P&G Reports First Quarter EPS of $1.03 Up 12% on 9% Sa...(eclined low-singledigits due to Febreze ...),Health

Date:10/29/2008

eclined low-single digits due to Febreze Candles and Mr. Clean Wipes initiatives in the base period and a decrease in trade inventory following June price increases on Dawn and Swiffer in North America. Volume in Batteries was flat. Foreign exchange and price increases each added four percent to sales growth. Net earnings declined nine percent to $831 million as strong sales growth and lower marketing spending as a percent of net sales were more than offset by lower gross margin due to significantly higher commodity costs.

-- Baby Care and Family Care net sales increased 10 percent during the quarter to $3.8 billion. Volume grew one percent, including a negative six percent impact from the Western European Tissue divestiture. Baby Care volume grew high-single digits due to strong growth of Pampers in developing regions and double-digit growth of Luvs. Family Care volume declined mid-single digits due to the Western European Tissue divestiture. Organic volume for Family Care was up high-single digits behind strong double-digit growth of Charmin Basic and Bounty Basic. Family Care U.S. market share was up over 1 point to about 33%. Favorable foreign exchange added four percent to net sales. Price increases contributed five percent to sales growth. Mix was flat as the negative impacts of disproportionate growth in developing regions and growth of mid-tier brands were offset by the positive impact from the Western European Tissue divestiture. Organic sales were up 10 percent behind a seven percent increase in organic volume. Net earnings increased 20 percent for the quarter to $514 million. Earnings increased due to sales growth, manufacturing cost savings projects and lower marketing spending as a percentage of net sales.

Fiscal Year and October - December Quarter Guidance

For the 2009 fiscal year, the company expects organic sales to grow by four to six percent, in line with its long term target range and unchanged versus prior guidance. The combi
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SOURCE The Procter & Gamble Company Copyright©2008 PR Newswire. All rights reserved

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