P&G Is Adapting To A New Reality Where It Can No Longer Rely On Price Hikes
P&G Is Adapting To A New Reality Where It Can No Longer Rely On Price Hikes
Last Friday, The Procter & Gamble Company (NYSE:PG) reported its fiscal third quarter financials, reflecting its ongoing struggle to bring back shoppers after scaring them off during two years of price hikes.
上週五，寶潔公司（紐約證券交易所代碼：PG）公佈了其第三財季財務狀況，這反映了該公司在兩年的價格上漲中嚇跑購物者之後，一直在努力吸引他們。
Fiscal Third Quarter Guidance
第三財季指引
For the quarter ended on March 31st, net sales rose 1% to $20.20 billion, coming short of $20.41 billion that LSEG expected. However, fiscal third-quarter net income 11% YoY to $3.75 billion or $1.52 per share that did surpass LSEG's estimate of $1.41 per share.
截至3月31日的季度，淨銷售額增長了1％，達到202.0億美元，低於LSEG預期的204.1億美元。但是，第三財季淨收入同比增長11％，至37.5億美元，合每股1.52美元，確實超過了LSEG估計的每股1.41美元。
Dissapointing Sales Were The Results Of P&G's Failure To Restore Volume Growth
令人失望的銷售是寶潔未能恢復銷量增長的結果
There were no nationwide prices hikes during the quarter, but compared to 2023's comparable quarter, prices were up 3% YoY. With the price hike slowdown, net sales only rose 1% YoY to $20.2 billion. Excluding acquisitions, divestitures and foreign currency, organic sales expanded 3% YoY. But, for the second consecutive quarter, quarterly volume remained flat. Back in October, P&G guided for returning to volume growth this fiscal year, but three quarters in, this still isn't the case, except three of its divisions. Namely, the beauty, grooming, along with fabric and home business did experience volume growth of 1%, 2% and 1%, respectively. However, health care and baby, along with feminine and family care segments reported that volume continued to decline, which P&G attributed to higher prices, along with a weaker cold and flu season. There's also the geographical aspect as China, its second largest market, continued to struggle with softer demand. Fortunately, in P&G's largest market, the U.S., volume grew 3% YoY, reflecting strong demand on the home front as U.S. consumers are not willing to trade down.
本季度全國價格沒有上漲，但與2023年同期相比，價格同比上漲了3％。隨着價格上漲放緩，淨銷售額同比僅增長1％，至202億美元。不包括收購、資產剝離和外幣，有機銷售額同比增長3％。但是，季度交易量連續第二個季度保持平穩。早在10月，寶潔就曾指導本財年的銷量恢復增長，但三個季度過去了，除了三個部門外，情況仍然並非如此。也就是說，美容、美容、面料和家居業務的銷量分別增長了1％、2％和1％。但是，醫療保健和嬰兒以及女性和家庭護理板塊報告稱，銷量持續下降，寶潔將其歸因於價格上漲以及感冒和流感季節的減弱。還有地理因素，因爲其第二大市場中國繼續爲需求疲軟而苦苦掙扎。幸運的是，寶潔最大的市場美國的銷量同比增長了3％，這反映了由於美國消費者不願意向下交易而導致國內需求強勁。
Full Year Guidance
全年指導
The consumer products giant guided for core net earnings per share growth between 10% and 11%, lifting its prior range that was between 8% and 9%. It also lifted its unadjusted earnings growth forecast from previous 1% drop to flat to a new range from 1% to 2%. Sales growth forecast between 2% and 4% was maintained.
這家消費品巨頭預計核心每股淨收益增長10％至11％，上調了之前的8％至9％之間的區間。它還將未經調整的收益增長預期從之前的1％上調至持平，從1％上調至2％的新區間。銷售增長預測維持在2％至4％之間。
Without price hikes, P&G is facing a new reality.
如果不漲價，寶潔將面臨新的現實。
P&G grew its profits on a YoY basis despite the slowdown in China and the Middle East conflict, but only due to price hikes. In an environment where it is becoming increasingly difficult to raise prices, some might argue that P&G's hopes of returning to volume growth are not justified. The benefits from price hikes are gone and P&G has one more quarter to prove its ability to boost overall volume, but Chief Financial Officer Andre Schulten did state that volumes are sequentially increasing, which does provide hope.
儘管中國和中東衝突放緩，但寶潔的利潤同比增長，但這僅僅是由於價格上漲。在越來越難以提高價格的環境中，有人可能會爭辯說，寶潔恢復銷量增長的希望是不合理的。價格上漲帶來的好處已經消失，寶潔還有一個季度來證明其提高總銷量的能力，但首席財務官安德烈·舒爾滕確實表示，銷量正在環比增長，這確實帶來了希望。
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譯文內容由第三人軟體翻譯。