Procter & Gamble (P&G) earned $3.939 billion between July and September, the first quarter of its 2023 fiscal year, a figure that represents 4% less than in the same period last year.
The company's quarterly turnover increased 1% to $20.612 billion, despite a " complicated operating and cost environment ," according to its CEO, David Taylor.
Price increases offset drop in sales.
Sales were influenced by the unfavorable impact of the exchange rate by approximately 6%, as well as by the price increases the company introduced to offset rising costs. In the overall results, this price increase compensated for a 3% reduction in sales.
By sector, healthcare and home care recorded the largest increase in revenue, 8% each, followed by women's and baby care, which grew by 6%, and personal hygiene, which added 5%.
The company expects its sales to fall between 1% and 3%, compared to the 2% drop it had previously forecast. It also anticipates that its earnings per share will be 4%, the lowest level previously projected.
