P&G beauty net sales drop 4%
Newly released results from The Procter & Gamble Company indicate that consumers are cutting their budgets even for staple products. The C&T giant reported net sales of $20.4bn in its second quarter, which covers the period from October to December 2008, a decrease of 3% on the same period of the previous year.
Newly released results from The Procter & Gamble Company indicate that consumers are cutting their budgets even for staple products. The C&T giant reported net sales of $20.4bn in its second quarter, which covers the period from October to December 2008, a decrease of 3% on the same period of the previous year.
Beauty net sales decreased 4% to $4.9bn with professional hair care, personal cleansing, skin care and prestige fragrances all performing poorly. Retail hair care fared better with single digit growth for P&G’s major brands, which include Pantene, Head & Shoulders, Herbal Essences and Nice & Easy.
P&G ceo A G Lafley called the quarter “particularly challenging”. However, he concluded that the company’s efforts to build brands that “deliver better value for consumers” gave him “confidence that P&G will continue to grow profitably”.