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P&G encounters challenges linked to coronavirus

Source:Procter & Gamble Company     Date:2020-02-26
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Jon Moeller, vice chairman, COO and CFO of The Procter & Gamble Company provided remarks, "We face the demand and supply challenges associated with the coronavirus outbreak. China is our second largest market—sales and profit. Store traffic is down considerably, with many stores closed or operating with reduced hours. Some of the demand has shifted online but supply of delivery operators and labor is limited. There are also impacts outside of China: travel retail, a significant reduction in department store traffic in many Asian metro areas, and global supply. We access 387 suppliers in China that ship to us globally more than 9,000 different materials, impacting approximately 17,600 different finished product items. Each of these suppliers faces their own challenges in resuming operations. The operating challenges change with the hour, and of course the path of the virus is unknown, making it very difficult to provide precise estimates of impact."

He added that results for the January to March quarter in China and for the total company will be materially impacted on both the top and bottom line by these dynamics.

Jon Moelle said, "We continue to believe, based on what we know today, that our fiscal year top and bottom line guidance ranges—and I emphasize ranges—remain the right ones. We will continue to monitor the situation and obviously update you if and when a different reality becomes apparent."

The company is furnishing this 8-K pursuant to Item 7.01, “Regulation FD Disclosure.”

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