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News Release
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The Procter & Gamble Company
One P&G Plaza
Cincinnati, OH 45202
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P&G REPORTS FOURTH QUARTER AND FISCAL YEAR-END RESULTS;
Q4 VOLUME GROWTH ACCELERATES TO +8%, MARKET SHARE GROWING,
EPS IN-LINE WITH TARGETS
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Volume growth accelerated throughout the fiscal year behind a strong innovation program and marketing investments. Fourth quarter growth of eight percent was the strongest in 22 quarters. All business segments, regions and key countries contributed to volume growth for the quarter.
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Net sales increased five percent for the fourth quarter and three percent for the fiscal year. Organic sales grew four percent for the quarter and three percent for fiscal 2010.
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Global market share was up for the quarter, with all regions holding or growing share. Share is growing in businesses representing approximately 60% of sales, roughly double prior year levels. Market share growth accelerated throughout the fiscal year.
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Diluted net earnings per share from continuing operations declined five percent to $0.71 in the fourth quarter and increased four percent to $3.53 for the fiscal year.
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Core EPS declined nine percent for the quarter to $0.71 as sales growth was more than offset by increased marketing spending. Core EPS increased six percent for the full fiscal year to $3.67 driven by sales growth and gross margin expansion.
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Operating cash flow was $16.1 billion for the fiscal year, an increase of eight percent versus the prior year. Adjusted free cash flow, which is operating cash flow less capital spending and the after-tax impacts of the global pharmaceuticals divestitures, was a record $14.0 billion for the year and 125 percent of net earnings excluding the impacts of the global pharmaceuticals divestitures.
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Beauty net sales increased three percent in fiscal 2010 to $19.5 billion on unit volume growth of three percent. Organic sales grew three percent versus the prior year on four percent organic volume growth. Volume growth was driven by high single-digit growth in developing regions, while volume in developed regions was consistent with the prior year. Price increases of one percent were offset by unfavorable geographic and category mix. Hair Care volume grew mid-single digits behind initiative-driven growth of Pantene, Head & Shoulders and Rejoice. Female Beauty volume was up low single digits mainly due to higher shipments of female skin care and personal cleansing products in Asia and CEEMEA. Salon Professional volume was down double digits mainly due to the exit of non-strategic businesses and continued market contractions. Prestige volume declined low single digits due to continued contraction of the fragrance market. Net earnings increased two percent to $2.7 billion driven by net sales growth, partially offset by the impact of divestiture gains in the prior year and a higher tax rate in the current year. Higher gross margin driven primarily by price increases and manufacturing cost savings was offset by higher SG&A as a percentage of net sales mainly behind increased marketing spending.
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Grooming net sales increased three percent to $7.6 billion for the fiscal year on a one percent increase in unit volume. Organic sales were up three percent. Price increases, taken primarily across blades and razors and in developing regions to offset currency devaluations, added four percent to net sales. Product mix had a negative two percent impact on net sales due mainly to disproportionate growth of low-cost razor systems in developing regions and of disposable razors, both of which have lower than segment average selling prices. Volume in developing regions increased low single digits, while volume in developed regions was in line with the prior year. Volume in Male Grooming was up low single digits mainly due to growth of disposable razors in developing regions and double-digit growth of Gillette Fusion behind the Fusion ProGlide launch in North America, partially offset by declining shipments of legacy systems. Volume in Appliances was down low single digits behind lower shipments of home and hair care appliances, partially offset by higher shipments of shavers and epilators. Net earnings increased nine percent to $1.5 billion for the fiscal year behind sales growth, operating margin expansion and a lower tax rate. Operating margin increased behind improved gross margin due mainly to price increases and manufacturing cost savings, partially offset by higher SG&A as a percentage of net sales driven primarily by higher marketing spending.
