2025-04-29 The Coca-Cola Company (KO) Q1 2025 Earnings Call Transcript
The Coca-Cola Company (NYSE:KO) Q1 2025 Earnings Conference Call April 29, 2025 8:30 PM ET
Company Participants
Robin Halpern - VP, Head of IR
James Quincey - Chairman & CEO
John Murphy - President & CFO
Conference Call Participants
Dara Mohsenian - Morgan Stanley
Bryan Spillane - Bank of America
Lauren Lieberman - Barclays
Steve Powers - Deutsche Bank
Filippo Falorni - Citi
Chris Carey - Wells Fargo
Robert Ottenstein - Evercore
Andrea Teixeira - JPMorgan
Bonnie Herzog - Goldman Sachs
Kaumil Gajrawala - Jefferies
Nik Modi - RBC Capital Markets
Peter Grom - UBS
Charlie Higgs - Redburn Atlantic
Kevin Grundy - BNP Paribas
Michael Lavery - Piper Sandler
Bill Chappell - Truist Securities
Robert Moskow - TD Cowen
Operator
接线员
At this time, I would like to welcome everyone to The Coca-Cola Company's First Quarter 2025 Earnings Results Conference Call. Today's call is being recorded. If you have any objections, please disconnect at this time. All participants will be on listen-only mode until the formal question-and-answer portion of the call.
现在，我代表可口可乐公司欢迎各位参加 2025 年第一季度财报电话会议。本次会议正在录音，如有异议，请现在挂断。正式进入问答环节之前，所有与会者均处于只听模式。
I would like to remind everyone that the purpose of this conference is to talk with investors; and therefore, questions from the media will not be addressed. Media participants should contact Coca Cola's Media Relations Department if they have any questions.
请大家注意，本次会议旨在与投资者沟通，因此媒体提问将不予受理。如有媒体问题，请联系可口可乐媒体关系部门。
I would now like to introduce Ms. Robin Halpern, Vice President and Head of Investor Relations. Ms. Halpern, you may now begin.
下面请允许我介绍投资者关系副总裁罗宾·哈珀女士。哈珀女士，请开始。
Robin Halpern
罗宾·哈珀
Good morning, and thank you for joining us. I'm here with James Quincey, our Chairman and Chief Executive Officer; and John Murphy, our President and Chief Financial Officer. We've posted schedules under Financial Information in the Investors section of our company website. These reconcile certain non-GAAP financial measures that may be referred to this morning to results as reported under generally accepted accounting principles. You can also find schedules in the same section of our website that provide an analysis of our gross and operating margins.
大家早上好，感谢各位参加。今天与会的还有董事长兼首席执行官詹姆斯·昆西，以及总裁兼首席财务官约翰·墨菲。我们已在公司官网“投资者”栏目下的“财务信息”中发布相关报表，对本次电话会可能提及的若干非 GAAP 财务指标与公认会计准则下的报告结果进行调节说明。在同一栏目还能找到分析我们毛利率和营业利润率的报表。
This call may contain forward-looking statements including statements concerning long-term earnings objectives, which should be considered in conjunction with cautionary statements contained in our earnings release and in the company's periodic SEC report. Following prepared remarks, we will take your questions. Please limit yourself to one question. Reenter the queue to ask any follow-ups.
本次电话会可能包含前瞻性声明，包括关于长期盈利目标的陈述，应结合我们财报新闻稿及公司向美国证监会定期提交的报告中的警示性陈述一并考虑。发言结束后将进入问答环节，请每位提问者限问一个问题，如需追问请重新排队。
Now, I will turn the call over to James.
现在我将电话交给詹姆斯。
James Quincey
詹姆斯·昆西
Thanks, Robin, and good morning, everyone. Our results in this first quarter reflect the continued execution of our all-weather strategy and demonstrate the resilience of our business as we navigate a dynamic external environment. We delivered 2% volume growth and organic revenue growth at the high end of our long-term growth algorithm. We also delivered comparable gross and operating margin expansion.
感谢罗宾，各位早上好。本季度业绩体现了我们对“全天候”战略的持续执行，也展示了公司在充满变数的外部环境中的韧性。我们实现了 2% 的销量增长，且有机营收增速达到长期增长算法的高端区间，同时比较口径下毛利率和营业利润率均有所提升。
With this as context, we're grounded in our starting point of human centricity. Our first quarter results would not have been possible without the actions of our people around the world. I'd like to express my gratitude to our system associates, who are adapting quickly and creating enduring value. And as we look to the remainder of the year, we will continue to be consumer and customer centric. Based on what we know today, we believe we can achieve our 2025 guidance.
基于上述背景，我们始终坚持以人为本。若没有全球同事的努力，我们不可能取得如此成果。我向全体系统伙伴致以诚挚感谢，他们快速应变并持续创造价值。展望全年，我们仍将以消费者和客户为中心。根据当前掌握的情况，我们相信能够实现 2025 年目标指引。
This morning, I'll provide further detail on our first quarter business performance, and we'll discuss the current operating environment. Then, I'll explain how we're improving execution and investing to strengthen our system. John will also discuss our financial results and provide further commentary on the outlook for the rest of the year.
今天，我将进一步介绍第一季度的业务表现，并探讨当前经营环境。随后，我会说明我们如何提升执行力并加大投入以强化系统。约翰将分享财务结果并对全年剩余时间的前景做进一步说明。
During the quarter, some markets improved sequentially while other markets faced macroeconomic uncertainty and geopolitical tensions that impacted consumer confidence and consumption behaviors. Despite this backdrop, we delivered robust organic revenue growth through our stepped-up capabilities and better than ever system alignment. We're getting more granular and tailoring our execution to win locally in key geographies, categories, and channels.
本季度，部分市场环比改善，另一些市场则受到宏观不确定性和地缘紧张局势的影响，冲击了消费者信心和消费行为。尽管如此，我们凭借能力提升和系统协同的增强，实现了强劲的有机营收增长。我们正以更精细化方式，在关键地区、品类和渠道进行本地化执行，赢得市场。
During the quarter, we grew volume across all global beverage categories. We won value share by three key metrics, overall share, at home and away from home. However, as we look across our top country category combinations, we still have opportunities to further improve our performance. Across our markets, we leveraged our global scale and local expertise to respond to complex dynamics in the quarter.
本季度，我们在全球所有饮料类别的销量均实现增长，并在总体、家庭及即饮三大价值份额指标上实现提升。不过，审视主要国家与品类组合，我们仍有进一步提升表现的空间。期间，我们利用全球规模优势与本地专业能力，应对复杂多变的市场动态。
In North America, we grew revenue and profit and won value share, but we were not satisfied with our volume performance. In addition to challenges with severe weather and calendar shift, volume was impacted by weakening consumer sentiment as the quarter progressed, particularly among Hispanic consumers.
在北美，我们实现了营收和利润增长并提升了价值份额，但对销量表现并不满意。除恶劣天气和日历效应带来的挑战外，随着季度推进，消费者信心走弱，尤其是西班牙裔消费者，导致销量受压。
Bright spots include continued volume growth for Coca-Cola Zero Sugar, another good quarter for fairlife and Topo Chico Sabores, and continued traction with food service customer renewals and new accounts. Our system has quickly pivoted to prioritize the most impactful investment opportunities and is emphasizing faster decision making and greater agility to accelerate volume growth.
亮点包括：可口可乐零糖销量持续增长；fairlife 和 Topo Chico Sabores 再迎强劲季度；餐饮渠道续约及新客户保持良好势头。我们的系统已迅速调整，优先投入最具影响力的机会，并强调更快决策与更高敏捷度，以加速销量增长。
In Latin America, while volume was flat, we grew both organic revenue and comparable currency neutral operating income. Brazil and Argentina had strong volume performance, while momentum in Mexico was weaker due to cycling strong volume growth in the prior year, calendar shifts, and diminished consumer sentiment, partly stemming from geopolitical tensions.
在拉美，尽管销量持平，我们仍实现了有机营收和可比按固定汇率计的营业收入增长。巴西和阿根廷销量表现强劲，而墨西哥因去年高基数、日历效应及受地缘紧张局势影响的消费者信心下降，动能偏弱。
Our system has taken swift action in Mexico. We've learned from best practices in other markets by messaging affordability with value packages in key channels and by launching the Hecho en Mexico campaign to further build trust with consumers. Across Latin America, our system is leveraging connected packaging and digital customer platforms to drive long-term growth.
我们已在墨西哥迅速采取行动。借鉴其他市场的最佳实践，在关键渠道通过超值组合传递“高性价比”信息，并启动 “Hecho en Mexico（墨西哥制造）” 活动，进一步提升消费者信任。在整个拉美，我们利用互联包装和数字客户平台推动长期增长。
In EMEA, we grew volume, organic revenue, and comparable currency neutral operating income. In Europe, volume declined with mixed performance in both Western and Eastern markets due to a range of factors. To drive demand for our brands, we're focused on affordability and launching impactful integrated marketing activations.
在 EMEA，我们实现了销量、有机营收及可比按固定汇率计的营业收入增长。欧洲地区受多重因素影响，西欧和东欧市场表现不一，整体销量下滑。为提振品牌需求，我们聚焦可负担性并推出有影响力的整合营销活动。
For example, with Trademark Coca-Cola, we launched the Everyday Tasty Celebrations campaign for the meal occasions in over 20 markets leveraging local influencers. For Fanta, we launched a partnership with Xbox to recruit Gen-Z drinkers.
例如，针对可口可乐商标品牌，我们在 20 多个市场借助本地意见领袖推出了“Everyday Tasty Celebrations（日常美味庆典）”餐饮场景活动；针对芬达，我们与 Xbox 合作吸引 Z 世代消费者。
In Eurasia and Middle East, we drove strong volume growth and won value share. In Turkey, despite continued external challenges, our business performance improved. We're leveraging our learnings from the past year to better understand consumer motivations and pivot during shifts in demand. Our efforts across the region to emphasize the localness of our system while driving affordability and partnering closely with customers are taking hold.
在欧亚及中东，我们实现了强劲销量增长并提升了价值份额。尽管外部挑战持续，土耳其业绩有所改善。我们利用过去一年的经验，更好洞察消费者动机并在需求变化时及时调整。通过突出系统的本地属性、强化可负担性并携手客户，我们在整个区域的努力已开始见效。
Lastly, in Africa, we grew volume despite cycling strong growth in the prior year and dealing with double-digit inflation. We're driving affordability with refillable offerings and value packages, and we're engaging consumers by scaling global integrated marketing campaigns at a local level, including Wanta Fanta, Sprite Spicy Meals, and Schweppes Born Social 2.0. Finally, in Asia-Pacific, we delivered volume, organic revenue, and comparable currency neutral operating income growth.
