upfront relative to the evaluation that's going on in the what to do sort of next in the background. I mean is it fair to think about because the complexity piece is a big one when I think about sort of the challenges for the enterprise as a whole.

偉大的。因此有很多美麗的色彩。柯克，我只是想稍微談一下時間框架，圍繞著我們正在確定的關鍵運營目標以及我們可以提前做的事情，這些事情與正在進行的評估以及在後台下一步要做的事情有關。我的意思是，這是否公平，因為當我考慮整個企業面臨的挑戰時，複雜性是一個很大的因素。

So is it reasonable to think about the biggest brands, the biggest countries, the biggest innovations focus the dollars there now, do that immediately and up the game, and it's really about evaluating how do we deal with the complexity tail brands, the tail countries of smaller businesses, and that's the big -- I guess, the biggest element of the strategic review work.

那麼，現在就考慮將資金集中到最大的品牌、最大的國家、最大的創新上，立即採取行動，提高競爭力，這是否合理？這實際上是在評估我們如何處理複雜的尾部品牌、小型企業的尾部國家，我想，這是戰略評估工作中最重要的元素。

It's good to hear from you again. So at a high level, what you said is absolutely true. We need to focus, and as I mentioned, in terms of the number of brands as an example, that contributed to three courses of our sales, the long tail of SKUs that make up less than 1% of our sales, great innovation pipeline, but just too many initiatives.

很高興再次收到您的來信。所以從高層次來說，你所說的絕對正確。我們需要集中精力，正如我所提到的，以品牌數量為例，這些品牌對我們的銷售貢獻了三個方面，長尾 SKU 占我們銷售額的不到 1%，創新管道很棒，但舉措太多了。

So I was thinking about this last night, when I was in high school or wrestling coach made us wrestle someone two weight classes up to prepare for the season. It was always easier in the match because you're wrestling someone that's much heavier. And like in a lot of ways, we're wrestling someone many weight classes above our weight because we've built in this complexity.

所以我昨晚就在想這個問題，當時我還在讀高中，摔跤教練讓我們和比我高兩個重量級別的人摔跤，為賽季做準備。比賽中總是比較容易，因為你要與比你重得多的人搏鬥。就像在很多方面一樣，我們正在與比我們體重高出很多級別的對手搏鬥，因為我們已經建立了這種複雜性。

And so being focused and executing flawlessly on these core things, the biggest brands, the biggest countries, the biggest initiatives to help us grow more quickly is definitely -- I'll give you three examples where I think in terms of executional excellence, we can fine tune these things quickly to be able to see a difference.

因此，專注於這些核心事物並完美地執行，最大的品牌，最大的國家，最大的舉措，以幫助我們更快地發展，絕對是 - 我會給你舉三個例子，我認為在執行卓越性方面，我們可以快速微調這些事情，以便能夠看到差異。

One example is we need to be where the consumers are. And if you look at what our business split is between brick-and-mortar and e-comm, we're significantly overdeveloped in brick-and-mortar, but we're significantly underdeveloped in e-comm. We need to win in e-comm. It's growing faster. If we just grow with the category in e-comm, we're going to pick up significantly in our businesses because they are growing there. So we can make that pivot, make that shift, do that much better and hold ourselves accountable for that on our initiatives.

一個例子是我們需要出現在消費者所在的地方。如果你看一下我們的實體店和電子商務業務的分佈情況，你會發現我們在實體店業務上明顯過度發展，但在電子商務上卻明顯不夠發達。我們需要在電子商務領域取得勝利。它的成長速度更快。如果我們只是在電子商務領域發展，我們的業務就會大幅成長，因為我們的業務正在那裡成長。因此，我們可以做出這樣的轉變，做出這樣的轉變，做得更好，並對我們的舉措負責。

One example is our Listerine Total Care recent initiative. It's growing significantly faster than the category. We have user-generated content up 245%. Share of voice is the highest in the category. Dentists and hygienists rankings number one, yet we're not growing fast enough. We're sequentially improving, but we're not growing positively from a share standpoint.

