Consumer companies — many of which thrived during COVID-19 pandemic as people stockpiled their products — are once again emerging as winners in a time of global crisis, maintaining double-digit margins as people are forced to pay more for everyday products.
Nestlé Headquarters in Vevey, Switzerland. — Nestlé/Flickr/CC BY-NC-ND 2.0
Similarly, Tide detergent maker P&G beat estimates for quarterly sales and profit, helped by price hikes on everything from Head & Shoulders shampoo to Gillette razors, even as a stronger dollar weighed on its revenue from overseas markets. “We are also seeing consumers moving to two different price points,” said P&G finance chief Andre Schulten.
Britain’s consumer price index increased by 10.1% in September, driven by the biggest jump in food prices since 1980. Euro zone inflation also zoomed past forecasts in September to nearly 10%. Prices meanwhile increased by 8.2% in the United States, stretching the pockets of consumers already spending more on fuel bills and mortgage payments.
P&G said average prices across its product lines rose 9% in the first quarter ended Sept. 30, while sales volumes fell 3%.Shares in Nestlé were up 0.2%, while P&G rose 2%.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Nestlé CEO: Brace for more price increases - BusinessMirrorNESTLÉ SA CEO Mark Schneider said inflation will remain an issue in 2023 even after the world’s largest food maker pushes through the biggest price increases in decades this year. “This is a situation no one wished for,” CEO Mark Schneider said in an interview with Bloomberg Television. “We are seeing huge upward pressure on
Read more »
Yields on term deposits climb as market expects more hikes - BusinessWorld OnlineYIELDS on the term deposit facility (TDF) of the Bangko Sentral ng Pilipinas (BSP) climbed on Wednesday following rate hike signals from the central bank chief. READ:
Read more »
Hong Kong leader prioritizes talent, security in first policy address - BusinessWorld OnlineHONG KONG — Making his first policy address on Wednesday, Hong Kong Chief Executive John Lee prioritized improving competitiveness and attracting more overseas talent, while also stressing the need to bolster national security in the Chinese ruled city.
Read more »
Philippine Justice chief rejects resignation calls - BusinessWorld OnlineTHE PHILIPPINES’ Justice chief on Tuesday rejected calls for his resignation after police arrested his son for drug possession last week.
Read more »