Procter & Gamble beat second-quarter sales estimates on Wednesday as demand for its products increased in the US.
The Pantene shampoo-maker’s efforts to bring newer versions of products to the market across various price tiers attracted more US customers than expected.
Shares of the Tide Detergent-maker rose 2% in premarket trading.
After losing some consumers due to repeated price hikes following a pandemic slump, Procter & Gamble has now vowed to invest in boosting innovation and launching affordable products.
These products include Olay Melts and Tide Evo, which aim to draw in lower-income shoppers who like to purchase cheaper private-label brands.
The company has also tried to revamp its marketing and line-up of influencers on fast-growing Chinese shopping app Douyin in recent months.
This move helped Procter & Gamble’s Pantene shampoo lead growth in hair care on the platform, executives said in November.
It reported a 2% rise in overall organic volumes in the second quarter, while the average prices across its product categories remained flat.
The company’s net sales rose to $21.88 billion from $21.44 billion a year earlier.
Analysts had expected $21.54 billion, according to data from the London Stock Exchange Group (LSEG).
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