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President and CEO Stéphane de La Faverie highlighted North America's improving performance and recent market share gains, driven by expanded consumer coverage, particularly through 11 brands on Amazon. He noted that while department stores require more work, they are a shrinking part of the business. EVP and CFO Akhil Shrivastava added that department stores now represent less than one-third of the North American business, which is now more diversified across DTC, Amazon, and specialty-multi channels, with further growth opportunities in the latter.

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President & CEO Stephane de la Faverie explained they are confident in reducing U.S.-sourced products for China to sub-10% by fiscal year-end by ramping up their new Japan facility. He clarified that U.S. imports from China are minimal, with most non-North American products coming from Europe. He noted they have already mitigated over 40% of the initial tariff impact. EVP & CFO Akhil Shrivastava added that their supply chain is being actively regionalized to minimize exposure.

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President and CEO Stephane de la Faverie stated they are confident in getting U.S.-sourced products for the China market to around 10% by the end of the fiscal year, leveraging their new factory in Japan. He clarified that the majority of the 25% of non-domestic products for the U.S. market come from Europe, with minimal sourcing from China. EVP and CFO Akhil Shrivastava added that their supply chain network minimizes tariffable value and they are actively working on mitigation scenarios.

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CEO Stephane de la Faverie clarified that past investments were in fixed capabilities like manufacturing, whereas future investments will be in variable, consumer-facing activities like advertising and promotions to reignite retail sales. CFO Akhil Shrivastava added that this shift allows for faster learning and pivoting, unlike being stuck with large, fixed-cost bets.

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EVP and CFO Tracey Travis explained the decision was driven by the worsening Q2 outlook and increased full-year uncertainty, which prompted the withdrawal of guidance. She clarified the cut is not a reflection on long-term growth but a prudent measure to 'rightsize' the payout, protect cash for PRGP actions, and fund growth investments, thereby optimizing total shareholder return.

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CFO David Hass expressed strong confidence in the revised guidance, stating that it serves as a reset based on a full understanding of the issues encountered. He emphasized that the company is now approaching future integration waves more prudently, with enhanced training and inventory planning, to ensure the new targets are met and provide a reliable base for 2026.

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Interim CEO Kirk Perry confirmed the immediate focus is on core brands, countries, and initiatives to reduce 'self-induced complexity.' He highlighted e-commerce, core brand support, and media ROI as key areas for rapid executional improvement. Perry stressed that operational enhancements and the comprehensive strategic review are being conducted in parallel.

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Interim CEO & Director Kirk Perry confirmed the immediate focus is on the biggest brands, countries, and initiatives to reduce self-induced complexity. He highlighted key areas for rapid executional improvement, including e-commerce, strengthening core brand support alongside innovation, and optimizing media ROI. Perry emphasized that the operational improvements and the strategic review are being conducted in parallel, not sequentially.

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CEO Thibaut Mongon confirmed the strong regional growth in Skin Health. He detailed that in China, Self Care uses a specialized distributor network for hospitals, while Essential Health and Skin Health use a tiered system. The current disruption involved liquidity issues with lower-tier distributors. The fix involves replacing these distributors and having Kenvue's own teams reclaim direct responsibility for brand activation with key local retailers to improve execution and visibility.

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CEO J. Erik Fyrwald noted that while global companies are focused on innovation, they are increasingly challenged by agile local players, especially in developing markets. He stated that IFF is well-positioned across customer sizes but is increasing its emphasis on mid- and small-sized customers in high-growth markets, viewing it as a key opportunity.

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CEO Erik Fyrwald acknowledged the concerns and said the team is energized by the challenges. He attributed IFF's resilience to its diverse customer and geographic base, which the company is leveraging to find growth. While mentioning a possible minor pre-buy effect from tariffs, he concluded that based on current reasonable scenarios, the company is maintaining its guidance.

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CFO Glenn Richter clarified the 2024 reinvestment is $20 million, split between Q3 and Q4, which will annualize next year. CEO Jon Erik Fyrwald added that the plan is to continue growing the top line, allowing for investment at a consistent percentage of sales. He described a virtuous cycle where innovation drives sales growth, which funds more innovation, while productivity gains improve margins and also enable further investment.

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CEO Damian Gammell stated that while the market remains highly competitive, especially in energy, the dynamic is not significantly different from previous years. He noted that a long-term view on value creation sometimes leads to delayed commercial agreements, which can temporarily affect promo intensity.

