Date of Report (Date of earliest event reported)
|
January 27, 2012
|
THE PROCTER & GAMBLE COMPANY
|
(Exact name of registrant as specified in its charter)
|
Ohio
|
1-434
|
31-0411980
|
||
(State or other jurisdiction
of incorporation)
|
(Commission File Number)
|
(IRS Employer
Identification Number)
|
One Procter & Gamble Plaza, Cincinnati, Ohio
|
45202
|
|
(Address of principal executive offices)
|
Zip Code
|
(513) 983-1100
|
45202
|
|
(Registrant's telephone number, including area code)
|
Zip Code
|
¨
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
¨
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
¨
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR 240.14d-2(b))
|
¨
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR 240.13e-4(c))
|
ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION
On January 27, 2012, The Procter & Gamble Company (the "Company") issued a news release with respect to earnings for the quarter ended December 31, 2011. The Company is furnishing this 8-K pursuant to Item 2.02, "Results of Operations and Financial Condition."
|
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.
|
|
|
News Release
|
The Procter & Gamble Company
One P&G Plaza
Cincinnati, OH 45202
|
P&G ANNOUNCES SECOND QUARTER RESULTS;
DELIVERS 4% ORGANIC SALES GROWTH, CORE EPS OF $1.10
|
●
|
Net sales and organic sales increased four percent for the quarter.
|
●
|
Organic sales growth was broad-based, with all six business segments growing for the second consecutive quarter.
|
●
|
Core net earnings per share decreased three percent to $1.10. The benefits from solid sales growth and cost savings were more than offset by higher commodity costs.
|
●
|
Diluted net earnings per share were $0.57 per share, down 49 percent primarily due to non-core charges of $0.53 per share. The non-core charges included a one-time $0.50 per share non-cash impairment charge associated with the Appliances and Salon Professional businesses.
|
●
|
Operating cash flow was $3.3 billion for the quarter.
|
●
|
Beauty net sales increased one percent to $5.4 billion on unit volume growth of one percent. Organic sales grew two percent on two percent organic volume growth. Price increases added three percent to net sales growth. Mix reduced net sales by four percent due to disproportionate growth in developing regions, which have lower than segment average selling prices, and a decrease in the premium-priced product categories. Favorable foreign exchange increased net sales by one percent. Volume grew high single digits in developing markets and decreased mid-single digits in developed regions. Volume in Hair Care increased mid-single digits behind high-single-digit growth in developing regions due to product innovation activity and distribution expansions in Asia, while developed regions decreased mid-single digits. Volume in Skin Care, Personal Care and Cosmetics decreased low single digits due to the Zest and Infasil divestitures, Olay share loss in developed markets and the volume impact of price increases due to consumer value differences relative to competitive products in North America. Volume in Salon Professional declined high single digits due to market contraction in Europe, distribution share losses and non-strategic brand discontinuations. Volume in Prestige Products decreased low single digits driven by minor brand divestitures and a strong initiative base in the prior year, offset by current year market growth and initiatives for SK-II. Net earnings declined eight percent to $802 million as higher commodity costs more than offset the impact of sales growth.
|
●
|
Grooming net sales increased one percent to $2.2 billion. Unit volume increased one percent. Organic sales were up two percent. Price increases added two percent to net sales growth, while unfavorable product mix decreased net sales by two percent mainly due to a reduction in premium appliances, which have higher than segment average selling prices. Volume grew high single digits in developing regions and decreased mid-single digits in developed regions. Shave Care volume grew low single digits due to high single-digit growth in developing regions behind product and commercial innovation, Fusion ProGlide geographic expansion and market growth, partially offset by a mid-single-digit decrease in developed regions due to market contraction and competitive activity. Volume in Appliances decreased double digits primarily due to a decrease in Western Europe as markets contracted and competitive activity increased. Net earnings increased two percent to $517 million, largely consistent with net sales growth. The decline in gross margin due to unfavorable geographic and product mix was offset by lower SG&A.
