Integrated Strategic Choices

P&G employees have delivered great results over the past four years in a very challenging macro environment against very capable competition. In those four years, P&G people have added more than $13 billion in annual sales and roughly $5 billion in after-tax profit—executing our integrated strategies with excellence.

The progress we have made, and our collective commitment to our strategies, give me confidence we can manage through the challenges we will continue to face. Still, we are clear-eyed about the trials ahead. The operational, cost and currency challenges we dealt with over the last two years will continue in fiscal year 2023, and we begin the new fiscal year with consumers facing inflation levels not seen in the last 40 years.

The best response to the uncertainties and challenges—double down on the integrated set of strategies that are delivering very strong results.

We are focused on delighting and serving consumers, customers, society and shareowners through five strategic and integrated choices: a portfolio of daily-use products in categories where performance drives brand choice; superiority across product, package, brand communication, retail execution and value; productivity in everything we do; constructive disruption across the value chain; and an agile, accountable and empowered organization.

These are not independent strategic choices. They reinforce and build on each other, and when executed well, they lead to balanced top- and bottom-line growth and value creation. There is still meaningful opportunity for improvement and leverage in every facet of this strategy, and we continue to work to strengthen our execution of these choices.