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Beauty Falls Flat at P&G in Quarterly Report

Slight drop in sales as expected, says company

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By: Jamie Matusow

Editor-in-Chief

The Procter & Gamble Company posted a 3% drop in net sales to
$20.4 billion for the October-December quarter of 2008. The company attributes the decrease due to unfavorable foreign exchange and lower volume.

“As expected, this was a particularly challenging quarter,” said Chairman of the Board and Chief Executive Officer A.G. Lafley.

Beauty net sales decreased 4% to $4.9 billion for the quarter. Organic sales were in line with the previous year period.

Retail Hair Care volume grew low-single digits behind solid growth in developing regions. Every major retail hair care brand, including Pantene, contributed to volume growth led by mid-single-digit or higher growth of Head & Shoulders, Herbal Essences, Rejoice and Nice ‘N Easy. Professional Hair Care volume declined mid-single-digits primarily due to market contractions.

Personal Cleansing volume decreased high-single-digits primarily due to trade inventory reductions and market contractions. Volume in Skin Care decreased mid-single-digits mainly due to the divestiture of Noxzema. Prestige Fragrances volume decreased high-single-digits due mainly to trade inventory reductions, market contractions and a shift in initiative timings to the second half of fiscal 2009, partially offset by market share gains.

For the 2009 fiscal year, the company expects organic sales to grow by 2-5%, while total sales growth is expected to be flat.
 

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