Procter & Gamble Q2 2023: Sales dip 1 percent and earnings down 4 percent

Procter & Gamble Q2 2023: Sales dip 1 percent and earnings down 4 percent

THE WHAT? Procter & Gamble has announced its results for the second quarter of fiscal 2023. The US FMCG manufacturer saw net sales drop one percent yoy, although organic sales were up 5 percent excluding the impacts of foreign exchange and acquisitions and divestitures.

THE DETAILS Diluted net earnings per share stood at US$1.59, down 4 percent on the prior year. In terms of categories, the beauty and grooming categories were among the worst performing, with net sales dropping 3 percent and 9 percent respectively. Health Care and Fabric & Home Care inched up a corresponding 2 and 1 percent.

THE WHY? Jon Moeller, Chairman of the Board, President and Chief Executive Officer, commented. “We delivered solid results in the second quarter of fiscal year 2023 in what continues to be a very difficult cost and operating environment. Progress against our plan fiscal year to date enables us to raise our sales growth outlook for fiscal 2023 and maintain our guidance range for EPS growth despite significant headwinds. We remain committed to our integrated strategies of a focused product portfolio, superiority, productivity, constructive disruption and an agile and accountable organization structure. These strategies have enabled us to build and sustain strong momentum. They remain the right strategies to navigate through the near-term challenges we’re facing and continue to deliver balanced growth and value creation.”