寶潔 (PG) 2022 Q1 法說會逐字稿

Good morning, and welcome to Procter & Gamble's Quarter-End Conference Call. Today's event is being recorded for replay.

早安，歡迎參加寶潔公司季度末電話會議。本次會議將進行錄音，以便回放。

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.

本次討論將包含一些前瞻性陳述。如果您查閱寶潔公司最新的10-K、10-Q和8-K報告，您會看到其中討論了可能導致公司實際業績與這些預測有重大差異的因素。

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，寶潔公司特此告知各位，在本次討論中，公司將多次提及非GAAP財務指標及其他財務指標。寶潔公司認為，這些指標能夠幫助投資人更了解公司業務的潛在趨勢，並已在其投資人關係網站www.pginvestor.com上發布了完整的非GAAP財務指標調節表。

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

現在我將把電話交給寶潔公司的財務長安德烈‧舒爾滕。

Thank you, operator. Good morning, everyone. Joining me on the call today are Jon Moeller, currently Vice Chair and incoming President and Chief Executive Officer as of November 1; and John Chevalier, Senior Vice President, Investor Relations.

謝謝接線生。大家早安。今天和我一起參加電話會議的有：現任副董事長兼即將於11月1日就任總裁兼執行長的喬恩·莫勒；以及高級副總裁兼投資者關係主管約翰·謝瓦利埃。

We're going to keep our prepared remarks brief and then turn straight to your questions. The July to September quarter provides a good start to the fiscal year, putting us on track to deliver our guidance for organic sales growth, core EPS growth, free cash flow productivity and cash return to share owners. We experienced the full impact of rising commodity and transportation costs this quarter, but healthy top line growth and strong cost savings kept EPS growth nearly in line with prior year. Earnings growth should improve sequentially through the balance of the fiscal year as price increases go into effect and productivity programs ramp up.

我們將簡要介紹我們的發言內容，然後直接回答各位的問題。 7月至9月季度為本財年開了個好頭，使我們有望實現有機銷售成長、核心每股收益成長、自由現金流效率提升以及股東現金回報的預期目標。本季度我們充分感受到了商品和運輸成本上漲的影響，但穩健的營收成長和強勁的成本節約使每股收益成長與去年同期基本持平。隨著價格上漲措施的生效和生產力提升計畫的逐步推進，本財年剩餘時間的獲利成長預計將較上季改善。

So moving to first quarter results. Organic sales grew 4%. Volume contributed 2 points of sales growth, pricing and mix each added 1 point. Growth was broad-based across business units with 9 out of 10 product categories growing organic sales. Personal Health Care, up double digits; Fabric Care grew high singles; Baby Care, Feminine Care and Grooming, up mid-singles; Home Care, Oral Care, Hair Care and Skin and Personal Care organic sales each up low single digits. Family Care declined mid-singles, comping very strong growth in the base period.

接下來是第一季業績。有機銷售額成長4%。銷售量貢獻了2個百分點的銷售成長，價格和產品組合各貢獻了1個百分點。各業務部門均實現成長，10個產品類別中有9個類別的有機銷售額成長。個人健康護理達到兩位數增長；織物護理實現接近兩位數增長；嬰兒護理、女性護理和個人護理實現兩位數中段增長；家居護理、口腔護理、頭髮護理以及皮膚和個人護理的有機銷售額均實現個位數低段增長。家庭護理業務出現兩位數中段下滑，與去年同期強勁的成長形成鮮明對比。

Organic sales were up 4% in the U.S. despite 16% growth in the base period. On a 2-year stack basis, U.S. organic sales are up 20%.

儘管基期成長率為16%，但美國有機產品銷售額僅成長了4%。以兩年累計計算，美國有機產品銷售額成長了20%。

Greater China organic sales were in line with prior year due to strong growth in the base period comp and due to intra-quarter softness in beauty market growth. On a 2-year stack basis, organic China -- China organic sales are up 12%, in line to slightly ahead of underlying market growth.

大中華區有機銷售額與上年持平，主要受基期強勁成長以及美容市場本季成長放緩的影響。過去兩年，中國有機銷售額成長12%，與市場整體成長基本持平或略高於市場整體成長。

Focus markets grew 4% for the quarter and enterprise markets were up 5%. E-commerce sales grew 16% versus prior year. Global aggregate market share increased 50 basis points, 36 of our top 50 category country combinations held or grew share for the quarter.

本季重點市場成長4%，企業市場成長5%。電子商務銷售額年增16%。全球整體市佔率成長50個基點，前50大品類國家組合中有36個組合的市佔率在本季維持或有所成長。

Our superiority strategy continues to drive strong market growth and in turn, share growth for P&G. All channel market value sales in the U.S. categories in which we compete grew mid-single digits this quarter, and P&G value share continued to grow to over 34%. We are up more than 1.5 points versus first quarter last year.

我們的卓越策略持續推動市場強勁成長，進而提升了寶潔的市場佔有率。本季度，我們在美國所有競爭類別的通路市場銷售額均實現了中等個位數成長，寶潔的市佔率也持續成長至34%以上。與去年第一季相比，我們成長了1.5個百分點以上。

Importantly, the share growth is broad-based 9 out of 10 product categories grew share over the past 3 months, with the tenth improving to flat versus year ago over the past 1 month. Consumers are continuing to prefer P&G brands.

值得注意的是，市佔率成長是全面性的－過去三個月，10個產品類別中有9個的市佔率有所成長，而第10個產品類別在過去一個月中也與去年同期持平。消費者仍更青睞寶潔旗下品牌。

On the bottom line, core earnings per share were $1.61, down 1% versus the prior year. On a currency-neutral basis, core EPS declined 3%, mainly due to gross margin pressure from higher input costs, which we highlighted in our initial outlook for the year.

最終，核心每股收益為1.61美元，較上年下降1%。以固定匯率計算，核心每股盈餘下降3%，主因是投入成本上升導致毛利率承壓，這一點我們在年初的業績展望中已重點提及。

Core gross margin decreased 370 basis points and currency-neutral core gross margin was down 390 basis points. Higher commodity and freight cost impacts combined were a 400 basis point hit to gross margins. Mix was an 80 basis point headwind, primarily due to geographic impacts. Productivity savings, pricing and foreign exchange provided a partial offset to the gross margin headwinds.

核心毛利率下降370個基點，以固定匯率計算的核心毛利率下降390個基點。大宗商品和運費上漲合計導致毛利率下降400個基點。產品組合變化造成80個基點的不利影響，主要受地理因素影響。生產效率提升、價格調整和匯率波動部分抵銷了毛利率的不利影響。

Within SG&A, marketing expense as a percentage of sales was in line with prior year level for the quarter, increasing more than 5% in absolute dollars, consistent with all-in sales growth.

在銷售、一般及行政費用中，行銷費用佔銷售額的百分比與上年同期水準持平，絕對金額成長超過 5%，與整體銷售額成長一致。

Core operating margin decreased 260 basis points. Currency-neutral core operating margin declined 270 basis points. Productivity improvements were 180 basis points help to the quarter. Adjusted free cash flow productivity was 92%. We returned nearly $5 billion of cash to shareowners, $2.2 billion in dividends and approximately $2.8 billion in share repurchase.

核心營業利益率下降260個基點。以固定匯率計算的核心營業利益率下降270個基點。生產力提升對本季業績貢獻了180個基點。調整後自由現金流生產力為92%。我們向股東返還了近50億美元現金，其中22億美元用於派發股息，約28億美元用於股票回購。

In summary, in the context of a very challenging cost environment, good results across top line, bottom line and cash to start the fiscal year.

總而言之，在極具挑戰性的成本環境下，本財年伊始，公司在營收、利潤和現金流方面均取得了良好的表現。

Our team continues to operate with excellence and stay focused on the near-term priorities and long-term strategies that enabled us to create strong momentum prior to the COVID crisis and to make our business even stronger since the crisis began. We continue to step forward into these challenges and to double down our efforts to delight consumers.

我們的團隊繼續保持卓越的營運水平，專注於近期重點工作和長期策略，正是這些工作和策略使我們在新冠疫情危機前就已積累了強勁的發展勢頭，並在危機爆發後進一步鞏固了我們的業務實力。我們將繼續迎難而上，加倍努力，力求讓消費者滿意。

As we continue to manage through this crisis, we remain focused on the 3 priorities that have been guiding our near-term actions and choices. First is ensuring the health and safety of our P&G colleagues around the world; second, maximizing the availability of our products to help people and their families with their cleaning, health and hygiene needs; third priority, supporting the communities, relief agencies and people who are on the front lines of this global pandemic.

在應對這場危機的過程中，我們始終專注於三大優先事項，它們指導著我們近期的行動和選擇。首先是保障寶潔全球員工的健康和安全；其次，最大限度地提高產品的供應量，幫助人們及其家人滿足清潔、健康和衛生需求；第三，支持奮戰在全球抗疫一線的社區、救援機構和人員。

The strategic choices we've made are the foundation for balanced top and bottom line 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.

我們所做的策略選擇是實現營收和利潤平衡成長和價值創造的基礎，我們的日常用品組合中有很多產品在清潔、健康和衛生方面具有優勢，而產品性能在品牌選擇中起著重要作用。

In these performance-driven categories, we've raised the bar on all aspects of superiority, product, package, brand communication, retail execution and value. Superior offerings delivered with superior execution, drive market growth. In our categories, this drives value creation for our retail partners and builds market share for P&G brands. We've made investments to strengthen the health and competitiveness of our brands, and we'll continue to invest to extend our margin of advantage and quality of execution, improving solutions for consumers around the world.

在這些以績效為導向的品類中，我們全面提升了卓越品質的標準，涵蓋產品、包裝、品牌傳播、零售執行和價值等各個面向。卓越的產品和服務，加上卓越的執行力，才能推動市場成長。在我們的品類中，這不僅為零售合作夥伴創造了價值，也為寶潔品牌提升了市場佔有率。我們已投入資金增強品牌的健康和競爭力，並將繼續投資以擴大優勢和提升執行質量，從而為全球消費者提供更優質的解決方案。

The strategic need for investment to continue to strengthen the superiority of our brands, the short-term need to manage through this challenging cost environment and the ongoing need to drive balanced top and bottom line growth, including margin expansion, underscore the importance of ongoing productivity. We're driving cost savings and cash productivity in all facets of our business, no area of cost is left untouched. Each business is driving productivity within their P&L and balance sheet to support balanced top and bottom line growth and strong cash generation.

