Poor Q4 sales impact otherwise solid YoY results for P&G
The Procter & Gamble Company has reported a mixed bag of results for the fiscal year ending 30 June 2009. The consumer goods giant’s net sales decreased 3% to $79.9bn, with organic sales – excluding the impact of acquisitions, divestitures and foreign exchange – up 2%. Within P&G’s beauty business, net sales decreased 4% to $18.8bn.
The Procter & Gamble Company has reported a mixed bag of results for the fiscal year ending 30 June 2009. The consumer goods giant’s net sales decreased 3% to $79.9bn, with organic sales – excluding the impact of acquisitions, divestitures and foreign exchange – up 2%. Within P&G’s beauty business, net sales decreased 4% to $18.8bn.
Net sales results for the year were negatively impacted by those from the April-June quarter, which slumped 11% to $18.7bn, a result of the strengthening of the US dollar against key foreign currencies, which reduced the figure by 9%.
However the company did post a positive diluted net eps figure of $4.26, which was not only above the expected range of $4.20 to $4.25, but a YoY increase of 17%.
“In fiscal 2009 and particularly in the fourth quarter, P&G faced one of the most difficult macroeconomic environments in decades,” commented chairman of the board A G Lafley. “In fiscal 2010, we will accelerate investments in innovation, portfolio expansion and consumer value to grow our core business and to serve more consumers in both developed and developing markets.”
P&G says that it expects organic sales growth of 1% to 3% in 2010.