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P&G Reports First Quarter EPS of $1.03 Up 12% on 9% Sales Growth
Date:10/29/2008

than offset by higher commodity costs which depressed gross margin.

Key Financial Highlights

Net sales for the quarter increased nine percent to $22.0 billion. Volume grew two percent for the quarter driven by Beauty, Fabric Care and Home Care and Baby Care and Family Care segments, including double-digit growth of Gillette Fusion, Head & Shoulders, Cover Girl, Gain and SK-II. Price increases added three percent to net sales. Favorable foreign exchange contributed five percent to sales growth. Disproportionate growth in developing regions and product mix shifts drove a negative one percent mix impact on sales. Organic sales increased five percent for the quarter. Several new initiatives were launched during the quarter including Always Infinity, Tide and Downy Total Care, Crest Pro-Health Whitening Paste, Pampers Swaddlers Sensitive & UnderJams and Dawn Hand Renewal.

Net earnings increased nine percent to $3.3 billion on strong sales growth and higher non-operating gains from planned divestitures. Diluted net earnings per share increased 12 percent for the quarter to $1.03. Operating margin was down 60 basis points due to a commodity-driven decline in gross margin which more than offset lower SG&A expenses as a percentage of sales.

Gross margin declined by 240 basis points to 50.5% during the quarter. Higher commodity and energy costs were partially offset by the impact of price increases and manufacturing cost savings.

SG&A expenses were down 180 basis points for the quarter to 29.2% of net sales primarily due to scale leverage, overhead productivity improvements and the positive impact of foreign transaction gains on working capital balances caused by strengthening of the U.S. dollar late in the quarter.

Operating cash flow was up one percent to $3.3 billion for the quarter behind earnings growth. Free cash flow, defined as operating cash flow less capital expenditures, was $2.6 billion during the quarter and 76% of net e
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SOURCE The Procter & Gamble Company
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