Raphael Stevens

Deckers Brands fiscal Q2 earnings of $1.82 per share beat estimates, but full-year revenue guidance missed Wall Street’s forecast.
Sales of HOKA running shoes softened, while UGG boots outperformed expectations.
Tariff costs and cautious consumer spending weigh on Deckers Brands fiscal 2027 outlook.

Hoka shoes are seen in a store in Krakow, Poland on February 1, 2023. 
Jakub Porzycki | Nurphoto | Getty Images

Shares of footwear maker Deckers Brands plunged 15% Friday after the company trimmed its sales guidance for Hoka and Ugg — the two brands driving its growth — over concerns that tariffs are leading to a slide in demand.
Hoka, an up-and-coming running shoe brand, is now expected to grow by a low-teens percentage in fiscal 2026 after growing 24% in the year-ago period, while Boots brand Ugg is expected to grow in the range of a low to mid single-digit percentage, after growing 13% in the year-ago period.

In May, the company said Hoka and Ugg were expected to grow in the mid-teens and mid-single digits, respectively, in fiscal 2026 but it caveated that forecast by saying it was conceived prior to the introduction of President Donald Trump’s tariffs. At the time, it quantified the expected impact to its costs but said it remained to be determined what kind of impact the new duties could have on demand.
When reporting fiscal second-quarter earnings on Thursday, finance chief Steven Fasching said the impacts tariffs and higher prices are having on demand are now more clear.
“Part of the framework that we gave at the beginning of the year really said if tariffs did not have an impact on consumers, how we saw kind of certain growth, and we still believe that, right? But we do know and we are more currently seeing some impacts on the U.S. consumer,” Fasching told analysts on the company’s conference call. “So as U.S. consumers are beginning to see some price increases. It is impacting their purchase behavior within the consumer discretionary space.”
He added the guidance isn’t far off from what the company originally thought but acknowledged there is a “little bit of a reduction” in its forecast.
The slower pace of growth for Deckers’ two top-performing lines, along with the trim to their sales guidance, signals the two brands could be losing momentum after years of outperformance. Together, Hoka and Ugg account for the vast majority of Deckers’ revenue and have been critical in offsetting weaknesses in other categories.

CEO Dave Powers, however, downplayed fears of a long-term slowdown, telling investors that both brands remain strong among core consumers.
“We’re confident in the long-term trajectory of our portfolio,” Powers said. “While tariffs and inflation are creating near-term pressure, Hoka and Ugg continue to lead in brand heat and market share gains across their categories.”
Beyond Hoka and Ugg, Deckers’ full-year revenue guidance came in lower than analysts’ expectations. In fiscal 2026, the company expects revenue of about $5.35 billion, shy of Wall Street’s $5.45 billion forecast, according to LSEG. It expects earnings per share to be between $6.30 and $6.39, roughly in line with the $6.32 per share estimate, according to LSEG.
In the company’s call with analysts, Fasching warned that tariff costs could total about $150 million this fiscal year. Executives said they expect to offset roughly half of those costs through price adjustments and cost-sharing with factory partners.
Deckers’ shares have dropped more than 55% year to date, leaving investors on edge about any signs of decelerating demand. More

Taco Bell is rolling out Live Más Cafés inside its existing restaurants, with special beverages ranging from frozen coffees to lemonades and energy drinks.
By the end of the year, Taco Bell is projecting that it will have 30 Live Más Cafés in its portfolio, across Southern California, Dallas and Houston.
The Mexican-inspired chain is aiming to generate a $5 billion drink business by 2030.

IRVINE, Calif. — Taco Bell is going all in on beverages, starting with its Live Más Café concept.
The Yum Brands chain unveiled the drink-focused store format last December, with the first location in Chula Vista, California. Ten months later came the second location, near the University of California, Irvine campus. By the end of the year, Taco Bell is projecting that it will have 30 Live Más Cafés in its portfolio, across Southern California, Dallas and Houston.

