Promotional Spending Constrains Church & Dwight's Sales and Profits; Shares Still Not a Bargain
Outsize volume gains again characterized Church & Dwight’s third quarter (up nearly 7%); however, this increase was prompted by a 3.7% reduction in prices. The need to promote to drive volumes (and stem market share losses) was even more pronounced on its home turf (nearly three quarters of sales), as a 7% increase in volumes was offset by a nearly 5% reduction in price. These efforts were met with mixed success (as four of its top 11 brands realized share erosion in the quarter), evidencing...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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