P&G sales slump in all divisions

Consumer goods multinational Procter & Gamble reported its net sales slumped by 8% to $18.4bn in the three months to the end of March.

However it says its organic sales rose by 1% if adjusted to exclude impact of acquisitions, sell-offs and exchange rate factors.

Its beauty brand sales, which include skincare range Olay and shampoo range Herbal Essences, declined by 9%, with sales of fragrances dropped by “double digit” percentage due to “market contraction.”

In grooming, although its Gillette Fusion product “grew strongly” the division recorded “high single digit sales decline” due to weaker performance of its Mach3 and Venus razor products.

Meanwhile its healthcare division saw sales decrease by 12% to $3.2bn, with a higher decline in “personal healthcare” due to competition for one of its North American products and a “mild cold and flu season” downward affect on Vicks sales.

Fabric care and home care, snack and pet food and baby and family care division sales were more resilient although they all recorded low single digit declines.

CEO and chairman A.G. Lafley says: “Our near term efforts are focused on enhancing consumer value, driving productivity and simplification, and making the necessary investments for the future.