其中一個例子就是我們最近推出的李施德林全效護理 (Listerine Total Care) 計畫。它的成長速度明顯快於同類產品。我們的用戶生成內容增加了 245%。話語權是同類中最高的。牙醫和衛生師排名第一，但我們的發展速度還不夠快。我們正在不斷改進，但從份額的角度來看，我們並沒有實現積極的成長。

The problem there is a leaky bucket, right? The core has to be strong. So while we're launching and supporting initiatives, we need to make sure our core is strong. So we're going to go through and review and make sure every one of our core brands supporting our core as well as our innovation to make sure that we grow.

那裡的問題是漏水的桶，對嗎？核心必須強大。因此，在我們發起和支持倡議的同時，我們需要確保我們的核心是強大的。因此，我們將仔細審查並確保我們的每個核心品牌都支持我們的核心和創新，以確保我們的成長。

And then the last example I'll give you an executional excellence, so we can get our hands around quickly is the media ROI, we are improving. But that's broken down into a couple of components. One is our efficiency from a CPM standpoint, and the second is our effectiveness.

然後，我要給你們舉的最後一個例子是執行卓越性，因此我們可以快速掌握媒體投資報酬率，我們正在改進。但它被分解成幾個部分。一是我們從CPM角度的效率，二是我們的有效性。

What we're seeing is our efficiency is way better because we're investing in CTMs that allow us to get a scale benefit. They're less expensive, but our effectiveness in total is not as strong as it can be. So the net of that is positive. But if we had our efficiency up and our effectiveness on our top initiatives, we would be accelerating growth. So those are just a few examples where our execution can be improved, and we will work on that.

我們看到的是，我們的效率提高了，因為我們投資了CTM，這讓我們獲得了規模效益。它們比較便宜，但總體而言，我們的效率卻不盡人意。因此其淨值為正。但如果我們提高效率並提高主要措施的效力，我們就會加速成長。這些只是我們的執行力可以改進的幾個例子，我們會努力改進。

And the other thing, Lauren, I just -- I would be remiss to say is you mentioned the strategic alternatives review. The Board and our leadership team have been hand-in-hand on this. And I call this the power of and -- we are going through this strategic alternatives review and making sure that we look at every potential possibility in addition to operating the company better. It's not an or, it's an and. So we need to do both these things well as Amit said in his comments that I mentioned, we need to make sure we're predictable, reliable and consistent.

勞倫，另外一件事，我只是——如果我說你提到了戰略替代方案審查，那我就疏忽了。董事會和我們的領導團隊一直齊心協力解決這個問題。我把這稱為力量——我們正在進行這項策略替代方案審查，並確保除了更好地經營公司之外，我們還考慮了每一種潛在的可能性。這不是一個或，而是一個和。因此，我們需要做好這兩件事，正如阿米特在我提到的評論中所說的那樣，我們需要確保我們的可預測性、可靠性和一致性。

Peter Grom, UBS.

瑞銀的 Peter Grom。

So Kirk, maybe following up on that. You touched on your experience and how that frames your view on kind of the modern CPG playbook. Your commentary on initial observations and priorities were helpful both in the prepared remarks as well as your response to Lauren. But maybe taking a step back, I'd be curious when you stepped into the role what were kind of some of the biggest surprises from your standpoint?

所以柯克，也許會跟進這一點。您談到了您的經歷以及它如何構成了您對現代 CPG 劇本的看法。您對初步觀察和優先事項的評論對於準備好的發言以及對勞倫的回應都很有幫助。但也許退一步來說，我很好奇，當你擔任這個角色時，從你的角度來看，最大的驚喜是什麼？

And then as we think about the top line turnaround, as you look at the brands or categories or regions, I'd be curious, where are you most excited about the path forward? And maybe conversely, where do you think improvement may be more challenging?

然後，當我們考慮營收扭虧為盈時，當您查看品牌、類別或地區時，我很好奇，您對未來的道路最興奮的是什麼？或者相反，您認為哪些方面的改進可能更具挑戰性？

Thank you, Peter, for that question. So what was I most surprised about when I came in? I would tell you that -- and I mentioned this when I when I had my prepared remarks, I was surprised by what I would call the self-induced complexity that we have created. It's just an inhibitor to be able to move faster to be agile and to be able to drive the results we need to drive on the businesses.

