寶潔 (PG) 2020 Q1 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。

P&G would like to remind you that today's discussion will include a number of forward-looking statements.

寶潔公司謹提醒您，今天的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。

Also, 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.

此外，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，該公司將多次提及非 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.

I know you're very busy this morning, so I'm going to make this very brief, about 10 minutes, and then turn straight to your questions.

我知道你們今天早上很忙，所以我的發言會非常簡短，大約 10 分鐘，然後直接回答你們的問題。

It's another strong quarter, top line, bottom line and cash driven by our portfolio's superiority, productivity, constructive disruption and organization strategies.

這是另一個強勁的季度，我們的投資組合的優勢、生產力、建設性顛覆和組織策略推動了營收、利潤和現金的成長。

Organic sales up 7%, 4 points of volume growth, 3 points of price mix.

有機銷售額成長 7%，銷售成長 4 個百分點，價格組合成長 3 個百分點。

2-year stack growth strengthened into an average of 5.5%.

兩年堆疊成長平均達 5.5%。

Over the last 5 quarters, 2-year average growth has accelerated 2.5%, 3%, 3%, 4%, now 5.5%.

過去 5 個季度，兩年平均成長率分別為 2.5%、3%、3%、4%，目前為 5.5%。

Growth continues to be broad-based.

成長繼續具有廣泛基礎。

Each global category grew organic sales.

全球每個類別的有機銷售額均有所成長。

In our Personal Care, up mid-teens.

在我們的個人護理中，十幾歲左右。

Personal Health Care grew double digits.

個人醫療保健成長了兩位數。

Fabric Care, Home Care, Feminine Care, Family Care and Oral Care each grew high singles.

織品護理、居家護理、女性護理、居家護理和口腔護理的單品均出現高成長。

Hair Care grew mid-singles.

護髮產品在單打中成長。

Each geographic region grew organic sales 4% or more.

每個地理區域的有機銷售額均成長 4% 或更多。

Focus markets and enterprise markets each up high singles.

焦點市場和企業市場的單打漲幅都很高。

Our 2 largest markets, the U.S., up 6%; China, up 13%.

我們最大的 2 個市場美國，成長 6%；中國，成長13%。

Japan, another large market, was up double digits due in part to the timing benefit of VAT changes that went into effect on October 1. E-commerce sales grew over 30%.

另一個大市場日本的銷售額成長了兩位數，部分原因是 10 月 1 日生效的增值稅改革的時機優勢。

All channel consumption remained ahead of underlying markets, driving aggregate market share growth.

所有通路消費仍領先基礎市場，推動整體市場佔有率成長。

Moving to the bottom line.

移動到底線。

Core earnings per share was $1.37, up 22% versus the prior year.

每股核心收益為 1.37 美元，比上年增長 22%。

Foreign exchange was a $50 million after-tax headwind, about $0.02 per share.

外匯交易帶來了 5000 萬美元的稅後逆風，約合每股 0.02 美元。

On a constant currency basis, core earnings per share was up 24%.

以固定匯率計算，每股核心收益成長 24%。

Very strong underlying earnings progress.

非常強勁的基本獲利進展。

Core gross margin, up 190 basis points; core operating margin, up 260 basis points; continued strong cash flow with adjusted free cash flow productivity of 91%; $1.9 billion of dividends paid; $3 billion of P&G stock repurchased.

核心毛利率，成長190個基點；核心營業利益率上升260個基點；現金流持續強勁，調整後自由現金流生產力高達 91%；支付股利19億美元；回購了 30 億美元的寶潔股票。

In summary, a very strong quarter.

總而言之，這是一個非常強勁的季度。

Solid volume, sales and market share trends across categories and geographies.

跨類別和地區的銷售、銷售和市場佔有率趨勢穩定。

Strong operating earnings, margins advancing, strong core earnings per share growth and continued high levels of cash returned to shareowners.

強勁的營業收益、利潤率成長、每股核心收益強勁成長以及持續高水準的股東現金回報。

We continue to face challenges from a very volatile macro and geopolitical landscape and from competitive response to our faster growth, but we're making progress behind integrated and mutually reinforcing strategies.

我們繼續面臨著來自非常不穩定的宏觀和地緣政治格局以及對我們更快增長的競爭反應的挑戰，但我們正在透過綜合和相輔相成的策略取得進展。

We focused and strengthened our portfolio in daily-use categories where performance drives brand choice in categories where we occupy a #1 or #2 position, which have historically grown faster than the balance of the company and are more profitable.

我們專注並加強了日常用品類別的產品組合，在這些類別中，業績推動了我們佔據第一或第二位置的類別的品牌選擇，這些類別的增長速度歷來快於公司的其他類別，並且利潤更高。

If you're in categories where performance drives brand choice, you better perform.

如果您所在的類別是績效驅動品牌選擇的，那麼您的表現會更好。

We made a deliberate choice to invest in the superiority of our products and packages, retail execution, marketing and value in all price tiers where we compete, strengthening the short- and long-term health and competitiveness of our brands.

我們深思熟慮地選擇投資於我們競爭的所有價格層的產品和包裝、零售執行、行銷和價值的優勢，從而增強我們品牌的短期和長期健康狀況和競爭力。

We are extending our margin of advantage and increasing the quality of execution.

我們正在擴大優勢幅度並提高執行品質。

Additional investment will be needed to sustain this progress.

需要額外的投資來維持這項進展。

The need for this investment; the need to offset macro cost headwinds; and the need to drive balanced top and bottom line growth, including margin expansion, underscore the continued importance of productivity: cost out, cash in; driving cost savings and efficiency improvements in all facets of our business in our second 5-year $10 billion productivity program; expecting strong free cash flow productivity from working capital and CapEx efficiency.

這項投資的需要；需要抵銷宏觀成本不利因素；推動收入和利潤平衡成長（包括利潤率擴張）的需要凸顯了生產力的持續重要性：成本支出、現金收入；在我們的第二個 5 年 100 億美元生產力計劃中推動我們業務各個方面的成本節約和效率提高；預計營運資本和資本支出效率將帶來強勁的自由現金流生產力。

Superiority and productivity are critical, but insufficient to keep us ahead in a world with a rapidly changing retail environment, quickly evolving consumer needs, media transformation, revolutionary changes in technology.

優勢和生產力至關重要，但不足以讓我們在零售環境快速變化、消費者需求快速變化、媒體轉型、技術革命性變革的世界中保持領先。

We must and are leading the constructive disruption of our industry across all areas of the value chain.

我們必須且正在引領對價值鏈所有領域的產業進行建設性顛覆。

We're disrupting the way we innovate by accelerating the speed and quality of our learning through lean innovation.

我們透過精益創新加快學習速度和質量，從而顛覆我們的創新方式。

We're monetizing innovation across industries to accelerate investment in R&D and broaden societal impact.

我們正在將跨產業的創新貨幣化，以加速研發投資並擴大社會影響力。

We are disrupting retail execution.

我們正在擾亂零售執行。

We're reinventing brand building from wasteful mass marketing to mass one-to-one brand building fueled by data and technology.

我們正在重塑品牌建設，從浪費的大眾行銷轉向由數據和技術推動的大規模一對一品牌建設。

We continue to disrupt our supply chain with transformation across the globe.

我們繼續在全球進行轉型，顛覆我們的供應鏈。

Finally, we're making organization structure and culture changes to better position us to win.

最後，我們正在對組織結構和文化進行變革，以便更好地贏得勝利。

We're taking steps to simplify the organization, focusing effort, clarifying responsibility, increasing accountability and structuring compensation and incentive programs to better align with these objectives.

我們正在採取措施簡化組織、集中精力、明確責任、加強問責制以及建立薪酬和激勵計劃，以更好地實現這些目標。

On July 1, we officially moved to a new organization structure designed to de-matrix the company and provide even greater clarity on responsibilities and reporting lines to focus and strengthen leadership accountability.

7 月 1 日，我們正式採用新的組織結構，旨在對公司進行去矩陣化，並更加明確職責和報告關係，以集中和加強領導責任。

We're operating in 6 industry-based sector business units or SBUs.

我們在 6 個基於行業的部門業務單位或 SBU 中開展業務。

The SBUs have profit and loss responsibility for the largest markets, what we call the focus markets, which represent about 80% of sales and 90% of the company's profit.

SBU 對最大的市場（即我們所謂的重點市場）負有損益責任，這些市場約占公司銷售額的 80% 和公司利潤的 90%。

The SBU CEOs are focused on winning and driving value creation opportunities in these important markets.

SBU 執行長專注於在這些重要市場贏得並推動價值創造機會。

We continue to invest in enterprise markets, which have very attractive market growth rates.

我們繼續投資企業市場，這些市場的市場成長率非常有吸引力。

Our organizational structure there is being optimized to accelerate growth, top and bottom line, in the dynamic macro environments that those markets present.

