P&G Beats Estimates as Consumers Absorb Price Increases
- Company sees growth slowing as pandemic-era demand eases
- Organic growth of 2% to 4% projected for current fiscal year
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Procter & Gamble Co. rose in early trading after reporting sales for the latest quarter that exceeded expectations despite a difficult comparison with last year’s stockpiling.
The maker of Gillette razors and Downy fabric softener, which announced a leadership transition on Thursday, said that organic sales, which strip out the impact of items like acquisitions and currency swings, grew 4% in the quarter that ended in June, beating the 3% estimate from analysts. Growth was faster than expected in the grooming, health care and fabric and home care segments of the business.