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.

早上好，歡迎參加寶潔公司的季度電話會議。正在錄製今天的事件以供重播。

This discussion will include a number of forward-looking statements. If you will refer to P&G's most recent 10-K, 10-Q and 8-K reports, you will see a discussion of factors that could cause the company's actual results to differ materially from these projections.

本次討論將包括一些前瞻性陳述。如果您參考寶潔最近的 10-K、10-Q 和 8-K 報告，您將看到可能導致公司實際結果與這些預測存在重大差異的因素的討論。

As required by Regulation G, Procter & Gamble needs to make you aware that during the discussion, the company will make a number of references to non-GAAP and other financial measures. Procter & Gamble believes these measures provide investors with useful perspective on underlying business trends and has posted on its Investor Relations website, www.pginvestor.com, a full reconciliation of non-GAAP financial measures.

根據 G 條例的要求，寶潔需要讓您意識到，在討論過程中，公司將多次提及非公認會計原則和其他財務措施。 Procter & Gamble 認為這些措施為投資者提供了有關潛在業務趨勢的有用視角，並已在其投資者關係網站 www.pginvestor.com 上發布了對非 GAAP 財務措施的全面調整。

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

現在我將把電話轉給寶潔的首席財務官安德烈·舒爾滕。

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.

謝謝你，接線員。大家，早安。今天和我一起參加電話會議的還有 Jon Moeller，他是現任副主席兼 11 月 1 日即將上任的總裁兼首席執行官；和投資者關係高級副總裁 John Chevalier。

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.

我們將保持我們準備好的評論簡短，然後直接轉向您的問題。 7 月至 9 月季度為本財年提供了一個良好的開端，使我們有望為有機銷售增長、核心每股收益增長、自由現金流生產率和股東現金回報提供指導。本季度我們經歷了商品和運輸成本上漲的全面影響，但健康的收入增長和強勁的成本節約使每股收益增長幾乎與去年持平。隨著物價上漲的生效和生產力計劃的增加，在本財年的剩餘時間裡，收益增長應該會連續改善。

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.

所以轉向第一季度的結果。有機銷售額增長了 4%。銷量貢獻了2個百分點的銷售增長，定價和組合各增加了1個百分點。業務部門的增長基礎廣泛，10 個產品類別中有 9 個實現有機銷售額增長。個人保健，增長兩位數；面料護理長高單品；嬰兒護理、女性護理和美容，中單人以上；家庭護理、口腔護理、頭髮護理以及皮膚和個人護理有機銷售額均增長低個位數。家庭護理在單打中期下降，在基期增長非常強勁。

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%.

儘管基期增長了 16%，但美國的有機銷售額增長了 4%。在兩年的基礎上，美國有機銷售額增長了 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，原因是基期組合的強勁增長以及美容市場增長的季度內疲軟。在 2 年疊加的基礎上，中國有機 - 中國有機銷售額增長 12%，與基本市場增長一致，略高於基本市場增長。

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.

本季度焦點市場增長 4%，企業市場增長 5%。電子商務銷售額與去年同期相比增長了 16%。全球總市場份額增加了 50 個基點，我們排名前 50 的類別國家組合中有 36 個在本季度保持或增長了份額。

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.

我們的優勢戰略繼續推動強勁的市場增長，進而推動寶潔的份額增長。本季度，我們競爭的美國類別的所有渠道市場價值銷售額均增長了中個位數，寶潔價值份額繼續增長至 34% 以上。與去年第一季度相比，我們上漲了 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.

重要的是，份額增長基礎廣泛，在過去 3 個月中，10 個產品類別中有 9 個的份額增長，其中第 10 個產品類別在過去 1 個月與去年同期持平。消費者繼續偏愛寶潔品牌。

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.

最重要的是，每股核心收益為 1.61 美元，比上年下降 1%。在貨幣中性的基礎上，核心每股收益下降 3%，主要是由於投入成本上升帶來的毛利率壓力，我們在今年的初步展望中強調了這一點。

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，貨幣中性核心毛利率下降 390 個基點。較高的商品和貨運成本影響加在一起對毛利率造成了 400 個基點的打擊。混合是一個 80 個基點的逆風，主要是由於地理影響。生產力節約、定價和外匯部分抵消了毛利率的不利因素。

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 SG&A 中，本季度營銷費用佔銷售額的百分比與去年同期水平一致，以絕對美元計算增長超過 5%，與整體銷售額增長一致。

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.

核心營業利潤率下降 260 個基點。貨幣中性核心營業利潤率下降 270 個基點。生產率提高了 180 個基點，對本季度有所幫助。調整後的自由現金流生產率為 92%。我們向股東返還了近 50 億美元的現金、22 億美元的股息和約 28 億美元的股票回購。

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的背景下，本財年開始時在頂線、底線和現金方面取得了良好的成績。

Our team continues to operate with excellence 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.

我們的團隊繼續以卓越的方式運營，並始終專注於近期優先事項和長期戰略，這使我們能夠在 COVID 危機之前創造強大的勢頭，並使我們的業務自危機開始以來更加強大。我們將繼續迎接這些挑戰，並加倍努力取悅消費者。

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.

在我們繼續度過這場危機的過程中，我們仍然專注於指導我們近期行動和選擇的三個優先事項。首先是確保我們在世界各地的寶潔同事的健康和安全；其次，最大限度地提高我們產品的可用性，以幫助人們及其家人滿足他們的清潔、健康和衛生需求；第三個優先事項，支持社區、救濟機構和處於這場全球大流行前線的人們。

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.

