CL - Earnings call transcript Q2 2021 | Colgate-Palmolive Company

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Good day and welcome to today's Colgate-Palmolive Company's Second Quarter 2021 Earnings Conference Call. This call is being recorded and is being simulcast live at www.colgatepalmolive.com.

Now for opening remarks, I would like to turn the call over to Chief Investor Relations Officer, John Faucher. Please go ahead, John.

John Faucher

Thanks, Heidi. to second welcome conference earnings and call. morning our quarter XXXX release Good Faucher, Officer. Investor is Chief This John Relations Today's conference call will include forward-looking statements. Actual statements. materially from differ results could these most these Colgate's SEC, could to to filings and Report factors subsequent refer the that all press cause statements. a XX-K and Please differ available discussion filings on the earnings on Form results with for materially our including our the SEC XXXX website, from Annual actual release recent of include a those also of non-GAAP X This X including will conference the discussion financial measures, release. identified and call tables in earnings six of press A full Colgate's to corresponding on website. press earnings is GAAP financial reconciliation in the included available the and is release measures

on Chief thoughts to thoughts I latest Joining to Chief Stan his it turning provide the how our me will to and morning well provide performance current will are on guidance this Noel Officer; and growth trajectory. Financial Executive XXXX Sutula, environment call on Officer. our President on we as Noel the over as on before our operating commentary deliver QX and continue Chairman, Wallace,

then will open for it We Q&A. up

you we so as to one people to As request that get limit ask as question possible question. usual, many a that yourself

welcome have further questions, re-enter If you you to queue. are the

point complicated a report we as navigate as far XXXX, As can not at we be our halfway described we so performance satisfied in through the results remain with pleased, but year. charitably what

comparisons, lack and basis, year's net delivered operating income. like sales, dish categories This despite both net quarter For soap a as last hand in growth profit the second we sales, organic soap. in on difficult we strengthen liquid and and year-to-date is

heightened restrictions markets, the material uncertainty, dealing raw impact and significantly and activity, and of with political also of headwinds. are logistics in course, several COVID strong competitive economic We

productivity impactful business that, impact innovation, second We remain focused factors this continue income through delivering of Because all deliver on we revenue capabilities on and growth our expect of management these and down year. to will to up of driving the leveraging our the that half pricing, statement.

to delivered above are as crucial TSR We range high-end these peer consecutive X% targeted sales in we marked our the quarter organic group. or deliver XXth organic of our in quarter, growth growth. to of sales of which at They growth All help X% long-term the deliver look X%. us second will to either our delivering sustainable

X% organic in delivered by against delivering both As we we have did and growth delivering discussed pricing growth, markets both sales We growth. delivering is growth. organic quarter markets, developed and delivered balanced the sales before, We with growth our emerging target once but division, delivered which North America. every organic to which in key sales volume growth the in long-term again X%

in our XX XX% Oral new but Home in organic a enzyme electric the category, organic organic largest and increased in from organic by Colgate Colgate levels. Elixir Products business benefit Care Our above Colgate, nearly our delivered whitening toothpaste, we XX%. be XXXX of as sales sales net nutrition Oral contributor sales to organic of X.X% highest growth Net increase toothpaste delivering and desired Care, remain an quarter, growth and like toothbrushes our sales Care was Personal sales almost basis year-over-year toothpaste, portfolio. across premiumizing all sales as sales years. divisions. with sales are net benefits the consumer and of every growth across delivered Innovation products continues declined our in Pet quarter which Care expected, on toothbrushes all division. and to vital growth manual CO.

margin raw performance and in material acceleration the the second Foreign the we quarter peak offset in of material business gross COVID strength the last which will and possible. strong of lapping lower second to the QX, XXXX lapped in costs second QX will the driven as net sales rapid in XXXX. across took the year's in gross in We raw continue due our layer of exchange in X.X% quarter a was half margin costs dollar. and benefit our additional to in pricing declined the help promotional of to year, additional we pricing levels After were

lessening to we raw into as remain the But get material fourth expect do elevated sequential costs throughout expect We XXXX. of we some quarter. inflation

premiumization improve as along initiatives, us will our with gross on growth our look our the performance. on the pricing second efforts and margin gross Our quarter, to our we funding help profit also both focus was was productivity, In like Base Business Year-to-date, basis. the on Business Again, on is basis basis GAAP XX.X%, basis. is XX XX basis and which Base a the down margin gross points. year-over-year our down points GAAP that margin and XX.X%,

