Procter & Gamble slips after discussing ‘tougher context’ for U.S. business

While presenting at Morgan Stanley’s Global Consumer & Retail Conference, Procter & Gamble CFO Andre Schulten said in part: “I think the context in the US is more volatile. Probably the most volatile we’ve seen in a long time. There were a few elements that we knew coming into quarter two out of the last earnings call. We knew the consumer was more nervous and cautious. We knew that. There was a stronger competitive environment. And we we also knew that we had a stronger base period with consumer loading due to two port strikes in the base where consumers stocked up in fear of product rationing. So all of those things were known. What we didn’t know was obviously the incremental context that was provided with the government shutdown, Snap benefits, etc. and you can see that in the macro growth in our categories in quarter, two, our most recent reading has the category down both in volume and in value, significantly, in October. I don’t expect November to be materially different. So as you say, that sets a tougher context for the US business.” In early trading, shares of Procter & Gamble have fallen $4.21, or nearly 3%, to $143.23.