為了持續提升品牌優勢，我們需要進行策略性投資；為了因應當前充滿挑戰的成本環境，我們需要短期內有效管理成本；為了持續推動營收和利潤的均衡成長（包括利潤率的提升），我們始終致力於提高生產力。這些都凸顯了持續生產力提升的重要性。我們正在業務的各個環節努力降低成本、提高現金流，不放過任何一個成本控制領域。每個業務部門都在損益表和資產負債表中提升生產力，以支持營收和利潤的均衡成長以及強勁的現金流。

Success in our highly competitive industry requires agility that comes with a mindset of constructive disruption, a willingness to change, adapt and to create new trends and technology that will shape the industry for the future. In the current environment, that agility and constructive disruption mindset are even more important.

在競爭激烈的產業中，成功需要敏捷性，而這種敏捷性源自於建設性顛覆的思維模式，以及改變、適應和創造新趨勢、新技術的意願，進而塑造產業的未來。在當前環境下，這種敏捷性和建設性顛覆的思考模式顯得格外重要。

Our organization structure yields a more empowered, agile and accountable organization with little overlap or redundancy, flowing to new demands, seamlessly supporting each other to deliver against our priorities around the world. These strategic choices on portfolio, superiority, productivity, constructive disruption and organization structure and culture are not independent strategies. They reinforce and build on each other.

我們的組織架構打造了一個更具自主性、更敏捷、更負責任的組織，減少了重疊和冗餘，能夠靈活應對新的需求，並無縫協作，在全球範圍內實現我們的各項優先事項。這些關於產品組合、卓越性、生產力、建設性變革以及組織結構和文化的策略選擇並非彼此獨立，而是相互促進、相互強化。

When executed well, they grow markets, which in turn grow share, sales and profit. These strategies were delivering strong results before the crisis and have served us well during the volatile times. We're confident they remain the right strategy framework as we move through and beyond the crisis.

如果執行得當，這些策略能夠拓展市場，進而提升市場佔有率、銷售和利潤。這些策略在危機前就已取得顯著成效，並在動盪時期也發揮了重要作用。我們相信，在應對危機及走出危機的過程中，這些策略依然是正確的策略框架。

Moving on to guidance. We will undoubtedly experience more volatility as we move through this fiscal year. As we saw this quarter, growth results going forward will be heavily influenced by base period effects, along with the realities of current year cost pressures and continued effects of the global pandemic.

接下來談談業績展望。毫無疑問，隨著本財年的推進，我們將面臨更大的波動。如本季所見，未來的成長業績將受到基期效應、本年度成本壓力以及全球疫情持續影響的顯著影響。

Supply chains are under pressure from tight labor markets, tight transportation markets and overall capacity constraints. Inflationary pressures are broad-based and sustained. Foreign exchange rates add more volatility to this mix. We have also experienced some short-term disruptions in materials availability in several regions around the world. Our purchasing, R&D and logistics experts have done a great job managing these challenges.

供應鏈正面臨勞動市場緊張、運輸市場緊張以及整體產能受限的多重壓力。通膨壓力普遍且持續存在。匯率波動加劇了這種局面。此外，全球多個地區的原材料供應也出現了一些短期中斷。我們的採購、研發和物流專家在應對這些挑戰方面表現出色。

These costs and operational challenges are not unique to P&G, and we won't be immune to the impact. However, we think the strategies we've chosen, the investments we've made and the focus on executional excellence have positioned us well to manage through this volatility over time.

這些成本和營運挑戰並非寶潔獨有，我們也無法免受其影響。然而，我們認為我們所選擇的策略、所做的投資以及對卓越執行的重視，使我們能夠更好地應對未來的市場波動。

Input costs have continued to rise since we gave our initial outlook for the year in late July. Based on current spot prices, we now estimate a $2.1 billion after-tax commodity cost headwind in fiscal 2022. Fiscal cost -- freight costs have also continued to increase. We now expect freight and transportation costs to be an incremental $200 million after-tax headwind in fiscal '22. We will offset a portion of these higher costs with price increases and with productivity savings.

自7月下旬我們發布年度初步展望以來，投入成本持續上漲。根據目前的現貨價格，我們預計2022財年稅後大宗商品成本將面臨21億美元的不利影響。財政成本－貨運成本也持續攀升。我們預計2022財年貨運和運輸成本將額外帶來2億美元的稅後不利影響。我們將透過提價和提高生產效率來抵消部分成本上漲的影響。

As discussed last quarter and in the more recent investor conferences, we've announced price increases in the U.S. on portions of our Baby Care, Feminine Care, Adult Incontinence, Family Care, Home Care and Fabric Care businesses. In the last few weeks, we've also announced to retailers in the U.S. that we will increase prices on segments of our Grooming, Skin Care and Oral Care businesses. The degree and timing of these moves are very specific to the category, brand and sometimes the product form within a brand. This is not a one-size-fits-all approach.

正如上個季度和最近的投資者會議上所討論的，我們已宣佈在美國上調部分嬰兒護理、女性護理、成人失禁用品、家庭護理、家居護理和織物護理業務的價格。在過去幾週，我們也已向美國零售商宣布，我們將上調部分男士護理、皮膚護理和口腔護理業務的價格。這些價格調整的幅度及時間因品類、品牌，有時甚至是同一品牌下的不同產品形態而異。我們並非採取一刀切的方式。

We're also taking pricing in many markets outside the U.S. to offset commodity, freight and foreign exchange impacts. As always, we will look to close a couple of price increases with new product innovations, adding value for consumers along the way. As we said before, we believe this is a temporary bottom line rough patch to grow through, not a reason to reduce investment in the business. We're sticking with the strategy that has been working well before and during the COVID crisis.

為了抵​​銷大宗商品、運費和匯率波動的影響，我們也正在調整美國以外許多市場的定價。一如既往，我們將透過新產品創新來抵消部分價格上漲的影響，並在此過程中為消費者創造更多價值。正如我們之前所說，我們相信這只是暫時的獲利困難期，需要時間才能成長，而不是減少業務投資的理由。我們將繼續執行在新冠疫情危機前後行之有效的策略。

Our good first quarter results confirm our guidance ranges for the fiscal year across all key metrics. We continue to expect organic sales growth in the range of 2% to 4%. Our solid start to the fiscal year increases our confidence in the upper half of this range. We expect pricing to be a larger contributor to sales growth in coming quarters as more of our price increases become effective in the market. As this pricing reaches store shelves, we'll be closely monitoring consumption trends. While it's still early in the pricing cycle, we haven't seen notable changes in consumer behavior.

我們良好的第一季業績印證了我們對本財年所有關鍵指標的預期範圍。我們仍預期有機銷售額將成長2%至4%。本財年開局穩健，增強了我們對該預期範圍上半部的信心。隨著更多提價措施在市場上生效，我們預計價格因素將在未來幾季對銷售成長做出更大貢獻。隨著這些新價格逐步上架，我們將密切關註消費趨勢。雖然目前仍處於價格週期的早期階段，但我們尚未觀察到消費者行為的顯著變化。

On the bottom line, we're maintaining our outlook of core earnings per share growth in the range of 3% to 6% despite the increased cost challenges we're facing. Foreign exchange is now expected to be neutral to after-tax earnings compared to the modest tailwind we estimated at the start of the year. Considering FX was a modest help to first quarter earnings, we're projecting it to be a headwind for the balance of the year.

總而言之，儘管面臨成本上升的挑戰，我們仍維持對核心每股盈餘成長3%至6%的預期。與年初我們預期的略微利好相比，目前預期匯率波動對稅後盈餘的影響將趨於中性。考慮到匯率波動對第一季收益的提振作用有限，我們預計將在今年剩餘時間內對收益構成不利影響。

In total, our revised outlook for the impact of materials, freight and foreign exchange is now a $2.3 billion after-tax headwind for fiscal '22 earnings or roughly $0.90 per share, a 16 percentage point headwind to core EPS growth. This is $500 million after tax of incremental cost pressure versus our initial outlook for the year. Despite these cost challenges, we are committed to maintaining strong investment in our brands. So while we are not changing our core EPS guidance range, please take note of these dynamics as you update your outlook for the year.

整體而言，我們對原物料、運費和匯率影響的修正預期顯示，2022財年稅後收益將面臨23億美元的不利影響，約合每股0.90美元，核心每股收益成長將因此受到16個百分點的抑制。這相當於較我們最初的年度預期增加了5億美元的稅後成本壓力。儘管面臨這些成本挑戰，我們仍致力於持續加大對旗下品牌的投資。因此，雖然我們並未調整核心每股盈餘預期範圍，但請在更新年度預期時注意這些因素。

We will face the most significant cost impacts in the first half of the fiscal year as pricing goes into effect, as savings programs ramp up and as we begin to annualize the initial spike in input costs. Earnings growth should be sequentially stronger in the third and fourth quarters of the year.

我們將在上半年面臨最顯著的成本影響，因為定價機制將生效，節約計畫將逐步推進，而且我們將開始把最初的投入成本高峰轉化為年度成本。預計第三季和第四季的獲利成長將環比走強。

We are targeting adjusted free cash flow productivity of 90%. We expect to pay over $8 billion in dividends and to repurchase $7 billion to $9 billion of common stock, combined a plan to return $15 billion to $17 billion of cash to shareowners this fiscal year.

