Colgate-Palmolive Company has reported net sales growth of 1% for the third quarter of 2022, with net sales for the quarter hitting US$4.46bn.
Organic sales, excluding the effects of acquisitions, divestitures and currency changes, increased 7.0%.
The conglomerate, whose portfolio also includes Sanex and Laboratoires Filorga, enjoyed strong net sales upticks in Africa/Eurasia (+11%) and Latin America (+7%), its joint largest market alongside North America.
These gains helped offset a 12% net sales decline in Europe, which represents 14% of Colgate-Palmolive’s sales.
According to the company, organic sales growth in Europe (+2.5%) was led by the UK, Poland and France, and partially offset by organic sales declines in the Filorga business.
Commenting on the company’s 15th consecutive quarter of growth, Noel Wallace, Chairman, President and CEO of Colgate-Palmolive, said: “The consistent, strong, broad-based growth is evidence that our strategies are working.
“Our focus on science-led, core and premium innovation is providing value at all price points, which is particularly important in today’s difficult macroeconomic environment.”
While Wallace acknowledged the negative impacts of rising raw and packaging material and logistics costs, as well as the impact from currency, he added the company was “continuing our efforts around funding-the-growth and other productivity initiatives to help offset these headwinds”.
With this in mind, the company updated its net sales growth for full-year 2022 to be in the middle of the 1% to 4% range.
It also raised its organic sales growth guidance for the year from 5-7% to 6-7%.