Procter & Gamble Posts Stronger Sales In First Quarter Of FY 2014

Procter & Gamble Co. reported net sales grew 2 percent to $21.2 billion in the first quarter of fiscal year 2014 from the same period in the previous year. Organic sales grew 4 percent, with a negative 2 percentage point impact from foreign exchange. Diluted net earnings per share reached $1.04, an increase of 8 percent from the previous year. Core earnings per share were $1.05, which is 1 percent lower than the previous year. Sales of the company’s beauty business rose 1 percent, driven by sales of hair care, deodorants, cosmetics, and personal cleansing. Its grooming segment recorded organic sales increase of 1 percent due to increase in prices and innovation in blades and razors and appliances.