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By harnessing technology and embracing sustainability, we can achieve cost savings that can then be used to fund investments in brand innovation and portfolio evolution. We achieve this by executing our hallmark cost-savings program successfully and capitalizing on the superior value of our brands and their role in consumers’ daily lives.
FY23 HIGHLIGHTS
- Achieved four consecutive quarters of record cost savings, above our 175 basis-point IGNITE goal. This, coupled with the implementation of record levels of cost-justified pricing actions, contributed to margin improvement and supports investment in our business.
- Reduced inventory for six consecutive quarters, demonstrating that our supply chain optimization efforts are working as planned. This improvement not only enabled us to better fulfill demand, but also supported merchandising activities and, importantly, improved cash flows.
- Invested in the business to find efficiencies and meet increased consumer demand through our new cat litter manufacturing facility in Martinsburg, West Virginia.
- Achievedzero-waste-to-landfill,orZWtL,statusintwo additional facilities — the Burt’s Bees plant in Morrisville, North Carolina, and our cleaning plant in San Juan, Argentina — advancing us to 80% of our goal for 100% ZWtL plants by 2025.
PATHWAY TO CLIMATE ACTION
With more than half of our emissions coming from the sourcing of ingredients, packaging and services to support our business, we continued to execute our Climate Action Plan by engaging suppliers — and our business units — to help advance our 2030 science-based targets and 2050 net zero commitment, including:
- Inviting nearly 50 priority suppliers to participate in the Supplier Leadership on Climate Transition collaborative, which helps build capacity for measuring emissions and setting science-based targets.
- Achieving a 78% response rate from priority suppliers for the 2022 CDP Supply Chain questionnaire, which improves visibility into their carbon footprint and reduction targets. This helps us assess suppliers’ progress to reduce greenhouse gas emissions that are included in our scope 3 footprint.
