Q3 2020 Earnings Call

April 21, 2020

Jon R. Moeller: At CAGMI, we were internally projecting Q3 organic sales growth for the company of around 2%. We delivered 6%, with 9 of 10 categories growing organic sales. We built aggregate share despite temporary out-of-stocks on some of our highest demand items. While we don't have final US all-outlet share through March, share results in tracked channels through March show broad-based growth. Mixed respiratory products were up more than 4 points. Metamucil and Pepto-Bismol up 3 points. Olay moisturizers and Oral-B power toothbrushes up more than 2 points. Always pads, Always Discreet, Tampax, Tide, Dawn, Cascade, and Gillette blades and razors each up a point or more. Pantene, Head & Shoulders, Old Spice, Native, Secret, Crest, Mr. Clean, Gain, and Bounce each growing share. As you can see in the tracked channel data, our share declined recently in baby and family care categories due largely to out-of-stocks in our high-demand brands.

At CAGMI, we were internally projecting Q3 organic sales growth for the company of around 2%. We delivered 6%, with 9 of 10 categories growing organic sales. We built aggregate share despite temporary out-of-stocks on some of our highest demand items. While we don't have final US all-outlet share through March, share results in tracked channels through March show broad-based growth. Mixed respiratory products were up more than 4 points. Metamucil and Pepto-Bismol up 3 points. Olay moisturizers and Oral-B power toothbrushes up more than 2 points. Always pads, Always Discreet, Tampax, Tide, Dawn, Cascade, and Gillette blades and razors each up a point or more. Pantene, Head & Shoulders, Old Spice, Native, Secret, Crest, Mr. Clean, Gain, and Bounce each growing share. As you can see in the tracked channel data, our share declined recently in baby and family care categories due largely to out-of-stocks in our high-demand brands.

Procter and Gamble's quarter-end conference call. And you would like to remind you that today's discussion will include a number of forward-looking statements.

And you would like to remind you that today's discussion will include a number of forward looking statements.

If you will refer to PNG. His most recent 10-K 10-Q, an 8-K reports you will see a discussion of factors that could cause the companys actual results to differ materially from these projections.

Also as required by regulation G Procter and 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 Procter and Gamble believes these measures provide investors with useful perspective on underlying business trends and has posted on its investor Relations website.

Www Dot DGI Investor Dotcom, a full reconciliation of non-GAAP financial measures now I will turn the call over to PNG as Vice Chairman, Chief Operating Officer, and Chief Financial Officer, John Miller.

Jon R. Moeller: We're pushing production to its limits, but we expect share softness to continue while consumer pantry stocking remains at extreme levels. In China, we built share in offline stores and in e-commerce. Safeguard and Gillette delivered strong share performance in both channels. Head & Shoulders was particularly strong offline, and Olay, Whisper, and Pampers posted solid online share growth. Top-line results this quarter obviously benefited from consumer pantry loading in preparation for in-home quarantining. We're planning for pantry inventory levels to eventually return to normal. This higher level of consumer demand was served with our ramp-up in production levels and the depletion of retailer inventories. As at-home inventory decreases, we expect to refill the retail inventory pipeline. We believe the net effect of all of this shifted about 2 points of sales growth on a global basis from Q4 into Q3.

We're pushing production to its limits, but we expect share softness to continue while consumer pantry stocking remains at extreme levels. In China, we built share in offline stores and in e-commerce. Safeguard and Gillette delivered strong share performance in both channels. Head & Shoulders was particularly strong offline, and Olay, Whisper, and Pampers posted solid online share growth. Top-line results this quarter obviously benefited from consumer pantry loading in preparation for in-home quarantining. We're planning for pantry inventory levels to eventually return to normal. This higher level of consumer demand was served with our ramp-up in production levels and the depletion of retailer inventories. As at-home inventory decreases, we expect to refill the retail inventory pipeline. We believe the net effect of all of this shifted about 2 points of sales growth on a global basis from Q4 into Q3.

Good morning IMA.

Here at home by myself coming due through my cellphone.

John several of your as his home and is prepared to jump in if for any reason my connection fails and I can't reestablish it.

We're all going through a difficult and challenging time.

And I want to start by expressing our sincere hope that you and your families are space and are well.

Thank you for joining us on accelerate a timing.

Our motivation and advancing the timing of this release was simply transparency.

Getting information to you into the market as quickly as possible.

We've got a very strong quarter.

But I'm going to start by outlining our priorities in the crisis period.

Jon R. Moeller: Back to CAGNY, we were expecting a slight decline in core earnings per share for the quarter. We delivered instead $1.17 per share, an increase of 10%. The significant volume of sales increase, related fixed cost leverage, and our ongoing productivity efforts more than offset a growing FX challenge and higher virus-related operational costs. Commodities also provided a benefit. Core gross margin up 120 basis points, excluding currency, up 130. Core operating margin up 100 basis points. Currency-neutral core operating margin up 180 basis points. Core earnings per share up 10%. Currency-neutral core earnings per share up 15%. $4.1 billion in operating cash flow, adjusted free cash flow productivity at 113%, returning $2.8 billion in cash to share owners, $1.9 billion in dividends, and $900 million in share repurchase. January/March, 6% organic sales growth, 10% core earnings per share growth, 113% free cash flow productivity building share.

Back to CAGNY, we were expecting a slight decline in core earnings per share for the quarter. We delivered instead $1.17 per share, an increase of 10%. The significant volume of sales increase, related fixed cost leverage, and our ongoing productivity efforts more than offset a growing FX challenge and higher virus-related operational costs. Commodities also provided a benefit. Core gross margin up 120 basis points, excluding currency, up 130. Core operating margin up 100 basis points. Currency-neutral core operating margin up 180 basis points. Core earnings per share up 10%. Currency-neutral core earnings per share up 15%. $4.1 billion in operating cash flow, adjusted free cash flow productivity at 113%, returning $2.8 billion in cash to share owners, $1.9 billion in dividends, and $900 million in share repurchase. January/March, 6% organic sales growth, 10% core earnings per share growth, 113% free cash flow productivity building share.

These have than it will continue to guide our actions and our choices.

I will then move quickly to strategy, which remains unwavering.

I will discuss axle and potential results for three time periods.

The quarter, we just completed which as I said was strong.

The long term on the back side of this crisis.

And then the short to midterm as we all work our way through this.

Following this I'll answer a couple of anticipated questions and then turn into additional questions that are on your or your clients mines.

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

Second we're maximizing the availability of products that help people and their families with their health hygiene and cleaning needs, which I've never been greater.

The next priority is helping society of meat and overcome the challenges we all face.

Taken together these priorities help ensure PNG is there there for employees there for consumers there for communities.

Jon R. Moeller: Fiscal year to date, 6% organic sales growth, 16% core earnings per share growth, over 100% adjusted free cash flow productivity building share. Just two days ago, we announced a 6% increase in our dividend, reflecting both these results and the confidence we have in our future. This was the 64th consecutive annual increase and the 130th consecutive year in which P&G has paid a dividend. So that's January through March and fiscal year to date. Very strong results in very difficult conditions. Shifting to longer term, we remain well-positioned to serve consumers and create value in a very attractive industry. And as I said previously, our strategy to do this is unwavering. Consumption of our products is not likely to dissipate. In fact, the relevance of our categories in consumers' lives potentially increases.

Fiscal year to date, 6% organic sales growth, 16% core earnings per share growth, over 100% adjusted free cash flow productivity building share. Just two days ago, we announced a 6% increase in our dividend, reflecting both these results and the confidence we have in our future. This was the 64th consecutive annual increase and the 130th consecutive year in which P&G has paid a dividend. So that's January through March and fiscal year to date. Very strong results in very difficult conditions. Shifting to longer term, we remain well-positioned to serve consumers and create value in a very attractive industry. And as I said previously, our strategy to do this is unwavering. Consumption of our products is not likely to dissipate. In fact, the relevance of our categories in consumers' lives potentially increases.

Who have always been there for us.

Let me briefly discuss each of these priorities in turn.

Employee safety and health.

With guidance for medical professionals, we're constantly evaluating updating.

The robust measures already in place to help our people, who are making packing and shipping PNG products stay safe at work.

This includes temperature scans shipped rotations queuing avoidance and physical distancing.

Well performing comprehensive methodical cleaning of all production areas, including regular sanitization and surface disinfection.

That exceeds the most rigorous health authorities standards.

We're also equipping and encouraging all employees to make smart appropriate choices, such a staying at home as they feel on well are part of high risk groups or have preexisting medical conditions.

Jon R. Moeller: We will serve what will likely become a forever-altered health, hygiene, and cleaning focus for consumers who use our products daily or multiple times each day. There may be an increased focus on home, more time at home, more meals at home, more cleaning of homes with related consumption impacts. The importance of noticeably superior performance potentially grows. There is potential for increased preference for established, reputable, dependable brands that solve newly framed problems better than other alternatives, potentially less experimentation. Potential for a lasting shift to e-commerce, both retailers and omnichannel. Our experience to date makes us believe we are generally well-positioned in this environment. Increased demand has focused retailers on the core SKUs that drive the business. There's potential for this to result in a cutting of the long tail of inefficient SKUs and brands in our categories. We're discovering daily lower-cost ways of working with fewer resources.

We will serve what will likely become a forever-altered health, hygiene, and cleaning focus for consumers who use our products daily or multiple times each day. There may be an increased focus on home, more time at home, more meals at home, more cleaning of homes with related consumption impacts. The importance of noticeably superior performance potentially grows. There is potential for increased preference for established, reputable, dependable brands that solve newly framed problems better than other alternatives, potentially less experimentation. Potential for a lasting shift to e-commerce, both retailers and omnichannel. Our experience to date makes us believe we are generally well-positioned in this environment. Increased demand has focused retailers on the core SKUs that drive the business. There's potential for this to result in a cutting of the long tail of inefficient SKUs and brands in our categories. We're discovering daily lower-cost ways of working with fewer resources.

In all cases, we're partnering with our colleagues individually and proactively to ensure they feel and are protected and space.

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

Our industry, leading benefits plans play a critical role and providing PNG people with a resources they need to care for themselves and for their families.

From paid leave and comprehensive medical care to flexible work arrangements and financial support.

CNG people can work confidently knowing that the company stands with and behind them.

It's a very inspiring to witness the many access service people are taking into supporting care for each other demonstrating creativity flexibility and commitment.

Truly PNG people at their best.

Turning to product availability.

PNG products play and essential role in helping consumers maintain proper hygiene personal health and healthy home environments.

Jon R. Moeller: Today's necessity birthing the productivity inventions of tomorrow. New digital tools are being brought to the forefront, providing another productivity rocket booster on the factory floor and in the office environment. In the longer term, we believe we are relatively well-positioned to serve consumers' heightened needs and their changing behavior, to serve the needs of our retail and distributor partners across channels and geographies, and to create value. In the short to midterm, outcomes are frankly anyone's guess. Epidemiologists still have wide variations in their best and worst-case scenarios for viral spread, mortality, the shape, and duration of the curve. We may see months of sporadic production suspension due to local quarantines or raw material supply. It's not just our operations that matter here. It's those of our suppliers, of contractors, and of our transportation partners.

Today's necessity birthing the productivity inventions of tomorrow. New digital tools are being brought to the forefront, providing another productivity rocket booster on the factory floor and in the office environment. In the longer term, we believe we are relatively well-positioned to serve consumers' heightened needs and their changing behavior, to serve the needs of our retail and distributor partners across channels and geographies, and to create value. In the short to midterm, outcomes are frankly anyone's guess. Epidemiologists still have wide variations in their best and worst-case scenarios for viral spread, mortality, the shape, and duration of the curve. We may see months of sporadic production suspension due to local quarantines or raw material supply. It's not just our operations that matter here. It's those of our suppliers, of contractors, and of our transportation partners.

Our products clean your laundry your home your hair your body your hands and we clean a shade your face.

We provide hygiene products for Femina protection baby care adult incontinence and bathroom needs.

Hair care shampoos to clean hair, and conditioners and treatments to improve hair house.

They show Cleansers body wash handsets, and perseverance and deodorants address additional hygiene needs.

Our hope to see health care products provide proactive health benefits as well as important symptom relief.

These products are more important than ever given the needs presented by the current crisis, the increased awareness around health and hygiene and the additional time well spend in many of us are spending at home.

[noise] consumption of hands hopes is obviously increased.

Tumors in the U.S. are doing more laundry loads per week.

In Washington, more garments after wearing them just wants.

More loads are being done with unit dose detergents, we've seen a spike in demand for tide anti bacterial spray.

Jon R. Moeller: A lot must go right in a very challenging environment, and not all of it will. Customers may close stores. There will continue to be extreme foreign exchange and commodity cost volatility. Added operational complexity will result in higher costs. Unemployment will impact outcomes, perhaps severely. All of this occurs on top of what was already unprecedented uncertainty and volatility in our categories and markets. But as you saw in the development of the business in just five weeks from CAGNY to 31 March, and as we've just talked about in our long-term outlook, where there is volatility, there are opportunities to serve as well as challenges. There's a very wide range of possible near-term scenarios, and it's futile to spend too much time trying to assign probabilities to each. We'd be fooling ourselves and fooling you to try.

A lot must go right in a very challenging environment, and not all of it will. Customers may close stores. There will continue to be extreme foreign exchange and commodity cost volatility. Added operational complexity will result in higher costs. Unemployment will impact outcomes, perhaps severely. All of this occurs on top of what was already unprecedented uncertainty and volatility in our categories and markets. But as you saw in the development of the business in just five weeks from CAGNY to 31 March, and as we've just talked about in our long-term outlook, where there is volatility, there are opportunities to serve as well as challenges. There's a very wide range of possible near-term scenarios, and it's futile to spend too much time trying to assign probabilities to each. We'd be fooling ourselves and fooling you to try.

Just care consumption has increased as families eat more meals at home and are more concerned about the hygiene of their dishes glasses on silverware.

More meals at home means more surface cleaning.

Often with a preference for a disposable cleaning solution versus a funky sponge dingy coffers suspect mop.

Leading to increased consumption Baaone swiffer and Mr clean.

In late February we launched micro band 24, and anti microbial technology that keep services sanitized for up to 24 hours when used as directed.

The power behind micro band 24, as a multi layer protective shield that binds the bacteria fighting the greatest gradient to the surface as being cleans, even when contacted multiple times healthy homestay cleaner and more hijack longer.

We've been working lockstep with governments around the world.

Jon R. Moeller: As we stand here today, though, we continue to believe our guidance ranges for the fiscal year on both the top and bottom lines remain relevant. Our internal forecasts remain within these ranges, but I must again emphasize ranges, and I must again emphasize the degree of uncertainty and volatility we face day to day. We currently expect organic sales growth for the year in the range of 4% to 5%, assuming continued operations at our facilities and those of our customers and suppliers. On the bottom line, we're forecasting core earnings per share growth in the range of 8% to 11% for the year. This, too, assumes no significant interruption in the extended supply chain through to our retail and distributor partners. This earnings per share range now includes over $400 million of after-tax foreign exchange headwinds.

As we stand here today, though, we continue to believe our guidance ranges for the fiscal year on both the top and bottom lines remain relevant. Our internal forecasts remain within these ranges, but I must again emphasize ranges, and I must again emphasize the degree of uncertainty and volatility we face day to day. We currently expect organic sales growth for the year in the range of 4% to 5%, assuming continued operations at our facilities and those of our customers and suppliers. On the bottom line, we're forecasting core earnings per share growth in the range of 8% to 11% for the year. This, too, assumes no significant interruption in the extended supply chain through to our retail and distributor partners. This earnings per share range now includes over $400 million of after-tax foreign exchange headwinds.