Unlike McDonald’s now-defunct CosMc’s spinoff, which had its own standalone locations, the Live Más Café lives inside existing Taco Bell restaurants. Customers order at kiosks and can watch the “bellristas” assemble their drinks from behind the designated counter, which takes prime real estate in the store. The drink menu includes a range of beverage options, from blended coffees to lemonade-based drinks.
The beverage-focused concept is supposed to help the Mexican-inspired chain reach its goal of generating a $5 billion drink business by 2030. Taco Bell first disclosed that target in March at an investor day, where the chain shared more about its plans to keep growing as it fuels Yum’s operating profit growth.
So far this year, Taco Bell has sold more than 600 million beverages, up 16% from the year-ago period, according to the company. More than 60% of the chain’s orders this year have included a drink, Taco Bell said.
“I think drinks are big right now because I think people are really craving unique, interesting flavors in their beverages, and we hear that all the time from our consumers,” said Liz Matthews, global chief food innovation officer for Taco Bell.

Center stage

Taco Bell’s Live Más Café.
Courtesy: Taco Bell

Stepping inside the Irvine location, the Live Más Café beverage station is the clear star.

Most of the self-order kiosks are positioned in front of the station’s long counter. Customers have a free view of the “bellristas” making their specialty drinks, unlike the restaurant’s other employees who assemble Crunchwrap Supremes and Chalupas hidden from sight.
Digital menu boards across the restaurant highlight the beverage offerings. The drink menu spans four distinct categories: churro chillers, specialty coffees, refrescas and “bellrista favorites.”
The churro chillers are creamy and cold milkshakes topped with churro chunks. The specialty coffees come either hot, iced or blended as a “chiller.” Brightly colored refrescas use either lemonade, green tea or Rockstar energy drinks as the base for their fruity flavors, such as strawberry passionfruit or mango peach. And the “bellrista favorites” include seasonal options, such as the autumnal caramel apple empanada churro chiller, which incorporates blended chunks of Taco Bell’s apple empanada.
When crafting the menu, Matthews and her team tried to stick to the chain’s Mexican-inspired roots, but she said Taco Bell will always have a “playful spirit.”
And while the Live Más Café offers plenty of options with a variety of flavors, Taco Bell kept the options to customize minimal.
“What we found when we talked to consumers, they actually really want us to curate their drink for them,” Matthews said.
To date, the Irvine location’s top-selling drinks are the Mexican Chocolate Churro Chiller, the Dirty Mountain Dew Baja Blast Dream Soda and the Mango Peach Agua Refresca. Six of the top 10 bestselling drinks at the location are chillers. That’s a reversal from the initial test location in Chula Vista, which has seen similar demand for every drink category, according to Matthews.
Since its opening day in September, the Irvine location has been selling more than 900 drinks per day, according to Taco Bell. More than a third of orders include an item from the Live Más Café menu.
Meanwhile, the Chula Vista location — which exceeded its initial sales forecast by four times — is selling more than 750 beverages a day nearly a year since its opening, the company said. A quarter of all transactions include a Live Más Café beverage, according to Taco Bell.
“Given what we’re seeing right now from the business results, the payback looks really attractive and in line with what our franchisees would expect for something big, but we’ve got a lot more to learn,” said Taylor Montgomery, global chief brand officer of Taco Bell.

‘Little treat’

