P&G increased prices by about 7% across various brands from the same period last year, less than the 10% increase in third quarter. Global volume fell 1% in the quarter, however, still an improvement over a 3% drop in volume during the third quarter, and a 6% drop in the second quarter.
During a call with analysts Friday, Chairman and CEO
Examples include Cruiser 360 diapers, made for babies that move around a lot. Sales have increased 33% over the past 12 months, according to
“When you have a strong innovation program, it compels consumers to try even better performing products,” Moeller said.
During the fourth quarter prices for fabric care, as well as home and health care, went up 6% and grooming products rose 9%. Beauty items rose 8%.
Pricing has been a boost to sales growth in nearly all of
The easing of volume declines may be encouraging news for P&G and other producers after recent evidence of a pushback by shoppers to seemingly relentless price hikes coming from a broad spectrum of retailers and companies the make products for them.
Also this month, PepsiCo said higher prices lifted the company’s revenue in the second quarter but snack food volumes fell 3% in the April-June period, while beverage volumes dropped 1%. The company said that price increases could start to moderate in the second half of this year.
Overall inflation continues to slow and on Friday, the
Sales rose 5% to
Analysts were expecting
P&G expects fiscal 2024 sales growth in the range of 3% to 4% versus the prior year. The company expects organic sales growth, which excludes deals and currency moves, to be in the range of 4% to 5%.
P&G expects net earnings per share growth in the range of 6% to 9% for the current year. This outlook equates to a range of
Shares rose more than 3% Friday.
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