P&G sales grow again amid elevated demand in pandemic

The logo for Procter & Gamble Co is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, US, June 27, 2018. — Reuters pic

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NEW YORK, April 20 — American body care and cleaning supplies giant Procter & Gamble reported another solid quarter of sales growth today amid elevated pandemic-related demand for some items as it announced price increases on select goods.

The maker of Tide detergent and Crest toothpaste, P&G cited increased demand for home cleaning products during the Covid-19 pandemic, as well as higher sales for grooming appliances for shaving and styling.

The consumer products giant also enjoyed a pickup in sales of hair care products in China, where performance was especially weak in the year-ago period due to pandemic-related shutdowns.

“We delivered another quarter of solid top-line, bottom-line and cash results in what continues to be a challenging operating environment,” said P&G Chief Executive David Taylor.

Greater focus on strong product development and execution “enabled us to build strong business momentum before the Covid crisis and accelerate our progress during the crisis,” Taylor said.

Net income in P&G’s fiscal third quarter was US$3.3 billion (RM13.5 billion), up 12 per cent from the year-ago period, while revenues rose five per cent to US$18.1 billion.

P&G said it plans price increases on baby care, feminine care and adult incontinence products in the United States “to offset a portion of the impact of rising commodity costs.”

The specific price increase will vary by product “in the range of mid-to-high single percentages” and will take effect in mid-September, the company said.

Shares fell 0.4 per cent to US$136.10 about 40 minutes into Wall Street trading, regaining some earlier losses. — AFP