Procter & Gamble (P&G) has reported net sales up 3% year-on-year to $21.4bn for the Q2 fiscal year 2024, as organic sales increase 4% driven by higher pricing.
During the period, the company’s Beauty segment’s organic sales increased 1% compared with a year ago, while the Skin and Personal Care division’s organic sales declined mid-single digits as volume declines and unfavourable mix due to lower sales of SK-II were partially offset by higher pricing.
The Personal Health Care division’s organic sales declined low single digits as volume declines and unfavourable mix due to market decline of respiratory products were partially offset by increased pricing.
Baby, Feminine and Family Care segment organic sales increased 3% versus year ago.
Jon Moeller, Chairman of the Board, President and Chief Executive, said: “We delivered strong results in the second quarter, enabling us to raise our core EPS growth guidance and maintain our top-line outlook for the fiscal year.
“We remain committed to our integrated strategy of a focused product portfolio of daily use categories where performance drives brand choice, superiority — across product performance, packaging, brand communication, retail execution and consumer and customer value — productivity, constructive disruption and an agile and accountable organisation.
“The P&G team’s execution of this strategy has enabled us to build and sustain strong momentum.
“We have confidence this remains the right strategy to deliver balanced growth and value creation.”
In December 2023, P&G announced a market portfolio restructuring of its business operations, primarily in certain Enterprise Markets including Argentina and Nigeria, to address challenging macroeconomic and fiscal conditions.
P&G maintained its guidance range for fiscal 2024 all-in sales growth to be in the range of 2-4% versus the prior year.
Foreign exchange is expected to be a headwind of approximately one to 2% to all-in sales growth.
The company also maintained its outlook for organic sales growth in the range of 4-5%.