Procter & Gamble CEO A.G. Lafley told the company's shareholders the company will continue to focus on its core fundamentals to drive long-term growth through good and challenging times alike at the company's annual meeting on October 14, 2008.
"The reason P&G has grown so consistently for so long is that we're a company that sticks to the fundamentals, said Lafley. "We manage cash and costs with unrelenting discipline, and we invest in innovation as the primary driver of profitable organic sales growth. While the economic environment remains volatile and uncertain, I am confident that P&G can and will continue to prosper over the long term. We are committed to ensuring P&G will continue to be a company you can count on."
P&G's net sales for the fiscal year ended June 30, 2008 increased 9% to $83.5 billion, with organic sales up 5% (meeting the company's 4–6% target range). Diluted earnings per share were $3.64, up 20%—double the company's 10% target. P&G's free cash flow was $13.0 billion for the fiscal year, or 106% of net earnings, above the company's 90% goal.
P&G will issue its results for the first fiscal quarter ended September 30, 2008 on October 29, 2008.