P&G Announces Fourth Quarter and Fiscal Year 2023 Results

The Procter & Gamble Company (P&G) Procter & Gamble reported fiscal year 2023 net sales of $82 billion, an increase of 2% versus the prior year. Organic sales, which exclude the impacts of foreign exchange and acquisitions and divestitures, increased 7%. The organic sales growth was due to a 9% increase from higher pricing and a 1% increase from favorable mix, partially offset by a 3% decrease in shipment volumes.

The company reported fiscal year 2023 fourth quarter net sales of $20.6 billion, an increase of 5% versus the prior year. Organic sales, which exclude the impacts of foreign exchange and acquisitions and divestitures, increased 8%. The organic sales growth was due to a 7% increase from higher pricing and a 2% increase from favorable mix, partially offset by a 1% decrease in shipment volumes.

In the April-June 2023 quarter, Baby, Feminine and Family Care segment organic sales increased 9% versus year ago. Baby Care organic sales increased high single digits due to increased pricing and positive product mix, partially offset by lower volumes from increased pricing. Feminine Care organic sales increased double digits led by increased net pricing and positive product mix, partially offset by a volume decline. Family Care organic sales increased double digits due to volume growth and increased pricing.

“The April-June quarter provided a very strong finish to fiscal year 2023 – top-line growth, bottom-line growth, and cash generation,” said Jon Moeller, Chairman of the Board, President and Chief Executive Officer, noting that the company reached or exceeded all established goals, even in the face of a scenario of uncertainties.

For fiscal year 2024, P&G expects all-in sales growth in the range of 3% to 4% versus the prior year. Organic sales are expected to rise in the range of 4% and 5%. The company expects fiscal 2024 diluted net earnings per share growth in the range of 6% and 9%.