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    Top Companies Report

    1. Procter & Gamble

    ...

    1. Procter & Gamble
    Procter & Gamble
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    Happi Staff07.01.20
    Cincinnati, OH
    www.pg.com
    Sales: $42.3 billion
    Note: $42.3 billion (estimated) for home care and personal care products.
    Corporate sales: $67.7 billion

    Key personnel: David S. Taylor, chairman, president and chief executive officer; Jon R. Moeller, vice chairman, chief operating officer and chief financial officer; Steven D. Bishop, chief executive officer, health care; Gary Coombe, chief executive officer, grooming; Mary Lynn Ferguson-McHugh, chief executive officer, family care and P&G Ventures; Fama Francisco, chief executive officer, baby and feminine care; Shailesh G. Jejurikar, chief executive officer, fabric and home care; R. Alexandra Keith, chief executive officer, beauty

    Major products: Fabric Care: Tide, Ariel, Bounce, Cheer, Downy, Dreft, Era, Gain, Ace, Rindex. Grooming: Gillette, Venus, Art of Shaving. Hair Care: Head & Shoulders, Aussie, Herbal Essences, Pantene. Home Care: Cascade, Dawn, Febreze, Gain, Joy, Mr. Clean, Swiffer, Salvo, Ambi Pur, Comet. Microban, Swiffer, Zevo. Oral Care: Crest, Fixodent, Oral-B, Scope. Skin & Personal Care: Gillette, Ivory, Olay, Old Spice, Safeguard, Secret, Native, Snowberry, SK-II

    New products: Fabric Care: Tide Power Pods, Gain Ultra Flings, Tide One Wash Miracle, Tide Antibacterial fabric spray, Dreft Pure Gentleness, Downy Wrinkle Guard, Bounce Wrinkle Guard, Ariel Allin1 Pods. Grooming: King C. Gillette beard care, Old Spice beard care. Hair Care: Pantene Color Adapt collection, Herbal Essences Aloe Collection, Aussie Total Miracle and Miracle Moist conditioners and sprays. Home Care: Dawn Powerwash dish spray, Improved Swiffer WetJet, Microban. Oral Care: Oral B Genius X toothbrush, Fixodent Ultra. Skin Care: Secret with Essential Oils

    Comments: Consumer staples are the best bet in turbulent times for many investors and few places are safer place to invest in these days than Procter & Gamble, the world’s biggest maker of fast-moving consumer goods. When coronavirus hit the US earlier this year, P&G became a supplier of face shields, too. The company moved from design to production in Cincinnati and Boston in just two weeks. The company innovated around the pandemic in other ways, too. It held its first Virtual Innovation Challenge, which invited entrepreneurs and startups to submit products for a chance to win $10,000 and the opportunity to partner with P&G Ventures for product development. The pandemic didn’t reduce opportunities for summer internships, either. Each year, P&G welcomes more than 550 college students.

    This year, interns at manufacturing sites and distribution centers are still on-site, but others joined a Virtual Internship Think Tank, and received customized work plans with challenging projects and regular contact with managers, team members and business partners.

    Procter & Gamble’s lineup of laundry detergent, household cleaners and personal brands are essential during a health crisis. In its most recently-concluded fiscal third quarter, which coincided with COVID-19 expanding in the US, sales rose 5% thanks to a 6% increase in volume and a 1% gain in price that was partially offset by a 2% decline in FOREX.

    By category, beauty sales increased 1% but gains in skin and personal care organic sales were partially offset by a double-digit decline in sales of super-premium SK-II brand across Asia and a sharp reduction in travel retail sales. Hair care sales increased low single digits.

    Grooming sales fell 1%. Shave care sales decreased low single digits, which the company blamed on a disproportionate decline in North America.

    Health care sales jumped 9%, as oral care organic sales increased by mid-single digits primarily due to innovation, market growth, increased pricing and positive mix driven by the disproportionate growth of premium products, partially offset by reduced volumes in China.

    Fabric and home care sales increased 10%, as demand for premium products rose in North America and Europe.

    Baby, feminine and family care sales increased 7% versus a year ago. Baby care organic sales increased low single digits driven by increased demand in certain markets and positive mix due to the disproportionate growth of premium products, partially offset by reduced volumes in China, according to P&G.

