THE WHAT? The Procter & Gamble Company has reported its results for the third quarter of fiscal 2020. The US FMCG giant saw net sales swell an impressive 5 percent over the period to reach US$17.2 billion, while net earnings grew 8 percent to US$1.12 per share.
THE DETAILS All divisions saw organic sales growth except the beleaguered grooming category where organic sales dropped 1 percent yoy; given many have been cloistered at home and foregoing their daily shave, P&G could consider that a win.
Beauty didn’t set anything alight with a flat 1 percent organic sales rise, although health care and fabric and home care both saw solid organic sales growth of 9 and 10 percent respectively.
THE WHY? “The strong results we delivered this quarter are a direct reflection of the integral role our products play in meeting the daily health, hygiene and cleaning needs of consumers around the world,” said David Taylor, Chairman, President and Chief Executive Officer. “Our organization has been doing a terrific job against our near-term priorities – protecting the health and safety of each other, maximizing availability of P&G products to meet heightened consumer need and helping society meet and overcome the challenges of this crisis.”