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CEO Damian Gammell responded that the competitive environment is not significantly different from prior periods. He explained that the company manages promotional intensity through commercial negotiations and takes a long-term view to ensure sustainable value. He acknowledged some aggressive pricing by competitors in Great Britain but characterized it as a familiar dynamic.

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CEO Damian Gammell outlined a four-pronged strategy: 1) targeted brand innovation for the channel, 2) moderated pricing to ensure relevance, 3) increased cooler investments, and 4) digital-led campaigns to drive traffic. He expressed confidence that 2025 would be a better year for the away-from-home channel in Europe.

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CEO Damian Gammell outlined a four-pronged strategy: 1) driving excitement through brand innovation, 2) ensuring price relevance with moderated pricing, 3) stepping up cooler investments, and 4) using digital campaigns to drive traffic. He expressed confidence that these initiatives, along with new business wins, would lead to a better year for the channel in 2025.

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CEO Oran Holtzman explained that a Q3 'soft launch' involves smaller-scale testing, with the official launch and significant spending planned for Q4 and Q1 2026. CFO Lindsay Drucker Mann confirmed that Oddity actively manages its growth rate to ensure it can consistently compound at its 20/20 algorithm for the long term, rather than pulling growth forward unnecessarily.

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Global CFO Lindsay Drucker Mann attributed the company's resilience to the strong secular shift to online channels and a superior value proposition that attracts a broad demographic. CEO Oran Holtzman added that product diversification also helps. Regarding cross-selling, Lindsay Drucker Mann noted that while about half of SpoiledChild's revenue initially came from the IL MAKIAGE user base, the brands increasingly stand on their own as they scale.

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President and CEO Gavin Hattersley focused his response on areas of brand momentum, such as Coors Banquet and Peroni, and the company's non-alcoholic portfolio. He stated the company will continue to invest behind its brands to ensure they are well-positioned for a market recovery, outlining marketing plans for Miller Lite and Coors Light, but did not indicate any impending changes to pricing strategy.

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CFO Tracey Joubert clarified that the company is postponing capital projects that do not relate to significant cost savings or critical growth initiatives. She emphasized that investments in core areas like health and safety, as well as projects that do drive cost savings and support growth, will continue to be prioritized.

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CEO Gavin Hattersley stated that they have not seen anything unusual or irrational from a promotional standpoint. He acknowledged that some level of promotion is common, especially in the summer, but characterized the current environment as normal. He affirmed the company will continue to take a strategic and brand-appropriate approach to competitive actions.

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CEO Gavin Hattersley attributed the U.K. softness to poor weather offsetting a tournament lift and high promotional intensity in the market. He stated that Molson Coors is pursuing a 'value over volume' strategy for Carling and did not participate in the heavy promotions. He noted that Madri continues to perform well, and a resilient U.K. consumer could benefit from falling inflation.

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President and CEO Mark LaVigne highlighted strong organic growth and margin improvement in Q3, setting up for continued growth. EVP and CFO John Drabik detailed that strong battery sales drove organic growth, with EPS at $0.78 excluding credits. He explained the production credits stem from being a domestic manufacturer, are filed with tax returns, and require continued production, not new investment, to generate $35-40 million annually.

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Executive Mark LaVigne confirmed that recent softening in consumer sales has led to a slight, natural increase in retailer inventory, which is factored into the Q3/Q4 forecast. Regarding the APS acquisition, LaVigne highlighted its benefits: increased scale in key European markets (Germany, UK, Poland, Spain) and a new manufacturing facility in Poland supporting their 'in-region, for-region' strategy. He also stated that the Panasonic brand will be transitioned to the Energizer family of brands over the next eight months.

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John Drabik, Executive Vice President and CFO, explained that after the expected 50 basis point improvement in fiscal 2025, gross margins should return to an 'algorithmic growth' of about 25+ basis points annually. He also stated that Project Momentum has increased in-market production, minimizing tariff exposure, with less than 5% of global cost of goods sold being subject to U.S. tariffs from China.

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President and CEO Rick Dierker reiterated that promotional activity in laundry remains within historical norms, around 31-33% of volume sold on deal. He stated that the depth of promotion has not changed and that the company focuses on price-pack architecture to hit key promotional price points. CFO Lee McChesney added that the negative price impact in Q2 was nominal and mostly related to a product recall, supporting the view of a stable promotional environment.