我們所做的戰略選擇是平衡頂線和底線增長和價值創造的基礎，這是一系列日常使用產品，其中許多產品在性能在品牌選擇中發揮重要作用的類別中提供清潔、健康和衛生益處。

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類別中，我們提高了優勢、產品、包裝、品牌傳播、零售執行和價值等各個方面的標準。以卓越的執行力提供卓越的產品，推動市場增長。在我們的品類中，這推動了我們的零售合作夥伴的價值創造，並為寶潔品牌建立了市場份額。我們已進行投資以加強我們品牌的健康和競爭力，我們將繼續投資以擴大我們的優勢和執行質量，為全球消費者改進解決方案。

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.

繼續加強我們品牌優勢的戰略投資需求、在這一充滿挑戰的成本環境中進行管理的短期需求以及推動包括利潤增長在內的平衡頂線和底線增長的持續需求，都凸顯了持續生產力的重要性.我們在業務的各個方面都在推動成本節約和現金生產力，沒有一個成本領域不受影響。每個企業都在提高其損益表和資產負債表中的生產力，以支持平衡的頂線和底線增長以及強勁的現金生成。

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.

在我們競爭激烈的行業中取得成功需要敏捷性以及建設性顛覆的心態，願意改變、適應和創造將塑造行業未來的新趨勢和技術。在當前環境下，這種敏捷性和建設性的顛覆心態更為重要。

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.

我們的組織結構產生了一個更強大、更敏捷、更負責任的組織，幾乎沒有重疊或冗餘，可以滿足新的需求，無縫地相互支持，以實現我們在世界各地的優先事項。這些關於投資組合、優勢、生產力、建設性顛覆以及組織結構和文化的戰略選擇不是獨立的戰略。它們相互加強和建立。

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，它們會擴大市場，進而增加份額、銷售額和利潤。這些策略在危機前取得了顯著成果，並在動盪時期為我們提供了良好的服務。我們相信，隨著我們度過危機並超越危機，它們仍然是正確的戰略框架。

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.

繼續指導。隨著本財年的推進，我們無疑將經歷更多的波動。正如我們在本季度看到的那樣，未來的增長結果將受到基期效應的嚴重影響，以及本年度成本壓力的現實和全球大流行的持續影響。

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.

供應鏈面臨勞動力市場緊張、運輸市場緊張和整體產能限制的壓力。通脹壓力是廣泛而持續的。外匯匯率增加了這種組合的波動性。我們還在全球多個地區經歷了一些短期的材料供應中斷。我們的採購、研發和物流專家在應對這些挑戰方面做得非常出色。

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.

這些成本和運營挑戰並非寶潔獨有，我們也無法倖免於影響。然而，我們認為我們選擇的策略、我們所做的投資以及對卓越執行的關注使我們能夠很好地應對這種波動。

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.

自從我們在 7 月底給出今年的初步展望以來，投入成本一直在上升。根據目前的現貨價格，我們現在估計 2022 財年的稅後商品成本逆風為 21 億美元。財政成本——貨運成本也繼續增加。我們現在預計運費和運輸成本在 22 財年將增加 2 億美元的稅後逆風。我們將通過提高價格和節省生產力來抵消部分較高的成本。

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所討論的那樣，我們宣佈在美國部分嬰兒護理、女性護理、成人失禁、家庭護理、家庭護理和織物護理業務的價格上漲。在過去的幾周里，我們還向美國的零售商宣布，我們將提高美容、皮膚護理和口腔護理業務部分的價格。這些舉措的程度和時間非常具體到品類、品牌，有時甚至是品牌內的產品形式。這不是一種萬能的方法。

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.

我們還在美國以外的許多市場定價，以抵消商品、貨運和外彙的影響。與往常一樣，我們將尋求通過新產品創新來結束幾次價格上漲，並在此過程中為消費者增加價值。正如我們之前所說，我們認為這是一個暫時的底線粗糙補丁，而不是減少業務投資的理由。我們堅持在 COVID 危機之前和期間一直運作良好的策略。

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.

我們良好的第一季度業績證實了我們對本財年所有關鍵指標的指導範圍。我們繼續預計有機銷售額增長將在 2% 至 4% 之間。我們本財年的穩健開局增強了我們對該區間上半部分的信心。隨著我們更多的價格上漲在市場上生效，我們預計定價將成為未來幾個季度銷售增長的更大貢獻者。隨著這個定價到達商店貨架，我們將密切關註消費趨勢。雖然它仍處於定價週期的早期階段，但我們還沒有看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.

最重要的是，儘管我們面臨的成本挑戰增加，我們仍將核心每股收益增長前景維持在 3% 至 6% 的範圍內。與我們在年初估計的適度順風相比，現在預計外匯對稅後收益是中性的。考慮到外匯對第一季度收益的幫助不大，我們預計這將成為今年餘下時間的逆風。

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.

總的來說，我們對材料、貨運和外匯影響的修正展望現在是 23 億美元的稅後逆風，即 22 財年的收益或每股約 0.90 美元，對核心每股收益增長造成 16 個百分點的逆風。與我們今年的初步預期相比，這是增加成本壓力的稅後 5 億美元。儘管存在這些成本挑戰，我們仍致力於保持對我們品牌的強勁投資。因此，雖然我們沒有改變我們的核心每股收益指導範圍，但請在更新您的年度展望時注意這些動態。

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.

