PG Procter and Gamble Co

By Aisha Al-Muslim 

Procter & Gamble Co. reported strong quarterly sales growth in the latest period as the consumer-products giant got a boost from developing markets and increased prices.

The maker of Tide detergent and Gillette razors said Tuesday organic sales -- a closely watched metric that strips out currency moves, acquisitions and divestitures -- rose 5% in the fiscal third quarter.

Organic sales were boosted by 2% due to higher pricing and 2% due to organic shipment volumes compared to a year ago. The mix of products also helped organic sales by 1%.

Beauty products fueled the gains, with organic sales rising 9%, but the company reported growth across a number of categories including fabric and home care, health care, and baby, feminine and family care.

Only its grooming business, which includes the Gillette brand, posted a decline in organic sales of 1% in the period.

The shaving brand has faced competition from upstarts and has resorted to lowering prices to maintain its leading market share. In January, Gillette released -- to mixed consumer reactions -- a campaign invoking the #MeToo movement.

--Gillette

During the quarter, ended March 31, P&G said net sales were up 1% to $16.46 billion, as unfavorable foreign-exchange fluctuations cut into the total. Analysts polled by Refinitiv were expecting $16.37 billion.

The company recorded a profit of $2.75 billion, or $1.04 a share, up from $2.51 billion, or 95 cents a share, a year earlier. Core earnings per share were $1.06, above analysts' expectations of $1.03 a share.

P&G raised its organic-sales guidance for the full year. It now expects organic sales to be up a solid 4%, compared with its previous forecast in January of between 2% and 4%.

Write to Aisha Al-Muslim at aisha.al-muslim@wsj.com

(END) Dow Jones Newswires

April 23, 2019 07:59 ET (11:59 GMT)

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