P&G exceeds guidance, remains cautious
Consumer products giant, the Procter & Gamble Company, last night announced organic sales growth of two per cent “on better than expected results across most business segments”. The maker of Pringles raised its outlook for the October – December quarter and fiscal 2010 organic sales growth citing modestly higher expectation for market growth.
“Our September quarter results give us encouragement we are making the right choices to grow market share profitably,” said President and Chief Executive Officer Bob McDonald. “We are investing in innovation, expanding our portfolio and improving consumer value to serve more consumers, in more parts of the world, more completely. We are driving simplification and improving execution while leveraging scale to create cost efficiencies that help fund these investments and accelerate growth.”Snacks and Pet Care net sales were down six per cent for the quarter on a 10 per cent decline in unit volume. Organic sales declined three percent due to a decline in Snacks, partially offset by growth in Pet Care. Volume in Snacks decreased double digits due to lower merchandising activity in North America following the Super Stacks initiative, which included a price increase, and market contractions in CEEMEA (Central &