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Health Care net sales increased two percent for fiscal 2010 to $11.5 billion on unit volume growth of three percent. Organic sales grew two percent. Pricing increases added one percent to net sales growth behind increases taken in developing regions primarily to offset currency devaluations. Mix reduced net sales by two percent primarily due to disproportionate growth of developing regions, which have lower than segment average selling prices. Volume grew mid-single digits in developing regions and low single digits in developed regions. Oral Care volume grew mid-single digits behind initiative activity in Western Europe, Latin America and Asia. Personal Health Care volume was up low single digits behind higher shipments of Vicks and diagnostic products, partially offset by a continued decline of Prilosec OTC in North America due to increased competitive activity. Feminine Care volume increased low single digits behind initiative-driven growth of Always and expansion of Naturella into China. Net earnings were up one percent to $1.9 billion on higher net sales, partially offset by lower operating margin. Operating margin contracted due to higher SG&A as a percentage of net sales driven primarily by higher marketing and selling expenses, partially offset by higher gross margin from price increases, lower commodity costs and manufacturing cost savings.
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Snacks and Pet Care net sales increased one percent to $3.1 billion for the fiscal year. Organic sales were in line with the prior year. Unit volume declined two percent driven by lower shipments in Snacks. Price increases, taken primarily to offset high commodity costs, added three percent to net sales growth. Product mix reduced net sales by one percent due mainly to the discontinuation of premium snack products and higher shipments of large size pet products. Favorable foreign exchange added one percent to net sales. Volume in Snacks was down mid-single digits due primarily to price increases and the discontinuation of some premium snack products. Volume in Pet Care was up low single digits behind product initiatives, increased marketing spending and incremental merchandising support. Net earnings increased 39 percent to $326 million driven by higher net sales, increased operating margins and a lower tax rate. Operating margin expanded due to higher gross margin behind price increases, commodity cost declines and manufacturing cost savings, partially offset by higher SG&A as a percentage of net sales primarily due to higher marketing spending.
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Fabric Care and Home Care net sales increased three percent to $23.8 billion in fiscal 2010 on a six percent increase in unit volume. Organic sales grew four percent. Pricing, mix and foreign exchange each reduced net sales by one percent. Fabric Care volume grew mid-single digits behind new product launches, value corrections and incremental merchandising activity. Home Care volume was up high single digits driven mainly by new product launches, marketing support increases and market size expansion. Batteries volume increased mid-single digits primarily due to growth in Greater China, price reductions to improve consumer value in North America, and higher demand from business customers. Net earnings increased 10 percent to $3.3 billion due to higher net sales and increased operating margin. Operating margin expanded due to higher gross margin driven primarily by lower commodity costs and manufacturing cost savings, partially offset by an increase in SG&A as a percentage of net sales due to higher marketing spending.
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Baby Care and Family Care net sales increased four percent to $14.7 billion for the fiscal year on seven percent volume growth. Organic sales were up five percent. Mix reduced net sales by two percent driven mainly by disproportionate growth of mid-tier product lines, larger package sizes and developing regions, all of which have lower than segment average selling prices. Unfavorable foreign exchange reduced net sales by one percent. Volume grew double digits in developing regions and mid-single digits in developed regions. Volume in Baby Care increased high single digits behind initiative activity, strong marketing programs to support new product launches and market size expansion. Volume in Family Care grew high single digits behind initiative activity on Bounty and Charmin, increased merchandising and market growth. Net earnings increased 16 percent to $2.0 billion behind net sales growth and operating margin expansion. Operating margin expansion was driven by higher gross margin mainly due to lower commodity costs and manufacturing cost savings, partially offset by higher SG&A as a percentage of net sales primarily driven mainly by higher marketing spending.
