News Release
| P&G Accelerates Volume Growth, Delivers EPS Above Expectations |
 |
CINCINNATI, April 29, 2010 /PRNewswire via COMTEX/ --The Procter & Gamble Company (NYSE:PG) announced diluted net earnings per share from continuing operations of $0.83, up six percent on a seven percent increase in net sales. Core EPS was $0.89, up 10 percent and $0.07 above the high end of the Company's guidance range. Volume grew seven percent, the fastest rate of organic volume growth in 18 quarters. A strong innovation program supported by higher media weights drove volume growth across all regions and five of six business segments. (Logo: http://www.newscom.com/cgi-bin/prnh/20090115/CLTH035LOGO-a ) "We are very pleased with this quarter's results," said Chairman of the Board, President and Chief Executive Officer Bob McDonald. "Volume growth was strong as we accelerated our pace of innovation and increased marketing support. Solid top-line results, in conjunction with our cost and productivity efforts, enabled us to exceed our core earnings per share targets. We generated a significant amount of cash, authorized a sizeable dividend increase and raised our share repurchase plans. We are operating more effectively as one company, coordinating and scaling our activities. Our over-arching growth strategy - to touch and improve more consumers' lives, in more parts of the world, more completely - is working." Executive Summary
Key Financial Highlights Net sales increased seven percent to $19.2 billion for the January - March quarter on a seven percent increase in unit volume driven by a strong innovation program, increased marketing and merchandising support. Key initiatives launched this quarter include Pampers Dry Max, Crest 3D White and Olay Pro-X Firming in North America, Always Simply Fit and Pampers Underjams in Western Europe, Naturella, Olay for Men and Olay Natural White in Asia, Oral-B Pro Health toothpaste in Latin America and Pampers Sleep & Play and Always Thick in the Central & Eastern Europe/Middle East/Africa (CEEMEA) region. Volume growth was broad-based with growth in all geographic regions, led by double-digit growth in developing regions. Organic sales growth was four percent. Mix reduced net sales by two percent due primarily to accelerated growth in developing regions. Pricing reduced sales by one percent. Favorable foreign exchange added three percent to net sales growth as key foreign currencies strengthened versus the U.S. dollar. Diluted net earnings per share from continuing operations increased six percent to $0.83 for the third fiscal quarter, including a charge of $0.05 related to a tax provision in the recently enacted U.S. healthcare reform legislation. Net earnings from continuing operations were $2.6 billion. The effective tax rate on continuing operations increased 600 basis points primarily due to the aforementioned tax charge in the current period and a low base period due to favorable audit settlements in the prior year. Core EPS was up 10 percent to $0.89 driven by net sales growth and margin expansion. Diluted net earnings per share declined one percent versus prior year period to $0.83 as the loss of contribution from discontinued operations divested in prior periods was mostly offset by the increase in earnings from continuing operations. Operating margin increased 80 basis points versus the prior year period due to higher gross margin, partially offset by an increase in SG&A as a percentage of net sales. Gross margin expanded 290 basis points to 51.9 percent of net sales driven primarily by lower commodity costs and manufacturing cost savings. SG&A as a percentage of net sales increased 210 basis points due mainly to higher marketing spending. Operating cash flow was $4.9 billion during the third fiscal quarter, up 15 percent versus the prior year mainly due to working capital improvements. Adjusted free cash flow was an all-time record at $4.5 billion and was 172 percent of net earnings. Capital expenditures were 3.7 percent of net sales. Based on the strength of its business results and cash performance, P&G announced a 9.5 percent increase to its quarterly dividend earlier this month. This is the 120th consecutive year - since P&G was incorporated in 1890 - in which the company has paid a dividend and the 54th consecutive year that the dividend has increased. During the past 54 years, P&G's dividend has grown at an annual compound rate of approximately 9.5%. In addition, P&G raised its outlook for share repurchases in fiscal year 2010 to approximately $6 billion, up from its previous estimate of about $5 billion. Business Segment Discussion Beauty and Grooming GBU
Health & Well-Being GBU
Household Care GBU
