Lower private label performance impacts Hill’s finances
The Colgate-Palmolive subsidiary improved sales in the second quarter (Q2) of 2024 despite a minor category setback.
In Q2 2024, Hill’s generated $1.11 billion (€1.02B) in sales, accounting for 22% of Colgate-Palmolive’s business.
This marks a 5.5% year-on-year (YoY) increase in net sales from $1 billion (€923.2M) in the second quarter of 2023.
Operating profits were $235 million (€216.9M), up 23% YoY from $191 million (€176.3M) during the same period in 2023.
Volume
Pet nutrition delivered a 2.5% volume growth. Private label volumes had a low-single-digit negative impact on this.
“This impact was slightly less than anticipated due to shipment timing,” the company’s management says.
Colgate notes that while the pet food category remains challenged, Hill’s continues to gain market share across its specialty channels.
H1 2024
From January to June 2024, the pet food manufacturer’s total sales were worth $2.21 billion (€2.04B), a 4.7% increase from $2.11 billion (€1.94B) in H1 2023.
Operating profits for the period were $433 million (€399.7M), against $374 million (€345.2M) last year.
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