04.26.16
The Procter & Gamble Company (P&G) reported third quarter fiscal year 2016 net sales of $15.8 billion, a decrease of 7% versus the prior year including a 5% negative impact from foreign exchange, a 2% impact from the Venezuela deconsolidation and a 1% impact from minor brand divestitures. Organic sales grew 1%. Core earnings per share were $0.86, a decrease of 3%, while currency-neutral core earnings per share were unchanged versus the prior year. Core operating profit margin increased 300 basis points driven primarily by productivity savings in gross margin.
“We continue to make progress on the transformations we are undertaking to return P&G to balanced top and bottom-line growth and maintain strong cash generation,” says president and CEO David Taylor. “We achieved a significant milestone this quarter in the transformation of the product portfolio with the sale of the Duracell business. We delivered another strong quarter of productivity improvement and cost savings, and we increased investments in innovation, advertising and selling to enhance our long-term prospects for faster, sustainable top-line growth and value creation.”
Baby, Feminine and Family Care segment organic sales were unchanged. Baby Care organic sales declined due to lower volume, mainly from competitive activity. Feminine Care organic sales increased driven by growth in adult incontinence and benefits from carryover pricing in developing markets. Family Care organic sales were unchanged.
“We continue to make progress on the transformations we are undertaking to return P&G to balanced top and bottom-line growth and maintain strong cash generation,” says president and CEO David Taylor. “We achieved a significant milestone this quarter in the transformation of the product portfolio with the sale of the Duracell business. We delivered another strong quarter of productivity improvement and cost savings, and we increased investments in innovation, advertising and selling to enhance our long-term prospects for faster, sustainable top-line growth and value creation.”
Baby, Feminine and Family Care segment organic sales were unchanged. Baby Care organic sales declined due to lower volume, mainly from competitive activity. Feminine Care organic sales increased driven by growth in adult incontinence and benefits from carryover pricing in developing markets. Family Care organic sales were unchanged.