寶潔 (PG) 2023 Q1 法說會逐字稿

Good morning, and welcome to Procter & Gamble's quarter-end conference call. Today's event is being recorded for replay.

早上好，歡迎來到寶潔公司的季度電話會議。正在錄製今天的事件以供重播。

This discussion will include a number of forward-looking statements. 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.

本次討論將包括一些前瞻性陳述。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。

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. 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.

根據 G 條例的要求，寶潔需要讓您意識到，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 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 Chief Financial Officer, Andre Schulten.

現在我將把電話轉給寶潔的首席財務官安德烈·舒爾滕。

Good morning, everyone. Joining me on the call today are Jon Moeller, Chairman of the Board, President and Chief Executive Officer; and John Chevalier, Senior Vice President, Investor Relations. We're going to keep our prepared remarks brief and then turn straight to your questions.

大家，早安。今天和我一起參加電話會議的還有董事會主席、總裁兼首席執行官 Jon Moeller；和投資者關係高級副總裁 John Chevalier。我們將保持我們準備好的評論簡短，然後直接轉向您的問題。

Execution of our integrated strategies continued to yield good results in the July to September quarter and provides a solid start to the fiscal year. We're growing organic sales in all 10 categories, holding global aggregate market share, accelerating productivity savings and improving supply sufficiency.

我們綜合戰略的執行在 7 月至 9 月季度繼續取得良好成果，為本財年奠定了堅實的開端。我們正在增加所有 10 個類別的有機銷售額，保持全球總市場份額，加快生產力節約並提高供應充足性。

Together, this progress enables us to maintain guidance ranges for organic sales growth, core EPS growth, free cash flow productivity and cash return to shareowners despite continued high commodity and transportation costs, inflation in the upstream supply chain and in our own operations, accelerating headwinds from foreign exchange, geopolitical issues, COVID disruptions impacting consumer confidence and historically high inflation impacting consumer budgets.

儘管商品和運輸成本持續居高不下，上游供應鍊和我們自己的運營中出現通貨膨脹，加速逆風，但這一進展使我們能夠保持有機銷售增長、核心每股收益增長、自由現金流生產率和股東現金回報的指導範圍來自外匯、地緣政治問題、影響消費者信心的 COVID 中斷以及影響消費者預算的歷史高通脹。

Moving to the first quarter numbers. Organic sales grew 7%, pricing added 9 points to sales growth and mix was up 1 point. Volume declined 3 points, primarily due to lower shipments in Russia.

轉到第一季度的數字。有機銷售額增長 7%，定價為銷售額增長增加了 9 個百分點，混合增長了 1 個百分點。銷量下降 3 個百分點，主要是由於俄羅斯的出貨量下降。

Growth was broad-based across business units, with each of our 10 product categories organic sales. Personal Health Care grew high teens. Feminine Care was up double digits. Fabric Care and Home Care were up high single digits. Baby Care, Grooming, Hair Care and Skin and Personal Care were each up mid-singles. Family Care and Oral Care grew low single digits.

業務部門的增長基礎廣泛，我們的 10 個產品類別中的每一個都有有機銷售。個人醫療保健在青少年時期長大。女性護理增長了兩位數。織物護理和家居護理的漲幅高達個位數。嬰兒護理、美容、頭髮護理以及皮膚和個人護理均處於中單。家庭護理和口腔護理增長低個位數。

Focus Markets grew 4% for the quarter, with the U.S. up 5%. Greater China organic sales were down 4% versus the prior year, modest sequential improvement in the market still affected by COVID lockdowns and weak consumer confidence. Longer term, we expect China to return to strong underlying growth rates.

焦點市場本季度增長 4%，美國增長 5%。大中華區有機銷售額與去年相比下降了 4%，市場的連續小幅改善仍受到 COVID 封鎖和消費者信心疲軟的影響。長期而言，我們預計中國將恢復強勁的潛在增長率。

Enterprise Markets were up 16%, with each of the 3 regions up 13% or more. Global aggregate market share was in line with prior year, with 26 of our top 50 category country combinations holding or growing share. In the U.S., all outlet value share was in line with prior year, with 6 of 10 categories holding or growing shares.

企業市場增長 16%，三個地區均增長 13% 或更多。全球總市場份額與上一年持平，我們排名前 50 的類別國家組合中有 26 個持有或增長份額。在美國，所有門店價值份額與上一年持平，10 個類別中有 6 個持有或增長份額。

On the bottom line, core earnings per share were $1.57, down 2% versus prior year. On a currency-neutral basis, core EPS increased 7%. Core margin decreased 160 basis points and currency-neutral core margin was down 130 basis points. Higher commodity, materials and freight cost impacts combined with a 550 basis point hit to gross margins. Mix was 120 point headwind. Productivity savings and pricing provided 580 basis points of offset.

最重要的是，每股核心收益為 1.57 美元，比去年下降 2%。在貨幣中性的基礎上，核心每股收益增長了 7%。核心利潤率下降 160 個基點，貨幣中性核心利潤率下降 130 個基點。更高的商品、材料和運費成本影響加上毛利率下降 550 個基點。混合是120點逆風。生產力節省和定價提供了 580 個基點的抵消。

SG&A costs as a percentage of sales were lower by 90 basis points as sales leverage and productivity improvements more than offset inflation and foreign exchange impacts. Core operating margin decreased 70 basis points. Currency-neutral core operating margin increased 10 basis points. Productivity improvements were a 230 basis point help to the quarter.

SG&A 成本佔銷售額的百分比降低了 90 個基點，因為銷售槓桿和生產力的提高足以抵消通貨膨脹和外匯影響。核心營業利潤率下降 70 個基點。貨幣中性核心營業利潤率增加 10 個基點。生產力的提高為本季度帶來了 230 個基點的幫助。

Adjusted free cash flow productivity was 86%. We returned nearly $6.3 billion of cash to shareowners, approximately $2.3 billion in dividends and $4 billion in share repurchase. In summary, considering the backdrop of a very challenging cost and operating environment, good results across top line, bottom line and cash to start the fiscal year.

調整後的自由現金流生產率為 86%。我們向股東返還了近 63 億美元的現金、約 23 億美元的股息和 40 億美元的股票回購。總而言之，考慮到成本和經營環境極具挑戰性的背景，本財年開始時在頂線、底線和現金方面取得了良好的成績。

Our team continues to operate with excellence, executing the integrating strategies that have enabled strong results over the past 4 years, which are the foundation for balanced growth and value creation, a portfolio of daily-use products, many providing cleaning, health and hygiene benefits in categories where performance plays a significant role in brand choice. So priority across the 5 vectors of product, package, brand communication, retail execution and value.

我們的團隊繼續以卓越的方式運營，執行整合戰略，在過去 4 年中取得了強勁的業績，這是平衡增長和創造價值的基礎，日常使用產品組合，其中許多提供清潔、健康和衛生益處在性能在品牌選擇中發揮重要作用的類別中。因此，優先考慮產品、包裝、品牌傳播、零售執行和價值這 5 個向量。

Productivity improvement in all areas of our operations to fund investments is a priority, offset cost and currency challenges, expand margins and deliver strong cash generation; an approach of constructive disruption, a willingness to change, adapt and create new trends and technologies that will shape our industry for the future, especially important in this volatile environment; finally, an organization that is increasingly more empowered, agile and accountable with little overlap or redundancy flowing to new demands, seamlessly supporting each other to deliver against our priorities around the world.

提高我們所有運營領域的生產力以資助投資是當務之急，抵消成本和貨幣挑戰，擴大利潤並提供強勁的現金產生；一種建設性的顛覆方法，願意改變、適應和創造新的趨勢和技術，這些趨勢和技術將塑造我們行業的未來，在這種動蕩的環境中尤其重要；最後，一個越來越有能力、敏捷和負責任的組織，幾乎沒有重疊或冗餘流向新的需求，無縫地相互支持，以實現我們在世界各地的優先事項。

Going forward, there are 4 areas we are driving to improve the execution of integrated strategies: Supply Chain 3.0, digital acumen, environmental sustainability and employee value equation. These are not new or separate strategies. They are necessary elements in continuing to build the priority, reduce costs to enable investment and value creation and to further strengthen our organization. Jon touched on each of these in our July earnings call, and they will be a central part of our discussion at Investor Day in November.

展望未來，我們將在 4 個領域推動整合戰略的執行：供應鏈 3.0、數字化敏銳度、環境可持續性和員工價值方程式。這些不是新的或單獨的策略。它們是繼續建立優先級、降低成本以實現投資和價值創造以及進一步加強我們組織的必要要素。 Jon 在我們 7 月的財報電話會議中談到了這些，它們將成為我們 11 月投資者日討論的核心部分。

Our strategic choices on portfolios, on priority, productivity, constructive disruption and organization are not independent strategies. They reinforce and build on each other. When executed well, they grow markets, which, in turn, grow share, sales and profit. We continue to believe that the best path forward to deliver sustainable top and bottom line growth is to double down on these integrated strategies, starting with a commitment to deliver irresistibly superior propositions to consumers and retail partners.

