Procter & Gamble reported first quarter fiscal year 2017 net sales of $16.5 billion, unchanged versus the prior year. Organic sales increased 3%. Organic sales increased in all five business segments driven by low-to-mid single digit organic volume growth in all segments. Diluted net earnings per share were $0.96, an increase of 5% versus the prior year. Core earnings per share were $1.03, an increase of 5% versus the prior year. Currency-neutral core EPS increased 12% versus the prior year. Reported operating profit margin was unchanged. Core operating profit margin increased 20 basis points as improvement in core gross margin was partially offset by an increase in core SG&A costs as a percent of net sales.

“Our first quarter results mark a good start to the fiscal year,” says chairman, president and CEO David Taylor. “We delivered broad-based organic sales growth improvement across product categories and markets, as well as strong cost savings. Earlier this month, we completed the last major step in P&G’s portfolio transformation with the Beauty Brands divestiture to Coty Inc. We are now focusing all our efforts on 10 large, structurally attractive categories where P&G holds leading positions. We’re pleased with the progress we’re making, but there is still more work to do to get back to the levels of balanced top- and bottom-line growth and cash generation that will consistently put P&G shareholder value creation among the best in our industry.”

Baby, Feminine & Family Care segment organic sales increased 2% driven by mid-single-digit organic volume growth in all three businesses. Baby Care organic sales increased low single digits behind market growth, product innovation and consumer value corrections. Feminine Care organic sales increased low single digits behind mid-single-digit volume growth in both developed and developing markets. Family Care organic sales increased low single digits driven by new product innovation.