隨著定價的生效、儲蓄計劃的增加以及我們開始將投入成本的初始峰值按年計算，我們將在本財年上半年面臨最重大的成本影響。今年第三和第四季度的盈利增長應該會持續強勁。

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的自由現金流生產率達到 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，併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.

該展望基於當前市場增長率估計、商品價格和外匯匯率。預計貨幣顯著疲軟、商品成本增加、額外的地緣政治中斷、重大停產或商店關閉不在指導範圍內。

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.

總而言之，我們的業務在 COVID 危機之前就表現出強勁的勢頭。在危機期間，我們進一步鞏固了我們的地位，我們相信寶潔已做好準備在危機過後實現增長。我們將通過我們多次概述的戰略以及確保員工健康和安全、最大限度地提高我們產品的可用性和幫助社會克服 COVID 挑戰等當務之急來應對近期的成本壓力和持續的市場波動。仍然存在於世界許多地方。

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.

我們將繼續朝著我們的機會邁進，並繼續對我們的業務進行全面投資。我們仍然致力於推動生產力的提高，為增長投資提供資金，緩解投入成本挑戰，並保持平衡的收入和利潤增長。

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

有了這個，我們很樂意回答您的問題。

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

（操作員說明）。您的第一個問題來自德意志銀行的 Steve Powers。

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?

也許我們可以從本季度的有機增長開始，以及你如何看待它與潛在消費趨勢的關係。具體來說，您認為這 4% 中的多少可能受到任何時機的幫助，無論是發貨時間還是在 COVID 背景下的任何臨時需求激增？我想我覺得美國可能從其中一些動態中受益，而中國可能在另一邊，但我喜歡你的觀點，以及我們是否應該考慮對 4% 的任何不利修正隨後的幾個季度？

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。我首先要說的是，全球整體消費趨勢仍然強勁，特別是正如你所說，在美國，市場在我們的日常使用、健康和衛生類別中繼續增長，在中單的範圍內。因此，從消費的角度來看，消費者行為不斷提升健康、衛生和清潔家居的重要性。

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.

更多的在家時間當然也是一個因素。例如，我們繼續看到 Bounty 紙巾的消費量增加了 10%。淋浴和沐浴紙巾仍然升高，在家裡有更多時間消耗約 5%。因此，整體消費趨勢依然強勁，並推動了大部分增長。

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.

正如我們在準備好的評論中所概述的那樣，我們也能夠增加份額。在全球範圍內，我們在過去 3 個月中上漲了 50 個基點，在過去 6 個月中上漲了 70 個基點。因此，這肯定有助於從這種增長中受益的更強大的地位。

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，我們的價值份額達到創紀錄的 34.4%，增長超過 1 個百分點。我會告訴你，庫存效應肯定會在某些地區發揮作用。主要是在中國，我們在基期看到了一些庫存增加，而這一時期顯然正在發生相反的情況。但從總體上看，它們並沒有真正影響我們本季度的消費趨勢和出貨趨勢。

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

您的下一個問題來自 Kevin Grundy 和 Jefferies。

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.

我想我們為什麼不提高毛利率，這顯然在本季度受到了挑戰，因為我們知道商品、貨運和更廣泛的供應鏈問題。

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.

所以也許我們可以從您對商品的對沖頭寸開始，您在這一點上對指導的可見性，在這方面更可怕？然後儘可能分享更廣泛的觀點。我不知道是否圍繞供應鏈問題，總體預期這些挑戰將在多長時間內保持逆風，以及您在嘗試恢復時如何考慮毛利率恢復的節奏50% 的低毛利率，我認為這會有所幫助。

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。所以也許讓我從當前的大宗商品前景開始。我們看到的增長在大宗商品類別中具有廣泛的基礎。我們的預測基於即期匯率。我們假設這些即期匯率維持不變。因此，我們所有的生產力計劃、我們所有的定價計劃、我們所有的創新計劃都基於當前指導中反映的當前即期匯率將維持不變的假設。

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.

我們不對沖商品本身。因此，您在此處看到的位置是影響我們損益的位置。我們在外匯、商品籃子和利率的自然對沖頭寸內進行抵消。這是我們抵禦波動的最佳方式，也是抵禦波動的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.

正如我們所見，就供應鏈動態而言，當然，全球供需並不平衡。我們繼續看到運輸和倉儲方面的壓力。我們繼續看到司機短缺，柴油增加。正如我之前提到的，在我們的商品類別中，無論是化學品、樹脂、包裝還是紙漿，我們在當前指導中看到的這些增長反映了現有的市場動態。所以我們最好的預測是當前的位置，這就是我們將繼續進行操作的目標。

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.

我們將 - 正如我們之前所表達的那樣，我認為，並且希望在這次電話會議中再次強調，我們將隨著時間的推移收回這些成本。我們不會在這樣做時犧牲對業務的投資。如此強大的生產力計劃在整個財政年度都在增加。如果可以的話，通過我們引入市場的創新定價，在我們定價的同時提高價值，或者全年直接進行商品定價，將隨著時間的推移緩解利潤率壓力。但要收回成本需要時間，我們會刻意收回成本，以保護我們對優勢戰略的投資，這對推動我們的收入增長和整體平衡增長模式起到了很好的作用。

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

您的下一個問題將來自摩根士丹利的 Dara Mohsenian。

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.

