Latest news with #Procter&GambleCo.
Toronto Sun
05-06-2025
- Business
- Toronto Sun
Procter & Gamble to cut 15% of office jobs over next two years
The locations of the cuts weren't provided Published Jun 05, 2025 • Last updated 4 minutes ago • 1 minute read Procter & Gamble Co. signage on the floor of the New York Stock Exchange (NYSE) in New York, US, on Tuesday, Dec. 31, 2024. Photo by Michael Nagle / Bloomberg Procter & Gamble Co. plans to slash as many as 7,000 office jobs over the next two years as the maker of Tide laundry detergent and Gillette razors seeks to improve productivity. This advertisement has not loaded yet, but your article continues below. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Don't have an account? Create Account The reductions would amount to about 15% of the current non-manufacturing workforce, P&G said in a presentation posted on its website. The locations of the cuts weren't provided. Makers of toilet paper and toothpaste are grappling with weakening consumer sentiment and higher costs from tariffs. While prices of products are rising, many companies are also cutting costs as they seek to find ways to mitigate the effect on shoppers. Cincinnati-based P&G lowered its guidance in the most recent earnings season to account for tariff costs and worsening consumption trends. The maker of Old Spice forecast $1 billion to $1.5 billion in incremental costs. P&G is also reviewing its portfolio of brands and may announce some divestitures in the months ahead, according to the presentation from the Deutsche Bank Global Consumer Conference. The company will also look at cutting costs and improving the efficiency of its supply chain. This advertisement has not loaded yet, but your article continues below. In April, when P&G cut its annual sales and profit guidance, Chief Executive Officer Jon Moeller said the company will likely roll out price increases during its next fiscal year, which starts in July, adding that tariffs are 'inherently inflationary.' The company also said that before raising prices, P&G will seek to shift sourcing or change formulations to reduce exposure to tariffs. Major companies are taking different tacks to try and navigate current volatility, with some withdrawing financial guidance altogether. Earlier this week, Remy Cointreau SA pulled its long-term sales guidance blaming policies in America and China and a slow recovery in the US market. P&G expects to incur a charge of between $1 billion and $1.6 billion over the course of the 2-year restructuring program. Shares of P&G were little changed in premarket trading in New York on Thursday. NHL Columnists Columnists Sunshine Girls Celebrity
Fashion Network
16-05-2025
- Business
- Fashion Network
Walmart warns it can't hold on price forever with tariff hit coming
Walmart Inc. delivered another quarter of solid sales and earnings growth, but cautioned that tariffs and increasing economic turbulence means even the world's largest retailer expects to begin raising some prices this month. Sales rose 4.5% at US Walmart stores open at least a year for the quarter ended April 30, while adjusted earnings were 61 cents a share. The results are better than what Wall Street analysts were expecting, suggesting a decision to lower prices to win market share is paying off for the retailer. Still, President Donald Trump 's expansive, on-off tariffs haven't spared the company. Transaction growth slowed from a year ago and sales were choppy, with grocery and pharmacy holding up while general merchandise slumped. And price increases fueled by the trade ware are soon expected to hit shelves. 'If you've not already seen it, it will happen in May and then it will become more pronounced,' Chief Financial Officer John David Rainey said of price hikes in an interview. Walmart's shares rose 2.2% in premarket trading. The stock had gained 7.2% this year through Wednesday, topping the S&P 500 Index, which had been little changed. While the company plans to hold pat on its full-year sales and profit guidance, it opted not to give guidance on income for the ongoing quarter due to the inability to confidently predict 'trade discussions taking place is changing by the week, and in some cases by the day,' the company said in a statement on Thursday. 'The lack of clarity that exists in today's dynamic operating environment makes the very near-term exceedingly difficult to forecast.' The range of outcomes is 'pretty extreme,' Rainey said, adding that the company is bracing for a bigger hit from the trade war and overall economic malaise in the coming months. Trump's trade war has upended operations for businesses across all industries. While temporary agreements – including the latest 90-day deal with China – are expected to alleviate short-term pressure on the supply chain, the whiplash has made it tough for companies to respond or plan. Most consumer-facing companies have reported soft results in recent weeks, citing volatility in demand and economic disruption. Procter & Gamble Co. and Kraft Heinz Co. slashed their annual outlooks, while Southwest Airlines Co. and other airlines have voiced concerns about a looming recession. Just a handful of names — such as Tapestry Inc. — has posted upbeat reports. Walmart's results now raise the pressure for competitors scheduled to report in the coming weeks, including Home Depot Inc. and Target Corp. The retailer's performance also tends to serve as a barometer of the US economy, so the fact that Walmart performed well but is still warning investors of more tariff pain ahead is an ominous sign. 'It's a challenging environment to operate in retail right now, with prices going up like this. There really hasn't been a historical precedent or prices going up this high, this fast,' Rainey said. 