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  • people stuck at home are still on a cleaning spree, and the resulting surge in demand for hygienic products drove Procter and Gamble to raise its annual sales and earnings forecast Tuesday.

  • It now sees full year sales rising 3 to 4% instead of 1 to 3% and it sees earnings per share rising 5 to 8%.

  • Quarterly sales of home products like Mr Clean rose by double digits in every region.

  • Sales of what the company calls personal cleansing items grew 30%.

  • Sales of appliances such as Brown grooming products also shot up 30%.

  • Altogether, net sales at the maker of Gillette, Crest and other consumer products increased 9%.

  • Net earnings jumped 20%.

  • The story is similar across the pond.

  • Earlier Tuesday, its British rival, Reckitt Benckiser, lifted its sales forecast after seeing strong demand for cleaning products like Lysol and IT'LL.

  • PNG said it would buy back more shares.

  • Investors went shopping for PNG stock, which rose more than 2% at the market open Tuesday.

people stuck at home are still on a cleaning spree, and the resulting surge in demand for hygienic products drove Procter and Gamble to raise its annual sales and earnings forecast Tuesday.

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B1 INT earnings tuesday png forecast cleaning net

P&G hikes sales and earnings forecasts

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    林宜悉   posted on 2020/10/23
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