Procter & Gamble Co. (NYSE:PG) reported Friday a 5% rise in quarterly sales as consumers stocked up on everything from diapers and detergents to toilet rolls as lockdowns to curb the spread of the coronavirus took effect around the world.
Net earnings attributable to the company rose to $2.92 billion, or $1.12 per share, in the third quarter ended March 31, from $2.75 billion, or $1.04 per share, a year earlier. Procter & Gamble’s net sales rose to $17.21 billion from $16.46 billion in the quarter.
The company, however, cut its full-year sales growth target 3% to 4% versus the prior year from its prior forecast of 4% to 5% to account for currency fluctuations.
Procter & Gamble’s stock has rebounded in recent weeks and closed Thursday at $121.50 per share, up from a low of $97.70 on March 23.