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Fiscal Year 2010
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Net Sales Growth
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Foreign Exchange Impact
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Acquisition/ Divestiture Impact*
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Organic Sales Growth
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Beauty
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3 | % | 0 | % | 0 | % | 3 | % | ||||||||
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Grooming
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3 | % | 0 | % | 0 | % | 3 | % | ||||||||
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Health Care
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2 | % | 0 | % | 0 | % | 2 | % | ||||||||
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Snacks and Pet Care
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1 | % | -1 | % | 0 | % | 0 | % | ||||||||
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Fabric Care and Home Care
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3 | % | 1 | % | 0 | % | 4 | % | ||||||||
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Baby Care and Family Care
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4 | % | 1 | % | 0 | % | 5 | % | ||||||||
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Total P&G
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3 | % | 1 | % | -1 | % | 3 | % | ||||||||
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Total P&G (Apr – Jun ’10)
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5 | % | -1 | % | 0 | % | 4 | % | ||||||||
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AMJ 10
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AMJ 09
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Diluted Net Earnings Per Share - Continuing Operations
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$ | 0.71 | $ | 0.75 | ||||
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Incremental Folgers-related Restructuring Charges
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- | $ | 0.03 | |||||
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Core EPS
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$ | 0.71 | $ | 0.78 | ||||
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Core EPS Growth
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-9 | % | ||||||
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FY 2011
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FY 2010
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FY 2009
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Diluted Net Earnings Per Share
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$ | 3.91 to $4.01 | $ | 4.11 | $ | 4.26 | ||||||
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Folgers Results of Operations and Gain on the Sale
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- | - | $ | (0.68 | ) | |||||||
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Gain on the Sale of Pharmaceuticals
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- | $ | (0.47 | ) | - | |||||||
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Gain on the Sale of Actonel in Japan
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- | $ | (0.04 | ) | - | |||||||
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Pharmaceuticals Results of Operations
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- | $ | (0.07 | ) | $ | (0.19 | ) | |||||
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Diluted Net Earnings Per Share - Continuing Operations
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$ | 3.91 to $4.01 | $ | 3.53 | $ | 3.39 | ||||||
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Incremental Folgers-related Restructuring Charges
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- | - | $ | 0.09 | ||||||||
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Charges for Pending European Legal Matters
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- | $ | 0.09 | - | ||||||||
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Charge for Taxation of Retiree Healthcare Subsidy
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- | $ | 0.05 | - | ||||||||
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Rounding Impacts
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- | - | $ | (0.01 | ) | |||||||
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Core EPS
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$ | 3.91 to $4.01 | $ | 3.67 | $ | 3.47 | ||||||
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Core EPS Growth
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7% to 9%
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6 | % | |||||||||
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Operating Cash Flow
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Capital Spending
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Free Cash Flow
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Tax Payments – Global Pharmaceuticals Divestitures
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Adjusted Free Cash Flow
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Fiscal 2010
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$ | 16,072 | $ | (3,067 | ) | $ | 13,005 | $ | 980 | $ | 13,985 | |||||||||
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Adjusted Free Cash Flow