我們對投資組合、優先級、生產力、建設性顛覆和組織的戰略選擇不是獨立的戰略。它們相互加強和建立。如果執行得當，他們會擴大市場，進而增加份額、銷售額和利潤。我們仍然相信，實現可持續頂線和底線增長的最佳途徑是在這些綜合戰略上加倍努力，首先是承諾向消費者和零售合作夥伴提供不可抗拒的優越主張。

Now moving on to guidance. We fully expect more volatility in costs, currencies and consumer dynamics as we move through the fiscal year. However, we think the strategies we've chosen, the investments we've made and the focus on executional excellence have positioned us well to manage through this volatility over time.

現在繼續指導。隨著本財年的推進，我們完全預計成本、貨幣和消費者動態會出現更多波動。然而，我們認為我們選擇的策略、我們所做的投資以及對卓越執行的關注使我們能夠很好地應對這種波動。

Raw and packaging material costs, inclusive of commodities and supplier inflation, have remained high since we gave our initial outlook for the year in late July. Based on current spot prices at latest contracts, we now estimate a $2.4 billion after-tax headwind in fiscal '23.

自從我們在 7 月底給出今年的初步展望以來，包括商品和供應商通脹在內的原材料和包裝材料成本一直居高不下。根據最新合同的當前現貨價格，我們現在估計 23 財年的稅後逆風為 24 億美元。

Freight costs have also remained high. Though we have seen some easing in spot prices, we've made a modest downward adjustment in our outlook and now expect a $200 million after-tax headwind for freight and transportation costs in fiscal '23. Foreign exchange has continued its strong move against us as the U.S. dollar has strengthened significantly against essentially all major currencies around the world. Based on current exchange rates, we forecast a $1.3 billion after-tax impact, an incremental hit of $400 million versus our initial outlook for the year.

運費也一直居高不下。儘管我們看到現貨價格有所回落，但我們對前景進行了適度下調，現在預計 23 財年貨運和運輸成本的稅後逆風將達到 2 億美元。隨著美元兌世界上所有主要貨幣的匯率大幅走強，外匯繼續對我們進行強勢走勢。根據當前匯率，我們預測稅後影響為 13 億美元，與我們今年的初步預期相比增加了 4 億美元。

Combined, headwinds from these items are now estimated at approximately $3.9 billion after tax or $1.57 a share, a 27 percentage point headwind to EPS growth for the year. We will offset a portion of these cost headwinds with price increases and productivity savings. We will continue to invest in irresistible superiority, which is even more important as we compete in some markets with local or non-U.S.-based competitors that don't see the same foreign exchange rate impacts.

加起來，這些項目的不利因素現在估計約為稅後 39 億美元或每股 1.57 美元，對今年的每股收益增長造成 27 個百分點的不利影響。我們將通過提價和節省生產力來抵消部分成本逆風。我們將繼續投資於不可抗拒的優勢，這一點更為重要，因為我們在一些市場上與當地或非美國的競爭對手競爭，這些競爭對手沒有看到相同的匯率影響。

As we've said before, we believe this is a rough patch to grow through, not a reason to reduce investment in the business. As I noted at the outset, our good first quarter results enable us to confirm our guidance ranges for the fiscal year across all key metrics.

正如我們之前所說，我們認為這是一個艱難的發展階段，而不是減少業務投資的理由。正如我在一開始所指出的那樣，我們良好的第一季度業績使我們能夠在所有關鍵指標上確認我們在本財年的指導範圍。

We continue to expect organic sales growth in the range of 3% to 5%. On the bottom line, we are maintaining our outlook of core earnings per share growth in a range of in line to plus 4% versus prior year. However, the steep increase in foreign exchange impact pushes our current expectations towards the lower end of the range.

我們繼續預計有機銷售額增長在 3% 至 5% 之間。歸根結底，我們將核心每股收益增長的前景維持在與去年同期相比增長 4% 的範圍內。然而，外匯影響的急劇增加將我們目前的預期推向了區間的下限。

We continue to forecast adjusted free cash flow productivity of 90%. We expect to pay around $9 billion in dividends and to repurchase $6 billion to $8 billion of common stock. Combined, a plan to return $15 billion to $17 billion of cash to shareowners this fiscal year.

我們繼續預測調整後的自由現金流生產率為 90%。我們預計將支付約 90 億美元的股息，並回購 60 億至 80 億美元的普通股。加起來，計劃在本財年向股東返還 150 億至 170 億美元現金。

The outlook is based on current market growth rate estimates, commodity prices and foreign exchange rates. Significant additional currency weakness, commodity cost increases, geopolitical disruption, major production stoppages or store closures are not anticipated within this guidance range.

該展望基於當前市場增長率估計、商品價格和外匯匯率。預計不會在此指導範圍內出現明顯的額外貨幣疲軟、商品成本增加、地緣政治中斷、重大停產或商店關閉。

To conclude, the macroeconomic and market-level consumer challenges we're facing are not unique to P&G, and we weren't immune to the impact. We've attempted to be realistic about these impacts in our guidance and transparent in our commentary. As we've said before, we believe this is a rough patch to grow through, not a reason to reduce investment in the long-term health of the business.

總而言之，我們面臨的宏觀經濟和市場層面的消費者挑戰並非寶潔獨有，我們也無法倖免於影響。我們試圖在我們的指導中對這些影響保持現實，並在我們的評論中保持透明。正如我們之前所說，我們認為這是一個艱難的成長階段，而不是減少對業務長期健康的投資的理由。

We're doubling down on the strategy that has been working well and delivering strong results. We'll continue to step forward towards the opportunities that we may fully invest in our business. We remain committed to driving productivity improvements to fund growth investments, mitigate input cost challenges and to maintain balanced top and bottom line growth.

我們正在加倍努力實施一直運作良好並取得強勁成果的戰略。我們將繼續朝著我們可能全面投資於我們業務的機會邁進。我們仍然致力於推動生產力的提高，為增長投資提供資金，緩解投入成本挑戰，並保持平衡的收入和利潤增長。

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

有了這個，我們很樂意回答您的問題。

(Operator Instructions) And your first question comes from the line of Steve Powers with Deutsche Bank.

（操作員說明）您的第一個問題來自德意志銀行的 Steve Powers。

Andre, I kind of want to pick up where you left off about your -- P&G's commitment to remaining fully invested even in this environment. I think the -- one of the biggest questions and points of pushback that I've received around P&G in recent months is just this idea that, given all the headwinds that you've talked about and quantified today and given the accelerated push on productivity that you've emphasized coming into the year and again underscored today, that there isn't enough left over to keep those investments going.

安德烈，我有點想從你上次停下來的地方重新開始——寶潔承諾即使在這種環境下也要保持充分投資。我認為 - 最近幾個月我收到的圍繞寶潔的最大問題和反對點之一就是這個想法，考慮到你今天談論和量化的所有不利因素，以及對生產力的加速推動您已經強調進入這一年並在今天再次強調，沒有足夠的剩餘來維持這些投資。

Investments that have been, I think, pretty critical in investors' eyes to enabling the growth that we've experienced over recent years. So maybe you could just step back and reassure investors and give some perspective on how much room there is to invest even as you push for productivity and work to offset these headwinds and kind of counter the idea that you're going too far in curtailing investments that's necessary for future growth.

我認為，在投資者看來，這些投資對於實現我們近年來所經歷的增長至關重要。因此，也許你可以退後一步，讓投資者放心，並給出一些關於有多少投資空間的觀點，即使你推動生產力並努力抵消這些不利因素，並反駁你在削減投資方面走得太遠的想法這是未來增長所必需的。

Yes. Steve, let me maybe start with productivity to reassure you on the ability to deliver significant productivity, and then I'll turn it into the discussion on investments. We have increased our productivity numbers for the year back to pre-COVID levels. So we have good visibility to a significant step-up versus what we were able to do during COVID, where we had to limit our productivity efforts to some degree to benefit innovation and shipping cases.

是的。史蒂夫，讓我先從生產力開始，向您保證有能力提供顯著的生產力，然後我將把它變成關於投資的討論。我們已經將這一年的生產力數據提高到了疫情之前的水平。因此，與在 COVID 期間我們能夠做的事情相比，我們有一個顯著的進步，我們不得不在一定程度上限制我們的生產力努力，以使創新和運輸案例受益。

With line time being available, we have now full ability to qualify those cost savings on the line. We have built digital capabilities to increase the speed of reformulation to drive superiority at lower cost. We have increased our ability to qualify new supply chains, if necessary, in order to reduce cost. We're improving the capability of our working teams and the plans to drive more efficient operations there.

有了可用的生產線時間，我們現在完全有能力證明生產線上的這些成本節省。我們建立了數字能力，以提高重新制定的速度，以更低的成本推動優勢。如有必要，我們提高了對新供應鏈進行資格審查的能力，以降低成本。我們正在提高我們工作團隊的能力，併計劃在那裡推動更高效的運營。

And we are constantly looking at our end-to-end supply chain, including logistics, to drive costs out. And we feel very good about our continued efforts to drive cost of goods productivity. We'll talk more about that as we discuss Supply Chain 3.0. But the runway is there, the capabilities are there, and we're seeing the visibility on the fiscal year results.

我們一直在關注我們的端到端供應鏈，包括物流，以降低成本。我們對我們繼續努力提高商品成本生產率感到非常滿意。在討論供應鏈 3.0 時，我們將對此進行更多討論。但是跑道就在那裡，能力就在那裡，我們看到了財政年度結果的可見性。

On the media side, we also feel very good about our ability to drive continued investment in reach and quality of reach and better targeting while being able to flow productivity dollars to the bottom line to help offset some of the headwinds that we're seeing. We now have more than 50% of our media spend in digital.

