Procter & Gamble Sales Gain on Outbreak Pantry Stockpiling
- Full-year earnings could come in at lower end of range
- Charmin maker expects consumer buying habits to continue
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Procter & Gamble Co. posted a 6% surge in organic sales, giving a glimpse into panic-buying of toilet paper and cleaning products as the Covid-19 pandemic spread.
Demand for Charmin bath tissue and Bounty paper towels helped drive a double-digit gain in the family care division during the fiscal third quarter, though this was partially offset by the fact that people were buying products like toilet paper in cheaper bulk sizes.