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Net Earnings
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Global Pharmaceuticals Gains
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Net Earnings Excluding Certain Divestiture Gain
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Adjusted Free Cash Flow Productivity
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Fiscal 2010
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$ | 13,985 | $ | 12,736 | $ | (1,585 | ) | $ | 11,151 | 125 | % | |||||||||
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THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
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(Amounts in Millions Except Per Share Amounts)
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Consolidated Earnings Information
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Three Months Ended June 30, 2010
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FYTD
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AMJ 10
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AMJ 09
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% CHG
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6/30/2010
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6/30/2009
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% CHG
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NET SALES
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$ | 18,926 | $ | 18,084 | 5 | % | $ | 78,938 | $ | 76,694 | 3 | % | ||||||||||||
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COST OF PRODUCTS SOLD
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9,560 | 9,216 | 4 | % | 37,919 | 38,690 | (2 | )% | ||||||||||||||||
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GROSS MARGIN
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9,366 | 8,868 | 6 | % | 41,019 | 38,004 | 8 | % | ||||||||||||||||
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SELLING, GENERAL & ADMINISTRATIVE EXPENSE
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6,416 | 5,488 | 17 | % | 24,998 | 22,630 | 10 | % | ||||||||||||||||
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OPERATING INCOME
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2,950 | 3,380 | (13 | )% | 16,021 | 15,374 | 4 | % | ||||||||||||||||
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TOTAL INTEREST EXPENSE
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212 | 328 | (35 | )% | 946 | 1,358 | (30 | )% | ||||||||||||||||
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OTHER NON-OPERATING INCOME, NET
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(121 | ) | 16 | (856 | )% | (28 | ) | 397 | (107 | )% | ||||||||||||||
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EARNINGS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
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2,617 | 3,068 | (15 | )% | 15,047 | 14,413 | 4 | % | ||||||||||||||||
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INCOME TAXES
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432 | 745 | 4,101 | 3,733 | ||||||||||||||||||||
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NET EARNINGS FROM CONTINUING OPERATIONS
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2,185 | 2,323 | (6 | )% | 10,946 | 10,680 | 2 | % | ||||||||||||||||
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NET EARNINGS FROM DISCONTINUED OPERATIONS
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0 | 148 | (100 | )% | 1,790 | 2,756 | (35 | )% | ||||||||||||||||
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NET EARNINGS
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2,185 | 2,471 | (12 | )% | 12,736 | 13,436 | (5 | )% | ||||||||||||||||
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EFFECTIVE TAX RATE FROM CONTINUING OPERATIONS
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16.5 | % | 24.3 | % | 27.3 | % | 25.9 | % | ||||||||||||||||
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PER COMMON SHARE:
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BASIC NET EARNINGS - CONTINUING OPERATIONS
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$ | 0.74 | $ | 0.78 | (5 | )% | $ | 3.70 | $ | 3.55 | 4 | % | ||||||||||||
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BASIC NET EARNINGS - DISCONTINUED OPERATIONS
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$ | - | $ | 0.05 | (100 | )% | $ | 0.62 | $ | 0.94 | (34 | )% | ||||||||||||
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BASIC NET EARNINGS
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$ | 0.74 | $ | 0.83 | (11 | )% | $ | 4.32 | $ | 4.49 | (4 | )% | ||||||||||||
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DILUTED NET EARNINGS - CONTINUING OPERATIONS
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$ | 0.71 | $ | 0.75 | (5 | )% | $ | 3.53 | $ | 3.39 | 4 | % | ||||||||||||
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DILUTED NET EARNINGS - DISCONTINUED OPERATIONS
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$ | - | $ | 0.05 | (100 | )% | $ | 0.58 | $ | 0.87 | (33 | )% | ||||||||||||
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DILUTED NET EARNINGS
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$ | 0.71 | $ | 0.80 | (11 | )% | $ | 4.11 | $ | 4.26 | (4 | )% | ||||||||||||
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DIVIDENDS
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$ | 0.48 | $ | 0.44 | $ | 1.80 | $ | 1.64 | ||||||||||||||||