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Executive Richard Dierker explained that for modeling purposes, the company's organic sales outlook and adjusted EPS will exclude the results of the divested businesses from April 1 onward. He noted that reported results on other P&L lines will still contain them, and the company will aim to provide clear delineation to bridge the gap.

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CEO Matthew Farrell confirmed that while they cut unprofitable promotions last year, Q4 investments will now support new products. He positioned Deep Clean as a key part of their 'good, better, best' strategy in the growing mid-tier. He expressed significant excitement for POWER SHEETS, viewing it as a major opportunity to grow share in the unit dose sub-category with a first-to-market, efficacious, and sustainable new form factor.

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Matthew Farrell (executive) noted the acne category remains steady, and while growth rates for HERO and THERABREATH will naturally moderate, strong double-digit growth is still expected. Richard Dierker (CFO and Head of Business Operations) refuted the idea of a market share slowdown, stating their data shows consistent share gains, with 9 or 10 out of 14 power brands gaining share recently.

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Chairman, CEO & President Noel Wallace explained that adjusting price-pack architecture is a global effort, with a particular focus on opening price points in emerging markets like India. He stated this is balanced by a simultaneous push for premiumization through innovation, such as the Colgate Total relaunch, which commands higher prices. This dual approach allows the company to capture value across the entire price spectrum.

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Noel Wallace, Chairman, President and CEO, attributed the softness to a few specific markets: China (Holly and Hazel business), Turkey, and South Africa. He noted that other markets in Asia and Africa performed well with balanced growth. He mentioned some pricing and promotion adjustments on the Holly and Hazel business in China during the quarter but anticipates that will stabilize. He also reiterated that the urban market in India remains soft.

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CEO Noel Wallace enthusiastically confirmed that the company is on the verge of announcing its 2030 strategy. He emphasized that it will be built on the consistent principles of the 2025 plan, such as a growth mindset, innovation, and brand health. Key areas that will be sharpened and dialed up include driving more incremental innovation, leveraging data and AI for growth and efficiency, and enhancing the health and science orientation of their products, backed by professional endorsements.

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Noel Wallace, Chairman, President and CEO, explained that the primary benchmark for advertising effectiveness is sustained, broad-based volume growth and household penetration. He stated the company is getting better at assessing ROI geographically and is focused on improving analytical capabilities, including using AI, to enhance media buy efficiency and make more fluid, intelligent decisions on spending.

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CFO Nelson Urdaneta provided a detailed reconciliation, explaining that Q2 shipments were ahead of consumption due to lapping prior-year destocking and new innovation pipeline fills. For the second half, he noted Q3 has easier year-over-year comparisons while Q4 faces tougher comps from prior-year events like hurricanes and port strikes. CEO Mike Hsu added that underlying consumption was strong at 4.5%, driven by innovation and execution.

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An executive, likely CFO Nelson Urdaneta, attributed the Q1 North America gap to one less shipping day (a 100 bps impact), lower private label shipments, and strategic pricing investments. He noted Q2 offers an easier comparison due to prior-year destocking. CEO Michael Hsu added that a strong slate of innovation, such as the recently launched Huggies products, is expected to drive the volume and mix acceleration in subsequent quarters.

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CEO Michael Hsu acknowledged the successful strategic focus on the U.S. and China but highlighted broader progress, citing significant market share gains in the U.K., Australia, Indonesia, and South Korea. He explained that the new operating model is specifically designed to scale these successes and global technologies across all markets more rapidly.

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CEO Michael Hsu explained that the inventory reductions were localized and a result of lapping last year's restocking after a major supply disruption. He stated that retail inventories are now at historical levels. CFO Nelson Urdaneta added that transitory factors, including inventory shifts and a hurricane, accounted for about two-thirds of the Q3 shipment shortfall in North America, creating a headwind of 280 basis points in Personal Care and 350 basis points in Consumer Tissue.

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CEO Linda Rendle explained the Q4 ad spend was down because it was lapping an unusually high spend in the prior-year quarter related to post-cyberattack recovery efforts; she noted the full-year spend was on target at 11%. CFO Luc Bellet detailed that buying back P&G's 20% interest in the Glad JV will provide an annual gross margin benefit of about 50 basis points, with a 20-25 basis point impact in fiscal 2026 due to the January timing.

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CFO Kevin Jacobsen explained the Household segment's volume decline was in line with other segments, as they were all lapping a period of significant retailer restocking in the prior year. Regarding Q4 gross margin, he noted the company is facing a difficult comparison against an unusually high margin (nearly 47%) in the prior-year quarter, which was driven by favorable mix. The costs and benefits of the ERP shift are expected to be neutral to margin.

