寶潔 (PG) 2027 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. 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.

各位早安，歡迎參加寶僑（Procter & Gamble）季度期末電話會議。今天的活動將錄音以供重播。本次討論將包含若干前瞻性陳述。若您參閱寶僑最新的 10-K、10-Q 與 8-K 報告，將可看到可能導致公司實際結果與這些預測出現重大差異之因素的討論。

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.

依據 G 規則（Regulation G）的要求，寶僑需要提醒各位，在討論過程中，公司將多次提及非 GAAP 及其他財務衡量指標。寶僑認為這些指標可為投資人提供對基礎業務趨勢的有用觀點，並已在其投資人關係網站 www.pginvestor.com 上公布非 GAAP 財務衡量指標的完整調節表。

Now I will turn the call over to P&G's Chief Financial Officer, Andre Schulten.

現在我把電話交給寶僑財務長 Andre Schulten。

Good morning, everyone. Joining me on the call today are Keri Cowan and John Chevalier, our Senior Vice President of Investor Relations. I'll start with an overview of results for the first-quarter of fiscal '27 and discuss the progress we are making against our near-term priorities and longer-term transformation efforts. I'll close with guidance for fiscal '27, and then we will take your questions.

各位早安。今天與我一同參與電話會議的還有投資人關係資深副總裁 Keri Cowan 與 John Chevalier。我將先概述 2027 財政年度第一季的業績，並說明我們在近期優先事項與較長期轉型工作上的進展。最後我會提供 2027 財年的展望指引，接著我們將回答各位的提問。

We are pleased with the continued acceleration in top line results in our first-quarter of fiscal year '27. Bottom line results reflect the strength of the top line progress and productivity to offset the higher costs from raw materials, energy and increasing freight costs, primarily in North America. We expect these headwinds to increase in the next few quarters.

我們對 2027 財年第一季營收（top line）持續加速成長的表現感到滿意。獲利（bottom line）反映了營收進展的強勁，以及生產力提升足以抵銷原物料、能源與運輸成本上升所帶來的較高成本，這些成本上升主要發生在北美。我們預期這些逆風在未來幾季將進一步加劇。

Taken together, we remain on track to deliver within our guidance ranges for the fiscal year. Before I share the detailed results, you may have noticed in the press release beginning this fiscal year, we will report sales growth to one decimal place at both the company and the sector level. And with that, organic sales increased 4.0% versus the prior year.

綜合而言，我們仍按計畫在本財年達成指引區間內的表現。在我分享詳細結果之前，您可能已注意到，自本財年起，我們在公司層級與事業部門（sector）層級的銷售成長將以小數點後一位呈現。在此背景下，有機銷售較去年成長 4.0%。

We see sequential progress from our targeted interventions at the category and country level. By delivering superiority, we are winning with consumers and driving improved consumption semester over semester into this first-quarter. Volume increased 2.4 points. Pricing was up 0.4 points and mix was up over 1 point for the quarter, a solid balance across top line drivers and with the majority of growth driven by volume.

我們看到在品類與國家層級所推動的重點介入措施帶來了逐季改善。透過提供卓越性（superiority），我們贏得消費者青睞，並推動消費量相較前一學期持續改善，延續至本第一季。銷量（volume）增加 2.4 個百分點。定價（pricing）上升 0.4 個百分點，組合（mix）在本季上升超過 1 個百分點；在營收驅動因素之間取得良好平衡，且大部分成長由銷量帶動。

We delivered broad-based growth across the business with each of our 10 product categories growing organic sales. Fabric Care, Home Care, Baby Care, Hair Care, Skin and Personal Care and Grooming grew mid-singles. Family Care, Feminine Care, Oral Care and Personal Health Care each grew low single digits. Growth was also broad-based geographically with each of our six regions growing organic sales.

我們在整體業務上實現廣泛成長，10 個產品品類的有機銷售皆呈成長。衣物護理、家居護理、嬰兒護理、護髮、肌膚與個人護理以及理容（Grooming）皆呈中個位數成長。家庭護理、女性護理、口腔護理與個人健康護理各自呈低個位數成長。在地理區域方面成長同樣廣泛，我們六大區域的有機銷售皆呈成長。

Focus markets were up 4%. Organic sales in North America grew 3% and the US market also was up 3%. In North America, volume was up 3 points, driven by continued improvement in consumption across categories. We now have over 70% of our top US customers holding or growing share, up from less than 10% in the first half of fiscal '26 and 50% in the second half of last fiscal year.

重點市場（focus markets）成長 4%。北美有機銷售成長 3%，美國市場亦成長 3%。在北美，銷量上升 3 個百分點，主要由各品類消費量持續改善所帶動。目前我們在美國前十大客戶中，超過 70% 的客戶市占持平或成長；相較之下，2026 財年上半年不到 10%，上一財年下半年為 50%。

Europe region was up 4% with all key markets growing, led by high single-digit growth in the UK Greater China organic sales grew 8%, continued strong growth in what remains a challenging consumer environment. Pampers and SK-II led the growth with SK-II up 12% and Pampers up close to 50%, benefiting from near-term competitive dynamics. Enterprise markets in aggregate grew 5% for the quarter.

歐洲區域成長 4%，所有主要市場皆成長，其中以英國的高個位數成長領先。大中華區有機銷售成長 8%，在仍具挑戰的消費環境下持續展現強勁成長。幫寶適（Pampers）與 SK-II 帶動成長，其中 SK-II 成長 12%，幫寶適成長接近 50%，受惠於短期競爭態勢。企業市場（enterprise markets）合計本季成長 5%。

Note, the makeup of enterprise markets have changed this fiscal year, now made up of Latin America, Asia Pacific Enterprise and our newly combined IMETA or India, Middle East, Turkey and Africa region. This change emphasizes the growth opportunity across emerging markets and creates a One Europe region structure to simplify the Europe operating framework.

請注意，本財年企業市場的組成已調整，現由拉丁美洲、亞太企業市場，以及我們新合併的 IMETA（印度、中東、土耳其與非洲）區域所構成。此變更凸顯新興市場的成長機會，並建立「單一歐洲」區域架構，以簡化歐洲的營運框架。

Latin America organic sales grew 4%, led by Mexico up double digits and Brazil up low single digits. Organic sales in the IMETA region grew 8%. APAC Enterprise was up 2%, still impacted by our portfolio restructuring impacts. Global aggregate market share is flat versus prior year across all time periods. 29 of our top 50 category country combinations held or grew share fiscal year-to-date, up from 25 in the second half of last fiscal year, also a reflection of the progress being made across the portfolio.

拉丁美洲有機銷售成長 4%，其中墨西哥呈雙位數成長，巴西呈低個位數成長。IMETA 區域有機銷售成長 8%。亞太企業市場成長 2%，仍受到我們產品組合重整影響。全球合計市占相較去年在所有期間皆持平。本財年迄今，我們前 50 大「品類—國家」組合中有 29 個維持或提升市占，高於上一財年下半年的 25 個，亦反映出整體產品組合的進展。

On the bottom line, core earnings per share were $2, up 1 point versus prior year. On a currency-neutral basis, core EPS was in line versus prior year. Core gross margin was down 150 basis points and core operating margin was down 80 basis points versus prior year. Strong productivity improvement of 250 basis points was offset by commodity and freight costs in addition to demand creation investments.

在獲利方面，核心每股盈餘（core EPS）為 2 美元，較去年增加 1 個百分點。以固定匯率（currency-neutral）計算，核心 EPS 與去年持平。核心毛利率下降 150 個基點，核心營業利益率下降 80 個基點，均較去年下滑。250 個基點的強勁生產力改善，被大宗商品與運輸成本以及需求創造投資所抵銷。

Currency-neutral core operating margin was down 90 basis points. Free cash flow productivity was 93%. We returned $3.9 billion of cash to shareowners in this quarter, $2.6 billion in dividends and $1.3 billion in share repurchase. In summary, this was a strong start to the year, positive sales and share trends across markets, consistent with the semester-to-semester progress we expected behind the interventions being executed across categories, countries and customers.

以固定匯率計算的核心營業利益率下降 90 個基點。自由現金流生產力為 93%。本季我們向股東回饋 39 億美元現金，其中 26 億美元為股利，13 億美元為庫藏股回購。總結而言，這是本年度強勁的開局；各市場的銷售與市占趨勢皆為正向，符合我們預期在各品類、國家與客戶層面推動介入措施後，學期對學期的改善進展。

As we move forward, the fundamental elements of our strategy remain unchanged. We are in the right categories to deliver against our growth goals. These categories are our core competency. We know how to grow these categories and win with superior innovation, better execution and clear communication. We know how to create value in these categories, and we have a proven track record to fund growth via productivity.

展望未來，我們策略的基本要素維持不變。我們所處的品類正確，能夠支撐我們的成長目標。這些品類是我們的核心能力。我們知道如何透過更卓越的創新、更好的執行與清晰的溝通來推動品類成長並贏得消費者。我們知道如何在這些品類中創造價值，並且擁有透過生產力提升來挹注成長資金的良好實績。

We have an organization focused on delighting consumers and winning with our retail partners. What we are changing is nearly every part of our execution framework to identify superiority gaps even faster and respond quickly to changes needed to product, package, communication, retail execution or value to ignite user growth of our brands. The adjustments we have made are starting to take hold.

我們的組織專注於讓消費者滿意，並與零售合作夥伴共同致勝。我們正在改變的，是幾乎每一個執行框架環節，以更快識別卓越性差距，並迅速回應在產品、包裝、溝通、零售端執行或價值主張上所需的調整，點燃品牌使用者成長。我們所做的調整正開始發揮效果。

Let me share a few examples. US Pantene Abundant & Strong started with a deep insight and consumer connection. More than 50% of women will experience noticeable hair loss in their lifetime. In the United States alone, female pattern hair loss affects approximately 30 million individuals. Pantene's Abundant & Strong technology grew from research, linking scalp oxidative stress to poorer scalp conditions and hair quality.

我分享幾個例子。美國潘婷（Pantene）Abundant & Strong 系列起源於深刻洞察與消費者連結。超過 50% 的女性一生中會經歷明顯落髮。僅在美國，女性型態落髮約影響 3,000 萬人。潘婷的 Abundant & Strong 技術源自研究，將頭皮氧化壓力與較差的頭皮狀態及髮質連結起來。

This led to the development of Pantene's Abundant & Strong collection with a provitamin complex proprietary formulation. Consumers are delighted with improvements in hair strength and less shedding with delightful fragrance and a tingling sensorial experience in the shower. Pantene is delivering mid-single-digit sales growth in the US and is growing share.

