Procter & Gamble reported its January-March sales were unchanged at $20.6 billion including a negative three percentage point impact from foreign exchange. Organic sales grew 3%, registering even or above year-ago levels in each reporting segments.
“P&G’s third quarter results came in as we had expected. This leaves us on track to deliver our top- and bottom-line growth objectives for the fiscal year,” said chairman, president, and CEO A.G. Lafley. “We’re operating in a slow-growth, highly competitive environment, which places even greater importance on strong innovation and productivity improvement. We’re delivering meaningful product innovations that are attracting more consumers to our brands. We’re making good progress on our productivity plans, with cost savings and enrollment reductions ahead of going-in targets for the year. We’re confident that the cumulative benefits from these innovations and productivity improvements will lead, over time, to improved value creation for consumers, customers and shareholders.”
Baby, feminine and family care sales increased 2% with baby care sales boosted by product innovation and market growth in developing regions and feminine care sales growing with developing market gains as well as value interventions in North America.