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AVERAGE DILUTED SHARES OUTSTANDING
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3,068.9 | 3,096.7 | 3,099.3 | 3,154.1 | ||||||||||||||||||||
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COMPARISONS AS A % OF NET SALES
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Basis Pt Chg |
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Basis Pt Chg
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GROSS MARGIN
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49.5 | % | 49.0 | % | 50 | 52.0 | % | 49.5 | % | 250 | ||||||||||||||
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SELLING, GENERAL & ADMINISTRATIVE EXPENSE
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33.9 | % | 30.3 | % | 360 | 31.7 | % | 29.5 | % | 220 | ||||||||||||||
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OPERATING MARGIN
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15.6 | % | 18.7 | % | (310 | ) | 20.3 | % | 20.0 | % | 30 | |||||||||||||
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EARNINGS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
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13.8 | % | 17.0 | % | (320 | ) | 19.1 | % | 18.8 | % | 30 | |||||||||||||
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NET EARNINGS FROM CONTINUING OPERATIONS
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11.5 | % | 12.8 | % | (130 | ) | 13.9 | % | 13.9 | % | - | |||||||||||||
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THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
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(Amounts in Millions)
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Consolidated Cash Flows Information
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Twelve Months Ended June 30
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2010
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2009
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CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
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$ | 4,781 | $ | 3,313 | ||||
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OPERATING ACTIVITIES
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NET EARNINGS
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12,736 | 13,436 | ||||||
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DEPRECIATION AND AMORTIZATION
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3,108 | 3,082 | ||||||
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SHARE-BASED COMPENSATION EXPENSE
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453 | 516 | ||||||
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DEFERRED INCOME TAXES
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36 | 596 | ||||||
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GAIN ON SALE OF BUSINESSES
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(2,670 | ) | (2,377 | ) | ||||
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CHANGES IN:
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ACCOUNTS RECEIVABLE
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(14 | ) | 415 | |||||
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INVENTORIES
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86 | 721 | ||||||
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ACCOUNTS PAYABLE, ACCRUED AND OTHER LIABILITIES
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2,446 | (742 | ) | |||||
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OTHER OPERATING ASSETS & LIABILITIES
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(305 | ) | (758 | ) | ||||
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OTHER
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196 | 30 | ||||||
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TOTAL OPERATING ACTIVITIES
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16,072 | 14,919 | ||||||
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INVESTING ACTIVITIES
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CAPITAL EXPENDITURES
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(3,067 | ) | (3,238 | ) | ||||
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PROCEEDS FROM ASSET SALES
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3,068 | 1,087 | ||||||
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ACQUISITIONS, NET OF CASH ACQUIRED
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(425 | ) | (368 | ) | ||||
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CHANGE IN INVESTMENTS
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(173 | ) | 166 | |||||
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TOTAL INVESTING ACTIVITIES
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(597 | ) | (2,353 | ) | ||||
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FINANCING ACTIVITIES
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DIVIDENDS TO SHAREHOLDERS
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(5,458 | ) | (5,044 | ) | ||||
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CHANGE IN SHORT-TERM DEBT
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(1,798 | ) | (2,420 | ) | ||||
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ADDITIONS TO LONG-TERM DEBT
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3,830 | 4,926 | ||||||
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REDUCTIONS OF LONG-TERM DEBT