Raw benefit. transactional we as to quarter by materials other exchange. continue Productivity and the This slightly first a and promotional from were basis lapped from of XX fats costs gross in back on many XXX in less includes a reacted restrictions and markets year-ago oils was basis significant when impact For COVID materials. pressure resins, the point margin, activity. to quarter, spending promotional than many favorable second was basis period, we favorable our XXX to the pulling point see agriculture-related headwind, lower as points pricing foreign

basis up a for a primarily quarter driven Our in GAAP of sales SG&A also increase Business as in point the an was This basis. sales. by costs, percent increase on to XXX was a both logistics points second Base by and XX advertising basis and

growth our savings logistics, on net overheads. and year-over-year drove as leverage our sales declined our ratio SG&A programs and advertising Excluding

quarter profit For was up Base the was a up basis, operating on on our year-over-year, it basis. Business GAAP while X.X% second a X.X%

X% up a was basis. Base on a Our basis, GAAP up XX% Business EPS and on

year-ago performance was Our we flow continue period. the the working very to down in year-over-year free strong cash in as quarter lap capital

period pricing. costs. digits by mentioned year-over-year A as modest single strong few down the growth across performance. X.X% which and the declined X.X% and demand. beauty to Personal helping COVID related by X% positive driven strategy. offset the direct-to-consumer by before, second quarter, saw Colgate sustainability exchange. further CO. Home in by sales and work Care divisional from channels. expenditures and previously, driven is Volumes in grew down on year-ago quarter, foreign America innovation growth, benefit discussed net into material Home comments we our as up was we sales productivity invest North expand a As with sales are Pricing Personal the which Care organic higher were our organic also behind Care, and and I raw in mid Oral driven Care Care us capital we

toothbrush. are graphics to Colgate of using We're It historic brand. with We also handle plastic similarly pleased and Tom's bringing Colgate by relaunch, and excited segment toothbrushes. Keep which use comes of advertising the performance natural replaceable the to manual an aluminum a about Maine sized less heads, our compared consumers our with initial new XX% can is

teens. and XX.X% Mexico growth sales Oral in growth quarter. improved in grew Our our we that have Latin X.X% benefit expect call logistics continued we up go and the high Care sales sales promotional growth third All cadence impact our the on basis through promotional as service net sales issues organic discussed to will XXX with American net sales organic a organic point the exchange. quarter levels the normalize in were the Brazil three and but double we from delivered quarter quarter. timing, with foreign digits both organic categories and first negatively

a for spending Mexico, year-ago which Our sales as X.X% partially in Asia Volume despite Colombia, negative well behind we're XXXX QX truly strong lower plus grew X% lapping decline with with in more X% Home QX period foreign political the as Colgate pace grew not market leave unrest promotions before but Europe pricing the organic period Volume period in just as political rolling aesthetic, lower mid This several Oral X% I beauty innovation our promotional will including in despite But as behind declined Care. Personal this Elixir further was declines performance growth in pricing offset XX% in We allows some excited year-ago quarter. Home COVID disruption with partially Reinforced quarter decline quarter, Spanish Pacific in a sounds Pacific inspired product glide impacted designed related incremental the a We Gums teens Oral this America. to third apparently as our the several division net in the Care, it skincare was much XXXX and sales restrictions. our better with some due up product. lockdowns by traffic and QX a business. a sales clear than year-ago by look was in leaving negatively offset in year-ago by offset or in core the in Organic lapped Pricing by and Portuguese net X.X% as charcoal about and We the we across bottle we cap. began pricing innovation due lower that variants X.X% South markets. Care region, distribution given impact we grew believe by X% led Colgate bottle unique lap to in promotional impact very messy time English, delivered of exchange. sizable Care the launches growth to largely COVID in growth this in period. is recyclable Volume we levels toothpaste of and X% risk the driven to technology quarter. the a in mentioned related in negative and across offset cycled store in the coming disruption offset Colombia, the Brazil. COVID which liquid in in tube us. Total no organic out in of quarter, as on Latin remain this in sales demand in differentiated largest ingredients, growth biggest by network

COVID in pricing the we related and additional Naturals inflation. in offset India, related second have lapped by was impact half of COVID as in Vedshakti cost disruption driven year-ago Panjaved innovation disruptions by to the led May planned growth the period. Colgate Thailand, division despite Colgate across in raw and material Volume We line the the

