寶潔 (PG) 2023 Q3 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末電話會議。正在錄製今天的活動以供重播。

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，您會看到對可能導致公司實際結果與這些預測存在重大差異的因素的討論。

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，寶潔需要讓您知道，在討論過程中，公司將多次提及非 GAAP 和其他財務指標。 Procter & Gamble 認為這些衡量標準為投資者提供了了解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 上發布了非 GAAP 財務衡量標準的全面調整。

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公司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.

大家，早安。今天和我一起參加電話會議的有董事會主席、總裁兼首席執行官 Jon Moeller；和投資者關係高級副總裁 John Chevalier。

Execution of our integrated strategies drove strong results in the January to March quarter. Organic sales grew across all 10 categories and in 6 out of 7 regions. Global aggregate market share is holding steady. Productivity savings are accelerating and enabling sustained investment in the superiority of our brands.

我們綜合戰略的執行在 1 月至 3 月季度取得了強勁的業績。所有 10 個類別和 7 個地區中的 6 個地區的有機銷售額均有所增長。全球總市場份額保持穩定。生產力節約正在加速，並使對我們品牌優勢的持續投資成為可能。

In-market execution across all 5 vectors of superiority is strong and consistent: product, package, communication, go-to-market and value. Superior offerings continue to pay benefits for our consumers and retail partners and, in turn, for P&G shareholders. Progress against our plan enables us to increase guidance for organic sales growth and cash return to share owners and to maintain guidance for core EPS growth and free cash flow productivity.

所有 5 個優勢向量的市場執行都是強大且一致的：產品、包裝、溝通、上市和價值。卓越的產品繼續為我們的消費者和零售合作夥伴帶來收益，進而為寶潔股東帶來收益。根據我們的計劃取得的進展使我們能夠增加對有機銷售增長和股東現金回報的指導，並維持對核心每股收益增長和自由現金流生產率的指導。

Moving to third quarter numbers. Organic sales grew more than 7%. Pricing added 10 points to sales growth, and mix was a modest positive contributor for the quarter. Volume declined 3 points, including a 1 point headwind from portfolio reduction in Russia.

轉到第三季度的數字。有機銷售額增長超過 7%。定價為銷售額增長貢獻了 10 個百分點，而組合對本季度的貢獻不大。成交量下降 3 個百分點，其中包括來自俄羅斯投資組合減少的 1 個百分點的逆風。

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

各業務部門的增長基礎廣泛，我們的 10 個產品類別均實現有機銷售額增長。女性護理是低十幾歲。個人保健、家庭護理和頭髮護理均增長了兩位數。美容、口腔護理和織物護理增長了高個位數。嬰兒護理的單打處於中等水平，家庭護理和皮膚與個人護理的單打處於低位。

Growth was also broad-based across geographies with 6 of 7 regions growing organic sales. Focus markets grew 5% for the quarter. Organic sales in the U.S. were up 6%, including modest unit volume growth. Europe-focused markets were up 8%.

各地區的增長也很廣泛，7 個地區中有 6 個地區的有機銷售額實現增長。焦點市場本季度增長了 5%。美國的有機銷售額增長了 6%，包括適度的單位銷量增長。以歐洲為中心的市場上漲了 8%。

Greater China organic sales were up 2% versus prior year as the market begins to recover from COVID lockdowns and as consumer confidence improves. We continue to expect further recovery as consumer mobility increases over the coming quarters. Longer term, we expect China to return to mid-single underlying market growth rates for our portfolio of categories.

隨著市場開始從 COVID 封鎖中復蘇以及消費者信心提高，大中華區的有機銷售額較上年增長 2%。隨著未來幾個季度消費者流動性的增加，我們繼續期待進一步復甦。從長遠來看，我們預計中國將恢復到我們類別組合的中等基礎市場增長率。

Enterprise Markets were up 15% with Latin America up nearly 30%, and Europe enterprise markets up low teens. This is the fourth consecutive quarter in which all 5 sectors grew organic sales double digits in enterprise markets.

企業市場增長了 15%，拉丁美洲增長了近 30%，歐洲企業市場增長了十幾%。這是所有 5 個行業在企業市場的有機銷售額連續第四個季度增長兩位數。

Global aggregate value share was in line with prior year with 30 of our top 50 category country combinations holding or growing share. Excluding Russia, global value share was up 20 basis points.

全球總價值份額與上一年持平，我們排名前 50 的國家/地區組合中有 30 個持有或增長份額。除俄羅斯外，全球價值份額上升了 20 個基點。

In the U.S., all outlet value share was up 40 basis points versus prior year, with 8 of 10 categories holding or growing share in the quarter. U.S. volume share is up 90 basis points versus the prior year driven by 2 points of absolute volume consumption growth in a market that is still down modestly versus prior year.

在美國，所有奧特萊斯價值份額較上年增長 40 個基點，本季度 10 個類別中有 8 個類別保持或增長份額。美國的銷量份額比上一年增加了 90 個基點，這是由於市場的絕對銷量增長了 2 個百分點，但與上一年相比仍略有下降。

Strong U.S. share growth in Personal Care has been led by innovation on the native brand and deodorants as well as successful extension into body wash. Cascade Platinum Plus has driven strong share growth in auto dishwashing, and Dawn share continues to be up more than 1 point with ongoing leverage from the powerwash and easy squeeze innovations. Vicks continues to be a growth leader in Personal Health Care, and we've delivered strong share growth in the Metamucil and Pepto-Bismol brands.

本土品牌和除臭劑的創新以及沐浴露的成功擴展帶動了美國個人護理市場份額的強勁增長。 Cascade Platinum Plus 推動了汽車洗碗機市場份額的強勁增長，而 Dawn 的份額繼續上漲超過 1 個百分點，得益於 Powerwash 和 easy squeeze 創新的持續影響力。 Vicks 繼續成為個人保健領域的增長領導者，我們在 Metamucil 和 Pepto-Bismol 品牌中實現了強勁的份額增長。

In Europe, the new 4-chamber area of platinum pots are driving strong consumer demand in Fabric Care. Fairy Power Spray is growing the dish category and building market share in Home Care. The new Gillette Labs exfoliating razor, male and female intimate grooming innovations and cardboard packaging upgrades are driving strong growth in Grooming.

在歐洲，新的 4 室鉑金盆區正在推動織物護理方面的強勁消費需求。 Fairy Power Spray 正在擴大餐具類別並在家庭護理領域建立市場份額。新的 Gillette Labs 去角質剃須刀、男性和女性私密護理創新以及紙板包裝升級正在推動美容領域的強勁增長。

Moving to the bottom line. Core earnings per share were $1.37, up 3% versus prior year. On a currency-neutral basis, core EPS increased 13%, good progress as we faced $0.31 per share of cost and foreign exchange headwinds in the quarter.

移至底線。每股核心收益為 1.37 美元，比上年增長 3%。在貨幣中性的基礎上，核心每股收益增長 13%，進展良好，因為我們在本季度面臨每股 0.31 美元的成本和外匯逆風。

Core operating margin increased 40 basis points. That 150 basis points of gross margin expansion were partially offset by SG&A investments and inflation impacts. Currency-neutral core operating margin increased 160 basis points. Productivity improvements were a 290 basis point help to the quarter.

核心營業利潤率增長 40 個基點。 SG&A 投資和通貨膨脹的影響部分抵消了 150 個基點的毛利率增長。貨幣中性核心營業利潤率增加 160 個基點。生產力的提高為本季度帶來了 290 個基點的幫助。

Adjusted free cash flow productivity was at 92%. We returned $3.6 billion of cash to share owners, approximately $2.2 billion in dividends and $1.4 billion in share repurchase. Last week, we announced a 3% increase in our dividend, again, reinforcing our commitment to return cash to shareowners. This is the 67th consecutive annual dividend increase and the 133rd consecutive year P&G has paid a dividend.

調整後的自由現金流生產率為 92%。我們向股東返還了 36 億美元的現金，約 22 億美元的股息和 14 億美元的股票回購。上週，我們再次宣布將股息提高 3%，以加強我們向股東返還現金的承諾。這是寶潔連續第 67 年增加年度股息，也是寶潔連續第 133 年支付股息。

In summary, against what is still a challenging cost and operating environment, continued good results across top line, bottom line and cash for the third quarter. Our team continues to operate with excellence, executing the integrated strategies that have enabled strong results over the past 4 years and that 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.

總而言之，在成本和運營環境仍然充滿挑戰的情況下，第三季度在營收、利潤和現金方面繼續取得良好業績。我們的團隊繼續以卓越的方式運營，執行綜合戰略，這些戰略在過去 4 年中取得了強勁的成果，並且是平衡增長和價值創造的基礎，日常使用產品組合，其中許多產品在清潔、健康和衛生方面具有優勢性能在品牌選擇中起重要作用的類別。

Ongoing commitment to and investment in irresistible superiority across the 5 vectors of product, package, brand communication, retail execution and value. We are again raising the bar on our superiority standards to reflect the dynamic nature of this strategy.

持續致力於並投資於產品、包裝、品牌傳播、零售執行和價值這 5 個方面的不可抗拒的優勢。我們再次提高了優勢標準的門檻，以反映該戰略的動態特性。

Productivity improvements in all areas of operations to fund investments in superiority 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. Finally, an organization that is incredibly 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.

提高所有運營領域的生產力，為優勢投資提供資金，抵消成本和貨幣挑戰，擴大利潤並產生強勁的現金。一種建設性顛覆的方法，一種改變、適應和創造新趨勢和技術的意願，這些趨勢和技術將塑造我們行業的未來。最終，一個組織將擁有令人難以置信的更強大的能力、敏捷性和責任感，幾乎沒有重疊或冗餘，可以滿足新的需求，無縫地相互支持以實現我們在世界各地的優先事項。

There are 4 areas we are driving to improve the execution of the 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 superiority, reduce cost to enable investment and value creation and to further strengthen our organization.

我們正在推動 4 個領域來改進綜合戰略的執行：供應鏈 3.0、數字敏銳度、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。它們是繼續建立優勢、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元素。

Our strategic choices on portfolio, superiority, productivity, constructive disruption and organization are interdependent 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 the commitment to deliver irresistibly superior proposition, consumers and retail partners.

