The Rising Influence of Rising Affluence

[DewDiligence]

Proctor is still a gamble (heh):

https://www.wsj.com/articles/betting-on-procters-comeback-still-a-gamble-1539963403

The consumer-products giant said organic sales rose 4% in the quarter through September, the fastest pace of growth in five years. There was volume growth across P&G’s many categories, such as shaving and fabric care.

…Still, challenges remain. Organic sales growth, which strips out foreign currency and merger impacts, sometimes fails to tell the whole story. This is one such time because one of the biggest challenges global consumer companies face at the moment is a rising dollar and weakness in many emerging-market currencies.

Accounting for these currency movements, P&G’s unadjusted sales were actually flat during the quarter. The company also lowered its guidance for the full fiscal year ending in June, saying it sees sales flat to down 2% compared with earlier guidance of flat to up 1%.

No position.