寶潔 (PG) 2017 Q4 法說會逐字稿

Good morning, and welcome to Procter & Gamble's quarter-end conference call.

早上好，歡迎來到寶潔公司的季度電話會議。

P&G would like to remind you that today's discussion will include a number of forward-looking statements.

寶潔想提醒您，今天的討論將包括一些前瞻性陳述。

If you will refer to P&G's most recent 10-K, 10-Q and 8-K reports, you will see a discussion of factors that could cause the company's actual results to differ materially from these projections.

如果您參考寶潔最近的 10-K、10-Q 和 8-K 報告，您將看到可能導致公司實際結果與這些預測存在重大差異的因素的討論。

Also, as required by Regulation G, Procter & Gamble needs to make you aware that during the discussion, the company will make a number of references to non-GAAP and other financial measures.

此外，根據 G 條例的要求，寶潔公司需要讓您意識到，在討論過程中，公司將多次提及非公認會計原則和其他財務措施。

Procter & Gamble believes these measures provide investors with useful perspective on the underlying growth trends of the business and has posted on its Investor Relations website, www.pginvestor.com, a full reconciliation of non-GAAP and other financial measures.

Procter & Gamble 認為這些措施為投資者提供了有關業務潛在增長趨勢的有用視角，並已在其投資者關係網站 www.pginvestor.com 上發布了對非公認會計原則和其他財務措施的全面調整。

Now I will turn the call over to P&G's Vice Chairman and Chief Financial Officer, Jon Moeller.

現在我將把電話轉給寶潔的副董事長兼首席財務官喬恩·穆勒。

Good morning.

早上好。

I'm joined this morning by our Chairman, President and Chief Executive Officer, David Taylor; and by our Vice President of Investor Relations, John Chevalier.

今天上午，我們的董事長、總裁兼首席執行官戴維·泰勒 (David Taylor) 加入了我的行列；以及我們的投資者關係副總裁 John Chevalier。

I'm going to quickly review our fiscal 2017 and fourth quarter results, David will discuss our plans and I'll close our remarks with guidance for fiscal 2018.

我將快速回顧我們 2017 財年和第四季度的業績，大衛將討論我們的計劃，我將以 2018 財年的指導結束我們的講話。

We'll then open the call for your questions.

然後，我們將打開電話詢問您的問題。

We met or exceeded each of our going-in fiscal 2017 objectives in what turned out to be a very challenging year.

我們實現或超過了我們在 2017 財年的每一項目標，結果證明這是非常具有挑戰性的一年。

The currency demonetization and goods and services tax implementation; geopolitical uncertainty and economic weakness in Nigeria, Egypt and the Middle East, Argentina, Brazil, Russia and the Ukraine; and also Brexit: each challenged us.

貨幣非貨幣化和商品和服務稅的實施；尼日利亞、埃及和中東、阿根廷、巴西、俄羅斯和烏克蘭的地緣政治不確定性和經濟疲軟；還有英國脫歐：每個人都對我們提出了挑戰。

Foreign exchange and commodity costs were a combined $600 million after-tax headwind on earnings.

外彙和大宗商品成本對收益的稅後逆風合計為 6 億美元。

And we took a direct hit from a tornado at our Albany, Georgia, Family Care plant.

我們在喬治亞州奧爾巴尼的家庭護理工廠遭受了龍捲風的直接打擊。

Underlying market growth decelerated from 4% last fiscal year to about 3% in fiscal '17.

基礎市場增長從上一財年的 4% 降至 17 財年的約 3%。

Within this, U.S. market growth slowed from over 2% last year to just above 1% this year and barely above flat in the fourth quarter.

其中，美國市場增長從去年的 2% 以上放緩至今年的略高於 1%，第四季度僅略高於持平。

U.K. market growth declined about 1 point in fiscal '16 and nearly 2 points in fiscal '17.

英國市場增長在 16 財年下降了約 1 個百分點，在 17 財年下降了近 2 個百分點。

Developing market growth slowed from over 6% last fiscal to about 5% this year.

發展中市場的增長率從上一財年的 6% 以上放緩至今年的 5% 左右。

And as you know, we took some meaningful price reductions, including on Gillette in the U.S.

如您所知，我們採取了一些有意義的降價措施，包括在美國的吉列。

Not knowing that most of this would happen, at the start of fiscal 2017, we targeted about 2% organic sales growth, which is ultimately what we delivered.

不知道大部分情況會發生，在 2017 財年初，我們的目標是實現約 2% 的有機銷售增長，這也是我們最終實現的目標。

It's a meaningful achievement in the face of the headwinds I just described and it includes 0.5 points of headwind from brand and product form discontinuations that we've discussed throughout the year.

面對我剛才描述的不利因素，這是一項有意義的成就，其中包括我們全年討論的品牌和產品形式停產帶來的 0.5 個不利因素。

Importantly, the growth was 100% volume driven.

重要的是，增長是 100% 的銷量驅動的。

We planned, as we went into the year, to reduce the gap between P&G top-line growth and that of the underlying market.

隨著我們進入這一年，我們計劃縮小寶潔收入增長與基礎市場增長之間的差距。

We accelerated organic sales growth by more than 1 point from fiscal '16 to fiscal '17 in a market that decelerated by more than 1 point.

從 16 財年到 17 財年，在一個減速超過 1 個百分點的市場中，我們將有機銷售增長加快了 1 個百分點以上。

We held or improved our relative share performance in 35 of our largest 50 category-country combinations, either extending market share gains or narrowing share declines.

在我們最大的 50 個類別國家組合中，我們保持或改善了 35 個的相對份額表現，擴大了市場份額增長或縮小了份額下降。

We said we'd complete the strengthening and streamlining of the category and brand portfolio, building value in the process, which we did.

我們說我們將完成品類和品牌組合的加強和精簡，在這個過程中創造價值，我們做到了。

We expected to make strong cost savings progress in the first year of the next $10 billion productivity program, which we accomplished.

我們希望在我們完成的下一個 100 億美元生產力計劃的第一年取得巨大的成本節約進展。

We expected a small improvement in core operating margins.

我們預計核心營業利潤率會有小幅改善。

We exceeded those expectations.

我們超出了這些預期。

Core operating margin increased 60 basis points, 90 basis points excluding foreign exchange.

核心營業利潤率增加 60 個基點，其中不包括外匯增加 90 個基點。

We targeted mid-single-digit core earnings-per-share growth.

我們的目標是實現中等個位數的核心每股收益增長。

We exceeded this objective, delivering $3.92 per share, up 7% versus last year; on a constant currency basis, up 11%.

我們超過了這個目標，實現了每股 3.92 美元，比去年增長了 7%；按固定匯率計算，上漲 11%。

Net of reinvestments into innovation, sales coverage, media and sampling, productivity savings have enabled us to deliver constant currency core gross and operating profit margin improvement and high single- to double-digit constant currency core earnings-per-share growth in each of the last 5 fiscal years, averaging 11%.

扣除對創新、銷售報導、媒體和抽樣的再投資，生產力的節省使我們能夠在每個過去 5 個財政年度，平均為 11%。

Over the last 4 fiscal years, we've grown core gross margin by 200 basis points, 450 basis points excluding currency impacts.

在過去的 4 個財年中，我們的核心毛利率增長了 200 個基點，其中不包括貨幣影響增加了 450 個基點。

We've grown core operating margin by 270 basis points, 610 points excluding foreign exchange.

我們的核心營業利潤率增長了 270 個基點，其中不包括外匯，增長了 610 個基點。

Our core after-tax margin now stands at about 17%, second highest in our industry.

我們的核心稅後利潤率現在約為 17%，在我們的行業中排名第二。

We'll improve this further as we go forward.

隨著我們的前進，我們將進一步改進這一點。

Going into the year, we projected another year of 90% or better free cash flow productivity and delivered 94%.

進入這一年，我們預計未來一年的自由現金流生產率將達到 90% 或更高，並交付了 94%。

Inventory and payables improved by 1 and 4 days, respectively.

庫存和應付賬款分別減少了 1 天和 4 天。

And fiscal 2017 was a year of significant value return to P&G shareowners.

2017 財年是寶潔股東獲得重大價值回報的一年。

We paid $7.2 billion in dividends.

我們支付了 72 億美元的股息。

We reduced outstanding shares by $9.4 billion with the shares exchanged in the Beauty transaction.

我們在美容交易中交換的股票減少了 94 億美元的流通股。

And we made over $5 billion of direct share repurchases.

我們進行了超過 50 億美元的直接股票回購。

In total, nearly $22 billion in dividend payments, share exchange and share repurchase.

總共有近 220 億美元的股息支付、股票交換和股票回購。

A quick summary of the key top and bottom line metrics for the year.

年度關鍵頂線和底線指標的快速摘要。

Organic sales were up 2% on organic volume growth of 2%.

有機銷售額增長 2%，有機銷量增長 2%。

All-in sales were down less than 0.5 points due to headwinds from foreign exchange and minor brand divestitures.

由於外彙和小品牌剝離的不利因素，總銷售額下降了不到 0.5 個百分點。

Core earnings per share were $3.92, up 7%.

每股核心收益為 3.92 美元，增長 7%。

All-in earnings per share were $5.59, up 51%, including the significant gain from the Beauty transaction.

每股總收益為 5.59 美元，增長 51%，其中包括美妝交易的顯著收益。

Adjusted free cash flow productivity, as I said earlier, was 94%.

正如我之前所說，調整後的自由現金流生產率為 94%。

Details of our fourth quarter results are provided in the press release published earlier this morning, so I'm just going to hit a few of the highlights.

今天上午早些時候發布的新聞稿中提供了我們第四季度業績的詳細信息，因此我將介紹其中的一些亮點。

Underlying market growth for the quarter was about 2.5%, reflecting many of the market challenges I mentioned earlier.

本季度的潛在市場增長率約為 2.5%，反映了我之前提到的許多市場挑戰。

Organic sales increased by more than 2% on organic volume growth of more than 2%.

由於有機銷量增長超過 2%，有機銷售額增長了 2% 以上。

All-in sales were in line with the prior year.

總銷售額與上一年持平。

Online organic sales were up around 30% for the period, significantly outpacing offline sales.

在線有機銷售額在此期間增長了約 30%，大大超過了線下銷售額。

Online sales represented more than 5% of our total business in fiscal 2017.

2017 財年，在線銷售占我們總業務的 5% 以上。

Core earnings per share in the fourth quarter were $0.85, up 8%.

第四季度每股核心收益為 0.85 美元，增長 8%。

All-in earnings per share were $0.82, up 19%.

每股總收益為 0.82 美元，增長 19%。

Core gross margin decreased 10 basis points.

核心毛利率下降 10 個基點。

270 basis points of productivity savings was largely offset by a 120 basis point headwind from higher commodity costs and 90 basis points of mix impact.

270 個基點的生產力節省在很大程度上被商品成本上漲帶來的 120 個基點的逆風和 90 個基點的混合影響所抵消。

Core SG&A cost as a percentage of sales decreased 220 basis points.

核心 SG&A 成本佔銷售額的百分比下降了 220 個基點。

Excluding foreign exchange, core SG&A costs declined 170 basis points, including 80 basis points of productivity savings from the combination of overhead, agency fee and ad production cost reductions.

不包括外匯，核心 SG&A 成本下降了 170 個基點，其中包括由於間接費用、代理費和廣告製作成本的降低而節省了 80 個基點的生產力。

The remaining reduction was driven by current period choices to temporarily stop spending with digital media outlets where our ads were not being placed according to our standards and specifications.

剩餘的減少是由於當前時期選擇暫時停止在未按照我們的標準和規範放置我們的廣告的數字媒體渠道上的支出。

Core operating profit improved 210 basis points, including 350 basis points of productivity savings.

核心營業利潤提高了 210 個基點，其中包括 350 個基點的生產力節省。

Adjusted free cash flow productivity was 125%.

調整後的自由現金流生產率為 125%。

So to summarize fiscal 2017, we delivered or overdelivered each of our objectives in what was a very challenging year and made significant progress on key priorities: accelerating organic sales growth, continuing to drive strong productivity improvement and cost savings, strengthening our organization and culture and completing the moves to strengthen and focus our portfolio, significant progress which we're singularly focused on increasing in fiscal 2018.

因此，總結 2017 財年，我們在充滿挑戰的一年中實現或超額完成了每一個目標，並在關鍵優先事項上取得了重大進展：加速有機銷售增長，繼續推動強勁的生產力提高和成本節約，加強我們的組織和文化，以及完成加強和集中我們的投資組合的舉措，這是我們特別關注在 2018 財年增加的重大進展。

I'll now hand it over to David to discuss those plans.

我現在將把它交給大衛討論這些計劃。

Thanks, Jon, and good morning, everyone.

謝謝，喬恩，大家早上好。

I want to start my comments this morning where I ended them on the call last year.

我想在今天早上開始我的評論，去年我在電話會議上結束了這些評論。

Our standards are high.

我們的標準很高。

We aren't satisfied with just being a little bit better than last year.

我們並不滿足於僅僅比去年好一點。

We want to be the best, and we're determined to win.

我們想成為最好的，我們決心取勝。

We are making progress, but we know there's more work to do.

我們正在取得進展，但我們知道還有更多工作要做。

Our objective is very clear: balanced top and bottom line growth that consistently delivers total shareholder return in the top third of our peer group.

我們的目標非常明確：平衡的收入和利潤增長，始終如一地在同業集團中排名前三分之一的股東提供總回報。

The work we've begun and the progress we've made have us building toward this level of results.

我們已經開始的工作和取得的進展使我們朝著這一水平的結果努力。

Now as an organization, we are accelerating efforts to execute and deliver on the plans we've put into action.

現在，作為一個組織，我們正在加緊努力執行和交付我們已經付諸行動的計劃。

Achieving our objectives will not only require continued focus as an organization, but also that we prevent anything from derailing the work that is delivering improvement.

實現我們的目標不僅需要作為一個組織持續關注，而且我們還需要防止任何事情破壞正在提供改進的工作。

We're working to accelerate organic sales growth by strengthening and extending the advantages we've created with our products and packages, improving the execution of our consumer communication in on-shelf and online presence, and ensuring our brands offer superior consumer value in each price tier where we choose to compete.

我們正在努力通過加強和擴展我們用我們的產品和包裝創造的優勢來加速有機銷售增長，改進我們在貨架和在線展示中的消費者溝通執行，並確保我們的品牌在每個領域都提供卓越的消費者價值我們選擇競爭的價格等級。

Now I've had several questions on what is really changing, so I want to add a little bit of perspective.

現在我有幾個關於真正變化的問題，所以我想補充一點觀點。

And this is not a marketing pitch but a statement of intent, backed by action of what we've been doing and we will continue to do over the coming quarters and years.

這不是營銷宣傳，而是意向聲明，以我們一直在做的事情為後盾，我們將在未來幾個季度和幾年內繼續這樣做。

The market clearly continues to be challenging, whether it's price transparency, changing retail dynamics or established or new competitors online and offline or slowing market growth.

市場顯然繼續充滿挑戰，無論是價格透明度、零售動態變化、線上和線下老牌或新競爭對手，還是市場增長放緩。

The best response in this environment is innovation and a greater level of superiority in all elements of the consumer proposition: a higher standard.

在這種環境下，最好的反應是創新和消費者主張的所有要素的更高水平的優勢：更高的標準。

That is what we're doing, starting with the consumer and shopper.

這就是我們正在做的事情，從消費者和購物者開始。

That's where we believe sustained success must start.

這就是我們認為持續成功必須開始的地方。

Now the superiority of our products, packages, execution and consumer value create impactful, meaningful advantages that will earn trial and repurchase.

現在，我們的產品、包裝、執行和消費者價值的優勢創造了有影響力的、有意義的優勢，這些優勢將贏得試用和回購。

They grow markets and build market share.

他們發展市場並建立市場份額。

It is what will be required to prevent commoditization of our categories and minimize deflationary impacts.

這是防止我們的類別商品化和最大限度地減少通貨緊縮影響所需要的。

It is required to reduce our promotion spending and create strong retail relevance across channels, offline and online.

需要減少我們的促銷支出，並跨渠道、線下和線上建立強大的零售相關性。

Now at times, people misunderstand this.

現在，人們有時會誤解這一點。

Superiority does not mean the most expensive or premium.

優越並不意味著最昂貴或溢價。

It means delivering maximum value holistically defined across all price points in which we choose to compete.

這意味著在我們選擇競爭的所有價格點上提供全面定義的最大價值。

We need to deliver a big enough advantage to change consumers' affinity for our brands and their expectation of the category.

我們需要提供足夠大的優勢來改變消費者對我們品牌的親和力以及他們對品類的期望。

And to assess and deliver superior products, we're moving from a single metric, which is typically used as weighted purchase intent, to a body-of-evidence approach.

為了評估和交付優質產品，我們正在從通常用作加權購買意圖的單一指標轉變為證據體方法。

This approach provides a holistic and transparent evaluation of the product at the second moment of truth.

這種方法在關鍵時刻提供了對產品的全面和透明的評估。

It integrates technical tests and blind tests, context-aided tests, household panel data and in-market product reviews.

它集成了技術測試和盲測、上下文輔助測試、家庭面板數據和市場產品評論。

It adds behavioral data, which is more reliable to the attitudinal data we've historically collected.

它添加了行為數據，這比我們以往收集的態度數據更可靠。

Now there's many examples I could give.

現在我可以舉很多例子。

First, Tide PODS provides a great one.

首先，Tide PODS 提供了一個很棒的。

After using PODS for a 4-week test period, consumers consistently lowered their assessment of their previously used detergent by more than 10 points.

在使用 PODS 進行為期 4 週的測試後，消費者對之前使用過的洗滌劑的評價持續降低了 10 多分。

Using Tide PODS changed consumers' performance expectation of a laundry detergent.

使用 Tide PODS 改變了消費者對洗衣液性能的期望。

Tide PODS and Gain Flings have driven 90% of the U.S. laundry detergent category growth since they were introduced.

自推出以來，Tide PODS 和 Gain Flings 推動了美國洗衣粉類別 90% 的增長。

Today, unit-dose products generate 15% of category sales, with P&G holding nearly an 80% share of the form.

如今，單位劑量產品佔類別銷售額的 15%，寶潔佔據了近 80% 的份額。

We expect this form to continue leading category growth.

我們預計這種形式將繼續引領品類增長。

In 2016, just 16% of U.S. households had tried unit-dose detergents.

