News Release
| P&G Delivers Strong Sales and EPS Growth - Raises Fiscal Year Outlook |
 |
Organic Sales Growth Above Long-Term Target, Base Business EPS Growth of 19% to 20% CINCINNATI, May 3 /PRNewswire-FirstCall/ -- The Procter & Gamble Company (NYSE: PG) announced earnings per share of $0.63 for the January - March quarter. Earnings per share grew behind a six percent increase in organic sales coupled with significant expansion in both gross and operating profit margin. The company's organic sales increase was broad-based across all business segments and in both developed and developing regions. Reported net sales, which include the Gillette business, increased 21 percent, to $17.25 billion. "The combination of strong topline momentum, improving gross margins and good progress on Gillette integration gives us the confidence to raise our EPS outlook for the fiscal year," said Chairman of the Board, President and Chief Executive A. G. Lafley. "P&G is delivering strong, sustainable earnings growth despite Gillette dilution. Excluding Gillette, P&G is on track to deliver a fourth consecutive year of double digit EPS growth."
Executive Summary
* Unit volume for the quarter grew 22 percent, driven by solid organic
growth in both developed and developing regions and the addition of the
Gillette business. Organic volume, which excludes the impacts of
acquisitions and divestitures, increased five percent behind double
digit developing market growth. Volume growth was broad-based behind
product innovations that drove market share growth.
* Net sales grew 21 percent to $17.25 billion. Organic sales, which
exclude the impacts of acquisitions, divestitures and foreign exchange,
increased six percent, exceeding the top end of the company's base
business long-term organic growth target range of three to five
percent.
* Net earnings increased 37 percent to $2.21 billion behind sales growth
and significant margin improvement. Operating margin increased by 160
basis points behind an expansion in gross margin of 110 basis points as
the mix benefits of Gillette, along with volume growth, price increases
and cost savings initiatives more than offset higher commodity costs.
* Earnings per share were $0.63, up seven percent versus the prior year,
including an estimated $0.07-$0.08 of dilution from the Gillette
acquisition. Dilution from Gillette was within the company's prior
guidance range. Base business earnings per share, which exclude the
impact of Gillette dilution, grew 19 to 20 percent. Earnings per share
also benefited by $0.01 from a lower than expected tax rate due to a
favorable tax settlement in the quarter.
Key Financial Highlights
* Net sales increased 21 percent to $17.25 billion, including a negative
three percent foreign exchange impact. Sales increased behind the
addition of Gillette and five percent organic volume growth. Organic
sales increased six percent in the quarter. Pricing increases and
favorable product mix each added one percent to sales growth.
* Gross margin expanded by 110 basis points in the quarter to 51.7%.
Commodity cost increases had a negative impact on gross margin of about
100 basis points. Organic volume growth, pricing and cost savings
projects roughly offset commodity cost increases while the mix benefit
from adding the Gillette business drove margin expansion.
* Selling, General and Administrative expenses (SG&A) as a percentage of
sales improved by 60 basis points in the quarter. This was driven by
strong organic sales growth, good overhead cost control and high base
period marketing spending against new product initiatives.
* The company's operating cash flow was $3.44 billion during the quarter,
an increase of 31 percent, versus the prior year period. Operating
cash improved behind the addition of Gillette and earnings growth on
the base business. Working capital increased cash versus the prior
year period due primarily to a reduction in accounts receivables during
the quarter. Free cash flow, defined as operating cash flow less
capital spending, was $2.80 billion. Free cash flow productivity was
127 percent during the quarter, bringing the fiscal year to date free
cash flow productivity to 96 percent, slightly ahead of the comparable
prior year period. Capital spending for the quarter was 3.7% of sales.
* The company repurchased $3.7 billion of P&G stock during the quarter as
part of its previously announced Gillette share repurchase program,
including some transactions that settled in April. This brings the
cumulative value of shares purchased under the program to $15.8
billion. The company continues to expect to repurchase about $20
billion in total under the program and to complete the program by mid-
calendar year 2006.
Business Segment Discussion
The following provides perspective on the company's January - March results by business segment.
P&G Beauty
* Beauty volume increased eight percent for the quarter behind solid
organic volume growth and the addition of Gillette Personal Care.