我們正在優化組織結構，以在這些市場呈現的動態宏觀環境中加速收入和利潤的成長。

The benefit of this design is the creation of a more focused, agile, accountable organization, operating at a lower cost, focused on winning through superiority, fueled by productivity, moving at the speed of the market.

這種設計的好處是創造一個更專注、敏捷、負責任的組織，以更低的成本運營，專注於透過優勢取勝，以生產力為動力，以市場的速度前進。

I hope it continues to be evident that we've been successfully disrupting P&G.

我希望我們已經成功地顛覆了寶潔公司，這一點仍然顯而易見。

The choices we've made to focus and strengthen our portfolio in daily-use categories where performance drives brand choice, to establish and extend 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 organization focus, agility and accountability are not independent strategies.

我們所做的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，引領整個價值的建設性顛覆鍊和提高組織重點、敏捷性和問責制不是獨立的策略。

They reinforce and build on each other.

它們相互加強、相互促進。

They position us well within our industry to deal with near-term macro and competitive challenges.

它們使我們在行業中處於有利地位，能夠應對近期的宏觀挑戰和競爭挑戰。

They are the foundation for stronger, balanced growth and value creation over the short, mid and long term.

它們是短期、中期和長期更強勁、平衡成長和價值創造的基礎。

Moving now to guidance.

現在轉向指導。

We're raising our outlook on each key metric: organic sales growth, core earnings per share growth and free cash flow productivity.

我們正在提高對每個關鍵指標的展望：有機銷售成長、每股核心收益成長和自由現金流生產力。

We're increasing our outlook for organic sales growth from a range of 3% to 4% to a range of 3% to 5%.

我們將有機銷售成長預期從 3% 至 4% 上調至 3% 至 5%。

The markets in which we compete are growing at a 3% to 3.5% pace, so the midpoint of the higher organic sales range implies continued market share growth.

我們參與競爭的市場正在以 3% 至 3.5% 的速度成長，因此較高的有機銷售範圍的中點意味著市場份額的持續成長。

On the bottom line, we're raising our core earnings per share growth guidance from a range of 4% to 9% to a range of 5% to 10%.

總而言之，我們將核心每股盈餘成長指引從 4% 至 9% 上調至 5% 至 10%。

This reflects very strong first quarter results and our expectation of solid margin expansion for the year.

這反映了非常強勁的第一季業績以及我們對今年利潤率穩健擴張的預期。

We're raising our outlook for free cash flow productivity from 90% to 95% for the fiscal year.

我們將本財年自由現金流生產力的預期從 90% 提高到 95%。

The year will continue a long track record of significant cash generation and cash return to shareowners.

今年將繼續保持大量現金產生和股東現金回報的長期記錄。

We expect to pay over $7.5 billion in dividends and repurchase $6 billion to $8 billion of P&G shares in fiscal 2020.

我們預計 2020 財年將支付超過 75 億美元的股息，並回購 60 億至 80 億美元的寶潔股票。

While our first quarter results enable us to raise fiscal year targets, please keep in mind that the comps get more difficult as we move through the year, both on the top line and the bottom line.

雖然我們第一季的業績使我們能夠提高財政年度目標，但請記住，隨著我們進入這一年，無論是在營收還是淨利潤上，比較都變得更加困難。

Quarter year-ago top line, 4%, 4%, 5%, 7% as we progress through last fiscal year; bottom line, 3%, 5%, 6%, 17%.

隨著我們上一財年的進展，去年第一季的營收成長了 4%、4%、5%、7%；底線：3%、5%、6%、17%。

Japan VAT-related timing impacts benefited Q1 company sales results by 30 to 40 basis points, but will cause a headwind in Q2.

日本增值稅相關的時間影響使第一季公司銷售業績受益 30 至 40 個基點，但將在第二季造成不利影響。

Pricing annualizes as we move through the year, affecting both top and bottom line trends.

隨著一年的推移，定價會逐年變化，影響收入和利潤趨勢。

We'll comp the earnings gains from the [Boston land sale] and the Oral Care brand divestitures in Q4.

我們將在第四季度對[波士頓土地出售]和口腔護理品牌剝離的收益進行比較。

Competitors will likely respond to our outperformance, which underscores the need for continued investment and superiority.

競爭對手可能會對我們的優異表現做出反應，這強調了持續投資和優勢的必要性。

Brexit uncertainty and volatility in foreign exchange.

英國脫歐的不確定性與外匯波動。

Argentina and Turkey, for example, will be impacting balance-of-year results.

例如，阿根廷和土耳其將影響全年業績。

Our revised guidance is based on current market growth rates, commodity prices and foreign exchange rates.

我們修訂後的指引是基於當前的市場成長率、大宗商品價格和外匯匯率。

Significant currency weakness, commodity cost increases or additional geopolitical disruptions are not anticipated within the new and improved guidance ranges.

在新的和改進的指導範圍內，預計不會出現貨幣大幅疲軟、大宗商品成本上漲或額外的地緣政治幹擾。

With that, I'm happy to take your questions.

至此，我很高興回答您的問題。

(Operator Instructions) Your first question comes from the line of Lauren Lieberman with Barclays.

（操作員說明）您的第一個問題來自巴克萊銀行的勞倫·利伯曼（Lauren Lieberman）。

I just want to ask a little bit about the build for profitability.

我只是想問一些關於獲利能力建構的問題。

And in particular, you know an area I've been really focused on is operating leverage, and you're showing this -- really, as you put it, new and improved top line growth performance.

特別是，你知道我一直真正關注的一個領域是營運槓桿，而你正在展示這一點——實際上，正如你所說，新的和改進的頂線成長績效。

So this quarter, much of the upside was driven by, in fact, positive operating leverage.

因此，本季的上漲很大程度上是由積極的營運槓桿所推動的。

And yet productivity, despite you calling out the importance of it ongoing in your script, was quite, quite low relative to historical quarterly performance.

然而，儘管您在腳本中強調了生產力的重要性，但相對於歷史季度業績而言，生產力仍然非常非常低。

So can you just talk a little bit, I guess, about the outlook for productivity this year?

我想您能談談今年生產力的前景嗎？

And how we should think about operating leverage?

我們該如何考慮經營槓桿？

Because it accelerated sequentially, even with kind of a comparable revenue performance sequentially.

因為它連續加速，即使連續收入表現相當。

So just how to kind of work through the math on operating leverage on the stronger top line.

那麼如何透過計算營運槓桿來獲得更強勁的收入。

A stronger top line definitely provides greater operating leverage, as you rightly point out.

正如您正確指出的那樣，更強勁的營收肯定會提供更大的營運槓桿。

We had about 50 points of -- 50 basis points of leverage within the gross margin improvement of 190 basis points.

我們的槓桿比率約為 50-50 個基點，毛利率提高了 190 個基點。

And we had an additional 180 basis points of sales leverage between gross and operating.

我們的總銷售槓桿和營業槓桿之間額外增加了 180 個基點。

So 230 basis points overall against a margin improvement on an operating level of 260 basis points.

因此，總體而言，營運水準提高了 230 個基點，而利潤率則提高了 260 個基點。

And I think that's -- generally, if we grow -- the rule of thumb is if we grow 4%, we should have 50 to 75 basis points of leverage.

我認為，一般來說，如果我們成長的話，經驗法則是，如果我們成長 4%，我們應該有 50 到 75 個基點的槓桿。

That increases pretty significantly as we move up the curve beyond 4%, and you saw that in the quarter we just completed.

當我們將曲線向上移動超過 4% 時，這一數字會顯著增加，您可以在我們剛剛完成的季度中看到這一點。

Productivity continues to be a significant focus area.

生產力仍然是一個重要的重點領域。

Some of our savings are backloaded as we go through this year.

今年我們的一些積蓄會被回存。

But again, they'll be comping significantly higher earnings numbers in the base periods.

但同樣，他們在基期的獲利數據將顯著提高。

There are still very large opportunities in front of us.

我們面前仍然有非常大的機會。

Efficiencies in media; efficiencies in organization design; significant savings as we bring on fully the product supply transformation and big opportunities, top and bottom line, from increasing digitization of our efforts all around.

媒體效率；組織設計的效率；隨著我們全方位努力的數位化程度的提高，我們全面實現了產品供應轉型，並在營收和利潤方面帶來了巨大的機遇，從而節省了大量成本。

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。

Congratulations on a strong start to the year.

祝賀今年取得了良好的開局。

Geez, lots of questions still on the table.

天哪，還有很多問題懸而未決。

Let me start with growth.

讓我從成長開始。

I guess my one question (inaudible) out there in terms of market growth.

我想我的一個問題（聽不清楚）是關於市場成長的。

Jon, you mentioned in your script that you expect price contribution to wane as the year progresses and you comped last year's price gains, which, I think, is intuitively understandable for all of us.