謝謝彼得提出這個問題。那麼當我進來時最令我驚訝的是什麼？我想告訴你們——我在準備好發言稿時就提到過這一點，我對我們所創造的自我引發的複雜性感到驚訝。它只是一種抑制劑，阻礙我們更快採取行動，變得更加敏捷，並推動我們實現業務所需的成果。

But I've seen this before. I've experienced this before and our ability to move quickly to enable the reduction of that complexity is going to be absolutely crucial because we have incredible brands. That was one of the reasons I initially joined the Board, and I am even more encouraged by seeing them liven up close. And Amit mentioned that Tylenol has had consecutive quarters of growth. Aveeno Baby has had nine consecutive quarters of growth. We have pockets where we're doing exceptionally well.

但我以前見過這種情況。我以前就經歷過這種情況，我們快速採取行動以減少這種複雜性的能力至關重要，因為我們擁有令人難以置信的品牌。這是我最初加入董事會的原因之一，近距離看到他們活躍起來讓我更加受到鼓舞。阿米特提到泰諾已經連續幾季成長。Aveeno Baby 已連續九個季度實現成長。我們在某些領域做得非常好。

So where I'm excited is where we're able to focus we are able to see results. And I think we've seen sequential improvement in Neutrogena Face as an example because we've been exceptionally focused there. So it's a proof point that we can win there.

因此，令我興奮的是，我們能夠集中精力，就能看到成果。以露得清臉部護理為例，我認為我們已經看到了連續的改善，因為我們對這個領域非常專注。所以這證明我們能夠在那裡取得勝利。

We've got -- one of the challenges we have in Skin Health and Beauty is we have a long tail. And so that long tail makes it challenging when you're focused on a few core elements to get the whole piece moving in tandem together up into the. But as we get in as we make our assessments and make choices, as I talk about the where to play and how to win, we'll get that right.

我們在皮膚健康和美容方面面臨的挑戰之一是我們有一個長尾問題。因此，當你專注於幾個核心元素以使整個部分同步移動時，長尾會變得具有挑戰性。但是，當我們進行評估和選擇時，當我談論在哪裡比賽和如何取勝時，我們就會做對。

One of the great things I've seen so far where am I excited is what we've been able to do in EMEA and Lat Am has been an encouragement because you see where we've been focused where we have been more focused on the executional elements and getting the details right. We've been able to win with consumers. We've been able to win with customers and go up and to the right. Bigger challenges, as you've heard from our results from a regional standpoint, we're most challenged in APAC and in North America, where we will continue to be focused. And as I talked about those execution elements continue to focus on them and get those pieces right.

到目前為止，我所看到的最偉大的事情之一就是我們在歐洲、中東和非洲地區以及拉丁美洲所取得的成就，這令我感到鼓舞，因為您會看到我們一直集中精力，更加註重執行要素和正確處理細節。我們已經贏得了消費者的青睞。我們已經能夠贏得客戶的青睞，並且不斷進步。更大的挑戰，正如您從我們的區域角度所聽到的，我們面臨的最大挑戰是亞太地區和北美，我們將繼續關注這兩個地區。正如我所說的，這些執行要素將繼續關注它們並正確執行這些部分。

But I also believe that, like I said, even in the APAC and North America regions, have those pockets where we're winning. We just have to operate this model at scale, take those learnings and get them across the majority of the business as quickly as we possibly can to get those proof points that allow us to get that flywheel moving that we need to get moving.

但我也相信，就像我說的，即使在亞太地區和北美地區，我們也有一些地區取得了勝利。我們只需要大規模地經營這個模型，吸取這些經驗教訓，並儘快將它們推廣到大部分業務中，以獲得那些讓我們能夠啟動飛輪的證明點。

Javier Escalante, Evercore ISI.

哈維爾·埃斯卡蘭特，Evercore ISI。

I want to go back to the theme of complexity. Kirk, you were at P&G, where the turnaround and the reduction of complexity involve actually business divestitures in attractive categories, product or divested pet care, fragrances. And the concept there was because of retail and competitive dynamics were structurally challenged.

