Procter & Gamble (P&G) surpassed Wall Street expectations for its Q1 2023.
The consumer goods titan reported first quarter revenues of US$20.6 ($32.2) billion, exceeding forecasts of US$20.28 ($31.7) billion.
Quarterly sales for the multinational’s beauty, grooming and personal care sectors reached US$3.961 billion – up 4 per cent on the same period last year.
Driven by leading brands such as Olay, P&G’s skin and personal care revenues climbed in mid single digits, as did haircare fueled by power brands such as Pantene and Head & Shoulders.
Lockdown restrictions in China impacted luxury skincare brand, SK-II, causing negative growth.
Gillette is the jewel in the crown of P&G’s grooming division, backed up by Braun. Net sales for Q1 were US$1.625 billion – a jump of 5 per cent.
Pampers babycare is P&G’s largest brand and the company’s baby, feminine care and family care division saw sales increase 6 per cent.
With an overall rise of 1 per cent in sales compared to the same period last year, P&G has reduced its corporate guidance for the 2023 fiscal year from 3 per cent to 1 per cent because of a stronger US dollar and rising inflation in leading markets.
We delivered solid results in our first quarter of fiscal 2023 in a very difficult cost and operating environment, noted Jon Moeller, chairman, president and CEO of P&G.
“We remain committed to our integrated strategies of a focused product portfolio, superiority, productivity, constructive disruption and an agile and accountable organisation structure. They remain the right strategies to navigate through the near-term challenges we’re facing and continue to deliver balanced growth and value creation”.
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