This year, the hottest trend in fast food hasn’t been a chicken sandwich or plant-based burgers. Instead, beverages of all consistencies, colors and nutritional values have taken the spotlight.
For example, Shake Shack is selling lemonade with mini raspberry popping boba, inspired by the success of bubble tea. Panera Bread is testing frescas and energy refreshers in select bakery-cafés. Chick-fil-A is planning to open Daybright — a beverage-focused restaurant with specialty coffees, smoothies and cold-pressed juices — in Hiram, Georgia, later this year. And although McDonald’s this summer wound down its spin-off called CosMc’s that focused on drinks and snacks, it also tested new coffee drinks, refreshers and flavored sodas at more than 500 U.S. restaurants.
The number of beverages sold by the top 500 chains has climbed more than 9% in the last year, according to Technomic. The swell of beverage innovation follows the speedy expansion of a number of a specialty drink chains, from upstart 7 Brew Coffee to dirty-soda inventor Swig.
“[Quick-service chains] have seen that there’s a big opportunity with an entire generation and how they’re interested in that ‘little treat’ culture,” said Claire Conaghan, “trendologist” at Datassential, which tracks menu trends. “There’s options to kind of go beyond their focus area of core meal and really lean into that snacking moment.”
Generation Z and millennials are driving the trend, according to Varchasvi Singh, a foodservice analyst for Mintel. Younger generations enjoy customizing their food and beverage orders.
“Among younger consumers, in particular, we see that fast-food dining is just as much about experimentation and novelty as it is about indulgence,” Singh said. “They’re a lot more open to trying premium menu items and personalizing their orders, whereas older generations, who have associated fast food with extreme affordability for a long time, are a little bit more critical of how expensive it has become for them.”
For Taco Bell, turning to beverages and creating the Live Más Café is part of its broader plan to appeal to younger consumers, whose spending power is projected to increase rapidly in just a few years.
“Over the past five years, we’ve really, really been transitioning and thinking about the brand and how to position it for Gen Z, and so Café was really born from that,” Montgomery said. “I think it’s something like 60% of Gen Z consumers come to a restaurant or [quick-service restaurant] for an afternoon treat.”
Rather than creating a standalone Live Más Café, Taco Bell chose to put the sub-brand inside existing restaurants in part because of “humility,” according to Montgomery.
“Today, we’re not known to be a beverage destination — yet,” he told CNBC.
Live Más Café can also help Taco Bell more broadly.
“It also acts a little bit as a test market where they can get some more real-time data. Which combos do people do the most?” Conaghan said. “Which customizations matter the most? Do we need every type of alternative milk or maybe just these one or two? Do we need all 15 flavors of whatever energy refresher?”
That’s already started happening. Taco Bell’s agua frescas, which began as a Live Más Café menu line, have since been launched nationwide.
“They’re one of our top-selling items, and we didn’t wait to scale the Café,” Montgomery said. “We pushed those in all the restaurants, and we’ve seen success there.”
Plus, the coffee options on the café’s menu are part of Taco Bell’s plan to make a bigger push into breakfast. The chain started serving the morning meal more than a decade ago but told franchisees last year that they could opt out serving breakfast; for some fast-food operators, opening early isn’t profitable, plus there’s the added headache of finding staff willing to work the morning shift.
Taco Bell has already had some success with another sub-brand. Its Cantina format, typically found in cities, features a custom menu, alcoholic beverages and seating meant to encourage customers to linger. Since opening the first location in Chicago a decade ago, Taco Bell Cantina has grown to dozens of restaurants.
Broadly, even as inflation-weary consumers pull back their spending, Taco Bell’s focus on new menu items has lifted its sales; earlier this year, the company announced plans to double innovation in 2025. Taco Bell’s prices have climbed 75.5% since 2019, according to Technomic’s Ignite Menu. Still, customers keep coming back.
In recent years, Taco Bell has been the gem of Yum’s portfolio, typically outperforming both Wall Street’s expectations and its sister chains, KFC and Pizza Hut. Executives have named the chain as one of the company’s primary growth engines. In the second quarter, while many fast-food rivals reported shrinking sales, Taco Bell reported same-store sales growth of 4%.
“From a portfolio standpoint, we represent a pretty significant amount of Yum’s operating profit, but we learn a lot from other brands, too,” Montgomery said.
Yum is expected to report its third-quarter earnings before the bell on Nov 4.
Watch the video to learn more about why Taco Bell is betting on drinks. More

Retail executives said consumers are hunting for deals this holiday season amid tariff pressures and pricing concerns.
Companies are rolling out holiday campaigns earlier and tweaking how they offer discounts.
Kohl’s and Academy Sports and Outdoors are among the retailers that said they’re seeing consumers trade down or pull back.

