PG - Earnings call transcript Q4 2024 | The Procter & Gamble Company

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Operator

Good morning, and welcome to Procter & Gamble's Quarter End Conference Call. Today's event is being recorded for replay. This discussion will include a number of forward-looking statements.

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

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. reconciliation these trends investors its and website, a believes on useful Investor Gamble measures. www.pginvestor.com, business financial underlying has full & measures with provide perspective Relations Procter non-GAAP of posted on

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

Andre Schulten

morning, Good everyone.

fiscal strategies Joining in the your or initial will 'XX headwinds year, then of Vice fiscal share Senior President, the and are Relations. I enabled that call were 'XX and with Jon the ranges another close overview guidance Chairman significant of year our Chevalier, me President and take guidance company unknown and and this the And for 'XX, we capabilities. to return on for Jon level to John productivity organic with for owners. growth, on exceed cash start results questions. Fiscal All year. gave operating an add Board, for outlook meet despite we'll when will areas sales Chief our our cash today fourth Moeller, growth, going was strong the for Executive and Officer; integrated execution Investor focus strategic largely quarter. of market perspective

broad-based prior the Fabric the singles. X%, business low Care Care Skin Care year Personal better year Baby units, of and organic organic Personal categories were Organic up challenging up fiscal X% Care Grooming across year Family sales high in Family XX were Home our and down single and Care mid-singles. Oral product more Hair growth grew and & conditions. or single low X% and with Care strong growth growing for digits. Care was sixth Health digits. was Growth sales. comp Care, consecutive Care, X against of market a

were the company. year, markets organic prior up XX% were down America and X%. with versus markets Latin for of up headwinds X% sales E-commerce by market the America and on X%, soft growth. Focus North now total increased representing conditions X% China Enterprise led Greater X% with sales brand-specific the X%, up markets year, sales grew driven Europe focused organic XX% SK-II.

year. market share P&G Our market U.S. to categories on 'XX. P&G growth sales grew year. continues which grew our aggregate in category driving of XX modest growth volume fair for ahead in drive the value share value XX the category and share of We all around fiscal driving strategy for global or held in share channel combinations growth we grew compete growth, of consumption share, focused grew for X% the country

Importantly, share the globally XX growth past year. of grew broad-based, categories is product the X over share

up Core XXX%. margin and basis ], $X.X investment XXX points. earnings operating share drive the Over improved significant in growth. for basis in per core $X.XX packages XX% increase margin products, points improvements brand to were We billion $X XXX communication market margin of Adjusted XXX gross was in billion our in by share returned $X.X owners, cash currency-neutral XX% increased core a over EPS billion $XX core repurchase. up dividends On increased flow value was and basis to billion and dividend and X% points. and productivity superior core year, by [ free of operating share increased enabled productivity basis,

X%, Care XX X Growth in categories each singles. X% categories Care sales year. line prior Family down of in line high and Feminine was solid Personal were and up rounded Volume Baby Personal in on Care, mid-singles. Care was Health Oral sequential Organic was to sales to to Care, be mix and Grooming Care, results. low digits. X%. the up up year. or Care, Care, down progress. Hair and quarter. and held product organic each were Skin Home Fabric quarter regions. with grew fourth up single prior broad-based Care Moving Pricing continues was across with

the X America markets and organic X%, of sales, sales of for enterprise America regions mix European in Organic X prior focus price grew organic points quarter. grew line with X% with up X were markets fully North volume up year. with X% up focused Price growth sales were down in has organic markets Volume and base XX% growth X%, annualized including high up a pricing. X% up single strong prior region in the point Brazil. against comp year X%. the now was X was period. as inflation-driven in mix Latin sales

sales few quarters organic in portion contribution company categories. decline divestiture in March to to of the the were and Of in of lower volume Argentina's business than note, notable the remaining due the for the for and region last overall a the a

As this remaining month, Argentina. was the divested have operations announced of our earlier we tons in

be be from a organic year As brands still licensing removed in a result, our and owner 'XX the available a distribution market largely the agreement operations. P&G in will Argentina through will sales of and Select with new reporting fiscal

X just Japanese and Greater the due was China well organic key to SK-II remained as conditions market sales declined down in X%. have headwinds continued on XX/XX New periods. Chinese sharply brand-specific Day period the and consumption versus its have Valentine Also Year heritage. Underlying weak, shopping prior year,

until market SK-II likely general another time, though it to trends be to dynamics return will and X or quarter to growth. expect improve we related the We over

Asia enterprise Russia Saudi such Indonesia, Egypt, Volume trends and Turkey, in some Malaysia countries, soft. as Pacific, remained Arabia, Europe East, have Middle Africa and

strong grew now focus share markets. to combinations the for category we headwinds periods. or held Global annualizing the our points country these or coming very over aggregate quarter. annualize down of top was XX European XX expect We in share as market basis growth moderate are XX

per increased billion flow We increased returned line, X%. core basis of XXX and currency-neutral bottom marketing margin points. prior Currency-neutral billion investment. earnings billion in operating basis the productivity Adjusted improvements basis decreased $X core in X% core EPS a $X.X versus increase productivity operating and On free On gross XX were XXX%. meaningful basis $X.XX, the share share basis, points margin decreased cash XXX Strong quarter, to a Core funding of repurchases. $X.X XXX over was core up margin in nearly shareowners this points, cash dividends points. year.

we the organic met each again performance our year a exceeded summary, flow for growth, EPS and in cash economic or ranges year: environment. shareowners. free growth, cash geopolitical core to Strong In target of going-in and return productivity this challenging

it Jon. With over that, to I'll pass

Jon Moeller

before Thanks, discussing thoughts strategy. Andre. I'll on with a results start the few

X%, the Organic a plus sales COVID, X%, geopolitical cash years. years. plus growth $XX margin plus over historic enabling and and of Strong X% gross of the of each and results Very strong and the X%, team ] inflationary with X% billion plus cash operating years, those X [ to over to plus Our growth continues expansion. X%, generation execute during plus through pricing returned strong X share strategy through last tensions. excellence, pre-COVID, and over and over fiscal owners past cycle earnings

