Procter & Gamble (PG) pushed through pricing increases on many of its big consumer brands, helping lead to a 5% increase in sales during its most recent quarter compared with a year earlier.
P&>'s said Tuesday that its beauty division, which includes brands such as Olay and SK-II, grew in the teens last quarter. The conglomerate's home care division, comprised of Cascade, Dawn, Febreze and Swiffer, grew in the high single digits compared with a year ago.
P&> also got a lift from its Always and Tampax brands in its feminine care unit, and Tide Pods in fabric care.
The strong quarter signaled that, despite the growth of small online brands and big retailers' private labels in consumer products, shoppers are still attracted to P&>'s big name brands. Although retailers such as Walmart and Amazon are competing with each other to drop prices, P&> has been able to raise its prices.
CEO David Taylor said in a release Tuesday that P&> had shown "improved results despite a challenging competitive and macroeconomic environment.
P&>'s stock was flat during pre-market trading. It is up 15% so far this year.
https://www.cnn.com/business/live-news/stock-market-news-today-042319/index.html
2019-04-23 17:28:00Z
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