Sometimes, a little is more than enough. Procter & Gamble’s fiscal 2013 sales rose just 1% to $84.2 billion, but the modest gain, driven in part by fabric and home care product sales, beat Wall Street estimates.
The company said that unit volume growth contributed 2% to sales growth, and pricing added 1%. Unfavorable foreign exchange reduced net sales by 2%. Organic sales increased 3%, with all segments growing organic sales.
“The company met its objectives for the fourth quarter and fiscal year, and we will build on these results in fiscal 2014,” said chairman, president and CEO, A.G. Lafley. “With an overriding focus on value creation, we will strengthen and accelerate productivity plans. We will continue to make choiceful investments in core brands, our biggest innovation opportunities, and in our core developed and most promising developing markets. In all we do, we will stay focused on winning with consumers, customers and shareholders.”
By category, beauty care sales fell 2% to $19.9 billion, grooming sales fell 4% to $8.0 billion, health care sales rose 3% to $12.8 billion, fabric and home care sales increased 1% to $27.4 billion, and baby and family care sales increased 2% to $16.7 billion.