所以只是在尋找更多關於定價的細節。您能否幫助我們確定投資組合中有多少百分比將在您之前提到的幾個類別的計劃定價之後製定定價計劃，這對於定價的幅度有些意義。

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?

然後我知道你可能不想在前進的過程中過於具體。但只是從概念上您如何看待實施定價以抵消成本壓力的任何見解。本財年是否有某個時刻，當你認為你會趕上美元定價時所面臨的美元成本壓力，無論是第三季度還是第四季度？僅考慮到巨大的成本壓力，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，就在你到目前為止定價的地方，聽起來你沒有看到太大的需求影響。也許您可以詳細說明一下，並討論定價時市場份額動能的風險以及你們如何看待這一點。

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。看，我們正在全球範圍內定價，這實際上是一個逐個市場，逐個類別，在許多情況下，逐個 SKU，取決於市場情況的決定。因此，基礎廣泛的陳述是困難的。

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.

所以讓我試著把注意力集中在美國作為一個很好的例子和我們最大的市場。我們現在已經公佈了 10 個類別中的 9 個的定價。所以基礎非常廣泛。其中許多價格上漲正在實施——已經在 9 月實施或正在實施，稱之為 90 天。您已經看到我們在嬰兒、女性護理、家庭護理中宣布的價格上漲，它們是中單。我預計，即使美容、護膚品的價格上漲剛剛結束，而且它們的 SKU 不同，範圍大致相同。中單是關於我預期的範圍，再次，在這一點上我們的大部分投資組合。

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.

我無法對未來的價格上漲發表評論，但隨著成本和採取更多定價能力方面情況的發展，我將繼續發展。

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.

在成本回收方面，正如我們在準備好的評論中所說，我們預計核心每股收益的利潤率情況和復合情況將在整個財年依次改善。從第三季度開始，我們將對部分商品成本增加進行年度化。截至第三季度，大部分定價也將生效並實際流入底線，我們的生產力計劃將在整個財政年度顯著提高。綜上所述，很難準確預測我們將要降落的地方，但連續的進步肯定是我們正在努力的目標。

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。我們繼續推動營銷支出。我們繼續推動對優勢的投資，以維持我們的中長期平衡增長戰略。

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.

很早就閱讀價格彈性方面的任何內容。我會告訴你那些已經進入美國市場的價格上漲，其中大部分在 9 月中旬生效。就銷量而言，我們還沒有看到消費者有任何實質性反應。所以這讓我們對我們的相對位置感覺良好。顯然，鑑於我們投資組合的實力，我們認為我們應該處於有利位置。我們將以 75% 的投資組合真正優越的方式進入這一輪定價。到大部分價格上漲的時候，可能是 80%，這應該讓我們在消費者心中擁有相對強大的地位，即使我們定價也能在他們心中傳遞價值。

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.

讓我以安德烈的評論為基礎，提出一些大局觀的想法。鑑於我們所處的通脹週期，您希望如何定位？你想擁有——首先，在日常使用的類別中，專注於——性能驅動品牌選擇的地方是一個好地方。

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.

大流行期間的消費者已將他們在這些類別中的消費轉向值得信賴的表現品牌。而且您會看到，即使以自有品牌市場份額為例，過去 3、6、12 個月美國在下降，歐洲在同一時期下降。這些都不是對未來的保證，但正如安德烈所說，你從一個非常好的位置開始，擁有強大的優勢，以及強大的創新計劃和投資計劃來繼續這項工作。

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，你想成為——只是在第一的基礎上再增加一件事。這本質上是我們商業模式的重要組成部分。所以有時，反應是這種定價是一種新的動態。在過去 47 個季度中的 44 個季度和過去 17 年中的 16 個季度中，定價一直是我們收入的積極貢獻者。同樣，不能保證未來，但我們從一個從根本上支持定價的商業模式開始，這種定價方式對消費者來說是增值的。

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，您希望能夠通過生產力最大限度地減少定價需求。在這方面，我們比以往任何時候都處於更好的位置。該組織在降低成本方面做了巨大的工作，我們將繼續這樣做。您希望能夠以不同的價格提供產品，以吸引價格在其個人價值等式中佔更大比例的消費者。我們在那裡的位置比上一個週期要好得多。

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

再說一次，這些都不能保證未來，但所有這些都使我們比歷史上的情況要好得多。

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

您的下一個問題來自巴克萊銀行的 Lauren Lieberman。

I 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.

我想談談與您從世界各地的同行和競爭對手那裡看到的情況相比，目前規模可能會或可能不會使寶潔受益。因此，只需考慮在某些國家獲得原材料、包裝投入、獲得能源和電力的能力。但我只是好奇你是否可以再談一下可用性、關鍵投入和能源的訪問，以及你認為寶潔如何通過這個管理或將通過這個管理，而不是你從其他一些公司看到的。

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，勞倫。看，我們當然不能倖免於全球供應鏈上的壓力。我們非常感謝我們的供應鏈團隊，在過去 18 個月、24 個月中，由於整個 COVID 大流行期間供應鏈受到壓力，他們在製定業務連續性計劃和執行這些業務連續性計劃方面做得非常出色。

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是由我們可以在這些供應鏈中創造的靈活性驅動的。全球如此強大的供應商合作夥伴關係使我們能夠在需要從一個供應商轉移到另一個供應商時轉移採購，無論是因為沒有供應或貨運通道無法從 A 點到 B 點獲取材料。它還使我們能夠優化一定程度的成本。在過去的幾個月裡，我們一直在這樣做，並將繼續這樣做。我們有能力重新設計我們的一些產品，我們正在積極地這樣做，而不會影響產品的優勢或對消費者的任何明顯影響。這使我們能夠靈活地再次調整材料可用性或成本。

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.