For X% America offsetting X% in quarter. to fiscal X% enterprise fourth year markets volatile was very for going-in We growth a in organic and 'XX, Strong regions through the volume environment. X%. sales in was and soft Europe-focused China. North guidance Flat growth in markets, the year, the volume trajectory delivered improving

at XX-year Core Going-in gross core with funding X% delivered margin strong of high, X%, XX%. EPS a guidance investments. improvement strong productivity to marketing

the [ XXX%, enabled ] eighth paying a consecutive and XX%, delivered a Going-in the cash dividend of increase, productivity which X% increase consecutive year year XXXth dividend. of outlook

offset Andre to said, our be more the will clear, still needed to strong in which be headwinds continue in improving very challenging in results are To do not As a control, there's that largely environment. control. to work our areas

and X across integrated down we We'll strategy execute double win expect. on sheet. of and our the consumers with superiority the creation value and results balanced We'll up and productivity, all organization double to double down vectors. excellence across to our on level the marketplace, you in down enabling We'll deliver on P&L balance to down delight and growth

drives most in grow. strategy Our business, portfolio markets, choice. and, creating focused broad-based across taking categories the A where sustainable. categories way performance adapts to and consumers, geographies. most sustainable is delivering profitable and daily of performing on society and versus use most needs growth focused the dynamic growing changing all nearly customers The is of typically portfolio and products brand to is It

know, managers you active portfolio. we of are our As

in these moves of several some made additions we've years, and last Each adjusted on targeted a made We've creation. subtractions portfolio. our markets. with the that and were focus value Over in sheet several model growth balance operating long-term

vectors team investment stronger in works businesses than superiority product, value of with superiority retail The partners. irresistible markets consumers, the Leveraging and to communication, past to second retail plans increase as X recent value holistically ongoing package, commitment delight. innovation, strategy across defined. each to brand them, broader create margin in and our are their across time execution consumer any and element, of the through and superiority, share grow jointly to the that and delight The in

innovations driven Superior across insights, categories grow superior communicated in by our more to And executed effective online efficient price programs, to that in strategies we and marketing to and with with are each deliver compete. and stores consumers where retailer conjunction consumer brands. price value tier

XX% Superior growth communication head, market we've Fairy, includes driven and laundry and behind. Tide Two delightful insight power iO and scent and growth examples. many But & products removal downy iO manual round and plaque the toothbrushes deliver sales places. plaque leave Orab-B and plaque XXX% delivers Ariel beads, pods, about EZ-Squeeze talked and superior times achieved of removes share and growth, more with experience. the its with [indiscernible]. cleaning brushes Dawn We've more hard-to-reach superiority Lenor bacterial like user that Orab-B

growth category, This high power growth power points Oral-B brush superior power of Oral-B into brush driving single-digit share proposition over sales for brush growth the and Power the is bringing value the users double-digit of accelerating past months. market X adoption, in XX new and trial category,

partnerships, ingredients X delivering Native, forms, all Superior performance wash, shampoo our labeling fewer Care providing more conditioners. including execution within looking Transparent forms natural for deodorants, scents. product superior scents. across Premium consumer showcasing and ingredients. and brand, superior is superiority and for across category, with value and positioning Personal and body range offering irresistible retailer clean packaging, and premium retail white multiple the full of vectors with the an strong the

the last value deodorants personal and nearly singles XXx care a Native the X $XXX years, market grown change 'XX. U.S. million have over for sales from categories in in Native to totaling mid-teens. has fiscal growth step low driven

productivity margins cash. Visibility fiscal productivity areas operations. more as brand savings in to very delivered and the We master is X-year 'XX. growth to fund strategy continue their increasing In improvement to order businesses and all currency challenges savings and cost innovation, market to in mitigate and of rolling our investments to in element, build building strong Third expand generate cost opportunities plans.

to end-to-end up trying totality our also We're across to of an $XXX We enabled the across Supply billion scheduling using with retailers for using tools with million $X.X pieces. and cost new to routing objective of sold optimize Chain example, global time have of optimization. in million savings dynamic a versus of idle categories and programs learning data these and supply algorithms drivers. working the machine We're chain, on application freight platform and respective before to opportunity gross simply like tax, $XXX for minimize goods way optimize by areas. optimize truck of digital to to One sourcing savings X.X.

as of of and while increasing overhead more frequency targeted taking to reducing reach. productivity, We're efficiency effectiveness, line waste improved to more avoiding savings and we steps sight operations. have marketing reduce our from excess digitize We greater

our Next, industry and competitive shape to capabilities willingness advantage. new disruption and that in future technologies a extend the create trends, ourselves will our adapt and change, our of constructive of industry,

in-housing the and planning continue models dramatically more breadth increase We're a disrupting of to tools our and the the using consumer effectiveness be lab-based brand and of proprietary speed placement media innovation our constructive to traditional increase and of efficiency discovery. building, disruptor We data activity communication. to of

across to us. to diverse Last, serve reason stand and with of set us sorry, better progress of not strategic but refine accountable and organization, -- Strong divert organization, No empowered, designed inclusive opportunity ahead clearly increasingly consumers. and we've significant an and all we've least, organized still. pillars enabling an continued agile to

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reduce customers are the Next, most deliver and Superior and while sustainable, of consumers propositions to profitability share our cross-industry sales operations, some footprint challenges. that driving sustainability. and enabling for our for solutions footprint reducing environmental of consumers, to owners more innovating their pressing

next we've media faster, similar share We've in owner cheaper every acumen, and built digitization digital and delivered the innovation delight in developed The buying, to the digital digital Fabric is driving the copy product productivity, and with focus development Care. example we've drive data supply to all in is category proprietary ad tools benefits and leveraging quality, in perfume, improvement which almost worked tools increase the company. chain, consumers, better value. molecule area streamline qualification drive One

obvious online, drive they're efficiencies, cost product higher work of while more output. delivering driving of has digitizing but benefits, these Each communication also people We're superior tasks our at-office examples consumers, higher brand impact. to quality costs controls superior stronger also focus lower processes and to business and internal that on superiority, package with to order retail and in-store jobs execution and greater enable

area, for all separate focus retain ensure value superior we serve positioned focus all and They attract, to simply Last X employees best to ability to not develop These growth our expand and a the strategies. all execute are talent are strategy. integrated to consumers. best equation areas our for continue rules,

and choices portfolio, the build constructive in organization,reinforce superiority, each Our on other. strategic disruption productivity, on

by believe integrated propositions in with strategy, partners down commitment superior We there's irresistibly to continue consumers on deliver to and merit retail a fueled starting to this doubling productivity.

to our the drive customers, as with consumers, do the P&G serves At creation and growth, improve and confident employees, P&G and I commitment responsible ability to and the strategy of to our to their delight the in shareowners. most ever remain their a way, this consumers principles. of and deliver as value to market of lives and and growth serve people in balanced to values We families. society people, lives day, P&G's with in consistent capabilities desire the end strong believe and

I'm ahead. about lays what excited

Of course, holds the future we'll but continue to challenges, face promise. great

grow our ahead owners. many value to our business for have markets, opportunities create We grow significant and

new With to that, I'll Andre back our to for guidance outline year. hand it the

Andre Schulten

Thank you, Jon.