最后，在非洲，我们在去年高增长基数和两位数通胀环境下依然实现了销量增长。通过可回收包装和超值组合推动可负担性，并将 Wanta Fanta、Sprite Spicy Meals 和 Schweppes Born Social 2.0 等全球整合营销活动本地化扩展以吸引消费者。最终，在亚太地区，我们实现了销量、有机营收和可比按固定汇率计营业收入的同步增长。
In ASEAN and South Pacific, volume declined as strong performance in the Philippines was more than offset by weaker performance in Thailand and Indonesia. However, we won value share in the region. We're focused on driving affordability with refillable offerings and attractive absolute price points, increasing outlet coverage, and accelerating placement of cold drink equipment.
在东盟及南太区，菲律宾表现强劲，但被泰国和印尼的疲软所抵消，导致整体销量下降；然而，我们提升了区域价值份额。我们正通过可回收包装和有吸引力的绝对价位来提升可负担性，扩大门店覆盖，并加速冷饮设备投放。
In China, our system focus on improving execution is paying off and led to volume growth. We delivered impactful integrated marketing activations around the Lunar New Year and invested to drive growth in away from home channels. Trademark Coca-Cola had strong volume performance, while Sprite is getting back on track.
在中国，我们强化执行力已见成效，带动销量增长。围绕春节推出了具有影响力的整合营销活动，并加大对外出渠道投资。可口可乐商标品牌销量表现强劲，雪碧也逐步回到正轨。
In India, we had strong volume growth across our portfolio of global and local brands. Our system added nearly 350,000 outlets and increased household penetration. Also, our system increased cooler placement and added approximately 100,000 customers to its digital customer platforms. In Japan and South Korea, we drove volume growth and won value share with strong performance from Ayataka Tea. Our system is benefiting from stepped-up execution across key channels.
在印度，我们的全球及本地品牌组合实现强劲销量增长。系统新增近 35 万家门店，提高了家庭渗透率，并增设冷柜，同时在数字客户平台上新增约 10 万名客户。在日本和韩国，凭借“绢抹茶”表现出色，我们实现了销量增长并提升价值份额。系统在关键渠道的强化执行取得成效。
Putting it all together, our business proved to be resilient during the quarter and we are prepared to respond to changing consumer dynamics as our external environment continues to evolve. While we're navigating near-term market dynamics, we're focused on capturing the boundless opportunities we discussed at CAGNY and we're building capabilities to further our strategic edge.
总体而言，本季度业务韧性得到验证，我们已做好准备应对不断变化的消费者动态。虽然仍在应对短期市场波动，我们将着眼于 CAGNY 上提到的无限机会，并构建能力以深化战略优势。
Starting with our portfolio of love brands.
首先是我们备受喜爱的品牌组合。
Our total beverage portfolio offers consumers choice, whether it be by brand, package size, or package type. We have 30 global and local billion dollar brands that address a broad range of consumer need states and drinking occasions.
我们的全品类饮料组合在品牌、包装规格和包装类型上为消费者提供多样选择。我们拥有 30 个全球与本地十亿美元级品牌，覆盖广泛的消费需求场景与饮用时刻。
A 30% of our volume is from low calorie or no calorie beverages, and 68% of our products in our portfolio have less than 100 calories per 12 ounce serving. We also have a diversified mix of affordable and premium offerings.
低糖或无糖饮料占我们销量的 30%，产品组合中 68% 的产品每 12 盎司含糖量低于 100 卡路里。我们同时拥有丰富的亲民与高端产品组合。
By staying consumer centric and offering choice, we're seeing growth across multiple elements of our portfolio.
通过坚持以消费者为中心并提供多元选择，我们在产品组合的多个板块实现了增长。
Moving on to our marketing and innovation agenda. Our ongoing transformation continues to fuel our top line growth. With Studio X, we're producing tailored digital marketing at scale and with speed, and we're measuring the impact in real time. For example, during Lunar New Year, we scaled an integrated campaign with Trademark Coca-Cola across China, Japan, Vietnam, and other Asia-Pacific markets.
接下来谈谈我们的营销与创新议程。持续的转型不断推动公司营收增长。依托 Studio X，我们能够大规模、快速地制作定制化数字营销内容，并实时衡量效果。例如，农历新年期间，我们在中国、日本、越南及其他亚太市场扩大了可口可乐商标品牌的一体化活动。
Consumers access personalized digital experiences through our system's connected packaging. The campaign leveraged social media, live events, and increased displays in customer outlets, contributing to Trademark Coca-Cola volume growth in Asia-Pacific during the quarter. We're also excited about the global return of our iconic Share a Coke campaign. The 2025 iteration of this campaign offers digital experiences and increased shareability and customization.
消费者通过系统的互联包装获得个性化数字体验。该活动利用社交媒体、线下活动及门店展示的提升，为本季度可口可乐商标品牌在亚太地区的销量增长做出了贡献。我们同样对标志性的“分享可口可乐”全球回归感到振奋。2025 年版本将提供数字化体验并增强分享性与定制化。
The return of Share a Coke is the first chance for Gen-Z to experience this much loved campaign. We're investing in multi-year innovations and prioritizing fewer for bolder launches to drive greater impact and improve our success rates. For example, we're continuing to invest in Fuze Tea, which contributed to value share gains in the category during the quarter. We expanded Fuze Tea, Sabor Original to Spain and Fuze iced tea to Canada.
“分享可口可乐”的回归将让 Z 世代首次体验这一深受喜爱的活动。我们正对多年期创新进行投资，并聚焦少而精的大胆上市项目，以获得更大影响力并提高成功率。例如，我们持续投资 Fuze Tea，本季度该品牌推动了品类价值份额提升，并将 Fuze Tea Sabor Original 推向西班牙，将 Fuze 冰茶推广至加拿大。
In the U.S., Coca-Cola Orange Cream is off to a good start with approximately $50 million in retail sales during the quarter. At the end of February, we launched Simply Pop, our first prebiotic soda in select locations and channels across the country. We're excited about our ability to test and learn and scale successes over time.
在美国，Coca-Cola Orange Cream 开局良好，本季度零售额约 5,000 万美元。2 月底，我们在全国部分网点和渠道推出首款益生元汽水 Simply Pop。我们对不断测试、学习并逐步放大成功的能力充满期待。
Lastly, we're striving to optimize our broader ecosystem. This extends far beyond the company and our bottling partners. If you include our suppliers, approximately 6 million people service our ecosystem. Coca-Cola is for everyone and we strive to contribute to each of the communities we serve.
最后，我们正努力优化更广泛的生态系统，这一体系远不止公司与灌装伙伴；若计入供应商，约有 600 万人服务于我们的生态。可口可乐面向所有人，我们致力于回馈所服务的每一社区。
We believe our franchise model, which leverages global scale but prioritizes localness is an advantage in today's environment. Our system primarily produces and distributes our brands locally. We also aim to procure locally where possible. Much of the value we create in terms of jobs and retail sales stays in the local markets.
我们相信，在当今环境下，利用全球规模同时强调本地化的特许经营模式是一大优势。系统主要在本地生产并分销我们的品牌，也尽可能本地采购。我们在就业和零售销售方面创造的大部分价值都会留在当地市场。
For example, according to a recent economic impact study by Steward Redqueen in the U.S., our ecosystem contributes approximately 860,000 jobs and approximately $58 billion to annual gross domestic product. In Brazil, our ecosystem contributes approximately 575,000 jobs and over $15 billion annually to the gross domestic product.
例如，美国咨询机构 Steward Redqueen 的最新经济影响研究显示，在美国，我们的生态系统贡献约 86 万个就业岗位及 580 亿美元的年度 GDP；在巴西，我们的生态系统每年贡献约 57.5 万个就业岗位和逾 150 亿美元的 GDP。
While it is reasonable to assume global trade tensions and broader macro uncertainty may persist in the near term and could impact consumer sentiment, the building blocks behind our long-term growth opportunities are unchanged. We continue to benefit from three primary factors. Firstly, we operate in a resilient industry with predictable growth. Second, while barriers to entry in our industry are low, barriers to scale in our industry are high.
尽管全球贸易紧张和宏观不确定性在短期内可能持续并影响消费者情绪，但支撑我们长期增长机遇的基础未变。我们依旧受益于三大因素：第一，我们所在行业具备韧性且增长可预见；第二，行业进入门槛低，但规模化门槛高。
Lastly, we have significant headroom to develop our industry and gain share, and we believe we're primed to capture these opportunities. Our portfolio power as demonstrated by our $30 billion brands and pervasive yet local distribution are key differentiators. Our system continues to prioritize agility, consumer centricity, and close partnership across our ecosystem to drive long-term growth.
最后，我们在行业发展和份额提升方面拥有巨大空间，相信已做好抓住这些机会的准备。30 个十亿美元品牌所呈现的组合实力，以及无处不在且本地化的分销网络，是我们的关键差异化优势。系统将继续把敏捷性、以消费者为中心以及全生态紧密合作置于优先，以推动长期增长。
In summary, it's early in the year, and we know that the external environment is dynamic. Enabled by our all-weather strategy, we'll continue to expand our toolkit to respond to the opportunities and challenges ahead. Thanks to the unwavering dedication of our system employees, we are confident we can achieve our objectives.
总而言之，今年才刚开始，我们深知外部环境瞬息万变。依托我们的“全天候”战略，我们将继续丰富工具箱，应对未来的机遇与挑战。感谢系统员工的不懈奉献，我们有信心实现既定目标。
With that, I'll turn the call over to John.
接下来，我将电话交给约翰。
John Murphy
约翰·墨菲
Thank you, James, and good morning, everyone. During the quarter, we pivoted as needed to continue delivering on our objectives. We grew organic revenues 6%, which reflects performance at the high end of our long-term growth algorithm. Unit case growth was 2%, in line with our multiyear trend. Concentrate sales were 1 points behind unit case sales as the impact of two fewer days in the quarter was partially offset by the timing of concentrate shipments.
感谢詹姆斯，大家早上好。本季度我们根据需要迅速调整，以继续实现目标。有机营收增长 6%，处于长期增长算法的高端；箱数销量增长 2%，符合多年趋势。由于本季度少两天的日历影响被部分浓缩液发运时点所抵消，浓缩液销量落后箱数销量 1 个百分点。
Our price mix growth of 5% was driven primarily by pricing actions across our markets, partially offset by approximately 1 point of unfavorable mix. Pricing from intense inflationary markets contributed to approximately 1 point of price mix growth, down from approximately 5 points in full year 2024.
5% 的价格/组合增长主要由各市场的提价举措推动，约有 1 个百分点的负面结构因素抵消。在高通胀市场采取的定价措施贡献约 1 个百分点，低于 2024 全年的约 5 个百分点。
被外部环境严重影响的都不是太好的系统，可口可乐经历过很多个经济周期的扰动。
Comparable gross margin increased approximately 30 basis points, and comparable operating margin increased approximately 130 basis points. Both were driven by underlying expansion and a benefit from bottler refranchising, partially offset by currency headwinds. Putting it all together, first quarter comparable EPS of $0.73 increased 1% year-over-year despite 5% currency headwinds, dilution from bottle refranchising, elevated net interest expense, and an approximate 2 point increase in our effective tax rate.
