Procter & Gamble Co's customers, particularly in the United States, continued to show little resistance to repeated price hikes helping the Tide detergent maker boost its sales forecast and third-quarter margins.
The logo for Procter & Gamble Co. is displayed on a screen on the floor of the New York Stock Exchange in New York, U.S., June 27, 2018. REUTERS/Brendan McDermid/File PhotoTook another round of price hikes in U.S., Europe in Jan-Marchcustomers, particularly in the United States, continued to show little resistance to repeated price hikes helping the Tide detergent maker boost its sales forecast and third-quarter margins.
Executives in a conference call flagged new products like Native body wash, Gillette Labs exfoliating razors and updated cardboard packaging as driving growth. Consumer goods makers, typically the last to see demand hit by economic slowdowns, have hiked prices repeatedly to pass on steep input costs stemming from supply-chain snags and worsened by the Ukraine crisis.
The decline in P&G's volumes sold is "obviously driven by pricing," Chief Financial Officer Andre Schulten said. Sales in China grew 2% after falling over the past couple of quarters due to pandemic lockdowns. Sales of SK-II, the company's $100-a-bottle facial serum popular in Asia, is recovering, executives said. But Chinese consumers are not yet returning to travel retail, such as duty-free shops in airports, hurting results for the brand.
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