Procter & Gamble reported flat sales for the second quarter of 2014. Sales remained steady at $22.3 billion including a negative three percentage point impact from foreign exchange. Organic sales grew 3% while diluted net earnings decreased 15% versus a base period that included a gain related to the company’s purchase of a baby and feminine care venture in Iberia.
“P&G’s second quarter results came in as we expected,” says chairman, president, and CEO A.G. Lafley. “We’re on-track to deliver our objectives of 3-4% organic sales growth and 5-7% core EPS growth for the fiscal year. We expect strong earnings growth in the second half of the fiscal year driven by solid top-line growth, moderating headwinds from foreign exchange and productivity savings that build throughout the year.”
Sales within baby, feminine and family care increased 3% behind innovation and baby care market growth in developing regions.