Consumer products giant Procter & Gamble (PG 0.84%) reported quarterly and fiscal year results today, for the period ending June 30, 2020. Net sales of $71 billion for the fiscal year increased 5% compared to the prior year, and 6% excluding divestitures, acquisitions, and on a currency-neutral basis.
The strong quarterly sales results were largely driven by increased demand for household and personal cleaning products due to the COVID-19 pandemic. The company said demand was especially strong in North America and China.
P&G said that its fabric and home care segment experienced the highest organic sales growth at 14%. The home care portion of that segment saw growth of over 30%, reflecting demand for home cleaning and dish washing products. Currency-neutral earnings per share increased by 11% for the quarter. Net pricing was also boosted by lower promotional activity, the company said.
The company also reported gains in its beauty segment, which grew year-over-year organic sales for the 19th consecutive quarter. Its healthcare segment also increased sales driven by personal healthcare, though it was partially offset by a drop in oral care due to closures of some retail stores and dental offices due to the pandemic. Grooming was the only segment that didn't record organic sales growth for the quarter, amid what the company said was a pandemic-driven "reduction in shaving frequency."
For the full fiscal year, P&G said its family care products delivered a record year with double-digit growth across the category. This included each of its three brands in the category: Charmin, Bounty, and Puffs.