可比毛利率提升约 30 个基点，可比营业利润率提升约 130 个基点，两者均受基础业务扩张和装瓶厂特许经营重组的利好驱动，部分被汇率逆风抵消。综合来看，尽管面临 5% 的汇率逆风、装瓶厂重组摊薄效应、较高净利息支出以及有效税率上升约 2 个百分点，第一季度可比每股收益仍同比增长 1%，达到 0.73 美元。
Free cash flow, excluding the fairlife contingent consideration payment was approximately $560 million, an increase versus prior year. During the quarter, we made our final $6.2 billion payment related to our acquisition of fairlife, which continued to deliver strong performance. We're expecting fairlife's growth to moderate during the remainder of 2025 in advance of bringing additional capacity online.
不含 fairlife 或有对价付款的自由现金流约 5.6 亿美元，同比增加。本季度我们完成了收购 fairlife 的最后一笔 62 亿美元付款，fairlife 依旧表现强劲。预计在新增产能投产前，2025 年余下时间 fairlife 的增长将趋于温和。
Our balance sheet remains strong with our net debt leverage of 2.1 times EBITDA, which is at the low end of our targeted range of 2 times to 2.5 times. We're confident in our long-term free cash flow generation and continue to have balance sheet capacity to pursue our capital allocation agenda, which prioritizes an unwavering commitment to drive growth and support our dividend while staying flexible and opportunistic.
我们的资产负债表依旧稳健，净债务杠杆率为 EBITDA 的 2.1 倍，处于目标区间 2 至 2.5 倍的低端。我们对长期自由现金流生成能力充满信心，并保有资产负债表空间以执行资本配置计划，坚持推动增长和支持股息，同时保持灵活、把握机遇。
Before I discuss our guidance, I'd like to provide perspective on the current global trade environment and the actions we're taking to manage our business. While our system primarily executes locally, we're not immune to global trade dynamics. Based on what we know today, the dynamic tariff landscape could impact pockets of our systems' cost structure as well as consumer sentiment in our markets.
在讨论指引之前，我想先谈谈当前全球贸易环境及我们的应对措施。尽管系统主要在本地运营，但仍无法完全隔绝全球贸易动态。根据目前信息，变化中的关税局势可能影响系统成本结构的某些环节，并波及市场消费者情绪。
At this time, we believe we have numerous levers to help manage the impact, which is contributing to our current 2025 guidance. Enabled by our all-weather strategy, we believe our business model has the flexibility needed to allow us to deliver on our near-term commitments.
目前我们认为拥有多项杠杆可管理这些影响，这也反映在 2025 年当前指引中。“全天候”战略赋予公司所需的灵活性，使我们能够兑现近期承诺。
Our current 2025 guidance takes into consideration the underlying momentum of our business and what we know today about our external environment. We continue to expect organic revenue growth of 5% to 6%, but now expect comparable currency neutral earnings per share growth of 7% to 9%, both of which reflect delivery in line with our long-term growth algorithm.
现行 2025 年指引考虑了业务的内在动能及当前外部环境信息。我们仍预计有机营收增长 5% 至 6%，但可比按固定汇率计每股收益增速预期调整为 7% 至 9%，两项指标均符合长期增长算法。
15倍的PE才有投资价值，目前远期25倍的PE。
Bottle refranchising is still expected to be a slight headwind to comparable net revenues and comparable earnings per share. Most of the impact of bottle refranchising occurred during the first quarter of this year, as we cycled the impact of refranchising the Philippines, which closed during the first quarter of 2024.
装瓶厂特许经营重组仍预计对可比净营收和每股收益构成轻微逆风。大部分影响已在今年一季度体现，因为我们正对比 2024 年第一季度完成的菲律宾装瓶业务重组效应。
Based on current rates and our hedge positions, we now anticipate an approximate 2 point to 3 point currency headwind to comparable net revenues and an approximate 5 point to 6 point currency headwind to comparable earnings per share for full year 2025.
按当前汇率及套期保值情况，预计 2025 全年可比净营收将面临约 2 至 3 个百分点汇率逆风，可比每股收益则面临约 5 至 6 个百分点的汇率逆风。
Our underlying effective tax rate for 2025 is still expected to be 20.8%, which is over a 2 point increase versus prior year. All-in, based on what we know today, we continue to expect 2025 comparable earnings per share growth of 2% to 3% versus $2.88 in 2024.
2025 年基础有效税率仍预计为 20.8%，较去年提高逾 2 个百分点。综合考虑目前信息，我们仍预计 2025 年可比每股收益较 2024 年的 2.88 美元增长 2% 至 3%。
There are some considerations to keep in mind for 2025. During the second quarter, we are cycling a tougher volume comparison from the prior year, while we're taking action to address consumer dynamics across some key markets and are seeing encouraging signs, we expect recovery to take some time. We continue to expect the productivity benefits that I discussed in February to be weighted towards the latter half of 2025.
关于 2025 年需注意几点：第二季度将对比去年较高的销量基数；我们虽已在关键市场采取措施应对消费者动态并见到积极迹象，但预计恢复仍需时间。2 月提到的效率提升收益仍预计主要集中在 2025 年下半年。
Last, due to our reporting calendar, there will be one additional day in the fourth quarter.
最后，由于财报日历原因，第四季度将多出一天。
To sum it up, we remain focused on the execution of our all-weather strategy and are well positioned despite macro complexity and uncertainty in the remainder of 2025. Thanks to the power of our portfolio and the partnership of our system, we're confident we will continue to create enduring value for our stakeholders.
总而言之，我们将继续专注执行“全天候”战略，尽管 2025 年余下时间宏观环境复杂且不确定，但公司依旧处于有利位置。凭借强大的品牌组合和系统合作伙伴关系，我们有信心持续为利益相关者创造持久价值。
And with that, operator, we are ready to take questions.
接下来，接线员，我们准备好回答提问。
Question-and-Answer Session
问答环节
Operator
接线员
[Operator Instructions] Our first question comes from Dara Mohsenian from Morgan Stanley. Please go ahead. Your line is open.
【操作员提示】第一位提问者是摩根士丹利的 Dara Mohsenian。请提问，线路已开通。
Dara Mohsenian
Hey, good morning. Another strong quarter clearly in Q1, but you did maintain the all-in full-year 2025 earnings guidance, which implies constant-currency earnings growth is now lower by 100 basis points with FX improving. So, is that just because it's early in the year and in a difficult environment, it doesn't make sense to raise overall earnings, particularly with volatile currency or are there discrete factors that are incremental as we think about full-year currency-neutral earnings?
早上好。显然，第一季度业绩再次强劲，但你们维持了 2025 全年整体盈利指引，这意味着在汇率改善的情况下，按不变汇率计的盈利增速比之前低了 100 个基点。这是不是因为今年刚开始、环境艰难，所以现在上调全年盈利并不合适，尤其是汇率波动较大？还是说在全年按固定汇率计算盈利时，有其他新的增减因素？
And maybe I can just extend that question also to unit cases, 2%, great result in the quarter. Comps do get tougher going forward. There's some geopolitical risk in theory. So, just any thoughts around your ability to drive continued corporate unit case growth going forward in this more difficult environment that you referenced. Thanks.
另外想把问题扩展到箱销量，本季度增长 2% 很不错，但接下来基数更高，理论上还有地缘政治风险。在你们提到的更具挑战性环境中，继续推动公司箱销量增长有何看法？谢谢。
John Murphy
约翰·墨菲
Thanks, Dara. On the currency front, as we said in the script, the currency guidance is based on current rates and hedge positions and it's early in the year. We have most of our G10 pretty much hedged, but there's still a lot of volatility out there with emerging markets. So, we are being, I think, prudent to not get flow-through, and I am sure there's more to come in the coming months on the currency front, particularly in the emerging world.
谢谢，Dara。关于汇率，正如发言稿所述，汇率指引基于当前汇率和套保头寸，而且现在还处于年初。我们已对 G10 货币大部分敞口进行了套期保值，但新兴市场仍存在很大波动，因此我们谨慎地选择不作全部传导。我相信未来几个月在汇率方面还会有新的变化，尤其是在新兴市场。
So, on unit case volume, not dissimilar. We have had a -- an overall strong start when you look at the global portfolio, thanks to the strength of that portfolio. I highlighted in my script remarks, as you just alluded to, the -- we're cycling a strong second quarter. We have had a number of actions to address some of the challenges we've seen in the first quarter, and we expect those actions to have an impact, but it will not be immediate. So, we're -- I'd highlight the full year guidance, we feel comfortable and confident with and like, we've seen over the last, I'd say, 12 quarters to 13 quarters, each quarter has its own personality now a days. And so, I'd look at the full year versus, let's say, the dynamics of any one quarter.
至于箱销量也类似。从全球组合来看，我们开局总体强劲，这得益于产品组合的实力。我在发言中指出，如你提到的，我们将对比去年强劲的第二季度。我们已采取多项措施来应对第一季度看到的挑战，预计这些措施会产生效果，但不会立竿见影。因此，我要强调的是全年指引，我们感到安心且充满信心。过去大约 12 到 13 个季度中可以看到，如今每个季度都有自己的“个性”，所以我更看重全年表现，而不是单个季度的动态。
Operator
接线员
Our next question comes from…
下一位提问来自……
Dara Mohsenian
Great. Thanks.
好的，谢谢。
Operator
接线员
Our next question comes from Bryan Spillane from Bank of America. Please go ahead. Your line is open.
下一位提问者是美国银行的 Bryan Spillane。请提问，线路已开通。
Bryan Spillane
Hey, thanks operator. Good morning, everyone. And John, I'm still trying to figure out, it's the first-time I've heard quarters described as having personality. So, I'm trying to understand what personality this quarter might have been. But just -- can we talk a little bit about Mexico? And the quarter was, I think was a little bit softer. Also, I think you talked about market share gain or market share losses.
谢谢。大家早上好。约翰，我还是第一次听到用“个性”来形容季度，所以想弄明白这一季度是什么个性。能否谈谈墨西哥？本季度那里的业绩似乎有点疲软，你们也提到了市场份额的增减情况。
So, maybe can we talk a little bit about the current conditions there? I know last year, there was some noise with the consumer around the election. So, just what's happening with the consumer there, and I guess perhaps what actions you're going to take, what you're planning to take going forward to sort of restart volume growth?
能否谈一下那里的最新状况？我知道去年大选期间消费者情绪有些波动。现在消费者情况如何？你们将采取或计划采取哪些措施来恢复销量增长？
James Quincey
Yeah. Sure. Firstly, stepping back a bit, I mean, Latin America had a reasonable quarter, there was strong growth in Brazil and particularly Argentina. And yes, as you say, it was a bit softer in Mexico. There are a few things that went into that softness in Mexico. It's cycling a stronger first half from last year and Easter being an important holiday in Mexico, that shifted effectively from the first quarter to the end of April, effectively the second quarter. So, that's one -- that's the first piece.
