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P&G sales rise despite declines in skin and personal care

Sophie Smith
24 January 2024

Procter & Gamble (P&G) has reported a 3% increase in net sales to $21.4 billion for the second quarter ending 31 December 2023. 

Organic sales, which excludes the impacts of foreign exchange, acquisitions and divestitures, increased 4%.

The owner of Olay, Pantene and Gillette saw beauty segment sales rise 1%, with hair care sales up high-single digits driven by increased pricing, premium product mix and volume growth.

Grooming segment sales grew 9%, also boosted by higher pricing, premium product mix and volume growth.

However, skin and personal care sales decreased mid-single digits as volume declines and unfavourable mix due to lower sales of SK-II were partially offset by higher pricing.

The baby, feminine and family care segment saw sales rise 3%, with feminine care sales up mid-single digits. This was driven by increased pricing and favourable product mix, partially offset by pricing-related volume declines in international markets.

Sales in the health care segment sales lifted 2%, with oral care up mid-single digits but personal health down low-single digits.

Gross margin increased 520 basis points versus the prior year, helped by gross productivity savings, favourable commodity costs and increased pricing, partially offset by product reinvestments.

Jon Moeller, Chairman President and CEO of P&G 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 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."

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