我們的目標是調整後自由現金流生產力達到 90%。我們預計將支付超過 80 億美元的股息，並回購 70 億至 90 億美元的普通股，計劃在本財年向股東返還 150 億至 170 億美元的現金。

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

此展望基於當前的市場成長率預估、大宗商品價格和匯率。預計在預期範圍內不會出現貨幣大幅貶值、大宗商品成本上漲、額外的地緣政治動盪、重大生產停工或門市關閉等情況。

To conclude, our business exhibited strong momentum well before the COVID crisis. We've strengthened our position further during the crisis, and we believe P&G is well positioned to grow beyond the crisis. We will manage through the near-term cost pressures and continued market-level volatility with the strategy we've outlined many times and against the immediate priorities of ensuring employee health and safety, maximizing availability of our products and helping society overcome the COVID challenges that still exists in many parts of the world.

總之，早在新冠疫情危機爆發之前，我們的業務就展現出強勁的成長動能。危機期間，我們進一步鞏固了自身地位，並相信寶潔已做好充分準備，在危機過後實現持續成長。我們將秉持先前多次闡述的策略，應對短期成本壓力和持續的市場波動，同時優先保障員工健康安全，最大限度地提高產品供應，並幫助社會克服目前仍存在於世界許多地區的新冠疫情挑戰。

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

我們將繼續掌握機遇，全力投入業務發展。我們始終致力於提升生產效率，為成長投資提供資金，應對投入成本挑戰，並維持營收和利潤的均衡成長。

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

那麼，我們很樂意回答您的問題。

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

（操作員說明）您的第一個問題來自德意志銀行的史蒂夫鮑爾斯。

Maybe we can start just on organic growth this quarter and how you view it relative to underlying consumption trends. Specifically, how much of the 4% you think might have been aided by any timing, whether shipment timing or any temporary surges in demand against the backdrop of COVID? I guess it feels to me like maybe the U.S. benefited from some of those dynamics and with maybe China on the other side of that, but I'd love your perspective and just whether we should be thinking about any adverse correction against the 4% in subsequent quarters?

或許我們可以先從本季的有機成長以及您如何看待它與潛在消費趨勢的關係著手。具體來說，您認為這4%的成長有多少可能受到時機因素的影響，例如出貨時間或新冠疫情背景下的任何暫時性需求激增？我感覺美國可能從中受益，而中國可能處於不利地位。我很想聽聽您的看法，以及我們是否應該考慮在接下來的幾個季度中，這4%的成長可能會出現任何不利的調整？

Yes. Thank you, Steve. I'll start by saying that overall consumption trends remain strong globally, particularly as you said, in the U.S., markets continue to grow within our categories of daily use, health and hygiene in the range of mid-singles. So from a consumption standpoint, consumer behavior continues to elevate the importance of health, hygiene and a clean home.

是的，謝謝你，史蒂夫。首先我想說，全球整體消費趨勢仍然強勁，尤其正如你所說，在美國，中等收入者的日常用品、健康和衛生用品市場持續成長。因此，從消費角度來看，消費者行為持續提升了對健康、衛生和清潔家居的重視。

More time at home certainly is also a factor. We continue to see elevated consumption on Bounty paper towels, for example, by 10%. Shower and bath tissue is still elevated, consuming about 5% with more time at home. So overall consumption trends remain strong and fuel most of the growth.

居家時間增加無疑也是重要因素。例如，我們看到Bounty紙巾的消費量持續成長，增幅達10%。沐浴紙和衛生紙的消費量也保持在較高水平，隨著居家時間的增加，消費量增加了約5%。因此，整體消費趨勢依然強勁，並推動了大部分成長。

We also have been able to grow share, as we've outlined in our prepared remarks. Both on a global basis, we're up 50 basis points over the past 3 months, 70 basis points over the past 6 months. So that's certainly contributing to a stronger position to benefit from that growth.

正如我們在事先準備好的發言稿中所述，我們的市佔率也實現了成長。無論從全球來看，過去三個月成長了50個基點，過去六個月成長了70個基點。這無疑有助於我們更能掌握市場成長機會。

In the U.S., we've reached record share of 34.4% of value share, up more than 1 point. Inventory effects, I would tell you, certainly play a role in some geographies. Mainly in China, we saw some inventory build in the base period, which the reverse is obviously happening in this period. But in the grand scheme of things, they don't really impact our consumption trends and our shipment trends in the quarter.

在美國，我們的市佔率達到了創紀錄的34.4%，比上一個百分點以上。庫存因素確實在某些地區產生了一定影響。尤其是在中國，我們在基期看到了一些庫存積壓，而本季的情況顯然恰恰相反。但從整體來看，這些因素對我們本季的消費趨勢和出貨趨勢並沒有造成太大影響。

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

你的下一個問題來自 Kevin Grundy 與 Jefferies 的合作。

Why don't we pick up, I guess, on gross margin, which is obviously really challenged in the quarter for reasons that we know around commodities, freight, broader supply chain issues.

我想，我們不妨談談毛利率吧，顯然，由於大宗商品、貨運以及更廣泛的供應鏈問題，本季毛利率受到了極大的挑戰。

So maybe we could just start with your hedge position for commodities, the visibility that you have at this point on the guidance, which is more dire on that front? And then just broader views as best you can share. I don't know if around the supply chain issues, overall expectation in terms of how long these challenges are going to remain a headwind and just how you're thinking about the cadence of gross margin restoration as you sort of try to get back to low 50% gross margin, I think that would be helpful.

所以，或許我們可以先從您對大宗商品的對沖部位開始，以及您目前對業績指引的了解情況，這方面的情況比較嚴峻。然後，請您盡可能分享更廣泛的觀點。關於供應鏈問題，您預計這些挑戰會持續多久，以及您如何看待毛利率恢復的節奏，畢竟您正努力將毛利率恢復到50%左右的水平。我認為這些資訊會很有幫助。

Yes. Thanks, Kevin. So maybe let me start with the current outlook for commodities. The increases that we are seeing are broad-based across commodity classes. Our forecast is based on spot rates. We are assuming that these spot rates sustain. So all of our productivity programs, all of our pricing programs, all of our innovation programs are based on the assumption that current spot rates, as reflected in the current guidance, will sustain.

是的，謝謝凱文。那麼，或許我可以先談談當前大宗商品的市場前景。我們看到的價格上漲是各類大宗商品普遍上漲的。我們的預測是基於即期匯率的。我們假設這些即期匯率能夠維持。因此，我們所有的生產力提升計劃、定價計劃和創新計劃都基於這樣一個假設：目前的即期匯率（如當前指導意見中所反映的）將得以維持。

We do not hedge commodities per se. So the position that you see here is the position as it impacts our P&L. We offset within our natural hedging position within foreign exchange rate, commodity basket and interest rates. That's the best way for us to protect against volatility and the most cost-effective way to protect against volatility.

我們本身並不進行大宗商品避險。因此，您在這裡看到的頭寸是它對我們損益表的影響。我們會在外匯匯率、大宗商品籃子和利率的自然避險部位中進行避險。這是我們抵禦市場波動的最佳方式，也是最具成本效益的方式。

In terms of supply chain dynamics, certainly, demand and supply have not balanced globally as we can see. We continue to see pressure on transportation and warehousing. We continue to see driver shortages, diesel increases. And as I mentioned before, across our commodity classes, whether it's chemicals, resins, packaging or pulp, these increases that we've seen as reflected in the current guidance reflects the existing market dynamics. So the best forecast we have is current spot, and that's what we're going to continue to operate against.

就供應鏈動態而言，如我們所見，全球供需顯然尚未平衡。運輸和倉儲持續面臨壓力，司機短缺和柴油價格上漲的問題仍然存在。正如我之前提到的，無論是化學品、樹脂、包裝材料還是紙漿，我們所看到的這些價格上漲，都反映了當前市場動態，並在當前的指導下有所體現。因此，我們目前最好的預測依據是現貨價格，我們也將繼續以此為依據開展業務。

We will -- as we articulated, I think, before and want to reemphasize in this call as well, we will recover these costs over time. We will not sacrifice investment in the business as we do so. So strong productivity programs that are ramping up throughout the fiscal year. Pricing with innovation that we are bringing into the market, if we can, to improve value at the same time as we take pricing, or straight commodity pricing throughout the year will ease the margin pressures over time. But it will take time to recover the cost, and we will intentionally take our time to recover the cost to protect investment in our superiority strategy, which is working well to drive our top line growth and overall balanced growth model.

正如我們之前闡述過的，而且我想在這次電話會議中再次強調，我們將逐步收回這些成本。我們不會因此而犧牲對業務的投資。因此，我們將在整個財年逐步推動強而有力的生產力提升計畫。如果可能，我們將採用創新定價策略，在提升產品價值的同時，全年採用常規商品定價，這將逐步緩解利潤率壓力。但要收回成本需要時間，我們將有意放慢成本回收速度，以保護對我們卓越策略的投資。該策略目前正有效地推動我們的營收成長和整體均衡成長模式。

Your next question will come from the line of Dara Mohsenian with Morgan Stanley.

你的下一個問題將來自摩根士丹利的達拉·莫森尼安。

So just was looking for a bit more detail on pricing. Can you help us dimensionalize what percent of the portfolio will have pricing plans in place post the planned pricing you mentioned earlier in a few categories, some sense for the magnitude of pricing.

所以我想了解一些關於定價的更多細節。您能否幫我們估算一下，在您之前提到的幾個類別中，有多少比例的產品組合會實​​施新的定價方案，以及定價幅度大概是多少？

And then I know you're probably not going to want to be too specific on the go forward. But just any insight on conceptually how you think about implementing pricing to offset cost pressures. Is there some point this fiscal year, when you think you'll catch up with the dollar cost pressure you're seeing year-over-year with dollar pricing, whether it be Q3 or Q4? Is that unrealistic just given the magnitude of cost pressures?

我知道您可能不想在接下來的細節上透露太多。但我想了解一下您在定價策略方面是如何考慮抵銷成本壓力的。在本財年內，您認為何時才能透過美元定價來應對目前逐年下降的成本壓力，例如在第三季或第四季？考慮到成本壓力的嚴重程度，這是否不切實際？

And then the last point, just where you've taken pricing so far, it sounds like you haven't seen much demand impact. Maybe you can elaborate on that a bit and talk about the risk to market share momentum as you take pricing and how you guys think about that.

