Beauty Drives P&G Sales Gains
Beauty continues to be a bright spot at Procter & Gamble.
The consumer goods giant reported net sales of $17.4 billion for the quarter ended Dec. 31, with net earnings up 26 percent to $3.2 billion. Earnings per share were $1.25.
Net beauty sales for the quarter were up 4 percent year-over-year, to almost $3.4 billion, driven by SK-II and Olay. P&G said gains were the result of premium innovation, product mix and increased pricing. Hair care sales increased in the low single digits, the company said.
In grooming, net sales were down 9 percent, to $1.6 billion. P&G said the decline was because of volatility the quarter-to-quarter merchandising and increased competition in the space.
P&G is projecting 2 to 4 percent organic growth for fiscal 2019, with earnings per share growth between 3 and 8 percent.
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