Financial News

First Quarter Slips at P&G

...

By: Tom Branna

First Quarter Slips at P&G

P&G’s first quarter sales in fiscal 2016 fell 12% to $16.5 billion primarily due to significant foreign exchange impacts. Organic sales were flat in the fabric care and home care and grooming segments, and declined by low single digits in the remaining segments. However, company leaders are optimistic about the rest of 2016.

“We delivered strong first quarter operating profit margin and free cash flow results,” said chairman, president and CEO AG Lafley. “Top-line results were soft, as expected, given significant foreign exchange impacts, our deliberate choices to exit unprofitable businesses and the early stage of the improvement plans we’re implementing in our largest categories and markets.”

“We expect second quarter organic sales growth to be positive and to further strengthen in the back half as we invest to build awareness and trial of our consumer-preferred products and brands,” Lafley stated in the report.

Keep up with the story. Subscribe to the Happi free daily
newsletter

Related Breaking News