在媒體方面，我們也對我們推動持續投資於覆蓋面和覆蓋面質量以及更好的目標定位的能力感到非常滿意，同時能夠將生產力資金流向底線，以幫助抵消我們所看到的一些不利因素。我們現在有超過 50% 的媒體支出用於數字媒體。

We are increasing our first-party data and our digital capabilities to increase precision of reach, not only in the U.S. or in Europe, but around the world. And that is allowing us to drive significant productivity while increasing reach, while increasing quality of reach and while more precisely targeting our consumers.

我們正在增加我們的第一方數據和我們的數字能力，以提高覆蓋精度，不僅在美國或歐洲，而且在世界各地。這使我們能夠在提高覆蓋面的同時提高生產力，同時提高覆蓋面的質量，同時更準確地瞄准我們的消費者。

Over the past 3 years, we have significantly increased spend in media by more than $1.2 billion. That's on top of the productivity we have generated over those years and on top of sales leverage. So we're also starting, I would argue, from a very rich support plan for our brands.

在過去 3 年中，我們在媒體上的支出顯著增加了超過 12 億美元。這是我們這些年來產生的生產力和銷售槓桿的基礎。因此，我認為，我們也是從對我們品牌的非常豐富的支持計劃開始的。

In terms of reinvestment of those savings and reinvestment capability within the P&L construct, we are not deprioritizing innovation. We will not deprioritize innovation. Every innovation that we've delivered in the market has created value and has continued to create value and contribute to our results.

就盈虧結構中這些儲蓄和再投資能力的再投資而言，我們並沒有降低創新的優先級。我們不會忽視創新。我們在市場上交付的每一項創新都創造了價值，並繼續創造價值並為我們的成果做出貢獻。

And in the overall results, we see that our approach of driving superiority is actually the strongest driver of our ability to limit volume impact of all pricing moves, enable us to continue to price and deliver value to the consumer. So in aggregate, I think the team has full confidence that we can balance what we see, but it will require careful balance and doubling down on productivity to sustain innovation and investment in our group.

在總體結果中，我們看到我們推動優勢的方法實際上是我們限制所有定價舉措對數量影響的能力的最強驅動力，使我們能夠繼續定價並為消費者創造價值。所以總的來說，我認為團隊完全有信心我們可以平衡我們所看到的，但這需要仔細平衡並加倍提高生產力，以維持我們集團的創新和投資。

Steve, this is Jon. I agree with everything that Andre said, just one additional short comment. If we find ourselves, which we don't currently, in a position where we have to choose between investing in the business and delivering a bottom line target, we will invest in the business.

史蒂夫，這是喬恩。我同意安德烈所說的一切，只是補充一句簡短的評論。如果我們發現自己（我們目前沒有）處於必須在投資業務和實現底線目標之間做出選擇的位置，我們將投資業務。

And we'll take our next question from Lauren Lieberman with Barclays.

我們將向巴克萊銀行的 Lauren Lieberman 提出下一個問題。

Great. I thought it might be timely to get sort of an update on what you're seeing in terms of consumer behavior in the U.S. You did comment on all outlet market share being flat in the U.S. As you know, it's hard for us to see that via Nielsen.

偉大的。我認為現在可能是及時了解您在美國消費者行為方面所看到的最新情況。您確實評論了美國所有奧特萊斯市場份額持平。如您所知，我們很難看到這一點通過尼爾森。

But also, just the absolute sales growth that we see in tracked and untracked data does look like there's category contraction that's going on. So I guess, commentary on what you're seeing. Maybe we could just hit on, say, laundry and whatever -- pick another category at will to talk a bit about consumer trade-down and dynamics that you're seeing in the market would be great.

而且，我們在跟踪和未跟踪數據中看到的絕對銷售增長確實看起來正在發生類別收縮。所以我想，對你所看到的進行評論。也許我們可以隨便談一談，比如洗衣之類的——隨意選擇另一個類別，談談你在市場上看到的消費者降價和動態會很棒。

Laura, yes, as you stated in your question, we're seeing global value share and value share in the U.S. holding, which is a great signal to our strategies, working of providing value to consumers via innovation as we price. Price contribution of 9% on the quarter, with volume being down 3%, but the majority of that volume, so more than 2 points, actually driven by Russia. Also, it's a good indication that the strategy of irresistible superiority works even in an inflationary environment where we need to take pricing.

勞拉，是的，正如你在問題中所說，我們看到了全球價值份額和美國持股的價值份額，這是我們戰略的一個重要信號，即在我們定價時通過創新為消費者提供價值。本季度價格貢獻率為 9%，銷量下降 3%，但大部分銷量（超過 2 個百分點）實際上是由俄羅斯推動的。此外，這是一個很好的跡象，即使在我們需要定價的通貨膨脹環境中，不可抗拒的優勢策略也有效。

The U.S., specifically, as you mentioned, all our outlet share is flat. We've seen strong growth in the U.S. of 5%. There is some volume reduction, as you would expect. With the price increase and inflationary pressures, we see volume contracting by about 1 point or 2. And that is consumer behavior around entry inventory reduction, stretching purchasing cycles and maybe being a bit more careful in terms of dosing. But overall, we're still able to grow sales within the market and to hold share within the market at this point.

具體來說，正如你所提到的，在美國，我們所有的出口份額都是持平的。我們在美國看到了 5% 的強勁增長。如您所料，音量有所減少。隨著價格上漲和通脹壓力，我們看到銷量收縮了大約 1 或 2 個百分點。這就是消費者在減少進入庫存、延長購買週期以及可能在劑量方面更加謹慎的行為。但總的來說，我們仍然能夠在市場上增加銷售額並在這一點上保持市場份額。

To specifically talk to some of the categories you mentioned and maybe consumer behavior there, we talked about our Fabric Care situation in the last earnings call, where we were supply constrained on some of the portfolio in quarter 3 and quarter 4 of last fiscal year. We had reduced media spending and have reduced merchandising support, stretching into quarter 1 of this fiscal year. And that certainly has resulted in some share pressure, which you would have seen in the [xAOC] shares.

為了具體談談你提到的一些類別，也許還有那裡的消費者行為，我們在上次財報電話會議上談到了我們的織物護理情況，在上一財年的第三季度和第四季度，我們的一些投資組合的供應受到限制。我們減少了媒體支出並減少了商品支持，一直持續到本財年的第一季度。這肯定會導致一些份額壓力，您會在 [xAOC] 份額中看到這種壓力。

We feel very good about the team being able to reinstate supply to full sufficiency. They have also reinstated media. They have reinstated merch support and strengthened merch support. And we're seeing our Fabric Care business coming back. Our volume share in the most recent read is actually up. We see continued strong growth on single-unit dose, where the majority of the market growth is, and we're driving that market growth.

我們對團隊能夠恢復供應完全充足感到非常高興。他們還恢復了媒體。他們恢復了商品支持並加強了商品支持。我們看到我們的織物護理業務正在回歸。我們在最近一次閱讀中的銷量份額實際上上升了。我們看到單劑量的持續強勁增長，市場增長的大部分是市場增長，我們正在推動市場增長。

In terms of consumer sentiment, in general, we see part of the consumer base in Fabric Care, for example, trending up, as I mentioned, into single-unit dose. We see some growth also in our mid-tier brands. As consumers are looking for value within our portfolio, they're trading into Gain or into Simply Tide (sic) [Tide Simply], for example, where we see some level of share growth. And that's the intent of our vertical portfolio and our strategy to provide different value tiers to consumers.

就消費者情緒而言，一般而言，我們看到織物護理的部分消費者群，例如，正如我所提到的，趨向於單劑量。我們的中端品牌也出現了一些增長。當消費者在我們的投資組合中尋找價值時，他們正在交易 Gain 或 Simply Tide (sic) [Tide Simply]，例如，我們看到一定程度的份額增長。這就是我們垂直產品組合的意圖，也是我們為消費者提供不同價值層級的戰略。

We are also seeing consumers moving to different price points. So a group of consumers is looking for value by trading into higher-transaction sizes to find lower cost per use or lower cost per unit. And we see other consumers who are more cash conscious, and they are very focused on cash outlay. So again, the other part of the strategy, to provide pack sizes that stretch from below $10 for some channels and consumers to above $30 or $40 for others, seems to be meeting consumers' needs.

我們還看到消費者轉向不同的價格點。因此，一群消費者正在通過交易更大的交易規模來尋找價值，以找到更低的每次使用成本或更低的單位成本。我們看到其他更注重現金的消費者，他們非常關注現金支出。同樣，該策略的另一部分，即為某些渠道和消費者提供低於 10 美元的包裝尺寸，為另一些渠道和消費者提供高於 30 美元或 40 美元的包裝尺寸，似乎正在滿足消費者的需求。

So broadly, we feel good about the position we're in. There are some dynamics in terms of supply and base period that will be with us for a period of time. We remain supply constrained on a few categories where we will see share pressure. Tampons, for example, the premium tier of our Femme Care, Pets business and on some Health -- some side of the Health Care business. But overall, we don't see any negative reaction, and we feel reconfirmed in our strategy by what we see in consumers' behavior.