2016 年，只有 16% 的美國家庭嘗試過單劑量洗滌劑。

2017's were up to 23% of household penetration, a 40% increase in just 1 year.

2017 年家庭滲透率高達 23%，僅 1 年就增長了 40%。

Ariel PODS are making a similar impact in developing markets where we've launched.

Ariel PODS 在我們推出的發展中市場也產生了類似的影響。

In Poland, unit-dose products account for over 25% of laundry market value, with P&G holding over 60% share of the form.

在波蘭，單位劑量產品佔洗衣市場價值的 25% 以上，寶潔佔據了 60% 以上的份額。

36% of households in Poland use unit-dose detergents, and remaining unit-dose products account for nearly 20% of the laundry market, with P&G's share of the form reaching almost 80%.

波蘭 36% 的家庭使用單位劑量洗滌劑，剩餘的單位劑量產品佔洗衣市場的近 20%，其中寶潔的份額達到近 80%。

Household penetration is nearly 30% in Romania.

羅馬尼亞的家庭普及率接近 30%。

In both markets, the unit-dose segment is growing.

在這兩個市場中，單位劑量部分都在增長。

We have plans to expand this superior form in Japan early this fiscal, followed by a few other markets later in the year.

我們計劃在本財年初在日本擴展這種優越的形式，然後在今年晚些時候在其他幾個市場上進行擴展。

Another example.

另一個例子。

Always Radiant is a product that's meeting the higher standard of excellence as our best-performing feminine pad.

Always Radiant 是一款滿足更高卓越標準的產品，是我們性能最佳的女性護墊。

Always Radiant has superior ratings across all the body-of-evidence testing for product and packaging.

Always Radiant 在產品和包裝的所有證據體測試中均具有卓越的評級。

The technology absorbs 10x its weight with unique proprietary absorbent material and provides up to 100% leak-free protection.

該技術採用獨特的專有吸水材料吸收 10 倍的重量，並提供高達 100% 的無洩漏保護。

The packaging design is eye-catching, innovative and premium, preferred 4.5x over competition in a controlled test.

包裝設計引人注目、創新和優質，在受控測試中比競爭對手更受歡迎 4.5 倍。

And not surprisingly, business results are very strong.

毫不奇怪，業務成果非常強勁。

Radiant sales are up mid-teens, driving market growth of the super-premium segment plus 7%.

Radiant 銷售額增長了十幾歲，推動了超高端市場的增長 7%。

Radiant's share in the U.S. pad market is up nearly 1 point over the past 6 months.

Radiant 在美國墊市場的份額在過去 6 個月中上升了近 1 個百分點。

We've launched this superior premium product in China and early results are positive.

我們已經在中國推出了這種卓越的優質產品，早期結果是積極的。

Always Radiant and Infinity hold the #1 share position of the super-premium segment.

Always Radiant 和 Infinity 在超高端細分市場中排名第一。

Now packaging is another area where we see great opportunities for innovation, both online and offline.

現在，包裝是我們看到在線和離線創新機會的另一個領域。

Different distribution channels demand different packaging solutions.

不同的分銷渠道需要不同的包裝解決方案。

One size doesn't fit all, but it may fit for many.

一種尺寸並不適合所有人，但它可能適合許多人。

We look to reapply packaging success models across the company.

我們希望在整個公司重新應用包裝成功模式。

A great online package innovation in China may also be great for online businesses in Japan, Korea, Europe or the U.S., but it may not be good for hypermarkets in any region.

在中國，一個偉大的在線包裝創新對日本、韓國、歐洲或美國的在線業務可能也有好處，但它可能對任何地區的大賣場都不利。

Superior packaging attracts the consumer at the first moment of truth, provides integrity and quality protection and delights the consumer during use and in its responsible disposal.

優質的包裝會在第一時間吸引消費者，提供完整性和質量保護，並在使用和負責任的處置過程中讓消費者感到愉悅。

Superior packaging creates recognizable brand blocks at shelf, it aids the consumer in selecting the best product for their needs, and it conveys the equity to brand and, importantly, closes the sale.

優質的包裝在貨架上創造了可識別的品牌塊，幫助消費者選擇最適合他們需求的產品，並將資產傳遞給品牌，更重要的是，完成銷售。

We're developing a body-of-evidence approach, like I described with products, to test packaging superiority.

我們正在開發一種證據主體方法，就像我在產品中描述的那樣，來測試包裝的優勢。

Some examples here.

這裡有一些例子。

Scent beads are doing a great job on both the product and the package.

香珠在產品和包裝上都做得很好。

It delivers against this new higher standard.

它提供了這個新的更高標準。

When consumers used scent beads for a 4-week test period, they consistently lowered their assessment of their current product by more than 10 points.

當消費者使用香珠進行為期 4 週的測試時，他們對當前產品的評估持續降低 10 分以上。

The packaging shows the product and communicates the scent benefit with the squeezed scent release.

包裝展示了產品，並通過擠壓的香味釋放傳達了香味的好處。

It's distinctive, familiar and appealing.

它獨特、熟悉和吸引人。

The fabric enhancers are the fastest-growing segment in the overall Fabric Care category, growing mid-single digits; and scent beads, the fastest-growing form, growing at a 20% rate.

織物增強劑是整個織物護理類別中增長最快的部分，增長中個位數；和香珠，增長最快的形式，以 20% 的速度增長。

P&G scent bead offerings have grown over 30%.

寶潔香珠產品的銷量增長了 30% 以上。

Now there's tremendous upside.

現在有巨大的上漲空間。

Scent beads household penetration is only 14% and beads are currently used in only, and importantly, 4% of laundry loads today.

香珠的家庭普及率僅為 14%，而香珠目前僅用於，重要的是，今天 4% 的洗衣負荷。

We're going to continue driving consumer awareness and trial through advertising campaigns and sampling programs to grow the category and grow our share, and we'll enter new markets this fiscal year.

我們將繼續通過廣告活動和抽樣計劃提高消費者意識和試用，以擴大類別並增加我們的份額，我們將在本財年進入新市場。

Superior products and superior packages drive market growth.

卓越的產品和卓越的包裝推動市場增長。

This prevents commoditization.

這可以防止商品化。

Market growth has been incredibly important in the journey of our brands.

市場增長在我們品牌的發展歷程中非常重要。

Over the last 40 years, P&G's U.S. Fabric Care business has grown by 5x or 500% in a market that's grown 4x.

在過去的 40 年裡，寶潔的美國織物護理業務增長了 5 倍或 500%，市場增長了 4 倍。

P&G's share has increased only 5 points.

寶潔的份額僅增加了5個百分點。

Market growth has been the main driver of P&G's growth, which we've driven with leading innovation.

市場增長一直是寶潔增長的主要驅動力，我們通過領先的創新推動了這一增長。

Over the past 40 years, P&G's global diaper business has grown 12x, 1,200%, in a market that's grown 11x.

在過去的 40 年裡，寶潔的全球紙尿褲業務增長了 12 倍，即 1,200%，而市場增長了 11 倍。

P&G's share has increased only modestly.

寶潔的份額僅略有增加。

Market growth has been the main driver of P&G growth, and we've led it with innovation and conversion of cloth diaper uses -- or users.

市場增長一直是寶潔增長的主要驅動力，我們通過創新和轉換布尿布用途——或用戶——來引領它。

Product and package benefits need to be communicated with exceptional brand messaging.

產品和包裝的好處需要通過卓越的品牌信息來傳達。

Advertising makes you think, talk, laugh, cry, smile, act and, of course, buy.

廣告讓你思考、說話、大笑、哭泣、微笑、行動，當然還有購買。

Advertising that drives growth for brands and the categories in which they compete.

推動品牌及其競爭類別增長的廣告。

Advertising that clears the highest bar for creative brilliance, sparking conversations, affecting and sometimes changing attitudes, changing behavior and even defining popular culture.

廣告為創意才華、引發對話、影響甚至有時改變態度、改變行為甚至定義流行文化掃清了最高標準。

We're setting a higher standard of excellence on advertising quality with a focus on brand performance claims that communicate the brand's benefit superiority to create awareness and trial.

我們在廣告質量方面設定了更高的卓越標準，重點關注品牌表現聲明，這些聲明傳達了品牌的利益優勢，以創造知名度和試用。

We're improving the quality of consumer insights, agency creative talent and production.

我們正在提高消費者洞察力、代理創意人才和製作的質量。

We're planning a body-of-evidence assessment on advertising quality.

我們正在計劃對廣告質量進行證據評估。

For example, the proven effective Always Like A Girl campaign has significant increased Always brand awareness and our equity scores.

例如，行之有效的 Always Like A Girl 活動顯著提高了 Always 品牌知名度和我們的資產得分。

U.S. category growth rates have accelerated and Always has built nearly 2 points of market share since the campaign began.

自活動開始以來，美國品類的增長率已經加快，Always 已經建立了近 2 個百分點的市場份額。

Other brands achieving this standard of quality are many: Tide, Dawn, Febreze, Bounty, Head & Shoulders, SK-II and Vicks.

其他達到這一質量標準的品牌還有很多：Tide、Dawn、Febreze、Bounty、Head & Shoulders、SK-II 和 Vicks。

External evaluation of our advertising has been strong.

外部對我們廣告的評價一直很強。

P&G received 26 creative excellence awards at Cannes in June.

寶潔公司在 6 月的戛納電影節上獲得了 26 項卓越創意獎。

This is more than the next 4 most highly awarded competitors combined.

這比接下來 4 名獲獎最多的競爭對手的總和還要多。

What's noteworthy is that all of the P&G brand winners are both creative and effective at building business.

值得注意的是，所有寶潔品牌的獲獎者都在建立業務方面富有創造力和效率。

For example, Tide's Bradshaw "Stain" Super Bowl commercial not only won multiple awards for its creative innovation across digital and live TV, it led the U.S. Tide's highest household penetration in the brand's history and contributed to share growth for the year.

例如，Tide 的 Bradshaw “Stain”超級碗廣告不僅因其在數字和直播電視方面的創意創新而獲得多個獎項，它還引領了美國 Tide 品牌歷史上最高的家庭滲透率，並為該年度的份額增長做出了貢獻。

In-store execution is another area where we are redefining excellence to a higher standard, growing categories and our brands.

店內執行是我們將卓越重新定義為更高標準、不斷增長的類別和我們的品牌的另一個領域。

This requires the right trade coverage with the right product forms, sizes and price points and the right in-store shelving and merchandising execution.

這需要使用正確的產品形式、尺寸和價格點以及正確的店內貨架和商品執行來進行正確的貿易覆蓋。

It requires delivering against key business drivers for each category and brand in every store across all channels every day.

它需要每天針對所有渠道中每個商店的每個類別和品牌的關鍵業務驅動因素進行交付。

In Brazil, we've revamped trade spending programs to reward the specific activities by brand and by channel now that are proven to drive sales.

在巴西，我們改進了貿易支出計劃，以獎勵按品牌和渠道進行的特定活動，這些活動現已被證明可以推動銷售。

We've demonstrated the value of long-term displays of our leading brands to top retailers.

我們已經向頂級零售商展示了我們領先品牌的長期展示的價值。

These displays are high quality and clearly communicate our brand equities and product benefits.

這些展示品質量上乘，清楚地傳達了我們的品牌資產和產品優勢。

They replaced in-and-out promotional displays that were often low quality and inefficient.

他們取代了通常質量低下且效率低下的進出宣傳展示。

We're tracking compliance versus category-specific key business drivers in over 7,000 individual stores.

我們正在跟踪 7,000 多家獨立商店的合規性與特定類別的關鍵業務驅動因素。

When we get it right, category growth accelerates, our growth accelerates and we deliver trade spending efficiencies that enable us to reinvest and improve sales coverage to achieve excellence in even more stores.

當我們做對了，品類增長加速，我們的增長加速，我們提供貿易支出效率，使我們能夠再投資和提高銷售覆蓋率，以在更多商店實現卓越。

We're piloting new approaches and technologies, including crowdsourcing, image recognition and machine learning, to obtain granular, real-time data on store conditions to optimize our performance and coverage.

我們正在試驗新的方法和技術，包括眾包、圖像識別和機器學習，以獲取有關商店狀況的精細實時數據，以優化我們的績效和覆蓋範圍。

The execution is working.

執行是有效的。

Brazil trade promotion spending is down over 600 basis points, including the reinvestment into long-term displays in-store.

巴西的貿易促進支出下降了 600 多個基點，包括對店內長期陳列的再投資。

We're delivering these savings while reaching record value share in our largest categories -- Baby Care, Shave Care and Hair Care -- over the past 12 months.

在過去的 12 個月裡，我們在實現這些節省的同時，在我們最大的類別——嬰兒護理、剃須護理和頭髮護理——中實現了創紀錄的價值份額。

The online shopping experience also demands executional excellence.

在線購物體驗還需要卓越的執行力。

On Amazon, Tide holds the top 5 search results for laundry detergent.

在亞馬遜上，Tide 佔據了洗衣粉的前 5 名搜索結果。

Tide PODS are the #1 bestseller with over 2,000 reviews and an average rating of 4.5 points.

Tide PODS 是排名第一的暢銷書，擁有超過 2,000 條評論，平均評分為 4.5 分。

The online execution includes video, strong performance claims and strong value offerings for subscription options.

在線執行包括視頻、強大的性能聲明和訂閱選項的強大價值產品。

On walmart.com, Bounty is the #1 search result for paper towels and the bestseller behind strong brand content and superior performance communication.

在 walmart.com 上，Bounty 是紙巾排名第一的搜索結果，也是強大品牌內容和卓越績效溝通背後的暢銷書。

P&G e-commerce sales grew at roughly a 30% rate that Jon referred to last fiscal year, significantly outpacing offline sales.

寶潔電子商務銷售額以喬恩提到的上一財年大約 30% 的速度增長，大大超過了線下銷售額。

Our e-commerce sales now are about -- or a little over $3 billion, larger than our top 3 peer competitors combined.

我們現在的電子商務銷售額約為 - 或略高於 30 億美元，比我們前 3 大同行競爭對手的總和還要多。

We're committed to winning in this fast-growing segment.

我們致力於在這個快速增長的細分市場中獲勝。

And the last element of superior execution, but certainly not the least, is winning consumer and customer value equations.

卓越執行的最後一個要素，但肯定不是最不重要的，是贏得消費者和客戶價值方程式。

Price is one element of winning the consumer value equation, but we're really looking at the superior value of the total proposition: a product that meets a need in a noticeable and superior way with a package that is convenient to use, with compelling communication presented in a clear and shoppable way in-store.

價格是贏得消費者價值方程式的一個要素，但我們真正著眼於整體主張的卓越價值：一種產品以明顯和卓越的方式滿足需求，包裝方便使用，具有令人信服的溝通在店內以清晰易購的方式呈現。

Now margin is one element of the customer value equation, but so is penny profit, trip generation, basket size, and, very importantly, market or category growth.

現在，利潤是客戶價值等式的一個要素，但便士利潤、旅行產生、購物籃規模，以及非常重要的市場或類別增長也是如此。

Our best executions generate high returns for our retail partners.

我們的最佳執行為我們的零售合作夥伴帶來高回報。

Two great examples of products that are meeting all 5 of our superiority criteria are Dawn and Bounty.

Dawn 和 Bounty 是滿足我們所有 5 項優勢標準的兩個很好的產品示例。

These brands delight consumers with their product performance and packaging.

這些品牌以其產品性能和包裝取悅消費者。

Their promises to consumers are clear and compelling.

他們對消費者的承諾是明確而令人信服的。

They look great in-store and online and they offer superior value for consumers.

它們在店內和網上看起來都很棒，它們為消費者提供了卓越的價值。

Now I can give you these 2 examples, but these are 2 that many several years ago questioned that were in trouble, that had a high risk of commoditization and a real concern that private label would take over the paper towel and hand dish category.

現在我可以給你這兩個例子，但這些是幾年前被質疑的兩個例子，它們陷入了困境，商品化的風險很高，並且真正擔心自有品牌會接管紙巾和手碟類別。

Now I had the opportunity to work on the Dawn business when I was appointed Global Home Care President in 2007.

現在，當我在 2007 年被任命為全球家庭護理總裁時，我有機會從事 Dawn 業務。

And many think hand dishwashing detergent is a really high risk of commoditization category.

許多人認為洗手液是商品化的高風險類別。

10 years later, if you go from 2007 to today, Dawn's value share in the U.S. has grown from 40% to 50%.

10年後，如果從2007年到今天，黎明在美國的價值份額已經從40%增長到50%。

And Dawn's sister brand in the U.K., Fairy, has grown from 55% to around 70% value share.

Dawn 在英國的姊妹品牌 Fairy 的價值份額已從 55% 增長到 70% 左右。

Superiority works.

優越感起作用。

Similarly, I've had the pleasure of leading Family Care in the mid-2000s and working on the Bounty business.

同樣，我有幸在 2000 年代中期領導 Family Care 並從事 Bounty 業務。

Paper towels are another category that people often think of as commoditized.

紙巾是人們通常認為商品化的另一個類別。

The fact is that Bounty's technological advantages and compelling communication have kept it the market share leader for decades.

事實上，Bounty 的技術優勢和令人信服的溝通方式使其在數十年來一直保持著市場份額的領先地位。

Over the last 15 years, despite many challenges from branded and private-label competition, Bounty has consistently maintained or grown value share.

在過去的 15 年中，儘管品牌和自有品牌競爭面臨諸多挑戰，但 Bounty 始終保持或增加價值份額。

Now where do we stand against these new higher standards of noticeably superior product, package and superior execution?

現在，我們在哪裡反對這些明顯卓越的產品、包裝和卓越執行的新更高標準？

While a win on all 5 of these is required for a passing grade, we currently earn a passing grade on some, where we sit in the 30s.

雖然所有這 5 項都需要取得及格分數，但我們目前在一些 30 多歲的學生中獲得了及格分數。

But we are making progress, even over the last 6 months.

但我們正在取得進展，即使在過去 6 個月內也是如此。

We've seen meaningful progress in the last 6 months in many areas, especially the product area.

在過去的 6 個月裡，我們在許多領域，尤其是產品領域，都取得了有意義的進展。

Two businesses where we're highly focused on improving our competitive position are U.S. male blades and razors and China diapers.

我們高度專注於提高競爭地位的兩個業務是美國男性刀片和剃須刀以及中國尿布。

As you all know, in April, we took price reductions in the U.S. on male blades and razors to restore a more evenly spaced pricing ladder between our products and to cover key price points where competitors were doing most of the transactions.

