P&G reports highest sales growth in five years
Procter & Gamble has surpassed its sales and earnings expectations for the first quarter of fiscal year 2019 with organic sales growth of four per cent, its best quarterly growth in five years.
Net sales in the first quarter of fiscal year 2019 were $16.7 billion, in-line with the prior year.
“We generated strong consumption, organic volume and organic sales in the first quarter. This keeps us on track to deliver our top- and bottom-line targets for the fiscal year,” said David Taylor, Chairman, President and Chief Executive Officer. “Our focus on superiority,
The consumer goods giant announced that it was raising prices on several products around the world, sending shares up 8.8 per cent on Friday.
Beauty sales increased seven percent driven by successful skincare brands including SK-II and Olay Skin Care.
Personal Care products including Safeguard, Old Spice and Secret delivered mid-single-digit growth with hair care increased by low single digits due to increased pricing, innovation and improved retail executions. Sales in skin and personal care soared in China with a 22 per cent jump during the quarter.
Organic sales in the grooming segment increased four percent driven by improved consumer value, product innovation and increased pricing in certain markets. Health care sales increased four per cent, while oral care organic sales increased low single digits due to innovation and increased merchandising investments.
Baby, feminine and family care organic sales decreased one per cent compared to a year ago.