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Growth In Developing Regions Drives P&G Sales

July 23, 2011

Procter & Gamble announced net sales growth of 10% for the April-June quarter to $21.3 billion and 9% net sales growth for the fiscal year to $83.5 billion.

Organic sales were up 5% for both the quarter and the fiscal year. Net sales in developing regions continued to grow at a double-digit rate.

Net earnings were up 33% for the quarter to $3 billion and 17% for the fiscal year to $12.1 billion. This marks the seventh year and 24th consecutive quarter in which P&G delivered top-line growth at or above the company's targets.

Quality of earnings growth was strong as operating profit increased 13% for the quarter and 11% for the fiscal year behind sales growth and operating margin improvement. Operating margin was up due to overhead productivity improvements and increased pricing, which combined more than offset a significant increase in commodity and energy costs.

In terms of full-year results, net sales in fiscal 2008 increased 9% to $83.5 billion behind 4% volume growth. Volume growth was driven by continued double-digit growth in developing regions. Net earnings grew 17% during the fiscal year to $12.1 billion behind sales growth, operating margin improvement and a lower tax rate.

Fabric Care and Home Care net sales increased 13% during the quarter to $6.1 billion. Volume grew 4% and was broad-based with growth in every region. Price increases added 4% to net sales and foreign exchange contributed 6% to sales growth.

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