    The fiscal Q3 gains came after P&G posted a 1% increase in corporate sales to $66.8 billion in fiscal 2019. Net earnings fell 60%, however, to just under $4 billion.

    By segment, fabric and home care accounted for 33% of sales in fiscal 2019, followed by baby, feminine and family care, 27%; beauty, 19%; health care, 12% and grooming, 9%.

    Fabric and home care sales increased 3% to nearly $22.1 billion. Thanks to brands like Tide, Ariel and Downy, P&G holds more than a quarter of the global fabric care segment and its home care market share tops 20%. Fabric and home care volumes increased 4%. In a meeting with analysts, CEO David Taylor noted that P&G’s Tide Pods and Gain Flings hold nearly 80% of the US unit dose market.
    Further 20% of US households use unit dose, up 12 points over the past three years. In Poland over 50% of consumers use unit dose and the percentage is 33% in the UK. There’s more room for scent beads to grow, too. Taylor noted just 7% of US households use them.

    Beauty sales rose 4% to nearly $12.9 billion, thanks to growing demand for SK-II and premium Olay products. P&G maintains it is the global leader in the retail hair care category with more than a 20% market share, primarily behind its Pantene and Head & Shoulders brands. Hair care volume was up in the low single digits, but P&G’s global hair care market share remained flat.

    Grooming sales declined 5% to $6.2 billion on a 1% decrease in unit volume. P&G’s share of global razors and blades tops 60%, according to the company. While shave care sales decreased in the low single digits, appliance volume increased in low single digits.

    Health care sales rose 5% to $8.2 billion on a 5% increase in volume, offset, in part, by unfavorable exchange rates. Oral care volume increased in the low single digits. The Crest and Oral-B brands have helped P&G hold the No. 2 spot in the global oral care market, behind Colgate-Palmolive’s Colgate.

    Baby, feminine and family care sales fell 2% to $17.8 billion. Baby care volume fell mid-single digits, but P&G said it still holds 25% of the global wipes and taped diapers and pants market.

    In fiscal 2019, P&G acquired Merck’s $1 billion OTC business.

    By region, North America represented 45% of sales, followed by Europe (23%), Asia Pacific (10%), Greater China (9%), India, Middle East and Africa (7%) and Latin America (6%).

    In his annual letter to shareholders, Taylor noted sales gains in 9 of 10 global categories and in all geographic regions. And in a CAGNY presentation in February, CFO Jon Moeller said that through the first half of fiscal 2020, organic sales rose in eight key segments, including: skin and personal care (13%), personal health care (11%), oral care (7%), home care (7%), fabric care (6%) and hair care (5%).

    “In total we drove 28% of the global growth in the categories in which we compete,” he asserted. “And 45% of total US growth came from P&G—ahead of our 32% value share.”

    As coronavirus consumed China, P&G’s second-largest market, in the first quarter of 2020, Moeller noted that P&G works with 387 suppliers in China that ship more than 9,000 different materials that end up in over 17,600 products.

    To overcome coronavirus and other threats, P&G has developed several strategies to balance top and bottom line growth during the past four years. The company is focused on 10 daily use categories where it is No. 1 or No. 2 in each. Initial focus on the US and China has borne fruit. US organic sales rose just 1% in fiscal 2016 to 5% in the first half of FY20. The gains were much more dramatic in China, where organic sales declined 5% in FY16 to a gain of 13% in the first half of FY20.

    Meanwhile, overall ecommerce organic sales rose 30% in the first half of FY20.

    Internally, P&G redesigned it organization to “dematrix” the structure.

    “People said we were too slow, too complicated, too bureaucratic to compete in today’s business environment,” recalled Taylor.

    The move provides greater clarity on responsibilities and reporting lines, strengthens leadership accountability, and enables P&G employees to accelerate growth and value creation, according to Taylor.

    “We’ve made the changes necessary to make P&G a leader again. A winner again,” he insisted. “We closed our (CAGNY) 2016 talk with a question, ‘Is P&G willing to change?’ We hope you’ll agree with us that the answer is a resounding yes. P&G has been and will continue to be willing to change everything and anything needed to win.”

    The only things P&G won’t change, Taylor said, are its purpose, values and principles, and the commitment to winning and results.
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