Procter & Gamble CEO Jon Moeller (PG) sits down with Yahoo Finance Executive Editor Brian Sozzi to discuss the company’s performance and the state of the consumer amid reports of consumers becoming more discerning with purchases.
While Moeller does not doubt that some shoppers have been “more cautious,” he notes that P&G data, such as the volume share of private labels, which tracks “trade down in our categories,” is “unchanged” when compared to pre-pandemic periods and the last couple of quarters.
For China and the state of its consumers, Moeller comments: “It’s slow. We have very strong expectations for the mid-term and the long term, but we have accepted the short-term reality that things are going to be slower than they were from a growth standpoint, certainly, than pre-COVID. So, for example, in the quarter we just completed, a big driver of the numbers we talked about was, in fact, China, where sales were down 9%.”
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