Procter & Gamble has reported net sales of US$16.5 billion for the first quarter of fiscal 2017, unchanged compared to the same period last year, halting the almost-continual decline the US FMCG giant has witnessed for the last three years. Organic sales were up 3 percent.

P&G also announced better-than-expected core earnings per share of US$1.03, versus the average analyst estimate of US$0.98 per share. Net income was up from US$2.60 billion in the same quarter last year to US$2.71 billion.

“Our first quarter results mark a good start to the fiscal year,” said Chairman, President and Chief Executive Officer David Taylor. “We delivered broad-based organic sales growth improvement across product categories and markets, as well as strong cost savings. Earlier this month, we completed the last major step in P&G’s portfolio transformation with the Beauty Brands divestiture to Coty Inc. We are now focusing all our efforts on 10 large, structurally attractive categories where P&G holds leading positions. We’re pleased with the progress we’re making, but there is still more work to do to get back to the levels of balanced top- and bottom-line growth and cash generation that will consistently put P&G shareholder value creation among the best in our industry.”

The Beauty segment delivered organic sales growth of 3 percent, thanks to higher organic volume and increased pricing in hair care and skin and personal care, with the strong growth of premium brand SK-II in particular driving sales in the latter category. Pantene and Head & Shoulders reported mid-single-digit organic sales growth, according to P&G, which was partially offset by declines of smaller brands.