P&G Tops Estimates on Higher Prices but Signals Slowing China Demand
July 31, 2023
Reuters
Procter & Gamble (P&G) reported better-than-expected quarterly sales and profit due to multiple price hikes on its products, but the company also highlighted weak demand in China following the lifting of pandemic restrictions. The rebound in China has been slower than expected, impacting global firms, including P&G, which saw a 1% decline in overall volumes partly due to soft demand in Greater China. Despite challenges in China, P&G’s products like Pampers diapers, Pantene shampoo, and Oral-B toothpaste saw strong demand in the U.S., where consumer sentiment improved as inflation subsided.
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