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Procter & Gamble Co  (NYSE: PG)

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Q1 2019 Antithesis Appointment Call

Oct. 19, 2018, 8:30 a.m. ET

Operator

Good morning and acceptable to Procter & Gamble’s Division End Appointment Call. P&G would like to admonish you that today’s altercation will accommodate a cardinal of advanced statements. If you will accredit to P&G’s best contempo 10-K, 10-Q and 8-K reports, you will see a altercation of factors that could account the Company’s complete after-effects to alter materially from these projections, additionally the Aggregation has acquaint on its Investor Relations website www.pginvestor.com a abounding adaptation of non-GAAP and added banking measures.

Now, I’ll about-face the alarm over to P&G’s Vice Chairman and Chief Banking Officer, Jon Moeller.

Jon Moeller — Vice Chairman and Chief Banking Officer

Good morning, John Chevalier joins me here. We are action to accumulate able animadversion brief, absorption a adequately aboveboard division and Investor Day appropriate about the corner. I’ll accommodate account on the quarter’s results, aloof a few comments on cardinal focus areas, and amend budgetary year guidance, afore axis in the alarm to your questions.

We abide enabled by superiority, abundance and creating a added focused animate and answerable alignment and adeptness to achieve important beforehand adjoin our cold of accustomed counterbalanced growth, top line, basal band and cash.

We are accelerating amoebic sales growth, apprenticed by able accumulated and burning growth, with bazaar shares convalescent and now growing on an accumulated basis. Amoebic sales grew 4% apprenticed by able amoebic accumulated beforehand of over 3%. Appraisement was aloof to the division with mix of complete 1 point appulse to top band growth, nine of 10 all-around categories grew amoebic sales. Bark and Personal Care grew in the teens, Personal Bloom Care bifold digits, Bolt Care, Home Care, Feminine Care, Ancestors Care and Grooming anniversary grew amoebic sales mid-single digits. All approach burning actual able up inline with amoebic sales and advanced of the basal market, animate as I said, a acknowledgment to accumulated bazaar allotment growth.

Thirty three of our top 50 class country-combination captivated or grew bulk allotment up from 26% aftermost budgetary year, 23% the year afore that and 17% in the year afore that. So abandoning that progression 17%, 23%, 26% 33% of our category-country combinations captivation are growing bulk share. Similar beforehand in our bigger market, the US. In September of 2016, one class growing allotment over the accomplished 12 months, September of ’17, three categories, currently eight categories. 40 base credibility of allotment beforehand all-embracing in Q1.

While authoritative acceptable consecutive and complete progress, we do abide to face several top-line challenges. We’ve advanced accent bazaar akin issues in Saudi Arabia and the Gulf markets, Iran, Algeria, Egypt, and Nigeria. We accept abounding businesses in the Middle East and Africa about $3 billion in sales. Amoebic sales in the arena were bottomward about 10% for the division about a 0.5 point annoyance on Aggregation amoebic sales growth. We had a actual acceptable division in Grooming with amoebic sales up 4%. But we’re action to abide to face challenges on this business. As I said, we’re authoritative acceptable progress, attending at the US, for example, US macho blades and razors bulk allotment up from a four point abatement in budgetary ’17 to bottomward 30 base credibility in budgetary ’18 to about a abounding point access over the aftermost six months which includes the appulse of a aloft aggressive barrage during the period.

We’re growing all-outlet accumulated allotment on a accomplished one month, three month, six ages and 12 ages basis. But we are action to abide to face challenges from bulk bank antagonism in-store and online and several markets. While we apprehend trends to beforehand Babyish Care sales were bottomward for the quarter. We abide to body on the success of our childhood blow products. Pampers is the all-around allotment baton in pant-style diapers, with about a 30% allotment of the anatomy which is growing at a double-digit rate. Taped diapers accept been the bendable atom mainly in the mid and bulk tiers. So top-line challenges abide and beforehand won’t arise in the anatomy of a beeline line, but the burning accumulated sales and allotment are anniversary advanced nicely.

Moving to the basal line, bulk antithesis per allotment were $12, up 3% adjoin the above-mentioned year. Adopted barter was a $260 actor antithesis headwind about $0.10 a share. On a connected bill basis, bulk antithesis per allotment up 11%. This adjoin the accomplishments of cogent commodity and busline bulk challenges, about an added 5 points, net able basal antithesis progress. Bulk gross allowance apprenticed 150 base credibility as the 170 base credibility of abundance beforehand were account by a 100 credibility of commodity bulk increases, 60 credibility of adopted barter headwinds and 160 credibility from mix addition investments and added impacts. Adjusting for bill and commodities, basal gross allowance was up slightly. Bulk SG&A bulk decreased 80 base credibility as a allotment of sales, bottomward 150 base credibility excluding FX impacts apprenticed by sales advantage and able abundance improvement. As a result, bulk operating allowance decreased 80 base credibility including 250 base credibility of abundance savings.Constant bill bulk operating allowance added 50 base credibility excluding bill and commodities, bulk operating allowance was up 150 base points, banknote breeze charcoal anxiously able with adapted chargeless banknote breeze abundance of 95%. We alternate over $3.1 billion of banknote to shareowners , about $1.3 billion in allotment repurchase and $1.9 billion of dividends.

In summary, a actual able quarter, solid consumption, accumulated and amoebic sales beforehand animate complete bazaar allotment trends aloft categories and geographies. Able connected bill bulk earnings-per-share beforehand and connected aerial levels of banknote generated and alternate to shareowners all in the best activating and arduous ambiance we’ve faced in a actual connected time.

We’re accelerating change to accommodated these accretion challenges and to added beforehand results. We’ve fabricated a advised best to beforehand in the advanced of products, packages, retail execution, business and bulk not aloof in the exceptional bank but in anniversary bulk bank aloft we compete, deepening the abiding bloom and competitiveness of our brands. We’re authoritative solid beforehand on extending our allowance of advantage and accretion the affection of our beheading which shows in these results.

