Procter & Gamble (P&G) recorded the highest quarterly increase in sales since 2006, with the pandemic consumers are staying at home and paying more attention on cleaning.
The demand for cleaning products and toilet paper in the United States highly increased during the first quarter and the beginning of the second quarter of the year, at the same time as the reopening of the Chinese economy, the company’s largest market, also boosted sales.
P&G said organic sales growth was 6% in the fiscal year through June 30. In the fourth fiscal quarter, organic sales also grew 6%.
After recording a loss of US$ 5.2 billion a year earlier, P&G reported a profit in the fourth fiscal quarter of US$ 2.8 billion. Quarterly revenue grew 4% to US$ 17.7 billion, up from the US$ 17 billion estimated by analysts, according to S&P Global Market Intelligence.
Adjusted quarterly earnings of $ 1.16 per share exceeded analysts’ average forecast of US$ 1.01.
In the fiscal year total, P&G recorded revenues of US$ 71 billion and profit of US$ 13 billion. Adjusted annual earnings were US$ 5.12 per share, above expectations of US$ 4.97 per share.