'The magnitude of the tariff increases though are so large that retailers can't absorb these by themselves.' There hasn't been major changes in prices across the industry so far, Rainey said, though tariff-related increases are hitting stores now and Walmart expects them to become more significant as the year progresses. The company said it will monitor such changes and how its competitors respond to them. Walmart is better-positioned than other retailers to weather the range of challenges. The company's global supply chain allows it to source products from a wide range of regions, while its scale means it can negotiate better deals with suppliers. Known for low prices, the company typically performs well during times of economic hardships when people gravitate toward deals. Its digital operations are also giving Walmart a leg-up. The retailer is drawing more shoppers with its pickup and delivery services, and bringing in more higher-income shoppers into to buy groceries and things like cold medicine and baby products. Advertising and newer units are generating higher profit margins than its core store operations, giving it cushion to invest in prices and other parts of the business. Walmart said its online business posted a quarterly profit for the first time during the latest period. Speaking during analyst day in April, Walmart executives had said they viewed the tariff environment as an opportunity to gain market share and signaled their intent to keep prices low. Still, there's been greater week-to-week sales volatility and pointed to factors putting near-term pressure on profits: It wants to be ready to invest in prices as tariffs are enacted, and consumers are buying more groceries that tend to have lower margins. Categories like electronics, home and sporting goods have taken a hit, while rising egg prices were also notable in the quarter.
Fashion Network
16-05-2025
- Business
- Fashion Network
Walmart warns it can't hold on price forever with tariff hit coming
'If you've not already seen it, it will happen in May and then it will become more pronounced,' Chief Financial Officer John David Rainey said of price hikes in an interview. Walmart's shares rose 2.2% in premarket trading. The stock had gained 7.2% this year through Wednesday, topping the S&P 500 Index, which had been little changed. While the company plans to hold pat on its full-year sales and profit guidance, it opted not to give guidance on income for the ongoing quarter due to the inability to confidently predict 'trade discussions taking place is changing by the week, and in some cases by the day,' the company said in a statement on Thursday. 'The lack of clarity that exists in today's dynamic operating environment makes the very near-term exceedingly difficult to forecast.' The range of outcomes is 'pretty extreme,' Rainey said, adding that the company is bracing for a bigger hit from the trade war and overall economic malaise in the coming months. Trump's trade war has upended operations for businesses across all industries. While temporary agreements – including the latest 90-day deal with China – are expected to alleviate short-term pressure on the supply chain, the whiplash has made it tough for companies to respond or plan. Most consumer-facing companies have reported soft results in recent weeks, citing volatility in demand and economic disruption. Procter & Gamble Co. and Kraft Heinz Co. slashed their annual outlooks, while Southwest Airlines Co. and other airlines have voiced concerns about a looming recession. Just a handful of names — such as Tapestry Inc. — has posted upbeat reports. Walmart's results now raise the pressure for competitors scheduled to report in the coming weeks, including Home Depot Inc. and Target Corp. The retailer's performance also tends to serve as a barometer of the US economy, so the fact that Walmart performed well but is still warning investors of more tariff pain ahead is an ominous sign. 'It's a challenging environment to operate in retail right now, with prices going up like this. There really hasn't been a historical precedent or prices going up this high, this fast,' Rainey said. 'The magnitude of the tariff increases though are so large that retailers can't absorb these by themselves.' There hasn't been major changes in prices across the industry so far, Rainey said, though tariff-related increases are hitting stores now and Walmart expects them to become more significant as the year progresses. The company said it will monitor such changes and how its competitors respond to them. Walmart is better-positioned than other retailers to weather the range of challenges. The company's global supply chain allows it to source products from a wide range of regions, while its scale means it can negotiate better deals with suppliers. Known for low prices, the company typically performs well during times of economic hardships when people gravitate toward deals. Its digital operations are also giving Walmart a leg-up. The retailer is drawing more shoppers with its pickup and delivery services, and bringing in more higher-income shoppers into to buy groceries and things like cold medicine and baby products. Advertising and newer units are generating higher profit margins than its core store operations, giving it cushion to invest in prices and other parts of the business. Walmart said its online business posted a quarterly profit for the first time during the latest period. Speaking during analyst day in April, Walmart executives had said they viewed the tariff environment as an opportunity to gain market share and signaled their intent to keep prices low. Still, there's been greater week-to-week sales volatility and pointed to factors putting near-term pressure on profits: It wants to be ready to invest in prices as tariffs are enacted, and consumers are buying more groceries that tend to have lower margins. Categories like electronics, home and sporting goods have taken a hit, while rising egg prices were also notable in the quarter.
