Thibaut Mongon, CEO of Kenvue Inc. a Johnson & Johnson’s consumer-health business, speaks during an interview to celebrate its IPO at the New York Stock Exchange (NYSE), May 4, 2023.
Brendan Mcdermid | Reuters
Most consumers have pulled back on spending as inflation squeezes their wallets, but they have not stopped paying up for brand-name health and personal care products, Kenvue CEO Thibaut Mongon said.
Mongon told CNBC on Thursday that consumers are still willing to spend on the company’s branded products – even as they reduce discretionary spending at retail stores and trade down on some essential items by changing their usual purchase size or switching brands for lower prices.
The Johnson & Johnson consumer spinoff Kenvue beat second-quarter revenue and adjusted earnings estimates on Thursday, fueled by resilient demand for the company’s wealth of widely known brands such as Band-Aid, Tylenol, Listerine, Neutrogena and Aveeno.
Still, the company’s stock price fell after J&J…
2023-07-21 16:30:47
Original from www.cnbc.com