Fiscal Year 2010 Guidance Net sales growth is estimated to be three to five percent for fiscal year 2010. Foreign exchange is not forecast to have a material impact on net sales. The Company raised the low end of its guidance range for diluted net earnings per share by $0.04 to a range of $4.06 to $4.12. Diluted net earnings per share from continuing operations are expected to be $3.48 to $3.54. Core EPS guidance increased to $3.62 to $3.68, up from $3.53 to $3.63, reflecting strengthening top line results and robust cost and productivity efforts. Core EPS is expected to be up four to six percent versus year ago. April - June 2010 Quarter Guidance For the April - June quarter, net sales are expected to increase six to seven percent. Organic sales are expected to grow four to five percent. Foreign exchange is expected to contribute about two percent to net sales growth. The net impact of acquisitions and divestitures is not expected to have a material impact on net sales. Diluted net earnings per share, diluted net earnings per share from continuing operations and Core EPS are each expected to be $0.68 to $0.74. Forward-Looking Statements All statements, other than statements of historical fact included in this release or presentation, are forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995. Such statements are based on financial data, market assumptions and business plans available only as of the time the statements are made, which may become out of date or incomplete. We assume no obligation to update any forward-looking statement as a result of new information, future events or other factors. Forward-looking statements are inherently uncertain, and investors must recognize that events could differ significantly from our expectations. In addition to the risks and uncertainties noted in this release or presentation, there are certain factors that could cause actual results to differ materially from those anticipated by some of the statements made. These include: (1) the ability to achieve business plans, including growing existing sales and volume profitably despite high levels of competitive activity, especially with respect to the product categories and geographical markets (including developing markets) in which the Company has chosen to focus; (2) the ability to successfully manage ongoing acquisition and divestiture activities to achieve the cost and growth synergies in accordance with the stated goals of these transactions without impacting the delivery of base business objectives; (3) the ability to successfully manage ongoing organizational changes designed to support our growth strategies, while successfully identifying, developing and retaining key employees; (4) the ability to manage and maintain key customer relationships; (5) the ability to maintain key manufacturing and supply sources (including sole supplier and plant manufacturing sources); (6) the ability to successfully manage regulatory, tax and legal requirements and matters (including product liability, patent, intellectual property, competition law matters, and tax policy), and to resolve pending matters within current estimates; (7) the ability to successfully implement, achieve and sustain cost improvement plans in manufacturing and overhead areas, including the Company's outsourcing projects; (8) the ability to successfully manage currency (including currency issues in certain countries, such as Venezuela, China and India), debt, interest rate and commodity cost exposures and significant credit or liquidity issues; (9) the ability to manage continued global political and/or economic uncertainty and disruptions, especially in the Company's significant geographical markets, as well as any political and/or economic uncertainty and disruptions due to a global or regional credit crisis or terrorist and other hostile activities; (10) the ability to successfully manage competitive factors, including prices, promotional incentives and trade terms for products; (11) the ability to obtain patents and respond to technological advances attained by competitors and patents granted to competitors; (12) the ability to successfully manage increases in the prices of raw materials used to make the Company's products; (13) the ability to stay close to consumers in an era of increased media fragmentation; (14) the ability to stay on the leading edge of innovation and maintain a positive reputation on our brands; and (15) the ability to rely on and maintain key information technology systems. For additional information concerning factors that could cause actual results to materially differ from those projected herein, please refer to our most recent 10-K, 10-Q and 8-K reports. About Procter & Gamble Four billion times a day, P&G brands touch the lives of people around the world. The company has one of the strongest portfolios of trusted, quality, leadership brands, including