THE WHAT? Colgate-Palmolive has announced its results for the second quarter of fiscal 2020. The US oral care manufacturer saw net sales beat market expectations, growing 1 percent (organic sales rose 5.5 percent), while EPS was up an impressive 9 percent.
THE DETAILS Sales were particularlybuoyant in the North America region (+12 percent) and Europe (+5 percent) however, in Latin America, it was a different story with net sales diving 13.5 percent yoy, while in Asia there was a dip to the tune of 3 percent and in Africa / Eurasia, net sales dropped 6 percent.
The US personal care giant said that it continues to see elevated demand for certain categories such as liquid hand soap, dish liquid, bar soap and other categories and expects a mid-single digit negative impact on net sales for the year from foreign exchange.
THE WHY? Noel Wallace, Chairman, President and Chief Executive Officer, commented, “Our momentum continued in the second quarter, despite the many challenges brought on by the global COVID-19 pandemic, including government actions to stem the spread of the virus. Our strategy has accelerated our growth over the past two years, and we continue to execute that strategy with agility to position us to win both during the pandemic and during the recovery. The ability of our teams on the ground to quickly adapt to new ways of working in the face of these challenges has been extraordinary.”