Procter & Gamble (P&G) has reported “solid results” in its second quarter fiscal year report, despite “a very difficult cost and operating environment”.
For the three-month period ended 31 December, net sales fell 1% year-on-year to $20.8bn.
The company said unfavourable foreign exchange had a 6% impact on net sales, while an organic sales increase was driven by a 10% increase from higher pricing and a 1% increase from positive product mix.
In the company’s Baby, Feminine and Family Care segment – which includes toilet tissue, facial tissues and paper towels – net sales were down 1% to $5,065bn, while organic sales increased 4% versus a year ago.
Baby Care organic sales increased low single digits due, a result the company said was due to increased pricing, partially offset by volume declines from market contraction.
Feminine Care organic sales increased high single digits driven by increased pricing and positive geographic mix, partially offset by volume declines in emerging markets.
Family Care organic sales increased low single digits due to increased pricing, partially offset by lower volumes due to market contraction and market share softness.
Jon Moeller, Chairman of the Board, President and Chief Executive, said: “We delivered solid results in the second quarter of fiscal year 2023 in what continues to be a very difficult cost and operating environment.
“Progress against our plan fiscal year to date enables us to raise our sales growth outlook for fiscal 2023 and maintain our guidance range for EPS growth despite significant headwinds.
“We remain committed to our integrated strategies of a focused product portfolio, superiority, productivity, constructive disruption and an agile and accountable organisation structure.
“These strategies have enabled us to build and sustain strong momentum. They remain the right strategies to navigate through the near-term challenges we’re facing and continue to deliver balanced growth and value creation.”