P&G on track for possible 9% growth for the year

Procter & Gamble, owner of brands such as Pantene, Bold, Gillette and Fairy, reports net sales in the second quarter rose 2% to $21.3bn (£13.3bn).

CEO Bob McDonald says that performance means the company is “on track” to deliver 7 to 9 % growth for the year.

The company enjoyed organic growth of 3% in the three months to the end of December.

P&G says that its market share rose in all geographic regions and the majority of “key countries and brands.”

Health Care net sales increased 2% to $3.1bn (£1.94bn) while organic sales grew 5%. Net sales increased 1% to $5.3bn (£3.32bn) in the Beauty segment, and organic sales grew 3%.

Fabric Care and Home Care net sales were in line with same period in 2009 at $6.3bn (£3.94bn). Organic sales increased 2%.

The company says it invested more in marketing in the quarter. In the UK, P&G was the highest advertising spender with a budget of £195m.

McDonald says: “We are expanding market shares by touching and improving the lives of more consumers in more parts of the world, more completely through our innovation and expansion plans. This is driving strong volume and sales growth ahead of market levels.”

Procter & Gamble estimates net sales growth for January to March to be 5 to 7%. Organic sales are expected to grow 4 to 6%.

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