Additional beforehand will be bare to abide this progress. The charge for this investment, the charge to account macro bulk headwinds and the charge to drive counterbalanced top and basal band beforehand including allowance amplification accentuate the accent of productivity. We’re animate bulk accumulation and adeptness improvements in all facets of our business. Approaching the beggarly of our added 5 year $10 billion abundance program. We’ve consistently delivered $1.2 billion to $1.6 billion in anniversary bulk of appurtenances awash savings.

We apprehend to be adjoin the aerial end of that ambit afresh this budgetary year. We’re eliminating abundant decay in the media accumulation alternation accustomed about $1 billion of accumulation in bureau fees and ad assembly costs over the aftermost four years. We see added accumulation abeyant in these areas forth with added adeptness and media delivery. We abide to — alibi me — we’re continuing to drive accumulation and alignment cost. Absolute accepting now bottomward about 30%, aback the alpha of our aboriginal abundance program, afterpiece to 35% aback including architect roles. We’re focused on bulk abundance and cash. We’ve fabricated cogent beforehand in all areas of animate capital. Over the accomplished bristles years, we accept bigger receivables by three days, account by 10 canicule and payables by added than 30 days, enabling us to armamentarium basic spending bare to transform our accumulation chain.

Over the aftermost seven budgetary years, we accept averaged about 100% adapted chargeless banknote breeze productivity, abiding an boilerplate of over 110% of arise net antithesis to allotment owners through assets and allotment repurchase. We’re authoritative bare alignment anatomy and adeptness changes to position us to win. We’re demography achieve to abridge the alignment structure, analyze responsibility, access accountability. We’re addition centralized aptitude with accomplished accomplished alien hires and convalescent class adherence and mastery. We’re deepening advantage and allurement programs, accretion the granularity of anniversary account awards, accretion accord in both the anniversary and three year account programs, alteration appraisal metrics to focus added on achievement about to competition, and achievement of bounded teams.

We’re accretion the bulk of absolute advantage at accident and addition the payout ambit to bear greater upside accolade and downside aftereffect from over or beneath performance. Anniversary of these alignment and adeptness changes are aimed at creating a aggregation advised to win in today’s bazaar with today’s chump at the dispatch of the market, added agile, added accountable, added efficient, added productive. We’re committed to beforehand effective disruption in our industry aloft all areas of the bulk chain, innovation, accumulation systems, chump communication, and cast building, retail execution, sustainability. Effective disruption will be the axial affair of our altercation on Investor Day.

Moving to guidance. With one division of the year complete, we are advancement amoebic sales beforehand advice of 2% to 3%. Appraisement should about-face progressively added complete as we go through the year, but this will access accumulated ambiguity and volatility. We now apprehend all-in sales beforehand in the ambit of bottomward 2% in band adjoin aftermost year absorption three to four abrogating credibility of adopted exchange.

We’re advancement bulk antithesis per allotment advice of 3% to 8%, aloft we acreage in this ambit will be decidedly impacted by FX, by commodity costs, by the aggressive and chump acknowledgment to planned appraisement and by our own abundance efforts. We’re not currently at the aerial end of this ambit and beneath than the three months aback our aftermost antithesis release, the adopted barter headwind on antithesis added by $400 actor afterwards tax, $900 actor in absolute for the budgetary year. The Turkish lira attenuated 25%. The Argentine peso added than 40%. The Indian rupee about 10%. Commodity costs are accepted to be a $400 actor headwind. Crude oil, a key feedstock for abounding raw abstracts is up added than 50% from this time aftermost year. Trucking costs will acceptable be up 25% or added adjoin aftermost year’s aggrandized levels. Combined FX and t are now $1.3 billion after-tax or $0.50 per allotment headwind adjoin aftermost fiscal. This excludes animated busline costs. As commodity prices and adopted barter ante move, we will booty appraisement aback the bulk of bulk appulse warrants it and aggressive realities acquiesce it.

We’ve already arise appraisement in US Babyish Care and Ancestors Care. We’ve additionally a retailers that we will access prices on several accessories in Home Care, Oral Care and Personal Care accompanying with addition launches aboriginal aing agenda year. We’ve arise appraisement in several developing markets including Argentina, Turkey, and Russia to account at atomic a allocation of the FX impacts. There will be animation with these appraisement moves, antagonism may attack to booty advantage of our moves for concise bazaar allotment gains. Overall, class burning may be abnormally impacted. We’ll artlessly accept to acclimatize as we go and as we learn. Importantly, excluding the macro impacts, every point of our bulk antithesis per allotment advice ambit reflects able double-digit connected bill earnings-per-share growth. Our antecedence action advanced will abide attention advanced architecture bulk accretive investments in the business. We won’t acquiesce concise pressures to derail the beforehand for authoritative adjoin abiding assisting top-line growth. We abide to apprehend addition year of 90 % or bigger adapted chargeless banknote breeze abundance and addition year of able banknote acknowledgment to shareholders.

We apprehend to pay over $7 billion in assets and repurchase shares account up to $5 billion. This factors in the banknote appropriate to complete the accretion of Merck’s OTC business during the year and banknote account and added deals. Our advice is based on accepted bazaar beforehand rates, commodity prices and adopted barter rates. Cogent added bill weakness, commodity bulk increases or added geopolitical disruptions are not advancing aural this guidance.

As you accede your annual estimates, accumulate in apperception that appraisement to account FX and commodity pressures will activate to go into aftereffect alone afterwards in Q2 and beforehand in the aback bisected of the year. So costs and FX challenges will abide and acceptable aggravate as we move into Q2. While we apprehend to abide authoritative beforehand on burning and share, the top band amoebic sales atone in Q2 is added difficult than we faced in Q1, which will accept an appulse on arise beforehand rates.

To sum up, while the alien ambiance presents abounding challenges, we’re authoritative important beforehand and are accelerating the clip of change. Efforts to extend our allowance of aggressive advanced to drive abundance savings, to armamentarium investments for growth, and enhance our industry arch margins, to abridge our alignment anatomy and access accountability are and will abide animate bigger results. We’re arch disruption aloft the bulk alternation to consistently and sustainably abound sales, margins and cash.

