• For the January-March quarter, net sales at the Procter & Gamble Company (P&G) rose 2% to $20.6 billion. In the US market, P&G held or grew value share in businesses representing two-thirds of sales.
“We delivered another quarter of steady progress,” said Bob McDonald, former chairman, president and chief executive officer who recently retired (for more on this personnel change, see p. 124). “Top-line growth was in line with our expectations. Market shares improved broadly.”
McDonald said strong cost savings enabled P&G to exceed its bottom line expectations, and the company expects to repurchase $6 billion in stock, which is at the high end of its estimated range. P&G is maintaining its organic sales growth guidance of 3-4% for the fiscal year, which ends June 30, 2013.