好的。首先，从更宏观角度看，拉丁美洲整体表现尚可，巴西和尤其阿根廷增长强劲。如你所说，墨西哥的确略显疲软，原因有几点：一是去年上半年基数高；二是复活节作为墨西哥重要假日，今年从一季度移至 4 月底，也就是二季度，对比基数不同，这是第一点。
Second piece, there was some macro uncertainty coming into the year post the election, the locally of Mexican elections and some geopolitical tension. We called out some of the pullback in Hispanic consumers in the U.S. as part of underlying one of the factors in the U.S. volume, that is also the same thing that's happening in Mexico and North America that some of the geopolitical tension and Hispanic pullback also affected the Mexican, particularly the border region, which is very connected to the U.S. and so you've got that as well.
第二点，选举之后进入新年时存在一些宏观不确定性，本地选举及地缘政治紧张。我们提到美国市场中西班牙裔消费者的需求收缩，这同样发生在墨西哥和北美；地缘紧张和西语裔消费收缩也影响了墨西哥，尤其与美国联系紧密的边境地区，也带来压力。
And so, there was a couple of impacts there coming. We had some pretty good bright spots on Coke Zero and Del Valle and Santa Clara and Fuze, but we're very focused going into Q2 on affordability with refillables and value, reinforcing our Hecho en Mexico, which is a campaign about the localness, the hundred -- the tens of thousands of jobs in Mexico that are about our Mexican system and partnering closely with the fragmented trade. So, I think that it will come back.
因此影响因素有好几项。虽然 Coke Zero、Del Valle、Santa Clara 和 Fuze 表现亮眼，但进入二季度我们将重点放在可回收包装与超值组合上，以提升可负担性，并强化 “Hecho en Mexico（墨西哥制造）” 活动，突出我们在墨西哥创造的数以万计本地就业，并与碎片化渠道密切合作。我认为销量会回升。
As John said, each quarter will have its own personality. I'm not sure what Q2 will end up with, but choppy would be a good start. We're confident in our guidance because we're confident in our strategy and the system's execution of that all-weather strategy. And so, I think we'll come back in Mexico and we'll pull it back.
正如约翰所说，每个季度都有自己的“个性”。二季度最终如何还不好说，用“波动”形容或许合适。我们对全年指引有信心，因为对战略及系统执行“全天候”战略的能力有信心。我相信墨西哥市场会反弹，我们会重新拉起表现。
Operator
主持人
Our next question comes from Lauren Lieberman from Barclays. Please go ahead. Your line is open.
接下来是巴克莱银行的劳伦·利伯曼提问。请开始发言，线路已接通。
Lauren Lieberman
劳伦·利伯曼
Great. Thanks so much. So, I want to talk a little bit more perhaps about the actions you're taking in the U.S. you called out, consumer softness, particular demographics, but there was also some pretty pointed anti-Coke, brand Coke sentiment out there. So, I was just curious, anything you could share or articulate on what the system is doing to kind of manage through that? So yeah, that's the key question. Thanks.
非常感谢。我想进一步了解你们在美国采取的应对措施。你们提到消费者需求疲软、特定人群表现不佳，同时市场上也出现了针对可口可乐品牌的负面言论。我想知道，可口可乐体系为应对这种情况正在做些什么？这就是我的核心问题，谢谢。
James Quincey
詹姆斯·昆西
Yeah. Sure. I mean, clearly, the key is agility and reprioritization, refocusing on some of the issues, within the context of a strategy that has been working for us in the U.S. marketplace. I mean, we have been very focused on driving the portfolio and upping the execution with our bottling partners and that's been a multi quarter, multi-year successful strategy. So, within the context of continuing that, we're going to make some adjustments to what's happened in the first quarter.
好的。当然，关键在于保持敏捷、重新设定优先级，并在既有成功战略框架下聚焦具体问题。多年来，我们与装瓶合作伙伴一道，一直专注于推动产品组合发展并提升执行力，这在美国市场取得了连续多个季度、数年的成功。在这一成功基石上，我们将针对第一季度的情况进行一些调整。
Just standing back a second and saying what happened, there were a whole set of things came together. There's a shift in Easter, which I mentioned the Mexico and the weakness in some of the consumer traffic, particularly Hispanics in traffic and there was some very unfortunate video circulating around, false -- completely false, but they impact the business. That kind of hit us particularly Coke Original in the Southern states that is a basic, but there were other things like cold weather and some of the calendar shifts.
先回顾一下发生了什么：多重因素叠加在一起。复活节档期有所变动，我提到过墨西哥市场以及部分消费客流，尤其是西班牙裔客流的疲软。此外，还出现了一些恶意且完全失实的视频在网络流传，对业务造成冲击，尤其影响到南部各州的经典可乐销量。再加上寒冷天气和日历周期的错位等因素，都对表现产生了影响。
So, there were some known factors. There were some unfortunate factors and there's some stuff that we got to focus on, so that we can build on what went well. Coke Zero is still growing. Fairlife was still the number one brand to add retail dollars in the first quarter. Topo Chico is going well, Fuze it. So we have a lot to build on. We're focused on coming back on Coke Original.
因此，既有可预见因素，也有突发不利因素，还有我们需要重点关注的事项，以便在已有成果上继续推进。Coke Zero 仍在增长；Fairlife 仍是第一季度零售增量最大的品牌；Topo Chico 表现良好，Fuze 亦然。我们有很多亮点可以放大，目前正专注于恢复经典可乐的增长。
We're focusing in on winning back some of the Hispanic consumers, both from a consumer and a channel point of view and reinforcing some of our affordability options. So, I think we're going to again come back, might be choppy again going into Q2, but we feel we have a handle on the controllables and can get ourselves back on track to our winning strategy.
我们正着力从消费端和渠道端双向夺回部分西班牙裔消费者，并强化价格可负担性选项。我认为我们会重回增长，进入第二季度可能仍有波动，但我们已掌控住可控因素，有信心重新步入既定的成功轨道。
Operator
主持人
Our next question comes from Steve Powers from Deutsche Bank. Please go ahead. Your line is open.
下一位提问来自德意志银行的史蒂夫·鲍尔斯。请开始发言，线路已接通。
Steve Powers
史蒂夫·鲍尔斯
Hey, great. Thanks. So James, as you emphasized in the prepared remarks, the company's portfolio is made up, of a broad mix of both global and local brands. Given some of the shifts you've seen in demand since we were all together at CAGNY in February, could you talk maybe about how you're leaning more into some of those local brands in the current environment to the extent that you are or perhaps how you're executing or positioning differently some of your global brands to emphasize their local relevance?
好的，谢谢。詹姆斯，你在准备好的发言中强调，公司产品组合既包含全球品牌，也包含本地品牌。自今年二月 CAGNY 会议以来，需求出现一些变化。在当前环境下，你们是否更侧重本地品牌，或是在执行和定位全球品牌时采取不同做法以突出其本地相关性？
James Quincey
詹姆斯·昆西
Sure. And let me start by emphasizing the nature of the Coke system globally. Obviously, we're iconically known for Coca-Cola, the world's most global brand and a set of other global brands. But along with that kind of headline globalness, actually it's a very profoundly local business. The beverages in each country are largely made in that country by local employees using local inputs.
好的。首先我要强调可口可乐体系的全球属性。毋庸置疑，我们因可口可乐这一全球最具代表性的品牌及其它全球品牌而闻名。但在这“全球”表象背后，业务本质上非常“本地化”——各国饮料大多在当地由本地员工、使用本地原料生产。
So, the U.S. system, for example, between the people we employ directly in the kind of the economic jobs that come through the supply chain and total ecosystem is like 860,000 people and $58 billion of GDP. You go to Brazil, same, 575,000 people, $15 billion of GDP. So, it's a very profoundly local business as much as it looks like a global business. And so the paradox that gets managed productively from our point of view is how do we make global brands locally relevant.
以美国为例，直接雇员及供应链和整个生态系统带动的相关就业共约 86 万人，贡献 580 亿美元 GDP。巴西亦是如此，约 57.5 万人，150 亿美元 GDP。可见，这是一门深度本地化的生意。我们要有效管理的“悖论”是：如何让全球品牌在本地保持高度相关性。
So, it's not that we -- in this current context are switching from supporting and investing behind the global brands into just local brands, no. The trick, the imperative is to make the global brands locally relevant. And in the moments of geopolitical tension, one of the key strategies is to drive and reinforce the made in or made by. The fact that it's a local business, the factory is down the road from you, your neighbors make the product. And this underlining of the localness of the production and the distribution and the workforce plus reinforcing affordability tends to be the key thing to do, particularly with Brand Coca-Cola in these moments.
因此，我们并非在当前环境下停止支持全球品牌而只投向本地品牌；关键在于让全球品牌在本地也具备吸引力。在地缘政治紧张时期，重要策略之一就是强调“本地制造”或“本地出品”——工厂就在不远处，你的邻居就在生产这款产品。突出生产、配送及员工的本地属性，再辅以价格可负担性，是此刻尤其对可口可乐品牌行之有效的做法。
So, I would not expect to see any major shifts in the makeup from the brand -- from a global brand or from a brand portfolio sense as we go forward. It's about how you engage locally to reinforce the global nature of the brand, but the local physical presence of the brand and that's what works in these circumstances and it's a best practice that we know from around the world. It's not the first time it's had to be used. I'm sure it won't be the last. And so, we think our business model is set up for an environment that can take a degree of disturbance because it's a very resilient business model.
因此，从品牌组合结构上看，我们不会有大的调整。关键在于用本地化方式强化品牌的全球属性和本地实体存在，这在当前环境下最有效，也是世界各地验证过的最佳实践。这并非首次采用，也不会是最后一次。正因如此，我们的商业模式具备高度韧性，能够从容应对各种扰动。
Operator
主持人
Our next question comes from Filippo Falorni from Citi. Please go ahead. Your line is open.
下一位提问来自花旗银行的菲利波·法洛尔尼。请开始发言，线路已接通。
Filippo Falorni
菲利波·法洛尔尼
Hi. Good morning, everyone. I wanted to ask you about your comment about the global trade dynamics. You mentioned that your operations are primarily local, but what are the portion of your business where you're actually seeing the tariff implication impacting your business? Any sense if you can give us a sense of quantifying the potential impact? I know aluminum is a component, but just any broader comment on the implication from the global trade environment?
大家好，早上好。我想询问一下关于全球贸易动态的评论。您提到公司的业务主要是本地化运作，但在哪些业务环节你们确实看到了关税产生影响？能否就潜在影响做一些量化？我知道铝是其中一个因素，但是否能更广泛地谈谈全球贸易环境对业务的影响？
And then, a follow-up to that in the sense of the responses to just a general anti-American brand sentiment around the world from the global trade disputes. Are there any countries other than Mexico, which you call now where you're seeing a little bit more of a, I guess, some negative sentiment towards American brands? Thank you.
另一个跟进问题是，全球贸易争端带来普遍的反美品牌情绪。除了你刚才提到的墨西哥之外，是否还有其他国家对美国品牌出现更明显的负面情绪？谢谢。
James Quincey
詹姆斯·昆西
Yeah. I'll take the second piece first, because it's very much linked to my previous answer, which is about reinforcing localness and really making sure we're on affordability and getting that really working and focused on driving the execution of that strategy. I'm not sure I would call out many other places. Obviously, there have been countries that have cycled through this problem over the last number of years. I'm sure there'll be more.