Our trends grew was the performance the quarter, in division pricing third quarter, once strong delivered X.X%. by X.X% while in Colgate more sales joint Hazel volume Hawley growth China to the our related distributor primarily is inventory which on in Afro-Eurasia & business, of our which the sales growth Volume we venture, for its sales continued than organic with was as network. in growth strong XX.X% in declined throughout on weakness offset net reductions again. up

was when driving Hill's We with exchange obesity new as well X.X% continued around brands. growth, organic in X% several Foreign quarter. particular, still sales natural our growth are volume investment Master X% second now product highly Pet organic could our And an distributed vet was demand target sales related the COVID low our businesses with from range. expect with levels. markets quarter below category in in high we to foreign and organic change of note and to given sales Hill's XXXX be teens that other Europe. expectations growth results Hill's sales are spread for Both delivered be but still year, COVID categories Care behaving this spot In growth. as strong point. at for X%. in rates, outbreaks no expectations gave stem expect see guidance. benefited we that and in exchange markets, X% is actions long-term a of ahead benefit net differentiated growth XX% sales XX% be is the and impact government in although in single-digit slightly All-in, we our delivered our and in guidance. There The widespread our the with a from we our COVID our are the than for benefit line new from globe Pet related we to of brand COVID favorable April. relaunching guidance to many and good developed Oral campaign we within growth campaign to XX% Essentials, the emerging up XXXX of less this our Please meaningful expect disruptions our not Using levels, wellness to increased seeing to this sales current to still end net as flavors. packaging

full margin Business year, the We our we on basis, cost have year down year-over-year have expect guidance to be seen. we margin for gross now for and the Base reduced both inflation gross additional given the GAAP and a

expect sequentially year. the us would second gross down for in We which margin percentage half, to improve the leave the modestly

to of percent many a As where Advertising continue to as these particularly accelerating be have I be up steps in above, additional many on of spending, expected still as to through costs mentioned sales basis. trade to go including impact we and than the we're Logistics also optimizing moderate We mitigate risen anticipated, others. balance taking the these available pricing, is of FTG faster expect costs, headwind, a and both will $X somewhat the U.S. the still year. costs

a expect high I'll would earnings continue share in mid basis, end per lower to towards that Base single to we growth the for And digits, basis. on range. likely Our be On of lower to over tax growth and to to at land single On Business we a expect range. it mid share the digits. basis, earnings end rate expect XX% we Again, to Base between Noel. is the now the with GAAP turn most XX% in that, GAAP expected a of low year and but both per that the still Business

Noel Wallace

all good John, Thanks, safe well and Hope morning, you're morning. this everyone. and

So you on reaccelerate strategy profitable our world, really with and over I overriding working. today channels markets that message to new is is to growth leave focusing our all by adjacencies core the the want

organic still straight at dealing progress consistent good growth COVID, months XX above but back continue despite the although vaccine of sense of on almost been later, of or high-end our in nothing the The we to difficult moves the as theme, As rates in XX range. Year-to-date, changed. past implications of a with developed elements emerging very still the have there's over vaccine at long-term our is post-COVID quarters revenues, a This virus. we've put obviously, straight target with we line, that making on we've high, stop continued gives But one more this to many through we'd rather And you to, of the work of of restrictions eye an like now sales to my our back the are at to we're guarded and very we to the we're of prevalence but -- say of highlighted a availability appropriate in remains we range in have future. business. managing volatility I help We're journey, the the comments have do. the the that coming half crisis spread theme some markets the remains keep comparisons, markets a hopeful that the low. We many Case governments there optimism. represent us not than and to yet. but that which remain will get sooner look

disruptions, like to and our of while we government to in and exchange But to there to changes Myanmar. coming our and the our remains some manage trucking seeing of consumer ocean movements, environments. Colombia retail faced health all and protect the consumer resin, continue in demand, whether This political others. like markets And supply well. unprecedented many the here were world. number are for the disruption freight as oils doing spread actions taxed, our Last safety models increases the and are and with of employees, raw cost materials Logistic customers year, stem changing customer with uncertainty in rest it's one about and foreign chain U.S., business virus, which from networks and best retail supply will Asia and We and changing warehousing the adverse to volatility, we're the headwinds fats chain year, faced the or priority. heightened behavior we're

So XX many same. the of challenges months the the into COVID, are

on with the Some the approach an have crisis eye remains our changed, we will through manage future. but