我們在產品組合、優勢、生產力、建設性顛覆和組織方面的戰略選擇是相互依存的戰略。他們相互加強和建立。如果執行得當，它們會擴大市場，進而增加市場份額、銷售額和利潤。我們仍然相信，實現可持續的收入和利潤增長的最佳途徑是加倍實施這些綜合戰略，從承諾為消費者和零售合作夥伴提供令人無法抗拒的卓越建議開始。

Now moving to guidance. As we work towards the end of the fiscal year, we are cautiously optimistic. We remain confident in our strategies and the organization's ability to execute them with excellence. We continue to expect more volatility in the macro and consumer environment and expect sustained pressure in costs and foreign exchange as we move forward.

現在轉向指導。在我們接近本財年末的時候，我們持謹慎樂觀的態度。我們對我們的戰略和組織卓越執行這些戰略的能力充滿信心。我們繼續預計宏觀和消費環境將出現更多波動，並預計在我們前進的過程中成本和外匯將持續承受壓力。

On the whole, our consumer markets remained relatively resilient with U.S. and China volume trends improving, but with inflation pressures in Europe weighing more heavily on consumption. We continue to think the strategies we've chosen, the investments we've made and the focus on execution and excellence have positioned us well to manage through this volatility over time.

總體而言，隨著美國和中國銷量趨勢的改善，我們的消費市場保持相對彈性，但歐洲的通脹壓力對消費的影響更大。我們仍然認為，我們選擇的戰略、我們所做的投資以及對執行和卓越的關注使我們能夠很好地應對隨著時間的推移而發生的這種波動。

Raw and packaging material costs, inclusive of commodities and supplier inflation, have largely stabilized over the last few months but still remain a significant headwind versus last fiscal year. Based on current spot prices and latest contracts, we now estimate a $2.2 billion after-tax headwind in fiscal '23.

原材料和包裝材料成本，包括大宗商品和供應商通脹，在過去幾個月基本穩定下來，但與上一財年相比仍存在重大阻力。根據當前現貨價格和最新合同，我們現在估計 23 財年的稅後阻力為 22 億美元。

Foreign exchange is also a significant year-on-year headwind, and rates since last quarter have moved modestly against us. Based on current exchange rates, we now forecast a $1.3 billion after-tax impact to the fiscal year.

外匯也是一個重大的同比逆風，自上個季度以來利率對我們不利。根據當前匯率，我們現在預測本財年的稅後影響為 13 億美元。

Freight costs have moderated throughout the year, and we now expect them to be roughly in line with prior year. Combined headwinds from these items are now estimated at approximately $3.5 billion after tax or $1.40 per share, a 24 percentage point headwind to EPS growth for the year.

全年運費有所下降，我們現在預計它們將與上一年大致持平。這些項目的綜合阻力現在估計約為稅後 35 億美元或每股 1.40 美元，對全年每股收益增長造成 24 個百分點的阻力。

In addition to these impacts, we are also facing higher inflation in wages and benefits and higher year-on-year net interest expense. We are offsetting a portion of these cost headwinds with price increases and productivity savings. We are continuing to invest in irresistible superiority, and we are investing to improve our supply capacity, resilience and flexibility.

除了這些影響之外，我們還面臨工資和福利通脹上升以及同比淨利息支出增加的問題。我們正在通過提價和節省生產率來抵消部分成本不利因素。我們正在繼續投資於不可抗拒的優勢，我們正在投資以提高我們的供應能力、彈性和靈活性。

As noted in the outset, our strong results over the first 3 quarters have enabled us to raise our organic sales outlook and confirm our guidance ranges on EPS and cash. We are increasing our guidance for organic sales growth from a range of 4% to 5% to approximately 6% for the fiscal year. This would put fiscal '23 in line with 6% top line growth we've averaged over the last 4 years, which were 5, 6, 6 and 7 from fiscal '19 to '22, respectively.

正如一開始所指出的，我們前三個季度的強勁業績使我們能夠提高我們的有機銷售前景並確認我們對每股收益和現金的指導範圍。我們將本財年的有機銷售增長預期從 4% 至 5% 提高至約 6%。這將使 23 財年與我們在過去 4 年中平均增長 6% 一致，從 19 財年到 22 財年分別為 5%、6%、6% 和 7%。

On the bottom line, we're maintaining our outlook of core earnings per share growth in the range of in line to plus 4% versus prior year. Significant headwinds from input costs and foreign exchange keep our current expectations towards the lower end of this range. This guidance also reflects our intent to remain fully invested to drive our superiority strategy and increase investments as value-creating opportunities are available.

最重要的是，我們維持核心每股收益增長預期在與上年同期相比增長 4% 至 4% 的範圍內。投入成本和外匯帶來的重大不利因素使我們目前的預期保持在該範圍的下限。該指南還反映了我們繼續充分投資以推動我們的優勢戰略並在創造價值的機會可用時增加投資的意圖。

We continue to forecast adjusted free cash flow productivity of 90%. We now expect to pay nearly $9 billion in dividends and to repurchase $7.4 billion to $8 billion in common stock, combined a plan to return $16 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%。我們現在預計將支付近 90 億美元的股息並回購 74 億美元至 80 億美元的普通股，併計劃在本財年向股東返還 160 億美元至 170 億美元的現金。

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

這一展望基於當前的市場增長預測、商品價格和外匯匯率。在此指導範圍內，預計不會出現顯著的額外貨幣疲軟、商品成本增加、地緣政治中斷、主要生產停工或商店關閉。

To conclude, we continue to face highly volatile consumer and macro dynamics. We also continue to see high year-over-year input costs, inflation in the upstream supply chain and in our own operations, headwinds from foreign exchange, geopolitical issues and historically high inflation impacting consumer budgets.

總而言之，我們繼續面臨高度波動的消費者和宏觀動態。我們還繼續看到同比投入成本高、上游供應鍊和我們自己的運營中的通貨膨脹、外匯逆風、地緣政治問題以及影響消費者預算的歷史高通貨膨脹。

As we said before, we believe this is a rough patch to grow through, not a reason to reduce investment in the long-term health of our business. We're doubling down on the strategy that has been working well and is delivering strong results.

正如我們之前所說，我們認為這是一段艱難的成長過程，而不是減少對我們業務長期健康投資的理由。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。

We continue to step forward. We remain fully invested in our business. We remain committed to driving productivity improvements, to fund growth investments, mitigate input cost challenges and to deliver balanced top and bottom line growth.

我們繼續向前邁進。我們仍然完全投資於我們的業務。我們仍然致力於推動生產力的提高，為增長投資提供資金，減輕投入成本的挑戰，並實現平衡的收入和利潤增長。

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

這樣，我們很樂意回答您的問題。

(Operator Instructions) The first question comes from Lauren Lieberman of Barclays.

（操作員說明）第一個問題來自巴克萊銀行的勞倫利伯曼。

Great. I wanted to talk a bit about productivity. Because over the last, I guess, 2.5, 3 years during the pandemic and all the global supply chain challenges, productivity was something that understandably took a back seat. And then this quarter, really seen this significant change in what you've been able to realize.

偉大的。我想談談生產力。因為在過去的 2.5 年裡，我猜，在大流行和所有全球供應鏈挑戰期間，生產力處於次要地位，這是可以理解的。然後在本季度，真正看到了您能夠實現的重大變化。

So I was curious if there's -- we should be thinking about productivity as something where there's like a catch-up, where there's sort of projects that have been on the list, things you're able to get at, so that productivity could run at an elevated rate going forward.

所以我很好奇是否有 - 我們應該將生產力視為一種追趕，其中有一些項目已經列在清單上，你能夠得到的東西，這樣生產力就可以運行以更高的速度前進。

And it's also interesting, I think, in the context of marketing how you've been so consistent in investing throughout. There's actually no catch-up on the marketing piece. No need to accelerate reinvestment per se, but maybe some, again, acceleration on the productivity side. So I'd be curious to hear about that.

我認為，在營銷的背景下，你如何始終如一地進行投資，這也很有趣。營銷部分實際上沒有趕上。本身不需要加速再投資，但也許可以在生產率方面再次加速。所以我很想知道這件事。

Great. I think with -- as you said, we are catching up right now to return to gross savings levels that are equal or close to equal to those that we've delivered pre-COVID. We have more line capacity available for us to qualify cost savings, more mind space of our teams to be able to identify new opportunities. And as we are able to engage suppliers and get through this inflationary period, hopefully, more ideation and new projects to be created as well.

偉大的。我認為——正如你所說，我們現在正在趕上，以恢復到等於或接近等於我們在 COVID 之前交付的總儲蓄水平。我們有更多的生產線容量可供我們節省成本，我們的團隊有更多的思維空間來識別新的機會。隨著我們能夠與供應商合作並度過這個通貨膨脹時期，希望也能創造出更多的創意和新項目。

As we've talked on our Investor Day, we see runway on productivity for the next few years driven by Supply Chain 3.0. We have talked about delivering about $1.5 billion of savings with those initiatives between automation and digital capabilities. And we continue to believe that we can generate between $400 million to $500 million a year from media programmatic savings, both in terms of scheduling and buying capabilities around the world.

正如我們在投資者日所說的那樣，我們看到供應鏈 3.0 將推動未來幾年生產力的發展。我們已經討論過通過自動化和數字功能之間的這些舉措節省大約 15 億美元。我們仍然相信，我們每年可以通過媒體程序化節省 4 億至 5 億美元，無論是在全球範圍內的調度還是購買能力方面。

Those programs will hold productivity, in my estimation, close to pre-COVID levels, which will allow us to continue to reinvest in media, which will allow us to fund innovation and superiority. And that is really the intent of the model. So to answer your question directly, I would not expect a disproportionate catch-up, but I would expect a steady return to pre-COVID levels of net structure savings, both costs and media.

據我估計，這些計劃將使生產力接近 COVID 之前的水平，這將使我們能夠繼續對媒體進行再投資，這將使我們能夠為創新和優勢提供資金。這確實是該模型的意圖。因此，直接回答你的問題，我預計不會出現不成比例的追趕，但我預計淨結構節省（包括成本和媒體）將穩定回歸到 COVID 前的水平。

I agree.

我同意。

The next question comes from Bryan Spillane of Bank of America.

