(Reuters) – Procter & Gamble (P&G), which owns Ariel laundry detergents and Head & Shoulders shampoos, among others, reported better-than-expected profit and sales in the July-September quarter on Wednesday, the first of its fiscal year, buoyed by the price increases of its products, although the rise in the dollar weighed on its international sales.
On the New York Stock Exchange, Procter & Gamble shares rose 2% in trading before the opening.
P&G said average prices across its product lines rose 9% in the quarter ended Sept. 30, while sales volumes fell 3%.
The American consumer goods giant, which generates more than half of its revenue outside the United States, said the strengthening of the greenback would impact its annual sales by 6 percentage points, against a previous forecast. by 3 percentage points.
He now expects sales in fiscal 2023 to decline 1% to 3%, from growth of 0% to 2% previously, and for his annual profit to be in the low range of his forecast. from 0% to 4% growth.
However, it maintained its organic growth target of 3% to 5%.
P&G posts quarterly adjusted earnings per share of 1.57 dollars (1.61 euros) for net sales of 20.61 billion dollars (21.10 billion euros), while analysts expected profit of $1.54 per share on revenue of $20.28 billion, according to IBES data from Refinitiv.
(Written by Uday Sampath in Bangalore; French version Valentine Baldassari, editing by Kate Entringer)
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