寶潔 (PG) 2020 Q4 法說會逐字稿

Good morning, and welcome to Procter & Gamble's quarter end conference call.

早安，歡迎參加寶潔公司的季度末電話會議。

Today's event is being recorded for replay.

今天的事件正在錄製以供重播。

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

這次討論將包括一些前瞻性陳述。

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.

如果您參考寶潔公司最新的 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有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.

根據 G 條例的要求，寶潔公司需要讓您意識到，在討論過程中，公司將多次提及非 GAAP 和其他財務指標。

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.

寶潔公司認為，這些指標為投資者提供了有關基本業務趨勢的有用視角，並在其投資者關係網站 www.pginvestor.com 上發布了非 GAAP 財務指標的全面對帳。

Now I will turn the call over to P&G's Vice Chairman, Chief Operating Officer and Chief Financial Officer, Jon Moeller.

現在我將把電話轉交給寶潔公司副董事長、營運長兼財務長 Jon Moeller。

Good morning.

早安.

David Taylor, Chairman of the Board, President and Chief Executive Officer; and John Chevalier, Senior Vice President, Investor Relations, joining me this morning.

大衛泰勒，董事會主席、總裁兼執行長；今天早上，投資者關係高級副總裁 John Chevalier 也加入了我的行列。

We're back in our offices in Cincinnati with our masks, appropriately distanced.

我們帶著口罩回到辛辛那提的辦公室，並保持適當的距離。

We'd like to start by expressing our sincere hope that you and your families are also safe and are well.

首先，我們衷心希望您和您的家人也安全、健康。

I'm going to provide an overview of company results which continue to be strong.

我將概述公司持續強勁的業績。

David will cast additional light on our immediate priorities and strategic focus areas.

大衛將進一步闡述我們目前的優先事項和策略重點領域。

We'll close with guidance for fiscal 2021, and of course, take your questions.

我們將以 2021 財年的指導作為結束，當然，也會回答你們的問題。

Fiscal 2020 was a very strong year.

2020 財年是非常強勁的一年。

We grew markets and increased household penetration, driving top line growth, bottom line growth as well as market share.

我們擴大了市場並提高了家庭滲透率，推動了收入成長、利潤成長以及市場份額。

It's what we call balanced growth and value creation.

這就是我們所說的平衡成長和價值創造。

Organic sales grew 6%.

有機銷售額成長 6%。

On a 2-year stack basis, organic sales growth has accelerated from 3% across fiscals '17 and '18 to 6% across fiscal '18 and '19 to 11% over the last 2 years, indicating the underlying strength of our brands and the appropriateness of our strategy, which is driving our business.

以兩年為基礎，有機銷售額成長從17 財年和18 財年的3% 加速到18 財年和19 財年的6%，再到過去2 年的11%，這表明了我們品牌的潛在實力和我們策略的適當性，這推動了我們的業務。

We built strong momentum in 1.5 years leading up to the COVID crisis with 6% organic sales growth in calendar year 2019, including 6% in the first half of fiscal 2020.

在新冠病毒危機爆發之前的 1.5 年內，我們建立了強勁的發展勢頭，2019 日曆年的有機銷售額增長了 6%，其中 2020 財年上半年增長了 6%。

We maintained the strong momentum in the second half of fiscal 2020, overcoming significant challenges, including the lockdown in China, closure of the travel retail, electro, specialty beauty and away-from-home channels, operational challenges, safely staffing our facilities and sourcing materials necessary to maintain and in some categories, significantly increased production to serve heightened consumer cleaning, health and hygiene needs.

我們在 2020 財年下半年保持了強勁的勢頭，克服了重大挑戰，包括中國的封鎖、旅遊零售、電子、專業美容和戶外管道的關閉、運營挑戰、安全地配備我們的設施和採購維持所需的材料，並在某些類別中顯著增加產量，以滿足消費者更高的清潔、健康和衛生需求。

David talked at CAGNY 4 years ago about accelerating growth in our 2 largest and most profitable markets.

四年前，David 在 CAGNY 上談到了加速我們兩個最大、利潤最高的市場的成長。

Fiscal year 2020, U.S. organic sales grew 10%, including 5% growth in the first half of the fiscal.

2020財年，美國有機銷售額成長10%，其中上半財年成長5%。

China grew 8%, including 13% organic growth in the first half of the year.

中國成長 8%，其中上半年有機成長 13%。

9 of 10 product categories grew organic sales.

10 個產品類別中有 9 個類別的有機銷售額將成長。

Home Care and Personal Health Care, up in the teens; Family Care, up double digits; Fabric Care and Feminine Care, up high singles.

居家照護和個人保健，以青少年為主；家庭護理，成長兩位數；織品護理和女性護理，高單品。

Hair Care, Skin and Personal Care and Oral Care, up mid-singles.

頭髮護理、皮膚和個人護理以及口腔護理，中單品。

Grooming, up 1. Baby, down 1. 30 of our top 50 country category combinations held or grew share.

美容，上升 1。嬰兒，下降 1。在我們排名前 50 的國家/地區類別組合中，有 30 個保持或增長了份額。

E-commerce sales were up 40% for the year, up 30% in the first half and 50% in the second half, now over $7 billion in sales, over 10% of the company total.

電商銷售額全年成長40%，上半年成長30%，下半年成長50%，目前銷售額超過70億美元，占公司總銷售額的10%以上。

Turning to earnings.

轉向收益。

Core earnings per share were up 13%.

每股核心獲利成長 13%。

Currency-neutral core earnings per share up 17%.

剔除貨幣因素後每股核心收益成長 17%。

Within this, core gross margin expanded 170 basis points, up 190 basis points constant FX.

其中，核心毛利率擴大了 170 個基點，以固定匯率計算則上漲了 190 個基點。

Core operating margin grew 180 basis points, up 210 basis points, excluding currency impacts.

核心營業利益率成長 180 個基點，剔除匯率影響則成長 210 個基點。

Adjusted free cash flow productivity was 114%.

調整後自由現金流生產力為 114%。

We increased our dividend 6% and returned $15.2 billion of value to share owners, $7.8 billion in dividends and $7.4 billion in share repurchase.

我們將股息提高了 6%，並向股東返還了 152 億美元的價值，其中包括 78 億美元的股息和 74 億美元的股票回購。

Capping a strong year, a very strong April-June quarter.

4 月至 6 月季度非常強勁，為強勁的一年畫下句點。

Organic sales up more than 6% on top of a base period that was up 7%.

有機銷售額在基期增長 7% 的基礎上增長了 6% 以上。

Volume, pricing and mix, each contributed to top line growth.

銷售、定價和產品組合都對營收成長做出了貢獻。

Strong organic sales growth in our 2 largest markets, up 19% in the U.S. and 14% in Greater China.

我們的兩個最大市場的有機銷售額成長強勁，美國成長 19%，大中華區成長 14%。

Strong market share trends, with aggregate global value share up 50 basis points.

市佔率趨勢強勁，全球總價值份額上升 50 個基點。

At the bottom line, core earnings per share of $1.16, up 5% versus the prior year, up 11% on a currency-neutral basis, including a 7 point headwind from gains on land and small brand sales in the base period.

每股核心獲利為 1.16 美元，較上年增長 5%，在貨幣中性基礎上增長 11%，其中基期土地和小品牌銷售收益帶來 7 個百分點的阻力。

Core gross margin, up 210 basis points, up 250 ex FX.

核心毛利率上升 210 個基點，扣除外匯因素後上升 250 個基點。

Core operating margin, up 140 basis points, up 190 ex FX.

核心營業利益率上升 140 個基點，扣除外匯因素後上升 190 個基點。

Adjusted free cash flow productivity of 161%.

調整後自由現金流生產力為 161%。

Coming up, we delivered or overdelivered on each of our going end targets for the year: organic sales growth, core earnings per share growth, free cash flow productivity and cash return to share owners.

接下來，我們實現或超額實現了今年的每一個最終目標：有機銷售成長、每股核心收益成長、自由現金流生產力和股東現金回報。

We built strong momentum heading into the COVID crisis and arguably built this further during the challenging second half of the year.

我們在應對新冠病毒危機時建立了強勁的勢頭，並且可以說在充滿挑戰的下半年進一步增強了這一勢頭。

I know I speak for David and the rest of our leadership team when I say that credit for these results goes to our colleagues.

我知道，當我說這些成果歸功於我們的同事時，我代表大衛和我們領導團隊的其他成員。

The men and women of P&G, who have demonstrated incredible creativity, agility and commitment to serving consumers and customers every day during these unprecedented times.

寶潔公司的員工在這個前所未有的時期展現了令人難以置信的創造力、敏捷性和對每天為消費者和客戶提供服務的承諾。

We will continue to face significant challenges and perhaps a higher degree of uncertainty than any of us have ever faced.

我們將繼續面臨重大挑戰，甚至可能比我們任何人所面臨的更高程度的不確定性。

But we believe that current consumer dynamics are integrated and mutually reinforcing strategies and our focus on a few immediate priorities position us very well for the future.

但我們相信，目前的消費者動態是綜合且相輔相成的策略，我們對一些眼前優先事項的關注使我們在未來處於有利地位。

David?

大衛？

Thanks, John.

謝謝，約翰。

Good morning, everyone.

大家，早安。

I hope everyone is well.

我希望每個人都好。

As we outlined last quarter, we've established 3 immediate priorities that guide our actions and our choices in this crisis period.

正如我們上季度概述的那樣，我們確定了 3 個當務之急，以指導我們在這段危機時期的行動和選擇。

Our first priority is to ensure the health and safety of the men and women we work with, our colleagues around the world.

我們的首要任務是確保與我們一起工作的男女員工以及世界各地同事的健康和安全。

With guidance from medical professionals, we're constantly evaluating and updating the robust measures already in place to help our people who are making, packing and shipping P&G products stay safe at work.

在醫療專業人員的指導下，我們不斷評估和更新現有的強有力措施，以幫助製造、包裝和運輸寶潔產品的員工在工作中保持安全。

This has never been more important as many of our facilities are running around the clock to deliver P&G products during this period of increased demand.

這一點從未如此重要，因為我們的許多設施都在全天候運行，以便在需求增加的時期提供寶潔產品。

This leads to the second priority: maximizing the availability of products to help people and their families with their cleaning, health and hygiene needs.

這引出了第二個優先事項：最大限度地提供產品，幫助人們及其家人滿足清潔、健康和衛生需求。

P&G products play an essential role in helping consumers maintain proper hygiene, personal health and healthy home environments.

寶潔產品在幫助消費者維持適當的衛生、個人健康和健康的家庭環境方面發揮著重要作用。

These products are more important than ever given the needs created by the current crisis.

考慮到當前危機帶來的需求，這些產品比以往任何時候都更重要。

There's an increased awareness of health and hygiene and additional time we're all spending at home.

人們對健康和衛生的意識不斷增強，我們待在家裡的時間也增加了。

Third priority is supporting communities, relief agencies and people who are on the front lines of this global pandemic.

第三個優先事項是支持社區、救援機構和處於這場全球流行病前線的人們。

Millions of P&G products are being donated, helping to ensure families have basic access to everyday essentials many of us take for granted.

數以百萬計的寶潔產品被捐贈，幫助確保家庭能夠獲得我們許多人認為理所當然的日常必需品。

We're providing significant financial support to numerous relief agencies around the world.