Organic volume increased four percent with broad-based growth across
categories and double digit developing region growth. Skin Care volume
increased double digits behind strong growth on Olay. Cosmetics volume
decreased versus last year due to declines on Max Factor in North
America resulting from more focused distribution. Retail Hair Care
volume increased mid-single digits behind strong growth on Pantene,
Head and Shoulders and Rejoice. Beauty net sales increased by six
percent to $5.16 billion driven by the addition of Gillette Personal
Care, organic volume growth and a one percent favorable product mix
impact, partially offset by three percent of unfavorable foreign
exchange trends. Organic sales increased five percent. Net earnings
in Beauty increased 10 percent to $738 million behind the addition of
Gillette, solid organic sales growth, reduced Wella integration costs
and a more profitable product mix, partially offset by an increase in
commodity costs and marketing investments.
P&G Family Health
* Health Care volume increased 18 percent for the quarter, including the
addition of Gillette Oral Care. Despite positive share trends across
most businesses and regions, organic volume declined by one percent.
Year-on-year comparisons were significantly impacted by a very strong
base period in which volume grew 14 percent behind the rebuild of
Prilosec OTC trade inventory following an allocation period. The prior
year also benefited from a late flu season in North America and Western
Europe. Importantly, market shares grew in Oral Care, Respiratory and
on Prilosec OTC. Health Care net sales grew 21 percent to $2.43
billion due primarily to the addition of Gillette Oral Care. Organic
sales increased three percent. Favorable product mix in
Pharmaceuticals and Personal Health and on the base Oral Care business
added three percent to sales growth. In addition, previously announced
price increases in Pharmaceuticals and Personal Health added one
percent to sales growth, but were offset by one percent of unfavorable
foreign exchange rate trends. Net earnings in Health Care grew 28
percent to $298 million, primarily behind the addition of the Gillette
Oral Care business and margin expansion on the base business.
* Baby Care and Family Care volume increased two percent in the quarter,
with organic volume up three percent. Baby Care volume increased in
the low-single digits with developing regions up double digits behind
strong market share results in China and in Central and Eastern Europe.
In developed regions, market share on Pampers in North America was in-
line with the prior year period while continued pricing pressure from
private label brands drove some softness on the Luvs brand. Diaper
market share remained strong in Western Europe at over 54%. Family
Care organic volume grew in the mid-single digits, largely behind
Bounty and on the continued success of the Charmin Basic initiative.
Net sales in the segment were $3.03 billion, down one percent versus
the prior year, including a negative three percent foreign exchange
impact. Previously announced price increases in North America Baby
Care, coupled with a late January increase in North America Family
Care, added two percent to sales growth. Disproportionate growth in
mid-tier products and in developing regions resulted in a negative two
percent mix effect. Net earnings increased two percent to $326 million
against a strong base period in which earnings increased 60% driven by
13 percent sales growth. Earnings growth was driven by organic sales
growth and margin improvements.
P&G Household Care
* Fabric Care and Home Care volume increased seven percent. Growth was
broad-based across regions and across both Fabric Care and Home Care
driven by continued successful initiative activity including Tide with
Febreze, Bounce with Febreze, Gain Joyful Expressions, Bold Liquid
Tablets and Febreze Noticeables. Net sales increased seven percent to
$4.08 billion, including a negative two percent foreign exchange
impact. Pricing activity, primarily in Latin America Fabric Care and
North America Dish Care, added two percent to sales growth. Earnings
grew 13 percent to $545 million behind sales growth and margin
expansion. Operating margin expanded as volume growth, pricing
activity and cost savings projects offset increased commodity costs and
initiative marketing investments.
* Snacks and Coffee volume increased three percent. Coffee volume
increased mid-single digits as Folgers market share, which was impacted
by disruptions related to Hurricane Katrina, returned to pre-hurricane
levels during the quarter. Snacks volume was flat versus the prior
year period. Net sales for the segment increased four percent to $796
million, including a negative two percent impact from unfavorable
foreign exchange rate trends. Sales benefited by three percent from
previously announced Coffee price increases. Earnings were up 12
percent to $109 million driven by sales growth and an insurance
recovery from Hurricane Katrina, which more than offset current quarter
hurricane-related costs.