And we markets tier balance know potential We we deliver at done good the to our so organic a our to sales feel a enable our lot look we've all with We've TSR need all volume our forward not far, at that growth top know this But us backwards pretty job. you we across our delivering of about balanced to this in strategy changes continue pricing, four talked and categories growth. will that of divisions. and achievements. to

our is changes and the direct result John First focus commentary, these discussed improved is during our innovation Pat and that in discussed I on and innovation. transformational this a many breakthrough presentation. of of CAGNY his

continues growth direct-to-consumer, Our and to club stores channels emphasis off growing e-commerce, pay faster is pharmacies. in markets and discounters, on to

formerly digital Hello, of investment. Meridol them regional to trends. in taking But efforts their Maine, and take channels our of and expansion the on like launching to and capabilities. are supporting and select deliver analytical brands emerging We brand to data strong margin equities, brand focus and markets increased ongoing with consumer these Tom's and Elmex We're have our fund media we gross advantage

while for know strong margin we the the raw material expansion we modestly of it in XXXX it margin in heels now expect prices. gross be in on and gross face -- unprecedented increases of down While could comes XXXX,

and robust continue productivity can drive return margin so expansion. leverage management revenue will to We growth gross our we to program

that is across funding brands offsets. should this help the drive fact this progress growth, in margin COVID have impacting market first inflation we journey try margin to but our our benefits made performance of the emerging in sales obviously GDP our growth And to improve provide to given geographies. that further optimism Latin return wherever additional to difficulty optimistic this could growth the fundamentals. this programs inflation the mix, improvement and in and surrounding in our commodities. the organic We're back some back drive Again, America, an material gross our expansion. us the consumers rebound in potential particularly like to that many through possible to we're therefore market raw raw growth could accelerate movement continued end working All to category negatively our we productivity that material to category need while on create have relative higher choose We this some emerging indexing pricing we gross we the we on have under upside additional our and in get year, of on the

for around We what have several this the of comprehensive step. not plastics, and equity our be market actions to in with emerging only And future we they're seems but taking first like plan inclusion open our years, highlights and sourcing, and some company, the our communities last that all planet. other currency climate, to questions. vital time areas released seen first our the the we're and optimistic strategy. it that, call, diversity, are a the have This your up since sustainability XXXX may our stabilize And I'll of

Operator

Instructions] Thank UBS. We'll our with first Grom you. take question Peter [Operator from

Peter Grom

everyone. Hey, good morning,

ask with exposure. quarter. country region performance that reported same So wanted America strong But the thus have all was category know Latin the most and to seeing around from the the better really not I that I sequentially. just of a was lot it's companies in read other far through

is you're region? of positive the update the maybe just the thinking can you commentary mentioned quarter? know kind about causing the think quantify in your there? more on they're growth there of half performance category provide any to GDP how of the way disruptions just heels how And back versus much And of then the Columbia, an on the your year, in a so broadly, headwind I So you you

Noel Wallace

Overall, happy really, Peter. Sure. with Latin Thanks, really we're America.

that many month obviously, Columbia in of top took we country. obviously saw the sales headwinds line from that, strong that, almost very respects disruption, a of growth. which we mentioned delivered significant despite specific You And out still

and If the Brazil, you growth look at in Mexico our double-digit two markets, quarter. delivering key both

quarters of growth. deliver double-digit now seen You've Brazil consecutive four

markets the that Despite which mobility, to obviously, are But are relative will in that improve, fact We of we quarter. business good. discount our innovation is the in woods of be see bit continue core we help mentioned, behaving. overall, little driving as Overall, particularly those limited got some deep on on a see pricing strong categories on couponing up the and of in good. which not resist for bit place look the transactional those We had market year, COVID. promotional we've definitely the strong trade which are in returning particularly lost how some think despite the baseline But John share, Colgate the well. seems around a are is disruptions of the the is retail but always up, some markets. Categories that which growth. good fact in Total, markets. been half share And the we environments innovation a little good. still process to So the as Likewise still We strong plans categories. to out in we're shares vaccinations driver our innovation we've back those we have down of good pricing,

the We to commodity to on tallow particularly half of volume of up quarter. And a evolving, out how pricing see a back prices drive continuing and strong Brazil. in to obviously headwinds on we obviously ramping we're the relative continue for see obviously coming prices, lot

in the So fourth look X.X continues if the overall, to the region headwind quarter. the despite exceptionally now. on -- Bear XX.X XX.X X.X quarter, first, America, you that was pleased Latin and Columbia that the in balance, in fact to perform think of I we're overall a at mind, significant well

headwinds, again, good the So I growth. consistent think despite

Operator

We'll you. question Ottenstein from our Evercore. Thank with take Rob next

Rob Ottenstein

power. pricing you if talk I'm very about Noel, your could the wondering much. world little go you Thank around a bit and actual Great.

