寶潔 (PG) 2019 Q1 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末電話會議。

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，您會看到對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。

Additionally, the company has posted on its Investor Relations website, www.pginvestor.com, a full reconciliation of non-GAAP and other financial measures.

此外，該公司還在其投資者關係網站 www.pginvestor.com 上發布了非 GAAP 和其他財務指標的全面對賬。

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公司的副董事長兼首席財務官喬恩·莫勒 (Jon Moeller)。

Good morning.

早上好。

John Chevalier joins me here.

John Chevalier 和我一起來。

We're going to keep prepared remarks brief, reflecting a fairly straightforward quarter and Investor Day right around the corner.

我們將保持準備好的評論簡短，以反映一個相當簡單的季度和即將到來的投資者日。

I'll provide headlines on the quarter's results, just a few comments on strategic focus areas and update fiscal year guidance before turning the call to your questions.

我將提供有關本季度業績的頭條新聞，只是對戰略重點領域的一些評論，並在將電話轉至您的問題之前更新財政年度指南。

We continue, enabled by superiority, productivity, and creating a more focused, agile and accountable organization and culture to make important progress towards our objective of delivering balanced growth, top line, bottom line and cash.

在優勢、生產力以及創建更專注、敏捷和負責任的組織和文化的支持下，我們繼續朝著實現平衡增長、頂線、底線和現金的目標取得重要進展。

We're accelerating organic sales growth, driven by strong volume and consumption growth, with market shares improving and now growing on an aggregate basis.

在強勁的銷量和消費增長的推動下，我們正在加速有機銷售增長，市場份額有所改善，現在總體上還在增長。

Organic sales grew 4%, driven by strong organic volume growth of over 3%.

受超過 3% 的強勁有機銷量增長推動，有機銷售額增長 4%。

Pricing was neutral to the quarter, with mix a positive 1 point impact to top line growth.

定價對本季度保持中性，混合對收入增長產生 1 個百分點的積極影響。

9 of 10 global categories grew organic sales.

全球 10 個類別中有 9 個實現了有機銷售額增長。

Skin and Personal Care grew in the teens; Personal Health Care, double digits; Fabric Care, Home Care, Feminine Care, Family Care and Grooming each grew organic sales mid-single digits.

皮膚和個人護理在十幾歲時成長起來；個人醫療保健，兩位數；織物護理、家庭護理、女性護理、家庭護理和美容均實現了中等個位數的有機銷售額增長。

All channel consumption, very strong, up in line with organic sales and ahead of the underlying market, driving, as I said, a return to aggregate market share growth.

所有渠道消費都非常強勁，與有機銷售一致並領先於基礎市場，正如我所說，推動市場份額恢復增長。

33 of our top 50 category country combinations held or grew value share, up from 26 last fiscal year, 23 the year before that and 17 in the year before that.

在我們排名前 50 的國家/地區組合中，有 33 個保持或增長了價值份額，高於上一財年的 26 個、前一年的 23 個和前一年的 17 個。

So reversing that progression, 17, 23, 26, 33 of our category country combinations holding or growing value share.

因此，逆轉這一進程，我們類別中的 17、23、26、33 個國家/地區組合持有或增長價值份額。

Similar progress in our largest market, the U.S. In September of 2016, 1 category growing share over the past 12 months; September of '17, 3 categories; currently, 8 categories.

我們最大的市場美國也取得了類似進展。2016 年 9 月，1 個品類的份額在過去 12 個月內增長； 17 年 9 月，3 個類別；目前，8個類別。

40 basis points of share growth overall in Q1.

第一季度整體份額增長 40 個基點。

While making good sequential and absolute progress, we do continue to face several top line challenges.

在取得良好的順序和絕對進展的同時，我們確實繼續面臨幾個頂線挑戰。

We previously highlighted market-level issues in Saudi Arabia and the Gulf markets, Iran, Algeria, Egypt and Nigeria.

我們之前強調了沙特阿拉伯和海灣市場、伊朗、阿爾及利亞、埃及和尼日利亞的市場層面問題。

We have large businesses in the Middle East and Africa, nearly $3 billion in sales.

我們在中東和非洲有大型企業，銷售額接近 30 億美元。

Organic sales in the region were down nearly 10% for the quarter, about 0.5 point drag on company organic sales growth.

本季度該地區的有機銷售額下降了近 10%，拖累了公司有機銷售額增長約 0.5 個百分點。

We had a very good quarter in Grooming, with organic sales up 4%, but we're going to continue in the face challenges on this business.

我們在 Grooming 的季度表現非常好，有機銷售額增長了 4%，但我們將繼續面對這項業務的挑戰。

As I said, we're making good progress.

正如我所說，我們正在取得良好進展。

Look at the U.S., for example.

以美國為例。

U.S. male blades and razors value share up from a 4-point decline in fiscal '17 to down 30 basis points in fiscal '18 to nearly a full point increase over the last 6 months, which includes the impact of a major competitive launch during the period.

美國男性刀片和剃須刀的價值份額從 17 財年的 4 個百分點下降到 18 財年的 30 個基點，再到過去 6 個月的近整點增長，其中包括時期。

We're growing all outlet volume share on a past 1-, 3-, 6- and 12-month basis, but we are going to continue to face challenges from value share competition in-store and online in several markets.

我們在過去 1 個月、3 個月、6 個月和 12 個月的基礎上增加了所有門店的銷量份額，但我們將繼續面臨來自多個市場的店內和在線價值份額競爭的挑戰。

While we expect trends to improve, Baby Care sales were down for the quarter.

雖然我們預計趨勢會有所改善，但本季度嬰兒護理產品的銷售額有所下降。

We continue to build on the success of our diaper pants products.

我們繼續在尿布褲產品的成功基礎上再接再厲。

Pampers is a global share leader in pants-style diapers, with nearly a 30% share of the form, which is growing at a double-digit rate.

幫寶適是褲型紙尿褲的全球份額領導者，擁有近 30% 的份額，並以兩位數的速度增長。

Taped diapers have been the soft spot, mainly in the mid and value tiers.

膠粘尿布一直是情有獨鍾，主要在中檔和超值檔次。

So top line challenges remain, and improvement won't come in the form of a straight line.

因此，頂線挑戰依然存在，改進不會以直線形式出現。

But consumption, volume sales and share are each progressing nicely.

但消費量、銷量和份額都進展順利。

Moving to the bottom line.

移至底線。

Core earnings per share were $1.12, up 3% versus the prior year.

每股核心收益為 1.12 美元，比上年增長 3%。

Foreign exchange was a $260 million earnings headwind, about $0.10 a share.

外匯是 2.6 億美元的收益逆風，約為每股 0.10 美元。

On a constant-currency basis, core earnings per share, up 11%.

按固定匯率計算，核心每股收益增長 11%。

This, against the backdrop of significant commodity and transportation cost challenges, about an additional 5 points, net strong underlying earnings progress.

在大宗商品和運輸成本面臨重大挑戰的背景下，這又增加了約 5 個百分點，淨強勁的基礎收益進展。

Core gross margin contracted 150 basis points as 170 basis points of productivity improvement were offset by 100 points of commodity cost increases, 60 points of foreign exchange headwinds and 160 points from mix, innovation investments and other impacts.

核心毛利率收縮 150 個基點，因為 170 個基點的生產力提高被商品成本增加 100 個基點、60 個外匯逆風和 160 個混合、創新投資和其他影響所抵消。

Adjusting for currency and commodities, underlying gross margin was up slightly.

調整貨幣和商品後，基礎毛利率略有上升。

Core SG&A costs decreased 80 basis points as a percentage of sales, down 150 basis points, excluding FX impacts, driven by sales leverage and strong productivity improvement.

核心 SG&A 成本佔銷售額的百分比下降了 80 個基點，下降了 150 個基點，這不包括受銷售槓桿和生產力強勁提高推動的外匯影響。

As a result, core operating margin decreased 80 basis points, including 250 basis points of productivity savings.

因此，核心營業利潤率下降了 80 個基點，其中包括 250 個基點的生產力節省。

Constant-currency core operating margin increased 50 basis points.

不變貨幣核心運營利潤率增長 50 個基點。

Excluding currency and commodities, core operating margin was up 150 basis points.

不包括貨幣和大宗商品，核心運營利潤率上升了 150 個基點。

Cash flow remains dependably strong, with adjusted free cash flow productivity of 95%.

現金流仍然強勁，調整後的自由現金流生產率為 95%。

We returned over $3.1 billion of cash to shareowners, nearly $1.3 billion in share repurchase and $1.9 billion of dividends.

我們向股東返還了超過 31 億美元的現金，近 13 億美元的股票回購和 19 億美元的股息。

In summary, a very strong quarter: solid consumption, volume and organic sales growth driving positive market share trends across categories and geographies; strong constant-currency core earnings per share growth and continued high levels of cash generated and returned to shareowners, all in the most dynamic and challenging environment we faced in a very long time.

總而言之，這是一個非常強勁的季度：穩定的消費、銷量和有機銷售增長推動了跨類別和地區的積極市場份額趨勢；強勁的固定貨幣核心每股收益增長和持續高水平的現金產生和回報給股東，所有這些都是在我們長期以來面臨的最具活力和最具挑戰性的環境中發生的。

We're accelerating change to meet these increasing challenges and to further improve results.

我們正在加速變革，以應對這些日益嚴峻的挑戰並進一步改善成果。

As you know, we've made a deliberate choice to invest in the superiority of products, packages, retail execution, marketing and value, not just in the premium tier but in each price tier where we compete, strengthening the long-term health and competitiveness of our brands.

如您所知，我們有意選擇投資於產品、包裝、零售執行、營銷和價值的優勢，不僅在高端，而且在我們競爭的每個價格層級，加強長期健康和我們品牌的競爭力。

We're making solid progress on extending our margin of advantage and increasing the quality of our execution, which shows in these results.

我們在擴大優勢和提高執行質量方面取得了堅實的進展，這些結果表明了這一點。

Additional investment will be needed to continue this progress.

