P&G has announced its fourth quarter results which showed net sales were $19.5 billion, as compared to $18.9 billion in the previous year. Fiscal year 2022 results showed net sales were $80.2 billion, as compared to $76.1 billion in the previous year. Key challenges included China lockdowns.
Q4
Gross profit for the fourth quarter was $8,713 million, compared to $9,155 million in the previous year.
Operating income was $3,598, compared to $3,540 in the previous year.
Fiscal Year 2022
Gros profit for fiscal year 2022 was $38,030 million, compared to $39,010 million in the previous year.
Operating income was $17,813 million, compared to $17,986 million in the previous year.
Beauty Category
Net sales for the beauty category in Q4 were $3,461 million.
Net sales for the category in fiscal year 2022 were $14,740 million.
Hair care's low-single-digit growth in organic sales was the result of increased pricing plus volume declines due to pandemic-related lockdowns in China and reduced operations in Russia.
Skin and personal care organic sales fell due to China lockdowns, which hit the SK-II brand. This was somewhat offset by increased pricing and volume growth from innovation, per P&G.
Grooming Category
Net sales for the grooming category in Q4 were $1,608 million. Organic sales rose 3% year-over-year.
Net sales for the category in fiscal year 2022 were $6,587 million.
Shave care organic sales increased mid-single digits due to increased pricing, partially offset by volume declines from pandemic-related lockdowns in China.
Appliances organic sales decreased in the high-single digits due to strong year-over-year comparables related to the pandemic, P&G said.
Fiscal Year 2023 Guidance
P&G expects fiscal year 2023 all-in sales growth in the range of in-line to up two percent versus the prior fiscal year.
Jon Moeller, chairman of the board, president and CEO, said, "Fiscal year 2022 was another strong year. The P&G team’s execution of our integrated strategies delivered strong top-line growth, earnings growth, and significant cash return to shareowners in the face of severe cost and operational headwinds. As we look forward to fiscal 2023, we expect another year of significant headwinds. We remain committed to our integrated strategies of superiority, productivity, constructive disruption and an agile and accountable organization structure. They remain the right strategies to step forward into the near-term challenges we are facing and continue to deliver balanced growth and value creation.”
