The United States and Europe led Hill’s Pet Nutrition sales growth in the fourth quarter of 2022.
Colgate-Palmolive Company reported increased sales of Hill's Pet Nutrition products in the fourth quarter, as well as in the whole of calendar year 2022, although operating profits declined. Hill’s pet food products made up 23% of Colgate’s company sales in the quarter. In 2022, Hill’s net sales reached US$3.713 billion, with an operating profit of US$850 million. In the previous year, Hill’s net sales were US$3.311 billion, with an operating profit of US$1.064 billion.
Details of Q4 2022 Hill’s Pet Nutrition results
Compared to Hill’s performance in the fourth quarter of 2021, sales increased 20%. Operating profit stood at US$233 million, a decline of 3%.
The United States and Europe led Hill’s Pet Nutrition sales growth in the fourth quarter of 2022. Higher raw material and packaging costs contributed to the decline in profits, along with an unfavorable sales mix caused by private label sales related to the acquisition of pet food businesses. Hill’s Pet Nutrition partially offset these challenges to profitability by raising prices, lowering overhead expenses and decreasing advertising expenses.
Executive comments on Colgate-Palmolive performance in 2022
“By delivering on our revenue growth management and productivity initiatives, we are continuing to fund increased investment behind innovation, advertising and digital transformation, which is helping to drive this broad-based growth and deliver improved market share performance,” Noel Wallace, chairman of president and chief executive officer, said in a press release. “Looking ahead, we have a proven strategy, a focused portfolio of leading brands in growing, everyday usage categories and product offerings across price points. We are also strengthening and scaling our digital, data analytics, innovation and other capabilities across the company. All this adds to our confidence that despite uncertain macroeconomic conditions worldwide, we are executing against the right strategy and are well-positioned to deliver sustainable, profitable growth in 2023 and beyond.”
Tim Wall covers the dog, cat and other pet food industries as a senior reporter for WATT Global Media. His work has appeared inScientific American, Live Science, Discovery News, Honduras Weekly, Global Journalist and other outlets. He holds an M.A. in journalism and an M.S. in natural resources, both
from the University of Missouri - Columbia, along with a bachelor's degree in biology.
Wall served in the Peace Corps in Honduras from 2005 to 2007, where he coordinated with the town government of Moroceli to organize a municipal trash collection system, taught environmental science, translated for medical brigades and facilitated sustainable agriculture, along with other projects.
Many hours, efforts, dollars and brainpower go into pet food companies’ and regulatory bodies’ efforts to ensure that products on the market are safe and healthy for pets.
