Procter & Gamble (NYSE: PG) reported flat organic sales growth for its fiscal second quarter, as the consumer products giant faced a challenging spending environment in the United States.
The company said organic sales, which exclude the impact of foreign exchange and acquisitions or divestitures, were unchanged for the quarter ended December. Bloomberg consensus estimates had called for growth of 0.54%.
P&G noted that price increases were fully offset by an equal decline in volumes. Strength in the company’s beauty and health care segments was offset by weaker performance in grooming, home care and baby care.
Net sales increased 1% year over year to $22.2 billion, slightly below Wall Street expectations of $22.32 billion.
Core earnings per share were $1.88, unchanged from the prior year and modestly above analyst projections of $1.86.