喬恩，您在腳本中提到，隨著時間的推移，您預計價格貢獻會減弱，並且您補償了去年的價格上漲，我認為這對我們所有人來說都是直觀上可以理解的。

But you're pegging your full year guidance to a market growth rate of just 3% to 3.5%, which presumably, that market growth is going to experience that same phenomenon of waning price growth.

但您將全年指引定為 3% 至 3.5% 的市場成長率，據推測，市場成長將經歷相同的價格成長放緩現象。

So my question is, is it reasonable to assume that market growth also slows with price moderation?

所以我的問題是，假設市場成長也會隨著價格放緩而放緩是否合理？

Or are you seeing and do you expect to see a pickup in terms of volume mix contribution, both for your firm in aggregate like we saw this quarter and the market overall?

或者您是否看到並且您是否期望看到銷量組合貢獻方面的回升，無論是對於您的公司總體而言，就像我們本季度看到的那樣，還是整個市場？

Thanks, Jason.

謝謝，傑森。

We do expect to -- we've seen -- in the underlying market growth rates, there has been a price component, as you rightly point out.

我們確實預計——我們已經看到——在基本市場成長率中，存在價格因素，正如您正確指出的那樣。

That should annualize itself, as you rightly point out.

正如您正確指出的那樣，這應該按年計算。

But there's also been an increase in the volume component of market growth.

但市場成長的數量部分也有所增加。

So we are seeing an increase on the margin in market growth in units.

因此，我們看到單位市場成長幅度增加。

And that should continue as we progress forward.

隨著我們的進步，這種情況應該會繼續下去。

In terms of our own top line algorithm, price was 1 point of the 7 in the quarter.

根據我們自己的頂線演算法，本季價格為 7 點中的 1 點。

So if you assume that completely annualizes, that's a point impact.

因此，如果您假設完全按年計算，那就是點影響。

Your next question comes from the line of Steve Powers with Deutsche Bank.

您的下一個問題來自德意志銀行的史蒂夫鮑爾斯（Steve Powers）。

Jon, I was hoping you could take a step back and talk a little bit more broadly about what you're seeing with regard to consumer demand and competition in 3 markets, if I could: China, Russia and Brazil?

喬恩，我希望您能退後一步，更廣泛地談談您所看到的 3 個市場的消費者需求和競爭情況：中國、俄羅斯和巴西？

Is there anything that you're seeing now that concerns you in terms of competitive activity or waning demand in any of those -- in any of your key categories in those markets?

您現在看到的任何事情是否令您擔心這些市場中的任何關鍵類別的競爭活動或需求下降？

All right, that was Russia, Brazil, China.

好吧，那就是俄羅斯、巴西、中國。

Generally, Steve, across the board, we are seeing continued consumer strength.

總的來說，史蒂夫，我們看到消費者的整體實力持續強勁。

And generally, across the board, we are seeing the levels of healthy competition that you would generally expect.

總的來說，我們看到了大家普遍期望的良性競爭程度。

If I take the markets in question.

如果我考慮一下有問題的市場。

China, we were up 13% in the quarter.

中國，本季成長了 13%。

Market growth rates continued to be strong.

市場成長率持續強勁。

It's a very competitive environment, always has been, likely will be for the foreseeable future, just given the opportunity and the size of price.

這是一個競爭非常激烈的環境，只要有機會和價格規模，在可預見的未來一直如此，也很可能如此。

And that's both local competition and multinational competition.

這既是本地競爭，也是跨國競爭。

But we haven't seen any significant uptick in the levels of competition.

但我們還沒有看到競爭水平有任何顯著上升。

It's always on, always strong in a market like China.

在中國這樣的市場上，它始終保持活力，始終強勁。

The consumer in China continues to respond to premium innovation that performs in categories where performance drives brand choice, and we see that time and time again on both sides of the ledger.

中國的消費者繼續對高端創新做出反應，這些創新在性能驅動品牌選擇的類別中表現出色，我們一次又一次地在帳簿的兩側看到這一點。

In terms of the other markets that you mentioned, consumer demand in Brazil continues to be strong and respond to strong innovation.

就您提到的其他市場而言，巴西的消費者需求持續強勁，並對強勁的創新做出反應。

But it's -- I would describe it as more volatile and more fickle than, for example, China.

但我認為它比中國等國家更不穩定、更善變。

Our growth rates in Brazil vary pretty dramatically by quarter, but generally continue to be strong.

我們在巴西的成長率按季度差異很大，但總體上仍然強勁。

In the quarter we just completed, we grew 2% in Brazil.

在我們剛完成的季度中，我們在巴西的業務成長了 2%。

But prior to that, we were growing at significantly higher rates.

但在此之前，我們的成長速度要高得多。

I don't view that 2% as a slowdown in consumer as much as I do just inherent variability and volatility of that business.

我並不認為 2% 是消費者成長放緩，而是認為這只是該業務固有的可變性和波動性。

And Russia continues to perform as well.

俄羅斯也繼續表現出色。

We grew the business 5% in the quarter in Russia.

本季我們在俄羅斯的業務成長了 5%。

From a competitive standpoint, again, those markets are very strong.

同樣，從競爭的角度來看，這些市場非常強勁。

As it relates to competition, nothing specific to note.

由於涉及競爭，沒有什麼特別需要注意的。

And your next question comes from the line of Ali Dibadj with Bernstein.

你的下一個問題來自阿里·迪巴吉和伯恩斯坦的對話。

So I just had a couple of questions, if I could.

如果可以的話，我只有幾個問題。

One is just -- actually, the broader product question here is on the sustainability of such strong results.

一是——實際上，這裡更廣泛的產品問題是關於如此強勁成果的可持續性。

And I guess you're guiding through obviously a little bit of slowdown, lapping tough numbers, et cetera.

我猜你正在引導我們經歷明顯的一點放緩，取得艱難的數字等等。

But I was hoping you could give some more color a little bit about 2 pieces in particular, and you touched on it a moment ago.

但我希望你能為特別是兩件作品提供更多的色彩，你剛才也談到了這一點。

But just more around pricing, particularly pricing as commodities perhaps are rolling over here and you have less of a cost-justified reason to take the pricing up.

但更多的是圍繞定價，特別是因為大宗商品可能會在這裡滾動而定價，而你沒有太多成本合理的理由來提高定價。

And secondly, in terms of the volumes, you mentioned certainly growth in the category from a units perspective, but your unit growth is outsized.

其次，就數量而言，您確實提到了從單位角度來看該類別的成長，但您的單位成長過大。

And I just wonder how much of that is from what we're actually seeing on shelf, which is more shelf space growth.

我只是想知道其中有多少來自我們在貨架上實際看到的，即更多的貨架空間增長。

So (inaudible) just kind of same-store sales, same square foot sales versus growth from a shelf space perspective.

所以（聽不清楚）只是同店銷售、相同平方英尺的銷售與貨架空間角度的成長。

That's a sustainability question.

這是一個永續性問題。

And a sub-question to that is -- you obviously, like everybody else, have some really good categories, more [of them are] really good right now, really good businesses.

一個子問題是——顯然，你和其他人一樣，有一些非常好的類別，現在有更多的類別非常好，非常好的企業。

And some that aren't doing so well, obviously, Grooming (inaudible) Baby Care, et cetera.

顯然，有些做得不好，例如美容（聽不清楚）嬰兒護理等等。

I'm trying to figure out whether you're seeing different retailer reactions or interactions with you given your haves and have not-type categories.

我試圖弄清楚，根據您的有品和無品類別，您是否會看到不同的零售商反應或與您的互動。

I understand that you have fewer categories than perhaps most that aren't firing on all cylinders, but are you seeing the retailers pull different levers when things aren't growing the way they'd like it to be?

我知道你們的品類可能比大多數沒有全速運轉的品類要少，但你是否看到零售商在事情沒有按照他們希望的方式發展時拉動不同的槓桿？

First, as it relates to sustainability of the results.

首先，因為它關係到結果的可持續性。

Comp issues aside, and the comp issues are -- or the comp dynamic is obviously real and prevalent and increasingly prevalent as we progress through the fiscal year.

撇開競爭問題不談，競爭問題是──或者說競爭動態顯然是真實的、普遍的，而且隨著我們在本財年的進展而變得越來越普遍。

We've really tried to ensure 2 things are an inherent part of how we think about the business and operate the business, and both lend themselves to sustainability of results over the long term.

我們確實努力確保有兩件事是我們思考業務和經營業務的固有組成部分，並且兩者都有助於長期結果的可持續性。

The first is balance across the top and bottom line.

首先是頂線和底線的平衡。

I think you saw in the quarter that we just reported, it's a very balanced quarter in terms of strong growth on both.

我認為您在我們剛剛報告的季度中看到，就兩者的強勁增長而言，這是一個非常平衡的季度。

And to the extent that we can continue to deliver both, which we're committed to do, the overall value creation result becomes much more sustainable.

只要我們能夠繼續實現我們所承諾的這兩點，整體價值創造結果就會變得更加永續。

We've witnessed periods of time in our company and certainly within the industry and adjacent industries where the focus has disproportionately shifted, for example, to the bottom line.

