P&G To Test ‘Benign Elasticity’ Seen In Q2 With More Pricing Planned
“A world in which all of the market growth is driven by pricing is obviously not sustainable,” CFO Andre Schulten acknowledged in P&G’s fiscal 2023 second-quarter earnings presentation. The firm remains focused on investing in its brands and driving household penetration while weathering economic headwinds and taking additional pricing in February.
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P&G reported 7% organic and 1% net sales growth in latest quarter to $20.6bn. Analysts projected organic growth of 5.5% and saw results as indicator firm’s execution strategy, which includes cutting back on costs, is working.
Washington State’s Toxic-Free Cosmetics Act would ban use of any and all PFAS, matching work California started in 2020 and finished with legislation enacted last year. It also would blacklist ortho-phthalates, formaldehyde, methylene glycol and any other chemical determined by the department to release formaldehyde, among other deemed hazardous substances.
Breast Cancer Prevention Partners and its Campaign for Safe Cosmetics, along with the Environmental Working Group and Women’s Voices for the Earth, see the US Modernization of Cosmetics Regulations Act of 2022 as a significant jump forward. But its “sweeping” preemption provisions could put consumers at risk, and its cosmetics safety substantiation standard is a step back from preexisting FDA regulations, the groups say.