P&G: posts strongest organic growth in over a decade
(CercleFinance.com) - Procter & Gamble has met or exceeded each of its sales, profit and cash targets in fiscal 2019, ending the financial year with its strongest organic growth in well over a decade, the group said on Tuesday.
The US consumer goods giant reported this morning fourth quarter sales of 17.1 billion dollars, up 4% on last year's figure.
Excluding the impacts of foreign exchange, acquisitions and divestitures, organic growth reached 7%, driven by a 3% increase in volume, P&G said.
Core EPS reached 1.10 dollars, a 17% year-on-year increase, driven - amongst other things - by a lower tax rate.
Its gross margin rose to 47.7%, from 45% a year ago, as selling, general and administrative expense (SG&A) as a percentage of sales decreased 10 basis points versus last year.
In its statement for its new fiscal year 2020 P&G said it expects sales growth of 3% to 4%.
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