P&G’s Personal Cleansing Segment Sees 30+ Pct Growth Amid Pandemic
The Procter & Gamble Company reported on Tuesday (Oct. 20) that organic sales in its beauty segment rose 7 percent compared to a year prior, with personal cleansing growing more than 30 percent worldwide for Q1 fiscal year 2021, according to an announcement.
“North America skin and personal care grew mid-teens behind the launch of Safeguard hand soap and hand sanitizer and premium innovations on Olay,” according to the company.
Procter & Gamble also reported that hair care organic sales rose in the “high single digits,” headed up by formidable demand in Latin America, Greater China and North America, with “mid-single-digit growth or better across each of P&G’s top hair care brands.”
In its grooming segment, organic sales rose 6 percent compared to a year prior. Organic sales for shave care were not changed, with “high single-digit growth” in razors and blades for women but “market softness” in those items for men because of a COVID-related consumption decline.
Family care, feminine and baby organic sales rose 4 percent compared to a year prior. In one case, family care organic sales rose by “double digits” mainly because of greater consumption by individuals spending more time in their homes due to COVID-19.
“We delivered another strong quarter of organic sales growth, core earnings per share and cash returned to shareowners, enabling us to increase our outlook for fiscal year results,” Chairman, President and Chief Executive Officer David Taylor said in the announcement. “Our near-term priorities continue to be employee health and safety, maximizing availability of P&G products for consumers around the world and helping society meet the challenges of the COVID crisis.”
As for its overall results, Procter & Gamble reported diluted net earnings per share of $1.63 on net sales of $19.3 billion. The results exceeded analyst expectations of $1.41 earnings per share on $18.35 billion.
The consumer-packaged-goods (CPG) company returned $4 billion to investors through $2 billion in dividend payments and $2 billion in common stock repurchases.
It increased its fiscal 2021 all-in sales growth outlook from between 1 percent and 3 percent to between 3 percent and 4 percent compared to the prior fiscal year.
P&G’s brands include Tide, Olay, Head & Shoulders, Gillette, Dawn, Crest and Bounty, among others.