總的來說，我們對自己所處的位置感覺良好。供應和基期方面的一些動態將伴隨我們一段時間。在我們將看到份額壓力的幾個類別中，我們仍然受到供應限制。例如，衛生棉條是我們女性護理、寵物業務和某些健康領域的高端產品——醫療保健業務的某些方面。但總體而言，我們沒有看到任何負面反應，我們從消費者行為中看到的情況再次確認了我們的戰略。

And next, we'll hear from Dara Mohsenian with Morgan Stanley.

接下來，我們將聽取摩根士丹利的 Dara Mohsenian 的來信。

So with strong organic sales growth result in the quarter at 7%, especially given the COVID drag in China and Russia impact, but you kept the full year org sales guidance. Is that just conservatism, given it's early in the year, and some of the external challenges? Are you feeling any more confident around that full year range?

因此，本季度有機銷售增長強勁，達到 7%，特別是考慮到中國和俄羅斯的 COVID 拖累影響，但您保留了全年的 org 銷售指導。這只是保守主義，因為它是在年初，以及一些外部挑戰？您對全年範圍內是否更有信心？

And perhaps, within that answer, given the pricing has been so strong, you can just touch on the volume demand elasticity you're seeing with that higher pricing. Any changes at all towards quarter end or in October and how you're thinking about that front specifically?

也許，在這個答案中，鑑於定價如此強勁，您可以通過更高的定價觸及您所看到的數量需求彈性。到季度末或 10 月有什麼變化，你是如何具體考慮這方面的？

The guidance of 3% to 5% is really grounded in what we believe the market will be. We see some softening in the market, as we have communicated. About 3% to 4% value growth is what we're expecting the market to be. We want to grow slightly ahead of that. As you say, the first quarter gives us a good level of confidence that we're within the right range, but we're also very early in the year. So we believe the -- confirming the range is prudent.

3% 到 5% 的指導實際上是基於我們對市場的預期。正如我們所傳達的，我們看到市場出現了一些疲軟。大約 3% 到 4% 的價值增長是我們對市場的預期。我們希望在此之前略微增長。正如你所說，第一季度給了我們很好的信心，我們在正確的範圍內，但我們也很早在今年。因此，我們認為 - 確認範圍是謹慎的。

In terms of volume elasticity, in my earlier remarks, as I said, we feel very encouraged by the fact that we were able to realize 9% of pricing in organic sales growth and effectively only see about a point of reduction in volume, which speaks to favorable elasticities, speaks to our superiority strategy working and providing consumers value with innovation even as we take pricing.

就銷量彈性而言，正如我之前所說，我們感到非常鼓舞的是，我們能夠實現 9% 的有機銷售增長定價，並且實際上只看到銷量下降一點，這說明有利的彈性，說明我們的優勢戰略在我們定價的同時為消費者提供創新價值。

As we always do, we assume that these elasticities return to historical levels over time. But certainly, the first quarter is a good indication. It gives us confidence that the approach we've taken around the world in terms of combining pricing with innovation and productivity in order to offset the cost is the right approach.

與往常一樣，我們假設這些彈性隨著時間的推移會恢復到歷史水平。但可以肯定的是，第一季度是一個很好的跡象。它讓我們相信，我們在全球範圍內採取的將定價與創新和生產力相結合以抵消成本的方法是正確的方法。

And your next question comes from the line of Bryan Spillane with Bank of America.

您的下一個問題來自美國銀行的 Bryan Spillane。

I guess, 2 questions for me, just related to kind of how we should be thinking about phasing in the back part of the year. One is just, in terms of price increases from here going forward, are you -- are there more incremental price increases that will flow through the balance of the year?

我想，對我來說有 2 個問題，只是與我們應該如何考慮在今年下半年分階段進行的思考有關。一個只是，就從現在開始的價格上漲而言，您是否 - 是否會有更多的增量價格上漲將貫穿今年的餘額？

Or has most of the pricing that you need in terms of what's in your plans been implemented? And I guess, what I'm really driving at is, are we going to start to see -- would we expect to see more of a shift to volume contributing more to the organic sales growth as we move through the back half of the year and less of incremental pricing?

或者您的計劃所需的大部分定價是否已實施？而且我想，我真正想要的是，我們是否會開始看到——隨著我們在下半年的推進，我們是否會期望看到更多的銷量轉向對有機銷售增長做出更多貢獻？以及更少的增量定價？

I can't speculate or give you an answer on future pricing. We adjust in the execution of the second pricing round for many of our brands. We took pricing on all our categories in the last fiscal year, covering about 80% of sales. We're now in the second round covering about 85% of sales, and that's what we see flowing through in the first quarter.

我無法推測或回答您未來的定價。我們在執行許多品牌的第二輪定價時進行了調整。我們在上一財年對所有類別進行了定價，覆蓋了約 80% 的銷售額。我們現在處於第二輪，涵蓋了大約 85% 的銷售額，這就是我們在第一季度看到的情況。

Many of these price increases in the second round are being executed in September and October. For the future, we will continue to observe where our cost headwinds go, where foreign exchange rate goes. It's a very dynamic environment. We will continue to carefully balance innovation, pricing and productivity.

第二輪中的許多價格上漲是在 9 月和 10 月執行的。對於未來，我們將繼續觀察我們的成本逆風走向何方，匯率走向何方。這是一個非常動態的環境。我們將繼續謹慎平衡創新、定價和生產力。

And your next question comes from the line of Kaumil Gajrawala with Credit Suisse.

您的下一個問題來自瑞士信貸的 Kaumil Gajrawala。

Can you talk a bit more -- maybe just give us some more details on what's driving some of these cost increases, especially as we're starting to see a lot of commodity costs start to roll over? It doesn't feel like you're discussing it kind of impacting your P&L yet. So can you just give us some more details there?

你能多說點嗎——也許只是給我們一些更多的細節，說明是什麼推動了這些成本增加，尤其是當我們開始看到很多商品成本開始滾動時？感覺你在討論它會影響你的損益。那麼你能不能給我們更多的細節呢？

Yes, Kaumil. Look, the commodity cost increases are broad-based and different by commodity class. So for example, we continue to see pulp increase. There is some relief on propylene and ethylene. But in aggregate, we are not seeing broad enough relief on the input side to offset some of the inflation that is also coming from our suppliers.

是的，考米爾。看，商品成本的增加是廣泛的，並且因商品類別而異。例如，我們繼續看到紙漿增加。丙烯和乙烯有所緩解。但總的來說，我們在投入方面沒有看到足夠廣泛的緩解來抵消也來自我們的供應商的一些通貨膨脹。

Recall, we don't buy propylene. We don't buy ethylene. We buy packaging materials. We buy super absorbers and materials that are secondary to that direct commodity impact, and that inflation is included in our $2.4 billion commodity headwind. So relatively stable on the commodity side.

回想一下，我們不購買丙烯。我們不買乙烯。我們購買包裝材料。我們購買的超級吸收劑和材料對商品的直接影響是次要的，而通貨膨脹包括在我們 24 億美元的商品逆風中。所以在商品方面相對穩定。

On the freight side, transportation and warehousing, as mentioned in the opening comments, we see some easing. And we expect about $100 million less in headwinds. So $200 million after tax, down from $300 million. You see that market getting more back to (technical difficulty) contract prices as well. So that's been reflected.

在貨運方面，運輸和倉儲方面，正如開篇評論中提到的，我們看到一些緩解。我們預計逆風將減少約 1 億美元。因此，稅後為 2 億美元，低於 3 億美元。您會看到市場也越來越回到（技術難度）合約價格。所以就體現出來了。

And then foreign exchange rate, obviously, is broadly across all currencies as the U.S. dollar strengthens really around every currency in the world. And that's where we have bigger increase versus our initial guidance range about $400 million due to the ForEx effects that we've described.

然後，顯然，隨著美元在世界上每一種貨幣周圍的升值，外匯匯率廣泛地適用於所有貨幣。由於我們描述的外匯效應，這就是我們與我們最初的指導範圍約 4 億美元相比有更大增長的地方。

Your next question comes from the line of Rob Ottenstein with Evercore.

您的下一個問題來自與 Evercore 的 Rob Ottenstein。

First, a quick follow-up and then my main question. Just so I'm clear, in terms of post-COVID consumer behavior, I mean, obviously, we've got some tightening that's going on and consumers searching for value you mentioned. But do you see any changes in consumer behavior in terms of those categories that increased demand due to COVID in terms of Home and Personal Care?

首先，快速跟進，然後是我的主要問題。我很清楚，就 COVID 後的消費者行為而言，我的意思是，顯然，我們正在採取一些措施，消費者正在尋找你提到的價值。但是，在家庭和個人護理方面因 COVID 導致需求增加的類別方面，您是否看到消費者行為發生任何變化？

Are we going to be at an elevated level there? Or is it kind of just go back to normal? And then my main question is this, can you give us a sense of how your business is progressing in China kind of sequentially through the quarter into October and what your plans are for 11/11?

我們會在那里達到更高的水平嗎？還是只是恢復正常？然後我的主要問題是，您能否讓我們了解您在中國的業務在截至 10 月的季度中的連續進展情況以及您對 11/11 的計劃是什麼？

Rob, yes, post-COVID behavior, what I would point to, obviously, is we see market contraction versus the pandemic phase in terms of antibacterial surface cleaning products, which is a small part of our total portfolio. Other than that, I wouldn't point to any major deviation from what we expected.