There’s just two months until Christmas Eve, and retailers are meeting a more cautious shopper with earlier offerings.
Most retailers won’t report third-quarter results or updated holiday expectations until just before Thanksgiving, largely considered the sector’s most important week of the year. By then, many shoppers will have already started checking off holiday shopping lists.

Amazon’s October Prime Day sales event and competitors’ ever-earlier Black Friday deals grab some portion of the holiday wallet share. The unofficial kickoff to the holiday shopping season comes as executives point to a bifurcation in consumer spending, with lower-income consumers feeling the strain on their budgets, and as a government shutdown and tariff costs threaten purchasing power.
Kohl’s is among the retailers chasing holiday shopping early with hopes of boosting the total haul.
“We want to make sure we’re driving that early consideration knowing that they’re shopping early,” Kohl’s Chief Marketing Officer Christie Raymond said at a media event earlier this month.
The off-mall department store is starting its holiday marketing campaign next week, a week earlier than last year, when it waited until after the election. In the coming days it will be breaking out the rest of the holiday merchandise not already set out in stores.
A key part of Kohl’s holiday strategy is to capture shoppers not only early, but often.

Raymond said during the last holiday season, between November and January, shoppers made “15 plus trips” on average to stores across the industry, but checked out with smaller baskets. Those findings were based on a survey that Kohl’s conducted with a third-party research firm.
“[Consumers are] doing the work to get what they want at the price they want to pay,” she said.
While Academy Sports and Outdoors CEO Steve Lawrence agreed that shoppers are savvy when it comes to price monitoring, he said he expects customers “to aggregate their spending around those key shopping moments on the calendar where they know they can get the best deals.”
Both Kohl’s and Academy Sports cater largely to a middle-income shopper. Still, Lawrence said consumers are paying close attention to discount events.
“If we run the same promotion this year that we ran last year, there’s higher take rate on it,” he said. “I think that’s a sign customers are really savvy, and they’re figuring out when it’s the right time to shop.”

Shifting shopping habits

Lawrence said that while promotions are part of every holiday season’s playbook, Academy Sports will be tweaking how it runs discounts this year in light of higher engagement with the deals.
“If last year we ran a promotion for 10 days, maybe I only run it for 4 days over the Thanksgiving weekend,” he said. “Maybe instead of having a whole brand promoted, maybe it’s only the key categories within that brand, right? Or maybe in some cases, it might be promoting at a slightly lower discount.”
Raymond said Kohl’s is seeing shoppers reaching for lower-price options and expects that to continue during the holiday season.
“Customers maybe were purchasing a premium brand, but we are seeing them trading down to private brands,” she said. “We think we’re in actually a great position to capitalize on that.”
A private brand is one made for and sold by only one retailer, allowing for more control over design and, importantly, cost. That can mean lower prices for shoppers and higher margins for the retailer than a national brand.

Shoppers carry Macy’s and Nordstrom bags at Broadway Plaza in Walnut Creek, California, US, on Monday, Dec. 16, 2024. The Bureau of Economic Analysis is scheduled to release personal spending figures on December 20.
David Paul Morris | Bloomberg | Getty Images

While Kohl’s doesn’t disclose the proportion of its sales that are private label, Chief Merchandising Officer Nick Jones said it’s not as high as it used to be, adding there’s opportunity to boost that share this holiday season, particularly for shoppers trying to stretch their wallets.
About 23% of Academy Sports business is private label, the company has said.
“In a lot of cases, [our private label] is our best expression of value,” Lawrence said. “Our goal is to be at or better than the best price on a given day.”
However, Lawrence said, innovation has to continue to inspire sales.