需要額外投資才能繼續取得進展。

The need for this investment, the need to offset macro cost headwinds and the need to drive balanced top and bottom line growth, including margin expansion, underscore the importance of productivity.

對這項投資的需求、抵消宏觀成本逆風的需求以及推動收入和利潤平衡增長（包括利潤率擴張）的需求，都凸顯了生產力的重要性。

We're driving cost savings and efficiency improvements in all facets of our business, approaching the midpoint of our second 5-year $10 billion productivity program.

我們正在推動我們業務各個方面的成本節約和效率提高，接近我們第二個 5 年 100 億美元生產力計劃的中點。

We've consistently delivered $1.2 billion to $1.6 billion in annual cost of goods sold savings.

我們一直在每年節省 12 億至 16 億美元的商品銷售成本。

We expect to be towards the high end of that range again this fiscal year.

我們預計本財年將再次達到該範圍的高端。

We're eliminating substantial waste in the media supply chain, delivering nearly $1 billion of savings in agency fees and ad production costs over the last 4 years.

我們正在消除媒體供應鏈中的大量浪費，在過去 4 年中節省了近 10 億美元的代理費和廣告製作成本。

We see more savings potential in these areas, along with more efficiency in media delivery.

我們在這些領域看到了更多的節約潛力，以及更高的媒體交付效率。

We're continuing to drive savings and organization cost.

我們將繼續推動節約和組織成本。

Total enrollment now down nearly 30% since the start of our first productivity program, closer to 35% when including contractor roles.

自我們的第一個生產力計劃開始以來，總註冊人數現在下降了近 30%，如果包括承包商角色，則接近 35%。

We're focused on cost productivity and cash.

我們專注於成本生產率和現金。

We've made significant progress in all areas of working capital.

我們在營運資金的所有領域都取得了重大進展。

Over the past 5 years, we've improved receivables by 3 days, inventory by 10 days and payables by more than 30 days, enabling us to fund capital spending needed to transform our supply chain.

在過去 5 年中，我們將應收賬款縮短了 3 天，庫存縮短了 10 天，應付賬款縮短了 30 多天，使我們能夠為轉變供應鏈所需的資本支出提供資金。

Over the last 7 fiscal years, we've averaged nearly 100% adjusted free cash flow productivity, returning an average of over 110% of reported net earnings to shareowners through dividends and share repurchase.

在過去的 7 個財政年度中，我們的調整後自由現金流生產率平均接近 100%，通過股息和股票回購將平均超過 110% 的報告淨收益返還給股東。

We're making needed organization structure and culture changes to position us to win.

我們正在進行必要的組織結構和文化變革，以使我們能夠獲勝。

We're taking steps to simplify the organization structure, clarify responsibility, increase accountability.

我們正在採取措施簡化組織結構，明確職責，增加問責制。

We're supplementing internal talent with skilled, experienced external hires and improving category dedication and mastery.

我們正在通過技能嫻熟、經驗豐富的外部招聘來補充內部人才，並提高品類的奉獻度和掌握程度。

We're strengthening compensation and incentive programs, increasing the granularity of annual bonus awards, expanding participation in both the annual and 3-year bonus programs, changing the valuation metrics to focus more on performance relative to competition and performance of local teams.

我們正在加強薪酬和激勵計劃，增加年度獎金獎勵的粒度，擴大年度和 3 年獎金計劃的參與度，改變估值指標，以更多地關注與競爭和本地團隊績效相關的績效。

We're increasing the amount of total compensation at risk and widening the payout range to deliver greater upside reward and downside consequence from over or underperformance.

我們正在增加風險薪酬總額並擴大支付範圍，以提供更大的上行獎勵和因表現不佳或表現不佳而帶來的下行後果。

Each of these organization and culture changes are aimed at creating a company designed to win in today's market, with today's consumer at the speed of the market: more agile, more accountable, more efficient, more productive.

這些組織和文化變革中的每一項都旨在創建一家旨在在當今市場中取勝的公司，而當今的消費者則以市場的速度發展：更敏捷、更負責任、更高效、更俱生產力。

We're committed to lead constructive disruption in our industry across all areas of the value chain: innovation, supply systems, consumer communication and brand building, retail execution, sustainability.

我們致力於在價值鏈的所有領域引領我們行業的建設性顛覆：創新、供應系統、消費者溝通和品牌建設、零售執行、可持續性。

Constructive disruption will be the central theme of our discussion on Investor Day.

建設性顛覆將是我們在投資者日討論的中心主題。

Moving to guidance.

轉向指導。

With 1 quarter of the year complete, we are maintaining organic sales growth guidance of 2% to 3%.

隨著今年第一季度的結束，我們維持 2% 至 3% 的有機銷售增長目標。

Pricing should turn progressively more positive as we go through the year, but this will increase volume uncertainty and volatility.

隨著這一年的過去，定價應該會逐漸變得更加積極，但這會增加銷量的不確定性和波動性。

We now expect all-in sales growth in the range of down 2% to in line versus last year, reflecting 3 to 4 negative points of foreign exchange.

我們現在預計與去年相比，總銷售額增長將下降 2% 至與去年持平，這反映了 3 到 4 個負匯率點。

We're maintaining core earnings per share guidance of 3% to 8%.

我們將核心每股收益指引維持在 3% 至 8% 之間。

Where we land in this range will be significantly impacted by FX, by commodity costs, by the competitive and consumer response to planned pricing and by our own productivity efforts.

我們落在這個範圍內的地方將受到外匯、商品成本、競爭和消費者對計劃定價的反應以及我們自己的生產力努力的重大影響。

We're not currently at the high-end of this range.

我們目前不在這個範圍的高端。

In less than the 3 months since our last earnings release, the foreign exchange headwind on earnings increased by $400 million after tax and $900 million in total for the fiscal year.

在我們上次發布財報後不到 3 個月的時間裡，外匯對收益的不利影響在稅後增加了 4 億美元，本財年總計增加了 9 億美元。

The Turkish lira devalued 25%; the Argentine peso more than 40%; the Indian rupee, nearly 10%.

土耳其里拉貶值 25%；阿根廷比索超過40%；印度盧比，接近 10%。

Commodity costs are expected to be a $400 million headwind.

商品成本預計將成為 4 億美元的不利因素。

Crude oil, a key feedstock for many raw materials, is up more than 50% from this time last year.

原油是許多原材料的主要原料，與去年同期相比上漲了 50% 以上。

Trucking costs will likely be up 25% or more versus last year's inflated levels.

與去年的膨脹水平相比，卡車運輸成本可能會上漲 25% 或更多。

Combined, FX and commodities are now a $1.3 billion after tax or a $0.50 per share headwind versus last fiscal.

與上一財年相比，外彙和大宗商品的稅後收入合計為 13 億美元，或每股 0.50 美元。

This excludes elevated transportation costs.

這不包括增加的運輸成本。

As commodity prices and foreign exchange rates move, we will take pricing when the degree of cost impact warrants it and competitive realities allow it.

隨著大宗商品價格和外匯匯率的變化，我們將在成本影響程度需要且競爭現實允許的情況下進行定價。

We've already announced pricing in U.S. Baby Care and Family Care.

我們已經宣布了美國嬰兒護理和家庭護理的定價。

We've also informed retailers that we will increase prices on several products in Home Care, Oral Care and Personal Care, coupled with innovation launches early next calendar year.

我們還通知零售商，我們將提高家庭護理、口腔護理和個人護理中幾種產品的價格，並在明年年初推出創新產品。

We've announced pricing in several developing margins, including Argentina, Turkey and Russia to offset at least a portion of the FX impacts.

我們已經宣布對包括阿根廷、土耳其和俄羅斯在內的幾個發展中利潤率進行定價，以至少抵消部分外匯影響。

There will be volatility with these pricing moves.

這些定價變動將會出現波動。

Competition may attempt to take advantage of our moves for short-term market share gains.

競爭可能會試圖利用我們的舉措來獲取短期市場份額。

Overall category consumption may be negatively impacted.

整體品類消費可能會受到負面影響。

We'll simply have to adjust as we go and as we learn.

我們只需要在我們前進和學習的過程中進行調整。

Importantly, excluding the macro impacts, every point of our core earnings per share guidance range reflects strong double-digit constant-currency earnings per share growth.

重要的是，排除宏觀影響，我們核心每股收益指導範圍的每一點都反映了強勁的兩位數固定貨幣每股收益增長。

Our priority going forward will remain protecting superiority building, value-accretive investments in the business.

我們未來的首要任務仍然是保護業務中的優勢建設和增值投資。

We won't allow short-term pressures to derail the progress we're making toward sustained profitable top line growth.

我們不會讓短期壓力破壞我們在持續盈利增長方面取得的進展。

We continue to expect another year of 90% or better adjusted free cash flow productivity and another year of strong cash return to shareholders.

我們繼續期待另一年 90% 或更好的調整後自由現金流生產率和另一年對股東的強勁現金回報。

We expect to pay over $7 billion in dividends and repurchase shares worth up to $5 billion.

我們預計將支付超過 70 億美元的股息並回購價值高達 50 億美元的股票。

This factors in the cash required to complete the acquisition of Merck's OTC business during the year and cash spend on other deals.

這包括年內完成收購默克場外交易業務所需的現金以及其他交易的現金支出。

Our guidance is based on current market growth rates, commodity prices and foreign exchange rates.

我們的指導基於當前的市場增長率、商品價格和外匯匯率。

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

本指南預計不會出現嚴重的額外貨幣疲軟、商品成本增加或額外的地緣政治干擾。

As you consider your quarterly estimates, keep in mind that pricing to offset FX and commodity pressures will begin to go into effect only later in Q2 and accelerate in the back half of the year, though cost and FX challenges will persist and likely worsen as we move into Q2.