這促成了潘婷 Abundant & Strong 系列的開發，採用含前維他命（provitamin）複合物的專有配方。消費者對於髮絲更強韌、掉髮減少的改善感到滿意，同時也喜愛其怡人香氣與在淋浴時帶來的微刺感官體驗。潘婷在美國實現中個位數的銷售成長，並且市占提升。

Pampers Prestige has been a significant growth driver of our China Baby Care business with mid-teen growth consistently over the past 8 quarters. We took the same consumer insight and brought the very best diaper available to the US with the AMORE launch in the second half of last fiscal year. AMORE is our most advanced and premium diaper, combining proprietary skin health technologies and premium materials for superior protection and cashmere-like skin comfort, built on an engaging social-first brand building model and inspired by insights that fewer babies in each household means parents spend more per baby.

幫寶適 Prestige 一直是我們中國嬰兒護理業務的重要成長驅動力，在過去 8 個季度中持續維持約中十位數的成長。我們將相同的消費者洞察運用到美國市場，並在上一財年下半年透過 AMORE 的上市，帶來市面上最好的尿布。AMORE 是我們最先進、最頂級的尿布，結合專有的肌膚健康技術與高級材料，提供更優異的防護與如羊絨般的親膚舒適感；並以引人入勝、以社群優先的品牌打造模式為基礎，靈感來自於「每戶家庭嬰兒數變少，意味著父母在每位寶寶身上的花費更高」的洞察。

AMORE has been one of the most successful launches across multiple retailers, contributing to Pampers share growth and projected to exceed $100 million in sales in year one. In the Gulf cluster, UAE, Oman, Qatar, Kuwait and Bahrain, the percentage of sales growing household penetration increased fourfold from 15% in fiscal '25 to over 60% in fiscal '26 despite the market volatility.

AMORE 已成為跨多家零售商最成功的上市之一，帶動幫寶適市占成長，且預計首年銷售額將超過 1 億美元。在海灣地區叢集（阿聯、阿曼、卡達、科威特與巴林），儘管市場波動，來自「提升家庭滲透率」的銷售占比從 2025 財年的 15% 成長到 2026 財年超過 60%，提升了四倍。

Fairy Dish delivered double-digit growth in fiscal '26 into the first-quarter of fiscal '27 after the team transformed how consumers engaged with Fairy. They created a consumer-led user-generated content campaign that brought to life the toughest dishwashing moments consumers face, generating a record-breaking engagement at 20 times our branded content benchmark.

在團隊改造消費者與 Fairy 互動方式後，Fairy 洗碗精於 2026 財年實現雙位數成長，並延續到 2027 財年第一季。他們打造了一個以消費者為主導、由使用者生成內容（UGC）的行銷活動，將消費者面臨的最棘手洗碗時刻具象化呈現，帶來破紀錄的互動表現，達到我們品牌內容基準的 20 倍。

As a result, Fairy reclaimed its position as the market's leading equity brand grew the category by 4 points and P&G's share by 2 points. The other examples we've discussed recently also continue to deliver strong results, including US Tide Boosted and evo, Mexico Fabric enhancers, Brazil hair care and US Personal Care. While we continue to execute our plans in the near term to return to sustainable growth, we're also making progress on a long-term reinvention of P&G capabilities to become what we call the CPG company of the future.

因此，Fairy 重新奪回市場領先的品牌資產地位，帶動品類成長 4 個百分點，並帶動寶僑（P&G）市占提升 2 個百分點。我們近期討論的其他案例也持續交出強勁成果，包括美國 Tide Boosted 與 evo、墨西哥衣物柔順增效產品、巴西美髮護理，以及美國個人護理。當我們在短期內持續執行計畫、以回到可持續成長之際，我們也在推進對寶僑能力的長期再造，成為我們所稱的「未來的 CPG 公司」。

We are adapting our capabilities, systems and organization structure to take advantage of significant growth opportunities we see across our markets and overcome the external landscape changes impacting our industry. We are leveraging the deepest and most extensive consumer understanding in the industry, driven by learning and data from millions of consumers.

我們正在調整自身能力、系統與組織架構，以把握我們在各市場看到的重大成長機會，並克服影響本產業的外部環境變化。我們正運用業界最深且最廣泛的消費者理解，這些理解來自數百萬名消費者的學習與數據所驅動。

This understanding leads to insights and signals that drive faster and better innovations grounded in industry-leading research, development, modeling and testing capabilities. We have the strongest ability to authentically engage consumers, building on our trusted and loved brands. We have widespread access to consumer path to purchase via strong retailer partnerships and our supply chain is a differentiator where a resilient, agile supply chain is critical to respond to global volatility and cost pressures.

這些理解帶來洞察與訊號，並在業界領先的研究、開發、建模與測試能力支撐下，推動更快、更好的創新。我們具備最強的能力，以真誠方式與消費者互動，並建立在我們值得信賴且深受喜愛的品牌之上。透過強大的零售商夥伴關係，我們在消費者購買路徑上擁有廣泛觸達；同時，我們的供應鏈也是差異化優勢——在需要具韌性、敏捷的供應鏈以因應全球波動與成本壓力的情況下尤為關鍵。

We have the highest output productivity program in the industry. Winning with consumers is what matters and the companies that can best respond to the changing environment and leverage the fast-evolving technologies and capabilities to follow the consumer closely are the ones that will truly lead the industry. We intend this to be P&G.

我們擁有業界最高產出的生產力計畫。贏得消費者才是關鍵；能夠最佳回應環境變化，並運用快速演進的技術與能力、緊貼消費者的公司，才會真正引領產業。我們希望寶僑（P&G）就是那家公司。

Moving to guidance. As you saw in our press release this morning, we are maintaining our fiscal '27 guidance ranges across organic sales, core EPS and free cash flow productivity. We expect the environment around us to remain volatile and challenging from cost to currencies to consumer, competitor retailer and geopolitical dynamics. Our all-in GAAP outlook now includes the Thorne business, which closed in early October. We continue to expect sales growth of 1% to 3%.

接著談財測指引。如同你們今早在新聞稿中所見，我們維持 2027 財年在有機銷售、核心每股盈餘（core EPS）與自由現金流生產力方面的指引區間不變。我們預期周遭環境仍將波動且充滿挑戰，從成本、匯率到消費者、競爭對手、零售商以及地緣政治動態皆然。我們目前的整體 GAAP 展望已納入 Thorne 業務，該交易於 10 月上旬完成交割。我們仍預期銷售成長 1% 至 3%。

We started the year above this range, but we expect growth to be volatile quarter-to-quarter due to base period dynamics. Also, we'll be closely watching consumer demand as higher fuel and energy costs persist into the fall and winter. As a reminder, our top line guidance includes roughly 30 to 50 basis points headwinds from product and market exits that are part of our restructuring work.

我們以高於此區間的表現開局，但由於基期因素，我們預期成長將在各季度間呈現波動。此外，隨著較高的燃料與能源成本延續至秋冬，我們將密切關注消費者需求。提醒一下，我們的營收指引包含約 30 至 50 個基點的不利因素，來自於作為重組工作一部分的產品與市場退出。

Our bottom line guidance is for core EPS growth of 0% to 3% versus prior year, and this equates to a range of $6.89 to $7.11 per share. This outlook includes a cost headwind of approximately $1.4 billion after tax, driven by higher raw material, energy and transportation costs and other premiums resulting primarily from the conflict in the Middle East.

我們的獲利端指引為核心 EPS 較去年成長 0% 至 3%，相當於每股 6.89 美元至 7.11 美元的區間。此展望包含約 14 億美元（稅後）的成本逆風，主要由原物料、能源與運輸成本上升，以及其他溢價所驅動，而這些溢價主要源自中東衝突。

This estimate assumes an effective Brent crude oil price of $100 a barrel. Due to the duration of higher oil prices, we now expect materially higher cost headwinds in Q2 and the second half of fiscal '27. We expect a foreign exchange headwind of approximately $50 million after tax. We also expect approximately $300 million of higher net interest expense after tax, around $150 million higher due to the debt issuance related to recent M&A activity. These impacts start in the second-quarter.

此估算假設布蘭特原油有效價格為每桶 100 美元。由於油價維持高檔的時間拉長，我們目前預期在 2027 財年第二季以及下半年將面臨顯著更高的成本逆風。我們預期外匯逆風約為 5,000 萬美元（稅後）。我們也預期淨利息費用將增加約 3 億美元（稅後），其中約 1.5 億美元的增幅來自近期併購活動相關的發債。這些影響將自第二季開始反映。

Finally, we still forecast $150 million after tax of lower nonoperating income. We now expect that our core effective tax rate will be in the range of 20% to 21%. Combined input costs, foreign exchange items below the operating line will be a roughly $1.9 billion after-tax headwind of earnings in fiscal '27 or $0.79 per share, 11% of fiscal '26 core EPS versus the $0.56 per share or 8% impact shared in July earnings call.

最後，我們仍預測非營運收入將減少 1.5 億美元（稅後）。我們目前預期核心有效稅率將落在 20% 至 21% 的區間。綜合投入成本與營業線以下的外匯項目，將在 2027 財年對盈餘造成約 19 億美元（稅後）的逆風，或每股 0.79 美元，相當於 2026 財年核心 EPS 的 11%；而我們在 7 月財報電話會議中分享的是每股 0.56 美元或 8% 的影響。

We expect capital spending will be between 4.5% to 5.5% of sales. We are forecasting free cash flow productivity at 85% to 90% for the year. We expect to pay over $10 billion in dividends and to repurchase approximately $5 billion of common stock, combined a plan to return $15 billion of cash to shareowners in fiscal '27. The guidance range reflects the continued acceleration toward our long-term algorithm.

我們預期資本支出將介於銷售額的 4.5% 至 5.5%。我們預估全年自由現金流生產力為 85% 至 90%。我們預期將支付超過 100 億美元股利，並回購約 50 億美元普通股，合計計畫在 2027 財年向股東返還 150 億美元現金。該指引區間反映我們持續加速邁向長期演算法（long-term algorithm）。

It is a balanced outlook between top line and bottom line despite significant cost pressures and reflecting current market realities of consumer demand. We will maintain strong investment in the business, balanced by a strong productivity program with an intent to improve results semester by semester and year-by-year. This outlook is based on current market growth rate estimates, commodity prices and foreign exchange rates, significant additional currency weakness, commodity cost increases, geopolitical disruptions, tariffs, major supply chain disruptions or store closures are not anticipated within the guidance range.