environment challenging to dynamics. the around competitors, fiscal and we we As 'XX, to to continue costs, input and enter geopolitical consumer retailers expect us from remain currencies, volatile

step integrated the strategy As our way. guided we'll Jon said, navigate by with consumers every these challenges dynamic of

our for with Our fiscal going-in consistent guidance 'XX is long-term algorithm.

deliver we currently in in On which we currency the the the X% local X% top to sales range growth line, market year. compete to expect of for the

is growth mic This objective to sales underlying organic grow an range sales for to year. of Our guidance ahead Apologies, X% have markets. fiscal muted. to X% these the translates the I my of in organic modestly growth

to On mid- share the bottom line, earnings our high single-digit for growth. algorithm core per calls

the tax, a million EPS $X.XX, exchange of foreign of are of This center and outlook year a range tax. guidance a versus approximately after per for and 'XX equates at percentage drag includes a at approximately 'XX or share headwind guidance Our commodities $X.XX starts of core This X%, $XXX X% exchange cost range. fiscal a Combined $XXX X% headwind the per for $X.XX to 'XX million EPS growth. X foreign to fiscal core EPS projected fiscal core after on point headwind be to share, $XXX commodity up range $X.XX. of to of the

somewhat EPS. are $X.XX fiscal year the divestitures, $X.XX tax additional prior several core expect the Combined, in addition, from fiscal In and higher to headwind included minor we year. an a benefits to new rate these

capacity the we in flow increase cash includes for of add This expect categories. productivity in several We spending capital year. adjusted free as XX% an

to billion repurchase plan return $X fiscal stock. this billion a billion We $XX expect to billion common of in pay billion to $XX year. of Combined $XX dividends to and to $X to around cash shareowners

each our and you While you consider items clear-eyed the line, as continue market business, cash the needed to we on are and 'XX to few consistent A your for the build fiscal are challenges for the bottom estimates. with to work algorithm. drive line quarter-to-quarter guidance long-term in top

period On our most to not comp materially annualize noted year in keep the of that and in improve we've year. the the many market-level mind of estimate the half until the fully will for September top difficult line, the challenges second has July the please the or

exchange earlier. commodity of line, minor bottom half half front benefit the and guidance anticipated major the skew towards divestitures rate On of commodity disruptions items based the bit or increases, the geopolitical exchange and growth is and the market headwinds prices within tax rates. foreign outlook the mentioned additional the back include I closures not the This brand a Significant estimates, chain and ranges. year, disruptions, on currency current commodity are supply store weakness, foreign comps cost

to closing that, I'll With Jon thoughts. for hand it back his

Jon Moeller

We're environment. the very challenging year, strong inclusive and and pleased the very in P&G The as a are delivered of value people power of company over last strong prior years the have volatile as potential creation with ever. results and earnings

growth believe strategy. continue partners. sustainable, starting strategies, focus with down set retail Excellent the best constructive a growth integrated to market is irresistibly to and line We of deliver the value and and an the with consumers to that superior path balanced bottom of forward delivered balanced double propositions on to to on creation, commitment deliver top execution

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

Operator

of America. [Operator comes The Bryan of from Instructions] question first Spillane Bank

Bryan Spillane

quarters, guess slower have that this you you if this on than were come the each it than quarter. of last a like -- at sales expecting the seems or start I the touch question just bit, of fielded maybe in few could we've a organic and expected times lower morning, couple

especially with different if developed, you to true the is what's bit this are market? were a expecting. above, in the for add if maybe maybe line So So just below X% also, can what for you at that or quarter, a just then that, growth? organic sales than you we quarter, touch market can And little on fourth in

Andre Schulten

sure, Jon, prepared some Bryan, then add start well. and back I'll will where started I'll I'm start remarks. the perspective we kind as of

ingoing metrics. where a exceeded we think that our on guidance I we delivered all of year

expectations the have business. line parts the year the is right in year. Now you line we wasn't business of X And what performing right as the would highlight. with throughout XX% in of linear, expected I with distinguish and

volumes X%. Europe growth strong X% have X% in volume markets the growth. America, about L.A., to normalizing growing We quarter. at enterprise in organic growing X% sales volumes in quarter, X%. North the markets Europe focused growth at

So where significant external that is part not right moving along. I of the trajectory impacted is business by think the events,

We normalization price/mix contribution and talked expected we quarters. throughout the as have the

of look that's at the December, the that in what's have -- headwinds in and you the part. in line volatility results. developed top to with they Those communicate second headwinds X, late still we the some really half, us the quarter. are accelerated them And in started If in throughout quarter honestly, in driving

key market has half So were when not in in China by improved China sentiment SK-II heavily X. China. period think X/XX, and And about you throughout impacted consumption overall, a weaker

had improved. to recovery China in be situation time. second really take slow And Middle in we that's see the the The the to and not We playing expect results that has half. highlighted we East out think I

the volumes East. impacts limited on last by markets. driven a had been by of The in saw we circumstances developing the pricing in And quarter we So continue strong general in hyperinflation in see many stronger Middle on the some Argentina. interventions, the market, in the has of softening Western execution X headwinds element, Argentina these implemented some in-store the these team while to retailers

than quarter was growth we've quarter organic softer in seen X. there sales a contribution in So on X what

think, needed of the in the for We're see. growing back, way very are right performance you I to the growing in set business we North with America. of the the of which If shift volume, strong. step is what XX and line we have the developing 'XX, is share markets balance really would though, The up is we expected. business

Our gross margin levels. is at record

to enabled productivity innovation us a fully from perspective. That and an has is Our perspective strong. media from very remain invested

feel strong. year, the elements so we structural business are going into of the all And the

X is what X we the will in experienced this in us important it fiscal of we prepared and mentioned that year. to Now with those headwinds half understand, in half have still remarks, be

return growth and these expect to the overall, and throughout to against I set this we we So But accelerate year guidance be we're up growth. of quarters not to to sales the just we communicated. think headwinds have some as well linear, deliver annualize we metrics

Jon Moeller

will remind the or been kind everything Andre annual providing. questions versus There operate we've we of so. the with said, those been we the world of beat that to own that And happening that guidance, live because primary all only we been said, -- met comment as you, we of provide broadly that And volatility can agree I numbers Andre all One and of through. I -- we of X impressively each that don't guidance. our Andre performing actions provide working as just in, relative that precisely and reaccelerate have said. we're is, volume? have is quarterly

regions. the question So America,over of year, of we X%, answered X%. X%, with yes. the If gave But is at plus fiscal emphatic plus look can plus plus XX, volume plus an some figures at the X%, other for look X%. that Andre broadly, plus plus plus of Europe, reaccelerated North X%, if be you we X%, course

year question the to in top at fiscal that been that working can that's at is, least line context you The numbers, through expansion? bottom happened. continued of the second line, look we've definitely happen If margin

certainly at If which you in we're our just at completed, to high, XX-year to growth, continue margin comes a reaccelerate is building we in which while margins. volume quarter -- able gross holding look the

in fiscal realistic that year of overall, the belief next But that happy quarters line the bring that the little look in he's approached the fashion to market year, and the with provided. of as guidance I with fundamentals And a are the just we're planned like be results business couple we the very innovation in a that to completed. a going with realizing are to we one the more first going Andre, that's like So throughout strong that bit shape.