眾所周知，4 月份，我們在美國對男性刀片和剃須刀進行了降價，以恢復我們產品之間更均勻的定價階梯，並覆蓋競爭對手進行大部分交易的關鍵價格點。

This was one step of several to improve overall consumer value.

這是提高整體消費者價值的幾個步驟之一。

In May, we repositioned and relaunched Gillette Shave Care, the Gillette shave club, with Gillette On Demand, the new online-only service that allows consumers to purchase blades whenever they want with free shipping, and free of commitments or contracts.

5 月，我們通過 Gillette On Demand 重新定位並重新推出了 Gillette Shave Care（吉列剃須俱樂部），這是一項新的僅限在線服務，允許消費者隨時免費送貨購買刀片，無需承諾或簽訂合同。

There are only 2 pieces in the overall plan.

整體計劃只有2件。

While it's only 1 quarter, North America Shave Care grew volume, volume in the April-June quarter for the first time after 8 consecutive quarters of volume declines.

雖然只有 1 個季度，但北美剃須護理的銷量卻出現了增長，這是 4 月至 6 月季度的銷量在連續 8 個季度下降後首次出現。

Now one other example I'm going to give is China, China diapers.

現在我要舉的另一個例子是中國，中國尿布。

China is a critical country for us, and China diapers is an important opportunity to restore superiority.

中國對我們來說是一個關鍵的國家，中國紙尿褲是恢復優勢的重要機會。

This is a fast-growing, highly profitable category where nearly all of the growth is happening at premium price points in both the taped and the pull-on diaper forms.

這是一個快速增長、高利潤的類別，幾乎所有的增長都發生在膠帶和套拉式尿布形式的高價位上。

In January, we launched a significant upgrade to Pampers Premium pull-on diapers.

一月份，我們對幫寶適優質套穿式尿布進行了重大升級。

Starting in August, we've talked about this many times, we're launching our new Pampers Premium taped diapers.

從 8 月開始，我們已經多次討論過這個問題，我們將推出新的幫寶適優質膠帶紙尿褲。

Both of these products are imported into China from Japan and carry the message of Pampers Ichiban, our #1 choice of Japanese hospitals, specifically designed to protect your newborn baby's delicate skin.

這兩款產品均從日本進口到中國，並傳達了幫寶適一番的信息，這是我們在日本醫院的第一選擇，專為保護新生兒嬌嫩的皮膚而設計。

Now to deliver superior in-store execution in the baby store channel, we've established a dedicated sales force to improve the quality of store coverage and quality of execution in these stores.

現在，為了在嬰兒商店渠道提供卓越的店內執行，我們建立了專門的銷售隊伍來提高這些商店的商店覆蓋質量和執行質量。

We've improved consumer point-of-market entry awareness, trial and retention with our Pampers Rewards program.

我們通過幫寶適獎勵計劃提高了消費者的市場准入意識、試用和保留率。

And we strengthened our main line of taped and pull-on diaper products and packages to unify and premiumize the total Pampers line.

我們加強了膠帶和套穿式尿布產品和包裝的主要產品線，以統一和提升幫寶適產品線。

Establishing and extending product, package, execution and value superiority represents a significant opportunity to accelerate top-line growth.

建立和擴展產品、包裝、執行和價值優勢是加速收入增長的重要機會。

This will require investments to realize.

這需要投資才能實現。

Now some have asked if, given lower market growth rates, category commoditization and retail industry transformation, we should pick a different path.

現在有人問，鑑於較低的市場增長率、品類商品化和零售業轉型，我們是否應該選擇不同的路徑。

We have made a clear choice.

我們已經做出了明確的選擇。

We have prioritized the long-term health of the business as the key priority.

我們將業務的長期健康作為首要任務。

In our minds, this would be -- if we did the short-term profit choice, it'd be the wrong choice.

在我們看來，這將是——如果我們做了短期利潤選擇，那將是錯誤的選擇。

In times like this, we need to build advantage, not diminish it.

在這樣的時代，我們需要建立優勢，而不是削弱它。

We need to create stronger positions for our brands to drive category growth and capture a disproportionate share of that growth.

我們需要為我們的品牌創造更強大的地位，以推動品類增長並在增長中佔據不成比例的份額。

To fund the investment necessary to strengthen our position and extend our advantage, we continue raising the bar on productivity.

為了為鞏固我們的地位和擴大我們的優勢所必需的投資提供資金，我們將繼續提高生產力標準。

The need for investment, the external realities we face, our historical productivity progress and our line of sight traditional productivity opportunities all have informed our plans to save up to another $10 billion from fiscal '17 through fiscal '21.

投資需求、我們面臨的外部現實、我們的歷史生產力進步和我們的視線傳統生產力機會都為我們計劃從 17 財年到 21 財年節省多達 100 億美元的計劃提供了依據。

This will remain a focus area.

這仍將是一個重點領域。

An important enabler of both top line growth and productivity improvement is building our digital capabilities.

實現收入增長和生產力提高的一個重要推動因素是建立我們的數字能力。

This also requires investment.

這也需要投資。

We're leveraging digital tools to improve the consumer experience with our brands.

我們正在利用數字工具來改善消費者對我們品牌的體驗。

SK-II utilizes a proprietary beauty imaging system at its counters to analyze 5 dimensions of skin -- texture, radiance, firmness, wrinkle resilience and evenness of skin tone -- to help women find exactly the right combination of products for them.

SK-II 在其櫃檯使用專有的美容成像系統來分析皮膚的 5 個維度——質地、光澤、緊緻度、抗皺性和膚色均勻度——幫助女性找到適合自己的產品組合。

Earlier this year, Olay announced the global launch of Olay's Skin Advisor, a new Web-based skin analytics platform utilizing a suite of artificial intelligence technologies.

今年早些時候，Olay 宣佈在全球推出 Olay 的 Skin Advisor，這是一個新的基於網絡的皮膚分析平台，採用了一套人工智能技術。

And it provides women with exceptionally precise, personalized skin education and product recommendations on their mobile phones or tablets.

它還通過手機或平板電腦為女性提供極其精確、個性化的皮膚教育和產品推薦。

As I mentioned earlier, we're improving in-store execution with new approaches and technologies, like image recognition and machine learning, to obtain real-time data on store conditions to optimize our performance and coverage.

正如我之前提到的，我們正在使用圖像識別和機器學習等新方法和技術來改進店內執行，以獲取有關商店狀況的實時數據，以優化我們的績效和覆蓋範圍。

Digitization and machine learning are helping us improve the presence of our brand online -- brands online.

數字化和機器學習正在幫助我們提高在線品牌的影響力——在線品牌。

Understanding consumer behavior in areas such as digital search can help us spot important changes in trends that we can use to modify how we present our brands online.

了解消費者在數字搜索等領域的行為可以幫助我們發現趨勢的重要變化，我們可以利用這些變化來修改我們在線展示品牌的方式。

We're using digital tools to synchronize the supply network.

我們正在使用數字工具來同步供應網絡。

We're working toward an ideal world where our supply chain would be fully linked to real-time point of sale data, with consumer purchases triggering updates to our manufacturing schedules and changes to our orders of materials to our suppliers.

我們正在朝著一個理想的世界努力，在這個世界中，我們的供應鏈將與實時銷售點數據完全鏈接，消費者購買會觸發我們製造計劃的更新以及我們對供應商的材料訂單的變化。

Automation and digitization is driving productivity improvement in our manufacturing operations.

自動化和數字化正在推動我們製造業務的生產力提高。

For example, in our Mariscala, Mexico, plant, we've increased productivity 60% over the past 4 years.

例如，在我們位於墨西哥的 Mariscala 工廠，我們在過去 4 年中將生產力提高了 60%。

About half of that improvement is driven by digitization programs and work process improvements, and the other half is related to automation projects like palletizing robots, automated guided vehicles and automated bottle sorting.

大約一半的改進是由數字化計劃和工作流程改進推動的，另一半與碼垛機器人、自動導引車和自動瓶子分揀等自動化項目有關。

Digital tools are making our office work more efficient.

數字工具使我們的辦公室工作更加高效。

In our internal audit organization, we're using desktop auditing and data analytics to focus resources on the highest-impact transactions and processes, enabling us to reduce staffing while also reducing risk for our company.

在我們的內部審計組織中，我們使用桌面審計和數據分析將資源集中在影響最大的交易和流程上，使我們能夠減少人員配備，同時降低公司的風險。

In addition to establishing a new standard of excellence for product performance, packaging and commercial execution, and continuing to drive significant cost savings, we're further strengthening our organization design, culture and accountability.

除了為產品性能、包裝和商業執行建立新的卓越標準，並繼續大幅節省成本外，我們還在進一步加強我們的組織設計、文化和問責制。

Deeper mastery, closer to consumers and customers, more agile, more accountable, more efficient and more effective.

更深入的掌握，更貼近消費者和客戶，更敏捷，更負責，更高效，更有效。

We discussed many of our ideas at the analyst meeting last fall and at CAGNY, and we've acted on all of them.

我們在去年秋天的分析師會議和 CAGNY 上討論了我們的許多想法，並且我們已經對所有這些想法採取了行動。

We continue to move resources out of global or corporate roles into regions and countries, learning from, innovating for and serving local consumers.

我們繼續將資源從全球或企業角色轉移到地區和國家，向當地消費者學習、創新和服務。

Today, a small percentage of commercial function employees, including general management, marketing, sales and finance, occupy global roles.

今天，一小部分商業職能員工，包括一般管理、營銷、銷售和財務，擔任全球職務。

Global category leadership, who own end-to-end global profit-and-loss statements, are geographically dispersed.

擁有端到端全球損益表的全球品類領導者在地理上是分散的。

These few central resources add value by driving scale of manufacturing platforms, ensuring consistency of global brand equities and ensuring pricing strategies work across regions.

這些為數不多的核心資源通過擴大製造平台的規模、確保全球品牌資產的一致性和確保定價策略跨地區發揮作用來增加價值。

Regional commercial resources own regional profit-and-loss statements, coordinating innovation across our pipelines and set the pricing and promotion strategy.

區域商業資源擁有區域損益表，協調我們管道中的創新並製定定價和促銷策略。

The large majority of marketing, sales and finance people reside in local markets, executing innovation, advertising and merchandising programs; leveraging unique local knowledge of consumers, customers and competitors.

絕大多數營銷、銷售和財務人員居住在當地市場，執行創新、廣告和營銷計劃；利用對消費者、客戶和競爭對手的獨特本地知識。

In 2013, we worked with an outside consultant on an external benchmarking study to compare P&G by functional spending as a percent of sales against a set of peer companies.

2013 年，我們與一位外部顧問合作進行了一項外部基準研究，以將寶潔按功能支出佔銷售額的百分比與一組同行公司進行比較。

This informed choices to improve.

這明智的選擇要改進。

Function spending as a percent of sales is now, on average, below the median of our benchmark group and is approaching or ahead of the top quartile benchmark in about half the cases.

現在，平均而言，功能支出佔銷售額的百分比低於我們基準組的中位數，並且在大約一半的情況下接近或領先於前四分之一的基準。

Our target of spending by function in 2020 is well below or below the median in every function, better than the top quartile benchmark 50% of the time with some choices to reinvest in functions like R&D and sales.

我們在 2020 年按職能劃分的支出目標遠低於或低於每個職能的中位數，在 50% 的情況下優於前四分之一的基準，並有一些選擇再投資於研發和銷售等職能。

One specific target of reduction in the corporate spending area is we continue to redirect resources into the business units to get them closer to the end consumer.

減少企業支出領域的一個具體目標是我們繼續將資源重新分配到業務部門，以使它們更接近最終消費者。

Over the last 5 years, we've reduced corporate roles by 20% with plans to go further.

在過去 5 年中，我們已將企業角色減少了 20%，併計劃進一步發展。

We've eliminated central resources where they've added complexity but didn't provide a scale benefit overall.

我們已經消除了中心資源，它們增加了複雜性，但總體上沒有提供規模效益。

We've kept some centralized work where it does provide a scale benefit in areas like corporate accounting, tax, treasury.

我們保留了一些集中的工作，它確實在公司會計、稅收、財政等領域提供了規模效益。

In large markets, we're implementing what we call an end-to-end ownership and accountability approach.

在大型市場中，我們正在實施我們所謂的端到端所有權和問責制方法。

This new model gives regional category business leaders, who own full profit-and-loss responsibilities, holistic decision-making authority, starting with the front end of innovation all the way through to the consumer.

這種新模式賦予區域品類業務領導者全權負責盈虧的整體決策權，從創新的前端一直到消費者。

Each category decides the resources they need to win.

每個類別決定他們需要贏得的資源。

Category is the point of competition.

品類是競爭的焦點。

It's the point at which consumers engage with our brands.

這是消費者與我們的品牌互動的關鍵。

We first implemented this end-to-end approach, giving category leaders full responsibly from the front end of innovation all the way through to the store, in the United States in fiscal 2016.

我們首先在 2016 財年在美國實施了這種端到端的方法，讓品類領導者從創新的前端一直到商店都完全負責任。

We brought 4 more markets into the model in fiscal '17 and are adding 5 more markets this year.

我們在 17 財年將另外 4 個市場引入該模型，今年還將增加 5 個市場。

In total, our end-to-end markets will account for around 70% of company sales.

總的來說，我們的端到端市場將占公司銷售額的 70% 左右。

In smaller countries, where we don't have scale to organize in a dedicated end-to-end model, we're implementing a new what we call freedom-within-a-framework approach.

在較小的國家，我們沒有規模以專門的端到端模型進行組織，我們正在實施一種新的我們稱之為框架內自由的方法。

The objective is to enable these smaller markets to be faster and more agile.

目標是使這些較小的市場更快、更靈活。

As long as the market is executing within the predefined strategies and is delivering the financial targets set by the region, they have the freedom to make real-time decisions without the need to engage regional or global resources.

只要市場在預定義的戰略範圍內執行並實現該地區設定的財務目標，他們就可以自由地做出實時決策，而無需使用區域或全球資源。

In the markets where we've tested this approach, it's enabled us to cut the number of internal review meetings in half, reduce the number of people participating in meetings, and, importantly, enhance agility and market responsiveness.

在我們測試過這種方法的市場中，它使我們能夠將內部審查會議的數量減少一半，減少參加會議的人數，並且重要的是，提高了敏捷性和市場響應能力。

We're launching the freedom-within-a-framework approach in relevant markets globally right now.

我們現在正在全球相關市場推出“框架內自由”方法。

We're challenging talent development and career planning -- or changing talent development and career planning to drive more mastery and depth in each of our product categories.

我們正在挑戰人才發展和職業規劃——或改變人才發展和職業規劃，以推動我們在每個產品類別中更加精通和深入。

The objective is simple: improve business results by getting and keeping the right people in the right places to develop and apply deep category mastery to win.

目標很簡單：通過讓合適的人在合適的地方發展和應用深入的品類掌握來贏得勝利，從而提高業務成果。

Now P&G is fortunate to consistently source and develop very strong talent.

現在寶潔有幸不斷地尋找和培養非常強大的人才。

But there are times when the best talent for a role may not be within our organization.

但有時，最適合某個職位的人才可能不在我們的組織內。

We are supplementing internal development with hiring from the outside to add the skill and experience needed to win and field the best teams.

我們正在通過外部招聘來補充內部發展，以增加贏得和組建最佳團隊所需的技能和經驗。

Our external hiring has roughly quadrupled across 5 different levels of management, including senior line leadership.

我們的外部招聘在 5 個不同級別的管理人員中大約翻了兩番，其中包括高層領導。

Since 2015, we've added external hires to the position of Personal Health Care Vice President, Chief Information Officer, Chief Information Security Officer, Head of Corporate Communications and Global Media Director, with additional searches underway.

自 2015 年以來，我們在個人醫療保健副總裁、首席信息官、首席信息安全官、企業傳播主管和全球媒體總監的職位上增加了外部招聘人員，並且正在進行更多的搜索。

We are actively working to create a culture of appropriate risk-taking and are aligning incentives at a lower level of granularity to better match responsibilities and to increase accountability.

我們正在積極努力創造一種適當冒險的文化，並在較低的粒度級別上調整激勵措施，以更好地匹配責任並增加問責制。

We're quadrupling the number of bonus units from 25 to over 100 to more appropriately align compensation to results delivered.

我們將獎金單位的數量翻了兩番，從 25 個增加到 100 個以上，以更恰當地使薪酬與交付的結果保持一致。

Related to this change, business leaders now have the discretion to adjust awards within their bonus units based on the specific performance versus being paid based on uniform formulas.

與此變化相關的是，企業領導者現在可以根據具體表現調整其獎金單位內的獎勵，而不是根據統一公式支付。

Sales professionals in our largest markets who are now dedicated to selling one product category have the majority of their incentive comp tied to the performance of that category versus what was previously a region average across all categories.

在我們最大的市場中，現在致力於銷售一個產品類別的銷售專業人士的大部分激勵薪酬與該類別的績效相關，而之前所有類別的區域平均水平是這樣的。

Category leaders for a region now have their incentive compensation tied to the performance of their category in their region versus the global average for that category.

一個地區的品類領導者現在的激勵薪酬與其所在地區的品類表現相對於該品類的全球平均水平掛鉤。

Bottom line: Again, we're committed to getting, keeping and growing the right people in the right places, dedicated to categories to drive better business results.

底線：再一次，我們致力於在正確的地方獲得、留住和培養正確的人才，專注於類別以推動更好的業務成果。

We're putting more granular incentives in place to match the increased end-to-end responsibility we're asking leaders to assume.

我們正在製定更精細的激勵措施，以匹配我們要求領導者承擔的增加的端到端責任。

We're leveraging this talent and mastery in an organization designed to get the best of both: focus and agility at the point of competition in categories and markets, along with the benefits of P&G's scale and cost advantages in areas like global business services, purchasing, tax, treasury and supply network efficiency, advantages that none of our individual businesses or sectors could achieve on their own.

我們在一個旨在獲得兩全其美的組織中利用這種才能和精通：在品類和市場競爭中的專注和敏捷性，以及寶潔在全球商業服務、採購等領域的規模和成本優勢所帶來的好處、稅收、財政和供應網絡的效率，這些優勢是我們任何一個企業或部門都無法靠自己實現的。

We believe that these 3 areas that I've talked about this morning -- irresistible products and package superiority, coupled with superior commercial execution, fueled by strong productivity improvement and cost savings and supported by an organization that is experienced, agile, accountable and committed to win -- will enable us to continue to make progress and accelerate that progress even in the challenging market conditions we currently face.

