PG - P&G Is Adapting To A New Reality Where It Can No Longer Rely On Price Hikes | Benzinga
Last Friday, The Procter & Gamble Company (NYSE: PG) reported its fiscal third quarter financials, reflecting its ongoing struggle to bring back shoppers after scaring them off during two years of price hikes.
Fiscal Third Quarter Guidance
For the quarter ended on March 31st, net sales rose 1% to $20.20 billion, coming short of $20.41 billion that LSEG expected. However, fiscal third-quarter net income 11% YoY to $3.75 billion or $1.52 per share that did surpass LSEG’s estimate of $1.41 per share.
Dissapointing Sales Were The Results Of P&G’s Failure To Restore Volume Growth
There were no nationwide prices hikes during the quarter, but compared to 2023’s comparable quarter, prices were up 3% YoY. With the price hike slowdown, net sales only rose 1% YoY to $20.2 billion. Excluding acquisitions, divestitures and foreign currency, organic sales expanded 3% YoY. But, for the second consecutive quarter, quarterly volume remained ...