Rob，是的，COVID 後的行為，我要指出的是，很明顯，我們看到抗菌表面清潔產品的市場收縮與大流行階段相比，這是我們總產品組合的一小部分。除此之外，我不會指出與我們預期的任何重大偏差。

Consumers still spend more time at home. I think, generally, the focus on our categories, which are cleaning, hygiene, health-based continues to be high, which is, I think, playing back in our investments in superiority being meaningful to consumers in order to provide value even in an inflationary environment.

消費者仍然在家裡度過更多時間。我認為，總的來說，我們對清潔、衛生和健康類別的關注度仍然很高，我認為，這就是我們在對消費者有意義的優勢方面的投資，以便即使在通脹環境。

The other element that is positive is some of the volatility might be disappearing. So when you think about categories like bath tissue or paper towels, where we had very volatile base periods with suppliers being in and out of supply over quarter 3 -- quarter 1 and quarter 2 of last fiscal year, that is stabilizing. So those are the post-COVID dynamics.

另一個積極因素是一些波動性可能正在消失。因此，當您考慮諸如浴巾或紙巾之類的類別時，我們的基期非常不穩定，供應商在上一財年的第三季度（上一財年的第一季度和第二季度）進出供應，這是穩定的。所以這些是後COVID動態。

That obviously doesn't play for China, to transition to your second part of the question. We continue to see the lockdowns in China, specifically with Hainan being locked down for the last 2 months, to impact consumption significantly. Volumes in China are down 5% to 6% on the quarter. We have certainly hoped for that to ease, but we still see significant negative impact on consumer mobility from the continued strict COVID policies.

這顯然不適合中國，過渡到問題的第二部分。我們繼續看到中國的封鎖，特別是過去兩個月海南被封鎖，對消費產生了重大影響。本季度中國的銷量下降了 5% 至 6%。我們當然希望這種情況能夠緩解，但我們仍然看到持續嚴格的 COVID 政策對消費者流動性產生重大負面影響。

We don't -- going forward, we have made no assumption on that changing. So we'll have to observe where the market is going. We feel well positioned. Once we see consumer mobility return, we feel very strongly about our ability to grow in the market. We have a strong team on the ground waiting to get going once the market fully reopens. And as we said before, we expect China to be a long-term growth driver and returning to mid-single-digit growth here in the near future.

我們沒有 - 展望未來，我們沒有對這種變化做出任何假設。所以我們必須觀察市場走向。我們感覺自己的位置很好。一旦我們看到消費者流動性回歸，我們就會對我們在市場上的增長能力感到非常強烈。一旦市場完全重新開放，我們有一支強大的團隊正在等待開始。正如我們之前所說，我們預計中國將成為長期增長動力，並在不久的將來恢復到中個位數的增長。

And next, from the line of Nik Modi with RBC Capital Markets.

接下來，來自 Nik Modi 與 RBC 資本市場的路線。

Andre, I was hoping you could provide some macro context in terms of what's being embedded in the guidance. I mean, there's so much going on across the world. You addressed China to some degree. But perhaps you could just give us a little bit more context as it relates to Europe, especially as we head into the winter, U.S., maybe some of the developing markets? Just kind of how you're thinking about how the macro dynamics will play out over the next -- rest of the fiscal year?

Andre，我希望你能就指南中嵌入的內容提供一些宏觀背景。我的意思是，世界各地發生了很多事情。你在某種程度上向中國發表了講話。但也許你可以給我們更多關於歐洲的背景信息，特別是當我們進入冬季時，美國，也許是一些發展中市場？只是你如何看待宏觀動態將如何在下一個財政年度的剩餘時間裡發揮作用？

Yes. Nik, as you know, we generally orient our outlook on what we know today in terms of foreign exchange rate dynamics, in terms of commodity costs, in terms of energy costs. So that's what is built into our reconfirmed guidance range.

是的。尼克，如您所知，我們通常根據我們今天所了解的外匯匯率動態、商品成本和能源成本來定位我們的前景。這就是我們重新確認的指導範圍內的內容。

When you look at the consumer side and the market side, obviously, we see high pressure on the European consumer with high inflation and, certainly, as the energy costs will hit the consumer over the winter period, depending on how much support from the European government is provided and when, we need to be extra careful in terms of ensuring that consumers have appropriate access to our portfolio, making sure that we give the right value to them via superiority, strong innovation, the right price ladder and the right value tier offerings.

從消費者和市場來看，很明顯，我們看到歐洲消費者面臨高通脹壓力，當然，能源成本將在冬季衝擊消費者，這取決於歐洲的支持程度我們需要特別小心，以確保消費者能夠適當地使用我們的產品組合，確保我們通過優勢、強大的創新、正確的價格階梯和正確的價值等級為他們提供正確的價值供品。

So we expect Europe to be tough from a consumer environment standpoint, but well positioned from our portfolio standpoint in order to be able to compete in that market. The same is true for the U.S. We continue to focus with our retail partners to have broad access across our portfolio for consumers so they can make the right choices. As we said before, price ladder is increasingly important, cash outlay choices are increasingly important, and that's what we'll continue to focus on.

因此，我們預計歐洲從消費者環境的角度來看會很艱難，但從我們的投資組合的角度來看，歐洲將處於有利地位，以便能夠在該市場競爭。美國也是如此。我們將繼續與我們的零售合作夥伴合作，為消費者提供廣泛的產品組合訪問權限，以便他們做出正確的選擇。正如我們之前所說，價格階梯越來越重要，現金支出選擇越來越重要，這就是我們將繼續關注的內容。

Enterprise Markets are holding up well, and that's a key growth driver also in the quarter. You've seen all Enterprise Markets grow mid-teens and even [LA] growing at 23%. So we'll continue to drive the same strategy in Enterprise Markets of providing superiority, pricing and productivity.

企業市場表現良好，這也是本季度的主要增長動力。您已經看到所有企業市場都在十幾歲左右增長，甚至 [LA] 也以 23% 的速度增長。因此，我們將繼續在企業市場推動相同的戰略，即提供優勢、定價和生產力。

The next question comes from Kevin Grundy with Jefferies.

下一個問題來自 Jefferies 的 Kevin Grundy。

Andre, just a follow-up on that last question. Maybe you could just put some parameters around that, specifically around category growth rates. I think coming into the year, the guidance was underpinned on a 3% to 4% category growth rate. I think investors were a little bit surprised by the degree of slowdown at that point, just given the strength of the business performance in recent years. .

安德烈，只是對最後一個問題的跟進。也許您可以圍繞它設置一些參數，特別是圍繞類別增長率。我認為進入今年，該指導以 3% 至 4% 的類別增長率為基礎。我認為投資者對當時的放緩程度有點驚訝，只是考慮到近年來的業務表現強勁。 .

First quarter, I think, was better than the market expected, certainly from a demand elasticity perspective. Maybe just comment now, again, building on Nik's question, is 3% to 4% still what's underpinning your outlook? And maybe you can share for key regions, U.S., Enterprise Markets, et cetera, what you observed for category growth rates in the first quarter as we think about the balance of the year.

我認為，從需求彈性的角度來看，第一季度肯定好於市場預期。也許現在就再次發表評論，基於 Nik 的問題，3% 到 4% 仍然是支撐您前景的因素嗎？也許你可以分享關鍵地區、美國、企業市場等，當我們考慮今年的餘額時，你在第一季度觀察到的類別增長率。

Yes. Kevin, we expect a slowdown from the growth rate we've seen over the past years, which was 5%, to a more modest 3% to 4%. That is still the case. We continue to believe that the majority of that growth will be price-driven, with a negative volume component, as you would expect, given the inflationary pressure.

是的。凱文，我們預計增長率將從過去幾年看到的 5% 放緩至更溫和的 3% 至 4%。情況仍然如此。我們仍然認為，大部分增長將是價格驅動的，考慮到通脹壓力，正如你所預料的那樣，銷量部分為負。

We don't have more detail by region at this point in time, and it's really not a constructive forecast exercise to try to trim this down into a lower level of detail. So 3% to 4%, still underlying our forecast. We want to grow slightly ahead of that, which is reflected in our guidance range.

我們目前沒有按地區劃分的更多詳細信息，嘗試將其縮減為較低級別的詳細信息確實不是一項建設性的預測工作。所以 3% 到 4%，仍然是我們預測的基礎。我們希望稍微提前增長，這反映在我們的指導範圍中。

The next question comes from the line of Christopher Carey with Wells Fargo.

下一個問題來自富國銀行的 Christopher Carey。

So just 2 connected questions on Focus and Enterprise Markets. First, just on the U.S., you noted that growth was 5%, which is several points ahead of what we can see in the U.S. scanner data. Are there any timing differences with inventory or non-tracked performance that you would highlight there?

所以只有 2 個關於焦點和企業市場的相關問題。首先，就美國而言，您注意到增長率為 5%，這比我們在美國掃描儀數據中看到的高出幾個點。您會在此處強調庫存或非跟踪性能是否存在任何時間差異？

And then just next is on the Enterprise Markets in general. Can you just expand a bit on the acceleration we've seen in these markets? What's driving that uptick in growth? And maybe, importantly, how you see relevant performance versus local competitors in these markets, namely if that growth is being driven by pricing. And certainly, some of the local competition has different inflation exposures versus that of P&G. So things on the U.S. and the overall Enterprise Markets.

