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In a recent report, Procter & Gamble, a household name in consumer goods, revealed mixed quarterly results as the company grapples with bringing back shoppers after implementing price hikes across its product portfolio. From Tide detergent to Charmin toilet paper, P&G saw prices increase by 3% compared to the previous year. However, CFO Andre Schulten clarified that there were no nationwide price hikes during the quarter.
Despite facing challenges in sales, the consumer giant raised its full-year outlook for earnings growth, showing resilience in uncertain times. P&G reported earnings per share of $1.52, surpassing Wall Street’s expectations of $1.41, while revenue came in slightly below estimates at $20.2 billion against the expected $20.41 billion.
While the company experienced flat quarterly volume for the second consecutive quarter, there were pockets of growth in certain divisions. Notably, the beauty segment, including Olay and Pantene, saw a 1% increase in volume, driven by innovative personal care products. Additionally, the grooming business and fabric and home care segments reported 2% and 1% volume growth, respectively.
However, challenges remain in P&G’s health care and baby, feminine, and family care divisions, where volume declined due to higher prices and a weaker cold and flu season. Geographically, the company faced headwinds in China and the Middle East, impacting sales performance in those regions.
Looking ahead, P&G revised its outlook for core net earnings per share growth to 10% to 11% for the full year, up from the previous range of 8% to 9%. The company also adjusted its projection for unadjusted earnings growth and anticipates a $900 million benefit from favorable commodity costs. This shift marks a positive turn after grappling with commodity cost pressures in recent years, leading to price adjustments.
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