P&G Meets Earnings Growth Goals Twelve Months Early

07 August 2002

Procter & Gamble has hit its long-term growth targets in its fiscal fourth quarter – a year earlier than expected.

The household and beauty products colossus posted net income of $910 million (€940m; £590m) the quarter to June 30, up from a $320m loss twelve months earlier. Excluding restructuring costs and changes in accounting, earnings jumped from $891m to $1.09 billion.

The Q4 figures gave full-year core earnings growth of 10% to $5.05bn, while sales increased 3% to $40.2bn. The results meet ceo A G Lafley’s aim of 10% earnings per share growth and 4% to 6% top-line expansion twelve months ahead of schedule.

Lafley declared that all P&G’s major businesses reported two-figure percentage growth, adding: “We are obviously building market share, and innovation is driving some of that.”

Data sourced from: Financial Times; additional content by WARC staff