P&G hails ‘very strong finish’ to fiscal 2023 as net sales rise 5 percent

P&G hails ‘very strong finish’ to fiscal 2023 as net sales rise 5 percent

THE WHAT? Procter & Gamble has reported its results for the fourth quarter and full year of fiscal 2023. The US FMCG giant branded its performance in the final three months of the year a ‘very strong finish’ as net sales rose 5 percent and diluted and core EPS jumped 13 percent.

THE DETAILS That last-minute uplift contributed to 2 percent net sales growth for the full year to US$80.2 billion, with diluted and core EPS also increasing 2 percent.

In the April to June 2023 period, Beauty was among the strongest performers with net sales up 8 percent, which P&G attributed to a strong performance from its hair care brands as well as a solid sales jump from the skin care and personal care category. Increased pricing played a key role in value sales rises across the board.  

For fiscal 2024, P&G has forecast sales growth in the range of three to four percent versus the prior year and net earnings per share growth of six to nine percent.

THE WHY? Jon Moeller, Chairman of the Board, President and Chief Executive Officer, commented, “The April-June quarter provided a very strong finish to fiscal year 2023 – top-line growth, bottom-line growth, and cash generation. The team met or exceeded our going-in plans for sales, earnings, and cash in a difficult operating environment and despite significant cost headwinds.