在考慮季度估計時，請記住，抵消外彙和大宗商品壓力的定價將在第二季度晚些時候開始生效，並在今年下半年加速，儘管成本和外匯挑戰將持續存在，並可能隨著我們的發展而惡化進入第二季度。

While we expect to continue making progress on consumption and share, the top line organic sales comp in Q2 is more difficult than we faced in Q1, which will have an impact on reported growth rates.

雖然我們預計將繼續在消費和份額方面取得進展，但第二季度的頂級有機銷售收入比我們在第一季度面臨的困難更大，這將對報告的增長率產生影響。

To sum up, while the external environment presents many challenges, we're making important progress and are accelerating the pace of change.

總而言之，在外部環境面臨諸多挑戰的同時，我們正在取得重要進展，正在加快變革步伐。

Efforts to extend our margin of competitive superiority, to drive productivity savings to fund investments for growth and enhance our industry-leading margins, to simplify our organization structure and increase accountability are and will continue driving improved results.

努力擴大我們的競爭優勢，推動節省生產力以資助增長投資，並提高我們行業領先的利潤率，簡化我們的組織結構和加強問責制，這些努力正在並將繼續推動改善結果。

We're leading disruption across the value chain to consistently and sustainably grow sales margins and cash.

我們正在引領整個價值鏈的顛覆，以持續和可持續地增加銷售利潤和現金。

We'll talk more about all of these efforts at our Investor Day in November 8 in Cincinnati.

我們將在 11 月 8 日於辛辛那提舉行的投資者日上詳細討論所有這些努力。

We'll also ensure you have ample opportunity to interact with company leadership.

我們還將確保您有充足的機會與公司領導互動。

We hope you're able to join us, either in person or the webcast.

我們希望您能夠親自或通過網絡廣播加入我們。

I personally look forward to seeing and catching up with each of you.

我個人很期待見到你們每個人並與你們見面。

With that, we'd be happy to take your questions.

有了這個，我們很樂意回答您的問題。

(Operator Instructions) Your first question comes from the line of Dara Mohsenian with Morgan Stanley.

（操作員說明）你的第一個問題來自摩根士丹利的 Dara Mohsenian。

So this is the best organic sales growth you guys have had in 5 years.

所以這是你們 5 年來最好的有機銷售增長。

Clearly, it's probably better than you originally expected in perhaps even early September at the conference circuit.

顯然，它可能比您最初甚至可能在 9 月初在巡迴會議上預期的要好。

So -- but at the same time, it's only one quarter.

所以 - 但與此同時，它只有四分之一。

The comp was easier.

比較容易。

You mentioned some caveats.

你提到了一些警告。

So just taking a step back at a high level.

所以只是在高層次上退後一步。

As you look at the underlying drivers behind this quarter's top line results, how confident are you that you've regained some top line and market share momentum here, and the drivers in the quarter are more sustainable and the culmination of your efforts over the last few years as opposed to just specific to this quarter?

當您審視本季度營收結果背後的潛在驅動因素時，您對在這裡重新獲得一些營收和市場份額勢頭的信心有多大，並且本季度的驅動因素更具可持續性，並且是您上一季度努力的結晶幾年而不是僅僅針對這個季度？

And also, within that answer, the sequential progress you made in the quarter on the organic sales front.

而且，在該答案中，您在本季度在有機銷售方面取得的連續進展。

Can you talk about what geographies drove that?

你能談談是什麼地理位置推動了這一點嗎？

And how much of that you think is more P&G market share improvement as opposed to improved category draw?

您認為寶潔市場份額的提高與品類吸引力的提高相比有多少？

All fair and good questions, though many.

所有公平和好的問題，雖然很多。

I feel very good -- we feel very good about the quality of the top line growth in the quarter and the quality of the number that we're reporting.

我感覺非常好——我們對本季度收入增長的質量以及我們報告的數字的質量感覺非常好。

And we feel good about that for several reasons.

出於幾個原因，我們對此感覺良好。

As I mentioned, consumption is up in line with our top line progress, which is very encouraging.

正如我所提到的，消費與我們的收入增長一致，這非常令人鼓舞。

That's reflected in improvements in market share, which I talked about, both in the U.S. and globally.

這反映在我談到的美國和全球市場份額的改善上。

The breadth of the growth is encouraging, with 9 of 10 categories growing sales in the quarter.

增長幅度令人鼓舞，本季度 10 個品類中有 9 個品類的銷售額實現增長。

I mentioned some of the growth rates in our prepared remarks.

我在我們準備好的發言中提到了一些增長率。

Importantly, also just the early read in October, roughly 55% of the way through that month, a month means even less than a quarter.

重要的是，也只是 10 月份的早期閱讀，大約是那個月的 55%，一個月意味著甚至不到四分之一。

But we haven't seen a dropoff that you would expect to see in terms of shipments or consumption if the quality of the first quarter number was lacking.

但如果第一季度的數據質量不佳，我們還沒有看到出貨量或消費量出現下降。

Also important is the growth in our largest market -- largest and most profitable market, the U.S., where we were up 4% on volume growth of 5%.

同樣重要的是我們最大的市場——最大和最賺錢的市場——美國的增長，我們在那裡增長了 4%，銷量增長了 5%。

Also, the impact of pricing, both in the U.S. and broadly, now neutral versus negative.

此外，定價的影響，無論是在美國還是在更廣泛的範圍內，現在都是中性的而不是負面的。

So all of that leads to our confidence in the numbers for the quarter and the results that we're seeing.

因此，所有這些都使我們對本季度的數字和我們所看到的結果充滿信心。

There are, though, some things that are very important to note as we try to project that forward: One, we face very strong competition, both multinational and local, who are very active in the marketplace.

但是，在我們嘗試向前推進時，有一些非常重要的事情需要注意：第一，我們面臨非常激烈的競爭，包括在市場上非常活躍的跨國公司和本地公司。

Two, the pricing that we need to implement to offset commodity and foreign exchange cost is largely not in the marketplace today.

第二，我們需要實施以抵消商品和外匯成本的定價在今天的市場上基本上不存在。

There's very little of it that's actually on the shelf.

實際上在貨架上的東西很少。

As I mentioned, that will come into play later in Q2 and as we go through Q3 and Q4.

正如我所提到的，這將在第二季度晚些時候以及我們經歷第三季度和第四季度時發揮作用。

And we know that, that will introduce volume volatility and uncertainty.

我們知道，這將帶來交易量波動和不確定性。

So we're happy with the numbers.

所以我們對這些數字感到滿意。

I don't think there's anything that's suspect within those results.

我認為這些結果中沒有任何可疑之處。

But we still have a lot of work to do as we go through the balance of the fiscal year.

但是，在我們完成財政年度的餘額時，我們還有很多工作要做。

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

你的下一個問題來自美國銀行美林銀行的 Olivia Tong。

Following on that question.

按照那個問題。

I mean, maybe we can turn a little bit to the emerging markets because clearly, you saw a strong acceleration of organic sales I imagine in emerging markets, too, which sort of contracts with the fears in the market over GDP growth slowing and the impact of FX depreciation.

我的意思是，也許我們可以稍微轉向新興市場，因為很明顯，我想在新興市場你也看到了有機銷售的強勁加速，這與市場對 GDP 增長放緩及其影響的擔憂相矛盾外匯貶值。

So can you just walk through what you think drove the improvement in that particular area?

那麼，您能否簡單介紹一下您認為推動該特定領域改進的因素？

Are you mixing up or upwards?

你是混合還是向上？

Have you started to take pricing in some cases where inflation has warranted it?

您是否開始在通貨膨脹允許的某些情況下定價？

And are there particular markets or categories that have surprised for the better?

是否有特定的市場或類別出乎意料地好轉？

And what are you doing to keep that momentum going?

你在做什麼來保持這種勢頭？

Thanks, Olivia.

謝謝，奧利維亞。

Against the backdrop of the broad question on the strength of emerging markets, as always, those markets are extraordinarily dynamic.

在對新興市場實力提出廣泛質疑的背景下，這些市場一如既往地異常活躍。

I mentioned some of the challenges we're facing, for instance, in the Middle East and Africa.

我提到了我們面臨的一些挑戰，例如在中東和非洲。

I would be not serving you well to overlook those.

如果我忽略這些，我就不會很好地為你服務。

Having said that, the large developing markets, where significant future growth should present itself, continue to perform fairly well: double-digit growth -- high double-digit growth in a market like India; Brazil doing well in the quarter; China, if you still consider that a developing market, up 7% the past 12 months, which is a significant acceleration from where we were at negative 5% just 2 years ago.

話雖如此，未來應該會出現顯著增長的大型發展中市場繼續表現相當不錯：兩位數增長——印度等市場的兩位數高增長；巴西在本季度表現良好；中國，如果你仍然認為它是一個發展中市場，在過去 12 個月裡增長了 7%，這比 2 年前我們的負增長 5% 有了顯著的加速。

Encouragingly, that progress in those markets reflects the company progress across the breadth of the portfolio.

令人鼓舞的是，這些市場的進步反映了公司在整個產品組合範圍內的進步。

So it's not just one category driving sales.

因此，這不僅僅是推動銷售的一個類別。

I get the question quite frequently, "What if we excluded SK-II?

我經常收到這樣的問題，“如果我們排除 SK-II 會怎樣？

And what impact would that have?" There isn't a piece of our Beauty business that isn't growing right now, most of it growing at very attractive rates.

這會產生什麼影響？”我們的美容業務目前沒有哪一項不在增長，其中大部分都以極具吸引力的速度增長。

Several of our categories in China are growing at double-digit rates and a couple at high singles.

我們在中國的幾個品類正以兩位數的速度增長，還有一些品類以高單品的速度增長。

So I continue to believe that -- and this can change tomorrow.

所以我繼續相信 - 這明天會改變。

But as we sit here today, the setup in developing markets is relatively strong, absent those markets with significant geopolitical disruption and absent the markets where we've seen significant devaluation.

但就在我們今天坐在這裡時，發展中市場的設置相對強勁，沒有那些具有重大地緣政治干擾的市場，也沒有我們看到大幅貶值的市場。

And there, pricing will be obviously required.

