P&G Releases 2023 Annual Report

Today, P&G released its 2023 Annual Report, highlighting for shareholders that we delivered another strong year in fiscal 2023 with robust top-line growth across categories and regions, strong earnings per share growth in the face of significant cost headwinds and continued strong cash return — in a very difficult operating environment — an outcome of continued excellent execution of our integrated strategies by P&G people.

We’ve achieved this through our integrated strategic choices:

  • A focused portfolio of daily-use products in 10 categories where performance drives brand choice;
  • Superiority across product, package, brand communication, retail execution and consumer and customer value;
  • Productivity improvements in cost and cash to fund investments and improve profitability;
  • Constructive disruption — a willingness to change, adapt and create new trends and technologies that will shape our industry for the future — in all facets of our operations; and
  • An organization structure that yields a more empowered, agile and accountable organization and culture.
A circular image outlines P&G's Integrated Growth Strategy. Portfolio performance drives brand choice. Superiority to win with consumers.Productivity to fuel investments.Constructive disruption across our business.Organization empowered, agile accountable.

And we're strengthening the execution of this strategy with four areas of focus — supply chain, environmental sustainability, digital acumen and a superior employee value equation.

As he closed his letter to shareholders, Chairman, President and CEO Jon Moeller expressed his confidence in P&G people and reinforced our commitment to serve consumers:

At the end of the day, we serve people — with a strong desire to improve their lives and the lives of their families. We stand by consumers and support them in small but meaningful ways every day — with superior performing products of high quality at a superior value. We strive to do this in the most responsible way, consistent with P&G’s Values and Principles.

This approach, with consumers at the center, and an organization built to serve them, has served us and our many stakeholders well. It will guide our actions as we move forward. If we do this effectively, consumers will benefit, customers will grow their businesses, employees will develop and thrive, we will have a positive impact on society, and shareholders will continue to be rewarded for their investment.

I believe in this Company, in our organization — its capabilities and in the commitment of P&G people to serve consumers…

To read the full letter to P&G shareholders, explore superiority at P&G across our categories, and learn more about the integrated strategy driving growth and value creation at P&G, click here to read our 2023 Annual Report.

See www.pg.com/annualreport2023 for the full 2023 Annual Report, including definitions of non-GAAP measures and reconciliation to the most closely related GAAP measure, as well as cautionary information on forward-looking statements, which are based on current assumptions and subject to risks and uncertainties that may cause actual results to differ materially.

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