我們正在為世界各地的眾多救援機構提供大量財政支援。

We're producing hand sanitizer, face mask and face shields in P&G facilities for our internal use and also for donation to organizations in great need.

我們在寶潔工廠生產洗手液、口罩和麵罩，供我們內部使用，也捐贈給急需的組織。

Finally, we're using our marketing and communications expertise to encourage consumers to support public health measures to help flatten the curve and slow the spread of the virus.

最後，我們利用我們的行銷和傳播專業知識來鼓勵消費者支持公共衛生措施，以幫助拉平曲線並減緩病毒的傳播。

And P&G is committed to the priorities of ensuring the health and safety of the employees -- of our employees, maximize the availability of P&G products to serve consumers and help society overcome the challenges in this period.

寶潔公司致力於確保員工的健康和安全為首要任務，最大限度地提高寶潔產品的可用性，為消費者服務，幫助社會克服這段時期的挑戰。

Our integrated strategic choices remain the right ones.

我們的綜合戰略選擇仍然是正確的。

They serve each of our immediate priorities and that the foundation for balanced top and bottom line growth and long-term value creation.

它們服務於我們的每一個當務之急，是平衡的頂線和底線成長以及長期價值創造的基礎。

We're focused on portfolio of daily-use products in categories where performance plays a significant role in brand choice.

我們專注於性能在品牌選擇中發揮重要作用的類別的日常使用產品組合。

Within these categories, we've raised the bar on all aspects of superiority: product, package, consumer communication, retail execution and value.

在這些類別中，我們提高了各個方面的優勢標準：產品、包裝、消費者溝通、零售執行和價值。

The most sustainable and profitable way to grow is to create new business versus just taking or trading it.

最可持續和最有利可圖的成長方式是創造新業務，而不是僅僅獲取或交易它。

Superior offerings, science-based products delivered to a superior packaging drive market growth, which in turn drives share, sales and profit growth.

優質的產品、基於科學的產品和優質的包裝推動了市場成長，進而推動了份額、銷售額和利潤的成長。

This creates a winning proposition for all concerned, high expansion versus 0 sum.

這為所有相關方創造了一個獲勝的主張，即高擴張與零總和。

It's the only growth our retailers care about.

這是我們零售商唯一關心的成長。

Growth that is incremental to the category.

該類別的增量成長。

And if we lead category growth with superior offerings, we will mathematically build market share.

如果我們以優質的產品引領品類成長，我們就能從數學上建立市場佔有率。

We strive to communicate product and packaging benefits with superior brand messaging.

我們努力透過卓越的品牌訊息來傳達產品和包裝的優勢。

P&G was just named the #1 brand marketer of the decade at the Cannes Lions Festival Creativity in June.

寶潔公司剛在 6 月的坎城創意節上被評為十年來第一品牌行銷商。

Not only has our advertising been creative, it's been increasingly effective at growing markets and building our business.

我們的廣告不僅富有創意，而且在發展市場和發展業務方面也越來越有效。

I'm particularly proud of this as it speaks to sustained excellence versus a few great ads.

我對此感到特別自豪，因為它說明了與一些精彩廣告相比的持續卓越。

In addition to winning with consumers' communication, we need superior retail execution, online and in physical stores that contributes to the growth of categories and our brands.

除了贏得與消費者的溝通之外，我們還需要卓越的線上和實體店零售執行力，以促進品類和品牌的成長。

Our superior performance in this area has been recognized in third-party surveys of retailers and awards from top customers that we've been mentioned previously.

我們在這一領域的卓越表現得到了對零售商的第三方調查的認可以及我們之前提到的頂級客戶的獎勵。

Most recently, Target recognized P&G as supplier of the year across all our product categories in the store.

最近，塔吉特將寶潔評為店內所有產品類別的年度供應商。

We appreciate the recognitions we've received, but really matters is retailers' improved view of P&G as a partner and joint value creation, helping retailers grow categories and create value on strong distribution, share of shelf, display and feature.

我們感謝所獲得的認可，但真正重要的是零售商對寶潔作為合作夥伴和共同價值創造的看法的改善，幫助零售商擴大品類並在強大的分銷、貨架份額、展示和功能方面創造價值。

The fifth vector of superiority is value for consumers and for customers.

優勢的第五個向量是為消費者和顧客帶來的價值。

In performance-driven categories, consumers often see the value in paying a modest premium for noticeably better product performance.

在性能驅動的類別中，消費者通常會看到支付適度溢價以獲得明顯更好的產品性能的價值。

We're strengthening our innovation across price tiers with the aim of delivering superior value at each price tier where we compete.

我們正在加強跨價格層的創新，目的是在我們競爭的每個價格層中提供卓越的價值。

We've made investments to strengthen the long-term health and competitiveness of our brands, and we'll continue to invest to extend our margin of advantage and quality of execution, improving options for consumers around the world.

我們進行投資是為了加強我們品牌的長期健康和競爭力，我們將繼續投資以擴大我們的優勢和執行質量，為世界各地的消費者提供更多的選擇。

The strategic need for this investment, the short-term need to manage through this crisis and ongoing need to drive balanced top and bottom line growth, including margin expansion, underscores the importance of productivity.

這項投資的策略需求、應對這場危機的短期需求以及推動營收和利潤平衡成長（包括利潤率擴張）的持續需求，都凸顯了生產力的重要性。

We're driving cost savings and efficiency improvement in all facets of our business, delivering strong cost and cash productivity.

我們正在業務的各個方面推動成本節約和效率提高，實現強大的成本和現金生產力。

Success in our highly competitive industry requires agility that comes with a mindset of constructive disruption, a willingness to change, adapt and create new trends and technologies that will shape our industry for the future.

在我們競爭激烈的產業中取得成功需要敏捷性，這種敏捷性需要具有建設性顛覆的心態，願意改變、適應和創造新的趨勢和技術，從而塑造我們產業的未來。

In this environment, agility and constructive disruption mindset are even more important.

在這種環境下，敏捷性和建設性的顛覆思維更加重要。

How can we be even safer while both producing and helping more?

我們怎樣才能在生產和提供更多幫助的同時變得更加安全？

What new needs must be met and in what new ways?

必須滿足哪些新需求以及以哪些新方式？

We're fostering an ongoing mindset of constructive disruption and disruptive possibility.

我們正在培養一種持續的建設性顛覆和顛覆性可能性的心態。

Our new organization structure, 6 industry-based sector business units that manage our 10 product categories with a differentiated approach in focused markets and enterprise markets and very small corporate groups with best-in-class functional expertise is also serving us well.

我們的新組織結構、6 個基於行業的部門業務部門（在重點市場和企業市場採用差異化方法管理我們的10 個產品類別）以及擁有一流職能專業知識的小型企業集團也為我們提供了良好的服務。

A more empowered, agile and accountable organization with little overlap or redundancy flow into new demands, seamlessly supporting each other to deliver against our priorities around the world.

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。

These strategic choices we've made to focus and strengthen our portfolio in daily-use categories where performance drives brand choice, to establish and extend the superiority of our brands, to make productivity as integral to our culture as innovation, to lead constructive disruption across the value chain and to improve organizational focus, agility and accountability are not independent strategies.

我們所做的這些策略選擇是為了重點關注和加強我們在日常用品類別中的產品組合，在這些類別中，性能驅動品牌選擇，建立和擴大我們品牌的優勢，使生產力像創新一樣成為我們文化的組成部分，在整個領域引領建設性顛覆。價值鏈和提高組織重點、敏捷性和問責並不是獨立的策略。

They reinforce and build on each other.

它們相互加強、相互促進。

When executed well, they grow markets, which, in turn, grow share, sales and profit.

如果執行得當，他們會擴大市場，進而增加份額、銷售和利潤。

Some examples.

一些例子。

Global Home Care improved its noticeable superiority from less than 60% in fiscal '18 to nearly 80% superiority this fiscal year.

Global Home Care 的顯著優勢從 18 財年的不到 60% 提高到本財年的近 80%。

We invested in product performance, in packaging in each of the subcategories: hand dish, auto dish, dish care and surface care, including launching our new Microban 24 surface standardization product in February.

我們對產品性能以及每個子類別的包裝進行了投資：手洗盤、自動洗盤、餐具護理和表面護理，包括在 2 月份推出了新的妙抗保 24 表面標準化產品。

We step-changed consumer communication, leveraging educational TV advertising, which delivered an immediate lift to the category and our brands by showing consumers more ways to use our products.

我們利用教育電視廣告徹底改變了消費者溝通方式，透過向消費者展示更多使用我們產品的方式，立即提升了該品類和我們的品牌。

We elevated in-store execution with additional navigational and educational signage to help the consumer choose the product that is right for them.

我們透過額外的導航和教育標誌來提高店內執行力，幫助消費者選擇適合他們的產品。

These superiority investments have yielded strong results.

這些優勢投資取得了良好的成果。

And most importantly, they've grown markets, both before and after the pandemic.

最重要的是，他們在大流行之前和之後都擴大了市場。

P&G Home Care has driven over 60% of the global category market growth and accelerated organic sales growth from low single digits to double digits, increased profit, improved market share 1.5 points and increased household penetration, all in the last 2 years.

過去兩年，寶潔家庭照護推動了全球60% 以上品類市場的成長，並加速有機銷售額成長，從低個位數成長到兩位數，利潤增加，市佔率提高1.5 個百分點，家庭滲透率提高。

The business grew organic sales 7% in fiscal '19, 7% in the first half of fiscal '20 ahead of the crisis.

該業務在 19 財年的有機銷售額增長了 7%，在危機爆發前的 20 財年上半年增長了 7%。

We had great momentum that only accelerated in the second half of the year with nearly 25% organic growth.

我們的強勁勢頭在下半年才加速，有機成長近 25%。

China fem care has been driving category growth through superior innovation and demand creation.

中國女性護理一直透過卓越的創新和需求創造來推動品類成長。

Innovation is focused on organics, overnight protection and teens.

創新的重點是有機產品、隔夜保護和青少年。

The Whisper brand has driven 25% of category growth, well above its 12% market share.

Whisper 品牌帶動了 25% 的品類成長，遠高於其 12% 的市佔率。

The brand has grown market share over 2 points over the last 3 years and grown organic sales at an average rate in the high teens over this period.

在過去 3 年裡，該品牌的市佔率成長了 2 個百分點以上，在此期間有機銷售額的平均成長率達到了十幾歲。

One more, P&G U.S. Personal Home Care -- Health Care, rather, has focused on improving the superiority across all 5 vectors, reaching over 80% superiority across the portfolio this year.

另外，寶潔美國個人家庭護理——醫療保健專注於提高所有 5 個領域的優勢，今年整個產品組合的優勢達到 80% 以上。

P&G brands drove more than 25% of category growth this past year, roughly double their market share weight.

去年，寶潔品牌推動了品類成長超過 25%，約為其市佔率權重的兩倍。

Vicks, Metamucil, Pepto-Bismol, Prilosec, Align and ZzzQuil each grew share over the past 3, 6 and 12-month periods, with total U.S. P&G Personal Health Care value share of 1 point or more over these time periods.