我想回到複雜性這個主題。柯克，你曾在寶潔公司工作過，該公司的扭虧為盈和降低複雜性實際上涉及剝離有吸引力的產品類別、寵物護理產品或剝離的香水等業務。這一概念的存在是因為零售和競爭動態受到了結構性的挑戰。

So if you could discuss kind of like your views of the framework, the Board is going to be looking into how to unlock value when you look at, say, skin holes, where you have the lowest profitability of the portfolio, and at the same time, you have very tough competitive dynamics that intersect bigger players shift in retail. So if you can give us -- I understand the notion of simplifying smaller things that is obvious. But I think that the -- at P&G, there were other elements, not just cooling SKU proliferation.

因此，如果您可以討論一下您對框架的看法，董事會將會研究如何在您看到皮膚洞時釋放價值，皮膚洞是投資組合中盈利能力最低的地方，同時，您面臨著非常激烈的競爭態勢，這些態勢與零售業中更大的參與者的轉變相交叉。所以如果你能給我們——我理解簡化小事的想法是顯而易見的。但我認為，寶潔公司還有其他因素，而不僅僅是冷卻 SKU 擴散。

Yes. Thank you for that question, Javier. And I think the way we have talked about this, and we will continue to be focused as our strategic alternatives and our operational excellence work or an and. We're in lockstep with the board on that, and we're going to continue to look at every single value creator that we can. And so that is going to happen. We're not going to obviously comment on any individual business segment -- individual business or segment while we do that, but I also know and believe that execution has played a big role in our performance to date, our underperformance and getting that right with strong capabilities is going to go a long way.

是的。謝謝你的提問，哈維爾。我認為我們已經談論過這個問題，我們將繼續專注於我們的策略選擇和卓越營運工作。我們與董事會在這方面保持一致，並將繼續關注我們所能創造的每項價值。所以這將會發生。顯然，我們不會對任何單一業務部門發表評論——在我們這樣做的同時，單一業務或部門，但我也知道並相信，執行力在我們迄今為止的業績中發揮了重要作用，我們的表現不佳，而憑藉強大的能力做到這一點將大有裨益。

And you're right in pointing out that there are different elements of the P&G turnaround. And I think what's very similar is our iconic and resilient brands, and we have incredible growth potential in that portfolio. We've got to get our consumer understanding right, that's going to create these product and marketing insights. They're going to deliver points of difference.

您正確地指出，寶潔公司的轉型包含多個不同的因素。我認為非常相似的是我們的標誌性和有彈性的品牌，並且我們在這些品牌組合中擁有令人難以置信的成長潛力。我們必須正確理解消費者，這將創造這些產品和行銷洞察。他們將會傳達出不同的觀點。

We've got to translate that into brand building excellence which is big ideas, content and media excellence, digital e-com. We've got to innovate with fewer, bigger and better we need to scale those things across our brands and platforms and regions and then go-to-market excellence, which is category management, revenue growth management, perfect store.

我們必須將其轉化為卓越的品牌建設，即偉大的創意、卓越的內容和媒體、數位電子商務。我們必須以更少、更大、更好的方式進行創新，我們需要在我們的品牌、平台和地區之間擴展這些規模，然後實現卓越的行銷，即品類管理、收入成長管理和完美商店。

Those are things that we can control. And I think the important thing, too, is as we've been talking to the team and really been focused on what it is that we can control. What we can control is demand creation. That's our job. It's figuring out how to generate those ideas, which resonate with consumers that are going to grow our businesses.

這些都是我們可以控制的事情。我認為同樣重要的是，我們一直在與團隊交談，並真正專注於我們能夠控制的事情。我們能夠控制的是需求創造。這就是我們的工作。關鍵在於如何產生這些想法，這些想法能夠引起消費者的共鳴，從而促進我們業務的成長。

What we can't control is the macro environment or what's happening because of that in individual categories or a retail partner's decision on working capital management and what levels of inventory they carry. We obviously influence those things, but what we can control is generating demand, and that's what we're going to be singularly focused on and making sure that we do that well.

我們無法控制的是宏觀環境或由此導致的個別類別的變化，或零售合作夥伴對營運資本管理的決定以及他們持有的庫存水準。我們顯然會影響這些事情，但我們能夠控制的是產生需求，而這正是我們將全心關注並確保我們做好的事情。

Andrea Teixeira, JPMorgan.