然後接下來是一般的企業市場。你能稍微擴展一下我們在這些市場上看到的加速嗎？是什麼推動了增長？也許，重要的是，您如何看待這些市場與當地競爭對手的相關表現，即，如果這種增長是由定價驅動的。當然，與寶潔相比，一些本地競爭對手的通脹風險有所不同。美國和整個企業市場的情況也是如此。

Yes. And to start with the U.S., we see strong growth in noncovered markets. That's explaining the overall stronger growth. So just looking at the covered market here is maybe not reflecting the full reality that we've seen in the first quarter. So broader growth in the U.S., higher than what we've seen in just the covered markets.

是的。從美國開始，我們看到非覆蓋市場的強勁增長。這解釋了整體強勁的增長。因此，僅查看此處涵蓋的市場可能並不能反映我們在第一季度看到的全部現實。因此，美國的增長范圍更廣，高於我們在覆蓋市場中看到的增長。

On the Enterprise Markets side, same dynamic as in the rest of the world. We continue to see strong contribution from pricing, obviously, and the combination of us taking pricing. But driving innovation and superiority at the same time allows us to drive strong organic sales growth.

在企業市場方面，與世界其他地區的動態相同。顯然，我們繼續看到定價的強勁貢獻，以及我們定價的結合。但同時推動創新和優勢使我們能夠推動強勁的有機銷售增長。

Your next question comes from the line of Olivia Tong with Raymond James.

您的下一個問題來自 Olivia Tong 和 Raymond James 的對話。

My question is twofold. First, just kind of -- if you could give a little bit more detail on what needs to happen to get China to sort of -- to get back to mid-single-digit growth beyond, obviously, COVID going away.

我的問題是雙重的。首先，只是——如果你能更詳細地說明需要發生什麼才能讓中國達到某種程度——以恢復到中個位數的增長，顯然，在 COVID 消失之後。

But my broader question is around competition, your ability to sustain the spending behind the brands given still very tough input costs and, obviously, the move in the U.S. dollar. Just kind of curious if you've seen any difference from what competition is doing since, at the very least, international competition -- since they, at the very least, don't have the same FX dynamics that you have.

但我更廣泛的問題是圍繞競爭，考慮到仍然非常高昂的投入成本，以及顯然美元的走勢，你維持品牌背後支出的能力。只是有點好奇你是否看到了與競爭對手所做的任何不同，因為至少是國際競爭——因為他們至少沒有你所擁有的相同的外匯動態。

Yes, Olivia. China, I think, you've answered the question. So I will leave it there. We will continue to invest. I think our teams are very well set up, but we need consumer mobility to return in order for China to return to mid-single-digit growth. So I'll leave it at that.

是的，奧利維亞。中國，我想，你已經回答了這個問題。所以我會把它留在那裡。我們將繼續投資。我認為我們的團隊設置得很好，但我們需要消費者流動性回歸，以便中國恢復到中個位數的增長。所以我就這樣吧。

In terms of competitive spending, I won't speculate. I think the fact is, obviously, local competitors, as you mentioned, and non-U.S. dollar-denominated competitors, multinational competitors have -- I don't see the same headwinds in terms of foreign exchange. Our strategy continues to double down on our own superiority, continue to double down on our own investment.

在競爭性支出方面，我不會推測。我認為事實顯然是，正如你所提到的，本地競爭對手，以及非美元計價的競爭對手，跨國競爭對手 - 我認為在外匯方面沒有相同的逆風。我們的戰略是繼續加倍自身優勢，繼續加倍自身投資。

And as Jon said, our commitment to continue to drive Irresistible Superiority is relentless. And that is going to be even more important in some of those market category combinations where we see local or non-U.S. dollar-based competition play.

正如喬恩所說，我們對繼續推動不可抗拒的優勢的承諾是無情的。在我們看到本地或非美元競爭的一些市場類別組合中，這將變得更加重要。

We'll take our next question from Bill Chappell with Truist Securities.

我們將向 Truist Securities 的 Bill Chappell 提出下一個問題。

Just wanted to follow up a little bit on Lauren's question a while back on trade down. And you said, certainly, you're seeing some trade down within your categories within your brands. And I guess -- 2 questions. One, are you surprised that there isn't more at this stage even within your brands with inflation and with potential recession? And then two, maybe could you talk about, is there any differences in terms of trade down on what you're seeing in the U.S. versus, say, Europe, Latin America? Or is it all fairly, fairly similar?

只是想稍微跟進一下 Lauren 的問題，然後再談交易。你說，當然，你在你的品牌中看到你的類別中的一些折衷。我猜—— 2 個問題。一，您是否感到驚訝，即使在您的品牌中，即使在通貨膨脹和潛在衰退的情況下，現階段也沒有更多？然後兩個，也許你能談談，你在美國看到的情況與歐洲、拉丁美洲相比，在貿易方面有什麼不同嗎？還是這一切都相當、相當相似？

Yes. Look, maybe the macro indication of trade down is twofold. Our value shares, in aggregate, are holding, as we said. And private label shares, which is the other indicator for a trade down in the market, are growing modestly, both in the U.S. and in Europe. When you look at the U.S., we see value share for private label increasing 30 basis points over the past 3 and 6 months. In Europe, we're looking at about 20 basis points of growth. Some of that is simply driven by supply dynamics.

是的。看，也許貿易下跌的宏觀跡像是雙重的。正如我們所說，我們的價值股總體上是持有的。而作為市場交易下滑的另一個指標的自有品牌份額在美國和歐洲都在溫和增長。當您查看美國時，我們看到自有品牌的價值份額在過去 3 個月和 6 個月增加了 30 個基點。在歐洲，我們正在關注大約 20 個基點的增長。其中一些只是由供應動態驅動的。

So where -- in the U.S., for example, where we see private label growth in our categories would be in bath tissue or in paper towels, where private label in the base period was not supplying well, and we kind of picked up that supply over quarter 1 and quarter 2 of last fiscal year. Now as private label is in supply and merchandising is reinstated, we see some growth.

因此，例如，在美國，我們看到自有品牌在我們的類別中增長的地方是浴巾或紙巾，在基期，自有品牌供應不佳，而我們有點恢復了供應超過上一財年的第一季度和第二季度。現在，隨著自有品牌的供應和商品銷售的恢復，我們看到了一些增長。

Encouragingly, when you then look at our Family Care business, sequential share is holding. So there is no direct link of private label growth and us not being able to continue to hold our share position or even expand our share position.

令人鼓舞的是，當您查看我們的家庭護理業務時，連續的份額正在持有。因此，自有品牌增長沒有直接聯繫，我們無法繼續持有我們的份額，甚至擴大我們的份額。

Overall, trade down within our portfolio is per design that's why we have created different value tiers, that's why we have created different pack sizes. So some level of consumer shifting is expected. We are very encouraged by many of our consumers actually continuing to look for the upper end of our portfolio.

總體而言，我們產品組合中的折舊是按設計進行的，這就是我們創建不同價值層的原因，這就是我們創建不同包裝尺寸的原因。因此，預計會有一定程度的消費者轉移。我們的許多消費者實際上仍在繼續尋找我們產品組合的高端產品，這讓我們感到非常鼓舞。

And I mentioned the Fabric Care example. Our biggest growth in the Fabric Care share is in the single-unit dose segment in the total market, and we're driving that growth. So we're encouraged there. So we see trends in both directions. Part of the consumers continue to look for the upper end of the portfolio. Some consumers, who are more exposed from a cash outlay or value standpoint, find a solution within our more value-focused tiers.

我提到了織物護理的例子。我們在織物護理份額中最大的增長是在整個市場中的單劑量部分，我們正在推動這種增長。所以我們在那裡受到鼓勵。因此，我們看到了兩個方向的趨勢。部分消費者繼續尋找投資組合的高端產品。從現金支出或價值的角度來看，一些消費者更容易受到影響，他們在我們更注重價值的層級中找到了解決方案。

I think some of the -- I mean the clearest explanation of all of this, if there is such a thing, in a very complex world is that value is found at the intersection of price, product performance, as Andre has said, and usage experience. It's not just price. Price is an important component, but those other components are equally important.

我認為一些——我的意思是對所有這一切的最清楚的解釋，如果有這樣的事情，在一個非常複雜的世界中，價值是在價格、產品性能的交叉點上找到的，正如安德烈所說，和使用經驗。這不僅僅是價格。價格是一個重要的組成部分，但其他那些組成部分也同樣重要。

And as Andre has said several times during the call, we continue to invest heavily in performance and in the usage experience and are hopeful that we can maintain the value proposition for most consumers. Some will, out of necessity, trade down. And as Andre said, we have offerings to meet them where they are as well. But I think, again, to cut through this, you have to think about the totality of the value proposition to make sense of what's happening.

正如安德烈在電話會議中多次表示的那樣，我們將繼續在性能和使用體驗方面進行大量投資，並希望我們能夠為大多數消費者保持價值主張。出於必要，有些人會降價交易。正如安德烈所說，我們也可以在他們所在的地方與他們會面。但我再次認為，要解決這個問題，你必須考慮整個價值主張，才能理解正在發生的事情。

And your next question will come from the line of Mark Astrachan with Stifel.

