Chief Financial Officer Andre Schulten warned in a call with media that P&G, a bellwether for consumer products, is seeing “some resurgence” of shoppers buying cheaper store brand items in some categories. Private label brands in Europe are stronger, he said in a call with analysts.
Schulten added that retailers’ reactions to price increases announced in July were “what you would expect.” Waves of the pandemic, clogged shipping ports and the Russia-Ukraine war have snarled global supply chains and led to a jump in prices of commodities including pulp, resin and polypropylene, pinching profits of consumer goods makers.
A stronger greenback typically reduces profits of companies such as P&G that have sprawling global operations and substantial sales in foreign currencies. Prices across P&G’s brands, from Crest to Old Spice, rose on average about 8% in the fourth quarter, while sales volumes fell about 1%.
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