We’ll allocution added about all of these efforts at our Investor Day on November 8th in Cincinnati. We will additionally ensure you accept abounding befalling to collaborate with Aggregation leadership. We hope, you’re able to accompany us either in actuality or the webcast. I alone attending advanced to seeing and communicable up with anniversary of you.

With that, we’d be blessed to booty your questions.

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Operator

Thank you sir. (Operator Instructions) Your aboriginal catechism comes from the band of Dara Mohsenia with Morgan Stanley.

Dara Mohsenia — Morgan Stanley. — Analyst

Hi, acceptable morning.

Jon Moeller — Vice Chairman and Chief Banking Officer

Hi Dara.

Dara Mohsenia — Morgan Stanley. — Analyst

So this is the best amoebic sales growth, you guys accept had in bristles years. Clearly, it’s apparently bigger than you originally accepted and conceivably alike in aboriginal September at the appointment circuit. So — but at the aforementioned time it’s alone one quarter, the atone was easier, you mentioned some caveats. So aloof demography a footfall aback and a aerial level, as you attending at the basal drivers abaft this quarter’s top band results, how assured are you that you’ve regained some top band and bazaar allotment drive actuality and the drivers in the division are added sustainable, and the acme of your efforts over the aftermost few years as adjoin to aloof specific to this division and additionally aural that answer, the consecutive beforehand you fabricated in the division on the amoebic sales front, can you allocution about what geographies collection that and how abundant of that you anticipate is added P&G bazaar allotment beforehand as adjoin to bigger class growth? Thanks.

Jon Moeller — Vice Chairman and Chief Banking Officer

All fair and acceptable questions, admitting many. I feel actual acceptable — we feel actual acceptable about the affection of the top band beforehand in the division and the affection of the cardinal that we’re reporting. We feel acceptable about that for several reasons. As I mentioned, burning is up in band with our top band progress, which is actual encouraging, that’s reflected in improvements in bazaar share, which I talked about both in the US and globally. The aloft of the beforehand is auspicious with nine of 10 categories growing sales in the quarter. I mentioned some of the beforehand ante in our able remarks. Importantly, additionally aloof the aboriginal apprehend in October, you apperceive about 55% of the way through that ages — a ages agency alike beneath than a quarter. But we haven’t apparent a bead off that you would apprehend to see in agreement of shipments or burning if the affection of the aboriginal division cardinal was lacking. Additionally important is the beforehand in our bigger bazaar — bigger and best assisting bazaar the US, aloft we are up 4%, on accumulated beforehand of 5%. Additionally that the appulse of appraisement both in the US and broadly, now aloof adjoin negative, so all of that leads to our aplomb in the numbers for the division and the after-effects that we’re seeing. There are admitting some things that are actual important to agenda as we try to action that forward. One, we face actual able antagonism both bunch and local, who are actual animate in the marketplace. Two, the appraisement that we charge to apparatus to account commodity and adopted barter costs is abundantly not in the barter today. There’s actual little that’s absolutely on the shelf. As I mentioned that will arise into comedy afterwards in Q2 and as we go through Q3 and Q4 and we apperceive that that will acquaint accumulated animation and uncertainty.

So we’re blessed with the numbers. I don’t anticipate there’s annihilation that’s doubtable aural those after-effects but we still accept a lot of assignment to do as we go through the antithesis of the budgetary year.

Operator

Your aing catechism comes from the band of Olivia Tong with Bank of America Merrill Lynch.

Olivia Tong — America Merrill Lynch. — Analyst

Thanks. Acceptable morning. Afterward on my question, I beggarly — maybe we can about-face a little bit to the arising markets because clearly, you saw a able dispatch of amoebic sales, I brainstorm in arising markets too which arrangement of contrasts with the theories (ph) in the bazaar over GDP beforehand slowing and the appulse of FX depreciation, so can you aloof airing through what you anticipate collection the beforehand in that authentic area. Are you bond up or upwards — accept you started to booty bulk in some cases aloft aggrandizement has acceptable it. And are there authentic markets or categories that are decidedly afraid for the better, and what are you accomplishing to accumulate that drive going? Thanks.

Jon Moeller — Vice Chairman and Chief Banking Officer

Thanks, Olivia. Adjoin the accomplishments or the ample catechism on the backbone of arising markets, as consistently those markets are abnormally dynamic. I mentioned some of the challenges we’re adverse for instance in the Middle East and Africa and I would be not confined you able-bodied to discount those. Accepting said that, the abounding developing markets aloft cogent approaching beforehand should present itself abide to achieve adequately well, bifold chiffre beforehand — aerial bifold chiffre beforehand in a bazaar like India, Brazil accomplishing able-bodied in the quarter. China, if you still accede that as developing bazaar up 7% the accomplished 12 months, which is a cogent dispatch from aloft we were at abrogating 5% aloof two years ago. Encouragingly, that beforehand in those markets reflects the Aggregation beforehand aloft the aloft of the portfolio. So it’s not aloof one class animate sales. I get the catechism absolutely frequently, you know, what if we afar SK-II and what appulse would that have. There isn’t a allotment of our adorableness business that isn’t growing, appropriate now best of it growing at actual adorable rates. Several of our categories in China are growing at bifold chiffre ante and a brace of aerial singles. So I abide to accept that this could change tomorrow. But as we sit actuality today, the bureaucracy in developing markets is about strong, absent those markets with cogent geopolitical disruption and absent the markets aloft we’ve apparent cogent abasement and their appraisement will — will be acutely required.

Operator

Your aing catechism comes from the band of Ali Dibadj with Bernstein.

Ali Dibadj — Bernstein — Analyst

Hi, guys. So how should investors anticipate about the accumulation basin of your accomplished HPC breadth appropriate now? So appraisement is not befitting up with aggrandizement and alike action advanced with the incremental pricing, it sounds like you appetence to booty — you won’t accumulate up with inflation. So gross margins will be bottomward but acquiescently for you guys, you accept desperate (ph) cut, you’re accomplishing able-bodied in productivity, you can bear on the basal band appealing well. But how do you apprehend that attractive for affectionate of the HPC class overall, your competitors in agreement of the accumulation pool. I guess, abounding of us are aggravating to bulk out if your — you know, afresh affectionate of this nicest abode on a breakable HPC neighborhood. And we’d aloof adulation to apprehend your angle on that.

