Procter & Gamble (PG) reports organic sales grew 3% during FQ2 on broad volume gains across segments which helped offset an unfavorable foreign exchange translation.
Segment sales growth: Beauty -2%; Grooming flat; Health Care +4%; Fabric Care/Home Care 1%; Baby/Feminine/Family Care +1%.
No segment saw average prices drop, while Grooming saw the largest gain at 3%.
The company's gross margin rate fell 90 bps due to high commodity costs, foreign exchange, and product mix.
SG&A expenses were 3% lower during the period.
FY14 guidance is reiterated.
PG -0.1% premarket