Pampers(R), Tide(R), Ariel(R), Always(R), Whisper(R), Pantene(R), Mach3(R), Bounty(R), Dawn(R), Gain(R), Pringles(R), Charmin(R), Downy(R), Lenor(R), Iams(R), Crest(R), Oral-B(R), Duracell(R), Olay(R), Head & Shoulders(R), Wella(R), Gillette(R), Braun(R) and Fusion(R). The P&G community includes approximately 135,000 employees working in about 80 countries worldwide. Please visit http://www.pg.com/ for the latest news and in-depth information about P&G and its brands. The Procter & Gamble Company Exhibit 1: Non-GAAP Measures In accordance with the SEC's Regulation G, the following provides definitions of the non-GAAP measures used in the earnings release and the reconciliation to the most closely related GAAP measure. Organic Sales Growth: Organic sales growth is a non-GAAP measure of sales growth excluding the impacts of acquisitions, divestitures and foreign exchange from year-over-year comparisons. We believe this provides investors with a more complete understanding of underlying sales trends by providing sales growth on a consistent basis. The reconciliation of reported sales growth to organic sales for the January - March quarter is as follows:
Foreign Acquisition/ Organic
Net Sales Exchange Divestiture Sales
Jan - Mar '10 Growth Impact Impact* Growth
--------- -------- ------------ -------
Beauty 6% -4% 0% 2%
Grooming 11% -6% -1% 4%
Health Care 5% -4% 0% 1%
Snacks and Pet Care -2% -4% 0% -6%
Fabric Care and
Home Care 8% -3% 0% 5%
Baby Care and
Family Care 9% -2% 0% 7%
------------- --- --- --- ---
Total P&G 7% -3% 0% 4%
--------- --- --- --- ---
*Acquisition/Divestiture Impact includes rounding impacts necessary
to reconcile net sales to organic sales.
Core EPS: This is a measure of the Company's diluted net earnings per share from continuing operations excluding charges for pending European legal matters, a charge related to a tax provision for retiree healthcare subsidy payments in the recently enacted U.S. healthcare reform legislation and incremental Corporate restructuring charges incurred in fiscal 2009 versus 2008 to offset the dilutive impact of the Folgers divestiture. We do not view these items to be part of our sustainable results. We believe the core EPS measure provides an important perspective of underlying business trends and results and provides a more comparable measure of year-on-year earnings per share growth. The table below provides a reconciliation of reported diluted net earnings per share from continuing operations to core earnings per share:
JFM 10 JFM 09
------ ------
Diluted Net Earnings Per Share -
Continuing Operations $0.83 $0.78
Incremental Folgers-related
Restructuring Charges - $0.03
Charge for Taxation of Retiree
Healthcare Subsidy $0.05 -
Charge for Pending European Legal
Matters $0.00 -
Rounding Impacts $0.01 -
----- --
Core EPS $0.89 $0.81
Core EPS Growth 10%
AMJ 10 AMJ 09
------ ------
Diluted Net Earnings Per Share -
Continuing Operations $0.68 to $0.74 $0.75
Incremental Folgers-related
Restructuring Charges - $0.03
Core EPS $0.68 to $0.74 $0.78
FY 2010 FY 2009
------- -------
Diluted Net Earnings Per Share $4.06 to $4.12 $4.26
Folgers Results of Operations and Gain
on the Sale - ($0.68)
Gain on the Sale of Pharmaceuticals ($0.47) -
Gain on the Sale of Actonel in Japan ($0.04) -
Pharmaceuticals Results of Operations ($0.07) ($0.19)
------
Diluted Net Earnings Per Share -
Continuing Operations $3.48 to $3.54 $3.39
Incremental Folgers-related
Restructuring Charges - $0.09
Charges for Pending European Legal
Matters $0.09 -
Charge for Taxation of Retiree
Healthcare Subsidy $0.05 -
Rounding Impacts - ($0.01)
--- ------
Core EPS $3.62 to $3.68 $3.47
Core EPS Growth 4% to 6%
Note - All reconciling items are presented net of tax. Tax effects are calculated consistent with the nature of the underlying transaction. The tax impacts on the incremental Folgers-related restructuring charges are ($0.00) for JFM 2009, ($0.02) for AMJ 2009 and ($0.02) for FY 2009. The entire amount of the charge for taxation of retiree healthcare subsidy is tax expense. There is no tax impact on the charges for pending European legal matters. Adjusted Free Cash Flow: Adjusted free cash flow is defined as operating cash flow less capital spending and the after-tax impacts of the global pharmaceuticals divestitures (including Actonel in Japan). We exclude the after-tax impacts of the global pharmaceuticals divestitures from adjusted free cash flow because we do not view these impacts to be part of our underlying business results. We view adjusted free cash flow as an important measure because it is one factor in determining the amount of cash available for dividends and discretionary investment. Adjusted free cash flow is also one of the measures used to evaluate senior management and is a factor in determining their at-risk compensation.