我們目睹了我們公司以及行業和鄰近行業內的一段時間，焦點不成比例地轉移到了利潤上。

That is not a sustainable strategy in our view.

我們認為這不是一個可持續的策略。

And we've seen instances, certainly in our own experience, where focus has shifted disproportionately to the top line, which also is not a sustainable strategy in our view.

我們已經看過這樣的情況，當然根據我們自己的經驗，重點已經不成比例地轉移到營收上，我們認為這也不是一個可持續的策略。

So the balancing of the top and bottom line does lead to an expectation of more sustainable value creation delivery.

因此，頂線和底線的平衡確實導致了對更永續的價值創造交付的期望。

The second piece is probably even more important, and that is how we are thinking about sources of growth.

第二部分可能更重要，這就是我們思考成長來源的方式。

And we're really trying, as part of our superiority strategy, to source growth through creation of business in the marketplace by driving market growth.

作為我們優勢策略的一部分，我們確實在努力透過推動市場成長來在市場上創造業務來實現成長。

That is a much more sustainable and generally more profitable way to drive our business.

這是一種更可持續且通常更有利可圖的方式來推動我們的業務。

We are creating business, not taking business from others.

我們正在創造業務，而不是從別人那裡奪取業務。

And when you are the driver of market growth, you will mathematically build share.

當你成為市場成長的推動者時，你就會在數學上建立份額。

So those 2 concepts are not incongruent.

所以這兩個概念並不矛盾。

They're in complete congruence.

他們完全一致。

And the question is, how do you most sustainably and profitably build share?

問題是，如何才能最永續、最有利地建立份額？

And we're now contributing to market growth at weights above our market shares, which is exactly where we want to be.

我們現在正在以高於市場份額的權重為市場成長做出貢獻，這正是我們想要達到的目標。

That's important to the dynamics that I just described.

這對於我剛才描述的動態很重要。

It's also much more meaningful and relevant to our retail partners.

這對我們的零售合作夥伴來說也更有意義、更相關。

They frankly could care less about P&G market share gains.

坦白說，他們不太關心寶潔公司的市佔率成長。

What they care about is the overall market basket and the margins that they earn on that basket.

他們關心的是整個市場籃子以及他們在該籃子上賺取的利潤。

So both of those focuses, from a business model standpoint, should conceptually increase the sustainability of our results.

因此，從商業模式的角度來看，這兩個重點都應該從概念上提高我們結果的可持續性。

We'll have to demonstrate that in the marketplace.

我們必須在市場上證明這一點。

But certainly over the last 5 quarters, if you look at the top line, 4%, 4%, 5%, 7%, 7%, doesn't guarantee anything in the future, but it's been sustainable progress at least for a period of time.

但當然，在過去 5 個季度中，如果你看一下營收，4%、4%、5%、7%、7% 並不能保證未來的任何結果，但至少在一段時間內是可持續的進步的時間。

Relative to pricing, we -- I want to be careful on commenting on future pricing activities.

相對於定價，我們——我想在評論未來的定價活動時保持謹慎。

What I would say is that, to date, we feel good about the pricing that we've taken, both as it relates to commodities and as it relates to foreign exchange and some of the developing markets.

我想說的是，到目前為止，我們對所採取的定價感到滿意，無論是與大宗商品相關，還是與外匯和一些發展中市場相關。

But that's something we look at on a category country basis every morning when we wake up and we'll adjust as we need to.

但這是我們每天早上醒來時都會根據類別國家/地區來查看的內容，我們會根據需要進行調整。

Relative to the source of volume growth, I mentioned a significant portion of our growth is coming through creation of new business.

相對於銷售成長的來源，我提到我們成長的很大一部分來自新業務的創建。

There is as well, and you're right to point out, increase in distribution, as you would expect, given the demonstrated ability to grow markets for our retail partners.

正如您所期望的那樣，考慮到我們為零售合作夥伴拓展市場的能力，您指出的分銷也有所增加，這是正確的。

But those 2 things are not separable.

但這兩件事是不可分割的。

And we've talked previously about the retail view of P&G, which has improved significantly, earning top consumer products manufacturer at Walmart, really across the board and increasing -- you saw the Advantage Monitor survey where we're #1 in our industry across all metrics that are measured and #1 by a significant margin.

我們之前討論過寶潔公司的零售前景，該公司的零售前景已顯著改善，在沃爾瑪贏得了頂級消費品製造商的稱號，真正全面且不斷增長——您看到了Advantage Monitor 調查，我們在整個行業中排名第一所有經過測量的指標都以顯著優勢排名第一。

We need to keep improving that.

我們需要不斷改進這一點。

That's not any guarantee for success tomorrow, but it is one of the reasons, coupled with demonstrated ability to grow markets in many categories, that we are increasing the level of distribution.

這並不能保證明天的成功，但它是我們提高分銷水平的原因之一，再加上在許多類別中發展市場的能力。

And I don't see that as a step-function curve.

我不認為這是一條階躍函數曲線。

I think it has room to continue to grow.

我認為它還有繼續成長的空間。

Obviously, to the extent that we demonstrate the same dynamic across more categories, that's another driver of future growth.

顯然，如果我們在更多類別中展示出相同的動態，那就是未來成長的另一個驅動力。

And your next question comes from the line of Dara Mohsenian with Morgan Stanley.

你的下一個問題來自摩根士丹利的 Dara Mohsenian。

So sticking to the subject of top line growth sustainability, I was hoping you' could give us an update on what you saw in fiscal Q1 in terms of a competitive response, both on the pricing front as well as in terms of marketing spend from your key competitors, given your market share gains.

因此，堅持營收成長可持續性的主題，我希望您能為我們提供您在第一財季所看到的競爭反應方面的最新情況，無論是在定價方面還是在行銷支出方面。的市場佔有率的成長，您的主要競爭對手。

And give us a sense of what you're assuming in guidance in the balance of the year from a competitive environment standpoint if the environment heats up as you cycle some of these price increases and theoretically competitors look to regain some share momentum.

如果隨著您循環其中一些價格上漲而環境升溫，並且理論上競爭對手希望重新獲得一些份額動力，請讓我們了解您從競爭環境的角度對今年剩餘時間的指導所做的假設。

Thanks, Dara.

謝謝，達拉。

You've certainly heard, and -- not surprisingly, competition talking about reinvesting in their businesses.

您當然聽說過，並且毫不奇怪，競爭對手談論對其業務進行再投資。

I think that's driven by 2 things: One is the turnover of a generation of leadership in many of our competitive set, and 2 is the result situation that we've been talking about together here this morning.

我認為這是由兩件事驅動的：一是我們許多競爭對手中一代領導層的更替，二是我們今天早上在這裡一起討論的結果。

We have not seen anything destructive in a mass aggregate scale in the marketplace from a competitive standpoint.

從競爭的角度來看，我們還沒有看到市場上出現任何大規模破壞性的情況。

We operate in very competitive industries, so that doesn't change.

我們所處的行業競爭非常激烈，所以這一點不會改變。

But there hasn't been a step-function increase, for example, in the level of volume that's being sold on promotion.

但促銷活動的銷售量並未出現階梯式成長。

There has been increased initiative activity, innovation driven.

創新驅動的主動性活動增加。

That's generally constructive for market growth.

這通常對市場成長是有建設性的。

So we support that, and we'll see.

所以我們支持這一點，我們拭目以待。

I do expect, generally, competition to increase as we continue going through the fiscal year.

我確實預計，隨著本財年的持續進行，競爭將會加劇。

And remember, the time that exists between when you state an intent and when you can actually execute in the market is not short.

請記住，從您表達意圖到您可以在市場上實際執行之間存在的時間並不短。

It's relatively long, just given shelf set dynamics at retail, execution dynamics associated with, for example, innovation.

它相對較長，只是考慮到零售業的貨架設置動態以及與創新相關的執行動態。

So I wouldn't say that we've seen everything that we're going to see.

所以我不會說我們已經看到了我們將要看到的一切。

We're in a better position to deal with that than we've been in a long time, given increasing percentage of our sales that are superior from a product, package, communication, go-to-market standpoint.

鑑於從產品、包裝、溝通、進入市場的角度來看，我們的銷售比例越來越高，因此我們比長期以來更能應對這個問題。

We still have work to do, which is why we're going to continue to invest and fund that through productivity.

我們仍然有工作要做，這就是為什麼我們將繼續透過生產力進行投資和資助。

And that's our best defense.

這是我們最好的防禦。

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

你的下一個問題來自 Mark Astrachan 和 Stifel 的對話。

I guess I wanted to dig a bit deeper in some category specifics there.

我想我想更深入地了解那裡的某些類別細節。

So curious your thoughts about what you're seeing in kind of real time in paper goods and competitive dynamics in laundry.

很好奇您對紙製品中即時看到的情況以及洗衣業競爭動態的想法。

It seems like you've had kind of the strongest volume growth on very strong comparisons there.