|
●
|
Health Care net sales and organic sales increased one percent to $3.2 billion on unit volume that was in line with the prior year period. Pricing increased net sales by three percent. Unfavorable product and geographic mix reduced net sales by two percent. Volume increased low single digits in developing regions and decreased low single digits in developed regions. Oral Care volume decreased low single digits due to a strong initiative base period in North America and current competitive activity. Volume in Feminine Care grew low single digits driven by mid-single digit growth in developing markets due to a new distributor start-up in CEEMEA and market growth and product innovation in India, partially offset by a mid-single digit decrease in developed regions due to competitive activity, primarily in North America. Personal Health Care volume increased mid-single digits primarily due to the addition of the Teva partnership, with organic volume increasing low single digits behind market growth and Vicks product innovation, partially offset by lower shipments of Prilosec OTC in North America. Net earnings increased one percent to $537 million, consistent with sales growth, as reduced gross margins were offset by lower SG&A as a percentage of net sales.
|
●
|
Snacks and Pet Care net sales and organic sales increased three percent to $824 million on a two percent increase in unit volume. Pricing increased net sales by three percent. Mix reduced net sales by two percent due to unfavorable product and geographic mix. Snacks volume increased mid-single digits mainly due to increased distribution and market growth in developing regions. Pet Care volume decreased low single digits due to customer inventory adjustments and market contraction. Net earnings decreased nine percent to $61 million as operating margin contraction and a higher effective tax rate more than offset net sales growth. Operating margin decreased primarily due to a decline in gross margin, partially offset by a decrease in overhead spending as a percentage of net sales. Gross margin decreased behind an increase in commodities, partially offset by price increases and manufacturing cost savings.
|
●
|
Fabric Care and Home Care net sales and organic sales increased five percent to $6.6 billion behind six points of increased pricing. Mix reduced net sales by one percent due to unfavorable product and geographic mix. Unit volume was in line with the prior year period. Volume increased high single digits in developing regions, offset by a low single digit decrease in developed regions. Fabric Care volume was in line with the prior year as a mid-single digit increase in developing regions, driven by new innovation and market growth, was offset by a mid-single digit decrease in developed regions due to competitive activity and the impact of price increases taken in the previous quarters. Home Care volume increased low single digits driven by initiative activity and distribution expansion in developing regions. Batteries volume decreased low single digits due to market contraction and distribution losses in developed markets, partially offset by market growth and distribution expansion in developing regions. Net earnings declined five percent to $717 million as sales growth was more than offset by operating margin contraction. Operating margin declined primarily due to lower gross margin, as higher commodity costs were only partially offset by price increases and manufacturing cost savings.
|
●
|
Baby Care and Family Care net sales and organic sales increased six percent to $4.2 billion driven by six points of increased pricing. Unit volume was in line with the prior year period. Volume in developing regions increased double digits, while volume in developed regions decreased mid-single digits. Volume in Baby Care increased mid-single digits behind market size growth, innovation across the portfolio, and distribution expansion in developing regions, partially offset by market contraction in developed regions. Volume in Family Care decreased mid-single digits primarily due to consumer value differences relative to competitive products in North America. Net earnings increased three percent to $516 million as sales growth was partially offset by lower operating margin. Operating margin contracted mainly due to a lower gross margin, driven by higher commodity costs, partially offset by price increases and manufacturing cost savings.
|
OND 2011
|
Net Sales Growth
|
Foreign Exchange Impact
|
Acquisition/ Divestiture Impact*
|
Organic Sales Growth
|
|||
Beauty
|
1%
|
-1%
|
2%
|
2%
|
|||
Grooming
|
1%
|
0%
|
1%
|
2%
|
|||
Health Care
|
1%
|
0%
|
0%
|
1%
|
|||
Snacks and Pet Care
|
3%
|
0%
|
0%
|
3%
|
|||
Fabric Care and Home Care
|
5%
|
0%
|
0%
|
5%
|
|||
Baby Care and Family Care
|
6%
|
0%
|
0%
|
6%
|
|||
Total P&G
|
4%
|
0%
|
0%
|
4%
|
Total P&G |
Net Sales Growth
|
Foreign Exchange Impact
|
Acquisition/ Divestiture Impact*
|
Organic Sales Growth
|
||||
JFM 12 (estimate)
|
0% to 2%
|
3%
|
0%
|
3% to 5%
|
||||
2H FY 2012 (estimate)
|
0% to 2%
|
4% to 3%
|
0%
|
4% to 5%
|
||||
FY 2012 (Estimate)
|
3% to 4%
|
1%
|
0%
|
4% to 5%
|
OND 11
|
OND 10
|
||
Diluted Net Earnings Per Share
|
$0.57
|
$1.11
|
|
Impairment charges
|
$0.50
|
-
|
|
Charges for European legal matters
|
$0.02
|
$0.10
|
|
Settlement from U.S. tax litigation
|
-
|
($0.08)
|
|
Incremental restructuring
|
$0.01
|
-
|
|
Core EPS
|
$1.10
|
$1.13
|
|
Core EPS Growth
|
-3%
|
||
JFM 12 (Est.)
