Hill’s crosses $4.2B in sales in 2023
Witnessing 15.5% in annual growth and making up almost a quarter of Colgate-Palmolive’s Q4 sales, the pet food subsidiary closes FY 2023 with minimal losses.
Hill’s generated a whopping $1.1 billion (€1.01B) in revenue through net sales in Q4 2023, marking 5% year-on-year (YoY) growth compared to $1.06 billion (€97.9M) during the same period in 2022. Organic sales also increased by 4.5% YoY, led by the United States and Europe.
Hill’s Pet Nutrition made up a staggering 23% of Colgate-Palmolive’s sales this quarter.
However, the pet food manufacturer’s operating profit of $231 million (€213.4M) dipped 1% from Q4 2022 figures due to “significantly higher raw and packaging material costs, increased advertising investment and start-up costs associated with a new manufacturing plant.”
The parent company clarifies that a portion of this expense was “partially offset” by higher pricing and cost savings from its funding-the-growth initiatives.
For FY 2023, Hill’s net sales grew by 15.5 % from $3.7 billion (€3.41B) the previous year to $4.2 billion (€3.88B). Colgate-Palmolive adds that past acquisitions impacted the reported volume of Hill’s sales by 5.5%.
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