您的下一個問題將來自 Mark Astrachan 和 Stifel。

I guess, I want to ask about market dynamics, for lack of better terms. Maybe start with reconciling global share being in line, in terms of what you said on the call, with the 7% growth that you reported organically and in your 3% to 4% expectations for category growth, right? Obviously, that implies a bit of a deceleration. .

我想，我想問一下市場動態，因為沒有更好的條件。也許從協調全球份額開始，根據你在電話會議上所說的，你報告的有機增長 7% 和你對類別增長 3% 到 4% 的預期，對吧？顯然，這意味著減速。 .

And then, specifically, what's happening in segments that you talked about where there's market contractions? I think you mentioned that in the press release: Hair Care, Oral Care, Fabric Care, specifically. Anything sort of takeaways from there and your expectations and what's driving that going forward?

然後，具體來說，在您談到的市場收縮的細分市場中發生了什麼？我想你在新聞稿中提到過：頭髮護理、口腔護理、織物護理，特別是。從那裡有什麼外賣和你的期望，是什麼推動了這一點？

Yes, Mark, look, the outlook for the year is still 3% to 4%. This won't be a straight line. The best visibility we have is on the total year at the global level. Trying to break this down into quarters or trying to break this down into geographies is not helpful in our mind. So we go quarter-by-quarter. The market growth dynamic by category are not fundamentally different from what we're observing.

是的，馬克，看，今年的前景仍然是 3% 到 4%。這不會是一條直線。我們擁有的最佳可見性是在全球層面上的全年。試圖將其分解為幾個部分或嘗試將其分解為地理區域對我們的想法沒有幫助。所以我們一個季度一個季度去。按類別劃分的市場增長動態與我們觀察到的並沒有根本不同。

As I said, the only driver that is visible from a COVID to post-COVID world is in the surface cleaning and hygiene space, where we see a slowdown in the category growth. But other than that, the core drivers that we had predicted to help us deliver market growth is a focus on health and hygiene, more time at home and more focus from consumers on our categories.

正如我所說，從 COVID 到 COVID 後世界的唯一可見驅動力是表面清潔和衛生領域，我們看到該類別增長放緩。但除此之外，我們曾預測幫助我們實現市場增長的核心驅動力是關注健康和衛生、更多的在家時間以及消費者更多地關注我們的品類。

Our main job here is to drive category growth, and that's what we're really focused on, drive new jobs to be done, drive household penetration, where there is potential to drive usage of patients via regimen use, and that's what we're focused on in our innovation and in our communication and in the market execution.

我們在這裡的主要工作是推動品類增長，這就是我們真正關注的事情，推動完成新工作，推動家庭滲透，通過使用治療方案有可能推動患者的使用，這就是我們的目標專注於我們的創新、我們的溝通和市場執行。

And as you think about market and market growth, at some point, the whole market has priced. At some point, that annualizes, and it's less of a contributor to top line growth. Yes, volume will hopefully be a partial offset to that. But I think it's normal to expect kind of a reversion to the mean as we get through the pricing cycle.

當您考慮市場和市場增長時，在某些時候，整個市場已經定價。在某些時候，這會按年計算，並且對收入增長的貢獻較小。是的，成交量有望部分抵消這一點。但我認為，隨著我們度過定價週期，預期會回歸均值是正常的。

Next, we'll hear from Andrea Teixeira with JPMorgan.

接下來，我們將聽取摩根大通的 Andrea Teixeira 的來信。

And Jon, on your last point, I think, just a follow-up on your comments on revenue growth management, I just want to confirm on the timing of this entry-level products hitting the shelves. I know you've done some of it. In which categories you're finding the need to offer there, I'm assuming, to hold the volume share? I'm assuming Family Care, Baby Care and Laundry Care. I just want to clarify.

喬恩，關於你的最後一點，我想，只是對你對收入增長管理的評論的跟進，我只是想確認這款入門級產品上架的時間。我知道你已經做了一些。我假設您發現需要提供哪些類別以保持銷量份額？我假設家庭護理、嬰兒護理和洗衣護理。我只是想澄清一下。

And my main question is on what you're embedding in terms of additional pricing in Europe into the second half of fiscal '23, which, I believe, is usually when the retailers accept new pricing negotiations. So what is embedded in your guidance for the back end of the year or the fiscal year at this point?

我的主要問題是，您在 23 財年下半年將歐洲的附加定價嵌入了什麼，我相信這通常是零售商接受新的定價談判的時候。那麼，此時您對年底或財政年度的指導中包含什麼內容？

Yes. Andrea, let me take this. The value tier and price point portfolio that we were describing has been implemented over the past years. So this is not something that we're doing ad hoc in reaction to market dynamics we are observing. This is something that has been part of the strategy for many years.

是的。安德里亞，讓我拿走這個。我們所描述的價值層和價格點組合在過去幾年中已經實施。因此，這不是我們為了應對我們觀察到的市場動態而臨時做的事情。多年來，這一直是該戰略的一部分。

So the introduction of Simply Tide or Tide Simply, the introduction of and strengthening of labs, for example, so that has been there for a number of years. Also, the strategy of having different opening price points from under $10 to a higher transaction size as has been part of our portfolio for many years. What we're doing carefully, as we said all along, is when we price, our price execution is really tailored by SKU, by category, by brand, by market. So that's why we pay attention to ensure that as we price, we maintain the right structure on shelf, be that virtual or physical shelf.

因此，引入了 Simply Tide 或 Tide Simply，例如引入和加強實驗室，這樣已經存在了很多年。此外，具有不同開盤價點的策略，從低於 10 美元到更高的交易規模，多年來一直是我們投資組合的一部分。正如我們一直所說的那樣，我們正在謹慎地做的是，當我們定價時，我們的價格執行實際上是按 SKU、按類別、按品牌、按市場量身定制的。這就是為什麼我們要注意確保在定價時，我們在貨架上保持正確的結構，無論是虛擬貨架還是物理貨架。

Again, I can't comment on additional pricing in the second half. As Jon indicated, you would, from a market perspective, expect that some pricing annualizes here during the next 2 quarters. But the situation is still volatile, so we will continue to look at what we're facing and employ a combination of innovation, pricing and productivity.

同樣，我不能評論下半年的額外定價。正如喬恩所指出的，從市場的角度來看，您會期望在接下來的兩個季度中，這裡的一些定價會按年計算。但情況仍然不穩定，因此我們將繼續關注我們面臨的問題，並結合創新、定價和生產力。

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, coming full circle to the top of the queue and on investment posture. I know that you raised media spend by $1.2 billion from fiscal '19 to fiscal '22, as you mentioned earlier on the call. But you did start to get leverage on it last year, I think, it would be roughly 90 basis points of leverage, and you mentioned more leverage today. So question 1 is, how do we think about the right investment posture when it comes to advertising and media?

我想，在投資姿態上排在首位。我知道您從 19 財年到 22 財年的媒體支出增加了 12 億美元，正如您之前在電話會議上提到的那樣。但你去年確實開始獲得槓桿，我認為，大約是 90 個基點的槓桿，你今天提到了更多的槓桿。所以問題 1 是，在廣告和媒體方面，我們如何考慮正確的投資姿勢？

And then secondly, Jon mentioned that we're going to see price subside as we anniversary, which, obviously, we will. In some instances, we'll probably see it subside, too, because of promotional intensity. And it looks like promotions are building in laundry sequentially, diapers sequentially. And as you mentioned, private labels reengaged in tissue, and that may require some promotional get back. So how do you balance being competitive in market, matching promotional intensity, where needed, but yet still getting the price realization you need to cover cost?

其次，喬恩提到我們將在周年紀念日看到價格下降，顯然，我們會這樣做。在某些情況下，由於促銷力度，我們可能也會看到它消退。看起來促銷活動是依次在洗衣店和尿布上進行的。正如你所提到的，自有品牌重新涉足紙巾，這可能需要一些促銷活動才能回來。那麼，您如何平衡在市場上的競爭力、在需要的地方匹配促銷強度，但仍然獲得您需要的價格實現來支付成本？

Yes. On the media investment, I think we really need to shift focus. It is difficult to describe media sufficiency in dollars, especially when we are actively shifting our spending from linear non-targeted TV into programmatic and into digital spend that is a lot more targeted and a lot more precise in terms of delivering reach and quality of reach where we need it. So spending reduction might not necessarily correlate with this investment.

是的。關於媒體投資，我認為我們確實需要轉移焦點。很難用美元來描述媒體的充足性，特別是當我們積極地將我們的支出從線性非定向電視轉向程序化和數字化支出時我們需要它的地方。因此，減少支出可能不一定與這項投資相關。

So we continue to, as Jon said, be committed to drive superiority of our brands. We will not step back from that. And that, for us, means higher reach, higher quality of reach, higher targeting capability, which we've built around the world, and that's the measure of success for us. If we deliver that, the dollars are an outcome, not the determining factor of sufficiency of investment.

因此，正如喬恩所說，我們將繼續致力於提升我們品牌的優勢。我們不會退縮。對我們來說，這意味著更高的覆蓋範圍、更高的覆蓋質量、更高的定位能力，這是我們在全球範圍內建立的，這就是我們衡量成功的標準。如果我們做到這一點，那麼美元就是結果，而不是投資充足性的決定因素。

On the price and promotion side, Jason, we've seen promotion levels come down during COVID, as you know, from above 30% pre-COVID to, I think, 16% was the low during the COVID period. We now see, in our categories, promotion coming back up somewhere between 27% to 30%, which is to be expected. For us, the most important element is to use promotions in the right way. If we are able to drive regimen, for example, by co-promoting, co-merchandising laundry detergent and fabric enhancers, where we have significant penetration opportunities in fabric enhancers, it grows the category, it drives incremental purchase, and it drives repeat of the trial if we do it right.

