THE WHAT? Procter & Gamble reported its ‘best US sales growth in decades’ (Reuters) at the close of last week. The US FMCG giant saw sales rise 5 percent to US$17.2 billion, while net earnings grew 8 percent versus the prior year.
THE DETAILS All units saw sales increase save Grooming, which experienced a 1 percent drop – no doubt due to the distinct lack of shaving taking place as home working becomes widespread.
Fabric & Home Care was the best-performing unit, presumably due to the cleaning frenzy that’s taken place in the wake of the COVID-19 outbreak. The Beauty segment managed to eke out a 1 percent rise despite the disruption of retail markets and a sharp reduction in travel retail sales.
THE WHY? As David Taylor, Chairman, President and Chief Executive Officer explained, “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.”