P&G Raises Sales Outlook as Consumers Keep Spending Despite Price Hikes
- Company says consumers responding well to price increases
- P&G doesn’t need large M&A to deliver on targets, CEO says
Photographer: Tiffany Hagler-Geard/Bloomberg
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Procter & Gamble Co. raised its sales outlook for its current fiscal year as price hikes helped offset a stubborn round of higher costs.
Sales in the quarter ended Dec. 31 were $21 billion -- above the $20.3 billion average estimate of 15 analysts surveyed by Bloomberg. For the closely watched metric of organic revenue growth, which strips out some items, P&G now expects full-year organic sales growth of 4% to 5%, compared with an earlier projection of 2% to 4% growth, the household-goods giant said in a statement Wednesday.