寶潔 (PG) 2019 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.

同樣根據 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 underlying business trends and has posted on its Investor Relations website, www.pginvestor.com, a full reconciliation of non-GAAP financial measures.

Procter & Gamble 認為這些措施為投資者提供了有關潛在業務趨勢的有用視角，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財務措施的全面調整。

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

現在我將把電話轉給寶潔副董事長、首席運營官兼首席財務官 Jon Moeller。

Good morning.

早上好。

David Taylor, Chairman of the Board, President and Chief Executive Officer; and John Chevalier, Vice President, Investor Relations, join me this morning.

David Taylor，董事會主席、總裁兼首席執行官；和投資者關係副總裁 John Chevalier 今天早上和我一起。

I'm going to provide an overview of company results.

我將提供公司業績的概述。

David is going to update us on 4 strategic focus areas: superiority, productivity, constructive disruption and organization and culture.

David 將向我們介紹 4 個戰略重點領域：優勢、生產力、建設性顛覆以及組織和文化。

I'll close with guidance for fiscal 2020, and we'll of course take your questions.

我將以 2020 財年的指導結束，我們當然會回答您的問題。

For the fiscal year we just completed, organic sales, up 5%; core earnings per share, up 7%; currency-neutral core earnings per share, up 15%; adjusted free cash flow productivity, 105%; $12.5 billion of cash returned to shareowners.

在我們剛剛完成的財年，有機銷售額增長了 5%；每股核心收益增長7%；貨幣中性核心每股收益增長 15%；調整後的自由現金流生產率，105%； 125 億美元現金返還給股東。

Each of these metrics in line or ahead of objectives set going into the year.

這些指標中的每一個都符合或超過今年設定的目標。

GAAP earnings per share are lower, reflecting a onetime noncash accounting charge to adjust goodwill and intangibles carrying values of the Gillette shaving business.

GAAP 每股收益較低，反映了調整吉列剃須業務的商譽和無形資產賬面價值的一次性非現金會計費用。

Grooming continues to be a very attractive business.

美容仍然是一項非常有吸引力的業務。

Organic sales up year-over-year.

有機銷售額同比增長。

April-June sales up 4%.

4-6 月銷售額增長 4%。

A truly global business with strong market positions.

具有強大市場地位的真正全球化企業。

A highly profitable and cash-generative operation.

一項高利潤和現金產生的業務。

Initial carrying values for Gillette were established nearly 14 years ago in 2005.

吉列的初始賬面價值是在將近 14 年前的 2005 年確定的。

We significantly overdelivered acquisition cost synergy commitments.

我們大大超額交付了收購成本協同承諾。

But as outlined in each of our quarterly filings for the past 3 years, this global business has faced significant and increasing currency impacts over the last decade.

但正如我們在過去 3 年的每份季度報告中所概述的那樣，這項全球業務在過去十年中面臨著重大且不斷增加的貨幣影響。

Lower shaving frequency has reduced the size of the developed blades and razors market.

較低的剃須頻率減少了已開發刀片和剃須刀市場的規模。

More recently, and much less of an impact, new competitors have entered at prices below the category average.

最近，新的競爭者以低於該類別平均水平的價格進入市場，而且影響更小。

These factors caused us to reduce the accounting carrying value for this business on our balance sheet.

這些因素導致我們在資產負債表上降低了該業務的會計賬面價值。

As I mentioned earlier, all core metrics: organic sales growth; core earnings per share growth; currency-neutral core earnings per share growth; adjusted free cash flow productivity; cash returned to shareowners, in line or ahead of objectives set going into the year.

正如我之前提到的，所有核心指標：有機銷售增長；每股核心收益增長；貨幣中性核心每股收益增長；調整後的自由現金流生產率；現金返還給股東，符合或超過今年設定的目標。

All of these progress against strong headwinds.

所有這些都在逆風中取得進展。

Foreign exchange, commodities, transportation cost and tariffs created a $1.4 billion fiscal year after-tax headwind, a 13 point negative impact on core earnings per share.

外匯、大宗商品、運輸成本和關稅造成了 14 億美元的財年稅後逆風，對核心每股收益產生了 13 個百分點的負面影響。

Within this, currency heads up more than $900 million after tax.

其中，稅後貨幣總額超過 9 億美元。

Large markets with significantly weaker currencies.

貨幣明顯疲軟的大型市場。

British pound, down 4%; Mexican peso, down 4%; Chinese yuan, down 5%; Russian ruble down, 12%; Brazilian real, down 18%; Turkish lira, down 14%; the Argentinian peso, down 97%.

英鎊，下跌4%；墨西哥比索，下跌 4%；人民幣下跌5%；俄羅斯盧布貶值，12%；巴西雷亞爾下跌 18%；土耳其里拉，下跌 14%；阿根廷比索下跌 97%。

Commodity cost increases of $400 million after tax; pulp, up 14%; resin, up 7%; propylene, up 10%; and kerosene, up 16%.

稅後商品成本增加 4 億美元；紙漿，上漲 14%；樹脂，上漲 7%；丙烯，上漲 10%；和煤油，上漲 16%。

Trucking cost up significantly in the U.S., with increases in many additional markets.

隨著許多其他市場的增加，美國的貨運成本顯著上升。

Annualized tariff impacts approaching $100 million.

年化關稅影響接近 1 億美元。

All overcome with innovation-driven volume growth, pricing and productivity, yielding strong results for the year.

所有這些都被創新驅動的銷量增長、定價和生產力所克服，在今年取得了強勁的業績。

Capping a strong year of very strong April-June quarter.

為非常強勁的 4 月至 6 月季度結束了強勁的一年。

Organic sales, up more than 7%.

有機銷售額增長超過 7%。

The 4 quarters of the fiscal year: 4%; 4%; 5%; and 7% on the top line.

財政年度的四個季度：4%； 4%； 5%；和 7% 在頂線上。

Volume, pricing and mix each contributing to top line momentum.

數量、定價和組合都有助於推動收入增長。

Broad-based growth.

基礎廣泛的增長。

All 10 global categories growing organic sales.

所有 10 個全球類別的有機銷售額都在增長。

Skin and Personal Care and Personal Health Care each up mid-teens.

皮膚和個人護理和個人保健每個十幾歲。

Fabric Care and Home Care each up double digits.

織物護理和家庭護理各增長兩位數。

Oral Care and Feminine Care up high singles.

口腔護理和女性護理高單打。

Family Care and Grooming, each up mid-single digits.

家庭護理和美容，每個都在中個位數。

All 6 geographic regions also growing organic sales.

所有 6 個地理區域的有機銷售額也都在增長。

India, Middle East and Africa, up mid-teens.

印度，中東和非洲，十幾歲。

Greater China, up double digits.

大中華區，上升兩位數。

North America, Latin America and Asia Pacific, up high singles.

北美、拉丁美洲和亞太地區的單曲數量最多。

Europe, up mid-singles.

歐洲，中單。

Strong organic sales growth in our 2 largest markets; up over 7% in the U.S, 10 out of 10 categories growing.

我們的兩個最大市場的有機銷售增長強勁；在美國增長超過 7%，10 個類別中有 10 個增長。

Continued progress in China, improving from a 5% sales decline in fiscal '16; 1% growth in fiscal '17; 7% organic sales growth last year; fiscal '19 growth up 10%; up 12% in the April-June quarter.

在中國繼續取得進展，從 16 財年銷售額下降 5% 的情況有所改善； 17財年增長1%；去年有機銷售額增長 7%； '19 財年增長 10%； 4 月至 6 月季度增長 12%。

Global e-commerce organic sales up 25%, now well over $5 billion in annual sales or about 8% of the company total.

全球電子商務有機銷售額增長 25%，目前年銷售額超過 50 億美元，約占公司總銷售額的 8%。

Strong and improving market share trends.

強勁且不斷改善的市場份額趨勢。

Aggregate global value share up versus year ago.

與一年前相比，全球總價值份額上升。

33 of our top 50 category country combinations holding or growing value share in fiscal '19; up from 26 in fiscal '18; 23 in fiscal '17; and 17 in fiscal '16.

在我們的前 50 個類別國家組合中，有 33 個在 19 財年持有或增長的價值份額；從 18 財年的 26 個增加； 17財年為23；和 16 財年的 17 個。

So in chronological order, 17, 23, 26 and now 33.

所以按時間順序，17、23、26，現在是 33。

8 of 10 global categories holding or growing share.

全球 10 個類別中有 8 個持有或增長份額。

On the bottom line.

在底線。

Core earnings per share of $1.10, up 17% versus the prior year; up 26% on a currency-neutral basis.

每股核心收益為 1.10 美元，比上年增長 17%；在貨幣中性的基礎上上漲 26%。

Fourth quarter margins improving, both sequentially and versus year ago.

與去年同期相比，第四季度的利潤率均有所改善。

Core gross margin up 120 basis points.

核心毛利率上升120個基點。

Strong top line leverage and productivity improvement more than offset FX, commodity cost and mix headwinds.

強勁的頂線槓桿和生產力提高足以抵消外匯、商品成本和混合阻力。

On a currency-neutral basis, core gross margin up 160 basis points.

在貨幣中性的基礎上，核心毛利率上升 160 個基點。

Core operating margin increased 130 basis points.

核心營業利潤率增加 130 個基點。

On a currency-neutral basis, up 210 basis points, including 340 basis points of productivity-driven cost savings.

在貨幣中性的基礎上，上升 210 個基點，其中包括 340 個基點的生產力驅動成本節約。

Cash flow remains strong.

現金流依然強勁。

Adjusted free cash flow productivity of 122% for the quarter, 105% for the year.

本季度調整後的自由現金流生產率為 122%，全年為 105%。

$12.5 billion of cash returned to shareowners, a combination of dividends and share repurchase.

125 億美元現金返還給股東，包括股息和股票回購。

Our Board increased the dividend by 4% in April, the 63rd consecutive annual increase and 129the consecutive year in which P&G has paid a dividend.

我們的董事會在 4 月份將股息提高了 4%，這是連續第 63 次年度增長，也是寶潔公司連續第 129 年支付股息。

P&G is 1 of only 10 U.S. companies to pay a dividend for more than 120 consecutive years.

寶潔是美國僅有的 10 家連續 120 多年派發股息的公司之一。

Only 3 U.S. companies have increased dividends more consecutive years than Procter & Gamble.

只有 3 家美國公司比寶潔公司連續幾年增加股息。

Over the last 10 years, the annual dividend has increased from $1.64 per share to $2.90 per share, up almost 80%, returning almost $67 billion of cash to shareowners.

在過去 10 年中，年度股息從每股 1.64 美元增加到每股 2.90 美元，增長了近 80%，為股東返還了近 670 億美元的現金。

Over the last decade, we've returned more than 100% of net earnings to shareholders as dividends and share repurchase.

在過去十年中，我們已將超過 100% 的淨收益作為股息和股票回購返還給股東。

In summary, we delivered or overdelivered on each of our going-in targets, other than GAAP earnings per share.

總而言之，我們實現或超額交付了我們的每個目標，而不是 GAAP 每股收益。

We did this while offsetting a foreign exchange, commodity, transportation and tariffs tsunami.

我們這樣做的同時抵消了外匯、商品、運輸和關稅海嘯。

We built momentum on sales, share and margin as the year progressed.

隨著時間的推移，我們在銷售、份額和利潤率方面建立了動力。

We delivered very strong constant currency core earnings per share growth and continued our best-in-class track record of cash returned to shareowners.

我們實現了非常強勁的固定貨幣每股核心收益增長，並繼續我們向股東返還現金的同類最佳記錄。

We still face challenges and continue to operate in a very difficult, competitive and macro landscape.

我們仍然面臨挑戰，並繼續在非常困難、競爭和宏觀的環境中運營。

Our work is not over, but we're making progress behind the integrated and mutually reinforcing strategies David will discuss next.

我們的工作還沒有結束，但我們正在推動大衛接下來將討論的綜合和相輔相成的戰略。

David?

大衛？

Thanks, Jon.

謝謝，喬恩。

One of the most encouraging points about the strong results we've delivered is the breadth of the progress we've made across categories and countries.

關於我們取得的強勁成果，最令人鼓舞的一點是我們在各個類別和國家/地區取得的進展的廣度。

The breadth of growth gives me confidence that the strategies and focus areas that are guiding our choices of investments are the right ones.

增長的廣度讓我相信，指導我們選擇投資的戰略和重點領域是正確的。

It also gives me confidence that we're building the capabilities to sustain the growth at or above market levels.

這也讓我相信，我們正在建立能力以維持市場水平或高於市場水平的增長。

The mutually reinforcing strategic choices we've made are critical to the progress.

我們做出的相輔相成的戰略選擇對取得進展至關重要。

We've focused and strengthened our portfolio in daily use categories where performance drives brand choice, in categories where we occupy a #1 or #2 position, which have historically grown faster than the balance of the company and are more profitable.

我們已經將我們的產品組合集中並加強了我們在性能驅動品牌選擇的日常使用類別中的產品組合，在我們佔據第一或第二位置的類別中，這些類別在歷史上的增長速度超過了公司的平衡，並且利潤更高。

And the benefits of the portfolio choices are clearly paying out.

投資組合選擇的好處顯然正在得到回報。

Within these 10 categories, where performance drives brand choice, we've taken a deliberate step to invest in and advance the superiority of products and packages, brand communication, retail execution and value advantage, growing the markets in which we compete and strengthen the long-term health and competitiveness of our brands.

在績效驅動品牌選擇的這 10 個類別中，我們採取了慎重的步驟來投資和提升產品和包裝的優勢、品牌傳播、零售執行和價值優勢，擴大我們競爭的市場並加強長期- 我們品牌的長期健康和競爭力。

We've raised minimum standards of competitive advantage across each of the superiority drivers and are investing to meet or beat these new standards.

我們提高了每個優勢驅動因素的競爭優勢的最低標準，並正在投資以滿足或超越這些新標準。

And superior offerings drive market growth, and this is one thing that's incredibly important about the plan.

卓越的產品推動市場增長，這是該計劃非常重要的一件事。

Increasing consumption, creating additional usage occasions, bringing more spent into a category grows the market.

增加消費，創造額外的使用場合，將更多的消費帶入一個類別，從而擴大了市場。

This creates top line growth that is typically more sustainable than simply taking business from a competitor.

這創造了通常比簡單地從競爭對手那裡獲得業務更具可持續性的收入增長。

It creates a winning proposition for our retail partners.

它為我們的零售合作夥伴創造了一個成功的主張。

The pie expansion versus zero-sum.

餅圖擴張與零和。

It's a positive versus negative spiral.

這是一個積極與消極的螺旋。

And when -- where we grow markets disproportionally and more sustainably, we build share.

當我們以不成比例和更可持續的方式發展市場時，我們就會建立份額。

We've spoken a lot about the role of product and package superiority in growing markets and P&G share, but communication, go to market and value must also win.

