NEW YORK: American body care and cleaning supplies giant Procter & Gamble reported another solid quarter of sales growth Tuesday amid elevated pandemic-related demand for some items as it announced price increases on select goods.
The maker of Tide detergent and Crest toothpaste, P&G cited increased demand for home cleaning products during the Covid-19 pandemic, as well as higher sales for grooming appliances for shaving and styling.
The consumer products giant also enjoyed a pickup in sales of hair care products in China, where performance was especially weak in the year-ago period due to pandemic-related shutdowns. Net income in P&G’s fiscal third quarter was $3.3 billion, up 12 percent from the year-ago period, while revenues rose five percent to $18.1 billion. P&G said it plans price increases on baby care, feminine care and adult incontinence products in the United States “to offset a portion of the impact of rising commodity costs.” The specific price increase will vary by product “in the range of mid-to-high single percentages” and will take effect in mid-September, the company said.
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