Consumer Staples
Household & Personal Products
$414.56B
108K
Key insights and themes extracted from this filing
Net sales increased by only 1% to $20.2 billion in Q1 2024, primarily due to a 3% pricing increase offset by a 2% negative impact from foreign exchange. Unit volume remained flat, indicating challenges in driving organic growth.
Gross margin expanded by 300 basis points to 51.2% of net sales, exceeding expectations. This improvement was primarily attributed to productivity gains and lower commodity costs, partially offset by unfavorable product mix and foreign exchange.
Selling, general, and administrative expenses increased by 9% to $5.9 billion, increasing as a percentage of net sales by 210 basis points. This rise in SG&A expenses partially offset the positive impact of gross margin expansion on operating income.