The Procter & Gamble Company reported a 1% increase in fiscal 2014 net sales to $83.1 billion. However, for the April – June 2014 quarter, net sales fell 1% to $20.2 billion.
In other news, the company is looking to downsize some of its brands in an effort to cut costs, according to reports
“P&G delivered top and bottom line commitments for the fiscal year,” said Chairman, President, and Chief Executive Officer A.G. Lafley. “We met our objectives in a very difficult operating environment, delivered strong constant currency earnings growth, and built on our strong track record of cash returns to shareholders. Still, we have more work to do to deliver the profitable sales growth and strong cash productivity we are capable of delivering. We will discuss our going-forward strategy and plans to further strengthen our results during our earnings call this morning.”
For 2014, beauty segment organic sales were flat with gains from market growth and product and commercial innovation in hair care, deodorants and personal cleansing offset by sales decreases in salon professional and skin care from competitive activity and market contraction.
Grooming segment organic sales increased 3% due to higher pricing and innovation on blades & razors and appliances, which was partially offset by negative geographic and product mix from disproportionate growth in developing markets and disposables.
Health care percent due to growth in oral care from innovation, geographic market expansion and market growth, and in personal health care, where innovation and market expansion more than offset a lower cough and cold season.
Fabric care and home care segment organic sales increased 4% with growth across each business. Fabric care was up behind new innovation and developing market growth. Home care grew sales behind new innovation in developed and developing markets. Personal power grew sales due to distribution expansion in developed regions and market growth in developing regions. Baby, feminine and family care segment organic sales increased 4%.
P&G expects organic sales growth in the low-to-mid single digit range in fiscal year 2015. Net sales growth is expected to be in the low single digit range, including a negative one-point impact from foreign exchange.