透過非常強烈的比較，您似乎獲得了最強勁的銷售成長。

Pricing maybe dipped a little bit sequentially underlying.

價格可能會按順序略有下降。

I'm just curious if that's a competitive response, if that's proactive, is there something in the market that's kind of changed?

我只是好奇這是否是一種競爭性的反應，如果是主動的，市場上是否有一些變化？

Just sort of any color there would be helpful on those categories.

只要是任何顏色都會對這些類別有幫助。

Laundry had a very strong quarter, up 8%, driven by momentum really across the globe.

洗衣業在全球發展動能的推動下，本季表現強勁，成長了 8%。

We continue to advance the premium segment, both laundry and fabric enhancers.

我們繼續推動高端市場，包括洗衣劑和織物增強劑。

Global value share was up about 0.5 point.

全球價值份額上升約 0.5 個百分點。

Our growth on those premium segments, which include single-unit dose and scent beads, was high teens, and that's really -- e-commerce sales, up almost 50%.

我們在這些高端細分市場（包括單劑量和香珠）的成長達到了十幾歲，這就是電子商務銷售額，成長了近 50%。

So really, what we're seeing there is innovation-driven, superiority-driven, market growth, accretive growth.

事實上，我們看到的是創新驅動、優勢驅動、市場成長、增值成長。

Which, to the point of the earlier question, I expect would be sustainable at some level.

就之前的問題而言，我預計這在某種程度上是可持續的。

And that's what I think about when I think about the laundry and fabric enhancers category, not a specific competitive dynamic.

這就是我在考慮洗衣和織物增強劑類別時所想到的，而不是特定的競爭動態。

We continue to grow the paper businesses at very high levels in aggregate.

我們繼續以非常高的水準整體發展造紙業務。

And that segment, because of its -- those segments, because of their capital intensity, are a little bit more responsive from a competitive dynamic standpoint to a variety of factors.

而該細分市場，由於其資本密集度，從競爭動態的角度來看，對各種因素的反應更加靈敏。

But again, I would characterize the landscape as innovation-driven, superiority-driven, market-accretive growth.

但我再次將這種格局描述為創新驅動、優勢驅動、市場增值的成長。

Think about -- let's take one of those businesses, Feminine Care, as an example.

想想看—讓我們以其中一項業務—女性護理為例。

Feminine Care, in the quarter, we grew 7%, and that's composed of both strong growth on our base feminine protection business and high-teens-level growth on our adult incontinence business.

女性護理，本季我們成長了 7%，其中包括基礎女性防護業務的強勁成長和成人失禁業務的青少年水平高成長。

And we had an objective as we entered that category to source our growth through increased market growth.

當我們進入該類別時，我們的目標是透過增加市場成長來實現成長。

And we essentially doubled the rate of market growth for the adult incontinence category across the geographies where we've entered.

在我們進入的地區，我們基本上將成人失禁類別的市場成長率提高了一倍。

So again, that is the predominance or the character of the landscape and the growth drivers as I see it.

再說一次，在我看來，這就是景觀的優勢或特徵以及成長動力。

And next we'll go to Wendy Nicholson with Citi.

接下來我們將前往花旗銀行的溫蒂‧尼克森 (Wendy Nicholson)。

My question has to do with the U.S. market, the U.S. consumer, and it's less about pricing than it is maybe the mix of your businesses and brands.

我的問題與美國市場、美國消費者有關，與其說是定價，不如說是企業和品牌的組合。

If the U.S. consumer is going to slow, number one, do you think you see that coming early enough to react and to make sure that the fact that so many of your brands are relatively premium priced in your categories don't cede share?

如果美國消費者的消費速度會放緩，第一，你認為你是否能儘早做出反應，並確保你的許多品牌在你的類別中價格相對較高的事實不會放棄市場份額？

So I guess the question is, on brands like Luvs or Gain, are you thinking about doing more innovation there, more promotion there, more feature displays?

所以我想問題是，對於像 Luvs 或 Gain 這樣的品牌，你是否考慮在那裡做更多的創新、更多的促銷、更多的功能展示？

Or is it a pack size issue?

還是包裝尺寸的問題？

In other words, if the economy slows, how do you make sure that people don't feel pinched and trade down from some of your more premium-priced brands?

換句話說，如果經濟放緩，您如何確保人們不會感到手頭拮据，從而不會購買一些價格較高的品牌產品？

In terms of predicting any kind of consumer acceleration or consumer slowdown, we really -- we aren't in that business.

在預測任何類型的消費者加速或消費者放緩方面，我們確實不從事該業務。

There are many things that can affect consumer confidence that are things we wouldn't even have the ability to anticipate today, certain geopolitical events, certain political developments within the country, et cetera.

有許多因素會影響消費者的信心，而這些因素是我們今天無法預測的，例如某些地緣政治事件、國內的某些政治發展等等。

So your guess is as good as ours in terms of what market growth does going forward.

因此，就未來市場成長的情況而言，您的猜測與我們的猜測一樣好。

We have seen no signs of weakness.

我們沒有看到任何疲軟的跡象。

We have seen continued sequential improvement on the margin.

我們看到利潤率持續連續改善。

But that can change pretty quickly, as we've all witnessed during our lifetimes.

但正如我們一生中所見證的那樣，這種情況可能會很快改變。

We are better positioned today, for several reasons, to deal with a downturn than we were, for example, in 2007, 2008.

基於多種原因，我們今天比 2007 年、2008 年更有能力應對經濟低迷。

Number one, we are largely out of highly discretionary categories.

第一，我們基本上不屬於高度自由裁量的類別。

This was part and parcel of our thinking as we moved to daily-use categories, categories that consumers are much less likely to go without on a daily basis.

當我們轉向日常使用類別時，這是我們思考的重要組成部分，這些類別是消費者日常使用的可能性很小的類別。

Generally, we don't see consumers stopping laundry or shampooing or conditioning or feminine protection during a recession.

一般來說，我們不會看到消費者在經濟衰退期間停止洗衣、洗髮、調理或女性保護。

To your point, they may trade down, and I'll come to that in a second.

就你的觀點而言，他們可能會進行降價交易，我稍後會談到這一點。

But from a category standpoint and a portfolio composition standpoint, we are much better positioned than we were previously.

但從品類和投資組合構成的角度來看，我們的定位比以前好得多。

That's number one.

這是第一名。

Number two, as we've been talking about throughout this call, we are much better positioned from a brand advantage standpoint.

第二，正如我們在整個電話會議中一直在談論的那樣，從品牌優勢的角度來看，我們的定位要好得多。

The products performing at noticeable levels of superiority in terms of meeting very important consumer needs and desires.

這些產品在滿足非常重要的消費者需求和願望方面表現出顯著的優越性。

And that is a major contributor to the overall value equation that consumers use as they assess their brand choice.

這是消費者在評估其品牌選擇時所使用的整體價值方程式的主要貢獻者。

Here too, portfolio matters.

在這裡，投資組合也很重要。

So we've moved not only into daily-use categories, but into categories where performance drives brand choice.

因此，我們不僅進入了日常使用類別，而且進入了性能驅動品牌選擇的類別。

And we're continuing to invest to build that advantage, which is no guarantee, but does increase the resilience of the portfolio to headwinds from a consumer standpoint.

我們將繼續投資以建立這種優勢，這並不能保證，但從消費者的角度來看，確實會增強投資組合抵禦逆風的能力。

Third, we've worked to improve the pricing ladders, the availability of product at different price points, different pack sizes.

第三，我們努力改善定價階梯，提高不同價位、不同包裝尺寸的產品的可用性。

That also is not a guarantee.

這也不能保證。

But you put all of that together -- again, no guarantees, but we're in a much better place.

但你把所有這些放在一起——同樣，不能保證，但我們處於一個更好的地方。

We will use tools like value messaging, like pack sizes, like performance messaging to ensure that, if there is a downturn, we're as best positioned for consumers who are in a pinch.

我們將使用價值資訊、包裝尺寸、性能資訊等工具，以確保在經濟低迷的情況下，我們能夠為陷入困境的消費者提供最佳的服務。

And next, we'll go to Steve Strycula with UBS.

接下來，我們將邀請瑞銀集團的 Steve Strycula。

Congratulations on a good quarter.

恭喜您度過了一個美好的季度。

So I have a question on supply chain in click and collect and the rise of online with that -- how that impacts your business.

因此，我有一個關於「點擊提貨」供應鏈以及隨之而來的線上崛起的問題——這對您的業務有何影響。

Specifically, wanted to understand, as we see in that stores require more and more inventory for stuff going out the side of the door, how do we think about that impacting your categories?

具體來說，我們想了解，正如我們所看到的，商店需要越來越多的庫存來存放外面的商品，我們如何看待這對您的類別的影響？

Are you reducing your SKU count at all?