you're and pricing all kind you Thank all on understand about various competitive the later there's disposable get that Asia. an through you. that to able was pricing the in effect and income in quarter you less to in got clear But headline markets year? given if of actual can reported Obviously, expect and that, activity. the Europe in I effects. And talk you we think extent do the that what we that promos, to mixed or

Noel Wallace

Sure, Rob. Thank you.

start have America, you if to competition referring lapping seen macro. in Asia in the Latin than and Obviously, moved a aggressively pricing Similarly, Europe second movements I And world. comments regions developed me say seen We've mentioned obviously And likewise first faster those good I'm developing movements back fourth in in in U.S. have let promotions follows. versus developed, the John were upfront across good we markets the that So when pricing some developing Africa. look the little developed, obviously although we've the in from quarter. we pricing pricing quite in took region. pricing the We the half Asia, -- quarter last year, planned at

the If has terms you of slow market. a in little take world, been U.S the developed

is promotions couponings to and drive everyone focusing pricing. on think I

a seen North would in true well. say haven't We yet as for list and changes America that lot price I of holds Europe particularly

where growth management. pricing pricing to to promotional revenue growth continues approach We're architecture, very we've taking as at at spend, our see within drive to the We're outlined, looking list looking management we're overall. all tag strategy disciplined Our levers revenue the we optimizing in we're price be opportunity.

point premium innovation. we're you've other focused on as The very heard, is,

back I've look as and percent that's year. overall mentioned, opportunity to gross we of a and the continue at to under real the We dollars, for drive index as us half margin

is our Everyone we'll the environment continue is do challenges. half, anticipate with. as world I we see the to a into going the back focus to revenue move And that So pricing, half. is faced come same growth have developed back with the little to discipline on that around and markets think the management across up we better bit headline to in

Operator

question take Kamil We'll Suisse. Jagrulla Credit from you. next Thank with our

Kamil Jagrulla

local morning, about in Good a you. of Thank really variety in at time inflation? were that's about on very of ago to that were a how pandemic? wasn't from promo competition. couple pricing talking It Can a the we push gains relates you're through long major competition particularly your questions maybe it couponing evolved where markets. What kind -- local maybe because share you it's talk necessary the of Hi. A everybody. right in pricing now, as position through in the market to market

Noel Wallace

think, the mean, the and about, Sure. Kamil, our a We local I talked thanks the throughout has certainly lot XXXX of of efficacy and mainstream, consumers back touched strength I quarter, in the first on the to so we brought as of it market, a to for was saw into the question. like our prevalent in the brands market returning brands like had bit market. speak. Care, the Personal to questionable, and they relative credibility nutrition well certainly trusted pet like big that frankly. in Care, brands the categories, which as consumers and Care, Home And very in brands brands was Oral quite perhaps

big, the we And And as the through move to terms so still balance think that seen evolve. certainly I And brands. trusted, COVID expect categories has for continues how the continue the consumers that are benefited we year. we've around in looking us world, efficacious of the will particularly given that of overarching around issues

John Faucher

years, at X the is, would the If John. it's local what say that, of to I the brands X over or Kamil, if add look could I last something you success a different packaging, Naturals different of premium media expressed of number and is benefits. types prices. strategies, the of -- a way in different lot been Naturals mostly it's at differentiated markets,

as with these at compete in can talked we putting to local effectively we're drive and you of I that some Noel whether same time. look out, have premiumization it's about, whether we in the of relaunch a as innovation strategy ability innovation the type brands, So that our or at more think Europe, Afro-Eurasia, it's you Naturals and look Elixir at the

Operator

Teixeira question JPMorgan. with next We'll you. Andrea from Thank our take

Unidentified Analyst

taking everyone. question. for on morning, good It's actually the Andrea. Hey, [indiscernible] Thanks for

maybe more distribution and really specific U.S., actions take categories? you can toothpaste in share that high-level, help plan some a to at the particularly in just losses, core about those So a the some bit the reverse of you talk of to little