我們已經談了很多關於產品和包裝優勢在不斷增長的市場和寶潔份額中的作用，但溝通、進入市場和價值也必須取勝。

We start with understanding our consumers and their needs, wants and aspirations.

我們首先要了解我們的消費者及其需求、願望和願望。

We've increased advertising that makes you think, talk, laugh, cry, smile, share and, of course, buy.

我們增加了廣告，讓您思考、交談、大笑、哭泣、微笑、分享，當然還有購買。

Advertising that drives growth for categories and brands.

推動類別和品牌增長的廣告。

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

廣告為創造力、激發對話、影響態度、改變行為，有時甚至定義流行文化掃清了最高標準。

This year at the Effie Awards, which recognized the most effective marketing communication, P&G won the top honor of most effective marketer and Tide won the Grand Effie Award.

今年在表彰最有效營銷傳播的艾菲獎上，寶潔獲得了最有效營銷者的最高榮譽，而泰德則獲得了艾菲獎。

At the Cannes Lions International Festival of Creativity, P&G advertising earned 16 Lions: 3 gold; 6 silver; and 7 bronze.

在戛納國際創意節上，寶潔廣告贏得了 16 名獅子：3 枚金牌； 6銀；和 7 銅牌。

And at the event, we announced a series of innovative new creative partnerships that reinvent advertising by merging the world of advertising with other creative worlds, such as filmmaking, music, comedy, journalism and technology.

在活動中，我們宣布了一系列創新的新創意合作夥伴關係，通過將廣告世界與電影製作、音樂、喜劇、新聞和技術等其他創意世界相結合，重塑廣告。

Superior in-store and online execution also grows categories in our brands.

卓越的店內和在線執行也增加了我們品牌的品類。

The right trade coverage with category mastery, with the right product forms, sizes and prices and the right in-store or online presence in merchandising execution, delivering against key business drivers for each category and brand across all channels in every store, every day.

正確的貿易覆蓋範圍和類別掌握，正確的產品形式、尺寸和價格以及在商品執行中正確的店內或在線展示，每天在每家商店的所有渠道中針對每個類別和品牌的關鍵業務驅動因素提供服務。

On the last earnings call and in recent conference presentations, Jon has taken you through some of the recognition we've received directly from some of our top customers and in third-party retailer assessments of manufacturers' capabilities.

在上一次財報電話會議和最近的會議演示中，喬恩向您介紹了我們直接從我們的一些頂級客戶和第三方零售商對製造商能力的評估中獲得的一些認可。

We very much appreciate each of these recognitions, but what really matters is retailers improved view of P&G as a partner in joint value creation.

我們非常感謝這些認可，但真正重要的是零售商改進了寶潔作為聯合價值創造合作夥伴的觀點。

Driving superiority to grow categories earn stronger distribution, share shelf, display and feature.

推動優勢增長類別獲得更強大的分銷、共享貨架、展示和功能。

The fifth element of superior execution is a winning consumer and customer value equation.

卓越執行的第五個要素是成功的消費者和客戶價值等式。

For consumers, this means a product that meets an important need and noticeable in a superior way with the package that enhances the usage experience, with compelling communication, presented in a clear and shoppable way at a compelling price.

對於消費者而言，這意味著產品能夠滿足重要需求並以卓越的方式引人注目，其包裝可增強使用體驗，具有令人信服的溝通，以清晰易購的方式以令人信服的價格呈現。

For the customers, this means margin, penny profit, thrift generation, basket size and, very importantly, category growth.

對於客戶來說，這意味著利潤、便士利潤、節儉的產生、購物籃的規模，以及非常重要的品類增長。

We're going to continue to work to make progress in superiority, extending our margin of advantage and increasing the quality of execution, which will require ongoing investment.

我們將繼續努力在優勢方面取得進展，擴大我們的優勢範圍並提高執行質量，這需要持續的投資。

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

對這項投資的需求和抵消我們之前談到的宏觀成本逆風的需求，以及推動包括利潤率擴張在內的平衡頂線和底線增長的需求，都凸顯了生產力的重要性。

We are driving cost savings and efficiency improvement in all facets of the business, now just passed the midpoint of our second 5-year $10 billion productivity program.

我們正在推動業務各個方面的成本節約和效率提高，現在剛剛超過我們第二個 5 年 100 億美元生產力計劃的中點。

Through our productivity efforts, P&G has maintained and built its status as a highly profitable company.

通過我們在生產力方面的努力，寶潔保持並建立了其作為一家高利潤公司的地位。

Now in the past, Jon has shown you the charts before, and it deserves repeating, P&G's before-tax operating margins are among the highest in the industry, behind only Reckitt and Colgate whose margins reflect their concentrations in health care.

過去，Jon 曾向您展示過之前的圖表，值得重申的是，寶潔的稅前營業利潤率是業內最高的，僅次於利潔時和高露潔，後者的利潤率反映了它們在醫療保健領域的集中度。

We have significantly -- significant below-the-line advantages, operating with one of the lowest interest expense percentages and one of the lowest tax rates, putting us near the top of the industry in after-tax margin, already highly profitable and aggressively driving more savings.

我們擁有顯著的 - 顯著的線下優勢，以最低的利息費用百分比和最低的稅率之一運營，使我們在稅後利潤率方面處於行業領先地位，已經高利潤並積極推動更多的儲蓄。

These results are due to a sustained intense focus on improving productivity across all cost folds.

這些結果是由於持續關注提高所有成本方面的生產力。

And we will continue to focus on these because it will be a critical driver of our success.

我們將繼續關注這些，因為這將是我們成功的關鍵驅動力。

Superiority and productivity are critical, but insufficient to keep us ahead in a world with rapidly changing retail environment, quickly evolving consumer needs, media transformation and revolutionary changes in technology.

優勢和生產力至關重要，但不足以讓我們在零售環境瞬息萬變、消費者需求瞬息萬變、媒體轉型和技術革命性變革的世界中保持領先地位。

We must and are leading the constructive disruption of our industry across all areas of the value chain.

我們必須並且正在引領行業在價值鏈所有領域的建設性顛覆。

We are disrupting the way we innovate by accelerating the speed and quality of learning through lean innovation.

我們正在通過精益創新加快學習速度和質量，從而顛覆我們的創新方式。

This due approach is delivering significant benefits in time and cost, helping to reduce our learning cycles for months to even days.

這種應有的方法在時間和成本上帶來了顯著的收益，有助於將我們的學習週期縮短數月甚至數天。

We're monetizing innovation across industries to accelerate investment in R&D and broaden societal impact.

我們正在將跨行業的創新貨幣化，以加速研發投資並擴大社會影響。

We're disrupting retail execution.

我們正在擾亂零售執行。

SK-II is using AI-supported technologies to enhance the consumer shopping experience with personalized recommendations based on smart scans of a person's skin, product browsing on virtual shelves and shopping through the wave of a hand.

SK-II 正在使用人工智能支持的技術，通過基於個人皮膚智能掃描、虛擬貨架上的產品瀏覽和揮手購物的個性化推薦來增強消費者的購物體驗。

It's the first augmented reality retail environment, which merges physical and digital technology to give the shopper exactly the skincare regimen needed in a new smart packaging that features a companion app for personalized skin care every day.

這是第一個增強現實零售環境，它融合了物理和數字技術，為購物者提供了全新智能包裝所需的護膚方案，該包裝具有每天個性化護膚的配套應用程序。

Going beyond broad demographic targets to deliver exactly what she's looking for, solutions designed to work for her.

超越廣泛的人口目標，準確地提供她正在尋找的東西，為她設計的解決方案。

We're reinventing brand building from wasteful mass marketing to mass one-to-one brand building fueled by data and technology.

我們正在重塑品牌建設，從浪費的大眾營銷轉變為由數據和技術推動的大規模一對一品牌建設。

We're moving from generic demographic targets, like women ages 18 to 49, to more than 350 precise smart audiences, like first-time moms or millennial young professionals or first-time washing machine owners to reach the right people at the right time at the right place.

我們正在從 18 至 49 歲的女性等通用人口統計目標轉向 350 多個精準的智能受眾，例如第一次當媽媽或千禧一代年輕專業人士或第一次使用洗衣機的人，以便在正確的時間在正確的時間覆蓋正確的人正確的地方。

We continue to disrupt our supply chain with transformation across the globe.

我們繼續在全球範圍內通過轉型來擾亂我們的供應鏈。

In Europe, we've optimized both distribution and manufacturing infrastructure to fewer, scaled, multi-category operations in optimum locations.

在歐洲，我們優化了分銷和製造基礎設施，以便在最佳位置進行更少、規模化、多類別的運營。

Manufacturing sites are now down 30%, and distribution centers are down 35%.

製造基地現在下降了 30%，配送中心下降了 35%。

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

我們正在改變組織結構和文化，以更好地贏得勝利。

We're taking steps to simplify the organization, focusing effort, clarifying responsibility, increasing accountability and structuring compensation and incentive programs to better align with these objectives.

我們正在採取措施簡化組織、集中精力、明確責任、加強問責制以及構建薪酬和激勵計劃，以更好地與這些目標保持一致。

We have an incredibly talented organization of more than 90,000 fully committed people.

我們擁有一個由 90,000 多名全心全意的員工組成的非常有才華的組織。

They have moved mountains for years to deliver the progress we're discussing this morning.

為了實現我們今天上午討論的進展，他們多年來一直在搬山。

They deserve the credit.

他們值得稱讚。

We have historically put in their way a lot, competing management structures, lack of clear accountability, lack of end-to-end decision making and many people who can say no and few who could say yes.

從歷史上看，我們在他們的道路上設置了很多，相互競爭的管理結構，缺乏明確的問責制，缺乏端到端的決策，很多人可以說不，很少有人可以說是。

On July 1, we moved to a new organization structure designed to de-matrix the company and provide even greater clarity on responsibilities and reporting lines to focus and strengthen leadership accountability.

7 月 1 日，我們轉向了一個新的組織結構，旨在讓公司去矩陣化，並更加明確責任和報告路線，以集中和加強領導責任。

We are operating as 6 industry-based sector business units or SBUs.

我們作為 6 個基於行業的部門業務單位或 SBU 運營。

The SBUs have profit and loss responsibility for the largest markets, the focus markets, which represent about 80% of sales and 90% of profit.

SBU 對最大的市場——重點市場負有損益責任，這些市場約佔銷售額的 80% 和利潤的 90%。

The SBU CEOs are focused on winning and driving value-creation opportunities in these important markets.

SBU CEO 專注於在這些重要市場贏得和推動價值創造機會。

We're optimizing the remaining markets, which we're calling enterprise markets, to accelerate growth in dynamic macro environments.

我們正在優化剩下的市場，我們稱之為企業市場，以加速動態宏觀環境中的增長。

The benefit of this design is the creation of a more focused, agile and accountable organization, operating at a lower cost, focused on winning through superiority, fueled by productivity and operating at the speed of the market.

這種設計的好處是創建了一個更加專注、敏捷和負責任的組織，以更低的成本運營，專注於通過優勢取勝，以生產力為動力，以市場的速度運營。

North America was the pilot region beginning 3 years ago for the end-to-end SBU approach and China followed 1 year or so later.

北美是 3 年前開始的端到端 SBU 方法的試點地區，中國在 1 年左右之後緊隨其後。

The success of this design is evidenced by the sales and share progress we've made in both of these markets.

我們在這兩個市場取得的銷售和分享進步證明了這種設計的成功。

We are committed to winning everywhere we choose to compete across both the focus and enterprise markets, and we want to win in the right way.

我們致力於在我們選擇在重點市場和企業市場競爭的任何地方取勝，我們希望以正確的方式取勝。

We want to be a force for good and a force for growth.

我們想成為一股向善的力量和一股成長的力量。

We've integrated citizenship into how we do business, enabling us to have a bigger impact on the people we serve, the communities in which we live and work and the broader world that surrounds us.

我們已將公民身份融入到我們的經營方式中，使我們能夠對我們所服務的人、我們生活和工作的社區以及我們周圍更廣闊的世界產生更大的影響。

In turn, this helps us grow and build our business.

反過來，這有助於我們發展和建立我們的業務。

I hope that this is evidence that we have been disrupting P&G.

我希望這是我們一直在擾亂寶潔的證據。

The choices we've made to focus and strengthen our portfolio in daily use categories where performance drives brand choice to establish and extend superiority of our brands, to lead constructive disruption across the value chain, to make productivity an integral part of our culture just as much as innovation and to improve the organization focus, agility and accountability.

我們所做的選擇是集中並加強我們在日常使用類別中的產品組合，在這些類別中，性能驅動品牌選擇，以建立和擴展我們品牌的優勢，在整個價值鏈中引領建設性的顛覆，使生產力成為我們文化的一個組成部分，就像就像創新和提高組織的重點、敏捷性和問責制一樣。

These are not independent strategies.

這些不是獨立的策略。

They reinforce and build on each other.

它們相互加強和建立。

They position us well within our industry to deal with near-term challenges from macro headwinds, trade transformation and anticipated competitive response.

它們使我們在行業中處於有利地位，可以應對宏觀逆風、貿易轉型和預期的競爭反應帶來的近期挑戰。

And they are the foundation for stronger, balanced growth and value creation over the short, mid- and long term.

它們是在短期、中期和長期內實現更強勁、平衡的增長和價值創造的基礎。

Now I'm going to turn it back over to Jon to cover our outlook for fiscal 2020.

現在我將把它交給喬恩來介紹我們對 2020 財年的展望。

We provided the details of our outlook in the press release published this morning, so I'm going to focus on the primary guidance metrics in this call.

我們在今天上午發布的新聞稿中提供了我們展望的詳細信息，因此我將重點關注本次電話會議中的主要指導指標。

We expect organic sales growth in the range of 3% to 4%.

我們預計有機銷售額增長在 3% 到 4% 之間。

We're operating markets in markets that are currently growing at a rate somewhat above 3% on a value basis.

我們在目前以略高於 3% 的價值增長速度增長的市場中運營市場。

Our guidance range brackets current market growth with a bias toward continued share growth, while still expecting a strong competitive response.

我們的指導範圍涵蓋了當前的市場增長，偏向於持續的份額增長，同時仍預計會有強烈的競爭反應。

The range also implied acceleration of 2-year average growth rates, moving from 3% 2-year average growth for fiscal years '18 and '19 to more than 4% average organic sales growth across fiscal years '19 and '20 in a market growing somewhat above 3%.

該範圍還意味著 2 年平均增長率的加速，從 18 財年和 19 財年的 3% 2 年平均增長到 19 財年和 20 財年市場的平均有機銷售額增長超過 4%增長略高於 3%。

On the bottom line, we expect core earnings per share growth of 4% to 9%, getting us back to our target mid- to high single-digit range.

歸根結底，我們預計核心每股收益增長 4% 至 9%，使我們回到中高個位數範圍的目標。

Neither top line or bottom line guidance ranges are layups.