Vicks、Metamucil、Pepto-Bismol、Prilosec、Align 和ZzzQuil 在過去3、6 和12 個月期間的份額均有所增長，在這些時期內，美國寶潔個人保健品的總價值份額達到或超過1 個百分點。

U.S. Personal Health Care delivered its fourth consecutive year of organic sales growth with high single-digit growth in fiscal '19 and double-digit growth in fiscal '20.

美國個人醫療保健業務連續第四年實現有機銷售成長，19 財年實現高個位數成長，20 財年實現兩位數成長。

We think our strategies, the success we've had behind them and an increased societal focus on health, hygiene and a clean home all bode well for the future.

我們認為，我們的策略、我們在策略背後所取得的成功以及社會對健康、衛生和清潔家庭日益關注，都預示著未來的美好前景。

The relevance of our categories and consumers' lives has increased.

我們的品類與消費者生活的相關性增強了。

There may be a long-term increased focus on home, more time at home, more meals at home with related consumption impacts.

從長遠來看，人們可能會更關注家庭，在家的時間更長，在家吃飯的時間也更多，從而對消費產生影響。

The importance of noticeably superior performance potentially grows.

顯著卓越的性能的重要性可能日益增長。

Organizational agility, high employee engagement, to meet the changing needs of consumers and retailers likely becomes more important.

滿足消費者和零售商不斷變化的需求的組織敏捷性、高員工敬業度可能變得更加重要。

We believe P&G is well positioned to serve consumers' heightened needs and their changing behaviors and to serve the changing needs of our retail and distributor partners, all of which are critical to long-term value creation.

我們相信，寶潔有能力滿足消費者日益增長的需求及其不斷變化的行為，並滿足我們的零售和分銷合作夥伴不斷變化的需求，所有這些對於長期價值創造都至關重要。

I'll turn it back over to John to cover the outlook for fiscal 2021.

我會將其轉回給 John，介紹 2021 財政年度的前景。

To underscore David's comments, we like our long-term prospects, rooted in service of consumers with increasing needs.

為了強調大衛的評論，我們看好我們的長期前景，植根於為需求不斷增長的消費者提供服務。

The near term, though, will be challenging and is more difficult to predict.

不過，短期內將充滿挑戰，而且更難以預測。

Our outlook starts with an assumption of how underlying consumer markets will develop.

我們的展望始於對潛在消費市場將如何發展的假設。

This by itself is highly uncertain.

這本身是高度不確定的。

The reality is that COVID cases are increasing in many parts of the world, without the resources or infrastructure to effectively manage it.

現實情況是，世界許多地區的新冠病例不斷增加，但缺乏有效管理的資源或基礎設施。

We'll likely be operating without a vaccine or advanced therapeutics through fiscal '21.

到 21 財年，我們可能會在沒有疫苗或先進療法的情況下繼續運作。

This could prompt tighter containment policies and dramatically reduced mobility, which would affect employment and overall incomes, potentially leading to a deeper and longer recession across large parts of the world.

這可能會促使採取更嚴格的遏制政策並大幅減少流動性，從而影響就業和整體收入，並可能導致世界大部分地區陷入更嚴重、更長期的衰退。

In the U.S., it's unclear how long we'll be operating at double-digit unemployment levels and how long there will be mitigating economic stimulus available.

在美國，目前尚不清楚我們將在兩位數的失業率水準下運行多久，以及緩解經濟刺激措施將持續多久。

There continues to be social unrest and economic distress in many parts of the world that affect the prospects for category growth.

世界許多地區持續存在社會動盪和經濟困境，影響了品類成長的前景。

These same dynamics result in an increased cost to operate.

這些相同的動態導致營運成本增加。

There's also a risk of supply chain disruption of our operations or those of our suppliers being shut down due to local mandates.

我們的營運也存在供應鏈中斷的風險，或我們的供應商的營運因當地法規而被關閉的風險。

Against this challenging backdrop, we're holding ourselves to an expectation of meaningful growth, top line and bottom line and expect to be highly cash generative.

在這種充滿挑戰的背景下，我們對實現有意義的成長、營收和利潤抱有很高的期望，並期望能夠產生大量現金。

We're targeting organic sales growth in the range of 2% to 4%.

我們的目標是有機銷售額成長 2% 至 4%。

We expect to grow market share in aggregate for the year and markets where growth could range from flat to around 3% value growth.

我們預計今年的市佔率整體將有所成長，而成長幅度可能從持平到 3% 左右的價值成長不等。

We're targeting core earnings per share growth of 3% to 7% versus prior year core earnings per share of $5.12.

我們的目標是每股核心獲利成長 3% 至 7%，而上年每股核心獲利為 5.12 美元。

The bottom line outlook reflects the full range of potential top line outcomes.

底線前景反映了所有潛在的頂線結果。

It also incorporates $300 million after-tax of foreign exchange headwinds, largely offset by $275 million after-tax and commodity cost tailwinds.

它還包括 3 億美元的稅後外匯逆風，大部分被 2.75 億美元的稅後和大宗商品成本逆風所抵消。

This outlook also includes a $150 million after-tax headwind from the combination of higher interest expense and lower interest income.

這一前景還包括利息支出增加和利息收入減少帶來的 1.5 億美元稅後不利因素。

If you consider the quarterly cadence of the year, base period comps will play a significant role in top line trends.

如果您考慮一年中的季度節奏，基期比較將在營收趨勢中發揮重要作用。

Organic sales growth should be stronger in the first half of the year and moderate in the second half as we annualize the recent acceleration in category growth.

由於我們對最近類別成長的加速進行了年化計算，因此上半年的有機銷售成長應該會強勁，而下半年的有機銷售成長應該會溫和。

Bottom line growth should be somewhat stronger in the second half due mainly to higher cost productivity as the year progresses.

下半年的利潤成長應該會有所加強，這主要是由於隨著時間的推移，成本生產力有所提高。

Fiscal 2021 will continue our long track record of significant cash generation and cash return to share owners.

2021 財年，我們將繼續保持大量現金產生和股東現金回報的長期記錄。

We're targeting another year of 90% adjusted free cash flow productivity.

我們的目標是再過一年調整後的自由現金流生產力達到 90%。

We expect to pay approximately $8 billion in dividends and repurchase $6 billion to $8 billion of shares.

我們預計將支付約 80 億美元的股息，並回購 60 億至 80 億美元的股票。

This outlook is based on current market growth rate estimates, commodity prices and foreign exchange rates.

這項展望是基於當前市場成長率估計、大宗商品價格和外匯匯率。

Significant currency weakness, commodity cost increases, additional geopolitical disruptions, major production stoppages or additional store closures are not anticipated within this guidance range.

在此指導範圍內預計不會出現貨幣大幅疲軟、商品成本增加、額外的地緣政治幹擾、重大生產停頓或額外的商店關閉。

Now I'll hand it back quickly to David for closing comments.

現在我將快速將其交還給大衛以供結束評論。

We delivered a very strong fiscal 2020, meeting or beating each of the key goals we set out at the start of the year in a challenging and volatile market.

我們實現了非常強勁的 2020 財年，在充滿挑戰和動盪的市場中實現或超越了我們在年初制定的每一項關鍵目標。

We believe we have a bright future ahead.

我們相信我們有一個光明的未來。

We have the right strategies, portfolio and daily-use categories where performance drives brand choice, superiority and products, packages, consumer communication, retail execution and value, productivity in all areas of cost and cash, constructive disruption in all facets of the operation and improved organizational focus, agility and accountability.

我們擁有正確的策略、產品組合和日常使用類別，其中績效推動品牌選擇、優勢和產品、包裝、消費者溝通、零售執行和價值、成本和現金所有領域的生產力、營運各個方面的建設性顛覆以及提高組織重點、敏捷性和問責性。

We feel we have the right priorities to deal with the immediate challenges the company is facing, ensuring the health -- employee health and safety, maximizing product availability and helping society overcome the challenges of the crisis.

我們認為我們有正確的優先事項來應對公司面臨的緊迫挑戰，確保員工的健康和安全，最大限度地提高產品可用性並幫助社會克服危機的挑戰。

We're stepping forward, not back.

我們正在前進，而不是後退。

We're doubling down to serve consumers and communities.

我們正在加倍努力為消費者和社區提供服務。

We're investing in the superiority of our brands and the capabilities of our organization.

我們正在投資我們品牌的優勢和我們組織的能力。

We're doing this in our interest, in society's interest, in the interest of our long-term share owners with an eye fixed on long-term balanced growth and value creation.

我們這樣做是為了我們的利益，為了社會的利益，為了我們長期股東的利益，著眼於長期平衡成長和價值創造。

With that, we would be happy to answer your questions.

這樣，我們很樂意回答您的問題。

(Operator Instructions) Your first question comes from the line of Wendy Nicholson with Citi.

（操作員說明）您的第一個問題來自花旗集團的溫迪·尼克森 (Wendy Nicholson)。

My question has to do with the enterprise market, both from a short-term perspective and, I guess, a longer-term, more strategic perspective.

我的問題與企業市場有關，無論是從短期角度來看，還是從更長期、更具策略性的角度來看。

In the short term, are you seeing any of the challenges that the pandemic have sort of placed in those markets in particular, showing any signs of improvement?

短期內，您是否看到疫情對這些市場帶來的挑戰有任何改善的跡象？

Are the challenges alleviating?

挑戰是否有所緩解？

And then longer term, kind of given where things stand, are you thinking any differently about any of those markets?

從長遠來看，考慮到目前的情況，您對這些市場的看法是否有差異？

Are you deciding to -- sure, the tailwind is maybe more negative than I mean, but change your investment philosophy with regard to any of those markets.

您是否決定——當然，順風可能比我的意思更負面，但改變您對任何這些市場的投資理念。

Wendy, I'll make one comment, then I want to turn it to Jon because he has direct responsibility for the enterprise markets.

溫迪，我將發表一條評論，然後我想將其轉給喬恩，因為他對企業市場負有直接責任。

The comment I'd make is the organizational structure change we made has really helped us deal with this recent pandemic.

我想說的是，我們所做的組織結構變革確實幫助我們應對了最近的這場流行病。

We grew in enterprise markets where they're facing just a range, as you know, of very big challenges.

我們在企業市場中成長，如你所知，他們面臨一系列非常大的挑戰。

But if anything, it's reinforced the strength of the organization of choice and actually the possibilities we see for the future.

但如果有什麼不同的話，那就是它增強了我們選擇的組織的實力，實際上增強了我們看到的未來​​的可能性。

I want to turn it to Jon to talk how we're dealing with it directly.

我想把它轉給喬恩，讓他直接談談我們如何處理這個問題。

But no, we haven't changed our long-term view on the attractiveness of the enterprise markets.

但我們並沒有改變對企業市場吸引力的長期看法。

And I'm going to take one step to the side, and then I'll come hopefully back to the middle here.

我將向一側邁出一步，然後我將滿懷希望地回到這裡的中間。

Remember that the whole -- from an organization structure context, one of the driving forces and the design was to free up category leaders and sector CEOs to focus on the biggest opportunities, which were the focus markets where we generate 80% of our sales and 90% of our profit.

請記住，從組織結構的整體角度來看，驅動力和設計之一是讓類別領導者和部門執行長專注於最大的機會，這些機會是我們創造80% 銷售額和收入的重點市場。我們利潤的90%。

And I, of course, don't want to assert direct causality, but there's nothing to indicate that isn't exactly what's happening.