Well sure we can continue to operate enabling us to help people and their families meet their health hygiene and cleaning needs.

Our operations remain resilient.

As of today are 108 manufacturing plants, along with our network of external suppliers are broadly operational.

With only a few and modified capacity as a result of regulation.

Workforce travel restrictions curfews material availability, our quarantine needs.

March was a true test for our products supply planning and logistics organization, which they passed with flying colors.

We set records for volume of product produced and shipped.

Our largest five north American plants produced and shipped 22% more cases in March and the average of the prior 12 months.

Jon R. Moeller: Just since CAGMI, FX has moved against us by approximately $0.10 per share, over 2 percentage points for core earnings per share growth on the year. In the fourth quarter, FX is currently forecast to be a 7-point hit to core earnings per share growth. Please recall that our fourth quarter bottom-line comps include the earnings gains from the Boston land sale and the divestiture of two oral care brands in the base period. These items combined are an additional 7-point headwind to core earnings per share growth in Q4. Well, we do expect some midterm benefit in commodity costs from the recent decline in oil prices. It usually takes about six months for movements in feedstocks like oil to make their way through the raw material supply chain and our inventories to our P&L.

Just since CAGMI, FX has moved against us by approximately $0.10 per share, over 2 percentage points for core earnings per share growth on the year. In the fourth quarter, FX is currently forecast to be a 7-point hit to core earnings per share growth. Please recall that our fourth quarter bottom-line comps include the earnings gains from the Boston land sale and the divestiture of two oral care brands in the base period. These items combined are an additional 7-point headwind to core earnings per share growth in Q4. Well, we do expect some midterm benefit in commodity costs from the recent decline in oil prices. It usually takes about six months for movements in feedstocks like oil to make their way through the raw material supply chain and our inventories to our P&L.

The PNG supply organization delivered similar records across Europe, Latin America, and other parts of the world.

Incredibly impressive.

Moving to the next priority PNG has a long history of supporting communities in times of need.

With the products, we produce and other forms of support.

PNG donations of product and cash or significant.

And we'll continue to increase as we work with communities around the world to support their efforts to help people through this crisis.

Millions of PNG products are being donated helping to ensure that families have basic access to the everyday essentials many of us take for granted.

We're partnering to provide additional support with some of the world's leading belief organizations.

Including the International Federation of Red Cross Americares and direct relief.

Jon R. Moeller: Yet, we don't expect an offset to FX headwinds from lower commodity costs within this fiscal year. As a result of all this, you might rightly guess that we're closer, as we talked today, to the bottom end of the earnings per share guidance range than the top end. Let me also go back quickly to our priorities and note that none of the three include hitting quarterly consensus estimates. We will be focused on serving colleagues, consumers, customers, communities, building our business for the many more months that will follow this crisis than the months that will exist within it. But we'll do this responsibly and keep our choices squarely centered on mid- and long-term value creation. We continue to expect adjusted free cash flow productivity of 100%.

Yet, we don't expect an offset to FX headwinds from lower commodity costs within this fiscal year. As a result of all this, you might rightly guess that we're closer, as we talked today, to the bottom end of the earnings per share guidance range than the top end. Let me also go back quickly to our priorities and note that none of the three include hitting quarterly consensus estimates. We will be focused on serving colleagues, consumers, customers, communities, building our business for the many more months that will follow this crisis than the months that will exist within it. But we'll do this responsibly and keep our choices squarely centered on mid- and long-term value creation. We continue to expect adjusted free cash flow productivity of 100%.

Key regional organizations, such as feeding America, Matthew 25 ministries, the China use development Foundation.

One Foundation, the Korea disaster Relief Association.

Hi, good way and many others.

We're working to protect healthcare workers and first responders.

The United States Center for disease control is issued guidance recommending proper shaving when wearing and 95 and similar respiratory mass.

In order to ensure a proper mask set for maximum protection.

So I just donating razors around the world to hospitals and other facilities to protect the people working to care for others.

We've modified equipment to produce hand, sanitizer, a nearly a dozen manufacturing sites around the world.

Jon R. Moeller: We'll extend our long track record of significant cash generation and cash returns, expecting to pay over $7.5 billion in dividends and share repurchase in the range of $7 to $8 billion in fiscal 2020. We'll provide our first outlook for fiscal 2021 on our year-end call, as we typically do in July. Before turning to your questions, I want to address just two items I expect are on your minds. The first is liquidity. Our liquidity status remains very strong. We're a 183-year-old company this year, and we take a long-term view to balance sheet management. We aim to maintain our AA- credit rating and to manage within the ratios that support that rating. With a $5 billion term issued three weeks ago at approximately 3%, we now have $15 billion in cash on hand and are generating more each day.

We'll extend our long track record of significant cash generation and cash returns, expecting to pay over $7.5 billion in dividends and share repurchase in the range of $7 to $8 billion in fiscal 2020. We'll provide our first outlook for fiscal 2021 on our year-end call, as we typically do in July. Before turning to your questions, I want to address just two items I expect are on your minds. The first is liquidity. Our liquidity status remains very strong. We're a 183-year-old company this year, and we take a long-term view to balance sheet management. We aim to maintain our AA- credit rating and to manage within the ratios that support that rating. With a $5 billion term issued three weeks ago at approximately 3%, we now have $15 billion in cash on hand and are generating more each day.

Using it to ensure our people can continue to operate safely and sharing it with hospitals health care facilities and relief organizations.

Colleagues in argued tactical plant and it in Italy volunteered.

Great and extra shift to produce surface cleaning <unk> sanitizing products that are being donated to 70 hospitals across that country.

Work is underway to produce critically needed nonmedical face masks, we're already up and running in China in the U.S. and we currently have teams working to install additional capacity in every region of the world and will quickly began production in those areas in coming weeks.

When fully operational we expect to be producing more than 10 million masks per month.

We've leveraged PNG R&D engineering and manufacturing capability to quickly produce face shields in Boston, and Cincinnati, which are currently being used in hospitals and covert 19 testing centers.

Jon R. Moeller: We continue to have open access to the US commercial paper markets, recently issuing over $3 billion on three-month paper as a part of our routine financing efforts. The amount of debt maturing in the next 18 months is well within anticipated cash availability. While we don't expect to need to draw on them, we have $8 billion in bank credit lines available if needed. That's credit very strong. The second topic is recession. We're assuming it's already here and will be here for some period of time. While we are not immune, our current strategy puts us on better footing than prior downturns to weather economic headwinds. Our portfolio is now focused on daily use items where performance drives brand choice. We have much less exposure to discretionary items than we had during the last downturn. We've increased the superiority of our offerings, simultaneously increasing their value.

We continue to have open access to the US commercial paper markets, recently issuing over $3 billion on three-month paper as a part of our routine financing efforts. The amount of debt maturing in the next 18 months is well within anticipated cash availability. While we don't expect to need to draw on them, we have $8 billion in bank credit lines available if needed. That's credit very strong. The second topic is recession. We're assuming it's already here and will be here for some period of time. While we are not immune, our current strategy puts us on better footing than prior downturns to weather economic headwinds. Our portfolio is now focused on daily use items where performance drives brand choice. We have much less exposure to discretionary items than we had during the last downturn. We've increased the superiority of our offerings, simultaneously increasing their value.

We are using our marketing and communications expertise to encourage consumers to support public health measures to help flatten the curve and slow the spread of the virus.

PNG is committed to the priorities of ensuring the health and safety of our employees maximizing availability of products and helping society overcoming the challenges of the crisis.

Our strategic choices remain the right ones and serve each of these priorities.

Well it foil daily use products, many providing health hygiene and cleaning benefits and categories, where performance plays a significant role and brand choice.

Superior science based products delivered with superior packaging retail execution.

Sooner communication and value and all priced here's where we compete.

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

Jon R. Moeller: While not perfect, we have stronger entries across price tiers, better pricing ladders. We're emphasizing performance-based value messaging. We'll serve with relevant pack sizes designed to hit key cash outlay thresholds for consumers who need to make week-to-week purchase decisions based on cash availability. Our productivity muscle is now well developed. None of these make us recession-proof, but they should each help. Summing up, the men and women of P&G working together have delivered three very strong quarters, averaging 6% organic sales growth, 16% core earnings per share growth, and over 100% adjusted free cash flow productivity. We've built market share. Our board has increased dividends 6%, reflecting those strong results and confidence in the future. We really do believe there is a very bright future ahead.

While not perfect, we have stronger entries across price tiers, better pricing ladders. We're emphasizing performance-based value messaging. We'll serve with relevant pack sizes designed to hit key cash outlay thresholds for consumers who need to make week-to-week purchase decisions based on cash availability. Our productivity muscle is now well developed. None of these make us recession-proof, but they should each help. Summing up, the men and women of P&G working together have delivered three very strong quarters, averaging 6% organic sales growth, 16% core earnings per share growth, and over 100% adjusted free cash flow productivity. We've built market share. Our board has increased dividends 6%, reflecting those strong results and confidence in the future. We really do believe there is a very bright future ahead.

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

We are driving cost savings.

And efficiency improvements in all facets of our business in our second five year $10 billion productivity program.

Cost productivity and cash up and down the income statement that across the balance sheet.

Success in our highly competitive industry requires agility that comes with a mindset of constructive disruption.

A willingness to change adapt and create new trends and technologies that will shape our industry for the future.

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

I will only be even safer, while both producing and helping more.

Jon R. Moeller: We'll manage the short to midterm consistent with the strategy we've outlined many times and against the immediate priorities of ensuring employee health and safety, maximizing availability of our products to serve health, hygiene, and cleaning needs, and helping society overcome the challenges of this crisis. We're stepping forward, not back. We're doubling down to serve consumers in our communities. We're doing this in our interest, in society's interest, and in the interest of our long-term shareholders. While we may not see you in person soon, we look forward to engaging with you on the phone and would love to hear your voice. We are here with you and are here for you. Feel free to call our offices as you normally would. Our phones know where to find us. And with that, I'll be happy to take questions.

We'll manage the short to midterm consistent with the strategy we've outlined many times and against the immediate priorities of ensuring employee health and safety, maximizing availability of our products to serve health, hygiene, and cleaning needs, and helping society overcome the challenges of this crisis. We're stepping forward, not back. We're doubling down to serve consumers in our communities. We're doing this in our interest, in society's interest, and in the interest of our long-term shareholders. While we may not see you in person soon, we look forward to engaging with you on the phone and would love to hear your voice. We are here with you and are here for you. Feel free to call our offices as you normally would. Our phones know where to find us. And with that, I'll be happy to take questions.

What new needs must we meet and what new ways.

And ongoing mindset of construct a disruption and disruptive possibility.

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

A more empowered agile and accountable organization with little overlap or redundancy.

Going to new demands seamlessly supporting each other to deliver our priorities around the world.

These strategic choices, we've made to focus and strengthen our portfolio and daily use categories, where performance drives brand choice to establish and extend the superiority of our brands.

To make productivity is integral to our culture is innovation.

Jon R. Moeller: Gentlemen, if you have a question, please press star followed by one on your phone. Your question has been answered, or you would like to withdraw your question, please press star followed by two. The first question comes from the line of Steve Powers with Deutsche Bank.

Operator: Gentlemen, if you have a question, please press star followed by one on your phone. Your question has been answered, or you would like to withdraw your question, please press star followed by two. The first question comes from the line of Steve Powers with Deutsche Bank.

To lead constructive disruption across the value chain and to approve improve organization focus agility and accountability are not independent strategies, they reinforce and build on each other.

As we said at Cagney the best response to the uncertainties and sources of volatility we face is to double down on this integrated set of strategies, which are delivering very strong results.

Steve Powers: Good morning, John. Thanks for the comprehensive update. Clearly, a ton of questions, but I guess maybe we could start with just a little more detail on what you're expecting in terms of the shape of demand, both consumption and shipment-wise. We head into Q4, especially in the US, where it appears shipments lagged consumption in the March period, but it sounds like you're expecting a reversal of that in the coming quarters. Just some more color there, as well as China, where, as you say, things seem better on trend versus where you thought they'd be in February. And then I'm also curious, building on your final comments there around preparedness for a coming recession.

These integrated a mutually reinforcing strategies are a foundation for strong balanced growth and value creation.

The best response to what we're challenged with today is to push forward Nox to pull back and that's exactly what we intend to do.

I wanted I would describe how this approach has played out in the quarter. We just completed and how we think it could play out across both the longer term and the arguably more challenging short to midterm.

First as I've said strong results in the January to March quarter.

Steve Powers: I guess as you think about where you are in your fiscal 2021 planning process, can you just give us a little insight as to how clearly this has been an abrupt change? But in terms of P&G's planning preparedness, how recessionary planning has factored into your thinking more on a run-rate basis? I guess the question from investors is, are you scrambling to put in place a recession playbook, or is this something that P&G has been factoring in and considering for some time? Thanks.

I guess as you think about where you are in your fiscal 2021 planning process, can you just give us a little insight as to how clearly this has been an abrupt change? But in terms of P&G's planning preparedness, how recessionary planning has factored into your thinking more on a run-rate basis? I guess the question from investors is, are you scrambling to put in place a recession playbook, or is this something that P&G has been factoring in and considering for some time? Thanks.

When we spoke with you at the current conference on February 20 us.

He said that results for the January to March quarter in China and for the total company.

It would be materially impacted on both the top and bottom line by the dynamics affecting the market in China.

Remember at that point in time covert 19 was really just a China and travel retail issue.

Korea have reported only 50 cases.

The U.S., Japan, Italy in Iran. Combined had reported only 30 cases.

15, 10, Threed and Twod, respectively.

Jon R. Moeller: Thanks, Steve. As it relates to the fourth quarter, there are, as you'll readily appreciate, a ton of moving parts. Geographies are in very different places in the cycle. Categories have different levels of need and demand. There's the supply situation, and then there's the retail inventory dynamic as well as consumer pantry dynamics. And again, you multiply that by 100 countries around the world, 10 categories, and many more brands, and you realize that you probably don't have the answer. As we were sitting together at CAGMI five weeks ago, I don't think any of us in our conversations would have assumed how the next five weeks would unfold, and I don't pretend to know how the next 8 to 10 weeks is going to unfold. Having said that, you mentioned China. Our business there is rebounding nicely, both from an operations standpoint and from a consumption standpoint.

[noise] Cagney, we were internally expecting organic sales in greater China, our second largest some second most profitable market to be down as much as 20%.

Through the incredible efforts of our organization, we did much better than we were expecting a greater China.

Down only 8% excluding travel retail.

We saw strong lift in our categories in ecommerce to make up a portion of sales lost enclosed physical stores.

We quickly restored production capability built share as a result in our now operating at very close to full strength.

As a pandemic unfortunately developed in the U.S. in Europe as the quarter progressed demand surge.

We finished the quarter with organic sales growth of 10% in the U.S., 14% in Canada, 6% and European focus markets, 15% and European Enterprise markets and 11% in Latin America.

Cagney, we were internally projecting Q3 organic sales growth for the company of around 2%, we delivered six with nine of 10 categories growing organic sales.

We built aggregate share despite temporary out of stocks on some of our highest demand items.

Jon R. Moeller: We are seeing continued significant demand in our categories, and the supply and retail inventories are being steadily rebuilt. In the US, and I focus on these two markets because, as you know, they're our largest markets, so I should give you some relative feel. April has started off very strong, double-digit rates from an order standpoint. We expect that to tail off as the lines intersect between retail inventory restocking and consumer demand. But having said that, we are definitely seeing increased consumption levels, not just increased buying levels to put in pantries. I mentioned that in the US, we're seeing an increase in the number of loads of laundry that are done per week, the number of garments that are cleaned after one wearing.

