CINCINATTI: Worries over a likely decline in global consumer spending were slightly assuaged by Procter & Gamble's fiscal fourth quarter results - the more so since the bullish numbers were boosted by increases in product pricing.
Net income in the quarter to June 30 rose 36% year-on-year to $1.9 billion (€1.48bn; £1.01bn), from $1.39bn. Much of that increase was due to last fall's acquisition of Gillette, but P&G's results were strong even excluding the impact of that acquisition.
Sales grew 25% to $17.84bn, but even on a like-for-like basis the increase was still a healthy 8%, bettering the company's projections of a 4%-6% increase.
© Copyright 2017
All rights reserved including database rights. This electronic file is for the personal use of authorised users based at the subscribing company's office location. It may not be reproduced, posted on intranets, extranets or the internet, e-mailed, archived or shared electronically either within the purchaser's organisation or externally without express written permission from WARC.