您是否正在減少 SKU 數量？

How does that impact the weeks of supply in stock throughout the supply chain?

這對整個供應鏈的庫存供應週數有何影響？

Because we've noticed over, let's call it, the last 2 years, most CPG companies have been reporting that national retailers are bringing down these weeks of supply.

因為我們注意到，在過去的兩年裡，大多數消費品公司都報告說全國零售商正在減少這幾週的供應。

Would you say that we're kind of like near a bottom, especially in a portfolio like Procter, where you're seeing the sales productivity lift much higher?

您會說我們有點接近底部，特別是在像寶潔這樣的投資組合中，您看到銷售生產力大幅提升？

Should we expect a -- you [top rate] a little bit differently than the peer set?

我們是否該期待－你[最高評價]與同行有點不同？

We want to be SKU efficient and have the right assortment at the shelf, both in terms of serving the consumer and in terms of the right turnover for our retail partners.

我們希望提高 SKU 效率，並在貨架上擁有正確的品種，無論是在服務消費者方面還是在為我們的零售合作夥伴提供適當的營業額方面。

Nothing has really changed in that context.

在這種情況下，一切都沒有真正改變。

Relative to the trade inventory situation, I think we mentioned on the last call a slight increase in inventories across the retail channel, not consistently, but in aggregate to support the things that you are describing as well as a commitment from a delivery standpoint to have product available for consumers on shorter and shorter notice, which requires higher inventories.

相對於貿易庫存情況，我認為我們在上次電話會議中提到，整個零售通路的庫存略有增加，雖然不是一致的，但總體而言是為了支持您所描述的事情以及從交貨角度的承諾向消費者提供產品的通知時間越來越短，這需要更高的庫存。

In the quarter that we just -- that -- we saw that dynamic in the fourth quarter of last year.

在這個季度，我們在去年第四季看到了這種動態。

Those inventory levels have generally remained, but we haven't seen any significant change.

這些庫存水準總體上保持不變，但我們沒有看到任何重大變化。

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

您的下一個問題來自美國銀行的 Olivia Tong。

Just want to follow up on your comp -- [you discussed] about driving growth or creating businesses, new categories.

只是想跟進你的比較——[你討論的]關於推動成長或創建業務、新類別的內容。

And you've obviously shown your ability across your portfolio with that.

很明顯，你已經在你的作品集中展示了你的能力。

So can you talk a little bit about what's changed in terms of R&D, your market research processes, your marketing processes, the change in your reporting structure that's driven that change?

那麼您能談談研發、市場研究流程、行銷流程以及推動這項變革的報告結構的變化嗎？

Are there more people, external partnerships?

是否有更多人員、外部合作夥伴？

How does the reporting structure potentially change?

報告結構可能會發生怎樣的變化？

How does that restructure change help aid that?

重組變革如何幫助實現這一目標？

If you could just dive into that a little bit more, that would be great.

如果您能再深入一點，那就太好了。

That's a big question, Olivia.

這是一個大問題，奧莉維亞。

I'll do my best.

我將盡我所能。

First, every category needs to be working to create additional sources of market growth within their -- in the definitions of their existing category and in adjacencies relative to their existing category, and that's going to be the predominant source of our growth.

首先，每個類別都需要努力在其現有類別的定義以及相對於現有類別的鄰近區域中創造額外的市場成長來源，這將是我們成長的主要來源。

And whether that's a fabric enhancer bead execution, whether that's a laundry single-unit dose execution, both of which have significantly inflected market growth rates, just as 2 examples.

無論是織物增強劑珠的執行，還是洗衣單單位劑量的執行，這兩者都顯著影響了市場成長率，僅舉兩個例子。

Some of the initiatives in our Beauty business are doing the same, efforts in Power Oral Care as a way to grow markets really across the world.

我們的美容業務中的一些舉措也在做同樣的事情，即大力發展口腔護理，以此作為真正發展全球市場的一種方式。

So that is a continuation of what we've been trying to do.

這是我們一直在努力做的事情的延續。

And then we've added to that what we call P&G Ventures, which is a innovation effort outside of existing categories, and we brought products to market like Zevo, which is a natural insecticide.

然後我們加入了所謂的寶潔創投公司（P&G Ventures），這是現有類別之外的創新努力，我們將像 Zevo 這樣的產品推向市場，這是一種天然殺蟲劑。

We're working across 5 or 6 pretty exciting opportunities that have come out of P&G Ventures.

我們正在研究寶潔創投公司提供的 5 到 6 個非常令人興奮的機會。

That reports to Mary Lynn Ferguson, so it doesn't report into each and every category like -- she coordinates those efforts for us along with our outside venture partners.

該報告向瑪麗·林恩·弗格森報告，因此它不會向每個類別報告——她與我們的外部風險合作夥伴一起為我們協調這些工作。

From a overall standpoint, whether it's internal innovation to drive superiority to drive market growth or innovation in P&G Ventures, we're operating much more through the lens of lean innovation, which simplistically -- we could spend a day on that.

從整體角度來看，無論是內部創新來推動優勢以推動市場成長，還是寶潔創投的創新，我們更多是透過精實創新的視角來運作，簡單地說，我們可以花一天的時間。

But simplistically, is designed to deliver faster, better learning, more shots on goal to increase the chance of breaking through and really having something meaningful to bring to market.

但簡單地說，它的目的是提供更快、更好的學習、更多射門機會，以增加突破的機會，並真正將有意義的東西推向市場。

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 the strong result.

恭喜您取得了優異的成績。

Jon, I want to come back to the U.S. and maybe drill down a little bit on some of the channel dynamics.

喬恩，我想回到美國，也許可以深入了解一些管道動態。

So obviously, another really strong result: organic sales growth, up 6% in the U.S. but probably like 3x roughly the market growth rate, which I would estimate is probably closer to 2. And looking at the scanner data, that's probably about 300 basis points higher, so it looks like that gap is widening, and understanding obviously online is growing quite rapidly.

顯然，另一個非常強勁的結果：有機銷售成長，在美國成長了 6%，但可能是市場成長率的 3 倍，我估計可能接近 2。更高，所以看起來差距正在擴大，並且顯然在線理解正在快速增長。

I think it was up mid-20s.

我想那是20多歲的時候了。

I missed it this quarter, I apologize for that.

我錯過了這個季度，對此我深表歉意。

Maybe you can provide us that number.

也許您可以向我們提供該號碼。

But the questions would be, number one, any timing benefit that will potentially reverse out in the upcoming quarter?

但問題是，第一，任何時機優勢可能會在下個季度逆轉嗎？

And then maybe spend a little bit of time on discussing some of the channel dynamics between tracked versus non-tracked, that would be helpful.

然後也許花一點時間討論追蹤與非追蹤之間的一些管道動態，這會很有幫助。

Thanks, Kevin.

謝謝，凱文。

The tracked number, as you know, was effectively 3% in the U.S. for the quarter.

如您所知，本季度美國的追蹤數字實際上為 3%。

And as you cited, the overall number was about 6%.

正如您所說，總數約為 6%。

That delta is almost entirely due to faster growth rates in non-tracked channels.

這一增量幾乎完全是由於非追蹤管道的成長率更快。

I mentioned global growth from a e-commerce standpoint at 30%.

我從電子商務的角度提到了全球成長 30%。

So customers like Amazon are growing at higher rates than some others.

因此，像亞馬遜這樣的客戶的成長速度比其他一些客戶要快。

But also, for example, the club channel is growing at rates that are above the rate of market growth.

而且，例如，俱樂部通路的成長速度高於市場成長率。

There are not significant one-timers within the quarter in the U.S. The one significant one-timer that is in our aggregate results is the sell in ahead of the VAT increase, which went into effect on October 1 in Japan.

美國本季沒有重大一次性交易。

That had about a 30 or 40 basis point impact on our numbers.

這對我們的數據產生了大約 30 或 40 個基點的影響。

And next we'll go to Andrea Teixeira with JPMorgan.

接下來我們將邀請摩根大通的安德里亞特謝拉 (Andrea Teixeira)。

Just echoing the congrats.

只是回應祝賀。

So I was hoping, Jon, if you can comment a bit more on China where you grew 13%, you accelerated from 12% in the last quarter.

所以，喬恩，我希望您能對中國的成長有更多評論，中國的成長速度比上個季度的 12% 有所加快，成長了 13%。

But you face tough comps ahead.

但你未來將面臨艱難的競爭。

So do you think it's -- growth is still driven by SK-II and Olay, or is it more broad-based now into hair and other categories?

那麼您認為成長仍然是由 SK-II 和玉蘭油推動的，還是現在更廣泛地滲透到頭髮和其他類別？

So are you worried about your [comp is] getting tougher starting this quarter or -- and related to that, you comment on price in baby still being deflationary.

那麼，您是否擔心您的[comp]從本季度開始變得更加艱難，或者與此相關，您評論嬰兒價格仍然處於通貨緊縮狀態。

So when do you think you can cycle that process and offset with more premium diapers growth?