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(8,546 | ) | (2,587 | ) | ||||
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TREASURY STOCK PURCHASES
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(6,004 | ) | (6,370 | ) | ||||
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IMPACT OF STOCK OPTIONS AND OTHER
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721 | 681 | ||||||
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TOTAL FINANCING ACTIVITIES
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(17,255 | ) | (10,814 | ) | ||||
| EFFECT OF EXCHANGE RATE CHANGES ON CASH AND EQUIVALENTS |
( 122
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) | (284 | ) | ||||
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CHANGE IN CASH AND CASH EQUIVALENTS
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(1,902 | ) | 1,468 | |||||
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CASH AND CASH EQUIVALENTS, END OF PERIOD
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$ | 2,879 | $ | 4,781 | ||||
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THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
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(Amounts in Millions)
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Consolidated Balance Sheet Information
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June 30, 2010
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June 30, 2009
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CASH AND CASH EQUIVALENTS
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$ | 2,879 | $ | 4,781 | |||||
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ACCOUNTS RECEIVABLE
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5,335 | 5,836 | |||||||
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TOTAL INVENTORIES
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6,384 | 6,880 | |||||||
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OTHER
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4,184 | 4,408 | |||||||
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TOTAL CURRENT ASSETS
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18,782 | 21,905 | |||||||
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NET PROPERTY, PLANT AND EQUIPMENT
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19,244 | 19,462 | |||||||
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NET GOODWILL AND OTHER INTANGIBLE ASSETS
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85,648 | 89,118 | |||||||
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OTHER NON-CURRENT ASSETS
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4,498 | 4,348 | |||||||
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TOTAL ASSETS
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$ | 128,172 | $ | 134,833 | |||||
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ACCOUNTS PAYABLE
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$ | 7,251 | $ | 5,980 | |||||
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ACCRUED AND OTHER LIABILITIES
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8,559 | 8,601 | |||||||
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DEBT DUE WITHIN ONE YEAR
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8,472 | 16,320 | |||||||
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TOTAL CURRENT LIABILITIES
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24,282 | 30,901 | |||||||
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LONG-TERM DEBT
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21,360 | 20,652 | |||||||
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OTHER
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21,091 | 19,898 | |||||||
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TOTAL LIABILITIES
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66,733 | 71,451 | |||||||
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TOTAL SHAREHOLDERS' EQUITY
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61,439 | 63,382 | |||||||
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TOTAL LIABILITIES & SHAREHOLDERS' EQUITY
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$ | 128,172 | $ | 134,833 | |||||
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Certain amounts for prior periods were reclassified to conform with the fiscal 2010 presentation
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THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
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(Amounts in Millions)
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Consolidated Earnings Information
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Three Months Ended June 30, 2010
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||||||||||||||||||||||||
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% Change
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Earnings From
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% Change
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Net Earnings
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% Change
|
||||||||||||||||||||
|
Versus
|
Continuing Operations
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Versus
|
From Continuing
|
Versus
|
||||||||||||||||||||
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Net Sales
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Year Ago
|
