Despite P&G's Persisting Sales Cascade, Brand Spend Poised to Shore Up its Edge; Shares Attractive
Lagging sales continue to dog wide-moat Procter & Gamble, with organic sales up just 1%, reflecting a 3% benefit from increased volumes and favorable mix, offset by a 2% reduction in price. This weakness (not dissimilar from the past few quarters) was concentrated within the grooming (10% of sales) and baby (27%) segments, which were each down 3% on an organic sales basis. While these results are far from a plus, we’re encouraged by the improvement chalked up in its beauty (nearly one fifth ...
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