×
6 113
Fashion Jobs
BURBERRY
Product Manager Upstream SC
Permanent · LONDON
NEXT
Stock Coordinator - Liverpool Speke
Permanent · SPEKE
NEXT
Operations Manager - London Westfield
Permanent · LONDON
NEXT
Stock Coordinator - Worcester Retail Park
Permanent · WORCESTER
ESTÉE LAUDER
Clinique - Consultant - Boots - 30hrs
Permanent · London
ESTÉE LAUDER
Clinique - Consultant - Boots - 19.5 Hours
Permanent · London
ESTÉE LAUDER
Clinique - Consultant - Boots - 15hrs
Permanent · London
ESTÉE LAUDER
Clinique - Consultant - m & s - 18,5hrs
Permanent · Stratford-upon-Avon
ESTÉE LAUDER
Clinique - Consultant - Marks & Spencer - 15 Hours
Permanent · West Sussex
NEW BALANCE
Account Manager, Lifestyle
Permanent · Warrington
HOMESENSE
Loss Prevention/Security Officer
Permanent · Cambridge
TJX EUROPE
Warehouse Loss Prevention Advisor
Permanent · Wakefield
HOLLISTER CO. STORES
Hollister CO. - Brand Representative, Bluewater
Permanent · Dartford
WAITROSE
Customer Delivery Driver
Permanent · EXETER
JOHN LEWIS
Equipment Partner
Permanent · BLAKELANDS
HARVEY NICHOLS
Brand Consultant - Moncler
Permanent · EDINBURGH
ASOS
Global Planning Administrator
Permanent · LONDON
PAUL SMITH
Wholesale Sales Executive - Womenswear - Maternity Cover
Permanent · LONDON
MULBERRY
Warehouse Operations Manager
Permanent · SHEPTON MALLET
PRIMARK
Stockroom Retail Assistant
Permanent · LONDON
SELFRIDGES
Client Consultant - Childrenswear (Trafford)
Permanent · MANCHESTER
NEXT
Delivery Coordinator - Weston Super Mare
Permanent · WESTON-SUPER-MARE
Ads
By
Reuters API
Published
Apr 21, 2023
Reading time
2 minutes
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Procter & Gamble boosts sales view after higher pricing drives Q3 beat

By
Reuters API
Published
Apr 21, 2023

Procter & Gamble Co raised its annual sales forecast on Friday and beat quarterly results estimates, as the company's repeated price hikes boosted margins and offset the hit from consumers trading down to cheaper brands.


ANSA


The Tide detergent maker's shares rose 1% in premarket trading, after the company also raised the upper end of its fiscal 2023 share buyback target to between $7.4 billion and $8 billion of common shares.

Products made by companies such as P&G and Unilever are usually among the last to see a slowdown in demand during economic downturns, unlike discretionary items including appliances and furniture.

These companies have hiked prices repeatedly to pass on steep input costs that stemmed from supply-chain snags and were worsened by the Ukraine crisis in 2022.

The Pantene shampoo maker reported a 3% fall in overall volumes in the third quarter, with average prices across its product categories rising 10%. P&G's gross margin in the third quarter rose by 150 basis points from year ago, with a 470-basis point boost from increased pricing.

It now expects an annual hit of about $3.5 billion related to higher commodity and freight costs, as well as negative foreign rates, compared with an earlier estimate of $3.7 billion.

The company said it expects fiscal 2023 organic sales growth of about 6%, compared with its previous forecast for a 4% to 5% increase. P&G maintained its annual earnings forecast of flat to a 4% rise and said it still expects earning-per-share results towards the lower end of the guidance range. 

On an adjusted basis, the company earned $1.37 per share, beating estimates of $1.32 per share.
 

© Thomson Reuters 2023 All rights reserved.