The Procter & Gamble Company (P&G) reported third quarter fiscal year 2014 sales remained unchanged at $20.6 billion, unchanged versus the prior year period, while net income rose 2% to $2.61 billion.
“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 Chief Executive Officer 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.”
Beauty segment organic sales increased 2% from innovation in hair care, deodorants and personal cleansing. This was partially offset by a sales decrease in salon professional and skin care primarily in Asia. Growth in oral care sales from innovation, geographic market expansion and market growth was offset by decreases in personal health care. Fabric care and home care segment organic sales increased 6% with growth across each business.
The company continues to expect organic sales growth of 3%-4%.