我們相信我今天早上談到的這三個領域——不可抗拒的產品和包裝優勢，加上卓越的商業執行，由強大的生產力提高和成本節約推動，並得到一個經驗豐富、敏捷、負責和承諾的組織的支持獲勝——即使在我們目前面臨的充滿挑戰的市場條件下，我們也能夠繼續取得進展並加快進展。

Now I want to hand it back to Jon for a few minutes to discuss the fiscal 2018 guidance.

現在我想把它交還給 Jon 幾分鐘來討論 2018 財年的指導。

As context for guidance, I think it's helpful to look briefly at the macro environment we currently face as we enter the new fiscal year.

作為指導的背景，我認為在我們進入新財年時簡要回顧一下我們目前面臨的宏觀環境是有幫助的。

The markets in which we compete, as I said earlier, are growing at around 2.5% to 3%, including an estimate for nontracked channels.

正如我之前所說，我們競爭的市場正在以大約 2.5% 到 3% 的速度增長，其中包括對非跟踪渠道的估計。

Currencies and commodities continue to be volatile.

貨幣和商品繼續波動。

Political and economic disruptions continue to have a large impact on markets.

政治和經濟動盪繼續對市場產生重大影響。

Policy changes, such as the goods and services tax implementation in India, will put pressure on sales growth.

印度實施商品和服務稅等政策變化將對銷售增長造成壓力。

Many other policy unknowns still exist, such as health care and tax reforms in the U.S. and the execution of Brexit, which could impact consumers and the company.

許多其他政策未知因素仍然存在，例如美國的醫療保健和稅收改革以及英國退歐的執行，這可能會影響消費者和公司。

Net, we continue to face a slow-growth, volatile world.

淨，我們繼續面臨一個增長緩慢、動蕩的世界。

We're also investing, as David discussed, in our future.

正如大衛所說，我們也在投資我們的未來。

Each of these is factored into fiscal 2018 guidance ranges.

這些中的每一個都被納入 2018 財年的指導範圍。

We're currently expecting organic sales growth of 2% to 3%, an incremental improvement versus fiscal '17.

我們目前預計有機銷售額增長 2% 至 3%，與 17 財年相比有所改善。

This estimate includes about 1/4 point of headwind from the portfolio cleanup in the ongoing businesses.

這一估計包括正在進行的業務中投資組合清理帶來的大約 1/4 的逆風。

It also includes the headwind from the price adjustment on the U.S. blades and razors business made late last fiscal year.

它還包括美國刀片和剃須刀業務在上一財年末進行的價格調整帶來的不利影響。

Both of these headwinds will have their biggest impact in the first half of the year and will annualize as the year progresses.

這兩個不利因素都將在今年上半年產生最大的影響，並將隨著時間的推移逐年增長。

We expect 2018 all-in sales growth of around 3%.

我們預計 2018 年的總銷售額增長約為 3%。

This includes a 0 to 0.5 points net benefit from the combination of foreign exchange, acquisitions and divestitures and the impact of the India goods and services tax implementation.

這包括從外匯、收購和資產剝離以及印度商品和服務稅實施的影響中獲得的 0 到 0.5 點的淨收益。

Our bottom line guidance is for core earnings-per-share growth of 5% to 7%.

我們的底線指引是核心每股收益增長 5% 至 7%。

Within this, and very importantly, we expect core operating profit growth of 5% to 6%, essentially triple the 2% core operating profit growth result in fiscal 2017.

其中，非常重要的是，我們預計核心營業利潤增長 5% 至 6%，基本上是 2017 財年核心營業利潤增長 2% 的三倍。

We expect the net impact of interest expense, interest income and other nonoperating income to be a 1 to 2 point headwind on fiscal '18 core earnings-per-share growth.

我們預計利息支出、利息收入和其他非營業收入的淨影響將對 18 財年的核心每股收益增長構成 1 到 2 個百分點的逆風。

We estimate the core effective tax rate will be around 24%, roughly in line with the fiscal '17 rate.

我們估計核心有效稅率將在 24% 左右，大致與 17 財年的稅率一致。

Share count will be an earnings-per-share benefit of about 2 percentage points due to discrete share repurchase and the carryover benefit from the Beauty transaction share exchange executed last October.

由於離散的股票回購和去年 10 月執行的美容交易換股的結轉收益，股票數量將帶來約 2 個百分點的每股收益收益。

We plan to deliver another year of 90% or better free cash flow productivity.

我們計劃再提供一年 90% 或更好的自由現金流生產力。

This includes CapEx in the range of 5% to 5.5% of sales.

這包括佔銷售額 5% 至 5.5% 的資本支出。

We'll continue our strong track record of cash return to shareholders.

我們將繼續向股東提供現金回報的強勁記錄。

We increased our dividend, as I said earlier, for the 61st consecutive year in April.

正如我之前所說，我們在 4 月份連續第 61 年增加了股息。

We expect to pay nearly $7.5 billion in dividends and repurchase $4 billion to $7 billion of our shares in fiscal 2018.

我們預計將在 2018 財年支付近 75 億美元的股息並回購 40 億至 70 億美元的股票。

Foreign exchange and M&A could have a notable impact on the ultimate level of share repurchase.

外彙和併購可能對股票回購的最終水平產生顯著影響。

As we manage the balance sheet to full capacity of our AA- credit rating, our share repurchase range is highly sensitive to currency fluctuations, particularly the euro.

由於我們管理資產負債表以充分發揮我們的 AA-信用評級，我們的股票回購範圍對貨幣波動高度敏感，尤其是歐元。

Given our euro debt balances, every 5% euro appreciation on the dollar reduces share repurchase capacity by about $1 billion.

鑑於我們的歐元債務餘額，歐元每升值 5%，股票回購能力就會減少約 10 億美元。

Likewise, if we were to make an acquisition, we would adjust our share repurchase to maintain our credit metrics.

同樣，如果我們要進行收購，我們將調整我們的股票回購以維持我們的信用指標。

At current rates and prices, FX is a modest help to fiscal '18 earnings, and commodities are about a $200 million after-tax headwind.

按照目前的匯率和價格，外匯對 18 財年的收益有一定的幫助，而大宗商品的稅後逆風約為 2 億美元。

Significant currency weakness, commodity cost increases or additional geopolitical disruptions are not anticipated within this guidance range.

預計該指導範圍內不會出現明顯的貨幣疲軟、商品成本增加或額外的地緣政治干擾。

Finally, as you consider the quarterly profile of your sales and earnings estimate, please note that the July-September period is the most difficult top line comparison of the year.

最後，當您考慮銷售和收益估計的季度概況時，請注意 7 月至 9 月期間是一年中最困難的收入比較。

Underlying market growth was notably stronger in the first half of last fiscal year versus the market we're operating in right now.

與我們目前經營的市場相比，上一財年上半年的潛在市場增長明顯更強。

July shipments have been relatively weak, consistent with the market-level data you've seen and reported.

7 月份的出貨量相對疲軟，與您看到和報告的市場數據一致。

Top line headwinds from the portfolio choices and the Gillette price intervention will be focused on the front half of the year and will annualize as the year progresses.

來自投資組合選擇和吉列價格干預的頂線阻力將集中在今年上半年，並將隨著時間的推移而年度化。

Also keep in mind that productivity savings will build as we progress through the year.

還請記住，隨著我們一年的進步，生產力的節省將會增加。

As a result, we expect the first quarter to be our lowest organic sales and core earnings-per-share growth period of fiscal 2018.

因此，我們預計第一季度將是我們 2018 財年有機銷售額和核心每股收益增長最低的時期。

With that, I'll hand it back to David for brief closing comments.

有了這個，我將把它交還給大衛，以作簡短的結束評論。

As we close fiscal 2017 and enter fiscal '18, we are where we expected to be.

隨著我們結束 2017 財年並進入 '18 財年，我們達到了預期的水平。

We're making sequential progress and we're raising the bar in everything we do.

我們正在取得連續的進展，我們正在提高我們所做的一切的標準。

We'll measure our progress in years, not quarters.

我們將以年而不是季度來衡量我們的進步。

We'll continue to make the needed reinvestment in innovation, brand building and go-to-market to position P&G well over the next 3, 5, 7 years and beyond.

我們將繼續在創新、品牌建設和上市方面進行必要的再投資，以使寶潔在未來 3、5、7 年及以後的時間裡保持良好的地位。

We're raising the bar to a higher standard of performance, irresistibly superior products and packaging, coupled with superior commercial execution, fueled by strong cost savings and continued strengthening of our organization and culture.

在強大的成本節約和不斷加強我們的組織和文化的推動下，我們正在將標準提高到更高的性能標準、不可抗拒的卓越產品和包裝，以及卓越的商業執行力。

This will lead to balanced growth and value creation and winning the total shareholder return.

這將導致平衡的增長和價值創造，並贏得股東的總回報。

The plans we've put in action are delivering improvement.

我們已經實施的計劃正在帶來改進。

We are accelerating our efforts, and it takes time to do it right.

我們正在加快我們的努力，並且需要時間來做正確的事。

Achieving our objectives will not only require continued focus as an organization, but also that we prevent anything from derailing the work that is delivering improvement.

實現我們的目標不僅需要作為一個組織持續關注，而且我們還需要防止任何事情破壞正在提供改進的工作。

Winning results matter.

獲勝的結果很重要。

They matter to our employees, retirees and stakeholders.

它們對我們的員工、退休人員和利益相關者都很重要。

They matter to you, our shareowners.

他們對你很重要，我們的股東。

Winning results happen because we earn them every day, every week, every month, every quarter and every year in every brand and every country in which we compete.

成功的結果是因為我們每天、每週、每月、每季度和每年在我們競爭的每個品牌和每個國家都贏得它們。

We're committed to win and we'll do it within our purpose, values and principles which have guided P&G for 180 years.

我們致力於贏得勝利，我們將在指導寶潔 180 年的宗旨、價值觀和原則範圍內做到這一點。

We know this is increasingly important to many of our consumers, shareowners and stakeholders who are interested in ensuring our actions and values are worthy of their trust.

我們知道這對我們的許多消費者、股東和利益相關者來說越來越重要，他們有興趣確保我們的行為和價值觀值得他們信任。

And as a global corporate citizen, we have a responsibility to ensure that our business operations positively impact consumers in the broader world.

作為全球企業公民，我們有責任確保我們的業務運營對更廣闊世界的消費者產生積極影響。

We'll always do it the right way, with integrity and with competitive passion.

我們將始終以正確的方式、誠信和競爭熱情來做這件事。

Before we begin the Q&A portion of the call, I just want to remind you that the purpose of today's call is to discuss fourth quarter and fiscal year performance and the progress we're making through the execution of our strategy.

在我們開始電話會議的問答部分之前，我只想提醒您，今天電話會議的目的是討論第四季度和財政年度的表現以及我們通過執行戰略所取得的進展。

And we'd like to, as much as possible, keep our conversation focused on those topics.

我們希望盡可能將我們的對話集中在這些主題上。

And with that, we'll open it up.

有了這個，我們將打開它。

(Operator Instructions) And your first question comes from the line of Stephen Powers with UBS.

（操作員說明）您的第一個問題來自瑞銀的 Stephen Powers。

David, from the results this quarter and your outlook, it seems like you feel like you've turned a corner and are starting to build -- rebuild momentum, which is truly great.

大衛，從本季度的結果和您的前景來看，您似乎覺得自己已經轉了個彎，並且正在開始建立——重建勢頭，這真的很棒。

And it leads to a question, what you think it will take to accelerate that momentum further, which you started to answer with your discussion of the drive toward sustained superiority.

它引出了一個問題，你認為如何進一步加速這種勢頭，你開始回答這個問題，並討論了追求持續優勢的動力。

But I was listening to you and thinking, asking this question with 2 thoughts in mind.

但我一直在聽你思考，帶著兩個想法問這個問題。

One is that it feels like more and more superior innovation is occurring on the fringes of the industry as opposed to inside big, incumbent operations.

一是感覺越來越多的優秀創新出現在行業的邊緣，而不是在大型現有業務內部。

And two, which you started to touch upon, is that it feels like much of that new innovation is truly digitally enabled at its core.

第二，你開始提到的，感覺很多新創新的核心是真正的數字化。

And together, those imply that companies like P&G need to rapidly retool to keep pace, either by investing a lot in new training and tool sets, going out and hiring for those capabilities, or else choosing to bolt on the capabilities through M&A or creative licensing, JVs, that kind of thing.

總之，這意味著像寶潔這樣的公司需要快速重組以跟上步伐，要么通過大量投資於新的培訓和工具集，走出去招聘這些能力，要么選擇通過併購或創意許可來鞏固能力，合資企業，那種東西。

So what's your reaction to those observations?

那麼你對這些觀察有何反應？

And do you feel like you can truly retool quickly enough on an organic basis?

你覺得你真的可以在有機的基礎上足夠快地重組嗎？

Or is there a case to be made that you should look outside to even a greater degree than you already have been, either in the form of hiring, acquiring new technologies or, to Jon's comments on M&A, bolting on new complementary brands altogether?

或者，是否有理由認為您應該比以往更加關注外部環境，無論是以招聘、收購新技術的形式，還是按照 Jon 對併購的評論，完全採用新的互補品牌？

I think the answer to that is it's a both/and, and that there's no question in my mind that we can accelerate growth on our core brands.

我認為答案是兩者兼而有之，而且在我看來，毫無疑問，我們可以加速核心品牌的增長。

And one of the things I want to address is at times I keep hearing that big brands can't grow.

我想解決的一件事是有時我不斷聽到大品牌無法成長。

If I look at my top 10 global brands, these billion-dollar brands, 9 of the 10 grew nicely the last year.

如果我看看我的前 10 個全球品牌，這些價值數十億美元的品牌，去年 10 個中有 9 個增長良好。

8 of the 10 grew faster than the company's average that we just reported, which is nice growth in this environment.

10 家中有 8 家的增長速度超過了我們剛剛報告的公司平均水平，這在這種環境下是不錯的增長。

So there's no question that strong innovation on existing big brands can grow.

因此，毫無疑問，現有大品牌的強大創新可以增長。

Head & Shoulders has been one of our best successes for years.

海飛絲多年來一直是我們取得的最大成功之一。

It had another 5% growth this year.

今年又增長了5%。

Our Oral-B brand grew at high single digits.

我們的 Oral-B 品牌以高個位數增長。

We've just got a number of examples.

我們剛剛得到了一些例子。

Having said that, I think you make very good points.

話雖如此，我認為你提出了很好的觀點。

And one thing you said, that we need to increase looking outside or considering external hires.

你說的一件事是，我們需要更多地向外看或考慮外部招聘。

I think in many ways people underestimate how much we already do connecting with the outside and the number of conversations we're having and things that we're doing in some of our upstream innovation programs.

我認為人們在很多方面都低估了我們與外界的聯繫以及我們正在進行的對話數量以及我們在一些上游創新計劃中所做的事情。

The reality is it's going to be both.

現實情況是兩者兼而有之。

We can and will innovate on our big brands.

我們可以並且將在我們的大品牌上進行創新。

They are what drove the strong progress this year.

他們是推動今年取得強勁進展的動力。

They grew bigger than -- faster than the balance of the company.

它們的增長速度超過了公司的餘額。

And at the same time, we are investing and, to use your term, retooling rapidly in terms of making sure we have the right skills, capabilities and people, which is why we have increased the number of external hires.

與此同時，我們正在投資，並用你的話說，迅速重組，以確保我們擁有合適的技能、能力和人員，這就是我們增加外部招聘人數的原因。

We're increasing our connections with many entrepreneurs.

我們正在增加與許多企業家的聯繫。

And I think you're aware and we've talked before, we have both the P&G Ventures group that's looking for both existing and new spaces to play but with new technologies, as well some internal VC capability we've been working to develop.

而且我想你已經意識到並且我們之前已經談過，我們擁有寶潔風險投資集團，他們正在尋找現有和新的空間，但使用新技術，以及我們一直在努力開發的一些內部風險投資能力。

So I think it's a both/and.

所以我認為這是兩者兼而有之。

And yes, I believe that can be done.

是的，我相信這是可以做到的。

And I believe the progress we're making, we just need to stay focused and not get distracted and go hard at this path.

而且我相信我們正在取得的進步，我們只需要保持專注，不要分心並在這條道路上努力。

And to your point on acquisitions, Steve, I think that, increasingly, the how-to-win aspect of strategy will be part of our lens as we're looking at potential acquisitions, which we'll continue to do.

史蒂夫，關於你關於收購的觀點，我認為，隨著我們正在研究潛在的收購，我們將越來越多地關注如何取勝的戰略，我們將繼續這樣做。

So that is also part of the toolbox.

所以這也是工具箱的一部分。

Your next question comes from the line of Dara Mohsenian with Morgan Stanley.

您的下一個問題來自摩根士丹利的 Dara Mohsenian。

So Jon, first, a detailed question.

所以喬恩，首先，一個詳細的問題。

Can you give us a bit more clarity on how weak organic sales growth could be in Q1, given your July comments?

鑑於您 7 月份的評論，您能否更清楚地說明第一季度的有機銷售增長有多弱？

Is a flat quarter possible?

平坦的四分之一可能嗎？

And was there any timing benefiting Q4 that will come out of Q1?

第一季度是否有任何時機對第四季度有利？

And then the broader question, which is also around top line.

然後是更廣泛的問題，這也與頂線有關。

Conceptually, you guys have really been pointing to fiscal '18 as the year where you sort of get back on track from an organic sales growth standpoint.

從概念上講，你們確實一直將 18 財年視為從有機銷售增長的角度重回正軌的一年。

Most of the large organizational changes are in place.

大多數大型組織變革已經到位。

The SKU discontinuations drop off.

SKU 停產下降。

You had the outside spending behind the Coty and Duracell share count benefit.

您在 Coty 和 Duracell 股票計數收益背後有外部支出。

And now also you've got the benign comparison with the abnormal external issues you cited around the world today, Jon, and the retail inventory cuts in the U.S. over this last fiscal year.

現在，您還可以與您今天在世界各地引用的異常外部問題進行良性比較，喬恩，以及上一財年美國的零售庫存削減。

So given all those factors, why do you only expect 2% to 3% organic sales growth in fiscal '18?