在顯著成本壓力之下，並反映當前消費需求的市場現實，這是一個在營收端與獲利端之間取得平衡的展望。我們將維持對業務的強力投資，同時以強勁的生產力計畫作為平衡，目標是逐學期、逐年度改善成果。此展望係基於目前對市場成長率、商品價格與外匯匯率的估計；在該指引區間內，未預期會出現顯著額外的貨幣走弱、商品成本上升、地緣政治擾動、關稅、重大供應鏈中斷或門市關閉。

In summary, challenging markets like the ones we compete in today are an opportunity for P&G to lead. We have the brands, the capability and most importantly, the people required to win. We are confident in the short-term progress we are making behind deliberate plans to drive user growth of our brands and executional excellence across each category and country combination.

總結來說，像我們今天所面對的這類充滿挑戰的市場，正是寶僑（P&G）領先的機會。我們擁有品牌、能力，更重要的是，擁有取勝所需的人才。我們對短期內所取得的進展充滿信心；這些進展來自於我們有意識的計畫，推動品牌使用者成長，並在每一個品類與國家組合上落實卓越執行。

It won't be a straight line, especially quarter-to-quarter and volatility will remain a near to midterm reality, but we are building momentum with consumers and customers, and we are excited about the long-term opportunities ahead.

這不會是一條直線，尤其在季度之間；波動仍將是短中期的現實，但我們正在與消費者與客戶建立動能，並對未來的長期機會感到振奮。

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

接下來，我們很樂意回答各位的問題。

(Operator Instructions) Lauren Lieberman, Barclays.

（接線員指示）Lauren Lieberman，巴克萊。

We had to go back a ways in our model to find the last time that P&G posted volumes up more than 2% and organic at 4%. But when we found that time, which is back in, I think, '22, optically, margins are up a lot more this time around. And I was just curious if you could talk about if that's something specific to the quarter, mix dynamic, comp dynamics or if something has changed structurally so that you're going to see much greater operating leverage at this level of volume growth?

我們在模型中得往前追溯很久，才找到寶僑（P&G）上一次銷量成長超過 2%、有機成長達 4% 的時點。但當我們找到那次（我想是在 2022 年），從表面上看，這次的毛利率提升幅度明顯更大。我想請教你們，這是否是本季度特有的因素、產品組合變化、比較基期因素所致，或是結構性上發生了某些改變，使得在這樣的銷量成長水準下，你們將看到更高的營運槓桿？

Lauren, thanks for the question. I think it's a combination of quarter specifics and structurals. Let me start with the structurals maybe. When we see growth around 4% and volume growth at or above 2%, we've always seen leverage. I think that leverage structurally is increasing. Number one, on the cost of goods side, the level of productivity we're generating is increasing.

Lauren，謝謝你的提問。我認為這是季度特定因素與結構性因素的組合。我先從結構性因素談起。當我們看到約4%的成長、且銷量成長達到或高於2%時，我們一向都能看到槓桿效應。我認為這種槓桿效應在結構上正在提升。第一，在銷貨成本端，我們所產生的生產力水準正在提高。

And the amount of automation and digitization is helping us as we talked for many times as we execute Supply Chain 3.0. So there's operating leverage on the COGS side. The restructuring program, including the 15% headcount reduction in our manufacturing headcount is starting to impact the quarter this fiscal year. Recall, we started the execution last fiscal year, first semester.

而自動化與數位化的程度也在幫助我們，正如我們在推進供應鏈3.0時多次談到的。因此在銷貨成本端存在營運槓桿。重組計畫（包括我們製造端人力編制減少15%）開始在本會計年度對本季度產生影響。回想一下，我們是在上一會計年度上半年開始執行的。

So we're starting to get impact flowing through the P&L. And that is helping our SG&A leverage. The third structural component, as we transform our brand building efforts to include the revised consumer path to purchase and drive engagement at every one of those touch points, we remain fully invested in the business, but we find ways to make that spending work harder for us.

因此我們開始看到影響反映到損益表上，這也在幫助我們的SG&A槓桿。第三個結構性組成部分是，當我們轉型品牌建設作法，把修訂後的消費者購買路徑納入其中，並在每一個接觸點推動互動時，我們仍然對業務保持充分投入，但也會找到方法讓這些支出為我們帶來更高效益。

So that's driving top line growth at flat spending, and that is giving the third structural element of the leverage. I think what is more specific to the quarter is the fact that we've only seen partial flow-through of the commodity impact in the first-quarter. Again, the oil price and petro complex keeps increasing. So we've outlooked at $100 a barrel, $1.4 billion of after-tax impact, that's 8% for the year of earnings headwind.

因此在支出持平的情況下推動營收成長，這就帶來第三個結構性槓桿要素。我認為更偏向本季度特定的因素，是第一季我們只看到大宗商品影響的部分傳導。同樣地，油價與石化產業鏈仍在上升。因此我們的展望是每桶100美元、稅後影響14億美元，這相當於全年獲利8%的逆風。

In quarter 1, we only saw 5% headwind year-over-year. So that's a little bit of a one-timer that will be correcting itself as we get towards the ongoing oil price impact through the P&L. And for sure, if oil stays at the levels that we saw this morning, north of $110, that will continue to be an increasing headwind for the year.

在第一季，我們年對年只看到5%的逆風。因此這有點像一次性因素；隨著油價的持續影響逐步透過損益表反映，這會自行修正。若油價確實維持在我們今天早上看到的水準、也就是高於110美元，那麼這將在今年持續成為更大的逆風。

The last point I'll give you is we had the second part of the IEEPA tariff refund in quarter 1 of about $90 million. And so those are the two ones that are more specific to the quarter. I think most encouraging for us are the first three, we truly drive leverage because we're improving the structural leverage within the P&L.

最後一點是，我們在第一季收到IEEPA關稅退稅的第二部分，約9,000萬美元。因此，這兩項是更偏向本季度特定的因素。我認為對我們最令人鼓舞的是前三項：我們確實在推動槓桿，因為我們正在改善損益表中的結構性槓桿。

Steve Powers, Deutsche Bank.

Steve Powers，德意志銀行。

Andre, obviously, a very strong start to the year. I wanted to ask around the sustainability of the momentum that we've seen start to emerge from two perspectives. One is just very tactically in the short term, as we think about this first semester in the December quarter, were there any shipment timing, competitive factors or other dynamics that may have materially flattered 1Q at the expense of 2Q in your mind?

Andre，顯然今年開局非常強勁。我想從兩個角度詢問我們看到的動能是否可持續。第一個是更偏戰術、短期的：當我們看本上半年、尤其是12月季度時，你認為是否存在任何出貨時點、競爭因素或其他動態，可能在實質上美化了第一季、但以第二季為代價？

Just want to get underneath that, if I could. And then stepping back more generally, as you look at the underlying performance across your 10 categories, I think you said growth across all 10, where do you feel sustainable momentum is maybe best established versus where you feel there is still more work to do within those categories?

如果可以的話，我想更深入了解這點。然後更宏觀地退一步看，當你檢視你們10個品類的底層表現時，我想你說過10個品類都在成長；你覺得哪些品類的可持續動能建立得最扎實？又有哪些品類你覺得仍需要做更多工作？

In summary, what I tell you is Q1 was a great start. Every region growing, every category growing. And most encouragingly, if we look at the last few weeks, share is trending up consistently. So that gives me confidence. I'd still tell you we expect half one to be at about 3% organic sales growth. That's what we want to deliver, that sequential acceleration semester by semester.

總結來說，我會告訴你第一季是個很好的開始。每個地區都在成長、每個品類都在成長。而最令人鼓舞的是，如果我們看最近幾週，市占率正持續上升。所以這讓我有信心。我仍會告訴你，我們預期上半年約為3%的有機銷售成長。這就是我們想交付的：每個學期逐步加速的序列性加速。

You recall half one of last year, 1%, half two, 2%. And we think the right estimate and the right approach for cadence here is 3% in the first half and then acceleration into the second half. As you know, there's always a little bit of wobble between merch events or when they ship. That's been a little bit of an effect that we saw in Europe, for example. And so there might be a point shifting from one quarter to the other.

你還記得去年上半年是1%、下半年是2%。我們認為在這裡的節奏，正確的估計與做法是上半年3%，然後在下半年加速。如你所知，在促銷檔期或出貨時點之間，總會有一些小幅波動。例如我們在歐洲就看到了一些這樣的影響。因此可能會出現從一個季度移轉到另一個季度的情況。

But I think the overarching headline that I want you to take away is 3% for half one and slight acceleration in half two, which means consistent value and volume share growth throughout the next quarters. I'm excited, quite frankly, about the progress we're making across each of the categories. I mean you look at Fabric & Home Care growing strongly with North America now growing at 5% in Fabric Care.

但我希望你帶走的總體重點是：上半年3%，下半年小幅加速；這意味著未來幾個季度價值與銷量的市占成長將保持一致。坦白說，我對我們在各個品類取得的進展感到振奮。例如你看織物與家居護理強勁成長，而北美的織物護理現在成長達5%。

We're growing across Laundry and we're growing across Fabric enhancers, and there's tons of runway. Baby Care consistently growing at a global level. Even if you exclude the China acceleration, we have very strong results in Baby, Fem Care doing great, adult incontinence improving. Beauty Care at 5%, very strong and across all three segments within Beauty Care. So I could continue, but basically, you're getting the point.

我們在洗衣品類成長、在織物柔順/增效產品也在成長，而且還有很長的成長跑道。嬰兒護理在全球層面持續成長。即便排除中國加速因素，我們在嬰兒品類仍有非常強勁的表現；女性護理表現很好，成人失禁品類也在改善。美容護理成長5%，非常強勁，而且涵蓋美容護理內的三個細分領域。我還可以繼續說，但基本上你已經明白了。

Every category is showing great progress and momentum. I'll tell you, we're about 60% down the path of fixing each category country combination. We're running at 29 out of 50 top category country combinations growing or holding share. We need to conquer the rest, and that's the task ahead. I'll tell you, our Beauty team isn't content with 5% of growth. There's way more opportunity in that space that we need to capture.

每個品類都展現出很好的進展與動能。我會告訴你，我們大約已走完修復每個「品類×國家」組合路徑的60%。在前50大「品類×國家」組合中，我們有29個正在成長或守住市占。我們需要拿下其餘的，這就是接下來的任務。我也會告訴你，我們的美容團隊不會滿足於5%的成長。那個領域還有更多機會需要我們去掌握。

Family Care is not yet back to share growth. The interventions we are making across price point corrections in the club channel, the launch of Charmin and Bounty Essentials, all of those are pushing momentum in the right direction, but we haven't yet seen the share turn. Our health care business has been impacted by a slow cold cough season over the last two years.

