(RNN) – The price of covering little bottoms is going up.
Procter & Gamble announced this week that it’ll be raising prices on Pampers in North America. The company’s also hiking prices on Bounty, Charmin and Puffs.
"I do want to be very open about – we expect the competitive environment to stay very heavy for a while," CEO David Taylor said Tuesday. "We're going to address in each market online or offline what it takes to grow, because we clearly have the superior products."
P&G is getting squeezed by private label and new companies entering the marketplace that often sell at deep discounts.
JUST IN: $PG releases results for Q4 & FY18 #Earnings: https://t.co/3Dny4S2Fql pic.twitter.com/NY9En1FAv6
— P&G (@ProcterGamble) July 31, 2018
Chief Financial Officer Jon Moeller said these are challenging times for his company as it hikes the price of these products.
"There is uncertainty and will be volatility with these pricing moves. They will negatively impact consumption,” Moeller said. “We'll have to adjust as we go, and as we learn.”
These developments will most certainly be felt on the bottom line.
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