因此，考慮到所有這些因素，為什麼您預計 18 財年的有機銷售增長只有 2% 到 3%？

And does that really signal that the ultimate payoff from all these areas is unlikely to move P&G above that 2% to 3% range longer term?

這是否真的表明所有這些領域的最終回報不太可能使寶潔在長期內超過 2% 至 3% 的範圍？

I guess, to put it simply, are you now a structurally lower top line growth company, more in that 2% to 3% range?

我想，簡而言之，你現在是一家結構性較低的收入增長公司，更多的是在 2% 到 3% 的範圍內嗎？

So I'll give you a point of view on the second point, but I'm sure David will have some thoughts there as well.

所以我會就第二點給你一個觀點，但我相信大衛也會有一些想法。

Relative to Q1, I don't expect it -- I expect growth in Q1 but that growth to be very modest, given all the dynamics that we've talked about.

相對於第一季度，我預計不會出現這種情況——我預計第一季度會出現增長，但考慮到我們所討論的所有動態，這種增長將非常溫和。

In terms of growth next year, 2% to 3% represents acceleration from the year that we were just in, in a period where market growth, if it stays at today's level, is going to be lower than it was over that whole period.

就明年的增長而言，2% 到 3% 代表著我們剛剛所處的一年的加速，在這個時期，如果市場增長保持在今天的水平，將低於整個時期的水平。

And that 2% to 3% effectively straddles what we expect market growth to be.

這 2% 到 3% 有效地跨越了我們預期的市場增長。

Our objective is to build market share within that.

我們的目標是在其中建立市場份額。

And to the extent that market growth rebounds or is stronger, I would expect our results to reflect that.

如果市場增長反彈或走強，我希望我們的結果能夠反映這一點。

Longer term, my personal view is that there are significant opportunities for growth that remain.

從長遠來看，我個人的觀點是，仍然存在重要的增長機會。

We've talked before about increasing populations and increasing income, increase of middle income households.

我們之前談過人口增加和收入增加，中等收入家庭的增加。

We're going to see a bigger increase in those drivers of consumer products business in the next decade, albeit with some turbulence, than likely we've ever seen before.

在接下來的十年中，我們將看到消費品業務的這些驅動因素出現比以往任何時候都更大的增長，儘管會出現一些動盪。

We have significant household penetration opportunities, David alluded to in his remarks, on winning products.

大衛在他的講話中提到，在贏得產品方面，我們有重要的家庭滲透機會。

Only 4% of washers in the U.S. using beads.

美國祇有 4% 的洗衣機使用珠子。

Only -- household penetration of unit-dose detergents, only 23%.

僅——單位劑量洗滌劑的家庭普及率僅為 23%。

So I do think that there's a future of growth strongly in front of us.

所以我確實認為我們面前有一個強勁的增長未來。

I don't think that it's realistic to expect that we're going to grow orders-of-magnitude faster than the overall market, however.

然而，我認為期望我們的增長速度比整體市場快幾個數量級是不現實的。

David?

大衛？

The only thing I'd add to that is I clearly see the company having the capability to grow ahead of the market over time, (inaudible) ahead of the market, just as Jon said.

我唯一要補充的是，正如喬恩所說，我清楚地看到公司有能力隨著時間的推移領先於市場，（聽不清）領先於市場。

And no, I do not believe we're structurally a slower-growing company.

不，我不相信我們在結構上是一家增長較慢的公司。

I think, if anything, the things we've done over the last several years have positioned us to be more agile and more able to take advantage of new opportunities in markets.

我認為，如果有的話，我們在過去幾年所做的事情使我們變得更加敏捷，更有能力利用市場中的新機遇。

And the changes we're making in our innovation capability also give me confidence that we can now seize some of those opportunities better than we may have been able to in the past.

我們在創新能力方面所做的改變也讓我相信，我們現在可以比過去更好地抓住其中一些機會。

The combination of the lean innovation in all 10 categories that is starting to pay off and over time I think will build capability, along with the investments we're making in new jobs to be done, which has opened up some new problem areas -- or places we can play that I think will be additive to what we've been doing over the last several years.

所有 10 個類別的精益創新的組合開始產生回報，隨著時間的推移，我認為將建立能力，以及我們在新工作上進行的投資，這開闢了一些新的問題領域——或者我們可以玩的地方，我認為這將有助於我們在過去幾年中所做的事情。

And then this new -- and it's very early, some of the work we're doing with some small problem spaces that have very large addressable markets gives me a lot of belief that there's a bright future.

然後是這個新的 - 現在還很早，我們正在做的一些工作涉及一些具有非常大的可尋址市場的小問題空間，讓我相信會有一個光明的未來。

So if anything, I'm more excited, and I think this year was a really challenging year to make the progress we did through the year.

因此，如果有的話，我會更加興奮，我認為今年對於取得我們全年所取得的進展來說是非常具有挑戰性的一年。

And the organization is very quickly learning to get from very structured to a very flexible, agile, accountable organization.

並且該組織正在非常迅速地學習如何從一個非常結構化的組織變成一個非常靈活、敏捷、負責任的組織。

Small teams learn, pivot, learn, act.

小團隊學習、調整、學習、行動。

And to me, that just tells me we're actually well positioned.

對我來說，這只是告訴我我們實際上處於有利位置。

And you've seen, and we've referred to it in our remarks, we're doing very well in the online space, which is rapidly growing, both with pure plays and existing bricks-and-mortar that are really turning into effective omni-retailers.

你已經看到了，我們在評論中也提到過，我們在在線領域做得很好，它正在快速增長，無論是純遊戲還是現有的實體店都真正變得有效全能零售商。

And P&G is working very effectively across all channels.

寶潔在所有渠道上都非常有效地運作。

But we've opened up our field division to see to be -- many more opportunities, and we're organizing our company to be able to take advantage of them.

但是我們已經開放了我們的現場部門，希望看到更多的機會，我們正在組織我們的公司，以便能夠利用它們。

So I'm actually quite excited about what the future holds.

所以我實際上對未來的發展感到非常興奮。

Your next question comes from the line of Wendy Nicholson with Citi Research.

您的下一個問題來自花旗研究部的 Wendy Nicholson。

Two questions, the first one on Grooming, if I may.

兩個問題，第一個關於美容的問題，如果可以的話。

With the price cut you took, your margins have come way down.

隨著您採取的降價措施，您的利潤下降了。

And I'm just wondering specifically to the Grooming business, what is going to take those margins back up over time?

而且我只是想知道專門針對美容業務，隨著時間的推移，這些利潤將如何恢復？

Because that's been such a margin-accretive segment for you relative to the overall business.

因為相對於整體業務，這對您來說是一個可以增加利潤的部分。

I'm just wondering if that's been a permanent reset, if there are specific things you can do outside of taking prices back up that'll make that more profitable.

我只是想知道這是否是永久性的重置，如果除了讓價格回升之外你還可以做一些特定的事情，這會讓它更有利可圖。

And then second of all, just quickly, David, on your comment about benchmarking.

其次，很快，大衛，關於您對基準測試的評論。

Clearly, you benchmarked yourself relative to peers and other companies with regard to your cost structure.

顯然，您在成本結構方面將自己與同行和其他公司進行了比較。

But have you done benchmarking with regard to your speed-to-market or time-to-market?

但是，您是否針對上市速度或上市時間進行了基準測試？

Because when we were in China recently, we were so impressed by what we heard about the diaper launch.

因為當我們最近在中國時，我們聽到關於尿布發布的消息給我們留下了深刻的印象。

It looks like it's set up to be incredibly impactful, fingers crossed.

看起來它的設置是非常有影響力的，手指交叉。

But it also feels like it's taken a really long time to get to market.

但也感覺它需要很長時間才能進入市場。

And listening to you talk about how much work, all the research, all that kind of stuff that you're doing, it feels like there is maybe a risk, that there's sort of paralysis of analysis or something.

聽你談論多少工作，所有的研究，所有你正在做的事情，感覺可能存在風險，分析癱瘓或其他東西。

But maybe that's an unfair characterization.

但也許這是一個不公平的描述。

So can you comment on that?

那麼你能對此發表評論嗎？

Sure, Wendy.

當然，溫蒂。

Let me take both of them.

讓我把他們兩個都拿走。

First, on Grooming.

首先，關於美容。

To me, the path to build the business, both in sales and profits, is to bring users back in and then to have products -- each of the ladders that consumers see as better and so they move up the ladder.

對我來說，無論是在銷售額還是利潤方面，建立業務的途徑都是讓用戶重新加入，然後擁有產品——消費者認為每一個階梯都更好，所以他們會往上走。

The trade-up model works.

以舊換新模式奏效。

We've seen it over a long period of time.

我們已經看到了很長一段時間。

What we did not do as good a job as we needed to do in the U.S. is bringing new users in, and so we lost a lot of household penetration.

我們在美國沒有做得像我們需要做的那樣好的工作是帶來新用戶，因此我們失去了很多家庭滲透率。

We weren't playing to keep price points, and we had reduced our spending on some of the point-of-market entry programs.

我們不是為了保持價格點而努力，我們減少了在一些市場准入計劃上的支出。

We made a big investment, some of it in price, some of it in the point-of-market entry programs.

我們進行了大筆投資，其中一些投資於價格，一些投資於市場准入計劃。

And you saw the volume response, and we'll see over the next year as we continue to invest in bringing users in.

你看到了銷量反應，我們將在明年繼續投資以吸引用戶。

And then we'll do what we know how to do, which is once one gets into one of the various places you can enter the Gillette franchise, we'll work to them, expose them to better options and higher-performing options.

然後我們將做我們知道該怎麼做的事情，即一旦進入您可以進入吉列特許經營權的各個地方之一，我們將與他們合作，讓他們接觸到更好的選擇和更高性能的選擇。

And trade-up is the best way to build margins over time.

隨著時間的推移，以舊換新是建立利潤的最佳方式。

And frankly, as you move people from disposables into systems and then into cart -- more frequent use of cartridges, good things happen.

坦率地說，當您將人們從一次性用品轉移到系統中，然後轉移到購物車中時——更頻繁地使用墨盒，好事就會發生。

So yes.

所以是的。

And we -- because we're seeing it in other parts of the world.

而我們——因為我們在世界其他地方看到了它。

The U.S. is particularly challenged because of a set of dynamics we've talked, where we had missing rungs on our price ladder.

美國尤其受到挑戰，因為我們已經談到了一系列動態，我們在價格階梯上缺少梯級。

You can look to other parts of the world, and it's continuing to perform very well.

你可以看看世界其他地方，它繼續表現得非常好。

So again, I see the Grooming business is attractive.

因此，我再次看到美容業務很有吸引力。

We've got work to do.

我們有工作要做。

And this year will be challenging year, and we've been very open about it, and we're addressing it.

今年將是充滿挑戰的一年，我們對此持非常開放的態度，我們正在解決這個問題。

On that speed question, we are actually, in many ways, getting faster.

在這個速度問題上，我們實際上在很多方面都在變得更快。

And it depends on what dimension you look at.

這取決於你看什麼維度。

When you look at things that require capital expenditures and building capacity, it does take time.

當您查看需要資本支出和建設能力的事情時，確實需要時間。

You're cutting metal and putting equipment in place.

您正在切割金屬並將設備安裝到位。

In the case of baby care, the design of the product may be done relatively quick.

在嬰兒護理的情況下，產品的設計可能會相對較快地完成。

But then having the capacity to make them perfectly a few 100 million times, you have to have equipment, and you have to have a process and you have to have material supply.

但是有能力將它們完美地製作幾億次，你必須有設備，你必須有一個過程，你必須有材料供應。

And that, for us and many, does take time.

對於我們和許多人來說，這確實需要時間。

And if anything, we're getting much more efficient in that as we've done our end-to-end work on synchronizing our supply chain.

如果有的話，我們在這方面的效率要高得多，因為我們已經完成了同步供應鏈的端到端工作。

Where we can and are getting much faster is on things that aren't heavy capital investments, packaging changes and other formulation changes.

我們可以並且正在變得更快的地方是那些不是大量資本投資、包裝變化和其他配方變化的事情。

And some of the new platforms give us much better agility.

一些新平台為我們提供了更好的敏捷性。

And when I talk about the number of different research tools, and I'll reference a meeting I'll have later this week, which is we can do research in days and weeks and months, not quarters and years.

當我談到不同研究工具的數量時，我會提到我將在本週晚些時候召開的一次會議，即我們可以在幾天、幾周和幾個月內進行研究，而不是每季度和幾年。

So many of these tools are ones where you don't have to go out and place a large base research in a mall and bring people back weeks later.

這些工具中有很多是您不必外出並在購物中心進行大型基礎研究並在數週後將人們帶回來的工具。

We've done online today, and I'll have the read on Monday, and you can act on Tuesday.

我們今天已經在線完成了，我將在周一閱讀，您可以在周二行動。

And that's what we're getting to, is leveraging to be the digital ecosystem, to access large groups of consumers, learn, pivot, learn, pivot and then act.

這就是我們要做的，利用成為數字生態系統，接觸大量消費者，學習、調整、學習、調整然後採取行動。

When you get into cutting metal, yes, it takes longer, and we're working on simplifying that part of the system as well.

當您開始切割金屬時，是的，這需要更長的時間，我們也在努力簡化系統的這一部分。

But we clearly have internalized the need to have a flexible, agile and much faster organization and upping the accountability while we do that.

但我們顯然已經內化了擁有一個靈活、敏捷和更快的組織的需求，並在我們這樣做的同時加強了問責制。

You next question comes from the line of Ali Dibadj with Bernstein.

您的下一個問題來自 Ali Dibadj 與 Bernstein 的對話。

So I wanted to test some of your energized and eloquent prepared remarks versus some data from your results.

所以我想測試一下你準備好的一些充滿活力和雄辯的評論與你結果中的一些數據。

So the first one -- 2 things.

所以第一個 - 兩件事。

The first one is despite you sort of underemphasizing lower price as a tool, if you look at your results on a category-by-category basis, you've decided to either take prices down like Grooming, Oral Care, Baby, or raise prices, now that you've seen some results, less than your key competitors.

第一個是儘管您有點低估了將低價作為一種工具，但如果您按類別查看結果，您決定要么降低價格，如美容、口腔護理、嬰兒，要么提高價格，現在您已經看到了一些結果，少於您的主要競爭對手。

So for a company like yours that says it's intent on growing the category, certainly, in innovation, I understand it's not always premiumization, but innovation, why that strategy?

因此，對於像你們這樣的公司來說，它表示它打算發展這一類別，當然，在創新方面，我理解這並不總是高端化，而是創新，為什麼要採用這種策略？

How do you think your competitors will respond?

你認為你的競爭對手會如何反應？

And is this a good, sustainable strategy going forward?

這是一個好的、可持續的未來戰略嗎？

I guess, the underlying question I always have is, how much are you to blame for the category slowdown?

我想，我一直有一個潛在的問題是，你應該為品類放緩承擔多少責任？

And then the second point is, to quote you, David, from your prepared remarks, if your standards are high, if you want to be the best, why is it that you set this target, and I think get paid on the target, of only performing in the top third of peers when you have so many advantages and you're going through this great transformation?

然後第二點是，引用你，大衛，從你準備好的評論中，如果你的標準很高，如果你想成為最好的，為什麼你設定這個目標，我認為目標得到報酬，當您擁有如此多的優勢並且正在經歷這種巨大的轉變時，您是否只能在同行中排名前三分之一？

And in fact, you've historically done much better than that.

事實上，從歷史上看，你做得比這要好得多。

You've really historically done much better than your peers.

從歷史上看，你確實比同齡人做得更好。

Why is that not the case now?

為什麼現在不是這樣？

Why this 1/3?

為什麼是這個 1/3？

Let me just provide some data as it relates to the first question, and then David can talk more about the approach and the thinking.

讓我提供一些與第一個問題相關的數據，然後大衛可以更多地談論方法和想法。

If you look at price as a component of top line growth to this notion that broadly, on aggregate, we're leading prices down, price was neutral as an element of top line growth for both the quarter and the year.

如果您將價格視為收入增長的一個組成部分，那麼從廣義上講，我們正在引領價格下跌，價格作為季度和年度收入增長的一個因素是中性的。

It's been neutral to positive for 27 consecutive quarters and 12 consecutive years.

連續 27 個季度和連續 12 年從中性到積極。

So the notion that we're leading pricing down on a broad basis isn't consistent with the data.

因此，我們在廣泛的基礎上導致價格下降的概念與數據不一致。

We will, as we need to, to be competitive and to address the point of winning value equations, make moves as we need to.

我們將根據需要保持競爭力並解決贏得價值方程式的問題，並根據需要採取行動。

But generally, the direction again is not student body down.

但一般來說，方向又不是學生體向下。

And just a, I guess, a couple of comments on the top third.

我猜，只是對前三分之一的一些評論。

I think performing and delivering results in the top third, over time, through ups and downs is a very good place to be for our company.

我認為，隨著時間的推移，通過起起落落，在前三分之一的表現和交付成果對我們公司來說是一個非常好的地方。

It means you're one of the best amongst the very best in your industry across the world.

這意味著您是世界上您所在行業的佼佼者之一。

You're competing with a number of competitors that are domiciled in different countries over time.

隨著時間的推移，您正在與許多在不同國家/地區註冊的競爭對手競爭。

And at the same time, we've made a commitment, and certainly we've delivered consistent returns to shareholders via dividends, and we've got a pretty good track record of increasing the dividends.

同時，我們做出了承諾，當然，我們通過股息為股東帶來了持續的回報，而且我們在增加股息方面有著良好的記錄。

So the idea of having a company that you can count on over time, and this is why I think it's a good goal, that delivers very good total shareholder return in the form of appreciation and cash return to shareholders is a very good objective.

因此，隨著時間的推移，擁有一家您可以信賴的公司的想法，這就是為什麼我認為這是一個很好的目標，以升值和現金回報的形式為股東帶來非常好的總股東回報是一個非常好的目標。

And I think our shareholders will be rewarded as we deliver that, and that's what we're working very hard to get back to the top third and then stay there over time.

我認為我們的股東會在我們實現這一目標時得到回報，這就是我們正在努力回到前三名並隨著時間的推移保持在那裡的努力。

One other thing, Ali and the group, on pricing and on understanding what's happening in the marketplace.

另一件事，阿里和團隊，關於定價和了解市場上正在發生的事情。

As we've talked before, we're in a little bit of a difficult environment for you to effectively assess what's really happening.