好的，我先回答第二个问题，因为这与我之前的回答密切相关——强调本地化、确保价格亲民，并专注于战略执行。我暂时不会点名其他地区。过去几年里，一些国家曾经历过类似问题，未来或许还会出现。
I think the predominant issues have been, as we've seen this quarter so far in the U.S. and in Mexico, a little bit perhaps in Europe, and some of the other countries, but one has to pass apart sentiment from behavior. And therefore, it's very important that we're not responding to sentiment, we're responding to behavior.
目前主要的问题，正如本季度在美国和墨西哥所见，欧洲以及其他少数国家也略有体现，但必须区分情绪和行为。因此，我们的应对重点不是情绪，而是行为本身。
Turning back to the tariff dynamic, as we called out in our release, we see it as manageable. Obviously, we're not immune to global trade dynamics and we're talking now, knowing what we know today, and we're mindful the environment can change around us. Again, as I said before, I think our local franchise structure is an advantage.
回到关税问题，正如我们在公告中所述，我们认为影响是可控的。我们并非对全球贸易动态免疫，但基于目前信息来看，我们保持警觉，环境随时可能变化。再次强调，我们的本地特许经营结构是一大优势。
Our exposure to trade, import-export, is not massive in the major countries relative to our cost structure. So, if we were to take the U.S. for example, we are exposed on a couple of inputs like orange juice or some of the dispensing equipment we buy, our bottling system is a bit exposed to some of the resin and aluminum.
相较于整体成本结构，在主要国家中我们的进出口敞口并不大。以美国为例，我们受影响的输入主要是橙汁、部分饮料分配设备，装瓶系统则在树脂和铝材上略有敞口。
But these are small pieces relative to the total size. And even if you focus just in on those elements exclusively and think about what impact they may have on marketplace pricing, you don't just have to take into account the tariff, you got to take into account, well, what's happened to the price of the underlying commodity? What's happened to the exchange rate from where you're buying it?
但这些在整体规模中占比较小。即便只看这些要素对市场定价的影响，也不仅仅要考虑关税，还要考虑相关大宗商品价格、采购地汇率变动等因素。
What's happened to our hedging positions because we have long-term hedging positions. So, when you put all those things together and all the other levers across the cost elements of the business, that's how we and the bottling partners locally make the decisions on pricing. So, as it comes to the U.S., given all the things I talked about, both we in the bits where we operate directly and the bottlers locally, we're sticking to our current pricing plans for the year and knowing what we know today.
此外，还要考虑我们的长期对冲头寸。综合所有因素以及其他成本杠杆，我们与本地装瓶伙伴据此决定定价策略。在美国市场，基于现有信息，无论是我们直接运营的环节还是装瓶伙伴，都将坚持年初既定的定价计划。
Operator
主持人
Our next question comes from Chris Carey from Wells Fargo. Please go ahead. Your line is open.
下一位提问来自富国银行的克里斯·凯里。请开始发言，线路已接通。
Chris Carey
克里斯·凯里
Hi, everybody. I wanted to ask a question about margins and specifically operating margins. I think this is the best operating margin delivery going back in our model, I suppose, the modern era. I don't know, if they were 100 years ago, but let's say these are very, very strong operating margins. To what level are such margins sustainable? And do you envision any caveats in the quarter? I know you talked about marketing timing.
大家好。我想询问有关利润率，特别是营业利润率的问题。在我们的模型中，这是迄今表现最好的营业利润率，堪称现代时期的最佳水平。也许百年前有过类似情况，但可以说这是非常强劲的利润率。这样的水平可持续到什么程度？本季度是否存在需要注意的条件？我知道你们提到市场投放时点。
And then just, connected to that, as you think about reigniting trends in some of your developed markets, North America, Europe, is there a scenario whereby you would need to use some of this, margin strength to drive that or is the price pack and RGM strategy strong enough that you can still offer affordability without sacrificing the margin strength? Thank you.
此外，在重振北美、欧洲等发达市场趋势时，是否需要动用部分利润优势来推动增长，还是价格组合与收益增长管理（RGM）策略足以在保持价格可负担性的同时维持利润强度？谢谢。
John Murphy
约翰·墨菲
Thanks, Chris. Yes. Pleased with the way we came out of the first quarter on the operating margin front, there is an element of timing in there that has benefited us. I would kind of step out of the quarter points to our longer-term algorithm and the embed -- embedded in that are our belief in our ability to expand margins over time.
谢谢，克里斯。是的，我们对第一季度的营业利润率表现感到满意，其中确实存在时点因素的有利影响。但从季度层面跳出来看，我们着眼于长期增长算法，并坚信有能力持续提升利润率。
We have -- as you know, we have made a lot of progress over the last five years or six years to get to where we are north of 30, 31 as we go into the rest of this year, and we expect to be able to do that with the levers we have. And those levers are not just on the cost containment and management front, as you mentioned in your second question, they also flow through to being able to manage a quality top-line over time.
如你所知，过去五六年我们取得了巨大进展，利润率已提升至 30% 以上，全年也将维持在 31% 左右。我们手中拥有多重杠杆，不仅是成本控制和管理，还包括长期维护优质收入增长。
And with regard to the investment thesis, we have to enable both the top and the margin line to expand in line with our algorithm, so a combination of the build-up over the last few years of a substantial spend behind our portfolio and the opportunity to leverage further productivity that we know we have over the next few years, we feel good about our ability to lean into growth, to invest behind the brands, and to adapt as we need to.
关于投资逻辑，我们必须让收入端和利润端都按算法同步扩张。过去几年我们在品牌组合上投入可观，未来几年仍有提升生产效率的机会。因此，我们有信心在保持增长的同时，加大品牌投资，并灵活调整。
This quarter is a good example of a quarter where there's been a lot of adaptation required to deliver the numbers we have delivered for the here and now. But we're confident that we have a sufficient ammunition to be able to do that for the next number of quarters and embedded in that assumption that we'll probably have to pivot again in some parts of the world or other.
本季度就是充分调整后取得成绩的好例子。我们相信拥有足够“弹药”在未来数个季度继续做到这一点，并且预计在全球部分地区仍需再次调整方向。
Operator
主持人
Our next question comes from Rob Ottenstein from Evercore. Please go ahead. Your line is open.
下一位提问来自 Evercore 的罗布·奥滕斯坦。请开始发言，线路已接通。
Robert Ottenstein
罗布·奥滕斯坦
Great. Thank you very much. You mentioned in the opening comments that, fairlife growth may moderate, and Fairlife and Core Power have been phenomenal success. So wondering, if you can kind of one talk about the trajectory of that business starting now with kind of the service levels you have? When the capacity will come on? A sense of how much capacity is coming on? And where you see that brand going forward in terms of how big it could get? And then, also how you're going to protect that brand from an intellectual property perspective? Thank you.
太好了，非常感谢。您在开场白中提到，fairlife 的增长可能会放缓，而 Fairlife 和 Core Power 已经取得了巨大成功。我想请您谈谈这项业务从现在开始的发展轨迹，在现有服务水平下表现如何？产能何时上线？新增产能约是多少？您预计该品牌未来能够做到多大规模？此外，您将如何从知识产权角度保护这一品牌？谢谢。
James Quincey
詹姆斯·昆西
Sure. Thanks, Rob. Firstly, when we talk about the kind of the growth moderating at fairlife, we've -- we're very much focusing on the percent growth. And I think there you are starting to see the lot of big numbers. It's starting to get to be a very big business that compounded a very, very high double-digit percent growth rates over the last number of years. So, it's a comment relative to percentages rather than total business size.
好的，谢谢，罗布。首先，当我们谈到 fairlife 增长放缓时，我们看的主要是百分比增速。正如你所见，基数已变得相当庞大——多年来该业务以非常高的双位数百分比增长复合扩张，因此这里的放缓评论是相对于增长率而言，而非业务总规模。
If you look, as I commented earlier, in the first quarter of this year, fairlife again was the brand that added most retail dollars to the beverage industry on top of doing so last year. So, the dollars, the robustness and the size of the business continues to grow substantially. It's just a percentage compounding question as it moderates a little.
正如我先前所说，今年第一季度，fairlife 再次是饮料行业零售增量最多的品牌，去年亦是如此。因此从绝对金额、业务韧性和规模来看，它仍在显著增长，只是复合百分比增速略有回落。
The capacity will come on towards the -- we've been increasing capacity in a number of different places in some of the existing locations and the major capacity uplift will happen at the end of the year and it will be more than enough to see us through a good number of years and certainly will make it unconstrained to the extent we get into that towards the end of the year.
新增产能将陆续上线——我们已在若干现有生产基地扩充产能，而年底将迎来一次主要的产能提升，规模足以支撑未来多年需求，并确保到年底时产能基本不再受限。
The long-term opportunity, I think, is still very substantial. There's a lot -- I mean, it's got a lot of reasons behind its underlying growth in terms of the quality of the product, the quality of the taste, the quality of the shelf-life, the lower no lactose, the higher product -- I mean, it's just a great product on many dimensions, which is part of what gives it a competitive advantage. It doesn't just depend on any one piece including the IP and the technology that comes with it for the filtration. So, it is a very strong business.
我认为长期机会依然巨大。其增长背后有多重原因：产品品质卓越、口感出色、保质期更长、低或无乳糖、蛋白含量更高——在多个维度都表现优异，这赋予了它竞争优势。它的成功并不仅仅依赖某一方面，包括用于过滤的知识产权和技术在内；因此这是一项极为强劲的业务。
Obviously, as we get into lots of extra headroom in terms of capacity, we can redouble down on marketing, innovation, and really continue to drive and expand that business. So, we've kept in the swim lanes of the core products at the moment because that's the most effective thing to do when you're running such growth rates and risk running out of capacity. Obviously, we haven't because we're continuing to grow in the first quarter, but we will get sooner into unconstrained opportunity to continue to really drive this master brand forward.
显然，当我们拥有更多产能余量时，就能在营销和创新上加倍投入，持续推动并扩展该业务。目前我们仍专注于核心产品线，因为在高速增长且可能出现产能受限的情况下，这是最有效的做法。很显然，我们并未出现缺货，因为第一季度仍在增长；但很快我们将进入产能不受限的阶段，继续全力推动这一主品牌向前发展。
Operator
主持人
Our next question comes from Andrea Teixeira from J.P. Morgan. Please go ahead. Your line is open.
下一位提问来自摩根大通的安德烈亚·泰谢拉。请开始发言，线路已接通。
Andrea Teixeira
安德烈亚·泰谢拉
Thank you, operator, and good morning, everyone. So I'll start with James, and then a clarification for John. First, James, can you comment on Europe, Middle East and Africa? You had the 3% growth in unit volume. And I'm assuming, of course, there's a lot of different dynamics given how large the region is. But can you comment on the performance of Western Europe, which is a very large component of your profit pool as you exit the quarter, as some CPG as you probably have been following, have been calling a deceleration in the consumer dynamics there as well?
