Procter & Gamble will raise prices across its line of laundry products such as detergent and dryer sheets next month, as the firm's own costs rise and consumers continue to favor the company's brands despite the squeeze on wallets from ongoing inflation.
The consumer goods giant already hiked prices on its mid-tier detergents in recent months, but is now raising prices on select products across all ten of its product categories – and its higher-end lines of laundry brands like Tide are now set to go up in price across the board.
"Effective February 28 we are increasing pricing on the balance of our fabric care portfolio," P&G Chief Financial Officer Andre Schulten said on the company's second-quarter earnings call for 2022 Wednesday. "This includes Tide, Gain, Downy, Bounce, and Unstoppables and includes all forms: liquid and unit-dose detergents, scent beads, liquid fabric softeners, and dryer sheets."
Schulten noted that P&G's fabric care line was up by double digits in sales for the quarter, saying it was one of three categories, including personal care and feminine care, that served as the company's "growth drivers" where "P&G is driving a disproportionate share of overall category value growth, growing the pie for all participants."
The CFO went on to say that transportation and labor markets continue to be tight, but that the firm has positioned itself well to manage the challenges.
P&G boosted its annual sales forecast as amid its implementation of price increases coupled with a spike in demand for cleaning products due to a renewed surge in COVID-19 cases.
Reuters reported that the company's shares jumped nearly 2% in pre-market trading as the company posted a 6% jump in net sales to $20.95 billion, exceeding Wall Street's expectations.