Gillette (comparisons are versus published pro forma results released on October 4, 2005) * Blades and Razors sales increased one percent during the quarter to
$1.19 billion, including a negative two percent foreign exchange
impact. The launch of Fusion in North America led to a significant
increase in sales in the region but was partially offset by a decline
in Western Europe. In Western Europe, sales were down despite a one
point increase in market share to 75 percent. This was due to a very
strong base comparison period that included the launch of M3Power and
Venus Disposables. Additionally, sales were impacted by a planned
reduction in distributor inventory levels in several developing
countries in Asia where the Gillette business was integrated into
existing P&G distributors. Overall, Blades and Razors volume/mix
increased two percent and previously announced price increases added
one percent to sales growth. Global market share on the Gillette
Blades and Razors franchise grew roughly one point versus the prior
year period to 73 percent. Earnings before income taxes were $361
million, down 17 percent versus the prior year due primarily to
increased amortization charges from purchase accounting adjustments
that impacted earnings before income taxes by 20 percent. Earnings
benefited from strong sales in North America and synergy savings from
overhead cost reductions, largely offset by increased marketing
investment behind the Fusion launch and the sales declines in Western
Europe and Asia. Net earnings for the segment were $265 million in the
quarter.
* Duracell and Braun sales were $763 million, down one percent versus the
prior year including three percent of unfavorable foreign exchange. In
the Duracell business, market share growth and price increases taken in
North America to compensate for rising commodity costs were more than
offset by unfavorable foreign exchange, strong competitive activity in
Western Europe and unfavorable mix due to a trend toward larger pack
sizes. Braun sales increased in North America behind Tassimo, but were
partially offset by unfavorable foreign exchange and strong competitive
activity in Germany. Overall, volume/mix and pricing each contributed
one percent to segment sales growth, but were offset by negative three
percent of unfavorable foreign exchange. Earnings before income taxes
increased one percent to $76 million, including purchase accounting
adjustments that negatively impacted earnings before income taxes by 13
percent. Earnings grew ahead of sales primarily because of base period
charges for the shutdown of the Lexington manufacturing facility and
synergy savings from overhead cost reductions. In addition, cost
savings efforts resulting largely from the Gillette Functional
Excellence program more than offset the effect of increased commodity
costs. Net earnings for the segment were $54 million in the quarter.
April - June and Fiscal Year Guidance
For the current fiscal year, the company expects its fourth consecutive year of base business growth at or above its long-term growth targets. Organic sales, which exclude the impact of foreign exchange, acquisitions and divestitures, are expected to grow six to seven percent. The sales growth estimate includes a positive one percent contribution from pricing and mix. Foreign exchange is expected to have a negative one percent impact on sales growth while acquisitions and divestitures are expected to add about 14 percent growth to sales. Net sales are expected to grow 19 to 20 percent for the fiscal year. Earnings per share for the fiscal year are now expected to be between $2.61 and $2.63. The company raised the mid-point of its earnings per share estimate by $0.02 due to strong base business performance in the March quarter and the good progress the company is making on the Gillette integration. The earnings per share estimate includes $0.19 - $0.23 of Gillette dilution. The dilution estimate includes $0.10 to $0.11 of one-time expenses. In the April - June quarter, the company expects organic sales, which exclude