Colgate-Palmolive sales dip in Q2 | Progresiv

Colgate-Palmolive has reported weak results for its fiscal second quarter, hurt by “challenging” market conditions. For the quarter, net sales declined by 0.5% to 3.83 billion dollars, while net profit fell by 12.7% to 524 million dollars. Sales of its Oral, Personal & Home Care unit dipped by 0.6% to 3.25 billion dollars, while its Pet Nutrition unit reported flat revenue of 577 million dollars.

Sales in North America were hurt by the loss of market share at its US dish liquid business, while sales in Asia Pacific were impacted by tax-related inventory reductions by wholesalers in India, increased competition in Australia, and reduced consumption in Thailand.

CEO Ian Cook noted that organic sales were flat on the year, but admitted this was “below our expectations as a result of continued softness in North America and challenges in Asia Pacific.” He added: “Based on current spot rates, we continue to expect a low-single-digit net sales increase for 2017, and given our slower than expected first half, we are now planning for low-single-digit organic sales growth for 2017.” (www.kamcity.com)