element strength fundamentally. the the of business other One and of health

last If were at fiscal at those single rates. growing or high of at level, were growing. brands out you the of brand XX higher XX digit year brands XX look a XX

again, is the from great very and doing job. team well, positioned we're So a a think I standpoint, breadth

Operator

The next Morgan Dara Mohsenian question comes from Stanley. of

Dara Mohsenian

Actually, just on you X wanted made, to those follow Jon. last up points

On there's to detail fiscal organic between fiscal a pricing? parse won't category assumption, been relative guidance guess but top the you in can in bit do you you me want you you're with gross sales do And some the the to volume? X% X% for growth but if growth of to thinking 'XX, top line how of line out to think you terms just more given pricing I know that's balance just about expansion be significant and thinking there how exact, given I about the about dissipating. think X% you're Obviously, 'XX, how visibility Part the X% bless then volatility? B, margin year-over-year flex good earnings And slowing the that.

marketing lot. You boosted a

strong going mentioned. productivity, margin in line sort got a you as You've lot items. on the There's of

next of do this about think some earnings you to year relative growth line top how just flex given So volatility?

Jon Moeller

some of to I'm answer. the ahead, take Thanks, to details, it Andre us then going out I'll Andre. over Dara. round through the But and to turn go

Andre Schulten

price/mix versus be volume broadly Yes. balanced. expected is to Thanks Dara. contribution The the question, for

the rates at largely half versus X%. quarter Obviously, more would We construction fiscal if of other front and happening sustainable is the half, X% expect between construct the return That volume, balanced growth, that back I half to for now. growth will to look expect markets to half volume is differ of market half by that you driven it is about similar of the look driven year. by broadly our by and to And but price/mix. price/mix.

perspective, saw the to invest continue a the in fully On choice margin to you business. make us

media share in We have see year. very across our those for strong the strong results And North growth we billion consistent strong delivered in increased markets, the continue focused investments productivity $X deliver than productivity. The growth, we for strong the we support. And including results in every significantly have the growth quarters. across period. including Europe to in America, volume consistently More

good about those we So feel investments.

disciplined. to not And we We'll have appreciate, paid very continue investments be all of as as out. can -- those will you

reassess the our somewhere driver better mentioned step so every or previous strong, as of comments, which whether in it terms into to our the flowed both fully are is as way, us the else. we So those is fiscal well we'll as maintain I my as for analysis, reinvest also Productivity innovation, next support do of post invested P&L will allow very Q in market that really underpinning for growth year. 'XX

Jon Moeller

the growth largely a company X or One, geographies we're And in increase where a I X add is that where just standpoint. from that Andre seeing would as comments. indicated, you top the see investment, line the in marketing

understand will make the is an occurrence. adjust said, or to investments spending, just overnight want on monitor either all As up sure accordingly. down we return that those I effectiveness not Also, that the we to we'll of also continue and we

that cycle commercialization course. run a needs have its We to

We that some annual cycles consumer in cases. can purchase have be

where -- categories While mean doesn't focus constructed to we daily, the our is product portfolio daily. that on it's is used purchased

a last, X And growth years, those of look the years. the you evaluate it, time call to always of at the last so the been reasons investments. But it's there. we market sometimes for if see -- the to it generally little over takes it's one been bit And response and several

my environment. As plus I plus in X%, more plus X%, mentioned plus plus X% X%, X%, a challenging remarks, X%, in plus

wake But way. good balance continue our internal in plans. the about in I implied Andre, reevaluate in guidance like to that's feel and and and every optimal So up something an day deliver the it's we

Operator

Powers The Steve Bank. from question Deutsche next comes of

Stephen Robert Powers

segments. Fabric I share seems release Home at like least those it most was degree versus and spending sites, X those that could segments Baby promotional least the are hoping and & forecast. because specifically, Family a loss about The at the that external of talk across we & drove disconnect,

maybe momentum. the and could headline what a the how of just 'XX. you should those just drivers so the in context within numbers, quarter. down land we timing half current into those businesses both give bit especially you've both your seeing on first comparisons, got own back build and in And more you about the really the over us think you're just further where some competitively drill expect course fiscal businesses. of to trend obviously Noting and But And the understanding challenging

Andre Schulten

X% growth quarters think sustained I share it's Care and Home Look, well, of just organic year, performing growth gaining XX the outstandingly Steve. momentum. sales on

I is well. annualizing extremely my base X the comments between you And I Care. in is turning bit great in tell competitors, periods a record think pricing dose Ariel things. on we a tailwind differentiated in portfolio, one, are focused business including high we structurally, would Number doing where continues shape the last with and a of into unit to broader Europe So Fabric I Europe. well. innovation that perform comp. But year, very FE, is The across had

America, investment level But the spring reaccelerate business business. the launching and you North negative up investment, expect share. price including growing business the which the innovation bundle, We're innovation merchandising is that's is why of promotion I with the and very picking component American mix quickly. In that we just in are to right North investment, So the bundle, supported see momentum.

with move we're just the that Fabric innovation Care. right I the innovation, both also the the on encouraged America in launched the very continue to they North in pipeline. is and innovation direction So to And expect

specifically, Last the made choice most we of on to Fabric product business. point, on maybe In also focus the a China, Care. portfolio part

right of short-term but implications you is quarter. Fabric terms that One there. in right for part And the now longer-term think of the very current doing the so are Care, China continues talk business in the premium business, benefit see I'll end that's some to the softness Care Care of X the it's period I Again, base be well. on there Baby America, decision, Baby regions. the North

X.X%. XXX of We have is Swaddlers growing share Cruisers growing,

Pampers. innovate see the So to X accelerating past momentum spectrum on where been over continue to of the able years, premium X the end the across we to we've

opportunity challenges. where in on to postponed market. an now supply That innovation mid-tier the Love had We opportunity. an have we the innovation We due is chain some brand,

very over very So the next just again, given launched acceleration expected market quarters. innovation few the the significant in

to period we're significant. Europe terms that's base is we In I the the something sufficiency certainly, Europe, need the Baby, closely, simply most of very work of And spread versus again, label is in in of think data, because that innovation areas one our where share mostly through. private and watching

the communication few and the quarters. we'll again, through strong that here working be is So next innovation team over launching

Jon Moeller

I should clearly Steve. are in challenges I'm Andre to within it really There different now. categories them, also more annualize a just the we manifest sectors with agree progress going slightly that and direction itself subscription. here, the that making are is few fully go strong as than

should which China, half What the we those things: through about? an benefit have go are second being SK-II of example, you the results X impacted both year. If Beauty we'll So look as the by by am the of aggregate talking year. annualize of I in heavily as the at

If Personal by look sales behind Miracles innovation last growing The step behind part Shoulders the the the business at of bear is back in the Head the X% well. in XX% you year. extremely then increased innovation, balance as Pantene & part Care grew last side year. and business, Pantene, of

in some aggregate obvious as isn't want difference So complete of that but of going look, of the to a I terms just make in progress kind will the the picture forward.

