Just when many companies have avoided issuing earnings outlooks, P&G raised its full year sales and profit forecast Wednesday for a second time.
The consumer products conglomerate keeps benefiting from huge demand for its home care and cleaning products. People stuck indoors are cleaning and sanitizing their homes, washing their clothes and running their dishwasher more frequently than before.
And in doing so, they’re opting to pay more for Procter & Gamble’s premium brands over store-branded goods. Shoppers splurged on everything from Downey laundry beads to Swiffer mops and surface cleaners. Organic sales of its home care products shot up 30%.
Quarterly profit rose 4% on a hefty gain in net sales.
But P&G said that that brisk sales pace could slow as vaccines roll out. That warning sent its rising shares into a U-turn in early trading Wednesday.