We are seeing continued significant demand in our categories, and the supply and retail inventories are being steadily rebuilt. In the US, and I focus on these two markets because, as you know, they're our largest markets, so I should give you some relative feel. April has started off very strong, double-digit rates from an order standpoint. We expect that to tail off as the lines intersect between retail inventory restocking and consumer demand. But having said that, we are definitely seeing increased consumption levels, not just increased buying levels to put in pantries. I mentioned that in the US, we're seeing an increase in the number of loads of laundry that are done per week, the number of garments that are cleaned after one wearing.

While we don't have final you less all outlets share through March share results and track channels through March show broad based growth.

Next respiratory products were up more than four points.

Metamucil and have to visible up three points.

All they moisturizers, an oral b power toothbrushes up more than two points.

All those pads always discreet tampax tied dawn Cascade, Insulet blades and razors, each up a point or more.

Pantene head and shoulders old Spice native secret crest, Mr clean being a bounce each growing share.

As you can see and attract channel data our share declined recently and baby and family care categories due largely to out of stocks in our high demand brands.

We're pushing production to its limits, but we expect share softness to continue while consumer pantry stocking remains at extreme levels.

In China, we built share and offline stores and in E Commerce.

Safeguard insulet delivered strong share performance in both channels head and shoulders is particularly strong offline and a lay whisper and peppers posted solid online share growth.

Jon R. Moeller: With much more in-home meal preparation, there's a lot more cleaning that needs to be done, and we're seeing consumption, for example, at-home consumption of cleaning aids, whether that's surface cleaners, paper towels, or a Swiffer, continuing to be very, very strong. Our home care business, if I have my numbers right, was double digits in sales, and that's following or in line with what we're seeing in terms of consumption. Now, having said all that, and sorry for the long answer, but there's no short one. We have never faced the level of unemployment that we're likely to see in this country and potentially in others. We don't know how long that will occur for. We have never faced a complete shutdown of very important channels of commerce, whether that's travel retail, whether that's the e-commerce channel in Europe, whether that's the specialty beauty channel.

With much more in-home meal preparation, there's a lot more cleaning that needs to be done, and we're seeing consumption, for example, at-home consumption of cleaning aids, whether that's surface cleaners, paper towels, or a Swiffer, continuing to be very, very strong. Our home care business, if I have my numbers right, was double digits in sales, and that's following or in line with what we're seeing in terms of consumption. Now, having said all that, and sorry for the long answer, but there's no short one. We have never faced the level of unemployment that we're likely to see in this country and potentially in others. We don't know how long that will occur for. We have never faced a complete shutdown of very important channels of commerce, whether that's travel retail, whether that's the e-commerce channel in Europe, whether that's the specialty beauty channel.

Topline results this quarter, obviously benefited from consumer pantry loading in preparation for in home Quarantining.

We're planning for pantry inventory levels to eventually return to normal.

This higher level of consumer demand was served with our ramp up in production levels.

And the depletion of retailer inventories.

As at home inventory decreases we expect to refill the retail inventory pipeline.

We believe the net effect of all of that shifted about two points of sales growth on a global basis from Q4 into Q3.

Back to Cagney, we were expecting a slight decline in core earnings per share for the quarter, we delivered instead of $1.17 per share an increase of 10%.

The significant volume of sales increase related fixed cost leverage and our ongoing productivity efforts more than offset a growing FX challenge and higher virus related operational costs.

Jon R. Moeller: So there's a huge amount of volatility that we're likely to experience, and we'll learn more every day. Our fourth quarter sales guidance, deductively, given fiscal year-to-date results and our fiscal year guidance, is -2 to +2. As I indicated in my prepared remarks, the pull forward from Q4 to Q3 was about 2 points. So that -2 to +2 on an apples-to-apples basis is really 0 to 4. And while that may not seem like a lot, given 6 year-to-date, recall again a number of things. One, it's our highest comp period. So last year, organic sales by quarter were 4, 4, 5, and 7. Two, we'll have a full quarter of the impact of these channel closures and store closures. Three, we'll have the inventory dynamics, however those net out, that I described.

So there's a huge amount of volatility that we're likely to experience, and we'll learn more every day. Our fourth quarter sales guidance, deductively, given fiscal year-to-date results and our fiscal year guidance, is -2 to +2. As I indicated in my prepared remarks, the pull forward from Q4 to Q3 was about 2 points. So that -2 to +2 on an apples-to-apples basis is really 0 to 4. And while that may not seem like a lot, given 6 year-to-date, recall again a number of things. One, it's our highest comp period. So last year, organic sales by quarter were 4, 4, 5, and 7. Two, we'll have a full quarter of the impact of these channel closures and store closures. Three, we'll have the inventory dynamics, however those net out, that I described.

Commodities also provided a benefit.

Core gross margin up 120 basis points, excluding currency up 130 <unk>.

Core operating margin up 100 basis points currency neutral core operating margin of 180 basis points.

Core earnings per share up 10%.

Currency neutral core earnings per share up 15%.

$4.1 billion, an operating cash flow adjusted free cash flow productivity at 113%.

Returning $2.8 billion in cash to shareholders $1 billion into the 1.9 billion or dividends and 900 million dollarss and share repurchase.

So January March 6% organic sales growth, 10% core earnings per share growth honored and 13% free cash flow productivity building share.

Fiscal year to date, 6% organic sales growth, 16% core earnings per share growth over 100% adjusted free cash flow productivity building share.

Just two days ago, we announced a 6% increase in our dividend.

Reflecting both these results and the confidence we have in our future.

Jon R. Moeller: So when you put all that together, is 0 to 4 accurate? I doubt it, but it's representative of the combination of all those dynamics. So it's the best number we have. And again, I apologize for the length of this answer, but it's not a topic that lends itself to a simple formula. On recession and recessionary playbook, I really do believe that we have made major steps as a company since the last recession that significantly improve our hands, whether that's productivity, whether that's a focus on superiority, which is critical because certainly price points matter and we're prepared to address that. But overall value proposition really matters. And at a time when there's heightened concern about the need for a product to work and be efficacious as I take care of my family and my home, the superiority plays an even bigger role.

So when you put all that together, is 0 to 4 accurate? I doubt it, but it's representative of the combination of all those dynamics. So it's the best number we have. And again, I apologize for the length of this answer, but it's not a topic that lends itself to a simple formula. On recession and recessionary playbook, I really do believe that we have made major steps as a company since the last recession that significantly improve our hands, whether that's productivity, whether that's a focus on superiority, which is critical because certainly price points matter and we're prepared to address that. But overall value proposition really matters. And at a time when there's heightened concern about the need for a product to work and be efficacious as I take care of my family and my home, the superiority plays an even bigger role.

This was the 64th consecutive annual increase and 130 consecutive year, and which PNG has paid a dividend.

So that's January through March and fiscal year to date very strong results in very difficult conditions.

Shifting to longer term.

We remain well positioned to serve consumers and create value in a very attractive industry.

And as I said previously our strategy to do this is unwavering.

Consumption of our products is not likely to dissipate in fact, the relevance of our categories and consumers' lives potentially increases.

We will serve what will likely become a forever altered health hygiene cleaning focus for consumers, who use our products daily or multiple times each day.

There may be an increased focus on home more time at home more meals at home more cleaning of homes with related consumption impacts.

The importance of noticeably superior performance potentially gross.

There's potential for increased preference for established reputable dependable brands that sold newly frame problem is better than other alternatives potentially less experimentation.

Jon R. Moeller: So the changes we've made there, I think, will put us in much better stead. I talked about the portfolio and the difference in the preponderance of our products serving needs on a daily basis versus much more discretionary portfolio and not daily use-based in some categories that we've divested. So this is a playbook that we've been developing for both good times and bad times, month by month, year by year, and I really do believe we're in a better position. Having said that, when something significant like this happens, would it be right to sit back and assume that we've got it covered? No. So we are making very deliberate plans, business by business, market by market, to ensure we're as well-positioned as we can be. And there will be changes and there will be adjustments, and they won't always be right.

So the changes we've made there, I think, will put us in much better stead. I talked about the portfolio and the difference in the preponderance of our products serving needs on a daily basis versus much more discretionary portfolio and not daily use-based in some categories that we've divested. So this is a playbook that we've been developing for both good times and bad times, month by month, year by year, and I really do believe we're in a better position. Having said that, when something significant like this happens, would it be right to sit back and assume that we've got it covered? No. So we are making very deliberate plans, business by business, market by market, to ensure we're as well-positioned as we can be. And there will be changes and there will be adjustments, and they won't always be right.

Potential for a lasting shift to ecommerce both etailers in omni channel.

Our experience to date makes us believe we are generally well position in this environment.

Increased demand has focused retailers on the core SK use that drive the business there's potential for this to result in a cutting other long tail of inefficient skews and brands in our categories.

We're discovering daily lower cost ways of working with fewer resources.

Today's necessity birthing the productivity inventions that tomorrow.

New digital tools are being brought to the forefront providing another productivity rocket booster on the factory floor and in the office environment.

So in the longer term, we believe we are relatively well positioned to serve consumers height needs and they're changing behavior.

To serve the needs of our retail and distributor partners across channels and geographies.

And to create value.

In the short to midterm outcomes are frankly anyone's guess.

Jon R. Moeller: We'll have to remain agile and learn and adjust as we go.

We'll have to remain agile and learn and adjust as we go.

Epidemiologist still have wide variations in their best and worst case scenarios for by will spread mortality the shape and duration of the curve.

We may see bonds sub sporadic production suspension due to local quarantines or raw material supply.

Jon R. Moeller: Next question will come from the line of Lauren Lieberman with Barclays.

Operator: Next question will come from the line of Lauren Lieberman with Barclays.

It's not just our operations that matter here as those of our suppliers of contractors and of our transportation partners.

Lauren Lieberman: Great. Thanks, John. I was hoping you could talk a little bit. You mentioned that you are focusing your production on kind of a Q2, starting to talk about thinking through changes in pack size and affordability. But I'm also wondering about promotional spending. We've heard certainly from some of the food companies already just about promotions more or less in store being shut down, US, and that's happening in Europe by government mandate. So how should we think about pricing going forward, even just from the standpoint of complete change in the promotional landscape, just normal everyday kind of stuff? So that was one area of question. And the other thing I was curious about is we haven't talked much about emerging markets outside of China.

A lot must go right in a very challenging environment and not all that well.

Customers may close stores.

There will continue to be extreme foreign exchange in commodity cost volatility.

Added operational complexity will result in higher costs.

Unemployment will impact outcomes, perhaps severely.

All of this occurs on top of what was already unprecedented uncertainty and volatility in our categories and markets.

But as you saw in the development of the business and just five weeks from Cagney to March 30 Onest.

And as we've just talked about in our long term outlook, where there is volatility there are opportunities to serve as well as challenges.

There's a very wide range of possible near term scenarios and its fuel is not too much time trying to assign probabilities to each.

Lauren Lieberman: Just thinking about as the virus presumably spreads and starts to have a bigger impact in some of your more enterprise-viewing markets, how you are maybe planning for that or what's kind of built into the thought process beyond the next kind of month or two on this getting worse in emerging markets? Thanks.

Just thinking about as the virus presumably spreads and starts to have a bigger impact in some of your more enterprise-viewing markets, how you are maybe planning for that or what's kind of built into the thought process beyond the next kind of month or two on this getting worse in emerging markets? Thanks.

We'd be fooling ourselves and fooling you to try.

As we stand here today, though we continue to believe our guidance ranges for the fiscal year.

On both the top and bottom lines remain relevant.

Our internal forecast remain within these ranges, but I must again emphasize ranges and I must again emphasize the degree of uncertainty and volatility we face day today.

Jon R. Moeller: Thanks, Lauren. The promotional dynamics in our categories are changing pretty significantly, just as they are in food and beverage, which you referenced. It's clearly in nobody's interest to be promoting products when you don't have them, when there's not a sufficient inventory to supply demand. So if we look at for the full quarter, the amount of volume in our categories or the percentage of sales that moved on promotion, that's down about 5 points. And obviously, that number would be much more significant in the month of March. And I don't really know how that will develop going forward, but certainly, if I had to guess, there'll be less promotion in the next couple of quarters where the job is restocking and replenishing than had been the case historically. Price in the quarter was a net benefit of plus 1.

We currently expect organic sales growth for the year in the range of 4% to 5%.

Assuming continued operations at our facilities and those of our customers and suppliers.

On the bottom line, we're forecasting core earnings per share growth in the range of 8% to 11% for the year.

This to assumes no significant interruption in the extended supply chain through our retail and distributor partners.

This earnings per share range now includes over $400 million of after tax foreign exchange headwinds.

Just sense Cagney FX has moved against us by approximately 10 cents per share over two percentage points for core earnings per share growth on a year.

In the fourth quarter FX is currently forecast to be a seven point hit to core earnings per share growth.

Please recall that our fourth quarter bottom line comps include the earnings gains from the Boston land sale and the divestiture of two oral care brands in the base period.

These items combined or an additional seven point headwind to core earnings per share growth Q4.

Well, we do expect some mid term benefit in commodity costs from the recent decline in oil prices. It usually takes about six months from movements and feedstocks like oil to make their way through the raw material supply chain and our inventories to RPL.

Jon R. Moeller: If I look back over the last 30 quarters, price has typically been a benefit of 1 to 2, sometimes, I mean, very rarely, but sometimes 0 or minus 1, sometimes a little bit more than that range. It's pretty much in that range. As I mentioned, our strategy is unchanging. An innovation-based strategy, I don't see any reason why there'll be a dramatic change in the contribution of price, particularly also because you have significant currency devaluations in many parts of the world where some amount of pricing will be needed over time done appropriately and sensitively to recover cost structures in those markets. Right now, in emerging markets outside of China, we're operating and thinking rightly or wrongly day by day because the situation changes dramatically. India is a good example.

If I look back over the last 30 quarters, price has typically been a benefit of 1 to 2, sometimes, I mean, very rarely, but sometimes 0 or minus 1, sometimes a little bit more than that range. It's pretty much in that range. As I mentioned, our strategy is unchanging. An innovation-based strategy, I don't see any reason why there'll be a dramatic change in the contribution of price, particularly also because you have significant currency devaluations in many parts of the world where some amount of pricing will be needed over time done appropriately and sensitively to recover cost structures in those markets. Right now, in emerging markets outside of China, we're operating and thinking rightly or wrongly day by day because the situation changes dramatically. India is a good example.

No. We don't expect an offset to FX headwinds from lower commodity costs within this fiscal year.

As a result of all this you might rightly guess that we're closer as we talk today to the bottom end of the earnings per share guidance range than the top end.

Let me also go back quickly to our priorities and know that none of the free include hitting quarterly consensus estimates.

We will be focused on serving colleagues consumers customers communities.

Building our business for the many more months that will follow this crisis than the months that will exist within it but.

But we'll do this responsibly and keep our choice is squarely centered on mid and long term value creation.

We continue to expect adjusted free cash flow productivity of 100%.

We will extend our long track record of significant cash generation and cash returns.

Expected to pay over $7.5 billion, and dividends and share repurchase and the range of $7 billion to $8 billion in fiscal 2020.