正如我們之前所說，我們處於一個有點困難的環境中，您無法有效地評估真正發生的事情。

I just want to address that for a second.

我只想解決這個問題。

And that's because we have our pricing strategy.

那是因為我們有我們的定價策略。

But the ultimate price that consumers pay is at the sole discretion of our retail partners.

但消費者支付的最終價格由我們的零售合作夥伴自行決定。

And that's what you're picking up in the scanner data and the Nielsen data that you see.

這就是您在掃描儀數據和您看到的 Nielsen 數據中獲取的信息。

And so there are instances where, if you look at period-to-period or versus year ago price moves, it would appear that a price reduction had occurred.

因此，在某些情況下，如果您查看逐期或與去年同期相比的價格變動，就會出現價格下跌的情況。

In many, many cases, that's not us reducing that price.

在很多很多情況下，這不是我們降低價格。

So just a little bit technical, but I wanted to make sure I register that point.

所以只是有點技術性，但我想確保我記錄了這一點。

Your next question comes from line of Lauren Lieberman with Barclays.

您的下一個問題來自巴克萊銀行的 Lauren Lieberman。

I just wanted to talk a little bit about implementation of end-to-end.

我只是想談談端到端的實現。

I think in North America, we're kind of at a 2-year point for that being put in place, and I understand it was the lead market.

我認為在北美，我們已經有 2 年的時間來實現這一點，我知道這是領先市場。

There was going to be a lot of learning and adjusting.

會有很多學習和調整。

But it looks like you're still -- share trends are still clearly not where they need to be in the U.S. So 2 years in, could you maybe talk a little bit about what's worked, what's been tougher than you thought?

但看起來你仍然 - 在美國，股票趨勢顯然仍然不是他們需要的地方。所以兩年後，你能不能談談什麼是有效的，什麼比你想像的更艱難？

If there've been sort of impediments?

如果有什麼障礙？

If you've seen changed behavior and people understanding that they've got that autonomy and ability to do things differently?

如果您已經看到行為發生了變化，並且人們理解他們擁有自主權和以不同方式做事的能力？

I think just a real-time kind of status report 2 years in, where numerically it's not clicking, but that doesn't mean it's not the right direction to move in.

我認為這只是 2 年後的實時狀態報告，在數字上它沒有點擊，但這並不意味著它不是正確的前進方向。

Yes, it's a fair question.

是的，這是一個公平的問題。

First, I'm very convinced end-to-end is a much more effective and agile operating model because it has a very clear choice on how you can organize.

首先，我非常相信端到端是一種更有效、更敏捷的運營模式，因為它對如何組織有非常明確的選擇。

In the GBU, or the regional business unit that runs in North America today has line of sight and now has -- and it's increasing over time, building the capability to understand the consumer, build the relationship with a customer and building category mastery.

在 GBU 或今天在北美運行的區域業務部門擁有視線，並且現在擁有——而且隨著時間的推移，它正在增加，建立了解消費者的能力，建立與客戶的關係並建立對類別的掌握。

And think North America, the U.S. and Canada.

想想北美、美國和加拿大。

And we've had a little more challenges in the U.S. this year because of a lot of well-documented things that are going on in the marketplace.

由於市場上發生了許多有據可查的事情，我們今年在美國遇到了更多挑戰。

And I think if you see, not only us, many of the competitors, our results still are making progress.

而且我認為，如果您看到，不僅是我們，還有許多競爭對手，我們的成績仍然在進步。

The -- what I see -- I just came from Canada yesterday.

- 我所看到的 - 我昨天剛從加拿大來。

I spent a day in the market.

我在市場上呆了一天。

A year ago or 18 months ago, we had 30% of our brands growing share.

一年前或 18 個月前，我們有 30% 的品牌份額在增長。

Today, we have 60% of our brands growing share.

今天，我們有 60% 的品牌份額在增長。

I didn't hear one comment around part of the organization saying you need to help with another part of the organization.

我沒有聽到關於組織一部分的評論說你需要幫助組織的另一部分。

There was a very clear focus on addressing either consumer or a customer challenge that is existing in the marketplace, or how to best execute a new initiative coming.

有一個非常明確的重點是解決市場上存在的消費者或客戶挑戰，或者如何最好地執行即將到來的新計劃。

The effectiveness of the current organization is meaningfully better.

當前組織的有效性明顯更好。

And I do believe it'll show, over time, strong results.

我相信隨著時間的推移，它會顯示出強大的結果。

We've got a couple of big issues that we're addressing in the U.S. The biggest is probably the Gillette issue.

我們在美國有幾個要解決的大問題。最大的問題可能是吉列問題。

It weighs pretty heavy on the market.

它在市場上的重量相當重。

We're going to have to work through that and annualize that.

我們將不得不解決這個問題並將其年度化。

And a couple of other categories that we have some long-standing issues that we're working through.

以及我們正在解決的一些長期存在的問題的其他幾個類別。

We've talked in the past about Skin.

我們過去曾討論過皮膚。

We've talked in the past about some of the things on Hair.

我們過去曾討論過關於頭髮的一些事情。

And one by one, we're addressing those.

我們正在一一解決這些問題。

Head & Shoulders is growing.

海飛絲正在成長。

Herbal Essences is showing progress.

Herbal Essences 正在取得進展。

We still got work to do on Pantene.

我們還有關於潘婷的工作要做。

So again, making progress, but not yet where we want to be in all the businesses.

因此，再次取得進展，但還不是我們希望在所有業務中達到的目標。

And the other thing, it's a very competitive market with not only a lot of competitors, but also some pretty dynamic things happening on the retail front.

另一方面，這是一個競爭非常激烈的市場，不僅有很多競爭對手，而且在零售方面也發生了一些非常動態的事情。

But from an organization standpoint, I clearly see improved operation, and I clearly see the effectiveness we hope to see on the way we work.

但從組織的角度來看，我清楚地看到了改進的運營，我清楚地看到了我們希望在工作方式上看到的效果。

And now it's got to translate, and I believe it will over time, to more consistent, strong results.

現在它必須轉化，我相信隨著時間的推移，它會得到更一致、更強大的結果。

And to that point, while there's still more work to do, about 2/3 of our U.S. sales base is holding or growing share currently.

到那時，雖然還有更多工作要做，但我們美國大約 2/3 的銷售基礎目前正在持有或增長份額。

That compares to 50% a year ago.

相比之下，一年前這一比例為 50%。

So again, continued improvement, pretty strong volume progress in the year we just completed in the U.S. at 2%, 4% in the quarter we just completed.

再說一次，我們剛剛在美國完成的這一年，持續改進，相當強勁的銷量進展，為 2%，我們剛剛完成的季度為 4%。

So as David rightly said, work still to do, but we are seeing that sustained improvement.

所以正如大衛正確地說的那樣，仍有工作要做，但我們看到了持續的改進。

And the other market just launched, to make a comment that we started a little while back, and it's part way into it, is China.

剛剛推出的另一個市場是中國。

And it's another one where the breadth is a real good indication.

這是另一個廣度是一個很好的指標。

We had 2 categories growing share, growing sales even 18 months ago.

我們有 2 個類別的份額在增長，甚至在 18 個月前銷售額也在增長。

And now we've got 6 in the last quarter.

現在我們在上個季度有 6 個。

Another one went, so 7 of the 10.

另一個去了，所以10個中有7個。

We are minus 5% in '15, '16.

在 15 和 16 年，我們是負 5%。

We're plus 1% in '16, '17.

我們在 16 和 17 年增加了 1%。

And other than Baby, that we've been very open about, it was plus 4%.

除了我們一直非常開放的寶貝之外，它增加了 4%。

So you've seen a meaningful change.

所以你已經看到了有意義的變化。

And again, when I'm there, what you see is the category, one, having the decision space to move at the speed of the market; and secondly, you see choices being made that wouldn't have been made several years ago.

再說一次，當我在那裡時，你看到的是一個類別，一個具有隨市場速度移動的決策空間；其次，您會看到幾年前不會做出的選擇。

The Baby Care is a good example.

嬰兒護理就是一個很好的例子。

The [MBM] team there on Baby Care said I've got to cover the baby channel.

嬰兒護理的 [MBM] 團隊說我必須報導嬰兒頻道。

I'm going to need to hire 100 people or get distributors to cover.

我將需要雇用 100 人或讓分銷商負責。

Decision was made by the category, yes.

決定是由類別做出的，是的。

[Yes mode] has helped to execute it, acquired the people.

[是模式]幫助執行它，獲得了人。

We developed the capability, and it's happening.

我們開發了這種能力，它正在發生。

So minus 5% to plus 1% in a tough market, plus 4% ex Baby, that's a really good indication.

因此，在艱難的市場中，負 5% 到正 1%，加上 4% 的嬰兒，這是一個非常好的跡象。

Volume is up in the U.S. In Canada, doubling the percent of the business, growing share.

美國的銷量增加了。在加拿大，業務百分比翻了一番，份額不斷增長。

Those are indications.

這些都是跡象。

And certainly, the behavior I see gives me a lot of confidence.

當然，我看到的行為給了我很大的信心。

This is one of the parts that really is working.

這是真正起作用的部分之一。

And over time, I think it'll play out in more consistent, strong results.

隨著時間的推移，我認為它會產生更一致、更強勁的結果。

And just for completeness.

只是為了完整性。

It was implied in David's comments.

大衛的評論中暗示了這一點。

But China was 1 of the 4 markets that we went end-to-end in last year.

但中國是我們去年端到端訪問的四個市場之一。

So that -- the result does reflect that choice.

所以——結果確實反映了這種選擇。

Your next question comes from the line of Nik Modi with RBC Capital Markets.

您的下一個問題來自於 RBC Capital Markets 的 Nik Modi。

David, thanks for providing the color you did on how P&G has enhanced the way that it evaluates new products in the pipeline.

大衛，感謝您為寶潔如何改進其評估管道中的新產品的方式提供了色彩。

But I was hoping you can share some context on if you've made any changes in how you actually source or ideate around those products or around the innovation pipeline, so in terms of how you actually come up with the concepts versus actually evaluating the concepts.

但我希望您能分享一些背景信息，說明您是否對圍繞這些產品或創新管道的實際採購或構思方式進行了任何更改，因此就您實際提出概念與實際評估概念的方式而言.

If you can provide some context, that would be helpful.

如果您可以提供一些上下文，那將很有幫助。

I would just give a couple of comments, and again, there's a pretty wide range by category.

我只想發表一些評論，而且按類別劃分的範圍很廣。

But we have certainly all the traditional measures, but we now are accessing many more external ideas than before.

但我們當然擁有所有傳統措施，但我們現在獲得的外部想法比以前多得多。

And that all of the businesses have been given the latitude to both work with internal stakeholders, but also to look at and engage where they see either technologies or even potentially other opportunities to add that are outside our company.

並且所有企業都被賦予了與內部利益相關者合作的自由度，而且還可以在他們看到的技術甚至潛在的其他機會添加到我們公司之外的地方查看和參與。

Until something happens, we certainly wouldn't announce it.

直到有事情發生，我們當然不會宣布它。

But as both I've mentioned and Jon's mentioned, we'll be active managers of the portfolio, and so ideas are coming both inside and outside.

但正如我和喬恩所提到的，我們將成為投資組合的積極管理者，因此內部和外部都有想法。

The ideations, to me, is broad.

對我來說，這些想法很廣泛。

The spaces that we're innovating are more.

我們正在創新的空間更多。

And then the path to kind of whittle down lots of ideas to what's right for the market, to me, it's getting faster.

然後將大量想法縮減為適合市場的方法，對我來說，它變得越來越快。

All those things, I feel very good about.

所有這些，我都覺得很好。

The part that I think is, though, absolutely important to reinforce is growing the core and building on the core is what will give us the momentum that I think we'll all be pleased with and then adding to that.

不過，我認為加強核心絕對重要的部分是發展核心，而在核心的基礎上建設將會給我們帶來我認為我們都會感到滿意的動力，然後再加上它。

And that's why both the front-end innovation that we're doing within our categories, where we're using this lean innovation approach, which is generating a lot of ideas -- once you identify a problem, we source a lot of ideas and then can go through them much faster.

這就是為什麼我們在我們的類別中進行的前端創新，我們正在使用這種精益創新方法，這會產生很多想法——一旦你發現了一個問題，我們就會找到很多想法和然後可以更快地通過它們。

But then we've added this PGV, P&G Ventures and this additional corporate capability that's looking at new spaces that aren't in the 10 categories that is sourcing ideas that then can be put in the category if it's adjacent or pursued independently.

但是後來我們添加了這個 PGV、P&G Ventures 和這個額外的企業能力，它正在尋找不在 10 個類別中的新空間，這些空間正在尋找想法，然後如果它是相鄰的或獨立追求的，則可以將其放入該類別中。

So we're not suffering for lack of ideas.

所以我們不會因為缺乏想法而受苦。

And now the challenge is to process and then learn enough to develop models.

現在的挑戰是處理然後學習足夠的知識來開發模型。

The other thing -- the last thing I'll say on this is we have several transaction learning tests going on.

另一件事——我要說的最後一件事是我們正在進行幾個事務學習測試。

Some have been public, many are not, where we're trying new things as well.

有些是公開的，很多不是，我們也在嘗試新事物。

So again, the number of both ideas and spaces -- [need] spaces that we're playing in is robust.

再說一次，我們正在玩的想法和空間的數量 - [需要] 空間是強大的。

You next question comes from the line of Olivia Tong with Bank of America Merrill Lynch.

您的下一個問題來自美銀美林的 Olivia Tong。

Just getting back to the outlook, going from 2% to 2% to 3%, it sounds like macros, market growth, more or less in line with where it's been.

回到前景，從 2% 到 2% 再到 3%，這聽起來像是宏觀、市場增長，或多或少與過去的情況一致。

So do you have more initiatives hitting the market or an expectation for a better hit rate on the plans that you have?

那麼，您是否有更多的計劃進入市場，或者期望您的計劃有更高的命中率？

So I guess, a better understanding of the key things embedded in your expectations as you look for that acceleration.

所以我想，當你尋找加速時，更好地理解嵌入在你期望中的關鍵事物。

And then clearly, this was a better-than-anticipated quarter and quite a bit better than your peers.

然後很明顯，這是一個好於預期的季度，比你的同行好很多。

So I guess, how do you ensure consistency in growth over time so that you don't fall back into this cycle of kind of ups and downs, booms and busts, especially given all the dynamics in the market right now?

所以我想，你如何確保隨著時間的推移保持增長的一致性，這樣你就不會陷入這種起起落落、繁榮和蕭條的循環，尤其是考慮到目前市場的所有動態？

There's heavier competition.

競爭更加激烈。

There's retail pressures that you talked about.

你談到了零售壓力。

Still, somewhat shaky macros in emerging markets and things like that.

儘管如此，新興市場的宏觀經濟和類似情況還是有些不穩定。

I guess, a couple of things on why do we think we'll grow from here in shaky macros.

我想，關於為什麼我們認為我們會在不穩定的宏中成長的一些事情。

And there's no question the environment is difficult right now.

毫無疑問，現在的環境很艱難。

But we've got many, many pieces of evidence that when we get the innovation right, it works.

但是我們有很多很多的證據表明，當我們正確地進行創新時，它就會起作用。

One of the areas that's big enough to mention is Baby Care China.

值得一提的領域之一是嬰兒護理中國。

Getting that right will make an enormous difference.

做到這一點將產生巨大的影響。

We had and have had several years of well-below-market growth on a category that's grown above 110.

在一個增長超過 110 的類別上，我們已經並且已經有幾年遠低於市場的增長。

And so when we launch, and certainly we'll work hard to earn share growth in that category, that's going to move several points to China and will be meaningful to the company.

因此，當我們推出時，我們肯定會努力在該類別中獲得份額增長，這將為中國帶來幾個點，並對公司有意義。

We've got a few other areas.

我們還有其他一些領域。

When we annualize the Gillette investment, that is meaningful.

當我們將吉列投資年化時，這很有意義。

On the top of that, we've made some choices that are in the base this year, that Jon had referred to in previous remarks, that we will be annualizing.

最重要的是，我們已經做出了一些今年的基本選擇，Jon 在之前的評論中提到了這些選擇，我們將進行年度化。

We decided to get out of some pieces of businesses that just did not look profitable and would not create value over time, the powders business, laundry powder business in Brazil.

我們決定退出一些看起來不盈利並且隨著時間的推移不會創造價值的業務，比如巴西的粉末業務、洗衣粉業務。

We'll annualize that as we end this calendar year.

我們將在本日曆年結束時將其年度化。

So it's the absence of some of the negatives, and several of the innovations need to hit.

因此，缺少一些負面因素，並且需要進行一些創新。

Baby Care is one of them, addressing Gillette.

嬰兒護理就是其中之一，面向吉列。

We have some very exciting innovation coming on Skin Care and Hair Care.

我們在皮膚護理和頭髮護理方面有一些非常令人興奮的創新。

And one of the encouraging points is some of the early work in China.

令人鼓舞的一點是在中國的一些早期工作。

Olay grew in the back half of our fiscal year for the first time in a long time in China, which is, to me, a nice, leading indicator that the work we're doing both in-store, the way we present the brand, the packaging changes that have been made and some of the new innovation is hitting.

玉蘭油在我們財政年度的後半段在中國很長時間以來首次增長，對我來說，這是一個很好的領先指標，表明我們在店內所做的工作以及我們展示品牌的方式，已經做出的包裝變化和一些新的創新正在發生。

So I look at some of the categories that have been drags, and we've got really strong plans, I fully expect can be highly competitive categories in a difficult macro environment.

因此，我查看了一些一直拖累的類別，我們有非常強大的計劃，我完全期望在困難的宏觀環境中能夠成為競爭激烈的類別。

But I think we can earn improved growth from where we are today, and we'll continue to push on making sure that we're agile enough to address whatever happens in the external world.

但我認為我們可以從今天的情況下獲得更好的增長，我們將繼續努力確保我們足夠靈活，以應對外部世界發生的任何事情。

The organization is certainly better prepared to deal with whatever comes at them with the accountability clear and more decision space closer to the consumer.

該組織當然已經做好了更好的準備，以更接近消費者的責任明確和更多的決策空間來處理他們遇到的任何事情。

So I think we're well positioned to deal with a pretty volatile world.

所以我認為我們已經準備好應對一個非常不穩定的世界。

And just a couple of pieces of mathematical perspective, if you will.