‘Cautiously optimistic’

The retail industry has repeatedly described its customer in recent quarters as “choiceful,” to indicate thoughtful spending, but also “resilient.” Executives continue to use those descriptors, or synonyms for them, for the upcoming holiday season.
“I think certainly with inflation in certain categories, it’s put some pressure on spending power,” Lawrence said. “But you know, what we’ve also seen is customers are very resilient. They do come out during the key shopping time periods. They came out for Mother’s Day, Father’s Day, back-to-school. We expect they’re going to come out again for holiday.”
Dick’s Sporting Goods Executive Chairman Ed Stack told CNBC this week he thought the consumer was “a little bit stressed” this season, but that he’s “cautiously optimistic.”
“If you’re going to provide value to the consumer, and they can see that, feel that value — and I’m not talking about from a price standpoint, could be innovation … then they are going to come and they are going to buy,” Stack said.
Executives for all three retailers agree inventory positions for holiday will be normal, despite tariff uncertainty that many feared would affect order volumes. None of the three were expecting merchandise shortages.
“I don’t think [inventory availability] is going to be any different than it has been in the past,” Stack said. “That really super hot item that everybody wants? That’s probably going to be in short supply, like it is every year.” More

General Motors laid off more than 200 salaried employees on Friday, as the automaker continues to cut costs.
The job cuts were primarily Computer-Aided Design, or CAD, engineers who worked at the company’s global tech campus in metro Detroit, according to GM.
The layoffs come days after the Detroit automaker raised its 2025 financial guidance.

The headquaters of US auto company General Motos (GM) in Detroit, Michigan.
Uli Deck | Picture Alliance | Getty Images

DETROIT – General Motors laid off more than 200 salaried employees on Friday, as the automaker continues to reevaluate its businesses and cut costs to boost profits.
The impacted employees were largely Computer-Aided Design, or CAD, engineers who worked at the company’s global tech campus in metro Detroit, according to GM.

“We’re restructuring our design engineering team to strengthen our core architectural design engineering capabilities,” GM said in an emailed statement. “As a result, a number of CAD execution roles have been eliminated. We recognize the efforts and accomplishments of the impacted team members, and we thank them for their contributions.”
GM declined to comment on the number of employees affected, but a source familiar with the matter confirmed to CNBC that it was more than 200 employees, which was first reported by Bloomberg News. The person spoke anonymously because the number had not yet been made public.
The employees were told their roles were being eliminated due to “business conditions” and not their performance via Microsoft Teams calls on Friday, the source said.
The Detroit automaker has been regularly reviewing its business units and organizations for years in an effort to cut costs, boost profits and eliminate what it considers unneeded or overstaffed roles for future operations.
The most recent layoffs represent a small percentage of the automaker’s salaried workforce, but continue a trend of white-collar U.S. headcount reductions. GM’s U.S. salaried headcount fell from 53,000 in 2023 to 50,000 to end last year.

GM’s layoffs also come a day after all-electric vehicle maker Rivian laid off roughly 4.5% of its workforce, or more than 600 people, to restructure some teams as the EV market faces growing challenges amid policy changes and slower-than-expected demand.
The most recent cuts come as President Donald Trump touted on social media Friday that Ford Motor and GM are “UP BIG on Tariffs” amid tariff changes last week for heavy- and medium-duty trucks, which he referred to as “Big and Midsized Trucks.”
While both Ford and GM, including CEO Mary Barra, this week praised the tariff changes, which also included extending offsets on U.S.-produced vehicles, the automakers are still seeing additional cost burdens from the levies. These changes are simply helping to lower those added costs.
The layoffs come days after GM raised its 2025 financial guidance Tuesday as it beat Wall Street’s top- and bottom-line earnings expectations for the third quarter, causing the stock to have its second-best day on the market since its 2009 emergence from bankruptcy.
Shares of GM are up more than 29% this year, while Ford’s stock is up roughly 38%. Both hit new 52-week highs on Friday. More

Investment firms of the ultra-wealthy have adopted a bearish stance since President Donald Trump’s tariff announcement in April, according to a recent survey by RBC Wealth Management and Campden Wealth.
A majority of family offices said cash would offer the best return over the next 12 months, while a third said the same of artificial intelligence.
Though U.S. markets have rebounded to record highs since the spring, other top concerns from family offices remain, including around dollar depreciation and the private equity slowdown.

Compassionate Eye Foundation/david Oxberry | Digitalvision | Getty Images

A version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox.
Family offices have been investing with more caution since President Donald Trump’s tariff announcement in early April, according to a recent survey released by RBC Wealth Management and research firm Campden Wealth.