下一個問題來自美國銀行的 Bryan Spillane。

I actually had just one clarification and then a question. Clarification, the $125 million of, I guess, incremental interest expense, can you just give us a little bit more color on that? And again, is that something we need to kind of contemplate in our models as even we look past the fourth quarter? So I guess is net interest expense going up?

我實際上只有一個澄清，然後是一個問題。澄清一下，我猜 1.25 億美元的增量利息支出，你能給我們更多的顏色嗎？再一次，即使我們已經過了第四季度，我們是否需要在我們的模型中考慮一些事情？所以我想淨利息支出會上升嗎？

Yes, I mean, obviously, it is, right? Markets are getting more expensive in terms of credit, and we are not immune to that. So the $125 million BT we've quoted for this year, I would expect the trend to continue to go up into next year.

是的，我的意思是，很明顯，是的，對吧？就信貸而言，市場變得越來越昂貴，我們也不能倖免。因此，我們今年報價的 1.25 億美元 BT，我預計這一趨勢將繼續上升到明年。

Now we are still well positioned relative to peer group because we're able to borrow not only in the U.S. but also in euro, in pounds and in yen. So that keeps us very competitive. But nevertheless, we're not immune to those increases, so they will continue to go up into next year.

現在我們相對於同行集團仍然處於有利地位，因為我們不僅能夠在美國借款，而且能夠以歐元、英鎊和日元借款。所以這讓我們非常有競爭力。但是儘管如此，我們也不能倖免於這些增長，因此它們將繼續上升到明年。

And just one piece of perspective there, Bryan, this is Jon. We've understandably, because it's been the primary driver of cost increases, focused our discussion on commodities. But that's not the only cost increase that we're seeing.

只有一個觀點，布萊恩，這是喬恩。可以理解的是，因為它一直是成本增加的主要驅動因素，所以我們將討論重點放在商品上。但這並不是我們看到的唯一成本增加。

We've just talked about interest expense. Andre mentioned in his prepared remarks wages and benefits, which continue to increase. So I would just encourage us all to gain confidence from what's happened here, but to realize that there are still, as Andre said, many headwinds that we're working against and we'll continue to work against as we move forward through next fiscal year.

我們剛剛談到了利息支出。安德烈在他準備好的講話中提到了工資和福利，這些工資和福利繼續增加。所以我只是鼓勵我們所有人從這裡發生的事情中獲得信心，但要意識到，正如安德烈所說，我們正在努力應對許多不利因素，我們將在下一財年繼續努力應對年。

The next question comes from Dara Mohsenian of Morgan Stanley.

下一個問題來自摩根士丹利的 Dara Mohsenian。

Guys, can you hear me?

伙計們，你能聽到我說話嗎？

Yes.

是的。

We can.

我們可以。

So on the gross margin side, you were up significantly year-over-year in the quarter for the first time in a couple of years. Obviously, some nice sequential progress with the outsized cost savings and the strong pricing. But also your full year commodity assumptions and freight assumptions are a bit better than they were previously.

因此，在毛利率方面，您在本季度出現了幾年來的首次同比大幅增長。顯然，隨著巨大的成本節約和強勁的定價，一些不錯的連續進展。但你的全年商品假設和運費假設也比以前好一點。

So just wanted to get a sense if we start to see this sustained improving gross margin environment, what's your perspective on the bias to sort of reinvest that upside back into marketing versus let it drop to the bottom line? This quarter, obviously, with the magnitude of gross profit upside, you could do both. But just wanted to get a sense on how you think about that going forward.

所以只是想了解一下，如果我們開始看到這種持續改善的毛利率環境，您對將這種優勢重新投資回營銷而不是讓它下降到底線的偏見有何看法？很明顯，本季度毛利潤上升幅度很大，你可以同時做到這兩點。但只是想了解一下您對未來的看法。

And if I can slip in a second part, are you comfortable you're getting a strong ROI on the higher ad spend presumably, obviously, did this quarter, but how do you think about that going forward and sort of ROI on any spend that may be opportune or incremental than what you originally expected?

如果我可以在第二部分滑倒，你是否覺得你在更高的廣告支出上獲得了強勁的投資回報率？顯然，這可能是本季度所做的，但你如何看待未來的發展以及任何支出的投資回報率可能比您最初預期的更合適或更增量？

We would expect progress on the gross margin side. Actually, we're encouraged by the productivity numbers that have helped us on top of pricing to deliver the first modest increase in gross margin after a very long period of heavy cost headwinds impacting us to the negative side.

我們預計毛利率方面會取得進展。實際上，我們對生產率數據感到鼓舞，這些數據幫助我們在定價之上實現了毛利率的首次適度增長，此前很長一段時間的沉重成本逆風對我們產生了負面影響。

And as we've done this quarter, we will continue to look for value-creating opportunities to reinvest. We firmly believe the reason why we are able to grow the top line at the range we are growing, the reason why we are able to hold volume share and value share globally in a very tough environment is because of our superiority-driven innovation across product, package, communication and retail execution.

正如我們本季度所做的那樣，我們將繼續尋找創造價值的機會進行再投資。我們堅信，我們之所以能夠在我們正在增長的範圍內實現收入增長，我們之所以能夠在非常艱難的環境中保持全球銷量份額和價值份額，是因為我們以優勢驅動的跨產品創新、包裝、通信和零售執行。

And we believe that as pricing goes into the market and the consumer is even more, I think, sensitive towards the value equation that they are being offered, continued investment across all of those vectors is going to create value and serve us well going forward. So we will maintain the flexibility to do so, but we will do it in a disciplined and in a very ROI-driven way, as you say.

我們相信，隨著定價進入市場，我認為消費者對他們所提供的價值等式更加敏感，對所有這些載體的持續投資將創造價值，並為我們的未來發展提供良好的服務。因此，我們將保持這樣做的靈活性，但正如您所說，我們將以一種紀律嚴明且非常注重投資回報率的方式進行。

As to your second part of the question, as ad spending becomes more efficient with our ability to in-house both scheduling and buying of media, more digital capability to be more targeted, that increases the ROI of every dollar we can spend. So it actually makes investment in media spending more attractive.

至於你的問題的第二部分，隨著我們在內部安排和購買媒體的能力，廣告支出變得更有效率，更多的數字能力更有針對性，這增加了我們可以花費的每一美元的投資回報率。因此，它實際上使媒體支出投資更具吸引力。

At the end of the day, we will maintain the concept of balance between top line growth, bottom line growth and cash generation to stick with our ongoing growth model and value creation model.

歸根結底，我們將保持頂線增長、底線增長和現金產生之間的平衡概念，以堅持我們持續的增長模式和價值創造模式。

Just building on Andre's points, which I fully agree with, I want to come back to this notion of balance and our commitment to it. Some of you have heard me talk about this probably many times, but it's worth repeating, so you understand how we're thinking about things.

基於我完全同意的安德烈的觀點，我想回到這個平衡的概念和我們對它的承諾。你們中的一些人可能已經聽我多次談論過這個問題，但值得重複一遍，這樣你們就會明白我們是如何思考問題的。

We have a chart that we use with the leadership team every time we gather, which shows what you would have to believe to deliver top third total shareholder return, which is our objective entirely through the top line or entirely through the bottom line. And to do it entirely through the top line, you'd have to assume that we can grow 8% from an organic sales standpoint each and every quarter, which is, in our view, unrealistic.

我們有一張圖表，我們每次聚會時都會與領導團隊一起使用，它顯示了你必須相信什麼才能實現前三分之一的股東總回報，這是我們完全通過頂線或完全通過底線的目標。要完全通過頂線做到這一點，你必須假設我們每個季度都能從有機銷售的角度增長 8%，在我們看來，這是不現實的。

If you try to do it entirely through the bottom line, you'd have to assume that you could expand margins 180 basis points per year. So 5 years, 10 margin points in a highly competitive industry, where it's taken us 187 years to build 22 margin points, equally unlikely.

如果你試圖完全通過底線來做到這一點，你就必須假設你可以每年將利潤率提高 180 個基點。所以 5 年，在一個競爭激烈的行業中有 10 個利潤點，我們花了 187 年才建立 22 個利潤點，同樣不太可能。

So we are very committed to driving both top line and bottom line. It's the only way we see to get home. I have a trite little saying that we use on occasion, which is top line with no bottom line, a waste of time. Bottom line with no top line, just a matter of time. We're going to continue to operate in that vein. And if we're successful, you'll see top line growth driven by proper levels of investment and bottom line growth and margin expansion, modest margin expansion.

因此，我們非常致力於推動收入和利潤。這是我們回家的唯一途徑。我有一句我們偶爾會用到的陳詞濫調，這是沒有底線的頂線，浪費時間。底線沒有頂線，只是時間問題。我們將繼續以這種方式運作。如果我們成功了，你會看到適當水平的投資和利潤增長以及利潤率擴張、適度的利潤率擴張推動了收入增長。

One last thing on the point of advertising rate of return, our ROI. In addition to what Andre was talking about, we simply have, though it may be hard to believe, a lot of low-hanging fruit that's out there. We have many categories where we are not at our target levels of reach.

關於廣告回報率的最後一件事，我們的投資回報率。除了 Andre 所說的內容之外，我們還有很多唾手可得的成果，儘管這可能令人難以置信。我們有許多類別沒有達到我們的目標水平。

And that's a very high ROI activity. When we can reduce waste and frequency, reinvest that into expanded reach, very good things happen as you've seen, by the way, not just this quarter, but for the last 4 years. And there's no reason to change that approach at this point in time.

這是一個非常高的投資回報率活動。當我們可以減少浪費和頻率時，將其重新投資到擴大的範圍內，正如您所看到的那樣，非常好的事情發生了，順便說一句，不僅是本季度，而且在過去 4 年裡都是如此。目前沒有理由改變這種方法。

The next question comes from Steve Powers of Deutsche Bank.

下一個問題來自德意志銀行的 Steve Powers。

So overall volume this quarter came in roughly in line at least with our expectations, but both price and mix delivered upside, which I think implies just better structural elasticity than we were expecting. And I guess the question is, as you balance everything, just your relative confidence that, that can continue.

因此，本季度的總成交量至少大致符合我們的預期，但價格和組合都有上行空間，我認為這意味著結構彈性比我們預期的要好。我想問題是，當你平衡一切時，你的相對信心會持續下去。

On the one hand, you have some tailwinds for sure that as China comes back and service levels seem to be improving, your reinvestment rate is admirable as we've been talking about. But there's obviously uncertainties out there. And so I guess maybe just a little bit of perspective on your overall confidence and where that confidence is more versus less elevated.

