Despite Recent Sales and Profit Gains, Competitive Angst Could Derail Church & Dwight's Trajectory
Church & Dwight posted a solid start to the year. Organic sales grew 4.5% (marking the third consecutive quarter of mid-single-digit underlying gains), gross margin edged up 20 basis points to 45.1%, and operating margin improved 120 basis points to 23.1%. However, we’re skeptical this performance will prove sustainable, in light of the intensely competitive landscape, which includes peers that maintain significantly more resources and ultimately are more entrenched in retailer supply chains...Church & Dwight develops, manufactures and markets a range of consumer products. The company's consumer products include: ARM & HAMMER? baking soda, cat litter, laundry detergent, carpet deodorizer and other baking soda based products; TROJAN? condoms, lubricants and vibrators; OXICLEAN? stain removers, cleaning solutions, laundry detergents and bleach alternatives; SPINBRUSH? battery-operated toothbrushes; FIRST RESPONSE? home pregnancy and ovulation test kits; NAIR? depilatories; ORAJEL? oral analgesic; XTRA? laundry detergent; L'IL CRITTERS? and VITAFUSION? gummy dietary supplements; BATISTE? dry shampoo; WATERPIK? water flossers and showerheads, and FLAWLESS? hair removal products.
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