P&G released its third quarter 2021 results that showed net sales of $18.1 billion, a 5% increase compared to the prior year.
Diluted net earnings per share were $1.26, an increase of 13% versus prior year reported EPS and 8% versus prior year Core EPS.
Operating cash flow for Q3 was $4.1 billion.
P&G reported a gross profit of $9.1 billion in Q3, an 8% increase compared to the prior year.
Organic sales for the beauty segment increased 7% compared to the previous year. Net sales for the beauty segment were $3.3 billion.
Skin and personal care organic sales increased high single digits primarily driven by positive mix impact from growth of super premium SK-II brand, premium innovation in North America Skin Care and increased pricing.
Hair care organic sales increased high single digits led by greater China due to innovation, distribution growth and a low base period due to pandemic-related shutdowns. Devaluation-related price increases also contributed to hair care sales growth.
Organic sales for the grooming segment increased 4% compared to the previous year. Net sales for the segment were $1.4 billion.
David Taylor, chairman, president and CEO, said: "We delivered another quarter of solid top-line, bottom-line and cash results in what continues to be a challenging operating environment. We remain focused on executing our strategies of superiority, productivity, constructive disruption and improving P&G’s organization and culture. These strategies enabled us to build strong business momentum before the COVID crisis and accelerate our progress during the crisis, and they remain the right strategies to deliver balanced growth and value creation over the long term.”
