"First quarter adjusted net earnings per diluted share were in-line with expectations as lower spending and accretion from the recently acquired feminine care brands helped offset organic top-line softness," said Ward M. Klein, chief executive officer. "However, we were disappointed by the sluggish top-line performance within our Personal Care Division. We believe heightened promotional activity over the past year has adversely impacted first quarter consumer demand and overall category volumes.
“In addition, our results were negatively impacted by unfavorable global currencies, and pricing controls and import restrictions in certain Latin American countries. We believe that many of these unfavorable trends will continue at least through the first half of our fiscal year. Despite these headwinds, we remain committed to maintaining our planned investment levels in support of our brands," continued Klein.