Jon R. Moeller: That market is effectively shut and will be at least through the end of April. We're working with governments, as I mentioned in my prepared remarks, to establish the essential nature of our product categories for their citizens and therefore gain the ability to operate, which we largely have. That's been a significant focus area over the last five weeks, and it's a daily endeavor. And then once we establish our ability to operate, we then have to source materials, and we have to ensure that employees can get to work, which sounds simple, but is anything but. For example, I'll go back to India again. There is a prohibition on any transport of people across state lines. And you can imagine it wouldn't be unusual that we might have a plant or two that are located close to a state border.

That market is effectively shut and will be at least through the end of April. We're working with governments, as I mentioned in my prepared remarks, to establish the essential nature of our product categories for their citizens and therefore gain the ability to operate, which we largely have. That's been a significant focus area over the last five weeks, and it's a daily endeavor. And then once we establish our ability to operate, we then have to source materials, and we have to ensure that employees can get to work, which sounds simple, but is anything but. For example, I'll go back to India again. There is a prohibition on any transport of people across state lines. And you can imagine it wouldn't be unusual that we might have a plant or two that are located close to a state border.

We'll provide our first outlook for fiscal 2021 on our yearend call because we typically do in July.

Before turning to your questions I want to address just two items I expect our on your minds.

The first is liquidity.

Our liquidity satisfy remains very strong.

Well 183 year old company this year, and we take a long term view to balance sheet management.

We aim to maintain our double a minus credit rating and to manage within the ratios that support that rating.

With a 5 billion dollar term issue three weeks ago at approximately 3%.

We now have $15 billion and cash on hand and are generating more each day.

We continue to have open access to the U.S. commercial paper markets recently issuing over $3 billion on three month paper as a part of our routine financing efforts.

The amount of debt maturing in the next 18 months as well with an anticipated cash availability.

And while we don't expect to need to draw on them, we have $8 billion and bank credit lines available if needed.

That's credit very strong.

The second topic is recession.

We're assuming it's already here and will be here for some period of time.

Jon R. Moeller: You might imagine that some of the people that work in that facility live on the other side of that line. So that's just an example of kind of the level of operational agility that we're having to execute. In order to continue operating in the Philippines, we had to basically secure access to a dorm next to our production facility in which to house and protect employees as a condition of operating. So we're not that far out in our thinking about how to operate in these markets. Right now, it's day to day.

You might imagine that some of the people that work in that facility live on the other side of that line. So that's just an example of kind of the level of operational agility that we're having to execute. In order to continue operating in the Philippines, we had to basically secure access to a dorm next to our production facility in which to house and protect employees as a condition of operating. So we're not that far out in our thinking about how to operate in these markets. Right now, it's day to day.

Well, we're not immune our current strategy puts us on better footing than prior downturns to weather economic headwinds.

Our portfolio is now focused on daily use items, where performance drives branch voice.

We have much less exposure to discretionary items than we had during the last downturn.

We've increased the superiority of our offerings simultaneously increasing their value.

While not perfect we have stronger entries across price tiers.

Better pricing ladders.

We're emphasizing performance based value messaging will serve with relevant pack sizes designed to hit key out key cash outlay thresholds for consumers will need to make week to week purchase decisions based on cash availability.

Our productivity muscle is now well developed.

None of these make us recession proof, but they should each help.

Jon R. Moeller: Next question will come from the line of Dara Mohsinian with Morgan Stanley.

Operator: Next question will come from the line of Dara Mohsinian with Morgan Stanley.

Summing up the men and women are PNG working together have delivered three very strong quarters, averaging 6% organic sales growth.

Dara Mohsinian: Hey, good morning, John. Hope all is well on your end. I just wanted to spend some time on your market share expectations going forward. The comments were helpful in terms of thinking about a recession. Obviously, you guys have had a lot of market share momentum over the last couple of years, particularly in the US. Can you just discuss the forward puts and takes as you think about a post-COVID environment on your market share? And specifically, what I was most interested in was consumer trade-down risk in your mind. And then also in emerging markets, as you think about covering FX pressure there with pricing relative to local competition, can you talk about how market share dynamics would play into your thought process there? Thanks.

Dara Mohsenian: Hey, good morning, John. Hope all is well on your end. I just wanted to spend some time on your market share expectations going forward. The comments were helpful in terms of thinking about a recession. Obviously, you guys have had a lot of market share momentum over the last couple of years, particularly in the US. Can you just discuss the forward puts and takes as you think about a post-COVID environment on your market share? And specifically, what I was most interested in was consumer trade-down risk in your mind. And then also in emerging markets, as you think about covering FX pressure there with pricing relative to local competition, can you talk about how market share dynamics would play into your thought process there? Thanks.

16% core earnings per share growth in over 100% adjusted free cash flow productivity.

We built marketshare.

Our board has increased the dividend 6%.

Reflecting both strong results and confidence in the future.

We really do believe there is a very bright future ahead.

Well managed to short to midterm consistent with the strategy you've outlined many times and against the immediate priorities like ensuring employee health and safety maximizing availability of our products to serve health hygiene and cleaning needs and helping society overcome the challenges this crisis.

We're stepping forward not back we're doubling down to serve consumers in our communities. We're doing this in our interest in societies interest and in the interest of our long term shareholders.

Jon R. Moeller: Some real positive developments from a market share standpoint as I walked you through over the last quarter, and no reason for those underlying trends not to continue, particularly when they're based on, again, performance advantages at a time when performance is required more than ever. Will there be trade-down pressure? I don't know, but I think it would be silly to assume none. And will there be some share pressure as a result of pricing moves that need to be made? Undoubtedly, there will be very careful in terms of pricing that we do take in emerging markets, and we'll likely tie that much more closely to local inflation than we would to the financial markets on currency. And as a result, should encounter fewer issues relative to competition than we would if we were just pricing to a currency conversion number.

While we may not see when person soon we look forward to engaging with you on the phone and would love to hear your voice.

We are here with you in our here for you.

Feel free to color offices have you normally would our phones nowhere to find us.

With that I'll be happy to take questions.

[music].

Gentlemen, if you have a question. Please press star followed by one on your phone.

Your question has been answered or he would like to withdraw your question.

Star followed by too.

First question comes from the line of Steve powers with Deutsche Bank.

Good morning, John Thanks for the comprehensive update.

Clearly a ton of questions, but I guess, maybe we could start with just a little more detail on what you're expecting in terms of the shape of demand both consumption shipment wise, we hadn't for fourth quarter, especially in the U.S. where.

It appears shipments like consumption in the March period, it sounds like you're expecting a reversal that in the coming quarters. This more color there.

Well as China, where where as you say things seem better on trend versus where you thought they'd be in February that I'm also curious building on your final comments there around preparedness for coming recession I guess, if you. If you think about where you are in your fiscal 21 planning process can you give us a little insight as to.

Jon R. Moeller: The biggest pressure on shares in the near term is none of any of that. It's the ability to supply very, very high levels of demand in some categories. I mentioned two categories in our prepared remarks: family care, which is our Bounty and Charmin business, and baby care. Let me just describe briefly some of the dynamics that occur in the family care category as an example. We can see a scenario where our business continues to grow at strong double-digit rates, and we lose share. That's because the market is growing at an even higher rate than that. Many of our competitors in that business source the industrial or commercial market as well as the consumer market. Our business is entirely focused on the consumer market.

The biggest pressure on shares in the near term is none of any of that. It's the ability to supply very, very high levels of demand in some categories. I mentioned two categories in our prepared remarks: family care, which is our Bounty and Charmin business, and baby care. Let me just describe briefly some of the dynamics that occur in the family care category as an example. We can see a scenario where our business continues to grow at strong double-digit rates, and we lose share. That's because the market is growing at an even higher rate than that. Many of our competitors in that business source the industrial or commercial market as well as the consumer market. Our business is entirely focused on the consumer market.

How clearly this has been an abrupt change but in terms of PNG planning preparedness, how recessionary planning has factored into you know into your your thinking or more on a on a run rate basis. Like are you I guess the question for investors is are you are scrambling.

You put in place the recession playbook or is this something that PNG has has been factoring in and and you know considering for some time. Thanks.

Thanks, Steve as relates to the fourth quarter, there or is your readily appreciate a ton of moving parts.

Ah geographies are in very different.

Jon R. Moeller: Those companies have the ability, with what is largely a shuttered hospitality industry as an example, to move production from an industrial or commercial focus to a consumer focus. We don't have that excess capacity to make that move. So our throughput is up significantly on a per-line basis. The results are going to be very, very good, but we will probably, in that context, lose some share. So what I wouldn't expect going forward, and here I'm talking about the next three to six months, is continued steady increase in share levels, but I also wouldn't expect a significant diminution of our position. We're committed to not have that happen. We talk about that actively. But there will be more volatility in the share numbers just because of all the market dynamics that we're trying to manage.

Those companies have the ability, with what is largely a shuttered hospitality industry as an example, to move production from an industrial or commercial focus to a consumer focus. We don't have that excess capacity to make that move. So our throughput is up significantly on a per-line basis. The results are going to be very, very good, but we will probably, in that context, lose some share. So what I wouldn't expect going forward, and here I'm talking about the next three to six months, is continued steady increase in share levels, but I also wouldn't expect a significant diminution of our position. We're committed to not have that happen. We talk about that actively. But there will be more volatility in the share numbers just because of all the market dynamics that we're trying to manage.

Places in the cycle categories or.

Have different levels of need and demand.

There's the supply situation and the notice the retail inventory dynamic as well as consumer pantry dynamics and again, you multiply that by.

Hundred countries around the world and and 10 categories and many more brands and you realize.

But you that you probably don't have the answer.

As we were sitting together at Cagney five weeks ago, I don't think any of us in our conversations would've assumed how the next five weeks would've would unfold.

And I don't pretend to know how the next eight to 10 weeks, it's going to unfold.

Having said that.

You mentioned, China Oh.

Our business there is rebounding nicely both front from an operation standpoint and.

From a consumption standpoint, we are seeing continued significant demand in our categories and the.

Jon R. Moeller: Next question will come from the line of Wendy Nicholson with Citi.

Operator: Next question will come from the line of Wendy Nicholson with Citi.

The supply and retail inventories are being.

Lauren Lieberman: Hi, good morning. Two questions. First, pretty straightforward on Microban. It seems like great timing to have launched that, but I'm surprised you haven't expanded it to more a consumer-centered business as opposed to professional. So any plans there? I also noticed that you don't sell Microban wipes, which seems like a category that's just going to be bigger and growthier for a long time to come. So can you just comment on why or why not you might enter that category? And then can you talk about just e-commerce generally? I assume servicing the e-commerce channel is no different than servicing other brick-and-mortar retailers, but maybe can you talk about. I don't know that I heard how much it grew in the quarter or what percentage of business it was in the quarter, especially in the US. Thanks so much.

Wendy Nicholson: Hi, good morning. Two questions. First, pretty straightforward on Microban. It seems like great timing to have launched that, but I'm surprised you haven't expanded it to more a consumer-centered business as opposed to professional. So any plans there? I also noticed that you don't sell Microban wipes, which seems like a category that's just going to be bigger and growthier for a long time to come. So can you just comment on why or why not you might enter that category? And then can you talk about just e-commerce generally? I assume servicing the e-commerce channel is no different than servicing other brick-and-mortar retailers, but maybe can you talk about. I don't know that I heard how much it grew in the quarter or what percentage of business it was in the quarter, especially in the US. Thanks so much.

Steadily rebuilt.

In the U.S. and I focus on these two markets because as you know there are our largest markets. So should give you some relative field.

April has started off a very strong.

Double digit rates from an order standpoint.

We expect that to a tail off as the lions intersect between retail inventory restocking and.

Consumer demand, but having said that we are definitely seen increased consumption levels not just increased volume levels to put in pantries.

I mentioned that in the U.S., we're seeing an increasing the number of loads of laundry that are done per week. The number of garments that are clean master one wearing.

Jon R. Moeller: Sure, Wendy. Let me start with the second part of your question. The e-commerce business grew globally about 35% in the quarter. It's now about 10% of our business globally. As we've talked many times previously, we view ourselves as very well positioned within that channel and continue to strengthen that position. The two largest sources of growth by far are the US and China, with some categories growing in e-commerce in those two markets as much as 50%. And obviously, the at-home dynamics and the unwillingness to congregate in physical stores is driving a fair amount of that. We'll have to see where that nets out, but I don't think it all goes away. I think we've seen a permanent shift in the percentage of business that's going to be done in e-commerce, and we view that positively.

With much more in home meal preparation, there's a lot more cleaning a that needs to be done and we're seeing consumption for example at home consumption of.

Cleaning AIDS or whether that's a surface cleaners or paper towels or swiffer continuing to be very very strong our home care business. If I had my numbers right was a double digits and in sales and that's a following are in line with similar were seen in terms of consumption.

Now, having said all of that sorry for the long answer, but there's no short one.

We.

Have never faced.

The level of unemployment that we're likely to see in this country and potentially and others.

And we don't know how long that will occur for.

We've never faced a complete shutdown of very important.

Jon R. Moeller: And when I talk about e-commerce, I'm talking broadly, including omnichannel, click-and-pick, and all forms and varieties of e-commerce. Microban is a wonderful, fantastic product. We were serendipitous in terms of our launch timing. We are at full capacity at this point and are focused on the products we currently have in market and the channels that we're currently operating in. But obviously, we'll work to develop that business to its full potential, and that could include a number of different avenues of pursuit.

And when I talk about e-commerce, I'm talking broadly, including omnichannel, click-and-pick, and all forms and varieties of e-commerce. Microban is a wonderful, fantastic product. We were serendipitous in terms of our launch timing. We are at full capacity at this point and are focused on the products we currently have in market and the channels that we're currently operating in. But obviously, we'll work to develop that business to its full potential, and that could include a number of different avenues of pursuit.

Channels of Commerce, whether that's a travel retail whether that's the electric channel and Europe, whether that's the specialty beauty channel. So there's a huge amount of volatility are likely to experience and we'll learn more every day.

Our fourth quarter sales.

Guidance deductively, given fiscal year to date results and our fiscal year guidance.

As minus two to plus too.

As I indicated in my prepared remarks, the pull forward from.

Q4, two Q3 was about two points so that minus two to plus two on an apples to apples basis is really zero to four.

And while that may not seem like a lot given a six year to date.

Recall again.

Number of things one it's our highest comp period, so last year organic sales by quarter will for four or five and seven.

Jon R. Moeller: Next question will come from the line of Olivia Tong with Bank of America.

Operator: Next question will come from the line of Olivia Tong with Bank of America.

To we'll have a full quarter of the impact.

Olivia Tong: Okay. Thanks. Good morning, John and Don. Two questions here. How does it change how you think about new product rollout timing? Do some ideas get backtracked while others get pushed out? Promotional strategies, how you market and build trial? Because obviously, marketing advisors can't really sort of do their job right now. And then secondly, in terms of margin, how does the current environment sort of help or hurt the margins? Because the categories that are moving are typically lower margin, but commodities have obviously come down, and promotion isn't quite as necessary in many of these categories in the near term. But on the other hand, FX is worse, and we expect to see some trade-down. So just those two areas, if you could elaborate on both, that would be great. Thank you.

These are channel closures on store closures.

Three we'll have the inventory dynamics, however, those net out that I described.

So when you put all that together [noise].

You know a zero to four accurate I I doubt it.

But it's it's representative of the combination of all those dynamics.

So it so that's the best number we have.

And again I apologize for the linked to this answer but it's it's not a.

Atish topic, though <unk>.

Lends itself to simple formula.

On a recession and recessionary playbook I really do believe.

