Today (October 18), P&G released its first quarter results of Fiscal Year 2024. In its financial report, it revealed impressive figures, surpassing expectations. The company reported net sales of $21.9 billion for the fiscal first quarter up 9% year on year, exceeding the anticipated $21.6 billion. Net earnings attributable to the company reached $4.52 billion, compared to $3.94 billion in the previous year. P&G stated that this revenue surge can be attributed primarily to higher prices for P&G’s products.
Within the beauty sector, P&G achieved notable results. Net sales in this segment reached $4.097 billion, showing a 3% year-on-year increase, while organic sales rose by 5%. P&G specifically highlighted that the organic sales of the Beauty segment increased by 5% compared to the previous year. Skin and Personal Care organic sales grew by low single digits, driven by higher pricing and volume growth resulting from innovation. However, this growth was partially offset by an unfavorable mix due to lower sales of SK-II. On the other hand, Hair Care organic sales increased by high single digits, primarily due to increased pricing.
In the Grooming sector, P&G achieved net sales of $1.724 billion, representing a 6% year-on-year increase, with organic sales up by 9%. It stated that the growth was driven by higher pricing and a favorable product mix. However, pricing-related volume declines partially offset this growth. Notably, all regions demonstrated growth in organic sales.
Jon Moeller, Chairman of the Board, President, and Chief Executive Officer, expressed satisfaction with P&G’s performance in the first quarter of fiscal year 2024. He stated that the company is on track to deliver results towards the higher end of their fiscal year guidance ranges for organic sales and core EPS growth. Moeller emphasized P&G’s commitment to its integrated strategy, which focuses on a carefully selected product portfolio in daily use categories where performance drives brand choice and superiority across various aspects. He also highlighted the importance of productivity, constructive disruption, and an agile and accountable organization. P&G’s execution of this strategy has fostered strong momentum and instilled confidence in its ability to achieve balanced growth and value creation.