10.19.21
The Procter & Gamble Company (P&G) reported net sales of $20.3 billion for the first quarter fiscal year 2022, an increase of five percent versus the prior year. Excluding the impacts of foreign exchange, acquisitions and divestitures, organic sales increased four percent.
Grooming segment organic sales increased four percent versus year ago. Shave Care organic sales increased mid-single digits due to pricing and positive mix from premium innovation. Appliances organic sales decreased mid-single digits. Positive mix was more than offset by a volume decline versus a base period which benefited from increased consumption due to COVID.
The Health Care, Fabric and Home Care, and Baby, Feminine and Family Care segments also experienced single-digit gains in organic sales.
“We delivered solid results in our first quarter of fiscal 2022 in a challenging cost and operating environment,” said David Taylor, chairman, president and CEO. “These results keep us on track to deliver our top-line, bottom-line and cash targets for the fiscal year. We remain focused on executing our strategies of superiority, productivity, constructive disruption and continually improving P&G’s organization structure and culture.”
The company continues to expect fiscal year 2022 all-in sales growth in the range of two to four percent versus the prior fiscal year. The company also maintained its outlook for organic sales growth in the range of two to four percent.
Business Segments
Beauty segment organic sales increased two percent versus year ago. Hair Care organic sales increased low single digits due to pricing and favorable mix from premium innovation in treatments and conditioners. Skin and Personal Care organic sales increased low single digits primarily driven by pricing and higher volumes, partially offset by negative geographic mix.Grooming segment organic sales increased four percent versus year ago. Shave Care organic sales increased mid-single digits due to pricing and positive mix from premium innovation. Appliances organic sales decreased mid-single digits. Positive mix was more than offset by a volume decline versus a base period which benefited from increased consumption due to COVID.
The Health Care, Fabric and Home Care, and Baby, Feminine and Family Care segments also experienced single-digit gains in organic sales.
“We delivered solid results in our first quarter of fiscal 2022 in a challenging cost and operating environment,” said David Taylor, chairman, president and CEO. “These results keep us on track to deliver our top-line, bottom-line and cash targets for the fiscal year. We remain focused on executing our strategies of superiority, productivity, constructive disruption and continually improving P&G’s organization structure and culture.”
The company continues to expect fiscal year 2022 all-in sales growth in the range of two to four percent versus the prior fiscal year. The company also maintained its outlook for organic sales growth in the range of two to four percent.