Procter & Gamble Co said on Tuesday it will raise prices of some of its grooming, oral and skin care products in the U.S. to counter higher commodity and freight costs that are expected to take a bigger bite out of its earnings this year.
Tide laundry detergent, a product distributed by Procter & Gamble, is pictured on sale at a Ralphs grocery store in Pasadena, California January 21, 2014. REUTERS/Mario Anzuonisaid on Tuesday it will raise prices of some of its grooming, oral and skin care products in the U.S. to counter higher commodity and freight costs that are expected to take a bigger bite out of its earnings this year.
Shares of the company, which reported lower quarterly earnings, while maintaining its full-year forecasts, were down 2.2% at $139.24. The latest price increases are in addition to the mid to high single-digit percentage price hikes earlier this year on P&G's products including Pampers diapers and Always sanitary pads.The new price hikes are not being implemented broadly, but marked for specific items such as razors and in some sub-categories, CFO Andre Schulten said on a media call. U.S. retailers are aware of the new sticker prices, he added.
Global supply chains are under strain due to factors such as a resurgence of COVID-19 cases in Asia and labor shortages in the United States, leading to a surge in raw material prices that is also squeezing profits at Unilever
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