Cleaning boom drives Procter & Gamble sales beat

(Reuters) – Procter & Gamble Co beat Wall Street estimates for quarterly revenue on Thursday, benefiting from increased demand for its cleaning supplies as people become more conscious of the standard of hygiene at home during the pandemic.

The company’s net earnings attributable was $2.80 billion, or $1.07 per share, in the fourth quarter ended June 30, compared with a loss of $5.24 billion, or $2.12 per share, a year earlier. The year ago quarter had an impairment charge of about $8 billion.

The maker of Tide and Gillette products posted net sales of $17.70 billion, beating analysts’ average estimate of $16.97 billion, according to IBES data from Refintiv.

(Reporting by Aishwarya Venugopal in Bengaluru; Editing by Saumyadeb Chakrabarty)