P&G Posts Another Quarter of Strong Sales Gains --update
22 Ottobre 2019 - 02:23PM
Dow Jones News
By Sharon Terlep
Procter & Gamble Co. said sales rose across all of its
business lines in its latest quarter, as consumers continued to pay
higher prices for household goods despite slower global growth and
worries about tariffs.
The maker of Tide laundry detergent and Pampers diapers on
Tuesday reported that organic sales, which excludes currency
fluctuations, acquisitions and asset sales, rose 7%, continuing a
streak of solid growth. Net sales were $17.8 billion in sales for
its fiscal first quarter, surpassing forecasts from analysts polled
by FactSet.
Overall sales volumes for the quarter increased 7%, while prices
rose 1%.
For the quarter ended Aug. 31, net earnings at the
Cincinnati-based company rose to $3.6 billion, or $1.41 a share,
from $3.2 billion, or $1.26 a share, a year earlier. P&G's core
earnings of $1.37 a share beat predictions from analysts.
P&G notched its best quarterly sales gains in its beauty
segment, where organic sales increased 10% in part on higher demand
for skincare products in China, namely its high-end SK-II
brand.
Organic sales in the fabric and home-care business were up 8%,
while sales in the health-care segment rose 9%.
P&G increased its outlook for the year, and now expects
organic-sales growth of 3% to 5%, up from 3% to 4% for its 2020
fiscal year. Core earnings, which exclude certain costs, are
expected to increase 5% to 10% for the year, up from 4% to 9% for
the year.
Despite challenges in its Gillette razor business, P&G has
been bolstered by stronger consumer spending this year. The
grooming business, which includes Gillette, had a 1% rise in
organic sales, the weakest growth of all the units.
Economic growth remains a concern. Household spending in the
U.S. ticked up 0.1% on a seasonally adjusted basis in August from
July, lower than the average gains during the first seven months of
the year. Last week, the International Monetary Fund cut its
forecast for global economic growth this year to 3%.
--Micah Maidenberg contributed to this article
(END) Dow Jones Newswires
October 22, 2019 08:08 ET (12:08 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
Grafico Azioni Procter and Gamble (NYSE:PG)
Storico
Da Feb 2024 a Mar 2024
Grafico Azioni Procter and Gamble (NYSE:PG)
Storico
Da Mar 2023 a Mar 2024