當然，我不想斷言直接因果關係，但沒有任何跡象表明事實並非如此。

So in the U.S., we grew, as we've said earlier, 10% over the year, 19% in the last quarter.

因此，正如我們之前所說，在美國，我們去年成長了 10%，上一季成長了 19%。

In China, we grew 8% over the year, 14% in the last quarter.

在中國，我們去年成長了 8%，上季成長了 14%。

Those are our 2 largest focus markets.

這些是我們最大的兩個重點市場。

So that part of the organization strategy is working well.

因此，組織策略的這一部分運作良好。

We also wanted to move decision-making in enterprise markets closer to consumers, competitors, customers, with the hope that we would continue to provide strong growth in those markets, both on a top and bottom line standpoint, and that continues to be the case.

我們也希望讓企業市場的決策更貼近消費者、競爭對手和客戶，希望我們能夠繼續在這些市場中提供強勁的成長，無論是從收入還是利潤的角度來看，情況仍然如此。

We grew despite all the difficulty of the last year, 3% organically on the top line.

儘管去年遇到了種種困難，我們還是實現了成長，營收有機成長了 3%。

We grew 16% on the bottom line.

我們的利潤成長了 16%。

We exited the year with only 2 of the enterprise markets.

今年結束時，我們只擁有兩個企業市場。

That's over 100 countries, losing money, which is unprecedented for us.

超過100個國家都在虧損，這對我們來說是前所未見的。

And we did that, we built that profitability despite significant headwinds and while growing market share.

我們做到了這一點，儘管面臨巨大的阻力，並且市場份額不斷增長，但我們還是建立了盈利能力。

In aggregate, the enterprise markets were up 0.2 points.

總體而言，企業市場上漲了 0.2 個百分點。

But we're happy with all of that.

但我們對這一切感到滿意。

Now to get back to the middle and answer to your questions more directly.

現在回到中間，更直接回答你的問題。

Yes, we're facing challenges in the enterprise market as a result of the current both health and economic crisis.

是的，由於當前的健康和經濟危機，我們在企業市場中面臨挑戰。

And yes, it is affecting market sizes negatively.

是的，它正在對市場規模產生負面影響。

And no, that's not over and arguably continues to worsen.

不，這還沒結束，而且可以說還在繼續惡化。

In terms of our long-term view on these markets, they're an incredibly important piece of the company.

就我們對這些市場的長期看法而言，它們是公司極為重要的一部分。

We generated in enterprise markets, I think we crossed $14 billion in sales this year, $1.6 billion in aftertax profit.

我們在企業市場創造了收入，我認為今年我們的銷售額突破了 140 億美元，稅後利潤達到 16 億美元。

So they're meaningful and can create value.

所以它們是有意義的並且可以創造價值。

We want to be more consistent in our efforts to do that.

我們希望更加一致地努力做到這一點。

So we have made changes to our business models, to our cost structures, to ensure that as we grow in these markets, we can do that profitably.

因此，我們對業務模式和成本結構進行了改變，以確保隨著我們在這些市場的成長，我們能夠實現盈利。

But we remain committed to success in these markets and highly confident we can deliver that.

但我們仍然致力於在這些市場取得成功，並且非常有信心能夠實現這一目標。

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

你的下一個問題來自凱文·格倫迪和傑弗里斯的對話。

Congratulations on a great year.

恭喜您度過了美好的一年。

A question for David.

問大衛一個問題。

Just on organizational priorities and how these may have shifted as a result of the pandemic.

只是關於組織的優先事項以及這些事項可能因疫情而發生的變化。

So no shortage of discussion, of course, in the marketplace around this accelerated channel shift online, more time spent working from home, which seems like it will be lasting certainly to some degree.

因此，當然，市場上不乏圍繞線上管道加速轉變、在家工作時間增加的討論，這似乎在某種程度上肯定會持續下去。

Much bigger focus on health and wellness, broader emphasis on ESG, just to name a few.

更重視健康和保健，更廣泛地強調 ESG，僅舉幾例。

So David, could you discuss some of these bigger trends that you see as more lasting versus those that are more transitory?

那麼大衛，你能討論一下你認為更持久的趨勢和那些更短暫的趨勢嗎？

And perhaps how your priority and the organization's priorities may have shifted over the past 6 to 12 months in light of these consumer shifts?

鑑於這些消費者的變化，您的優先事項和組織的優先事項在過去 6 到 12 個月中可能發生了怎樣的變化？

Certainly.

當然。

All good questions -- many questions there.

都是好問題——有很多問題。

First, the -- if I look at what's happened for the last couple of years, if anything, it's just reinforced the set of choices that we've made.

首先，如果我看看過去幾年發生的事情，如果有的話，那就是它只是強化了我們所做的一系列選擇。

What we are seeing and the pandemic's, frankly, accelerated is consumers are right now moving more and more back to trusted brands.

坦白說，我們所看到的，以及疫情的加速是，消費者現在越來越多地轉向值得信賴的品牌。

Their -- the pandemic has actually put many, many more people back in their homes.

他們的——大流行實際上讓更多的人回到了家。

And if you think about health, hygiene and cleaning categories, and we said it a lot, and sometimes I think people get tired of it, but it's categories where performance drives brand choice really matters.

如果你考慮健康、衛生和清潔類別，我們說了很多，有時我認為人們會厭倦它，但這些類別的性能驅動品牌選擇確實很重要。

And I think it matters even more now.

我認為現在這更重要。

We were seeing that before the pandemic because we grew very, very well in the first half of the year, 6%, and we saw it through the pandemic.

我們在大流行之前就看到了這一點，因為我們上半年的成長非常非常好，成長了 6%，而且我們在疫情期間也看到了這一點。

But those -- that focus on health, hygiene and cleaning and are having things that really matter.

但那些注重健康、衛生和清潔並且擁有真正重要的東西的人。

And one of the other points that I think in the strategy that's really working and it fits what's going on right now is because of the shift to e-commerce, there's tremendous pressure on retailers, and frankly, all participants on profitability.

我認為該策略中真正有效且符合當前情況的另一點是，由於向電子商務的轉變，零售商以及坦率地說，所有參與者都面臨著巨大的盈利壓力。

So if your strategy is one where innovation grows the category size, when you do that, you create the larger pie, which allows both the retailer to increase their profitability, to manufacture, and it doesn't put the rest of the industry in a bad place.

因此，如果你的策略是創新擴大品類規模，那麼當你這樣做時，你就創造了更大的蛋糕，這使得零售商能夠提高其盈利能力和製造能力，並且不會讓行業的其他公司陷入困境。不好的地方。

It's actually in a better place.

它實際上在一個更好的地方。

So to me, I believe the strategy is actually moving in the right place.

所以對我來說，我相信這個策略實際上正在朝著正確的方向發展。

You mentioned ESG, I think it's another area where P&G has particular strengths.

你提到ESG，我認為這是寶潔另一個有優勢的領域。

Well before it was in vogue, P&G has always had a position of being a very strong corporate citizen.

早在它流行之前，寶潔就一直是個非常強大的企業公民。

We have stood up in both social sustainability and environmental sustainability with sustained efforts in those areas.

透過在社會永續性和環境永續性方面的持續努力，我們在這些領域取得了進步。

It's the way we operate.

這就是我們的運作方式。

It's consistent with our values.

這符合我們的價值觀。

And so as there's been a greater focus on that, I think that as well matters because consumers more and more, as well as all stakeholders, one on the values of the company is behind the brand.

因此，隨著人們更加關注這一點，我認為這也很重要，因為越來越多的消費者以及所有利害關係人在品牌背後關注公司的價值觀。

And I think that also plays well to the strategy.

我認為這也對戰略起到了很好的作用。

What I feel one of the things best about is we have not had to make big shifts in our strategy as a result of what's happened.

我覺得最好的事情之一是我們不必因為發生的事情而對我們的策略做出重大轉變。

It's just reinforced the importance of it.

這只是強化了它的重要性。

And the final point I'd make is the organizational changes that we made, which are putting more accountability closer to where our consumers or customers are and recognizing the inherent strength of our people and capability of the organization in unleashing it to me has shown sequentially stronger and stronger results and better and better activation of that strategy.

我要說的最後一點是我們所做的組織變革，這些變革使我們的消費者或客戶的責任更加貼近，並認識到我們員工的內在力量和組織向我釋放這種力量的能力已經依次顯示出來結果越來越強，該戰略的活化也越來越好。

And you saw it going into the crisis because, again, the crisis accelerated trends that were happening and our people stepped up magnificently well and beyond trying to deliver the business.

你看到它陷入了危機，因為危機再次加速了正在發生的趨勢，我們的員工表現出色，超越了試圖交付業務的範圍。

They initiated many of these projects to, can we make mask and donate them?

他們發起了許多這樣的項目，我們可以製作口罩並捐贈它們嗎？

Can we make hand sanitizers and donate some of those?

我們可以製作洗手液並捐贈一些嗎？

Face shields, we've never made.

面罩，我們從未製造過。

But a group -- 2 different groups decided they could repurpose some of our packaging equipment and turn that packaging equipment into something that can make face shields, and we've shipped hundreds of thousands of face shields to the medical community.

但是一個團體——兩個不同的團體決定他們可以重新利用我們的一些包裝設備，並將這些包裝設備變成可以製造面罩的東西，我們已經向醫療界運送了數十萬個面罩。

But it just shows you that when you have engaged people that care about both the consumers and the communities, what they can do.

但它只是向你展示，當你有既關心消費者又關心社區的人參與時，他們能做什麼。

So it's just we accelerated the choices we've made.

所以我們只是加快了所做的選擇。

And Kevin, I think it's put us in a very good position coming out of the pandemic because of the capabilities we've been developing.

凱文，我認為，由於我們一直在發展的能力，這使我們在走出大流行後處於非常有利的位置。

Our next question will come from the line of Lauren Lieberman with Barclays.

我們的下一個問題將來自巴克萊銀行的勞倫·利伯曼。

One thing I wanted to ask about was the productivity.

我想問的一件事是生產力。

So beyond the 6% organic sales growth this quarter, the productivity was really remarkable, the 440 basis points in total between cost of goods and SG&A.

因此，除了本季 6% 的有機銷售成長之外，生產力確實非常出色，商品成本與 SG&A 之間總計 440 個基點。

And that was on a very strong comparison and more than double, I think, the run rate through the fiscal year-to-date.

這是一個非常強烈的比較，我認為是本財年迄今為止的運行率的兩倍多。

So maybe anything about what's been done kind of differently.

所以也許所做的事情有所不同。

I know productivity is typically strongest in the fourth quarter.

我知道生產力通常在第四季最強。

But as you carry forward into '21 and beyond, are there things that you've been able to do differently, cost-savings opportunities, productivity opportunities that kind of presented themselves given the change in the environment?

但是，當您進入 21 世紀及以後，您是否能夠採取不同的做法，例如節省成本的機會、生產力的機會，這些機會會隨著環境的變化而出現？

So we can be a bit informed in terms of that productivity going forward.

因此，我們可以對未來的生產力有所了解。

I'll make one comment, again, I'll turn it to Jon on this one.

我將再次發表一條評論，我會將其轉給喬恩（Jon）。

We've talked a great deal about the fact that all buckets, all spin pools have been looked at and we've leveraged to me both the digital ecosystem as well as the capabilities of our organization to make substantive changes.