Tax Payments
-Global
Operating Cash Capital Pharmaceuticals Adjusted Free
Flow Spending Divestitures Cash Flow
-------------- -------- --------------- -------------
Jan - Mar 10 $4,910 ($706) $246 $4,450
-------- ------ ----- ---- ------
Adjusted Free Cash Flow Productivity: Adjusted free cash flow productivity is defined as the ratio of free cash flow to net earnings excluding the gains on the divestiture of the global pharmaceuticals business, including Actonel in Japan. Given the size of these gains and our view that they are not part of our sustainable business, we have excluded the gains from our calculation. The Company's long-term target is to generate free cash at or above 90 percent of net earnings. Adjusted free cash flow productivity is also one of the measures used to evaluate senior management. We believe this provides a better perspective of our underlying liquidity trends. The reconciliation of adjusted free cash flow productivity is provided below (amounts in millions):
Net
Earnings Adjusted
Excluding Free
Adjusted Actonel Global Certain Cash
Free Cash Net Japan Pharmaceuticals Divestiture Flow
Flow Earnings Gain Gain Gain Productivity
--------- -------- ------- --------------- ----------- ------------
Jan -
Mar 10 $4,450 $2,585 - - $2,585 172%
THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
(Amounts in Millions Except Per Share Amounts)
Consolidated Earnings Information
Three Months Ended March 31,
2010
-----------------------------
JFM 10 JFM 09 % CHG
------ ------ -----
NET SALES $19,178 $17,864 7 %
COST OF PRODUCTS SOLD 9,225 9,117 1 %
----- -----
GROSS MARGIN 9,953 8,747 14 %
SELLING, GENERAL &
ADMINISTRATIVE EXPENSE 5,985 5,194 15 %
----- -----
OPERATING INCOME 3,968 3,553 12 %
TOTAL INTEREST EXPENSE 223 337 (34)%
OTHER NON-OPERATING INCOME,
NET 17 34 (50)%
--- ---
EARNINGS FROM CONTINUING
OPERATIONS BEFORE INCOME TAXES 3,762 3,250 16 %
INCOME TAXES 1,177 821
NET EARNINGS FROM CONTINUING
OPERATIONS 2,585 2,429 6 %
----- -----
NET EARNINGS FROM DISCONTINUED
OPERATIONS 0 184 (100)%
--- ---
NET EARNINGS 2,585 2,613 (1)%
===== =====
EFFECTIVE TAX RATE FROM
CONTINUING OPERATIONS 31.3 % 25.3 %
PER COMMON SHARE:
BASIC NET EARNINGS -CONTINUING
OPERATIONS $0.88 $0.82 7 %
BASIC NET EARNINGS -
DISCONTINUED OPERATIONS $- $0.06 (100)%
--- -----
BASIC NET EARNINGS $0.88 $0.88 0 %
DILUTED NET EARNINGS -
CONTINUING OPERATIONS $0.83 $0.78 6 %
DILUTED NET EARNINGS -
DISCONTINUED OPERATIONS $- $0.06 (100)%
--- -----
DILUTED NET EARNINGS $0.83 $0.84 (1)%
DIVIDENDS $0.44 $0.40 10 %
AVERAGE DILUTED SHARES
OUTSTANDING 3,103.9 3,104.6
Basis Pt
COMPARISONS AS A % OF NET SALES Chg
-------------------------------
GROSS MARGIN 51.9 % 49.0 % 290
SELLING, GENERAL &
ADMINISTRATIVE EXPENSE 31.2 % 29.1 % 210
OPERATING MARGIN 20.7 % 19.9 % 80
