Consumer goods giant Procter & Gamble raised its sales projection for the fiscal year ending in June, citing higher prices and a slight increase in demand for some of its products.
The maker of Bounty paper towels, Pampers nappies and Herbal Essences shampoo said organic sales, which exclude currency fluctuations, should grow about 6 per cent from the prior year, up from its previous forecast of as much as 5 per cent. Yet P&G didn’t budge on its profit outlook despite easing costs, reiterating its expectation that earnings per share will be at the lower end of a $5.81 to $6.04 (€5.29 to €5.50) range.
The outlook and quarterly results outpaced expectations in key metrics, highlighting that the US economic slowdown appears to be relatively contained even as elevated inflation restricts household spending.
The Head & Shoulders shampoo manufacturer said total unit sales fell 3 per cent in the quarter ended in March. That decline is less than analysts had expected and smaller than the one P&G posted the previous quarter. The volume of products sold increased in the US, chief financial officer Andre Schulten said in an interview.
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“Our volumes are starting to stabilise, which is what we wanted to see,” Mr Schulten said, adding that because of high labour and commodity costs, “we are not in a position to raise the bottom-line forecast at this point.” – Bloomberg