家庭護理目前還沒有回到市占成長。我們正在採取的措施，包括在會員制倉儲通路進行價格帶修正、推出Charmin與Bounty Essentials；這些都在把動能推向正確方向，但我們尚未看到市占扭轉。我們的健康照護業務在過去兩年受到感冒咳嗽季偏弱的影響。

We've now seen in the most recent couple of weeks an acceleration. If that holds, there's more growth to be had there. Don't get too excited. I come back to where I started, 3% in the front half, hopefully, a bit of acceleration in the back half, consistent share growth quarter-over-quarter.

而在最近幾週，我們已看到加速。如果這能維持，那裡還有更多成長可期。但先別太興奮。我回到我一開始說的：前半段3%，希望後半段有些加速，市占逐季穩定成長。

Dara Mohsenian, Morgan Stanley.

Dara Mohsenian，摩根士丹利。

So Andre, you're expecting a pronounced level of commodity pressure this fiscal year of $1.4 billion and up another $400 million versus last quarter. Unfortunately, that's also looking more sustainable than we hoped originally after the run-up earlier this year. So just in light of how severe the commodity backdrop looks, how are you thinking about pricing as an offsetting lever to that cost pressure?

Andre，你預期本會計年度大宗商品壓力會很顯著，達14億美元，且相較上季再增加4億美元。不幸的是，在今年稍早那波上漲之後，這看起來也比我們原先希望的更具持續性。因此，鑑於大宗商品背景看起來如此嚴峻，你如何看待以定價作為對沖這些成本壓力的槓桿？

And the context of the question is, still seemingly difficult industry backdrop in theory with a weak developed market consumer, promotional competitive environment, even some retailer pushback. So just how do you weigh all those competing forces as you think about pricing in the remainder of the year and also the internal progress that you're making from a top line perspective that you just mentioned in response to Steve's question.

而這個問題的背景是：理論上產業環境似乎仍然艱難，已開發市場消費者疲弱、促銷式競爭環境，甚至還有一些零售商的反彈。因此，當你思考今年剩餘時間的定價時，以及你剛才在回應Steve問題時提到的、你們在營收端所取得的內部進展時，你如何權衡這些彼此拉扯的力量？

Yes, I think that's an important place to pause for a moment. Obviously, $1.4 billion, 8% headwind is significant. And again, if we see the most recent development, this might increase for the year. We will deal with this the same way we always do. And I do feel that the team is well equipped to handle even the higher level of cost pressure, but it will take three things.

是的，我認為這是一個重要的時點，值得先停下來片刻。顯然，14億美元、8%的逆風影響相當顯著。而且再說一次，如果我們看到最新的發展，這個數字今年可能還會上升。我們會用一貫的方式來應對。我也確實覺得團隊具備充分能力，即使面對更高程度的成本壓力也能處理好，但這需要三件事。

It will take record productivity levels, which we have identified. The project list is complete and sufficient and it's being executed across every one of our businesses. So I feel very good about a sustained record level of productivity output that will help us overcome a good portion of this cost pressure while we maintain investment in the business.

第一，需要創紀錄的生產力水準，而我們已經辨識出來了。專案清單已完整且足夠，並且正在我們每一個業務中執行。因此，我對於能夠持續維持創紀錄的生產力產出感到非常有信心，這將在我們維持對業務投資的同時，幫助我們克服相當一部分的成本壓力。

The second component is pricing with innovation. And honestly, I think the momentum we are starting to generate gives us confidence to price with innovation because we are getting the balance between pricing and product improvements, package improvements, claims, communication and retail execution right. But it's also a very fragile balance that we want to make sure we don't compromise on.

第二個要素是以創新來定價。坦白說，我認為我們開始累積的動能，讓我們有信心以創新來定價，因為我們正在把定價與產品改良、包裝改良、宣稱訴求、溝通以及零售端執行之間的平衡拿捏到位。但這同時也是一個非常脆弱的平衡，我們要確保不會在這上面做出妥協。

So we will price and we will price with innovation, not jeopardizing the top line momentum. The third component here is time. We will take the right amount of time to recover the dollar impact of the commodity hurt and time will be largely driven by what we described in the second point making sure we maintain the right balance of price, product, package, communication and in-store execution.

所以我們會定價，而且會以創新來定價，不會危及營收端的動能。第三個要素是時間。我們會用適當的時間來回收大宗商品成本衝擊所造成的美元影響，而時間的長短在很大程度上將由我們在第二點所描述的內容所驅動——確保我們維持價格、產品、包裝、溝通與店內執行之間的正確平衡。

We have worked -- the team has worked so hard over the last nine months category by category, customer by customer, country by country to improve this balance. So I think we're probably closer to this dynamic than we've been in a long time. I feel good about the plans that I see. The last point I'll leave you with, at this level of commodity pressure, not a projection just a fact, the industry generally is pricing up because there is no way to recover this level of commodity pressure without pricing.

過去九個月，團隊真的非常努力——按品類、按客戶、按國家，一項一項去改善這個平衡。所以我認為我們可能比很長一段時間以來都更接近這種動態的最佳狀態。我對我所看到的計畫感到樂觀。最後我想補充一點：在這種程度的大宗商品壓力下，這不是預測，而是事實，整個產業通常都會提高價格，因為若不提價，根本無法回收這種程度的大宗商品壓力。

That's a fact of the past. It doesn't have to hold true for the future. So I can just only give you my perspective on the three elements we're going to work on.

這是過去的事實。未來不一定必然如此。所以我只能就我們將著力的三個要素，提供我的觀點。

Robert Ottenstein, Evercore ISI.

Robert Ottenstein，Evercore ISI。

Great. And congratulations on the strong start. From everything we're seeing, clearly, a lot of the US categories are improving, you're regaining share. But as you noted, it's a very dynamic environment. So I was wondering if you could talk a little bit about what you're seeing or expecting in terms of competitor reactions? And then also, how are you dealing with ongoing affordability issues in terms of dealing with competitors as well as maintaining the market share momentum?

很好。也恭喜你們有個強勁的開局。從我們看到的一切來看，很明顯，美國許多品類正在改善，你們也正在重新奪回市占。但如你所說，這是一個非常動態的環境。所以我想請你談談，你們看到或預期競爭對手會有哪些反應？另外，在持續的可負擔性議題下，你們如何在應對競爭對手的同時，也維持市占動能？

Thanks for the question, Robert. I think the competitive environment has been fierce over the last few quarters. And I think that has led us to make adjustments where we needed to make adjustments. We've talked about our Baby Care business where we needed to get value competitive with the new competitive reality.

謝謝你的問題，Robert。我認為過去幾個季度的競爭環境非常激烈。我也認為這促使我們在需要調整的地方做出調整。我們談過嬰兒護理業務，在新的競爭現實下，我們需要把價值主張調整到具備競爭力。

And I think we've done that, and I feel very good about being balanced. I think we got to a point where we reacted to be competitive on those hygiene factors, I would call them, and then add superiority in terms of product performance, communication, better retail execution to drive category growth and our growth within that. So I still see the same formula playing out.

我認為我們已經做到，而且我對目前的平衡狀態感到非常滿意。我覺得我們已經走到一個點：先在那些我稱之為「基本衛生因素」的面向上做出競爭性反應，接著再透過產品性能的優越性、溝通、更好的零售端執行來推動品類成長，以及我們在其中的成長。所以我仍然看到同樣的公式在發揮作用。

Growth going forward is not about taking share. Growth going forward is about growing our categories. And I'm encouraged to see that in North America, the category is now approaching 3% value growth. In many places, innovation that we're launching with pricing is driving true category growth. You heard our examples in the prepared remarks on user growth, for example, in the Middle East, that topic of consistent user growth or penetration growth in our categories is relevant and being pushed around the world.

未來的成長不是靠搶市占。未來的成長是靠把我們的品類做大。我很受鼓舞地看到，在北美，品類的價值成長現在正接近3%。在許多地方，我們以定價搭配推出的創新，正在帶動真正的品類成長。你們也在我們事先準備的發言中聽到一些例子，例如在中東的使用者成長；而這個「持續的使用者成長或滲透率成長」的主題，對我們的品類而言很重要，並且正在全球各地推進。

So I view the competitive dynamic as unchanged and yes, intense. I view our role within that as growing categories with innovation, better offerings for consumers. Affordability within that is that careful balance that we were describing in every pricing decision. And I think also here, we are executing what we have designed for.

因此我認為競爭動態沒有改變——是的，依然激烈。我認為我們在其中的角色，是透過創新、為消費者提供更好的產品與方案來帶動品類成長。其中的可負擔性，就是我們在每一次定價決策中所描述的那種謹慎平衡。我也認為在這方面，我們正在執行我們原本設計好的策略。

We have a portfolio of brands that spans across different value tiers, and we have a portfolio of pack sizes and executions within each brand that go from very affordable value offering to high pack size premium offerings depending on the cohort, depending on the channel. And I think we're continuously getting sharper in the execution.

我們擁有跨越不同價值層級的品牌組合；同時在每個品牌之內，我們也有不同的包裝規格與執行方式，從非常可負擔的價值型方案，到大包裝的高端方案，會依不同族群、不同通路而定。我認為我們在執行上也在持續變得更精準。

My favorite example was the Charmin and Bounty Essentials execution. When we came out of COVID, we deprioritized that part of the business simply because we didn't have the capacity. And when we went into this period, we said we need to reignite user growth in that part of the value segment within Family Care. The team redesigned the proposition, adjusted the value, redesigned the packaging and the proposition is working extremely well, growing significant users.

我最喜歡的例子是 Charmin 和 Bounty Essentials 的執行。在我們走出 COVID 之後，我們曾降低那部分業務的優先順序，單純是因為產能不足。而當我們進入這一段期間時，我們說需要在家庭護理（Family Care）的價值區段重新點燃使用者成長。團隊重新設計了價值主張、調整了價值、重新設計了包裝，而這個主張運作得非常好，帶來顯著的使用者成長。

At the same time, we're innovating at the higher end with the Charmin Strong innovation on wider sheets, which is very intuitive and very consumer relevant. We'll continue to do both. And I think we've made the investment over the last nine months to get us into the right starting place and now it's pushing forward from here with the balanced portfolio execution and again, carefully watching value equation at each part of our portfolio.