Noel Wallace

fill first the in [ph] had Obviously, North in lot below the to the those we we issues performance gone. market Sure. expectations. continue the logistics Obviously, of the on to promotional our impact us. We of in that that. and to impact ideally will have an we case quarter, was challenges therefore We're And driving half, alluded ability which put America some had the a be working back promotions second obviously those move into quarter, behind obviously share. our factors as

of to competitive. pushed the quarter. some in the highly a We second of expect we couponing premiumization. activity lot that become in saw We've That and come has back. market promotion increased So

saw we've We for promotional activity, America. have year those back North reflects adjusted plans half plans Likewise our adjusted the guidance promotional our our of half. the for the plans similar business, in dish we for back and the

So obviously challenge liquid competitive by soap year of and the dish and that categories, liquid we in obviously the half anticipate with some move second plans we through the North we America some logistics the we quarter, as will to rebuild category the promotion dealing down, elevated the last large, and back have Obviously comparisons had we activity. innovation set softening saw and things hand but shares. strong and

Operator

Securities. from with our Fargo We'll you. Thank next question Chris Carey take Wells

Chris Carey

rationale you're provide what you the on a see the spending much seeing forward? margins had question. China. specifically just market, marketing with I’m rest in and better were pullback going APAC any the additional that the declining. you the a on but also Thanks. question maybe Hi. China world, I marketing on for Thanks the how category and in by Can of that so in conscious than perspective behind and

Noel Wallace

Sure.

his to down Hazel that's China from in & we a Hawley specifically driven that trade. our alluded weakness -- partner see in So comments, as heavily was driven business that some business by did John the

as managing e-commerce half growing cities has and cautious the been far we've brick-and-mortar continue to We have seen not of inventories seen as distributor first flat fundamentally on distribution very strong CDE the so categories, in in our the grow, we've network year.

will and inventories to year. back e-commerce that half potentially get As we continue accelerate those sort through in will drawn the of the of down, expect

as growth our about couple Importantly, I think we're seeing quarters. over e-commerce terrific last the we business, talked on

a really quarter. behind in repair is Enzyme share in two to Colgate to well. the our of nice e-commerce our miracle In toothpaste first obviously brands of we a where innovation That's from franchise quarter, fastest We've quarter well. the continues the good versus fact, and see. series lot launched as growing we've which a had environment retail in do franchise premium standpoint, that were premium the the in three driven And up significantly were Darlie of

to the there continues business So half as the perform year. that go out to back to is in advertising the continue And well. grow that we

are So the saw down continue elevation quarter, of little year from comps a drawn advertising standpoint. the an half had Asia back the good of we in with versus a where bit our a second to we last we're where in plans to but quarter we advertising, share. comfortable in bit Obviously, drive

Operator

Thank you. We'll Astrachan our take from with Stifel. Mark next question

Chris Armes

on This for actually Hey, everyone. Mark. Chris Good Armes morning. is

new of about the from growth kind growth, to then could markets? parse versus gains existing elevated to talk little new much Hill's also about kind also on bit just markets talk versus And by wanted Thanks. you if Can obviously a out you geography? from Maybe how the good. Just of growth, -- category very expansion share growth growth? is

Noel Wallace

really quarter Sure, we double-digit another did overall, last Chris. listen, year quarter, a Yes, comping, where growth as strong fantastic XX% obviously had well. Hill's

U.S., that's well more innovation, up the a online the the know. retail you as that farm as grow is Science in core which and the we're continuing vet well share as new focus is in good And the saw all to as the well. market gaining an to coming Market our mainly channels, is as case renovation, We which Prescription business, the across environments, has Prescription on both Diet and more all the across where increase regions continued largest of up Business, obviously feed. of their Diet most share we're market Japan. across on on board Base owners growth this premium exception share in business strategy, which return and So our vets, of benefit hitting had We as the is we cylinders a Growth business. typically see on the behind world. Diet see continuing business, pet to with is through

strategy So this invest to for the to be growth back continue the of strong across And we year. that and that the board, business. growth half moving very continues into obviously in

Operator

for this question-and-answer speakers would like That will back any over the to our time, I or to At turn closing session. our conclude call additional remarks.

Noel Wallace

to Thank strategy. I you. our we're volatile But think Obviously, execute again, an continuing quarter. extremely

the past. some in that as challenges and As the we've about, opportunities talked we for some couple years, face real last have ahead will

half And so difficult I'd the during simply a want forward people Colgate of listening the to extend and look you. these to my thanks to all company. Thank their good resilience for times back incredible

Operator

We participation. call. will your appreciate conclude today's That

Colgate-Palmolive (CL) 30 Jul 212021 Q2 Earnings call transcript