Colgate Palmolive Company - The Precision Toothbrush :: A Harvard Case Study
Barclays Global Consumer Staples Conference · Financial Strategy Gross Margin Overhead ......
Transcript of Barclays Global Consumer Staples Conference · Financial Strategy Gross Margin Overhead ......
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Barclays
Global Consumer Staples Conference September 7, 2016
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Notice for Investor Presentation
Our presentation and the related webcast contain non-GAAP financial measures, which differ from
our reported results prepared in accordance with U.S. generally accepted accounting principles (GAAP).
These non-GAAP financial measures of operating results, as applicable, exclude the impact of the following:
a charge resulting from the deconsolidation of the Company’s Venezuelan operations, gain on sales of
non-core product lines, costs related to the sale of land in Mexico, charges related to devaluations in Venezuela,
restructuring charges and certain other items. We may also refer to organic sales growth, which is Net sales
growth excluding the impact of foreign exchange, acquisitions, divestments and the deconsolidation of the
Company’s Venezuelan operations, or to free cash flow before dividends, which we define as Net cash provided
by operations less Capital expenditures. A complete, quantitative reconciliation between our reported results
and these non-GAAP financial measures is available in the “For Investors” section of our website at
http://www.colgatepalmolive.com.
Our presentation and the related webcast are integrally related and are intended to be presented and
understood together. In addition, they may contain forward-looking statements. These statements
are made on the basis of our views and assumptions as of this time and we undertake no obligation
to update these statements except as required by law. We caution investors that forward-looking statements
are not guarantees of future performance and that actual events or results may differ materially from those
statements. Investors should consult the Company’s filings with the Securities and Exchange Commission
(including the information set forth under the caption “Risk Factors” in the Company’s Annual Report on
Form 10-K for the year ended December 31, 2015) for information about certain factors that could cause
such differences. Copies of these filings are available in the “For Investors” section of our website at
http://www.colgatepalmolive.com.
September, 2016
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Today
Solid results
Future growth
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Continue to achieve
solid results
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Topline Growth
2000-11
CAGR 2012
2013 2014 2015 1H
2016
Volume +4.8% +3.5% +5.0% +3.0% +2.0% +2.5%
*
Excluding divestitures
*Excluding deconsolidation of the Company’s Venezuelan operations
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Topline Growth
2000-11
CAGR 2012
2013 2014 2015 1H
2016
Volume +4.8% +3.5% +5.0% +3.0% +2.0% +2.5%
Organic Sales Growth
+5.7% +6.0% +6.0% +5.0% +5.0% +4.5%
*
Excluding divestitures
*Excluding deconsolidation of the Company’s Venezuelan operations
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47.0% 47.7%
49.3%
50.6% 52.1%
52.7% 53.4%
54.6% 55.0% 55.2% 55.3%
56.4% 57.3% 56.7%
58.8% 59.1%
57.6% 58.3% 58.8% 58.7% 58.7%
60.0% 60.2%
35%
40%
45%
50%
55%
60%
65%
'95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16Q1
'16Q2
Gross Margin
2004-2008, 2010-2016 exclude restructuring charges and/or other items
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Continue to deliver
shareholder value
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Peer Group Colgate S&P
+383%
+563%
+1021%
Total Return 20 Years
12/31/95 – 12/31/15
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+102% +125%
+206%
Total Return 10 Years
Peer Group Colgate S&P
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Total Return 5 Years
+80.8% +63.8%
+86.5%
Peer Group Colgate S&P
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Total Return 2015
+1.4%
+2.2%
-1.6%
Peer Group Colgate S&P
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+8.3%
+11.2%
+14.3%
Peer Group Colgate S&P
Total Return 2016 YTD
9/02/16
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$0.24 $0.27 $0.28 $0.30 $0.32 $0.34 $0.36
$0.45 $0.48
$0.56 $0.63
$0.70
$0.78
$0.86
$1.02
$1.14
$1.22
$1.33
$1.42
$1.50 $1.56
$0.00
$0.20
$0.40
$0.60
$0.80
$1.00
$1.20
$1.40
$1.60
'96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16
Dividends Paid Per Common Share
Amounts adjusted for two-for-one stock split in 1997, 1999 and 2013
Increased for 54 consecutive years
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Strategy
Balance
Agility
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Focus
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Today
Solid results
Future growth
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Our strategy remains the same
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Strategic Initiatives
Engage to Build Our Brands
Innovation for Growth
Effectiveness and Efficiency
Leading to Win
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Financial Strategy
Gross Margin
Overhead
Advertising/
New Products
Operating Profit
Cash Flow
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Future Growth
Maintain strong innovation pipeline across
all categories
Advance our commercial strategies
Strengthen consumer engagement
Generate funds to reinvest in the business
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Future Growth
Maintain strong innovation pipeline across
all categories
Advance our commercial strategies
Strengthen consumer engagement
Generate funds to reinvest in the business
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4 shades visibly whiter
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Replenishes and polishes for smoother, healthy enamel
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See and feel it cleaning
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Breakthrough
Arginine + Calcium Carbonate
formula
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4-zone bacteria-removing action
for a whole mouth clean
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5 shades whiter teeth
Starts working in 1 day
Brush. Whiten. Go.