|
JFM 11
|
||
Diluted Net Earnings Per Share | $0.81 to $0.87 | $0.96 | |
Incremental Restructuring
|
$0.10
|
-
|
|
Core EPS
|
$0.91 to $0.97
|
$0.96
|
|
Core EPS Growth
|
-5% to 1%
|
Jan-Jun 2012 (Est.)
|
Jan-Jun 2011
|
|||
Diluted Net Earnings Per Share
|
$2.25 to $2.48
|
$1.80
|
||
One-time gain from snacks divestiture
|
($0.55) to ($0.65)
|
-
|
||
Incremental restructuring
|
$0.17 to $0.14
|
-
|
||
Core EPS
|
$1.87 to $1.97
|
$1.80
|
||
Core EPS Growth
|
4% to 9%
|
FY 2012 (Est.)
|
FY 2011
|
|||
Diluted Net Earnings Per Share
|
$3.85 to $4.08
|
$3.93
|
||
One-time gain from snacks divestiture
|
($0.55) to ($0.65)
|
|||
Impairment charges
|
$0.50
|
-
|
||
Charges for European legal matters
|
$0.02
|
$0.10
|
||
Settlement from U.S. tax litigation
|
-
|
($0.08)
|
||
Incremental restructuring
|
$0.18 to $0.15
|
-
|
||
Core EPS
|
$4.00 to $4.10
|
$3.95
|
||
Core EPS Growth
|
1% to 4%
|
OND 11
|
OND 10
|
||
Operating Margin
|
12.4%
|
20.0%
|
|
Impairment charges
|
7.0%
|
-
|
|
Charges for European legal matters
|
0.3%
|
1.4%
|
|
Incremental restructuring
|
0.1%
|
-
|
|
Core Operating Margin
|
19.8%
|
21.4%
|
|
Basis point change
|
-160 bps
|
Jan-Jun 2012 (Est.)
|
|
Operating Profit Growth
|
0% to 7%
|
Impairment charges
|
-
|
Charges for European legal matters
|
-
|
Incremental restructuring
|
10% to 8%
|
Rounding
|
-
|
Core Operating Profit Growth
|
10% to 15%
|
Operating Cash Flow
|
Capital Spending
|
Free Cash Flow
|
|
Oct-Dec ‘11
|
$3,328
|
($947)
|
$2,381
|
THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
|
|||||||||||||||||||
(Amounts in Millions Except Per Share Amounts)
|
|||||||||||||||||||
Consolidated Earnings Information
|
|||||||||||||||||||
Three Months Ended December 31
|
Six Months Ended December 31
|
||||||||||||||||||
2011
|
2010
|
% CHG
|
2011
|
2010
|
% CHG
|
||||||||||||||
NET SALES
|
$ 22,135
|
$ 21,347
|
4
|
% |
$ 44,052
|
$ 41,469
|
6
|
% | |||||||||||
COST OF PRODUCTS SOLD
|
11,125
|
10,287
|
8
|
% |
22,186
|
19,976
|
11
|
% | |||||||||||
GROSS PROFIT
|
11,010
|
11,060
|
(0)
|
% |
21,866
|
21,493
|
2
|
% | |||||||||||
SELLING, GENERAL & ADMINISTRATIVE EXPENSE
|
6,717
|
6,800
|
(1)
|
% |
13,239
|
12,732
|
4
|
% | |||||||||||
GOODWILL & INDEFINITE LIVED INTANGIBLE IMPAIRMENT CHARGES
|
1,554
|
0
|
-
|
1,554
|
0
|
-
|
|||||||||||||
OPERATING INCOME
|
2,739
|
4,260
|
(36)
|
% |
7,073
|
8,761
|
(19)
|
% | |||||||||||
TOTAL INTEREST EXPENSE
|
201
|
209
|
(4)
|
% |
408
|
417
|
(2)
|
% | |||||||||||
OTHER NON-OPERATING INCOME/(EXPENSE), NET
|
