Analyst Note
| Erin Lash, CFA |Despite the hype around sales the past few quarters, much consternation has more recently centered on how this growth would hold up as consumer product manufacturers begin to lap the extreme consumer stock-ups a year ago (which resulted in double-digit growth in a number of categories throughout the grocery store). Against this backdrop, we view wide-moat Procter & Gamble’s 4% organic sales marks as impressive (particularly when juxtaposed to the 6% uptick last year), which we attribute to strategic actions taken long before COVID-19 took hold (streamlining its brand mix and taking a more holistic approach to brand investing).