Procter & Gamble has raises its revenue forecast for the full yearsaying consumer demand for personal cleaning and healthcare products remains resilient despite rising prices.
The company, however, warned that rising raw material and freight costs could hurt its basic annual earnings per share, which it now expects at the bottom of the 3% to 6% growth expected in January.
The consumer goods giant said it expects fiscal 2022 sales to grow 4% to 5%, compared to its previous forecast of a 3% to 4% increase.
Detergent maker Tide said its net sales rose 7% to $19.38 billion (€17.9 billion) in the quarter ended March 31, against analyst estimates of 18. $73 billion (€17.3 billion), according to Refinitiv data.
Shares of the company were trading at $162.13 before the opening bell.
Organic sales in the beauty segment increased 3% year-over-year in the quarter, with skin and personal care registering low single-digit growth due to higher pricing and market growth.
The company’s grooming division reported organic sales growth of 8%, driven by double-digit growth in sales of shaving care products thanks to innovation, market growth, price increases and a positive mix linked to the growth of high-end products.
The healthcare division recorded organic sales growth of 16%, with high single-digit growth in the oral care segment, driven by continued premium product growth and price increases .
Its personal healthcare segment saw organic sales increase more than 30%, due to a stronger cough, cold and flu season than the previous year, and innovation in the sleep and digestive well-being.
The Company’s fabric care and maintenance unit recorded organic sales growth of 10%, with double-digit growth in the fabric care segment and mid-single-digit growth in the home care segment.
The baby, women’s and family segments reported organic sales growth of 10% in the quarter, the company noted.
Read more: P&G ends new capital investments and reduces its portfolio in Russia
News by Reutersadditional report by ESM- your source for the latest A-Brands news. Click subscribe to register ESM: European Supermarket Magazine.