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P&G beats quarterly sales estimates, warns of higher supply chain costs By Reuters

by Mike Robinson

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© Reuters. FILE PHOTO: Tide laundry detergent, a product distributed by Procter & Gamble, is pictured on sale at a Ralphs grocery store in Pasadena, California January 21, 2014. REUTERS/Mario Anzuoni

(Reuters) -Procter & Gamble Co beat quarterly sales estimates on Tuesday as easing of pandemic-related restrictions boosted demand for its personal care products, while the company warned of higher commodity and transportation expenses.

According to Tide, the detergent manufacturer now anticipates that it will suffer a $2.3 billion hit in commodity and freight cost this fiscal year. This is a decrease from the prior forecast of $1.9 billion. The global supply chain disruptions caused by the pandemic and worker shortages, and congestion at shipping ports, have all affected the global supply chain.

Price hikes due to the rising costs and an increase in demand for personal care products spurred by people returning to social events helped boost P&G’s sales by 5% to $20.34 billion in the first quarter.

Refinitiv data shows that analysts expected $19.91 billion in sales, as per IBES data.

Net income attributable to Procter & Gamble (NYSE:) decreased 4% to $4.11 billion, or $1.61 per share.

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