Procter & Gamble sales disappoint as price hikes slow down

Procter & Gamble on Friday reported mixed quarterly results as it struggles to bring back shoppers after two years hiking prices across its portfolio, from Tide detergent to Charmin toilet paper.
The company’s prices were up 3% compared with the year-ago period, although CFO Andre Schulten said on a media call that P&G didn’t institute any nationwide price hikes during the quarter.
Despite its disappointing sales, the consumer giant raised its full-year outlook for earnings growth.
Shares of the company fell 1% in premarket trading.
Here’s what P&G reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG:
Earnings per share: $1.52 vs. $1.41 expected
Revenue: $20.2 billion vs. $20.41 billion expected
P&G reported fiscal third-quarter net income attributable to the company of $3.75 billion, or $1.52 per share, up from $3.4 billion, or $1.37 per share, a year earlier.
Net sales rose 1% to $20.41 billion. Organic sales, which strips out acquisitions, divestitures and foreign currency, increased 3% in the quarter.