最後一點，就你們目前的定價策略而言，似乎還沒有看到太大需求的影響。能否詳細談談定價策略對市佔率成長動能的影響，以及你們是如何看待這個問題的？

Yes. Look, we're taking pricing around the globe, and it's really a decision that is taken market by market, category by category, in many cases, SKU by SKU, depending on the situation in the market. So broad-based statements are difficult.

是的。你看，我們在全球範圍內進行定價，這實際上是一個因市場而異、因品類而異，很多情況下甚至要根據具體SKU來製定的決策，具體取決於市場情況。因此，很難做出籠統的結論。

So let me try to maybe focus on the U.S. here as a good example and our biggest market. We have now announced pricing in 9 out of 10 categories. So very broad-based. Many of these price increases are being implemented -- have been implemented in September or are being implemented over the next, call it, 90 days. You've seen the price increases we've announced across Baby, Feminine Care, Family Care, they are mid-singles. I would expect, even though the price increases on Grooming, Skin Care have just been out, and they are different by SKU, about the same range. Mid-singles is about the range that I would expect, again, out on the majority of our portfolio at this point.

那麼，我想以美國為例，因為它是我們最大的市場。目前，我們已經公佈了十大類別中九個類別的價格調整，覆蓋率非常廣。許多價格上漲已經或將在接下來的90天內逐步實施。您已經看到了我們宣布的嬰兒護理、女性護理和家庭護理類別的價格上漲，這些漲幅都在中等水平。雖然男士護理和護膚品的價格上漲剛剛公佈，而且不同SKU的漲幅有所不同，但我預計整體價格漲幅也大致相同。同樣，中等程度的價格漲幅也是我目前預期我們大部分產品組合的漲幅範圍。

I cannot comment on future price increases but will continue to evolve as the situation evolves in terms of cost and in terms of ability to take more pricing.

我無法評論未來的價格上漲情況，但價格會隨著成本情勢的變化以及我們能夠承受更高價格的能力而不斷調整。

In terms of recovery of costs, we expect, as we said in our prepared remarks, that the margin situation and the comp situation on core EPS will sequentially improve throughout the fiscal year. We will annualize part of the commodity cost increase starting with Q3. Most of the pricing will also take effect and actually flow through to the bottom line as of Q3, and our productivity programs will significantly ramp up throughout the fiscal year. All of that said, hard to predict exactly where we're going to land, but sequential progress is certainly what we are striving for.

關於成本回收，正如我們在事先準備好的發言稿中所述，我們預計本財年核心每股收益的利潤率和同店銷售額將逐季改善。我們將從第三季開始分攤部分大宗商品成本上漲的影響。大部分價格上漲也將從第三季開始生效並最終反映在利潤中，同時我們的生產力提升計畫也將在本財年內顯著推進。儘管如此，我們很難準確預測最終結果，但我們無疑將努力實現持續進步。

Most important point, as I said before, we will not reduce investment in the business. We continue to drive marketing spend. We continue to drive investment in superiority to sustain our balanced growth strategy for the mid and long term.

最重要的一點，正如我之前所說，我們不會減少對業務的投資。我們將持續增加行銷投入，並持續增加對卓越能力的提升，以維持我們中長期的均衡成長策略。

Very early to read anything in terms of price elasticity. I will tell you for those price increases that have gone into the market in the U.S., most of them became effective middle of September. And we have not seen any material reaction from consumers in terms of volume offtake. So that makes us feel good about our relative position. And obviously, we feel that we should be in a favorable position given the strength of our portfolio. We're going into this pricing round with 75% of our portfolio truly superior. Probably 80% by the time most of these price increases hit, and that should give us a relatively strong position with consumers to deliver value in their mind even as we take pricing.

現在就價格彈性做出任何判斷還為時過早。我可以告訴大家，美國市場上已經實施的價格上漲，大部分是在9月中旬生效的。而且，我們還沒有看到消費者對銷售有任何實質的反應。這讓我們對自身的相對地位感到樂觀。顯然，鑑於我們強大的產品組合，我們認為我們應該處於有利地位。在本次定價輪中，我們75%的產品組合都具有顯著優勢。到大多數產品價格上漲生效時，這一比例可能達到80%。即使我們調整了價格，這也應該能讓我們在消費者心中保持相對強大的價值認知。

Let me just build on Andre's comments with a couple of kind of big picture thoughts. Given the inflationary cycle that we're in, how do you want to be positioned? You want to have -- first of all, being in categories that are daily use, that are focused on -- where performance drives brand choice is a good place to be.

我想在安德烈的評論基礎上補充幾點宏觀的想法。鑑於我們目前所處的通膨週期，你想如何定位？首先，你應該進入日常使用、注重性能的品類，在這些品類中，性能決定品牌選擇，這是一個不錯的選擇。

Consumers through the pandemic have shifted their consumption in those categories towards trusted performing brands. And you see that even in what's happening with private label market shares as an example, down in the U.S. over the past 3, 6, 12 months, down in Europe over the same periods of time. None of that is a guarantee for the future, but you start in a very good position with a strong superiority profile, as Andre said, and a strong innovation program and investment program to continue that work.

疫情期間，消費者在這些品類上的消費轉向了值得信賴的優質品牌。例如，自有品牌市佔率的變化就反映了這一點：過去3個月、6個月、12個月，美國和歐洲的自有品牌市佔率均有所下降。雖然這些都不能保證未來會怎樣，但正如安德烈所說，我們擁有非常有利的起點，具備強大的優勢，並製定了強有力的創新計劃和投資計劃，以繼續推進這項工作。

Number two, you want to be -- just one more thing to add to number one. This is essentially part and parcel of our business model. So sometimes, the reaction is this pricing is a new dynamic. Pricing has been a positive contributor to our top line for 44 out of 47 of the last quarters and 16 out of the last 17 years. Again, no guarantee for the future, but we start with a business model that fundamentally supports pricing in a way that's value accretive to consumers.

第二點，你希望成為──這只是第一點的補充。這本質上是我們商業模式不可或缺的一部分。所以有時，人們會覺得這種定價方式是新的。在過去的47個季度中，有44個季度的定價都對我們的營收做出了積極貢獻；在過去的17年中，有16年也是如此。當然，我們無法保證未來是如此，但我們從一開始就採用一種從根本上支持定價的商業模式，這種定價方式能夠為消費者創造價值。

Second, you want to be in a position to minimize the need for pricing through productivity. We're in a better position in that regard than we've ever been. This organization has done a tremendous job reducing costs, and we'll continue to do so. You want to be in a position where you have product available at different price points to appeal to consumers for whom price is a bigger part of their personal value equation. We're in a much better position there than we were in the last cycle.

其次，我們希望透過提高生產力來最大限度地減少價格因素的影響。在這方面，我們比以往任何時候都更有優勢。公司在降低成本方面做得非常出色，我們將繼續努力。我們希望能夠提供不同價位的產品，以吸引那些將價格視為個人價值考量的消費者。在這方面，我們比上一個週期做得更好。

So again, none of that is any guarantee for the future, but all of that positions us much better than we've been historically.

所以，這些都不能保證未來會怎樣，但所有這些都讓我們比歷史上任何時候都處於更好的位置。

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

你的下一個問題來自巴克萊銀行的勞倫·利伯曼。

I wanted to talk a little bit about how scale may or may not be benefiting P&G at this time versus what you see from peers and competitors around the world. So just thinking about access to raw materials, to packaging inputs, ability to get energy and power in some countries. But I was just curious if you could talk a little bit again about availability, access to key inputs and energy and how you think P&G is managing through this or will manage through this versus what you see from some other companies out there.

我想稍微談談規模優勢目前對寶潔公司是否有利，以及它與全球同行和競爭對手的情況有何不同。例如，原料和包裝材料的獲取，以及在某些國家獲取能源的能力。我很好奇您能否再談談關鍵投入品和能源的供應情況，以及您認為寶潔公司是如何應對或將如何應對這些挑戰的，並與其他公司的情況進行比較。

Yes. Thanks, Lauren. Look, we are certainly not immune to the stress that is put on the supply chains globally. And we are very thankful to our supply chain teams who have done a tremendous job in developing business continuity plans and executing against those business continuity plans over the past 18 months, 24 months as supply chains were stressed throughout the COVID pandemic.

是的，謝謝你，勞倫。你看，我們當然也無法免於全球供應鏈所面臨的壓力。我們非常感謝我們的供應鏈團隊，在過去18到24個月裡，當新冠疫情期間供應鏈承受巨大壓力時，他們出色地制定並執行了業務連續性計劃。

The strength of our supply chains is mainly driven by the flexibility that we can create within those supply chains. So strong supplier partnerships around the globe allow us to shift sourcing if we need to from one supplier to another, either because of supply not being available or freight lanes not being available to get material from point A to B. It also allows us to optimize cost to a degree. And we've been doing that over the past few months and will continue to do so. We have an ability to reformulate some of our products, which we're doing actively without impacting the superiority of the product or any noticeable impact to the consumer. And that gives us flexibility to adjust again to material availability or cost.

我們供應鏈的優勢主要源自於我們能夠在這些供應鏈中創造的彈性。因此，與全球供應商建立的強大合作關係使我們能夠在必要時靈活調整採購，無論是由於供應短缺還是貨運路線受限，都能及時將原材料從A地運送到B地。這也能在一定程度上優化成本。過去幾個月，我們一直在這樣做，並將繼續這樣做。我們有能力對部分產品進行配方調整，並且我們正在積極進行調整，同時確保產品品質不受影響，也不會對消費者造成任何明顯影響。這使我們能夠靈活地根據原材料供應情況或成本進行調整。

We also have an organization that looks around the corner, anticipates potential bottlenecks and then chooses to build inventories, either on materials, in intermediates or on finished products to then be able to withdraw from those inventories on a global basis. So it doesn't mean that we build inventory in the same region where we consume, but we have the ability to do that on a global basis. So in that sense, the global footprint is an advantage to us.

