Procter & Gamble’s (P&G) Q2 results were a mixed bag. Total sales dipped 1 per cent to US$20.8 billion for the period, but organic sales were up 5 per cent.
Beauty held its own, with revenues from P&G’s Skin and Personal Care unit (including Olay, Old Spice and SK-II) climbing three per cent during the second quarter.
The multinational’s haircare portfolio (including Pantene, Head & Shoulders and Herbal Essences) also posted single-digit increases – mainly due to price increases.
Higher prices also helped P&G’s Grooming division (including Gillette and The Art of Shaving) to keep sales unchanged by contrast to Q2 2022, in spite of volume decline and market contraction.
P&G’s baby, feminine care and family care offerings put in a strong performance with sales up 4 per cent.
Jan Moeller, chairman, president and CEO of P&G, was positive about the multinational’s latest performance. We delivered solid results in the second quarter of fiscal 2023 in what continues to be a very difficult cost and operating environment, he noted.
“Progress against our plan fiscal year-to-date enables us to raise our sales growth outlook for fiscal 2023 and maintain our guidance range for EPS growth despite significant headwinds.
“We remain committed to our integrated strategies of a focused product portfolio, superiority, productivity, constructive disruption and an agile and accountable organisation structure. These strategies have enabled us to build and sustain strong momentum.”
In an upbeat signal to the market, P&G has raised the outlook for its organic sales growth for fiscal 2023 to 4 per cent to 5 per cent – up from 3 per cent to 5 per cent.
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