Fashion Network
16-05-2025
- Business
- Fashion Network
Walmart warns it can't hold on price forever with tariff hit coming
Walmart Inc. delivered another quarter of solid sales and earnings growth, but cautioned that tariffs and increasing economic turbulence means even the world's largest retailer expects to begin raising some prices this month. Sales rose 4.5% at US Walmart stores open at least a year for the quarter ended April 30, while adjusted earnings were 61 cents a share. The results are better than what Wall Street analysts were expecting, suggesting a decision to lower prices to win market share is paying off for the retailer. Still, President Donald Trump 's expansive, on-off tariffs haven't spared the company. Transaction growth slowed from a year ago and sales were choppy, with grocery and pharmacy holding up while general merchandise slumped. And price increases fueled by the trade ware are soon expected to hit shelves. 'If you've not already seen it, it will happen in May and then it will become more pronounced,' Chief Financial Officer John David Rainey said of price hikes in an interview. Walmart's shares rose 2.2% in premarket trading. The stock had gained 7.2% this year through Wednesday, topping the S&P 500 Index, which had been little changed. While the company plans to hold pat on its full-year sales and profit guidance, it opted not to give guidance on income for the ongoing quarter due to the inability to confidently predict 'trade discussions taking place is changing by the week, and in some cases by the day,' the company said in a statement on Thursday. 'The lack of clarity that exists in today's dynamic operating environment makes the very near-term exceedingly difficult to forecast.' The range of outcomes is 'pretty extreme,' Rainey said, adding that the company is bracing for a bigger hit from the trade war and overall economic malaise in the coming months. Trump's trade war has upended operations for businesses across all industries. While temporary agreements – including the latest 90-day deal with China – are expected to alleviate short-term pressure on the supply chain, the whiplash has made it tough for companies to respond or plan. Most consumer-facing companies have reported soft results in recent weeks, citing volatility in demand and economic disruption. Procter & Gamble Co. and Kraft Heinz Co. slashed their annual outlooks, while Southwest Airlines Co. and other airlines have voiced concerns about a looming recession. Just a handful of names — such as Tapestry Inc. — has posted upbeat reports. Walmart's results now raise the pressure for competitors scheduled to report in the coming weeks, including Home Depot Inc. and Target Corp. The retailer's performance also tends to serve as a barometer of the US economy, so the fact that Walmart performed well but is still warning investors of more tariff pain ahead is an ominous sign. 'It's a challenging environment to operate in retail right now, with prices going up like this. There really hasn't been a historical precedent or prices going up this high, this fast,' Rainey said. 'The magnitude of the tariff increases though are so large that retailers can't absorb these by themselves.' There hasn't been major changes in prices across the industry so far, Rainey said, though tariff-related increases are hitting stores now and Walmart expects them to become more significant as the year progresses. The company said it will monitor such changes and how its competitors respond to them. Walmart is better-positioned than other retailers to weather the range of challenges. The company's global supply chain allows it to source products from a wide range of regions, while its scale means it can negotiate better deals with suppliers. Known for low prices, the company typically performs well during times of economic hardships when people gravitate toward deals. Its digital operations are also giving Walmart a leg-up. The retailer is drawing more shoppers with its pickup and delivery services, and bringing in more higher-income shoppers into to buy groceries and things like cold medicine and baby products. Advertising and newer units are generating higher profit margins than its core store operations, giving it cushion to invest in prices and other parts of the business. Walmart said its online business posted a quarterly profit for the first time during the latest period. Speaking during analyst day in April, Walmart executives had said they viewed the tariff environment as an opportunity to gain market share and signaled their intent to keep prices low. Still, there's been greater week-to-week sales volatility and pointed to factors putting near-term pressure on profits: It wants to be ready to invest in prices as tariffs are enacted, and consumers are buying more groceries that tend to have lower margins. Categories like electronics, home and sporting goods have taken a hit, while rising egg prices were also notable in the quarter.
