The consumer goods major Procter & Gamble released mixed quarterly results on Friday due to increased commodity costs, and it issued a warning that it anticipates these challenges to continue into its fiscal year 2023. The Cincinnati-based manufacturer of Pampers, Pantene, and Tide products said that increased prices during its fiscal fourth quarter partially offset a decline in sales volume, which it blamed mostly to pandemic-related lockdowns in China and scaled-back operations in Russia. The company’s stock fell by nearly 6% in morning trade.
Procter & Gamble reported a net income of $3.05 billion, or $1.21 per share, for the three months that ended on June 30. It earned net income of $2.91 billion, or $1.13 per share, in the same time last year. In its health care and fabric and home care businesses, organic sales growth increased by 9% each, offsetting flat or declining volumes, respectively, by better pricing. Net sales increased by 3% from a year before.
In order to combat inflation, Schulten claimed that Procter & Gamble conversations with Walmart “continue beneficial” and that the goals of the two firms “are matched.” He claimed that Procter & Gamble is still dedicated to upholding its policy of providing consumers with a range of pricing points, particularly for goods like diapers.