Sales at Procter & Gamble (P&G) have slowed in the current quarter in the US.
The consumer giant’s CFO Andre Schulten said both volume and value were down "significantly" in October, speaking at the Morgan Stanley Global Consumer & Retail Conference on 2 December.
This is expected to continue into November, he said, with volatility the highest it has been “in a long time”.
However, the outlook is in line with its previously stated guidance.
“We have pockets of real strength [in] Latin America, China, Western Europe has returned to share growth,” said Schulten.
“The context in the US is more volatile, probably the most volatile we have seen in a long time.”
Coming into the quarter, Schulten said P&G “knew the consumer was more nervous and cautious”, and faced a stronger competitive environment, as well as a “stronger base period of consumer loading”.
He continued: “What we did not know was the incremental context with the [US] government shutdown, SNAP benefits etc.
“You can see that in the macro, growth in our categories in quarter two, our most recent reading has the category down in both volume and in value significantly in October.
“I do not expect November to be materially different.
“That sets a tougher context for the US business.
“That is all within the guidance range we provided.
“We have provided within our guidance range for some of that variability which we expected throughout the year.”
The slowdown is expected to play out in the second quarter more so than over the year, he added.
“For the year, we feel very comfortable with the guidance range we have provided,” said Schulten.
“The US recovery will play a big part in where within that guidance range we end.”
P&G said in October that net sales reached US$22.4bn in the first quarter of the 2026 financial year, a rise of 3% on the same period last year.
At the same time, the company maintained its full-year guidance for the 2026 fiscal year in the 1% to 5% range.
Jon Moeller, President and CEO of P&G, told investors on a call discussing the results that the second quarter would be the softest quarter of the year for growth, with stronger growth in the back half.