EARNINGS FROM CONTINUING
OPERATIONS BEFORE INCOME TAXES 19.6 % 18.2 % 140
NET EARNINGS FROM CONTINUING
OPERATIONS 13.5 % 13.6 % (10)
FYTD
----
3/31/2010 3/31/2009 % CHG
--------- --------- -----
NET SALES $60,012 $58,610 2 %
COST OF PRODUCTS SOLD 28,359 29,474 (4)%
------ ------
GROSS MARGIN 31,653 29,136 9 %
SELLING, GENERAL & ADMINISTRATIVE
EXPENSE 18,582 17,142 8 %
------ ------
OPERATING INCOME 13,071 11,994 9 %
TOTAL INTEREST EXPENSE 734 1,030 (29)%
OTHER NON-OPERATING INCOME, NET 93 381 (76)%
--- ---
EARNINGS FROM CONTINUING OPERATIONS
BEFORE INCOME TAXES 12,430 11,345 10 %
INCOME TAXES 3,669 2,988
NET EARNINGS FROM CONTINUING
OPERATIONS 8,761 8,357 5 %
----- -----
NET EARNINGS FROM DISCONTINUED
OPERATIONS 1,790 2,608 (31)%
----- -----
NET EARNINGS 10,551 10,965 (4)%
====== ======
EFFECTIVE TAX RATE FROM CONTINUING
OPERATIONS 29.5 % 26.3 %
PER COMMON SHARE:
BASIC NET EARNINGS -CONTINUING
OPERATIONS $2.96 $2.77 7 %
BASIC NET EARNINGS -DISCONTINUED
OPERATIONS $0.61 $0.88 (31)%
----- -----
BASIC NET EARNINGS $3.57 $3.65 (2)%
DILUTED NET EARNINGS -CONTINUING
OPERATIONS $2.82 $2.64 7 %
DILUTED NET EARNINGS -DISCONTINUED
OPERATIONS $0.57 $0.82 (30)%
----- -----
DILUTED NET EARNINGS $3.39 $3.46 (2)%
DIVIDENDS $1.32 $1.20 10 %
AVERAGE DILUTED SHARES OUTSTANDING 3,110.2 3,172.9
Basis Pt
COMPARISONS AS A % OF NET SALES Chg
-------------------------------
GROSS MARGIN 52.8 % 49.7 % 310
SELLING, GENERAL & ADMINISTRATIVE
EXPENSE 31.0 % 29.2 % 180
OPERATING MARGIN 21.8 % 20.5 % 130
EARNINGS FROM CONTINUING OPERATIONS
BEFORE INCOME TAXES 20.7 % 19.4 % 130
NET EARNINGS FROM CONTINUING
OPERATIONS 14.6 % 14.3 % 30
THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
(Amounts in Millions)
Consolidated Cash Flows Information
Nine Months Ended March
31
------------------------
2010 2009
---- ----
CASH AND CASH EQUIVALENTS, BEGINNING OF
PERIOD $4,781 $3,313
OPERATING ACTIVITIES
NET EARNINGS 10,551 10,965
DEPRECIATION AND AMORTIZATION 2,328 2,228
SHARE-BASED COMPENSATION EXPENSE 333 368
DEFERRED INCOME TAXES 187 110
GAIN ON SALE OF BUSINESSES (2,650) (2,384)
CHANGES IN:
ACCOUNTS RECEIVABLE (338) 249
INVENTORIES (27) (313)
ACCOUNTS PAYABLE, ACCRUED AND OTHER
LIABILITIES 2,198 (1,013)
OTHER OPERATING ASSETS & LIABILITIES (43) (257)
OTHER 220 (30)
--- ---
TOTAL OPERATING ACTIVITIES 12,759 9,923
------ -----
INVESTING ACTIVITIES
CAPITAL EXPENDITURES (1,980) (2,158)
PROCEEDS FROM ASSET SALES 3,047 1,096
ACQUISITIONS, NET OF CASH ACQUIRED (65) (315)
CHANGE IN INVESTMENTS (32) 116
--- ---
TOTAL INVESTING ACTIVITIES 970 (1,261)
--- ------
FINANCING ACTIVITIES
DIVIDENDS TO SHAREHOLDERS (4,001) (3,708)
CHANGE IN SHORT-TERM DEBT (3,481) (444)
ADDITIONS TO LONG-TERM DEBT 2,752 4,926
REDUCTIONS OF LONG-TERM DEBT (5,922) (2,190)