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Super soft <0.01mm bristle tip with winning local licenses
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Over 70% of dogs/cats
lost weight within 10 weeks
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Clinically proven nutrition to improve
and lengthen quality of life of pets with
chronic kidney disease and
improve mobility
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Premium differentiated range
specially for Small and Toy dogs along
with the launch of Perfect Weight* *Japan
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An easy way to a complete clean,
no more stuck-on grease
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Addresses specific cleaning needs –
vitroceramic stove, oven and microwave, stainless steel
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Pamper your senses with unique fragrances
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Healthy and moisturized skin sensation
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Indulge your senses with the goodness of nature
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Delivering expertise for every skin need
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For a feeling of comfort in the shower
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France – 2016 Plan
Assortment Expansion
Sampling &
Consumer Reviews
In Store &
e-Commerce IMC featuring New news
Leverage external recognition
“Clinically
proven solutions
for your skin”
Dermatologists
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8.4
8.9
9.6
9.9
7.5
8.0
8.5
9.0
9.5
10.0
2013 2014 2015 2016YTD
Driving Body Wash France
Advanced
Launch
Source: T. France Nielsen YTD July 2016
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Sanex Hand & Body Lotion Market Share France
1.6
4.0
0
1
2
3
4
5
Hand & Body Lotion Body Lotion Pump
Source: T. France Nielsen YTD July 2016
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Future Growth
Maintain strong innovation pipeline across
all categories
Advance our commercial strategies
Strengthen consumer engagement
Generate funds to reinvest in the business
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Commercial Strategies
Building on market share strength
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31.0
43.9
16.2 13.2
17.0
8.5 8.2
13.9
0
5
10
15
20
25
30
35
40
45
50
'94 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16YTD
Worldwide Toothpaste Shares
Colgate
Comp. 3 Comp. 2 Comp. 1
Worldview 360°
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37.9
35.3
35.0 35.9
30
35
40
'11 '12 '13 '14 '15 '16YTD
Colgate Comp.
U.S. Toothpaste Market Shares (Expanded All-Outlet Combined)
Worldview 360°
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61.9
73.3
25.2
9.5
0.2 8.0 0
25
50
75
'02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16YTD
Toothpaste Market Shares Brazil
Colgate
Comp. 1
Comp. 2
Worldview 360°
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11.8
35.1
18.1
9.1
0
5
10
15
20
25
30
35
40
'02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16YTD
Toothpaste Market Shares Russia
Colgate
Comp.
Worldview 360°
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0.0
12.1
21.4
6.2
12.2
32.8
0
5
10
15
20
25
30
35
40
'95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16YTD
Toothpaste Market Shares China
Colgate
Comp. 1
Comp. 2
Worldview 360°
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47.9
53.4
33.9
20.4
0.3 0.3 0
20
40
60
'02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16YTD
Toothpaste Market Shares India
Colgate
Comp. 1
Comp. 2
Worldview 360°
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18.4
33.2
26.2
18.2
15
20
25
30
35
'94 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16YTD
Worldwide Manual Toothbrush Shares
Colgate
Comp. 1
Worldview 360°
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12.0 14.7
7.1 6.2
41.1 42.9
9.3 10.3
0
5
10
15
20
25
30
35
40
45
'09 '10 '11 '12 '13 '14 '15 '16YTD
Worldwide Mouthwash Shares
Colgate
Comp. 3
Comp.1
Comp. 2
Worldview 360°
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Commercial Strategies
Building on market share strength
Making our products available, visible,
irresistible, everywhere
– In-store experience
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Innovative solution uses
digital touch screen to
simplify navigation process
In-store Experience in Asia
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Products are easily located
using light-up boxes
New way of merchandising
product to maximize space
and communication
In-store Experience in Asia
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Commercial Strategies
Build on market share strength
Making our products available, visible,
irresistible, everywhere
– In-store experience
– Innovative launches
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Colgate Natural Toothpaste in China
3D Photo Booth Sensory Testers
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Partnership with Alibaba in China
Leverage Celebrity
Advertising in
Ali Media Platforms
Activation in Ali eCommerce Platforms Customized Limited Edition Set Online
Social Platform Link
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Creating a New Category in India
Express relief from tooth pain
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Technology-Enabled Go-to-Market
Virtual reality detailing
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Expansion to New Category in Australia
NOURISH YOUR SKIN Infused with Essential Oils and Botanical Extracts
Further extended into New Zealand
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Commercial Strategies
Building on market share strength
Making our products available, visible,
irresistible, everywhere
– In-store experience
– Innovative launches
– Accelerating eCommerce
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Our eCommerce Intent
Invest ahead of the curve to
achieve above fair share online for
sustainable incremental business
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eCommerce Areas of Opportunity
Investing ahead of curve in must-win
markets
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Data-driven customized content
Investing Ahead of the Curve
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Colgate Normal Target Audience
Colgate Active Premium Shoppers
Sanxiao Shoppers
Whitening Line Shoppers
Customized Content