那麼，您認為什麼時候可以循環該過程並用更優質的尿布增長來抵消？

We're always concerned about comps getting tougher, always working to run harder.

我們總是擔心比賽會變得更加艱難，總是努力跑得更努力。

That's a part of the world that we live in.

這是我們生活的世界的一部分。

Generally, it is not just, for example, SK-II and Olay, which are growing at fantastic rates in China, but our growth profile across the categories has broadened significantly.

一般來說，不僅僅是 SK-II 和玉蘭油在中國以驚人的速度成長，而且我們在各個類別的成長情況也顯著擴大。

You mentioned Baby Care.

您提到了嬰兒護理。

We were up high single digits in Baby Care in the quarter, very strong response to the innovation that we've brought to market.

本季我們的嬰兒護理業務實現了高個位數成長，這是對我們推向市場的創新的強烈反應。

We are growing generally across the board.

我們總體上正在全面增長。

The one exception, which has improved significantly, is Hair Care.

唯一的例外是頭髮護理，但已顯著改善。

In Hair Care, we had very modest growth, but that's an improvement versus where we've been the last couple of quarters.

在護髮領域，我們的成長非常溫和，但與過去幾個季度相比已經有所改善。

So everything's on the rise in China.

所以中國的一切都在成長。

I feel -- we feel good about our prospects there.

我覺得——我們對那裡的前景感到滿意。

For perspective, if you look at China ex Olay and SK-II, we grew 9% in the quarter.

從長遠來看，如果你看看中國（除去玉蘭油和 SK-II），我們本季成長了 9%。

So there is much more to the story than just those 2 businesses, though we're very happy with the story on those 2 businesses.

因此，這個故事不僅僅是這兩家企業，儘管我們對這兩家企業的故事非常滿意。

All right.

好的。

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

您的下一個問題來自 SunTrust 的 Bill Chappell。

This is actually Grant on for Bill.

這實際上是格蘭特為比爾做的。

Just had a quick one on Latin America, and in particular, Mexico.

剛剛快速了解了拉丁美洲，特別是墨西哥。

We've heard from some other companies that the consumer has slowed maybe a little bit there.

我們從其他一些公司聽說，那裡的消費者成長速度可能會放緩。

I was wondering if you were seeing the same thing or any other changes in that market in particular.

我想知道您是否看到了同樣的事情，或者特別是該市場的任何其他變化。

We have been seeing something similar.

我們也看到過類似的情況。

But frankly, consumption in the month of September was very strong, and we ended up with top line growth rates at very attractive level in Mexico for the last quarter at 10%.

但坦白說，9 月的消費非常強勁，最後一個季度墨西哥的營收成長率達到了非常有吸引力的水平，達到 10%。

All right.

好的。

Your next question comes from the line of Bonnie Herzog with Wells Fargo.

你的下一個問題來自富國銀行的邦妮·赫爾佐格。

Jon, I wanted to circle back on your Beauty business and just really understand how sustainable -- the strong growth that you're seeing out of that business, how confident you are that this can continue, especially as the comps get tougher?

喬恩，我想回顧一下您的美容業務，並真正了解您從該業務中看到的強勁增長有多可持續，您對這種業務能夠持續下去有多大信心，尤其是在競爭變得更加艱難的情況下？

Maybe you could help us understand what it will be driven by.

也許你可以幫助我們了解它的驅動力。

Is it better and stronger innovation?

是更好、更強的創新嗎？

If so, can you give us some examples maybe of what's been working?

如果是這樣，您能給我們舉一些例子來說明哪些方法有效嗎？

And then give us a sense of the levels, innovation in your pipeline this year versus last year.

然後讓我們來了解今年與去年相比你們的產品線的水平和創新。

And then finally, maybe help us understand why some of your innovations seem to be better resonating with the consumer, ultimately driving what I assume to be share gains.

最後，也許可以幫助我們理解為什麼你們的一些創新似乎更能引起消費者的共鳴，最終推動我認為的份額收益。

One thing that gives us confidence about continued success in Beauty or the sustainability of the results we've been delivering is the breadth of those results.

讓我們對美容領域的持續成功或我們所交付的成果的可持續性充滿信心的一件事是這些成果的廣度。

And I think as I reflect on several of the conversations that we've had together, there's a bit of a misunderstanding that it's all driven by SK-II, and that just isn't the case.

我認為，當我反思我們一起進行的幾次對話時，存在一些誤解，認為這一切都是由 SK-II 驅動的，但事實並非如此。

So we grew hair -- our Hair Care business mid-single digits in the last quarter.

所以我們長出了頭髮——上個季度我們的護髮業務達到了中個位數。

We grew that business at 6% in the U.S. All aspects of our Skin and Personal Care business are growing.

我們在美國的業務成長了 6%。

Our Personal Care business, which is deodorants and body washes and those kinds of products, grew at 10% in the quarter.

我們的個人護理業務（除臭劑和沐浴露以及此類產品）本季成長了 10%。

Obviously, Skin Care and SK-II grew at even higher rates than that.

顯然，護膚品和 SK-II 的成長速度甚至更高。

If I look just at SK-II, it's one -- it's the fastest-growing part of the portfolio.

如果我只看 SK-II，它就是其中之一——它是產品組合中成長最快的部分。

Our new user attraction continues to be our focus.

我們的新用戶吸引力仍然是我們的重點。

And as long as we keep that door open, we should continue to grow and that's been happening.

只要我們保持大門敞開，我們就應該繼續成長，而這種情況已經發生。

But again, breadth of success across Beauty.

但同樣，美容領域也取得了廣泛的成功。

All right.

好的。

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

你的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 could talk about -- the big dialogue has been, over the last few years, big brands versus small brands.

喬恩，我希望你能談談──在過去幾年裡，大品牌與小品牌之間的大對話。

And I was wondering if you could just kind of give us your perspective on this whole next-day, same-day delivery battle between Amazon and Walmart and other retailers kind of getting into the fray now and how that impacts big brands versus small brands in the sense of supply chain integrity and things like that?

我想知道您是否可以向我們介紹一下您對亞馬遜和沃爾瑪以及其他零售商之間目前正在捲入的這場次日達、當日送達之戰的看法，以及這對大品牌與小品牌有何影響。

So maybe you could just give us some thoughts around that dynamic.

所以也許你可以給我們一些關於這個動態的想法。

I'm not sure I know, Nik, exactly what the impact is going to be on those 2 subsets of businesses, small brands versus large brands, directly as a result of what you just described.

尼克，我不確定我是否知道，由於您剛才所描述的情況，對這兩個企業子集（小品牌與大品牌）到底會產生什麼影響。

What I have felt for a long time, what we have felt for a long time and have been talking about for a long time, is the relevance, the continued relevance of large brands as well as the relevance of small brands in certain instances across our ecosystem.

我長期以來的感受，我們長期以來的感受以及長期以來一直在談論的，是相關性，大品牌的持續相關性以及小品牌在我們的某些情況下的相關性。

Our large brands historically have grown about 4 points faster than our small brands.

從歷史上看，我們的大品牌的成長速度比我們的小品牌快約 4 個百分點。

And then when you look at the absolute growth that comes from that, it's significantly higher.

然後當你看看由此產生的絕對增長時，你會發現它要高得多。

But large -- every large brand started off as a small brand, and so we can't ignore that dynamic either.

但大品牌——每個大品牌都是從一個小品牌開始的，所以我們也不能忽視這種動態。

As you know, we've been buying and building some smaller brands to serve some rapidly growing consumer segments, particularly in the natural space, but not confined to that.

如您所知，我們一直在購買和打造一些較小的品牌，以服務一些快速成長的消費群體，特別是在自然領域，但不僅限於此。

I generally think -- we generally think that the ecosystem, as we move forward, at minimum does not disadvantage big brands.

我總體上認為——我們總體上認為，隨著我們的發展，生態系統至少不會對大品牌不利。

And I can make pretty strong arguments for why it should advantage big brands.

我可以提出非常有力的論點來解釋為什麼它應該讓大品牌受益。

When you think about e-commerce as the fastest growing channel in many -- well, certainly in our 2 largest markets in the U.S. and China, and the dynamic of big brands versus small brands in that environment, it disproportionately favors big brands.

當你想到電子商務是許多國家成長最快的管道時——嗯，當然是我們美國和中國這兩個最大的市場，以及大品牌與小品牌在這種環境下的動態，它會不成比例地偏向大品牌。

Not at the exclusion of small brands by any means, but certainly doesn't disadvantage big brands.

無論如何，這並不是排斥小品牌，但當然也不會對大品牌不利。

And I'd be happy to talk for hours about that, but I will spare the group that diatribe right here.

我很樂意花幾個小時談論這個問題，但我不會在這裡對大家進行謾罵。

But generally, we feel that both large brands and small brands will have relevance moving forward.

