NEW YORK - American body care and cleaning supplies giant Procter & Gamble reported on Tuesday another solid quarter of sales growth amid elevated pandemic-related demand for some items as it announced price increases on select goods.
The maker of Tide detergent and Crest toothpaste, P&G cited increased demand for home cleaning products during the Covid-19 pandemic, as well as higher sales for grooming appliances for shaving and styling.
The consumer products giant also enjoyed a pickup in sales of hair care products in China, where performance was especially weak in the year-ago period due to pandemic-related shutdowns.
"We delivered another quarter of solid top-line, bottom-line and cash results in what continues to be a challenging operating environment," said P&G Chief Executive David Taylor.
Greater focus on strong product development and execution "enabled us to build strong business momentum before the Covid crisis and accelerate our progress during the crisis," Taylor said.
Net income in P&G's fiscal third quarter was $3.3 billion, up 12 percent from the year-ago period, while revenues rose five percent to $18.1 billion.
P&G said it plans price increases on baby care, feminine care and adult incontinence products in the United States "to offset a portion of the impact of rising commodity costs."
The specific price increase will vary by product "in the range of mid-to-high single percentages" and will take effect in mid-September, the company said.
Shares gained 0.8 percent to $137.75 at the close on Wall Street, erasing losses seen after trading began.
FROM OUR ARCHIVES: