P&G ups annual sales outlook as price hikes boost business

By ANNE D’INNOCENZIO
AP Retail Writer

NEW YORK (AP) — Procter & Gamble, the maker of such iconic household products as Crest toothpaste, Tide detergent and Charmin toilet paper, raised its annual sales outlook on Friday, after turning in better-than expected fiscal third-quarter earnings results as a series of price hikes boosted its performance. The solid earnings results offer encouraging signs about the resiliency of the consumer ahead of reports next month from major retailers like Walmart amid an increasingly challenging economy. P&G executives told analysts on Friday that the U.S. consumer is “holding up well.” They said the company share of private label brands, which are less expensive, is stable at 16%, a good indication that it’s not seeing shoppers materially trade down.