10.29.15
The Procter & Gamble Company (P&G) reported first quarter fiscal year 2016. Sales fell 12% to $16.5 billion primarily to significant foreign exchange impacts.
Organic sales were flat in the Fabric Care and Home Care and Grooming segments, and declined low single digits in the remaining segments.
However, company leaders are optimistic for the rest of 2016.
“We delivered strong first quarter operating profit margin and free cash flow results,” said Chairman, President and Chief Executive Officer A.G. 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 continue to make strong progress on productivity savings, which will fuel smart investments in top-line growth. 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.”
Organic sales were flat in the Fabric Care and Home Care and Grooming segments, and declined low single digits in the remaining segments.
However, company leaders are optimistic for the rest of 2016.
“We delivered strong first quarter operating profit margin and free cash flow results,” said Chairman, President and Chief Executive Officer A.G. 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 continue to make strong progress on productivity savings, which will fuel smart investments in top-line growth. 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.”