Jon Moeller — Vice Chairman and Chief Banking Officer

As I anticipate about it in aggregate, I’m not in a awfully altered position attractive advanced now than I would accept been this time aftermost year or this time three years or four years ago. There is — in agreement of appraisement about to aggrandizement that’s aloof alpha to be brought into the barter not aloof by us but you’ve heard best of our competitors both bunch and bounded allocution about the aforementioned thing. And that will assignment its way through the assets account as we go through the antithesis of the aing agenda year and the end of this agenda year. I don’t apperceive how that’s action to comedy out, but I don’t accept any absolute adumbration that it’s action to comedy out negatively.

Innovation continues to be a cogent antecedent of allowance and accumulation amplification aural the industry. That is animate and well. And you see it in items like unit-dose detergents, in t enhancer beads, you see it in developed incontinence, you see it in some of the naturals launches Authentic Pampers as an example. So I abide to accept that that is a cogent source, and an important antecedent of both class beforehand for us and retailers and allowance befalling for both us and our retail partners.

You mentioned productivity, there are added accoutrement accessible today to US and others that action aberrant opportunities in agreement of automation and digitization to beforehand bulk both on the accomplishment attic and on the appointment floor. Tax ante for US companies, the tax angle is decidedly bigger than its anytime been with lower ante than accept been the case. We are seeing and this is important I think, bashful increases in bazaar beforehand ante including and best chiefly in the US and that has a big appulse on behavior both aloft the accomplishment ambiance and the retail ambiance as you would expect. There are absolutely headwinds, absorption ante are a headwind for US borrowers that cogwheel in absorption ante amid the US and added countries is arch as we all apperceive to cogent deepening of the dollar, which is a absolute claiming that we’ve talked about. And commodity costs and busline costs are up significantly. But if I attending aback over the accomplished decade and altered years all of those factors accept been present. So there’s annihilation altered added than conceivably the actual cogent macro impacts, which hopefully will be abbreviate appellation in attributes that avert HPC companies for — from architecture bulk for shareholders as we go forward. Although the connected appellation fundamentals that you’d accept to accept in that abutment bazaar growth, which is the best analytical disciplinarian of growth, top band and basal band are in place, citizenry growth, assets beforehand — an industry that abundantly continues to focus on addition as a way to abound its business and it’s aboriginal in the antithesis aeon but I aloof attending at added competitors that accept arise J&J and Unilever as two examples. I’m actual blessed to see cogent beforehand on the top band in those companies as well. That is not apocalyptic of an ambiance that is ambiguous for any of us.

Operator

Next, we’ll go to the band of Wendy Nicholson with Citi.

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Wendy Nicholson — Citi — Analyst

Hi, acceptable morning. Aloof — aboriginal a housekeeping catechism on Gillette. Those numbers, the Grooming articulation was a lot stronger than I had advancing based on the tracked approach auto (ph) in the US. So can you allocution about the Gillette achievement in the US accurately and how abundant is the Gillette Shave Club growing adjoin what we’re seeing in tracked channels? And afresh addition catechism if I can, is aloof the appraisement conversations you’re accepting with retailers, there’s been a lot of skepticism I assumption amid investors I allocution to about whether you’re action to be able to get those prices through, whether retailers are action to beforehand back, whether you are action to accept to do added beforehand to account that, et cetera, et cetera. But if you’re demography added appraisement in Home Care and Personal Care maybe the conversations you’re accepting with retailers are added productive. So can you animadversion on that aloof at a aerial level, how accessible is it action to be for you to apprehend that appraisement in the market? Thank you.

Jon Moeller — Vice Chairman and Chief Banking Officer

The Grooming business in the US, let me aloof — able-bodied it continues to — it is actual able added 10% sales beforehand in the quarter, on accumulated beforehand that’s college than that in the face of the aggressive expansion. As I was actual authentic and hopefully bright to alarm in our able remarks, there will be challenges advanced but it gives us a lot of aplomb that the strategies we’re putting into the barter are in actuality animate as we accepted them to. As it relates to offline adjoin online that’s abundant added than a Gillette Shave Club dynamic. That’s a broader approach switching activating and we abide to do analytic well. So we accept added assignment to do offline in that business — alibi me, online in that business adjoin offline. We accept based on the abstracts that we have, we’re seeing cogent beforehand in Gillette Shave Club users and accept based on the abstracts that we accept that we’re the alone one growing users in the US. That’s not a all-around comment. So generally, I mean, we’re actual cautious. We accept a lot added assignment to do. The aggressive action in the amplitude is actual able and aboriginal in its lifecycle. But we booty a lot of beforehand from the beforehand we saw in the quarter.

Operator

And next, we’ll go to Nik Modi with RBC .

Nik Modi — RBC Basic Markets LLC — Analyst

Yes, thanks. John, I was acquisitive you can allocution about aloof the Bark Care business in general. I mean, that’s — that’s an aloft that alfresco of China and SK-II has struggled for a cardinal of years. And I was hoping, you could aloof affectionate of blow on it in the ambience of A, what’s action on with the Bark Care class in China because it’s not aloof you guys that seems to be a lot of the adorableness players are accepting some appealing nice success there, appropriate now. So aloof analytical about what you’re seeing from the chump standpoint and afresh maybe you can blow on Olay Whips and affectionate of what that has meant to the all-embracing Olay franchise.

Jon Moeller — Vice Chairman and Chief Banking Officer

Right. Nik, I’m action to arise to that. I’m absolutely action to footfall back. I apologize, I’m not acceptable at befitting clue in my arch at multipart question. This isn’t your fault, isn’t my accountability and so I alone Wendy’s — to acknowledgment Wendy’s catechism on pricing, and I appetence to arise aback to that, and afresh I’ll arise to Bark Care and Olay, Nik.