Operator

Lauren from comes Lieberman of question Barclays. next The

Lauren Lieberman

been comment if in bit, of absent the I discussion consumer, that's could the was thing wondering a one broadly. you because

It it gotten X kind general Western what Europe, helpful So and things in we've demonstrably have or the be to feels get on I environment. other last is month in that statement. U.S. heard from think from worse companies, a like of is consumer perspective could some

So curious in terms differences your focus perspective also investment. or performance on of and that, of and areas then channel particular around that you're doing what in

Jon Moeller

at And significant not significantly. we to generally generally, changing what a So some both see label are you as And look dynamics, of from of example, quarter a pre-COVID. describing. don't consumer consumer during the not dynamic and we are period-to-period, Private this not descriptions, so increasing America pressure, quarter, in last line be obtained. in time that's with Europe, label North private that their to the shares discredit couple an typically would but standpoint, which I'm are if meaning

volume, The to is point growth to unit seen. is look declining. at second again, And your data generally we've question answer that to we back assess not that's, the what

I'm drives certainly, the these daily performing where -- Now and course, the choice. least product consumers are of These and at categories pressure objective. typically performance use there market, are and that's behaviors that We purchases under are, increased are modifying their brand sure, some our categories. categories, are probably remember, our But best have correspondingly. less-discretionary in in

we're bit be of there result, many Deutsche spend our also I earlier there a consumer-driven significant I've either. not month the a I'm Europe,quite seeing with but conference, at any it in June the impact. and Bank in back Andre been seeing there as was of you tomorrow. with And not time recently. will business,

we closely. forward. go far, so So cognizant so we something remain But encouraged of we're very very that It's and as watch good.

Andre Schulten

made. rates, And Jon point think, the substantiated the market growth I that

think If at you X, our is U.S., I consistently past in months, point the over category X, XX the growth X, the look key volume is categories X%. the

consumers the look period. very not in if you consistent value similarly, Europe, same And across consumption growth also So our over categories. it's are decelerating at

it So we're as said, data. watching in see the it, we and Jon don't

Jon Moeller

points the premium innovation. remarks, Power the And the which and year. to last responsiveness even We Power built X our in -- Manual, significant and that's and is the segment iO if at Orab-B my look to a share both many we of digits. growing within of strong it's mentioned at market, in across double the I balance growing

to where example these of brand an responsiveness drives just innovation strong So performance choice. categories in

Operator

Ottenstein Robert Evercore from of comes question ISI. next The

Robert Ottenstein

follow-ups. a in they looked just A of rebound range, markets, in China range? ex the if then much, much of the is rebound is little there Or actual Could assuming? are bit the that like at couple of how any, no you look would talk issues are an assuming? East clear? How have rebound you about what guidance, And part your you enterprise Middle Argentina? if as And the you at that's all in

Andre Schulten

markets, in enterprise aggregate Robert, strongly. think are performing Look, I

Last X%. up year, year, XX%. were I up, they think, the For

we for Europe I growing line with the So X% focused strong the on America, market continued in we most what is in said, Latin up is And is the Where year, headwinds East, year. see recent growth. described. X%. we as think XX%. quarter, very in have Middle the

total decreasing And So our contribution is X quarter-over-quarter. temporary. The almost be impacted to headwinds. we point by you Africa East number East, to Argentina expect Asia, see Middle by markets those those again, the Middle

So it the basis quarter. in was points only the Most divested XX Argentina current importantly, business. we

will because the So will current from the not quarter as be move through organic we that the effect sales it removed matter anymore base in year here.

of a including I midpoint the part upper out would some would range, range main headwinds Argentina of of and think assume assume we think those coming In the again, the The of And base improvement. the of divestiture business. level of Middle the normalization assumptions, to But terms would largely because the China, range annualization. of the East. I annualization of be we're describing, say SK-II, of the that's I the right? contribution end

Jon Moeller

reflected in as as which Robert, generally it's annualization. view described, And indirectly just those or guidance, Andre is my is of things,

or have ceteris even either I guidance paribus, think East of we midpoint should in range. the China, better opportunity than things deliver, the Middle the if results to improve the

worse assuming assuming always On not the -- that I'm can and happen. they get other hand, we're that not

a of realistic So I think we're expectation outcomes. centered on

Operator

from Teixeira question comes JPMorgan. next of The Andrea

Andrea Teixeira

to of penetration can some I the just described category. necessarily more And balanced midpoint sales bit of Laundry label planning these effects it's inflation but a and some I some -- both we private this talk pricing of you're is do of just of X%. are that seeing discussed price things you embedded you're in had low driving innovation. elasticity understand some as the some like see growth ways there wondering Wondering in was seeing you in understand still pricing you customers And what, if not impact being if approach guidance, as some specifically, you're very led how at coming Jon, of I therefore, about you which your but a organic through a for any of elasticity, is the hoping the in through. any see other are the led of preference can price also we brand. about, and But these curious the places, promo natural. pricing just and mitigating by the

Andre Schulten

innovation-based be some don't mix have exchange a positive in and the of a different. I executes. see pricing Andrea, enterprise stability we promotion to as I results for line I is it with expect in have year. pipeline we environment, which expect year our trade-up contribution yes, in the at And markets, for years. to foreign generally pricing From been strong market this also what and be will a the the innovation headwinds I pricing think mean, XX moment.

