P&G Reports Quarter, Year Results

Procter & Gamble reported its sales increased 2% to $9.66 billion for the fourth quarter ended June 30. Earnings were $516 million.

For the full year, sales grew to $39.95 billion and earnings increased to $4.2 billion. Fiscal year earnings grew due to volume and sales progress partially offset by higher spending behind new initiatives, according to company executives.

The company’s fabric and home care division delivered strong sales growth for the fiscal year, spurred by the introduction of new brands and solid base business performance in North America and Northeast Asia. Beauty care sales were flat at $7.39 billion.

For fiscal year 2001, company executives estimate July-September earnings to be flat compared to the same period last year. Earning growth is expected to accelerate in October-December and return to double-digit growth rates in the second half of the year.