the impact of acquisitions, divestitures and foreign exchange, to grow four to six percent compared to a very strong base period in which organic sales grew 9 percent. This includes up to one percent impact from pricing and mix. Foreign exchange is estimated to have a negative one to two percent impact on sales growth. Acquisitions and divestitures are expected to add 18 to 19 percent, resulting in net sales growth of 20 to 24 percent in the June quarter. Earnings per share for the June quarter are expected to be $0.52 to $0.54. This reflects the timing change of the favorable tax settlement from the June quarter to the March quarter as well as higher non-operating income in the June quarter versus the prior year period due to higher interest income and the planned impact of divestitures. For the fiscal year, the company continues to expect non-operating income to be down as a percentage of total net earnings. The June earnings per share estimate includes $0.06 to $0.09 per share of Gillette dilution. This dilution estimate includes one-time expenses of $0.03 - $0.04 per share. Excluding the impact of Gillette dilution, earnings per share for the June quarter are expected to be up high teens versus a strong year-ago base period. Forward Looking Statements All statements, other than statements of historical fact included in this release, are forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995. In addition to the risks and uncertainties noted in this release, 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 with respect to lower income consumers and 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 execute, manage and integrate key acquisitions and mergers, including (i) the Company's acquisition of The Gillette Company, and to achieve the cost and growth synergies in accordance with the stated goals of the Gillette transaction, and (ii) the Domination and Profit Transfer Agreement with Wella; (3) the ability to manage and maintain key customer relationships; (4) the ability to maintain key manufacturing and supply sources (including sole supplier and plant manufacturing sources); (5) the ability to successfully manage regulatory, tax and legal matters (including product liability, patent, and other intellectual property matters), and to resolve pending matters within current estimates; (6) the ability to successfully implement, achieve and sustain cost improvement plans in manufacturing and overhead areas, including the Company's outsourcing projects; (7) the ability to successfully manage currency (including currency issues in volatile countries), debt (including debt related to the Company's announced plan to repurchase shares of the Company's stock), interest rate and certain commodity cost exposures; (8) the ability to manage the 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 terrorist activities; (9) the ability to successfully manage competitive factors, including prices, promotional incentives and trade terms for products; (10) the ability to obtain patents and respond to technological advances attained by competitors and patents granted to competitors; (11) the ability to successfully manage increases in the prices of raw materials used to make the Company's products; (12) the ability to stay close to consumers in an era of increased media fragmentation; and (13) the ability to stay on the leading edge of innovation. 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 Three 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), Pringles(R), Folgers(R), Charmin(R), Downy(R), Lenor(R), Iams(R), Crest(R), Oral-B(R), Actonel(R), Duracell(R), Olay(R), Head & Shoulders(R), Wella, Gillette(R), and Braun. The P&G community consists of almost 140,000 employees working in over 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 in the January - March 2006 quarter:
Baby and
Total P&G P&G Beauty Health Care Family Care
Total Sales Growth 21% 6% 21% -1%
Less: Foreign Exchange
Impact 3% 3% 1% 3%
Less: Acquisition/
Divestiture Impact -18% -4% -19% 1%
Organic Sales Growth 6% 5% 3% 3%