XX% still stability. pre-COVID levels incremental we at and promotion. We operating see of have versus We're general about pockets

see because model the period. different still over will X year the I roughly, expect as our numbers don't XX we they market be obviously, as But the in executed different, half said we years. that, but versus I guidance, is than the look to top half line, X base So general fiscal on the have of same construction driven. the price/mix half volume the last driven,

Operator

The next question Citi. from comes Filippo Falorni of

Filippo Falorni

rates just outlook. given then about in of talk ask commodities headwind visibility terms the about Andre, components including some maybe level given recent Can side, of expected you pulp, any to the the the of impact headwinds, in also $XXX wanted fiscal know I there? And you some commodities, but 'XX. the the of freight, And of transportation on cannot mentioned hedge, commodity in the key headwind. your -- I on the million in contract the resin? rise like potential you

Andre Schulten

that at is the in that actually, portfolio commodity the moment. Most The pulp headwind of is Filippo. Yes, moment, relatively is the guidance stable. at

some see supply. demand on the We limited of grades and strong continue to

be the that stable. year, driving of portfolio the these quickly. It throughout actually change that's the I run-up. So The mean rest as is things you know. won't

spot a do. we're there's level So rate forecasting as of a and we here, variability always obviously,

It different is the to think the when the X visibility, X we commodity by class, through flow discussed flow-through I effects, the P&L. takes commodity months but middle we think mean months this in of as through generally we crisis. The were look, I to commodity

we step quarter forecast step. the X, I X, relatively hedge. we'll and So we by don't But through that on have most visibility at this on grow then is of good probably think one of We it again, spot. end half

effect. through, the of key the in P&L of terms driver So again, flow is latency

energy stable. is oil generally, look, Exportation, relatively

sea but the So overall Yes, at in some flat. this on year routes, is the is impact the of it transportation transportation material increased point. from context see we not

Operator

UBS. question next The from Grom of Peter is

Peter Grom

would Middle some East North for XX% and all? get get love Totally currently Western are the consumer, commentary is Europe Lauren's that consumer you potentially when at wanted go and you markets to China, the I for the I of not cushion indicators growth performing question the of you're from the But there the in your X% what not here. back perspective X% on some just is outlook, America may recognize seeing that be think today. assumptions on the expect to well totally to and category slow to annualization that we in maybe about the any embedding to but pressure

Andre Schulten

growth of into what global business X% to volume our or total regions out coming coming X% the somewhat a XX% to those up. regions [indiscernible] the X% we component to Yes, component is actually slowed range. this see To that built of the slowing, to market is the had to for on expected, your is price/mix the and from we year. stabilization rely region number. play X% And range Look, in by by market because X% is deconstructing that X% range the the right, the down that is the assumption of the down increasingly of difficult. question X% we in to on And X%

play of projecting the we're that way regions volume, those same to is the So most we to price/mix. number, X% which of expect half global it it X%, out of half

Operator

next Bonnie Sachs. Goldman of from The question Herzog comes

Bonnie Herzog

in about has mentioned, the Beauty your market. more a the as ongoing U.S. we're drag a on been challenges you had your China slowdown question But for been a the recently, hearing and hearing volumes I while region. we've also to segment. Beauty the about in

fair consistent So it seeing. from with think what drive growth these assume your segment Beauty is challenges here? fiscal could about curious that's how that potential for you're slowdown to the should then And And a we year? further if this

Andre Schulten

the grew for the double-digit and at Essence, got talked give reaching the brand of look in being the Spice, China outside about core Herbal in digits X, the better fiscal and and about, go trajectory X% business, & in they the digits. Old segments, XXx talked SK-II, on. year to indication Native, X% the high what growing you growth. business Secret quarter of example, is through When a closed. Care at If now $XXX Pantene results growth SK-II Personal and Jon were Shoulders, Those single the that we best We past our potential I and years. in with. double think The Head brands, you million we if you sales, ex look Native, just results at X When you look

And digits. and we are Mayel growing Weigh, new double our brands, also

there. North portfolio is the up across America And Hair strength Care I Hair said, business, as doing up XX%. well. Care Care see very we think is I Global X%. So Personal is the

as acceleration SK-II we a the piece is we that the of business the are we core annualize the don't year. business. is the yet in on fiscal think I on assume both our expectation Olay material said, we'll annualizing really and China, And

is strong. half. I the I'll annualized is piece need see China to leave business first the there. the core So we'll one think it the across But of again,

Jon Moeller

of I it's for to think And but the the we think said, in the to Andre being add spaces in, foundational because the wanted that continued are That's the and also the obviously, more in numbers, in -- but as aggregate not think strong majority really somewhat that lost to -- of team, prestige. recognition play Beauty it's slowdown of relative recognition a in. the is play to the in where I very growth some base of And we earlier the play see I versus in, in question marketplace we why commentary is I directed have important segments both potential.

Operator

question Carey comes of from The next Chris Fargo Securities. Wells

Christopher Carey

know focused. call, I so but question, in bit maybe apologies another a we're later for China more the

a been annualizing has many company years, results been sluggish see I is so China. the you're only not there's slower think it Just why questions in of few about the for which effect to

there comment covered portfolio, the work. you are some point. clearly, market macro on, your well has at in if parts needs I specifically of could SK-II been wonder versus this So dynamics micro just which maybe

you portfolio outcomes your not, a line of expecting other can that on back year. more annualization expectations you're in view the have the businesses half So we the to or speak of are bit perhaps some so with a performing into should deliver that the why can

So sorry felt but question important. for another it on China,

Andre Schulten

and start will add. Jon I'll Chris,

Let we me go time from start growth go to we it to mid-singles. to saying trajectory digits, maybe China it business, expect coming a expect by I think dip, the double-digit significant back to double over through a and don't

in So developed more with in line what other markets. we see

stable. we is of specifically expect pre-COVID. sure, I growth return now we in Many the don't saw SK-II, think China, the the So rate that for effects, to run rates the

there in period seeing is those not already volume sales line run of in absolute dollar we're with the What's rates. terms yet So the rate absolute and run flattening. base

us that that see place. confidence we unless would the take reduction, rate gives So run annualization significant a

X% in is results. in, Birth of specific was innovation. in on Chinese and able been grow we've the And probably designed to preference the able able business of has We've been Because to market. Maybe been category here, to team the XX%, their very the and innovation grow with Why? needs, share driving terms to grow the strong team that's superiority, portfolio and to their the how consumer, Braun the China depending points Baby you Care. define rates confidence in market. other the the right toughest down XX% compete are sales now --

we're So are across that are market, need leading find of and categories, more there way pockets which business we to the on. where to working we our

mechanical really and part profitable very I those see towards of but of them the the I that and unless to stabilizing. out a the to the market, on will which rates is what's the allows them the But drive run are Therefore, possible, drive category driver portfolio, if further entirely as stable that's which across rates categories. growth, focused hold, innovation, is run we drive Care, back annualization decline think said, in most allows half Fabric is which playing year.

