Procter & Gamble (P&G) shares continued their year-long slide after an executive reportedly told investors that its United States sales were down “significantly” in October and probably through November.
Sales were “down both in volume and in value significantly in October,” P&G Chief Financial Officer Andre Schulten was quoted as saying at the Morgan Stanley Global Consumer & Retail Conference on Tuesday.
Bloomberg reported in this story that Schulten painted a worrying picture, describing the U.S. market as “the most volatile we’ve seen in a long time” as consumers became more cautious about spending and competition intensified.
The comparison period a year ago was also tough with consumer loading during port strikes elevating baseline numbers and the government shutdown and changes to Supplemental Nutrition Assistance Program benefits affecting consumer behaviour.
“Our most recent reading has the category down both in volume and in value, significantly, in October,” Schulten said. “I don’t expect November to be materially different.”
P&G shares (NYSE: PG) closed $1.58 (1.07%) lower at US$145.86, capitalising the company at $340.84 billion (A$520.39 billion), after falling to $142.51 in intra-day trading, the lowest level since January 2024.
The shares have lost almost 19% of their value over the last year amid investor concerns about the impact of a weak consumer spending on their business.
Cincinnati-based Procter & Gamble is one of the world’s largest consumer goods companies, selling household and personal-care products in 180 countries with brands including Gillette, Old Spice, Pampers, Head & Shoulders, Oral-B and Vicks.
