PG · 10-Q · 2026Q1 · Full report

Customer distribution shifts

PROCTER & GAMBLE Co · 2026-04-24 · Importance 51 · Surprise 50

P&G reports local distribution dynamics materially affecting volumes: Grooming volumes fell due to a distribution loss in IMEA and competitive activity in Europe, while Latin America benefited from distribution gains and innovation. Distribution shifts contributed to regional volume declines in North America and Greater China in some categories, amplifying market contraction effects. Management links distribution gains/losses directly to net sales and segment organic growth, signaling that customer/retailer relationships remain a key driver of near-term performance. The company also references distribution-driven growth in Oral Care and Hair Care in Latin America.