一方面，隨著中國回歸和服務水平似乎正在提高，你肯定有一些順風，正如我們一直在談論的那樣，你的再投資率令人欽佩。但顯然存在不確定性。所以我想也許只是對你的整體信心的一點看法，以及這種信心在哪些方面更高或更低。

I'll try a careful balance here between giving you perspective on the global basis and not letting you get ahead of yourself in terms of expectations. But the volume decline is better than we would have expected. As you said, our elasticities remain favorable on an aggregate basis.

在這裡，我將嘗試在為您提供全球視角和不讓您超出預期之間保持謹慎的平衡。但銷量下降好於我們的預期。正如您所說，我們的彈性總體上仍然有利。

And if you look at global markets, we actually see volume consumption stabilizing. So you would have seen in previous quarters, global volumes across our categories down roughly 3 to 4 points. In our most recent [read] which is the past 1 month, volumes are actually down 70 basis points. This is market volume.

如果你看看全球市場，我們實際上會看到消費量趨於穩定。所以你會在前幾個季度看到，我們類別的全球銷量下降了大約 3 到 4 個百分點。在我們最近的 [閱讀] 中，即過去 1 個月，交易量實際上下降了 70 個基點。這是市場容量。

And if you exclude Russia, probably more around flat. That's with China returning to some level of growth, and it's also with pricing moving into the base. So we'll see as pricing becomes more annualized, we'll see that stabilization. I don't know if it's going to continue to be neutral. I would expect some level of negativity in terms of overall market volumes but certainly improving sequentially.

如果你排除俄羅斯，可能會持平。這是因為中國恢復了一定程度的增長，而且定價也進入了基數。因此，我們將看到隨著定價變得更加年化，我們將看到這種穩定。我不知道它是否會繼續保持中立。我預計在整體市場交易量方面會有一定程度的負面影響，但肯定會依次改善。

Within that, I think we're taking comfort in the fact that we are able to hold global volume share and global value share despite significant pricing that we are taking, which is enabled, as we said, we believe by our superiority strategy, a strong vertical portfolio, both tiers and price points and being present in all channels where consumers want to shop. In our biggest, most important market, as we had in our prepared remarks, we were able to grow volume and volume share 90 basis points over the past 3 months. So that's the positive side.

在這方面，我認為我們感到欣慰的是，儘管我們採取了重大定價，但我們能夠保持全球銷量份額和全球價值份額，正如我們所說，我們相信我們的優勢戰略能夠實現這一點，強大的垂直產品組合，包括層級和價格點，並出現在消費者想要購物的所有渠道中。正如我們在準備好的評論中所說，在我們最大、最重要的市場中，我們能夠在過去 3 個月內將交易量和交易量份額增長 90 個基點。這是積極的一面。

On the negative side, Europe continues to be a high-pressure environment. We've been able to grow sales 8% in focus markets, but that was a very strong pricing contribution with negative volumes in the range of 7%.

不利的一面是，歐洲仍然是一個高壓環境。我們已經能夠將重點市場的銷售額增長 8%，但這是一個非常強大的定價貢獻，負銷量在 7% 的範圍內。

And the European consumer is trading into private label. We see the price differential between private label and branded competitors increasing as private label is delaying price increases. The consumer continues to be under pressure there. So that's going to be a continued headwind, I think, from the volume side.

歐洲消費者正在交易自有品牌。我們看到自有品牌和品牌競爭對手之間的價格差異越來越大，因為自有品牌推遲了價格上漲。那裡的消費者繼續承受著壓力。因此，我認為，從數量方面來看，這將是一個持續的逆風。

Overall, I think our outlook is balanced. We -- as we said, we expect market growth to return to 3% to 4% on the value side. And there has to be a positive volume component to that going forward, but it will take a few quarters before we get there.

總的來說，我認為我們的前景是平衡的。正如我們所說，我們預計價值方面的市場增長率將恢復到 3% 至 4%。未來必須有一個積極的數量組成部分，但我們需要幾個季度才能到達那裡。

The next question comes from Kevin Grundy of Jefferies.

下一個問題來自 Jefferies 的 Kevin Grundy。

Congratulations on another strong set of results. I thought maybe we could spend a moment on China and the reopening there, of course, given the importance of that market for you guys being the second largest market behind only the U.S. So up 2% sequential improvement, which is encouraging. We see that in the China retail sales, including cosmetics, continues to show sequential progress.

祝賀您獲得了又一組出色的結果。我想也許我們可以花點時間談談中國和那裡的重新開放，當然，考慮到這個市場對你們作為僅次於美國的第二大市場的重要性，因此連續增長 2%，這令人鼓舞。我們看到，在中國，包括化妝品在內的零售額繼續呈現環比增長。

You've been consistent about your target of mid-single-digit growth for that market longer term. However, it also seems plausible that you potentially exceed that level of growth, at least in the intermediate term here, given easier year-over-year comps and then maybe the potential for some inventory rebalancing at retail as consumer demand improves.

您一直堅持該市場長期實現中個位數增長的目標。然而，考慮到同比比較容易，然後隨著消費者需求的改善，零售業可能會進行一些庫存再平衡，至少在中期來看，你可能會超過這一增長水平似乎也是合理的。

Can you comment a bit more on what you're seeing in China and then perhaps offer some broader views on the pace of the recovery and how you see that playing out?

您能否就您在中國看到的情況多說幾句，然後也許就復甦的步伐以及您如何看待復甦的結果提出一些更廣泛的看法？

Kevin, this is Jon. I'll hand it over to Andre to give some more numerical perspective. But I thought it might help just to share briefly the trip that myself and a large contingent of our leadership team were able to make to China in the last 3 weeks. We spent more than a week there. It was wonderful to reconnect with our organizations who are doing a tremendous job.

凱文，這是喬恩。我會把它交給安德烈，讓他給出更多的數字觀點。但我認為，簡短地分享一下我自己和我們領導團隊的一大批人在過去 3 週內訪問中國的經歷可能會有所幫助。我們在那裡度過了一個多星期。很高興與我們的組織重新建立聯繫，他們的工作做得非常出色。

We spent time in consumer homes. We spent time with our retail partner leaders in their stores and in their offices. And of course, we spent time with various government authorities. And without getting into all the details, the bottom line conclusion was a very positive one and much more than I was expecting even.

我們在消費者家中度過了一段時間。我們在他們的商店和辦公室與我們的零售合作夥伴領導人共度時光。當然，我們也花時間與各個政府部門打交道。在不深入了解所有細節的情況下，底線結論是一個非常積極的結論，甚至比我預期的要多得多。

And I'm kind of a China fan, having worked there many years ago, having lived there. So my expectations already started high, and those were exceeded. Having said that, and we talked about this on the last call, this is not going to be a vertical restart. And there will be a number of twists and turns, including some of the ones that you've mentioned, along the way.

我有點像中國迷，很多年前在那里工作過，住在那裡。所以我的期望已經開始很高，並且超出了那些。話雖如此，我們在上次電話會議上也談到了這一點，但這不會是垂直重啟。一路上會有很多曲折，包括你提到的一些曲折。

As Andre said in his prepared remarks, we expect China to continue to contribute at a meaningful level over the middle to long term. But everything looks reasonably positive and constructive.

正如安德烈在準備好的發言中所說，我們預計中國將在中長期內繼續做出有意義的貢獻。但一切看起來都相當積極和建設性。

Andre, do you have any other perspective on that?

安德烈，你對此有什麼其他看法嗎？

No, I think you said it. I think the other component we're not yet seeing is any return of Chinese consumers to travel retail. That is a significant negative for us in the SK-II business specifically. So that, hopefully, we see a more positive trend there in the near future. That's the only other upside that I think we have. But as Jon said, I think the recovery of 2% organic sales in the quarter is very consistent with what we would have expected.

不，我想你說過。我認為我們尚未看到的另一個組成部分是中國消費者回歸旅遊零售業。這對我們特別是 SK-II 業務來說是一個重大的負面影響。因此，希望我們在不久的將來看到更積極的趨勢。這是我認為我們擁有的唯一其他優勢。但正如喬恩所說，我認為本季度 2% 的有機銷售額復甦與我們的預期非常一致。

The next question comes from Robert Ottenstein of Evercore ISI.

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

Great. Just a quick follow-up on -- or clarification on some of the numbers and then my real question. So the clarification is, I think you mentioned that mix is a positive impact on sales, but it was a slight negative drag on the gross margin. So I'd just like to understand that.

偉大的。只是快速跟進 - 或澄清一些數字，然後是我的真正問題。所以澄清是，我認為你提到混合對銷售有積極影響，但對毛利率有輕微的負面拖累。所以我只想了解這一點。

And then my focus question really is if you could go into more detail on the U.S. business and the U.S. consumer. You mentioned that you saw an improving U.S. consumer, so any kind of clarification around that. And then an update on your pricing in the U.S., how much you saw in the quarter, how much more is there to go in the next quarter and any kind of impact that you're seeing, any granularity on that would be appreciated.

然後我的重點問題真的是你是否可以更詳細地了解美國企業和美國消費者。你提到你看到了美國消費者的改善，所以對此有任何澄清。然後更新你在美國的定價，你在本季度看到了多少，下個季度還有多少，以及你看到的任何影響，任何細節都會受到讚賞。

On the gross margin and sales connection here from a mix perspective, the effect that you're seeing here is product mix. So consumers, when they come into our P&G portfolio, tend to trade up into higher-value items. We've seen that actually consistently over the past quarters. So that, as they trade up into higher unit sales, that's a positive impact from a mix perspective on the top line. But those higher unit sales items also have higher unit profit, but the gross margin in percentage is slightly lower for some of them.

從混合的角度來看，這裡的毛利率和銷售聯繫，你在這裡看到的效果是產品組合。因此，當消費者進入我們的寶潔產品組合時，他們傾向於購買價值更高的產品。在過去的幾個季度中，我們實際上一直看到這一點。因此，當他們交易到更高的單位銷售額時，從收入組合的角度來看，這是一個積極的影響。但那些較高的單位銷售項目也有較高的單位利潤，但其中一些毛利率略低。

When you think about adult incontinence, for example, when you think about Fabric Care single-unit dose versus liquid detergent, gross margin percentage lower, unit sales higher, unit profit higher. So it's a positive effect both from the top line and the bottom line standpoint, but the percentage mix is lower.