Jason，在價格和促銷方面，我們已經看到促銷水平在 COVID 期間有所下降，如您所知，從 COVID 之前的 30% 以上下降到 COVID 期間的最低點 16%。我們現在看到，在我們的類別中，促銷回升到 27% 到 30% 之間，這是意料之中的。對我們來說，最重要的因素是以正確的方式使用促銷活動。如果我們能夠推動養生，例如，通過共同推廣、共同銷售洗衣粉和織物增強劑，我們在織物增強劑方面擁有巨大的滲透機會，它會擴大類別，推動增量購買，並推動重複購買如果我們做對了，那就是審判。

Same is true in Baby Care. When we co-promote wipes with diapers, it drives higher usage in a relatively more underdeveloped category, which is wipes. So in that sense, promotion can be a driver of growth, market growth and profit growth, and that's how we want to use it.

嬰兒護理也是如此。當我們與尿布共同推廣濕巾時，它會在相對欠發達的類別（即濕巾）中提高使用率。所以從這個意義上說，促銷可以成為增長、市場增長和利潤增長的驅動力，這就是我們想要使用它的方式。

Just to build on a point that Andre made because the question keeps being raised, which is perfectly fine, but it means we're maybe not being as clear as we can. I'll just give you the example of North America to hopefully give you confidence in our investment posture. We had a discussion with the North American team a couple of weeks ago. Andre was there. I was there. Shailesh was there.

只是為了建立安德烈提出的觀點，因為問題不斷被提出，這很好，但這意味著我們可能沒有盡可能清楚。我將給你舉個北美的例子，希望能讓你對我們的投資態勢充滿信心。幾週前，我們與北美團隊進行了討論。安德烈在那裡。我在那裡。 Shailesh在那裡。

And they had prepared perspective by category on dollar spend versus a year ago. And I walked into the room and said, "This isn't helpful." What we need to understand is what are our reach objectives, and are we sufficient in spending to achieve those reach objectives? What are our objectives in terms of number of weeks on air achieving that reach? And that's how we'll measure sufficiency.

他們已經按類別準備了美元支出與一年前的對比。我走進房間說，“這沒有幫助。”我們需要了解的是我們的覆蓋目標是什麼，我們是否有足夠的支出來實現這些覆蓋目標？就實現這一目標的播出週數而言，我們的目標是什麼？這就是我們衡量充足性的方式。

Now I want to do that, we want to do that as cost effectively as possible. But that's the plan, and we went through an assured that category by category, we had sufficient reach, and we had sufficient weeks of media. And where we determine that we might not, then there was a discussion with the business leaders on what we could do to ensure that, that happened.

現在我想這樣做，我們希望以盡可能具有成本效益的方式做到這一點。但這就是計劃，我們確定了一個類別一個類別，我們有足夠的影響力，我們有足夠的媒體週。在我們確定我們可能不會的地方，然後與商業領袖討論了我們可以做些什麼來確保這種情況發生。

So we're spending a fair amount of time on this. We're very committed to it. And it's -- I'm sure it's frustrating because you don't have visibility to all of that. You just have visibility to the dollars, which I completely understand.

所以我們在這方面花費了相當多的時間。我們非常致力於它。它是——我敢肯定這很令人沮喪，因為你沒有看到所有這些。你只知道美元，我完全理解。

As Andre also said, one other dynamic is we're moving a lot of the marketing activity set in-house. And so the cost for that in terms of, for example, purchasing media moves out of the advertising budget and into the overhead budget. So that also affects the spend period to period. Hopefully, that helps.

正如安德烈所說，另一個動力是我們正在內部轉移大量營銷活動。因此，例如購買媒體的成本從廣告預算中移到間接費用預算中。因此，這也會影響花費周期。希望這會有所幫助。

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

您的最後一個問題來自消費者邊緣的 Jonathan Feeney。

Two easy ones, I think. First, I want to understand the bridge between the global pricing impact, as cited, at 470 basis points and global pricing of 9%. I'm sure it's easy, I'm missing that. I just want to understand how that math works as we go forward.

兩個簡單的，我想。首先，我想了解全球定價影響（如所引用的 470 個基點和 9% 的全球定價）之間的橋樑。我敢肯定這很容易，我錯過了。我只是想了解在我們前進的過程中數學是如何運作的。

And secondly, you mentioned pantry inventories. I wonder, is there any data you have specifically about monitoring that in a granular way on a global basis? Or at least maybe some anecdotes about how that's worked in the past when we've seen periods of rising pricing and a little bit of elasticity.

其次，您提到了儲藏室庫存。我想知道，您是否有任何專門關於在全球範圍內以細粒度方式監控的數據？或者至少可能有一些關於過去我們看到價格上漲和一點點彈性時期如何運作的軼事。

On the pricing to gross margin reconciliation, I suggest you go back to our IR team for them to give you the math off-line. On the pantry inventory, we do have some data. We have in-home consumer data, specifically in the U.S. and many other markets that allows us to see their relative pantry inventory. So it's based on that observation in the market. But it's not illogical to assume that high inventories that were built during the COVID phase, for example, in bath tissue and paper towels, slowly drawing down.

關於毛利率對賬的定價，我建議您回到我們的 IR 團隊，讓他們離線為您提供數學計算。在食品儲藏室庫存中，我們確實有一些數據。我們有家庭消費者數據，特別是在美國和許多其他市場，這讓我們能夠看到他們的相對食品庫存。所以它是基於對市場的觀察。但是，假設在 COVID 階段建立的高庫存（例如浴巾紙和紙巾）會慢慢減少，這並非不合邏輯。

I would tell you that we're still seeing somewhat higher levels than we've seen pre-COVID, but none of this is material. It's more an element of consumer behavior we're observing. So it's nothing that would stand out in terms of the construct of the market growth or forecast.

我會告訴你，我們看到的水平仍然比 COVID 之前的水平要高一些，但這都不是實質性的。這更像是我們正在觀察的消費者行為的一個元素。因此，就市場增長或預測的構建而言，沒有什麼能脫穎而出。

Just one thing as we wrap this up, and I'll turn it back to Andre. If you step back from all of this, and I step back from all of this, I am just incredibly pleased with our team and what they've accomplished. 7% organic sales growth against the context of Russia, Ukraine, what's happened in China where the market is down mid-singles, that is truly a fantastic work. Communicating the value of our offerings, improving the value of our offerings as we take necessary pricing, maintaining top line momentum of the business, great work.

在我們結束這件事時只有一件事，我會把它轉回給安德烈。如果你從這一切中退後，而我從這一切中退後，我對我們的團隊以及他們所取得的成就感到非常滿意。在俄羅斯、烏克蘭的背景下，7% 的有機銷售額增長，在中國發生的情況下，市場在單曲中段下降，這確實是一項了不起的工作。傳達我們產品的價值，在我們採取必要的定價時提高我們產品的價值，保持業務的頂線勢頭，出色的工作。

The other piece that I think portends a strong future is the work, as Andre mentioned at the onset of the call, that's happening on productivity. Between commodities, FX and warehousing and transportation, we had a 32-point negative AT impact on the quarter. And this team was able to offset 30 points of that 32 through the combination of pricing and productivity. So that's the big picture, in my view, and I couldn't be happier.

正如安德烈在電話會議開始時提到的那樣，我認為預示著美好未來的另一部分是工作，這正在發生在生產力方面。在大宗商品、外匯以及倉儲和運輸之間，我們對本季度產生了 32 點的負面 AT 影響。通過定價和生產力的結合，這個團隊能夠抵消這 32 個點中的 30 個點。所以這就是大局，在我看來，我再高興不過了。

Yes. Only point to add is -- and the combination of value shareholding globally and in the U.S. is a strong indication, in our mind, that the strategy of driving superiority even in inflationary environment is the right strategy for P&G. So we'll continue to double down, as we said in our opening remarks.

是的。唯一需要補充的是——在我們看來，全球和美國價值持股的結合有力地表明，即使在通脹環境下，推動優勢的戰略也是寶潔的正確戰略。因此，正如我們在開場白中所說，我們將繼續加倍努力。

With that, I just want to remind you quickly that we'll be hosting an Investor Day here in Cincinnati on the afternoon and evening of Thursday, November 17. You should have received the registration e-mail in early September. If you didn't receive it and would like to attend, please get in touch with John and our IR team. Thank you for your time, and have a great week.

有了這個，我只想快速提醒您，我們將於 11 月 17 日星期四下午和晚上在辛辛那提舉辦投資者日。您應該在 9 月初收到註冊電子郵件。如果您沒有收到它並想參加，請與 John 和我們的 IR 團隊聯繫。感謝您的寶貴時間，祝您度過愉快的一周。

Ladies and gentlemen, that concludes today's conference. Thank you for your participation. You may now disconnect. Have a great day.

女士們，先生們，今天的會議到此結束。感謝您的參與。您現在可以斷開連接。祝你有美好的一天。