頂線或底線指導範圍都不是上籃。

Both represent meaningful sequential progress, innovation-driven market sales and share growth, meaningful gross margin expansion while investing in product and package superiority, increased investments in media and other demand-creation marketing programs, base period comps that include the Boston land sale and the gain on the sale of 2 Oral Care brands in Europe.

兩者都代表了有意義的連續進步、創新驅動的市場銷售和份額增長、有意義的毛利率擴張，同時投資於產品和包裝優勢，增加了對媒體和其他需求創造營銷計劃的投資，包括波士頓土地出售和在歐洲銷售 2 個口腔護理品牌。

For fiscal 2020, we'll continue a long track record of significant cash generation and return to shareholders, ultimately, the most important and enduring measure of a successful enterprise.

在 2020 財年，我們將繼續保持可觀的現金產生和股東回報的長期記錄，這最終是成功企業最重要和最持久的衡量標準。

We're targeting another year of 90% free cash flow productivity.

我們的目標是再實現 90% 的自由現金流生產力。

We expect to pay over $7.5 billion in dividends and repurchase $6 billion to $8 billion of shares in fiscal 2020.

我們預計在 2020 財年將支付超過 75 億美元的股息並回購 60 億至 80 億美元的股票。

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

我們的指導基於當前的市場增長率、當前的商品價格、當前的外匯匯率。

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。

Now let me hand it back over to David for closing comments.

現在讓我把它交還給大衛以結束評論。

We delivered our fourth strong quarter in a row, continued to build top line momentum and improving the quality of our bottom line results.

我們連續第四個季度表現強勁，繼續建立頂線勢頭並提高底線業績的質量。

Market share has been improving for 8 consecutive quarters.

市場份額已連續8個季度提升。

Our 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, to constructively disrupt our industry are driving improved results.

我們努力擴大我們的競爭優勢，推動生產力節約，為增長投資提供資金，提高我們行業領先的利潤率，簡化我們的組織結構和增加問責制，建設性地顛覆我們的行業，這些努力正在推動業績的改善。

But we know our work isn't finished yet.

但我們知道我們的工作還沒有完成。

To further strengthen results, we will continue to accelerate the pace of change.

為進一步強化成果，我們將繼續加快變革步伐。

The macro environment and strong competition are sure to present new challenges in the year ahead, but we're better positioned to manage through these challenges that we've been in many years.

宏觀環境和激烈的競爭肯定會在未來一年帶來新的挑戰，但我們更有能力應對多年來一直面臨的這些挑戰。

With that, Jon and I are happy to take your questions.

有了這個，喬恩和我很高興回答你的問題。

(Operator Instructions) Your first question comes from the line of Olivia Tong with Bank of America.

（操作員說明）您的第一個問題來自美國銀行的 Olivia Tong。

You guys are just finished which is -- what is arguably your best year in about a decade.

你們剛剛完成，這可以說是十年來最好的一年。

So can you just talk through like what are sort of order of priority in the changes you've made that have led to this, the improving innovation, the portfolio changes, the divestitures you did several years ago and how the organizational changes that are now in place help to keep out -- excuse me, help up -- help to keep that up, that sustainability?

所以你能不能談談你所做的改變的優先順序是什麼到位幫助保持 - 對不起，幫助 - 幫助保持這種狀態，可持續性？

Olivia, first, thank you.

奧利維亞，首先，謝謝。

The strategy truly is working.

該策略確實奏效。

And we keep reinforcing it, but I'd come back to it.

我們一直在加強它，但我會回到它。

The combination of, first, starting with the consumer, making sure we delight the consumer.

首先，從消費者開始，確保我們取悅消費者。

And we do that through superior products package communication, go-to-market capability and value is really making a difference.

我們通過卓越的產品包裝溝通、進入市場的能力和價值來做到這一點，這確實有所作為。

And what allows us to sustain that and you're seeing this now over 3 years in more and more category, country combinations is an organization design that's putting accountability closest to where the market is in a way that's working.

是什麼讓我們能夠維持這一點，你現在在 3 年多的時間裡在越來越多的類別中看到這一點，國家組合是一種組織設計，它以一種有效的方式將問責制放在最接近市場的地方。

And we've clarified responsibilities with focused markets and enterprise markets, recognize that not all markets are exactly alike.

我們已經明確了重點市場和企業市場的責任，認識到並非所有市場都完全相同。

And to me, what we've seen increasingly each semester, if you will, the organization respond, clear priorities, clear strategy on superiority.

對我來說，我們每學期都看到越來越多的情況，如果你願意的話，組織會做出回應，明確的優先事項，明確的優勢戰略。

They understand, have internalized and doing a great job on productivity across all cost buckets.

他們了解，已經內化並在所有成本桶的生產力方面做得很好。

And we continue to work to clarify the organization design in a way that delivers an engaged, agile and accountable organization.

我們將繼續努力以提供一個參與、敏捷和負責任的組織的方式來闡明組織設計。

And you see in that better and better.

你看到的越來越好。

It was reflected in the employee survey this year where the confidence in the strategy went up significantly by folks across markets and GBUs, which, to me, speaks to an alignment of 90-plus thousand people on a plan that's working.

這反映在今年的員工調查中，市場和 GBU 的人們對該戰略的信心顯著提高，對我來說，這表明 9 萬多人共同製定了一個有效的計劃。

And that's why I think you're seeing the sequential progress that we're seeing quarter to quarter, semester to semester.

這就是為什麼我認為你看到了我們看到的一個季度到一個季度、一個學期到另一個學期的連續進展。

And we really look year-to-year, and so it's very encouraging.

我們真的年復一年，所以這非常令人鼓舞。

I would just add a couple of things that David addressed in his prepared remarks.

我只想補充幾件大衛在他準備好的發言中談到的事情。

The first is, and it's the thing that gives me the most confidence and sustainability of results, is delivering growth by growing markets.

首先是，讓我對結果最有信心和可持續性的事情是通過不斷增長的市場實現增長。

And there are many examples.

並且有很多例子。

The inflection in the rate of the laundry market growth in North America and other markets behind PODS; significant acceleration in the rate of the market growth of fabric enhancers, behind things like beads; significant doubling actually of the growth of the adult incontinence market through Always Discreet.

北美和 PODS 背後的其他市場洗衣市場增長率的拐點；織物增強劑的市場增長速度顯著加快，落後於珠子等產品；通過 Always Discreet，成人失禁市場的增長實際上翻了一番。

And there are many other examples, but those tend to be much more sustainable and much more profitable than when we're simply taking share from competitors.

還有很多其他的例子，但這些例子往往比我們簡單地從競爭對手那裡獲得份額更可持續，也更有利可圖。

The second piece just briefly is -- and David also mentioned this, is the importance of balance.

第二部分只是簡單地說——大衛也提到了這一點，是平衡的重要性。

It's the only way you sustain this level of growth and investment and still offer return to shareowners.

這是您維持這種增長和投資水平並仍然為股東提供回報的唯一方法。

We need to grow both the top and bottom line.

我們需要增加收入和利潤。

The year and the quarter that we just completed are evidence of our ability to do that.

我們剛剛完成的年份和季度證明了我們有能力做到這一點。

And we've got a leadership team that's committed to continue that.

我們有一個致力於繼續這一點的領導團隊。

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

您的下一個問題來自巴克萊銀行的 Lauren Lieberman。

I was hoping I would ask a question looking for some example -- tangible examples because so much of the brand reinvestment work and portfolio work that we've heard about, that you've guys have talked about has been very U.S.-focused.

我希望我會問一個問題，尋找一些例子——切實的例子，因為我們聽說過的很多品牌再投資工作和投資組合工作，你們談論的都是非常關注美國的。

And sometimes sitting here, it's a little tough to get a full picture of the P&G world.

有時坐在這裡，要全面了解寶潔的世界有點困難。

So if you could talk a little bit about some things that are maybe happening in other focus markets.

所以，如果你能談談其他焦點市場可能正在發生的一些事情。

Just an example would be we read last month about this relaunch of Oriental Therapy skincare in China.

舉個例子，我們上個月讀到了東方療法護膚品在中國重新推出的消息。

Just if you could run through some of the -- maybe to focus on China, some of the portfolio work that you're doing that we may not be that aware of just sitting as we are in the U.S.

只是如果你能經歷一些——也許是專注於中國，你正在做的一些投資組合工作，我們可能不會像我們在美國一樣坐下來意識到這一點。

Lauren, there are many examples, and we can kind of run around countries and categories, but I'll just give a few, just to sprinkle around the world other than the U.S. If I look in Europe, where you've seen an acceleration of growth, our dish business, and I think auto dish is one we haven't talked a lot about.

勞倫，有很多例子，我們可以在國家和類別之間跑來跑去，但我只舉幾個，只是在美國以外的世界各地散佈。如果我看看歐洲，你已經看到了加速增長，我們的菜餚業務，我認為汽車菜餚是我們沒有太多談論的。

We've rolled out Platinum across many of the countries.

我們已經在許多國家/地區推出了白金。

It's -- again, it's a trade-up.

這是 - 再次，這是一個交易。

It's a superior proposition, and we've seen meaningful share growth across many countries in Europe where auto dish now is one of our faster-growing categories.

這是一個優越的提議，我們在歐洲許多國家看到了有意義的份額增長，現在汽車餐具是我們增長較快的類別之一。

If you look in China, we've given many examples over the last couple of years.

如果你看看中國，我們在過去幾年裡舉了很多例子。

We now have Fem Care growing double digits.

我們現在有 Fem Care 增長兩位數。

You've got laundry growing, and you've got beads and PODS.

你有洗衣店，你有珠子和豆莢。

And you've got just a series of initiatives across almost each country on whatever is the most appropriate for that country.

幾乎每個國家都針對最適合該國家/地區採取的措施推出了一系列舉措。

The 2 of them that I mentioned are those, dish in Europe and, frankly, several of them in China.

我提到的其中兩個是歐洲的菜，坦率地說，其中有幾個在中國。

But that's true as well.

但這也是事實。

I can -- in almost every focused market, and there will be a list of them, but it's hard to list 1 because each of the 10 categories now has a very specific innovation plan that addresses what it takes to grow the markets and better delight the consumers.

我可以——幾乎在每一個重點市場中，都會有一份清單，但很難列出 1 個，因為現在 10 個類別中的每一個都有一個非常具體的創新計劃，以解決如何發展市場和更好地取悅消費者。

And even our expansion markets or our newer brands are also doing well.

甚至我們的擴張市場或我們的新品牌也表現良好。

So it's a broad-based support right now.

所以它現在是一個廣泛的支持。

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 first, just a clarification.

所以首先，只是一個澄清。

The Q4 top line result was so strong.

第四季度的頂線結果非常強勁。

I'm wondering if it included any timing benefit or retailer inventory shifts and if that might impact fiscal Q1.

我想知道它是否包括任何時間優勢或零售商庫存轉移，以及這是否會影響第一財季。

And then you were clear in your prior answers on the internal momentum and what's driving that internal momentum.

然後你在之前的回答中很清楚內部動力以及驅動這種內部動力的原因。

I was hoping you could give us a bit more detail on the level of risk from an external standpoint, just as you look at a competitive standpoint on both pricing and marketing reinvestment going forward given a number of your competitors have publicly announced margin resets recently.

我希望你能從外部角度向我們提供更多關於風險水平的細節，就像你從競爭的角度看待未來定價和營銷再投資一樣，因為你的一些競爭對手最近公開宣布了保證金重置。

So I'd love a bit more detail on what gives you confidence behind continued market share gains and how you think about that external environment.

因此，我想更詳細地了解是什麼讓您對持續的市場份額增長充滿信心，以及您如何看待外部環境。

Dara, I'll hand your second more important question to David.

達拉，我會把你第二個更重要的問題交給大衛。

On the first part, though, we did see small inventory builds in a couple of customers, primarily in the U.S., who increase their service commitments to their customers relative to the number of days or hours that they were going to have products delivered to their shoppers.

不過，在第一部分，我們確實看到一些客戶（主要是美國）的庫存量很小，相對於他們將產品交付給他們的天數或小時數，他們增加了對客戶的服務承諾。購物者。

And they built a little bit of inventory to support that.

他們建立了一些庫存來支持這一點。

For perspective, though, the organic sales growth rate in the fourth quarter, if you exclude that small inventory build, would have remained or does remain well over 7%.

不過，從長遠來看，如果排除小額庫存增加，第四季度的有機銷售增長率將保持或確實保持在 7% 以上。

And the second half on competition, certainly, our eyes are wide open, and we respect all our competitors.

下半場比賽，當然，我們的眼睛是睜大的，我們尊重我們所有的競爭對手。

And yes, we have followed the many announcements on investments in becoming more competitive.

是的，我們已經關注了許多關於投資以提高競爭力的公告。

And we're aware of the guidance that they publicly offer.

我們知道他們公開提供的指導。

What we're trying to do and have continuously been doing, though, is staying focused on the consumers on market-growing innovation.

然而，我們正在努力做並且一直在做的事情，是繼續關註消費者對市場不斷增長的創新。

If we maintain superiority, when we see innovations come out in the marketplace, ensure there are innovations, deliver on meaningful superiority, then I think we're well placed.

如果我們保持優勢，當我們看到市場上出現創新時，確保有創新，提供有意義的優勢，那麼我認為我們處於有利地位。

Part of the reason we've continued to emphasize the need to generate productivity is we anticipate that we're going to have to invest.

我們繼續強調提高生產力的必要性的部分原因是我們預計我們將不得不進行投資。

It's -- we don't know exactly where, how much or what category, but we know that if we can continue to invest meaningful -- or rather create meaningful buckets of investment opportunity, then we're able to remain competitive in the key markets.

它是——我們不確切知道在哪裡、多少或什麼類別，但我們知道，如果我們能夠繼續進行有意義的投資——或者更確切地說，創造有意義的投資機會，那麼我們就能夠在關鍵領域保持競爭力市場。

To date, we've seen a number of innovations come on from our competitors.

迄今為止，我們已經看到許多來自競爭對手的創新。

And to date, we've been able to address those with our innovation.

迄今為止，我們已經能夠通過我們的創新解決這些問題。

And where possible, our intent is to provide innovations that grow the category.

在可能的情況下，我們的目的是提供創新以發展該類別。

And in that environment, it frankly does create a disruptive market situation.

在那種環境下，坦率地說，它確實創造了一種破壞性的市場局面。

We have shifted our focus over the last several years on market growth and on meaningful superiority across the 5 elements.

在過去幾年中，我們將重點轉移到市場增長和 5 個要素的有意義的優勢上。

We're mindful of and aware of what competition does.

我們注意並意識到競爭的作用。

But we've made sure we don't get distracted on chasing a specific competitor and/or innovation, instead play our game and stick to our strategy, and it's working well.

