Still looking for sales growth, Procter & Gamble Co. hikes prices | WCPO

CINCINNATI – Procter & Gamble Co. announced price increases on four of its biggest brands Tuesday, even as it announced weaker than expected sales growth for its final quarter of its 2018 fiscal year.

P&G said it’s in the process of raising prices on Pampers diapers in the U.S. by an average of 4 percent, while Bounty, Charmin and Puffs products will see a 5 percent increase in average list price.

Chief Financial Officer Jon Moeller said additional price hikes could follow in other product categories, driven by rising commodity costs and a strong dollar, which diminishes the value to P&G of sales made overseas.

“We’re working very hard as we do this to improve value to consumers by upgrading the products and offering them newer and stronger benefits that justify that price increase,” he said. “So, hopefully she’ll feel even better about her purchase than she has historically.”

Moeller said the new pricing strategy carries some risk that it will lose market share to rivals.

“Pricing does introduce uncertainty and will impact demand and volume,” he said. “The degree to which that occurs will depend on what other companies do in terms of their own pricing.”

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Still looking for sales growth, Procter & Gamble Co. hikes prices – WCPO Cincinnati, OH.