US' P&G sales up 6% to $21.0 billion in Q2FY22

Operating cash flow was $5.1 billion for the quarter. Adjusted free cash flow productivity was 106 per cent. The company returned nearly $7 billion of cash to shareholders via $2 billion of dividend payments and nearly $5 billion of common stock repurchases, PG said in a press release.

In the second quarter of 2022, Fabric and Home Care segment organic sales increased 8 per cent versus year ago. Fabric Care organic sales increased double digits led by strong growth of unit dose detergents and fabric enhancers. Home Care organic sales increased low single digits due to increased pricing and increased volume from innovation versus a high base period which also benefited from strong pandemic-related consumption of home cleaning products.

“We delivered very strong top-line growth and made sequential progress on earnings in the face of significant cost headwinds,” said Jon Moeller, president and chief executive officer. “These results keep us on track to deliver our earnings outlook and to raise estimates for sales growth, cash productivity and cash return to shareowners. Our focus remains on the strategies of superiority, productivity, constructive disruption and continually improving P&G’s organisation structure and culture. These strategies have enabled us to build and sustain strong momentum. They remain the right strategies to deliver balanced growth and value creation.”

P&G raised its outlook for fiscal 2022 all-in sales growth from a range of two to four per cent to a range of three to four percent versus the prior fiscal year. The company also raised its guidance for organic sales growth from a range of two to four per cent to a range of four to five percent. Foreign exchange is now expected to be a one percentage point headwind to all-in sales growth for the fiscal year.

Fibre2Fashion News Desk (RR)