但是我們已經確保我們不會因為追逐特定的競爭對手和/或創新而分心，而是玩我們的遊戲並堅持我們的策略，並且它運作良好。

And there's a concern -- the concern that the competitive environment is heating up is a valid one.

還有一個擔憂——競爭環境正在升溫的擔憂是有道理的。

It's only logical and natural.

這是合乎邏輯和自然的。

But what we're seeing so far, take the U.S. for example.

但是到目前為止，我們所看到的，以美國為例。

Volume moving on promotion, indexing at 94 in the last quarter versus a year ago.

成交量隨著促銷活動而變化，上一季度與一年前相比指數為 94。

So generally, we're in a fairly constructive environment where people are trying to innovate to grow markets, and that's a gain that we like.

所以總的來說，我們處於一個相當有建設性的環境中，人們正在努力創新以發展市場，這是我們喜歡的收穫。

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

您的下一個問題來自高盛集團的 Jason English。

I guess I'm going to try to jam in two.

我想我會試著一分為二。

One, a quick follow on to Dara's question.

一，快速跟進 Dara 的問題。

Your guidance calls for commodities and currencies, et cetera, all kind of being net neutral.

你的指導要求商品和貨幣等等，都是網絡中立的。

So certainly, a lot more accommodative than we've been in the past.

因此，當然，比我們過去更加寬鬆。

And presumably, this is the same set of environment for all competitors, and you overlaid the investment.

據推測，這是所有競爭對手的相同環境，而您覆蓋了投資。

How do we think about category growth, particularly in context of the price trajectory as those dynamics play out?

我們如何看待品類的增長，尤其是在價格軌蹟的背景下，因為這些動態正在發揮作用？

So that's part 1. And then part 2, still sort of linked to it.

這是第 1 部分。然後是第 2 部分，仍然與它相關。

If commodities, currencies, et cetera, kind of go net neutral for you and you deliver the productivity ramp you have, it looks like you should have around 260 basis points of margin tailwind from productivity.

如果大宗商品、貨幣等對你來說是淨中性的，並且你提供了你所擁有的生產力提升，那麼看起來你應該從生產力中獲得大約 260 個基點的利潤順風。

Midpoint in guidance seems to suggest around 80 bps, implying that there's over $1 billion of reinvestment.

指引的中點似乎暗示了大約 80 個基點，這意味著有超過 10 億美元的再投資。

Is that math roughly right?

這個數學大致正確嗎？

And if so, where do you expect that reinvestment to go to?

如果是這樣，您預計再投資將流向何處？

Jason, I'll take the first part and I'll let Jon address the margin side.

傑森，我會講第一部分，讓喬恩解決邊緣問題。

First, on category growth rates, as Jon mentioned, they've been relatively healthy.

首先，正如喬恩所說，在品類增長率方面，它們相對健康。

And frankly, if we continue to do our job and if competition does innovate in constructive ways, then I think the categories will remain healthy.

坦率地說，如果我們繼續做好我們的工作，如果競爭確實以建設性的方式進行創新，那麼我認為這些類別將保持健康。

And if I look across the world, the U.S, which is our biggest market, has been very constructive at 3% or better.

如果我放眼全球，作為我們最大的市場的美國，在 3% 或更高的水平上非常具有建設性。

Europe, it's been -- it's at 2%.

歐洲，它一直是 - 它是 2%。

Our view going forward is probably about 2%, maybe a little bit softer next year.

我們對未來的看法可能約為 2%，明年可能會稍微溫和一些。

The India, Middle East and Africa areas in mid- to high single digits -- at least mid-single digits.

印度、中東和非洲地區處於中高個位數——至少是中個位數。

China, there's been a modest slowing down, but still very healthy.

中國，有適度放緩，但仍然非常健康。

In our categories, we're seeing, call it, high single digits, 7, 8s.

在我們的類別中，我們看到，稱之為高個位數，7、8s。

And we haven't seen a major slowdown, just a little bit of softening.

而且我們還沒有看到大幅放緩，只是有一點軟化。

Asia Pacific, more like 2. Latin America, it's actually been sequentially improving.

亞太地區，更像是 2。拉丁美洲，實際上一直在改善。

Brazil, sequentially improved a bit, from a recession to now modest growth, call it, 1 to 2. But that's encouraging versus where it was before.

巴西從衰退到現在的適度增長，依次略有改善，稱之為 1 到 2。但這與以前相比是令人鼓舞的。

So broadly, when we look across the focus markets, the top 10 markets, we're seeing constructive growth rates.

從廣義上講，當我們審視重點市場、前 10 大市場時，我們看到了建設性的增長率。

And at least in our categories, when we bring meaningful innovation, we're seeing a tick-up and that's the -- to me, the strength of the strategies.

至少在我們的類別中，當我們帶來有意義的創新時，我們看到了一種上升，這就是——對我來說，戰略的力量。

You've got a consumer right now that is interested in our categories.

您現在有一個對我們的類別感興趣的消費者。

And the innovation that we're delivering is ticking up some of the growth rates where we have a meaningful share.

我們正在提供的創新正在加快我們擁有有意義份額的一些增長率。

In most of the categories we participate, we do have a meaningful share.

在我們參與的大多數類別中，我們確實佔有重要的份額。

So that works well.

所以效果很好。

There's very few places that aren't growing now in our major markets.

在我們的主要市場中，現在很少有地方沒有增長。

India is one I did mention.

印度是我提到的一個。

It's double digits.

是兩位數。

And frankly, as we look forward right now, we don't see a reason why it wouldn't stay in the 10 to 12 range.

坦率地說，正如我們現在所期待的那樣，我們看不到它不會保持在 10 到 12 範圍內的原因。

So with the exception of, what I call, modest growth in Europe, many markets are growing faster.

因此，除了我所說的歐洲適度增長之外，許多市場的增長速度都更快。

And Europe is very solid and profitable, so we like that region as well.

歐洲非常穩固且有利可圖，所以我們也喜歡那個地區。

And on the income statement question, I think your observations are generally correct in terms of directionality.

關於損益表問題，我認為您的觀察在方向性方面通常是正確的。

We should have, under current -- under the current macro assumptions the ability to grow margin and to reinvest and maintaining and building our levels of superiority.

在當前的宏觀假設下，我們應該有能力增加利潤、再投資、維持和建立我們的優勢水平。

Also as you look at the comparisons, remember that there are several significant onetime gains in the base period that we have to lap as well.

此外，當您查看比較時，請記住，在我們必須完成的基期中，有幾個顯著的一次性收益。

But we are very cognizant, as I think is reflected in the conversation we're having here, about the competitive nature of our categories, our need to continue working on superiority, the investment that's required to do that, but still being conscious of the need and, I think, the ability to grow margin.

但我們非常清楚，正如我認為在我們在這裡進行的對話中所反映的那樣，關於我們類別的競爭性質，我們需要繼續努力爭取優勢，為此所需的投資，但仍然意識到需要，我認為，增加利潤的能力。

Your next question comes from the line of Steve Powers with Deutsche Bank.

您的下一個問題來自德意志銀行的 Steve Powers。

I guess I was hoping maybe you could zero in and just expand on some of the benefits that you're getting from the focus on the lean innovation initiative that David, I think, you talked about in your prepared remarks.

我想我希望也許你可以歸零並擴大你從專注於精益創新計劃中獲得的一些好處，我認為，大衛，你在準備好的評論中談到了。

Just maybe an example or 2 you could share that illustrates the continued progress on that front.

您可以分享一個或 2 個示例，說明這方面的持續進展。

And then I guess what I'm really interested in is the benefits that you're getting.

然後我想我真正感興趣的是你得到的好處。

Is that really measured just in terms of speed to market?

這真的只是以上市速度來衡量嗎？

Or is there early evidence that the lean innovation can actually lead to improved consumer acceptance of the products that are yielded by that process?

或者是否有早期證據表明精益創新實際上可以提高消費者對該過程產生的產品的接受度？

Steve, I think the benefits of lean innovation are meaningful across many dimensions.

史蒂夫，我認為精益創新的好處在許多方面都很有意義。

First, there are several examples we've given in the past.

首先，我們在過去給出了幾個例子。

Pampers Pure came to market much, much faster than it would have in the past because we had a small team dedicated, working on it.

Pampers Pure 的上市速度比過去快得多，因為我們有一個專門的小團隊致力於它。

They fell in love with the problem they were trying to solve, developed a product, the materials, the communication and they went to market and has done very well.

他們愛上了他們試圖解決的問題，開發了產品、材料、溝通，他們進入了市場並且做得很好。

We gave in the past, I think, the example of micellar water in China, which was the line extension on Pantene that's now been added to many brands in many other countries.

我認為，我們過去舉了中國膠束水的例子，它是潘婷的產品線延伸，現在已被添加到許多其他國家的許多品牌中。

The benefits I'm seeing, one is speed.

我看到的好處之一是速度。

The second is the number of hypotheses that we can advance in one problem area.

第二個是我們可以在一個問題領域提出的假設數量。

And what happens then, as you find the consumer idea that's more powerful, and I've given illustration.

然後會發生什麼，當你發現更強大的消費者想法時，我已經給出了說明。

If you have one hypothesis and you do a large base test, you can get a significant break on a 300-base test.

如果您有一個假設並且您進行了大型基礎測試，那麼您可以在 300 基礎測試中獲得顯著突破。

If you test 10 and have small teams and only give them 20 base size, you have to have a major advantage in order to break significance.

如果您測試 10 個並且有小團隊並且只給他們 20 個基本規模，那麼您必須擁有主要優勢才能打破重要性。

And we actually like the smaller base size because you have to have a meaningful advantage for it to be significant.

而且我們實際上喜歡較小的基本尺寸，因為您必須擁有有意義的優勢才能使其顯著。

And what we're getting then out of this is we're testing more ideas and finding bigger ideas that then we can focus on, incubate and then advance.

我們從中得到的是我們正在測試更多的想法並找到更大的想法，然後我們可以專注於、孵化然後推進。

And whether it's Pampers Pure or micellar water, there's many more to come to market.

無論是幫寶適純水還是膠束水，還有更多產品要上市。

The last comment I'd make, and I think we've released some of this in either the Consumer Electronics Show or others, the number of transactions, learning experiments we have going now, which allowed us to learn fast with small teams, with relatively small investments is at a very high level.

我要發表的最後一條評論，我認為我們已經在消費電子展或其他展會上發布了其中的一些內容，交易數量，我們現在正在進行的學習實驗，這使我們能夠與小團隊一起快速學習，相對較小的投資處於非常高的水平。

And that gives me confidence.

這給了我信心。

Again, we're going to find ideas -- consumer ideas and business propositions that have a great promise with minimal investment.

再一次，我們將找到想法——消費者想法和商業主張，它們以最少的投資有很大的前景。

The idea is you want learning to stay ahead of investment.

這個想法是你想學習保持領先於投資。

And as long as that happens, to me -- along with a focus on delighting the consumer, to me, we're going to see a robust innovation program come out of our 10 categories.

只要這種情況發生，對我來說——除了專注於取悅消費者，對我來說，我們將看到我們的 10 個類別中出現一個強大的創新計劃。

Each of the 10 categories has a growth works effort to make sure they're growing the core, first and foremost, but also looking at underserved or fast-growing areas that we can enter and win in.

這 10 個類別中的每一個都有一個增長工作，以確保他們首先發展核心，但也要關注我們可以進入並贏得勝利的服務不足或快速增長的領域。

And the lean innovation allows us to explore more of those at a cost that's affordable.

精益創新使我們能夠以可承受的成本探索更多的創新。

And what you're seeing is accelerated top line and continued strong productivity efforts.

你所看到的是加速的收入和持續強勁的生產力努力。

So it's done -- you can do more with less people and, arguably, with a better employee value proposition because it's more exciting work.

所以它已經完成了——你可以用更少的人做更多的事情，並且可以說，有一個更好的員工價值主張，因為這是更令人興奮的工作。

So we're quite excited about it, and we're staying in the learning mode.

所以我們對此感到非常興奮，並且我們一直處於學習模式。

We're learning from people inside and outside the company.

我們正在向公司內外的人學習。

And to me, this is an area that holds great promise going forward.

對我來說，這是一個前景廣闊的領域。

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

您的下一個問題來自 Nik Modi 與 RBC 的對話。

I'm going to try to squeeze in 2, if I can.

如果可以的話，我將嘗試擠入2。

One of the areas that Procter has been addressing for the last few years has been in-store execution.

寶潔公司過去幾年一直在解決的領域之一是店內執行。

So David, Jon, maybe you can just give us some metrics on kind of how things have progressed there, how things have improved.

所以大衛，喬恩，也許你可以給我們一些關於那裡事情如何進展的指標，事情如何改進。

And then the second question is you've talked about data and kind of targeting consumer groups in a more specific fashion.

然後第二個問題是您以更具體的方式談到了數據和針對消費者群體的類型。

But I'm just curious, like, if you think about the next 3 to 5 years, how good is Procter's data capture as it relates to individual consumer, so you can actually target Joe or John versus first-time mothers?

但我只是很好奇，比如，如果你考慮未來 3 到 5 年，寶潔的數據採集與個人消費者相關的效果如何，所以你實際上可以針對 Joe 或 John 與第一次做母親的人進行對比嗎？

In terms of in-store execution, it's obviously a very broad topic, which extends out of store.

就店內執行而言，這顯然是一個非常廣泛的話題，延伸到店外。

So for example, one of the biggest things we need to do is be in stock on a shelf and/or behind a shelf on the case of a virtual shopping environment.

因此，例如，在虛擬購物環境中，我們需要做的最重要的事情之一就是在貨架上和/或貨架後面有庫存。

And we've made a lot of progress there, coupled both by -- or driven both by the joint business plans we have with our retailer partners.

我們在這方面取得了很大進展，這兩者都是由我們與零售商合作夥伴制定的聯合業務計劃共同推動的。

But importantly, also, the reconfiguration and transformation of our supply chain, which puts 80% of our production within 24 hours of a shelf and allows us to significantly increase service to customers, which turns in to service to shoppers.

但重要的是，我們供應鏈的重新配置和轉型，使我們 80% 的生產在 24 小時內上架，使我們能夠顯著增加對客戶的服務，從而轉化為對購物者的服務。

We're also working to do a better job of delivering an in-store experience that's consistent with what we know our key business drivers are, which are different by category, different by channel, and ensuring that we're measuring performance of our sales organization, not just on physical distribution, but delivery of key business drivers in-store.

我們還在努力提供與我們所知道的關鍵業務驅動因素一致的店內體驗，這些體驗因類別和渠道而異，並確保我們衡量銷售業績組織，不僅在實體分銷方面，而且在店內交付關鍵業務驅動因素。

A huge number of brand choices are made in front of a shelf, whether it's a physical shelf or a virtual shelf.

海量的品牌選擇都是在貨架前做出的，無論是實體貨架還是虛擬貨架。

And ensuring that, that shelf serves that shopper, enables them to select the item that's right for them, is a significant focus.

