×
35 380
Fashion Jobs
TJX CORPORATE
IT Security Analyst Iii
Permanent · Marlborough
MACY'S
Beauty Account Coordinator - Trend: Herald Square/Nyc Division
Permanent · New York
DESIGNER BRANDS
Sales Supervisor Part-Time
Permanent · Maplewood
DESIGNER BRANDS
Sales Supervisor Part-Time
Permanent · Newport News
DESIGNER BRANDS
Inventory Control Clerk
Permanent · Westampton
RALPH LAUREN
Polo Factory Store - Store Selling Manager
Permanent · Las Vegas
KOHLS
Full-Time Sales Supervisor - Softlines
Permanent · Mobile
JCREW
Associate Manager, j.Crew Factory, Bergen Town Center Womens
Permanent · Paramus
VICTORIA'S SECRET
Brand Operational Manager
Permanent · Queensbury
NORDSTROM INC
Corporate Strategy Manager
Permanent · Seattle
NORDSTROM INC
General Manager 3, San Bernardino Fulfillment Center – San Bernardino, ca
Permanent · San Bernardino
NORDSTROM INC
Loss Prevention Security Ambassador Fulton Street Rack
Permanent · New York
NORDSTROM
Loss Prevention Security Ambassador Southcenter
Permanent · Tukwila
NORDSTROM INC
sr Human Resources Director - Merchandising
Permanent · Seattle
NORDSTROM INC
Security Ambassador 1
Permanent · San Jose
JCPENNEY
Visual Display Art Director
Permanent · Plano
JCPENNEY
Senior Copywriter / Copy Manager - Marketing Creative
Permanent · Plano
NEIMAN MARCUS
Product Manager- Mobile
Permanent · Irving
MAC
Executive Director, Ecommerce – Mac North America
Permanent · New York
ESTÉE LAUDER COMPANIES
Keyholder - Cosmetic Company Store - 20Hrs - Tanger Outlet Center - Washington,PA
Permanent · Washington
SALLY BEAUTY CORPORATE
District Manager
Permanent · Atlanta
TJX CORPORATE
Loss Prevention Investigator
Permanent · Houston
By
Reuters API
Published
Apr 17, 2020
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

P&G sees best U.S. sales in decades as shoppers stock up

By
Reuters API
Published
Apr 17, 2020

Procter & Gamble Co beat Wall Street expectations for quarterly profit on Friday as it reported its best U.S. sales growth in decades thanks to consumers stockpiling cleaning essentials in lockdowns against the coronavirus.




Laying out details of a huge surge in demand for hand soaps, Tide antibacterial spray and other detergents, Chief Financial Officer Jon Moeller said U.S. consumers stuck in their homes were doing more laundry and washing their dishes more often.

Organic sales in the United States grew 10% in the company’s third quarter to the end of March and global net sales rose about 5% to $17.21 billion.

“We’re seeing as much as a 20% increase in consumption across categories,” Moeller told a call with analysts.
One of the world’s biggest producers of consumer goods, P&G’s results come at a time of booming demand, and profound stress, for grocers and their supply chains.

Supermarkets like Kroger, Costco or Europe’s Tesco have seen a surge in sales in the month of March, but have also had to introduce limits on the number of items per customer or special hours for senior citizens.

P&G said that while everyday essentials have been in demand, sales of beauty and grooming products have dwindled as people stay indoors.

Sales at units that make well-known brands such as Bounty paper towels, Tampax tampons, Charmin toilet paper, and Pampers diapers all rose between 6% and 8%.

The net sales figures were slightly below analysts’ expectations of $17.46 billion, according to IBES data from Refinitiv. Excluding one-time items, however, P&G earned $1.17 per share, beating estimates by 4 cents.

“We were expecting more variations in results and guidance due to global coronavirus uncertainty. Instead, P&G seems to be benefiting from the solid, and often predictable, demand of household necessities,” Edward Jones analyst John Boylan said.

At a time when many companies are refusing to forecast results for the rest of the year in the face of an oncoming recession, the company cut its full-year sales growth target to 3%-4% from its prior forecast of 4%-5%.

It said that allowed for currency fluctuation; the dollar, whose strength weakens the value of P&G’s foreign sales, rose sharply in the second half of March as investors sought the security of the U.S. currency in a brutal global market selloff.

Boylan said when the crisis ends, slower sales in pantry-stocking items would be offset by higher sales in beauty and grooming categories.

© Thomson Reuters 2020 All rights reserved.