According to media reports, on April 20th, local time, the American body care and cleaning products giant Procter & Gamble announced that it would increase the price of daily necessities from diapers to toilet paper in September this year. The Coca-Cola CEO James Quincy also said a few days ago that the company intends to increase product prices due to rising raw material prices.
Procter & Gamble said that the products whose prices have increased mainly include baby products, adult diapers and feminine care products, with increases ranging from 5% to 9%. Procter & Gamble said that the reason for the price increase was the increase in the cost of raw materials such as resin and pulp, as well as the increase in transportation costs. In February of this year, the cold current in Texas in the United States caused the closure of chemical plants, pushing the prices of polyethylene, polypropylene and other chemical products to their highest levels in many years.
Jon Moller, chief operating officer of P&G, said: “The cost of goods has increased significantly, exceeding previous expectations. This is the largest increase in commodity raw materials in my 33 years at P&G. This momentum may continue to be quite long. Existing for a while.” Procter & Gamble is still evaluating the cost of raw materials and the impact of foreign exchange on other product categories, which means that product prices of the company will increase even more.
If product prices are confirmed to rise in the future, P&G plans to maintain market share by increasing consumers awareness of the value of its products and launching new or upgraded products. Jon Moeller said that after the price increase takes effect, P&G will improve existing products and increase product features to appease consumers.
Procter & Gamble CEO David Taylor said on the 20th: “Under a continuously challenging operating environment, we have achieved another quarter of stable revenue, net profit and cash income.” Procter & Gamble is third-quarter net profit was 3.3 billion US dollars, an increase of 12% year-on-year, revenue increased 5% to 18.1 billion US dollars.
In addition, Coca-Cola CEO James Quincy said on the 19th that the company intends to increase product prices due to rising raw material prices.
"We have good hedging measures in 2021, but the pressure in 2022 is increasing. The commodity environment in the next 12 to 18 months is very challenging, so prices must rise." Quincy said, Coca-Cola The company intends to "wisely" manage price increases. For example, the company is considering the size of product packaging and optimizing prices for consumers in similar ways. But Quincy has not disclosed specific products that will increase prices.
It is reported that the last time the company announced a price increase was in 2018, when it was affected by the U.S. tariffs on aluminum. At that time, the United States announced 25% and 10% tariffs on steel and aluminum. In this case, Coca-Cola announced that it would raise its prices by 0.67%.
On the 19th, Coca-Cola also released its financial report for the first quarter of 2021. The financial report showed that Coca-Cola\'s first-quarter revenue was US$9.02 billion, an increase of 5% year-on-year, exceeding market expectations of US$8.6 billion, and operating profit increased by 14% year-on-year; earnings per share were US$0.55, which was also higher than market expectations of US$0.5. In the Asia-Pacific region, thanks to the strong growth of the Chinese and Indian markets, single-box sales of Coca-Cola increased by 9% year-on-year in the first quarter. "China continues to lead the recovery, and the dine-in traffic in the first quarter has returned to the pre-epidemic level." Quincy said.
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