By Adriano Marchese
Colgate-Palmolive Co. said Friday that sales targets for 2021 remain on track, but cost-pressures will chip away at its margins in the second half of the year.
The consumer-products company on Friday said that it still expects net sales to be up 4% to 7% including a low-single-digit benefit from foreign exchange, but gross profit margin is expected to decline.
As a result, earnings per share are expected to be at the lower end of its low- to mid-single-digit range.
Colgate-Palmolive still expects organic sales to be up within its long-term targeted range of between 3% and 5%.
"As we look around the world, there is still much uncertainty stemming from the COVID-19 pandemic, including volatility in consumer demand and currencies and supply chain disruptions," Chairman and Chief Executive Officer Noel Wallace said.
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(END) Dow Jones Newswires