Procter & Gamble raises prices on more staples
Procter & Gamble raises pric...
Subscribe to Newsletter

Procter & Gamble raises prices on more staples

19 October 2021
3626
2 min.
5
Procter & Gamble raises prices on more staples

The cost of goods is increasing

Cleaner and razor manufacturer Tide and Gillette announced that it will begin increasing the price of beauty, oral hygiene and personal care products such as razors. This price increase will be achieved with an increase in the price of standard products such as diapers and toilet paper.

P&G, which released its quarterly results on Tuesday, said these measures and the increased demand for products will help offset the extra costs.

Inflation in the United States has reached its highest level in the past decade, as labour and material shortages related to the economic pandemic have affected inflation.

"We don't expect costs to go down," P&G chief financial officer André Schulten said in an interview. "We are still seeing growth week on week, albeit at a slower pace."

According to P&G's announcement, same-store sales, excluding transactions and exchange rate fluctuations, increased 4%, at the end of the quarter 04/30. Profits were down slightly. Earnings per share decreased 1% to $1.61.

Expenses are increasing at a rate that exceeds p&g forecasts. P&G currently plans to add $2.1 billion in transportation, pulp, resin and other raw material costs in the 2.1 month period. As of March 7, he predicted billion growth of $1.9 billion.

According to Schulten, the widespread cost increase for the company is due to its efforts to provide inventory, especially as consumers increasingly face shortages of retail space.

According to Schulten, P&G is implementing security vendors, switching transportation routes to avoid bottlenecks, improving products and, in some cases, limiting the amount retailers can buy at one time to avoid stockpiling.

"Consumers think we have a good proposal," he says.

Despite rising costs, P&G maintains its revenue and profit outlook this year due to higher revenues and lower costs.

"Even as more and more people return to work and school, there will be strong demand for top-selling products, such as cleaning products, paper towels and toilet paper," Schulten says. P&G's net sales rose to 5% in the last quarter to 20.3 billion, beating the consensus estimate of FACT analysts surveyed by FactSet of 19.8 billion.

Persons1 and Companies4 in the news

Chief Financial Officer at Procter & Gamble
1 place
Gillette
1 place
Tide
2 place
FactSet
3 place
Section:
Rating companies
Instagram
17 Mention
Netflix
14 Mention
X (Twitter)
10 Mention
White House
8 Mention
TikTok
8 Mention
Tesla
8 Mention
Us Weekly
7 Mention

NEW YORK NEWS

News from GlobalNY.biz is the freshest and most relevant information about high-profile events in the region. The task of the resource's news feed is to convey to readers with maximum accuracy and objectivity information about important events in business, politics, economy, healthcare, culture and other spheres of life in New York.
GlobalNY.biz news is a coverage of economic processes taking place in New York, the latest news of public life, incidents and an overview of political events. New York news is information about the activities of small and medium-sized businesses, the work of housing and communal services and utilities, the implementation of significant projects.
The site's journalists describe not only the life of the region, but also talk about the current state of the US economy. Everything you need to know about innovations in the field of industry and agriculture, economy and power is collected in the "News" section at GlobalNY.biz.
New York news quickly informs the reader, shows the real picture and opens up hot topics. Communication with government structures and business enables us to provide our readers with reliable, information-rich material. The main page of the portal contains the key news of New York!
Alena Potapova

Development Director
Population
8169825973
Died this year
53422219
Born this year
131428114