Procter & Gamble beat Wall Street expectations on the top and bottom lines, but profits were bolstered in part by price hikes and it still isn’t seeing the recovery in travel retail that it had hoped for.
segment organic sales increased 7 percent versus a year ago. Hair care organic sales increased by double digits driven by increased pricing. Skin and personal care organic sales grew in the low single digits as higher pricing and innovation-based volume growth were partially offset by lower sales of SK-II in the travel retail channel.
“We’re not yet seeing any return of Chinese consumers to travel retail. That is a significant negative for us in the SK-II business specifically,” Schulten told analysts on a call to discuss earnings. Grooming segment organic sales increased 7 percent versus a year ago as higher pricing was partially offset by negative volume and mix impacts from market contraction of appliances. In particular, it highlighted the new Gillette Labs exfoliating razor, male and female intimate grooming innovations and cardboard packaging upgrades as driving strong growth.
“We delivered strong results in the third quarter of fiscal-year 2023 in what continues to be a very difficult cost and operating environment,” concluded Jon Moeller, chairman of the board, president and chief executive officer.
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