The consumer goods giant Procter & Gamble reported strong demand for products like dishwashing detergent, disinfectants and cough suppressants, causing revenue to rise 4 percent to $17.7 billion in its fourth quarter, while net income rose to $2.8 billion from a loss of $5.2 billion a year earlier.
Sales increased throughout the company — which produces Charmin toilet paper, Pampers diapers, Tide detergent and Vick’s cough medicine — with the exception of its grooming division. A “pandemic-related reduction in shaving frequency,” caused Gillette sales to drop, according to the company, whose earnings call included discussion of the rising popularity of mullets and “coronabeards.” The skincare brand SK-II, a staple at airport retailers, took a hit as the crisis disrupted customers’ travel plans.
Procter & Gamble, one of the largest advertisers in the world, increased spending on marketing 2.7 percent in its fourth quarter, which ended June 30. But other earnings reports on Thursday showed a wait-and-see attitude toward advertising spending:
The beverage company Molson Coors said it is “preserving the biggest firepower in our marketing budgets so they can be ramped up in the back half of the year when we expect they will be most effective” following “significant reductions in spend” in the most recent quarter.
Mastercard’s advertising and marketing spending sank nearly 59 percent in the quarter, to $93 million.
JCDecaux, an outdoor advertising company that manages ads on billboards, benches, buses and more, said revenue tumbled nearly 65 percent in the quarter amid a “temporary historic drop in urban and transport audiences.”