Sanitiser sales increase – Household hygiene and cleaning routines peak
Latest performance results from health and cleaning megalith Proctor & Gamble show the company has benefited from demand for its home care and cleaning products – due to the COVID-19 pandemic.
Shares increased 1% as the company annunced it plans to buy back up to $10 billion worth of shares in 2021.
Household cleaning and hygiene routines have increased demand, with households willing to pay for more premium brands over store-branded goods at a time when COVID-19 cases spiked.
Increase sales in health and hygiene products
Home care products, in particular, saw a 30% rise in organic sales.
Overall, net sales rose 8% to $19.75 billion in the three months to 31 December, beating analysts’ average estimate of $19.27 billion. Net income attributable to P&G rose 4% to $3.85 billion, or $1.47 per share. Excluding items, it earned $1.64 per share.