P&G sees shoppers reduce purchases amid price hikes

Published January 19, 2023 5:50 AM

By ANNE D’INNOCENZIO
AP Retail Writer

NEW YORK (AP) — Procter & Gamble Co., the maker of such iconic household products as Crest toothpaste, Tide detergent and Charmin toilet paper, is seeing shoppers cut back their purchases as they push back on price hikes. The company said Thursday that sales slipped 1% in the latest quarter ended Dec. 31, the first quarterly sales decline since mid-2017. Meanwhile, the number of products it sells globally fell 6% in the quarter _ half of that was because shoppers reduced purchases, while the rest was due to inventory productions. Profits also fell 7% for the quarter. Thursday’s results show that the constant barrage of higher prices on essentials is wearing down the consumer.

Article Topic Follows: AP National Business

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