我們也有一個組織，它環顧四周，預測潛在的瓶頸，然後選擇在材料、中間體或成品上建立庫存，然後能夠在全球範圍內從這些庫存中撤出。因此，這並不意味著我們在消費的同一地區建立庫存，但我們有能力在全球範圍內做到這一點。所以從這個意義上說，全球足跡對我們來說是一個優勢。

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，我們不能免受這裡的任何影響。但是，如果歷史是未來的任何跡象，那麼由於我們組織在這裡的實力，我們感到相對有利。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.

在能源供應方面，我們承認我們顯然已經參與了我們在中國看到的一些削減，但它們並沒有對我們的供應鏈產生實質性影響。同樣，當您考慮我們在一段時間內可能從其他地區採購的能力時，我們的大多數工廠都能夠為其他地區運行配方卡和產品，這使我們能夠靈活地應對短期挑戰。

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.

促成這一點的另一個動力是我們的供應商對我們業務的信心，無論是在我們的業務勢頭方面。因此，如果他們需要進行投資以提高產能和材料可用性，我們的業務發展勢頭會直接影響該決策。

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，我們可以承購的產能增量在供應商層面產生了經濟性，使投資變得可行。如果我們只是在邊際上增加需求，那將是一個非常不同的方程式。因此，我們成為供應商非常有吸引力的客戶，因為我們的規模和重要的是我們的業務發展勢頭。

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

您的下一個問題來自於 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.

所以只是對材料問題的快速跟進，然後我有一個更廣泛的問題。您在採購方面遇到的問題最多的是哪些材料？所以這只是後續。

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.

然後更廣泛的問題是——再次，喬恩，祝賀你被任命為寶潔公司的首席執行官。我想跟進你關於繼續投資的評論，這是一個優先事項。但是，如果成本情況變得更糟怎麼辦？如果競爭對手在定價上不採取理性行動怎麼辦？看起來他們會，但如果他們不這樣做呢？就像作為 Prop & Gamble 的 CEO，你願意做出哪些取捨？有沒有一個門檻，你說，“嘿，看，我們必須削減投資，因為我們必須保護利潤，這樣我們才能在未來進行再投資。”任何澄清都會非常有幫助。

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，尼克。關於材料問題，看，我認為 - 成本的上漲在所有材料類別中都是非常廣泛的，這表明了供需情況。所以一周一周真的不一樣。我不會指出任何結構上比另一種更暴露的特定材料。它確實在輸入籃子中。再說一次，我在我們的供應鏈中描述的動態是我們如何處理它，並且它確實會隨著時間的推移而變化。

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.

關於總體成本權衡與策略，我將開始，然後我確信 Jon 有很多要補充的地方。我想說，堅持我們的戰略是核心，承諾是無情的。我們在很多時期都試圖以不同的方式來做這件事，但這並不是一個好的結果。因此，我們能夠繼續投資於優勢、推動創新、發展市場，從而建立我們的份額並改善我們的零售商業務，是平衡增長商業模式的核心。收入的平衡增長和適度的利潤率擴張以推動利潤和現金生產力是行業前進的唯一途徑，也是寶潔的前進道路。

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.

我們將繼續走這條路，即使在短期和中期，這意味著利潤率壓力將繼續上升。我們將在損益表和資產負債表內盡一切可能優化生產力，我們將繼續擁有重要的機會和生產力，這些機會和生產力不會影響我們運行商業模式的能力。

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.

當您考慮我們的營銷支出時，我們估計隨著我們的數字覆蓋範圍的增加，仍然有很大的機會可以優化以顯著降低的成本更廣泛、更有效地接觸消費者的能力。在我們的供應鏈中，我們仍有重要的機會來優化和利用我們在過去幾年中一直在供應鏈中投資的數字化，從而更好地同步從供應商到零售合作夥伴的需求。在我們的間接費用結構中，我們當然還有機會優化工作流程、利用創新、利用自動化來讓員工專注於更高階的任務。

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

所以喬恩，我相信你在這裡有一個觀點。

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.

我可能。只是一些觀點。首先，這是一個向前邁進的時候，而不是倒退的時候。其次，安德烈在他準備好的講話中再次闡明了三個優先事項和一整套戰略。至少在我看來，那裡沒有任何地方正在撤回投資。我要提供的第三個也是最後一個觀點。我們建立的生產力肌肉，安德烈只是描述了仍然存在的機會，這些機會很重要，將或應該隨著時間的推移增加利潤。

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.

如果我們回顧過去 12 年，我們的整體營業利潤率從去年的 20.4% 增加到 23.6%，增加了 320 個基點。按固定匯率計算，增加了 1,020 個基點。所以這裡的遊戲是堅持下去，繼續推動生產力，以推動對優勢的投資，在性能驅動品牌選擇的日常使用類別中。

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，隨著時間的推移，我們會做所有這一切，這就是平衡增長、增加收入和利潤的秘訣。我們所處的環境會出現跨季度的波動。這不是我們關心的問題。我們關注整體戰略的執行以及隨著時間的推移創造的價值。

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

您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?

