Olay olé — P&G benefits from clamour for skin care products
Quarterly results beat expectations, driven by price increases and robust demand for detergent and premium brands
Bengaluru — Procter & Gamble (P&G) raised its full-year sales forecast and beat Wall Street estimates for quarterly revenue and profit on Wednesday, driven by price increases and robust demand for detergent and premium skin care brands. Shares of the world’s largest consumer goods maker rose 4.2% to $94.25 in early trading in New York. P&G, like other traditional consumer goods companies, has been facing a string of challenges, including stiff competition from supermarket brands and direct-to-consumer start-ups, as well as higher commodity costs. To counter this, P&G has been launching newer products in its beauty and fabric care business, while also raising prices. Core sales in the beauty business rose 8%, driven by strong demand for its premium SK-II and Olay skin care brands. The feminine care business, which includes brands such as Tampax and Whisper, also witnessed high single-digit growth. Overall core sales in the second quarter, which exclude items like acquisitions and for...
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