China Lockdown Offsets P&G Sales Growth Across Product Categories In All Other Regions
Soaring beauty sales in North America, Europe and Latin America were offset by double-digit decline in greater China due to COVID-19 lockdowns. To offset supply chain problems, firm plans to invest in manufacturing in North America and Europe.
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Consumer health product firms’ vistas include challenges of supply chain disruptions lingering from pandemic’s impact as well as potential for marketplace restrictions as additional varieties of the novel coronavirus spread. Clouds also include shifts in consumer spending, increases in costs caused by inflation and foreign exchange headwinds as the value of the US dollar strengthens against other currencies.
With high consumer elasticity not expected to last, P&G adapted to price sensitivity by offering “price levers across brands,” says CFO Andre Schulten A strong cough/cold season drove 50% organic sales growth in personal health care products in North America.
Procter & Gamble says it has catapulted recently acquired brands including First Aid Beauty and Native in a way that few know how, without compromising their unique character. While confident in the futures of those brands and others joining the company – mainly skin care – P&G will change direction as needed, executive leadership said.