只是跟進。喬恩，我知道在過去的幾年裡，企業市場一直是你關注的一個領域。我的理解是，隨著這些企業市場中的一些從虧損或盈虧平衡狀態轉變為變得更有利可圖，這可能會成為增加利潤的驅動力。不一定全是生產力，隨著一些低利潤率地區變得更有利可圖，它可以混合在一起。您能否向我們介紹一下那些企業市場的最新情況？從利潤的角度來看，這些市場已經變得不那麼重要了？那裡的前景如何？

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.

然後，安德烈，你一開始說得太快了，我沒有得到企業市場增長的數字。如果你能再給我們一次，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.

因此，如果我回顧一下上一財年（聽不清），企業市場的收入增長了 5%，構建份額增長了 11%，領先於公司其他部門。我們執行了 - 抱歉，我們在 80 多個市場中只有 1 個出現虧損，那就是阿根廷，我們計劃在本財年隨著時間的推移解決這個問題。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.

如果我們看一下剛剛完成的季度，焦點市場增長了 4%。企業市場增長 5%。說了這麼多，負責任的答案的一部分必須從地緣政治的角度解決這些市場中存在的波動，不幸的是，從健康和 COVID 的角度來看。因此，從這里或那裡來看，這很可能不是一條直線，但我們的位置要好得多，我將所有功勞歸功於我們所在市場的實地團隊，而且非常困難，但作為你正確地指出，有希望的環境。

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

感謝您對速度的反饋，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 Jason English。

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.

恭喜今年開局不錯。幾個快速的問題。首先，您能否詳細介紹一下中國正在發生的事情，尤其是美容業務？因為我認為新聞稿中有一些關於混合和皮膚護理增長放緩的參考。我懷疑它與中國有關。

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，更高的層次。財報季的表現將會很有趣。但我猜當我們回顧後視鏡時，您將記錄該組中最弱的價格線之一，並且可能是唯一沒有顯示連續加速的價格線。我想我的問題是為什麼我們沒有看到更多？這是一種競爭策略嗎？如果是這樣，您會將多少市場份額動力歸因於您的 - 似乎是一種拖累價格的方法？我們是否應該擔心一旦你趕上這種市場份額勢頭可能會停滯不前？

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。裡面有很多。那麼讓我從中國開始。我們仍然相信中國對我們來說是一個非常有吸引力和重要的增長市場。正如我們所說，第一季度的有機銷售增長持平。但在 2 年的基礎上，我們上漲了 12%，領先於市場。由於基期動態以及 COVID 關閉對區域層面的一些持續影響，我們原本預計會出現一些季度波動。

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，我們認為我們在中國的投資組合處於有利地位，並預計未來市場將恢復到中個位數的增長。同樣，我們對過去一個季度的零售額再次升至 4% 以上感到欣慰。

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.

具體而言，在美容方面，我們在 21 財年和 22 財年在中國看到了我們在頭髮護理方面的最強勁業績，收入增長強勁，利潤增長強勁。 SK-II，本季度在中國的銷售額持平。但同樣，上一財年增長了 13%。我們看到旅遊零售在 SK-II 中出現。因此，當我們考慮 SK-II 消費的整個市場時，也需要考慮這一點。

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，第一季度市場肯定會放緩，具體而言，正如您在護膚和整個美容領域所指出的那樣，我們仍然對我們在市場上獲勝的能力以及市場維持中單的能力充滿信心- 數字市場增長。

And on the price side, kind of dynamics?

在價格方面，動態？

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，對不起。所以在定價方面，我們在這個時間點沒有看到定價的原因是幾個動態。第一，大部分定價於 9 月生效。所以你在第一季度只有不到一個月的真正定價。

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.

正如你所記得的，我們還對我們在市場上進行較低促銷的基期進行了年度化。我們現在看到促銷水平正常化，恢復到成交量的 30% 左右。因此，這肯定會抵消您原本會看到的一些定價。

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 - 我們當然希望定價成為未來收入和利潤結構的更重要部分，因為定價再次在市場上實現。正如我們之前所說，我們不會落後於定價。我們正在按類別推動定價，理想情況下，與創新保持一致，以確保我們為消費者創造盡可能好的價值。我們正在逐個 SKU、逐個市場地執行在特定情況下適合該市場的市場，這推動了定價。我們預計定價將對收入和股票頭寸產生淨正面影響。

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

您的下一個問題來自 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，看起來美國的電子商務在面對相當艱難的競爭時仍然非常強大，而且你們已經達到了兩位數。第一，你能確認一下嗎？也許讓我們了解您現在在美國和全球範圍內的電子商務佔您業務的百分比。然後再深入一點，您如何看待電子商務現在推動您的整體類別？它在推動高端化嗎？您是否繼續在電子商務中獲得或持有份額？只是有什麼想法，您是否對電子商務在如此困難的比賽中如此強大感到驚訝？

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。因此，全球電子商務的增長仍然非常強勁。我們的電子商務業務增長了 16%。在全球範圍內，這是 66% 的 2 年堆棧。目前，我們的電子商務業務約占我們總銷售額的 14%。這確實適用於所有電子商務渠道。所以這不僅僅是純粹的戲劇。這是 -- 特別是在美國，這顯然是純粹的遊戲，但我們的許多全方位合作夥伴，所以當你想到 target.com、walmart.com 等時，你可以從商店獲得滿足感，在商店取貨，玩在這一增長軌跡中發揮重要作用。

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.

在美國的業務，具體來說，我們看到我們的電子商務業務增長了 11% 左右。再次，所有這些格式的持續強勁勢頭。

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.

