The Olay, Gillette and Pantene owner reported 2023 fiscal year net sales increased two percent to $82 billion.

For the fourth quarter, Procter & Gamble saw net sales of $20.6 billion, an increase of five percent year-over-year. Organic sales increased eight percent, which the conglomerate attributed largely to price increases.

Its beauty division, specifically, saw the effects of price hikes — seeing 11 sales percent growth year-over-year — but declines in Asia partially offset the category’s trajectory. Japanese-based cosmetics brand SK-II was called out as a driver of skin care growth.

Diluted net earnings per share were $1.37 for the quarter, an increase of 13 percent versus the prior year.

P&G predicts the 2024 fiscal year to see sales growth in the range of three to four percent versus the previous year.

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P&G Says Consumer Demand Is Stabilising Despite Higher Prices

Procter & Gamble Co. raised its sales projection for the fiscal year ending in June, citing higher prices and a slight increase in demand for some of its products.