Today, Procter & Gamble released their Q3 earnings report, reflecting a significant drop in sales due to “a challenging and volatile consumer and geopolitical environment.”
The company reported a 2% decline in sales, with revenue falling to $19.78 billion.
Due to the market downturn, the company significantly reduced its full-year forecast for core earnings per share and revenue.
Jon Moeller, P&G’s Chairman of the Board, President and Chief Executive Officer told investors: “We’re making appropriate adjustments to our near-term outlook to reflect underlying market conditions while remaining confident in the longer-term growth prospects for our brands and the markets where we compete. We remain committed to our integrated growth strategy of a focused product portfolio of daily use categories where performance drives brand choice, superiority — across product performance, packaging, brand communication, retail execution and consumer and customer value — productivity, constructive disruption and an agile and accountable organization.”
Moving forward, Moeller stated, “We’re maintaining investments in superior innovation across price tiers to improve value for consumers and drive category growth.”
Procter & Gamble’s shares dropped by 2% following the Q3 earnings release.
By CEO NA Editorial Staff