在那裡，顯然需要定價。

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

下一個問題來自 Ali Dibadj 與 Bernstein 的對話。

So how should investors think about the profit pool of your whole HBC sector right now?

那麼投資者現在應該怎麼看待你整個HBC板塊的利潤池呢？

So pricing is not keeping up with inflation.

所以定價跟不上通貨膨脹。

And even going forward with the incremental pricing, it sounds like you want to take -- it won't keep up with inflation.

甚至隨著增量定價的推進，聽起來你想要接受——它跟不上通貨膨脹。

So gross margins will be down.

所以毛利率會下降。

But gladly for you guys, you have fat to cut.

但對你們來說很高興，你們有脂肪可以減少。

You're doing well on productivity.

你在生產力方面做得很好。

You can deliver on the bottom line pretty well.

您可以很好地實現底線。

But how do you foresee that looking for kind of the HBC category overall?

但是你如何預見整體上尋找 HBC 類別的類型？

Your competitors in terms of the profit pool?

你的競爭對手在利潤池方面如何？

I guess, many of us are trying to figure out if you're again kind of the -- this nicest house on a deteriorating HBC neighborhood, and would just love to hear your perspective on that.

我想，我們中的許多人都在試圖弄清楚您是否又是——這座位於不斷惡化的 HBC 街區的最好的房子，並且很想听聽您對此的看法。

As I think about it in aggregate, I'm not in a terribly different position looking forward now than I would have been this time last year or this time 3 or 4 years ago.

總體而言，與去年這個時候或 3 或 4 年前的這個時候相比，我現在的處境並沒有太大不同。

There's -- in terms of pricing relative to inflation, that's just beginning to be brought into the marketplace, not just by us, but you've heard most of our competitors, both multinational and local, talk about the same thing.

有 - 就相對於通貨膨脹的定價而言，這才剛剛開始進入市場，不僅僅是我們，但你已經聽到我們的大多數競爭對手，包括跨國公司和本地公司，都在談論同樣的事情。

And that will work its way through the income statement as we go through the balance of the next calendar year and the end this calendar year.

當我們通過下一個日曆年的餘額和本日曆年結束時，這將通過損益表發揮作用。

I don't know how that's going to play out, but I don't have any definitive indication that it's going to play out negatively.

我不知道結果會怎樣，但我沒有任何明確的跡象表明它會產生負面影響。

Innovation continues to be a significant source of margin and profit expansion within the industry.

創新仍然是行業內利潤和利潤擴張的重要來源。

That is alive and well, and you see it in items like unit dose detergents and fabric enhancer beads.

這是活生生的，你可以在單位劑量洗滌劑和織物增強劑珠等物品中看到它。

You see it in adult incontinence.

您會在成人尿失禁中看到它。

You see it in some of the naturals launches, Pure Pampers as an example.

你可以在一些天然產品中看到它，例如 Pure Pampers。

So I continue to believe that, that is a significant source -- an important source of both category growth for us and retailers and margin opportunity for both of us and our retail partners.

因此，我仍然相信，這是一個重要來源——我們和零售商類別增長的重要來源，以及我們和我們的零售合作夥伴的利潤機會。

You mentioned productivity.

你提到了生產力。

There are additional tools available today to us and others that offer unprecedented opportunities in terms of automation and digitization, to improve cost both on the manufacturing floor and on the office floor.

今天，我們和其他人可以使用更多工具，在自動化和數字化方面提供前所未有的機會，以降低製造車間和辦公車間的成本。

Tax rates for U.S. companies, the tax outlook is significantly better than it's ever been, with lower rates than had been the case.

美國公司的稅率，稅收前景明顯好於以往任何時候，稅率低於以往。

We are seeing -- and this is important, I think, modest increases in market growth rates, including, and most importantly, in the U.S. And that has a big impact on behavior, both across the manufacturing environment and the retail environment, as you would expect.

我們看到——我認為這很重要，市場增長率適度增長，包括但最重要的是在美國。這對整個製造環境和零售環境的行為都有很大影響，因為你會期待。

There are definitely headwinds.

肯定有逆風。

Interest rates are a headwind for U.S. borrowers.

利率對美國借款人來說是不利因素。

That differential in interest rates between the U.S. and other countries is leading, as we all know, to a significant strengthening of the dollar, which is a real challenge that we've talked about.

眾所周知，美國和其他國家之間的利率差異導緻美元大幅走強，這是我們談到的真正挑戰。

And commodity cost and transportation costs are up significantly.

商品成本和運輸成本大幅上漲。

But if I look back over the past decade in different years, all of those factors have been present.

但是，如果我在不同的年份回顧過去十年，就會發現所有這些因素都存在。

So there's nothing unique other than, perhaps, the very significant macro impacts, which hopefully will be short term in nature, that preclude HBC companies for -- from building value for shareholders as we go forward.

因此，除了非常重要的宏觀影響之外，沒有什麼獨特之處，希望這些影響本質上是短期的，這會阻止 HBC 公司在我們前進的過程中為股東創造價值。

All of the long-term fundamentals that you have to believe in that support market growth, which is the most critical driver of growth, top line and bottom line, are in place: population growth, income growth in an industry that largely continues to focus on innovation as a way to grow its business.

您必須相信的所有支持市場增長的長期基本面，這是增長、頂線和底線的最關鍵驅動力，已經到位：人口增長、收入增長在很大程度上繼續集中將創新作為發展業務的一種方式。

And it's early in the earnings cycle, but if I just look at other competitors that have reported, J&J and Unilever as 2 examples, I'm very happy to see significant progress on the top line in those companies as well.

現在處於盈利週期的早期，但如果我只看其他已報告的競爭對手，強生和聯合利華作為兩個例子，我很高興看到這些公司的收入也取得了重大進展。

That is not indicative of an environment that is problematic for any of us.

這並不表示環境對我們任何人來說都是有問題的。

Next, we'll go to the line of Wendy Nicholson with Citi.

接下來，我們將與花旗一起去溫迪尼科爾森的線。

Just first, a housekeeping question on Gillette.

首先，關於吉列的內務管理問題。

Those numbers, the Grooming segment, was a lot stronger than I'd anticipated based on the track channel in the U.S. So can you talk about the Gillette performance in the U.S. specifically?

這些數字，美容部分，比我根據美國賽道頻道預期的要強得多。那麼你能具體談談吉列在美國的表現嗎？

And how much is the Gillette Shave Club growing versus what we're seeing in track channels?

與我們在軌道渠道中看到的相比，吉列剃須俱樂部的增長情況如何？

And then another question, if I can.

然後是另一個問題，如果可以的話。

It's just, the pricing conversations you're having with retailers, there's been a lot of skepticism, I guess, among investors I talk to about whether you're going to be able to get those prices through, whether retailers are going to push back, whether you're going to have to do more promotion to offset that, et cetera, et cetera.

只是，你與零售商的定價對話，我猜，在我與之交談的投資者中，有很多人懷疑你是否能夠通過這些價格，零售商是否會反擊，你是否需要做更多的促銷來抵消這一點，等等，等等。

But if you're taking more pricing in Home Care and Personal Care, maybe the conversation you're having with retailers are more productive.

但是，如果您在家庭護理和個人護理方面採取更高的價格，那麼您與零售商的對話可能會更有成效。

So can you comment on that just at a high level?

那麼，您能否對此發表高水平的評論？

How easy it is it going to be for you to realize that pricing in the market?

意識到市場定價對您來說有多容易？

The Grooming business in the U.S. -- let me just -- well, it continues -- it is very strong, plus 10% sales growth in the quarter.

美國的美容業務 - 讓我說 - 好吧，它繼續 - 它非常強勁，加上本季度 10% 的銷售額增長。

Volume -- on volume growth, that's higher than that in the face of the competitive expansion.

數量——在數量增長方面，這高於面對競爭擴張時的數量。

As I was very careful, and hopefully clear to describe in our prepared remarks, there will be challenges ahead.

由於我非常小心，並且希望在我們準備好的發言中能夠清楚地描述，未來將會有挑戰。

But it gives us a lot of confidence that the strategies we put into the marketplace are, in fact, working as we expected them to.

但它給了我們很大的信心，我們投入市場的策略實際上正在按照我們的預期發揮作用。

As it relates to off-line versus online, that's much more than a Gillette Shave Club dynamic.

由於它涉及離線與在線，這不僅僅是吉列剃須俱樂部的動態。

That's a broader channel-switching dynamic.

這是一個更廣泛的渠道切換動態。

And we continue to do reasonably well, though we have more work to do off-line in that business -- excuse me, online in that business versus off-line.

我們繼續做得相當好，儘管我們在該業務中有更多的離線工作要做——對不起，在線業務與離線業務相比。

We believe, based on the data that we have, we're seeing significant growth in Gillette Shave Club users and believe, based on the data that we have, that we're the only one growing users in the U.S. That's not a global comment.

我們相信，根據我們擁有的數據，我們看到吉列剃須俱樂部用戶的顯著增長，並且我們相信，根據我們擁有的數據，我們是美國唯一增長的用戶。這不是全球評論.

So generally, I mean, we're very cautious.

所以總的來說，我的意思是，我們非常謹慎。

We have a lot more work to do.

我們還有很多工作要做。

The competitive activity in the space is very strong and early in its life cycle.

該領域的競爭活動非常強烈，而且處於其生命週期的早期。

But we take a lot of encouragement from the progress we saw in the quarter.

但我們從本季度看到的進展中得到了很大的鼓舞。

And next, we'll go to Nik Modi with RBC.

接下來，我們將與 RBC 一起去見 Nik Modi。

Jon, I was hoping you can talk about just the Skin Care business in general.

喬恩，我希望你能談談一般的護膚業務。

I mean, that's an area that, outside of China, SK-II has struggled for a number of years.

我的意思是，這是一個在中國以外的領域，SK-II 已經奮鬥了很多年。

And I was hoping you could just kind of touch on it in the context of: a, what's going on with the Skin Care category in China?

