P&G beats quarterly gross sales estimates, warns of rising provide chain prices

FILE PHOTO: Tide laundry detergent, a product distributed by Procter & Gamble, is pictured on the market at a Ralphs grocery retailer in Pasadena, Calif. January 21, 2014. REUTERS / Mario Anzuoni

(Reuters) -Procter & Gamble Co beat quarterly gross sales estimates on Tuesday because the easing of restrictions linked to the pandemic boosted demand for its private care merchandise, whereas the corporate warned of a rise in expenditure on uncooked supplies and transport.

Detergent maker Tide mentioned it now expects an affect of round $ 2.3 billion from commodity and freight prices this fiscal yr, up from a earlier forecast of round $ 1.9 billion. {dollars}, because the stop-and-start nature of the pandemic, labor shortages and clogging seaports have an effect on world provide chains.

Worth hikes attributable to rising prices and a rise in demand for private care merchandise pushed by individuals returning to social occasions helped drive P&G gross sales up 5% to $ 20.34 billion within the first trimester.

Analysts had anticipated income of $ 19.91 billion, in response to IBES knowledge from Refinitiv.

Internet revenue attributable to Procter & Gamble fell 4% to $ 4.11 billion, or $ 1.61 per share.

Uday Sampath report in Bangalore; Enhancing by Shounak Dasgupta

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