Jon Moeller

strong Hair business in together choice just Hair largest plus, them mentioned significantly the Shoulders. with very that P&G improved And Head discussion plans and round The really put was we Pantene. Care somewhere Sassoon. came of which to China is the execution we of the very improved And Care. we've had proposition, pleased for spent Andre & that our Really in that looking third exit made significantly had packaging, on to brand, on the same strong. Vidal the COVID, the I'm as out, we've year last ensuring we plans. out

source all a But of We're working is should encouraging. of that forward. So be the going be drag not candid on for net Rejoice. that still of pretty the to plans

Operator

comes question next The of from Paribas. Grundy BNP Kevin

Kevin Grundy

now seen which and not for question of for what advertising spending are basis some at advertising basis guys, of and key North in investment marketing perhaps, your we clearly We've Care has and lost American there this Procter there has call Care. And [indiscernible] specifically it's [indiscernible] In Gross doing levels, highest trade sales supportive. naturally competitor I moving XXX the up couple points talked a know in on been step-up a and is their for in spending there. both proctors the was A just we've seen Oral higher of context marketing quarter. percent including Great. a margin you, big higher. of about on earlier as XXX the trade decades. move Fabric you least expansion in year, points segment, moved advertising

So it's kind all [indiscernible]. of

perspective satisfied broadly seeing spending is could seeing? levels a quarter we seen -- here are the you toward are And we're little we're perhaps that in of top higher then similar moving kind proxy line the was context the offer soft, understanding with industry. push a a for the for would payback levels in items to some If we've investment some idiosyncratic historically. what and growth push Because guiding from we're higher the of bit and sales,

But thank your appreciated. and So that. all be context for color you would any

Andre Schulten

Yes.

tell where for in truly ensure engage lower of Shailesh it spending strongest is think the is, I seeing the have investment way enterprise to Europe terms the is where with of the markets penetration. that I'd I me and read probably media productive, payout happy Kevin. truly Jon both push, as is and deliver cleanly. Let markets, that really the us results we that, and XX% And adjust. overall driving businesses we're If the payout and -- helps start, America. growth, will you America sales obviously no is the And the of the what and that's can we're line and growth the longer year. Generally, the Europe-focused Latin in the and line we and meaning with the then change we top quarter the go aggregate spend case, the markets, gears market North that's support payout top line of to for will of And some bottom fiscal

of spend overall market terms constructive. That's see I'm in support. media In pleased actually increase market and spend, to

which huge drive multiple still categories. is I it helps category the penetration, helps a think consumer better. understand opportunity across the It

And a volume And those growth and on So the results that's growth we're the in productive. environment category, America, remains long what place. is good we positive. as in sustained in promotion see X category the aggregate as which think value on very again, in North I sustained

Jon Moeller

in And you levels it's some some used that it, When period strategy confidential superiority, call doesn't advertising for relatively pushing centered to have pushing, of I've We make cases, you innovation call equation David to sense. that's low superiority. used been been something Taylor a we've reach, it, have, and on total and time. of

-- earlier, mentioned the effective this most I do we way they provide in the that and of are And efficient we're an can. way our more and them. trying this we consumers aware in So to, in products benefits that reach, so

entirely at we're to the right got curve Obviously, thing which point,reaches -- former in effort for to earlier, the on still X wasting level the is between think time the now, and the as overnight, some respond. said, Andre that it regard you've takes maturity. temporarily It does right of some incline do. CEO's business the as cycles CFO respond that in But a right And I on mentioned us, that I But and not because again, purchase assurance of money. take we're of themselves. not cycles chair, commercialization interested some

Operator

from comes question Tong next Olivia Raymond of James. The

Olivia Tong Cheang

follow-on a promotion. on Just

you've obviously remind and this to substantial there? end. done the think as proposition at importantly, you innovation, just and And consumers innovation tougher products value how talk What much you catching to the doing about commit If then competitive more mid-tier superior premium are spend price. about you macros yourself in on even competitors more a we to more could driving to versus evolving macro your response up stay on

Andre Schulten

via but The relatively superiority. market see package product out. irresistible to you starts as terms is stable. and value, job point promotion our equation is competitive think with growth environment of I in I that lead includes communication, shifting. that it don't And

Our relatively stable regions to is is Europe have approach North which promotion across visibility, highest the we where America. the and

where the moves against to are competitor but no category. to market, year, longer at that for view to deliver, level job next almost from is consumers the And our into your which -- drawn we level a superiority about think as stance on reset equation a just expect superiority, being we superiority in don't businesses different. talked I now the best to of the create I So our win which again, our is

add usage we up. new That's trading and their into Jon really more. consumers I And confident innovation has sure new increasing I'm I'm to create we progress. coming are ourselves So the current very very what the making that we create pipeline for measuring consumption, or we category, see think against, good the year. we're

shows us at a innovation is where -- is the a the why consumer it's at the great we're Luvs that's On strategy example in. if compete every not and work irresistantly tells example, absolutely, for mid-tier, job to be it great tier And in in the and mid-tier, our superior we because the superior the results.

superiority of we independent tier. do So is the innovate counteraction the to drive really and what and

need deliver point all time, we compete given any sure price every at So we every tier, every make in that point to in vectors, we X every channel size, in. pack

Jon Moeller

that itself ongoing And assume minute, on levels had important Olivia, that your wrong in as it for to And sure, discussion of consumer just that contention that to under in being our manifested that we've wrong changes of consumers But just that, in yet. to that see really forward. the that, going we're there's we're or going demand, even of is categories we about assume are very a that are fact, that higher innovation, if, mentioned becomes question kind downturn. any Luvs. Andre -- going become innovating hasn't we're

a happens frequently. at They're home frequently. going Traveling more what I example, eat People often. less less downturn? if out there's Another consumer mean,

And in Andre And we're And like that an important. dish levels become power spray business. in the innovation our mentioned seeing rates example, of growth EZ-Squeeze. that for dishwashing, as category, are Dawn categories and significant example, just so and between our hand

case more extreme used COVID, an more this which staying home paper if the often. products was certainly Typically, was they're in condition, people and but

are going the to event in than obviously, the dish potentially auto consumer business is categories the and and on to relevant business. Easy innovating, mid-tier which business if last downturn. be light Sherman like to handwash things even of X% will, scallop So significant level another the driving that Tear more just And is example business year perforation, of in you of, a in growth innovate Sherman is that more general, continuing

So there's of terms to our discrimination no commitment innovation. in

Operator

The next question comes from Mark Astrachan of Stifel.

