P&G sees strong sales trends extending beyond pandemic
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New York (AFP)
Procter & Gamble reported another quarter of strong sales growth Wednesday and expressed confidence it would keep up the good run after the coronavirus pandemic has waned.
P&G, which makes Mr. Clean, Tide, Pampers and other household goods, lifted its full-year profit and sales targets after scoring an eight percent sales jump in the second quarter.
The consumer products giant has garnered higher sales of cleaning products and other home care items during the pandemic, but some categories have suffered, such as deodorant and adult incontinence products, executives said.
Those countervailing trends have given P&G confidence as it eyes a post-pandemic market once Covid-19 vaccines have been widely distributed, said Chief Financial Officer Jon Moeller.
"To the extent the availability of the vaccine changes patterns, there will likely be some reduction in demand in some categories, but there should be significant increases in demand in other categories," Moeller said during a briefing with reporters.
He said the company "very well positioned in that regard" to execute a strategy that takes the changing circumstances into account.
Net income for the quarter ending December 31 was $3.9 billion, up four percent on an eight percent rise in sales to $19.7 billion.
P&G raised its outlook for fiscal 2021 sales growth to a range of five-six from four-five percent previously.
And the company now expects eight to 10 percent growth in earnings per share.
© 2021 AFP