確保貨架為購物者服務，使他們能夠選擇適合他們的商品，這是一個重要的焦點。

And I could go on.

我可以繼續。

But this is an area where we still have a lot of improvement opportunity, but we've made significant progress.

但這是一個我們仍然有很多改進機會的領域，但我們已經取得了重大進展。

And on the second half of your question, we're actually quite excited about this smart audience work that we're doing.

關於你問題的後半部分，我們實際上對我們正在做的這項聰明的觀眾工作感到非常興奮。

In the past, we've had broad demographic groups that we targeted with our media.

過去，我們的媒體針對的是廣泛的人口群體。

And it's always been said that half your media is wasted, you just don't know what half.

一直有人說，你一半的媒體被浪費了，你只是不知道那一半是什麼。

And we have the data now to find out what half it is.

我們現在有數據來找出一半是多少。

And we have developed a very large proprietary database.

我們開發了一個非常大的專有數據庫。

We have over 1 billion consumer IDs worldwide meaningfully over that.

在這方面，我們在全球擁有超過 10 億個消費者 ID。

That allows us to have these smart audiences, and once you have the smart audiences, you can do propensity marketing with people that have similar characteristics.

這使我們能夠擁有這些聰明的受眾，一旦擁有了聰明的受眾，您就可以與具有相似特徵的人進行傾向營銷。

We have a much larger number of cookie data that allows us to touch devices.

我們擁有大量允許我們觸摸設備的 cookie 數據。

But we like best where we got unique consumer ideas -- IDs.

但我們最喜歡有獨特的消費者想法的地方——ID。

And we run programs around the world, and we certainly ask consumers and allow them to opt in.

我們在世界各地運行程序，我們當然會詢問消費者並允許他們選擇加入。

But then we collect the data the right way and use it with the appropriate privacy restraints.

但隨後我們會以正確的方式收集數據，並在適當的隱私限制下使用它。

And to me, it's making a meaningful difference.

對我來說，它正在產生有意義的變化。

It's part of what can fuel the lean innovation work we're doing because we can get very targeted audiences to test new business ideas, new products and new propositions.

這是推動我們正在進行的精益創新工作的一部分，因為我們可以獲得非常有針對性的受眾來測試新的商業理念、新產品和新主張。

So I think going forward, it's only going to get more powerful as we continue to collect data, refine it and become more accomplished at performance marketing, taking that data, use it in a respectful way to serve consumers' products and propositions and messages that meet their needs.

所以我認為，隨著我們繼續收集數據、完善數據並在績效營銷方面取得更大成就，獲取數據，以尊重的方式使用它來服務於消費者的產品、主張和信息，它只會變得更加強大滿足他們的需求。

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。

I actually wanted to ask about your Baby Care business.

我其實想問一下你們的嬰兒護理業務。

First, it incited positive course so I would like to hear more about what drove the improvement.

首先，它激發了積極的進程，所以我想更多地了解推動改進的原因。

And then I was hoping to get your outlook for this business and really what you guys need to do to continue to improve it.

然後我希望了解您對這項業務的看法，以及你們真正需要做些什麼來繼續改進它。

Do you still think additional price adjustments will be necessary in maybe the mid- and value tiers?

您是否仍然認為可能需要在中端和價值層進行額外的價格調整？

And then given any innovation coming in the U.S., maybe on the premium end, counter the new innovation from Kimberly?

然後考慮到美國的任何創新，也許在高端，反擊金佰利的新創新？

Yes, Bonnie, I'd give a couple of comments.

是的，邦妮，我想提幾點意見。

First, overall, for global Baby Care, there's a very robust innovation program that myself, Jon and a team of the most senior officers in the company have spent an extended period of time with the Baby Care team looking at the next 3-year strategy, including the innovation program by tier for major markets.

首先，總體而言，對於全球嬰兒護理，有一個非常強大的創新計劃，我本人、喬恩和公司最高級管理人員團隊花了很長時間與嬰兒護理團隊一起研究下一個 3 年戰略，包括針對主要市場的分層創新計劃。

And certainly, we don't announce in advance when we're coming with major innovation.

當然，當我們推出重大創新時，我們不會提前宣布。

But in the premium, in the mid-tier and some of the specialty areas, we have a robust innovation program, and it will be coming sequentially and coming fast.

但在高端、中端和一些專業領域，我們有一個強大的創新計劃，它將按順序推出并快速推出。

If I step back though, Baby Care improved the fiscal year, with organic sales from last year to this year.

但是，如果我退後一步，嬰兒護理會改善本財年，從去年到今年的有機銷售。

Global organic sales did grow in the fourth quarter.

全球有機銷售額在第四季度確實有所增長。

We've seen acceleration on most markets in the back half.

我們已經看到後半部分大多數市場的加速。

China importantly, in the fourth quarter, turned very positive to plus 8, U.S. at plus 2. This is, for China, and the first time we've had sales and share growth in 5 years.

重要的是，在第四季度，中國非常積極地轉為正值 8，美國為正值 2。對於中國而言，這是 5 年來首次實現銷售額和份額增長。

And it's been driven by the results on both premium tape and pants.

它是由優質膠帶和褲子的結果推動的。

So those 2 combined are driving meaningful growth in China.

因此，這兩者加起來正在推動中國的有意義的增長。

U.S. Baby Care is making progress.

美國嬰兒護理正在取得進展。

We know we have work left to do.

我們知道我們還有工作要做。

Pure Protection is doing well.

純保護做得很好。

Swaddlers is doing well.

襁褓者做得很好。

Pants is doing well.

褲子做得很好。

And we're making -- we have innovation coming that will improve the superiority in the mid- and value tiers, and that will be competitive.

而且我們正在做——我們有創新，這將提高中端和價值層的優勢，這將是有競爭力的。

We have our eyes wide open.

我們睜大了眼睛。

We understand there's other participants in the category.

我們知道該類別中還有其他參與者。

And it will be something we have to sequentially continue to work on.

這將是我們必須依次繼續努力的事情。

But both global Baby, U.S. Baby, and then I have to look at China Baby, there's encouragement.

但是無論是全球寶貝，美國寶貝，然後我都要看看中國寶貝，有鼓勵的地方。

And we're excited about the new bundle that's launching this month in China.

我們對本月在中國推出的新捆綁包感到興奮。

Pampers Pure into a super-premium tier, with natural cotton tape and pants.

Pampers Pure 成為超高級層，採用天然棉膠帶和褲子。

Diapers with natural cotton.

天然棉紙尿褲。

We have a masstige product on tape and pants, featuring cloud-soft diapers with breathability.

我們在膠帶和褲子上提供了一種大眾化產品，具有透氣性的雲狀柔軟尿布。

We have upgrades coming right now on mainline and premium, which we call Ichiban, and new Ichiban-plus, taped with double breathable layers.

我們現在對主線和高級版進行了升級，我們稱之為 Ichiban，以及新的 Ichiban-plus，採用雙層透氣層。

So each of those tiers, we have meaningful upgrades coming.

因此，每一層，我們都會進行有意義的升級。

So yes, it's robust and yes, it's competitive, and our eyes are wide open and recognize this will be one of continuous innovation.

所以是的，它很強大，是的，它很有競爭力，我們睜大眼睛，認識到這將是持續創新之一。

It's just a highly engaged category for consumers, but still attractive.

對於消費者來說，這只是一個高度參與的類別，但仍然具有吸引力。

And your question about pricing.

還有你關於定價的問題。

Obviously, we can't comment on future pricing.

顯然，我們無法對未來的定價發表評論。

But you should expect as we try and do premiumize the portfolio, that there are pricing opportunities associated with that premiumization that we'll take advantage of.

但是，當我們嘗試對投資組合進行高端化時，您應該期望，我們將利用與這種高端化相關的定價機會。

The next question comes from the line of Steven Strycula with UBS.

下一個問題來自瑞銀的 Steven Strycula。

And congrats on a good quarter.

並祝賀一個良好的季度。

So a question for a high level is that it seems like the end markets are really accelerating here in terms of total category.

因此，一個高層次的問題是，就總類別而言，終端市場似乎真的在加速增長。

In addition to that, you're improving your market shares.

除此之外，您正在提高您的市場份額。

So I wanted to see, is this analogous to, call it, prerecession levels when we're in a trade-up economy, when you saw a lot of premiumization across the different categories.

所以我想看看，當我們處於以舊換新的經濟中，當你看到不同類別的大量高端化時，這是否類似於，稱之為衰退前水平。

That will be one perspective.

這將是一種觀點。

And then the second follow-up question for Jon would be could you unpack the commodity versus transport versus FX a little bit.

然後喬恩的第二個後續問題是，您能否將商品與運輸與外匯分開一點。

Are all 3 going to be relatively muted?

所有 3 都會相對靜音嗎？

Or is the net effect that they just kind of level out, maybe 2 are up, 1 is down?

或者他們的淨效應只是趨於平穩，也許 2 上升，1 下降？

Steve, I'll, again, take the first as you requested on the growth rates.

史蒂夫，我會再次按照你對增長率的要求採取第一個。

The growth rates, for me, are pretty stable.

對我來說，增長率相當穩定。

They're not accelerating, but they're stable at a very good place.

他們沒有加速，但他們在一個非常好的地方穩定。

And again, our innovation is working to grow categories where we can.

再一次，我們的創新正在努力擴大我們可以的類別。

As I mentioned earlier, they're in the 3 to 4 range, a good 3 right now and it varies by country, but in the most important markets for us, the biggest markets, it's pretty healthy.

正如我之前提到的，它們在 3 到 4 的範圍內，現在是一個不錯的 3，並且因國家/地區而異，但在我們最重要的市場，最大的市場中，它非常健康。

U.S. is healthy, China is healthy, India is healthy, Europe is stable at around 2, and Japan, another large market, is flat, but yes, we're growing share.

美國健康，中國健康，印度健康，歐洲穩定在 2 左右，另一個大市場日本持平，但是是的，我們的份額正在增長。

So in general, we feel pretty good.

所以總的來說，我們感覺還不錯。

Whether it's as strong as it was prerecession, I'd have to go back and look at 7, 8 before it hit or 6 or 7, I think we were in the 4 to 5 then.

無論它是否像衰退前一樣強大，我都必須回去看看它擊中之前的 7、8 或 6 或 7，我認為當時我們處於 4 到 5 之間。

We're right now, and I'd call it, the 3 to 4 range.

我們現在，我稱之為 3 到 4 範圍。

But we feel good about that.

但我們對此感覺良好。

And what we have seen, to your point, when we offer premium products that have meaningful advantages in many of our big markets, the answer is yes.

根據您的觀點，我們已經看到，當我們提供在我們的許多大市場中具有重要優勢的優質產品時，答案是肯定的。

They are trading up.

他們正在向上交易。

You're seeing that in some of the specialty areas, the natural.

你在一些專業領域看到了這一點，自然。

For sure, it's an area we've been very active, our Always and Tampax Pure.

當然，這是我們一直非常活躍的領域，我們的 Always 和 Tampax Pure。

It was launched March of '19, is doing very well.

它於 19 年 3 月推出，運行良好。

The L. acquisition is doing well.

L. 收購進展順利。

Native, our deodorant acquisition, is doing well.

我們收購的除臭劑 Native 表現不錯。

Pampers Pure, we've mentioned before.

Pampers Pure，我們之前提到過。

So there's many examples.

所以有很多例子。

Tide beads -- Tide PODS and the Downy beads, those are also examples of premium-priced products where consumers have traded up and they offer delightful benefits.

Tide 珠子——Tide PODS 和 Downy 珠子，這些也是高價產品的例子，消費者已經進行了交易，它們提供了令人愉快的好處。

So yes on the trade-up when you have a meaningful consumer experience advantage, and I'd call it healthy, relatively stable growth rates of 3 to 4, call it, 3 to 3.5 right now.

所以是的，當你擁有有意義的消費者體驗優勢時，我認為它是健康的、相對穩定的 3 到 4 的增長率，現在稱之為 3 到 3.5。

So on the second part of your question, in a very broad sense, I would look at currencies' year-to-year, this is going into next year, as a relatively minor hurt.

所以在你問題的第二部分，從廣義上講，我會看貨幣的逐年變化，這將持續到明年，作為一個相對較小的傷害。

If you think about markets like Turkey and Argentina, where there has been significant devaluation that hasn't yet annualized, if you think about what's happening in the U.K. and what could continue to happen in the U.K., that's certainly not the order of magnitude that we saw last year.

如果您考慮像土耳其和阿根廷這樣的市場，那裡的貨幣大幅貶值尚未實現年化，如果您考慮英國正在發生的事情以及英國可能繼續發生的事情，那肯定不是那個數量級我們去年看到了。

Having said that, if we were having this conversation last year at this time, I would be telling you the same thing, only to update you on our next earnings call with significant hurts.

話雖如此，如果我們在去年的這個時候進行這次談話，我會告訴你同樣的事情，只是為了讓你在我們的下一次財報電話會議上更新你的重大傷害。

So it's a very -- what I would say is a constant in that space is volatility.

所以這是一個非常 - 我要說的是那個空間中的一個常數是波動性。

But on a spot basis today, a slight hurt.

不過今天就當場，有點小傷。

Commodities, on the other hand, are a slight help on a spot basis, that also is a very volatile environment when you consider the petro complex and pulp and natural gas as our biggest commodity exposures.

另一方面，商品在現貨方面略有幫助，當您將石油綜合體以及紙漿和天然氣視為我們最大的商品敞口時，這也是一個非常不穩定的環境。

And there's a lot that's happening in the world that can affect those prices, but right now, a small positive.

世界上正在發生很多事情會影響這些價格，但現在，這是一個小小的積極因素。

Transportation, good news, is neutral and hopefully, will get to the point, when we annualize some of the hurts, that it turns into a small help year-to-year.

交通，好消息，是中性的，希望能夠達到這一點，當我們將一些傷害年化時，它會變成每年的小幫助。

So that's it in a nutshell.

簡而言之就是這樣。

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

下一個問題來自 Ali Dibadj 和 Bernstein 的觀點。

So a couple of things.

所以有幾件事。

One is just obviously the organic sales growth, 7%, very pleasing to all of us.

一是很明顯的有機銷售增長，7%，讓我們所有人都很滿意。

Can you give us a sense of how much of that growth is a true same-store sales growth versus shelf space gain growth versus kind of broader distribution reach growth?

您能否讓我們了解這種增長在多大程度上是真正的同店銷售增長、貨架空間增長與更廣泛的分銷範圍增長？

I've asked similar questions before, but I guess I ask in the context of the guidance of 3% to 4%.

我之前也問過類似的問題，但我想我是在 3% 到 4% 的指導下問的。

We get your lapping tougher compares, but trying to better understand what the drivers of the actual expected slowdown are along those metrics.

