Today we reported results for the second quarter of P&G’s 2021 fiscal year. Said P&G’s Chairman, President and Chief Executive Officer, David Taylor:
“We delivered another strong quarter of results across all key measures – top line, bottom line and cash. 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, accelerated our progress in calendar year 2020 and remain the right strategies to deliver balanced growth and value creation over the long term.”
Organic sales increased 8% for the quarter, and growth was broad-based. U.S. organic sales were up 12%, Greater China up 12%, Focus Markets up 10% and Enterprise Markets, which are significantly impacted by the COVID pandemic, up 3%.
Each of our 10 product categories grew organic sales, with Home Care up around 30%; Oral Care and Family Care up double digits; Fabric Care up high single digits; Personal Health Care, Feminine Care, Hair Care, Skin & Personal Care and Grooming up mid-single digits; and Baby Care up low single digits.
Core earnings per share were up 15% to $1.64. Excluding foreign exchange impacts, Core EPS increased 18%. We returned $5 billion of cash to shareowners with $2 billion of dividends paid and $3 billion of P&G stock repurchased in the quarter.
The three priorities guiding our actions and our choices in this crisis period – protecting P&G people, maximizing the availability of products to help people and their families with their cleaning, health and hygiene needs, and supporting the communities, relief agencies and people who are on the frontlines of this global pandemic – are completely congruent with P&G’s long-term strategic choices:
- a portfolio in daily use categories where performance plays a significant role in brand choice;
- superiority in products, packages, consumer communication, retail execution and value;
- productivity in all facets of our business;
- a mindset of constructive disruption – a willingness to change, adapt and create new trends and technologies that will shape our industry for the future;
- and a more empowered, agile, accountable organization.
These choices are the foundation for balanced top- and bottom-line growth and long-term value creation.
You can read the full details in today’s news release. Slides with more detail and the webcast replay of earnings results are available at www.pginvestor.com/event. And you can learn more about P&G’s robust COVID-19 response at www.pg.com/covid19.
See www.pginvestor.com/event for P&G's full Q2 FY 2021 earnings release issued January 20, 2021, the associated webcast presentation, definitions of non-GAAP measures and reconciliation to the most closely related GAAP measure, as well as cautionary information on forward-looking statements, which are based on current assumptions and subject to risks and uncertainties that may cause actual results to differ materially.
