2023-08-03 16:59:04
P&G Reports Fiscal Year 2023 Net Sales of $82.0 Billion
2023-08-03 16:59:04
The Procter & Gamble Company (P&G) has reported its fourth quarter and fiscal year 2023 results.
April-June Quarter Results
The Company reported fiscal year 2023 fourth quarter net sales of $20.6 billion, an increase of five percent versus the prior year. Organic sales, which exclude the impacts of foreign exchange and acquisitions and divestitures, increased eight percent. The organic sales growth was due to a seven percent increase from higher pricing and a two percent increase from favorable mix, partially offset by a one percent decrease in shipment volumes.Beauty segment organic sales increased 11% versus year ago. Hair Care organic sales increased high single digits due primarily to increased pricing and positive product mix, partially offset by volume declines in Asia Pacific and Greater China. Skin and Personal Care organic sales increased low teens due to increased pricing, positive mix from the growth of the super-premium SK-II brand (versus a prior year period impacted by pandemic-related lockdowns) and volume growth from innovation.
Grooming segment organic sales increased eight percent versus year ago primarily due to higher pricing, partially offset by volume declines from increased pricing and trade disruptions in Europe. Health Care segment organic sales increased five percent for the quarter. Fabric and Home Care segment organic sales increased eight percent for the quarter. Baby, Feminine and Family Care segment organic sales increased nine percent versus year ago.
Fiscal Year 2023 Results
The Company reported fiscal year 2023 net sales of $82.0 billion, an increase of two percent versus the prior year.Organic sales, which exclude the impacts of foreign exchange and acquisitions and divestitures, increased seven percent. The organic sales growth was due to a nine percent increase from higher pricing and a one percent increase from favorable mix, partially offset by a three percent decrease in shipment volumes.
Fiscal 2024 Guidance
P&G expects fiscal year 2024 all-in sales growth in the range of three to four percent versus the prior year. Foreign exchange is expected to be a headwind of approximately one percentage point to all-in sales growth. The Company expects organic sales growth in the range of four to five percent.“As we look forward to fiscal 2024, we expect to deliver strong organic sales growth, EPS growth and free cash flow productivity – each in-line with our long-term growth algorithm, despite continued macroeconomic and geopolitical challenges,” commented Jon Moeller, chairman of the board, President and CEO. “We remain committed to our strategy – a focus on daily use categories where performance drives brand choice, superiority (of product, package, communication, go-to-market execution and value), productivity, constructive disruption, and an agile and accountable organization structure and culture – all in pursuit of sustainable, balanced growth and value creation.”
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