THE WHAT? Procter & Gamble has announced its results for the third quarter of fiscal 2023. The US FMCG giant saw net sales rise 4 percent yoy (organic sales grew 7 percent) to hit US$20.1 billion. Diluted net earnings per share were US$1.37, up 3 percent versus the prior year period.
THE DETAILS In the three months to the end of March, the organic sales increase was driven by a 10 percent increase from higher pricing and a one percent increase from favorable product mix, partially offset by a three percent decrease in shipment volumes.
Indeed, all categories lost ground in terms of volume but reported healthy rises in organic sales with Beauty and Grooming both putting on 7 percent while Health Care and Fabric & Home Care gained 9 percent and Baby, Feminine and Family Care jumped 6 percent.
P&G raised its guidance for fiscal 2023 all-in sales to grow approximately one percent versus the prior fiscal year, from a prior guidance range of down one percent to in-line.
THE WHY? Jon Moeller, Chairman of the Board, President and Chief Executive Officer, reveals, “We delivered strong results in the third quarter of fiscal year 2023 in what continues to be a very difficult cost and operating environment. Our team’s strong execution of our strategies and our progress through three quarters enable us to raise our fiscal year outlook for sales growth and cash return to shareowners and maintain our guidance range for EPS growth despite continued cost and foreign exchange headwinds. We remain committed to our integrated strategies of a focused product portfolio of daily use categories where performance drives brand choice, superiority, productivity, constructive disruption and an agile and accountable organization structure. These strategies have enabled us to build and sustain strong momentum, and we’re confident they remain the right strategies to deliver balanced growth and value creation going forward.”
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