Marginal Decline In Net Sales, Colgate Still Confident Of Momentum
Colgate-Palmolive Company has reported worldwide net sales of $3.8 billion in the second quarter of 2019, a decrease of 0.5% against the same period in 2018.
The company, known for its namesake toothpaste brand and other oral hygiene products, saw a negative foreign exchange affecting 4.5% of its sales.
Organic sales, however, which exclude the impact of foreign exchange, acquisitions and divestments, increased 4.0%.
Colgate credited positive volume and higher prices as its main drivers of growth for the period.
Confidence In Momentum
Noel Wallace, President and Chief Executive Officer, said he was pleased to have achieved “another quarter of sequential improvement in organic sales growth”.
“In particular, it was terrific to see positive pricing across every operating division,” he said.
Wallace added that increased investment in advertising helped consolidate its leadership of the global toothpaste.
The group’s global market share at 41.4% year to date.
He said he was confident that the company would continue its momentum, citing a number of one-off impacts that hit the company this year, such as charges from the Global Growth and Efficiency Program and the US tax reform last year.
“We continue to plan for a year of gross margin expansion, increased advertising investment and a mid-single-digit decline in earnings per share.”
© 2019 Checkout – your source for the latest Irish retail news. Article by Aidan O’Sullivan. Click sign-up to subscribe to Checkout.