我們還有一個組織，能夠高瞻遠矚，預判潛在的瓶頸，然後選擇性地建立庫存，無論是原材料、中間產品還是成品，以便在全球範圍內靈活調配庫存。這並不意味著我們會在消費地建立庫存，但我們有能力在全球範圍內做到這一點。從這個意義上講，全球化佈局對我們來說是一項優勢。

As I said, we're not immune to any impact here. But if history is any indication of the future, we feel relatively well positioned because of the strength of our organization here. Of course, if there are any major disruptions to supply chains, we would be exposed just like everyone else.

正如我所說，我們並非完全不受任何影響。但如果歷史可以預示未來，那麼憑藉我們強大的組織實力，我們感覺自己處於相對有利的地位。當然，如果供應鏈出現任何重大中斷，我們也會像其他人一樣受到影響。

In terms of energy availability, we'll acknowledge that we've obviously been part of some of those curtailments that we've seen in China, for example, but they have not had a material effect of our supply chains. Again, when you think about our ability to potentially source from other regions for a period of time, most of our factories are able to run formula cards and run products for other regions which gives us flexibility on our footprint to overcome short-term challenges.

就能源供應而言，我們承認，例如在中國，我們也受到了一些限電措施的影響，但這並未對我們的供應鏈造成實質影響。此外，考慮到我們可能在一段時間內從其他地區採購的能力，我們的大多數工廠都能夠根據配方生產其他地區的產品，這使我們能夠靈活調整生產佈局，從而應對短期挑戰。

One other dynamic that feeds into this is the confidence of our suppliers in our business, both in terms of our business momentum. So if they need to make investments to increase their capacity and material availability, the momentum of our business factors directly into that decision.

另一個影響因素是供應商對我們業務的信心，這體現在我們業務的發展動能上。因此，如果他們需要投資以提高產能和原材料供應，我們業務的發展動能將直接影響他們的決策。

Second, and related, the increments of capacity that we can off-take generate economics at the supplier level that make investments viable. If we were just adding to demand on the margin, that would be a very different equation. So we become a very attractive customer for our suppliers because of both the size and importantly, the momentum of our business.

其次，與此相關的是，我們能夠承接的新增產能為供應商帶來了經濟效益，使投資變得可行。如果我們只是簡單地增加邊際需求，情況就完全不同了。因此，憑藉我們龐大的規模以及至關重要的強勁成長勢頭，我們對供應商而言就成為了極具吸引力的客戶。

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

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

So just a quick follow-up on the materials question, and then I have a broader question. Which materials are you having the most issues with in terms of sourcing? So that's just the follow-up.

關於材料方面的問題，我再補充一點。另外，我還有一個更廣泛的問題：在材料採購方面，你們遇到的最大問題是哪些？以上就是我的後續問題。

And then the broader question is -- again, Jon, congrats for getting appointed as the CEO of Procter & Gamble. And I wanted to follow up on the comments you made regarding continuing to invest, and that is a priority. But what if the cost situation gets worse? What if competitors don't act rationally on pricing? It looks like they will, but what if they don't? Like as a CEO of Prop & Gamble, what trade-offs are you willing to make? Is there a threshold where you say, "Hey, look, we have to cut back on investments because we have to protect the margins so we can reinvest down the road." Any clarity around that would be very helpful.

那麼，更廣泛的問題是——再次祝賀喬恩被任命為寶潔公司執行長。我想就您之前提到的繼續投資（這確實是重中之重）發表一些看法。但如果成本情勢惡化呢？如果競爭對手在定價方面不採取理性行動呢？他們看起來會這麼做，但如果他們不這麼做呢？身為寶潔公司的首席執行官，您願意做出哪些權衡？是否存在一個臨界點，當您認為「我們必須削減投資，因為我們必須保護利潤率，以便將來能夠再次投資」時，您會說？任何關於這方面的解釋都將非常有幫助。

Okay. Thanks, Nik. On the materials question, look, I think the -- both the run-up in cost is very broad-based across all material classes, and that's the indication of the demand to supply situation. So it's really different week by week. I wouldn't point to any specific material that is structurally more exposed than another. It really is across the input basket. And again, the dynamics I was describing within our supply chain is how we're dealing with it, and it changes really period by period.

好的，謝謝，Nik。關於材料方面的問題，我認為成本上漲是所有材料類別普遍存在的現象，這反映了供需關係。所以情況每週都在變動。我不會指出哪種材料比其他材料更容易受到影響。實際上，所有投入要素都受到了影響。再次強調，我之前描述的供應鏈動態正是我們應對這種情況的方式，而這種因應方式也會隨時間而改變。

On the overall cost trade-off versus strategy, I will start, and then I'm sure Jon has a lot to add here. I would say that sticking to our strategy is core and the commitment is relentless. We have, over many periods, tried to do it in a different way, and that is not a good outcome. So our ability to continue to invest in superiority, drive innovation, grow markets and thereby build our share and improve our retailers business is core to the business model of balanced growth. Balanced growth across the top line with moderate margin expansion to drive the bottom line and cash productivity is the only way forward for the industry and is the way forward for P&G.

關於整體成本與策略之間的權衡，我先談談我的看法，我相信Jon也會有很多補充。我認為，堅持我們的策略是核心，我們會毫不動搖地履行承諾。過去很多時候，我們都嘗試過其他方法，但結果都不如預期。因此，我們持續投資於卓越技術、推動創新、拓展市場，進而提升市場佔有率並改善零售商業務的能力，是我們平衡成長商業模式的核心。在營收方面達到平衡成長，同時適度提高利潤率以提升淨利潤和現金流效率，這不僅是整個產業的唯一出路，也是寶潔公司未來的發展方向。

We will continue to be on this path even if, in the short term and midterm, that means margin pressure will continue to rise. We will do everything possible within our P&L, within the balance sheet, to optimize for productivity, and we continue to have significant opportunities and productivity that do not impact our ability to run the business model.

即使短期和中期內利潤率壓力會持續上升，我們仍將繼續沿著這條道路前進。我們將竭盡所能，在損益表和資產負債表範圍內，優化生產效率。我們仍然擁有許多重要的機會和提升生產效率的機會，這些都不會影響我們經營現有商業模式的能力。

When you think about our marketing spend, we estimate there is still significant opportunity to optimize in the ability to reach consumers more broadly and more effectively at significantly lower cost as our digital reach increases. We have significant opportunities still in our supply chain to optimize, leverage the digitization we've been investing in, in our supply chain over the past years, better synchronized demand from suppliers all the way to retail partners. And there are certainly still opportunities within our overhead structure where we can optimize work processes, leverage innovation, leverage automation to focus employees on higher order tasks.

考慮到我們的行銷支出，我們認為在更廣泛、更有效地觸及消費者方面仍有巨大的優化空間，尤其是在數位覆蓋面不斷擴大的情況下，成本顯著降低。我們的供應鏈也存在著巨大的最佳化空間，可以充分利用過去幾年在數位化方面的投資，更好地協調從供應商到零售合作夥伴的整個供應鏈的需求。此外，我們的管理結構中也存在著優化工作流程、利用創新和自動化讓員工專注於更高價值任務的空間。

So Jon, I'm sure you have a point of view here.

喬恩，我相信你一定有自己的看法。

I might. Just a couple of pieces of perspective. First, this is a time to step forward, not back. Second, Andre, in his prepared remarks, articulated again the 3 priorities and the integrated set of strategies. Nowhere in there, at least to my ears, is pulling back on investment. The third and last piece of perspective I'd offer. The productivity muscle that we built, and Andre was just describing the opportunities that remain there, which are significant, will or should build margin over time.

或許吧。我只想補充幾點看法。首先，現在是前進的時候，而不是後退的時候。其次，安德烈在事先準備好的演講稿中再次闡述了三大優先事項和一套綜合策略。至少在我聽來，其中沒有任何削減投資的跡象。第三點，也是最後一點，我想補充的是，我們已經建立起強大的生產力，而安德烈剛才也提到了仍然存在的機遇，這些機會意義重大，並且隨著時間的推移，將會或應該帶來利潤增長。

If we look at the last 12 years, our operating margin on an all-in basis has increased 320 basis points from 20.4% to 23.6% last year. On a constant currency basis, that's an increase of 1,020 basis points. So the game here is stay on course, continue to drive productivity to fuel investment in superiority, in daily use categories where performance drives brand choice.

回顧過去12年，我們的綜合營業利潤率從20.4%成長到去年的23.6%，成長達320個基點。以固定匯率計算，增幅更是高達1020個基點。因此，關鍵在於維持既定策略，持續提升生產效率，進而增加對卓越品質的投資，尤其是在那些性能決定品牌選擇的日常消費品領域。

We do all of that, over time, as Andre said, that is the recipe for balanced growth, growing the top line, and the bottom line. We're in an environment where there will be volatility across quarters. That's not our concern. We're concerned about the execution of the holistic strategy and the value that, that creates over time.

正如安德烈所說，我們一步一步地推進所有這些工作，最終才能實現均衡成長，既提升營收，也提升利潤。我們身處的環境必然會存在季度波動，但這並非我們所擔憂的。我們關注的是整體策略的執行，以及它隨著時間的推移所創造的價值。

Your next question comes from the line of Wendy Nicholson with Citi.

你的下一個問題來自花旗銀行的 Wendy Nicholson。

Just following up on that. Jon, I know the enterprise markets have been an area of focus you over the last couple of years. And my understanding is that as some of those enterprise markets go from either operating at a loss or breakeven to becoming more profitable, that could serve as an incremental margin driver. It doesn't all have to be productivity, it can be mixed as some of those lower-margin regions become more profitable. Can you give us an update on those enterprise markets have some swung to be less of a -- whatever, hold back from a margin perspective? And what's the outlook there?

我只是想跟進一下。 Jon，我知道企業市場是你過去幾年一直在關注的領域。我的理解是，隨著一些企業市場從虧損或損益平衡轉向獲利，這可能會成為利潤率提升的驅動因素。這不一定完全是生產力的提高，也可能是多種因素共同作用的結果，例如一些低利潤率地區的獲利能力提升。能否為我們更新這些企業市場的最新情況？它們是否已經擺脫了利潤率的瓶頸？前景如何？

And then, Andre, you talked so fast at the beginning, I didn't get the number for the growth in the enterprise market. If you could give us that again, that would be great.