我們讓您的研磨更嚴格的比較，但試圖更好地了解實際預期放緩的驅動因素是沿著這些指標。

And then the second question is if one were to pick a little bit, one would look perhaps at margins and see that even the gross margins were up 120-plus basis points.

然後第二個問題是，如果要選擇一點，可能會看看利潤率，甚至毛利率也上升了 120 多個基點。

SG&A investments were higher, of course, to drive the top line, but heavier investments throughout the business, higher comp expenses.

SG&A 投資當然更高，以推動收入增長，但整個業務的投資更重，補償費用更高。

And that seems to be a pattern across consumer packaged goods.

這似乎是消費品包裝商品的一種模式。

So why don't you kind of elevate a little bit if you can?

那麼，如果可以的話，為什麼不提高一點呢？

Maybe David, it's part of your constructive disruption you've talked about.

也許大衛，這是你所說的建設性破壞的一部分。

But can you talk more specifically about where the industry is investing?

但是你能更具體地談談這個行業在哪裡投資嗎？

Clearly, performance marketing as an example that.

顯然，以績效營銷為例說明。

And whether we should think about this at all is kind of a profit pool shift in any way in terms of other places of the ecosystem.

就生態系統的其他地方而言，我們是否應該考慮這一點是一種利潤池的轉變。

So are retailers getting the benefit here?

那麼零售商是否從中受益呢？

Are there other partners getting the benefit of this reinvestment?

是否有其他合作夥伴從這種再投資中受益？

And whether that investment just has to stay at this elevated level to get to this 3.5% kind of regrowth and whether you think that subsides over time.

以及該投資是否必須保持在這個較高的水平才能達到這種 3.5% 的再增長，以及您是否認為隨著時間的推移會消退。

Yes, let me start with the broader one, and then -- and Jon is going to jump into specifics, but we can kind of bounce back on this one.

是的，讓我從更廣泛的開始，然後——Jon 將進入細節，但我們可以在這個問題上有所反彈。

First, the broader question on the market and do I expect elevated investments are required to sustain this growth.

首先，市場上更廣泛的問題以及我是否認為需要增加投資來維持這種增長。

In many ways, we have elevated the investment, and yes, I do believe we'll have to have meaningful productivity to cover both retailer needs for their value improvement as well as continue to meet the consumers' needs with what I expect will be elevated competitive action.

在許多方面，我們已經提高了投資，是的，我確實相信我們必須擁有有意義的生產力來滿足零售商對提高價值的需求，並繼續滿足消費者的需求，而我預計會提高競爭行動。

But I think that's all doable within the current guidance, and that's why we've given a wide range.

但我認為這在當前指導下都是可行的，這就是我們給出廣泛範圍的原因。

There's a lot of things that could happen.

有很多事情可能發生。

Having said that, what we are seeing though is the innovation that we've delivered is contributing to markets that are growing.

話雖如此，但我們所看到的是我們提供的創新正在為不斷增長的市場做出貢獻。

Our data would say we are a significant part of the reason the markets are healthy in our categories.

我們的數據會表明，我們是市場在我們的類別中健康的重要原因。

And we know we have a robust innovation plan coming forth this year and beyond.

而且我們知道我們在今年及以後製定了強有力的創新計劃。

Secondly, we know and we have line of sight to continue on our current productivity program that is generating meaningful investments.

其次，我們知道並且我們有視線繼續我們當前的生產力計劃，該計劃正在產生有意義的投資。

And it is covering, and we will continue to work with our retailers to ensure that they have -- we have with them joint value creation plans that meet both needs and those we feel very constructive about.

它正在覆蓋範圍內，我們將繼續與我們的零售商合作，以確保他們擁有 - 我們與他們共同製定價值創造計劃，以滿足需求和我們認為非常有建設性的需求。

We don't overreact by quarter, so I don't get overly excited about an overly good or bad quarter.

我們不會按季度反應過度，所以我不會對一個過於好的或壞的季度過於興奮。

What we're looking for is trends over time, and there is very clear trends over the last 3 years of increasing brand-country combinations that we're growing share.

我們正在尋找的是隨著時間的推移的趨勢，並且在過去 3 年中，我們正在增長的份額越來越多的品牌-國家組合有非常明顯的趨勢。

That breadth covers category and country, look at it by both ways, and you're seeing it move up significantly from '16 to '17 to '18 to '19, which again gives me confidence that this is a sustainable strategy.

這種廣度涵蓋了類別和國家，從兩個方面來看，你會看到它從 16 年到 17 年到 18 年到 19 年顯著上升，這再次讓我相信這是一個可持續的戰略。

And I think the elevated investment is built into our productivity program.

而且我認為增加的投資已納入我們的生產力計劃。

Jon?

喬恩？

I wouldn't have much to add.

我沒有太多要補充的。

The one thing though I would make sure you understand, and you can follow up with John on this, when you look at the elevated SG&A as a measure of investment, you need to take out a significant increase year-to-year in our accruals for compensation.

儘管我會確保您理解的一件事，並且您可以就此與約翰跟進，當您將提高的 SG&A 視為投資衡量標準時，您需要在我們的應計項目中逐年顯著增加為補償。

It's a 100 basis point impact on the quarter in SG&A.

這對 SG&A 的季度產生了 100 個基點的影響。

Everything that David said remains true with that excluded, but it's important you understand that as you think about the true year-to-year trend.

大衛所說的一切在排除的情況下仍然是正確的，但重要的是你在考慮真正的逐年趨勢時要理解這一點。

And then on the top line, the only thing I would add.

然後在第一行，我唯一要添加的內容。

You mentioned rightly the much tougher comps.

你正確地提到了更艱難的組合。

And I mentioned in my prepared remarks that we're significantly accelerating the 2-year average just in terms of the top line growth rate, which just isn't easy to do in an environment, as we've all been discussing this morning, where we fully expect continued heightened competition, and to not allow for that reality within our guidance range would seem less than prudent.

我在準備好的發言中提到，僅就收入增長率而言，我們正在顯著加快 2 年平均水平，這在環境中並不容易做到，正如我們今天早上一直在討論的那樣，我們完全預計競爭將繼續加劇，並且在我們的指導範圍內不允許這種現實似乎不太謹慎。

So we've done that.

所以我們已經做到了。

The way to contextualize the top line is we're growing at or ahead of the market with a bias towards growing ahead.

將頂線背景化的方法是我們在市場上或領先於市場增長，並傾向於提前增長。

And that's, as I said in my prepared remarks, not a lay-up.

正如我在準備好的評論中所說，那不是上籃。

The next question comes from the line of Bill Chappell -- I'm sorry, Andrea Teixeira with JPMorgan.

下一個問題來自 Bill Chappell 的話——對不起，摩根大通的 Andrea Teixeira。

And congrats on the results.

並祝賀結果。

David, can you comment a little bit on Grooming the same way as you gave on the Baby -- on the state of the union of the Baby side.

大衛，你能不能像你給嬰兒一樣評論梳理一下——關於嬰兒方面的結合狀態。

It was definitely refreshing to see the inflection on a 2-year stack over the past 8 quarters.

在過去 8 個季度中看到 2 年堆棧的變化絕對令人耳目一新。

And as Jon Moeller was saying just now, I think that's an acceleration.

正如 Jon Moeller 剛才所說，我認為這是一種加速。

But can you comment on how sustainable this trend is going forward and how the Gillette online initiatives can kind of sustain and also in the key markets where you've learned from the experience in the U.S. that you are bringing over, I believe, in the U.K. and as well as the channels in Club and then in particular is your key competitor consolidated?

但是，您能否評論一下這種趨勢的可持續性以及吉列在線計劃如何能夠維持下去，以及您從美國的經驗中學到的關鍵市場，我相信，在英國以及 Club 中的渠道，尤其是您的主要競爭對手是否已合併？

So if you can give us kind of that state of the union, it will be helpful.

因此，如果您能給我們提供一種工會的狀態，那將會很有幫助。

Very good.

很好。

Grooming remains an attractive business, as we said, and we haven't lost our enthusiasm for it for many, many reasons.

正如我們所說，美容仍然是一項有吸引力的業務，我們並沒有因為很多很多原因失去對它的熱情。

And we did talk organic sales did grow this fiscal year, and we had a good ending of the year.

我們確實談到了本財年的有機銷售額確實增長了，而且我們今年的收官不錯。

A couple of things that are frankly very positive about the future, one is the big new innovation called SkinGuard* continues to pick up share.

坦率地說，有幾件事對未來非常積極，其中之一是名為 SkinGuard* 的重大創新，其份額繼續增加。

It's already double digit in several of the focus markets that we have launched.

在我們推出的幾個重點市場中，它已經達到了兩位數。

It has been expanded around the world right now, and it addresses a very specific benefit of people that have sensitive skin.

它現在已經在世界範圍內擴展，它解決了敏感皮膚人群的一個非常具體的好處。

The strategy that we've pivoted to, and I think will bear fruit over time, is looking at the full ladder, from double edge all the way up to the heated razor.

我們已經轉向的策略，我認為隨著時間的推移會結出碩果，正在尋找完整的階梯，從雙刃劍一直到加熱剃須刀。

So you go from pennies to very expensive products depending on what your need is.

因此，根據您的需求，您可以從幾美分到非常昂貴的產品。

We're now more actively playing in disposables, including with innovation in disposables, with sensorial benefits being delivered with things like lube strips.

我們現在更積極地使用一次性用品，包括在一次性用品方面的創新，通過潤滑油條之類的東西提供感官上的好處。

We now innovation across the mid-tier, which is the MACH line in the premium line.

我們現在在中端進行創新，即高端線中的 MACH 線。

All those to me are important.

所有這些對我來說都很重要。

Then by market, we have to figure out what is the right ladder and what is the right demand programs to be able to drive trial.

然後通過市場，我們必須弄清楚什麼是正確的階梯以及什麼是能夠推動試驗的正確需求計劃。

And the other we have to do, and you've seen meaningful changes, is figure out how to be relevant to Gen Z and Millennials.

我們必須做的另一件事，你已經看到了有意義的變化，就是弄清楚如何與 Z 世代和千禧一代相關聯。

And we've made progress there as well.

我們在這方面也取得了進展。

So the SkinGuard* initiative is performing well.

因此 SkinGuard* 計劃表現良好。

It's in U.S., Canada, parts of Europe.

它在美國、加拿大和歐洲部分地區。

And overall, acceptance has been strong.

總體而言，接受度一直很高。

The after-use experience is very strong, so all of our efforts now are to drive trial and awareness.

使用後的體驗非常強烈，所以我們現在所有的努力都是為了推動試用和意識。

And as that continues, and that's a good tailwind for us, we have our eyes wide open.

隨著這種情況的繼續，這對我們來說是一個很好的順風，我們睜大了眼睛。

We recognize we've had a significant headwind on broad societal trend on shaving, and we're broadening our view with how we view Grooming and making sure we have products that also allow you to trim and other ways to take care of facial hair.

我們認識到我們對剃須的廣泛社會趨勢有很大的不利影響，我們正在擴大我們對美容的看法，並確保我們的產品還允許您修剪和其他方式來照顧面部毛髮。

And so both the Braun and the Gillette programs to me are very active and robust.

所以對我來說，布勞恩和吉列的計劃都非常活躍和強大。

And to me, the plan going forward is robust.

對我來說，未來的計劃是穩健的。

It will be both relevant communication, innovation and focused on ensuring that we bring it to life in ways that work with consumers, each market in which we focus.

這將是相關的溝通、創新，並專注於確保我們以與消費者合作的方式將其變為現實，我們關注的每個市場。

All right.

好的。

And now we'll go to Bill Chappell with SunTrust.

現在我們將與 SunTrust 聯繫 Bill Chappell。

Just a question on competitive response and what you're seeing.

只是一個關於競爭反應和你所看到的問題。

I mean I know you expect competitive response into the market share gains and the strength.

我的意思是我知道您期望對市場份額的增長和實力做出競爭性反應。

But I just want to understand like are you seeing a different competitive response because it doesn't seem that we're seeing the same kind of price-cutting promotional levels kind of even around the world, but especially in the U.S., that we have in the past.

但我只是想了解一下，您是否看到了不同的競爭反應，因為我們似乎並沒有在世界各地看到同樣的降價促銷水平，尤其是在美國，我們有在過去。

And so are the competitors reacting differently, or you're just -- they haven't reacted yet, and so we're just kind of waiting for those price cuts to come?

那麼競爭對手的反應是否不同，或者你只是 - 他們還沒有反應，所以我們只是在等待降價的到來？

We have seen competitive reactions, and I think, broadly, each competitor is acting consistent with their strategy.

我們看到了競爭反應，我認為，從廣義上講，每個競爭對手的行為都與他們的戰略一致。

I would characterize the markets as constructive right now.

我現在將市場描述為建設性的。

You see an increased level of innovation, which frankly we like, we look forward to addressing.

您會看到創新水平的提高，坦率地說，我們喜歡，我們期待解決。

We're seeing innovation across all price tiers.

我們看到所有價格層的創新。

That's again an approach that we're happy to address.

這又是一種我們樂於解決的方法。

I believe that, generally, people have learned a lot from past actions, and each company has to decide what their value-creation plan is.

我相信，總的來說，人們從過去的行為中學到了很多東西，每個公司都必須決定他們的價值創造計劃是什麼。

And to date, I have not seen behavior that would increase concern on market attractiveness in the 10 categories in which we participate.

迄今為止，在我們參與的 10 個類別中，我還沒有看到會增加對市場吸引力的擔憂的行為。

And next, we'll go to Kaumil Gajrawala with Crédit Suisse.

接下來，我們將與瑞士信貸一起前往 Kaumil Gajrawala。

Can you talk a bit about media spending?

你能談談媒體支出嗎？

I guess there's 2 conversations: one is a kind of increased focus on traditional media; and then also a conversation about increased spending -- media spending directly with the retailers.

我想有兩種對話：一種是對傳統媒體的日益關注；另一種是對傳統媒體的關注。然後還有關於增加支出的對話——直接與零售商的媒體支出。

Can you talk about how you're thinking about that going forward?

你能談談你對未來的看法嗎？

Well, first, let me start with the macro headline.

好吧，首先，讓我從宏觀標題開始。

We're looking at stronger media delivery of stronger programs at lower cost.

我們正在尋找以更低的成本提供更強大的節目的更強大的媒體交付。

We found ourselves, in many cases, over frequented -- sorry, frequency of ad presentation was too high and our reach was too low.

在許多情況下，我們發現自己過於頻繁——抱歉，廣告展示的頻率太高，而我們的覆蓋面太低。

We're adjusting that.

我們正在調整它。

As we do that, we're finding efficiencies in our overall media program.

當我們這樣做時，我們正在我們的整個媒體計劃中尋找效率。

And we've talked about the significant opportunities that exist within the media supply chain, including media compensation -- or agency compensation and production costs, and we're working to reduce that, all with the idea of increasing the overall effectiveness of our program, which includes the right mix, different by category, for both traditional and digital media.

