Procter & Gamble Co's customers continued to show little resistance to repeated price hikes, helping the Tide detergent maker boost its sales forecast and third-quarter margins.
The logo for Procter & Gamble Co. is displayed on a screen on the floor of the New York Stock Exchange in New York, U.S., June 27, 2018. REUTERS/Brendan McDermid/File PhotoTook another round of price hikes in U.S., Europe in Jan-Marchcustomers continued to show little resistance to repeated price hikes, helping the Tide detergent maker boost its sales forecast and third-quarter margins.
Executives in a conference call flagged new products like Native body wash, Gillette Labs exfoliating razors and updated cardboard packaging as driving growth. P&G's gross margin rose by 150 basis points from a year ago, with a 470-basis point bump from the higher pricing. Jefferies analyst Kevin Grundy said P&G is "trying to not let expectations get too far ahead because China does move the needle" for the company.
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