The Procter & Gamble Company (P&G) has reported second quarter fiscal year 2014 net sales of $22.3bn, unchanged versus the prior year period, including a -3% impact from foreign exchange. Organic sales grew 3%, while diluted net earnings per share were $1.18, a decrease of 15% versus a base period that included a $0.21 per share holding gain resulting from P&G’s purchase of the balance of its Baby Care and Feminine Care joint venture in Iberia. Core earnings per share were $1.21, a decrease of 1%.
“P&G’s second quarter results came in as we expected,” said Chairman, President and CEO AG Lafley. “We’re on-track to deliver our objectives of 3%-4% organic sales growth and 5%-7% core EPS growth for the fiscal year. We expect strong earnings growth in the second half of the fiscal year driven by solid top-line growth, moderating headwinds from foreign exchange and productivity savings that build throughout the year.”
In the company's Beauty segment, organic sales were unchanged. Gains stemmed from market growth and innovation in Prestige, Hair Care, Deodorants and Personal Cleansing, but were offset by geographic and product mix, and a decrease in Skin Care sales.
Its Grooming segment, meanwhile, saw organic sales increase 3% as higher pricing and innovation on Blades & Razors and Appliances were partially offset by market contraction in developed regions, and by geographic and product mix.