Procter & Gamble reported its first quarter sales were $20.7 billion, a 4% decrease compared to the prior year period. These results include a negative 6% impact from foreign exchange. The company continued to deliver broad-based organized sales growth with four of its five business segments increasing compared to the prior year.
“Our first quarter results put us on track to deliver our commitments for the fiscal year. Results were at the high end of expectations on the top line and ahead of plan on operating profit, earnings per share and cash,” says chairman, president and CEO Bob McDonald. “We are continuing to focus on executing our growth and productivity strategy—maintaining momentum in developing markets, strengthening our core developed market business, building a strong innovation pipeline, and aggressively driving cost savings and productivity improvements. We’re confident that this strategy will enable P&G to generate superior levels of shareholder return in both the short- and long-term.”
Within the baby care segment, organic sales increased 2% as higher pricing and strong growth in developing markets helped to offset contraction in developed regions.