P&G Beauty Sales Boom, Grooming Sees Growth

Procter & Gamble had a big second quarter, with expansion across all segments — including the grooming division, which has struggled in recent years. Overall company net sales gained 5 percent year-over-year, to $18.2 billion for the quarter. Net earnings increased 16 percent from the prior year, to $3.7 billion. Diluted earnings per share were $1.41, also up 16 percent. Beauty net sales, which are comprised of brands like SK-II, Olay and Pantene, were up 7 percent, to about $3.6 billion, driven by premium innovation and increased pricing. Hair care rose in the mid-single digits after seeing disproportionate growth of higher-end products. Grooming net sales were up 2 percent, to $1.6 billion. Shave care saw organic growth in the low single digits due to innovation and price increases, though the segment did see unit volume declines in certain markets. Overall gains were offset by “competitive activity,” the company said. Appliance sales increased in the high single digits, driven by innovation and growth in premium products. P&G’s grooming segment, which owns Gillette, Venus and other shaving brands, has been struggling in recent years due to increased competition from newer shaving businesses like Dollar Shave Club and Harry’s, which have lower priced products and started with

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