Organic sales up for P&G

The Procter & Gamble Company reported first quarter fiscal year 2014 diluted net earnings per share of $1.04, up eight percent versus the prior year. Core earnings per share were $1.05, a decrease of one percent versus the prior year. On a currency-neutral basis, core earnings per share increased eight percent for the quarter. 

Net sales were $21.2 billion, an increase of two percent, including a negative two percentage point impact from foreign exchange. Organic sales grew four percent for the quarter. 

“P&G’s first quarter results were consistent with our plans and expectations, putting us on track to deliver our goals for the fiscal year,” said Chairman, President, and Chief Executive Officer A.G. Lafley. 

He continued, “We have good market share momentum, a number of strong innovations coming to market over the balance of the year, and cost savings from productivity efforts that will continue to build. We remain focused on driving innovation and productivity. We continue to improve operating discipline and execution every day to create value for consumers and shareowners.” 

Net sales increased two percent to $21.2 billion in the July – September quarter, including a negative two percentage point impact from foreign exchange. Organic sales grew four percent. Organic sales were in-line or higher versus the prior year in all reporting segments. Organic volume also grew four percent. Pricing was unchanged versus the prior year. 

Beauty segment organic sales increased one percent driven by innovation in Hair Care, Deodorants, Cosmetics and Personal Cleansing, coupled with market growth. This was partially offset by a decrease in Skin Care sales and unfavorable geographic and product mix. 

Grooming segment organic sales increased one percent due to higher pricing and innovation on Blades & Razors and Appliances, which were partially offset by unit volume market contraction in developed regions.