例如，當您考慮成人失禁時，當您考慮 Fabric Care 單劑量與液體洗滌劑相比時，毛利率較低，單位銷售額較高，單位利潤較高。因此，從頂線和底線的角度來看，這都是一個積極的影響，但百分比組合較低。

U.S. consumer, I think, is holding up well. As we said, any indication that we see on our business is that the consumer is still choosing P&G brands. We are growing volume share in a market that is still down on volume. We are growing absolute volume. So 90 points volume share growth, 40 basis points value share growth, fairly consistently across periods.

我認為，美國消費者表現良好。正如我們所說，我們在業務中看到的任何跡像都表明消費者仍在選擇寶潔品牌。在銷量仍然下降的市場中，我們正在增加銷量份額。我們正在增加絕對數量。因此，90 個點的數量份額增長，40 個基點的價值份額增長，在各個時期相當一致。

We also see private label share stable at 16%, really no movement here over the past 1, 3, 6, 9 months, which is a good indication that we don't see any material trade down. Now we're watching this very closely. And we believe that a lot of that is again driven by our very intentional strategy to drive superiority.

我們還看到自有品牌份額穩定在 16%，在過去 1、3、6、9 個月裡確實沒有變化，這很好地表明我們沒有看到任何材料貿易下降。現在我們正在密切關注這一點。我們相信，其中很多都是由我們有意推動優勢的戰略再次推動的。

We continue to invest in innovation. We'll continue to invest in product packaging innovation. We're increasing, as Jon said, communication frequency and reach, where we see a good payout and return. We continue to work with our retail partners to ensure that the presentation of our brands online and in-store is as good as it can be.

我們繼續投資於創新。我們將繼續投資於產品包裝創新。正如喬恩所說，我們正在增加溝通頻率和範圍，我們看到了良好的支出和回報。我們繼續與我們的零售合作夥伴合作，以確保我們的品牌在網上和店內的展示盡可能好。

Last element I would call out is we are stable in terms of supply and on-shelf availability, which is also helping our overall position in the market. So stable, I think, is the characterization, but we're watching carefully.

我要指出的最後一個因素是我們在供應和貨架可用性方面是穩定的，這也有助於我們在市場上的整體地位。如此穩定，我認為，是表徵，但我們正在仔細觀察。

And just one additional point, the 6% top line organic sales growth that the team delivered in the quarter and as Andre said, sales share -- value share growth and volume share growth. We still have a couple of categories where we are not supplying full demand. That will be remedied here fairly quickly.

還有一點，該團隊在本季度實現了 6% 的有機銷售增長，正如安德烈所說，銷售份額——價值份額增長和數量份額增長。我們仍然有幾個類別沒有滿足全部需求。這將在這裡很快得到補救。

But as you consider the strength of the U.S. consumer, if you look at those key measures and realize that there -- whether are both opportunities and risks within the number, there are opportunities as well as risks, which continue to point to a relatively healthy U.S. consumption pattern.

但是當你考慮美國消費者的實力時，如果你看看這些關鍵指標並意識到——無論數字中既有機遇也有風險，機遇與風險並存，這繼續指向一個相對健康的市場美國的消費模式。

The next question comes from Peter Grom of UBS.

下一個問題來自瑞銀的 Peter Grom。

So I wanted to ask about the changes in the commodity and freight outlook. Second straight quarter that these headwinds have moved lower, which is nice to see. Can you maybe just give a sense what you're seeing within that bucket, where are costs moving lower and where are costs still sticky? And while I don't expect you to comment on '24 at this point, but maybe just conceptually, how you see inflation evolving as we look out over the next 12 to 18 months?

所以想問一下商品和運費前景的變化。這些逆風已經連續第二個季度減弱，這很高興看到。你能不能說說你在那個桶裡看到的是什麼，哪裡的成本在下降，哪裡的成本仍然很粘？雖然我不希望你在這一點上對 24 發表評論，但也許只是在概念上，你如何看待未來 12 到 18 個月內通貨膨脹的演變？

Freight is relatively stable at this point in time. As we've mentioned in the prepared remarks, we expect our freight and transportation and warehousing costs to be roughly in line with prior year. And I think that is a reflection of a more balanced capacity situation with the driver-to-load ratio returning to, I think, more historical norms.

目前運費相對穩定。正如我們在準備好的評論中提到的那樣，我們預計我們的運費、運輸和倉儲成本將與上一年大致持平。我認為這反映了容量情況更加平衡，我認為駕駛員與負載的比例回歸到更多的歷史規範。

Again, given fuel prices and all other dynamics, I wouldn't expect any major change going forward, but we're at least stable. From a commodity basket standpoint, we continue to see a mixed bag. We have some help in resin-based commodities. We have some help in pulp. So that is moderated by mill shutdowns for maintenance, both planned and unplanned.

同樣，考慮到燃油價格和所有其他動態，我預計未來不會有任何重大變化，但我們至少是穩定的。從商品籃子的角度來看，我們繼續看到魚龍混雜。我們在樹脂基商品方面有一些幫助。我們在紙漿方面有一些幫助。因此，計劃內和計劃外的工廠停工維護都會緩和這種情況。

But on the other side, all our high-energy usage materials, when you think about caustic soda, think about ammonia, all of those are increased in pricing. So the moderation is really limited, and it's not consistent across the basket.

但另一方面，我們所有的高能使用材料，當你想到燒鹼，想到氨時，所有這些都在定價。所以節制真的很有限，而且整個籃子都不一致。

So $100 million after tax is the only thing we're seeing at this point in time. We also continue to see upstream in the supply chain. Our suppliers continue to try to recover their input cost increases, their labor inflation. And that continues to be a discussion that is ongoing.

因此，稅後 1 億美元是我們目前唯一看到的。我們還繼續看到供應鏈的上游。我們的供應商繼續努力恢復他們的投入成本增加，他們的勞動力通脹。這仍然是一個正在進行的討論。

I think as we mentioned in CAGNY, some of those contracts roll over 12 months, 18 months. So there's -- these headwinds and these discussions will continue to be with us. Overall, we're expecting, as we always do, spot rates will hold on. That's what's based on underlying our planning for next year and our guidance for this year.

我認為正如我們在 CAGNY 中提到的那樣，其中一些合同的展期超過 12 個月、18 個月。所以有 - 這些逆風和這些討論將繼續與我們同在。總體而言，我們一如既往地預計即期匯率將保持不變。這是基於我們對明年的計劃和我們對今年的指導的基礎。

The next question comes from Andrea Teixeira of JPMorgan.

下一個問題來自摩根大通的 Andrea Teixeira。

So how should we think about the upside in Beauty? And both you, Jon, and Andre spoke briefly about travel retail being an upside in Asia. How should we be thinking also on the other side lapping the triple pandemic and the respiratory benefit you had in health care?

那麼我們應該如何看待美容的好處呢？你、喬恩和安德烈都簡短地談到了旅遊零售在亞洲的優勢。另一方面，我們應該如何看待三重流行病和您在醫療保健方面獲得的呼吸益處？

It seems you could benefit from digestive recently. But how should we be thinking about the other segments? And as we -- just a clarification. As we put in the embedded organic in the fourth quarter is at 4%, but it seems as if you are -- as Andre commented, the exit rate on your volume is potentially flat, bear in mind, of course, the potential risk in Europe.

看來你最近可以從消化中受益。但是我們應該如何考慮其他細分市場呢？正如我們 - 只是一個澄清。正如我們在第四季度投入的嵌入式有機產品為 4%，但似乎你是——正如安德烈評論的那樣，你的數量的退出率可能持平，當然要記住，潛在的風險歐洲。

But should we be thinking more of a better quality in terms of the delivery in organic? So even though it would be a 300 basis point deceleration on a sequential basis, you'd still have better volumes, maybe flattish to maybe only slightly down and a 4% price component in there.

但是我們是否應該更多地考慮有機交付方面的更好質量？因此，即使按順序減速 300 個基點，您仍然會有更好的交易量，可能持平到可能僅略有下降，並且其中有 4% 的價格成分。

On the category-specific questions, yes, we see SK-II as a potential beneficiary of travel retail reopening. Overall, SK-II is recovering well outside of that channel. In China Mainland, we saw 8% growth in the quarter. In Japan, we saw 46% growth in the quarter, but the overall results are still held back by travel retail.

關於特定類別的問題，是的，我們將 SK-II 視為旅遊零售重新開放的潛在受益者。總體而言，SK-II 在該渠道之外恢復良好。在中國大陸，本季度我們看到了 8% 的增長。在日本，我們看到本季度增長了 46%，但整體業績仍受到旅遊零售的拖累。

So I think we will see a sequential improvement, but there are many gives and takes in the overall Beauty Care sector. So that needs to be seen in context with a lot of other dynamics that are going on around the world.

所以我認為我們會看到一個連續的改善，但在整個美容護理領域有很多讓步。因此，需要結合世界各地正在發生的許多其他動態來看待這一點。

On the Personal Health Care side, we continue to be very pleased with the results the team is delivering there. And we see sustained growth in this space across respiratory, digestive, nerve care. There are many parts of that portfolio that have very high growth potential. And in some of these areas, as we've talked before, we're still held back by supply constraints, which might provide upside in the future.

在個人醫療保健方面，我們仍然對團隊在那裡取得的成果感到非常滿意。我們看到這個領域在呼吸、消化、神經護理方面持續增長。該投資組合中有許多部分具有非常高的增長潛力。正如我們之前所說，在其中一些領域，我們仍然受到供應限制的阻礙，這可能會在未來提供上行空間。

But again, we have a combination of 10 categories across multiple markets. Some of them will do well in a period of time. Some of them will be held back by negative headwinds. So we continue to strive for a balanced top and bottom line growth picture. It will be driven by different parts of the portfolio of different types.

