P&G sees growth in Q3 2020 during pandemic
Procter & Gamble (P&G) has reported net sales of $17.2 billion (€15.8 billion) for its third-quarter fiscal year 2020, an increase of 5% year-on-year.
While there was less growth in beauty and personal care, sales in fabric and home care, and baby, feminine and family care categories saw a huge boost. In the health care division, sales increased by 9% year-on-year; in the fabric and home care segment, sales increased by 10%; in the baby, feminine and family care division, sales increased by 7% compared to last year.
"The strong results we delivered this quarter are a direct reflection of the integral role our products play in meeting the daily health, hygiene and cleaning needs of consumers around the world," said David Taylor, chairman, president and CEO of P&G.
"Our organisation has been doing a terrific job against our near-term priorities - protecting the health and safety of each other, maximising availability of P&G products to meet heightened consumer need and helping society meet and overcome the challenges of this crisis."
According to the report, P&G's beauty sales increased by 1% year-on-year, with skin and personal care sales increasing in low single digits, driven by innovation, increased pricing and increased market spending. P&G said this was partially offset by a negative product mix, due to the double-digit decline of the SK-II brand, caused by the temporary disruption of retail markets across Asia, and a sharp reduction in travel sales.
The company said hair care product sales increased in the low single digits, driven by innovation-related price increases, partially offset by double-digit volume increases in China due to the temporary disruption of retail markets.
In the grooming division, P&G's sales decreased by 1% year-on-year. Shave care sales decreased in the low single digits by negative mix, due to the 'disproportionate' decline in North America, which has higher than segment average selling prices, partially offset by devaluation-driven price increases.
While there was less growth in beauty and personal care, sales in fabric and home care, and baby, feminine and family care categories saw a huge boost. In the health care division, sales increased by 9% year-on-year; in the fabric and home care segment, sales increased by 10%; in the baby, feminine and family care division, sales increased by 7% compared to last year.
"The strong results we delivered this quarter are a direct reflection of the integral role our products play in meeting the daily health, hygiene and cleaning needs of consumers around the world," said David Taylor, chairman, president and CEO of P&G.
"Our organisation has been doing a terrific job against our near-term priorities - protecting the health and safety of each other, maximising availability of P&G products to meet heightened consumer need and helping society meet and overcome the challenges of this crisis."
According to the report, P&G's beauty sales increased by 1% year-on-year, with skin and personal care sales increasing in low single digits, driven by innovation, increased pricing and increased market spending. P&G said this was partially offset by a negative product mix, due to the double-digit decline of the SK-II brand, caused by the temporary disruption of retail markets across Asia, and a sharp reduction in travel sales.
The company said hair care product sales increased in the low single digits, driven by innovation-related price increases, partially offset by double-digit volume increases in China due to the temporary disruption of retail markets.
In the grooming division, P&G's sales decreased by 1% year-on-year. Shave care sales decreased in the low single digits by negative mix, due to the 'disproportionate' decline in North America, which has higher than segment average selling prices, partially offset by devaluation-driven price increases.
