The Procter & Gamble Company reported second quarter net sales of $22.3 billion for the three months ended Dec. 31, 2013 were unchanged versus the prior year period, according to the company.
“P&G’s second quarter results came in as we expected,” said chairman, president CEO A.G. Lafley. “We’re on-track to deliver our objectives of 3-4% organic sales growth and 5-7% core EPS growth for the fiscal year. We expect strong earnings growth in the second half of the fiscal year driven by solid top-line growth, moderating headwinds from foreign exchange, and productivity savings that build throughout the year.”
In fiscal Q2, beauty segment organic sales were unchanged at $5.3 billion. Gains from market growth and innovation in prestige, hair care, deodorants and personal cleansing were offset by geographic and product mix and a decrease in skin care sales.
Grooming segment organic sales increased 3% to $2.1 billion as higher prices on blades and razors and appliances were partially offset by market contraction in developed regions and geographic and product mix. Organic health care sales grew 5% to $2.3 billion due to increases in oral care and personal health care. Fabric care and home care segment organic sales increased 4% to $6.9 billion, due to innovation and market expansion in developing regions, according to P&G. Organic sales within the baby, feminine and family care category increased 3% to $5.6 billion behind product innovation and baby care market growth in the developing regions.
P&G expects organic sales growth of 3-4% for the fiscal year.