170
|
39
|
336
|
% |
171
|
67
|
155
|
% | |||||||||||
EARNINGS BEFORE INCOME TAXES
|
2,708
|
4,090
|
(34)
|
% |
6,836
|
8,411
|
(19)
|
% | |||||||||||
INCOME TAXES
|
995
|
728
|
37
|
% |
2,066
|
1,929
|
7
|
% | |||||||||||
NET EARNINGS
|
1,713
|
3,362
|
(49)
|
% |
4,770
|
6,482
|
(26)
|
% | |||||||||||
LESS: NET EARNINGS ATTRIBUTABLE TO NONCONTROLLING INTERESTS
|
23
|
29
|
(21)
|
% |
56
|
68
|
(18)
|
% | |||||||||||
NET EARNINGS ATTRIBUTABLE TO PROCTER & GAMBLE
|
1,690
|
3,333
|
(49)
|
% |
4,714
|
6,414
|
(27)
|
% | |||||||||||
EFFECTIVE TAX RATE
|
36.7
|
% |
17.8
|
% |
30.2
|
% |
22.9
|
% | |||||||||||
PER COMMON SHARE:
|
|||||||||||||||||||
BASIC NET EARNINGS
|
$ 0.59
|
$ 1.17
|
(50)
|
% |
$ 1.67
|
$ 2.24
|
(25)
|
% | |||||||||||
DILUTED NET EARNINGS
|
$ 0.57
|
$ 1.11
|
(49)
|
% |
$ 1.60
|
$ 2.13
|
(25)
|
% | |||||||||||
DIVIDENDS
|
$ 0.5250
|
$ 0.4818
|
9
|
% |
$ 1.0500
|
$ 0.9636
|
9
|
% | |||||||||||
AVERAGE DILUTED SHARES OUTSTANDING
|
2,949.7
|
3,000.2
|
2,946.5
|
3,013.0
|
|||||||||||||||
COMPARISONS AS A % OF NET SALES |
|
Basis Pt Chg
|
Basis Pt Chg | ||||||||||||||||
GROSS MARGIN
|
49.7
|
% |
51.8
|
% |
(210)
|
49.6
|
% |
51.8
|
% |
(220)
|
|||||||||
SELLING, GENERAL & ADMINISTRATIVE EXPENSE
|
30.3
|
% |
31.8
|
% |
(150)
|
30.0
|
% |
30.7
|
% |
(70)
|
|||||||||
GOODWILL & INDEFINITE LIVED INTANGIBLE IMPAIRMENT CHARGES
|
7.0
|
% |
0.0
|
% |
700
|
3.5
|
% |
0.0
|
% |
350
|
|||||||||
OPERATING MARGIN
|
12.4
|
% |
20.0
|
% |
(760)
|
16.1
|
% |
21.1
|
% |
(500)
|
|||||||||
EARNINGS BEFORE INCOME TAXES
|
12.2
|
% |
19.2
|
% |
(700)
|
15.5
|
% |
20.3
|
% |
(480)
|
|||||||||
NET EARNINGS ATTRIBUTABLE TO PROCTER & GAMBLE
|
7.6
|
% |
15.6
|
% |
(800)
|
10.7
|
% |
15.5
|
% |
(480)
|
THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES | ||||||||
(Amounts in Millions)
|
||||||||
Consolidated Cash Flows Information
|
||||||||
Six Months Ended December 31
|
||||||||
2011
|
2010
|
|||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
|
$ 2,768
|
$ 2,879
|
||||||
OPERATING ACTIVITIES
|
||||||||
NET EARNINGS
|
4,770
|
6,482
|
||||||
DEPRECIATION AND AMORTIZATION
|
1,456
|
1,400
|
||||||
SHARE-BASED COMPENSATION EXPENSE
|
168
|
180
|
||||||
DEFERRED INCOME TAXES
|
32
|
142
|
||||||
GAIN ON SALE OF BUSINESSES
|
(187)
|
(3)
|
||||||
GOODWILL AND INDEFINITE LIVED INTANGIBLES IMPAIRMENT CHARGES
|
1,554
|
0
|
||||||
CHANGES IN:
|
||||||||
ACCOUNTS RECEIVABLE
|
(1,079)
|
(931)
|
||||||
INVENTORIES
|
(497)
|
(779)
|
||||||
ACCOUNTS PAYABLE, ACCRUED AND OTHER LIABILITIES
