Edgewell Personal Care Co., the maker of Schick razors, says Americans are changing up shaving habits amid higher prices, resulting in lower volumes sold for the company.
(Bloomberg) — Edgewell Personal Care Co., the maker of Schick razors, says Americans are changing up shaving habits amid higher prices, resulting in lower volumes sold for the company.
“In shave, we are seeing the category slow a bit if we look in the US,” Chief Executive Officer Rod Little said during an interview. “We’ve taken a couple rounds of pricing in the category to respond to all the input cost inflation we’ve seen.”
As a result, consumers are possibly shaving “less often and/or they shave at the same rate but with longer duration of the blade cartridge,” he said, noting that people are not trading down to lower-priced items. “What we are seeing potentially is a little longer use of a blade cartridge as a way to stretch.”
Read More: Papa John’s Sales Suffer After Franchisees Boosted Pizza Prices
The company reported earnings and revenue that topped analysts’ estimates for its latest quarter ended June 30. Organic sales, which strips out certain items such as acquisitions and currency volatility, were driven by 6% higher prices for the company that also makes Banana Boat sunscreen, while volumes declined about 1.5%.
The trend matches that of other household-goods companies that have reported earnings in recent weeks such as Gillette-maker Procter & Gamble Co. and Kimberly-Clark Corp.
Edgewell shares rose 1.9% at 11:14 a.m. in New York Thursday. Through Wednesday’s close, the stock had gained 3.7% this year, lagging the 18% increase for the S&P 500 Index.
More stories like this are available on bloomberg.com
©2023 Bloomberg L.P.