Jon R. Moeller: We obviously saw positive margin development in the quarter we just completed. We've seen positive margin development fiscal year to date. Our guidance would imply positive margin development for the fiscal year. As we talk about balanced growth and value creation, I've explained many times that it's not possible to get to where we want to get from a value creation standpoint without strong top-line growth and margin improvement. Yes, there are some headwinds, but there are also tailwinds. Commodities, as you mentioned, should be a tailwind longer term. We continue our efforts on our productivity program. As I mentioned in my prepared remarks, there's additional learning that's come out of our experience the last five weeks on ways we might be even more productive, both in generating top-line sales and in containing cost.

Oh that we have made major steps as a company.

Since the last recession that significantly improve our hand.

Whether that's productivity.

Whether that's a focus on superiority, which is critical because it's it certainly price points matter and we're prepared to address that.

But overall value proposition, a really matters and at a time when is heightened concern about the need for a product to work and be efficacious as I take care of my family and my home.

That the superiority plays an even bigger role.

So they did changes we've made there I think will put us in much better stead I talked about the portfolio and that the difference in the preponderance of our.

Of our products serving needs on a daily basis versus much more discretionary portfolio.

And not not daily use based in some categories that weve divested.

Jon R. Moeller: So my expectation is that there continues to be a level of margin improvement going forward. In terms of product launch, we're in the middle now of going through each category and determining whether there are any changes that need to be made, either out of necessity or by design, to maximize the impact of those planned initiatives. In terms of how products are brought to market, I don't see really significant changes. For example, there's more media consumption that's occurring right now than probably there has been in the last three or four years. Changing that model doesn't really make a lot of sense. By media, I'm talking about not just TV, but digital consumption as well. I don't see significant changes there.

So my expectation is that there continues to be a level of margin improvement going forward. In terms of product launch, we're in the middle now of going through each category and determining whether there are any changes that need to be made, either out of necessity or by design, to maximize the impact of those planned initiatives. In terms of how products are brought to market, I don't see really significant changes. For example, there's more media consumption that's occurring right now than probably there has been in the last three or four years. Changing that model doesn't really make a lot of sense. By media, I'm talking about not just TV, but digital consumption as well. I don't see significant changes there.

So this is a playbook that we've been developing for both good times in bad times.

Month by month year by year, I really do believe we're in a board and better position.

Having said that when something signet significant like this happens.

Would it be right to sit back and assume that we've got to cover.

No. So we are making very deliberate plans business by business market by market.

To ensure were as well positioned as we can be there there will be changes and there will be adjustments and they won't always be right Oh, we'll have to.

Remain agile and learn and the justice fees as we go.

Next question will come from the line out of Lauren Lieberman with Barclays.

Hey thing like down.

I mean, you could talk a little date on maintaining you know maybe you are looking at production I'm kind of acute is starting to talk about thinking through change again in parkside, an affordability and but it's not the I'm wondering about promotional spending they meet her intent maker.

Jon R. Moeller: I think our model, with some adjustments, will continue to be relevant and effective, and then we just need to look at timing by initiative. But I wouldn't expect a net of that exercise either to have a significant impact on our ability to continue to grow.

I think our model, with some adjustments, will continue to be relevant and effective, and then we just need to look at timing by initiative. But I wouldn't expect a net of that exercise either to have a significant impact on our ability to continue to grow.

Some of their food companies already.

I'm thinking about promotions more lacking for being shut down you Act and that's happening in Europe on government mandate.

Do you feel how should we think about pricing going forward, even got extended standpoint.

Jon R. Moeller: Next question will come from the line of Steve Strycula with UBS.

Operator: Next question will come from the line of Steve Strycula with UBS.

Steve Strycula: Hi, good morning, and congratulations on being able to raise the dividend in a period of time like this and deliver consistency of results. John, I have a question. I appreciate that the company has pivoted and evolved its portfolio to more daily-use products over the last decade. But could you help us for the products that you still have in today's portfolio? How did the organic sales really perform during the financial crisis for those products that are still in the portfolio today? And then a quick follow-up.

Competing in that the promotional landscape didnt normal everyday kind of kind of stop now that we're hearing a question and the other thing I'm curious about it when I talk much about energy markets outside of China.

And just thinking about I'm desiring.

You know they've spread in check.

Our impacting from again, you know more enterprise you mean I can't [noise].

How you maybe planning for a lot or what kind of built into the <unk>. Okay. You know beyond the next.

Thank you I'm getting worse in emerging markets. Thanks.

Jon R. Moeller: I don't have a category-by-category analysis of that. I just haven't had the time to get to that, though it's a very good question. But what we do know, and we've refreshed our learning over the last five weeks, is what's happened to market sizes in our categories during times of recession. And as you'll readily understand, our categories are not immune from recessionary impacts, but they're much less sensitive to that dynamic than most other categories across industry. And so if we look at recessionary periods, the market has typically contracted in terms of its growth rate. So it's continued to grow, but it's contracted maybe a point. So then the question becomes, okay, one, can we do anything about that? And I think we can. Two, what's your relative position within that market? And are you well positioned to at least hold your ground?

Thanks Lauren.

HM.

The promotional dynamics in our categories are changing pretty significantly just as they are in a food and beverage which you referenced.

[laughter], it's really a nobody's interest to be.

Promoting products.

When you don't have them when there's not a sufficient inventory to supply demand.

So if we look at for the full quarter.

The amount of volume on our categories on a percentage of sales that moved on promotion that's down about five points.

And obviously that number would be much more significant in the month of March.

And I don't I don't really know how that will develop going forward, but certainly a if I had to guess they'll be less promotion.

In the next couple of quarters.

For the job as restock in and replenishing.

And then had done the case historically.

Jon R. Moeller: If not, build your position. And again, I feel better about that than I have at any time in our recent history. That doesn't mean that there won't be categories that, from a market standpoint, aren't impacted more than others. And that doesn't mean that there won't be individual situations, typically at a brand or category country level, where we, in fact, do lose some share. But I mean, put it this way, as we think about our planning for next year, we're not giving ourselves any break relative to share. We expect to hold and build share.

If not, build your position. And again, I feel better about that than I have at any time in our recent history. That doesn't mean that there won't be categories that, from a market standpoint, aren't impacted more than others. And that doesn't mean that there won't be individual situations, typically at a brand or category country level, where we, in fact, do lose some share. But I mean, put it this way, as we think about our planning for next year, we're not giving ourselves any break relative to share. We expect to hold and build share.

Price in the in the quarter was a net benefit of plus one.

And you know if I look back over the last 30 quarters prices typically better benefit of one to two sometimes in very rarely, but sometimes a zero or minus one.

Sometimes a little bit more than that range, but it's it's pretty much in that range.

And as I mentioned, our strategy is unchanging.

So in innovation based strategy.

You know I don't see any reason why is that there will be a dramatic change and the contribution of price.

Steve Strycula: Thanks for that. And then as a quick follow-up, for emerging markets, I'm not asking about the month of April. We're taking a longer-term view here. But in a marketplace where maybe some of the points of distribution are temporarily shuttered and consumers are being impacted by the macro, can we expect that volumetrically household personal care products as an industry should be able to grow during a period like this of volatility? And what can you guys do within Procter's capability to really execute under that type of environment? Thank you.

Particularly also because you have significant currency devaluations in many parts of the world, where some amount of pricing will be needed overtime done appropriately and sensitively.

To recover cost structures and in those markets.

Right now and emerging markets outside of China.

We're we're operating and thinking rightly or wrongly day by day because situation changes dramatically.

Jon R. Moeller: Absolutely. We should expect growth in these markets absent physical barriers, either regulations or operational barriers that prevent product from getting first into stores and into markets and into consumers' hands. It's not necessarily a harbinger of the future, but I mentioned Latin America as an example, growing 11% in the last quarter. The fundamental drivers of that demand remain as we go forward. In terms of our ability to capture those opportunities, our strategy in emerging markets is fundamentally the same, and it's been working very, very well from both a top-line standpoint and a bottom-line standpoint. By the same, I mean a focus on superior products in daily-use categories, where performance means brand choice, delivered as productively as we can. And we still have lots of opportunities to improve in that context with excellent communication, best-in-class go-to-market execution. The playbook is the same and works in emerging markets.

India as a good example that market is effectively shot.

And we'll be at least through the end of April.

We're working with governments as I mentioned them in my prepared remarks to establish.

The essential nature of our product categories for their citizens and therefore, a gain the ability to operate which we largely have that's been a significant focus area over the last.

Five weeks and its and its a daily.

Endeavor.

And then once we establish our ability to operate we that we then have to source materials and we have to ensure that employees can get to work.

Which sounds simple, but as anything but.

For example go back to India again.

There is a prohibition on any transport.

People are across state lines.

And you can imagine it wouldn't be unusual that we might have a plane or two that are located close to a state or.

And you might imagine that some of the people that work in that facility live on the other side about line.

So that's just an example of kind of the level of operational.

Jon R. Moeller: Next question will come from the line of Jason English with Goldman Sachs.

Operator: Next question will come from the line of Jason English with Goldman Sachs.

Agility or that were having to execute.

Steve Strycula: Hey, good morning, folks. Thank you for sliding me in. John, you've covered a lot of ground, and I appreciate the thoroughness. I'd love just to dive into a couple of businesses in a little more depth if possible. First, you mentioned that travel retail has been a bit more challenging. Can you contextualize how large is it for you as a percentage of sales, and how it performed last quarter and what you're seeing more recently? And secondly, in terms of results, grooming was a bit of a surprise to me. And you mentioned the press release and weakness in North America. Maybe I missed it, but I don't think you covered off on it in prepared remarks. Can you touch on what's happening in the grooming business, please?

Jason English: Hey, good morning, folks. Thank you for sliding me in. John, you've covered a lot of ground, and I appreciate the thoroughness. I'd love just to dive into a couple of businesses in a little more depth if possible. First, you mentioned that travel retail has been a bit more challenging. Can you contextualize how large is it for you as a percentage of sales, and how it performed last quarter and what you're seeing more recently? And secondly, in terms of results, grooming was a bit of a surprise to me. And you mentioned the press release and weakness in North America. Maybe I missed it, but I don't think you covered off on it in prepared remarks. Can you touch on what's happening in the grooming business, please?

In order to continue operator in the Philippines.

We had to basically.

Secure access to a dorm.

Our next to our production facility in which to house and and.

Protect employees as a condition of operating.

So so we're not.

That far out.

In our thinking about how to operate in these markets right now it's it stay today.

It's question will come from the mine I'm Dharma sitting with Morgan Stanley.

Jon R. Moeller: Sure. Thanks. Let me start in a slightly different place, but I will get to your endpoints. The beauty business generally, which is a primary business that's sold in travel retail, continues to perform very strongly. We had our 17th quarter consecutive of organic sales growth in beauty, and what is arguably the most difficult quarter we've faced in a long, long time. Really significant and positive growth across almost all parts of the portfolio. So we overcame in the quarter a greater than 20% reduction in SK2 sales with solid growth in our other categories. The travel retail business specifically is, round numbers, a billion-dollar business that's gone. It's gone because there's no travel. Having said that, the products that were bought in travel retail were consumed in markets.

Hey, Good morning, John Hope all is well in your and.

So I just wanted to spend some time on your markets your expectations going forward that comments were helpful. In terms of thinking about a recession.

And who you guys have had a lot of market share momentum over the last couple of years, particularly in the U.S. <unk> can you just discuss the forward puts and takes if you think about acos who bid environment.

On your market share and specifically what I was most interested in what is consumer trade down risk in your mind and then also in emerging markets.

As you think about covering FX pressure there with pricing.

Relative to local competition can you talk about how market share dynamics would would play into your thought process there. Thanks.

Now some real positive developments for market share standpoint, as I walked you through over the last.

Quarter and no reason for those underlying trends I'm not to continue.

Jon R. Moeller: Our job needs to be to make up for that travel retail loss in the near term by serving those markets. We are, for example, seeing significant uptick already on SK2 consumption purchase in mainland China, which was one of the big sources of the travel retail demand. So generally performing very, very well in beauty and will continue to the SK2 impact we'll have for a full quarter now going forward for the next three quarters in all likelihood. So the challenge will become greater in terms of overcoming that. But we're in a pretty good position to be able to at least make progress in that direction. From a grooming standpoint, we built share during the quarter on a global basis, which is great and follows on a number of periods in a row now of share growth for the global grooming business.

Our job needs to be to make up for that travel retail loss in the near term by serving those markets. We are, for example, seeing significant uptick already on SK2 consumption purchase in mainland China, which was one of the big sources of the travel retail demand. So generally performing very, very well in beauty and will continue to the SK2 impact we'll have for a full quarter now going forward for the next three quarters in all likelihood. So the challenge will become greater in terms of overcoming that. But we're in a pretty good position to be able to at least make progress in that direction. From a grooming standpoint, we built share during the quarter on a global basis, which is great and follows on a number of periods in a row now of share growth for the global grooming business.

Particularly when they're based on again performance advantages at a time when performances required more than ever.

Will there be a trade down pressure.

I don't know, but I think it would be solely to assume none.

And will there be.

Some share a pressure as a result of placing moves that need to be made.

Undoubtedly there we're going to be very.

Careful in terms of pricing that we do take it in emerging markets and will likely tie that much more closely to local inflation.

Then we would too you know the financial markets are on currency and as a result.

Shouldn't count or fewer issues relative to competition.

Than we would if we were just pricing to a.

The currency conversion number.

The biggest pressure on shares in the near term.

Is none of any of that.

It's the ability to supply very very high levels of demand in some categories.

Jon R. Moeller: The biggest challenge we face two challenges in grooming currently. One is, which I just actually, I don't even know what I talked about yet. It doesn't matter, is the closing of the ElectroChannel in Europe, where a large amount of Braun products were sold. That also affects, by the way, our power oral care business, which also utilizes that channel. But presumably, as soon as that reopens, which hopefully will be soon, that challenge dissipates. The other challenge is lower shave frequency while working from home, to put it bluntly. But that's something we're currently working through. As I said, we built share. We want to maintain our share position.

The biggest challenge we face two challenges in grooming currently. One is, which I just actually, I don't even know what I talked about yet. It doesn't matter, is the closing of the ElectroChannel in Europe, where a large amount of Braun products were sold. That also affects, by the way, our power oral care business, which also utilizes that channel. But presumably, as soon as that reopens, which hopefully will be soon, that challenge dissipates. The other challenge is lower shave frequency while working from home, to put it bluntly. But that's something we're currently working through. As I said, we built share. We want to maintain our share position.

I mentioned two categories in our prepared remarks family care, which is our ability and Sherman business.

And and baby care.

And let me just described briefly some of the dynamics that occur in the family care category as an example.

Oh, we can see a scenario where.

Our business continues to grow a strong double digit rates and we lose share.

That's because the market is growing at an even higher rate than that.

Many of our competitors in that business source, the industrial or commercial market.

As well as the consumer market our business is entirely focused on the consumer market.

Those companies have the ability with what is largely a shuttered hospitality industry. As an example to move production from industrial or commercial focus to consumer focus.

Jon R. Moeller: We need to work with our retail partners as well, who have, in some cases, deprioritized grooming in the very near term to deal with the empty shelves on some of the other aisles of the store. If we can do that effectively, no reason we can't continue to hold and build share.

We need to work with our retail partners as well, who have, in some cases, deprioritized grooming in the very near term to deal with the empty shelves on some of the other aisles of the store. If we can do that effectively, no reason we can't continue to hold and build share.

Don't have that excess capacity to make that move.

So our throughput is up a significantly on a per line basis. The results are going to be very very good, but we will probably in that context lose some share.

So what I, what I wouldn't expect going forward and I'm here I'm talking about the next three to six months.

Jon R. Moeller: Next question will come from the line of Andrea Teixeira with JPMorgan.

