Colgate-Palmolive Posts Net Sales Decline In First Quarter
Personal-care giant Colgate-Palmolive has posted a 3.0% decline in net sales in the first quarter of its financial year, to $3.88 billion (€3.48 billion).
The group saw global unit volume rise by 1.0% and pricing rise by 2.0% in the period, however, foreign-exchange rates have had a -6.0% impact.
Organic net sales, excluding foreign exchange, acquisitions and divestments, were up 3.0%, the group reported.
Operating profit stood at $879 million (€784 million) for the period, compared to $983 million (€877 million) in the first quarter of last year, as the group implemented elements of its Global Growth and Efficiency Programme.
“We are pleased with the improvement in organic sales growth this quarter, and that the growth was broad based, with emerging markets and developed markets each growing 3.0%,” said Noel Wallace, the group’s chief executive.
“We believe our plans to accelerate growth are beginning to pay off, as the stronger organic sales growth we delivered in the quarter had a better balance between pricing and volume growth than we saw in the fourth quarter of 2018. This growth was led by our toothpaste and Hill's businesses,” added Wallace.
Colgate currently holds 41.7% of the global toothpaste market.
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