我希望你能在以下背景下談一談：a，中國的護膚品類情況如何？

Because it's not just you guys.

因為不僅僅是你們。

It seems to be a lot of the beauty players are having some pretty nice success there right now.

似乎很多美女選手現在都在那裡取得了相當不錯的成功。

So just curious what you're seeing from a consumer standpoint.

所以只是好奇你從消費者的角度看到了什麼。

And then maybe you can touch on Olay Whips and kind of what that has meant to the overall Olay franchise.

然後也許你可以談談玉蘭油鞭子，以及它對整個玉蘭油特許經營權的意義。

Great.

偉大的。

Nik, I'm going to come to that.

尼克，我要談談了。

I'm actually going to step back.

我實際上要退後一步。

I apologize.

我道歉。

I'm not good at keeping track in my head at multi-part questions.

我不擅長在多部分問題上保持頭腦清醒。

This isn't your fault, it was my fault, and so I neglected Wendy's -- to answer Wendy's question on pricing.

這不是你的錯，這是我的錯，所以我忽略了 Wendy 的——回答 Wendy 關於定價的問題。

I want to come back to that, and then I'll come to Skin Care and Olay, Nik.

我想回到那個話題，然後我會談到護膚品和玉蘭油，Nik。

Sorry, about that Wendy.

對不起，關於那個溫迪。

In terms of support for pricing, the commodity cost impacts we're talking about are significant.

在定價支持方面，我們正在談論的商品成本影響很大。

So I talked about oil as a important feedstock for many of our raw materials being up 50% year-on-year, transportation cost being up 25% after a year where they were up significantly before that.

因此，我談到石油作為我們許多原材料的重要原料，同比增長 50%，運輸成本在一年後上漲了 25%，而在那之前它們大幅上漲。

And those are all costs that retailers see and understand in large part because they face the same cost increases in their private label brands.

這些都是零售商看到和理解的成本，很大程度上是因為他們的自有品牌面臨著同樣的成本增長。

And certainly, from a transportation standpoint, they're seeing all the impacts that we are in and more.

當然，從交通的角度來看，他們看到了我們所處的所有影響，甚至更多。

The questions that investors are raising relative -- all the questions that you mentioned relative to the pricing are the right ones to raise, and I wouldn't dismiss any of them, but the conversations to date have been encouraging.

投資者提出的相對問題——你提到的所有與定價相關的問題都是正確的，我不會拒絕其中任何一個，但迄今為止的對話一直令人鼓舞。

What we don't have visibility on to date are the whole array of competitive activities.

迄今為止，我們不了解的是整個系列的競爭活動。

So it's -- I'm certainly not sitting here today declaring victory.

所以——我今天當然不是坐在這裡宣布勝利。

There's a lot of work and volatility ahead of us.

我們面前有很多工作和波動。

But so far, nothing as I said earlier, that's definitive that has me overly concerned.

但到目前為止，沒有什麼像我之前所說的那樣讓我過於擔心。

Now Nik, going back to your questions.

現在尼克，回到你的問題。

The Skin Care -- if we look at Skin and Personal Care, which is how we look at the business, organic sales increased in the quarter double digits, about 13%.

皮膚護理——如果我們看看皮膚和個人護理，這就是我們看待業務的方式，本季度有機銷售額增長了兩位數，約為 13%。

And very, very encouragingly, that growth is broad-based: so SK-II, up over 20%; the balance of the Skin Care portfolio, up close to 20%; Personal Care, up mid- to high-single digits; deodorants growing as well.

非常非常令人鼓舞的是，這種增長是廣泛的：SK-II 增長超過 20%；護膚組合的餘額，接近20%；個人護理，中高個位數；除臭劑也在增長。

If you take the 7% Beauty segment growth and exclude SK-II, you would have seen growth of 5% in Q1.

如果您採用 7% 的美容業務增長並排除 SK-II，您將看到第一季度增長 5%。

So again, that's reflective of very broad growth in the Beauty portfolio.

因此，這再次反映了美容產品組合的廣泛增長。

We're growing share across that total business, with all segments either growing or holding share.

我們在整個業務中的份額正在增長，所有部門都在增長或保持份額。

In terms of China, we delivered across the Skin and Personal Care portfolio 22% growth in Q1.

在中國，我們的皮膚和個人護理產品組合在第一季度實現了 22% 的增長。

SK-II did lead that, as you would expect.

正如您所料，SK-II 確實引領了這一潮流。

But Olay was close to 20% growth.

但玉蘭油的增長率接近 20%。

Olay skin has now delivered 6 quarters of double-digit growth in China, led by both innovation, things like Olay Whips, but also the revitalization of the in-store experience in the Olay beauty counters.

玉蘭油皮膚現已在中國實現了 6 個季度的兩位數增長，這主要得益於創新，如玉蘭油鞭子，以及玉蘭油美容櫃檯店內體驗的振興。

So we also are seeing good growth, not just off-line, but online in the skin business, where e-commerce sales, if we look at the past 12 months of Skin Care, are up 60%.

因此，我們也看到皮膚業務的良好增長，不僅僅是線下，還有線上，如果我們看看過去 12 個月的皮膚護理，電子商務銷售額增長了 60%。

They're up 50% calendar year to date, ahead of the market, so it's a broad success story, not simply SK-II.

迄今為止，它們在日曆年內上漲了 50%，領先於市場，因此這是一個廣泛的成功故事，而不僅僅是 SK-II。

And your next question comes from the line of Stephen Powers with Deutsche Bank.

你的下一個問題來自德意志銀行的 Stephen Powers。

Maybe just to build on, Jon, on your response to Wendy's question on pricing.

喬恩，也許只是基於你對溫迪關於定價問題的回答。

I want to drill down a little as it relates to baby and family, if I could, just because that's been where I think the pricing discussion's been most in focus given your pricing announcements last quarter.

如果可以的話，我想深入了解一下它與嬰兒和家庭的關係，因為考慮到你們上個季度的定價公告，我認為這是定價討論最受關注的地方。

So on the one hand, I think we're all expecting some improvement there, which is obviously constructive.

因此，一方面，我認為我們都期待在那裡有所改善，這顯然是建設性的。

But on the other hand, as you've called out, there continues to be investment in value-tier products and in particular, Luvs for you.

但另一方面，正如您所說，對價值層級產品的投資仍在繼續，特別是 Luvs for you。

So I was hoping you can address any potential tension that you're seeing there and how you see aggregate net pricing trends unfolding as a result, both in baby and family and in other categories as you take incremental pricing.

所以我希望你能解決你在那裡看到的任何潛在的緊張局勢，以及你如何看待由此產生的總體淨定價趨勢，無論是在嬰兒和家庭中，還是在你採取增量定價的其他類別中。

I'm just curious if this is something specific to baby that we should think about.

我只是好奇這是否是我們應該考慮的嬰兒特有的東西。

Or if this sort of tug-of-war, if that's the right label, is something we should extrapolate to other categories?

或者如果這種拔河比賽，如果這是正確的標籤，我們應該外推到其他類別嗎？

Steve, my answer will likely frustrate, and I apologize for that in advance.

史蒂夫，我的回答可能會令人沮喪，對此我提前表示歉意。

But it's really too early to sort this out in a meaningful way for you.

但是現在以對您有意義的方式解決這個問題還為時過早。

All signs -- early signs are positive, both in terms of retailer acceptance of the price increases and importantly, of competitive announcements, both branded and private label manufacturers, of their intent to take pricing.

所有跡象 - 早期跡像都是積極的，無論是在零售商接受價格上漲方面，還是在品牌和自有品牌製造商的競爭公告方面，他們都打算採取定價。

But it's not in the marketplace broadly.

但它在市場上並不廣泛。

There are -- some of the Baby Care pricing is in the market but it's really, really early.

市場上有一些嬰兒護理產品的定價，但真的非常早。

We'll know a little bit more by Analyst Day, but not a lot, given that's only 3 or 4 weeks away.

我們將在分析師日之前了解更多信息，但不會太多，因為只有 3 或 4 週的時間了。

So this is a conversation we're going to continue to want to have as we go through the end of the calendar year and the beginning of next calendar year.

因此，在我們經曆日歷年末和下一個日曆年年初時，我們將繼續希望進行這樣的對話。

I apologize for what may rightly appear like a nonanswer, but it's just because I don't have one yet.

對於可能看起來像是無答案的正確答案，我深表歉意，但這只是因為我還沒有答案。

All right.

好的。

Next, we'll go to Lauren Lieberman with Barclays.

接下來，我們將與巴克萊銀行一起去勞倫·利伯曼（Lauren Lieberman）。

I wanted to just ask again about the U.S. Because at our conference in September, Jon, I feel like you really went out of your way in several forums to discuss a disconnect between the strength that we were seeing in Nielsen and what you expected to see in terms of reported results.

我想再問一次關於美國的問題。因為在我們 9 月的會議上，喬恩，我覺得你真的在幾個論壇上特意討論了我們在尼爾森看到的力量與你期望看到的力量之間的脫節在報告的結果方面。

So mentioning things like long-term inventory destocking in the retail trade, dynamics in year-over-year kind of couponing, cost to implement some of the in-store activity that you're doing and the improved display and support for your innovation.

因此，提及零售貿易中的長期庫存去庫存、同比優惠券的動態、實施您正在進行的一些店內活動的成本以及改進的展示和對創新的支持。

So if you can just talk about what changed frankly between early September, where again, you really made a point of saying, "Don't look at the scanner," and how things shaped up.

因此，如果您能坦率地談談 9 月初之間發生了什麼變化，那又是什麼地方，您確實強調說“不要看掃描儀”，以及事情是如何形成的。

And as we look forward, those 3 -- really, the 2 dynamics, the long-term inventory destocking at retail and cost to have a better presence in-store to support your innovation, how you expect that to impact U.S. trends going forward?

