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P&G Reports Fourth Quarter EPS of $0.92 and Operating Profit Growth of 13%, Behind Balanced 5% Organic Sales and Volume Growth
Date:8/5/2008

aby Care and Family Care net sales increased 10 percent during the quarter to $3.6 billion. Volume grew three percent, including a negative six percent impact from the Western European Tissue divestiture. Favorable foreign exchange added six percent and price increases added two percent to net sales growth for the quarter. Disproportionate growth in developing regions as well as product mix shifts toward larger pack sizes and mid-tier brands resulted in a negative one percent mix impact on sales. Organic sales were up 10 percent behind a nine percent increase in organic volume. Baby Care volume grew high-single digits driven by strong growth on Pampers and Luvs. Family Care organic volume increased high-single digits behind continued success of product initiatives on Bounty and Charmin. Net earnings increased 22 percent for the quarter to $409 million as sales growth and cost savings projects more than offset higher commodity and energy costs and higher marketing spending as a percentage of net sales.

Fiscal Year Discussion

Net sales in fiscal 2008 increased nine percent to $83.5 billion behind four percent volume growth. Volume growth was driven by continued double- digit growth in developing regions. Growth from new innovations on key brands was driven by the Head & Shoulders brand restage, Always Envive, Gucci by Gucci, Venus Embrace, Cover Girl Lash Blast, Nice 'N Easy Perfect 10, Febreze Candles and the Dunkin Donuts(R) coffee expansion. Fusion became the company's 24th billion-dollar brand. Price increases added one percent to net sales and favorable foreign exchange contributed five percent. Mix had a negative one percent impact on sales primarily due to disproportionate growth in developing regions. Organic sales and volume were both up five percent with each reportable segment delivering year-on-year growth.

Net earnings grew 17 percent during the fiscal year to $12.1 billion behind sales growth, operating margin improvement and a lower
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SOURCE The Procter & Gamble Company
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