US beauty giant Procter & Gamble (P&G) has kicked off its first quarter of 2014 with solid growth figures. Net sales increased 2% to $21.2bn while organic sales climbed 4%.
“P&G’s first quarter results were consistent with our plans and expectations, putting us on track to deliver our goals for the fiscal year,” said Chairman, President, and CEO A.G. Lafley. “We have good market share momentum, a number of strong innovations coming to market over the balance of the year, and cost savings from productivity efforts that will continue to build. We remain focused on driving innovation and productivity. We continue to improve operating discipline and execution every day to create value for consumers and shareowners.”
Within the Beauty segment, organic sales grew 1% driven by innovation in Hair Care, Deodorants, Cosmetics and Personal Cleansing. According to the company, this was partially offset by a drop in Skin Care sales and unfavorable geographic and product mix. Grooming, meanwhile, also saw organic sales increase by 1% due to higher pricing and innovation on Blades & Razors and Appliances.