Sorry about that Wendy. In agreement of abutment for pricing, the commodity bulk impacts we’re talking about are significant. So I talked about oil as an important feedstock for abounding of our raw abstracts actuality up 50% year-on-year, busline bulk actuality up 25% afterwards a year, aloft they were up decidedly afore that. And those are all costs that retailers see and accept in abounding allotment because they face the aforementioned bulk increases in their clandestine characterization brands. And absolutely from a busline standpoint, they’re seeing all the — all the impacts that we are in and more. The questions that investors are adopting about to all the questions that you mentioned, about to appraisement are the appropriate ones to accession and I wouldn’t aish any of them. But the conversations to-date accept been encouraging. What we don’t accept afterimage on to-date are the accomplished arrangement of aggressive activities. So it’s — I am absolutely not sitting in actuality today declaring victory. There’s a lot of assignment and animation advanced of us. But so far nothing, as I said earlier, that’s absolute that has me ever concerned. Now, Nik, action aback to your questions.

The Bark Care, if you attending at Bark and Personal Care, which is how we attending at the business. Amoebic sales added in the division bifold digits about 13% and very, actual encouragingly that beforehand is broad-based. So SK-II, up over 20%, the antithesis of the Bark Care portfolio up aing to 20%, Personal Care up mid to aerial distinct digits, deodorants growing as well. If you booty the 7% Adorableness articulation beforehand and exclude SK-II, you would accept apparent beforehand of 5% in Q1. So afresh that’s cogitating of actual ample beforehand in the adorableness portfolio. We are growing allotment aloft that absolute business with all segments either growing or captivation share.

In agreement of China, we delivered aloft the (inaudible) the Bark and Personal Care portfolio 22% beforehand in Q1, SK-II did beforehand that as you would expect. But Olay was aing to 20% growth, Olay Bark has now delivered six orders of double-digit beforehand in China led by both innovation, things like Olay Whips but additionally the awakening of the in-store acquaintance and the Olay adorableness counters. So we additionally are seeing acceptable beforehand not aloof offline, but online in the bark business aloft e-commerce sales if we attending at the accomplished 12 months of Bark Care up 60%, they are up 50% agenda year-to-date advanced of the market. So it’s a ample success adventure not artlessly SK-II.

Operator

And your aing catechism comes from the band of Stephen Powers with Deutsche Bank.

Stephen Powers — Deutsche Bank — Analyst

Hi, acceptable morning. Thanks. Maybe aloof to body on — Jon on your acknowledgment to Wendy’s catechism on pricing. I appetence to assignment bottomward a little as it relates to babyish and ancestors if I could aloof because that’s been aloft I anticipate the appraisement discussions been best in focus accustomed your appraisement announcements aftermost quarter. And on the one hand, I anticipate we’re all assured some beforehand there which is acutely effective but on the added hand, as you’ve alleged out, there continues to be beforehand in bulk bank accessories and in authentic loves (ph) for you. So I was hoping, you can abode any abeyant astriction that you’re seeing there and how you see accumulated net appraisement trends beforehand as a aftereffect both in babyish and ancestors and in added categories as you booty incremental pricing. I’m aloof analytical if this is commodity specific to babyish that we should anticipate about or if this arrangement of tug of war if that’s the appropriate label, is commodity we should extrapolate to added categories? Thanks.

Jon Moeller — Vice Chairman and Chief Banking Officer

Steve, my acknowledgment will acceptable annul and I apologize for that in beforehand but it’s absolutely too aboriginal to arrangement this out in a allusive way for you. All signs — aboriginal signs are complete both in agreement of banker accepting of the bulk increases and chiefly of aggressive announcements both branded and clandestine characterization manufacturers of their absorbed to booty pricing. But it’s not in the barter broadly. There are some — some of the Babyish Care appraisement is in the bazaar but it’s really, absolutely early. We’ll apperceive a little bit added by Analyst Day but not a lot accustomed that’s alone three weeks or four weeks away. So this is a chat we’re action to abide to appetence to have, as we go through the end of the agenda year and the alpha of aing agenda year. I apologize for what may accurately arise like a non-answer but it is aloof because I don’t accept one yet.

Operator

All right. Next, we’ll go to Lauren Lieberman with Barclays.

Lauren Lieberman — Barclays — Analyst

Great, thanks, acceptable morning. I capital to aloof ask afresh about the US, because at our appointment in September, Jon, I feel like you absolutely went out of your way in several forums to altercate the abstract amid the backbone that we were seeing in Nielsen and what you accepted to see in agreement of arise results. So advertence things like connected appellation account destocking in the retail trade, dynamics and year-over-year affectionate of couponing bulk to apparatus some of the in-store action that you’re accomplishing in to beforehand affectation and abutment for your innovation. So if you can aloof allocution about what afflicted bluntly amid aboriginal September, aloft afresh you absolutely fabricated a point of adage — don’t attending at the scanner and allowance shaped up and as we attending forward, those three — absolutely the two dynamics, the connected appellation account destocking at retail and costs that accept a bigger attendance in abundance to abutment your innovation. How do you apprehend that to appulse US trends action forward? Thank you.

Jon Moeller — Vice Chairman and Chief Banking Officer

Fair question, Lauren. Allotment of the altercation that we had on retail account destocking, you’ll anamnesis was — and bluntly the bigger allotment of the catechism had to do with approach mix, and the about mix of online adjoin offline with online actuality about lower account accustomed channel. And one of the things that occurred as we went through the division is that some of the cogent beforehand that online retailers were authoritative in chump accretion decreased about decidedly and so while still growing advanced of offline, the beforehand ante in online at a bazaar akin as the division formed its way through assured up actuality decidedly beneath than had been the case for instance the division afore — the division afore that.

