P&G Delivers Second Quarter EPS and Organic Sales in Line with Ex...(t reduction of Tide shipments from trade...),Health

Date:1/30/2009

t reduction of Tide shipments from trade inventory reductions and share declines. Home Care volume was down low-single digits as growth of Air Care was more than offset by price-driven shipment declines of Dish Care and Surface Care. Batteries volume was down low-double- digits behind consumption declines and trade inventory reductions. Global market share of general purpose batteries was down slightly to about 28 percent. Net earnings declined 25 percent to $658 million primarily due to a decline in net sales and lower operating margin as commodity costs peaked during the quarter.

-- Baby Care and Family Care net sales increased three percent during the quarter to $3.5 billion on one percent volume growth. Price increases to recover commodity costs contributed seven percent to sales growth. Unfavorable foreign exchange reduced net sales by four percent. Product mix from the disproportionate growth in developing regions and a shift toward larger pack counts negatively impacted net sales by one percent. Organic sales were up seven percent for the quarter. Volume in Baby Care increased low-single-digits due to strong growth of Pampers in developing regions. Volume in Family Care decreased low-single-digits as lower shipments of Charmin more than offset growth of Bounty. Family Care U.S. all-outlet value share was up nearly half a point to about 32 percent. Net earnings were consistent with year-ago results at $418 million as higher net sales were offset by lower operating margins and a higher effective tax rate.

Fiscal Year and January - March Quarter Guidance

For the 2009 fiscal year, the Company expects organic sales to grow by two to five percent. The combination of pricing and product mix is expected to impact sales growth by a positive four to five percent. Organic volume is expected to be flat to down two percent. Foreign exchange remains highly volatile and is expected to reduce sa
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SOURCE The Procter & Gamble Company Copyright©2009 PR Newswire. All rights reserved

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