Procter & Gamble has announced its first quarter 2022 results, which showed net sales of $20.3 billion, an increase of 5% compared to the previous year.
Gross profit for the quarter was $9.9 billion, compared to $10.17 billion the previous year.
Operating cash flow was $4.6 billion for the quarter.
Net earnings were $4.1 billion, compared to $4.3 billion the previous year.
Looking ahead, P&G is forecasting that fiscal year 2022 sales growth in the range of 2-4%.
The beauty segment reported net sales of $3.9 billion, a growth of 5% compared to the previous year.
The grooming segment reported net sales of $1.6 billion, a growth of 5% compared to the previous year.
David Taylor, chairman, president and CEO, said: "We delivered solid results in our first quarter of fiscal 2022 in a challenging cost and operating environment. These results keep us on track to deliver our top-line, bottom-line and cash targets for the fiscal year. We remain focused on executing our strategies of superiority, productivity, constructive disruption and continually improving P&G’s organization structure and culture. These strategies enabled us to build strong momentum before the COVID crisis and accelerate progress as we navigate through the crisis, and they remain the right strategies to deliver balanced growth and value creation.”