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Data-driven customized content
Ongoing testing to compare performance
Investing Ahead of the Curve
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Product Page
Conversion
Average Time
Spent on Page
vs. Prior Visits
Colombo *5 +81.2% -5.8 sec
Kids 4+2 +80.7% -1.8 sec
Ongoing Testing
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Data-driven customized content
Ongoing testing to compare performance
Optimized page/content design, based on
analytics and findings
Investing Ahead of the Curve
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E-Packaging Differentiation
In launch month, 250% higher volume vs. other combos
Top ranking in mobile Taobao organic search for “Toothpaste”
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e-Commerce Oral Care Sales Growth China
#1 On-line Manufacturer
2013 2014 2015
+177%
+175%
Colgate + Darlie
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eCommerce Areas of Opportunity
Investing ahead of curve in must-win
markets
Understanding online shopper
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Understanding Online Shopper Example: Tesco UK
Conducting category insights,
resulting in new category structure
Aisle
Shelves N.B. shelves do not
have to be ordered
alphabetically
Sub shelves
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Understanding Online Shopper Example: Tesco UK
All Oral Care
Dental Accessories
Denture
Electric
Toothbrushes
Mouthwash
Kids
Toothbrushes
Toothpaste
Area
Regular
Toothpaste (22)
Complete Care
Toothpaste (26)
Whitening
Toothpaste (50)
Sensitive
Toothpaste (31)
Gum Health
Toothpaste (8)
Specialist
Toothpaste (3)
Kids Toothpaste (12)
Pump Toothpaste (9)
Conducting category insights,
resulting in new category structure
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eCommerce Areas of Opportunity
Investing ahead of curve in
must-win markets
Understanding the shopper
Leading-edge content management
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Managing Content: Hill’s US
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Targeted Content:
Hill’s Expanding Globally
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Commercial Strategies
Building on market share strength
Making our products available everywhere
Engaging the profession with new capabilities
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Hill’s Example:
“Perfect Clinic” Virtual Technology
Augmented reality technology
Mobile 3D application
Accurate visualization of displays in clinic
Drives real-time decision making
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Designing “Perfect Clinic” Virtually
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Video embedded –
run without sound
and could vo
would edit to your
thoughts
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Next Steps
Piloted in Spain and Italy; 11 countries
implementing by Q4 2016
Six additional countries to adopt in 2017
~90% coverage of Vet Territory Managers
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Future Growth
Maintain strong pipeline across all categories
Fortify our commercial strategies
Strengthen consumer engagement
Generate funds to reinvest in the business
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Investment in Digital Digital % of Working Media
2006 2016–17 Target
2.5% 20.0 – 25.0%
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Strengthening Consumer Engagement
Connecting more deeply online
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Consumer Engagement Center
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Social Listening & Data Visualization
Social conversations
Real-time stream watching
Competitive tracking
Influencer identification
Volume and sentiment tracking
Trending topics
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Real-Time Consumer Engagement
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Reaching with Equity Driven Messages
Super Bowl
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Reaching with Equity Driven Messages
#SmileWithPride
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Mobile-First Oral Care Content for
Colgate Brand
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Relevant, search-driven content , 76% from organic search
Almost one minute spent per visit
20% repeat visits
Significant shift to mobile visitors
Increase in Colgate Brand commitment recommendation
Colgate.com Oral Care Center
Driving Engagement with Brand
Source: Foresee – Apr’16 vs Jun’15
Colgate.com traffic: 6X since relaunch
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First All-Digital Campaign in India
Amplification through
Promoted through key
platforms Leveraged beauty
v-loggers for support
content
Leveraged online music star
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Strengthening Consumer Engagement
Connecting more deeply online
Connecting emotionally
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All You Need Is a Smile
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Dear Mom
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Future Growth
Maintain strong pipeline across all categories
Fortify our commercial strategies
Strengthen consumer engagement
Generate funds to reinvest in the business
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Savings Opportunities
Funding the Growth
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Funding the Growth Overview
Key component of Colgate’s financial strategy
Sustained global process with systematic tracking
of savings initiatives
Generates funds to reinvest in the business for growth
Deeply ingrained way of working that gives Colgate
a competitive advantage
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Savings Opportunities
Funding the Growth
Global Growth and Efficiency Program
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Program Components
Expand commercial hubs
Extend Colgate Business Services and
streamline global functions
Optimize Global Supply Chain and Facilities
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Program Savings and Status $MM After-Tax
2012-2017E
Costs $1,050–$1,170
Savings
$400-$475
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Future Growth
Maintain strong pipeline across all categories
Fortify our commercial strategies
Strengthen consumer engagement
Generate funds to reinvest in the business
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