安德烈，你一開始語速太快，我沒聽清楚企業市場成長的具體數字。如果你能再說一遍，那就太好了。

So if I reflect just back on last fiscal year, which (inaudible), enterprise markets grew top line at 5%, build share grew bottom line ahead of the rest of the company at 11%. We executed -- sorry, we exited the year with only 1 of those 80-plus markets losing money, and that was Argentina, where we have a plan to address that over time this fiscal year. So we're in a very good position in enterprise markets.

回顧上個財年，企業市場營收成長了5%，淨利成長11%，高於公司其他業務。我們執行得非常出色——抱歉，我們80多個市場中只有阿根廷一個市場虧損，我們計​​劃在本財年逐步解決這個問題。因此，我們在企業市場處於非常有利的地位。

If we look at the quarter we just completed, focus markets grew 4%. Enterprise markets grew 5%. Having said all of that, a part of a responsible answer has to address the volatility that exists in these markets from a geopolitical standpoint and unfortunately, from a health and COVID standpoint. So it's not a straight line in all likelihood from here or there, but we're much, much better positioned, and I give all the credit to the teams on the ground in these markets we are operating in, and very difficult, but as you rightly indicate, promising environments.

如果我們回顧剛結束的季度，重點市場成長了4%，企業市場成長了5%。話雖如此，要給出負責任的答案，就必須考慮到這些市場存在的地緣政治波動，以及不幸的是，疫情帶來的健康風險。因此，未來的發展不太可能一帆風順，但我們現在的處境已經好得多，這要歸功於我們業務所在市場的一線團隊，這些市場環境非常艱難，但正如您所指出的，也充滿希望。

Thanks for the feedback on the speed, Wendy. I will adjust.

謝謝你對速度的回饋，溫迪。我會調整的。

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

你的下一個問題來自高盛的傑森·英格利希。

Congrats on a decent start to the year. A couple of quick questions. First, can you expound more on what's happening in China, particularly on the Beauty business? Because I think there are some references in the press release around mix and some slowing growth in Skin Care. I suspect it's tethered to China.

恭喜您今年開局不錯。我有幾個問題想請教一下。首先，您能否詳細介紹一下中國市場的情況，特別是美妝產業？因為我覺得新聞稿裡提到了產品組合的調整以及保養品成長放緩的問題。我懷疑這與中國市場有關。

And secondly, more high level. It will be interesting how the earnings season plays out. But I'm guessing when we look back in the rearview mirror, you will have recorded one of the weakest price lines in the group and perhaps be the only one to not show sequential acceleration. And I guess my question is why are we not seeing more? Is this a competitive strategy? And if so, how much of your market share momentum would you attribute to your -- what seems to be an approach to dragging your feet on price? And should we be concerned that once you catch up that some of this market share momentum could stall?

其次，從宏觀層面來看，財報季的走向將會很有趣。但我估計，當我們回顧過去時，你們的股價走勢可能是同行業中最疲軟的之一，或許也是唯一一家沒有較上季成長的公司。我想問的是，為什麼我們沒有看到更多成長？這是一種競爭策略嗎？如果是的話，你們認為你們市場佔有率的成長動能有多少可以歸因於這種──看似在股價上採取的拖延策略？我們是否應該擔心，一旦你們迎頭趕上，這種市場份額的成長勢頭可能會停滯？

Okay. There's a lot in there. So let me start with China. We continue to believe that China is a very attractive and important growth market for us. As we said, quarter 1 was flat in terms of organic sales growth. But on a 2-year stack basis, we are up 12%, which is ahead of the market. We would have expected some quarter-to-quarter volatility due to base period dynamics and also some continued effects of COVID shutdowns on a regional level.

好的。內容很多。那我就先說說中國市場。我們仍然認為中國市場對我們來說是一個非常有吸引力且重要的成長市場。正如我們所說，第一季有機銷售成長持平。但從兩年累計數據來看，我們成長了12%，高於市場平均。我們預計由於基期因素以及新冠疫情封鎖措施在區域層面的持續影響，季度環比會出現一些波動。

Overall, we feel well positioned with our portfolio within China and expect the market to return to mid-single-digit growth going forward. Again, we take some comfort in the retail sales coming up to above 4% again in the past quarter.

總體而言，我們對目前在中國市場的投資組合定位感到滿意，並預計未來市場將恢復到中等個位數成長。此外，上季零售銷售額再次回升至4%以上，也讓我們感到些許鼓舞。

On Beauty, specifically, we've seen our strongest results in Hair Care in fiscal '21, '22 in China with strong top line growth and strong bottom line growth. SK-II, sales were flat in China for the quarter. But again, on a 13% increase last fiscal year. We see Travel Retail coming up in SK-II. So that also needs to be considered as we think about the total market of SK-II consumption.

具體來說，在美妝領域，我們在2021財年和2022財年中國市場的護髮業務表現最為強勁，營收和利潤均實現顯著成長。 SK-II在中國市場的季度銷售額與上一財年持平，但上一財年實現了13%的成長。我們預期SK-II在旅遊零售通路的銷售額將有所成長，因此在評估SK-II整體市場消費時，也需要將旅遊零售通路納入考量。

So certainly a slowdown in the market in the first quarter, specifically, as you point out on Skin Care and in the Beauty sector overall, we feel still confident in our ability to win in the market and in the market's ability to sustain mid-single-digit market growth.

因此，正如您所指出的，第一季市場成長放緩，尤其是在護膚品和整個美容行業，但我們仍然對我們贏得市場以及市場維持中等個位數成長的能力充滿信心。

And on the price side, kind of dynamics?

那麼價格方面，市場動態如何呢？

Yes, yes, sorry. So on the pricing side, the reason why we're not seeing the pricing come through at this point in time is a couple of dynamics. Number one, most of the pricing went into effect in September. So you only have less than a month really of pricing in the first quarter.

是的，是的，抱歉。關於定價方面，目前我們還沒有看到具體價格信息，原因有幾個。首先，大部分的價格是在九月生效。所以第一季實際的定價時間還不到一個月。

We're also annualizing a base period where we had lower promotion in the market, as you recall. We are now seeing a normalization of promotion levels back to around 30% volume sold on deal. So that's certainly offsetting some of the pricing that you otherwise would see flow through.

正如您所記得的，我們也將一個市場促銷力度較低的基準期作為年度數據。目前，促銷力道已恢復正常，促銷銷售佔比約30%。這無疑抵消了部分原本會傳遞到產品價格的價格波動。

I -- we certainly expect pricing to become a bigger part of the top line and the bottom line construct going forward as the pricing, again, materializes in the markets. And as we said before, we are not lagging pricing. We are driving pricing by category, ideally, in line with innovation to ensure that we have the best possible value creation for consumers. We're executing SKU by SKU, market by market in what is right for that market in that particular scenario, and that's driving the pricing. And we expect pricing to be a net positive to the top line and to the share position.

我們預計，隨著市場定價的逐步落實，定價在未來將成為營收和利潤組成中越來越重要的因素。正如我們之前所說，我們並沒有在定價方面落後。我們正在按品類制定定價策略，理想情況下，這些策略會與創新保持同步，以確保為消費者創造最大價值。我們正在針對每個產品、每個市場，根據具體情況制定最合適的定價策略，而這正是定價的驅動因素。我們預計，定價將對營收和市場份額產生正面影響。

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

你的下一個問題來自 Robert Ottenstein 與 Evercore 的對話。

Based on some of the analysis that we've done, it looks like e-commerce in the U.S. continues to be very strong against pretty tough comps and that you guys are well into double digits. Can you, number one, confirm that? Maybe give us a sense of what percentage of your business is e-commerce now in the U.S. and globally. And then going into it a little bit more, how do you see e-commerce driving your overall categories now? Is it driving premiumization? Are you continuing to gain or hold share in e-commerce? Just kind of any thoughts and whether you're surprised that e-commerce has been so strong against such difficult comps?

根據我們所做的一些分析，美國電商在競爭激烈的市場環境下依然保持強勁成長，貴公司的電商佔比更是達到了兩位數。首先，能否確認一下？能否簡單介紹一下貴公司目前在美國和全球範圍內電商業務的佔比？其次，您認為電商目前對貴公司整體品類發展有何影響？它是否推動了產品高端化？貴公司在電商領域的市佔率是持續成長還是保持穩定？您對此有何看法？對於電商在如此嚴峻的市場環境下依然保持如此強勁的成長勢頭，您是否感到驚訝？

Yes. So e-commerce growth at a global level continues to be very strong. We're up 16% in our e-comm business. At a global level, that's a 66% 2-year stack. Our e-comm business represents, at this point in time, about 14% of our total sales. And that's really across all e-comm channels. So it's not just pure plays. It's -- specifically in the U.S., it's obviously pure play, but many of our omni partners, so when you think about target.com, walmart.com, et cetera, where you have fulfillment from store, pick up at store, play a significant role in that growth trajectory.

是的。全球電子商務成長動能依然強勁。我們的電商業務成長了16%。從全球來看，兩年累計成長了66%。目前，我們的電商業務約佔總銷售額的14%。而且這涵蓋了所有電商通路。所以，成長不只來自純粹的電商平台。尤其是在美國，純粹的電商平台當然占主導地位，但我們的許多全通路合作夥伴，例如Target.com、Walmart.com等等，它們提供門市出貨和門市自提服務，在這一成長軌跡中發揮了重要作用。

The business in the U.S., specifically, we see about 11% growth in our e-comm business. So again, continued strong momentum across all of these formats.

具體來說，在美國，我們的電商業務成長了約11%。因此，所有這些業務形式都保持了強勁的成長勢頭。

We are well positioned in e-comm for multiple reasons. As we explained before, we believe that a focus on strong brands as driven by COVID is benefiting us, specifically also in an e-comm environment where we show up in search on the first page. And we are generally able to explain our benefits, our superiority via more detailed e-content than we would be at a shelf, for example. We have strong relationships with our partners as it comes to developing propositions and ensuring that our positions are fit for use in either e-comm channel or omnichannel.

