Procter & Gamble is seeing a demand for cleaning supplies. For the fiscal fourth quarter, P&G swung to a profit of $2.8 billion from a $5.2 billion loss a year earlier. Sales for the quarter were $17.7 billion. Organic sales were up 6% for the fiscal year ended June 30. For the fiscal year, P&G reported revenue of $71 billion and profit of $13 billion. The strongest growth was in P&G’s fabric and home care unit, which posted a 14% sales gain, its highest ever. Personal grooming sales fell 1% from last year.
Are people craving pizza and tacos amid the pandemic? Yum Brands, which operates KFC, Taco Bell and Pizza Hut, reported that its same-store sales for Q2 fell 15%. Analysts had forecast a 16.02% fall. Net income fell to $206 million from $289 million a year earlier. The company's revenue for the quarter fell 8.4% to $1.20 billion from $1.31 billion last year. “Digital sales were a big driver of the dramatic improvement in sales from the initial impact of COVID-19, reaching an all-time high of $3.5 billion for the quarter, an increase of more than $1 billion over the prior year,” CEO David Gibbs said in a statement.
Here’s how FTI Consulting’s strategic communications segment did in Q2. The segment posted a revenue decrease of $2.2 million, or 3.8%, to $56.9 million Q2 compared to $59.1 million in the prior year quarter. FTI Consulting’s Q2 revenues of $607.9 million increased $1.7 million, or 0.3%, compared to revenues of $606.1 million in the prior year quarter.
The public's view of almost every industry has improved. A new Axios/Harris poll found that 75% of consumers agree that generally speaking, during the pandemic and related shutdowns, "companies were more reliable than the federal government in keeping America running." Additionally, 81% of consumers agree that large companies, with resources, expensive infrastructure, and advanced logistics, "are even more vital now to America's future than before the pandemic." Axios outlined the specific industries and companies consumers trust right now, and which ones they don’t.
How did tech CEOs do at the antitrust hearing? Amazon CEO Jeff Bezos acknowledged that his company may have improperly used third-party seller data to inform its own product decisions. Meanwhile, Facebook's billion-dollar acquisition of Instagram came under scrutiny. The company’s CEO Mark Zuckerberg did not deny he viewed Instagram as a threat, but pointed out that the Federal Trade Commission approved the deal. The bosses were also asked about their views on cancel culture. In response, Bezos called social media “a nuance destruction machine” that is not helpful for democracy.