Latest news with #Shailesh Jejurikar
Reuters
18 hours ago
- Business
- Reuters
P&G signals sluggish annual growth amid leadership change, tariffs
July 29 (Reuters) - Procter & Gamble (PG.N), opens new tab on Tuesday forecast annual results largely below Wall Street estimates in the face of cautious consumers, a day after the Tide parent named an insider as CEO to steer it through the tariff uncertainty. The muted expectations will likely pile pressure on Shailesh Jejurikar, who on Monday was named to the top post replacing Jon Moeller. Meanwhile, P&G, which topped fourth-quarter revenue and profit estimates on price hikes, will raise prices on about a quarter of its products in the U.S., starting this month, to help offset the cost of new tariffs imposed by President Donald Trump. The price hikes have been communicated to retailers such as Walmart (WMT.N), opens new tab and Target (TGT.N), opens new tab and are in the mid-single digits across categories, a spokesperson said, and will be seen on shelves starting in August. The comments from the world's largest consumer goods maker reinforce how consumers, particularly in the lower income category, are seeking value as they look to stretch their household budgets. Packaged food maker Nestle (NESN.S), opens new tab said last week that consumers in North America remained weak. P&G, which makes household basics spanning from Bounty paper towel to Metamucil fiber supplements, estimated tariffs will increase its costs by about $1 billion before tax for fiscal 2026. That compares with projections of between $1 billion and $1.5 billion made in April. P&G expects fiscal 2026 core net earnings per share growth in the range of flat to up 4% to between $6.83 and $7.09, compared with estimates of a 3.49% growth to $6.99, according to estimates compiled by LSEG. The company expects total net sales for fiscal 2026 to grow between 1% to 5%, the mid-point of which was slightly below analysts' average estimate of a 3.09% rise to $86.80 billion. P&G began a restructuring effort in June to exit some brands and cut about 7,000 jobs over the next two years to increase productivity. The company's revenue rose 1.7% to $20.89 billion in the fourth quarter, compared with analysts' average estimate of a 1.38% rise to $20.82 billion. Prices rose 1% while volumes were flat year-over year, after having fallen about 1% in the prior quarter. The company reported earnings per share of $1.48 for the three months ended June 30, compared with estimates of $1.42. Its shares were up marginally in premarket trading. They have fallen about 6% so far this year.
Yahoo
18 hours ago
- Business
- Yahoo
P&G signals sluggish annual growth amid leadership change, tariffs
(Reuters) -Procter & Gamble on Tuesday forecast annual results largely below Wall Street estimates in the face of cautious consumers, a day after the Tide parent named an insider as CEO to steer it through the tariff uncertainty. The muted expectations will likely pile pressure on Shailesh Jejurikar, who on Monday was named to the top post replacing Jon Moeller. Meanwhile, P&G, which topped fourth-quarter revenue and profit estimates on price hikes, will raise prices on about a quarter of its products in the U.S., starting this month, to help offset the cost of new tariffs imposed by President Donald Trump. The price hikes have been communicated to retailers such as Walmart and Target and are in the mid-single digits across categories, a spokesperson said, and will be seen on shelves starting in August. The comments from the world's largest consumer goods maker reinforce how consumers, particularly in the lower income category, are seeking value as they look to stretch their household budgets. Packaged food maker Nestle said last week that consumers in North America remained weak. P&G, which makes household basics spanning from Bounty paper towel to Metamucil fiber supplements, estimated tariffs will increase its costs by about $1 billion before tax for fiscal 2026. That compares with projections of between $1 billion and $1.5 billion made in April. P&G expects fiscal 2026 core net earnings per share growth in the range of flat to up 4% to between $6.83 and $7.09, compared with estimates of a 3.49% growth to $6.99, according to estimates compiled by LSEG. The company expects total net sales for fiscal 2026 to grow between 1% to 5%, the mid-point of which was slightly below analysts' average estimate of a 3.09% rise to $86.80 billion. P&G began a restructuring effort in June to exit some brands and cut about 7,000 jobs over the next two years to increase productivity. The company's revenue rose 1.7% to $20.89 billion in the fourth quarter, compared with analysts' average estimate of a 1.38% rise to $20.82 billion. Prices rose 1% while volumes were flat year-over year, after having fallen about 1% in the prior quarter. The company reported earnings per share of $1.48 for the three months ended June 30, compared with estimates of $1.42. Its shares were up marginally in premarket trading. They have fallen about 6% so far this year.
Reuters
a day ago
- Business
- Reuters
Procter & Gamble names Shailesh Jejurikar as CEO, replacing Jon Moeller
July 28 (Reuters) - Procter & Gamble (PG.N), opens new tab CEO Jon Moeller is stepping down in a surprise move, and the consumer goods giant said he would be succeeded by operating chief Shailesh Jejurikar, effective January 1, 2026. Moeller, who had been at the helm since 2021, will transition into role of executive chairman at the Tide maker, P&G said. Jejurikar has held roles across multiple P&G businesses, including Health & Beauty Care and P&G Professional. Prior to his current role, he was the head of P&G's Fabric & Home Care, which includes brands such as Tide, Ariel and Downy. The board also nominated Jejurikar to stand for election as a director at the annual shareholder meeting in October 2025. P&G, which also makes Pampers diapers and Head & Shoulders shampooo, in April warned of product prices rising due to higher input costs from the trade war at a time of weakening consumer spending. The company is set to announce its quarterly results on Tuesday.
