P&G Q1 Report 2024

 The Procter & Gamble Company reported first quarter fiscal year 2024 net sales of $21.9 billion, an increase of six percent versus the prior year. Organic sales, which excludes the impacts of foreign exchange and acquisitions and divestitures, increased seven percent. Diluted net earnings per share were $1.83, an increase of 17% versus prior year.

Diluted net earnings per share increased by 17% to $1.83, driven by an increase in net sales and an increase in operating margin. Currency-neutral EPS were up 21% versus the prior year EPS.

Gross margin for the quarter increased 460 basis points versus year ago, 520 basis points on a currency-neutral basis. The increase was driven by benefits of 330 basis points from increased pricing, 160 basis points of favorable commodity costs and 150 basis points from gross productivity savings. These were partially offset by 60 basis points of negative product mix and 60 basis points of product reinvestments and other impacts.

Selling, general and administrative expense (SG&A) as a percentage of sales increased 220 basis points versus year ago and 180 basis points on a currency-neutral basis. The increase was driven by 260 basis points of marketing investments, 140 basis points of wage inflation and other impacts, partially offset by 160 basis points of net sales growth leverage and 60 basis points of productivity savings.

Operating margin for the quarter increased 240 basis points versus the prior year, 340 basis points on a currency-neutral basis. Operating margin included gross productivity savings of 210 basis points.

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