P&G sales rise 1% as grooming segment delivers double-digit growth

Procter & Gamble (P&G) has reported a 1% rise in net sales to $20.2 billion for the third quarter ending 31 March 2024.

Organic sales, which excludes the impacts of foreign exchange, acquisitions and divestitures, increased 3%.

The owner of Olay, Pantene and Gillette saw beauty segment sales rise 3%, with declines across skincare partially offset by volume growth from innovation in personal care and increased pricing across haircare in Latin America, Europe and North America.

Grooming segment sales grew 10%, driven primarily by higher pricing in Latin America and Europe. Volume growth was partially offset by unfavourable product mix, the group revealed.

The baby, feminine and family care segment saw sales remain unchanged during the third quarter, with baby care down mid-single digits and feminine care up low-single digits.

Sales in the health care segment lifted 2%, with oral care up mid-single digits and personal health up low-single digits.

Looking ahead, P&G maintained its guidance for FY24 sales growth to be in the range of 2-4% versus the prior year.

Jon Moeller, Chairman of the Board, President and Chief Executive Officer of P&G, said: "We delivered solid sales and strong earnings growth in the third quarter despite multiple headwinds, enabling us to raise our EPS growth guidance and maintain our top-line outlook for the fiscal year.

"We remain committed to our integrated strategy of a focused product portfolio of daily use categories where performance drives brand choice, superiority — across product performance, packaging, brand communication, retail execution and consumer and customer value — productivity, constructive disruption and an agile and accountable organisation.

"We are increasing investments in superiority to drive market growth and sustain strong momentum. We have confidence this remains the right strategy to deliver balanced growth and value creation."