U.S. markets close in 3 hours 55 minutes
  • S&P 500

    4,149.52
    -38.91 (-0.93%)
     
  • Dow 30

    34,278.35
    -464.47 (-1.34%)
     
  • Nasdaq

    13,361.22
    -40.64 (-0.30%)
     
  • Russell 2000

    2,201.64
    -11.06 (-0.50%)
     
  • Crude Oil

    64.95
    +0.03 (+0.05%)
     
  • Gold

    1,833.70
    -3.90 (-0.21%)
     
  • Silver

    27.64
    +0.14 (+0.52%)
     
  • EUR/USD

    1.2174
    +0.0040 (+0.33%)
     
  • 10-Yr Bond

    1.6200
    +0.0180 (+1.12%)
     
  • GBP/USD

    1.4152
    +0.0031 (+0.22%)
     
  • USD/JPY

    108.5510
    -0.2900 (-0.27%)
     
  • BTC-USD

    55,969.75
    -2,438.10 (-4.17%)
     
  • CMC Crypto 200

    1,497.19
    +1,254.51 (+516.94%)
     
  • FTSE 100

    6,947.99
    -175.69 (-2.47%)
     
  • Nikkei 225

    28,608.59
    -909.71 (-3.08%)
     

Procter & Gamble to raises prices on baby care, feminine care and adult incontinence products

Alexander Coolidge, Cincinnati Enquirer
·2 min read

CINCINNATI – Procter & Gamble said Tuesday it will boost prices on paper products later this year by 5 to 9% to combat rising commodity costs. The company disclosed its sales results benefited from previous increases as well as consumers trading up to premium products.

"(We) started the process of implementing price increases on (the company's) Baby Care, Feminine Care and Adult Incontinence product categories in the United States... the exact amount of the price increase will vary by brand and sub-brand in the range of mid-to-high single digit percentages and will go into effect in mid-September," P&G said in a statement.

Wall Street analysts predicted P&G would garner a $3.1 billion profit before one-time items on sales of $17.8 billion.

“We remain focused on executing our strategies... (that) enabled us to build strong business momentum before the COVID crisis and accelerate our progress during the crisis, and they remain the right strategies to deliver balanced growth and value creation over the long term,” CEO David Taylor said, in a statement.

Procter & Gamble reported a $3.3 billion profit Tuesday, a 12.1% increase from the same period a year ago.

Sales rose 5.2% to $18.1 billion. Organic sales – a key measure of sales excluding impacts from foreign exchange, mergers or acquisitions – climbed 4%.

Last year, P&G reported a $2.9 billion profit on sales of $17.2 billion for the same quarter.

Last week, the company announced it will boost its quarterly dividend payment 10% to nearly 87 cents per share.

More: Who will replace Procter & Gamble's CEO David Taylor?

More: P&G has a new ad urging men to close the 'chore gap'

Based in downtown Cincinnati, P&G is the largest consumer products company in the world, responsible for making toiletries in consumers' pantries or medicine cabinets, such as Pampers diapers, Crest toothpaste and Gillette razors.

The company employs 99,000 worldwide, including 10,000 in Greater Cincinnati.

The Enquirer will update this story.

P&G headquarter in Downtown Cincinnati
P&G headquarter in Downtown Cincinnati

For the latest on P&G, Kroger, Fifth Third Bank and Cincinnati business, follow @alexcoolidge on Twitter.

This article originally appeared on Cincinnati Enquirer: Procter & Gamble to raise prices on paper products