And that’s one of the drivers of the impact. There was additionally a fair bulk of approach mix aloft aloof the offline, online activating that afflicted as we went through the division which had an appulse on aloft we absolutely came out. We were — we try to be actual bright that the investments we are authoritative with retailers were in assets not aloof added barter spending and that we hoped that those investments in assets whether that was displays whether that’s adjustment would acquire the acknowledgment that we accepted it to do and that has abundantly occurred. And we had alike greater backbone than we accepted on some of our addition launches, Pampers Authentic for archetype which now leads the accustomed articulation in diapers in tracked channels. So a cardinal of about favorable things came into play. Can those about-face themselves over time? Certainly. But I additionally attending at the beforehand that we fabricated in bazaar allotment as apocalyptic of about backbone that should abide animate for us as we go forward.

Operator

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Your aing catechism comes from the band of Joe Altobello with Raymond James.

Joseph N. Altobello — Raymond James & Associates, Inc. — Analyst

Hi guys. Acceptable morning. So I guess, first, Jon, beforehand you did allude to a bashful dispatch in bazaar beforehand both actuality as able-bodied as internationally. I was curious, what was animate that. Is it added volume-driven, are you seeing added barter up or is this added cogitating of beneath affecting activity. And afresh maybe secondly on Grooming. Obviously, that stood out and I apperceive it’s one quarter, I apperceive you’ve gone to abundant pains this morning to say it’s one quarter, but what would we charge to see for you guys to acknowledge that that business is fixed. Thanks.

Jon Moeller — Vice Chairman and Chief Banking Officer

Drivers of the access in bazaar beforehand are all of the above, Joe, So if you aloof attending at our business as adumbrative — the 4% sales beforehand in the US was on the aback of 5% accumulated growth. So there is some dispatch in assemblage consumption. We abide to see the exceptional genitalia of the portfolio in abounding cases growing at a faster bulk than the antithesis of the portfolio. So with addition and mix up, that’s occurring. The promotional levels aren’t decidedly altered quarter-to-quarter or year-on-year. I mean, you accept the Nielsen data. The allotment of our accumulated that confused on burning on beforehand is not decidedly altered from either the above-mentioned division or the year ago quarter. And fundamentally, we accept — as we all apperceive a actual low unemployment rates. Some increases in allowance ante about strong, chump aplomb and it’s arena through aloft all the drivers at a actual bashful akin of dispatch of bazaar beforehand that you would apprehend to see. On Gillette, I’d like to see four abode to six abode to eight abode of connected beforehand and that’s absolutely what we’re animate to achieve.

Operator

And next, we’ll go to Bonnie Herzog with Wells Fargo.

Bonnie Herzog — Wells Fargo — Analyst

Thank you. I capital to amphitheater aback to China with a brace of quick questions. What was your absolute amoebic sales beforehand in the quarter. And afresh how did that analyze to class beforehand and afresh as you attending out, how acceptable do you anticipate class beforehand in China is and apprehensive if you guys accept any apropos about chump beforehand aback on US brands and manufacturers due to tariffs? Thanks.

Jon Moeller — Vice Chairman and Chief Banking Officer

We haven’t apparent any apparent appulse of the assessment bearings on chump attitudes adjoin brands. We absolutely didn’t see that in the quarter, afresh with actual able beforehand ante aloft several of our brands. There’s annihilation that we’ve apparent that would announce a cogent bead in the bazaar beforehand bulk aloft categories either burning levels or appetence for exceptional products, in actuality the categories afresh that we abide to bankrupt on are the categories that were best positioned from a exceptional alms standpoint and the categories that we’re disturbing added with that’s beneath the case. The amoebic sales beforehand in China for the division was 4%. Again, if you anamnesis to bare 5%, brace of years ago to added 1%, added 7% aftermost year, there’s fair bulk of animation aural the quarter, so if we attending at basal burning and bazaar allotment growth. Bazaar allotment absolutely bigger quarter-to-quarter in China. So I apprehend over a brace division period, we’re still absolutely in the mid-singles to aerial single-digit beforehand bulk there. I know, there’s a lot of affair that’s been bidding not aloof with attention to our categories but added broadly. I accept the GDP abstracts were bottomward that were appear today. But GDP at 6.5% is still — offers cogent opportunity. So there’s annihilation that we are acquainted of today that has decidedly afflicted our angle for our business in China.

Operator

Next, we’ll go to Andrea Teixeira with JPMorgan.

Andrea F. Teixeira — JP Morgan Securities LLC — Analyst

Hi Jon. So aloof afterward up on appraisement and couponing. So you batten about the affairs to access appraisement afore on a few added categories but you were additionally planning on abbreviation advertisement in the US action advanced as you apparently got added of a about-face arrangement than I anticipate you apparently expected. And so, how are you cerebration of net appraisement exceptional adjoin your branded competitors and clandestine characterization action forward. And accompanying to that are you anxious on abdomen stocking because of couponing, in authentic into Costco couponing in the ages of September. And additionally in SK-II in Asia. Thank you.

Jon Moeller — Vice Chairman and Chief Banking Officer

Well, I don’t appetence to get into a lot of details. The business in October and the drive that it continues to announce is not apocalyptic of a bearings aloft that would beforehand you to the acceptance that the July, September after-effects were apprenticed by a lot of abdomen stocking either actuality or in China aloft the cast portfolio. So I don’t anticipate that that is the case. In agreement of our advance adjoin others on price, net bulk — I don’t apprehend cogent change. You’re right, we accept bargain couponing in a brace of categories. And you’re appropriate that was because those coupons over-redeemed and we capital to cull that — punch that aback a little bit. There were additionally — we go through cycles and it’s altered by category, by market, aloft we’re introducing new accessories for example, and you’ll see an access in the bulk of couponing and beforehand to drive trial. But there’s annihilation that is systemic either up or bottomward that I see about to our adapted net bulk premiums viz-a-viz our aggressive set.

Operator

Next, we’ll go to Mark Astrachan with Stifel.

Mark Astrachan — Stifel. — Analyst

Thanks. And acceptable morning, everybody. Capital to ask about clandestine characterization or banker brands — about you appetence to anticipate about that. It seems like 12 months ago or more, there was absolutely a lot of talk, accretion amounts of shelf amplitude — accent actuality put on the class partly aloof because it — had beneath indexed abnormally in the US and partly because it could put burden on pricing.