同時，我們也在高端端進行創新，例如 Charmin Strong 的加寬紙張創新，這非常直覺，也非常符合消費者需求。我們會持續兩者並行。我認為過去九個月我們所做的投資，讓我們站在正確的起跑點；接下來就是從這裡往前推進，以平衡的產品組合來執行，並且再次強調，在我們產品組合的每一個部分都會仔細監控價值等式。

Bonnie Herzog, Goldman Sachs.

Bonnie Herzog，高盛。

I had a question on Baby Care. It's encouraging to see the sequential acceleration in growth this quarter. And then you highlighted North America and China as key drivers. So I guess, against the backdrop of increased promo intensity in the US and then disruption at one of your key competitors in China, what has been your strategy in Baby Care? And how sustainable do you think the recent improvements are?

我有一個關於嬰兒護理（Baby Care）的问题。看到本季成長逐季加速，令人鼓舞。你也強調北美與中國是關鍵驅動因素。所以我想問，在美國促銷強度提高、以及在中國你們某個主要競爭對手出現干擾的背景下，你們在嬰兒護理的策略是什麼？你認為近期的改善有多可持續？

Thanks, Bonnie. Global Baby Care is up. Top line is growing 5%, share is growing 80 bps. Baby Care in the US is up 3% on sales, 7% on volume and up both in volume share and value share. We have not yet addressed many parts of the portfolio. We have just launched the mid-tier upgrade, which will not be the last to get to superiority. We have not yet fixed our wipes business, and we have not yet launched the innovation that we want to launch on Swaddlers and some other parts of the premium portfolio.

謝謝，Bonnie。全球嬰兒護理是成長的。營收成長5%，市占成長80個基點。美國的嬰兒護理銷售成長3%，銷量成長7%，且無論是銷量市占或價值市占都在上升。我們尚未處理產品組合中的許多部分。我們剛推出中階產品升級，但這不會是最後一次邁向更高優越性。我們還沒有修復我們的濕巾業務，也還沒有在 Swaddlers 以及高端產品組合的其他部分推出我們想推出的創新。

We have fixed what I would call the hygiene factors, value versus close competition. And we are building on the trend that we see as the future growth engine for this category, which is less babies mean more spending per baby. And that holds true in every part of the world, and it holds true in the US, it holds true in China.

我們已經把我所稱的「基本衛生因素」修正到位，也就是相對於接近的競爭對手，我們的價值表現。而且我們正在建立在我們所看到的、作為此品類未來成長引擎的趨勢之上：嬰兒數量變少，意味著每個嬰兒的支出增加。這在全球各地都成立，在美國成立，在中國也成立。

And when we launch truly superior propositions that feed into what the premium consumer is looking for, superior dryness, softness, premium materials, safety on the highest level, ingredient safety, we win. And that's why AMORE is going to $100 million brand in a few quarters. And I think that will be the success model for the future.

而當我們推出真正更優越、能切中高端消費者需求的產品主張——更佳乾爽度、更柔軟、優質材料、最高等級的安全性、成分安全——我們就能勝出。這也是為什麼 AMORE 將在未來幾個季度成為一個 1 億美元品牌。我認為這將是未來的成功模式。

China has been doing this now for eight quarters. The mid-tier is effectively not existent in China anymore. And even when I take out the most recent competitive issue in China, the business would have consistently grown in high teens and low 20s. So I do believe that the model is very sustainable that the strategy of being superior and trading consumers up as we are doing on tape diapers is the same model we can apply on pants, the same model we can apply on wipes.

中國已經這樣做了八個季度。在中國，中端市場基本上已經不存在了。即便把中國最近一次的競爭問題排除在外，業務也會持續以高十幾到低二十幾的增速成長。因此我確實相信這個模式非常可持續：以更優越的產品帶動消費者升級——就像我們在膠帶型紙尿褲上所做的——同樣的模式也可以應用在褲型紙尿褲上，也可以應用在濕巾上。

And I do think that is a solid growth path for the business. And I'm excited about the innovation that's coming, and I think that does exactly that.

我也確實認為這是一條穩健的業務成長路徑。我對即將到來的創新感到興奮，我認為它正是做到這一點。

Filippo Falorni, Citi.

Filippo Falorni，花旗。

I wanted to ask about the US business, Andre, you mentioned 70% of top US customers holding or growing share. That's a significant improvement, as you called out versus last year. Where do you think it's coming mainly from like -- and how much more do you have to realize in the balance of the year within your guidance? What are you assuming in terms of improvement in share?

我想問一下美國業務，Andre，你提到美國前幾大客戶中有 70% 的客戶份額持平或提升。如你所說，這相較去年是顯著改善。你認為主要是來自哪裡——以及在你們的指引之下，今年剩餘時間還需要實現多少？你們對份額改善的假設是什麼？

And then in terms of the gap relative to consumption, last year, you had a lot of volatility, a lot of quarters where shipments were below consumption. This quarter, it seems to have closed quite more. How should we think about that gap from an inventory gross to net sales levels as we think about the balance of the year?

另外，關於出貨相對於消費量的差距，去年波動很大，有很多季度出貨低於消費量。本季度看起來這個差距縮小了不少。在思考今年剩餘時間時，從庫存由毛到淨銷售（gross to net）層面，我們應該如何看待這個差距？

Filippo, thanks for the question. I think the answer to the first question is more. We are where we said we would be. We wanted to be -- at the end of the year, we want to be north of 80% end of the calendar year that is. And I think we're -- the North American team is working towards that objective. The recipe doesn't change where we don't grow users, we'll very quickly go into diagnosis mode.

Filippo，謝謝你的提問。我認為第一個問題的答案是：還會更多。我們目前正如我們所說的那樣。我們希望——在年底，也就是日曆年年底——達到 80% 以上。我認為北美團隊正在朝這個目標努力。方法不變：如果我們沒有增加使用者，我們會很快進入診斷模式。

And we're very quickly in a combination of the customer, the customer team on the P&G side, the category team develop an action plan, and we fund that action plan when it cannot be funded within the category commitments. And that cycle time is only improving. We're having these conversations in a structural way every quarter, but we're having them ad hoc almost every week.

我們會很快由客戶端——也就是 P&G 這邊的客戶團隊——與品類團隊一起制定行動計畫；當該計畫無法在品類既有承諾內獲得資金支持時，我們就會為該行動計畫提供資金。而這個週期時間只會持續改善。我們以結構化方式每季都會進行這些對話，但也幾乎每週都會臨時進行。

So I feel good about the urgency. I feel very good about the clarity of being consumer-led in those conversations because the secret here is not to try to buy more share. The secret here is to tailor the adjustments to superiority to the specific needs of that retailer shopper, be it price points, be it claims, be it part of the portfolio that we present at the retailer. That will continue.

所以我對緊迫感感到放心。我也非常認同在這些對話中以消費者為導向的清晰度，因為關鍵並不是試圖用錢買更多份額。關鍵在於把「更優越」的調整，量身打造以符合該零售商購物者的特定需求——不論是價格帶、主張訴求，或是我們在該零售商呈現的產品組合。這會持續下去。

Again, our objective that we stated before is 80% by the end of the calendar year. Inventory dynamics, you said it, the base period is going to be the source of volatility here. As you know, we had a significant inventory shift in quarter 3 in the US that will impact this quarter 3 as well. But we'll have to see how the flow of promotion events, how the flow of innovation evolves.

再次強調，我們先前表述的目標是在日曆年年底達到 80%。庫存動態方面，你說得對，基期將是這裡波動的來源。如你所知，我們在美國第三季有一次顯著的庫存轉移，這也會影響今年第三季。但我們還得看促銷活動的節奏，以及創新推進的節奏如何演變。

I feel confident in the semester guidance that we just gave you, 3% organic sales in the front, a little bit more in the back half. Quarter-by-quarter, this might shift a little bit because of those dynamics, but I feel confident in 3% and three-plus front half, back half.

我對我們剛給你的上半年/下半年指引有信心：上半年有機銷售成長 3%，下半年會略高一些。按季度來看，因為這些動態可能會有些微變動，但我對上半年 3%、下半年 3% 以上仍有信心。

Chris Carey, Wells Fargo Securities.

Chris Carey，富國證券。

Andre, I just wanted to clarify that last statement and then I have a follow-up. Just regarding the fiscal Q2 deceleration despite the easier compare, we need to think about a roughly 1 point shift in Europe, and then it sounds like you're just more broadly assessing strength of consumer as we get into the end of the calendar year, given the higher inflation backdrop.

Andre，我想先釐清你剛才那句話，然後我有一個追問。關於會計年度第二季在比較基期更容易的情況下仍出現放緩，我們需要把它理解為歐洲大約有 1 個百分點的移轉；同時聽起來你們也更廣泛地在評估，考量到通膨較高的背景，進入日曆年年底時消費者的韌性。

Is that really the premise of just embedding that deceleration for now into fiscal Q2? And then just from a category perspective, I think this is the best Fabric Care top line growth we've seen in a few years. Can you just give us a bit of context on category growth rates globally and perhaps some of the market share dynamics that are underway, most specifically in the US and Europe, given some of the innovation and competitive activity you're seeing in those regions?

這是否就是目前把放緩先納入會計年度第二季假設的前提？另外，從品類角度來看，我認為這是我們幾年來看到的最佳衣物護理（Fabric Care）營收成長。你能否提供一些背景：全球品類成長率大概如何，以及一些正在發生的市占動態——特別是在美國與歐洲——考量到你們在這些地區看到的一些創新與競爭活動？

Thanks, Chris. I think you answered your first part of the question. I think it's exactly that. Look, gas prices are continuing to come up. Midterms and related outcomes in the Middle East are still a source of significant volatility going into quarter 2. Base period dynamics, inventory shifts, so you put it all together, we don't want to get ahead of ourselves. We think 3% is a healthy growth rate within this context.

謝謝，Chris。我想你已經回答了你問題的第一部分。我認為就是如此。你看，汽油價格仍在上升。期中選舉以及中東相關結果，進入第二季仍是顯著波動的來源。再加上基期動態、庫存移轉，綜合起來，我們不想操之過急。在這樣的背景下，我們認為 3% 是健康的成長率。

And we know there's volatility quarter-over-quarter. So we want to be realistic in assessing the strength and straight line of the underlying momentum. The strength is real, but it won't be a straight line. Fabric Care specifically, you're right. In the US, Fabric Care business is growing at 4%, so strong results. In Europe, we're growing 5%, and we're growing share in both regions.

