Free Free
Operating Capital Cash Net Cash Flow
Cash Flow Spending Flow Earnings Productivity
Jul - Sep $3,251 $(699) $2,552 $3,348 76 %
The Procter & Gamble Company
Exhibit 2: Folgers Coffee Supplement
As previously disclosed, the company plans to separate the Folgers business in the October - December quarter. This business is comprised of P&G's coffee category, a component of P&G's Snacks, Coffee and Pet Health reportable segment, as well as the coffee portion of the P&G Professional (PGP) business.
The company provided a brief summary of results for the Folgers business for the July - September quarter. These results represent the business as currently operated as a component of P&G, including PGP, and are not directly comparable to the historical results of Folgers as a stand-alone entity as presented in its recently filed registration statement related to the transaction with The J. M. Smucker Company. The differences are primarily related to P&G management reporting conventions and do not have a material impact on the underlying business trends.
Folgers net sales for July - September quarter were up 11 percent to $445 million primarily due to the benefit of pricing actions in prior periods to recover higher green coffee bean costs. Volume increased one percent as gains in retail channels were offset by a decline in PGP volume. Market share was flat period over period.
After tax earnings for the Folgers business for the July - September
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