Consumer
P&G Relies on Price Hikes to Prop Up Sales as Volumes Shrink
- Unit sales fell across all of the company’s categories
- Finance chief sees reaction to costlier items as ‘benign’
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Procter & Gamble Co. sold fewer household staples than expected last quarter as consumers grew more cautious about higher prices.
The total volume of goods sold fell 6% in the three months ended in December, worse than the 2.6% decline that analysts had estimated. Chief Financial Officer Andre Schulten said in an interview that shoppers are finishing off the products in their pantries before restocking, and they’re being more measured in their use of items such as paper towels.