我們已經討論了很多這樣的事實，即所有的桶子、所有的旋轉池都經過了研究，我們利用了數位生態系統以及我們組織的能力來做出實質的改變。

And one of the best illustrations of that is what happened when the pandemic hit, we started to see both attendance issues and supply challenges.

最好的例證之一就是疫情爆發時發生的情況，我們開始看到出勤問題和供應挑戰。

We've learned time and time again that when we ask groups of people to step up and address change, they can do it incredibly well.

我們一次又一次地認識到，當我們要求一群人挺身而出並解決變革時，他們可以做得非常好。

We've had plants that have operated at 90% of their effectiveness with half the people in the short run, demonstrating again there's more there.

我們的工廠在短期內只花了一半的員工就實現了 90% 的效率，這再次證明了還有更多。

But I'll turn it to Jon to get the specifics, but both the gross margin and operating margin to meet progress has been sustained over the last several years.

但我會向喬恩詢問具體細節，但毛利率和營業利潤率在過去幾年中一直保持著進步。

And if you look forward, we see still tremendous amount in both media.

如果你向前看，我們會發現這兩種媒體仍然有大量內容。

We see with many of our nonconsumer-facing spending areas as well as cost of goods.

我們看到許多非面向消費者的支出領域以及商品成本。

Jon?

喬恩？

Just 2 comments.

只有 2 則評論。

One, I'm glad you realize, and I know you always have, that the productivity savings do accrue more to the back half of the year than the front half of the year because that's going to be important as you think about your quarterly cadence for estimates next year because the same thing, the same pattern will hold true.

第一，我很高興您意識到，而且我知道您一直都意識到，下半年的生產力節省確實比上半年更多，因為當您考慮季度節奏時，這將很重要對於明年的估計，因為同樣的事情，同樣的模式將成立。

We have learned a ton, as David was indicating, as a result of the experience we've been through the last 4 months.

正如 David 所指出的，我們從過去 4 個月的經歷中學到了很多。

And one of the things I believe we've learned is that there is even more opportunity than we thought.

我相信我們學到的一件事是，機會比我們想像的還要多。

I'll just give you one simple and obvious example, travel and entertainment.

我只舉一個簡單明了的例子，旅遊和娛樂。

We never really -- I don't think could have imagined that we'd be accomplishing all we are with effectively 0 travel and entertainment.

我們從來沒有真正--我認為我們無法想像我們會透過有效的零旅行和娛樂來完成我們所要做的一切。

And that's not the right long-term answer.

這不是正確的長期答案。

But the right long-term answer is not what we were doing previously.

但正確的長期答案並不是我們之前所做的。

We've all become much more effective working in very different ways with digital tools, as David indicated.

正如大衛指出的那樣，我們都透過使用數位工具以不同的方式工作，變得更有效率。

I think the general comfort with digital tools that are available to us makes it much more likely that we will seek those tools out in terms of improving our work efficiency and effectiveness across all of our activity systems.

我認為，我們對可用的數位工具普遍感到滿意，這使得我們更有可能尋求這些工具來提高我們所有活動系統的工作效率和有效性。

So there is -- David mentioned the manufacturing efficiency, which is clearly an opportunity as well.

所以大衛提到了製造效率，這顯然也是一個機會。

So we continue to be committed to productivity as a fundamental foundation stone in our strategy.

因此，我們繼續致力於將生產力作為我們策略的基石。

It enables the investment in superiority, which grows markets and then flows through the income statement.

它使對優勢的投資成為可能，從而擴大市場，然後流入損益表。

Next question will come from the line of Steve Powers with Deutsche Bank.

下一個問題將來自德意志銀行的史蒂夫鮑爾斯（Steve Powers）。

So we've heard a lot of CPG companies, particularly across food and beverages, but I think across the board, take this moment to or aggressively simplified base-level assortments to maximize merchant availability and maximize turns.

因此，我們聽說過很多CPG 公司，尤其是食品和飲料行業的公司，但我認為，從整體上看，應該利用此時此刻或積極簡化基本級別的分類，以最大限度地提高商家可用性並最大限度地提高週轉率。

I guess, can you talk about what steps you've taken to do likewise?

我想，你能談談你採取了哪些步驟來做到這一點嗎？

And also at what pace you expect there -- you to be layering in a bit more variation, those things, hopefully, you catch up to supply constraints and things start to normalize?

還有你期望以什麼速度 - 你會分層更多一點的變化，希望這些事情能夠趕上供應限制並且事情開始正常化？

And I guess the real question is, when you do start to layer in more variation, would you expect that to take more of the form of you bringing back some of the things that you most recently cut out?

我想真正的問題是，當你開始增加更多的變化時，你會期望採取更多的形式，帶回一些你最近刪除的東西嗎？

Or is this an opportunity to redirect innovation and branding resources in new directions to best drive market growth in the future?

或者這是一個將創新和品牌資源轉向新方向以最好地推動未來市場成長的機會？

Again, several questions.

再一次，幾個問題。

First, when the pandemic hit, yes, in some categories, we went to more simplified SKU lineups in order to maximize the capacity of the high turn items.

首先，當疫情來襲時，是的，在某些類別中，我們採用了更簡化的 SKU 陣容，以最大限度地提高高週轉商品的容量。

And I'm sure we and many others did that.

我確信我們和許多其他人都這樣做了。

And we learned through that as well.

我們也從中學到了東西。

In some cases, where there were some smaller volume SKUs that meet special consumer needs, and they will come back.

在某些情況下，如果有一些較小批量的SKU滿足了特殊消費者的需求，他們就會回來。

There's also some opportunities for some continued SKU rationalization to better serve consumers and meet the retailers' needs.

還有一些機會可以持續進行 SKU 合理化，以更好地服務消費者並滿足零售商的需求。

So both of those are happening.

所以這兩種情況都正在發生。

It's very category specific on what we're doing.

這是我們正在做的事情的特定類別。

But I'd say, in general, there's a sharper look at can we have a more focused portfolio with really differentiated products.

但我想說，總的來說，我們需要更敏銳地審視我們是否可以擁有更集中的產品組合以及真正差異化的產品。

So I think, yes, that will continue.

所以我認為，是的，這種情況將會持續下去。

The change in manufacturing to me, in order to adjust the agility needed, I think is one of the other things that's really been an area that we're working before, but coming into the crisis and then through it.

對我來說，為了調整所需的敏捷性，製造業的變革是我們之前一直在努力的領域之一，但在進入危機後又度過了危機。

Looking at business continuity plans, the total supply system, look at the appropriate number of suppliers in order to ensure you have the agility to react to instantaneous capacity swings that we're seeing.

查看業務連續性計劃、整體供應系統、適當數量的供應商，以確保您能夠靈活地對我們所看到的瞬時產能波動做出反應。

I think there's all been learning in those areas.

我認為這些領域都在學習。

I expect on the other side of this, again, varying by category, but there will be some streamlining in order to meet the needs.

我預計，另一方面，也會因類別而異，但為了滿足需求，將會進行一些精簡。

And in some of the categories, because there will be a sustained increase in consumption, we're looking at what we need to do to ensure we have the right capacity to meet those needs.

在某些類別中，由於消費將會持續成長，我們正在研究需要採取哪些措施來確保我們有足夠的能力來滿足這些需求。

Because I think a lot of the spike that we've seen is not going to go away in some of these categories.

因為我認為我們所看到的許多成長在某些類別中不會消失。

Consumers are developing new habits.

消費者正在養成新的習慣。

And I think many of us believe that will last well beyond the pandemic.

我認為我們很多人都相信這種情況將持續到疫情結束之後。

Next question comes from the line of Dara Mohsenian with Morgan Stanley.

下一個問題來自達拉莫赫森尼安 (Dara Mohsenian) 與摩根士丹利 (Morgan Stanley) 的對話。

Another quarter with very strong market share momentum.

又一個市場佔有率勢頭非常強勁的季度。

Can you discuss what you're seeing in terms of competitive response from key competitors on either the ad spend from a promotion front more towards the end of fiscal Q4 or so far in July?

您能否討論一下您所看到的主要競爭對手在第四財季末或 7 月迄今為止促銷方面的廣告支出方面的競爭反應？

And how do you ensure that P&G's market share momentum continues going forward, if you do experience greater competitive intensity as competitors are likely to sit still here with share losses?

如果您確實經歷了更大的競爭強度，因為競爭對手可能會坐以待斃，導致份額損失，那麼您如何確保寶潔公司的市場份額勢頭繼續向前發展？

And also, Jon, you touched on [products], consumer trade down and private label share pressure potentially in this macro environment a few months ago on the Q3 call.

另外，喬恩，您在幾個月前的第三季電話會議上談到了[產品]、消費者貿易下降和自有品牌股票在這種宏觀環境下可能面臨的壓力。

Maybe just give us an update on where we stand today versus your viewpoint a few months back?

也許只是向我們介紹一下我們今天的立場與幾個月前您的觀點的最新情況？

Yes.

是的。

First, on the market trends, our market share, global market share has actually strengthened through the year.

首先，從市場趨勢來看，我們的市佔率、全球市佔率這一年其實是有所加強的。

We were up 0.3 for the total year, 0.4 for 6 months, 0.5 for the past 3. In terms of the last quarter, in terms of promotion intensity activity, as you would imagine, in categories where there's supply constraints, you'd see less promotion as everybody focuses on meeting the basic supply needs of the customers and the consumers.

我們全年成長了0.3，6 個月成長了0.4，過去3 個月成長了0.5。就上個季度而言，就促銷強度活動而言，正如您所想像的那樣，在供應受限的類別中，您會看到促銷活動較少，因為大家都專注於滿足客戶和消費者的基本供應需求。

And on the categories of tissue/towel, which is our Family Care, Home Care, which will just surface and air, that's largely continued into this fiscal year as the demand hasn't ceased.

在紙巾/毛巾類別上，也就是我們的家庭護理、家庭護理，它們只會出現在表面和空氣中，這在很大程度上會持續到本財年，因為需求尚未停止。

And if you take the U.S., it's our largest market we wanted to focus on.

如果以美國為例，它是我們想要關注的最大市場。

As you know, when you watch the daily news and you hit the daily news, there's just a lot of debate on how much it will open up or even stop or even go back.

如你所知，當你觀看每日新聞並點擊每日新聞時，關於它會開放多少、甚至停止甚至返回的程度存在很多爭論。

So I think the focus on Home, Personal Care, cleaning and hygiene is likely to sustain itself.

因此，我認為對家庭、個人護理、清潔和衛生的關注可能會持續下去。

And so I don't expect in the short run dramatic changes in the promotion environment, although, again, it's very category specific, and in many cases, very country specific.

因此，我預計短期內促銷環境不會發生巨大變化，儘管這又是針對特定類別的，而且在許多情況下，針對特定國家/地區的。

We've chosen to stay extraordinarily focused on the strategy, which is focused on investing in the superiority across the 5 elements we've talked.

我們選擇高度關注該戰略，該戰略的重點是投資於我們所討論的 5 個要素的優勢。

And through this last couple of years, that's consistently worked in both high promotion environments, which we see in some countries and categories, and in this last 3 to 4 months when there was lower promotion because of supply constraints.

在過去的幾年裡，這在高促銷環境中一直有效，我們在一些國家和類別中看到了這一點，而在過去的 3 到 4 個月中，由於供應限制，促銷活動較低。

And as I think about next year, there will be, I'm sure, competitors will come in and they'll have innovation and there'll be changes in their promotion strategy.

