P&G Beats Sales Target While Restraining Ad Spending Growth
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Procter & Gamble Co. modestly beat top-line expectations last quarter while growing marketing spending more slowly than sales. It also entered a new war of words with Unilever over whether P&G cut prices during a quarter when it beat its arch-rival in quarterly organic sales growth for the first time in several years.
P&G’s organic sales grew 4%, vs. the company’s 3.6% projection, to $21.2 billion for its fiscal first quarter, the company reported Friday. Core earnings per share, excluding restructuring and other costs the company deems non-recurring, fell 1%, though P&G Chief Financial Officer Jon Moeller said core EPS grew 8% on a currency-adjusted basis.
Marketing costs, which P&G didn’t break out, rose more slowly than sales, a trend Mr. Moeller said on a conference call with reporters would continue the rest of the year.
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