Before Income Taxes
|
Year Ago
|
Operations
|
Year Ago
|
|||||||||||||||||||
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Beauty and Grooming GBU
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Beauty
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$ | 4,730 | 6 | % | $ | 712 | 0 | % | $ | 497 | -1 | % | ||||||||||||
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Grooming
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1,919 | 14 | % | 443 | 18 | % | 316 | 20 | % | |||||||||||||||
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Health and Well-Being GBU
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Health Care
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2,638 | 2 | % | 526 | -19 | % | 341 | -19 | % | |||||||||||||||
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Snacks and Pet Care
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798 | 6 | % | 119 | 17 | % | 77 | 18 | % | |||||||||||||||
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Household Care GBU
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Fabric Care and Home Care
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5,552 | 0 | % | 965 | -22 | % | 613 | -25 | % | |||||||||||||||
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Baby Care and Family Care
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3,562 | 4 | % | 571 | -14 | % | 355 | -14 | % | |||||||||||||||
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Corporate
|
(273 | ) | N/A | (719 | ) | N/A | (14 | ) | N/A | |||||||||||||||
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Total Company
|
18,926 | 5 | % | 2,617 | -15 | % | 2,185 | -6 | % | |||||||||||||||
|
Twelve Months Ended June 30, 2010
|
||||||||||||||||||||||||
|
% Change
|
Earnings From
|
% Change
|
Net Earnings
|
% Change
|
||||||||||||||||||||
|
Versus
|
Continuing Operations
|
Versus
|
From Continuing
|
Versus
|
||||||||||||||||||||
|
Net Sales
|
Year Ago
|
Before Income Taxes
|
Year Ago
|
Operations
|
Year Ago
|
|||||||||||||||||||
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Beauty and Grooming GBU
|
||||||||||||||||||||||||
|
Beauty
|
$ | 19,491 | 3 | % | $ | 3,648 | 3 | % | $ | 2,712 | 2 | % | ||||||||||||
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Grooming
|
7,631 | 3 | % | 2,007 | 6 | % | 1,477 | 9 | % | |||||||||||||||
|
Health and Well-Being GBU
|
||||||||||||||||||||||||
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Health Care
|
11,493 | 2 | % | 2,809 | 1 | % | 1,860 | 1 | % | |||||||||||||||
|
Snacks and Pet Care
|
3,135 | 1 | % | 499 | 29 | % | 326 | 39 | % | |||||||||||||||
|
Household Care GBU
|
||||||||||||||||||||||||
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Fabric Care and Home Care
|
23,805 | 3 | % | 5,076 | 9 | % | 3,339 | 10 | % | |||||||||||||||
|
Baby Care and Family Care
|
14,736 | 4 | % | 3,270 | 16 | % | 2,049 | 16 | % | |||||||||||||||
|
Corporate
|
(1,353 | ) | N/A | (2,262 | ) | N/A | (817 | ) | N/A | |||||||||||||||
|
Total Company
|
78,938 | 3 | % | 15,047 | 4 | % | 10,946 | 2 | % | |||||||||||||||
|
Three Months Ended June 30, 2010
|
||||||||||||||||||||||||
|
(Percent Change vs. Year Ago) *
|
||||||||||||||||||||||||
|
Volume
|
Volume
|
|||||||||||||||||||||||
|
With
|
Without
|
|||||||||||||||||||||||
|
Acquisitions/
|
Acquisitions/
|
Net Sales
|
||||||||||||||||||||||
|
Divestitures
|
Divestitures
|
Foreign Exchange
|
Price
|
Mix/Other
|
Growth
|
|||||||||||||||||||
|
Beauty and Grooming GBU
|
||||||||||||||||||||||||
|
Beauty
|
8 | % | 8 | % | 1 | % | -1 | % | -2 | % | 6 | % | ||||||||||||
|
Grooming
|
9 | % | 9 | % | 2 | % | 2 | % | 1 | % | 14 | % | ||||||||||||
|
Health and Well-Being GBU
|
||||||||||||||||||||||||
|
Health Care
|
5 | % | 5 | % | 0 | % | 0 | % | -3 | % | 2 | % | ||||||||||||
|
Snacks and Pet Care
|
8 | % | 7 | % | 1 | % | 1 | % | -4 | % | 6 | % | ||||||||||||
|
Household Care GBU
|
||||||||||||||||||||||||
|
Fabric Care and Home Care
|
7 | % | 7 | % | 0 | % | -4 | % | -3 | % | 0 | % | ||||||||||||
|
Baby Care and Family Care
|
9 | % | 9 | % | 0 | % | -2 | % | -3 | % | 4 | % | ||||||||||||
|
Total Company
|
8 | % | 8 | % | 1 | % | -1 | % | -3 | % | 5 | % | ||||||||||||
|
Twelve Months Ended June 30, 2010
|
||||||||||||||||||||||||
|
(Percent Change vs. Year Ago) *
|
||||||||||||||||||||||||
|
Volume
|
Volume
|
|||||||||||||||||||||||
|
With
|
Without
|
|||||||||||||||||||||||
|
Acquisitions/
|
Acquisitions/
|
Net Sales
|
||||||||||||||||||||||
|
Divestitures
|
Divestitures
|
Foreign Exchange
|
Price
|
Mix/Other
|
Growth
|
|||||||||||||||||||
|
Beauty and Grooming GBU
|
||||||||||||||||||||||||
|
Beauty
|
3 | % | 4 | % | 0 | % | 1 | % | -1 | % | 3 | % | ||||||||||||
|
Grooming
|
1 | % | 1 | % | 0 | % | 4 | % | -2 | % | 3 | % | ||||||||||||
|
Health and Well-Being GBU
|
||||||||||||||||||||||||
|
Health Care
|
3 | % | 3 | % | 0 | % | 1 | % | -2 | % | 2 | % | ||||||||||||
|
Snacks and Pet Care
|
-2 | % | -2 | % | 1 | % | 3 | % | -1 | % | 1 | % | ||||||||||||
|
Household Care GBU
|
||||||||||||||||||||||||
|
Fabric Care and Home Care
|
6 | % | 6 | % | -1 | % | -1 | % | -1 | % | 3 | % | ||||||||||||
|
Baby Care and Family Care
|
7 | % | 7 | % | -1 | % | 0 | % | -2 | % | 4 | % | ||||||||||||
|
Total Company
|
4 | % | 4 | % | -1 | % | 1 | % | -1 | % | 3 | % | ||||||||||||
|
* These sales percentage changes are approximations based on quantitative formulas that are consistently applied.
|
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