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A12 BUSINESS
Friday 20 January 2023

P&G sees shoppers reduce purchases

amid price hikes

By ANNE D’INNOCENZIO
AP Retail Writer
NEW YORK (AP) — Procter
& Gamble Co., the maker
of such iconic household
products like Crest tooth-
paste, 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% in the
latest quarter ended Dec.
31, the first quarterly sales In this June 15, 2018, file photo a variety of Procter & Gamble
decline since the mid-2017. products rest on a counter in East Derry, N.H.
Meanwhile, the number Associated Press
of products it sells globally
fell 6% in the quarter half shoppers stocked up on es- lio to hold on to price-sensi-
of that was because shop- sentials. And even as con- tive shoppers.
pers reduced purchases, sumers faced higher prices But Thursday’s results show
while the rest was due to on everything from food that the constant barrage
inventory productions, the to rent in recent months, of higher prices on every-
company said. they have remained fairly day essentials is wearing
Profits also fell 7% in the resilient when it came to down its consumers. P&G
quarter. essentials like laundry and said it had to hike prices
Procter & Gamble, like shampoo compared to dis- by 10% in the latest quarter
many consumer prod- cretionary items like trendy and will keep raising prices
uct companies, enjoyed clothing. P&G has also as it seeks to offset higher
a sales surge during the made sure to offer lower- costs in transportation, la-
height of the pandemic as priced versions in its portfo- bor and other areas.q

Ransomware shuts hundreds of Yum

Brands restaurants in UK

By DEE-ANN DURBIN
AP Business Writer
A ransomware attack
forced the parent compa-
ny of KFC and Taco Bell to
close several hundred res-
taurants in the United King-
dom this week.
A government filing post-
ed Thursday says the at-
tack impacted information
technology systems.
Yum Brands said the at-
A logo on a sign is displayed above a branch of KFC in the tackers took company
Surbiton suburb of south west, London, on Feb. 21, 2018. data, but that there is no
Associated Press evidence customer data
was stolen.
Around 300 U.K. stores
were closed for one day
but are now operational,
Yum said. There are more
than 1,000 KFC and Taco
Bell outlets in the U.K. and
Ireland, according to com-
pany websites, yet it did
not divulge which brands
were impacted.q