Procter & Gamble's Brand Prowess Unwavering Despite Facing an Onslaught of Headwinds

It wasn’t long ago that Procter & Gamble was dogged for lackluster sales growth; however, after posting its 15th consecutive quarter of at least mid-single-digit organic revenue growth, these concerns are a distant memory. While we recognize the firm has been a beneficary of the pandemic (with a mix that caters to consumers' penchant for cleaning and disinfecting fare), we attribute these marks to the strategic course P&G embarked on about eight years ago (rightsizing its category and geographic reach by shedding more than 100 brands to ensure resources were being effectively allocated to the highest-return opportunities, while maintaining a stringent focus on costs). As a part of this playbook, P&G also adopted a more holistic approach to brand investing (consisting of how a product performs, the packaging, brand messaging, execution in stores and online, and the value a product offers for its retail partners and end consumers) that we think should support its wide moat long term.