正如我對明年的看法，我確信，競爭對手將會進來，他們將會有創新，他們的促銷策略也會改變。

But we've tried not to get distracted from the strategy that's working and, again, across the balance of countries and categories, that continues to work, and I think it will.

但我們一直努力不去關注正在發揮作用的戰略，而且，在各個國家和類別的平衡中，該戰略將繼續發揮作用，而且我認為它會繼續發揮作用。

Jon?

喬恩？

On consumer trade-down, as we've talked before, we're not immune to that, and that could become an increasing dynamic going forward to the extent unemployment grows and stimulus and support shrinks.

正如我們之前談到的，在消費者貿易下降方面，我們也不能倖免，隨著失業率的上升以及刺激和支持的縮減，這種情況可能會成為日益增長的動力。

But as we've also talked, we're in a much better position to deal with that than we have been historically.

但正如我們也談到的，我們現在比歷史上處於更好的位置來處理這個問題。

And I think the environment actually helps us as well.

我認為環境其實也對我們有幫助。

So let me quickly unpack that.

讓我快速解開它。

We have focused our portfolio, as we've talked several times over in this call, in categories where performance drives brand choice.

正如我們在這次電話會議中多次談到的那樣，我們將我們的產品組合集中在性能驅動品牌選擇的類別上。

By definition then, a portion of the value equation is performance.

根據定義，價值方程式的一部分是性能。

And to the extent that we have an advantage in performance, that's noticeably -- that's noticeable and obvious.

就我們在性能方面的優勢而言，這是顯而易見的——這是顯而易見的。

That, along with a fair price, albeit a small premium, is viewed as offering value.

再加上公平的價格（儘管溢價很小），就被視為提供價值。

And we have a much higher percentage of our portfolio that's well positioned in that context than as we headed into the last recession.

與上次經濟衰退時相比，我們的投資組合中在這種情況下處於有利地位的比例要高得多。

And the needs for performance, so the degree to which performance affects our consumer's personal value equation, vis-à-vis, price is higher than it's ever been, which also works in our favor.

對性能的需求，以及性能對消費者個人價值方程式的影響程度，相對於價格而言，比以往任何時候都高，這也對我們有利。

The -- to date, this can change, obviously.

到目前為止，這顯然可以改變。

But to date, if you look at private label market shares as one proxy of trade down, we're not seeing it.

但到目前為止，如果您將自有品牌市佔率視為交易下跌的指標，我們還沒有看到這一點。

Private label shares in aggregate across our categories in the U.S. were down 40 basis points in the last 3 months.

過去 3 個月，美國各類自有品牌份額總計下降了 40 個基點。

They were essentially flat in Europe.

歐洲的情況基本持平。

Last point, we have significantly built out, not always perfectly, but we've built out our pricing ladders.

最後一點，我們已經顯著建立了，雖然並不總是完美，但我們已經建立了我們的定價階梯。

We didn't have items like Tide simply available for consumers in the last recession, and we have many more of those currently.

在上次經濟衰退期間，我們並沒有像汰漬這樣的產品可供消費者直接購買，而目前我們有更多這樣的產品。

So again, we're not immune.

再說一次，我們也不能倖免。

It's real.

它是真實的。

The best way to attack it is with performance, noticeably superior performance at a fair value to have the right pack sizes available for consumers who are limited in terms of their cash outlay and double down on the strategy that's working versus stepping back.

解決這個問題的最佳方法是性能，以合理的價格提供明顯優越的性能，為現金支出有限的消費者提供合適的包裝尺寸，並加倍實施有效的策略，而不是退縮。

Next question comes from the line of Nik Modi with RBC.

下一個問題來自尼克·莫迪與加拿大皇家銀行的對話。

Jon, I was hoping you can just give us some more context on the guidance for next year on the top line just from a geographic perspective, just so we can understand kind of how you're thinking about the enterprise markets versus some of the focus markets and then thinking about developed Europe.

喬恩，我希望您能從地理角度為我們提供更多有關明年頂線指導的背景信息，這樣我們就可以了解您如何看待企業市場與某些重點市場，然後考慮發達的歐洲。

That would be super helpful.

那會非常有幫助的。

So the first piece of context I'd provide on the top line guidance for next year, because I mentioned in our prepared remarks, it's all based on what we're expecting on market growth, and then we would expect to grow slightly ahead of that and continue building share.

因此，我要提供的第一個背景資訊是關於明年的營收指導，因為我在我們準備好的評論中提到，這一切都基於我們對市場成長的預期，然後我們預計會略微領先於成長。並繼續擴大份額。

And as I mentioned, we see markets growing modestly, probably 1% to 3%.

正如我所提到的，我們看到市場溫和成長，可能成長 1% 到 3%。

And so the 2% to 4% range is consistent with building share in that environment.

因此 2% 到 4% 的範圍與該環境中的建築份額一致。

If we look at our own forecast, Nick, for top line growth in enterprise versus the balance of the market, they're both within that range.

尼克，如果我們看看我們自己對企業營收成長與市場平衡的預測，它們都在這個範圍內。

So we're going to continue to expect not only total company growth, but both focus on enterprise market growth on both the top and bottom line.

因此，我們不僅將繼續預期公司整體成長，而且將重點放在企業市場的營收和利潤成長。

Clearly, in the current context, so let's just use that as a proxy for the future, we're seeing very strong growth in U.S. and China, as we've talked.

顯然，在當前背景下，我們可以用它作為未來的指標，正如我們所說，我們看到美國和中國的成長非常強勁。

If you look at the quarter, growth in Europe was much more modest, but that has picked up recently.

如果你看一下這個季度，你會發現歐洲的成長要溫和得多，但最近有所回升。

And clearly, while we expect growth from the enterprise markets, they're currently the most challenged just in terms of the operating environment and the economic -- both economic and health pressures that families are feeling.

顯然，雖然我們預期企業市場會成長，但它們目前在營運環境和經濟方面面臨最大的挑戰——家庭感受到的經濟和健康壓力。

Next question comes from the line of Olivia Tong with Bank of America.

下一個問題來自 Olivia Tong 與美國銀行的對話。

You guys have clearly demonstrated better execution.

你們顯然表現出了更好的執行力。

Obviously, sales or competition.

顯然，銷售或競爭。

So just a few questions about how you think about continuing to drive that growth.

所以我想問幾個關於您如何看待繼續推動這種增長的問題。

Does more to come from continuing to grow into areas that have been disproportionately grown already?

繼續向已經不成比例增長的地區發展是否會帶來更多收益？

Or is it more around turning around underperformers?

或者更重要的是扭轉表現不佳的企業？

Or do you expect, so for example Baby Care, what -- can you talk about what you're doing there to turn around that performance?

或者你期望什麼，例如嬰兒護理，你能談談你正在做什麼來扭轉這種表現嗎？

Maybe if you could talk about the innovation pipeline, since obviously, SK-II is going to be a bit challenging in the near term.

也許你可以談談創新管道，因為顯然，SK-II 在短期內會有點挑戰。

And then how much of this -- you obviously talked about private label coming down.

然後，您顯然談到了自有品牌的下降。

So how much of this is coming from established players versus the long tail of sort of newest brands potentially fading away?

那麼，其中有多少來自老牌企業，與可能消失的最新品牌的長尾相比？

Olivia, first, just the last thing you said, whether most of this coming from the established brands or long tail, our core is going very well.

奧利維亞，首先，正如你所說的最後一件事，無論大部分來自成熟品牌還是長尾，我們的核心進展得非常順利。

Fabric care is growing.

織物護理正在增長。

Fabric, tissue/towel, Home Care, Health Care, all going very well.

織品、紙巾/毛巾、家庭護理、醫療保健，一切進展順利。

Our Beauty business grew very well last year.

去年我們的美容業務成長得非常好。

Skin Care, Personal Care, APDO, antiperspirant and deodorant, all that grew well.

保養品、個人護理品、APDO、止汗劑和除臭劑均成長良好。

So the core grew well, and again, it's central to the strategy, and it's obviously the biggest part of the business.

因此，核心業務成長良好，而且它是策略的核心，而且顯然是業務的最大部分。

And the 2 biggest markets grew were U.S. and China.

成長最大的兩個市場是美國和中國。

If I look forward, in order for us to be a dependable long-term grower, we have to grow the core.

如果我展望未來，為了讓我們成為一個可靠的長期種植者，我們必須發展核心。

And the strategy is focused on making sure the core is healthy.

該策略的重點是確保核心健康。

And the core has to continue to extend to address new benefits that are relevant in those categories.

核心必須繼續擴展，以解決與這些類別相關的新利益。

And there's many, many examples we've given in the past of that, and certainly, we get more of the Home Care examples that you see out with Microban and many of the other things that occurred on Mr. Clean brand and Febreze brands over time.

我們過去已經給出了很多很多例子，當然，我們得到了更多你在妙抗保中看到的家庭護理例子，以及 Mr. Clean 品牌和 Febreze 品牌上發生的許多其他事情。時間。

We also believe in RC and certainly, some of the additional investments we've made are paying out, both internally developed innovation as well as some of the acquired innovation.

我們也相信 RC，當然，我們所做的一些額外投資正在得到回報，包括內部開發的創新以及一些獲得的創新。

Our track record is getting increasingly better on those as well.

我們在這些方面的記錄也越來越好。

And this year, we have certainly some things coming out of our P&G venture.

今年，我們的寶潔公司肯定會取得一些成果。

But that's a small portion of the total company.

但這只是整個公司的一小部分。

But what it does speak to is innovation is driven core, core and more and then in new benefit spaces, new jobs that we can do.

但它確實說明的是，創新是核心驅動的，是核心驅動的，然後是我們可以做的新的利益空間、新的工作。

To me, it speaks to just the whole innovation process is working in the company.

對我來說，這說明公司的整個創新流程正在發揮作用。

But I fully expect for the year that we're going into right now and the next several years, the core will be the biggest driver of that.

但我完全預計，在我們現在和未來幾年中，核心將成為最大的驅動力。

And there's still significant opportunities.

而且仍然存在重大機會。

So what I wouldn't think is we're in mature categories.

所以我不認為我們處於成熟的類別。

4 years ago, people said we are mature categories.

4年前，人們說我們是成熟的類別。

And now you see big established businesses and take Fabric & Home Care, that it have moved from low single digits to mid-single digits to high single digits in many, many countries.

現在你會看到大型成熟企業，以織物和家庭護理為例，在許多國家，它已經從低個位數轉變為中個位數，再到高個位數。

And if you get down to the next level and look at household penetration by item, and what you see is many of them are in the 10% to 30% range and 10% to 30%, which means the majority of consumers haven't used the product in the last year and haven't experienced the new benefit of the improved performance that we've built.

如果你深入到下一個層次，按商品查看家庭滲透率，你會發現其中許多都在 10% 到 30% 和 10% 到 30% 的範圍內，這意味著大多數消費者還沒有去年使用過該產品，但尚未體驗到我們改進的性能所帶來的新好處。

So -- and we've gone back to rediscover the opportunity to build household penetration, new users, grow the market size, leverage superiority to bring their users in and then leverage additional benefits to trade people up to higher order performance.

