USA: P&G posts decline in annual net sales
P&G, the multinational healthcare and household firm, has reported earnings of $65.3 billion, a decrease of 8% versus the prior year, for the financial year ending 30th June 2016.
The US firm reported a negative six percentage point impact from foreign exchange and a negative two percent from the combined impacts of Venezuela and minor brand divestitures.
Meanwhile, organic sales grew one percent as the benefit of increased pricing more than offset a reduction in organic shipment volume, the company said. Operating cash flow was $15.4 billion for the year.
Commenting on the firm's Q4 results, where organic sales also grew, especially in grooming and healthcare, P&G chairman, president and CEO David Taylor said: "The fourth quarter was another period of progress driving P&G’s results to a balance of strong top-line growth, bottom-line growth and cash generation. We grew organic volume and sales in all reporting segments. We increased investments in innovation and advertising, funded by strong productivity improvement. Looking forward, we’re committed to continued productivity improvement and cost savings that provide the fuel for innovation and investments needed to accelerate and sustain faster top-line growth. We expect fiscal 2017 to mark another significant step toward our goal of balanced growth and value creation and total shareholder return in the top third of our competitive peer group".
Source: P&G (via BusinessWire)