The Procter & Gamble Company (P&G) has released its financial results for Q2 2020.
According to the company, Q2 2020 net sales reached $18.2 billion, an increase of 5% when compared to Q2 2019.
The beauty segment saw sales increase by 8%. According to P&G, skin and personal care sales increased double digits driven by premium innovation and increased pricing. Hair care organic sales increased mid-single digits driven by premium innovation, positive mix impact from the disproportionate growth of premium products and devaluation-driven price increases.
The grooming segment saw sales increase by 4%. The company stated that shave care sales increased low single digits driven by innovation and devaluation-driven price increases partially offset by related unit volume declines in certain markets and competitive activity. Appliances organic sales increased high single digits driven by innovation and positive mix impact from the disproportionate growth of premium products.
The baby, feminine and family care segment saw sales increase by 1%. P&G stated that baby care sales decreased low single digits due to competitive activity, category contraction in certain markets and retailer inventory decrease in Japan following the October VAT increase, partially offset by positive mix due to premium innovation. Feminine care sales increased mid-single digits driven by innovation, increased marketing spending and positive product mix resulting from the disproportionate growth of premium products.
David Taylor, chairman, president and CEO, said, “We delivered another strong quarter of organic sales growth, core earnings per share and cash returned to shareowners. Our strong first-half results enable us to further increase our outlook for the full fiscal year across each of these metrics and to increase our commitment of cash return to shareowners. Our focus remains on executing our strategies of superiority, productivity, constructive disruption and improving P&G’s organization and culture to deliver balanced top-line and bottom-line growth along with strong cash generation in a challenging competitive and macroeconomic environment.”