Posted on 04/17/2020 7:10:02 PM PDT by Morgana
Procter & Gamble’s sales in the United States surged higher in the first three-months of the year as households stocked up on consumer staples such as toilet paper and cleaning products.
P&G, whose brands include Charmin toilet paper and Mr. Clean soaps, reported a six percent rise in its fiscal third-quarter profits to $2.9 billion.
Revenues climbed five percent to $17.2 billion. Sales in the U.S. rose by rose by more than 10 percent, the biggest rise in decades, more than offsetting the drop in sales in China.
P&G, along with Johnson & Johnson, appears to have been an early winner from the chaotic shifts in economies around the globe as the coronavirus spread from China to the U.S. and the rest of the world. While the shutdowns devastated restaurants, travel, most manufacturing, and hospitality, the surge in spending on consumer goods has helped some companies.
But the company cut its revenue forecast for fiscal 2020. It’s likely that unusually high household inventories could hold back further spending and a strong U.S. dollar could weigh on global sales.
P&G, which raised its dividend earlier this week, cited especially strong sales gains in personal health care and fabric and home care; the latter category includes cleaning products such as Comet soap and Cascade dishwashing detergent.
But the company also cited a drag from the coronavirus in China and other key Asian markets, where retail operations were disrupted. P&G suffered a double-digit revenue decline in the super-premium SK-II beauty products, a driver of earnings in past quarters.
“The strong results we delivered this quarter are a direct reflection of the integral role our products play in meeting the daily health, hygiene and cleaning needs of consumers around the world,” said P&G Chief Executive David Taylor.
(Excerpt) Read more at breitbart.com ...
A lot of were not too happy with their Gillette commercial and were trying hard not to buy P&G products.
Yep. We won’t be buying any P&G products for at least 4 months.
Prices have gone up at Grocery Stores.
Months and months supply?????
They still have not solved the TP shortage. It is nowhere to be found in my neck of the woods.
Can order it on Amazon but it won’t ship til late May or June!!!!!
Every now and again I hear tidbits from my husband, who works in supply chain logistics. I asked this very question a couple of weeks ago, and he told me that while Lysol is owned by an American company, the components for Lysol disinfectant spray are largely made in China.
I found this article that backs up his info. https://www.chipleypaper.com/news/20200411/looking-for-lysol-spray-and-clorox-wipes-covid-19-wiped-out-disinfectants-but-heres-when-you-can-buy-again
“Disinfectant products depend on a complex global supply chain, much of it centered in China.”
Most of the active ingredient in Lysol is alcohol (ethanol??). Rubbing alcohol out of a small misting spray bottle is what I use. Of course alcohol is hard/impossible to find too.
In any crisis, there’s someone profiting. That’s one of the laws of capitalism.
I went to my local food store here in SC, Harris Teeter and as I passed by the aisle normally stocked with paper goods I noticed they weren’t completely. Bare. When I walked down the aisle I was amazed to see sitting there a 12 pack of the store brand tp (12 equals 48 type).
I felt like I hit the lottery.
Good Morning, FF, and thank you so much for the info.
Now, I am frustrated looking for Bounty. That product probably has the same problem.
I feel we have learned an important lesson from all this.
As President Trump says, depending on foreign nations for essential needs is foolish. I hope he brings more and more of our needed products back to US so we can feel more secure.
Yikes.
Sales will return to normal levels as the media-fueled panic subsides.
The last time I was in the local Walmart, the toilet paper shelves were absolutely loaded, and they even had a separate toilet paper display in the middle of a main aisle through the store, maybe 6 feet square and 5 feet high.
I have the same problem. I was able to find a 6 pk of Bounty “essentials” which is a much cheaper version of their paper towel at my local Walmart one day last week. I live in a small town of 10,000 on the outskirts of two suburbs. Our Walmart isn’t as big as most others, and the smaller size is appealing to me. I hope they get back production soon. I really like their normal paper towel better than these.
Like you said, we have depended on China for far too many things. Time to put America back to work!
Sounds like you live in a desirable neighborhood.
Good for you!
Good luck with Bounty and
I’ll be looking at our Wegmanns later today.
Happy hunting.
That’s good to know. May I ask where you are located - e.g. what size town and in what state - if you don’t mind saying.
I don’t go to Walmart very often.....but will check it out now.
You DID hit the lottery! Glad you did.
My local Harris Teeter remains empty of TP and Paper Towels.
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