谢谢主持人，大家早上好。我首先向詹姆斯提问，然后请约翰澄清一点。詹姆斯，您能谈谈欧洲、中东和非洲地区吗？该地区销量增长了 3%。考虑到该地区规模庞大、动态各异，请您评论一下其中利润池占比很大的西欧市场在季度结束时的表现？一些快消公司最近也在关注该地区消费动能放缓。
And then a clarification for John on the underlying results. I mean, it seems that the FX came in or the outlook is 100 basis points better, but it seems that the underlying profit is assumed to be 100 basis points worse to make for the all-in comparable EPS to be the same. So, can you comment on what got sequentially worse or is that some -- and you're embedding some of the risk of more punitive trading news or just conservatism despite the strong start of the year? Thank you.
接着请约翰澄清基本面结果。看来汇率影响或前景改善了 100 个基点，但为了保持可比每股收益不变，似乎假设基础利润需下降 100 个基点。能否说明环比何处变差？或者说，你们是否计入了更严厉贸易消息的风险，还是在年初强劲开局后出于谨慎？谢谢。
John Murphy
约翰·墨菲
Yeah. Let me get the clarification out of the way, Andrea. Thanks for the question. It's early in the year. Currency is a function of what we know today and our hedge positions, and there's still a long way to go. And so, we feel it's prudent at this juncture to guide as we have done so, and we'll continue to update on the currency front as we go through the year.
好的，我先澄清这一点，安德烈亚。感谢提问。现在还只是年初，汇率取决于我们目前掌握的信息和对冲头寸，未来仍有很长时间。因此，我们认为此时按当前方式给出指引是审慎做法，并将在全年持续更新汇率情况。
James Quincey
詹姆斯·昆西
Yeah. And then on -- in the EMEA segment, yes, the volume growth was principally driven by the Eurasia markets, actually including some of the North Africa ones, but it's a strong performance, particularly by the Eurasian market. The European business specifically, as is they calling out, it's a good profit pool. There the volume performance was actually in line with previous quarters. There were mixed performances between the East and the West, maybe the West a little softer.
关于 EMEA 业务板块，销量增长主要由欧亚市场推动，其中也包括部分北非市场，整体表现强劲，尤以欧亚市场最为突出。欧洲业务本身是一块优质利润池，其销量表现与前几季度基本一致，东西欧表现有所差异，西欧稍显疲软。
Again, Europe has some of the factors that we talked about in the case of the U.S. and Mexico, the shift of Easter, some of the macro uncertainties, and the political tensions. But again, just one online, like, it was very similar to what they were tracking from last year in terms of volume performance and there were some really strong bright spots in things like Coke Zero, Sprite Zero, Fuze Tea, Powerade and some really good marketing across not just Coke with kind of Everyday Tasty Celebrations and things, but partnerships with Xbox and Fanta.
同样，欧洲也受到之前谈及的美国和墨西哥因素影响，例如复活节时点变化、宏观不确定性及政治紧张局势。不过整体来看，销量表现与去年同期相似，并且在 Coke Zero、Sprite Zero、Fuze Tea、Powerade 等品牌以及「Everyday Tasty Celebrations」活动、与 Xbox 和 Fanta 的合作等方面都呈现亮点。
And as we look forward, we're really going to continue to focus on some of the RGM and affordability and the availability of cold drink equipment going into what is for Europe the most important season, which is the summer season.
展望未来，我们将继续专注于收益增长管理（RGM）、价格可负担性以及冷饮设备的铺设，为欧洲一年中最关键的季节——夏季——做好准备。
Andrea Teixeira
安德烈亚·泰谢拉
Thank you.
谢谢。
Operator
主持人
Our next question comes from Bonnie Herzog from Goldman Sachs. Please go ahead. Your line is open.
下一位提问来自高盛的 Bonnie Herzog。请开始，您的线路已接通。
Bonnie Herzog
邦妮·赫尔佐格
All right. Thank you. Good morning, everyone. I just had a quick question on the away from home channel and consumer. Curious to hear how your away from home business trended in the quarter, I guess, versus even Q4? And then what's your outlook for the channel this year, given the consumer, I guess? And then, with that in mind, how should we think about the impact on your top line and margins if the away from home channel slows? And I guess is that factored in your guidance? Thanks.
好的，谢谢。大家早上好。我想快速询问一下外出消费渠道及消费者方面的问题。我想了解本季度相比第四季度，贵公司的外出渠道业务表现如何？同时，考虑到消费者情况，您对今年该渠道的展望如何？在此背景下，若外出渠道放缓，我们应如何评估对贵司营收和利润率的影响？这是否已经纳入你们的业绩指引？谢谢。
James Quincey
詹姆斯·昆西
Okay. Are you talking just U.S. or globally?
好的。您是指仅美国还是全球范围？
Bonnie Herzog
邦妮·赫尔佐格
Honestly globally, but if you want to give some color on the U.S. as well, that would be helpful. Thank you.
坦白说是全球，但如果您能顺带介绍一下美国的情况也会很有帮助。谢谢。
James Quincey
詹姆斯·昆西
Yeah. Sure. Look, I think let's start with the U.S. I mean, in the U.S. actually, immediate consumption actually held up better than future consumption. Some of the issues, particularly some of the pullbacks from consumers was more concentrated in the take home channel. So, if we were to look at the North American business, iced tea business actually did reasonably well and the future consumption business is where the impact was most felt.
好的，当然。我们先从美国谈起。在美国，即时消费的表现实际上优于未来消费。一些问题，尤其是消费者的回撤，更集中在家庭囤货渠道。因此，若观察北美业务，冰茶业务表现相当不错，而未来消费业务受到的影响最大。
Similarly, in Europe, the impact was more on the future consumption. The iced tea was actually growing in Europe. I think that calls out the importance of affordability in the retail channels, and I think that's what it's kind of reflecting, and that's notwithstanding some of the geopolitics, that's what it's reflecting and that's what it's calling for in the months going forward.
同样在欧洲，影响也更体现在未来消费上。冰茶业务在欧洲实际上仍在增长。我认为这凸显了零售渠道中价格可负担性的重要性，当前表现即是对这一点的反映；即便存在地缘政治因素，这仍是未来数月的关键所在。
And then, if you kind of extract that to a global basis, both at home and away for home were both growing globally speaking, with away from home growing slightly faster than at home. So, on a global basis looking good, strong activations across a number of places, particularly Asia-Pacific, where away from home grew really strongly. And the bit that was a little bit more of the drag is the developed markets, particularly U.S. and Europe, it was in the future consumption where there was the bit of weakness, which as I said, calls for working with the retail customers on some affordability to really drive solutions there.
如果放到全球层面来看，家庭消费和外出消费均在增长，其中外出消费增速略高。因此，全球总体表现良好，多地开展了有力的市场活动，尤其在亚太地区，外出消费增长十分强劲。稍显拖累的是发达市场，尤其是美国和欧洲，疲弱主要出现在未来消费领域；如我所言，这需要我们与零售客户合作，通过价格可负担性方案推动解决。
Bonnie Herzog
邦妮·赫尔佐格
Okay. Thank you.
好的，谢谢。
Operator
主持人
Our next question comes from Kaumil Gajrawala from Jefferies. Please go ahead. Your line is open.
接下来提问的是来自杰富瑞的卡米尔·加吉拉瓦拉。请开始，您的线路已接通。
Kaumil Gajrawala
卡米尔·加吉拉瓦拉
Hey, everybody. Good morning. If I could ask a question on currency, maybe slightly differently is, since John and James your arrival, it's been about dollar-based growth and worked very hard to be able to grow earnings in dollar terms. We may be coming towards the end of a strong dollar super cycle. And I'm curious to what degree are you contemplating that and does it change how you're sort of thinking about future investments, capital returns, things like that?
大家好，早上好。我想就汇率提一个问题，换一种方式来问：自从约翰和詹姆斯你们上任以来，我们一直专注于以美元计价的增长，并为以美元计增长盈利付出了巨大努力。现在我们可能正接近强美元超级周期的尾声。我想了解你们在多大程度上考虑到了这一点？这是否会改变你们对未来投资、资本回报等方面的思考？
James Quincey
詹姆斯·昆西
What do you tell us?
你来说说？
John Murphy
约翰·墨菲
Do you want to take it? Yeah. We're not quite there yet, Kaumil, on celebrating the demise of the dollar, but yeah, we will continue to stay very focused on our core objective to grow U.S. dollar EPS. If there is a scenario over time whereby the dollar weakens to the extent that it impacts our total portfolio of currencies, we would expect to flow that through and we have that scenario in our pipeline. It's not the foremost scenario we have at the moment because I think some of the headlines on dollar weakness are really linked to the U.S. dollar index, which covers only six currencies and is heavily weighted toward the euro.
你想让我回答吗？好的。Kaumil，我们还没有到为美元走弱而欢呼的时候，但我们仍将高度专注于一个核心目标：以美元计的每股收益增长。如果未来出现美元贬值到足以影响我们整体货币组合的情形，我们预计会将相应影响反映出来，并且这一情形已纳入我们的规划。不过目前这并非我们考虑的主要情形，因为有关美元疲弱的一些头条更多是基于美元指数，而该指数仅涵盖六种货币，并且对欧元权重较高。
So, for example, four of our top five market currencies are not covered in that index.
举例来说，我们排名前五的市场货币中有四种并未包含在该指数中。
So, I think the way we are looking at the U.S. dollar at the moment is in the context of our total currency basket and as reflected in our guidance, and if there is a significant change of course on that front in the course of this year, we'll adjust accordingly.
因此，我们当前看待美元的方式，是将其置于整个货币篮子的背景下，并已在我们的业绩指引中体现；如果今年在这方面出现显著变化，我们将相应调整。
Operator
主持人
Our next question comes from Nik Modi from RBC Capital Markets. Please go ahead. Your line is open.
下一位提问来自 RBC 资本市场的 Nik Modi。请开始，您的线路已接通。
Nik Modi
尼克·莫迪
Yeah. Thank you. Good morning, everyone. So James, I just wanted to get your thoughts on innovation in the wellness and functional space. There's a growing popularity of ingredients like ashwagandha, and Lion's mane and turmeric among others in the U.S. Many of these ingredients have some kind of science backing on health and other functional benefits.
好的，谢谢。大家早上好。James，我想听听你对健康功能领域创新的看法。在美国，像南非醉茄（ashwagandha）、狮鬃菇（Lion’s mane）、姜黄（turmeric）等成分越来越受欢迎。许多此类成分在健康和其他功能性益处方面都有一定的科学依据。
So, just wanted to get an understanding how you're thinking about using these products or ingredients in terms of your innovation in the U.S.? Like, do you need clinical studies to support some of the health claims? A lot of these ingredients are used a lot overseas. And so given your global exposure, just curious on how you're thinking about this in terms of the U.S., especially as the population is aging? Thanks.
