P&G Sales Beat Estimates as Price Hikes Offset Lower Volume
- US shoppers show resiliency, willingness to pay higher prices
- Company on track to meet higher end of organic sales guidance
Proctor & Gamble Bounty brand paper towels and Charmin bathroom tissues in a shopping cart at a store in Vallejo, California, US.
Photographer: David Paul Morris/BloombergThis article is for subscribers only.
Procter & Gamble Co. reported sales and profit that surpassed analysts’ estimates as higher prices bolstered the business despite a lower volume of products sold.
Organic sales rose 7% in the quarter ended Sept. 30, the maker of Tide detergent and Pampers diapers said Wednesday. Analysts had projected growth of 5.8%, according to data compiled by Bloomberg. Profit also beat estimates. In the company’s statement, Chief Executive Officer Jon Moeller said P&G is on track for the higher end of its organic sales and adjusted earnings guidance in the current fiscal year.