但同樣，我們在多個市場中組合了 10 個類別。他們中的一些人會在一段時間內做得很好。其中一些將受到負面逆風的阻礙。因此，我們繼續努力實現平衡的頂線和底線增長圖景。它將由不同類型的投資組合的不同部分驅動。

From a volume versus price component standpoint, what is important to understand is quarter 4, we will start to lap price increases for the first time. So we had about 8% of pricing in the base. So that will be a negative headwind to the top line growth in quarter 4.

從數量與價格組成部分的角度來看，重要的是要了解第 4 季度，我們將首次開始計算價格上漲。所以我們在基礎上有大約 8% 的定價。因此，這將對第 4 季度的收入增長構成不利影響。

And while we see stabilization of volumes, I would expect that there still will be negative volume component to the growth in the near future. We have still Russia portfolio being with us as a negative headwind, China slowly recovering but not yet in positive territory from a volume perspective.

雖然我們看到銷量穩定，但我預計在不久的將來增長仍然會有負銷量。我們仍然有俄羅斯投資組合作為不利因素與我們同在，中國正在緩慢復甦，但從交易量的角度來看尚未處於積極領域。

And as I mentioned earlier, the European consumer is under a lot of pressure with private label pricing not yet following the branded competition in those markets. So pricing will come into the base. That will be a headwind to the top line. I would expect still a negative volume component in quarter 4.

正如我之前提到的，歐洲消費者承受著很大的壓力，因為自有品牌定價尚未跟上這些市場的品牌競爭。因此定價將成為基礎。這將是頂線的逆風。我預計第 4 季度的銷量仍為負數。

Yes. One thing to remember too, is that we've just taken pricing in both the U.S. and Europe. And I don't think that the data for the current quarter reflects the potential volume impact from some of that pricing. So I would be looking at volume recovery -- volume to slowly improve over time, but it won't happen overnight.

是的。還要記住的一件事是，我們剛剛在美國和歐洲都進行了定價。而且我不認為當前季度的數據反映了某些定價的潛在數量影響。因此，我會關注成交量恢復——成交量會隨著時間的推移慢慢改善，但這不會在一夜之間發生。

The next question comes from Filippo Falorni of Citi.

下一個問題來自花旗銀行的 Filippo Falorni。

Jon, clearly, you've gone through a lot of transformation over the past 5, 6 years at the company, both from a portfolio standpoint, organizational standpoint, superiority. Can you help us understand how you think internally these changes can help you navigate a potentially weaker consumer environment if what we're seeing in Europe were to expand into the U.S. and some other parts of the world?

喬恩，顯然，在過去的 5、6 年裡，你在公司經歷了很多轉變，無論是從投資組合的角度、組織的角度還是優勢。如果我們在歐洲看到的情況要擴展到美國和世界其他一些地區，您能否幫助我們了解您內部認為這些變化如何幫助您應對可能較弱的消費環境？

Sure. And Andre may have some thoughts here as well. The -- what I really like about the strategic choices that we've made and the approach that we're taking currently is that it is the strongest approach I can think of for a very healthy economic environment or a very difficult economic environment. The indicated actions don't change.

當然。 Andre 可能也有一些想法。我真正喜歡我們所做的戰略選擇和我們目前正在採取的方法是，對於非常健康的經濟環境或非常困難的經濟環境，這是我能想到的最強有力的方法。指示的操作不會改變。

So think, for example, about our -- embedding productivity is a fundamental part of our DNA. That's something that serves us very well in a positive economic environment as critical in a downward economic environment.

因此，例如，想想我們的 - 嵌入生產力是我們 DNA 的基本組成部分。這在積極的經濟環境中對我們非常有用，在經濟下行環境中也很重要。

The importance of superiority to consumers in categories where performance drives brand choice, critical in both a good economic environment and a difficult economic environment. Focus of the portfolio on daily use categories where performance drives brand choice and superiority within each of those categories across product, package, communication, go-to-market and value for consumers and customers.

在性能驅動品牌選擇的類別中，優勢對消費者的重要性，這在良好的經濟環境和困難的經濟環境中都至關重要。產品組合的重點是日常使用類別，在這些類別中，性能推動品牌選擇和優勢，涵蓋產品、包裝、通信、上市以及消費者和客戶的價值。

I just -- I don't see anything in that, that I would change if we -- I mean, obviously, tactically, there'll be some different decisions on the margin. But the broad underlying approach sets us up very well even if -- or particularly if we end up in a more difficult environment.

我只是 - 我沒有看到任何東西，如果我們 - 我的意思是，顯然，在戰術上，會有一些不同的決定。但即使 - 或者特別是如果我們最終處於更困難的環境中，廣泛的基本方法也會讓我們很好地做好準備。

The next question comes from Olivia Tong of Raymond James.

下一個問題來自 Raymond James 的 Olivia Tong。

One more follow-up on pricing, particularly on the new pricing, whether your view in terms of elasticities relative to previous rounds of pricing have -- whether they've changed or stayed similar to what you've seen already. And to the extent that you can draw some conclusions on markets where pricing is now starting to lap versus markets where you're still rolling out price hikes, can you just compare and contrast what you're seeing, especially since you're starting to see some modest volume growth in the U.S.?

再跟進一次定價，特別是新定價，無論您對相對於前幾輪定價的彈性的看法是否已經改變或與您已經看到的相似。在某種程度上，你可以對價格開始回落的市場和你仍在推出價格上漲的市場得出一些結論，你能不能只比較和對比你所看到的，尤其是當你開始在美國看到一些適度的銷量增長？

The most recent rounds of pricing have gone into effect just in February and March across -- and I'm calling out across Europe and U.S. because those are most visible. So it's hard for us, as Jon said, to determine what the outgoing elasticities are at this point in time.

最近幾輪定價僅在 2 月和 3 月生效——我在歐洲和美國呼籲，因為這些是最明顯的。因此，正如喬恩所說，我們很難確定此時的輸出彈性是多少。

What I can tell you is that elasticities remain stable, remain favorable. And I think it is also a function of continued investment. It is a function of continued innovation. Every price increase or most price increases are connected to innovation, meaningful innovation for the consumer. That also guarantees retail support.

我可以告訴你的是，彈性保持穩定，保持有利。我認為這也是持續投資的一個功能。它是持續創新的功能。每一次價格上漲或大多數價格上漲都與創新有關，對消費者來說是有意義的創新。這也保證了零售支持。

They are linked to strong value communication. We've talked about area cold water, tight cold water, Charmin rollback or Olay value communication. And that is meaningful for consumers as they come under pressure. Many of our categories are categories where the consumer doesn't want to risk failure. You don't want to wash your clothes twice, and you certainly don't want to deal with a diaper failure.

它們與強大的價值傳播相關聯。我們已經討論過區域冷水、緊緻冷水、Charmin 回滾或玉蘭油價值溝通。這對承受壓力的消費者來說意義重大。我們的許多類別都是消費者不想冒險失敗的類別。您不想將衣服洗兩次，您當然也不想處理尿布故障。

So all of that, I think, is helping us to maintain favorable elasticities across the board. The most important insight for us is, and that's what you see us doing in Q3, we need to continue that investment. We need to look for opportunities where our value is exposed, and I'll call out Europe as an example because of private label pricing at a lower pace than the branded competitive set. It is critically important that we maintain that investment level to maintain the value equation.

因此，我認為，所有這些都在幫助我們全面保持有利的彈性。對我們來說最重要的見解是，這就是你在第三季度看到我們所做的，我們需要繼續這項投資。我們需要尋找暴露我們價值的機會，我會以歐洲為例，因為自有品牌的定價速度低於品牌競爭組合。至關重要的是，我們要維持該投資水平以維持價值等式。

Where we see pricing lapping or I think where we have the strongest portfolio and the strongest execution in terms of innovation and superiority, we see favorable results, and the U.S. is a good example of that. Excellent in-market execution by the team compared with a truly strong portfolio and strong innovation is delivering both relatively strong results to the balance of market but also driving market growth and recovery.

在我們看到定價重疊的地方，或者我認為我們在創新和優勢方面擁有最強大的產品組合和最強大的執行力的地方，我們看到了有利的結果，而美國就是一個很好的例子。與真正強大的產品組合和強大的創新相比，團隊出色的市場執行力為市場平衡帶來了相對強勁的結果，同時也推動了市場增長和復蘇。

The next question comes from Chris Carey of Wells Fargo Securities.

下一個問題來自 Wells Fargo Securities 的 Chris Carey。

Can you just talk about your playbook in Europe? You've noted European product label is delaying price increases a number of times on this call. We've heard similar commentary from others in [staples]. If price gaps to private label remain wide, do you simply accept that new level? Or you need -- do you need to do something about it to be a bit more offensive to close the gap?

你能談談你在歐洲的劇本嗎？您注意到歐洲產品標籤在此次電話會議上多次推遲提價。我們從 [staples] 的其他人那裡聽到了類似的評論。如果與自有品牌的價格差距仍然很大，你會接受這個新水平嗎？或者你需要 - 你需要做些什麼來縮小差距嗎？

And I guess I say that in the context of Europe, of course, but also as a bit of a litmus test for price competition that could play out globally in the months ahead, the course ahead and just how you think about managing through that type of dynamic.

我想我說的是在歐洲的背景下，當然，但也是對未來幾個月可能在全球範圍內展開的價格競爭的試金石，未來的課程以及你如何看待通過這種類型進行管理的動態。

Yes, I'll start, Chris, and then I'm sure Jon will add. I think the team is accepting the reality of an extended or expanded price gap versus private label. That's the challenge they need to deal with.

是的，我先開始，Chris，然後我確定 Jon 會補充。我認為該團隊正在接受與自有品牌相比價格差距擴大或擴大的現實。這是他們需要應對的挑戰。

And as Jon frequently says, we wake up every Monday morning and deal with the reality in front of us. This is the reality we need to deal with. So what that means is we need to create innovation, we need to create product and packaging innovation, communication strategies and in-market executions that are able to provide value to consumers and retailers. And that's what we're focused on.

正如喬恩經常說的那樣，我們每週一早上醒來，處理擺在我們面前的現實。這是我們需要面對的現實。所以這意味著我們需要創造創新，我們需要創造能夠為消費者和零售商提供價值的產品和包裝創新、溝通策略和市場執行。這就是我們關注的重點。

I don't think that trying to eliminate the price differential is a meaningful and helpful strategy for us. But if we can generate growth via innovation and via superiority, that's both helpful for us and the market and the path forward we're choosing.

