Procter & Gamble (P&G), parent company of Procter & Gamble Professional (P&G PRO), has reported fiscal-first quarter net sales of US$20.6 billion, an increase of 1 per cent from a year earlier.

The company reported an operating income of $4.93 billion, a slight decline of 2 per cent from $502 billion a year ago.

Net sales for P&G’s health care division rose 3 per cent, while sales in its beauty segment stayed in line with last year.

The company’s fabric and home care division raised sales 1 per cent as did its baby, feminine, and family care segment.

Jon Moeller, chairman of the board, president, and CEO, said the company delivered solid results in its first quarter of fiscal 2023 in a very difficult cost and operating environment.

“These results enable us to maintain our guidance ranges for organic sales and EPS growth for the fiscal year despite continued significant headwinds. We remain committed to our integrated strategies of a focused product portfolio, superiority, productivity, constructive disruption and an agile and accountable organisation 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.”

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