我們也知道季度之間會有波動。因此我們希望在評估基本動能的強度與其線性走勢時保持務實。強度是真實的，但不會是一條直線。就衣物護理而言，你說得對。在美國，衣物護理業務成長 4%，表現強勁。在歐洲，我們成長 5%，而且在兩個地區都在提升市占。

So North America share -- value share is up 70 bps. Europe value share is up 60 bps over the last three months. And those are the two largest markets in Fabric Care. Fabric enhancers are growing and the laundry part of the business is growing. So it's consistent across the portfolio. And if you look at what is driving it, the innovation, I think the improvements we're making in delivering superiority, evo, the Tide Liquid Boosted innovation.

因此北美的市占——價值市占——上升 70 個基點。歐洲的價值市占在過去三個月上升 60 個基點。而這兩個是衣物護理最大的市場。衣物增香/柔順等增效品（fabric enhancers）在成長，洗衣相關業務也在成長。所以整個產品組合的表現是一致的。如果你看驅動因素，我認為是創新，以及我們在提供優越性方面所做的改善：evo，以及 Tide Liquid Boosted 的創新。

We innovated on Gain, both on liquid and on unit dose, and that's driving growth. We have innovation on fabric enhancers, the Lux Edition, and that's driving growth. So I think, again, the return to a consumer-centric assessment of superiority, are we growing users? If we're not growing users, what are the right interventions, have led the Fabric Care teams, both in Europe and in North America to make the right calls.

我們在 Gain 上做了創新，包含液體與單次用量（unit dose），這正在帶動成長。我們在衣物增效品上也有創新，例如 Lux Edition，這也在帶動成長。所以我認為，再次回到以消費者為中心來評估優越性：我們是否在增加使用者？如果沒有增加使用者，應採取哪些正確的介入措施——這些都讓歐洲與北美的衣物護理團隊做出正確決策。

And I think those calls are playing out in growth. And I feel good about the type of growth we're generating, slightly ahead of market, but every one of these initiatives is growing the market. Given the premium of Gain, the premium of Tide, the premium of evo, it's actually expanding the category by delighting the consumer at each value tier more than anybody else.

我認為這些決策正在反映在成長上。我對我們所產生的成長品質感到滿意：略高於市場，但每一項舉措都在擴大市場。考量到 Gain 的高端定位、Tide 的高端定位、evo 的高端定位，實際上是透過在各個價值層級都比其他任何人更能取悅消費者，來擴大整個品類。

Nik Modi, RBC Capital Markets.

Nik Modi，RBC Capital Markets。

Andre, maybe you can just peel back the onion on China. There's been a lot of macro volatility, a lot of commentary that the macro backdrop remains poor. I think you made the same comment, but the business is doing really well. So I just wanted to kind of understand exactly like what's going on? Is this a beauty-specific thing? Any context would be helpful.

Andre，也許你可以把中國的情況剝開來談談。宏觀波動很大，也有很多評論說宏觀背景仍然疲弱。我想你也做了同樣的評論，但業務表現非常好。所以我想更精確地了解，到底發生了什麼？這是美妝品類特有的現象嗎？任何背景脈絡都會很有幫助。

Sure. Thanks for the question, Nik. Let me start by stepping back for a second. The China business has been strong for six consecutive quarters now. Why? Because the China team coming out of COVID, I think we were the first ones to realize that the structures in the market have changed, from strong consumer demand to market decline.

當然。謝謝你的提問，Nik。讓我先退一步，從更宏觀的角度說明一下。中國業務已經連續六個季度表現強勁。為什麼？因為中國團隊在走出 COVID 之後，我認為我們是最早意識到市場結構已經改變的人之一，從強勁的消費者需求轉為市場下滑。

All parts of the business were shifting towards digital and social, and retailer interactions were very different and the traditional distributor system didn't really work. So they adjusted every part of that equation, completely reinvented the distributor network, built a social-first marketing machine, built an execution machine that could deal with the social selling channels and online retailers and at the same time, strengthened brick-and-mortar execution and strengthened the innovation machine.

業務的各個部分都在轉向數位與社群，與零售商的互動方式也非常不同，傳統的經銷商體系其實行不通。因此他們調整了這個方程式的每一個環節，徹底重塑經銷商網路，建立以社群優先的行銷引擎，打造能夠應對社群銷售通路與線上零售商的執行引擎，同時也強化實體通路的執行力，並強化創新引擎。

All of that together, I think, has led to a well-equipped team that is executing brilliantly, and that's been driving 6 consecutive quarters of sales growth and now delivering 8% in quarter 1 with 5% volume growth. In terms of categories, let me get the obvious one out of the way. Baby Care has been consistently growing at around 20%. In quarter 1 now, it's growing almost 50%. That's obviously driven by the competitive issue that existed in the market, which is driving a ton of trials for Pampers.

我認為，這些因素加總起來，造就了一支裝備齊全、執行出色的團隊，推動了連續六個季度的銷售成長，而現在在第一季交出 8% 的成長，其中銷量成長 5%。就品類而言，我先把最明顯的一項講完。嬰兒護理一直以來都維持約 20% 的成長。而在第一季，成長接近 50%。這顯然是由市場上存在的競爭問題所驅動，帶來大量對幫寶適（Pampers）的試用。

And I think the team is doing brilliantly in keeping up with the trial machine and then ensuring that we can retain those users over time. But yes, we've benefited somewhat about 3 points. So if you take that out, that China would still be growing at the 5% that it has been growing, so mid-single digits. The rest of the portfolio is also doing well. SK-II growing 13%, fabric up 5%, Fem care up 9%, hair care is up.

我認為團隊在跟上試用引擎、並確保我們能隨時間留住這些使用者方面做得非常出色。不過是的，我們確實受益了一些，大約 3 個百分點。所以如果把這部分扣除，中國仍會以其一直以來的 5% 成長，也就是中個位數成長。其餘產品組合也表現良好。SK-II 成長 13%，衣物護理成長 5%，女性護理成長 9%，護髮也在成長。

But we also still have significant opportunities. So our Olay business in China, for example, is in the middle of reinvention. It's not growing. We need to get it back to growth, similar to North America. Those interventions are underway. So we're not firing on all cylinders yet, but we're very happy with the China structural progress.

但我們也仍然有很大的機會。例如，我們在中國的 Olay 業務正處於再造的過程中。目前沒有成長。我們需要讓它回到成長軌道，類似北美的情況。這些介入措施正在進行中。所以我們還沒有全速運轉，但我們對中國結構性的進展非常滿意。

And I have very high levels of confidence that we will fix the remainder of the portfolio and see even more sustained growth in China in a difficult market because market growth is still below 100% in our channels and categories. And quite frankly, consumer sentiment is not improving. So big congratulations to the China team for winning in a tough environment.

而且我非常有信心，我們會修復產品組合中其餘部分，並在艱難的市場中看到中國更持續的成長，因為在我們所處的通路與品類中，市場成長仍低於 100%。坦白說，消費者信心並沒有改善。所以要大大恭喜中國團隊在艱困環境中仍能勝出。

Peter Galbo, Bank of America.

Peter Galbo，美國銀行（Bank of America）。

Andre, I know we've covered a lot on the call, but maybe just wanted to follow up back on Dara's earlier question, particularly around the cost environment, just given that you did raise the input cost outlook. I just wanted to assess, I mean, based on your commentary, clearly, we're tracking towards, I think, the higher end of organic sales range based on the outlook you provided.

Andre，我知道我們在這通電話裡已經涵蓋很多內容，但我想回到 Dara 先前的問題再追問一下，特別是成本環境，因為你確實上調了投入成本展望。我想評估一下，依照你的評論，很明顯我們正朝著你所提供展望中的有機銷售區間上緣前進。

But just like what's your confidence level still in at least achieving the midpoint range on EPS, just given the elevated cost environment? It seems like you were still relatively confident in it, but I just wanted to clarify that.

但在成本環境升高的情況下，你對至少達成 EPS 區間中點的信心程度如何？看起來你仍相對有信心，但我想確認一下。

Thanks, Peter. Sorry, I don't want to evade your question, but the confidence I have is that we'll be in the range. Where in the range? Hey, it's one quarter. So give us a bit of time to solidify the top line momentum, give us a bit of time to get our hands around the commodity impact, pricing plans, productivity. And that's why we're reiterating the range. So I'm confident in the range, but we'll need time to figure out where that range will end up.

謝謝，Peter。抱歉，我不是要迴避你的問題，但我的信心在於我們會落在這個區間內。至於落在區間的哪個位置？嘿，這才第一季。所以請給我們一點時間來鞏固營收動能，也給我們一點時間掌握大宗商品影響、定價計畫與生產力提升。這也是為什麼我們重申這個區間。所以我對區間有信心，但我們需要時間來判斷最終會落在哪裡。

Peter Grom, UBS.

Peter Grom，瑞銀（UBS）。

So I wanted to just ask a follow-up on the inflation. So Andre, you touched on the fact that it was a 5% headwind in 1Q, but expect it to be an 8% headwind for the year. Can you unpack how you see that phasing based on where things stand today? And then you mentioned the team is well equipped to handle this higher inflation.

我想就通膨再追問一下。Andre，你提到第一季是 5% 的逆風，但預期全年會是 8% 的逆風。你能否根據目前的情況，拆解一下你如何看待這個時點分布（phasing）？另外你也提到團隊已經具備良好能力來應對更高的通膨。

But as we think about productivity and pricing, are there any quarters where you would expect to see a greater gap between those offsets relative to the inflation that could result in more outsized pressure?

但當我們思考生產力與定價時，是否有任何季度你預期這些抵銷因素相對於通膨會出現更大的落差，從而導致更顯著的壓力？

Yes. Thanks for the question, Peter. Let me carefully circle this one. So the -- yes, quarter 1, obviously, COGS reflect a lower input cost, right, with inventory holding and those effects. So that's why you see 5%. Quarter 2 has been produced at $100 a barrel. So when I look at reflecting $100 a barrel, my assumption, if I were you, would be that flows through in quarter 2.

是的。謝謝你的提問，Peter。讓我謹慎地回答這題。所以——是的，第一季的銷貨成本（COGS）顯然反映較低的投入成本，對吧，因為有庫存持有以及那些效應。所以你看到的是 5%。第二季的生產是在每桶 100 美元的油價下完成的。所以當我看待反映每桶 100 美元時，如果我是你，我的假設會是：這會在第二季傳導出來。

Oil at $113 means more is coming in Q3 and Q4. For Q3 and Q4, we have more time to react. For Q2, we have little. So I'll leave it at that.

