P&G maintains full-year guidance as Q1 sales rise
Procter & Gamble (P&G) has reported a 6% increase in sales to £18 billion ($21.9 billion) for the first quarter ending 30 September 2023, revealing growth across all segments.
Organic sales, which excludes the impact of foreign exchange, acquisitions and divestitures, increased 7%. This was driven by higher pricing and favourable product mix, partially offset by a decrease in shipment volumes.
The owner of Olay, Pantene and Gillette saw beauty segment sales rise 5%, with skin and personal care, hair care and grooming helped by higher pricing.
Sales in the healthcare segment lifted 10%, with oral care up high single digits and personal health care up double digits.
The baby, feminine and family care segment saw sales rise 7%, with feminine care up high single digits. This was driven by increased pricing and favourable geographic and product mix, partially offset by pricing-related volume declines.
Looking ahead, P&G expects sales for FY24 to grow in the range of 4-5%.
Jon Moeller, Chairman, President and CEO at P&G, said: "We delivered very strong results in the first quarter of FY24, putting us on track to deliver towards the higher end of our fiscal year guidance ranges for organic sales.
"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. We have confidence this remains the right strategy to deliver balanced growth and value creation."