出於多種原因，我們在電子商務中處於有利地位。正如我們之前解釋的那樣，我們認為，在 COVID 的推動下，專注於強大的品牌對我們有利，特別是在我們出現在首頁搜索的電子商務環境中。例如，我們通常能夠通過比貨架上更詳細的電子內容來解釋我們的優勢和優勢。在製定建議和確保我們的職位適用於電子商務渠道或全渠道方面，我們與合作夥伴建立了牢固的關係。

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.

當你考慮一個全方位的環境時，作為領先品牌通常會帶來更多的貨架空間和更多的貨架庫存。因此，當消費者訂購時，我們可以確保我們有庫存，當我們被提貨時，我們的貨架上有產品，因此可以在商店中找到並發貨。所以總的來說，我們相信，電子商務發揮了我們的優勢，我們可以通過強大的營銷和品牌建設來支持我們的電子商務業務，以維持這種增長水平。

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?

我對安德烈在促銷正常化週年紀念日的評論進行了跟進。如果我理解正確的話，您在所謂的產品和包裝投資方面的毛利率為 60 個基點，在 SG&A 線上的營銷投資方面也有 90 個基點。如果我錯了，請糾正我，我想你是說你繼續投資以保持你的優勢，當然，你要靠攏，現在是靠攏的時候了。但也許我們應該如何思考你實現了一次彎曲的能力？而且我假設您的大多數競爭對手甚至會跟隨或實際上已經領先。那麼我們應該如何考慮未來的任何投資呢？

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。我的意思是，正如您在本季度所看到的，我們將繼續按照我們的全面增長進行投資。所以我們的營銷支出，我們的廣告支出，增加了 1.3 億美元。這就是你應該期待的未來。因此，只要我們能夠通過增量支出創造良好的投資回報，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.

與此同時，正如我之前提到的，仍有很大的機會來提高我們的營銷支出效率。因此，隨著我們增加數字覆蓋面，隨著我們越來越善於定位，我們可以增加覆蓋面和覆蓋面質量，因此，通過營銷支出中的純效率來抵消部分增量投資。

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.

正如我所提到的，就促銷動態而言，我們是——市場正在恢復到更正常的水平。在 COVID 之前的時期，促銷量約為 33%。目前，我們已經備份了大約 30%。因此，我們預計它將保持在該水平附近。

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

您的下一個問題來自 Mark Astrachan 和 Stifel。

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

謝謝，大家早上好。我想問一個後續問題和另一個問題。

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.

所以只針對中國。我想你在準備好的評論中提到你已經看到了季度內的一些疲軟，我猜，這意味著情況已經好轉。因此，也許您可以僅就總業務 SK-II 而言，在您退出該季度時談論這種動態，但是您想考慮一下。

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?

然後在營銷投資方面，有趣的是你繼續在那裡提高效率來抵消增加的投資。我想問題是這有多可持續？然後，我們是否認為您會提高效率並將其投資於各種後端營銷，以便您保持充足的資金甚至增加當前水平？

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China Beauty問題的第一部分，我們當然看到本季度前期市場規模有所下降。隨後，我們看到這種情況正在恢復。正如我之前提到的，我們還預計各個類別將恢復到中個位數的增長。所以真的沒有太多要添加的了。

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.

從營銷效率的角度來看，我認為您會看到兩者的結合。我們 - 正如我所說的，我認為我們將繼續提高效率，因為我們將更多的媒體支出納入我們優化的目標池，隨著我們增加全球數字媒體的百分比，因為我們繼續優化我們自己的算法來定位向消費者發送消息。仍然存在重大機會。您會看到對營銷計劃的再投資以及將這些生產力影響流入損益表以抵消一些成本壓力的組合。並且會根據情況逐季度變化。

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.

這可能看起來有點奇怪，但我們可以使我們的營銷支出變得更有效率和效果，正如安德烈所指出的，剛才，有很多機會繼續這樣做。進行這些投資變得越有吸引力。那麼也許是什麼——嗯，以某種奇怪的方式，效率孕育了有效性；效率會滋生支出，而這一切都會推動市場和業務發展。

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

您的下一個問題來自瑞士信貸的 Kaumil Gajrawala。

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.

我想多談談消費者的狀況。顯然，市場似乎 - 顯然，您的業務有很大的發展勢頭，但感覺消費者目前處於非常有利的地位。很好奇你是否同意這一點。如果你這樣做了，那麼你所看到的正是一些強勁需求背後的原因。

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.

然後，如果我可以解決這個問題，我們只是觀察到您的數據比預期的要好。定價仍未成為更大的貢獻者。你的比賽越來越容易。我們今天早上進行的一些對話是——關於為什麼不提出你今年的有機收入指導。因此，如果您可以在其上添加一些顏色，那將很有幫助。

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.

是的，好的。因此，我認為我們品類的消費實力實際上是由我們經營的品類選擇所驅動的。我們選擇的不是可自由支配的，而是消費者日常使用的必需品類。再次強調健康、衛生和乾淨的家。

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.

消費者繼續提升我們在 COVID 中看到的來自 COVID 的這些工作的重要性。我認為這繼續推動這些類別的重要性以及我們在這些類別中獲勝的能力，因為消費者返回或轉向可信賴的品牌，因為他們知道他們可以兌現承諾和完成的工作。

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.

我們在共享結果中看到了這一點。正如喬恩所提到的，我們在自有品牌的反向份額結果中看到了這一點，例如，隨著時間的推移，它在美國和歐洲都在下降。

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.

