Procter & Gamble Co., which turned 171 years old this month, reported an 8.7 percent gain in first-quarter profits as the company continued to focus on cost discipline and selective price increases.
Net income for the quarter ended Sept. 30 was $3.35 billion, or $1.03 a diluted share, up from $3.08 billion, or 92 cents a share, in the year-ago period.
Sales gained 9 percent to $22.03 billion from $20.12 billion. Price increases added 3 percent to net sales. Organic sales rose 5 percent, marking the 25th consecutive quarter in which P&G delivered organic sales growth at or above its target of between 4 and 6 percent.
Boosted by double-digit increases at Gillette, Fusion, Head & Shoulders, Cover Girl and SK-II, net sales for P&G’s beauty business gained 12 percent to $5.13 billion, while grooming grew 6 percent to $2.14 billion. Cosmetics enjoyed double-digit volume growth while hair care products advanced in the mid- to high-single digits. Organic sales in the beauty category gained 6 percent.
During an earnings call Wednesday, chairman and chief executive officer A.G. Lafley told analysts that P&G is better positioned for this downturn than in the past because it has “a stronger portfolio among categories and a stronger portfolio within the brands.”
Clayt Daley, vice chairman and chief financial officer, added that P&G’s tiered price strategy allows consumers a wide range of choices. “Innovation is still driving trade-up [to higher price points], and trade-up is still working in the market,” said Daley. “Innovation works because innovation creates value.”
During the call, Daley confirmed his plans to retire Sept. 16, 2009, after 35 years at the company. He will step down as cfo on Jan. 1 at which time Jon Moeller will succeed him. Moeller is currently vice president and treasurer.
“What he has done at Vuitton is really exceptional,” said @gameofthrones’ actress Gwendoline Christie on @mrkimjones’ final show for @louisvuitton. “He has rebooted luxury in terms of making it commercial, viable and contemporary. And most importantly artistic. He has never compromised his artistic vision for the sake of commodity.” (📷: @zefashioninsider)
After seeing a demand for men’s wear from its customers, British contemporary women’s wear label @ariesarise has added a men’s wear component and will launch a unisex collection with @mrporterlive. The 20-piece collection includes jackets, denim, logo T-shirts and more with deconstructed ‘90s vibes. Set to launch on January 18, you can shop the pieces on Aries’ website and on mrporter.com. #wwdfashion
“And so spending so much time with a character who thinks like that, inevitability you try and analyze yourself and go back and think about your own demons and dark chapters that you had in your life,” says @thedanielbruhl of his role in TNT’s “The Alienist.” The show, set in the Gilded Age of New York, also stars Dakota Fanning and Luke Evans. Head to WWD.com to read about how 39-year-old Brühl prepared for the role and why he thinks the show is so relevant to today #wwdeye ( 📷: @Eriktanner)
Now that Celine Dion’s collection has topped $10 million in sales, the pop superstar, fashion icon and newly-minted industry player is eyeing growth in Asia. Read the full report by @tiffanyap, link in bio. #wwdnews #celinedion
“My personal philosophy to beauty is paying attention to oneself. I love to be outdoors, lots of fresh air, trying to take care of yourself as best you can. I always notice that comes through,” says Felicity Jones, the global face of @shiseido-owned @cledepeaubeauteus, which launches today. Head to WWD.com to read more about the actress’ love for beauty and how she prepared for her new role in “The Basis of Sex,” playing the young Ruth Bader Ginsburg. #wwdbeauty (📷: @dandoperalski)
Among the familiar faces at @off____white’s show was a surprise figure: Japanese artist @takashipom, pictured here on Wednesday morning. Other show-goers included @jerrylorenzo, who spoke about his upcoming project: a @nike collaboration for back to school, with designs inspired by his childhood on the West Coast. Sitting in the front row were Future, Don Crawley, @miguel and more. See the rest of the photos on WWD.com #wwdeye (📷: Stephane Feugere)
According to @laurentsai, former “Terrace House: Aloha State” cast member, she didn’t know she was auditioning for the Japanese version of “Real World.” “I was telling a couple of my friends and someone’s like, ‘That sounds a lot like Terrace House.’ I was like, ’No it can’t be.’” Turns out, it was. But Tsai isn’t just a reality star — she’s an illustrator who has worked with Starbucks Japan and most recently, she’s dipping her toes into the fashion world. Head to WWD.com to read about her time on the show, modeling and her art. #wwdeye (📷: @danieldorsa)
More changes are coming to New York Fashion Week: Beginning with the spring 2019 collection, @alexanderwangny will move his New York show to June from September, adopting a biannual schedule with collections shown in June and December. Additionally, the @cfda is planning for an official summer/winter fashion season taking place as soon as June and December 2018. Read more about the upcoming changes on WWD.com. #wwdnews #wwdfashion (📷: @slovekinpics)