REUTERS: Procter & Gamble Co beat Wall Street expectations for quarterly profit on Friday as it reported its best U.S. sales growth in decades thanks to consumers stockpiling cleaning essentials in lockdowns against the coronavirus.
One of the world's biggest producers of consumer goods, P&G's results come at a time of booming demand, and profound stress, for grocers and their supply chains. The net sales figures were slightly below analysts' expectations of US$17.46 billion, according to IBES data from Refinitiv. Excluding one-time items, however, P&G earned US$1.17 per share, beating estimates by 4 cents.
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