P&G announces quarterly rise in sales

CINCINNATI Procter & Gamble stated on Tuesday that earnings per share rose 16 percent as sales climbed 8 percent behind solid growth of such key health and beauty brands as Gillette Fusion and Olay.

Sales for the quarter increased 8 percent to $20.2 billion, with each segment delivering year-on-year growth of 6 percent or higher.

Diluted earnings per share rose 16 percent to 92 cents per share, including a 2 percent one-time tax benefit related to a change in the German statutory tax rate. Net earnings rose 14 percent to $3.1 billion.

In beauty, sales rose 6 percent to $4.6 billion. Net earnings in beauty increased 9 percent to $689 million. Hair care sales were up mid-single digits driven by double-digit developing region growth behind Pantene and Head & Shoulders. In skin care, Olay sales were up mid-single digits. Olay facial moisturizers market share in the United States increased more than one point versus the year-ago period.

Meanwhile, grooming net sales increased 9 percent to $2 billion. Net earnings in grooming were up 17 percent to $451 million. Blades and razors volume rose high-single digits behind double-digit growth in developing regions. Market share of global blade and razors increased to about 71 percent behind strong growth of Fusion and Venus. Fusion delivered double-digit volume growth across every geographic region where it has launched. Its market share rose four points in the United States versus the year-ago period and Venus market share rose two points behind the Venus Breeze initiative.