如果你願意的話，只是一些數學觀點。

I'm encouraged by a couple of things.

有幾件事讓我感到鼓舞。

One is that the 2% growth we delivered in the quarter ends our 2% growth for the year, and so it's not just one quarter we've been growing at that rate.

一個是我們在本季度實現的 2% 的增長結束了我們今年 2% 的增長，因此我們以這樣的速度增長的不僅僅是一個季度。

We delivered over 2% growth.

我們實現了超過 2% 的增長。

And within that, as we talked, there's 0.5 points of portfolio cleanup.

正如我們所說，其中有 0.5 個投資組合清理點。

And the Gillette pricing that David talked about had about a 30 basis point impact on the total company.

大衛談到的吉列定價對整個公司產生了大約 30 個基點的影響。

You add something like addressing the China diaper situation, which David just talked about, and pretty soon -- and I certainly don't want to talk our numbers up, but pretty soon, you're at 3%, just with that math.

您添加了諸如解決戴維剛剛談到的中國尿布問題之類的內容，並且很快-我當然不想談論我們的數字，但是很快，您就達到了3％，僅憑這個數學。

Now as David rightly said, as those things go right, we will have some things that will go wrong and we'll be dealing with the challenges that our world faces.

現在正如大衛正確地說的那樣，當這些事情進展順利時，我們將遇到一些問題，我們將應對我們的世界面臨的挑戰。

But I feel pretty comfortable with the behavioral changes that David talked about, the product strengthening that we spent both last call and this call talking about, and the annualization of some of the headwinds.

但我對大衛談到的行為變化、我們在上次和本次電話會議中談到的產品強化以及一些不利因素的年度化感到非常滿意。

You next question comes from the line of Bill Chappell with SunTrust.

您的下一個問題來自 SunTrust 的 Bill Chappell。

Just to follow up on the Grooming.

只是為了跟進美容。

I think you'd said, David, that you did see volume growth for the first time in 9 quarters.

我想你說過，大衛，你確實看到了 9 個季度以來的第一次銷量增長。

But I guess, is that -- was the level of growth what you were looking for?

但我想，這就是你想要的增長水平嗎？

And I mean, do you expect it to accelerate as we kind of move through the year?

我的意思是，隨著我們今年的發展，你是否預計它會加速？

And I'm just trying to understand.

我只是想理解。

So far, I realize it's only 2, 3 months into it.

到目前為止，我意識到它只有2、3個月的時間。

Have you gotten what you thought out of this?

你得到了你的想法嗎？

And would you look to do anything like this to any other categories around the world?

您是否希望對世界各地的任何其他類別做類似的事情？

Or is this really just very, very specific?

或者這真的只是非常非常具體？

Bill, let me just give a couple of quick comments, and then I'll try to address that last one.

比爾，讓我快速發表一些評論，然後我將嘗試解決最後一個問題。

It's much broader.

它更廣泛。

The answer to, did we get what we expected in AMJ in the U.S., the answer is yes.

答案是，我們是否得到了我們在美國 AMJ 的預期，答案是肯定的。

The volume response was as we modeled, maybe a little bit better, actually.

音量響應與我們建模的一樣，實際上可能要好一些。

But it's early.

但現在還早。

And so I'm not going to, for a second, declare victory.

所以我暫時不會宣布勝利。

We don't even have the full plan in the market.

我們甚至沒有完整的市場計劃。

We had part of it executed.

我們執行了其中的一部分。

Certainly, price change at some of our major customers did drop.

當然，我們一些主要客戶的價格變化確實下降了。

But there's additional actions that will take place over the 6 months to go ahead and get the rest of the plan in the market, the portfolio right, the packaging right and the go-to-market programs.

但在 6 個月內將採取其他行動，以繼續推進市場計劃的其餘部分、正確的投資組合、正確的包裝和進入市場的計劃。

We couldn't effect all of that immediately.

我們無法立即實現所有這些。

The one we can do quickest is the price change to address some of the points on the ladder that we're missing.

我們可以做的最快的一個是價格變化，以解決我們錯過的階梯上的一些點。

So we're in early stages of a very important investment in a very important category.

因此，我們正處於對一個非常重要的類別進行非常重要的投資的早期階段。

And I can't predict what'll happen, but I can tell you that the early indications are positive.

我無法預測會發生什麼，但我可以告訴你，早期跡像是積極的。

The fact that the user growth is back up, the volume is moving up, and we're getting very good support from our retail partners.

事實上，用戶增長正在回升，交易量正在上升，我們從零售合作夥伴那裡得到了非常好的支持。

They see the opportunity, and they also understand Gillette is the only one that can build value in this category.

他們看到了機會，他們也明白吉列是唯一可以在這一類別中創造價值的公司。

So that's the only one that has a history over time of creating value in this category.

因此，隨著時間的推移，這是唯一一個在這一類別中創造價值的歷史。

So getting it right, getting consumers back in.

所以做對了，讓消費者重新加入。

I won't try to predict societal trends.

我不會試圖預測社會趨勢。

There's other things that do play in the results in any quarter, 6 months or even year.

在任何一個季度、6 個月甚至一年的結果中，還有其他因素在起作用。

But what we want, if we can bring more consumers in and they see and appreciate the superior experience you have with Gillette, no matter where you come in relative to the best alternative in that price tier, then I think we're well positioned to win over time.

但我們想要的是，如果我們能夠吸引更多消費者，並且他們看到並欣賞您在吉列獲得的卓越體驗，無論您在哪個價格層級中獲得最佳替代品，那麼我認為我們處於有利地位贏得時間。

And we do see consumers trade up because there are meaningful advantages as you move up from a 2-blade disposable to a MACH and a MACH to a Fusion ProGlide and then ProShield.

而且我們確實看到消費者進行了交易，因為當您從 2 刀片一次性升級到 MACH 和 MACH 升級到 Fusion ProGlide 和 ProShield 時，會有有意義的優勢。

So yes, we're making good progress, and it's very early days.

所以是的，我們正在取得良好的進展，而且還處於早期階段。

This is going to be better addressed probably in the early part of calendar '18, after we had 6 months and get the full plan in place.

在我們有 6 個月的時間並製定完整的計劃之後，這可能會在 18 年日曆的早期得到更好的解決。

The second question, will we have to do something like this on other brands?

第二個問題，我們是否必須在其他品牌上做類似的事情？

We will have to, one, understand where the consumer is going; and secondly, the market will change.

首先，我們必須了解消費者的去向；其次，市場會發生變化。

What's clear today, and we've now got much better early warning systems out there, is there will be many competitive actions, small -- from small and large companies.

今天很清楚，我們現在已經有了更好的早期預警系統，將會有許多競爭行動，無論大小——來自大小公司。

And I think we're doing a better job seeing those.

我認為我們在看到這些方面做得更好。

And in many times -- and there's many of those.

而且在很多時候——而且有很多。

Many will not be big threats.

許多不會是大威脅。

Some will be.

有些會。

But what we need to do is cover spaces where consumers or shoppers go, and that includes channels and benefit areas.

但我們需要做的是覆蓋消費者或購物者去往的空間，包括渠道和利益領域。

Each of the 10 categories now are designing the organization that's better in touch in the big markets with what's going on.

現在，這 10 個類別中的每一個都在設計能夠更好地了解大市場中正在發生的事情的組織。

I think we'll catch many of them earlier.

我想我們會更早地抓住他們中的許多人。

And if we really do our job right, we create the new trends because our innovation is ahead of where the consumers see the need.

如果我們真的把工作做好，我們就會創造新的趨勢，因為我們的創新領先於消費者的需求。

We provide an opportunity that they really like.

我們提供他們真正喜歡的機會。

And again, I think the organization design and the agility and accountability I'm now seeing tells me we're at least better positioned to deal with a volatile world.

再一次，我認為我現在看到的組織設計以及敏捷性和問責制告訴我，我們至少能夠更好地應對動蕩的世界。

Your next question comes from line of Andrea Teixeira with JPMorgan.

您的下一個問題來自摩根大通的 Andrea Teixeira。

So given your strong performance in the first quarter, how are you thinking about retailer's willingness to build inventory levels again?

因此，鑑於您在第一季度的強勁表現，您如何看待零售商再次建立庫存水平的意願？

Do you think the large destocking that you've seen for fiscal '17 is largely behind you at this point?

你認為你在 17 財年看到的大規模去庫存在很大程度上已經過去了嗎？

And then if you -- in your organic growth guidance, you mentioned it back-end loaded given the tough comp in the first quarter.

然後，如果你 - 在你的有機增長指導中，你提到它在第一季度的艱難競爭中被後端加載。

Is that primarily because you were seeing the international trends getting better, or that comp being tougher in the first quarter?

這主要是因為您看到國際趨勢越來越好，還是第一季度的競爭更加艱難？

So if you can break down EM and DM embedded in your guidance.

因此，如果您可以分解嵌入在您的指導中的 EM 和 DM。

And related to that, in terms of your spending to grow.

與此相關的是，就您的支出增長而言。

In terms of thinking -- it's embedded in your guidance also for fiscal '18.

就思維而言——它也包含在您對 18 財年的指導中。

It's pretty conservative, in my view, in terms of how you're going to spend -- you're going to have the trade spend funneled into more rational ad spend.

在我看來，就你將如何支出而言，這是相當保守的——你將把交易支出集中到更合理的廣告支出中。

So what you saw here in the fourth quarter was like you cut and you quoted as temporary.

所以你在第四季度看到的就像你削減了，你引用的是臨時的。

So can you help us bridge this guidance in terms of SG&A spend as well?

那麼，您能否幫助我們在 SG&A 支出方面彌合這一指導意見？

Sure.

當然。

First of all, in terms of retail inventories, I mean, we're working hard with our retail partners to ensure availability on shelf.

首先，就零售庫存而言，我的意思是，我們正在與我們的零售合作夥伴一起努力確保貨架上的可用性。

Within that, we're very supportive of lower inventories systemically across the value chain.

在此範圍內，我們非常支持在整個價值鏈中系統地降低庫存。

And a number of our product supply initiatives are designed to enable both ourselves and our retail partners to carry lower inventories.

我們的許多產品供應計劃旨在使我們自己和我們的零售合作夥伴能夠降低庫存。

So we're not expecting a big acceleration in inventories that retailers are currently holding, but we're going to continue to work on availability at shelf.

因此，我們預計零售商目前持有的庫存不會大幅增加，但我們將繼續致力於貨架上的可用性。

Some of our supply initiatives have enabled us to increase that significantly.

我們的一些供應計劃使我們能夠顯著增加這一點。

In North America, for example, where we've gone to the mixing centers, we now have about 80% of our product line we can get to a store shelf within 24 hours of an order.

例如，在北美，我們去了混合中心，現在我們有大約 80% 的產品線可以在下訂單後 24 小時內到達商店貨架。

And as a result, our customer service levels have improved significantly, getting close to 98%, 99% levels of service.

因此，我們的客戶服務水平有了顯著提高，接近 98%、99% 的服務水平。

On the spending question, we talked about the need to invest in product, package, communication, shelf and, occasionally, in value -- in the value equation.

在支出問題上，我們談到了投資產品、包裝、溝通、貨架以及偶爾投資價值——在價值方程式中的必要性。

So you should assume that we're going to do that.

所以你應該假設我們會這樣做。

In the fourth quarter, the reduction in marketing that occurred was almost all in the digital space.

在第四季度，發生的營銷減少幾乎都發生在數字領域。

And what it reflected was a choice to cut spending from a digital standpoint where it was ineffective, where either we were serving bots as opposed to human beings or where the placement of ads was not facilitating the equity of our brands.

它所反映的是一種從數字化角度削減開支的選擇，在這種情況下它是無效的，我們要么服務於機器人而不是人類，要么廣告的放置不利於我們品牌的公平性。

Importantly, as we made those decisions and put our money where our mouth has been in terms of the need to increase the efficiency of that supply chain, ensure solid and strong placement of individual ads, we didn't see a reduction in the growth rate.

重要的是，當我們做出這些決定並將資金投入到需要提高供應鏈效率、確保單個廣告穩固而有力的位置時，我們並沒有看到增長率下降.

So as you know, we've delivered over 2% organic sales growth on 2% volume growth in the quarter.

如您所知，我們在本季度實現了超過 2% 的有機銷售增長和 2% 的銷量增長。

And that -- what that tells me is that, that spending that we cut was largely ineffective.

那 - 這告訴我的是，我們削減的支出在很大程度上是無效的。

What we'd love to do and what we're working with our media partners to do is create a very efficient supply chain that helps us build our brands, and we'd love to invest more in doing just that.

我們願意做的以及我們與媒體合作夥伴合作做的是創建一個非常有效的供應鏈，幫助我們建立我們的品牌，我們願意為此投入更多資金。

Your next question comes from the line of Bonnie Herzog with Wells Fargo.

您的下一個問題來自富國銀行的 Bonnie Herzog。

You guys mentioned some interest in M&A this morning.

你們今天早上提到了一些對併購的興趣。

But this would really be the first time in years that you've purchased something since you've really been in selling and consolidating mode?

但這真的是你多年來第一次購買東西，因為你真的處於銷售和整合模式？

So I'd love if you could drill down a little further on why now.

因此，如果您現在可以進一步深入了解為什麼，我會很高興。

And then why you would only look to acquire -- or would you only look to acquire something in your existing categories or would you be willing to expand into another category?

那麼為什麼你只會尋求收購——或者你只會尋求現有類別中的某些東西，或者你願意擴展到另一個類別？

And then maybe, finally, if you could just remind us of your criteria for acquisitions, that would be helpful.

然後也許，最後，如果你能提醒我們你的收購標準，那會很有幫助。

I'll give a comment or 2, and then Jon will add a comment.

我會發表評論或 2，然後 Jon 會添加評論。

First, we went through -- you're absolutely right, we went through a very big process the last several years, going from almost 200 brands down to 65.

首先，我們經歷了——你說得對，過去幾年我們經歷了一個非常大的過程，從近 200 個品牌減少到 65 個。

But what we said, and we really mean it, is when we closed on October 1 the Coty deal, all 10 categories need to be in a position to grow.

但我們所說的，而且我們的意思是，當我們在 10 月 1 日完成 Coty 交易時，所有 10 個類別都需要能夠增長。

They need to deliver results and grow, and it starts with very strong organic growth, building from the base.

他們需要交付成果並實現增長，它從非常強勁的有機增長開始，從基礎開始。

And I think we've got really good evidence that, that is possible when you see the top 10 brands driving your growth and growing above the market, which is good evidence that we're starting to see our innovation programs working.

而且我認為我們有非常好的證據表明，當您看到前 10 大品牌推動您的增長並超越市場時，這是可能的，這很好地證明了我們開始看到我們的創新計劃正在發揮作用。

On top of that, I think it makes perfect sense, and we've made the decision to say we'll be active managers, so all 10 of the presidents, as well as the company, looking at spaces outside the 10 core categories that we're active.

最重要的是，我認為這是完全有道理的，我們已經決定說我們將成為積極的管理者，所以所有 10 位總裁以及公司都在關注 10 個核心類別之外的空間我們很活躍。

Now we won't do anything until we see something that we think can create value and leverages the core capabilities of this company.

現在我們不會做任何事情，直到我們看到我們認為可以創造價值並利用這家公司的核心能力的東西。

We've learned a lot with the process, the round trip that we went through over the last 15 years on mining a number of brands and companies and selling them.

我們在這個過程中學到了很多東西，我們在過去 15 年中在挖掘和銷售許多品牌和公司方面所經歷的往返旅程。

So part of the things -- part of the screen that we use is learning from what worked and didn't work.

所以部分事情——我們使用的屏幕的一部分是從有效的和無效的中學習。

But clearly, we see the opportunity to acquire potentially new technologies, capabilities or potentially companies in spaces that are in our existing 10 core categories or adjacent or ones that leverage our capabilities.

但很明顯，我們看到了在我們現有的 10 個核心類別或相鄰或利用我們能力的領域中獲得潛在新技術、能力或潛在公司的機會。

That is active today for the company.

這對公司來說今天很活躍。

And there would be a couple of other screens that would complement that search.

還會有幾個其他屏幕可以補充該搜索。

And to the extent that we can be in categories, and it can be beyond the 10 categories that we're currently operating in, where daily -- where products are consumed daily or even more than one time per day, those are categories we really like.

在某種程度上，我們可以在類別中，它可以超出我們目前運營的 10 個類別，每天 - 每天消費產品甚至超過一次，這些是我們真正的類別喜歡。

Categories where a product that is used or consumed once or twice or 3x a year are not as attractive by definition.

根據定義，一年使用或消費一次或兩次或 3 次的產品的類別不那麼有吸引力。

We want to be in categories where product superiority matters, where purchase motivation is driven by the ability of a product to meet a need in a demonstrable way.

我們希望進入產品優勢很重要的類別，購買動機是由產品以可證明的方式滿足需求的能力驅動的。

It's not that they're bad businesses, but a large part of the choice in businesses we got out of was that purchase intent was driven by something other than that: fashion, flavors, fragrance, self-image.

並不是說它們是壞企業，而是我們從企業中獲得的很大一部分選擇是購買意圖是由其他因素驅動的：時尚、口味、香水、自我形象。

All good things, but not up our power alley.

所有的好東西，但不是我們的權力小巷。

So we're going to stay, as David said, very focused on the kinds of things that we know we can do well in, but there are lots of those.

因此，正如大衛所說，我們將繼續非常專注於我們知道我們可以做得很好的事情，但有很多這樣的事情。

Your next question comes from line of Jason English with Goldman Sachs.

您的下一個問題來自 Jason English 與 Goldman Sachs 的一行。

I've got 2 questions, and I'm just going to kind of spew them out because I know you don't get a second chance.

我有兩個問題，我只是想把它們吐出來，因為我知道你沒有第二次機會。

First, I want to understand guidance and the implicit reinvestment into next year.

首先，我想了解指導和明年的隱性再投資。

I think you said around 5 to 7 bottom line, 2 points a share repo, getting us to sort of a 3% to 5% pretax.

我認為您說的底線約為 5 到 7，每股回購 2 點，使我們的稅前稅率約為 3% 到 5%。

On 3% growth, that doesn't imply much margin, especially in context of, I think, you said commodities post-tax, only $200 million.

以 3% 的增長率計算，這並不意味著利潤率很高，尤其是在我認為你所說的商品稅後只有 2 億美元的背景下。

That's kind of benign for a company your size.

