Consumer product powerhouse Procter & Gamble, Cincinnati, OH, reported fourth quarter earnings of $1.90 billion, up 36% from $1.39 billion in the year-ago quarter. Procter & Gamble's net sales, including the addition of Gillette, for the quarter were $17.84 billion, up 25% from $14.26 billion in the same period of last year.
According to the company, price increases together with a more premium product mix, driven by product initiatives and the impact of adding the Gillette business, boosted the company's quarterly results, which more than offset the negative mix impact of disproportionate growth in developing regions.
Fourth quarter unit volume grew 23% year-over-year, while organic volume increased 6%. During the quarter, the company's gross margin climbed 29% to $8.95 billion from $6.95 billion a year ago. Operating income for the period surged 37% to $2.95 billion from $2.16 billion in the previous year.