The maker of Tide detergent and Oral-B toothpaste posted strong quarterly results on Friday.
US shoppers are paying steep prices for everyday products such as Tide detergent, Gillette razors and Oral-B toothpaste — a trend that drove strong quarterly sales for parent company Procter & Gamble, according to results released Friday.
It was the second straight quarter of double-digit hikes for Procter & Gamble compared to pricing levels one year earlier. American households are footing the bill for lingering inflation as various companies pass along their higher costs to the public. in March — its smallest increase in nearly two years, but still much higher than the Federal Reserve’s 2% target.Procter & Gamble raised average prices across its categories by 10% during the quarter.Net sales jumped 4% to $20.1 billion, topping the $19.32 billion projected by analysts polled by Refinitiv. Net income was $3.42 billion, or $1.37 a share, beating an expected $1.32.
Sales volume fell by 3% for the quarter, according to the company’s results. Still, that was an improvement from the 6% decline in sales volume the previous quarter.
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