對於像你這樣規模的公司來說，這是一種良性的做法。

So is it right to assume that this implies a lot of reinvestment in productivity?

那麼假設這意味著對生產力進行大量再投資是否正確？

If so, kind of what shape, what form and where?

如果有，是什麼形狀，什麼形式，在哪裡？

If you can elaborate on that.

如果你能詳細說明。

And secondly, on business units, you're right, the focus for a long time on underperformance has been sort of Beauty and Grooming.

其次，在業務部門，你是對的，長期以來對業績不佳的關註一直是美容和美容。

But looking at baby, fem and family, growth has been quite sluggish for a couple of years.

但看看嬰兒、女性和家庭，幾年來增長一直很緩慢。

Pretax profit, down.

稅前利潤，下降。

And obviously, were fresh off of Kimberly results yesterday.

顯然，昨天剛從金佰利的結果中脫穎而出。

Both of you really seem to be struggling.

看來你們兩個都在掙扎。

What does that say about the environment for those businesses, baby, tissue products, et cetera, both in the near term and over the medium to long term?

這對這些企業（嬰兒、紙巾產品等）在短期和中長期的環境有何影響？

Jason, I'll take the first one of those.

傑森，我會拿第一個。

As I said in my prepared remarks, we're expecting to increase operating profit growth from 2% this year to 5% to 6% next year.

正如我在準備好的講話中所說，我們預計明年的營業利潤增長率將從今年的 2% 提高到 5% 到 6%。

And in terms of all of the pieces and the builds, I'd encourage you to work with John through the course of the day, and he can help you with that.

就所有部件和構建而言，我鼓勵你在一天中與約翰一起工作，他可以幫助你。

But against a sales growth of 2% to 3%, that obviously implies operating margin progress.

但相對於 2% 至 3% 的銷售額增長，這顯然意味著營業利潤率的提高。

And we've been very clear, or tried to be, that the only sustainable model for value creation in this industry is balanced top line and bottom line growth, with margin a part of that.

我們已經非常清楚，或試圖成為，該行業唯一可持續的價值創造模式是平衡的收入和利潤增長，利潤率也是其中的一部分。

And let me give you one comment about -- you singled out the paper businesses as particularly challenging.

讓我給你一個評論——你把紙業列為特別具有挑戰性。

Two of our 3 paper businesses grew ahead of the category, ahead of the company.

我們的 3 家造紙企業中有 2 家的增長領先於該類別，領先於公司。

So Family Care grew share, grew nicely, and that's our tissue and towel business.

因此，Family Care 的份額增長了，增長良好，這就是我們的紙巾和毛巾業務。

And Femcare grew ahead of the balance of the company.

Femcare 的增長超過了公司的平衡。

Baby Care was challenged, and we've been very open about China.

嬰兒護理受到挑戰，我們對中國一直非常開放。

We had a very difficult year, growing well below the market, and so that has depressed the Baby Care results.

我們度過了非常艱難的一年，增長遠低於市場水平，因此影響了嬰兒護理業務的業績。

But when we get it right, and the Femcare, I gave you a couple of examples of the super premium innovation that we have and some of the work, frankly, we've done in cotton top sheets around the world, we're seeing Femcare respond nicely, and it's now starting to turn in share growth globally.

但是當我們做對了，Femcare，我給你舉了幾個例子，說明我們擁有的超優質創新和一些工作，坦率地說，我們已經在世界各地的棉質床單上做過，我們看到了Femcare 反應良好，現在它開始在全球範圍內實現份額增長。

And Family Care is growing share as well and growing sales and growing profit, and a very strong total shareholder return, if I look at that individual business.

如果我看一下個人業務，Family Care 的份額也在增長，銷售額和利潤也在增長，股東總回報非常強勁。

So -- and what's interesting about both of those, what's driving them is innovation, well executed in market.

所以——這兩者的有趣之處，驅動它們的是創新，在市場上得到了很好的執行。

Period.

時期。

Your next question comes from line of Kevin Grundy with Jefferies.

您的下一個問題來自傑富瑞集團的 Kevin Grundy。

David, I wanted to come back to your online strategy.

大衛，我想回到你的在線策略。

So within the context, there's considerable worry, I would say, in the market about narrowing of competitive moats as consumers migrate online, where the barriers to entry are lower.

因此，在這種情況下，我想說，隨著消費者在線遷移，市場上存在相當大的擔憂，即競爭護城河的縮小，進入門檻較低。

You have Amazon, which has expressed an appetite and is investing behind its own private-label brands.

你有亞馬遜，它已經表達了興趣並正在投資自己的自有品牌。

So -- and then we've also talked about some worry about commoditization of product categories with some of the trade spending that's going on, et cetera.

所以 - 然後我們還談到了一些關於產品類別商品化以及正在進行的一些貿易支出等的擔憂。

So as you consider these factors and then naturally, the fact that online will become a bigger portion of everyone's channel mix, I have 3 questions.

因此，當您考慮這些因素時，自然而然地，在線將成為每個人的渠道組合中更大的一部分這一事實，我有 3 個問題。

Opportunities and risks, the larger ones, as you see it, would be number one.

如您所見，機會和風險較大的將是第一位的。

Number two, do you see any for the opportunities to expand upon direct-to-consumer capabilities, maybe beyond just outside of blades?

第二，您是否認為有機會擴展直接面向消費者的能力，可能超出刀片之外？

And then the third piece, sort of notwithstanding blades, where your market share is naturally going to be lower given the success of Harry's and Dollar Shave Club.

然後是第三塊，儘管有刀片，但鑑於 Harry's 和 Dollar Shave Club 的成功，你的市場份額自然會降低。

Maybe you could talk a little bit about market share positioning and trends as you see them relative to what we can observe in brick-and-mortar.

也許你可以談談你看到的市場份額定位和趨勢，相對於我們在實體店中觀察到的情況。

Very good.

很好。

All good questions.

所有的好問題。

A couple of comments.

一些評論。

One, just a broad comment about it, about the space because I've got it many, many times saying the low barrier to entry and the number of brands that come out presents a big threat to P&G and P&G's big brands.

一，只是對它的廣泛評論，關於空間，因為我有很多次說進入門檻低和出現的品牌數量對寶潔和寶潔的大品牌構成了巨大威脅。

And we've talked often about the endless shelf.

我們經常談到無盡的貨架。

If anything, online consumers look at less brands than more brands.

如果有的話，在線消費者關注的品牌更少，而不是更多的品牌。

Walk a store at a big mass merchandiser and some big categories like Hair Care, you may see 30, 40, 50 brands.

走進一家大型百貨公司和一些大類別的商店，如護髮用品，您可能會看到 30、40、50 個品牌。

When you go to any one of the online opportunity sources, you'll probably look at Page 1, maybe Page 2. And as I mentioned, strong brands often occupy the majority of Page 1 and Page 2. So actually, I think we're well positioned in brands that are meaningfully better and strong, tend to do well.

當您訪問任何一個在線機會來源時，您可能會查看第 1 頁，也可能是第 2 頁。正如我所提到的，強大的品牌通常佔據第 1 頁和第 2 頁的大部分內容。所以實際上，我認為我們重新定位在有意義的更好和強大的品牌中，往往表現良好。

And our online business is actually growing well and growing well in both sales and share.

而且我們的在線業務實際上增長良好，並且在銷售和份額方面都增長良好。

One of the things that I think is going to be critical to win online, and maybe even more so, is the level of superiority because that then drives you to be getting both the discussion in social media as well as the movement that drives you up the various online companies' algorithms.

我認為對於在線獲勝至關重要的一件事，甚至可能更重要的是，優勢水平，因為這會驅使您在社交媒體上獲得討論以及推動您上升的運動各種在線公司的算法。

And then the commoditization comment that you make, I give the same response today when people talked about it in tissue/towel in 2006 and in any of a number of categories.

然後你發表的商品化評論，當人們在 2006 年在紙巾/毛巾中以及許多類別中談論它時，我今天給出了相同的回應。

Commoditization, in my mind, is -- it occurs when we don't innovate or build brands.

在我看來，商品化是——它發生在我們不創新或不建立品牌的時候。

And all of the categories we've chosen, there's a real benefit that makes a difference in consumers' lives.

我們選擇的所有類別都有真正的好處，可以改變消費者的生活。

If we can provide a differential benefit that's much better than the next best, then I think we're well positioned and maybe even better positioned to online because of the limited selection, because most people do, by habit, go to Page 1, Page 2. Now specifically on some of your questions, one of them that I get asked a lot, should P&G go direct to consumer?

如果我們能夠提供比次優更好的差異化收益，那麼我認為我們已經處於有利位置，甚至可能由於選擇有限而更好地定位到在線，因為大多數人都會習慣性地轉到第 1 頁，第2. 現在具體談談你們的一些問題，其中一個是我經常被問到的問題，寶潔應該直接面向消費者嗎？

And the question is, we are testing and have tested and will continue to test a number of models, including a company store, including working on a variety of things from working with our omni-retailers and pure plays and everything in between.

問題是，我們正在測試並且已經測試並將繼續測試許多模型，包括公司商店，包括與我們的全能零售商合作和純粹的遊戲以及介於兩者之間的各種事情。

We've got a direct-with-consumer model, which says we will build a relationship with a consumer.

我們有一個直接與消費者聯繫的模式，這表明我們將與消費者建立關係。

We'll do diagnostics.

我們會做診斷。

We got a good example with Olay Skin Advisor.

我們得到了玉蘭油皮膚顧問的一個很好的例子。

We'll gather information about our users so that we can serve them well, communicate and own a relationship that somebody else may fulfill.

我們將收集有關我們用戶的信息，以便我們能夠為他們提供良好的服務、溝通並擁有其他人可以履行的關係。

But certainly, our belief so far is that most consumers do not want to have a lot more accounts for narrow parts of their daily or monthly needs, and so an aggregator probably is better positioned to serve the consumer.

但可以肯定的是，到目前為止，我們的信念是，大多數消費者不希望擁有更多賬戶來滿足他們日常或每月需求的狹隘部分，因此聚合器可能更適合為消費者服務。

What we do want to do is have a superior product and a relationship with the consumer so that we can communicate with them appropriately.

我們想要做的是擁有優質的產品和與消費者的關係，以便我們能夠與他們進行適當的溝通。

And we're doing some very interesting and very promising tests in categories like Baby Care and Skin Care with building very strong relationships and a lot of access to names that I think will serve us very well.

我們正在嬰兒護理和皮膚護理等類別中進行一些非常有趣且非常有前景的測試，建立了非常牢固的關係，並獲得了大量的名稱，我認為這些名稱對我們很有幫助。

So it's more of the relationship with consumer, but we will concern and learn.

所以更多的是與消費者的關係，但我們會關注和學習。

I don't know if anybody knows the full answer to this question.

我不知道是否有人知道這個問題的完整答案。

But right now, I believe that we're best positioned to go through aggregators.

但現在，我相信我們最適合通過聚合器。

And then on market share trends, we're generally doing positive.

然後在市場份額趨勢方面，我們總體上是積極的。

It's been -- and I'll take the most competitive market in the world in this space, which is China, where our business just passed $1 billion.

過去——我將在這個領域佔據世界上最具競爭力的市場，那就是中國，我們的業務剛剛超過 10 億美元。

We grew share online, which is, to me, a very, very positive sign.

我們在網上增加了份額，對我來說，這是一個非常非常積極的信號。

And in a few of our categories, our online share is now above our offline share.

在我們的一些類別中，我們的在線份額現在高於我們的離線份額。

Not true in many categories.

在許多類別中並非如此。

But in a few, that's now happened.

但在少數情況下，這已經發生了。

So that also bodes well for the future.

因此，這也預示著未來的好兆頭。

If you look at it in aggregate, our market shares online are about equal into our market shares offline.

如果綜合來看，我們的線上市場份額與線下市場份額大致相當。

As David rightly said, that differs by category and channel.

正如大衛正確地說的那樣，這因類別和渠道而異。

And importantly, another topic in the space, our margins on aggregate are about equal online and offline.

重要的是，該領域的另一個主題是，我們的總利潤在線和離線大致相同。

To the point of the difference in growth rates between the online channels, which are harder for you to see, and the track channels, in both the U.S. and China, which are the fastest-growing or largest online markets, our growth in both of those countries was 40% in the most recent period.

在增長最快或最大的在線市場美國和中國，您很難看到在線渠道和跟踪渠道之間的增長率差異，我們在這兩個市場的增長這些國家在最近一個時期是 40%。

So it is driving a meaningful difference between what you're observing in the track channel data and what our all-in sales growth actually is.

因此，它正在推動您在跟踪渠道數據中觀察到的內容與我們實際的全部銷售增長之間存在有意義的差異。

And your final question comes from the line of Faiza Alwy with Deutsche Bank.

您的最後一個問題來自德意志銀行的 Faiza Alwy。

So I just wanted to expand a little bit more on your comment regarding digital and marketing.

因此，我只是想進一步擴展您對數字和營銷的評論。

It feels like you're rethinking what marketing really means and how to communicate with consumers, especially with the new generation of millennial consumers.

感覺就像您正在重新思考營銷的真正含義以及如何與消費者溝通，尤其是與新一代千禧一代消費者溝通。

So could you -- like, is that the right?

那麼你能——比如，是這樣嗎？

And it feels like, overall, the way we think about marketing is advertising is potentially going to be down this year.

總的來說，我們對營銷的看法是廣告的方式今年可能會下降。

So could you confirm that?

那你能確認一下嗎？

And just elaborate a little bit more about how you think -- what is the best way to communicate with consumers?

再詳細說明一下您的想法——與消費者溝通的最佳方式是什麼？

A couple of comments.

一些評論。

Certainly, we are and have been rethinking marketing in that it's -- it will evolve, but I think the key is building the relationship with the consumer and communicating the full range of benefits of your brand in a way that makes a difference to the consumer.

當然，我們正在並且一直在重新思考營銷，因為它會不斷發展，但我認為關鍵是與消費者建立關係，並以一種對消費者產生影響的方式傳達品牌的全部好處.

How we do that has changed.

我們如何做到這一點已經改變。

What we're trying to do I don't think has changed a lot.

我認為我們正在嘗試做的事情並沒有太大變化。

We now use a variety of different channels.

我們現在使用各種不同的渠道。

And certainly, social media has exploded in its importance.

當然，社交媒體的重要性已經爆炸式增長。

There'll be those that talk about not only the 0, first and second moment of truth, but even after, the in-home usage experience.

有些人不僅會談論 0、第一和第二個關鍵時刻，甚至還會談論家庭使用體驗。

Now there's another moment you have to worry about, which is what consumers say about you in social media on Instagram or Facebook or any variety of different vehicles.

現在還有一個你需要擔心的時刻，那就是消費者在 Instagram 或 Facebook 或各種不同車輛上的社交媒體上對你的評價。

And I think that's true, which is all the more reason why you both have to have a superior product, but also communicate it in a way, and the brand has to stand for something.

我認為這是真的，這也是為什麼你們都必須擁有優質產品的原因，而且還要以某種方式進行交流，並且品牌必須代表某種東西。

It's one of the reasons why I believe campaigns like the Like A Girl -- some of you may have seen the Ariel Share the Load we ran in India or the SK-II marriage market campaign -- have really resonated with consumers because they've gone beyond just communicating that the brand is superior, but the brand has a point of view.

這就是為什麼我相信像 Like A Girl 這樣的活動——你們中的一些人可能已經看到我們在印度開展的 Ariel Share the Load 或 SK-II 婚姻市場活動——真正引起了消費者的共鳴，因為他們已經不僅僅是傳達品牌優越，而是品牌有自己的觀點。

And it's one that sparks conversations about things that matter.

這是一個引發關於重要事情的對話的話題。

And so that's beyond, what I'd say, traditional marketing of communicating the benefit of your brand.

因此，我想說的是，這超出了傳達品牌利益的傳統營銷方式。

It's having an equity and equity that matters.

重要的是擁有公平和公平。

And each of our brands, just thinking through what that looks like, and then finding the smart and appropriate way to communicate that to the consumer, when and where they're receptive to the message so that it's less of an intrusion.

而我們的每個品牌，只是想清楚它的樣子，然後找到聰明和適當的方式將它傳達給消費者，他們何時何地接受信息，這樣它就不會受到干擾。

It's more of giving them things that help them understand the brand and make informed choices.

更多的是為他們提供幫助他們了解品牌並做出明智選擇的東西。

And that part, I think, is working well.

我認為，這部分運作良好。

The brands that do it best are the ones that are growing.

做得最好的品牌是那些正在成長的品牌。

We need to stop here.

我們需要在這裡停下來。

We need to get on with delivering another above-objective year.

我們需要繼續實現另一個高於目標的年份。

I know we didn't get to everybody.

我知道我們沒有接觸到每一個人。

I apologize for that.

我為此道歉。

I also know it's a busy day for you, and I want to thank you for the time with us this morning.

我也知道今天對你來說是忙碌的一天，我要感謝你今天早上與我們在一起的時間。

I'll just turn it over to David for some quick closing remarks, and then John and I are available the balance of the day.

我將把它交給大衛，以便快速結束髮言，然後約翰和我可以利用當天的餘額。

One, I want to thank everybody for participating today and let you know that we do see opportunities going forward.

一，我要感謝大家今天的參與，讓你知道我們確實看到了未來的機會。

We had a year where we made progress.

我們有一年取得了進步。

We're on plan, and the plan is working.

我們正在計劃中，並且計劃正在奏效。

It's innovation-driven growth.

這是創新驅動的增長。

It's fueled by productivity across all spend pools in all areas of the business, and it is enabled and sustained by an organization today that is more agile, more focused and accountable.

它由業務所有領域的所有支出池的生產力推動，並且由當今更敏捷、更專注和更負責任的組織啟用和維持。

Today, we have the plan, we have the portfolio, and we have the people to win.

今天，我們有計劃，我們有投資組合，我們有獲勝的人。

And we are extraordinarily focused to make that happen over the next year, 3 years, 5 years and beyond.

我們非常專注於在未來一年、3 年、5 年及以後實現這一目標。

Thank you all for participating today.

感謝大家今天的參與。

Ladies and gentlemen, that concludes today's conference.

女士們，先生們，今天的會議到此結束。

Thank you for your participation.

感謝您的參與。

You may now disconnect.

您現在可以斷開連接。

Have a great day.

祝你有美好的一天。