我們也受益，消費者支出表明，更多的時間在家，我們認為這是一個持續的現象。更多的在家時間意味著更多的在家吃飯，更多的在家洗碗，更多的在家洗衣。再一次，這些元素在增長方面有利於我們的品牌和我們的品類。

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，我們將繼續專注於優勢，以確保我們在任何價位、任何價格階梯上為我們的消費者提供最強大的解決方案。但實際上，我認為，我們受益於總體上更多的在家時間和對我們類別的高度關注。

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 - 關於有機價格/組合和指導，你是對的。正如我們全年所說，我們預計定價將成為收入結構中更大的一部分。我們是第一個季度。市場波動很大。因此，我們認為將收入的指導範圍保持在 2% 至 4% 是審慎的做法。但正如我們在準備好的評論中所說，第一季度的結果讓我們對該指導範圍的上半部分充滿信心。

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.

我只想補充一條評論，這與消費者及其在這些類別中的行為有關。同樣，性能驅動品牌選擇的日常使用，通常提供健康、衛生或清潔家庭的好處。

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.

讓我舉一個例子來說明什麼是可能的。我們最近在口腔護理方面的創新之一，例如 iO 電動刷，高價產品。我們已經 - 自大約一年前推出以來，我們已經建立了超過 2 個份額，這是通過推動市場來實現的。在此期間，市場上漲了 14%。我們已經推動了其中的 50% 以上。

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，您看到的是對基於性能的創新做出響應的消費者。我們可以利用這種響應能力以建設性的方式發展市場，正如安德烈多次提到的那樣，這對我們的零售合作夥伴有利，並且從市場動態的角度來看是建設性的。所以有很多品類，通過基於績效的創新，我們可以通過養生解決方案提供更多的樂趣，我們可以提供更多的樂趣。消費者通常對這些類別的表現有反應，並且消費是可擴展的。

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

您的下一個問題將來自富國銀行證券公司的 Chris Carey。

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?

只是為了確認對上一個問題的回答，然後是針對特定類別的問題。就在今年的有機銷售指導附近。您已經就材料供應鏈限制發表了一些聲明，您對全年有機銷售前景的看法有多少？

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.

然後僅從類別的角度來看，織物護理一直是一個好故事。在困難的比賽中，成交量再次特別強勁。總的來說，您認為是什麼推動了您在該類別中看到的份額增長？我們聽說您的一些競爭對手存在一些材料限制。你認為這是一個因素嗎？這更多是關於創新嗎？總的來說，您認為是什麼推動了織物護理業務方面特別強勁的交付。

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。謝謝你。因此，正如我們所說，關於有機銷售指導，我認為我們今天看到的供應鏈壓力以及我們在過去 18 到 24 個月內應對這些壓力的能力，預計將在有機銷售指導中繼續存在我們已經給了。顯然，任何不可預見的重大中斷，我們都必須重新評估，看看我們在哪裡。但我們對我們應對持續供應鏈壓力的能力感到滿意，這反映在有機銷售指導中。

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.

看，我認為 Fabric Care 背後的故事確實使戰略栩栩如生。這是一個性能驅動品牌選擇的類別，日常使用對消費者來說至關重要，性能非常明顯。該類別在通過新形式或通過創造與消費者相關的新工作來推動優勢方面做得非常出色。例如，如果您考慮單單位劑量，非常優越的提議，在使用方面對消費者來說非常 - 非常直觀。

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.

該類別的高端化以提高每次洗滌的成本，具有卓越的清潔性能和在美國以外的滲透率，仍然是一個重要的增長機會。在德國和加拿大，單劑量的家庭普及率只有 20%。而在日本，我們只有 11%。因此，仍然存在具有真正卓越產品形式的重要跑道。

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.

在織物護理方面，我們也已經做到了——團隊在尋找快速增長的新細分市場方面做得非常出色。當您考慮織物增強劑時，該季度增長了 14%。例如，Beads 現在是一個價值 10 億美元的品牌，並且還在繼續顯著增長。在美國，家庭對珠子的滲透率只有 20%，負載滲透率只有 30% 左右。因此，具有卓越創新和卓越產品的重要跑道繼續存在。所以我們繼續推動這一點，這就是你在結果中看到的。

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

好的。你的最後一個問題來自瑞銀的彼得格羅姆。

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?

因此，我很想听聽您對您在全球新興市場（尤其是拉丁美洲）所看到的情況的看法。您是否看到該地區的品類增長或更廣泛消費者的健康狀況有任何變化？我知道您之前曾討論過其中一些市場的長期復蘇。當我們展望今年的餘額時，這仍然是正確的想法嗎？

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.

拉丁美洲，我會談到這一點，因為這是我在過去一段時間裡一直支持的一項業務。總體而言，它繼續實現非常穩健的增長，而且基礎廣泛。在上個季度，我認為墨西哥上漲了 8% 左右。阿根廷——對不起，巴西，上升了兩位數。現在，拉丁美洲面臨著其固有的挑戰。目前其中之一是許多市場中存在的健康挑戰，我敢肯定，您對此很熟悉。但總的來說，拉丁美洲的消費很強勁，我們的業務也很強勁。

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.

我認為這結束了通話。再次感謝您加入我們。同樣，如果您有任何問題，John Chevalier 或我全天都可以提供服務。因此，如果您想給我們打電話，請隨時聯繫。再次感謝您加入我們的第一季度電話會議。祝你有美好的一天。

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

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