我不認為試圖消除價格差異對我們來說是一個有意義和有用的策略。但如果我們能夠通過創新和優勢實現增長，那對我們和市場以及我們選擇的前進道路都有幫助。

I couldn't agree more. And frankly, while Andre rightly points to a difficult consumer environment, if you look at our results thus far in Europe, they're very encouraging, not just in the last quarter, but through last fiscal year as well. We're achieving growth rates in Europe that are higher than we've seen in a long time. And so now is not the time to back off, it's time to move forward and strengthen the execution just as Andre described.

我完全同意。坦率地說，雖然安德烈正確地指出了艱難的消費者環境，但如果你看看我們迄今為止在歐洲的業績，它們非常令人鼓舞，不僅在上個季度，而且在上個財政年度也是如此。我們在歐洲實現的增長率高於我們長期以來所見。所以現在不是退縮的時候，是向前邁進並加強執行力的時候了，正如安德烈所描述的那樣。

That doesn't mean we have our heads in the sand. We've made several adjustments to price gaps, not just versus private label, but versus branded competition as we've gone through this period of pricing, and we need to continue to be sensitive to that. But first and foremost, we need to delight consumers and customers with the offerings that we're bringing to market and go from there.

這並不意味著我們沒有頭腦。我們已經對價格差距進行了多項調整，不僅針對自有品牌，而且針對品牌競爭，因為我們已經經歷了這段定價期，我們需要繼續對此保持敏感。但首先也是最重要的是，我們需要用我們推向市場並從那裡推出的產品來取悅消費者和客戶。

The next question comes from Jason English of Goldman Sachs.

下一個問題來自高盛的 Jason English。

Congrats on strong results. A couple of quick questions. So first, on pricing, can you give us some more quantification on perhaps breadth and magnitude? And when you blend it all together, what sort of order of magnitude should we expect at the consolidated level in terms of organic sales contribution going forward?

祝賀取得優異成績。幾個簡單的問題。那麼首先，關於定價，你能否在廣度和規模上給我們更多量化？當你將它們混合在一起時，我們應該期望在合併水平上對未來有機銷售貢獻有什麼樣的數量級？

And then secondly, SG&A. Love to see the reinvestment back in the business but really sharp sequential change, both in terms of year-on-year for overall SG&A and just sequential dollar step-up. Can you unpack a bit more kind of where the money is, what's -- where the extra investment is going?

其次，SG&A。很高興看到業務重新投資，但確實發生了急劇的連續變化，無論是在整體 SG&A 的同比增長方面，還是在美元連續增長方面。你能不能更詳細地解釋一下錢在哪裡，額外投資的去向是什麼？

Yes. Pricing magnitude, the latest round of pricing is fairly consistent with what you would have seen in the past, but it's very tailored to the market, as we said before. Mid-single digits, I think, is the ballpark I would give you for the latest increase.

是的。定價幅度，最新一輪的定價與你過去看到的相當一致，但正如我們之前所說，它非常適合市場。我認為，中個位數是我給你的最新增長的大概。

And I think pricing over time will move back to be a contributor to top line but not the sole contributor to top line. So we need and the market needs to find a balance here over the next few quarters to return to modest volume growth and pricing contribution to return these categories to mid-single-digit growth. That's what we're working towards.

而且我認為隨著時間的推移，定價將重新成為收入的貢獻者，而不是收入的唯一貢獻者。因此，我們需要並且市場需要在接下來的幾個季度中在這裡找到平衡點，以恢復適度的銷量增長和定價貢獻，從而使這些類別恢復到中個位數增長。這就是我們正在努力的方向。

On the SG&A line, look, a lot of our reinvestment is driven by innovation timing, so when are the right initiatives in market to double down on. They are driven by pricing timing. So when do we and can we support our brands as we take pricing and drive innovation.

在 SG&A 線上，看，我們的很多再投資都是由創新時機驅動的，所以什麼時候市場上的正確舉措加倍投入。它們是由定價時機驅動的。因此，我們什麼時候可以支持我們的品牌，因為我們採取定價和推動創新。

What I would tell you is the latest push we had as a management team to our earlier discussion was to really double-click on our sufficiency in Europe and to see how high is up, what -- how hard can we push, especially the media and communication side in terms of value communication across Europe. So that's the one area I will give you where we paid a lot of attention over the last 3, 4 months.

我要告訴你的是，我們作為管理團隊對我們之前的討論所做的最新推動是真正雙擊我們在歐洲的充分性，看看有多高，我們能多努力推動，尤其是媒體和溝通方面在整個歐洲的價值傳播方面。這就是我要給你的一個領域，我們在過去 3、4 個月裡給予了很多關注。

I would just add one thing. It's our category leaders that determine the level of investments that we're making at any point in time. And prior to this quarter, just as you go back in time, there were more situations where we weren't able to fully supply demand.

我只想補充一件事。是我們的品類領導者決定了我們在任何時間點的投資水平。在這個季度之前，就像你回到過去一樣，有更多的情況我們無法完全滿足需求。

And obviously, those are situations that you -- you continue to invest in mental awareness and -- but not spike that investment because you can't supply it. And as we get into an increasingly better supply environment as we did the last quarter, you resume a level of spending now that you can fully support it. So that's a part of the dynamic in addition to the dynamic that Andre described.

很明顯，在這些情況下你——你繼續投資於精神意識——但不會因為你無法提供而增加投資。隨著我們像上個季度一樣進入越來越好的供應環境，您現在可以恢復一定水平的支出，您可以完全支持它。因此，除了 Andre 描述的動態之外，這是動態的一部分。

The next question comes from Mark Astrachan of Stifel.

下一個問題來自 Stifel 的 Mark Astrachan。

Yes. Wanted to ask sort of related 2-part question, more about U.S., but I suppose you could talk globally if relevant. How sticky do you think this strategy of irresistible superiority is in terms of volumes? Obviously, we see that you're gaining share if you look at the U.S. So you're effectively trading consumers to higher-value products that work better than peer sets, right?

是的。想問一些相關的兩部分問題，更多關於美國的問題，但我想如果相關的話你可以在全球範圍內討論。您認為這種不可抗拒的優勢策略在數量上的粘性如何？顯然，如果你看看美國，我們就會看到你正在獲得份額。所以你實際上是在將消費者交易到比同類產品效果更好的高價值產品，對吧？

So it would suggest that there's a stickiness here that perhaps didn't exist in kind of prior cycles. So I'd be curious how you think about that and how it flows through from a volume standpoint going forward.

因此，這表明這裡存在一種粘性，這種粘性在之前的周期中可能不存在。所以我很好奇你是如何看待它的，以及它是如何從數量的角度向前發展的。

And related to that on just the volumes, what's your best guess as to why volumes are down from a consumer standpoint? Is it pantry destocking, unloading? Does that imply that there potentially is reloading at a later time if and when consumer sentiment improves?

與銷量相關的是，從消費者的角度來看，您對銷量下降的原因的最佳猜測是什麼？是儲藏室去庫存、卸貨嗎？這是否意味著如果消費者情緒好轉，稍後可能會重新加載？

Mark, I'll take a first crack. I think the concept of irresistible superiority is A, dynamic and must be dynamic; and B, is relevant across value tiers. So as consumers get more careful with their spending, for example, that just means we need to double down on our view of what superiority in some of our lower-value tiers means.

馬克，我先嚐一嘗。我覺得不可抗拒的優越感這個概念是A，動態的，必須是動態的；和 B，跨價值層相關。因此，例如，隨著消費者對他們的支出變得更加謹慎，這僅意味著我們需要加倍了解我們對某些低價值等級的優勢意味著什麼的看法。

So you think about diapers in the U.S., for example. We have Luvs, which is about half the price of a Swaddlers diaper. And that means that we need innovation on Luvs because we're now competing with private label, that we need to make sure as consumers look for value, that brand can stand on its own from a product, packaging, communication and retail execution standpoint to provide value to those consumers.

例如，你想想美國的尿布。我們有 Luvs，它的價格大約是 Swaddlers 紙尿褲的一半。這意味著我們需要在 Luvs 上進行創新，因為我們現在正在與自有品牌競爭，我們需要確保當消費者尋找價值時，該品牌可以從產品、包裝、傳播和零售執行的角度獨立存在，為這些消費者提供價值。

So it's really not a strategy that by default drives trade-up. It's a strategy that follows the consumer and is grounded in what the consumer needs and wants over time. So if we get more stress, that just means we need to double-click on the type of innovation and investment we need.

因此，這確實不是一種默認情況下會推動以舊換新的策略。這是一種跟隨消費者的策略，並以消費者隨著時間的推移需要和想要的東西為基礎。因此，如果我們承受更多壓力，那就意味著我們需要雙擊我們需要的創新和投資類型。

From a consumption standpoint, as pricing goes into the market, we generally see consumers reacting with what you've described. If there are pantry inventories available, they, for a period of time, draw down those inventories. And recall, coming out of the pandemic, I think Jon mentioned this earlier, there were increased pantry inventories available across multiple categories.

從消費的角度來看，隨著定價進入市場，我們通常會看到消費者對您所描述的內容做出反應。如果有可用的食品儲藏室庫存，他們會在一段時間內減少這些庫存。回想一下，從大流行中走出來，我想喬恩早些時候提到過這一點，多個類別的食品儲藏室庫存增加了。

So I think that's part of the effect that we've seen. I wouldn't expect any major restocking because I think we're just returning to more normal levels. As supply stabilizes, as kind of the COVID pandemic goes more into the past, I think consumers return to their normal behaviors.

所以我認為這是我們所看到的影響的一部分。我不希望有任何重大補貨，因為我認為我們只是回到了更正常的水平。隨著供應穩定，隨著 COVID 大流行病的過去越來越多，我認為消費者會恢復正常行為。

The other element we're seeing is more careful usage. If you're overall made aware of inflation in everyday media, every day, you look twice before you use another paper towel, et cetera. And partially, that's part of our value communication, right?

我們看到的另一個因素是更謹慎的使用。如果您對日常媒體中的通貨膨脹總體上有所了解，那麼您每天都會在使用另一條紙巾等之前看兩遍。部分地，這是我們價值溝通的一部分，對吧？

When we talk about Charmin rollback because the product is more absorbent and has more strength, we explicitly talk about the ability for consumers to use less. So it's really driven in those elements.

