CINCINNATI - The Procter & Gamble Company has reported a slight dip in sales and revenue in its second quarter with the company continuing to face a challenging cost and operating environment.
Total revenue was 1% down to US$20.8 billion, while net income was $3.86 billion, down 7.0% from the same period last year.
“We delivered solid results in the second quarter of fiscal year 2023 in what continues to be a very difficult cost and operating environment,” said Jon Moeller, chairman of the Board, president and chief executive officer. “Progress against our plan fiscal year to date enables us to raise our sales growth outlook for fiscal 2023 and maintain our guidance range for EPS growth despite significant headwinds.
"We remain committed to our integrated strategies of a focused product portfolio, superiority, productivity, constructive disruption and an agile and accountable organization structure. These strategies have enabled us to build and sustain strong momentum. They remain the right strategies to navigate through the near-term challenges we’re facing and continue to deliver balanced growth and value creation.”
In the Baby, Feminine and Family Care segment, organic sales increased 4% compared to a year ago. Baby Care organic sales increased low single digits due to increased pricing, partially offset by volume declines from market contraction. Feminine Care organic sales increased by high single digits driven by increased pricing and positive geographic mix, partially offset by volume declines in emerging markets. Family Care organic sales increased low single digits due to increased pricing, partially offset by lower volumes due to market contraction and market share softness.