Procter & Gamble reported 4% sales growth for the October-December quarter when sales reached $22.1 billion. Growth was driven by higher volumes and pricing actions, partially offset by a favorable geographic product mix. All six business segments saw sales rise compared to the prior year period.
“We continue to make progress against our key business priorities in a difficult macroeconomic environment,” says chairman of the board, president and CEO Bob McDonald. “We delivered solid top-line growth and continued to accelerate productivity improvements to drive down costs. With the easing of commodity cost comparisons during the next two quarters, continued solid top-line growth and cost savings progress, we expect operating profit growth to accelerate in the second half of the fiscal year.”
Baby care and family care sales grew 6% to $4.2 billion driven by higher pricing. Volume was inline with the prior year for the entire category, while baby care volumes increased in the mid-single digit behind market size growth. Expansion in developing regions partially offset market contraction in developed regions.
Fabric and home care net sales increased 5% to $6.6 billion on higher pricing.
P&G says sales are up