Fabric and Snacks and
Home Care Coffee
Total Sales Growth 7% 4%
Less: Foreign Exchange
Impact 2% 2%
Less: Acquisition/
Divestiture Impact 0% 0%
Organic Sales Growth 9% 6%
April-June 2005:
Total P&G
Total Sales Growth 10%
Less: Foreign Exchange
Impact -2%
Less: Acquisition/
Divestiture Impact 1%
Organic Sales Growth 9%
Base Business EPS. Base EPS growth is defined as diluted earnings per share growth on the company's business excluding the impact of Gillette dilution. Management views this as a more comparable measure of year-on-year earnings per share growth since the effects of Gillette only impact the current year period. The following provides a reconciliation of Base Business EPS and Base Business EPS growth in the March quarter versus the comparable prior year period:
Diluted EPS per Share (January - March 2006) $0.63
Gillette Dilution Impact (January - March 2006) $0.07 - $0.08
Base Business EPS (January - March 2006) $0.70 - $0.71
Diluted EPS (January - March 2005) $0.59
Base Business EPS Growth 19% - 20%
Free Cash Flow. Free cash flow is defined as operating cash flow, less capital spending. We view free cash flow as an important measure because it is one factor in determining the amount of cash available for dividends and discretionary investment. Free cash flow is also one of the measures used to evaluate senior management and is a factor in determining their at-risk compensation. Free Cash Flow Productivity. Free cash flow productivity is defined as the ratio of free cash flow to net earnings. The Company's long-term target is to generate free cash at or above 90 percent of net earnings. Free cash flow is also one of the measures used to evaluate senior management. The reconciliation of free cash flow and free cash flow productivity is provided below ($ millions):
Operating Capital Free Cash Net Free Cash Flow
Cash Flow Spending Flow Earnings Productivity
Jan - Mar '06 $3,439 $(637) $2,802 $2,211 127%
Jul - Mar '06 $8,185 $(1,666) $6,519 $6,786 96%
Jul - Mar '05 $6,589 $(1,386) $5,203 $5,531 94%
THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
(Amounts in Millions Except Per Share Amounts)
Consolidated Earnings Information
JFM QUARTER FYTD
03/31/ 03/31/
JFM 06 JFM 05 % CHG 2006 2005 % CHG
NET SALES $17,250 $14,287 21 % $50,380 $42,483 19 %
COST OF PRODUCTS SOLD 8,340 7,055 18 % 24,231 20,563 18 %
GROSS MARGIN 8,910 7,232 23 % 26,149 21,920 19 %
SELLING, GENERAL &
ADMINISTRATIVE EXPENSE 5,559 4,690 19 % 15,849 13,607 16 %
OPERATING INCOME 3,351 2,542 32 % 10,300 8,313 24 %
TOTAL INTEREST EXPENSE 301 222 819 603
OTHER NON-OPERATING
INCOME, NET 79 60 221 297
EARNINGS BEFORE
INCOME TAXES 3,129 2,380 31 % 9,702 8,007 21 %
INCOME TAXES 918 766 2,916 2,476
NET EARNINGS 2,211 1,614 37 % 6,786 5,531 23 %
EFFECTIVE TAX RATE 29.3 % 32.2 % 30.1 % 30.9 %
PER COMMON SHARE:
BASIC NET EARNINGS $0.67 $0.63 6 % $2.22 $2.15 3 %
DILUTED NET EARNINGS $0.63 $0.59 7 % $2.10 $2.01 4 %
DIVIDENDS $0.28 $0.25 $0.84 $0.75
AVERAGE DILUTED SHARES
OUTSTANDING 3,510.5 2,730.3 3,235.4 2,749.4
COMPARISONS AS A Basis Basis
% OF NET SALES Pt Chg Pt Chg
COST OF PRODUCTS SOLD 48.3 % 49.4 % (110) 48.1 % 48.4 % (30)
GROSS MARGIN 51.7 % 50.6 % 110 51.9 % 51.6 % 30
SELLING, GENERAL &
ADMINISTRATIVE EXPENSE 32.2 % 32.8 % (60) 31.5 % 32.0 % (50)
OPERATING MARGIN 19.4 % 17.8 % 160 20.4 % 19.6 % 80
EARNINGS BEFORE
INCOME TAXES 18.1 % 16.7 % 140 19.3 % 18.8 % 50
NET EARNINGS 12.8 % 11.3 % 150 13.5 % 13.0 % 50
THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
(Amounts in Millions)
Consolidated Cash Flows Information
Nine Months Ended March 31
2006 2005
BEGINNING CASH 6,389 4,232
OPERATING ACTIVITIES
NET EARNINGS 6,786 5,531
DEPRECIATION AND AMORTIZATION 1,891 1,403
SHARE-BASED COMPENSATION EXPENSE 400 370
DEFERRED INCOME TAXES 116 445
CHANGES IN:
ACCOUNTS RECEIVABLE (250) (197)
INVENTORIES (161) (778)
ACCOUNTS PAYABLE, ACCRUED AND
OTHER LIABILITIES (582) (115)
OTHER OPERATING ASSETS & LIABILITIES (81) (221)
OTHER 66 151
TOTAL OPERATING ACTIVITIES 8,185 6,589
INVESTING ACTIVITIES
CAPITAL EXPENDITURES (1,666) (1,386)
PROCEEDS FROM ASSET SALES 352 368