我們已經討論了媒體供應鏈中存在的重要機會，包括媒體補償——或代理補償和製作成本，我們正在努力減少這些，所有這些都是為了提高我們項目的整體效率，其中包括針對傳統媒體和數字媒體的按類別不同的正確組合。

The next question comes from the line of Kevin Grundy with Jefferies.

下一個問題來自 Kevin Grundy 與 Jefferies 的對話。

And congratulations on a strong year.

並祝賀這一年的強勁表現。

I wanted to come back to the Gillette business as well.

我也想回到吉列業務。

First, the housekeeping question just for Jon on the impairment charge.

首先，僅針對 Jon 的減值費用問題。

I understand it's noncash, but I'm more concerned about potentially what it may signal.

我知道這是非現金，但我更擔心它可能發出的信號。

David said it's pretty positive a moment ago, and results have gotten better.

大衛剛才說這是非常積極的，結果已經變得更好了。

So maybe just confirm this is an annual requirement as opposed to some sort of triggering event, that would be helpful.

所以也許只是確認這是一項年度要求，而不是某種觸發事件，這會很有幫助。

And then David, I think the question was asked earlier.

然後是大衛，我認為這個問題是之前提出的。

I'm not sure you necessarily touched on it just in terms of the potential implications from Edgewell's acquisition of Harry's and bringing on their leadership team, what they may bring, your current views on the implications of consolidation in the space and how you see the competitive dynamic potentially changing and what you guys have embedded in your outlook.

我不確定您是否一定會僅就 Edgewell 收購 Harry's 的潛在影響以及他們的領導團隊帶來的潛在影響、他們可能帶來的影響、您目前對空間整合影響的看法以及您如何看待競爭動態可能會發生變化，以及你們在前景中所嵌入的內容。

Thanks, Kevin.

謝謝，凱文。

We test each of our goodwill and our intangible assets every year.

我們每年都會測試我們的每一項商譽和無形資產。

That's a requirement.

這是一個要求。

And we've been indicating really for the last number of years that the cushion, if you will, in other words, the value that we're coming up with every year as compared to the value that we're carrying in our balance sheet, has been declining.

在過去的幾年裡，我們一直在表明緩衝，如果你願意的話，換句話說，我們每年提出的價值與我們在資產負債表中的價值相比, 一直在下降。

If you look back at any of our financial statements over the last 3 years, you'll see a reference to that.

如果您回顧我們過去 3 年的任何財務報表，您會看到對此的參考。

And we've talked about how that cushion has been declining.

我們已經討論過這個緩衝是如何下降的。

The drivers of that are primarily twofold.

其驅動因素主要是雙重的。

One is foreign exchange.

一是外匯。

And then you've got here a business with a very broad global footprint, and particularly with the year that we've just been through, that impacts that value assessment.

然後，您在這裡擁有一家在全球範圍內擁有非常廣泛影響力的企業，尤其是在我們剛剛經歷的那一年，這會影響價值評估。

The second we've also had many conversations about, which is the impact on market size in developed markets from overall shaving incidents, which is down.

第二個我們也進行了很多對話，那就是整體剃須事件對發達市場市場規模的影響，這是下降的。

And those 2 things, as they get factored into our annual valuation, at some point, get us to a value that's less than the value we currently have in our balance sheet.

這兩件事，當它們被納入我們的年度估值時，在某些時候，使我們的價值低於我們目前在資產負債表中的價值。

And that kicks in a pretty complicated process to get to the new goodwill number, and John can take you through that off-line as needed.

這會引發一個相當複雜的過程來獲得新的商譽號碼，John 可以根據需要帶您完成離線操作。

But it is a nondiscretionary annual valuation test that's led to this outcome as has been clearly telegraphed, I think, in our financial reports.

但我認為，正如我們的財務報告中明確傳達的那樣，導致這一結果的是一項非自由裁量的年度估值測試。

And I'll take the second part of the question.

我將回答問題的第二部分。

I'm happy to give more detail on Gillette.

我很高興提供有關吉列的更多詳細信息。

First that the Edgewell acquisition of Harry's, does this propose additional risk to the business?

首先，Edgewell 收購 Harry's，這是否會給企業帶來額外的風險？

It's still early.

現在還早。

The deal is not close.

交易還沒有結束。

And we generally don't speculate on what we think the competition is going to do.

而且我們通常不會推測我們認為競爭會做什麼。

I will say a few things that we are doing that I think positions us well and broadly if you step back Grooming -- or rather, Edgewell's going to have to make money.

我會說一些我們正在做的事情，我認為如果你退後 Grooming 的話，我們的定位很好，更廣泛——或者更確切地說，Edgewell 將不得不賺錢。

They bought a company.

他們收購了一家公司。

We've seen both Unilever's acquisition of Dollar Shave Club and now the Edgewell acquisition of Harry's.

我們已經看到聯合利華收購 Dollar Shave Club 以及現在 Edgewell 收購 Harry's。

Both the parent companies that have bought those startups need to make money.

收購這些初創公司的母公司都需要賺錢。

And to me, that's not a bad thing for the overall value-creation opportunities in the industry.

對我來說，這對行業的整體價值創造機會來說並不是一件壞事。

If I step back again and look at what we're doing, we're doing more differentiation.

如果我再退後一步，看看我們在做什麼，我們正在做更多的差異化。

You've seen our Joy that launched at Walmart has done very, very well.

您已經看到我們在沃爾瑪推出的 Joy 做得非常非常好。

As we've again activate across the ladder and what we see now with our willingness to differentiate, we're rejuvenating both the Gillette and the Venus brands.

隨著我們再次在階梯上活躍起來，以及我們現在看到的差異化意願，我們正在振興吉列和維納斯品牌。

The campaigns that we'd put out there are working.

我們在那裡開展的活動正在發揮作用。

They're engaging very much with Gen Z and Millennials.

他們與 Z 世代和千禧一代非常互動。

And we've seen a significant positive, 80% positive response from Millennials to our recent campaigns and their likelihood to purchase Gillette, which I think is positive.

我們已經看到千禧一代對我們最近的活動以及他們購買吉列的可能性有 80% 的積極響應，我認為這是積極的。

Online.

在線的。

You mentioned the U.S. Gillette DTC, while still small, has doubled in us in the past 12 months.

您提到了美國吉列 DTC，雖然還很小，但在過去 12 個月裡我們的數量翻了一番。

Our e-commerce business is growing.

我們的電子商務業務正在增長。

In the U.K., when I think both competitors showed up, we, in this time, met them at the beach and were much more competitive defending our business, ensuring we provided attractive user experiences and value to those consumers, and we've maintained share leadership in that segment.

在英國，當我認為兩個競爭對手都出現時，我們這次在海灘上遇到了他們，並且在捍衛我們的業務方面更具競爭力，確保我們為這些消費者提供有吸引力的用戶體驗和價值，並且我們保持了份額該細分市場的領導地位。

We've recently expanded Gillette DTC in Germany and Australia, launched Venus DTC in the U.S. So we've stepped up, ensuring that we again serve consumers on and off-line.

我們最近在德國和澳大利亞擴展了 Gillette DTC，在美國推出了 Venus DTC。所以我們加緊努力，確保我們再次在線上和離線為消費者提供服務。

It's part of the superiority strategy, which is we want to win, we had a consumer who wants to shop.

這是優勢戰略的一部分，我們想贏，我們有一個想購物的消費者。

And while the majority has still done off-line, we recognize we needed to step up our game both user experience value and offerings, both direct-to-consumer and more broadly, in the e-commerce, and have done that.

雖然大多數人仍然離線進行，但我們認識到我們需要在用戶體驗價值和產品方面加強我們的遊戲，無論是直接面向消費者還是更廣泛地，在電子商務中，並且已經做到了。

So I believe we are well positioned.

所以我相信我們處於有利地位。

We see it as a, again, a competitive category, but attractive category.

我們再次將其視為一個有競爭力的類別，但也很有吸引力。

And the acquisition by Edgewell to me doesn't change our interest or our, frankly, our confidence that the plan is robust.

Edgewell 對我的收購併沒有改變我們的興趣，或者坦率地說，我們對該計劃穩健的信心。

The next question comes from the line of Caroline Levy with Macquarie.

下一個問題來自 Caroline Levy 和 Macquarie 的對話。

And congrats on the quarter and the year.

並祝賀季度和年度。

I'm wondering if you just step back and think about the last decade, it has been very challenging for the companies that have already got the big brands.

我想知道你是否退後一步想想過去十年，對於已經擁有大品牌的公司來說，這非常具有挑戰性。

And I'm wondering when you might -- if you do you expect something to shift from advantage -- a small disruptor to advantage P&G.

我想知道你什麼時候可能——如果你預計某些東西會從優勢轉變——一個小的破壞者變成寶潔的優勢。

And this quarter may be an example of where things are starting to come together.

本季度可能是事情開始融合的一個例子。

You've seen it in the U.S. You've seen it in China for more than a quarter, more than a year.

你已經在美國看到了，你在中國看到了超過四分之一，一年多。

Do you think this is going to start happening in other countries?

你認為這會在其他國家開始發生嗎？

And kind of a secondary question on this is has the organization changed such that a Harry's or other disruptors are not going to be allowed to flourish before you move?

關於這個問題的次要問題是，組織是否發生了變化，以至於在你搬家之前不允許哈利或其他破壞者蓬勃發展？

Yes, just a few comments.

是的，只是一些評論。

Certainly, again, our eyes are wide open and we do see the environment as highly competitive.

當然，再一次，我們睜大了眼睛，我們確實認為環境競爭激烈。

We understand there's a lot of new entrants in the category.

我們知道該類別中有很多新進入者。

But we don't have just a strong quarter.

但我們不僅僅是一個強勁的季度。

We have got -- over the last 3 years, we have seen increasing brand-country combinations grow.

我們得到了——在過去的 3 年裡，我們看到越來越多的品牌國家組合在增長。

And we've talked about the breadth of our brands and countries improving, and we've gotten now 4 quarters of 4% or better, which I think is a meaningful sustained level of progress.

我們已經談到我們的品牌和國家的廣度正在改善，我們現在已經獲得了 4% 或更好的四個季度，我認為這是一個有意義的持續進步水平。

And we certainly expect we needed to go out and continue to earn it.

我們當然希望我們需要走出去繼續賺錢。

Big brands continue to do well when they address consumer needs.

大品牌在滿足消費者需求時繼續表現出色。

They have to stay relevant in how they present themselves in both package and communication, and they have to have an experience that justifies the cost and is better than the best alternative.

他們必須在包裝和溝通方面保持相關性，並且他們必須擁有證明成本合理且優於最佳選擇的經驗。

And our big brands are doing well.

我們的大品牌表現良好。

And we've extended ourselves into the fast-growing areas.

我們已經將自己擴展到快速增長的領域。

In many cases, it's been an extension of the parent brand.

在許多情況下，它是母品牌的延伸。

You've seen that on Tide, you've seen that on many other brands.

您已經在 Tide 上看到了這一點，在許多其他品牌上也看到了這一點。

You've also seen that where we've gone into additional areas, whether it's The L. acquisition, Native, Walker & Co.

您還看到我們進入了其他領域，無論是 The L. 收購、Native、Walker & Co.

and others to ensure we continue to learn.

和其他人，以確保我們繼續學習。

To your question, do we think the organization is better prepared to deal with the competitive environment win?

對於您的問題，我們認為該組織是否為應對競爭環境的勝利做好了更好的準備？

Yes.

是的。

We have simplified the organization in a way where the focused markets to me have increased focused.

我們簡化了組織，使我所關注的市場更加集中。

The enterprise markets, because of the high volatility, have an organization structure that allows them to address that and get -- and react much more quickly.

由於高波動性，企業市場有一個組織結構，使他們能夠解決這個問題並獲得 - 並更快地做出反應。

We've shifted broadly to an organization that is engaged much more agile and it goes to everything, from how we innovate, which is a small team cycling fast, to the fact that we now have one axis of decision-making on primary choices that address this threat, which is the sector business unit.

我們已經廣泛轉變為一個參與度更高的組織，它涉及到一切，從我們如何創新，這是一個快速循環的小團隊，到我們現在在主要選擇上擁有一個決策軸應對這一威脅，這是部門業務部門。

And so the need in the past at times, the need to get alignment across the organization has been meaningfully reduced.

因此，過去有時需要在整個組織中保持一致的需要已經大大減少。

We value the input from other parts of the organization, but the leaders that run the businesses are accountable, in touch and they have folks in the market.

我們重視組織其他部門的投入，但經營業務的領導者是負責任的、保持聯繫的，而且他們在市場上有人。

So I think we're actually well-positioned to see and then respond to competitive threats.

所以我認為我們實際上處於有利位置，可以看到並應對競爭威脅。

And if we do our job right, we understand the consumer needs and we're ahead of those, we're creating the new categories, opportunities and segments of growth.

如果我們做得好，我們了解消費者的需求，並且我們領先於這些需求，我們正在創造新的類別、機會和增長領域。

And we're seeing progress there as well.

我們也看到了那裡的進展。

But it's highly respectful of our competition, aware of increased competitive actions, but believing that this is a robust and sustainable strategy, focused on the core, superiority, funded by productivity and then brought to life by over 90,000 people that have embraced this strategy, believe in it and are executing with increasing excellence.

但它高度尊重我們的競爭，意識到競爭行為的增加，但相信這是一項穩健且可持續的戰略，專注於核心、優勢，由生產力提供資金，然後由接受該戰略的 90,000 多人實現，相信它並以越來越出色的方式執行。

The next question comes from the line of Mark Astrachan with Stifel.

下一個問題來自 Mark Astrachan 和 Stifel。

I wanted to ask more of a broad kind of longer-term question.

我想問更多更廣泛的長期問題。

So historically, your portfolio has fared less well during recessionary times.

因此，從歷史上看，您的投資組合在經濟衰退時期表現不佳。

Not that we're imminently heading into one, but just curious how you think about readying the portfolio or how you think the current portfolio responds during an economic downturn and how that we compare to where the company was 10 years or so ago.

並不是說我們即將進入其中，只是好奇您如何考慮準備投資組合，或者您認為當前的投資組合在經濟衰退期間如何反應，以及我們與公司 10 年前左右的情況相比如何。

What's different this time around, do you think?

這一次有什麼不同，你覺得呢？

I just got a couple of comments.

我剛收到幾條評論。

The -- one of the areas that I think causes us to be at least well-positioned to deal with whatever comes at us is, one, we're in categories where performance matters to the consumers, they're daily use categories so they don't go away and frankly, the need to engage with them generally doesn't get reduced in a recession.

- 我認為使我們至少能夠很好地處理我們遇到的任何事情的領域之一是，一，我們處於性能對消費者很重要的類別中，它們是日常使用類別，所以他們不要走開，坦率地說，與他們交往的需要通常不會在經濟衰退中減少。

And the other is our brands today have broader ladders.