正如我們期待的那樣，這 3 個——實際上是 2 個動態，零售和成本的長期庫存去庫存，以更好地在店內展示以支持您的創新，您期望這將如何影響美國未來的趨勢？

Fair question, Lauren.

公平的問題，勞倫。

Part of the discussion that we had on retail inventory destocking, you'll recall, was -- and frankly, the largest part of the question, had to do with channel mix and the relative mix of online versus off-line, with online being generally a lower-inventory-carrying channel.

您會記得，我們關於零售庫存去庫存的部分討論是——坦率地說，問題的最大部分與渠道組合以及線上與線下的相對組合有關，線上是通常是較低庫存的渠道。

And one of the things that occurred as we went through the quarter is that some of the significant investment that online retailers were making in consumer acquisition decreased relatively significantly.

在我們經歷這個季度時發生的一件事是，在線零售商在消費者獲取方面進行的一些重大投資相對顯著減少。

And so while still growing ahead of off-line, the growth rates in online at a market level, as the quarter worked its way through, ended up being significantly less than had been the case, for instance, the quarter before or the quarter before that.

因此，雖然仍然領先於線下，但隨著本季度的推進，在線市場的增長率最終明顯低於前一季度或前一季度的情況那。

And that's one of the drivers of the impact.

這是影響的驅動因素之一。

There was also a fair amount of channel mix beyond just the off-line and online dynamic that changed as we went through the quarter, which had an impact on where we actually came out.

除了線下和線上的動態變化之外，還有相當多的渠道組合在我們經歷了這個季度時發生了變化，這對我們實際出現的地方產生了影響。

We were -- we tried to be very clear that the investments we were making with retailers were in assets, not just additional trade spending.

我們 - 我們試圖非常清楚地表明，我們與零售商進行的投資是資產，而不僅僅是額外的貿易支出。

And that we hoped that those investments in assets, whether that was displays, whether that's placement, would earn the return that we expected it to.

我們希望這些資產投資，無論是展示，還是安置，都能獲得我們預期的回報。

And that has largely occurred.

這在很大程度上已經發生了。

And we had even greater strength than we expected in some of our innovation launches.

在我們的一些創新發布中，我們的實力甚至比我們預期的還要強大。

Pampers Pure, for example, which now leads the natural segment in diapers in tracked channels.

例如，幫寶適 (Pampers Pure) 現在在跟踪渠道中引領天然紙尿褲市場。

So a number of relatively favorable things came into play.

因此，一些相對有利的事情開始發揮作用。

Can those reverse themselves over time?

隨著時間的推移，這些可以逆轉嗎？

Certainly, but I also look at the progress that we made in market share as indicative of relative strength that should continue working for us as we go forward.

當然，但我也將我們在市場份額方面取得的進步視為相對實力的象徵，這種實力應該在我們前進的過程中繼續為我們服務。

Your next question comes from the line of Joe Altobello with Raymond James.

你的下一個問題來自 Joe Altobello 和 Raymond James 的台詞。

So I guess, first, Jon, earlier, you did allude to a moderate acceleration in market growth, both here as well as internationally.

所以我想，首先，喬恩，早些時候，你確實提到了國內和國際市場增長的適度加速。

I was curious what was driving that?

我很好奇是什麼驅動了它？

Is it more volume-driven?

它更受音量驅動嗎？

Are you seeing more trade up?

你看到更多的交易了嗎？

Or is this more reflective of less promotional activity?

或者這更能反映促銷活動的減少？

And then maybe secondly, on Grooming, obviously, that stood out, and I know it's one quarter, I know you've gone to great pains this morning to say it's one quarter.

然後也許其次，在 Grooming 上，很明顯，這很突出，我知道這是四分之一，我知道你今天早上煞費苦心地說這是四分之一。

But would we need to see for you guys to declare that business is fixed?

但是我們需要看到你們宣佈業務是固定的嗎？

Drivers of the increase in market growth are all of the above, Joe.

喬，市場增長的驅動力來自上述所有因素。

So if you just look at our business as representative, the 4% volume growth -- or sorry, 4% sales growth in the U.S. was on the back of 5% volume growth, so there is some acceleration in unit consumption.

因此，如果您僅將我們的業務視為具有代表性的業務，那麼 4% 的銷量增長——或者抱歉，美國 4% 的銷售額增長是基於 5% 的銷量增長，因此單位消耗量有所加速。

We continue to see the premium parts of the portfolio, in many cases, growing at a faster rate than the balance of the portfolio.

在許多情況下，我們繼續看到投資組合的優質部分以比投資組合餘額更快的速度增長。

So it's innovation and mix up that's occurring.

所以這是正在發生的創新和混合。

The promotional levels aren't significantly different quarter-to-quarter or year-on-year.

促銷水平在季度間或同比上沒有顯著差異。

I mean, you have the Nielsen data.

我的意思是，你有尼爾森數據。

The percentage of our volume that moved on consumption -- on promotion is not significantly different from either the prior quarter or the year-ago quarter.

我們的消費量百分比 - 促銷活動與上一季度或去年同期沒有顯著差異。

And fundamentally, we have, as we all know, very low unemployment rates, some increases and wage rates, generally strong consumer confidence, and it's playing through across all the drivers at a very modest level of acceleration and market growth that you would expect to see.

從根本上說，眾所周知，我們的失業率非常低，工資率有所上漲，消費者信心普遍強勁，並且它以非常適度的加速和市場增長水平影響所有驅動因素看。

On Gillette, I'd like to see 4 to 6 to 8 quarters of continued progress, and that's certainly what we're working to achieve.

在吉列，我希望看到 4 到 6 到 8 個季度的持續進步，這當然是我們正在努力實現的目標。

And next, we'll go to Bonnie Herzog with Wells Fargo.

接下來，我們將與 Wells Fargo 一起去 Bonnie Herzog。

I wanted to circle back to China with a couple of quick questions.

我想帶著幾個簡短的問題回到中國。

What was your total organic sales growth in the quarter?

您本季度的總有機銷售額增長是多少？

And then, how did that compare to category growth?

然後，這與類別增長相比如何？

And then, as you look out, how sustainable do you think category growth in China is?

然後，正如您所看到的，您認為中國品類增長的可持續性如何？

And wondering if you guys have any concerns about consumer pushback on U.S. brands and manufacturers due to tariffs.

想知道你們是否擔心消費者因關稅而對美國品牌和製造商的抵制。

We haven't seen any appreciable impacts of the tariff situation on consumer attitudes towards brands.

我們還沒有看到關稅情況對消費者對品牌的態度有任何明顯影響。

We certainly didn't see that in the quarter, again, with very strong growth rates across several of our brands.

我們當然沒有在本季度再次看到我們幾個品牌的增長率非常強勁。

There's nothing that we've seen that would indicate a significant drop in the market growth rate across categories, either consumption levels or appetite for premium products.

我們沒有看到任何跡象表明各類別的市場增長率顯著下降，無論是消費水平還是對優質產品的需求。

In fact, the categories, again, that we continue to do best on are the categories that we're best positioned from a premium offering standpoint; and the categories that we're struggling more with, that's less the case.

事實上，從優質產品的角度來看，我們繼續做得最好的類別是我們處於最佳位置的類別；以及我們正在努力解決的類別，情況並非如此。

The organic sales growth in China for the quarter was 4%.

本季度中國的有機銷售額增長了 4%。

Again, if you flash back to minus 5% a couple of years ago to plus 1%, plus 7% last year, there's a fair amount of volatility within the quarter.

同樣，如果你回想起幾年前的負 5% 到去年的正 1% 和正 7%，那麼本季度會有相當大的波動。

So if we look at underlying assumption and market share growth, market share actually improved quarter-to-quarter in China.

因此，如果我們看一下基本假設和市場份額增長，中國的市場份額實際上每季度都有所提高。

So I expect over a couple quarter period, we're still solidly in the mid-singles to high-single-digit growth rate there.

所以我預計在幾個季度內，我們仍然穩固地處於中個位數到高個位數的增長率。

I know there's a lot of concern that's been expressed, not just with regard to our categories, but more broadly.

我知道人們表達了很多擔憂，不僅僅是關於我們的類別，而是更廣泛的問題。

I understand the GDP figures were down that were released today, but GDP at 6.5% is still -- offers significant opportunity.

我知道今天發布的 GDP 數據有所下降，但 6.5% 的 GDP 仍然——提供了重要的機會。

So there's nothing that we are aware of today that has significantly changed our outlook for our business in China.

因此，我們今天所知道的任何事情都沒有顯著改變我們在中國的業務前景。

Next, we'll go to Andrea Teixeira with JPMorgan.

接下來，我們將與摩根大通一起去 Andrea Teixeira。

So just following up on pricing and couponing.

因此，只需跟進定價和優惠券。

So you spoke about the plans to increase pricing before on a few more categories, but you're also planning on reducing couponing in the U.S. going forward, as you probably got more of the conversion ratio than I think you probably expected.

所以你談到了之前在更多類別上提高定價的計劃，但你也計劃在未來減少美國的優惠券，因為你可能獲得了比我認為你可能預期的更多的轉化率。

And so how are you thinking of net pricing premium against your branded competitors and private label going forward?

那麼，您如何看待未來相對於您的品牌競爭對手和自有品牌的淨定價溢價？

And related to that, are you concerned on pantry stocking because of couponing, in particular, in the Costco couponing in the month of September?

與此相關的是，您是否因為優惠券而擔心食品儲藏室的庫存，特別是在 9 月份的 Costco 優惠券中？

And also in SK-II in Asia?

還有亞洲的SK-II？

Well, I don't want to get into a lot of details.

好吧，我不想談太多細節。

The business in October and the momentum that it continues to indicate is not indicative of a situation where -- that would lead you to the belief that the July-September results were driven by a lot of pantry stocking, either here or in China, across the brand portfolio.

10 月份的業務及其繼續顯示的勢頭並不表明這種情況——這會讓你相信 7 月至 9 月的結果是由大量食品儲藏所推動的，無論是在美國還是在中國，品牌組合。

I don't think that, that is the case.

