American multinational consumer goods corporation Procter & Gamble (P&G) has reported a 3 per cent increase in net sales for the second quarter of fiscal 2024 (Q2 FY24), reaching $21.4 billion, compared to the previous year. The company's organic sales, which exclude the impacts of foreign exchange and acquisitions and divestitures, saw a 4 per cent rise.

However, diluted net earnings per share in Q2 FY24 fell by 12 per cent to $1.40, in contrast to the prior year. Core net earnings per share increased by 16 per cent, reaching $1.84, the company said in a press release.

Procter & Gamble's gross margin for the quarter rose significantly, up 520 basis points from the previous year and 590 basis points on a currency-neutral basis. In terms of expenses, reported selling, general and administrative expenses as a percentage of sales climbed by 130 basis points, while core selling, general and administrative expenses increased by 120 basis points compared to last year and by 110 basis points on a currency-neutral basis.

For Q2 FY24, Procter & Gamble posted an operating cash flow of $5.1 billion and net earnings of $3.5 billion.

The health care segment's organic sales increased by 2 per cent compared to the previous year. The fabric and home care segment saw a more robust growth, with a 6 per cent increase in organic sales. The baby, feminine and family care segment reported a 3 per cent rise in organic sales compared to the previous year.

“We delivered strong results in the second quarter, enabling us to raise our core EPS growth guidance and maintain our top-line outlook for the fiscal,” said Jon Moeller, chairman of the board, president, and chief executive officer. “We remain committed to our integrated strategy of a focused product portfolio of daily use categories where performance drives brand choice, superiority—across product performance, packaging, brand communication, retail execution and consumer and customer value—productivity, constructive disruption and an agile and accountable organisation.”