Last quarter, Procter & Gamble saw its sales soar 10% as shoppers stocked up in preparation for lockdowns.P&G executives say that the company is better prepared to enter a recession than in 2008.
Detail view of rolls of Charmin toilet paper in a domestic home, San Ramon, California, March 25, 2020.is expected to report its fiscal fourth-quarter results before the bell Thursday.Earnings per share: $1.01 expected, the consumer packaged goods giant saw its sales soar 10% as shoppers stocked up on its cleaning products and Charmin toilet paper. Investors will be watching to see if P&G's sales continue to benefit from more consumers staying at home, even as global lockdowns ease.
P&G forecast that adjusted earnings per share, which excludes some items, will be up 8% to 11% for the fiscal year. It's expecting fiscal 2020 sales growth of 3% to 4%. P&G executives say that the company is better prepared to enter a recession than in 2008. According to the National Bureau of Economic Research, the U.S. entered a recession in February. And even as other companies are slashing or suspending their dividends, P&G announced in April that it raised its quarterly dividend by 6%.This story is developing. Please check back for updates.
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