The Procter & Gamble Company (P&G) reported second quarter fiscal year 2023 net sales of $20.8 billion, a decrease of one percent versus the prior year. Excluding the impacts of foreign exchange and acquisitions and divestitures, organic sales increased five percent.
 
“We delivered solid results in the second quarter of fiscal year 2023 in what continues to be a very difficult cost and operating environment,” said Jon Moeller, Chairman of the Board, president and CEO.

Business Segments

Beauty segment organic sales increased three percent versus year ago. Skin and Personal Care organic sales increased low single digits due to innovation-driven volume growth and higher pricing, partially offset by negative mix from COVID-related declines in SK-II. Hair Care organic sales increased mid-single digits driven by increased pricing, partially offset by volume declines due to market contraction.
 
Grooming segment organic sales were unchanged versus year ago as higher pricing was fully offset by volume decline and negative mix, due to market contraction and retailer inventory reductions of appliances.
 
Health Care segment organic sales increased eight percent versus year ago, while Fabric and Home Care segment organic sales increased eight percent versus year ago, and Baby, Feminine and Family Care segment organic sales increased four percent versus year ago.

2023 Guidance

“Progress against our plan fiscal year to date enables us to raise our sales growth outlook for fiscal 2023 and maintain our guidance range for EPS growth despite significant headwinds,” Moeller commented. “We remain committed to our integrated strategies of a focused product portfolio, superiority, productivity, constructive disruption and an agile and accountable organization structure. These strategies have enabled us to build and sustain strong momentum. They remain the right strategies to navigate through the near-term challenges we’re facing and continue to deliver balanced growth and value creation.”
 
P&G raised its guidance for fiscal 2023 all-in sales to a range of down one percent to in-line versus the prior fiscal year from a prior range of down three percent to down one percent.
 
The Company also raised its outlook for organic sales growth to a range of four to five percent versus the prior fiscal year from a prior growth range of three to five percent.