|
(1,009)
|
(377)
|
||||||
OTHER OPERATING ASSETS & LIABILITIES
|
230
|
(671)
|
||||||
OTHER
|
57
|
(67)
|
||||||
TOTAL OPERATING ACTIVITIES
|
5,495
|
5,376
|
||||||
INVESTING ACTIVITIES
|
||||||||
CAPITAL EXPENDITURES
|
(1,780)
|
(1,256)
|
||||||
PROCEEDS FROM ASSET SALES
|
238
|
22
|
||||||
ACQUISITIONS, NET OF CASH ACQUIRED
|
2
|
(435)
|
||||||
CHANGE IN INVESTMENTS
|
71
|
128
|
||||||
TOTAL INVESTING ACTIVITIES
|
(1,469)
|
(1,541)
|
||||||
FINANCING ACTIVITIES
|
||||||||
DIVIDENDS TO SHAREHOLDERS
|
(3,013)
|
(2,834)
|
||||||
CHANGE IN SHORT-TERM DEBT
|
2,416
|
948
|
||||||
ADDITIONS TO LONG-TERM DEBT
|
1,990
|
1,536
|
||||||
REDUCTIONS OF LONG-TERM DEBT
|
(2,514)
|
(160)
|
||||||
TREASURY STOCK PURCHASES
|
(1,764)
|
(3,528)
|
||||||
IMPACT OF STOCK OPTIONS AND OTHER
|
589
|
463
|
||||||
TOTAL FINANCING ACTIVITIES
|
(2,296)
|
(3,575)
|
||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS
|
(84)
|
110
|
||||||
CHANGE IN CASH AND CASH EQUIVALENTS
|
1,646
|
370
|
||||||
CASH AND CASH EQUIVALENTS, END OF PERIOD
|
$ 4,414
|
$ 3,249
|
||||||
THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
|
||||||||
(Amounts in Millions)
|
||||||||
Consolidated Balance Sheet Information
|
||||||||
|
December 31, 2011
|
June 30, 2011
|
||||||
CASH AND CASH EQUIVALENTS
|
$ 4,414
|
$ 2,768
|
||||||
ACCOUNTS RECEIVABLE
|
6,905
|
6,275
|
||||||
TOTAL INVENTORIES
|
7,444
|
7,379
|
||||||
OTHER
|
4,888
|
5,548
|
||||||
TOTAL CURRENT ASSETS
|
23,651
|
|
|
|
21,970
|
|||
NET PROPERTY, PLANT AND EQUIPMENT
|
20,372
|
21,293
|
||||||
NET GOODWILL AND OTHER INTANGIBLE ASSETS
|
85,632
|
90,182
|
||||||
OTHER NON-CURRENT ASSETS
|
4,656
|
4,909
|
||||||
TOTAL ASSETS
|
$ 134,311
|
$ 138,354
|
||||||
ACCOUNTS PAYABLE
|
$ 6,735
|
$ 8,022
|
||||||
ACCRUED AND OTHER LIABILITIES
|
8,939
|
9,290
|
||||||
DEBT DUE WITHIN ONE YEAR
|
14,118
|
9,981
|
||||||
TOTAL CURRENT LIABILITIES
|
29,792
|
27,293
|
||||||
LONG-TERM DEBT
|
19,270
|
22,033
|
||||||
OTHER
|
20,349
|
21,027
|
||||||
TOTAL LIABILITIES
|
69,411
|
70,353
|
||||||
TOTAL SHAREHOLDERS' EQUITY
|
64,900
|
68,001
|
||||||
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY
|
$ 134,311
|
$ 138,354
|
||||||
THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
|
|||||||
(Amounts in Millions)
|
|||||||
Consolidated Earnings Information
|
|||||||
Three Months Ended December 31, 2011
|
|||||||
% Change
|
% Change
|
Net Earnings
|
% Change
|
||||
Versus
|
Earnings Before
|
Versus
|
Attributable to
|
Versus
|
|||
Net Sales
|
Year Ago
|
