P&G reports net sales of $21.9 billion for the first quarter fiscal year 2024

Procter & Gamble (P&G) released its results for the first quarter fiscal year 2024. In the period between July and September, the North American multinational reported net sales of $21.9 billion, an increase of six percent versus the prior year.

Owner of brands such as Charmin, Bounty, Pampers and Always, the company announced its organic sales, which excludes the impacts of foreign exchange and acquisitions and divestitures, increased seven percent. Diluted net earnings per share were $1.83, an increase of 17% versus prior year. The performance was driven by a seven percent increase from higher pricing and one percent increase due to favorable product mix, partially offset by a one percent decrease in shipment volumes.

Organic sales in the baby, feminine and family care segment increased 7% versus year ago. In the Baby Care segment, there was mid-single-digit growth; in Feminine Care, the increase increased high single digits and in Family Care, sales increased in the mid-single digits.

 

“We delivered very strong results in the first quarter of fiscal year 2024, putting us on track to deliver towards the higher end of our fiscal year guidance ranges for organic sales and core EPS growth,” said Jon Moeller, Chairman of the Board, President and Chief Executive Officer, in a press release.

P&G reiterated its goals for the year, including earnings per share of between $6.25 and $6.43, and expected organic sales growth of between 4% and 5% for the year. Furthermore, he highlighted that it will have positive effects of US$800 million thanks to better commodity costs, as well as negative effects of US$1 billion due to the unfavorable foreign exchange.

“We remain committed to our integrated strategy of a focused product portfolio of daily use categories where performance drives brand choice, superiority — across product performance, packaging, brand communication, retail execution and consumer and customer value — productivity, constructive disruption and an agile and accountable organization. The P&G team’s execution of this strategy has enabled us to build and sustain strong momentum. We have confidence this remains the right strategy to deliver balanced growth and value creation,” concluded Moeller.