The company’s organic sales rose 8% in the past quarter and it raised its outlook for the full year, the WSJ’s Sharon Terlep reports, as it found consumers in a pandemic-scarred economy are increasingly willing to pay more for products. The dynamic is playing out across the consumer-products industry, as more-affluent consumers fare better in this recession than those with lower income and cleaning takes on a higher priority. That has driven P&G to streamline its product lineup to speed up production and distribution of its most popular products in what it calls a market of growing uncertainty. Finance chief Jon Moeller told a conference that P&G is seeing “some supply chain benefits from higher throughput” and dependable delivery to retailers even as it copes with rising raw materials and transportation costs.
Procter & Gamble Co. sales surged in the most recent quarter, fueled in part by demand for high-end household products from pricey dish soap to a $300 electric toothbrush.Despite a tough economic picture and high unemployment, the maker of Gillette razors and Pampers diapers said consumers are increasingly willing to pay more for products.