Operator: Next question will come from the line of Andrea Teixeira with JPMorgan.

It is a continued steady.

Increasing share levels, but I also wouldn't expect.

Steve Powers: Thanks. I wish you continued health to all of you in this call. John, I appreciate the bridge of underlying 0% to 4% globally. Just to think about the percentage by region, what are you seeing in terms of the pickup in China? I think you alluded a little bit on the call to the improvement in beauty and baby there. Do you expect the, by my math, 80 basis points to drive in Q3 to flat in Q4 and be above this 0% to 4% range that you implied? Also a question on mix. Would the improvement in skincare globally and in China coming back help the mix effect, which I think it was flat in the quarter just completed, but typically was up 50 to 100 basis points in the past? Thank you.

Andrea Teixeira: Thanks. I wish you continued health to all of you in this call. John, I appreciate the bridge of underlying 0% to 4% globally. Just to think about the percentage by region, what are you seeing in terms of the pickup in China? I think you alluded a little bit on the call to the improvement in beauty and baby there. Do you expect the, by my math, 80 basis points to drive in Q3 to flat in Q4 and be above this 0% to 4% range that you implied? Also a question on mix. Would the improvement in skincare globally and in China coming back help the mix effect, which I think it was flat in the quarter just completed, but typically was up 50 to 100 basis points in the past? Thank you.

A significant diminishing of our position.

We're committed to not have that happen or we talk about that actively but there will be more volatility and the share numbers just because of all the.

The market dynamics that we're trying to manage.

Just a question will come from the line of Wendy Nicholson with Citi.

Hi, Good morning, I two questions first pretty straight forward on micro ban. It seems like you know great tiny do you have launched appetite supply should have an expanded it to you.

More a consumer centric business as opposed to professional so any plans. There I also noticed that you don't tell micro band White, which seems like a category thats just going to be bigger on growth year for a long time to come. So can you just comment on why or why not you might enter that category. When they can you talk about just E commerce generally.

Jon R. Moeller: So definitely relative to the quarter that we just completed, China offers upside quarter to quarter sequentially. And I expect that upside is significant. I would see us growing that business ideally at very healthy levels, at pre-crisis levels ideally, in the subsequent quarter, which you're right, would give a lift to the Q1 to Q4 kind of logic. We are seeing, at least in China, mix come back in pre-crisis levels from a positive standpoint. I mentioned the strength of the SK2 restart as an example. So that also is a positive. But remember, we have a massive challenge ahead of us collectively in the US and Europe, depending on how the economy develops. I mean, we literally, since the Great Depression, have not managed with the level of unemployment we might see.

Hi, Phil sort of thing to ecommerce channel is no different than if everything other looking more to retailers, but maybe can you talk about I don't know that I heard how much it grew in the quarter or whatever but that's not as a business that was in the quarter on especially anyway. Thanks. So much.

Sure when they let me start with the second part of your question of ecommerce business grew about globally about 35% in the quarter.

Let's now about 10% of our business globally as we've talked many times previously we view ourselves is very well positioned within that channel and continued to strengthen that position.

The two largest sources of growth by far our the U.S. and and China.

With some categories growing in E commerce in those two markets as much as a 50%.

And obviously that the be at home dynamics and the unwillingness to.

Jon R. Moeller: So if the question behind your question is, "Is there upside to the 0 to 4?" I would encourage you not to go there.

So if the question behind your question is, "Is there upside to the 0 to 4?" I would encourage you not to go there.

Congregate and physical stores is driving a fair amount of that we'll have to see where that nets out, but I don't think it all goes away I think we've seen a permanent shift.

And the percentage of business, that's gonna be done in E Commerce, and we view that positively and when I talk about ecommerce I'm talking broadly, including omni channel.

Jon R. Moeller: Next question will come from the line of Nik Modi, RBC Capital Markets.

Operator: Next question will come from the line of Nik Modi, RBC Capital Markets.

Steve Strycula: Yeah. Good morning, everyone. John, it's pretty clear looking at the data that consumers are migrating back to big brands. Now, that could be because of availability or just safety and comfort of knowing what they're getting. But I'm just curious on two fronts. One is kind of as you've been interacting with retailers, how do you think this is all going to shake out in terms of how they think about taking on new brands? I think you made some comments earlier, and you prepared remarks on that. But any specifics would be helpful. And then the second thing is there's a lot of trial happening right now for a lot of brands that maybe consumers may not have tried in some of your brands.

Nik Modi: Yeah. Good morning, everyone. John, it's pretty clear looking at the data that consumers are migrating back to big brands. Now, that could be because of availability or just safety and comfort of knowing what they're getting. But I'm just curious on two fronts. One is kind of as you've been interacting with retailers, how do you think this is all going to shake out in terms of how they think about taking on new brands? I think you made some comments earlier, and you prepared remarks on that. But any specifics would be helpful. And then the second thing is there's a lot of trial happening right now for a lot of brands that maybe consumers may not have tried in some of your brands.

You know ER.

Click and Peck and.

All all forms of variety.

Of ecommerce.

Micro ban is does a wonderful fantastic product.

We were serendipitous and in terms of our launch timing.

We are at full capacity at this point and are focused on.

The products, we currently have their market and the channels that we're currently operating in but obviously, we'll work to develop that business to its full potential and I could include a number of different avenues of pursuit.

Steve Strycula: I was just thinking about proactively what Procter & Gamble can do to kind of create stickiness with some of that trial going forward. Thanks.

I was just thinking about proactively what Procter & Gamble can do to kind of create stickiness with some of that trial going forward. Thanks.

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

Jon R. Moeller: I'm going to focus my comments on the US. There's been active partnership, very active partnership on the part of ourselves and our retail partners to ensure that the SKU lineup that exists in stores today maximizes throughput, all with the design to best serve our consumers and their shoppers to ensure the product is available. So there's been, in some categories, a fairly significant concentration of SKUs on the power SKUs that generate the most movement. We're not at a place yet, as I mentioned, where retail inventories have been sufficiently replenished. So for the near term, I think this dynamic continues. But they and we are very focused on staying in touch with consumers and consumption and what they demand. And that will ultimately be the driver of our SKU lineups.

Okay. Thank you money going on.

Two questions there.

And how you think about new product going around timing might be some idea that's ranked while others get pushed out a promotional strategy, how you Mark and I will turn out because obviously market.

Wouldn't do their job right now and then secondly in terms of margin how did the current environment and help or hurt the margin because it kind of weakened I'm moving are typically lower margin.

The commodity they're not as you come down and promotion isn't quite yet.

I agree near term, but any other hand FX it wasn't it.

I'm, sorry down to just those two area.

Well I think about that meeting thank you.

So we obviously saw positive margin development and the quarter. We just completed we've seen positive margin development Ah fiscal year to date.

Our guidance would imply positive margin development for the fiscal year.

And as we talk about a balanced growth and value creation I've explained many times that it's not possible to get to where we want to get from a value creation standpoint, without strong topline growth and and margin improvement.

Jon R. Moeller: I don't see situations where our retail partners and ourselves will view that very differently as long as we keep our eye on their shopper and our consumer. Our SKU portfolios will need, in order to fully serve consumers, to re-expand. But I don't think it necessarily goes back to everything that was on the shelf previously. I think this is a reset opportunity for us and for our retail partners. I'm encouraged by the conversation so far in terms of approaching that in a constructive partnered fashion. The trial dynamic that you mentioned, unfortunately, works both ways. So I gave you an example, for example, in family care, where there are consumers that are trying products that they haven't tried before, but they aren't necessarily ours.

I don't see situations where our retail partners and ourselves will view that very differently as long as we keep our eye on their shopper and our consumer. Our SKU portfolios will need, in order to fully serve consumers, to re-expand. But I don't think it necessarily goes back to everything that was on the shelf previously. I think this is a reset opportunity for us and for our retail partners. I'm encouraged by the conversation so far in terms of approaching that in a constructive partnered fashion. The trial dynamic that you mentioned, unfortunately, works both ways. So I gave you an example, for example, in family care, where there are consumers that are trying products that they haven't tried before, but they aren't necessarily ours.

Yes, there are some headwinds, but they're also tailwinds commodities or as you mentioned should be a tailwind longer term.

And we've got our we continue our efforts on our productivity program as I mentioned in my prepared remarks, there's additional learning that's come out of our experience the last five weeks.

On on ways, we might be I'm, even more productive both in generating topline sales and then.

Containing cost.

So my expectation is that there continues to be a level of margin improvement going forward.

In terms of.

Product launch and <unk>.

Well, we're in the middle now is going through each category and determining or are there any changes that need to be made.

Either.

Jon R. Moeller: We need to work hard to ensure that we maintain mental and physical availability to the greatest extent possible so that those consumers return to their beloved and trusted brands, which are ours, as they're more fully available. On the other hand, you're right. There's big upside here in terms of reminding consumers of the benefits that they've experienced on our brands and how they've served their and their families' needs, which is why this is not a time to go off air. I've talked to several other companies in different industries now who are viewing this as a time when we should be cutting back on support. Obviously, if you're in an industry that doesn't operate in this environment, that makes sense. But in ours, I mentioned more media consumption now than ever. Your trial retention point builds on that.

Out of necessity or by design.

We need to work hard to ensure that we maintain mental and physical availability to the greatest extent possible so that those consumers return to their beloved and trusted brands, which are ours, as they're more fully available. On the other hand, you're right. There's big upside here in terms of reminding consumers of the benefits that they've experienced on our brands and how they've served their and their families' needs, which is why this is not a time to go off air. I've talked to several other companies in different industries now who are viewing this as a time when we should be cutting back on support. Obviously, if you're in an industry that doesn't operate in this environment, that makes sense. But in ours, I mentioned more media consumption now than ever. Your trial retention point builds on that.

To maximize the impact of.

Of those planned initiatives.

And in terms of how products are brought to market I don't see really significant changes.

You know there's there's for example, there's more media consumption that's occurring.

Right now.

Then probably there has been in the last three or four years.

So changing that model doesn't doesn't really make a lot of sense and by media I'm talking about not just TV, but but digital consumption as well.

So I don't I don't see significant changes there I think are our model with some.

Adjustments, we'll continue to be relevant and effective and then we just need to look at a timing by initiative, but I wouldn't expect than that if that exercise either.

To have a significant impact on our ability to continue to grow.

Next question will come from the line of speed Strycula with CBS.

Jon R. Moeller: And this all ties back to the comment I made several times in our prepared remarks about doubling down and moving forward, not backward. This is not a time to retrench. And really, that's all in service to consumers and service to our retail partners. And we believe in service to broader society.

And this all ties back to the comment I made several times in our prepared remarks about doubling down and moving forward, not backward. This is not a time to retrench. And really, that's all in service to consumers and service to our retail partners. And we believe in service to broader society.

Hi, good morning, and congratulations on being able to raise the dividend in a period of time like this and deliver consistency and Theirselves [noise].

John I had the question I appreciate that the company's pivoted and evolve this portfolio to more data use products over the last decade, but could you help us for the products and still had in today's portfolio. How did the organic sales really performed during the financial crisis for those products that are steadily portfolio came in a quick follow.

Jon R. Moeller: Next question will come from the line of Kevin Grundy with Jefferies.

Operator: Next question will come from the line of Kevin Grundy with Jefferies.

Steve Strycula: Hey. Good morning, John. Congratulations on a strong quarter, particularly in the current environment. I want to come back to longer-term implications for consumer behavior, given the nature of the current recession, increased working from home, and social distancing, and what this is going to mean longer term. You touched on some of this. Positive for cleaning products and fabric care, potentially negative for categories like blades and beauty with people working from home. I wanted to come back to this. As you see it, what are the longer-term implications versus those that are more transitory? How are those conversations going internally? How is the organization balancing near-term objectives given the challenges in the current environment versus potentially modulating the playbook here a bit with what could be longer-term structural changes to demand in some of these categories? Additional thoughts there would be helpful. Thanks, John.

Kevin Grundy: Hey. Good morning, John. Congratulations on a strong quarter, particularly in the current environment. I want to come back to longer-term implications for consumer behavior, given the nature of the current recession, increased working from home, and social distancing, and what this is going to mean longer term. You touched on some of this. Positive for cleaning products and fabric care, potentially negative for categories like blades and beauty with people working from home. I wanted to come back to this. As you see it, what are the longer-term implications versus those that are more transitory? How are those conversations going internally? How is the organization balancing near-term objectives given the challenges in the current environment versus potentially modulating the playbook here a bit with what could be longer-term structural changes to demand in some of these categories? Additional thoughts there would be helpful. Thanks, John.

I don't have a category by category analysis of that I, just haven't had time to get to that.

So it's a very good question, but what we do know and Weve refresh or learning on over the last five weeks.

Is what's happened to market sizes.

In our categories during times of recession, and as it was a totally understand our categories are not immune from recessionary impacts, but they're much less sensitive to that dynamic than.

Most other categories across.

Industry and so if we look at recessionary periods or the market.

As typically contracted in terms of its growth later, so it's continued to grow.

But its contract with maybe a point.

So then the question becomes okay. One can we do anything about that I think we can.

Jon R. Moeller: We need to stay very close to consumers and their habits, needs, and desires more now than ever just because we're at change points in their habits and their consumption levels. We need to understand those and be responsive to those. We actually meet as a portion of the leadership group three mornings a week at 7:00AM. One of the things that we're very focused on in that meeting is what is changing relative to consumer need and making sure I mentioned SKU portfolio as one example, but making sure that we're positioning ourselves to serve those changing needs as well as we possibly can. I think the net in terms of demand impact on our total portfolio is clearly a positive longer term. When I say that, I don't want to minimize for a second any amount of human suffering that's led to this situation.

To what's your relative position within that market and are you well positioned to to at least hold your ground.

If not build your position.

And again I feel better about that than I have at any time in our recent history.

That doesn't mean that there won't be categories that from a market standpoint or onto impacted more than others and that doesn't mean that there won't be individual situations typically at a at a brand or category country level, a where we in fact I do some share but.

I mean put it this way as we think about our planning for next year.

We're not giving ourselves any break.

Relative to a share we expect to hold him and build share.

Thanks for that and then it is a quick follow up for emerging markets I'm not asking about the month of April taking a longer term view here, but in a marketplace, where maybe some of the points of distribution are temporarily shuttered and consumers are being impacted by the macro.

Jon R. Moeller: But we are seeing increased levels of consumption in the majority of our product categories. Even when we come to something like beauty, remember, I talked about how this was the 17th consecutive quarter of organic sales growth in a row. And to get to organic sales growth on beauty with a minus 20% plus number on SK2, you have to assume very healthy purchase and consumption levels across the portfolio, which we're seeing. And I don't see a reason that that wanes. So generally, thank you for pointing again to the long term, which we view as, we want to, it's a trite and overused statement, but we really do expect to come out of this stronger than we went into it. We really do believe that there's a very bright future ahead.

But we are seeing increased levels of consumption in the majority of our product categories. Even when we come to something like beauty, remember, I talked about how this was the 17th consecutive quarter of organic sales growth in a row. And to get to organic sales growth on beauty with a minus 20% plus number on SK2, you have to assume very healthy purchase and consumption levels across the portfolio, which we're seeing. And I don't see a reason that that wanes. So generally, thank you for pointing again to the long term, which we view as, we want to, it's a trite and overused statement, but we really do expect to come out of this stronger than we went into it. We really do believe that there's a very bright future ahead.

<unk> backs that Volumetrically <unk>.

Also personal care products as an industry should be able to grow during a period like this volatility and what can you guys do have been proctors capability to real execute under that type of environment. Thank you.

