US: P&G buoyant - but snacks volumes down
By: just-food.com | 29 January 2010
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Pringles logo |
Shares in US consumer goods giant Procter & Gamble closed up in New York yesterday (28 January) after the Pringles snacks maker booked rising quarterly revenue and earnings - and lifted its organic sales target for the year.
The company, which owns brands from Pampers and Gillette, forecast organic sales growth of 3-5% for its fiscal year - up from 2-4%.
The improved forecast came after P&G's net sales climbed 6% to $21bn in the three months to the end of December.
Net income dropped 7% to $4.66bn as the company upped spending on advertising and faced higher tax costs. Earnings from continuing operations, however, increased 13%.
"We are pleased with the top- and bottom-line underlying results for the quarter," said chairman of the Board, president and CEO Bob McDonald. "Our investments in innovation, portfolio expansion, marketing support and consumer value are working."
Nevertheless, P&G's snacks business saw volumes fall by "low-single digits" due to less merchandising in North America and the decision to discontinue some "premium" products.
P&G shares closed up 1.4% at $61.68.
Companies: Pringles
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US: P&G buoyant - but snacks volumes down
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