“But I think the most mechanical driver is run rates are stable and stabilizing, therefore unless we see a further decline in the market, which is entirely possible, but if those run rates hold, that will drive annualization towards the back half of the year.”

In context

“aby care. Birth rates are down 15% to 25% depending on how you define the market, and we’ve been able--the team has been able to grow sales 6% and grow share in the market. Why? Because the portfolio and the innovation the team designed was very specific to the Chinese consumer - their needs, their preference in terms of superiority, and that’s driving results. We’ve been able to grow the Braun business with strong innovation, so there are pockets of business where we are leading the market, and we need to find our way to that across more categories, which we’re working on. Fabric care, as I said, is very focused on the profitable part of the portfolio which allows them to drive innovation, which allows them to drive category growth, and that’s really what’s playing out across categories. But I think the most mechanical driver is run rates are stable and stabilizing, therefore unless we see a further decline in the market, which is entirely possible, but if those run rates hold, that will drive annualization towards the back half of the year. Jon Moeller: Just to round that out, the largest business for P&G in China is hair care, and we spent the last year-plus as we came out of COVID ensuring that we had very strong hair care plans. I am very pleased with the plans that we’ve put together and the execution of them on Pantene, the same on Head & Shoulders, really significantly improved propositions, significantly improved packaging, really looking strong. Andre mentioned somewhere in our discussion that we had made the choice to exit the third brand, which was Vidal Sassoon, so that should not be a source of drag going forward. We’re still working, to be candid, on the plans for Rejoice, but the net of all of that is pretty encouraging. Operator: The next question comes from Kevin Grundy of BNP Paribas. Please go ahead. Kevin”