Oh, absolutely we should expect growth in these markets absence.

You know physical barriers, either regulations or operational barriers that prevent products from getting first into stores and into markets and under consumers' hands.

No it's not a that's not necessarily a harbinger of the future, but I mentioned.

Latin America as an example, growing 11% in the last quarter the fundamental drivers of that demand remain as we go forward.

In terms of our ability to capture those opportunities our strategy and emerging markets is fundamentally the same as ER and it's been it's been working very very well from both the topline standpoint on a in a bottom line standpoint by the set by the same I mean, I focus on superior products and Dale.

Jon R. Moeller: To your point, we need to be very deliberately keeping ourselves aware of what those opportunities are and putting steps in place to be able to seize those opportunities, again, really under the heading of fully serving consumers.

To your point, we need to be very deliberately keeping ourselves aware of what those opportunities are and putting steps in place to be able to seize those opportunities, again, really under the heading of fully serving consumers.

We used categories, where performance <unk> brand choice delivered as productively as we can we still have lots of opportunities.

To improve and in that context with excellent communication.

Jon R. Moeller: Next question will come from the line of Mark Astrachan with Stifel.

Operator: Next question will come from the line of Mark Astrachan with Stifel.

Steve Strycula: Yeah. Thanks. Good morning, Jon. I wanted to ask just briefly on private label. How should we be thinking about how you're thinking about what potentially happens with brands versus private label as obviously unemployment increases here? Commentary, what specific things do you think we should be watching for, categories that are more susceptible than others? I recall paper goods being one of those that we've watched historically. What are you concerned about? What are things that we should be focused on? How do you think about that in terms of playing out this time around? Thanks.

Mark Astrachan: Yeah. Thanks. Good morning, Jon. I wanted to ask just briefly on private label. How should we be thinking about how you're thinking about what potentially happens with brands versus private label as obviously unemployment increases here? Commentary, what specific things do you think we should be watching for, categories that are more susceptible than others? I recall paper goods being one of those that we've watched historically. What are you concerned about? What are things that we should be focused on? How do you think about that in terms of playing out this time around? Thanks.

Best in class or go to market execution. The playbook is this the same and works and enterprise markets.

It's a question will come from the line up Jason English with Goldman Sachs.

Hey, good morning folks thank you for sliding in.

John we've covered a lot of ground I appreciate that they're on its about this to dive into a couple of businesses and literally got the possible well.

First you you mentioned that travel retail has been a bit more challenging or can you contextualize. How large is it for you as a percentage of sales and outperformed last quarter and what you're seeing more recently and secondly in terms of results grooming was a bit of a surprise to me and you mentioned the press release and weakness in North America.

Jon R. Moeller: Generally, so let me take you through recent trends. Then I realize your question is more future-focused. We're seeing modest increases in private label share in North America at the same time that we're building significant share ourselves. We're seeing private label share declines pretty consistently in Europe at a time when we're building share there as well. We can grow our business and our share. I mean, Europe's a prime example. We've done it for years during a time when private label is growing. So that's the first and very, very important point. Second, in terms of recessionary dynamics as related to private label, we see a number of different behaviors which affect that overall equation. There are certainly a subset of consumers for whom price becomes a significantly greater portion of their personal value equation.

Maybe I missed it but I don't think he covered off on it and prepared remarks can you touch on what's happening in bringing businesses.

Sure. Thanks.

Let me start and a slightly different place, but get I will get to year end points.

The beauty business generally and which is a primary business that's sold and travel retail.

Continues to perform very strongly we had our 17th quarter organic silk consecutive of organic sales growth and duty and what is arguably the most difficult quarter, we faced in a long long time.

Really significant and positive growth across almost all parts of the portfolio.

So we overcame a in the quarter.

A greater than 20% reduction and SK to sales with solid growth in our other categories.

The travel retail business specifically.

As round numbers a billion dollar business that's gone.

Jon R. Moeller: That will, in some cases, result in a trade down to private label. Our job becomes having an offering, an alternative for them that allows them to achieve the same objective within our branded portfolio. We have many more rungs in that pricing ladder now than we had during the last recession. There are other consumers who move the other way for whom performance, efficacy, dependability, "I can't afford to be wrong. I can't buy two, so I need to buy the best," results in a migration to branded offerings. That's different by category and by market. But again, going back to something we've mentioned a couple of times in this call, I don't see any reason for us to have an expectation of ourselves that we hold or build share over reasonable periods of time.

That will, in some cases, result in a trade down to private label. Our job becomes having an offering, an alternative for them that allows them to achieve the same objective within our branded portfolio. We have many more rungs in that pricing ladder now than we had during the last recession. There are other consumers who move the other way for whom performance, efficacy, dependability, "I can't afford to be wrong. I can't buy two, so I need to buy the best," results in a migration to branded offerings. That's different by category and by market. But again, going back to something we've mentioned a couple of times in this call, I don't see any reason for us to have an expectation of ourselves that we hold or build share over reasonable periods of time.

Its gone because there's no travel.

Having said that that.

<unk> products that were bought and travel retail were consumed in markets.

Our job needs to be to make up for that travel retail loss in the near term.

By serving those markets and worse. We are for example seen significant uptick already on S.K. to consumption purchase and ER in mainland, China, which was one of the big sources of the travel retail demand.

Source. So generally are performing very very well and beauty and we'll continue to <unk>. If you know the.

The S.K. to impact will have for a full quarter now going forward for the next three quarters in all likelihood. So the challenge will become greater in terms of overcoming that but were.

Jon R. Moeller: I mean, given month or given quarter or given category or given country, we'll have issues. But our expectation is that whether this is a V-shaped recovery, whether it's an L-shaped recovery, whether it's a prolonged recession, with our portfolio as it's structured today, continued focus on superiority, continued focus on excellence, and execution, we should be able to hold and build share positions.

I mean, given month or given quarter or given category or given country, we'll have issues. But our expectation is that whether this is a V-shaped recovery, whether it's an L-shaped recovery, whether it's a prolonged recession, with our portfolio as it's structured today, continued focus on superiority, continued focus on excellence, and execution, we should be able to hold and build share positions.

Pretty good position to be able to two of these make progress in that direction.

From a agreement standpoint, a we don't share during the quarter, a global basis, which is great and follows on a number of periods in a row now have shared gross.

For the global grooming business.

But the biggest challenge we face on a phase two challenges in grooming currently one is but which I I'm.

Just.

Actually I don't even though I talked about it doesn't matter.

Jon R. Moeller: Your next question will come from Bill Chappell with SunTrust.

Operator: Your next question will come from Bill Chappell with SunTrust.

Is the the closing of the electric channel in Europe, where.

Bill Chappell: Thanks. Good morning. I hope you're doing well, John. Two quick questions. One, I'm not sure you can answer, but maybe from what you've seen in China or what you've seen elsewhere, I mean, if you're looking at a given category that had 10% type increase, would you say, is there a way to say, "Hey, 5% of that is pantry stocking, 2% of that is stay-at-home orders, and then the rest is just normal growth?" I mean, is there any way to look at that? And then secondly, on advertising, kind of what's the plan in this environment? It seems like most large CPG companies have moved away from product advertising and moved more to kind of, "This is the company message, and we're all in this together," which is great.

A large amount of Braun products were sold.

Then also affects by the way, our our power oral care business, which also.

Utilizes about channel [noise], but presumably as soon as that reopens, which hopefully will be soon that that challenge dissipates.

The other challenge is is lower shave frequency, while working from home to put it bluntly.

But.

It's something we're we're currently working through as I said, Oh, we built share we want to maintain our share position.

Well you need to work with our retail partners.

As well who have in some cases de prioritized grooming and the very near term.

Bill Chappell: But just didn't know if that's a longer-term kind of change or cutback or if that's something just temporary.

But just didn't know if that's a longer-term kind of change or cutback or if that's something just temporary.

To deal with C are empty shelves and some of the other trials in the store.

Jon R. Moeller: So in some categories, Bill, we do have the ability to tease out increases in consumption from pantry loading, etc. And for example, there are several categories in the US where we have a panel of either consumers or devices, washing machines, dishwashers that give us information on a routine basis on consumption levels. And where we have that in place, that's how we're able to know, for example, when I mentioned earlier, what's happening to wash frequency of clothes and what constitutes that load, the same in a dishwashing context. So we're able to, in those categories, see very clearly the increase in use and consumption and obviously then deduct into what might be pantry stocking. There are other categories where we don't have as good of visibility into that, but we're working to develop that ability across each of the categories in the major markets.

And if we can do that effectively.

No reason, we can't continue to to hold the bill sure.

Especially will come from the line of Andrea to share with JP Morgan.

Hi, Thanks, and now we see continued health science all of you and its call.

And I appreciate the wage all the underlying denotes a 4% globally I just think of all the puts and takes by region. What I have seen comes on the pickup insane and I think you alluded a little bit on the call an improvement NVDIMM baby is there anything yet stopping the by my math 80 basis points to dive into took quoted saying flat.

What.

The bogs give you know took four range then why and how quick question on mix. It was an improvement in steam coal globally, any China coming Bob how the mix of fab, which I think was flat in the quarter.

I, just completed but to put a robot it gets a 100 basis points and about thank you.

So definitely relative to the quarter, we just completed.

China offers upside quarter to quarter sequentially.

And I expect that upside is a significant.

I would see us growing that business ideally at very healthy levels at pre crisis levels ideally.

Jon R. Moeller: That's a clear focus. But I would say that in general, we're seeing as much as a 20% increase in consumption across categories where you'd expect to see that. The balance is pantry to some extent. But remember also, in many of our categories, pantry availability itself leads to greater usage. I start conserving on my usage, for example, of paper towel or certainly of bathroom tissue as I reach the end of my inventory to defer that trip to the store and certainly avoid a situation where I don't have any available. If there's lots available, I'm typically not rationing or conserving. Just having it there results in increased consumption in many of our categories. I'm not the expert in the company on advertising, but I would offer a couple of thoughts.

That's a clear focus. But I would say that in general, we're seeing as much as a 20% increase in consumption across categories where you'd expect to see that. The balance is pantry to some extent. But remember also, in many of our categories, pantry availability itself leads to greater usage. I start conserving on my usage, for example, of paper towel or certainly of bathroom tissue as I reach the end of my inventory to defer that trip to the store and certainly avoid a situation where I don't have any available. If there's lots available, I'm typically not rationing or conserving. Just having it there results in increased consumption in many of our categories. I'm not the expert in the company on advertising, but I would offer a couple of thoughts.

And and the subsequent quarter, what you're right would get it give a lift.

To the zero to four or kind of logic.

We are seeing at least in China, a mix come back and pre crisis levels from a positive standpoint, I mentioned the strength of the the S.K. to restart as an example, so.

So that also was a positive but remember.

We have massive challenge ahead of us collectively.

In the U.S. and Europe, depending on how the economy a develops I mean, we literally since the great depression have not managed with a level of unemployment.

We might see.

And so if the question behind your question.

Is is there upside to the zero to four.

I would encourage you not to go there.

It's a question will come from the line up.

Jon R. Moeller: Helping consumers understand how they can meet their own perceived and critical needs for them and their family through the use of our products in many categories is a public service. And as well, you know that for many years, well before this, we focused on, if you will, both. Think about the Always Like a Girl campaign as an example. And done well, you can do both simultaneously. But again, I'm not the advertising expert. If you want more perspective on that, feel free to call my friend Mark Pritchard.

Helping consumers understand how they can meet their own perceived and critical needs for them and their family through the use of our products in many categories is a public service. And as well, you know that for many years, well before this, we focused on, if you will, both. Think about the Always Like a Girl campaign as an example. And done well, you can do both simultaneously. But again, I'm not the advertising expert. If you want more perspective on that, feel free to call my friend Mark Pritchard.

Let me see capital markets.

Hi, good morning, everyone.

John It's pretty clear looking at the data that you know consumed one migrating back brand now that could be because of the ability or just safety and completed more than that they're getting but I'm. Just curious on coupon wanted kind of had you been interacting because you know.

How do you think it's not going to shake out in terms of how they think about picking on bands I think you made some comments earlier in your prepared remarks on that but any specific to be it'd be helpful. And then the second thing is there's a lot of trial happening right now a lot of Grand but maybe you can see movement out of pride in some of your grants and so I was just thinking about proactively like what pop and beyond.

Looking due to kind of quick picking up depending on trial going forward. Thanks.

The [noise].

Jon R. Moeller: Next question will come from the line of Rob Ottenstein with Evercore.

Operator: Next question will come from the line of Rob Ottenstein with Evercore.

I'm going to focus my comments on the on the U.S.

Jon R. Moeller: Great. Thank you very much. And John, thank you to you and your colleagues for all the things that you're doing to make Procter & Gamble increasingly indispensable. Two questions. First, clearly, e-commerce is becoming increasingly important, obviously in the US and in China. Can you talk about the things that you were doing to become increasingly advantaged and meet the needs of your e-commerce partners in the US and China, and maybe what your market share looks like in e-commerce versus brick and mortar in the US and China? And then the second question, obviously, 6% increase in the dividend is impressive. But I think what would be most interesting for me is to understand the thought process of that increase given your very clear-eyed view of the sorts of challenges that the world faces over the next 12-plus months.

Rob Ottenstein: Great. Thank you very much. And John, thank you to you and your colleagues for all the things that you're doing to make Procter & Gamble increasingly indispensable. Two questions. First, clearly, e-commerce is becoming increasingly important, obviously in the US and in China. Can you talk about the things that you were doing to become increasingly advantaged and meet the needs of your e-commerce partners in the US and China, and maybe what your market share looks like in e-commerce versus brick and mortar in the US and China? And then the second question, obviously, 6% increase in the dividend is impressive. But I think what would be most interesting for me is to understand the thought process of that increase given your very clear-eyed view of the sorts of challenges that the world faces over the next 12-plus months.

There's been active partnership very active partnership on the part of ourselves in our retail partners.

To ensure that to skew lineup.

That exists in stores today.

Maximizes throughput.

All with the design to best serve our consumers and their shoppers.

To ensure the product is available.

So there's been in some categories a fairly significant concentration.

Skews.

On the on the power skews that that generate the most.

Movement.

We're not at a place yet as I mentioned, where.

Retail inventories have been sufficiently replenished.

So for them for the near term.

I think this dynamic continues but they and we are very focused on.

I'm staying in touch with consumers and consumption and what they demand and that will ultimately be the driver of our skew line ups and I don't see situations, where our retail partners and ourselves. We'll we'll do that are very differently as long as we keep our eye on their shopper and ER and our consumer.

Jon R. Moeller: So how did Procter & Gamble think about that sort of increase in that context? Thank you.

So how did Procter & Gamble think about that sort of increase in that context? Thank you.

Operator: Let me start with the second question. We have a very simple philosophy and belief, which is that the cash we generate is not ours. It's yours. And that's, of course, after meeting the needs and opportunities that are presented by attractive investments. We're having a good year. And if we deliver against our guidance, it'll be 8% to 11% core earnings per share growth. Operating earnings growth has been pretty much in line with that. And going back to the philosophy and the commitment, that results in a certain outcome. Our business is generally highly cash-generative. So I mentioned we generated $4.1 billion of cash in the quarter. Our payout ratio, with the move we've just made, is a little bit under 60%. So there's plenty of room there, if you will.

Jon R. Moeller: Let me start with the second question. We have a very simple philosophy and belief, which is that the cash we generate is not ours. It's yours. And that's, of course, after meeting the needs and opportunities that are presented by attractive investments. We're having a good year. And if we deliver against our guidance, it'll be 8% to 11% core earnings per share growth. Operating earnings growth has been pretty much in line with that. And going back to the philosophy and the commitment, that results in a certain outcome. Our business is generally highly cash-generative. So I mentioned we generated $4.1 billion of cash in the quarter. Our payout ratio, with the move we've just made, is a little bit under 60%. So there's plenty of room there, if you will.

