Procter & Gamble sees runway on productivity growth over next few years

Expects "steady return" of productivity to pre-Covid levels. Says there are still many headwinds the company is working against through next fiscal year. Says wage, benefit costs continue to increase. Says elasticities of demand "remain favorable." Says Europe "continues to be a high pressure environment." Says not seeing Chinese shoppers return to travel retail. Expects FY freight costs to be approximately in-line with prior year. Says raised prices in U.S., Europe, in February and March. Expects volume declines to continue in Q4. Expects volume improvement "slowly over time, but not overnight."