Kenvue Beats Sales Estimates، Bucking Consumer Goods Trend

Kenvue Inc.، the owner of the Tylenol and Neutrogena brands، reported sales that topped estimates، bucking a trend among its peers.

Organic sales rose 1.5% in the quarter ended June 30، driven by higher prices، according to a statement. That compares with an estimate for a 1.1% decline، according to the average of projections from Bloomberg.

The results stand out from peers، including Procter & Gamble Co.، which recently reported quarterly sales that missed Wall Street’s expectations. Shoppers are under increasing financial pressures and cutting back، but still spending on certain goods. 

Kenvue’s volume declines were driven by its US skincare business، which has struggled amid rising competition. Organic growth in the unit fell 2.4% from a year earlier.

The maker of Listerine mouthwash reaffirmed its forecasts for organic sales and adjusted earnings for the year. The shares rose 4.7% before New York markets opened.