The Procter & Gamble Company announced net sales growth of eight percent to $20.2 billion for the quarter. Every reportable segment delivered mid-single digit or higher sales growth.
Organic sales were up five percent for the quarter, in-line with the company's four to six percent target growth range. The Fabric & Home Care, Baby & Family Care and Grooming segments led the growth behind continued strong results on product initiatives across the globe.
Earnings per share were up 16 percent to $0.92 per share, including a one- time tax benefit which increased EPS by $0.02 per share.
The company's EPS growth, excluding the one-time benefit, was 14 percent. Earnings per share grew primarily behind strong sales growth and a 30-basis point improvement in operating margin. The company raised its fiscal year EPS outlook by $0.02 to reflect the one-time tax benefit.
"The fiscal year is off to a good start," said A.G. Lafley, Chairman of the Board and Chief Executive Officer. "P&G continues to deliver broad-based top and bottom-line growth across its portfolio of businesses and geographies.
This momentum, along with a robust initiative pipeline for the year, gives us confidence that P&G will deliver another strong year of growth."
Net sales for the quarter increased eight percent to $20.2 billion behind five percent volume growth and a three percent favorable foreign exchange impact.
Each segment delivered year-on-year sales growth of six percent or higher behind continued success on product initiatives.
A number of the company's key brands, including Charmin, Dolce & Gabbana, Downy, Febreze, Gillette Fusion, Head & Shoulders, Hugo Boss, Pampers, Pringles and Tide delivered double-digit sales growth.
Organic sales, which exclude the impacts of acquisitions, divestitures and foreign exchange, increased five percent during the quarter.
Diluted net earnings per share increased 16 percent to $0.92, including a two percent one-time tax benefit related to a change in the German statutory tax rate.
Net earnings increased 14 percent to $3.1 billion behind higher operating profit. Operating profit was up nine percent driven by sales growth and a 30-basis point margin improvement.
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