CINCINNATI - Procter & Gamble has reported an increase in sales and net earnings for its fourth quarter, boosted by a strong performance from its Baby, Feminine and Family Care segment.

Overall sales for the fourth quarter were up 5% to $20.6 billion, with organic sales, which exclude the impacts of foreign exchange and acquisitions and divestitures, up 8%. This was due to a 7% increase from higher pricing and a 2% increase from favourable mix, partially offset by a 1% decrease in shipment volumes.

Net earnings for the quarter were up 11% to $3.4 billion.

Announcing the results, Jon Moeller, chairman of the board, president and chief executive officer, said: "The April-June quarter provided a very strong finish to fiscal year 2023 – top-line growth, bottom-line growth, and cash generation.

"As we look forward to fiscal 2024, we expect to deliver strong organic sales growth, EPS growth and free cash flow productivity – each in-line with our long-term growth algorithm, despite continued macroeconomic and geopolitical challenges."

In the Baby, Feminine and Family Care segment, organic sales increased 9%. Baby Care organic sales increased high single digits due to increased pricing and positive product mix, partially offset by lower volumes from increased pricing. Feminine Care organic sales increased double digits led by increased net pricing and positive product mix, partially offset by a volume decline. Family Care organic sales increased double digits due to volume growth and increased pricing.

Total sales for the year were up 2% to $82.0 billion with net earnings flat at $14.7 billion.