另一個是我們今天的品牌擁有更廣闊的階梯。

We play across many price tiers and many benefit segments.

我們在許多價格層和許多利益領域發揮作用。

So I think we're actually, in many ways, better positioned because we have now identified where we can create value in each category and then establish the appropriate, both price tiers and benefit delivery, for that category.

所以我認為我們實際上在很多方面處於更好的位置，因為我們現在已經確定了我們可以在每個類別中創造價值的地方，然後為該類別建立適當的價格層級和福利交付。

And I mentioned automatic dish earlier.

我之前提到過自動盤。

We have a base, we have a premium, and then we have a super premium.

我們有一個基礎，我們有溢價，然後我們有一個超級溢價。

That's true in the laundry category.

在洗衣類別中確實如此。

That's true certainly in Shave Care.

這在剃須護理中肯定是正確的。

That's true in Baby Care.

在嬰兒護理中確實如此。

We have many segments representing Fem Care.

我們有許多代表 Fem Care 的部門。

We have multiple segments representing our Family Care business.

我們有多個部門代表我們的家庭護理業務。

We have multiple segments in our Oral Care business.

我們的口腔護理業務有多個部門。

So if you look at that, at least now we're playing in these segments, and then what we're doing better and better using the data we have, is we're understanding the specific needs of consumers in each segment and designing to make sure we delight but recognize part of the delight is a competitive price point.

因此，如果您看一下，至少現在我們在這些細分市場中發揮作用，然後我們使用我們擁有的數據做得越來越好，是我們正在了解每個細分市場中消費者的特定需求並設計確保我們感到高興，但承認部分喜悅是具有競爭力的價格點。

And to me, we're doing that better.

對我來說，我們做得更好。

And -- but it gets back to superiority has to be in the eyes of the consumer or the customer or the evaluator.

而且——但它必須在消費者或客戶或評估者的眼中回歸優勢。

And to me, we're -- we've raised the bar on the expectation of what we deliver to delight the consumer.

對我來說，我們 - 我們提高了對我們提供的產品的期望標準，以取悅消費者。

Everything that David said is, of course, extremely relevant.

當然，大衛所說的一切都非常相關。

I would just emphasize one point that he made, which is the difference in the portfolio.

我只想強調他提出的一點，那就是投資組合的不同。

Just think, for example, of not -- of salon hair care, prestige fragrances, much more discretionary items in which discretion is exercised when times get tough.

試想一下，例如，沙龍護髮、高級香水，以及更多可自由支配的物品，當情況變得艱難時，它們會行使自由裁量權。

We have categories now that are, as David said, daily use, they're staples.

正如大衛所說，我們現在有日常使用的類別，它們是主食。

That doesn't mean we're immune to trade-down, but that goes to his point of having a broader ladder of offerings, the right-size offerings in a store that address tightened cash outlay needs, et cetera.

這並不意味著我們對降價交易免疫，但這與他的觀點有關，即擁有更廣泛的產品階梯，在商店中提供合適尺寸的產品，以滿足收緊的現金支出需求，等等。

The next question comes from the line of Jonathan Feeney with Consumer Edge.

下一個問題來自消費者邊緣的 Jonathan Feeney。

So you've told us since 2013, if I add up all of the citation for currency headwind, that you've gotten headwind that has amounted to something like a little over $2 in today's tax rate and share count in total currency impact over the past 6 years.

因此，自 2013 年以來，您就告訴我們，如果我將所有關於貨幣逆風的引文加起來，您所遇到的逆風在今天的稅率和總貨幣影響中所佔的份額大約為 2 美元多一點。過去 6 年。

And I guess I'm wondering is it really just as simple as had we had a flat dollar since 2013, you'd be making 40% plus more?

我想我想知道這真的就像我們自 2013 年以來一直保持不變的美元一樣簡單，你會賺 40% 以上嗎？

And presumably, if currency ever reverses or just stays the same.

據推測，如果貨幣曾經反轉或保持不變。

Is just that should we just think about -- or if it reversed back to 2013 levels proportionately, would we expect to get that as a tailwind in the coming years?

我們是否應該只考慮這一點 - 或者如果它按比例回到 2013 年的水平，我們是否會期望在未來幾年將其作為順風？

Should -- I know you cited, Jon, that currency is still a little bit of a headwind for next year.

應該 - 我知道你引用了喬恩，明年的貨幣仍然有點逆風。

I mean directionally, and you can go back and compare our earnings per share to the currency movements over time, you can do it on an industry level and you will see a clear relationship between those 2. Having said that, as you can imagine, in the scenario that you cite where things go back to 2013 levels, what ultimately ends up happening from an EPS standpoint is going to be dependent on pricing moves that competitors and others choose to make as a result of that.

我的意思是方向性的，你可以回過頭來比較我們的每股收益與一段時間內的貨幣走勢，你可以在行業層面上做，你會看到這兩者之間有明顯的關係。話雖如此，你可以想像，在您引用的情況下，事情會回到 2013 年的水平，從每股收益的角度來看，最終會發生什麼將取決於競爭對手和其他人因此選擇做出的定價變動。

So it's not that simple, but directionally, it is.

所以它不是那麼簡單，而是有方向的，它是。

Tough currency years are tough earnings years.

艱難的貨幣年是艱難的盈利年。

Easier currency years are easier earnings years.

更容易的貨幣年是更容易的收入年。

And your next question comes from the line of Robert Ottenstein with Evercore ISI.

您的下一個問題來自於 Evercore ISI 的 Robert Ottenstein。

2 questions please.

請問2個問題。

First, in April of this year, Amazon went to next-day Prime delivery and saw a sharp acceleration in their business.

首先，今年 4 月，亞馬遜採用次日送達服務，業務大幅加速。

I'm wondering to what degree you also saw an acceleration in your business with Amazon.

我想知道你在多大程度上也看到了你與亞馬遜的業務加速。

I know that you've got very well-coordinated logistics, shared warehouses with them.

我知道你們的物流非常協調，與他們共享倉庫。

I just like little bit more detail in terms of how your business with Amazon is evolving.

我只是想更詳細地了解您與亞馬遜的業務如何發展。

Are you gaining -- getting share gains there?

您是否正在獲得 - 在那裡獲得股票收益？

And do you see this close coordination as a sustainable advantage?

你認為這種密切的協調是一種可持續的優勢嗎？

And the second question has to do with the detergent category, grew 5% volume in the quarter.

第二個問題與洗滌劑類別有關，本季度銷量增長了 5%。

Hard to believe that the global industry is growing that fast.

很難相信全球行業發展如此之快。

So maybe a little bit of details in terms of where you're gaining share and what's going on in that category.

因此，關於您在哪裡獲得份額以及該類別中正在發生的事情，可能會有一些細節。

Let me just provide a little bit of summary level in response to that, and then I'll get David in the details.

讓我只提供一點摘要級別來回應這一點，然後我會詳細介紹 David。

The -- we don't comment on dynamics for individual retailers for reasons I'm sure you can readily understand.

我們不評論個別零售商的動態，原因我相信你很容易理解。

But we feel very well-positioned broadly, and we certainly view Amazon as a very strong partner.

但我們感覺自己處於非常有利的位置，我們當然認為亞馬遜是一個非常強大的合作夥伴。

The -- in terms of the question on detergent, I'll answer that more generally too, which is with the exception of what I mentioned earlier, which has been a small inventory build and customers looking to shorten delivery times to customers in the U.S., we have not seen significant changes in retail inventory levels.

- 關於洗滌劑的問題，我也會更一般地回答這個問題，除了我之前提到的，這是一個小庫存，客戶希望縮短向美國客戶的交貨時間。 ，我們沒有看到零售庫存水平發生顯著變化。

We are pretty much tracking our sales growth with consumption growth in most of the markets in which we're operating.

在我們經營的大多數市場中，我們幾乎都在跟踪我們的銷售增長和消費增長。

So that volume growth you're seeing is largely consumption-driven.

所以你看到的銷量增長很大程度上是由消費驅動的。

And then I may have one point on that, just if you kind of unpack a bit Fabric Care.

然後我可能有一點，只要你打開一點織物護理。

Fabric Care is more than laundry.

織物護理不僅僅是洗衣。

Fabric Care also includes fabric enhancers.

織物護理還包括織物增強劑。

So you get everything from dryer sheets to liquid fabric refreshers, all the way to beads.

因此，您可以獲得從乾燥床單到液體織物清新劑，再到珠子的所有東西。

And that category fabric enhancers, is what we call it, has been growing very nicely, faster than the -- what you'll consider the detergent category because you are probably right.

我們稱之為織物增強劑的那個類別的增長非常好，比你認為的洗滌劑類別更快，因為你可能是對的。

I can see a huge spike in detergents.

我可以看到洗滌劑的大幅上漲。

But one of the things we've done in that category and many categories is broaden our view of the benefits we can provide.

但我們在該類別和許多類別中所做的其中一件事是拓寬我們對我們可以提供的好處的看法。

It's why we call it Fabric Care, not laundry.

這就是為什麼我們稱它為織物護理，而不是洗衣。

And in Fabric Care, there's many things you can do to extend the life of a fabric and to deliver a variety of benefits beyond just clean or stain removal.

在織物護理方面，您可以做很多事情來延長織物的使用壽命，並提供多種好處，而不僅僅是清潔或去除污漬。

It can be antistatic, it can be softening, it can be extended freshness over time, and we do that in a way that's delightful for consumers and created a very large business.

它可以抗靜電，可以軟化，隨著時間的推移可以延長新鮮度，我們以一種令消費者滿意的方式做到這一點，並創造了一個非常大的業務。

Fabric enhancers is now, I think, over a $750 million business and growing, and that's part of what's been a driver of Fabric Care's outsized growth.

我認為，織物增強劑現在的業務價值超過 7.5 億美元，而且還在不斷增長，這也是 Fabric Care 大幅增長的驅動力的一部分。

And they have just done a beautiful job, again, understanding the consumer need in this broad category called Fabric Care and doing it very well.

他們再次做得很好，了解消費者在織物護理這一廣泛類別中的需求，並且做得很好。

And it has contributed to an acceleration in category growth in many markets.

它還促進了許多市場的品類增長。

The U.S. is probably one of the best examples.

美國可能是最好的例子之一。

If you go back many years, it was flat to 1%, and it ticked up several percent behind Tide PODS, beads.

如果你回溯很多年，它是持平到 1%，它在 Tide PODS、珠子之後上漲了幾個百分點。

And frankly, we reinvigorated even the Bounce business by again delivering benefits and communicating in a compelling way.

坦率地說，我們通過再次提供利益和以令人信服的方式進行溝通，甚至重振了 Bounce 業務。

So part of what every category has to take on is market growth is a key part of the sustainable strategy we have.

因此，每個類別都必須承擔的一部分是市場增長是我們可持續戰略的關鍵部分。

And you're seeing more and more examples of superior innovation driving market growth, which then allows us to have the balanced top and bottom line growth that we aspire to deliver.

你會看到越來越多的卓越創新推動市場增長的例子，這使我們能夠實現我們渴望實現的平衡的頂線和底線增長。

And we'll take our final question from the line of Jon Andersen with William Blair.

我們將從Jon Andersen 和William Blair 的台詞中提出最後一個問題。

Just one quick one.

只是一個快速的。

You're kind of 8 years now into 10 years of productivity and cost savings, which have been significant.

您現在已經 8 年進入 10 年的生產力和成本節約，這非常重要。

This is obviously critical, as you've pointed out, key to achieving the balance that you're looking for in the business, top and bottom line growth, with margin improvement.

正如您所指出的，這顯然是至關重要的，它是實現您在業務中尋找的平衡、頂線和底線增長以及利潤率提高的關鍵。

So as you kind of look out beyond 2 years and take a longer-term perspective, is the kind of the cost and productivity opportunity similarly strong as you look out over time on an absolute or relative basis as it has been over the past 7 or 8 years with everything you've achieved?

因此，當您著眼於 2 年後並採取更長遠的眼光時，與過去 7 年或過去 7 年或8年你所取得的一切？

I don't have a specific visibility to something that's out that far, but I will make a couple of comments.

我對那麼遠的事情沒有具體的了解，但我會發表一些評論。

One is the earnings progress that we made and the progress we made in offsetting some of the FX items that John was referring to earlier was largely productivity-based, and we were very clear that, that was not a sufficient program or strategy, that we simply had to get the top line growing at reasonable rates while maintaining a focus on productivity in order to create value.

一是我們取得的收益進展以及我們在抵消約翰之前提到的一些外匯項目方面取得的進展主要是基於生產力的，我們非常清楚，這不是一個足夠的計劃或策略，我們只需讓收入以合理的速度增長，同時保持對生產力的關注以創造價值。

And so hopefully, at the end of the 2-year period you're talking about, our top line is, in fact, sustained at a higher rate.

因此，希望在您所說的 2 年期結束時，我們的收入實際上以更高的速度持續。

From a productivity standpoint, while I'm not going to talk about dollars today, what I would say is that there are an increasing number of tools that are available, particularly in the digital space, which give us a reason to continue to become even more and more productive and more and more effective across our set of activity systems.

從生產力的角度來看，雖然我今天不打算談論美元，但我想說的是，可用的工具越來越多，尤其是在數字領域，這給了我們繼續保持平衡的理由在我們的一套活動系統中越來越多產和越來越有效。

So that's what I'd offer you today.

這就是我今天要為你提供的。

The importance of productivity is not going to go away.

生產力的重要性不會消失。

The tools that we have available increase every day, but we also have to deliver that top line, which by itself, from a leverage standpoint, is a huge driver of margin improvement.

我們可用的工具每天都在增加，但我們也必須達到頂線，從槓桿的角度來看，這本身就是提高利潤率的巨大驅動力。

I think that ends the questions.

我認為這結束了問題。

And let me just close with one.

讓我以一個結束。

Thank you for our investing the time and discussing P&G.

感謝您投入時間和討論寶潔。

Our strategies are beginning to deliver sustainable balanced growth and value creation.

我們的戰略開始實現可持續的平衡增長和價值創造。

We have our eyes wide open.

我們睜大了眼睛。

We know there's still work to do, but we're confident we're on the right track.

我們知道仍有工作要做，但我們相信我們正走在正確的軌道上。

We must continue and will continue to build the superiority advantage.

我們必須繼續並將繼續構建優勢優勢。

We'll continue to invest in productivity.

我們將繼續投資於生產力。

But the credit goes to 90,000 people that do -- 90,000-plus that are doing a wonderful job bringing the strategy to life around the world and continuing to build value for all the stakeholders of this company.

但是這要歸功於 90,000 人——90,000 多人在將戰略帶到世界各地並繼續為該公司的所有利益相關者創造價值方面做得非常出色。

Thank you.

謝謝你。

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。