P&G Q2 fiscal year 2022 net sales (September-October 20221) totaled $21.0 billion, an increase of 6% versus the prior year.
Beauty organic sales increased 2% versus the same period the year prior. Skin and personal care organic sales increased in the low single digits, driven by volume growth in personal care due to innovation, market growth and pricing, partially offset by negative product mix. The results come as P&G amasses prestige brands such as Tula.
Hair care organic sales increased in the low single digits, primarily driven by increased pricing. The company recently acquired prestige hair care brand Ouai.
Grooming segment organic sales increased 5% compared to a year ago. Shave care organic sales increased in the mid-single digits primarily due to volume growth, increased pricing and positive product and geographic mix from growth in developed markets.
Appliances organic sales increased mid-single digits due to increased pricing and positive mix driven by the growth of premium shavers and stylers. This was partially offset by lower volumes versus a high base period which benefited from a pandemic-related consumption surge of in-home shavers and stylers.
Looking ahead, P&G has raised its outlook for fiscal 2022 sales growth from 2-4% to 3-4%, year-over-year. Organic sales during the period are now expected to increase 4-5%.
“We delivered very strong top-line growth and made sequential progress on earnings in the face of significant cost headwinds,” said Jon Moeller, president and CEO. “These results keep us on track to deliver our earnings outlook and to raise estimates for sales growth, cash productivity and cash return to shareowners. Our focus remains on the strategies of superiority, productivity, constructive disruption and continually improving P&G’s organization structure and culture. These strategies have enabled us to build and sustain strong momentum. They remain the right strategies to deliver balanced growth and value creation.”