Hill’s Pet Nutrition sales up, profits down again Q2 2023

Continuing a trend from previous periods, Hill’s Pet Nutrition sales increased in the second quarter while profitability declined in comparison to 2022.

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Hill's Pet Nutrition made up 22% of parent company Colgate-Palmolive’s sales in the second quarter of 2023. The United States and European pet food markets led Hill’s organic sales growth led by, this was partially offset by organic sales declines in Australia. Continuing a trend from previous periods, Hill’s Pet Nutrition sales increased in the second quarter while profitability declined in comparison to 2022.

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Hill’s Pet Nutrition net sales

Three months ended June 30, 2023

  • US$1,056 million

Three months ended June 30, 2022

  • US$909 million

Six months ended June 30, 2023

  • US$2,117 million

Six months ended June 30, 2022

  • US$1,781 million

Hill’s Pet Nutrition operating profit

Three months ended June 30, 2023

  • US$191 million

Three months ended June 30, 2022

  • US$212 million

Six months ended June 30, 2023

  • US$374 million

Six months ended June 30, 2022

  • US$416 million

Operating profit as a percentage of net sales declined in the second quarter primarily due to higher raw and packaging material costs, unfavorable mix due to private label sales resulting from acquisitions and increased advertising investment. The decline was partially offset by higher pricing, cost savings from the Colgate’s funding-the-growth initiatives and lower overhead expenses.

About Hill’s Pet Nutrition

According to Petfood Industry’s Top Companies Current Data, Hill's Pet Nutrition sells more than 300 products, principally through authorized pet supply retailers and veterinarians in more than 80 countries worldwide. Hill's operates major manufacturing and warehousing facilities in Bowling Green, Kentucky; Topeka, Kansas; Emporia, Kansas; and Richmond, Indiana, USA. Its primary research center is located in Topeka, Kansas, USA. Hill's also runs major manufacturing and warehousing facilities in the Czech Republic and the Netherlands. Annual revenue for Hill’s in 2022 was US$3,713,000,000.

Hill’s Pet Nutrition acquisitions affected profitability

In May 2022, Hill's Pet Nutrition completed the acquisition of the manufacturing facility of Nutriamo, an Italy-based canned pet food manufacturer. The acquisition was Hill's first canned pet food facility in Europe.

In August 2022, Colgate-Palmolive announced plans to purchase three dry pet food manufacturing plants in the U.S. from Red Collar Pet Foods for US$700 million to support the global growth of its Hill’s Pet Nutrition business.

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