THE WHAT? Procter & Gamble has reported its results for the first quarter of fiscal 2023. In the three months to September 30, 2022, net sales hit US$20.6 billion, up a flat 1 percent on the prior-year period. Net earnings per share were down US$1.57, down 2 percent on the previous year.
THE DETAILS Unfavorable foreign exchange has a six percent impact on net sales, the US FMCG manufacturer said, although all categories saw volume drop. The organic sales increase of 7 percent was driven by a 9 percent increase from higher pricing and one percent increase from positive product mix, partially offset by a three percent decrease in shipment volumes.
Beauty saw organic sales rise 4 percent versus the equivalent period in 2022 with skin and personal care organic sales up in the mid-single digits, offset by the decline of SK-II. Hair care organic sales increased in the mid-single digits.
THE WHY? Jon Moeller, Chairman of the Board, President and Chief Executive Officer, commented, “We delivered solid results in our first quarter of fiscal 2023 in a very difficult cost and operating environment. These results enable us to maintain our guidance ranges for organic sales and EPS growth for the fiscal year despite continued significant headwinds. We remain committed to our integrated strategies of a focused product portfolio, superiority, productivity, constructive disruption and an agile and accountable organization structure. These strategies have enabled us to build and sustain strong momentum. They remain the right strategies to navigate through the near-term challenges we’re facing and continue to deliver balanced growth and value creation.”
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