“Significant additional currency weakness, commodity cost increases, geopolitical disruption, major supply chain disruptions, store closures, or tariff changes are not anticipated within the guidance range.”

In context

“cognized in our P&L as finished products are sold to retailers. Currently, the largest US tariff impacts are coming from raw and packaging materials and some finished products sourced from China. While China accounts for just over 10% of total imports exposure to the US, the size of the tariff rate makes the cost impact more substantial. The largest impact of responsive tariffs on US exports is from the finished products shipped from the US to Canada. We will be looking for every opportunity to mitigate the impact, including sourcing flexibility and productivity improvements. We also need to consider some level of consumer pricing in effective categories and markets. The guidance we share today is based on current market growth rate estimates, commodity prices, and foreign exchange rates. Significant additional currency weakness, commodity cost increases, geopolitical disruption, major supply chain disruptions, store closures, or tariff changes are not anticipated within the guidance range. To wrap up, we are pleased with the results The Procter & Gamble Company people have delivered in a very challenging and volatile environment. And we remain focused on excellent execution of our integrated, dynamic, and market-constructive strategy. Innovating and investing to drive market growth and balance top and bottom line growth and value creation. With that, we will be happy to take your questions. Operator: If your question has been answered or you would like to withdraw your question, please press star followed by two. Our first question today will come from Lauren Lieberman of Barclays. Please go ahead. Lauren Lieberman: Great. Thanks so much and good morning. So Andre, during the quarter, you guys had definitely discussed the retail inventory destocking in the US and that that”