P&G quarterly results rose sharply as consumers stocked up on Pampers diapers, Charmin toilet paper and Bounty paper towels amid sweeping lockdowns
) beat Wall Street expectations for quarterly profit on Friday as it reported its best U.S. sales growth in decades thanks to consumers stockpiling cleaning essentials in lockdowns against the coronavirus.
“We’re seeing as much as a 20% increase in consumption across categories,” Moeller told a call with analysts. P&G said that while everyday essentials have been in demand, sales of beauty and grooming products have dwindled as people stay indoors. “We were expecting more variations in results and guidance due to global coronavirus uncertainty. Instead, P&G seems to be benefiting from the solid, and often predictable, demand of household necessities,” Edward Jones analyst John Boylan said.
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