No gains are good news. Procter & Gamble said its first quarter results met expectations, as reported sales were flat at $20.8 billion and core earnings rose 2%. The company also announced that it would put its Duracell battery unit up for sale and that it had completed the sale of its pet food business.
“P&G’s first quarter results were in-line with our expectations, despite a very difficult operating environment,” said Chairman, President, and Chief Executive Officer A.G. Lafley. “This keeps us on-track to deliver our fiscal year commitments.
“We continue to accelerate and increase productivity savings, sharpen our strategies and strengthen our portfolio by focusing on our biggest opportunities," Lafley continued. "The pet care divestiture and exit of the battery business will allow us to further focus these efforts.”
By category, beauty, hair, and personal care segment organic sales were unchanged as pricing benefits from prior year increases across all business units were offset by lower volume in prestige. Grooming segment organic sales were unchanged as higher pricing and innovation on blades & razors and higher volume in appliances from innovation were offset by lower blades & razors volume in developed regions. Health care segment organic sales increased 6% behind innovation-driven volume growth in oral care and personal health care along with higher pricing in oral care.
Fabric care and home care segment organic sales were flat, but baby, feminine and family care segment organic sales increased 4% behind pricing, primarily in baby care, and positive sales mix, driven mainly by feminine care.