Financial Data and Key Metrics Changes - The company's Q4 and fiscal year 2025 performance was mixed, with weaker than expected top line growth but strong margin and earnings performance [4][5] - Organic sales growth was approximately 8%, but when excluding the 13% to 14% related to retailer inventory build, it resulted in a negative 5% [11][12] - The gross margin impact was higher than anticipated, with a 150 basis point impact for the quarter and 50 basis points for the full year [38][39] Business Line Data and Key Metrics Changes - The cleaning business performed well, continuing to grow share and executing innovation plans effectively [16][18] - The Kingsford business faced execution challenges, particularly during key holidays, but trends improved in July [84][85] Market Data and Key Metrics Changes - The overall consumer environment remains uncertain, with consumers exhibiting value-seeking behaviors and trading down to smaller sizes [20][21][108] - The promotional environment is rational overall, but there are pockets of high promotional activity, particularly in the trash and cat litter categories [59][60] Company Strategy and Development Direction - The company is focused on leveraging its innovation pipeline and enhancing execution to improve market share and financial performance in fiscal year 2026 [7][8][96] - The implementation of a new ERP system is seen as a critical step in building a strong digital foundation to drive revenue and efficiencies [5][30] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges in the current consumer environment but expressed confidence in the company's plans and capabilities to drive future growth [8][96] - The company expects sluggish category performance to continue but anticipates improvements in the back half of the year due to strong innovation plans [20][21][68] Other Important Information - The company is experiencing a transition period due to the ERP implementation, which has created noise in the financial results but is expected to lead to stronger performance in the future [30][43] - The company is closely monitoring the impact of tariffs, expecting an increase in costs but planning to offset these through various strategies [62] Q&A Session Summary Question: Sales performance in the quarter - The organic sales growth was about 8%, but excluding the ERP benefit, it was negative 5%, which was lower than expected [11][12] Question: Improvement in consumption trends - Management expects sequential improvement in consumption trends driven by innovation and adjustments to plans [20][21] Question: Impact of destocking - There was no material retailer destocking outside of the ERP, and the company is monitoring the situation closely [29] Question: Expectations for promotional environment - The promotional environment is largely rational, with some competitive activity in specific categories [59][60] Question: Kingsford business performance - Execution issues impacted Kingsford's performance, but adjustments have been made for upcoming holidays [84][85] Question: Medium-term growth outlook - The company aims to return to a 3% to 5% growth target, focusing on innovation and market share improvements [99][100]