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.
Kenvue also noted that "private label" penetration in the consumer health product market was stable for the quarter.
Those spending trends could bode well not only for Kenvue, but also for other companies in the consumer health, beauty and beverage spaces that may not see consumers trade down to cheaper products as often despite stubbornly high prices.
RBC Capital analyst Nik Modi expressed confidence in Kenvue's ability to "maintain its momentum," highlighting consumer trust in the company's brands and health and personal care products overall.
Meanwhile, Kenvue has gained market share, and could potentially continue to do so despite the broader environment, he noted.
Persons:
Thibaut Mongon, Johnson, Mongon, Kenvue, bode, we've, Nik Modi, Modi
Organizations:
Kenvue Inc, New York Stock Exchange, CNBC, Johnson, J, RBC Capital
Locations:
Kenvue