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CEO Linda Rendle attributed the strong international performance to solid execution of fundamentals across the board, including effective innovation and marketing plans. She also noted that the business is benefiting from increased stability following the divestiture of the volatile Argentina business, which has removed significant foreign exchange headwinds.

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President, CEO & Chairman Jon Moeller attributed the narrowing gap to slower category growth, retailer inventory reductions, and specific instances where P&G lost product superiority. CFO Andre Schulten added that they are actively addressing these gaps with targeted innovation in areas like Baby Care and Olay, funded by the new restructuring program.

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Executive Andre Schulten acknowledged a consumer "pause" due to economic volatility, which has slowed market value growth from ~3% to ~1% in both the U.S. and Europe. He stated that P&G is holding or growing share while private label share declines, reinforcing the company's strategy to "double down" on brand superiority, innovation, and productivity with a long-term investment perspective.

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Andre Schulten, an executive, described the consumer in P&G's non-discretionary categories as stable in both the U.S. and Europe, with market growth around 4%. Jon Moeller, Chairman, President and CEO, added that flat to declining private label shares in both regions reinforce the view of a stable consumer.

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Executive Andre Schulten explained that P&G's daily-use categories, where performance is critical, encourage consumers to continue trading up to their brands, evidenced by consistent share gains. He acknowledged the unpredictability of China and the Middle East but stated the company is focused on strengthening fundamentals like innovation and go-to-market strategies to drive improvement.

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Chairman and CEO James Quincey explained that the 'pivot' commentary refers to the increased agility required by their 'all-weather strategy' to navigate rapid market-specific shifts. He contrasted Q1 weakness in the U.S. and Europe with Q2 challenges in Mexico and India, stating the company must adapt quickly to these changing dynamics to deliver on its targets.

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Chairman and CEO James Quincey explained that a combination of factors impacted U.S. performance, including the Easter shift, weaker Hispanic consumer traffic, and a false video that circulated. He noted that while Coke Zero and Fairlife continue to grow, the system is focused on winning back Hispanic consumers and reinforcing affordability options to get back on track.

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CEO James Quincey stated that the overall consumer environment is stable with broad-based economic growth. He acknowledged that lower-income segments in the U.S. and Western Europe are under pressure, but the rest of the consumer base shows strong, sustained demand. He noted that emerging markets also show robust demand, citing rebounds in India and improvements in China, and expressed confidence in the company's ability to use its affordability and premiumization strategies to capture this demand in 2025.

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Chairman and CEO James Quincey described the global macro environment as 'relatively resilient' in aggregate. As for tangible actions, he cited pressing harder on affordable options, accelerating investments in cold drink equipment ahead of the Southern Hemisphere's summer, and using their agile marketing model to tweak messaging for local consumer relevance.

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Chairman and CEO Ramon Laguarta noted that the permissible snacks portfolio is already a $2 billion business. He explained that the Simply brand's previous bottleneck was availability and affordability, which are now being addressed to drive trial. Regarding brand extensions, he stated that consumer testing has been 'positively surprising,' showing that core brands have credibility to expand into functional spaces.

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Chairman and CEO Ramon Laguarta stated that PepsiCo has been leading industry transformation for years and that over 60% of its U.S. food portfolio is already free of artificial colors, with a plan to migrate the entire portfolio over the next couple of years. Regarding SNAP, he commented that while some categories could be exposed to restrictions, the company currently calculates the potential impact to be very limited, though there are still many unknowns.

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CFO Jamie Caulfield acknowledged the need to regain momentum in the Frito business and the broader salty category, stating the investments are intended to set up a strong start for 2025. CEO Ramon Laguarta added that the category is showing signs of volume growth again. He framed the Q4 spending as building infrastructure to capture future opportunities, particularly in the underdeveloped Away-From-Home channel.

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Chairman and CEO Ramon Laguarta expressed long-term optimism for the U.S. food business, citing favorable Gen Z snacking trends. He explained that after a period of normalization, growth will be driven by a multi-tier strategy for key brands like Lay's, offering everything from value options to premium experiences like Miss Vickie's to capture a wide range of consumer occasions and needs.

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President & CEO Bill Newlands explained that Q1 marketing spend is seasonally higher and that Modelo and Corona maintain the top two shares of voice in beer advertising. He reiterated the strategy of investing in high-impact live events like football and baseball to maintain strong brand health and capture demand when consumer behavior recovers.

