NEW YORK—Procter & Gamble Co., the maker of such iconic household products as Crest toothpaste, Tide detergent and Charmin toilet paper, is seeing shoppers cut back some of their purchases as they push back on price hikes.
The company said Thursday that sales slipped 1 percent in the latest quarter ended Dec. 31, the first quarterly sales decline since mid-2017. Meanwhile, the number of products it sells globally fell 6 percent in the quarter—half of that was because shoppers reduced purchases, while the rest was due to inventory productions, the company said.
Profits also fell 7 percent in the quarter.
Procter & Gamble, like many consumer product companies, enjoyed a sales surge during the height of the pandemic as shoppers stocked up on essentials. And even as consumers faced higher prices on everything from food to rent in recent months, they have remained fairly resilient when it came to essentials like laundry and shampoo compared to discretionary items like trendy clothing. P&G has also made sure to offer lower-priced versions in its portfolio to hold on to price-sensitive shoppers….