Fast advanced to today, it seems like it’s far beneath pronounced, I guess. One, do you see that from a banker standpoint in your conversations, and two, if yes, what do you anticipate has apprenticed that? And do you accept that that can ultimately aftereffect or should ultimately aftereffect in AMP (ph) absorb and arrangement of added of a acceptable faculty continuing or ultimately accretion off of accepted levels to sustain, what seems like some drive adjoin that shift.

Jon Moeller — Vice Chairman and Chief Banking Officer

Private label, as you apperceive is primarily a European and US dynamic, not absolutely but primarily. In Europe, clandestine characterization bazaar shares are bottomward hardly afterwards three years of basically collapsed performance. In the US, in a brace of — in the US, the allotment of clandestine characterization that are awash in a accustomed class varies badly from about annihilation to 20% to 30% of business that’s confused in the category. So as a aftereffect of that, and you would apprehend us that the dynamics are altered — actual actual altered by category. There are categories aloft we see connected banker absorption and access in clandestine characterization presence.

Private characterization bazaar allotment in the division we aloof completed in aggregate, was up about 40 base points. Our allotment was additionally up about 40 base credibility in aggregate. The class that’s apparent the best access in clandestine characterization sales is the Ancestors Care business, our bazaar shares are additionally accomplishing actual able-bodied and are accretion in that business. Though, I alternate to acquaint an overarching clandestine characterization adventure because I don’t anticipate there is one but it is absolutely commodity that’s of — continues to be of absorption to retailers aloft channels. That’s been the case for many, abounding years and oftentimes the access in clandestine label, which leads to a abridgement in branded assortment. It’s actual attenuate that that comes out of the cardinal one or cardinal two position cast in the market. That doesn’t beggarly we’re immune. Clandestine characterization manufacturers are accomplishing an added acceptable job at accustomed affection accessories to consumers. So I’m not dismissive of it in any way, but additionally I anticipate we’re able-bodied positioned to accord with it.

Operator

Next, we’ll go to Kevin Grundy with Jefferies.

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Kevin Grundy — Jefferies — Analyst

Thanks, acceptable morning. Jon, I capital to arise aback to the appraisement altercation and I apologize if I absent this part, the two-part question. What accurately came in bigger in the aboriginal quarter. You had been — been allegorical to declines in Q1 and afresh gradually accepting better. But what actual accurately by arena by class came in better. That’s the aboriginal allotment of the question. And afresh the added allotment is there still seems like there’s a little bit of a delay and see from your angle on aloft you can booty pricing, what categories et cetera. So accurately in the US, do you appearance this as a banker activity issue. Walmart afresh speaking unsurprisingly so about advancement its everyman bulk accession in the barter or do you added see this as a aggressive dynamic, whether this is what’s action on in North American Bolt Care with Persil et cetera? So any annotation there would be helpful.

Thanks for both of those.

Jon Moeller — Vice Chairman and Chief Banking Officer

The aboriginal question, what afflicted in agreement of our appraisement outlook? Frankly, not a lot. So aback we were talking about abrogating appraisement in the aboriginal division in our own minds that was affectionate of a bare one point impact, aloft we assured up angled to neutral. So there wasn’t a massive change that occurred as we went through the quarter. We did booty some added achieve to abate both inefficient barter spending and couponing, that beforehand things a little bit. And afresh there were bulk increases that we took in altered genitalia of the apple decidedly the developing markets. As — as the division progressed, the FX bearings attenuated rapidly and that acquired us to achieve moves that we wouldn’t accept advancing at the alpha of the quarter. In agreement of the ambiguity attractive forward, that is abundant added in my apperception a aggressive accompanying affair than it is a chump accompanying concern. And it’s not — affair is apparently not alike the appropriate semantic to use. It’s aloof the reality. Aback prices alpha affective in the barter not everybody moves in lockstep and there are altered dynamics that are — that are alien and capitalized on abnormally by altered manufacturers. So it’s aloof actual adamantine to attending advanced with a euro apple-pie (ph) bright brawl and say — here’s what’s action to happen. That would be disingenuous.

Operator

All right, our aing catechism comes from the band of Steven Strycula with UBS

Steve Strycula — UBS Securities LLC — Analyst

Hi, acceptable morning and congratulations on a acceptable quarter. So absolutely quick catechism on the sales articulation that we saw from this division adjoin the budgetary fourth quarter, a nice footfall up, the way we cut the numbers. It seems like bulk mix was a key contributor in the articulation and additionally Grooming and Bolt Care. So my catechism is, what in your apperception absolutely collection the bulk mix articulation that we saw quarter-on-quarter. And afresh at a articulation level, what collection the beforehand in your appearance in Bolt Care and any amend on China diapers. Thank you.

Jon Moeller — Vice Chairman and Chief Banking Officer

Price mix continues to account from our addition efforts in our efforts to access our akin of advanced and advantage and analytic axiological chump problems. So the fastest growing genitalia of our portfolio as I’ve adumbrated afore are some of the exceptional bulk added avant-garde segments, aloft we’ve brought absolute achievement aberration into the barter whether that’s unit-dose detergents, whether that’s t enhancer beads, whether that’s developed bender products, whether it’s some of the accustomed products, the net aural duke (ph) account adeptness and natural. So all of that, cogitating of the action that we’ve declared and we’ll allocution about added on Analysts Day, are arena themselves out in the marketplace. The added aberration that I aloof mentioned in acknowledgment to the aftermost catechism is that we are starting to put bulk in the bazaar as relates to both t and adopted exchange.

And I apologize, I’ve already afresh bootless to bethink genitalia of the catechism but that’s the acknowledgment to the aboriginal part, at least.

Operator

And your aing catechism comes from the band of Jason English with Goldman Sachs.

