Consumer products giant Procter & Gamble (NYSE: PG) reported quarterly and fiscal year results today, for the period ending June 30, 2020. Net sales of $71 billion for the fiscal year increased 5% compared to the prior year, and 6% excluding divestitures, acquisitions, and on a currency-neutral basis.
The strong quarterly sales results were largely driven by increased demand for household and personal cleaning products due to the COVID-19 pandemic. The company said demand was especially strong in North America and China.
Image source: Getty Images.
P&G said that its fabric and home care segment experienced the highest organic sales growth at 14%. The home care portion of that segment saw growth of over 30%, reflecting demand for home cleaning and dish washing products. Currency-neutral earnings per share increased by 11% for the quarter. Net pricing was also boosted by lower promotional activity, the company said.
The company also reported gains in its beauty segment, which grew year-over-year organic sales for the 19th consecutive quarter. Its healthcare segment also increased sales driven by personal healthcare, though it was partially offset by a drop in oral care due to closures of some retail stores and dental offices due to the pandemic. Grooming was the only segment that didn't record organic sales growth for the quarter, amid what the company said was a pandemic-driven "reduction in shaving frequency."
For the full fiscal year, P&G said its family care products delivered a record year with double-digit growth across the category. This included each of its three brands in the category: Charmin, Bounty, and Puffs.
10 stocks we like better than Procter & Gamble
When investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.*
David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Procter & Gamble wasn't one of them! That's right -- they think these 10 stocks are even better buys.
*Stock Advisor returns as of June 2, 2020
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.