TREASURY STOCK PURCHASES (3,417) (6,365)
IMPACT OF STOCK OPTIONS AND OTHER 531 583
--- ---
TOTAL FINANCING ACTIVITIES (13,538) (7,198)
------- ------
EFFECT OF EXCHANGE RATE CHANGES ON CASH
AND CASH EQUIVALENTS (73) (343)
--- ----
CHANGE IN CASH AND CASH EQUIVALENTS 118 1,121
--- -----
CASH AND CASH EQUIVALENTS, END OF
PERIOD $4,899 $4,434
====== ======
THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
(Amounts in Millions)
Consolidated Balance Sheet Information
March 31, June 30,
2010 2009
---------- ---------
CASH AND CASH EQUIVALENTS $4,899 $4,781
ACCOUNTS RECEIVABLE 5,860 5,836
TOTAL INVENTORIES 6,750 6,880
OTHER 3,981 4,408
----- -----
TOTAL CURRENT ASSETS 21,490 21,905
NET PROPERTY, PLANT AND EQUIPMENT 19,427 19,462
NET GOODWILL AND OTHER INTANGIBLE ASSETS 87,739 89,118
OTHER NON-CURRENT ASSETS 4,330 4,348
----- -----
TOTAL ASSETS $132,986 $134,833
======== ========
ACCOUNTS PAYABLE $5,785 $5,980
ACCRUED AND OTHER LIABILITIES 10,449 8,601
DEBT DUE WITHIN ONE YEAR 7,038 16,320
----- ------
TOTAL CURRENT LIABILITIES 23,272 30,901
LONG-TERM DEBT 22,938 20,652
OTHER 20,003 19,898
TOTAL LIABILITIES 66,213 71,451
------ ------
TOTAL SHAREHOLDERS' EQUITY 66,773 63,382
------ ------
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY $132,986 $134,833
======== ========
Certain amounts for prior periods were reclassified to conform with
the fiscal 2010 presentation
THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
(Amounts in Millions)
Consolidated Earnings Information
Three Months Ended March 31, 2010
---------------------------------
% Change Earnings From
Continuing
Versus Operations
Before Income
Net Sales Year Ago Taxes
--------- -------- --------------
Beauty and Grooming
GBU
Beauty $4,623 6% $772
Grooming 1,759 11% 462
Health and Well-
Being GBU
Health Care 2,805 5% 663
Snacks and Pet Care 747 -2% 124
Household Care GBU
Fabric Care and Home
Care 5,812 8% 1,168
Baby Care and Family
Care 3,768 9% 889
Corporate (336) N/A (316)
---- --- ----
Total Company 19,178 7% 3,762
Three Months Ended March 31, 2010
---------------------------------
% Change Net Earnings % Change
From
Versus Continuing Versus
Year Ago Operations Year Ago
-------- ---------- --------
Beauty and Grooming
GBU
Beauty 0% $562 2%
Grooming 27% 377 46%
Health and Well-
Being GBU
Health Care 2% 435 5%
Snacks and Pet Care 33% 77 51%
Household Care GBU
Fabric Care and Home
Care 3% 752 4%
Baby Care and Family
Care 28% 558 32%
Corporate N/A (176) N/A
--- ---- ---
Total Company 16% 2,585 6%
Nine Months Ended March 31, 2010
--------------------------------
% Change Earnings From
Continuing
Versus Operations
Before Income
Net Sales Year Ago Taxes
--------- -------- --------------
Beauty and Grooming
GBU
Beauty $14,761 2% $2,936
Grooming 5,712 0% 1,564
