10.19.22
Procter & Gamble’s net sales in the first quarter of fiscal year 2023 were $20.6 billion, a 1% increase versus the prior year. Unfavorable foreign exchange had a 6% impact on net sales. Organic sales, which exclude the impacts of foreign exchange and acquisitions and divestitures, increased 7%. The organic sales increase was driven by a 9% increase from higher pricing and a 1% increase from positive product mix, partially offset by a 3% decrease in shipment volumes.
“We delivered solid results in our first quarter of fiscal 2023 in a very difficult cost and operating environment,” says Jon Moeller, chairman of the board, president and chief executive officer. “These results enable us to maintain our guidance ranges for organic sales and EPS growth for the fiscal year despite continued significant headwinds. We remain committed to our integrated strategies of a focused product portfolio, superiority, productivity, constructive disruption and an agile and accountable organization structure. These strategies have enabled us to build and sustain strong momentum. They remain the right strategies to navigate through the near-term challenges we’re facing and continue to deliver balanced growth and value creation.”
Baby, Feminine and Family Care segment organic sales increased 6% versus year ago. Baby Care organic sales increased mid-single digits due to increased pricing, partially offset by volume declines including portfolio reduction in Russia. Feminine Care organic sales increased double digits driven by increased pricing and positive geographic mix, partially offset by volume declines due to portfolio reduction in Russia. Organic sales grew in all regions. Family Care organic sales increased low single digits due to increased pricing, partially offset by lower market volumes and soft market share.
“We delivered solid results in our first quarter of fiscal 2023 in a very difficult cost and operating environment,” says Jon Moeller, chairman of the board, president and chief executive officer. “These results enable us to maintain our guidance ranges for organic sales and EPS growth for the fiscal year despite continued significant headwinds. We remain committed to our integrated strategies of a focused product portfolio, superiority, productivity, constructive disruption and an agile and accountable organization structure. These strategies have enabled us to build and sustain strong momentum. They remain the right strategies to navigate through the near-term challenges we’re facing and continue to deliver balanced growth and value creation.”
Baby, Feminine and Family Care segment organic sales increased 6% versus year ago. Baby Care organic sales increased mid-single digits due to increased pricing, partially offset by volume declines including portfolio reduction in Russia. Feminine Care organic sales increased double digits driven by increased pricing and positive geographic mix, partially offset by volume declines due to portfolio reduction in Russia. Organic sales grew in all regions. Family Care organic sales increased low single digits due to increased pricing, partially offset by lower market volumes and soft market share.