我們在電商領域佔優勢地位，原因很多。正如我們之前解釋的，我們認為受新冠疫情影響，品牌建設的重點轉向了強勢品牌，這對我們大有裨益，尤其是在電商環境下，我們的產品能夠出現在搜尋結果的第一頁。此外，與實體店相比，我們通常能夠透過更詳盡的線上內容來闡述我們的優勢和卓越之處。我們在產品開發方面與合作夥伴保持緊密的合作關係，確保我們的產品定位能夠完美適配電商通路和全通路。

And when you think about an omni environment, being the leading brand generally results in more shelf space, more inventory on the shelf. So as consumers order, we can make sure that we are in stock, that as we're being picked up, we have product on shelf and therefore, can be found and can be fulfilled in store. So generally, e-comm, we believe, plays to our strength, and we can support our e-comm business with strong marketing and brand building to sustain that level of growth.

在全通路零售環境中，領先品牌通常意味著更多的貨架空間和更多的庫存。這樣，當消費者下單時，我們就能確保庫存充足，確保顧客取貨時，貨架上就有現貨，方便他們找到並完成購買。因此，我們相信，電子商務能夠充分發揮我們的優勢，我們可以透過強有力的行銷和品牌建立來支持我們的電商業務，從而維持這種成長勢頭。

Next question will come from the line of Andrea Teixeira with JPMorgan.

下一個問題將來自摩根大通的 Andrea Teixeira。

I have a follow-up on Andre's comments on the anniversary of the promotional normalization. If I understood you correctly, you had 60 basis points headwind in gross margin in what you call product and packaging investment and also 90 basis points investment in marketing on the SG&A line. So correct me if I'm wrong, I think you were saying you continue to invest to keep your superiority and of course, you're going to lean in and this is the time to lean in. But perhaps how should we be thinking on your ability to flex once is implemented? And I'm assuming most of your competitors will follow or actually had led before even. So how we should be thinking of any investments going forward?

關於Andre在促銷正常化週年紀念日的評論，我還有一些後續問題。如果我理解正確的話，您所說的產品和包裝投資導致毛利率下降了60個基點，而銷售、管理及行政費用（SG&A）項下的營銷投資也下降了90個基點。所以，如果我理解有誤請指正，我認為您的意思是您會繼續投資以保持領先地位，當然，您也會全力以赴，現在正是全力以赴的時候。但是，我們該如何看待這項政策實施後您的彈性呢？我假設您的大多數競爭對手都會效仿，甚至可能在此之前就已經領先。那麼，我們該如何看待未來的投資呢？

Yes. I mean as you've seen in this quarter, we continue to invest in line with our all-in growth. So our marketing spend, our ad spend, is up $130 million. And that's what you should expect going forward. So as long as we can create a good return of investment with our incremental spend, we will continue to do so.

是的。正如您在本季所看到的，我們繼續按照整體成長目標進行投資。因此，我們的行銷支出，包括廣告支出，增加了1.3億美元。這也是您未來應該預期的。只要我們能夠透過新增支出獲得良好的投資回報，我們就會繼續這樣做。

At the same time, as I mentioned before, there is still significant opportunity to increase the efficiency of our marketing spend. So as we increase digital reach, as we are getting better at targeting, we can both increase reach and quality of reach and therefore, offset some of that incremental investment by pure efficiency within the marketing spend.

同時，正如我之前提到的，我們仍有很大的提升行銷支出效率的空間。隨著我們擴大數位覆蓋範圍，並不斷提高目標定位的精準度，我們既可以提升覆蓋面，也可以提高覆蓋面的質量，從而透過提高行銷支出效率來抵消部分新增投資。

In terms of promotional dynamics, as I mentioned, we are -- the market is coming back up to more normal levels. Pre-COVID period, promotion volumes were running at about 33%. Currently, we're back up about 30%. So we expect it to remain around that level.

就促銷動態而言，正如我之前提到的，市場正在逐步恢復到正常水平。新冠疫情前，促銷活動佔比約33%。目前，促銷活動佔比已回升至約30%。因此，我們預計促銷活動佔比將維持在這一水平附近。

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

你的下一個問題來自 Mark Astrachan 與 Stifel 的合作系列。

Thanks, and good morning, everyone. I wanted to ask one follow-up and one other question.

謝謝，大家早安。我想問一個後續問題和一個其他問題。

So just on China. I thought you had mentioned in your prepared remarks that you had seen some of the weakness intra-quarter, I guess, implying that it's gotten better. So perhaps if you could just talk about that dynamic as you exited the quarter there in terms of just total business SK-II, however you want to think about it.

那麼，就中國市場而言，我記得您在準備好的發言稿中提到，您注意到季度內出現了一些疲軟跡象，我猜這意味著情況已經好轉。所以，您能否談談您在本季末對SK-II整體業務動態的看法，或從您認為合適的任何角度來看待這個問題？

And then on the marketing investment, it's interesting that you continue to have efficiencies there to offset increased investment. I guess the question is how sustainable is that? And then, are we to think that you take the efficiencies and invest it all kind of back-end marketing so that you remain fully funded or even increase off of current levels?

至於行銷方面的投入，有趣的是，你們持續提高效率來抵銷增加的投資。我想問的是，這種做法的可持續性如何？我們是否可以認為，你們會將這些效率提升的資金全部投入到後端行銷中，從而保持資金充足，甚至在現有水平的基礎上進一步增加投入？

Yes. On the first part of the question on China Beauty, we certainly saw some decrease in market size in the earlier part of the quarter. Sequentially, we see that recovering. We also expect, as I mentioned before, a return to mid-single-digit growth across categories. So really not much more to add there.

是的。關於中國美妝市場的第一部分，我們確實在本季初看到了市場規模的下滑。但從環比來看，我們看到市場正在復甦。正如我之前提到的，我們也預期各類別將恢復到個位數中段的成長。所以這方面也沒什麼太多要補充的了。

From a marketing efficiency standpoint, I think you'll see a combination of both. We -- as I said, I think we'll continue to drive efficiency as we bring more media spend into our optimized targeting pool, as we increase the percentage of digital media around the world, as we continue to optimize our own algorithms to target messaging to consumers. There continues to be significant opportunity. And you see a combination of reinvestment in marketing programs and flowing those productivity effects into the P&L to offset some of the cost pressures. And it will vary quarter-by-quarter depending on the situation.

從行銷效率的角度來看，我認為你會看到兩者的結合。正如我所說，隨著我們將更多媒體支出納入優化後的定向投放池，隨著我們在全球範圍內提高數位媒體的佔比，隨著我們不斷優化自身演算法以更精準地向消費者傳遞訊息，我們將繼續提升效率。這其中蘊藏著巨大的機會。你會看到，我們將把資金再投資於行銷項目，並將這些生產力提升帶來的效益計入損益表，以抵銷部分成本壓力。具體情況會根據每季的具體情況而有所不同。

And it might seem kind of an odd dynamic, but the more efficient and effective we can make our marketing spend be, and as Andre indicated, just now, there's lots of opportunity to continue to do that. The more attractive it becomes to make those investments. So maybe what -- well, in somewhat of an odd way, efficiency breeds effectiveness; effectiveness breeds spending, and that all drives the market and the business.

這或許看起來有點奇怪，但正如安德烈剛才所提到的，我們越能提高行銷支出的效率和效果（而且現在還有很多機會可以繼續提升），這些投資就越有吸引力。所以，或許──從某種程度上來說，效率會帶來效果；效果會帶來支出，而這一切又會驅動市場和業務發展。

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

你的下一個問題來自瑞士信貸的 Kaumil Gajrawala。

I'd like to talk maybe a little bit more about the consumer condition. Obviously, the market seems -- obviously, your business has a lot of momentum, but it feels like the consumer is in a notably kind of strong position at the moment. So curious if you agree with that. And if you do, what precisely maybe that you're seeing is behind some of the strong demand.

我想再多談談消費者的消費狀況。顯然，市場——顯然，貴公司業務發展勢頭強勁——但感覺消費者目前也處於相當強勢的地位。我想知道您是否同意這種看法。如果您同意，您認為這種強勁需求背後究竟是什麼因素在運作？

And then if I could layer on top of that question, we're just observing your numbers coming in better than expected. Pricing is still yet to become a larger contributor. Your comps are getting easier. Some of the conversations we've had this morning was is -- around why not bring up your organic revenue guidance for the year. So if you can just add some color on that, that would be helpful.

我再補充一點，我們注意到你們的業績數據比預期好。定價因素尚未成為主要貢獻因素。你們的同店銷售額正在逐步下降。今天早上我們討論過的一個問題是──為什麼不公佈一下你們今年的自然成長收入預期呢？所以，如果您能就此做一些補充說明，那就太好了。

Yes, okay. So I think the strength of consumption in our categories is really driven by the choice of categories that we operate in. We've chosen to be not in discretionary, but in daily use essential categories for the consumer. Again, health, hygiene-focused and the clean home.

好的。我認為我們各品類的消費強度，其實取決於我們所選擇的品類。我們選擇專注於消費者日常必需的品類，而不是可有可無的消費品。再次強調，我們關注的是健康、衛生和清潔的居家環境。

The consumer continues to elevate the importance of these jobs coming out of COVID we've seen in COVID. And I think that continues to drive the importance of these categories and our ability to win in these categories because consumers return or turn to trusted brands because they know that they can deliver on the promise and the job to be done.

消費者持續提升疫情後這些崗位的重要性，正如我們在疫情期間所見。我認為這將繼續提升這些品類的重要性，以及我們在這些品類中取得成功的能力，因為消費者會再次選擇或轉向值得信賴的品牌，因為他們知道這些品牌能夠兌現承諾，完成工作。

We see that in our share results. And as Jon mentioned, we see it in the reverse share results of private label, for example, declining both in the U.S. and Europe over time.

