10/19/2023
P&G Announces Results for the First Quarter of Fiscal Year 2024
Today P&G reported results for the first quarter of fiscal 2024, and our integrated strategy continued to support strong results across top-line, bottom-line and cash against what continues to be a challenging and volatile operating environment.
“We delivered very strong results in the first quarter of fiscal year 2024, putting us on track to deliver towards the higher end of our fiscal year guidance ranges for organic sales and core EPS growth. We remain committed to our integrated strategy of a focused product portfolio of daily use categories where performance drives brand choice, superiority — across product performance, packaging, brand communication, retail execution and consumer and customer value — productivity, constructive disruption and an agile and accountable organization. The P&G team’s execution of this strategy has enabled us to build and sustain strong momentum. We have confidence this remains the right strategy to deliver balanced growth and value creation.”
Organic sales grew 7% for the quarter, and growth was broad-based with all 10 of our product categories and 5 of 7 regions growing organic sales. Focus markets grew 6% for the year, and Enterprise markets were up 13%.
As consumers continue to choose P&G brands, global aggregate value share was up 40 basis points vs. prior year, with 32 of our top 50 category/country combinations holding or growing share for the past three months.
In the U.S., all-outlet value share was up 50 basis points vs. prior year, with 7 of 10 categories holding or growing value share in the quarter. U.S. volume share was up 60 basis points, reflecting 3% volume growth.
Strong productivity savings enabled increased investment in the superiority of our brands while also delivering very strong earnings growth. Core earnings per share were $1.83, up 17% versus the prior year. On a currency neutral basis, core EPS increased 21%.
And we returned $3.8 billion dollars of cash to shareowners – approximately $2.3 billion in dividends and $1.5 billion dollars in share repurchase.
Read our October 18, 2023 press release for a deeper dive into the numbers announced today. Slides and the webcast replay of earnings results are available at www.pginvestor.com/event.
See https://www.pginvestor.com/event for P&G's full Q1 FY24 earnings release issued October 18, 2023, the associated webcast presentation, 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.