因此，我想了解你们在美国的创新中如何考虑使用这些产品或成分？比如，你们是否需要临床研究来支持某些健康功效声明？这些成分在海外被广泛使用。鉴于你们的全球布局，尤其面对美国人口老龄化的背景，好奇你们在美国市场对此有何思考？谢谢。
James Quincey
詹姆斯·昆西
Sure. Clearly from a -- we're going to, firstly, we're going to follow the consumer. And I think there are a couple of pieces to that. One is, what do they really want and how are they really behaving in terms of where they want to spend their money. And second piece that goes with that is, do they want product combinations. In other words, whatever that -- whatever the ingredient on your list is, do they want to take it through their beverage or do they want it a different way?
好的。显然，首先我们要做的就是跟随消费者。我认为这里有两个层面。第一，他们真正想要什么，以及他们在消费时的行为方式。第二，他们是否希望产品是组合形式。换句话说，无论您的清单上是什么成分，他们是想通过饮料来摄取，还是想以其他方式摄取？
And I'm going somewhere with that. Because at the end of the day, they generally want their beverages to taste good and adding certain ingredients affects the taste. So taste is in my mind still going to remain primary, but to the extent there are consumers that were willing to trade taste for ingredients, absolutely, we will follow that trend. You can go back and look in history.
我这么说是有原因的。毕竟，消费者通常希望饮料好喝，而加入某些成分会影响口感。因此，我认为口感依旧是首要的。但如果有部分消费者愿意为了功能性成分而牺牲口感，我们当然会追随这一趋势。你可以回顾历史。
We once did a product where we combined a tablet people were taking to give themselves what effectively was a fake suntan into a beverage. This was in France many years ago and I think it was with Sanofi, they came up with this idea of well, people go to the pharmacy, they buy the Coke or they buy the drink and they buy the pills, why not put it all together. And it's what people do in France.
我们曾推出过一款产品，把人们为了晒出古铜色而服用的药片与饮料结合在一起。这是在多年前的法国，我记得是和赛诺菲合作的。其想法是，人们去药店时会买可乐或饮料，也会买药片，何不把它们合在一起？在法国，人们就是这么做的。
And when they did it, no one bought the drink. They were not interested in combining the drink and the pill. They wanted to take the pill when they wanted to take the pill and they wanted to have the drink when they wanted to drink. And so, the idea that everything is going to mega combine into one overall product, I think is something yet to be tested. Clearly, there are segments of consumers that are interested in certain ingredients and they will go and they will try them and they'll be happy to have them in their beverage.
结果没人买那款饮料。消费者不想把饮料和药片合二为一。他们想在需要时吃药片，想喝饮料时就喝饮料。因此，所有功能都集成到一个产品中的概念，仍有待验证。当然，确实有一些消费者群体对特定成分感兴趣，他们会去尝试，也乐于在饮料中摄取这些成分。
And I think you see a little progress on that. I think it's more likely it will be around macro kind of ingredients like protein rather than more focused ones. And the last thing is, I don't think we are in the business of running clinical studies to the extent there are ingredients that we want to use, for sure we're interested in absolute product safety and quality, and then we may buy them in from someone else to use, but we will continue to follow the consumer.
我认为在这方面还是取得了一些进展。我觉得更可能会围绕蛋白质这类宏观营养成分，而非那些更小众的成分。最后一点，我们并不是做临床研究的公司；如果有我们想使用的成分，我们关心的是产品的绝对安全性和品质，我们可能会从其他供应商采购。但归根结底，我们会继续追随消费者。
Operator
主持人
Our next question comes from Peter Grom from UBS. Please go ahead. Your line is open.
接下来提问的是来自瑞银的 Peter Grom。请开始，您的线路已接通。
Peter Grom
彼得·格罗姆
Thank you, operator. Good morning, everyone. I wanted to ask a follow-up on the 2Q commentary. It was flagged back in February and I know the world is clearly quite different today versus when you provided that outlook. But have your expectations for the second quarter shifted? James, you mentioned the word “choppy” a couple of times. So, I just wasn’t sure if the 2Q comment was based on some of the performance you’ve seen thus far in April or kind of what you’re expecting looking ahead, or whether it’s simply just kind of a reminder on the comparison? Thanks.
谢谢，主持人。大家早上好。我想就第二季度的相关评论追问一下。该话题在 2 月份就被提及，而如今的世界显然与当时你们发布展望时大不相同。那么，你们对第二季度的预期是否发生了变化？James，你刚才几次提到“波动”一词。我想知道，你们关于第二季度的评论是基于迄今为止四月的表现，还是着眼于未来预期，抑或只是提醒大家注意对比基数？谢谢。
James Quincey
詹姆斯·昆西
Yeah. Sure. I think firstly, it’s a reminder on the comparisons that it was the strongest quarter last year. So clearly, it’s going to be more complicated and just on a cycling basis to cycle, although we still want to do well in Q2. And as John said earlier, it’s one of the four quarters that goes to make up our full-year guidance. So, it’s clearly got to play its role and have its personality, so to speak, in delivering the full year.
好的，当然。首先，这是一个关于可比基数的提醒——去年第二季度是全年最强劲的季度。因此在同比时会更复杂，尽管如此，我们仍希望在今年二季度表现良好。正如 John 早前所说，二季度是构成全年指引的四个季度之一，因此它显然要发挥应有作用，在实现全年目标中展现其“个性”。
The only thing that I would add relative to our previous commentary on Q2 is clearly there’s — and which is referenced as my “choppy” comment — there’s clearly some short-term disruption in supply chains likely in the U.S.; I think the simplest way of bringing that to life is looking at container-shipping bookings for late May, early June. Again, back to my earlier comment, it’s not because it drives and impacts our business.
相较于我们此前对二季度的评论，我唯一要补充的是——这也对应我所说的“波动”——美国供应链很可能出现一些短期扰动。我想，最直观的例子就是 5 月下旬到 6 月上旬的集装箱海运订舱情况。再重申一次，这并非直接驱动或影响我们的业务。
We are not expecting to see supply-chain disruptions for our business in Q2 in the U.S. But I think there’s going to be some disruption around a number of categories and industries around us, which will have some effect with the consumers. You can see the consumer sentiment has been impacted, but consumer spending still seems robust.
我们预计在二季度美国业务中不会出现供应链中断。但我认为，周边若干品类和行业将会经历一些扰动，并对消费者产生一定影响。你可以看到消费者情绪受到了冲击，但消费支出似乎依然稳健。
So, I would just highlight there is an increased number of known unknowns, if you like, going into Q2, which is likely to produce a broader range of choppiness that we’re going to have to respond to. And that’s, I think, the texture I would add on to the previous comments. But again, let me underline what we said — both said earlier — which is, we believe it’s manageable given our business system, our strategy, and our ability to adapt as we go through the quarter and the year.
因此，我想强调的是，进入二季度，我们面临的“已知的未知数”增加，可能带来更广泛的波动，我们需要对此加以应对。我想这就是在此前评论基础上补充的“质感”。但再强调一次，我们之前都提到过：鉴于我们的业务体系、战略以及在季度和全年中持续适应的能力，我们认为这一切可控。
Operator
主持人
Our next question comes from Charlie Higgs from Redburn. Please go ahead. Your line is open.
下一位提问来自 Redburn 的 Charlie Higgs。请开始，您的线路已接通。
Charlie Higgs
查理·希格斯
Yeah. Hi, James, John. Hope you're both well. I've got a question on Asia-Pacific volumes. I'm just wondering if you could unpack the plus 6% a bit more, but perhaps with a focus on China and how you're feeling about the consumer environment there, I know a lot of other consumer staples companies have spoken of a deflationary environment. So, how do you feel about the consumer, but also your now rationalized portfolio in China and the execution by the local bottles there? Thank you.
你好，James，John，希望你们都一切安好。我想问一下亚太地区销量的问题。能否更详细地拆解一下这 6% 的增长，尤其聚焦于中国市场以及你们对当地消费环境的看法？我知道许多消费品公司都提到通缩环境。你们如何看待消费者状况，以及你们在中国已经优化后的产品组合和当地装瓶商的执行情况？谢谢。
James Quincey
詹姆斯·昆西
Yeah. Sure. Thanks, Charlie. Look, we had good momentum in Asia-Pacific this quarter with the 6% volume growth, that was very strongly driven by a good quarter in India, in particular, also with China growing. As you called out, I think the China growth is a function of a number of the actions we were taking last year to focus the portfolio and restage some of the brands. We cope doing better, good Lunar New Year, Sprite a little more of a work in progress. So, good recovery there, perhaps still early to call, but with continued focus on the soft drink portfolio in China and the good growth right there.
好的，当然。谢谢你，Charlie。本季度我们在亚太地区保持了良好动能，销量增长 6%，这主要得益于印度的出色表现，同时中国也实现增长。正如你所指出的，中国的增长源于我们去年采取的一系列措施，聚焦产品组合并重新定位部分品牌。我们可乐表现更好，春节期间表现优异，雪碧仍在完善中。因此，中国取得了不错的恢复，或许仍为时尚早，但我们将继续专注于中国的软饮料产品组合，并在那里的增长势头良好。
As I said, India, really good start to the year as we brought to activated a number of things in the marketplace there and grew customers and cold drink equipment. Our long-term thesis remains intact. Obviously, it's not necessarily always going to be a straight line. A decent result in Japan and South Korea, Japan continuing to grow, some softness in ASEAN, but we're focused on working through that. So hopefully, that unpacks it a little bit for you.
如前所述，印度今年开局非常好，我们在当地市场启动了多项举措，增加了客户和冷饮设备。我们的长期逻辑依旧稳固，当然，增长不一定永远是一条直线。日本和韩国取得了不错的成绩，日本仍在增长，东盟地区略显疲软，但我们正在努力解决。希望这能为你稍作拆解。
Charlie Higgs
查理·希格斯
Great. Thank you.
太好了，谢谢。
Operator
主持人
Our next question comes from Kevin Grundy from BNP Paribas. Please go ahead. Your line is open.
接下来提问来自法国巴黎银行的 Kevin Grundy。请开始，您的线路已接通。
Kevin Grundy
凯文·格朗迪
Great. Thanks. Good morning, everyone. Thanks for the question. I want to follow up on Chris' margin question from earlier, but more from a North America perspective and within the context of kind of striking the right balance with volume growth. So, North America margin is clearly very strong, 30%. Historically, that's quite good. Price mix has been up materially the past four years, that was the case again in 1Q.
好的，谢谢。大家早上好。感谢提问。我想跟进早些时候 Chris 关于利润率的问题，但更多地聚焦北美，并探讨在销量增长的背景下如何实现恰到好处的平衡。北美的利润率显然非常强劲，达 30%，历史表现可谓不俗。过去四年价格结构显著改善，今年第一季度亦如此。
Yet volumes have been flattish the past couple of years and took a step back in the first quarter for the reasons that we talked about. So James, can you comment on striking the right balance in North America between margin delivery and perhaps higher levels of volume growth and how that may differ in terms of how the company is going to go about that tactically in the near-term, given the uneven macro and then more in the intermediate term in a more normalized environment? So, thanks for that.
