Procter & Gamble beat revenue expectations in its first quarter as consumer demand held up despite higher prices.
However, the maker of Oral-B toothpaste and Tide detergent trimmed the low end of its sales growth guidance due to the strong US dollar.
P&G reported net sales of $21.9bn in the three months ended September 30, a 6 per cent increase from a year earlier and beating analysts’ expectations for $21.6bn. Net income rose 15 per cent to $4.5bn, matching Wall Street forecasts.
The company raised prices across all of its main divisions, leaving them 7 per cent higher overall from a year earlier. Customer demand remained resilient, despite a 1 per cent sales volume decline.
P&G adjusted its full-year sales guidance to growth of 2 to 4 per cent, compared with previous forecasts for an increase of 3 to 4 per cent.
Shares were up 1.5 per cent in pre-market trading.
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