Income Taxes
|
Year Ago
|
Procter & Gamble
|
Year Ago
|
||
Beauty
|
$ 5,353
|
1%
|
$ 1,014
|
-9%
|
$ 802
|
-8%
|
|
Grooming
|
2,202
|
1%
|
692
|
4%
|
517
|
2%
|
|
Health Care
|
3,183
|
1%
|
784
|
1%
|
537
|
1%
|
|
Snacks and Pet Care
|
824
|
3%
|
95
|
2%
|
61
|
-9%
|
|
Fabric Care and Home Care
|
6,605
|
5%
|
1,151
|
-1%
|
717
|
-5%
|
|
Baby Care and Family Care
|
4,162
|
6%
|
816
|
2%
|
516
|
3%
|
|
Corporate
|
(194)
|
N/A
|
(1,844)
|
N/A
|
(1,460)
|
N/A
|
|
Total Company
|
22,135
|
4%
|
2,708
|
-34%
|
1,690
|
-49%
|
|
Six Months Ended December 31, 2011
|
|||||||
% Change
|
% Change
|
Net Earnings
|
% Change
|
||||
Versus
|
Earnings Before
|
Versus
|
Attributable to
|
Versus
|
|||
Net Sales
|
Year Ago
|
Income Taxes
|
Year Ago
|
Procter & Gamble
|
Year Ago
|
||
Beauty
|
$ 10,668
|
5%
|
$ 1,942
|
-9%
|
$ 1,485
|
-10%
|
|
Grooming
|
4,370
|
6%
|
1,331
|
6%
|
1,003
|
5%
|
|
Health Care
|
6,474
|
6%
|
1,584
|
4%
|
1,079
|
5%
|
|
Snacks and Pet Care
|
1,600
|
6%
|
185
|
9%
|
123
|
2%
|
|
Fabric Care and Home Care
|
13,286
|
5%
|
2,414
|
-7%
|
1,522
|
-10%
|
|
Baby Care and Family Care
|
8,241
|
9%
|
1,608
|
4%
|
1,010
|
4%
|
|
Corporate
|
(587)
|
N/A
|
(2,228)
|
N/A
|
(1,508)
|
N/A
|
|
Total Company
|
44,052
|
6%
|
6,836
|
-19%
|
4,714
|
-27%
|
|
Three Months Ended December 31, 2011
|
|||||||
(Percent Change vs. Year Ago) *
|
|||||||
Volume
|
Volume
|
||||||
With
|
Without
|
||||||
Acquisitions/
|
Acquisitions/
|
Net Sales
|
|||||
Divestitures
|
Divestitures
|
Foreign Exchange
|
Price
|
Mix/Other
|
Growth
|
||
Beauty
|
1%
|
2%
|
1%
|
3%
|
-4%
|
1%
|
|
Grooming
|
1%
|
1%
|
0%
|
2%
|
-2%
|
1%
|
|
Health Care
|
0%
|
0%
|
0%
|
3%
|
-2%
|
1%
|
|
Snacks and Pet Care
|
2%
|
2%
|
0%
|
3%
|
-2%
|
3%
|
|
Fabric Care and Home Care
|
0%
|
0%
|
0%
|
6%
|
-1%
|
5%
|
|
Baby Care and Family Care
|
0%
|
0%
|
0%
|
6%
|
0%
|
6%
|
|
Total Company
|
1%
|
1%
|
0%
|
4%
|
-1%
|
4%
|
|
Six Months Ended December 31, 2011
|
|||||||
(Percent Change vs. Year Ago) *
|
|||||||
Volume
|
Volume
|
||||||
With
|
Without
|
||||||
Acquisitions/
|
Acquisitions/
|
Net Sales
|
|||||
Divestitures
|
Divestitures
|
Foreign Exchange
|
Price
|
Mix/Other
|
Growth
|
||
Beauty
|
3%
|
4%
|
3%
|
2%
|
-3%
|
5%
|
|
Grooming
|
1%
|
1%
|
3%
|
2%
|
0%
|
6%
|
|
Health Care
|
2%
|
1%
|
3%
|
3%
|
-2%
|
6%
|
|
Snacks and Pet Care
|
2%
|
2%
|
3%
|
2%
|
-1%
|
6%
|
|
Fabric Care and Home Care
|
0%
|
0%
|
2%
|
5%
|
-2%
|
5%
|
|
Baby Care and Family Care
|
1%
|
1%
|
2%
|
5%
|
1%
|
9%
|
|
Total Company
|
1%
|
1%
|
3%
|
4%
|
-2%
|
6%
|