P&G announces price hikes as sales up 5 percent in Q3

P&G announces price hikes as sales up 5 percent in Q3

THE WHAT? Procter & Gamble has announced its results for the for the third quarter of fiscal 2021. Net sales rose 5 percent versus the prior year, the US FMCG giant said, with diluted net earnings up 13 percent at US$1.26 per share.

THE DETAILS Beauty was among the strongest performers, with net sales up 9 percent, compared to a 4 percent rise for the Grooming and Health Care divisions and 8 percent rise for the Fabric and Home Care unit. Baby, Feminine and Family Care saw net sales remain flat, which P&G attributed to pandemic-related pantry loading in the base period.

The company also announced that it has started the process of implementing price increase on its Baby Care, Feminine Care and Adult Incontinence product categories in the US thanks to rising commodity costs. The exact price rise will vary by brand and sub-brand and be in the range of mid- to high-single digit percentages, effective mid-September.

THE WHY? David Taylor, Chairman, President and Chief Executive Officer, commented, “We delivered another quarter of solid top-line, bottom-line and cash results in what continues to be a challenging operating environment. We remain focused on executing our strategies of superiority, productivity, constructive disruption and improving P&G’s organization and culture. These strategies enabled us to build strong business momentum before the COVID crisis and accelerate our progress during the crisis, and they remain the right strategies to deliver balanced growth and value creation over the long term.”

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