Kenvue(KVUE.US) beats expectations in Q2 despite soft consumer demand

Consumer health company Kenvue (KVUE.US) beat expectations in the second quarter, bucking the trend among peers. The company reported $4 billion in revenue, up 0.3% year-over-year, beating expectations; earnings per share of $0.32, beating expectations.

Organic sales rose 1.5% in the quarter, boosted by higher prices, versus a 1.1% decline forecast by the market.

Kenvue stood out among its peers, while Procter & Gamble (PG) fell short of Wall Street's expectations for quarterly sales. Consumers are cutting back on spending as they feel the pinch of the economy, but they are still spending on certain items.

The U.S. personal care business is dragging down Kenvue's sales. The business is struggling in a more competitive environment, with organic growth down 2.4% from the prior year.

Kenvue reiterated its full-year organic sales and adjusted earnings per share guidance.

As of the time of publication, Kenvue was trading up 5.06% at $19.11.