The Procter & Gamble Company reported April – June 2016 quarter net sales of $16.1 billion, a decrease of 3% versus the prior year period driven by a negative three percentage point impact from foreign exchange and a negative 2% combined impact from Venezuela deconsolidation and minor brand divestitures. Organic sales increased 2% for the quarter driven by a 2% increase in organic shipment volume. Diluted net earnings per share were $0.69, an increase of 283% versus the prior year period that included a Venezuelan deconsolidation charge of $0.71 per share. Core earnings per share were $0.79, a decrease of 15%.

“The fourth quarter was another period of progress driving P&G’s results to a balance of strong top-line growth, bottom-line growth and cash generation,” says chairman, president and CEO David Taylor. “We grew organic volume and sales in all reporting segments. We increased investments in innovation and advertising, funded by strong productivity improvement. Looking forward, we’re committed to continued productivity improvement and cost savings that provide the fuel for innovation and investments needed to accelerate and sustain faster top-line growth. We expect fiscal 2017 to mark another significant step toward our goal of balanced growth and value creation and total shareholder return in the top third of our competitive peer group.”

Baby, Feminine & Family Care segment organic sales increased 1% versus year ago. Baby Care and Feminine Care organic sales both increased behind innovation-driven volume growth. Family Care organic sales decreased as volume growth in the U.S. was more than offset by pricing investments and a decline in Mexico from discontinuation of certain product lines.