P&G Boosts Profit Forecast Amid Strong US Consumer Demand
Procter & Gamble raised its annual profit forecast due to strong consumer demand in the US and Europe, despite lower-than-expected third-quarter net sales. The company attributed the increase to lower commodity costs and sustained consumer purchases of its premium products. While P&G's sales in the US and Europe remained robust, sales of its high-end SK-II skin care line in China declined, impacting overall performance. The company now expects a $900 million after-tax benefit from favorable commodity costs for fiscal year 2024 and anticipates core earnings per share to rise between 10% and 11% in the current fiscal year.