In a poll of 141 investment firms of ultra-wealthy families in North America, the majority (52%) of respondents said cash and other liquid assets would offer the best returns over the next 12 months. More than 30% said artificial intelligence would offer the best returns. Respondents could pick multiple answers.
In last year’s survey, growth equities and defense industries were the most popular choices, each tallying just under a third of respondents.
Family offices also lowered their expectations for 2025 returns, reporting an average expected portfolio return of 5% for the year, down from 11% in 2024. Fifteen percent of respondents said they expected negative returns, while nearly none did the year prior. The most popular investment priority for 2025 was improving liquidity, which was selected by nearly half of family offices. Last year’s top choice, at 34%, was portfolio diversification.
The survey was conducted from April through August. RBC Wealth Management’s Bill Ringham said that tariff-induced market turmoil and geopolitical tensions played a “pivotal role” in the pessimistic poll results.

While U.S. markets have rebounded to record highs since the spring, family offices still have other reasons to be bearish. A whopping 52% of survey respondents cited depreciation of the U.S. dollar as a likely market risk. The dollar has dropped by nearly 9% since the beginning of the year, and banks including UBS expect depreciation to continue.

The slowdown in exits for private equity and venture capital — a common complaint from family offices, per the report — continues to drag on. Nearly a quarter of respondents said private equity funds have not met their expected investment returns for 2025, and 15% said the same of private equity direct investments. Venture capital scored the lowest net sentiment, with 33% of respondents reporting unsatisfactory returns.
That said, family offices are flocking to cash not only to mitigate risk, but also to make opportunistic bets in the future, Ringham said.
“They’re taking a much longer vision of their legacy and their family,” said Ringham, who directs private wealth strategies for RBC’s U.S. arm. “By doing this, they’re probably creating the capital to take advantage of opportunities as they see them coming through in the market.”

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This cautious optimism can be seen in the respondents’ intended asset allocation changes, he said. Only a net 3% of family offices plan to increase their allocation to cash and liquid assets, compared to 20% for direct private equity investments, and 13% for private equity funds.
Investing in private markets is a necessity to create enough wealth to beat inflation and accommodate a growing family, Ringham said.
“When family offices are putting together portfolios, they’re obviously looking at time horizons that can last much longer than individuals that don’t have this type of legacy wealth. I mean, we’re looking at 100 years to 100 years plus,” he said. “If you’re taking the long view, even though you might realize that private equity hasn’t been performing that well over the past couple years, it’s still a place where historical returns might have exceeded returns that you might find elsewhere.”

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Procter & Gamble reported fiscal first-quarter earnings and revenue that beat Wall Street expectations.
CEO Jon Moeller noted a “challenging consumer and geopolitical environment.”
P&G is seeing a bifurcation in how consumers are shopping, based on their incomes, often described as a “K-shaped” economy.

Procter & Gamble on Friday reported fiscal first-quarter earnings and revenue that beat analysts’ expectations, lifted by higher demand for its beauty and grooming products.
Despite higher costs from tariffs and what CEO Jon Moeller called a “challenging consumer and geopolitical environment,” P&G reiterated its forecast for all-in sales and earnings for the fiscal year, which began in July.

Shares of the company rose 4% in premarket trading.
Here’s what the company reported for the quarter ended Sept. 30 compared with what Wall Street was expecting, based on a survey of analysts by LSEG:

Earnings per share: $1.99 adjusted vs. $1.90 expected
Revenue: $22.39 billion vs. $22.18 billion expected

P&G reported fiscal first-quarter net income attributable to the company of $4.75 billion, or $1.95 per share, up from $3.96 billion, or $1.61 per share, a year earlier.
Excluding items, including costs associated with incremental restructuring, the consumer giant earned $1.99 per share.
Net sales rose 3% to $22.39 billion. Organic sales, which strips out the impact of acquisitions, divestitures and foreign currency, increased 2% in the quarter

Though revenue metrics were higher, P&G’s volume was flat compared with the year-ago period. Volume excludes pricing, which makes it a more accurate reflection of demand than sales. Like many consumer companies, P&G has seen demand for some of its products fall as inflation-weary consumers seek out deals.

