Delaying Price Increases Dragged Down Colgate’s Q1 Results As Supply Costs Continue Climbing
High costs pummeled Q1 results down 17.9% to $559m. Net sales were up 1.5% to $4.39bn, with price hikes made late in quarter driving a 4% increase in organic sales. Hong Kong firm Hawley & Hazel Co., 50% owned by Colgate since 1985, relaunches Chinese name of its Darlie brand oral care line as Haolai.
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“If you took all of these markets where people brush their teeth less than one time a day and just moved it to one time a day, you would increase the volume size of the category by 40%,” noted Colgate-Palmolive’s John Faucher in a 19 May presentation at the Goldman Sachs Global Staples Forum.
The Personal Care Products Council is pivoting to focus on passing cosmetics modernization legislation after mid-term congressional elections, while still hopeful the language could go through as part of FDA user-fee reauthorization. Karin Ross, executive VP, government affairs at PCPC, discussed the situation at the trade group’s Leadership Summit in Washington.