Charles Sternberg, Assistant Editor04.20.21
The Procter & Gamble Company reported third quarter fiscal year 2021 net sales of $18.1 billion, an increase of five percent versus the prior year.
Segments
Beauty segment organic sales increased seven percent versus year ago. Skin and Personal Care organic sales increased high single digits primarily driven by positive mix impact from growth of super premium SK-II brand, premium innovation in North America Skin Care and increased pricing. Hair Care organic sales increased high single digits led by Greater China due to innovation, distribution growth and a low base period due to pandemic-related shutdowns. Devaluation-related price increases also contributed to Hair Care sales growth.
Grooming segment organic sales increased four percent versus year ago. Appliances organic sales increased more than 20% due to increased demand for at-home shaving and styling products, innovation and increased pricing. Shave Care organic sales were unchanged as devaluation related price increases and growth in female blades and razors were offset by consumption declines in male blades and razors due to decreased shave frequency.
Health Care segment organic sales increased three percent for the quarter. Oral Care organic sales increased high single digits driven by innovation and the positive mix impacts of premium products growth.
Fabric and Home Care segment organic sales increased seven percent for the quarter.
Baby, Feminine and Family Care segment organic sales decreased one percent versus year ago.
“We delivered another quarter of solid top-line, bottom-line and cash results in what continues to be a challenging operating environment,” said David Taylor, chairman, president and chief executive officer. “We remain focused on executing our strategies of superiority, productivity, constructive disruption and improving P&G’s organization and culture. These strategies enabled us to build strong business momentum before the Covid crisis and accelerate our progress during the crisis, and they remain the right strategies to deliver balanced growth and value creation over the long term.”
P&G maintained its outlook for fiscal 2021 all-in and organic sales growth in the range of five to six percent versus the prior fiscal year. Foreign exchange is expected to be roughly neutral to sales growth for the fiscal year.
Segments
Beauty segment organic sales increased seven percent versus year ago. Skin and Personal Care organic sales increased high single digits primarily driven by positive mix impact from growth of super premium SK-II brand, premium innovation in North America Skin Care and increased pricing. Hair Care organic sales increased high single digits led by Greater China due to innovation, distribution growth and a low base period due to pandemic-related shutdowns. Devaluation-related price increases also contributed to Hair Care sales growth.
Grooming segment organic sales increased four percent versus year ago. Appliances organic sales increased more than 20% due to increased demand for at-home shaving and styling products, innovation and increased pricing. Shave Care organic sales were unchanged as devaluation related price increases and growth in female blades and razors were offset by consumption declines in male blades and razors due to decreased shave frequency.
Health Care segment organic sales increased three percent for the quarter. Oral Care organic sales increased high single digits driven by innovation and the positive mix impacts of premium products growth.
Fabric and Home Care segment organic sales increased seven percent for the quarter.
Baby, Feminine and Family Care segment organic sales decreased one percent versus year ago.
“We delivered another quarter of solid top-line, bottom-line and cash results in what continues to be a challenging operating environment,” said David Taylor, chairman, president and chief executive officer. “We remain focused on executing our strategies of superiority, productivity, constructive disruption and improving P&G’s organization and culture. These strategies enabled us to build strong business momentum before the Covid crisis and accelerate our progress during the crisis, and they remain the right strategies to deliver balanced growth and value creation over the long term.”
P&G maintained its outlook for fiscal 2021 all-in and organic sales growth in the range of five to six percent versus the prior fiscal year. Foreign exchange is expected to be roughly neutral to sales growth for the fiscal year.
