US. The beauty to household products group met its third-quarter targets with a +23% jump in profits and a continued strong trend in the beauty division, in the results announced today. Procter & Gamble announced another quarter of strong volume growth driving double-digit progress on earnings.
Key figures: Net sales were US$10.66 billion for January to March, up +8% compared to a year ago. Sales include a positive +3% impact from foreign exchange, partially offset by pricing investments to stimulate growth and price changes to remain competitive. Net earnings for the quarter were US$1.27 billion, up +23% year-on-year.
“P&G’s core businesses and leading brands are strong,” said P&G chairman, president and ceo AG Lafley. “We are broadening product offerings in core categories. We are offering better consumer value and leading innovation in developing and developed markets, and are on track in a very challenging global economic environment.”
The beauty business, including prestige and mass products and hair care, continued its trend of strong business results. Unit volume was up +9% and sales grew +10% reaching US$3.03 billion. Separately, Procter & Gamble said it had increased its final tender offer for Wella in a deal worth about US$6.08 billion.
P&G’s travel retail sales in 2002 reached approximately US$150 million at consumer prices equal to a 4% share of the global travel retail perfumery market, according to Generation DataBank. Its leading brand Hugo Boss makes up about 75% of all P&G prestige travel retail perfumery sales.