油價在每桶 113 美元意味著第三季與第四季還會有更多影響到來。第三季與第四季，我們有更多時間反應。第二季，我們時間不多。所以我就先說到這裡。

Andrea Teixeira, JPMorgan.

Andrea Teixeira，摩根大通（JPMorgan）。

Andre, you spoke about like the pricing phasing and the costs. So should we assume with the comments you just made now that you'll be negotiating with retailers at some point given this outlook? And given that you've been helping in a way with just 40 basis points of pricing realization, is that something that we should be thinking as you progress the quarter?

Andre，你談到定價時點分布以及成本。那麼根據你剛才的評論，我們是否應該假設你們會在某個時間點就這個展望與零售商進行談判？另外，鑑於你們目前在某種程度上僅實現了 40 個基點的定價落地，這是否是我們在本季推進過程中需要考量的事情？

And then thinking about how you gave this guidance and reiterated this guidance. I'm assuming in the guidance, you did not include the pricing that you alluded to that potentially being negotiated. So I would just want to double check on that. And then in terms of the phasing of productivity, you had this 250 basis points improvement in the operating margin. How we should be thinking of the phasing as we go through the balance of the year?

再來，關於你給出的指引並重申該指引。我假設在指引中，你並未納入你所提到、可能正在談判的定價。所以我想再確認一下。另外，就生產力的時點分布而言，你提到營業利益率改善 250 個基點。我們應該如何看待在今年剩餘期間的分布節奏？

Andrea, look, I really won't be able to tell you more about future pricing. Obviously, I can't announce pricing, and I won't announce pricing in any way, shape or form. The only thing I'll leave you with is we price with innovation. Innovation is generally timed with modular resets. So you kind of get the drift here. On productivity, we delivered about $500 million, $550 million BT productivity in Q1, and we delivered EUR 2.8 billion last year.

Andrea，你看，我真的無法再多談未來的定價。顯然，我不能宣布定價，也不會以任何形式宣布定價。我唯一能補充的是：我們是透過創新來定價。創新通常會配合模組化重置（modular resets）的時點。所以你大概懂我的意思。在生產力方面，我們在第一季交付了約 5 億至 5.5 億美元的稅前（BT）生產力，而去年我們交付了 28 億歐元。

So again, I think I would expect a similar run-up in terms of productivity. Generally, we get heavier on productivity in the back half. And I think you should expect the same. I don't see that pattern changing.

所以再說一次，我認為在生產力方面應該會出現類似的上升走勢。一般來說，我們在下半年會更著重於生產力。我認為你們也應該預期同樣的情況。我不認為這種模式會改變。

Kevin Grundy, BNP Paribas.

Kevin Grundy，法國巴黎銀行（BNP Paribas）。

Congrats on the strong results. Andre, can we zoom out, I guess, a bit and maybe just talk about industry growth, which despite all the discussion about pressure on the consumer, it seems like the consumer is still fairly resilient and the category growth really hasn't changed dramatically at this point. So maybe you can just sort of comment, take us around sort of key geographies and comment broadly on industry growth and just reaffirm my understanding that really in key geographies were relatively little change relative to your fiscal 4Q out -- or fiscal 4Q results, excuse me, just a few months ago. So thank you for that.

恭喜你們交出強勁的業績。Andre，我想把視角拉遠一點，談談產業成長；儘管大家一直在討論消費者承壓，但看起來消費者仍相當有韌性，而品類成長到目前為止並沒有出現明顯的劇烈變化。所以也許你可以帶我們快速看一下幾個主要地區，概括評論產業成長，並確認我的理解：也就是在關鍵地區，相較於你們財年第四季——或更正，財年第四季的業績——就在幾個月前，變化其實不大。謝謝。

Thanks, Kevin. You're right. In aggregate, the consumer is resilient. We see 2% to 3%, 2.5% to 3% value growth across our categories globally. And that is unchanged, maybe a little bit better than what we saw and reported last quarter. We see improvements in the US. So we talked about 2% last quarter. We're running up to 3% now in terms of value growth.

謝謝你，Kevin。你說得對。整體而言，消費者具有韌性。我們看到在全球各品類的價值成長約為2%到3%，約2.5%到3%。這一點沒有改變，甚至可能比我們上季看到並對外報告的還要好一些。我們看到美國在改善；上季我們談到約2%。就價值成長而言，目前我們已提升到約3%。

We'd like to think that we are part of that acceleration as we launch innovation and we drive growth in our more premium lineup. We see enterprise markets continuing to grow strongly in the 4% to 6% range, maybe accelerating to 6% to 7% in the most recent reading. So those consumers are holding up well. And Europe continues to be stable, but muted at about 1%.

我們也希望認為，我們推出創新並推動更高端產品線的成長，是這波加速的一部分。我們看到新興市場（enterprise markets）持續強勁成長，約在4%到6%的區間，最新讀數甚至可能加速到6%到7%。因此，這些消費者的表現仍然穩健。而歐洲則持續穩定，但成長偏溫和，約在1%左右。

So you put it all together, there's a little bit of positivity here, one in the US upwards to 3%. And I think enterprise markets represent a huge opportunity for us. And that's why we are talking about user growth and the progress we're making on user growth in the Middle East. Our user growth in India is actually fantastic. So we're really encouraged about both the market conditions, but also our ability to drive further market expansion and consumer development penetration here in those regions.

綜合來看，這裡有一些正向訊號：其一，美國上升到約3%。我認為新興市場對我們而言代表巨大的機會。這也是為什麼我們在談用戶成長，以及我們在中東用戶成長方面取得的進展；我們在印度的用戶成長其實非常出色。所以我們對市場環境感到鼓舞，同時也對我們在這些地區進一步推動市場擴張與消費者滲透（consumer development penetration）的能力感到樂觀。

Kaumil Gajrawala, Jefferies.

Kaumil Gajrawala，Jefferies。

I'm still struggling, I guess, to reconcile your commentary versus your guidance. It sounds like interventions are working. It sounds like shares are moving in the right direction. It sounds like accelerations across a bunch of these. And your comparison, I think, in every division with the exception of health care gets easier, not harder.

我想我仍在努力把你們的評論和你們的指引對起來。聽起來各項介入措施正在奏效。聽起來市占正在往正確方向移動。聽起來很多方面都在加速。而且我認為，除了醫療保健之外，你們各事業部的比較基期都變得更容易，而不是更困難。

And so other than I know you had mentioned macro and that sort of thing, are there any real business reasons to expect such a deceleration into the second-quarter versus the first-quarter, given everything that you've said about how the initiatives are working across the different divisions?

所以，除了我知道你們提到的總體經濟之類因素之外，是否還有任何實質的業務原因，會讓人預期第二季相較第一季會出現這樣的減速？畢竟你們剛才談到各事業部的各項計畫都在發揮作用。

The consumer is the key variable here. Look, we're looking at fuel prices, gas prices around the world that are creating turmoil. You look at France, you look at the conversation in the US So there's clearly pressure on the consumer in the short term. And so far, the consumer has held up. We don't know if that's going to continue.

消費者是這裡的關鍵變數。你看，我們正在關注燃料價格、全球各地的汽油價格，這些都在造成動盪。你看看法國，再看看美國的相關討論；很明顯短期內消費者面臨壓力。到目前為止，消費者仍撐得住。我們不知道這是否會持續。

There's a bull case to be made, but there's a bear case to be made here. So we want to be straight in the middle. That's why we come back to 3%. There are some pre-shipment to merge events, specifically in Europe that I mentioned. That is part of the balance between Q1 and Q2. And all we want to avoid is you're getting ahead of yourselves in terms of straight-line projection.

這裡可以提出偏多的情境，也可以提出偏空的情境。所以我們希望採取居中的立場。這就是為什麼我們回到3%。另外也有一些提前出貨以配合併購（merge）事件的情況，特別是在我提到的歐洲。這也是第一季與第二季之間平衡的一部分。我們只是想避免你們在做直線外推時過度超前。

Yes, I think we feel very good about the elements we control. We feel very good about the progress we're making in our brands. And if the consumer holds up and there's no other disruptions, could we see improvement on the top line? Yes, we could. But there's too many moving pieces right now to confidently tell you that, that's going to happen in quarter 2.

是的，我認為我們對自己可控的要素感到非常有信心。我們對品牌所取得的進展也非常有信心。如果消費者維持韌性、且沒有其他干擾，我們是否可能看到營收端（top line）改善？是的，有可能。但目前變動因素太多，我們無法有把握地告訴你第二季一定會發生。

Olivia Tong, Raymond James.

Olivia Tong，Raymond James。

Andre, clearly, a nice start to the year. So just building on some of your earlier comments, can you talk about how you expect demand to evolve on a category level from here? And how much of that second half potential acceleration you're planning for is based on category improvement versus your own initiatives? And I realize that those are obviously very much related, but you talked about some of the interventions in tissue towel earlier.

Andre，顯然今年開局不錯。延續你先前的一些評論，你能否談談從現在起，你預期各品類層級的需求會如何演變？以及你們規劃的下半年可能加速，其中有多少是基於品類改善、又有多少是基於你們自身的舉措？我知道兩者顯然高度相關，但你先前談到在面紙與紙巾（tissue towel）方面的一些介入措施。

What about other categories and your thoughts on what you've learned from the interventions you've already done and the competitive response to that and how that might influence the next phase of execution. And thanks for the extra decimal on revenue growth. Appreciate that --

那其他品類呢？以及你對於已經做過的介入措施中學到什麼、競爭對手的回應如何、以及這些可能如何影響下一階段的執行，有何看法。另外也謝謝你們在營收成長率多給了一位小數。很感謝——

Thanks, Olivia. Look, I'll stay high level here. Category-wise, we continue to expect 2.5% to 3% value growth in our categories. We will make progress on those categories where we're not yet fully recovered. And clearly, our objective is to get to share growth on every one of our global categories. We clearly expect Family Care to return to share growth in the second half.

謝謝你，Olivia。我先維持在較高層次來回答。就品類而言，我們仍預期我們所處品類的價值成長為2.5%到3%。在那些我們尚未完全恢復的品類上，我們會持續取得進展。而且很明確地，我們的目標是在我們所有全球品類上都達成市占成長。我們也明確預期家庭護理（Family Care）將在下半年回到市占成長。

We're working hard to accelerate beauty even further. And we hope for a great cold cough season, if I can say it that way. So those are the three most acceleration prone categories in the back half. On the rest of them, I think, steady as she goes. Baby Care has to retain the trial we're generating in China and making progress with innovation in the second half.

