Procter & Gamble today reported a surprise rise in first-quarter sales on strong demand for its beauty products and cleaning supplies, helping it in its fight against competition from cheaper store-branded products.
Sales rose 5% in the consumer giant's beauty business, driven by double-digit sales of its premium skin care brands SK-II and Olay.
Sales in its fabric and home care division, the biggest unit by sales, rose 2%. The unit sells Tide detergent and Febreze air fresheners among other products.
The company's grooming business was a bright spot, seeing volume growth of 5% as price cuts boosted demand.
Net income attributable to the company rose to $3.20 billion, or $1.22 per share, in the first quarter ended September 30, from $2.85 billion, or $1.06 per share, a year earlier. (Full Story)
Excluding items, the company earned $1.12 per share beating Wall Street estimate of $1.09 per share, according to I/B/E/S data from Refinitiv.
Net sales rose marginally to $16.69 billion from $16.65 billion. Analysts had expected overall sales to fall to $16.46 billion.
