“That allows us to increase productivity on media spend in the current fiscal year to the point where we believe we will use some of that productivity not to reinvest fully but to actually flow through and help offset inflation.”

In context

“offset inflation, which is equally strong in the fiscal year. From a media standpoint, we have delivered significant productivity over the past years, but we have reinvested all of that productivity and incremental media spend ahead of sales leverage, ahead of the productivity numbers even that we generated. And that productivity continues to strengthen. We have developed strong capability to target better both on TV as well as in digital. Our ability to improve effectiveness of reach and quality of reach is allowing us to drive cost per effective reach down both in digital and in TV. We've shifted more and more spend into digital. Now more than 50% of our advertising is in digital. And with that, we are rolling out these capabilities to more and more businesses and more and more regions. That allows us to increase productivity on media spend in the current fiscal year to the point where we believe we will use some of that productivity not to reinvest fully but to actually flow through and help offset inflation. And some of that you saw in Q4 combined with other effects. General sales leverage and productivity on SG&A driven by sales leverage is well intact. You saw it flow through in quarter 4. That was 180 basis points helped to operating margin, and that should continue. So in summary, I feel good about our productivity muscle. It continues to strengthen, and it will be needed to help offset some of the inflationary pressures we see. On product mix, we continue to see the same effect that we've seen in previous quarters, which is a negative impact to gross margin, roughly 130 basis points on the quarter, positive impact when you think about our portfolio. What we see is that consumers that come into the P&G portfolio and we had big success in driving trial over the past two years. Those consum”