因此，我們重新發現了建立家庭滲透率、新用戶、擴大市場規模、利用優勢吸引用戶的機會，然後利用額外的好處來讓人們達到更高的訂單績效。

That's happened across the 10 core categories.

10 個核心類別都發生了這種情況。

And then when you do it well, you grow share.

當你做得好時，你的份額就會增加。

And probably the best example I gave earlier was in Personal Health Care where virtually every brand grew share over 3, 6 and 12 months.

我之前舉的最好的例子可能是個人醫療保健領域，幾乎每個品牌的份額都在 3、6 和 12 個月內成長。

And it's because of new innovation that they bought to the market.

這是因為他們向市場購買了新的創新。

It's delighting the consumers.

這讓消費者很高興。

So core, core and more and then our venture effort to me is it's now producing new brands with Zevo, an update coming out this year.

所以核心、核心等等，對我來說，我們的創投工作是現在正在與 Zevo 一起生產新品牌，這是今年推出的更新。

Next question comes from the line of Rob Ottenstein with Evercore.

下一個問題來自 Rob Ottenstein 和 Evercore 的線。

Great.

偉大的。

I'd like to drill down on the U.S. e-commerce business.

我想深入了解美國的電子商務業務。

And if you could address 3 aspects.

如果你能解決三個面向的問題。

One, can you give a rough sense of the kind of growth and growth momentum in the business, kind of March to June?

第一，您能否粗略了解三月至六月業務的成長和成長動力？

What percent of sales?

銷售額的百分比是多少？

And how sticky this is looking at?

這看起來有多黏？

And then in response to that, what are the sort of changes that you are doing organizationally, either with the sales force or the supply chain, to meet the increased demand for e-commerce as a channel?

針對這一點，您正在組織上進行哪些變革（無論是銷售人員還是供應鏈），以滿足電子商務作為管道不斷增長的需求？

And then finally, how do you assess your competitive advantage in e-commerce versus brick and mortar?

最後，您如何評估您在電子商務方面相對於實體店的競爭優勢？

We'll take a cut at some of those.

我們將對其中一些進行削減。

I'm not sure I have all the specifics.

我不確定我是否了解所有細節。

Although some of those, we can certainly get you afterwards.

儘管其中有一些，但我們之後肯定可以找到您。

The e-commerce business has been growing for now several years in the 30% to 40% range.

電子商務業務近年來一直在 30% 至 40% 的範圍內成長。

As you know, we're most developed in China.

如你所知，我們最發達的是中國。

The U.S. is also growing extremely fast, and we expect it to continue.

美國的成長速度也非常快，我們預期這種成長趨勢將持續下去。

We've adjusted -- and again, it fits with the strategy.

我們已經進行了調整——而且，它再次符合我們的策略。

We've adjusted our supply chain, including our packaging capability, to be able to meet the needs of e-commerce, consumers and e-commerce aggregators that had different needs because of the -- instead of shipping it in a case in a pilot load to a store.

我們調整了我們的供應鏈，包括我們的包裝能力，以便能夠滿足電子商務、消費者和電子商務聚合商的需求，因為他們有不同的需求，而不是在試點中裝箱運輸。加載到商店。

It's in each going through a different path to the consumer, and that's worked well.

每一次都透過不同的途徑到達消費者，而且效果很好。

One of the things we've worked very hard on and is present today is we want e-commerce shares growing in absolute, and we want e-commerce shares to be equal or higher than their off-line shares, and we're working to have the same profitability.

我們非常努力並今天提出的一件事是我們希望電子商務份額的絕對增長，我們希望電子商務份額等於或高於其線下份額，我們正在努力以獲得相同的盈利能力。

And we've made very good progress on both of those as well in the U.S. and China and in Europe.

我們在美國、中國和歐洲在這兩方面都取得了非常好的進展。

And that will continue to be a priority.

這將繼續成為優先事項。

We want to be agnostic to where the consumers buy the product.

我們希望不知道消費者在哪裡購買產品。

In the most recent period, the U.S. e-commerce business that was up 50% in fiscal '20, we all know there's a spike driven by COVID.

最近一段時間，美國電子商務業務在 20 財年成長了 50%，我們都知道這是由新冠疫情推動的。

How much of that will sustain?

其中有多少能夠維持？

We'll see.

我們拭目以待。

But I think many are developing new habits.

但我認為許多人正在養成新習慣。

So I think we are prepared for that to continue to grow at that pace and meet the consumers' needs and we've developed.

因此，我認為我們已經準備好繼續以這種速度成長並滿足消費者的需求，我們已經發展了。

The last point I'd make, additional capability because we've worked with many of the e-commerce companies in the bricks-and-mortar to omni providers to ensure that we minimize the cost from when we make it to when the consumer gets it, working with them to reduce the transportation or last mile.

我要說的最後一點是額外的能力，因為我們已經與許多實體和全方位供應商的電子商務公司合作，以確保我們最大限度地降低從我們生產到消費者獲得產品的成本。與他們合作減少運輸或最後一英里。

So all of those are active strategies.

所以所有這些都是積極的策略。

We can -- other than the 50% U.S., if there's more specifics that you need, ask Jon so he can to follow up with you after this meeting to get any more specifics by quarter.

我們可以 - 除了 50% 的美國以外，如果您需要更多具體信息，請詢問喬恩，以便他可以在本次會議後與您聯繫，以按季度獲取更多具體信息。

I think, Robert, we are -- to your question of are we relatively advantaged within that broadly defined channel, including omni commerce and brick and click, et cetera.

我認為，羅伯特，對於你的問題，我們在廣泛定義的管道中是否具有相對優勢，包括全方位商務和實體點擊等。

I continue to believe we are.

我仍然相信我們是。

That's no reason to rest.

這不是休息的理由。

But as you and I have talked before, it is in reality a limited assortment environment from a practical shopping standpoint.

但正如你和我之前所說，從實際購物的角度來看，這實際上是一個品種有限的環境。

And as a result of that, the barriers to entry are very, very high.

因此，進入障礙非常非常高。

The need to be on the first and second page of a search, preferences large established superior brands, which we have.

需要出現在搜尋的第一頁和第二頁上，偏好大型成熟的優質品牌，我們擁有這些品牌。

Again, no guarantee of the future and no reason to rest.

再說一次，沒有未來的保證，也沒有理由休息。

But we embrace the evolution of markets towards e-commerce.

但我們擁抱市場向電子商務的演變。

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

你的下一個問題來自賈森·英格利希 (Jason English) 與高盛的對話。

It's actually Cody on for Jason this morning.

今天早上其實是科迪代替傑森。

I just want to hit the Home Care section a little bit.

我只想稍微了解一下家庭護理部分。

You guys cited 30% growth this quarter.

你們提到本季成長了 30%。

How does the supply-demand balance look right now across the industry?

目前整個產業的供需平衡如何？

And from a supply point of view, are you guys investing in more capacity right now?

從供應的角度來看，你們現在是否正在投資更多產能？

And how much capacity have you seen come on already?

您已經看到了多少產能？

Or do you expect to come on as competitors invest in more capacity?

或者您期望在競爭對手投資更多產能時加入？

Okay.

好的。

Cody, let me take a couple of those and some of the data.

科迪，讓我拿一些這些和一些數據。

Certainly, I don't know what's happening with competitors on capacity.

當然，我不知道競爭對手的產能狀況如何。

Home Care had an outstanding year.

家庭護理度過了出色的一年。

And again, in Home Care, in our world, is Dish Care, surface care and air care.

再說一次，在我們的世界中，家庭護理包括餐具護理、表面護理和空氣護理。

So those categories and those brands globally.

這些品類和品牌在全球範圍內都是如此。

The category grew about 16% this year -- or our results rather, we grew ahead of the category and grew share.

今年該類別增長了約 16%，或者更確切地說，我們的業績增長領先於該類別，並且份額有所增長。

In terms of capacity, there are areas like our Microban launch that went out in February that we are capacity constrained now because we launched right as it was hitting, and the notes to us and the demand spiked.

就產能而言，有些領域，例如我們 2 月推出的妙抗保產品，我們現在的產能受到限制，因為我們是在它剛上市的時候推出的，而且給我們的說明和需求激增。

Today, the run rate is now in a couple of hundred million dollar range, which is more than we expected at the time we launched.

如今，運行費用已達到數億美元，這超出了我們推出時的預期。

We expected more of a -- more typical build although we knew it was a very attractive product because of the sustained surface benefit -- surface scale benefits it offered.

我們期望更多——更典型的構建，儘管我們知道它是一種非常有吸引力的產品，因為它提供了持續的表面效益——表面規模效益。

In areas like Swiffer and hand dish, we're also working very hard to make sure we get inventories back up, but the demand spiked.

在 Swiffer 和手碟等領域，我們也非常努力確保庫存恢復，但需求激增。

You can imagine with people now fixing more meals at home are Dawn and around the world, Fairy.

你可以想像現在人們在家裡做更多的飯菜​​是黎明和世界各地的仙女。

And our automatic dish, which would be cascading around the world Fairy, both of those have spiked.

我們的自動碟子，將在世界各地層層疊疊，仙女，這兩個都飆升了。

And we've seen the Home Care category, if I take the U.S., sometimes the category size over many of these weeks has been in the [1 30 to 1 40] range.

我們已經看到了家庭護理類別，如果以美國為例，有時這幾週的許多時間類別規模一直在 [1 30 到 1 40] 範圍內。

We've been able to meet most of that need.

我們已經能夠滿足大部分需求。

There are again some specific items where we're working very hard to increase the capacity, and that will be coming on and kind of feather in over the next couple of quarters.

我們正在非常努力地提高一些特定項目的產能，這將在接下來的幾個季度內逐步實現。

But we continue to ship very, very well.

但我們的出貨量仍然非常非常好。

And we're getting back both shelves, and eventually, the customer inventory and our inventory is back in line, but we're not there yet as we close the fiscal year and certainly into July.

我們正在恢復兩個貨架，最終，客戶庫存和我們的庫存恢復一致，但在我們結束財政年度，當然到七月時，我們還沒有達到這一目標。

And as of through this July, we have not seen the demand slow down very much yet in the Home Care area, which bodes well for the year.

截至今年 7 月，我們尚未看到家庭護理領域的需求大幅放緩，這對今年來說是個好兆頭。

Next question comes from the line of Mark Astrachan with Stifel.

下一個問題來自 Mark Astrachan 和 Stifel 的線路。

So wanted to touch on some of the changing consumer presence commentary and talk about SK-II in particular and trying to ask whether you still think it makes sense to own a brand with as much volatility as it has relative to the base portfolio these days.

因此，我想談談一些不斷變化的消費者存在評論，特別是談論 SK-II，並試圖詢問您是否仍然認為擁有一個如今相對於基本產品組合具有如此大波動性的品牌是否有意義。

Obviously, it's had a lot of contribution to growth in recent years.

顯然，近年來它對成長做出了很大貢獻。

So I guess can you reassess kind of broadly?

所以我想你能廣泛地重新評估一下嗎？

Can you kind of comment a bit about that specifically in terms of how you're thinking about the portfolio today would be great?

您能否對此發表一些評論，特別是您如何看待今天的投資組合會很棒？

First, the first question, how do we feel about SK-II?

首先第一個問題，我們對SK-II的感受如何？

Very committed and thrilled that we have it.

