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Net Sales Fall 4% at P&G

January 23, 2013

For the fiscal first quarter of 2013, the Procter & Gamble Company reported a 4% slip in net sales to $20.7 billion. However, P&G said it held or grew market share in businesses representing over 45% of sales in the July-September quarter, as measured on a constant currency value basis. In the US market, P&G held or grew value share in businesses representing nearly 60% of sales.

“Our first quarter results put us on track to deliver our commitments for the fiscal year. Results were at the high end of expectations on the top line and ahead of plan on operating profit, earnings per share and cash,” said Bob McDonald, chairman, president and chief executive officer. “We are continuing to focus on executing our growth and productivity strategy—maintaining momentum in developing markets, strengthening our core developed market business, building a strong innovation pipeline, and aggressively driving cost savings and productivity improvements. We’re confident that this strategy will enable P&G to generate superior levels of shareholder return in both the short- and long-term.”

In the Salon Professional and Prestige businesses, organic sales increased versus the prior year driven by strong innovation within the Wella, Dolce & Gabbana and Gucci brands. Hair care and beauty care sales were down on both an all-in and organic basis due to negative foreign exchange impacts and market share softness resulting from high levels of competitive activity.

Shave care organic sales increased versus the prior year as solid growth in developing markets behind Fusion ProGlide and Prestobarba innovation and market expansions were partially offset by market contraction in Western Europe.

Oral care organic sales grew as price and mix benefits more than offset lower volume levels in North America and Greater China; while fabric care organic sales increased low single digits due to positive pricing and product mix from initiatives such as Tide Pods in the US, home care delivered higher organic sales, led by growth of the Cascade, Dawn and Fairy dish care brands and Febreze and Ambi Pur air care brands. All-in sales were down in fabric care and in home care due to significant negative impact from foreign exchange.

P&G maintained its organic sales growth guidance in the range of 2-4% for the fiscal year.
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