‘K-shaped’ shopping

“The consumer environment is not great, but stable,” CFO Andre Schulten said on a call with media, adding that shoppers have behaved similarly in the last few quarters.
In the United States, the company’s largest market, consumption across P&G’s broad swath of products has slowed “a little bit,” according to Schulten. Like Coca-Cola, P&G is seeing a bifurcation in how consumers are shopping, based on their incomes, often described as a “K-shaped” economy.
Shoppers who are less cash constrained are buying bigger pack sizes from mass and online retailers, Schulten said.
“That’s their way to look for value,” he said.
But U.S. consumers living paycheck to paycheck are looking to stretch their money further by using every bottle of detergent or shampoo to the last drop and exhausting their pantry inventory before shopping for more, according to Schulten.

Boxes of Tide Pods dishwasher detergent are displayed at a Costco Wholesale store on July 12, 2025 in San Diego, California.
Kevin Carter | Getty Images News | Getty Images

P&G reported Friday that volume for both its health care and fabric and home care divisions, which includes Tide and Swiffer, fell 2% during the quarter.
The company’s baby, feminine and family care segment reported flat volume for the quarter. That division includes brands like Pampers and Tampax.
P&G’s beauty business was a bright spot. The division, which includes brands like Olay and SK-II, reported volume growth of 4% and overall sales growth of 6%.
And P&G’s grooming business, which includes Gillette and Venus razors, saw volume rise 1% in the quarter for a sales increase of 5%.
For fiscal 2026, the company is now projecting that President Donald Trump’s tariffs will result in $400 million in after-tax costs, down from its prior outlook of $800 million. When P&G originally formulated its forecast, it had included retaliatory tariffs on Canada, which have since been rescinded. As a result, the company is now planning to raise prices less than expected, Moeller said on CNBC’s “Squawk Box” on Friday morning.
However, Trump said on Thursday evening that he is terminating all trade talks with Canada over a TV ad, which could mean higher costs ahead for P&G.
P&G also reiterated its fiscal 2026 forecast of sales growth between 1% and 5% and earnings per share in the range of $6.83 to $7.09. More

Carmelo Anthony said that NBA stars feel the pressure from the rise of sports betting.
The Hall of Famer said gambling impacts how players are perceived by fans.
Anthony’s comments come after Portland Trailblazers head coach Chauncey Billups and Miami Heat guard Terry Rozier were separately arrested following investigations into alleged insider bets on basketball games.

Hall of Fame basketball player Carmelo Anthony said Thursday, in the wake of bombshell indictments detailing illegal NBA betting, that the rapid rise of sports gambling is putting growing pressure on today’s athletes.
Speaking with CNBC Sport, the former New York Knicks star said the betting culture “mentally affects” players.

“They may say they don’t care … but they care about it, because it affects them,” he said.
On Thursday, FBI Director Kash Patel announced Portland Trailblazers head coach Chauncey Billups and Miami Heat guard Terry Rozier were separately arrested following investigations into alleged insider bets on basketball games. Anthony was not involved in the case.
The 10-time NBA All-Star, who retired in 2023 and now works as a broadcaster for NBC, said he’s concerned about how gambling is “changing the narrative of the game.”
“Just because you bet on 25 points, and I got 22 points, now you look at me differently. Now I’m losing my skill set,” he said.
Anthony spoke to CNBC from Baltimore, Maryland, where he’s on hand for the opening of The House of Melo exhibit at the Enoch Pratt Free Library that will chronicle his career.

Anthony added that he expects consequences to follow the latest allegations.
“There needs to be some ramifications around what’s going on. I’m sure the powers that be are looking into that,” he said.
Disclosure: Comcast is the parent company of NBCUniversal, which owns CNBC. Versant would become the new parent company of CNBC upon Comcast’s planned spinoff of Versant.

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