P&G Delivers Second Quarter EPS and Organic Sales in Line with Ex...(e (SG&A) expenses as a percentage of...),Health

Date:1/30/2009

e (SG&A) expenses as a percentage of net sales were up 20 basis points to 30.7 percent. The savings from overhead productivity programs and marketing spending efficiencies offset the de-leveraging impact of lower net sales. Folgers-related restructuring charges, mainly in SG&A, lowered operating margins by about 40 basis points for the quarter.

Operating cash flow was $2.2 billion for the quarter. Free cash flow, defined as operating cash flow less capital expenditures, was $1.5 billion. Capital expenditures were 3.5 percent of net sales during the quarter.

Business Segment Discussion for the Quarter

The following provides perspective on the Company's October - December quarter results by business segment.

Beauty GBU

-- Beauty net sales decreased four percent to $4.9 billion for the quarter. Organic sales were in line with the previous year period. Net sales were down due to a four percent unfavorable foreign exchange impact and a one percent decline in volume, partially offset by a one percent positive pricing impact. Retail Hair Care volume grew low-single digits behind solid growth in developing regions. Every major retail hair care brand, including Pantene, contributed to volume growth led by mid-single-digit or higher growth of Head & Shoulders, Herbal Essences, Rejoice and Nice 'N Easy. Professional Hair Care volume declined mid-single-digits primarily due to market contractions. Personal Cleansing volume decreased high-single-digits primarily due to trade inventory reductions and market contractions. Volume in Skin Care decreased mid-single-digits mainly due to the divestiture of Noxzema. Prestige Fragrances volume decreased high-single-digits due mainly to trade inventory reductions, market contractions and a shift in initiative timings to the second half of fiscal 2009, partially offset by market share gains. Net earnings declined 10 percen
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SOURCE The Procter & Gamble Company Copyright©2009 PR Newswire. All rights reserved

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