Mark Astrachan

peg does peer seem bit last, the a years, take But X guess than how anticipated. you what improvement over totality a has more ask in of slower to or SK-II do call it just the and look P&G. grown the the it, about broadly today's wanted I I'd I little you China group. part just brand curious, is if see X for portfolio like this in below

think in I'm with overall trends So you how basis? improving China weave why go-forward I the that a on brand curious for in you guess the is, expectations

broaden of care? say what all in it predating release to too, in skin I there within Are context context weakness more how an I fit And move competition? mean Prestige you strokes, standpoint in from the doing better again, of more that, beyond the Japan, Can Is brand? innovation appeal is for it you the the the does there? wastewater portfolio? the

Andre Schulten

portfolio I specifically don't I something unhappy think on I brand would is I question Mark, that China. think be with. our Yes. would your say

when When show & progress the the consumer strong Head to think brand progress Shoulders the is we Hair on is Care strong. in we on it willing I and portfolio we I think conditions. Care adverse see Jon get on mentioned on market even and engage, Baby Pantene. right

I parts had think the choices. we we the doubts, of made portfolio our right where the

was right Sassoon, Hair Vidal change and divested that believe we So in the Care.

the market part value portfolio the Care we trimmed have and of Fabric the to ensure the can create for consumer We focus on can that we the where company. for

shift, acceleration, I about may, if think, part digital a years else degree, online be XX channel product disproportionately well-led good that that large over developed feel our COVID China, with brick-and-mortar has care a the world. challenge, heavily the is I because than to in footprint was And promotion-led. online, the obviously, of that to The to footprint. in Douyin, So business, heavily the portfolio. And anywhere within into faster shifted particularly and I

brands our right to we channels. value price and innovation serving the messaging, supporting our and our stability creating the taking between transition right online we're the time with consumers in ensure equity, balance there, and up And brick-and-mortar with and end portfolio

But transition the sustain in. that, operate, I creation still show we're we China. is will growth can that and that and value me, for mid-single think in it that that, that transition is So portfolio well, I think going

Operator

Jefferies. of from comes Gajrawala question next The Kaumil

Kaumil Gajrawala

should deep granular. think first half get which it But that it specifically, is of call, be pricing versus could consumer? we America full for in specifically of global for what we just think that is the bit I the bring back into and closer to North travel when meant the you're if America about Or on thinking specific, is a balance we maybe half as as might XX-XX? North know missed reverses? year And drag first be have for gets direction been quite annualization about something the of assuming modeling little the to chat I we we it a in such, the that then

Andre Schulten

by X. half Kaumil, versus obviously, or X predict, half quarter hard it's to very

the I share, half I think X. think, your I component, stable. I will through ingoing hunch And would think is mix continue the volume neutralization relatively what is as price

X%. down and come think what I the for would growth As a is I at grow that's said, the front market to has about Price/mix from points, I half. continuing X.X expect to perspective market

is, objective to be range. as Our always, within that

view. the from facility my can driven by So the cycle, -- by be shift. the But again, that's driven it its be that's innovation promotion that can cycles,

what we variability market today, lot from But extrapolating that. see within a your right. in I think is we there's hunch of the So

Operator

question of Cowen. comes last Our from Robert Moskow TD

Robert Moskow

the question. guess Olympics. for on call the covered this I the is only Thanks not thing

haven't Nielsen I And wondering, in around in some I Gamble products, & data And activity think them Procter for brand-building about have but an a that of in I exercise see ads tracking our noticed the XXX great. more U.S. do increase for around it it. do just merchandising U.S. seen tracking? -- I've you of we'll able been activity you lot and view our as the in getting to the Olympic-ed a consumers? sponsorship you be in a Or expect merchandising was

Jon Moeller

opportunity, a the as Where region as outreach to customer in the and of brand-building as event. closer So you'll frankly, is outreach the we a definitely of see opportunity. activation opportunity, a store typically the Olympics consumer view support

assets a of include the of put host for the a So expect many and wouldn't activation North both large up in partner I'm that see overnight retail significant headed them activation have plans forward, which it during and event with spend to be there tonight, do the to place to games. in Europe. post-event going I in of at activation building to our Paris we've meeting CEOs I'll would We I expect together, Olympics. America. couple days

& much at company, thus so proving buy focus messaging like simply discussion cetera. it's et the and on But we brands P&G., when and attractive Just far, nobody annually. focus and messaging Ariel because buys Head look to be is the and Shoulders, When we Pantene return, our on this earlier not vehicle. something Pampers we an on Tide they that and

our good. all and our customers So And to balance our I'm there European looking over week. team with the of being forward the

-- Before we let let. not

Before balance I'm to free the during any the the happy perspective. of call, -- we provide, it I'm just officially discuss wanted day. end And some again, at longer-term to point I

through number reflected appropriate. of And today, that's important, reflect incredible whether We the you, and we, name inflation, you quarter we've been important is the have of to including things war, which collective the COVID, through on last political divisiveness, that's one lot is on -- a been years, that's the whether whether challenges that regulation, that is have I think it.

back and for working, longer this is say, periods the important how But of step but just it's for time. strategy also to quarter, not

sales, is same profit, engaged Over puts us billion created pre-COVID, value And the than of struggles that As in more XXth S&P think $XX period, which their of a one, than company. I the us $XXX history today, mentioned at and remarks, time, in cap all in currently. which then geopolitical today, period, X-year all in added percentile XXX. XXX. during more I team pricing, my in which inflation we're the the puts X-year have post -- but at S&P entire XXX billion COVID, over added and haven't in billion the market the that COVID big they've XXrd that at built competitors, the has looked I as percentile of They've before but our most $X

while about our of We're on a support that talked in investment increasing and has. reflect and this we and raising doing terms strategy We've the superiority. We've that important So we're executing We've about things. productivity. major in the growth the well. move We've talked about forward. of our we've something margin business extraordinarily on levels that's talked been. bar about I think talked on volume the about against these is that ever progress resuming that building that innovation. markets, simultaneously of kinds stronger And making in talked as place investment and most working We've to is than

I a from approach either remarkably the things environment get any we going is from imagine in I products. think do And our see worse consumer and that's a ourselves good be a a reason of consumer in of standpoint. things one consumer be find difficult choice, would want more in -- if want be would talk change categories we economic I performance had that with standpoint we to those not that able from don't idea. superior in a What we to not or about where we do a to internally we were to standpoint, confidence want to scenarios. if better exactly either where how drives daily brand use We consumers customers delight be remarkably can't

not those Would organizational productivity agile, have have a innovation. the Would we we that structure. to want want accountable fund not accelerate and enables us investments more to to

business. shareowners, society hold any which that why they've the these about of consumers, under talk employees, to times, they continuing and path we all said things, this scenario, results forward, I expect sorts There line affect that because line. all straight But things just it time, this a to that of over are the I've as far, significantly of we at both double produced positive be potential has our by and down right and many me, because continue. in a not So are company, delight customers, history the is, of the periods is look if to will results, trend delivered the to

to Have year. the discussing call. So Again, the Those quarter think to day, think a just in challenges don't controlling I of the is are real. minimize out next longer close trying soon. talk some you look been share they're on great term. They're that and wanted with to about. I forward and up first mid to that catching the we not important we as and But about of we've as the half that

Andre Schulten

everyone. Thanks,

Operator

your conference. . That you for today's Thank participation. concludes

now disconnect. may a You Have great day.

The Procter & Gamble Company (PG) 30 Jul 242024 Q4 Earnings call transcript