And our skew portfolios will need.

And where the fully sort of consumers.

Two we expand.

But I don't think it necessarily goes back to.

To everything that was on the shelf previously I think this is a reset opportunity for us and for our retail partners and I'm encouraged by the conversation so far in terms of.

Approaching that in a in a constructive.

Partner fashion.

But the trial dynamic that you mentioned.

Unfortunately works both ways.

So I gave you. An example for example in and family care.

Where.

There are consumers that are trying products that they haven't tried before but there aren't necessarily hours.

And we need to work hard to ensure that we maintain mental and physical availability.

But to the greatest extent possible so that those are consumers return.

Operator: So it really stems from our philosophy, our commitment, our result, and the cash-generative nature of our business. I don't expect that to change going forward. Obviously, in extreme situations, we might come to a different conclusion. But so far, we've been weathering this situation fairly well and expect to do well as we go forward. I might also just comment on the general topic of capital allocation. I've started receiving some questions on share repurchase and whether that's appropriate use of funds in this environment. I don't fully understand the question. I do if you're accepting government support or something like that. But again, going back to our philosophy, it's your cash, not our cash, that needs to come back to you, either through a dividend or share repurchase.

So it really stems from our philosophy, our commitment, our result, and the cash-generative nature of our business. I don't expect that to change going forward. Obviously, in extreme situations, we might come to a different conclusion. But so far, we've been weathering this situation fairly well and expect to do well as we go forward. I might also just comment on the general topic of capital allocation. I've started receiving some questions on share repurchase and whether that's appropriate use of funds in this environment. I don't fully understand the question. I do if you're accepting government support or something like that. But again, going back to our philosophy, it's your cash, not our cash, that needs to come back to you, either through a dividend or share repurchase.

Two there the loves and trusted brands, which are ours.

As there are more fully available.

The other hand, you're right, there's there's there's big upside here.

In terms in terms of reminding consumers of the benefits debate experience on our brands and how they've serves.

They're in their families needs, which is why this is not a time to go unfair I've talked to several other companies.

In different industries now who are viewing this as the time on when we should be cutting back on support and obviously, if you're going to industry that doesn't.

Operating in this environment that makes sense.

But but in ours I mentioned more media consumption now than ever.

Your trial retention point builds on that and this is and it all ties back to the comment I made several times in our prepared remarks about doubling down.

And moving forward not backward this is not a time to retrench.

And really that's all you know in service and service to consumers and service too.

Operator: And probably the worst thing we could do at this period of time, when I go back to our priorities, the third one being to help society get through this crisis, is take a bunch of cash and sit on it. We're much better off, I think, returning that cash to society and helping people during a very difficult time. And as you know, we have a large percentage of retail share owners, individual people. And we have a large ownership position from pension funds, which are representing the needs and wants and dreams and desires of frontline healthcare workers, of firemen, policemen, of the bus driver, and of teachers. And so I don't see any reason not to maintain the stance we've taken for many, many years relative to cash return. And I think it's more vital now than ever.

And probably the worst thing we could do at this period of time, when I go back to our priorities, the third one being to help society get through this crisis, is take a bunch of cash and sit on it. We're much better off, I think, returning that cash to society and helping people during a very difficult time. And as you know, we have a large percentage of retail share owners, individual people. And we have a large ownership position from pension funds, which are representing the needs and wants and dreams and desires of frontline healthcare workers, of firemen, policemen, of the bus driver, and of teachers. And so I don't see any reason not to maintain the stance we've taken for many, many years relative to cash return. And I think it's more vital now than ever.

Our retail partners and we believe in service to a broader society.

Next question will come from the line of Kevin Grundy with Jefferies.

Hey, good morning, John Congratulations on strong quarter, particularly the current environment.

I want to come back to longer term implications for consumer behavior.

Even with the nature of the current recession increased working from home and social distancing and what this is going to mean longer term you touched on some of it so positive for cleaning products and fabric care potentially negative.

For categories like blades and beauty with people working from home. So I wanted to come back to visit as you see what are the longer term implications versus those that are more transitory how are those conversations doing internally.

How are you organization balancing near term objectives, given the challenges in the current environment versus potentially modulating the playbook here a bit with what could be longer term structural changes to demand in some each category. So there's no thought there would be helpful. Thanks.

Operator: Sorry, I got kind of way late on that point, but it's one I feel strongly about. Relative to e-commerce, it differs pretty widely by category, by country. But generally, our market shares in e-commerce, our online shares are equal to our offline shares, are slightly ahead. And also, our margins are generally in line, online and offline. In general, the things that we do to win and best serve consumers offline are relevant online as well. But there are some specific things we can do to better serve both online shoppers and online retailers, for example, with packaging that's designed to survive the e-commerce journey, which is physically very demanding. And we're working to develop proprietary packaging that improves packaging integrity and consumer experience in that specific channel.

Sorry, I got kind of way late on that point, but it's one I feel strongly about. Relative to e-commerce, it differs pretty widely by category, by country. But generally, our market shares in e-commerce, our online shares are equal to our offline shares, are slightly ahead. And also, our margins are generally in line, online and offline. In general, the things that we do to win and best serve consumers offline are relevant online as well. But there are some specific things we can do to better serve both online shoppers and online retailers, for example, with packaging that's designed to survive the e-commerce journey, which is physically very demanding. And we're working to develop proprietary packaging that improves packaging integrity and consumer experience in that specific channel.

We need to stay very close to consumers and their habits needs and desires are more now than ever.

Just because we're at change points in their habits and their consumption levels, and we need to understand those and be responsive to those.

We actually meet has a.

As a portion of the leadership group three mornings a week at seven o'clock.

And one of the things that we're very focused on that meeting is what is changing relative to consumer need and making sure I mentioned skew portfolio. As one example, but making sure that we're positioning ourselves to serve those changing needs as well as lead.

Possibly can.

I think the net in terms of.

Demand to impact on our and total portfolio is clearly a positive longer term.

I don't know when I say that I, almost I don't want to minimize for a second any amount of human suffering that's led to the situation.

Operator: There are channel-specific areas of superiority that we can help our customers be relevant in and, in the process, increase our relevance.

There are channel-specific areas of superiority that we can help our customers be relevant in and, in the process, increase our relevance.

But but we are seeing increased levels of consumption.

And in the majority of our product categories.

Even when we come to something like beauty remember I talked about how.

Jon R. Moeller: There are no further questions at this time.

Operator: There are no further questions at this time.

This is the 17th consecutive quarter organic sales growth in a row.

And just to get to organic sales growth on beauty.

Operator: Thanks, everybody. Stay well. Stay safe. We're here. Don't hesitate to call. Have a great day.

Jon R. Moeller: Thanks, everybody. Stay well. Stay safe. We're here. Don't hesitate to call. Have a great day.

With a minus 20% plus number on SK too.

You have to assume very healthy purchase and consumption levels across the portfolio, which which we're seeing.

Jon R. Moeller: Ladies and gentlemen, that concludes today's conference. Thank you for your participation. You may now disconnect. Have a great day.

Operator: Ladies and gentlemen, that concludes today's conference. Thank you for your participation. You may now disconnect. Have a great day.

And I don't see a reason that that.

That.

Wanes.

So generally oh, thank you for point in again to the long term, which we view as.

We want it and it just this trite an overused statement, but we really do.

I expect to come out of the stronger than we went into it we really do believe of that there's a very bright future ahead and to your point, we need to be very deliberately keeping ourselves aware of what those opportunities are and putting steps in place to be able to two to seize those opportunities again.

Really under the heading of fully serving consumers.

Next question will come from the line of Mark Astra came with Stifel.

Yeah, Thanks, and good morning, John I'm, one of that could briefly on private label. So how should we be thinking about.

How you're thinking about what actually happened brands versus private label as obviously unemployment increases your commentary what specific thing you think we should be watching for categories that are more susceptible than others I recall paper goods being one of those.

We've watched historically if so what are you concerned about what it things we'd be focusing on it how do you think about that in terms of playing out this time around.

Generally so let me take you through [noise].

Recent trends are them I realize your question is more future focus.

We're seeing modest increases in private label share in North America.

At the same time that well, we're building significant share ourselves.

We're seeing private label share declines a pretty consistently and Europe.

At a time when were a building share there as well.

We can we can grow our business in our share a Europe's a prime example, we've done it for years.

During a time when private label is is growing.

So that's the first and very very important point.

Second in terms of recessionary dynamics its relate to private label.

I don't.

We see.

A number of different behaviors would've, which affected overall equation, so certainly a subset of consumers for home.

Price becomes a significantly greater portion of their personal value equation.

And that will in some cases result in a trade down to private label.

Our job become means becomes having an offering an alternative for them that allows them to achieve the same objective within our branded portfolio and we have many more wrong. This in that pricing ladder now than we had during the last recession.

There are other consumers, who who move or the other way.

For whom performance efficacy dependability.

I can't afford to be wrong.

I can't buy too.

So I need to buy the best results in a migration to branded offerings.

And that's different by category and by market.

But again going back to something Weve mentioned, a couple of times in this call I don't see any reason.

For us to have an expectation of ourselves.

That we hold their build share over a reasonable periods of time, I mean, given month or given quarter, we'll get in category given country.

Will have issues, but our expectation is that whether this is a V shaped recovery, whether its l. shaped recovery, whether it's a prolonged recession.

With our portfolio as a structured today.

Continued focus on superiority continued focus on excellence in execution.

We should be able to hold and and build share positions.

Your next question will come from Bill Chappell with Suntrust.

[noise]. Thanks, Good morning, and hope you doing well John.

Two quick questions. One I'm not you can answer but you know maybe some once you've seen in China were looking seen elsewhere to if you're looking at a given category that had 10% pipe or increase [noise].

Would you say like.

We will wait if they like they five is going to that end.

Can't be stocking, 2% of that is Ah stay at home orders and then lastly, just normal growth and is there any way to look at that and then secondly on advertising kind of what's the plan in in this environment. It seems like most large CPG companies have moved away from product advertising you with it.

Ken This is the company methods and we're all in the together, which is great, but it didn't know what the longer term you know kind of changed your cutback work, that's something to temper.

[noise] so in some categories Bill will you have we do have the ability.

To tease out increases and consumption from.

Pantry loading et cetera, and for example, there are several categories in the U.S. where.

We have a panel of up either consumers or devices washing machines dishwashers.

That give us information a routine basis on consumption levels, and where we have that in place a that's how we're able to know for example, when I mentioned earlier.

What's happening to a wash frequency of clothes and.

What what constitutes a that load.

The same in it and it just washing context, so we were able to in those categories see very clearly the increase in use in consumption and obviously then deduct into what might be.

Tanker socket there are other categories, where we don't have as good a bit as good of visibility into that but we're working to develop that ability.

Across each other categories and then the major markets and that's a clear focus.

But I would say that in general.

We're seeing as much as a 20% increase in consumption.

Across categories, where you'd expect to see that and and the balance is.

Pantry to some extent, but remember also in many of our categories.

Entry availability itself leads to greater usage I start conserving by my usage for example, a paper towel or certainly have a.

Bathroom tissue.

As I've reached the end of my inventory.

Ah to defer that trip to the store and certainly avoid a situation where I don't have any available.

If there is lots available I'm typically not rationing or conserving.

So just having that their results and increased consumption in many of our categories.

Oh I'm not the expert in the company on advertising, but I want.

But I would offer a couple thoughts.

Helping consumers understand how they can meet.

Their own perceived in critical needs for them and their family through the use of our products in many categories.

There's a public service.

And.

As well you know you know that for many years well before this we focused on.

If you will both.

Think about the all was like a girl campaign as an example.

And done well you can do both simultaneously.

But again I'm not the advertising expert if you want more prospective on that feel free to call My framework Richard.

Yeah.

Next question will come from the line out Rob on the Stein with Evercore.

Great. Thank you very much and John Thank you you and your colleagues for all the things that you're doing do make procter and gamble increasingly yeah. It's Ben.

Two questions first.

Clearly E commerce is becoming increasingly important and obviously in the U.S. and in China, but can you talk about the things that you were doing to become increasingly advantaged and meet the needs of your E Commerce partners.

The U.S. in China, and maybe what your market share looks like in E commerce versus brick and mortar in the U.S. Yoo China and then the second question.

Obviously, 6% increase in the did crashes.

But I think I think what would be interesting for me is to understand the thought process that increase given that you know you're very clear idea to.

This what the challenge is that the world faces over the next 12 plus months. So you know how how how didnt Procter and Gamble think about that sort of increase in that context. Thank you.

Let me start with the second question.

We have a very simple.

Philosophy and belief.

Which is that the cash we generate is not ours, it's yours.

And we have that's of course after a meeting.

Oh, the needs and opportunities that are presented by attractive investments.

We're having a good year.

And you know if we deliver against our guidance it'll be 8% to 11% core earnings per share growth.

Operating earnings growth has done a pretty much in in line with that.

And Ah going back to the philosophy and the commitments that that results in a certain outcome.

Our businesses generally highly cash generative.

So I mentioned, we generated $4.1 billion of cash in the quarter.

Our payout ratio.

Let's move we've just made as a is a little bit under 60%.

So there's plenty of of room, there if you will.

So it really stems from our philosophy and our commitment and our result, and the cash generative nature of our business and I don't expect that to change going forward.

Obviously.

In in extreme situations.

We might come to a different conclusions, but so far we've done whether in a situation fairly well.

And are expected to well as we though as we go forward.

I might also just comment on the general topic of capital allocation.

I've started receiving some questions on.

Share repurchase.

And whether that's appropriate use of funds.

In this environment.

And I don't.

Fully understand the question I do you know if you're if your accepting scale government support or something like that but.

Again going back to our philosophy.

That's your cash not our cash that needs to come back to either through a dividend or share repurchase.

And and probably the worst thing we could do.

At this period of time when I go back to our priorities. The third one being to help society get through this crisis.

This is take a bunch of cash and sit on it.

We're much better off I think are returning that cash to society and helping people during a very difficult time.

And.

As you know we have a large percentage of retail shareowners individual people.

And we have a large ownership position from pension funds, which are.

Representing the needs and wants and dreams of desires of.

Front line.

Healthcare workers of firemen policemen have the bus driver.

Of teachers, and so I don't see any reason not to maintain.

The steps we've taken for many many years.

Relative to a cash return and I think it's more vital now than ever.

Oh, sorry, I got kinda waylaid on that point, but it's one I feel strongly about.

Relative to E commerce.

Differs pretty widely by category by country, but generally our market shares in E Commerce are.

Our online shares are equal to our offline shooters are slightly ahead.

And also our margins are generally in line online and offline.

There are up in general the things that we do to win.

And best serve consumers offline or relevant online as well.

But there are some specific things we can do to better serve both online shoppers and online retailers for example, with from with packaging that's designed to.

Survive the the.

Ecommerce journey, which is physically very demanding.

And we've we're working to develop a proprietary packaging that.

Oh that improves package and integrity and consumer experience in that specific channel. So there are channel specific.

Areas of superiority that we can help our customers be.

Relevant Dan and I missed that in the process increase our relevance.

No no further questions at this time.

Thanks, everybody I'm stay well stay safe.

Now we're here I don't hesitate to call have a great day.

[laughter].

And gentlemen that concludes today's conference. Thank you for your participation you may now this disconnect.

Okay.

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