但總的來說，我們認為大品牌和小品牌都將具有相關性。

There is nothing structurally or from a society standpoint that disadvantages big brands, particularly, and this is important, when you focus your portfolio on categories where performance drives brand choice.

從結構上或從社會的角度來看，沒有什麼會對大品牌不利，尤其是當您將投資組合集中在性能驅動品牌選擇的類別時，這一點很重要。

There are very few consumers that sit in front of a physical or virtual shelf and how ask how large a brand is.

很少消費者坐在實體或虛擬貨架前詢問品牌有多大。

They're wondering how well it will to do the job they're buying it to do and will it meet their needs and solve their problems.

他們想知道它能完成他們購買的工作效果如何，是否能滿足他們的需求並解決他們的問題。

Next question comes from the line of Caroline Levy with Macquarie.

下一個問題來自卡洛琳·利維 (Caroline Levy) 與麥格理 (Macquarie) 的關係。

Jon, I wonder if you could dive in a little deeper into Grooming and talk about what you found is working, which regions it's working in and how you think about the future.

喬恩，我想知道你是否可以更深入地探討一下修飾，並談談你發現什麼是有效的、它在哪些地區有效以及你如何看待未來。

I mean, it's -- is there any opportunity to return to growth in this business for you, and what's the plan?

我的意思是，您是否有機會在這項業務中恢復成長，並計劃是什麼？

Definitely opportunities to return to growth.

絕對是恢復成長的機會。

In fact, we've been growing, albeit modestly.

事實上，我們一直在成長，儘管幅度不大。

Each of the last 2 quarters, we grew on a global basis.

過去兩個季度，我們在全球範圍內都實現了成長。

If you think about -- I mean, there are number of reasons to be positive going forward.

如果你想一想——我的意思是，有很多理由讓你保持積極的態度。

One is the growth potential that exists in developing markets and the mix potential that exists in those markets as people move up potentially from a double edge or disposables use into systems use.

一是發展中市場存在的成長潛力，以及這些市場存在的混合潛力，因為人們可能從雙面刃或一次性使用進入系統使用。

Strong opportunity to further penetrate though the double edge and disposable businesses, particularly in some of the developing markets where, for example, a lot of the shaves are executed in the context of a barber.

進一步滲透雙刃和一次性業務的絕佳機會，特別是在一些發展中市場，例如，許多剃須是在理髮師的背景下進行的。

So significant opportunities for growth.

如此重要的成長機會。

We're also seeing a very strong response to our newest innovation, which is designed to address one of the major barriers to shave, and that's skin irritation.

我們也看到對我們最新創新的強烈反響，該創新旨在解決剃須的主要障礙之一，即皮膚刺​​激。

And for many men, this is a significant issue.

對許多男性來說，這是一個重要的問題。

This isn't a minor issue.

這不是一個小問題。

And it literally prevents them from shaving more frequently.

它確實阻止了他們更頻繁地剃須。

So SkinGuard is designed to address that need and increase as a result the frequency of shave and the number of people who do shave.

因此 SkinGuard 旨在滿足這一需求，並因此增加剃須頻率和剃須人數。

And we've doubled the rate of razor growth with that entry in Europe.

隨著進入歐洲，我們的剃刀增長率翻了一番。

If you look at consumer ratings on that product in the U.S., they're very strong.

如果你看看美國消費者對產品的評價，你會發現它們非常強大。

I think they're 4.5, 4.6.

我認為他們是4.5、4.6。

And the retailer reaction in terms of space allocation has been very favorable.

零售商在空間分配方面的反應非常有利。

There are also significant opportunities to address the needs of men who choose not to shave, and that's where we are also spending a lot of incremental effort to make sure that we're meeting his needs.

還有很多機會可以滿足選擇不刮鬍子的男性的需求，這也是我們花費大量增量努力來確保滿足他的需求的地方。

And if we do that in a superior way for both shavers and non-shavers, this category will grow and it's extraordinarily profitable.

如果我們以更好的方式為刮鬍刀和非刮鬍刀做到這一點，這個類別就會成長，並且利潤豐厚。

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

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

Jon, earlier on, I think you mentioned that in aggregate, you had seen some pickup in demand, I think, maybe from roughly 3% to 3% to 3.5%.

喬恩，早些時候，我想你提到過，總體而言，你看到需求有所回升，我認為，可能從大約 3% 到 3% 到 3.5%。

Could you perhaps be -- give us a little bit more detail in terms of which countries you see somewhat better demand than over, let's say, the last 12 months and which categories?

您能否給我們更多詳細信息，說明您認為哪些國家/地區的需求比過去 12 個月有所改善，以及哪些類別？

The U.S. is front and center, and that's generally across categories, with Grooming being an exception.

美國處於前沿和中心位置，這通常是跨類別的，但美容是個例外。

Your next question comes from the line of Jon Andersen with William Blair.

你的下一個問題來自喬恩·安德森和威廉·布萊爾的對話。

Just a quick one.

只是快一點。

Personal Health Care was up double digits in the quarter.

個人醫療保健本季成長了兩位數。

You did mention that there was some benefit from presets by retailers (inaudible) the cough/cold season.

您確實提到零售商（聽不清楚）在咳嗽/感冒季節的預設有一些好處。

How much of a benefit was that?

這有多大好處？

I mean, was that just kind of a comp issue relative to last year?

我的意思是，這只是相對於去年的補償問題嗎？

Are they planning for a stronger season this year?

他們今年是否計劃打出更強勁的賽季？

And then if you could talk briefly about the integration of the Merck business.

然後您能簡單談談默克業務的整合嗎？

Acquisition of -- or integration of the Merck business is going very well, and a quick thank you to all those who are involved in that effort.

默克業務的收購或整合進展順利，感謝所有參與這項工作的人。

We continue to grow that business at very attractive rates and continue to grow our heritage P&G Personal Health Care business at very attractive rates.

我們繼續以非常有吸引力的速度發展該業務，並繼續以非常有吸引力的速度發展我們傳統的寶潔個人保健業務。

As you said, the total grew double digits in the quarter.

正如您所說，本季度總數增長了兩位數。

If anything, if my knowledge is correct, it may not be, but if anything, we saw a slower buy-in ahead of the season this year as compared to, for example, last year, but certainly not a significant impact either way.

如果有什麼不同的話，如果我的知識是正確的話，那可能不是，但如果有的話，我們看到今年賽季前的買入速度比去年要慢，但無論如何肯定不會產生重大影響。

And your final question comes from the line of Edward Lewis with Atlantic Equities.

你的最後一個問題來自大西洋股票公司的愛德華劉易斯。

I just wanted to drill down into Europe because I guess you're close to start where you suggest all geographic regions are growing over -- growing at 4% or more.

我只是想深入了解歐洲，因為我猜你已經接近開始，你建議所有地理區域都在成長——以 4% 或更高的速度成長。

I guess Europe is included with that.

我想歐洲也包括在內。

And I guess things really haven't been that great of late.

我想最近情況確實不太好。

So I was just wondering, it's a tougher operating environment.

所以我只是想知道，這是一個更艱難的操作環境。

You've got lots of regions to survey or to execute against.

您有很多區域需要調查或執行。

And you've rolled out the -- your focus on superiority and end-to-end SBU strategy a bit later.

稍後您又推出了對優勢和端到端 SBU 策略的關注。

But it does seem as though the market share trends and the underlying growth rate seem to be improving over here as well.

但這裡的市佔率趨勢和潛在成長率似乎也在改善。

Europe is definitely included in the characterization of all regions growing at 4% or more.

歐洲肯定被納入所有成長 4% 或以上的地區的特徵之中。

Our big focus markets in Europe grew at 4% during the quarter.

我們在歐洲的主要市場在本季成長了 4%。

The more developing parts of Europe grew at 5% during the quarter.

歐洲較發達的地區本季成長率為 5%。

Really broad growth across countries within Europe.

歐洲各國的成長確實非常廣泛。

Germany, for example, up 6%; Russia, up 5%; the combination of France and the U.K., up 2% to 3%.

以德國為例，上漲 6%；俄羅斯，上漲5%；法國和英國合計上漲 2% 至 3%。

So we're seeing certainly growth ahead of the market in Europe.

因此，我們肯定會看到成長領先於歐洲市場。

We built share -- our share position very nicely over the past 12, 6, 3 and 1-month period.

我們在過去 12、6、3 和 1 個月期間非常好地建立了份額——我們的份額地位。

So we're very happy with our performance there.

所以我們對我們在那裡的表現非常滿意。

I want to thank everybody.

我要感謝大家。

I know this is a busy morning with a number of companies reporting, so thank you for your time.

我知道這是一個忙碌的早晨，有很多公司要報告工作，所以感謝您抽出寶貴的時間。

John, Katie and I are available the balance of the day to answer any questions that you have to the best of our ability.

約翰、凱蒂和我將在一天中的剩餘時間中竭盡全力回答您的任何問題。

Thanks a lot.

多謝。

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。