我不這麼認為，是這樣的。

In terms of our spread versus others on price -- net price, I don't expect a significant change.

就我們與其他公司的價差——淨價而言，我預計不會有重大變化。

You are right, we have reduced couponing in a couple of categories.

你是對的，我們減少了幾個類別的優惠券。

And you're right, that was because those coupons over-redeemed, and we wanted to pull that -- dial that back a little bit.

你是對的，那是因為那些優惠券被超額兌換了，我們想把它拉回來——把它撥回去一點。

There -- we're also -- we go through cycles, and it's different by category, by market, where we're introducing new products, for example, and you'll see an increase in the rate of couponing and promotion to drive trial, but there's nothing that is systemic, either up or down, that I see relative to our desired net price premiums vis-à-vis our competitive set.

在那裡 - 我們也 - 我們經歷了周期，並且它因類別，市場而異，例如，我們正在推出新產品，你會看到優惠券和促銷率的增加以推動試用，但沒有任何系統性的，無論是上升還是下降，我認為相對於我們相對於我們的競爭產品所需的淨價格溢價。

And next, we'll go to Mark Astrachan with Stifel.

接下來，我們將與 Stifel 一起去 Mark Astrachan。

I wanted to ask about private label or retailer brands, however you want to think about that.

我想問問自有品牌或零售商品牌，但你想考慮一下。

It seems like 12 months ago or more, there was certainly a lot of talk increasing the amount of shelf space, emphasis being put on the category partly just because it under-indexed, especially in the U.S. and partly because it can put pressure on pricing.

似乎在 12 個月或更長時間之前，肯定有很多關於增加貨架空間的討論，重點放在該類別上，部分原因是它的索引不足，尤其是在美國，部分原因是它會給定價帶來壓力.

And fast forward to today, it seems like it's far less pronounced.

快進到今天，它似乎遠沒有那麼明顯。

I guess, one, do you see that, from a retailer standpoint, in your conversations?

我想，第一，從零售商的角度來看，您是否在談話中看到了這一點？

And two, if yes, what do you think has driven that?

第二，如果是，你認為是什麼推動了這一點？

And do you believe that, that can ultimately result -- or should ultimately result in A&P spend in sort of more of a traditional sense continuing or ultimately increasing off of current levels to sustain what seems like some momentum against that shift?

你是否相信，這最終會導致——或者最終應該導致 A&P 支出在某種程度上更像是傳統意義上的繼續或最終增加當前水平，以維持似乎是反對這種轉變的勢頭？

Private label, as you know, is primarily a European and U.S. dynamic.

如您所知，自有品牌主要是歐洲和美國的動態。

Not entirely, but primarily.

不完全是，但主要是。

In Europe, private label market shares are down slightly after 3 years of basically flat performance.

在歐洲，自有品牌市場份額在經歷了 3 年基本持平後略有下降。

In the U.S. -- in a couple of -- in the U.S., the percentage of private label that have sold in a given category varies dramatically from almost nothing to 20% to 30% of business, has moved in the category.

在美國——有幾個——在美國，在給定類別中銷售的自有品牌的百分比變化很大，從幾乎沒有到 20% 到 30% 的業務，在該類別中發生了變化。

So as a result of that, and you would expect that the dynamics are just very, very different by category.

因此，您會期望動態在類別上非常非常不同。

There are categories where we see continued retailer interest and increasing their private label presence.

在某些類別中，我們看到零售商持續感興趣並增加其自有品牌的存在。

Private label market share in the quarter we just completed, in aggregate, was up about 40 basis points.

我們剛剛完成的那個季度的自有品牌市場份額總計上升了約 40 個基點。

Our share was also up about 40 basis points, in aggregate.

我們的份額也總計上漲了約 40 個基點。

The category that's seen the most increase in private label sales is the Family Care business.

自有品牌銷售額增長最快的類別是家庭護理業務。

Our market shares are also doing very well and are increasing in that business.

我們的市場份額也做得很好，並且在該業務中正在增加。

So I hesitate to tell an overarching private label story because I don't think there is one, but it is definitely something that's of -- continues to be of interest to retailers across channels.

因此，我不願講述一個包羅萬象的自有品牌故事，因為我認為沒有，但它絕對是——跨渠道零售商繼續感興趣的東西。

That's been the case for many, many years.

多年來，情況一直如此。

And oftentimes, the increase in private label, which leads to a reduction in branded assortment, is very rare that, that comes out of the #1 or #2 position brand in the market.

通常情況下，自有品牌的增加導致品牌分類的減少，這種情況很少見，因為市場上排名第一或第二的品牌。

That doesn't mean we're immune.

這並不意味著我們免疫。

Private label manufacturers are doing an increasingly good job at delivering quality products to consumers, so I'm not dismissive of it in any way.

自有品牌製造商在向消費者提供優質產品方面做得越來越好，所以我不會以任何方式對此不屑一顧。

But also, I think we're well positioned to deal with it.

而且，我認為我們已準備好應對它。

Next, we'll go to Kevin Grundy with Jefferies.

接下來，我們將與 Jefferies 一起去 Kevin Grundy。

Jon, I wanted to come back to the pricing discussion.

喬恩，我想回到定價討論。

And I apologize if I missed this part.

如果我錯過了這一部分，我深表歉意。

It's a 2-part question.

這是一個由兩部分組成的問題。

What specifically came in better in the first quarter?

第一季度有哪些具體表現更好？

You had been guiding to declines in Q1 and then gradually getting better, but what very specifically by region, by category came in better?

你一直在指導第一季度的下降，然後逐漸好轉，但具體來說，按地區、按類別分類有什麼好轉的？

That's the first part of the question.

這是問題的第一部分。

And then, the second part is, there still seems like there's a little bit of a wait-and-see from your perspective on where you can take pricing, what categories, et cetera.

然後，第二部分是，從您的角度來看，您似乎仍然對可以在何處定價、哪些類別等進行觀望。

So specifically in the U.S., do you view this as a retailer receptivity issue?

所以特別是在美國，你認為這是零售商接受度問題嗎？

Walmart recently speaking unsurprisingly so about maintaining its lowest price positioning in the marketplace.

沃爾瑪最近毫不奇怪地談到維持其在市場上的最低價格定位。

Or do you more see this as a competitive dynamic, whether this is what's going on in North American Fabric Care, with Persil, et cetera?

或者你更多地認為這是一種競爭動態，這是否是北美織物護理、Persil 等正在發生的事情？

So any commentary there would be helpful.

所以那裡的任何評論都會有所幫助。

The first question, what changed in terms of our pricing outlook?

第一個問題，我們的定價前景發生了什麼變化？

Frankly, not a lot.

坦率地說，不是很多。

So when we were talking about negative pricing in the first quarter, in our own minds, that was kind of a minus 1 point impact, where we ended up rounded to neutral.

因此，當我們在第一季度談論負定價時，在我們看來，這是一種負 1 點的影響，我們最終四捨五入為中性。

So there wasn't a massive change that occurred as we went through the quarter.

因此，在我們經歷這個季度時並沒有發生巨大的變化。

We did take some additional steps to reduce both inefficient trade spending and couponing.

我們確實採取了一些額外的措施來減少低效的貿易支出和優惠券。

That improved things a little bit.

這稍微改善了一些事情。

And then, there were price increases that we took in different parts of the world, particularly the developing markets.

然後，我們在世界不同地區出現了價格上漲，尤其是發展中市場。

As the quarter progressed, the FX situation deteriorated rapidly, and that caused us to make moves that we wouldn't have anticipated at the beginning of the quarter.

隨著本季度的進展，外匯形勢迅速惡化，這導致我們採取了本季度初未曾預料到的舉措。

In terms of the uncertainty looking forward, that is much more, in my mind, a competitive-related concern than it is a customer-related concern.

就未來的不確定性而言，在我看來，這更多是與競爭相關的問題，而不是與客戶相關的問題。

And it's not -- concern is probably not even the right semantic to use.

它不是——關注甚至可能不是正確的語義。

It's just the reality.

這就是現實。

When prices start moving in the marketplace, not everybody moves in lockstep, and there are different dynamics that are introduced and capitalized on differently by different manufacturers.

當價格開始在市場上變動時，並不是每個人都步調一致，不同的製造商會引入不同的動力並利用不同的動力。

So it's just very hard to look forward with a clear, clean crystal ball and say here is what's going to happen.

所以很難用一個清晰、乾淨的水晶球向前看，然後說這就是將要發生的事情。

That would be just disingenuous.

那將是不誠實的。

All right.

好的。

Our next question comes from the line of Steve Strycula with UBS.

我們的下一個問題來自瑞銀集團的 Steve Strycula。

So really quick question on the sales inflection that we saw from this quarter versus the fiscal fourth quarter, a nice step up.

所以關於我們從本季度看到的與第四財季相比的銷售變化的快速問題，這是一個很好的進步。

The way we cut the numbers, it seems like price mix was a key contributor in the inflection and also Grooming and Fabric Care.

從我們削減數字的方式來看，價格組合似乎是影響拐點以及美容和織物護理的關鍵因素。

So my question, is what in your mind really drove the price mix inflection that we saw quarter-on-quarter?

所以我的問題是，您認為是什麼真正推動了我們看到的季度環比價格組合變化？

And then on a segment level, what drove the improvement, in your view, in Fabric Care?

然後在細分層面上，在您看來，是什麼推動了織物護理方面的改進？

And any update on China diapers?

中國紙尿褲有什麼最新消息嗎？

Price mix continues to benefit from our innovation efforts and our efforts to increase our level of superiority and advantage in solving fundamental consumer problems.

價格組合繼續受益於我們的創新努力以及我們為提高我們在解決基本消費者問題方面的優勢和優勢水平所做的努力。

So the fastest growing parts of our portfolio, as I've indicated before, are some of the premium-priced, more innovative segments, where we've brought real performance difference into the marketplace, whether that's unit dose detergents, whether that's fabric enhancer beads, whether that's adult incontinence products, whether it's some of the natural products, with an [and benefit] efficacy and natural.

