PZ Cussons upbeat as Q3 revenues continue to climb
Consumer goods group PZ Cussons saw revenues start to climb again with Q3 sales up 8.5%.
The Imperial Leather maker reported revenues of £146.3m for the third quarter ending 28 February 2022.
This was an improvement following -9.3% revenue decline in Q1 and +5.5% growth in Q2, resulting in year-to-date like for like revenue growth of +1.3%.
Revenues across the group’s ‘must win’ brands – Carex, St Tropez, Sanctuary Spa, Premi, Joy, Cussons Baby, Morning Fresh and Original Source – improved to flat year on year, and grew +12.6% versus Q3 FY20.
The group said cost headwinds in the quarter were partly offset by pricing and productivity actions, ‘enabling continued marketing investment to build its core brands.’
During the quarter the group acquired Childs Farm which it will seek to expand internationally while strengthening its position in the UK.
PZ Cusson’s outlook for FY22 is unchanged and it expects to deliver growth in like for like revenue and adjusted PBT within the range of current expectations
Jonathan Myers, Chief Executive Officer, said: “The external environment is amongst the most challenging many of us have seen. Input costs have continued to escalate in recent weeks, and it is likely that household budgets will soon come under pressure.
“Our teams are working hard to address both of these dynamics.
“We are removing costs that the consumer does not value, and have plans in place to meet evolving consumer needs, including innovation to offer everyday great value as well as more premium-priced launches.
“While the coming months will continue to be challenging for us and the wider consumer goods sector, the strength of our brands and our strategic progress gives me confidence in the long term prospects for the business.”