Jason English — Goldman Sachs & Co. LLC — Analyst

Hi acceptable morning, folks, acknowledgment for binding me in. Jon, I’ll accumulate this simple for us and break focused. I appetence to burrow into the mix annoyance on gross margin. It was a lot bigger than we’ve apparent the aftermost brace of years and absolutely a lot bigger than we expected. I think, you mentioned in your able animadversion a brace of things about it but I was acquisitive you could accord us a little added detail — ameliorate the apparatus of it. And it’s abnormally hasty to see it in ambience of the US strength. I guess, I’ve consistently affected that allotment of that mix annoyance was US weakness, why are we seeing the acceleration. It sounds like there’s maybe some concise being in there. Can you ameliorate it and accord us the magnitudes and accepted duration. Thank you.

Jon Moeller — Vice Chairman and Chief Banking Officer

Yeah. Aboriginal of all, Jason, it’s admirable to apprehend from you after your barking dog. Aloof kidding. In agreement of gross margin, I appetence to achieve a brace of things bright both actuality and action forward. Aback you’re in these and this isn’t acclamation your aing question, I will arise to that in a added but I aloof appetence to booty advantage of your catechism to achieve this point.

When you’re in an ambiance of accretion commodity and costs and adopted exchange, it hurts. It’s about assured that you’re action to see allowance compression both on the gross and operating line. And that after-effects from the simple actuality that alike if you’re a 100 % acknowledged with your appraisement plans, you’re about demography appraisement to balance costs. You’re not demography appraisement to balance margin. It’s not that you wouldn’t like to booty appraisement to balance margin. But that’s not about what you can accomplish. Though, I do apprehend that that as we go through the cycle, we’re action to abide to see some pressure. We’ll see if abundance bulk overcomes it but we’ll abide to see some burden on margins.

Relative to mix. I mentioned beforehand that some of the fastest growing portions of our portfolio are the exceptional priced segments. There’s a actual barefaced acceptance admitting it’s not authentic that those higher-priced segments are college margin. In fact, what’s accurate about that acceptance is that generally, they are college penny accumulation per unit. So we appetence to advertise as abounding of them as we can. But they about arise at a lower margin. So the algebraic of a about-face in the business to assemblage dosage detergents to developed bender accessories to authentic accustomed accessories is a complete one from a bulk conception standpoint but it leads to a abrogating allowance mix, and I apprehend that to be with us as able-bodied as we abide to apparatus our advanced action afresh with productivity. There too will account a cogent allocation of that. And in a amiable commodity and FX environment, I would apprehend us to abide to abound allowance but that doesn’t beggarly that that abrogating mix basic would go away.

Operator

Your final catechism comes from the band of Jonathan Feeney with Chump Edge.

Jonathan Feeney — Chump Edge — Analyst

What allocation of your absolute all-around accumulated will see a bulk access planned as of appropriate now by the end of this budgetary year? A asperous cardinal would be fine. And added broadly, could you animadversion about how the appraisement action has afflicted over the accomplished bristles years or 10 years with maybe added data-driven and sometimes added adversarial or in some cases maybe bigger relations or added cellophane relations with retailers. How that d has afflicted and what it agency for us as we attending at the acquirement appulse of these bulk increases? Thank you.

Jon Moeller — Vice Chairman and Chief Banking Officer

I don’t anticipate annihilation cogent has afflicted in agreement of how we anticipate about appraisement and some of the important apparatus of that are we appetence to whenever accessible articulation appraisement to addition move, so that the absolute bulk that we’re alms to consumers is accretive not dilutive. And that will account — that has a cogent appulse on the timing on which appraisement is taken. I mentioned, that the categories in the US, we’ve arise added appraisement will be bond that to addition which will arise in the added bisected of the year. And generally, that’s a abundant added acknowledged way to anticipate about this. Abbreviate of that and a connected accent on that dynamic, no cogent changes action forward. In agreement of the allotment of — you apperceive for actual barefaced affidavit apparently 80% of this chat has been about pricing, and adeptness to booty appraisement and adeptness to accumulate pricing. Again, I accept that I’m in no way balked or afraid by that. But if I anticipate about the allotment of accumulated of our centralized conversations and planning and what I absolutely anticipate is animate our business, appraisement is a about baby percent of that dialogue. We charge to booty appraisement in some markets and in some categories, we’ll do that abaft addition aback we can. But the abundant bigger disciplinarian of success both in the division we aloof completed and action advanced is the beheading of the ample strategy.

Products — aboriginal of all, the class choices that we’re arena in were performance, determinants, cast choice, charge to bear above achievement in a above package, announced in a above way, accomplished with arete in abundance at a acceptable bulk for both consumers and our retail partners. All underpinned by abundance and cogent changes in the way that we’re acclimation ourselves and deepening our adeptness to be added acknowledging to arising chump needs, added able in those responses, added answerable in those responses. Those by far are the abundant added important things to anticipate about as we anticipate about both the division and the year action forward. We’ll abide talking about appraisement as we should at Investor Day. But you’ll see the focus abundant added on that action which afresh I anticipate is abundant abundant added axiological in agreement of what absolutely happened in the division that we aloof assured and what the angle is action forward.

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Operator

And ladies and gentlemen, that concludes today’s conference. Thank you for your participation. You may now disconnect. Accept a abundant day.

Duration: 62 minutes

Jon Moeller — Vice Chairman and Chief Banking Officer

Dara Mohsenia — Morgan Stanley. — Analyst

Olivia Tong — America Merrill Lynch. — Analyst

Ali Dibadj — Bernstein — Analyst

Wendy Nicholson — Citi — Analyst

Nik Modi — RBC Basic Markets LLC — Analyst

Stephen Powers — Deutsche Bank — Analyst

Lauren Lieberman — Barclays — Analyst

Joseph N. Altobello — Raymond James & Associates, Inc. — Analyst

Bonnie Herzog — Wells Fargo — Analyst

Andrea F. Teixeira — JP Morgan Securities LLC — Analyst

Mark Astrachan — Stifel. — Analyst

Kevin Grundy — Jefferies — Analyst

Steve Strycula — UBS Securities LLC — Analyst

Jason English — Goldman Sachs & Co. LLC — Analyst

Jonathan Feeney — Chump Edge — Analyst

More PG analysis

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