我們從市佔率結果就能看出這一點。正如Jon所提到的，我們也從自有品牌的反向市場佔有率結果中看到了這一點，例如，自有品牌在美國和歐洲的市佔率都在隨著時間的推移而下降。

We also benefit, and the consumer spending shows it, from more time at home, which we believe is an ongoing phenomenon. More time at home means more meals at home, more dishwashing at home, more laundry at home. And again, those elements benefit our brands and our categories in terms of growth.

我們也從居家時間增加中受益，消費者支出也印證了這一點，我們認為這是一種持續的趨勢。居家時間增加意味著在家用餐、洗碗和洗衣的次數增加。而這些因素同樣有利於我們品牌和品類的成長。

We will continue to focus on superiority, as we said before, to ensure that we have the strongest solutions for our consumers at any price point, at any price ladder. But really, we benefit, I think, from overall more time at home and an elevated focus on our categories.

正如我們之前所說，我們將繼續專注於卓越品質，確保在任何價位、任何價格區間都能為消費者提供最強大的解決方案。但實際上，我認為我們也受益於人們居家時間的增加以及對產品類別的更專注。

On the -- on the organic price/mix and guidance, you're right. We are expecting pricing to become a bigger part of the top line construct as we said throughout the year. We are 1 quarter in. There's a lot of volatility in the market. And so we believe that it's prudent to maintain the guidance range of 2% to 4% on the top line. But as we said in our prepared remarks, quarter 1 results give us confidence to the upper half of that guidance range.

關於有機產品的價格/結構和績效指引，您說得對。正如我們全年所言，我們預期價格因素在營收組成中所佔比例將越來越大。目前第一季已經過去，市場波動性很大。因此，我們認為維持2%至4%的營收指引區間是審慎的做法。但正如我們在事先準備好的發言稿中所述，第一季的業績讓我們對實現該指引區間的上半部充滿信心。

I would just make one additional comment, which relates to the consumer and their behavior in these categories. Again, daily use where performance drives brand choice, often providing a health, hygiene or clean home benefit.

我只想補充一點，這與消費者及其在這些品類中的行為有關。再次強調，在日常使用中，產品性能往往是品牌選擇的關鍵因素，它通常能帶來健康、衛生或清潔家居等方面的益處。

And let me just give you an example of what's possible. One of our more recent innovations in Oral Care, for example, the iO power brush, premium-priced product. We have -- since the introduction of that about a year ago, we've built over 2 points of share, which has come by driving the market. The market is up 14% over that period of time. We've driven over 50% of that.

讓我舉個例子來說明可能性。例如，我們最近在口腔護理領域推出的創新產品－iO電動牙刷，這是一款高端產品。自從大約一年前推出以來，我們的市佔率已經成長了2個百分點以上，這得益於我們引領了市場。同期市場成長了14%，其中超過50%的成長都歸功於我們。

So what you see is a consumer who is responsive to performance-based innovation. We can utilize that responsiveness to grow markets in a constructive way, which, as Andre has mentioned many times, is beneficial to our retail partners and is constructive from a market dynamic standpoint. So there are many categories where through performance-based innovation, we can provide more delight through regimen solutions, we can provide more delight. The consumer generally is responsive to performance in these categories and consumption is expandable.

因此，我們看到的是消費者對以效果為導向的創新反應積極。我們可以利用這種積極性，以建設性的方式拓展市場。正如安德烈多次提到的，這不僅有利於我們的零售合作夥伴，而且從市場動態的角度來看也具有建設性意義。因此，在許多品類中，我們可以透過以效果為導向的創新，提供更多令人愉悅的解決方案，從而帶來更多驚喜。消費者通常對這些品類的卓越效果反應積極，消費潛力大。

Your next question will come from the line of Chris Carey with Wells Fargo Securities.

你的下一個問題將來自富國證券的克里斯凱裡。

Just to confirm an answer to the prior question then a category-specific question. Just around the organic sales guidance for the year. You've made some statements just around material supply chain constraints, how much of that is factored into how you're thinking about the full year organic sales outlook?

為了確認之前問題的答案，我再問一個關於品類的具體問題。主要是關於今年的有機銷售額預期。您之前提到過原材料供應鏈的限制，那麼在您對全年有機銷售額的預期中，這些因素有多少被考慮在內？

And then just from a categories perspective, Fabric Care has been a good story. Volumes were particularly strong again on difficult comps. Just in general, what do you think is driving the share gains that you've seen in the category? We've heard about some material constraints for some of your competitors. Do you think that's a factor? Is this more about innovation? Just in general some perspective on what you think is driving this particularly strong delivery on the Fabric Care side of the business.

從品類角度來看，織物護理品類表現亮眼。在年比數據不佳的情況下，銷量依然強勁。您認為推動該品類市佔率成長的主要因素是什麼？我們了解到一些競爭對手面臨材料方面的限制。您認為這是原因之一嗎？還是創新才是關鍵？請您就織品護理品類業務的強勁成長提供一些見解。

Yes. Thank you. So on organic sales guidance, as we said, I think the supply chain pressures that we see today and our ability to deal with those pressures as we have been over the past 18 to 24 months, is anticipated to continue in the organic sales guidance that we've given. And any unforeseen major disruptions, obviously, we will have to reassess and see where we are. But we feel good about our ability to deal with the ongoing supply chain pressures, and that's reflected in the organic sales guidance.

是的，謝謝。關於有機銷售預期，正如我們之前所說，我認為目前供應鏈面臨的壓力，以及我們過去18到24個月以來應對這些壓力的能力，預計將會持續在我們給出的有機銷售預期中。當然，如果出現任何無法預見的重大中斷，我們將不得不重新評估並視情況而定。但我們對應對持續的供應鏈壓力充滿信心，這也反映在我們的有機銷售預期中。

Look, I think the story behind Fabric Care is really bringing to life the strategy. This is a category where performance drives brand choice, where daily use is essential to the consumer, and performance is very visible. And the category has done a phenomenal job in driving superiority with new forms or by creating new jobs to be done that are relevant for the consumer. If you think about single-unit dose, for example, very superior proposition, very -- very intuitive to the consumer in terms of use.

我認為，織物護理背後的故事真正詮釋了這個策略。在這個品類中，產品性能決定了品牌選擇，日常使用對消費者至關重要，而且產品性能非常直覺。該品類在透過創新產品形態或創造與消費者息息相關的新功能來提升產品優勢方面做得非常出色。例如，單劑量包裝就是一個非常優越的產品，使用起來非常直覺。

A premiumization of the category in trading up dollars per wash with superior cleaning properties and penetration outside of the U.S. still is a significant growth opportunity. In Germany and Canada, we only had 20% household penetration on single-unit dose. And in Japan, we're only at 11%. So there continues to be significant runway with a truly superior product form.

透過提升每次洗滌成本，並結合更卓越的清潔性能和拓展美國以外市場的管道，實現該品類的高端化仍然是一個巨大的成長機會。在德國和加拿大，單劑量包裝的家庭滲透率僅20%。在日本，這一比例也只有11%。因此，憑藉著真正卓越的產品形態，該品類仍有龐大的發展空間。

We also, in Fabric Care, have done -- the team has done a phenomenal job in looking into fast-growing new segments. When you think about fabric enhancers, 14% growth in the quarter. Beads, for example, right now is a $1 billion brand and continues to grow significantly. Household penetration in the U.S. on beads only 20%, load penetration, only about 30%. So there continues to be significant runway with superior innovation and superior products. So we continue to drive that, and that's what you see in the results.

在織物護理領域，我們的團隊也做得非常出色，他們深入研究了快速成長的新興細分市場。以織物柔軟精為例，本季成長了14%。例如，珠狀柔順劑目前是一個價值10億美元的品牌，並且持續顯著成長。在美國，珠狀柔軟精的家庭滲透率僅20%，洗衣滲透率也只有30%左右。因此，憑藉卓越的創新和優質的產品，市場仍有巨大的成長空間。我們將繼續推動這一領域的發展，而這正是您在業績中所看到的。

All right. And your final question comes from the line of Peter Grom with UBS.

好的。最後一個問題來自瑞銀集團的彼得‧格羅姆。

So I would love to just get your view on kind of what you're seeing in emerging markets around the world, particularly in Latin America. Have you seen any changes in terms of category growth or the health of the broader consumer in that region? And I know you previously discussed a prolonged recovery in a number of these markets. Is that still the right thinking as we look out to the balance of the year?

所以，我很想聽聽您對全球新興市場，特別是拉丁美洲市場的看法。您是否觀察到該地區的品類成長或整體消費者健康狀況有任何變化？我知道您之前討論過其中一些市場將經歷一段較長的復甦期。展望今年剩餘時間，這種觀點是否仍然正確？

Latin America, I'll speak to that just because it's a business I've been supporting over the last period of time here. Overall, it continues to deliver very solid growth, and that's broad-based. In the last quarter, Mexico up, I think, about 8%. Argentina -- sorry, Brazil, up double digits. And now Latin America comes with its inherent challenges. And one of those currently is the health challenge that exists in many markets, which you, I'm sure, are familiar with. But generally, consumption is strong and our business is very strong in Latin America.

我之所以要談拉丁美洲，是因為過去一段時間以來，我一直致力於支持這部分業務的發展。整體而言，拉丁美洲市場持續保持穩健成長，且成長基礎廣泛。上個季度，墨西哥成長了約8%。阿根廷——抱歉，是巴西——實現了兩位數的成長。當然，拉丁美洲也面臨一些固有的挑戰。其中之一就是目前許多市場存在的健康問題，我相信您對此也十分了解。但總的來說，拉丁美洲的消費依然強勁，我們的業務也發展得非常出色。

I think that concludes the call. Again, thank you for joining us. And again, if you have any questions, John Chevalier or I are available all day. So if you want to give us a call, please feel free to. And thanks again for joining us for our quarter 1 call. Have a great day.

我想這次電話會議就到此結束了。再次感謝各位的參與。如果您有任何問題，我和約翰·謝瓦利埃全天都有空。如果您想給我們打電話，請隨時聯繫。再次感謝您參加我們第一季的電話會議。祝您今天愉快！

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

女士們、先生們，今天的會議到此結束。感謝各位的參與。現在可以斷開連線了。祝您有美好的一天。