ACQUISITIONS, NET OF CASH ACQUIRED 216 (528)
CHANGE IN INVESTMENT SECURITIES 491 (56)
TOTAL INVESTMENT ACTIVITIES (607) (1,602)
FINANCING ACTIVITIES
DIVIDENDS TO SHAREHOLDERS (2,645) (1,998)
CHANGE IN SHORT-TERM DEBT (6,009) 1,317
ADDITIONS TO LONG TERM DEBT 17,136 3,048
REDUCTION OF LONG TERM DEBT (4,367) (1,583)
PROCEEDS FROM THE EXERCISE OF
STOCK OPTIONS AND OTHER 1,119 406
TREASURY PURCHASES (10,596) (3,580)
TOTAL FINANCING ACTIVITIES (5,362) (2,390)
EXCHANGE EFFECT ON CASH 70 243
CHANGE IN CASH AND CASH EQUIVALENTS 2,286 2,840
ENDING CASH 8,675 7,072
THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
(Amounts in Millions)
Consolidated Balance Sheet Information
March 31, 2006 June 30, 2005
CASH AND CASH EQUIVALENTS $8,675 $6,389
INVESTMENTS SECURITIES 1,524 1,744
ACCOUNTS RECEIVABLE 5,404 4,185
TOTAL INVENTORIES 6,732 5,006
OTHER 4,280 3,005
TOTAL CURRENT ASSETS 26,615 20,329
NET PROPERTY, PLANT AND EQUIPMENT 18,473 14,332
NET GOODWILL AND OTHER INTANGIBLE ASSETS 87,857 24,163
OTHER NON-CURRENT ASSETS 3,277 2,703
TOTAL ASSETS $136,222 $61,527
ACCOUNTS PAYABLE $4,063 $3,802
ACCRUED AND OTHER LIABILITIES 9,219 7,531
TAXES PAYABLE 2,924 2,265
DEBT DUE WITHIN ONE YEAR 3,837 11,441
TOTAL CURRENT LIABILITIES 20,043 25,039
LONG-TERM DEBT 33,916 12,887
OTHER 17,239 5,126
TOTAL LIABILITIES 71,198 43,052
TOTAL SHAREHOLDERS' EQUITY 65,024 18,475
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY $136,222 $61,527
THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
(Amounts in Millions)
Consolidated Earnings Information
Three Months Ended March 31, 2006
% % %
Change Earnings Change Change
Versus Before Versus Versus
Year Income Year Net Year
Net Sales Ago Taxes Ago Earnings Ago
P&G BEAUTY $5,155 6% $1,041 7% $738 10%
HEALTH CARE 2,427 21% 446 29% 298 28%
BABY CARE AND FAMILY CARE 3,031 -1% 530 5% 326 2%
P&G FAMILY HEALTH 5,458 8% 976 15% 624 13%
FABRIC CARE AND HOME CARE 4,080 7% 814 13% 545 13%
SNACKS AND COFFEE 796 4% 177 13% 109 12%
P&G HOUSEHOLD CARE 4,876 6% 991 13% 654 13%
BLADES AND RAZORS 1,187 N/A 361 N/A 265 N/A
DURACELL AND BRAUN 763 N/A 76 N/A 54 N/A
GLOBAL GILLETTE 1,950 N/A 437 N/A 319 N/A
TOTAL BUSINESS SEGMENT 17,439 20% 3,445 28% 2,335 30%
CORPORATE (189) N/A (316) N/A (124) N/A
TOTAL COMPANY 17,250 21% 3,129 31% 2,211 37%
Nine Months Ended March 31, 2006
% % %
Change Earnings Change Change
Versus Before Versus Versus
Year Income Year Net Year
Net Sales Ago Taxes Ago Earnings Ago
P&G BEAUTY $15,514 7% $3,285 6% $2,369 11%
HEALTH CARE 7,149 21% 1,582 36% 1,061 36%
BABY CARE AND FAMILY CARE 9,066 2% 1,561 0% 976 0%
P&G FAMILY HEALTH 16,215 10% 3,143 15% 2,037 16%
FABRIC CARE AND HOME CARE 12,376 8% 2,665 10% 1,779 10%
SNACKS AND COFFEE 2,429 3% 429 -7% 277 -6%
P&G HOUSEHOLD CARE 14,805 8% 3,094 8% 2,056 8%
BLADES AND RAZORS 2,340 N/A 736 N/A 537 N/A
DURACELL AND BRAUN 2,042 N/A 319 N/A 219 N/A
GLOBAL GILLETTE 4,382 N/A 1,055 N/A 756 N/A
TOTAL BUSINESS SEGMENT 50,916 18% 10,577 22% 7,218 24%
CORPORATE (536) N/A (875) N/A (432) N/A
TOTAL COMPANY 50,380 19% 9,702 21% 6,786 23%
JANUARY - MARCH NET SALES INFORMATION
(Percent Change vs. Year Ago) *
Volume Volume
With Without
Acquis- Acquis-
itions/ itions/ Total
Divest- Divest- Mix/ Total Impact
itures itures FX Price Other Impact Ex-FX
P&G BEAUTY 8% 4% -3% 0% 1% 6% 9%
P&G FAMILY HEALTH
HEALTH CARE 18% -1% -1% 1% 3% 21% 22%
BABY CARE AND FAMILY CARE 2% 3% -3% 2% -2% -1% 2%
P&G HOUSEHOLD CARE
FABRIC CARE AND HOME CARE 7% 7% -2% 2% 0% 7% 9%
SNACKS AND COFFEE 3% 3% -2% 3% 0% 4% 6%
GLOBAL GILLETTE
BLADES & RAZORS N/A N/A N/A N/A N/A N/A N/A
DURACELL AND BRAUN N/A N/A N/A N/A N/A N/A N/A
TOTAL COMPANY 22% 5% -3% 1% 1% 21% 24%
* These sales percentage changes are approximations based on quantitative
formulas that are consistently applied.
SOURCE The Procter & Gamble Company
CONTACT: P&G Media Contact, In the US, +1-866-PROCTER, or +1-866-776-2837, or International, +1-513-945-9087, or P&G Investor Relations Contact, Chris Peterson, +1-513-983-2414 2073 05/03/2006 07:01 EDT http://www.prnewswire.com |
Touching lives, improving life. P&G™