Fashion Network
16-05-2025
- Business
- Fashion Network
Walmart warns it can't hold on price forever with tariff hit coming
Walmart Inc. delivered another quarter of solid sales and earnings growth, but cautioned that tariffs and increasing economic turbulence means even the world's largest retailer expects to begin raising some prices this month. Sales rose 4.5% at US Walmart stores open at least a year for the quarter ended April 30, while adjusted earnings were 61 cents a share. The results are better than what Wall Street analysts were expecting, suggesting a decision to lower prices to win market share is paying off for the retailer. Still, President Donald Trump 's expansive, on-off tariffs haven't spared the company. Transaction growth slowed from a year ago and sales were choppy, with grocery and pharmacy holding up while general merchandise slumped. And price increases fueled by the trade ware are soon expected to hit shelves. 'If you've not already seen it, it will happen in May and then it will become more pronounced,' Chief Financial Officer John David Rainey said of price hikes in an interview. Walmart's shares rose 2.2% in premarket trading. The stock had gained 7.2% this year through Wednesday, topping the S&P 500 Index, which had been little changed. While the company plans to hold pat on its full-year sales and profit guidance, it opted not to give guidance on income for the ongoing quarter due to the inability to confidently predict 'trade discussions taking place is changing by the week, and in some cases by the day,' the company said in a statement on Thursday. 'The lack of clarity that exists in today's dynamic operating environment makes the very near-term exceedingly difficult to forecast.' The range of outcomes is 'pretty extreme,' Rainey said, adding that the company is bracing for a bigger hit from the trade war and overall economic malaise in the coming months. Trump's trade war has upended operations for businesses across all industries. While temporary agreements – including the latest 90-day deal with China – are expected to alleviate short-term pressure on the supply chain, the whiplash has made it tough for companies to respond or plan. Most consumer-facing companies have reported soft results in recent weeks, citing volatility in demand and economic disruption. Procter & Gamble Co. and Kraft Heinz Co. slashed their annual outlooks, while Southwest Airlines Co. and other airlines have voiced concerns about a looming recession. Just a handful of names — such as Tapestry Inc. — has posted upbeat reports. Walmart's results now raise the pressure for competitors scheduled to report in the coming weeks, including Home Depot Inc. and Target Corp. The retailer's performance also tends to serve as a barometer of the US economy, so the fact that Walmart performed well but is still warning investors of more tariff pain ahead is an ominous sign. 'It's a challenging environment to operate in retail right now, with prices going up like this. There really hasn't been a historical precedent or prices going up this high, this fast,' Rainey said. 'The magnitude of the tariff increases though are so large that retailers can't absorb these by themselves.' There hasn't been major changes in prices across the industry so far, Rainey said, though tariff-related increases are hitting stores now and Walmart expects them to become more significant as the year progresses. The company said it will monitor such changes and how its competitors respond to them. Walmart is better-positioned than other retailers to weather the range of challenges. The company's global supply chain allows it to source products from a wide range of regions, while its scale means it can negotiate better deals with suppliers. Known for low prices, the company typically performs well during times of economic hardships when people gravitate toward deals. Its digital operations are also giving Walmart a leg-up. The retailer is drawing more shoppers with its pickup and delivery services, and bringing in more higher-income shoppers into to buy groceries and things like cold medicine and baby products. Advertising and newer units are generating higher profit margins than its core store operations, giving it cushion to invest in prices and other parts of the business. Walmart said its online business posted a quarterly profit for the first time during the latest period. Speaking during analyst day in April, Walmart executives had said they viewed the tariff environment as an opportunity to gain market share and signaled their intent to keep prices low. Still, there's been greater week-to-week sales volatility and pointed to factors putting near-term pressure on profits: It wants to be ready to invest in prices as tariffs are enacted, and consumers are buying more groceries that tend to have lower margins. Categories like electronics, home and sporting goods have taken a hit, while rising egg prices were also notable in the quarter.