然而，过去几年销量基本持平，并因我们讨论过的原因在第一季度出现回落。因此，James，您能否谈谈北美如何在利润率交付与更高销量增长之间取得适当平衡？考虑到宏观环境不均衡，短期内公司在战术层面会采取哪些不同做法？而在更为正常的中期环境中又将如何？谢谢。
John Murphy
约翰·墨菲
Let me take this one. Yes. So in North America, if I step out of the quarter for a moment first, we have been on a journey for the last three years to four years now of consistently improving the overall margin profile of our business in North America. And that has been driven by a stronger core business and a much better revenue growth management approach in that core business. And then, we've had the addition of fairlife into the portfolio that has helped us.
让我来回答这个问题。好的。首先，若暂且不看本季度，过去三到四年我们一直在不断提升北美业务的整体利润结构。这得益于核心业务的更强韧性以及在该核心业务中更出色的收益增长管理。此外， fairlife 的加入也为我们提供了助力。
So, I think you should think about North America in that context is that, we're -- we continue to see opportunity to improve that margin profile to be more in line with what we have in other parts of the world, the developed world, particularly. And so there's a keen focus on leaning into the growth opportunity to investing behind that. But we also have had for some time now as a core enterprise priority for North America to play a more important and a bigger role in our overall quest to one of the earlier questions to get our overall operating margin back to levels which we are excited to see in the 30s.
因此，各位应在这一背景下看待北美：我们依旧有机会进一步改善利润结构，使其更接近我们在全球其他地区——尤其是发达市场——所达到的水平。因此，我们将紧抓增长机遇，加大投入。同时，北美已被列为企业的核心优先事项之一，肩负起在我们的整体目标中发挥更大、更重要作用的任务——正如之前提到的，我们希望将整体运营利润率重新提升到 30% 这一令人振奋的区间。
Operator
主持人
Our next question comes from Michael Lavery from Piper Sandler. Please go ahead. Your line is open.
下一位提问来自 Piper Sandler 的 Michael Lavery。请开始，您的线路已接通。
Michael Lavery
迈克尔·拉维
Thank you. Good morning. Also just looking at margins and keeping in mind last quarter, you touched on some SG&A leverage, calling out some -- a better marketing productivity. One of the examples you gave was using some generative AI in, working media or the non-working, the development of ads, which conceptually is straightforward enough.
谢谢，早上好。说到利润率，回顾上一季度，您提到了一些销售与管理费用的杠杆效应，并指出更高的营销效率。您举的例子之一是，在投放媒体或非投放环节、广告创意开发中使用生成式 AI，这在概念上相当直接。
But I guess in terms of just the total spend, what outcomes do you focus on to know where the right level is and to make sure that the productivity is just efficiency and not reducing any effectiveness and how do you look -- how do you see that playing out as you're making a push to get more efficient this year?
但就整体支出而言，你们关注哪些结果来判断合适的投入水平？如何确保提升效率不会削弱效果？在今年致力于提高效率的过程中，你们如何看待这一点将如何落地？
John Murphy
约翰·墨菲
So maybe I can start. Yeah. I think we -- we're very focused on the activities that are needed to support the portfolio. And then working backwards from there, what is the most efficient way to execute those activities versus looking at the other way around and trying to drive efficiency through cutbacks or through taking sort of a blunt weapon at them. So, the approach has changed pretty significantly over the last few years to be, as I say, activity driven. We have a pretty clear understanding as to where the opportunities exist to drive more efficiency.
我可以先回答。是的，我们非常关注支持产品组合所需的各项活动，然后再倒推，寻找执行这些活动的最高效方式，而不是反过来通过削减投入或硬性压缩来追求效率。过去几年，我们的方法发生了显著变化，正如我所说，已转向以活动为导向。我们对哪些环节存在提升效率的机会有相当清晰的认知。
So, for example, the relationship between the amount we spend on creative work versus the amount that we spend on bringing -- on engaging with those creatives is something that is a high priority and we have a work underway to get that to optimal levels and we're confident that we can do so. The use of new technology to be able to do activities, which in the analog world were more expensive and took a longer time to happen is something that we're embedding more and more into the marketing equation.
举例来说，我们高度重视创意制作费用与实际投放、与创意互动费用之间的关系，并正着手将其优化到最佳水平，我们对此充满信心。我们正将新技术日益融入营销当中，用来完成在传统环境下更昂贵、耗时更长的动作。
The way in which we are planning our media using a much more sophisticated data sets, etc., etc. is another opportunity to create the same, if not higher impact more efficiently. So I just -- I think the name of the game is, focus on the activities and then challenge ourselves as to how those activities can be delivered either faster, cheaper, or both.
我们在媒体规划中运用更复杂的数据集等方式，也是以更高效率实现同等甚至更大影响力的机会。因此，关键在于聚焦具体活动，然后自我挑战：如何让这些活动实现更快、更省，或两者兼备。
Michael Lavery
迈克尔·拉维
That's great. Thank you.
太好了，谢谢。
Operator
主持人
Our next question comes from Bill Chappell from Truist Securities. Please go ahead. Your line is open.
下一位提问来自 Truist Securities 的 Bill Chappell。请开始，您的线路已接通。
Bill Chappell
比尔·查普尔
Thanks. Good morning. Just kind of a quick question. Could you remind us kind of what your business look like in both Ukraine and Russia four, five years ago, what it looks like today? And if there was peace there, what could look like down the road?
谢谢，早上好。我有一个简单的问题。能否提醒我们，四五年前你们在乌克兰和俄罗斯的业务是什么样？今天又是什么状况？如果当地实现和平，未来可能如何发展？
James Quincey
詹姆斯·昆西
Sure. I mean when -- four or five years ago, when we pulled out our brands, I think, we called out it was about a 1% to 2% of revenue and a similar-ish kind of amount of profits. So, that's kind of what we left on the table when we pulled out, whenever that was a few years ago. The Ukraine is a much smaller business. Obviously, it's been impacted by the war and -- but it's that -- it was a good business. We like the market, but it's not so big. I think any thoughts on the future are at this stage premature. There's a long way to go to get from A to B, and I think a lot of water has to pass under the bridge.
当然。大约四五年前，当我们撤出品牌时，我记得我们曾提到，那部分业务大约占到公司收入的 1%–2%，利润占比也相差无几。这就是我们当时离开时所放弃的部分。乌克兰的业务规模要小得多，显然受到了战争影响——那原本是一门不错的生意，我们看好那个市场，只是规模并不大。我认为此刻谈论未来为时尚早，从现在到达理想状态仍任重道远，中间还有许多变数。
Operator
主持人
Our last question today will come from Robert Moskow from TD Cowen. Please go ahead, your line is open.
今天的最后一个问题来自 TD Cowen 的 Robert Moskow。请开始，您的线路已接通。
Robert Moskow
Hi. Thank you. James and John, could you be a little more specific as to where you think you are on clearing up the misconceptions about Trademark Coke that kind of impacted first quarter? And then secondly, maybe a little more detail on the state of the Hispanic consumer. You're uniquely capable of evaluating how those consumers are thinking, how they're spending in home, away from home. Can you touch on those two things?
你好，谢谢。James 和 John，请更具体地说明，你们在澄清影响第一季度业绩的“可口可乐商标”误解方面进展到何种程度？其次，请稍微详细介绍一下西班牙裔消费者的现状。你们对于评估这些消费者的想法以及他们在家庭和外出消费上的支出有独特能力。能否谈谈这两个问题？
James Quincey
Yeah. Look, I think as it relates very specifically firstly to the false video, I think that's largely in the rearview mirror in terms of its virality and affecting the business. It wasn't the first piece of misinformation, disinformation, or anything else nefarious about the Coca-Cola brand, and I'm sure it won't be the last. But we are very focused on recovering from it.
好的。首先，就那段虚假视频而言，我认为其传播性和对业务的影响基本上已经过去了。这并不是关于可口可乐品牌的第一条错误信息、虚假信息或其他恶意内容，我相信也不会是最后一条。但我们正全力以赴进行恢复。
I called out some of the actions, particularly around localness, our local economic impact, our connectivity to the values and events that those consumers care about, but also driving affordability with some tailored promotions and value channels. The overall state of the Hispanic consumer, I think partly there was this video, so let's just leave that one aside for now.
我提到过一些举措，尤其是在本地化方面：强调我们对当地经济的贡献、与消费者所关注的价值观和事件的联系，同时通过有针对性的促销和价值渠道提升产品的可负担性。至于西班牙裔消费者的整体状况，我认为这段视频也在其中发挥了一定作用，但我们暂且把它放在一边。
I think there was a little bit of pullback in purchasing and in traffic, not just on the U.S. side of the border. Remember that there's a significant portion of the industrial footprint in Northern Mexico, which provides exports, I mean, the highly integrated nature of the supply chain between Northern Mexico and the U.S. And I think some of the geopolitical tension was just causing people to be a little more cautious with their spend, a little less going out, a little more keeping the money in the pocket.
我认为消费者购买和客流出现了一些回落，这不仅发生在美国一侧。要知道，墨西哥北部拥有大量工业产能并向美国出口，双方供应链高度一体化。我想一些地缘政治紧张局势使得人们在支出上更谨慎，减少外出，多把钱留在口袋里。
And I think that will -- there's the kind of the shock of the event happening and then it tends to abate, which was kind of the comment on the U.S. consumer, the difference between -- the marked difference between sentiment and actual spend. Obviously, that as previously advertised could be choppy in the near term as resolution occurs. But that's kind of the general state.
我认为这种情况会——事件发生时会带来冲击，随后趋于缓解，这与之前针对美国消费者所说的情况类似：情绪与实际支出之间存在明显差异。显然，正如之前所说，在问题逐步解决的短期内，情况可能仍会波动。但整体大致如此。
I think from our point of view, we've got to focus on our game plan, which is sticking to our all-weather strategy, focusing on the brands, the execution, the local connectivity, reinforcing, the Made in U.S. for the U.S. business and the Hecho en Mexico for the Mexican business. And I think that will see us through as we go through the balance of the year.
就我们而言，我们必须专注于既定计划，即坚持我们的“全天候”战略，聚焦品牌、执行和本地连接，加强“美国制造”在美国业务中的定位，以及“墨西哥制造”在墨西哥业务中的定位。我认为，这将帮助我们顺利度过今年余下时间。
Robert Moskow
Thank you.
谢谢。
James Quincey
Okay. Thanks very much, everyone. So to summarize, enabled by our all-weather strategy, we're focused on prioritizing agility, remaining consumer centric, and partnering closely across our ecosystem for the rest of the year. There'll be many types of environments and we're going to leverage our capabilities to drive the growth and the enduring value. Thank you for your interest, your investment in the company, and for joining us this morning. Thank you.
好的，非常感谢各位。总结一下，依托我们的“全天候”战略，接下来我们将重点提升敏捷性，坚持以消费者为中心，并与整个生态系统密切合作。今年我们将面对多种经营环境，我们将利用自身能力推动增长并创造持久价值。感谢大家的关注、投资以及今天上午的参与。谢谢。
Operator
主持人
Ladies and gentlemen, this concludes today's conference call. Thank you for participating. You may now disconnect.
女士们、先生们，本次电话会议到此结束。感谢各位的参与。您现在可以断线。
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