我們非常致力於並為擁有它而感到興奮。

There was certainly a bump the last 4 months that hit us hard with mainly travel retail business.

過去 4 個月，我們的主要旅遊零售業務確實受到了沉重打擊。

But if you look even at the last few months in China, growing very nicely now.

但如果你看看中國過去幾個月的情況，你會發現現在的成長非常好。

And as we go into the year works, we continue to be optimistic about the brand.

當我們進入今年的工作時，我們繼續對品牌持樂觀態度。

Consumers love the brand.

消費者喜愛這個品牌。

And we have brands focused on meeting consumer needs and SK-II does a great job.

我們擁有專注於滿足消費者需求的品牌，SK-II 做得很好。

It's had several years of sustained top and bottom line growth.

它的收入和利潤連續幾年持續成長。

And frankly, I'm not discouraged at all by a 4- or 5-month dip because, largely, the travel retail business got impacted.

坦白說，我一點也不因四到五個月的下滑而氣餒，因為很大程度上，旅遊零售業務受到了影響。

In the markets that it competes with the consumers in where it is present, it continues to do well, and it's already starting to rebound.

在它與消費者競爭的市場中，它繼續表現良好，並且已經開始反彈。

So now we're very committed to SK-II.

所以現在我們非常致力於SK-II。

And if I step back at the global Skin and Personal Care business, which includes, again, the Personal Care, APDO, Skin Care and Prestige skin, that whole category, even with what happened to SK-II, grew nicely last year, in the upper mid-single digits, indicating that the broad portfolio can weather a hit like that, and it's consistently the global Beauty has consistently been performing well for the last couple of years.

如果我退一步看全球皮膚和個人護理業務，其中再次包括個人護理、APDO、皮膚護理和高級皮膚，即使考慮到 SK-II 的情況，整個類別去年也取得了良好的增長，中上個位數，顯示廣泛的投資組合可以經受住這樣的打擊，而且全球美容在過去幾年中一直表現良好。

And so they're optimistic again that the business that was travel retail will find itself somewhere else if consumers looking for the brand will go where they can find it.

因此，他們再次樂觀地認為，如果尋找該品牌的消費者會去他們能找到它的地方，那麼旅遊零售業務就會發現自己在其他地方。

And we've seen that more recently with the rebound in China with SK-II.

最近，隨著 SK-II 在中國的反彈，我們看到了這一點。

Our next question comes from the line of Bill Chappell with SunTrust.

我們的下一個問題來自 SunTrust 的 Bill Chappell。

Could you just talk about kind of your outlook over the next year for the Grooming category?

能談談您對明年美容類別的展望嗎？

I mean especially kind of worldwide, I mean, how it plays out?

我的意思是，特別是在全球範圍內，它是如何發揮作用的？

You have, obviously, corona beards in the U.S. So nice to read that mullets are coming back in Australia over the weekend.

顯然，你在美國有新冠鬍鬚，很高興看到鯔魚週末將回到澳洲。

And so anything you see there that kind of how, as we come out of this, or is the category permanently impaired?

那麼，當我們走出困境時，你在那裡看到的任何東西都是如何的，或者這個類別是否會永久受損？

Or do you see it slowly get growth as we move into calendar '21?

或者，當我們進入日曆“21”時，您是否看到它會慢慢增長？

Just any thoughts would be great.

任何想法都會很棒。

Sure.

當然。

While we've seen a hit in the COVID period, Grooming up through January was actually making very good progress.

雖然我們在新冠疫情期間看到了巨大的成功，但一月份的修飾實際上取得了非常好的進展。

And even with the COVID hit and people at home and less shaving because of people not going outside or may not going outside, it still grew this last year.

即使受到新冠疫情的影響，人們待在家裡，因為人們不出門或可能不出門而減少刮鬍子，但去年的剃須數量仍然增長。

And if I take up through January, the first 7 months of the year, it was growing faster.

如果我堅持一月份，也就是今年的前 7 個月，它的成長速度會更快。

It was the fastest growth we've seen in several years.

這是我們幾年來看到的最快成長。

We've actually seen an increase this year in new users.

實際上，今年我們看到新用戶增加。

We've got the fastest new user growth we've seen in many years, which means people are coming in.

我們的新用戶成長是多年來最快的，這意味著人們正在湧入。

What we have done, though, and this is important, we have a -- certainly, the male Blades & Razors is the biggest part of the business, but we have male and female.

不過，我們所做的很重要，我們有——當然，男性刀片和剃刀是業務的最大部分，但我們有男性和女性。

We have the full ladder, including disposables, which have again grown.

我們擁有完整的梯子，包括一次性用品，並且再次增長。

And now we've gotten a very fast-growing appliance business, call it Braun, which is growing share, and it's growing double digit right now as people have moved to a dry form in some places.

現在我們已經有了一個成長非常快的家電業務，稱之為博朗，它的份額正在增長，而且隨著人們在某些地方轉向乾燥形式，它現在正在以兩位數的速度增長。

And then we've launched a King C. Gillette initiative to address men with hair.

然後我們發起了 King C. Gillette 倡議，針對有頭髮的男性。

So the shave category is really now embraced.

因此，剃鬚品類現在確實受到了人們的歡迎。

The category is growing and is taking care of people with here, without facial hair, men, women, all price points.

這個類別正在不斷增長，並且正在照顧這裡的人，沒有面部毛髮，男性，女性，所有價位的人。

And as it does that, to me, it's right now creating a strategy that will allow it to grow in most environments.

當它這樣做時，對我來說，它現在正在製定一項策略，使其能夠在大多數環境中成長。

And I believe we will see, as people go back to look in offices and outside the home, we'll see a pickup in the wet shave rate.

我相信，當人們回到辦公室和家庭外面時，我們會看到濕剃率上升。

In the meantime, we'll continue to see very robust growth in dry save, very robust growth in this King C. Gillette new brand that addresses many of the tools needed for people with facial hair for grooming facial here.

同時，我們將繼續看到乾洗業務的強勁增長，King C. Gillette 這個新品牌的強勁增長，該品牌為有面部毛髮的人提供面部護理所需的許多工具。

So it's also a highly profitable business that continues to -- that we're very committed to long term.

因此，這也是一項高利潤業務，我們非常致力於長期發展。

One other comment, we grew double digits in China this last year, which is another indication that as the economy came back and while it's not post-COVID, China has returned more to a more normal operating environment than most countries and Grooming is growing double digit in that country, which, again, tells me that the broader portfolio can and will grow in the future and create value for the company.

另一條評論是，去年我們在中國的業務增長了兩位數，這再次表明，隨著經濟的復甦，雖然還沒有到新冠疫情之後，但中國已經比大多數國家恢復到更正常的運營環境，並且修飾業務正在增長一倍該國家的數字，這再次告訴我，更廣泛的投資組合可以而且將會在未來增長並為公司創造價值。

And your final question will come from the line of Andrea Teixeira with JPMorgan.

您的最後一個問題將來自摩根大通的 Andrea Teixeira。

I'm glad to hear you well and congrats on the results.

我很高興聽到你的好消息，並對結果表示祝賀。

If you can give us the cadence of the fourth quarter exit rate or July to date.

如果您能給我們第四季或七月至今的退出率的節奏。

From your guidance, it seems we're taking some destocking in the U.S. but can you help us think about the assumptions for your sales curve, including a potential more mild cold season ahead?

從您的指導來看，我們似乎正在美國進行一些去庫存，但您能否幫助我們考慮您的銷售曲線的假設，包括未來可能出現更溫和的寒冷季節？

Or just the market share momentum you spoke throughout this call should offset a shifting against consumption dynamics?

或者只是您在本次電話會議中談到的市場份額動力就應該抵消消費動態的轉變？

Andrea, as you can probably appreciate, the monthly cadence, if you will, is very different by category, by market and it has been volatile.

安德里亞（Andrea），您可能會意識到，如果您願意的話，每月的節奏因類別、市場而異，而且波動很大。

Recently, it's hard to make coherent sense out of it.

最近，很難從中找出連貫的意義。

But the overall thought that I would give you is that it's remained strong throughout.

但我給你的整體想法是，它自始至終都保持強勁。

July has remained strong.

七月依然強勁。

But we also have to remember that all of that's happened, for instance, in a U.S. context with significant financial stimulus.

但我們也必須記住，這一切都是在美國實施重大金融刺激的背景下發生的。

And we don't know as we sit here today, what the future of that is going to look like and whether it will exist.

當我們今天坐在這裡時，我們不知道它的未來會是什麼樣子，也不知道它是否會存在。

And that's just one example of the pretty dramatic unknowns that make it difficult for me to say because July has started off well, we should assume the first quarter is going to be strong.

這只是相當戲劇性的未知因素的一個例子，這些未知因素讓我很難說，因為七月開局良好，我們應該假設第一季將會強勁。

I can't say that.

我不能這麼說。

One other -- just to offer is, to a large degree, it depends on what you believe the markets in broad will grow.

另一個——只是提供的是，在很大程度上，這取決於您對廣泛市場的成長的看法。

I think Jon's earlier statement, and certainly, our view is we will grow ahead of the market, and our innovation will be a stimulant to market growth.

我認為喬恩早些時候的聲明，當然，我們的觀點是我們將領先於市場，我們的創新將刺激市場成長。

But there are macro factors that are big enough, whether it's the recession, the COVID impact, disruptions to supply chain, but it's very hard to predict.

但有些宏觀因素夠大，無論是經濟衰退、新冠疫情影響、供應鏈中斷，但很難預測。

We ended the quarter with good momentum.

我們以良好的勢頭結束了本季。

And certainly, as we go into the quarter, good momentum.

當然，當我們進入本季度時，勢頭良好。

The health, hygiene and cleaning categories, we think will be focused -- will be focused categories for consumers.

我們認為健康、衛生和清潔類別將成為消費者關注的重點類別。

And it's your guess as good as ours on when people will and increasing in numbers would turn back to offices and be working outside the home.

您和我們一樣猜測人們何時會並且越來越多的人會回到辦公室並在家外工作。

At this point in time right now, it looks like in the U.S., that's slowing down, but it varies all over the world.

目前，美國的成長速度似乎正在放緩，但世界各地的情況各不相同。

In aggregate, we think we're well positioned for whatever comes at us to do better than what the market would give.

總的來說，我們認為我們處於有利位置，無論發生什麼，我們都可以做得比市場給予的更好。

And we'll work very hard to make sure that we continue to be good contributors to our consumers, our customers and to the communities in which we operate.

我們將非常努力地工作，確保我們繼續為我們的消費者、客戶以及我們經營所在的社區做出良好的貢獻。

Thank you.

謝謝。

Thank you all.

謝謝你們。

Thanks, everybody.

謝謝大家。

Jon and [Kerry] and myself will be available the balance of the day.

喬恩（Jon）、[克里]和我本人將在當天剩餘的時間裡有空。

We're at our normal work numbers, feel free to contact us.

我們的工作電話號碼是正常的，請隨時與我們聯絡。

I know it's a busy day for many of you.

我知道對你們中的許多人來說這是忙碌的一天。

I will also be here tomorrow.

明天我也會在這裡。

Thanks.

謝謝。

Ladies and gentlemen, that concludes today's conference.

女士們、先生們，今天的會議到此結束。

Thank you for your participation.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。

Have a great day.

祝你有美好的一天。