當我們談論 Charmin rollback 因為產品更吸水且強度更高時，我們明確地談論消費者減少使用的能力。所以它真的是由這些元素驅動的。

Again, I think the job that we have as market leaders in many of our categories is to drive volume growth back to sustainable levels, and there are many levers. We still have huge household penetration opportunities around the world in many of our categories. We can create new usage occasions, create regimen use across many of our categories. So those are the things we're focused on.

同樣，我認為我們作為許多類別的市場領導者的工作是推動銷量增長回到可持續水平，並且有很多槓桿。在我們的許多類別中，我們在世界各地仍有巨大的家庭滲透機會。我們可以創建新的使用場合，在我們的許多類別中創建養生法。所以這些就是我們關注的事情。

The next question comes from Nik Modi of RBC Capital Markets.

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

I just wanted to follow up quickly on China. Jon, maybe just given that you were there recently, just on-the-ground consumer behavioral insights, like what are they going through right now? Are they just hesitating, and it's kind of like a choppy, hey, maybe I'll check out outside and see if I get sick? I mean just any perspective on kind of how the consumer is actually behaving on the ground.

我只是想快速跟進中國。喬恩，也許只是考慮到你最近在那裡，只是對消費者行為的實地洞察，比如他們現在正在經歷什麼？他們只是在猶豫，有點像波濤洶湧，嘿，也許我會在外面看看，看看我是否生病了？我的意思是關於消費者實際行為方式的任何觀點。

Yes. You can imagine with what many of them have been through, there's a bit of a whiplash aspect to -- for 3 years, I was told that going outside was dangerous. And now I'd be encouraged to reemerge. I'm living probably in a relatively small dwelling, many times with multi-generations. And I don't want to negatively impact my family. So there is a degree of hesitance and questioning.

是的。你可以想像他們中的許多人經歷過什麼，有一點鞭打的影響——3 年來，我被告知外出很危險。現在我會被鼓勵重新出現。我可能住在一個相對較小的住宅里，很多時候是幾代人住在一起。我不想對我的家人產生負面影響。所以會有一定程度的猶豫和質疑。

On the same time, there's an overwhelming feeling, at least as I experienced it, of liberation, of hope. And I was in Beijing one sunny Saturday afternoon, and the streets were packed. It was absolutely wonderful and joyous.

同時，有一種壓倒性的感覺，至少在我經歷過的時候，是一種解放，一種希望。一個陽光明媚的星期六下午，我在北京，街道上擠滿了人。這絕對是美好而快樂的。

So I continue to hold on and believe in the mid- and long-term opportunities that China presents us with. It's certainly -- plus 2 is a lot better than a negative number that we had in the last couple of quarters. So there is clear improvement. But I think it will be a little bit choppy. And all it will take is a little bit of nervousness to stop the reacceleration of the growth. But I would -- my takeaway, Nik, is a positive one but with near-term caution.

所以我繼續堅持，相信中國給我們帶來的中長期機遇。肯定是 - 加 2 比我們在過去幾個季度的負數要好得多。所以有明顯的改善。但我認為它會有點波濤洶湧。只需要一點點緊張就可以阻止增長的重新加速。但我會——尼克，我的收穫是積極的，但近期要謹慎。

Our final question comes from Edward Lewis of Atlantic Equities.

我們的最後一個問題來自 Atlantic Equities 的 Edward Lewis。

Yes. I guess I just -- covered a lot of ground, but I'd be interested just on the Enterprise Market performance. Just looking in particular at Latin America, I think you said, Andre, something like 30% growth this quarter. And I think that will be an acceleration of around 20% in the first half. Presumably, there's a healthy element of price behind that, but would be -- just be interested to hear on what's driving this improved performance in that region.

是的。我想我只是 - 涵蓋了很多方面，但我只對企業市場表現感興趣。只是特別關注拉丁美洲，我想你說過，安德烈，本季度增長了 30%。我認為這將在上半年加速約 20%。據推測，這背後有一個健康的價格因素，但只是想听聽是什麼推動了該地區的業績改善。

There is a very healthy element of pricing there like in every other region because we're pricing not only for commodities, but we're also pricing for foreign exchange rate exposure in all of these markets. I think the positive effect is the volume is holding much better than in some of our focus markets.

與其他所有地區一樣，那裡的定價元素非常健康，因為我們不僅為商品定價，而且還為所有這些市場的外匯風險定價。我認為積極的影響是交易量比我們的一些重點市場要好得多。

The consumer strength is there. I think the overall strength of the brands is better than we've ever seen. In-market execution is better than we've ever seen. Retail partnerships are better than we've ever seen. So all of that, I think, is contributing to a strong price component with a positive volume component, and that drives the 30% result of that number.

消費力擺在那裡。我認為品牌的整體實力比我們見過的要好。市場執行比我們見過的要好。零售合作夥伴關係比我們見過的要好。因此，我認為，所有這些都促成了具有正數量成分的強勁價格成分，並推動了該數字 30% 的結果。

Yes. Just for perspective, in our 2 largest markets in Latin America, Brazil and Mexico, as Andre is saying, we're seeing volumes high single digit. So I don't want you to take away that all of the sales growth, as Andre has already said, is pricing. It's a healthy combination. And I also need to give a nod to the team in Latin America, who is just doing a fantastic job.

是的。就透視而言，正如安德烈所說，在我們拉丁美洲、巴西和墨西哥這兩個最大的市場中，我們看到了高個位數的交易量。所以我不希望你拿走所有的銷售增長，正如安德烈已經說過的那樣，是定價。這是一個健康的組合。我還需要向拉丁美洲的團隊點頭致意，他們的工作非常出色。

Listen, I want to close up with just a couple of comments and reflections. And the first relates to what we've been through and what I think it portends for the future. And then I'll come in and talk a little bit more about the quarter that we just completed.

聽著，我想用一些評論和思考來結束。第一個與我們所經歷的以及我認為它對未來的預示有關。然後我會進來多談談我們剛剛完成的那個季度。

But if we had a conversation 3 or 4 years ago, and you told me, look, here's what's going to happen. We're going to have this thing called the global pandemic. People are going to die. Borders are going to be closed. You aren't going to be able to get to your largest markets, and they aren't going to be able to get to you. You're going to have difficulty in getting your colleagues into manufacturing facilities, innovation centers, sales offices.

但如果我們在 3 或 4 年前進行過一次對話，你告訴我，看，這就是將要發生的事情。我們將有這種叫做全球大流行的東西。人們都會死去。邊界將被關閉。您將無法進入最大的市場，他們也無法進入您。你將很難讓你的同事進入製造設施、創新中心、銷售辦公室。

But don't worry, that's not all. We'll have the largest land war in Europe since World War II. The combination of foreign exchange and commodity cost inflation is going to wipe out half your earnings. You're going to see dramatic channel shift in some of your largest markets in terms of where consumers are doing their shopping. And when all that's over, you're going to find that it's difficult to get people to come back to work.

但別擔心，這還不是全部。我們將經歷二戰以來歐洲最大規模的陸戰。外彙和商品成本通脹的結合將抹去你一半的收入。就消費者的購物地點而言，您將在一些最大的市場中看到渠道發生巨大轉變。當一切都結束時，你會發現很難讓人們回來工作。

How do you think you're going to do? And my answer to that 3 or 4 years ago would be that -- wow, do you think you can grow top line, bottom line, deliver cash and return that to shareholders through all that?

你覺得你會怎麼做？而我在 3 或 4 年前對此的回答是——哇，你認為你可以增加收入、利潤、交付現金並將其通過所有這些回報給股東嗎？

Without taking you through the details, what you know very well, that's exactly what this team has done. Over the 4 years that ended last fiscal year, they created $13 billion in incremental sales, $5 billion in incremental profit.

無需詳細介紹，您非常了解，這正是該團隊所做的。在上一財年結束的 4 年裡，他們創造了 130 億美元的增量銷售額，50 億美元的增量利潤。

Now if you bring that forward and look at what happened, what they accomplished in the last quarter, broad-based sales growth, sequential progress in shipment volume, value share, volume share, a return to gross margin expansion, strong productivity savings, at the same time, a healthy reinvestment in the top line and advancing our level of superiority, our margin of difference, in-market growth in household penetration. If those are the kinds of things our investors want to see, they're there in spades in the quarter that we just delivered.

現在，如果你把它向前看，看看發生了什麼，他們在上個季度取得的成就，基礎廣泛的銷售增長，出貨量、價值份額、銷量份額的連續進展，毛利率擴張的回歸，強勁的生產力節約，在同時，對頂線進行健康的再投資，提高我們的優勢水平、差異幅度、家庭滲透率的市場增長。如果這些是我們的投資者希望看到的東西，那麼在我們剛剛交付的季度中，它們肯定會出現。

Last point, I promise, but we've talked several times, both Andre and I, about the challenges ahead, and they're real. We will continue trying our level best to do -- to serve consumers, customers, each other, society and clearly, share owners. But it's going to be, just as it has been, a bit choppy.

最後一點，我保證，但我們已經談過好幾次了，包括安德烈和我，關於未來的挑戰，它們是真實的。我們將繼續盡力做到最好——服務於消費者、客戶、彼此、社會，當然還有股東。但它會像過去一樣，有點起伏不定。

And we're taking a long-term approach here. And if there are choices that are right for the long term that cause bottom line difficulty in the near term, we're going to make those choices. And we'll talk more about that as we approach guidance for next year.

我們在這裡採取長期方法。如果有長期正確的選擇在短期內導致底線困難，我們將做出這些選擇。當我們接近明年的指導時，我們將更多地討論這一點。

But if you're thinking across mid and longer periods of time, I think we've got a great setup here, a great strategy, a great set of capabilities that should enable us to serve all those constituents that I mentioned very effectively. But we're thinking about that in years, not quarters. Thank you very much.

但如果你在中長期考慮，我認為我們在這裡有一個很好的設置，一個偉大的戰略，一套強大的能力，應該使我們能夠非常有效地為我提到的所有這些選民提供服務。但我們考慮的是幾年，而不是季度。非常感謝。

That concludes today's conference. Thank you for your participation. You may now disconnect, and have a great day.

今天的會議到此結束。感謝您的參與。你現在可以斷開連接，祝你有美好的一天。