Health and Well-
Being GBU
Health Care 8,855 2% 2,283
Snacks and Pet Care 2,337 -1% 380
Household Care GBU
Fabric Care and
Home Care 18,253 3% 4,111
Baby Care and
Family Care 11,174 4% 2,699
Corporate (1,080) N/A (1,543)
------ --- ------
Total Company 60,012 2% 12,430
Nine Months Ended March 31, 2010
--------------------------------
% Change Net Earnings % Change
From
Versus Continuing Versus
Year Ago Operations Year Ago
-------- ---------- --------
Beauty and Grooming
GBU
Beauty 3% $2,215 3%
Grooming 3% 1,161 6%
Health and Well-
Being GBU
Health Care 7% 1,519 8%
Snacks and Pet Care 33% 249 47%
Household Care GBU
Fabric Care and
Home Care 20% 2,726 23%
Baby Care and
Family Care 25% 1,694 25%
Corporate N/A (803) N/A
--- ---- ---
Total Company 10% 8,761 5%
Three Months Ended March 31, 2010
---------------------------------
(Percent Change vs. Year Ago) *
Volume Volume
With Without
Acquisitions/ Acquisitions/
Foreign
Divestitures Divestitures Exchange
------------ ------------ --------
Beauty and Grooming
GBU
Beauty 4% 4% 4%
Grooming 6% 5% 6%
Health and Well-
Being GBU
Health Care 5% 5% 4%
Snacks and Pet Care -6% -6% 4%
Household Care GBU
Fabric Care and
Home Care 10% 10% 3%
Baby Care and
Family Care 10% 10% 2%
--- --- ---
Total Company 7% 7% 3%
Three Months Ended March 31, 2010
---------------------------------
(Percent Change vs. Year Ago) *
Net
Sales
Mix/
Price Other Growth
----- ----- ------
Beauty and Grooming
GBU
Beauty -1% -1% 6%
Grooming 2% -3% 11%
Health and Well-
Being GBU
Health Care -1% -3% 5%
Snacks and Pet Care 0% 0% -2%
Household Care GBU
Fabric Care and
Home Care -3% -2% 8%
Baby Care and
Family Care -1% -2% 9%
--- --- ---
Total Company -1% -2% 7%
Nine Months Ended March 31, 2010
--------------------------------
(Percent Change vs. Year Ago) *
Volume Volume
With Without
Acquisitions/ Acquisitions/
Foreign
Divestitures Divestitures Exchange
------------ ------------ --------
Beauty and Grooming
GBU
Beauty 1% 2% 0%
Grooming -2% -2% 0%
Health and Well-
Being GBU
Health Care 2% 2% 0%
Snacks and Pet Care -5% -5% 1%
Household Care GBU
Fabric Care and
Home Care 5% 5% -1%
Baby Care and
Family Care 6% 6% -1%
--- --- ---
Total Company 3% 3% -1%
Nine Months Ended March 31, 2010
--------------------------------
(Percent Change vs. Year Ago) *
Net
Sales
Mix/
Price Other Growth
----- ----- ------
Beauty and Grooming
GBU
Beauty 1% 0% 2%
Grooming 4% -2% 0%
Health and Well-
Being GBU
Health Care 1% -1% 2%
Snacks and Pet Care 4% -1% -1%
Household Care GBU
Fabric Care and
Home Care 0% -1% 3%
Baby Care and
Family Care 0% -1% 4%
--- --- ---
Total Company 1% -1% 2%
* These sales percentage changes are approximations based on
quantitative formulas that are consistently applied.
SOURCE Procter & Gamble |
Touching lives, improving life. P&G™