(Reuters) – Procter & Gamble beat second-quarter sales estimates on Wednesday, as the Pantene shampoo maker’s efforts to bring newer versions of its products to the market across various price tiers attracted more customers in the United States.
Shares of the Tide detergent maker rose 2% in premarket trading.
After losing some consumers due to repeated price hikes following a pandemic-slump, P&G has now vowed to invest in boosting innovation and launching affordable products such Olay Melts and Tide Evo to draw in lower-income shoppers who like to shop cheaper private-label brands.
The company has also tried to revamp its marketing and line-up of influencers on fast-growing Chinese shopping app Douyin in recent months, which helped its Pantene shampoo lead growth in hair care on the platform, executives said in November.
It reported a 2% rise in overall organic volumes in the second quarter, while the average prices across its product categories remained flat.
The company’s net sales rose to $21.88 billion from $21.44 billion a year earlier. Analysts had expected $21.54 billion, according to LSEG data.
(Reporting by Ananya Mariam Rajesh in Bengaluru; Editing by Shinjini Ganguli)
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