(Reuters) -Procter & Gamble Co reported fourth-quarter sales on Friday that beat analysts’ estimates, but warned that rising commodity and freight costs would take a $1.9 billion bite out of its earnings this year.
The vaccine-aided easing of COVID-19 restrictions in the United States and parts of Europe helped the company post an 11% increase in sales at its beauty segment in the reported quarter, as consumers returning to social events, spent more on personal care products.
Procter & Gamble said net sales rose 7% to $18.95 billion in the quarter ended June 30, compared with estimates of $18.41 billion, according to IBES data from Refinitiv.
The company forecast fiscal 2022 core earnings per share to rise between 3% and 6%, and sales to increase in the 2% to 4% range.
Late on Thursday, the Tide detergent maker named Chief Operating Officer Jon Moeller as its new CEO, replacing David Taylor, who will become executive chairman on Nov. 1.
(Reporting by Uday Sampath in Bengaluru; Editing by Shounak Dasgupta)
