Procter & Gamble beat Wall Street's estimates for its quarterly earnings and revenue. The company's volume rose 1% in its fiscal second quarter as demand for household staples like toilet paper and cleaning products rose.

Procter & Gamble stock rose in premarket trading Tuesday after the consumer-staples company reported fiscal second-quarter sales and earnings that surpassed Wall Street expectations. Shares of Procter & Gamble were up 3% to $166.

More consumers are purchasing goods in bulk, the retailer says. It's one way shoppers are coping with lingering inflation anxieties.