(Reuters) – Procter & Gamble raised its annual profit forecast on Friday, driven by rising prices and resilient demand for its household and cleaning products in the United States and Europe.
P&G now expects its core profit to grow 10-11% in fiscal 2024, up from 8-9% growth previously.
Despite the price increases on consumer goods carried out by the American giant over the past two years, demand for its flagship everyday brands, such as Tide and Pampers, has remained stable.
However, the contribution of price increases to revenue growth is starting to fade and P&G must now prove its ability to increase sales volume.
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The group reported volumes generally stable year-on-year in the third quarter, while the average prices of its product categories showed an increase of 3%.
(Written by Ananya Mariam Rajesh in Bangalore, French version Augustin Turpin)
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