Procter & Gamble Says Organic Sales Grew An Anemic 1 Percent In 3Q FY2015

Procter & Gamble reported organic sales grew 1 percent in the third quarter of fiscal year 2015. Organic volume in developed markets declined 2 percent, due to the impact of the April 1 increase in Japan’s consumption tax. All-in sales dropped 8 percent compared with the previous year, due to an eight-point adverse impact of foreign exchange and one-point reduction from the company’s minor brand divestitures. On a constant currency basis, core earnings per share rose 10 percent. During the earnings call, P&G executives also said foreign exchange’s adverse impact totaled $530 million after tax for the quarter and $1.2 billion after tax fiscal year-to-date.