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CEO Bill Newlands noted that Q1 marketing spend is seasonally higher and that Modelo and Corona maintain the top two shares of voice in beer. He affirmed the strategy of investing in high-impact platforms like live sports to maintain strong brand health and be positioned to win as consumer behavior normalizes.

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CEO William Newlands confirmed that Constellation Brands has been and remains USMCA compliant. CFO Garth Hankinson added that guidance incorporates announced tariffs on aluminum cans for beer and on wine from New Zealand/Italy and to Canada. Newlands also noted that long-term beer growth headwinds are viewed as non-structural and tied to socioeconomic pressures on the Hispanic consumer, which are expected to normalize over time.

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CEO William Newlands acknowledged the challenges, particularly at the lower end of the portfolio, but highlighted positive signs of recovery in key premium brands. He noted that Meiomi and Kim Crawford grew 7% and the craft spirits portfolio grew 9%. He positioned the recent divestiture of SVEDKA as a key strategic move to focus the business on the higher-end, higher-margin segments.

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COO Daniel Sullivan clarified the in-year fiscal 2025 impact is estimated at $3-4 million, mostly hitting in Q4. He explained the annualized exposure is 3-4% of COGS, which translates to roughly 1.5-2 points of margin pressure before mitigation. Sullivan noted that while the company is actively pursuing offsets through procurement and manufacturing adjustments, it was too early to quantify those benefits.

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CEO Christopher Peterson clarified that the company is not pursuing private label manufacturing. Instead, it is actively encouraging retailers to replace their China-sourced private label and competitor products with Newell's tariff-advantaged branded items, like Oster blenders. He confirmed the reduced category growth forecast is a prudent step to de-risk inventory and cash flow, not a reaction to observed consumer weakness.

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CEO Christopher Peterson acknowledged that tariffs could be a net positive over the medium term due to Newell's significant and competitively advantaged U.S. manufacturing footprint, which could attract retailers looking to de-risk from China. Regarding Q1, he noted it's the company's smallest seasonal quarter and the guidance still represents an improvement over the prior year. CFO Mark Erceg added that a significant currency dislocation is creating a temporary headwind in Q1, which pricing actions will remediate over the full year.

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CEO Christopher Peterson clarified that the Q4 guidance range reflects the timing of retailer shipping windows, not inventory destocking, as retailer inventories are in a good position. Regarding 2025, he expressed confidence in an improved innovation pipeline and sales growth but noted caution due to macro uncertainties, stating formal guidance would come in February.

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CFO Nathan Lowe clarified that direct tariff exposure is a single-digit percentage of COGS, with the $100M-$200M annualized headwind including significant indirect impacts from commodities like aluminum. Regarding the reporting change, he explained that since the international business has grown beyond its original Cooking & Baking core, aligning products with their respective domestic categories is intended to accelerate growth.

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President and CEO Scott Huckins explained the new program involves a more targeted, top-down approach to growth and a holistic view of cost savings, rather than focusing on individual projects. CFO Nathan Lowe added that the company's stronger balance sheet provides more flexibility for investment. Lowe also noted that commodities are expected to be a headwind, but the company has tools to offset this. Regarding promotions, management stated the environment is similar to pre-pandemic levels and that pricing in the Waste & Storage segment was flat, indicating a stable environment.

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Chief Executive Officer Timothy Cofer explained that KDP's two priorities for coffee are mitigating inflation and advancing long-term growth in cold and premium offerings. He acknowledged that a lag in competitor pricing created short-term volume pressure in Q1 but expects this to ease. To address affordability, Cofer stated the company is focusing on appropriate price-pack architecture and emphasizing the value of at-home coffee consumption compared to more expensive coffee shop alternatives.

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CEO Amanda Baldwin explained that the pricing strategy is now based on the competitive landscape and the need to maintain gross margins while incorporating advanced technology into new products. When asked about a broader reset, she indicated that the pricing currently visible in the market reflects the company's strategy at this time, suggesting a gradual evolution rather than a one-time overhaul.

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CEO Amanda Baldwin focused on the positive learnings, emphasizing that the brand resonates when marketing execution improves. She pointed to the success of the creator-led approach and experiential events as proof points. She explained that the company is getting better at communicating its science and that these successful tactics will be applied more broadly over time as the marketing muscle is built.

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