摩根大通的安德里亞特謝拉 (Andrea Teixeira)。

And Kirk, I mean, I appreciate all and you Amit as well how you are shaping this restructuring. But as we think about timing, and I know you can talk about timing at this point. But thinking about how to measure success in this endeavor like you did comment on the success of the Brazilian turnaround and some of the pockets that you pointed out in even Skin Health and Beauty and in baby.

柯克，我的意思是，我感謝所有人，也感謝你阿米特，感謝你對這次重組所做的貢獻。但是當我們考慮時機時，我知道您現在可以談論時機。但是思考如何衡量這項努力的成功，就像您對巴西轉型的成功以及您指出的皮膚健康和美容以及嬰兒方面的一些成功案例的評論一樣。

But just to think how you're going to be putting your team accountable for in terms of like how the Skin Health and Beauty obviously was the one that was pointed out as a low-hanging fruit but it seems like you're being able to turn around some of the pockets there with Neutrogena Face. How we should be thinking as we progress and you have a CMO who is also looking at improving on that area.

但想想看，您將如何讓您的團隊承擔責任，例如皮膚健康和美容顯然是人們指出的唾手可得的成果，但似乎您能夠透過露得清臉部護理扭轉部分局面。我們在進步的過程中應該如何思考，而您的 CMO 也在考慮改進該領域。

How are you going to measure that? And how can shareholders and investors look at either be it numerator or Nielsen, how we could be seeing like that success or even Amazon, the data for beauty, how we should be monitoring that progress?

你要如何衡量這一點？股東和投資者如何看待分子或尼爾森，我們如何看到這樣的成功，甚至是亞馬遜，美容數據，我們該如何監控這一進展？

Yes. Thank you, Andrea, for the question. And I think in terms of measuring success. I mean the ultimate success is going to be determined by consumers voting for us every day at the shelf. And so we need to be holding ourselves accountable for seeing sequential improvement in that boat. So like I just mentioned, we can't necessarily control what's happening in the macro environment, but we can control is consumers voting for our brands online pet shelf and coming back and buying them again.

是的。謝謝安德里亞提出的問題。我認為這是衡量成功的標準。我的意思是，最終的成功將由消費者每天在貨架上為我們投票決定。因此，我們需要對自己負責，確保這艘船能夠持續進步。所以就像我剛才提到的，我們無法控制宏觀環境中發生的事情，但我們可以控制消費者在線上寵物貨架上投票支持我們的品牌，然後回來再次購買。

And so we are expecting, as we fine-tune our model, I mentioned earlier what those things are in focus areas for me and what it's going to take to improve. I think it's making sure we have the right leaders in the right chairs and build the right capabilities. We've appointed new leaders on our -- four new leaders in the last three months in our business about a third our team.

因此，我們期望，當我們微調我們的模型時，我之前提到過哪些是我關注的重點領域以及需要採取哪些措施來改進。我認為這是為了確保我們擁有合適的領導者擔任合適的職位並建立合適的能力。我們在過去三個月內任命了四位新領導，約占我們團隊的三分之一。

We're building capabilities in what I'd call the modern CPG world and the marketing, sales, digital and AI spaces. We're going to be much more choiceful on where to win and how to win, where to play. And we're going to improve our execution. I gave several examples today where we're going to dig in as a leadership team and make sure we are monitoring every one of these pieces be very, very focused on getting it right quickly and then making sure we have the right operating structure and model so that we give the organization the opportunity to win. But at the end of the day, it is very simple. Are we sequentially improving with consumers voting for us relative to seeing improvement in our share.

我們正在所謂的現代 CPG 世界以及行銷、銷售、數位和人工智慧領域建立能力。我們將對在哪裡取勝、如何取勝、在哪裡比賽有更多的選擇。我們將改進我們的執行力。我今天舉了幾個例子，我們作為領導團隊要深入研究並確保我們正在監控每一個部分，非常非常專注於快速做好事情，然後確保我們擁有正確的營運結構和模式，這樣我們才能讓組織有機會獲勝。但歸根結底，這非常簡單。隨著消費者對我們的投票，相對於我們所佔份額的提高，我們是否持續改善？

Steve Powers, Deutsche Bank.

