The company said Thursday that sales slipped 1% in the latest quarter ended
Profits also fell 7% in the quarter.
But Thursday's results show that the constant barrage of higher prices on everyday essentials is wearing down its consumers. P&G said it had to hike prices by 10% in the latest quarter and will keep raising prices as it seeks to offset higher costs in transportation, labor and other areas.
Economists and analysts are closely monitoring shopping behavior amid a challenging economy. The government reported on Wednesday that retail sales fell in December, marking the second consecutive monthly decline and the biggest monthly drop for 2022.
P&G executives acknowledged that there's a lot of uncertainty for 2023, but the
“The consumer is holding up remarkably well in the
P&G reported earnings of
The results were slightly above
The company said that beauty product prices increased on average by 9%, while fabric and home care prices saw increases of 13%.
The world’s largest consumer products maker posted revenue of
In its key market
P&G now projects total sales for the current fiscal year to a range from a 1% drop to unchanged, better than its previous range of a decline of 1% to 3%. The company maintained its full-year earnings outlook but said profits could fall at the lower end of guidance because of higher commodity and material costs.
In midday trading, shares were down close to 1%, or
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