When it comes to your cleaning necessities, get ready to shell out some cash for less products.
Proctor & Gamble, the parent company of many of your go-to cleaning supplies like Cascade, Tide, and Swiffer, among others, is set to hike the prices on many of its goods. The company cites inflation and the cost to manufacture its products as the reason behind the increases.
On Thursday, the company reported year-over-year declines in sales, revenue and profits despite raising prices to offset losses. The dropoff was linked to a slip in consumer demand.
In concert with the price hikes, P&G is also set to scale back on its product sizes. Known as shrinkflation, consumers will pay the increased cost while simultaneously receiving less product than they had previously for the item.
Even as demand dwindles for the consumer-goods behemoth, P&G has no plans to lower price in the short-term. In Thursday's earnings call, Andre Schulten, chief financial officer at P&G, said consumers continue to make purchases because the items his company provides are necessities.
"Consumers don't stop washing their hands or doing their laundry," he noted.
Prices are set to increase even more in the coming months. P&G also boosted its 2023 sales outlook to a range between 4 and 5 percent growth.
Kraft Heinz is splitting into two companies a decade after they joined in a massive merger that created one of the biggest food companies on the planet. One of the companies will include brands such as Heinz, Philadelphia cream cheese and Kraft Mac & Cheese. The other will include brands like Oscar Mayer, Kraft Singles and Lunchables. When the company formed in 2015 it wanted to capitalize on its massive scale, but shifting tastes complicated those plans, with households seeking to introduce healthier options at the table. Kraft Heinz's net revenue has fallen every year since 2020.
About 780,000 pressure washers sold at retailers like Home Depot are being recalled across the U.S. and Canada, due to a projectile hazard that has resulted in fractures and other injuries among some consumers.
President Donald Trump has fired one of two Democratic members of the U.S. Surface Transportation Board to break a 2-2 tie ahead of the board considering the largest railroad merger ever proposed.
Ford is recalling more than 355,000 of its pickup trucks across the U.S. because of an instrument panel display failure that’s resulted in critical information, like warning lights and vehicle speed, not showing up on the dashboard.