我們正努力讓美容（Beauty）進一步加速。如果可以這麼說的話，我們也希望感冒咳嗽季表現很好。所以這三個是下半年最可能加速的品類。至於其他品類，我認為就維持穩健推進。嬰兒護理（Baby Care）必須把我們在中國帶動的試用（trial）留住，並在下半年透過創新持續取得進展。

I feel good about that. Same for Fem Care. And we have a very robust plan on Fabric Care to maintain. And I can only repeat one more time, it won't be a straight line. Competitive environment was mentioned, that's very valid. Consumer volatility, very valid. Supply chain disruption, cost pricing, very valid. So the things we control are all in control. There are many things that impact our short-term results that we don't fully control. That's why we maintain the range.

我對此感覺良好。女性護理（Fem Care）也是如此。而在衣物護理（Fabric Care）方面，我們有非常扎實的維持計畫。我只能再重申一次：不會是一條直線。你提到競爭環境，這非常合理。消費者波動，非常合理。供應鏈干擾、成本與定價，非常合理。所以我們可控的事情都在掌控之中。但有很多會影響我們短期結果的因素並非我們能完全控制。這就是為什麼我們維持區間指引。

Robert Moskow, TD Securities.

Robert Moskow，TD Securities。

Andre, you've talked about the strategy and the rationale for buying Thorne a couple of months ago. But I wanted to clarify a little bit more. Thorne has some aggressive growth objectives over the next couple of years. To what extent does Procter help enable that? I think the plan is to have it run separate from Procter's operations. And then in addition to that, what are you doing to make sure you retain the people who made Thorne so successful over the last couple of years?

Andre，你在幾個月前談過收購Thorne的策略與理由。但我想再釐清得更具體一些。Thorne在未來幾年有一些相當積極的成長目標。寶僑（Procter）在多大程度上能協助促成這些目標？我理解計畫是讓它與寶僑的營運分開運作。此外，你們正在做什麼，以確保能留住讓Thorne在過去幾年如此成功的那些人才？

Thank you, Robert. I will only give you the headlines. I think this will be a perfect conversation to have with Paul at our Investor Day, and he's certainly more equipped to talk about it than I am. But at the core, job number one is to retain what made Thorne a successful brand within the VMS space. And Paul is 100% focused on that.

謝謝你，Robert。我只會給你重點摘要。我認為這會是在我們投資人日與 Paul 進行的完美對話，而且他當然比我更有能力談這件事。但核心來說，第一要務是保留讓 Thorne 在 VMS 領域成為成功品牌的那些要素。而 Paul 對此是 100% 專注。

The people who build this business are fantastic and fantastically equipped to continue to do so. And we certainly have every intent to retain their knowledge and their capabilities. Where do we add? I think we can add in international expansion because this brand the benefit space is relevant not only in the US but way beyond the US and Thorne has proven that by shipping and launching in parts of the world.

打造這項事業的人才非常出色，也具備持續推動業務的卓越能力。我們也確實有充分意圖保留他們的知識與能力。那我們要在哪裡加值？我認為我們可以在國際擴張上加值，因為這個品牌所處的健康效益領域不僅在美國相關，在美國以外更是如此；而 Thorne 透過在世界各地出貨並在部分地區上市，已經證明了這一點。

We can help by scaling Thorne once ready across different categories. The time is not now. The time is later. And I think we can help where needed by the team in terms of capabilities, supply chain capabilities, ingredient qualification and marketing scale and marketing support. I think the principle Paul will bring you towards is we let the Thorne team lead us. So this is not P&G integrating Thorne. This is Thorne leveraging P&G to maintain what is at its core and leverage where we can complement.

一旦時機成熟，我們也能協助 Thorne 在不同品類中擴大規模。現在不是時候。時機在之後。而且我認為在需要之處，我們可以在能力面協助團隊，包括供應鏈能力、原料資格認證，以及行銷規模化與行銷支援。我想 Paul 會帶給你們的原則是：讓 Thorne 團隊帶領我們。所以這不是 P&G 去整合 Thorne。而是 Thorne 善用 P&G，在維持其核心本質的同時，於我們能互補之處加以槓桿運用。

Edward Lewis, Rothschild & Co Redburn.

Edward Lewis，Rothschild & Co Redburn。

Just one for me, Andre. Just wondering, you made quite a few changes in terms of the international or I think more developing market category country combinations over the past 12 months. You're clearly sounding more positive about the outlook in those markets relative in your commentary just now. Just wondering how much have they helped the changes you made, how much they help that international performance and your international outlook?

Andre，我這邊只有一個問題。想請教你，在過去 12 個月，你們針對國際市場、或我想更偏新興市場的「品類—國家」組合做了不少調整。從你剛才的評論來看，你對這些市場的展望顯然更為正面。想請問你所做的這些變更，在多大程度上帶來幫助？它們對國際表現與你對國際市場的展望，究竟有多大助益？

Thanks, Ed. I think it's still early. I wouldn't attribute the majority of the progress in enterprise markets to the structure change that only went into effect July 1. But I do attribute a lot to the intentionality that Shailesh and others and our sector CEOs put on growth in those enterprise markets. Putting India into a separate cluster from the rest of the Asia, Middle East, Africa region increases intentionality to grow.

謝謝，Ed。我認為現在仍然還早。我不會把企業市場（enterprise markets）進展的大部分歸因於 7 月 1 日才生效的組織架構調整。但我確實會把很大一部分歸因於 Shailesh、其他同仁以及我們各事業部 CEO 對這些企業市場成長所投入的明確意圖與重視。把印度從亞洲、中東、非洲區域的其他市場中獨立成一個群組，會提高推動成長的專注度與意圖。

Combining Turkey into that cluster helps. And I think we will see even more potential as we focus on user growth in each of those clusters. The second component clearly is Europe today is basically one big focus market. The retailer structures are similar. The go-to-market and consumer structures are similar. So simplifying the go-to-market approach in Europe was another key component here.

把土耳其併入該群組也有幫助。而且我認為，當我們在各群組聚焦於使用者成長時，將會看到更大的潛力。第二個面向很明顯是：歐洲今天基本上就是一個大型的重點市場。零售商的結構相似。市場進入策略（go-to-market）與消費者結構也相似。因此，簡化歐洲的 go-to-market 方法，是這裡另一個關鍵要素。

Honestly, what gives me confidence is the leaders we have in each of those businesses, the commitment of the sector CEOs and quite frankly, the fact that even with the restructuring impact that we're seeing in the current quarter, we're seeing mid-single-digit growth, which if you take the restructuring out, would be even higher. So I think we're on the right trajectory here.

老實說，讓我有信心的是：我們在各項業務中擁有的領導團隊、各事業部 CEO 的承諾，以及坦白說，即使在本季我們正承受重組的影響，我們仍看到中個位數成長；若把重組因素排除，成長會更高。所以我認為我們正走在正確的軌道上。

Michael Lavery, Piper Sandler.

Michael Lavery，Piper Sandler。

Just one follow-up to your answer to I think it was Peter's question about how just the second half, you'd have more time to react to higher oil prices. You're obviously pushing restructuring and savings or productivity and savings already quite aggressively. You've been clear how you price with innovation. I guess maybe could you just elaborate a little bit on what levers you would focus on and push harder to offer some mitigation and maybe what expectations for mitigation might be baked into your outlook as well?

我想就你對 Peter 那個問題的回答追問一下：關於下半年你們會有更多時間因應較高的油價。你們顯然已經相當積極地推動重組與節省，或生產力提升與節省。你也清楚說明了你們如何透過創新來定價。我想請你再多談一點：你會著重並更用力推動哪些槓桿來提供一些緩解？以及在你們的展望中，可能已經納入了哪些對緩解效果的預期？

Everything we know is baked into the outlook. Again, there's always a balance between commodity input costs and how hard you want to drive productivity within the year. There's always a way to pull forward things or to push out depending on whether it's needed or not needed. There's always time to adjust pricing with innovation. There's ability to pull forward innovation or push it out.

我們所知道的一切都已經納入展望之中。再說一次，大宗商品投入成本與你希望在年度內把生產力推動到多強之間，永遠需要取得平衡。視需要或不需要，總是有方法把一些事項提前或延後。也總是有時間透過創新來調整定價。同樣也有能力把創新提前或延後。

So those are the components that we'll manage. Again, all of the gives and takes are the reason we have the range. So -- but more time basically allows us to shift productivity, shift pricing and innovation, and that's really the flexibility that we have in the second half. And as you can imagine, within the current quarter, that flexibility is limited on those levers.

所以這些就是我們會去管理的構成要素。再說一次，所有的取捨與拉鋸，就是我們提供區間的原因。因此，更多時間基本上讓我們能夠調整生產力推進節奏、調整定價與創新，而這正是我們在下半年的彈性所在。而你可以想像，在目前這一季，這些槓桿上的彈性是有限的。

Okay. I want to thank you for your time. Again, we had a reasonably good start to the year. We are excited about the progress the teams are making around the world, which is consistent and grounded in the interventions that we wanted to make. They are showing signs of holding, sticking and delivering results. It's going to be a volatile ride. So I just want to bring us all back to reality.

好的。我要感謝各位撥冗參與。再次強調，我們今年有一個相當不錯的開局。我們對全球各地團隊所取得的進展感到振奮，這些進展與我們希望採取的各項介入措施一致，且有堅實基礎。它們正展現出能夠維持、落地並交付成果的跡象。這將會是一段波動很大的旅程。所以我只是想把大家拉回現實。

One quarter makes no upper end of the guidance range for the year. We still have a lot of work to do, but we're excited about where we are. We want to remind you quickly that Investor Day is on November 19. Shailesh and the broader executive team will be there, and we can go much deeper into the long-term transformation that is happening at P&G to build what we call the CPG company of the future.

單一季度並不能決定全年指引區間的上緣。我們仍有很多工作要做，但我們對目前所處的位置感到振奮。也想快速提醒各位，投資人日是在 11 月 19 日。Shailesh 與更廣泛的高階管理團隊都會出席，我們也能更深入探討 P&G 正在進行的長期轉型，以打造我們所稱的「未來的 CPG 公司」。

We hope to see you there and welcome you at our global headquarters next month. Thank you for your time.

我們希望到時能見到各位，並在下個月於我們的全球總部歡迎各位蒞臨。謝謝各位的時間。

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

今天的電話會議到此結束。感謝各位的參與。您現在可以掛線。祝您有美好的一天。