德意志銀行的史蒂夫·鮑爾斯。

So as you run this strategy, you prioritize focus and simplicity and reducing complexity. I guess two questions are hanging on my mind. If you were to do that organically. And question number one is, how big a headwind to organic growth would that be as you reduce the complexity and kind of cut the tail on complexity. Is it just that kind of low single-digit percentages of excess SKUs that you need to carve out? Or is there kind of a bigger piece -- a bigger headwind to kind of think about to growth? Number one.

因此，當您執行此策略時，您要優先考慮重點和簡單性並降低複雜性。我想有兩個問題縈繞在我的腦海裡。如果你要有機地做到這一點。第一個問題是，當你降低複雜性並削減複雜性的尾巴時，這會對有機增長造成多大的阻力。您需要剔除的只是這種低個位數百分比的多餘 SKU 嗎？或者是否存在更大的問題——需要考慮增長的更大阻力？第一。

And number two, from an operational perspective, as you build efficiency and reduce complexity in the operational environment, how should we be thinking about how are you thinking about the need for potential incremental restructuring and the cash costs associated with getting to an end state that you're happy with?

第二，從營運角度來看，當您提高效率並降低營運環境的複雜性時，我們應該如何考慮潛在的增量重組的必要性以及與達到您滿意的最終狀態相關的現金成本？

I'd say -- Steve, this is Amit here. I'd say I think it's a little premature to comment on the specifics. I think as Kirk mentioned, right, firstly, right now, the Board is undertaking a strategic review that's looking at all potential alternatives and it's a broad range of alternatives. So I think -- and we'll keep you posted as that review develops.

我想說——史蒂夫，我是阿米特。我想說，我認為現在評論具體細節還為時過早。我認為正如柯克所提到的，首先，現在，董事會正在進行一項策略審查，研究所有潛在的替代方案，而且是廣泛的替代方案。所以我認為－我們會及時向大家通報審查的進展。

I think there is some operational complexity that Kirk mentioned. We've got a long tail of SKUs that we can address fairly quickly. And so I think we'll get after that. But I think the overall -- once the strategic review, as we progress that, I think that will then inform the choices that we make.

我認為柯克提到的操作存在一些複雜性。我們擁有大量 SKU，可以相當快速地處理它們。所以我認為我們會實現這一點。但我認為總體而言——一旦戰略審查取得進展，我認為這將為我們所做的選擇提供參考。

And like I said, it's a little premature right now to talk about the restructuring or associated cash costs. I think just on cash, I think if you see our results on cash flow this in the first half, we are ahead of last year, and that's largely driven by timing between last year and this year. But overall, from a cash standpoint, I think despite the call down in earnings, I think our view is that we should be kind of in the same neighborhood as where we were last year.

正如我所說，現在談論重組或相關現金成本還為時過早。我認為僅從現金來看，如果你看到我們上半年的現金流結果，你會發現我們領先去年，這主要是由於去年和今年之間的時間差所致。但總體而言，從現金角度來看，我認為儘管盈利有所下降，但我認為我們應該與去年處於同一水平。

Filippo Falorni, Citi.

花旗銀行的 Filippo Falorni。

I wanted to ask two questions on the guidance, the updated guidance that you provided. Maybe first, starting on the top line. Is the expectation of a continuation of this low single-digit declines in the back half -- or could you see a return to positive a bit modest sales growth? And maybe behind that, what are your expectation in terms of category growth inventory changes at retail, are you assuming a continuation of this destocking?

我想就您提供的指南和更新指南提出兩個問題。也許先從頂線開始。預計下半年銷售額會繼續維持低個位數下滑趨勢嗎？或者銷售額會恢復到略微溫和的正成長嗎？或許在這背後，您對零售品類成長庫存變化有何預期，您是否認為這種去庫存現象會持續下去？

And then second, on the margins, it does imply your EPS guidance of quite a bit of margin contraction. So maybe can you expand a bit of -- does it come with tariffs? Is it more investment? Are you been better in guidance, just to give a bit of a shape of the P&L?

