People are scrubbing down their homes and washing their dishes more often in the pandemic, and that’s a win for Procter & Gamble.
The company, which makes brands like Tide laundry detergent, Dawn dish soap and Charmin toilet paper, said Thursday that sales rose 5% to $17.7 billion in the three months ended June 30, compared with the same stretch a year ago. Excluding the impact of deals and currency fluctuations, sales were up 6%.
The increase was driven by a 30% jump in P&G’s (PG) home care unit, which includes brands like Febreze, Mr. Clean and Swiffer. Sales also grew 20% in P&G’s family care division, comprised of brands such as Bounty paper towels, Charmin, and Puffs tissues.
Consumers are snapping up cleaning products as they spend more time at home in the pandemic, thanks to social distancing recommendations and shuttered offices. That has boosted sales and strained the supply chains of the world’s biggest consumer product companies.
People are also changing their shaving habits. P&G, which owns Gillette and Venus razors and Braun electric shavers, said sales fell in its shave care unit because consumers are shaving less frequently in some markets.
Meanwhile, people are no longer stockpiling packaged food as much as they were when the coronavirus first hit. Nestle (NSRGF) said Thursday that sales grew 1.3% in the second quarter compared with the same period a year ago. The company said that while consumers loaded up their pantries during the early stages of the coronavirus, growth had tapered off.