Colgate-Palmolive Q2 sales up 9.5%
Strong sales in Latin America offset sluggish North American market
Colgate-Palmolive Company has reported net sales of $4,185m for the second quarter of 2011, an increase of 9.5% versus the same period of 2010. Global unit volume grew 3%, while organic sales – excluding foreign exchange, acquisitions and divestments – increased 3.5%. Net income was $622m, up 3% on the prior year period.
The company reported a net sales decline of -3% in North America, which accounts for 18% of its business. But Colgate-Palmolive’s overall figures were strengthened by booming business in Latin America where net sales grew 17%, led by Brazil, Mexico and Columbia.
“We are pleased with our solid top and bottom line growth this quarter with worldwide net sales, net operating profit, net income and diluted earnings per share all increasing versus a year ago, despite very sharp increases in material costs, an intense competitive environment globally and challenging macroeconomic conditions, particularly in developed markets,” commented Ian Cook, chairman, president and ceo of Colgate-Palmolive. “Colgate’s global market shares in toothpaste and manual toothbrushes are both at record highs… Colgate’s share of the global toothpaste market strengthened to 44.6% year to date.”