因此，正如我之前指出的那樣，我們產品組合中增長最快的部分是一些高價、更具創新性的細分市場，我們在這些細分市場中帶來了真正的性能差異，無論是單位劑量洗滌劑，還是織物增強劑珠子，無論是成人失禁產品，還是一些天然產品，具有[和益處]功效且天然。

So all of that, reflective of the strategy that we've described, and we'll talk about more on Analyst Day, are playing themselves out in the marketplace.

因此，所有這些都反映了我們所描述的戰略，我們將在分析師日討論更多，正在市場上發揮作用。

The other difference that I just mentioned in response to the last question is that we are starting to put price in the market as it relates to both commodities and foreign exchange.

我剛才在回答最後一個問題時提到的另一個區別是，我們開始在市場上定價，因為它與商品和外匯都相關。

And I apologize.

我道歉。

I've once again failed to remember parts of the question, but that's the answer to the first part, at least.

我又一次記不住問題的部分內容，但這至少是第一部分的答案。

And your next question comes from the line of Jason English with Goldman Sachs.

你的下一個問題來自 Jason English with Goldman Sachs。

Jon, I'll keep this simple for you and stay focused.

喬恩，我會為你保持簡單並保持專注。

I want to delve into the mix drag on gross margin.

我想深入研究對毛利率的混合拖累。

It was a lot bigger than what we've seen in the last couple of years, and it was certainly a lot bigger than we expected.

它比我們過去幾年看到的要大得多，而且肯定比我們預期的要大得多。

I think you mentioned in your prepared remarks a couple of things around it, but I was hoping you could give us a little more detail, unpack the components of it.

我想你在準備好的評論中提到了一些關於它的事情，但我希望你能給我們更多的細節，拆開它的組件。

It's especially surprising to see it in context of the U.S. strength.

在美國實力的背景下看到它尤其令人驚訝。

I guess, I've always assumed that part of that mix drag was U.S. weakness.

我想，我一直認為這種混合拖累的一部分是美國的疲軟。

Why are we seeing the acceleration?

為什麼我們看到加速？

It sounds like there's maybe some transitory stuff in there.

聽起來那裡可能有一些短暫的東西。

Can you unpack it and give us the magnitudes and expected duration?

你能打開包裝並告訴我們強度和預期持續時間嗎？

Yes.

是的。

First of all, Jason, it's wonderful to hear from you without your barking dog.

首先，傑森，很高興收到你的來信，沒有你的狗吠。

Just kidding.

只是在開玩笑。

In terms of gross margin, I want to make a couple things clear both here and going forward.

在毛利率方面，我想在這里和未來澄清幾件事。

When you're in these -- and this isn't addressing your mix question, I'll come to that in a second, but I just want to take advantage of your question to make this point.

當你在這些 - 這不是解決你的混音問題，我會在一秒鐘內談到，但我只是想利用你的問題來說明這一點。

When you're in an environment of increasing commodity and cost and foreign exchange hurts, it's almost inevitable that you're going to see margin compression, both on the gross and operating line.

當您處於商品和成本不斷增加以及外匯損失的環境中時，您幾乎不可避免地會看到毛利率和運營線的利潤率壓縮。

And that results from the simple fact that even if you're 100% successful with your pricing plans, you're typically taking pricing to recover costs.

這是因為一個簡單的事實，即即使您的定價計劃 100% 成功，您通常也會通過定價來收回成本。

You're not taking pricing to recover margin.

您不會通過定價來收回利潤。

It's not that you wouldn't like to take pricing to recover margin, but that's not typically what you can accomplish.

這並不是說您不想通過定價來恢復利潤，但這通常不是您可以完成的。

So I do expect that as we go through the cycle, we're going to continue to see some pressure.

所以我確實預計，隨著我們經歷這個週期，我們將繼續看到一些壓力。

We'll see if productivity costs overcomes it, but we'll continue to see some pressure on margins.

我們將看看生產力成本是否能克服它，但我們將繼續看到利潤率受到一些壓力。

Relative to mix, I mentioned earlier that some of the fastest-growing portions of our portfolio are the premium-priced segments.

相對於組合，我之前提到過，我們投資組合中一些增長最快的部分是高價部分。

There's a very understandable belief, though it's not accurate, that those higher-priced segments are higher margin.

有一種非常可以理解的信念，儘管它並不准確，即那些價格較高的細分市場利潤率較高。

In fact, what's true about that belief is that generally, they're higher penny profit per unit, so we want to sell as many of them as we can.

事實上，這種信念的真實之處在於，一般來說，它們每單位的便士利潤更高，所以我們想盡可能多地出售它們。

But they often come at a lower margin.

但它們的利潤率通常較低。

So the math of a shift in the business to unit dose detergents, to adult incontinence products, to pure natural products is a positive one from a value-creation standpoint, but that leads to a negative margin mix.

因此，從價值創造的角度來看，業務向單位劑量洗滌劑、成人失禁產品、純天然產品的轉變是積極的，但這會導致負利潤率組合。

And I expect that to be with us as well as we continue to implement our superiority strategy.

我希望我們能繼續實施我們的優勢戰略。

Again, with productivity there, too, we'll offset a significant portion of that.

同樣，隨著生產力的提高，我們將抵消其中的很大一部分。

And in a benign commodity and FX environment, I would expect us to continue to grow margin.

在良好的商品和外匯環境中，我預計我們的利潤率將繼續增長。

But that doesn't mean that, that negative mix component will go away.

但這並不意味著負面混合成分會消失。

And your final question comes from the line of Jonathan Feeney with Consumer Edge.

最後一個問題來自 Consumer Edge 的 Jonathan Feeney。

What portion of your total global volume will see a price increase planned as of right now by the end of this fiscal year?

到本財年結束時，您的全球總銷量中有多少部分將按計劃提價？

A rough number would be fine.

一個粗略的數字就可以了。

And more broadly, could you comment about how the pricing process has changed over the past 5 or 10 years with maybe more data-driven, and sometimes more adversarial, or in some cases maybe better relations or more transparent relations with retailers, how that game has changed and what it means for us as we look at the revenue impact of these price increases?

更廣泛地說，您能否評論一下定價過程在過去 5 年或 10 年中發生了怎樣的變化，可能更多地由數據驅動，有時更具對抗性，或者在某些情況下可能與零售商建立更好或更透明的關係，這個遊戲如何已經改變了，當我們審視這些價格上漲對收入的影響時，這對我們意味著什麼？

I don't think anything significant has changed in terms of how we think about pricing.

我認為我們對定價的看法沒有發生任何重大變化。

And some of the important components of that are, we want to, whenever possible, link pricing to innovation moves so that the total value that we're offering consumers is accretive, not dilutive.

其中的一些重要組成部分是，我們希望盡可能將定價與創新舉措聯繫起來，以便我們為消費者提供的總價值是增值的，而不是稀釋的。

And that will cause -- that has a significant impact on the timing on which pricing has taken.

這將導致——對定價的時間產生重大影響。

I mentioned that the categories in the U.S., we will announce additional pricing.

我提到了美國的類別，我們將宣布額外的定價。

We'll be linking that to innovation, which will come in the second half of the year.

我們將把它與創新聯繫起來，這將在今年下半年出現。

And generally, that's a much more successful way to think about this.

一般來說，這是一種更成功的思考方式。

Short of that, and a continued emphasis on that dynamic, no significant changes going forward.

除此之外，並繼續強調這種動態，未來不會發生重大變化。

In terms of the percentage of -- for very understandable reasons, probably 80% of this conversation has been about pricing and ability to take pricing and ability to keep pricing.

就百分比而言——出於非常可以理解的原因，可能 80% 的對話都是關於定價和定價能力以及保持定價的能力。

Again, I understand that, and I'm in no way frustrated or surprised by that.

同樣，我理解這一點，對此我一點也不感到沮喪或驚訝。

But if I think about the percentage of volume of our internal conversations and planning and what I really think is driving our business, pricing is a relatively small percent of that dialogue.

但如果我考慮我們內部對話和計劃的數量百分比以及我真正認為推動我們業務的因素，那麼定價在該對話中所佔的比例相對較小。

We need to take pricing in some markets and in some categories.

我們需要在某些市場和某些類別中進行定價。

We'll do that behind innovation when we can.

我們會盡可能在創新背後做到這一點。

But the much bigger driver of success, both in the quarter we just completed and going forward, is the execution of the broad strategy, products -- first of all, the category choices that we're playing in, where performance determines brand choice; commitment to deliver superior performance in a superior package, communicated in a superior way, executed with excellence in store at a good value for both consumers and our retail partners; all underpinned by productivity and significant changes in the way that we're organizing ourselves and strengthening our culture to be more responsive to emerging consumer needs, more efficient in those responses, more accountable in those responses.

但是，無論是在我們剛剛結束的那個季度還是在未來，成功的更大驅動因素是廣泛戰略和產品的執行——首先是我們所參與的類別選擇，其中性能決定品牌選擇；承諾以卓越的包裝提供卓越的性能，以卓越的方式進行溝通，在店內以卓越的執行力為消費者和我們的零售合作夥伴帶來良好的價值；所有這些都以生產力和我們組織自己的方式發生重大變化為基礎，並加強我們的文化，以更好地響應新出現的消費者需求，在這些響應中更有效率，在這些響應中更加負責任。

Those, by far, are the much more important things to think about as you think about both the quarter and the year going forward.

到目前為止，當您考慮未來的季度和年度時，這些是更重要的事情。

We'll continue talking about pricing as we should at Investor Day, but you'll see the focus much more on that strategy, which, again, I think is much, much more fundamental in terms of what actually happened in the quarter that we just concluded and what the outlook is going forward.

我們將繼續在投資者日討論定價問題，但你會看到更多的注意力集中在該戰略上，我認為，就我們在本季度實際發生的事情而言，這一戰略更為基本剛剛結束，前景如何。

And 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。