其次，就利潤率而言，這確實意味著您的每股盈餘預期將出現相當程度的利潤收縮。那麼也許您能稍微詳細解釋一下——它是否附帶關稅？是更多的投資嗎？您是否能提供更好的指導，以便對損益表有個大致的了解？

I think if you look at -- given that we are giving guiding for a low single-digit decline for the full year on the top line, and we closed the first half at around minus 2.7%. So the guidance range includes what we basically did in the first half and does not have to improve to be within the guidance. I think if you were to -- we do have more innovation, as Kirk mentioned in the second half, and we know that in quarter 4, we'll be lapping the trade accruals that happened last year. We'd be lapping the weakness in China that happened also in quarter four of 2024.

我認為如果你看一下——考慮到我們預計全年營收將出現低個位數下滑，而上半年我們的營收下滑幅度約為-2.7%。因此，指導範圍基本上包括了我們在上半年所做的事情，並且不必改進就可以達到指導範圍。我認為如果你這樣做的話——我們確實有更多的創新，正如柯克在下半年提到的那樣，我們知道在第四季度，我們將彌補去年發生的貿易應計項目。我們將彌補 2024 年第四季出現的中國經濟疲軟現象。

So I would say -- if those two are incremental, we'd probably be towards the top end of the range. And at the bottom end of the range, the assumption is those would not be incremental. I think the categories have softened. We've seen the category soften in quarter two and the sentiment of consumers is cautious. So that's kind of what's been factored into the guidance.

所以我想說——如果這兩個是增量的話，我們可能會接近該範圍的頂端。而在該範圍的底端，假設這些不會是增量的。我認為類別已經變得柔和了。我們看到該類別在第二季有所疲軟，消費者情緒謹慎。這就是指導中所考慮的因素。

Bonnie Herzog, Goldman Sachs.

高盛的邦妮·赫爾佐格。

I just had a quick question on Q3 trends. Some of the, I guess, declines you saw in Q2, you touched on this, that can be attributed to the later start in the summer. -- did weigh on your seasonal businesses. So wondering if you've seen that pick up in Q3 so far? And if so, how much of a benefit do you see in Q3 a result of this shift?

我只是想問一個關於第三季趨勢的簡單問題。我想，您在第二季度看到的一些下滑，您提到了這一點，可以歸因於夏季開始得較晚——確實對您的季節性業務造成了壓力。那麼想知道到目前為止您是否已經看到第三季出現這種回升嗎？如果是這樣，您認為這種轉變在第三季會帶來多大的好處？

Also, what are the other moving parts that we should keep in mind? For instance, US retailer inventory destocking, the China supply chain disruptions that are ultimately underpinning your largely flat to down organic sales growth guide in 2H?

此外，我們還應該牢記哪些其他活動部件？例如，美國零售商庫存減少、中國供應鏈中斷等最終導致下半年有機銷售成長基本持平甚至下降？

So I think so far in July, we're seeing similar trends to quarter two. So consumption is ahead of organic sales. I think the seasons are similar to what we saw. So seasons continue to be weak. Now this has been incorporated into our guidance. I think as I mentioned, we have softer comps in quarter four when we comp the trade accrual as well as the China weakness. So I think that -- those are kind of the puts and calls between the quarters.

所以我認為到 7 月為止，我們看到的趨勢與第二季類似。因此消費量領先有機銷售量。我認為季節和我們看到的相似。因此季節持續疲軟。現在這已納入我們的指導中。我認為，正如我所提到的，當我們比較貿易應計項目以及中國市場的疲軟時，第四季的業績會比較疲軟。所以我認為——這些是季度之間的看跌期權和看漲期權。

Thank you. We have reached the end of our question-and-answer session. I would now like to turn the floor back over to Kirk Perry 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柯克·佩里，請他作最後評論。

Yes. Thank you all for joining, and we appreciate the questions. We know we have work to do on this business, and we look forward to continuing to share with you as we go forward, the choices we're making. And as we continue to make these choices improved business results. So thank you, and we will talk to you all very soon.

是的。感謝大家的參與，我們也非常感謝大家的提問。我們知道我們在這項業務上還有很多工作要做，我們期待在未來繼續與您分享我們所做的選擇。隨著我們繼續做出這些選擇，業務成果也不斷改善。所以謝謝你們，我們很快會和你們交談。

Thank you. This concludes today's conference. Thank you for your participation. Have a wonderful day. You may disconnect your lines at this time.

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。