(Reuters) – Procter & Gamble (P&G) reported first-quarter revenue and profit on Friday that beat Wall Street expectations, supported by strong demand for its beauty and hair care products, despite rising prices and a broader slowdown in spending linked to economic uncertainties.
The group’s quarterly revenue rose 3% to $22.39 billion (€19.20 billion), beating expectations for a 2% rise to $22.17 billion, according to LSEG data.
P&G reported earnings per share of $1.99, above analysts’ average estimate of $1.90, driven by higher product prices.
The group maintained its annual targets “in a challenging consumer and geopolitical environment,” Jon Moeller, outgoing chief executive, said in a statement.
The group lowered its estimate for the annual cost of the tariffs to about $400 million after taxes, down from some $800 million forecast in July, largely due to Canada lifting retaliatory tariffs on U.S. products. Like its competitors, P&G has raised its prices in the United States to mitigate the impact of tariffs.
The group’s title gained around 2% in trading before the opening of Wall Street. However, it shows a decline of around 9% since the start of the year.
P&G’s overall volumes remained stable, although they increased in China.
Sales volumes in the beauty segment, which includes the Pantene shampoo and Olay skin care brands, increased by 4% over the three months ended at the end of September, after an increase of 1% in the previous quarter. Prices in this division increased approximately 1% sequentially.
(Written by Juveria Tabassum and Jessica DiNapoli, Elena Smirnova, edited by Augustin Turpin)
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