P&G sales rise about 5% amid pandemic stockpiling
) beat Wall Street expectations for quarterly profit on Friday as consumers stockpiled on everything from diapers and detergent to toilet rolls amid sweeping lockdowns to curb the spread of the coronavirus.
Sales at P&G’s units that make well-known brands such as Bounty paper towels, Tampax tampons, Charmin toilet paper, and Pampers diapers rose between 6% and 8%, boosting the company’s shares in early trading. P&G is one of the first consumer products companies to report results for the January-March quarter, during which the coronavirus pandemic spread rapidly across the world and prompted panic buying on fears of stringent lockdowns.
While everyday essentials have been in demand, sales of beauty and grooming products have dwindled as people stay indoors. Sales fell at P&G’s beauty segment, which sells premium skincare products like SK-II, as well as its grooming unit.
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