P&G posts first quarterly sales miss in over a year

This post was originally published on this site
https://i-invdn-com.akamaized.net/trkd-images/LYNXMPEG0M189_L.jpg
© Reuters. The logo for Procter & Gamble Co. is displayed on a screen on the floor of the NYSE in New York© Reuters. The logo for Procter & Gamble Co. is displayed on a screen on the floor of the NYSE in New York

(Reuters) – Procter & Gamble Co (N:) on Thursday reported its first quarterly sales miss in over a year, hurt by weakness in its baby and feminine care business that sells everything from deodorants to diapers.

The owner of Pantene shampoo and Oral-B toothpaste has been investing heavily to develop new products, improve packaging and marketing as it tries to appeal to younger consumers and fight competition from Unilever (L:), Reckitt-Benckiser (L:) and local upstarts.

Sales of P&G’s fabric and home care products rose 4% to $5.79 billion, while baby and feminine products rose 1% to $4.58 billion, both falling short of estimates.

Net sales rose 4.6% to $18.24 billion, slightly below the average analyst estimate of $18.37 billion, according to IBES data from Refinitiv.

Net earnings attributable to P&G rose to $3.72 billion, or $1.41 per share, in the second quarter ended Dec. 31, from $3.19 billion, or $1.22 per share, a year earlier.

The Cincinnati, Ohio-based company’s shares were down 1.4% in trading before the opening bell.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Add Comment