Procter & Gamble said Wednesday the company was increasing prices for more of its products in an effort to hold onto profit margins as the costs of freight and commodities rise.
Chief Financial Officer Andre Schulten said during an earnings call the price increases are “very specific to the category, brand and sometimes the product from within a brand,” according to CNBC.
Procter & Gamble had already raised prices on 10 product categories, including baby care, feminine care, grooming and skin care.
The company said net sales in the second quarter of the fiscal year 2022 reached $21 billion, a 6% increase over the prior year.
“Organic sales, which exclude the impacts of foreign exchange, acquisitions and divestitures also increased 6%,” the company said. The increase in organic sales was driven by a 3% increase in shipment volumes and 3% of increased pricing to help offset the significant commodity and other input cost increases. Mix was neutral to net sales growth.”
Procter & Gamble said its outlook for the rest of the fiscal year includes “headwinds of $2.3 billion after-tax from higher commodity costs, $300 million after-tax from higher freight costs and $200 million after-tax from negative foreign exchange impacts.”
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