P&G Q3 FY 22/23 Earnings Release
Dear External Business Partners:
P&G released its Q3 earnings for FY22/23 on Friday, April 21, 2023, with net sales of $20.1 billion, an increase of four percent versus the prior year. Organic sales, which excludes the impacts of foreign exchange and acquisitions and divestitures, increased seven percent. You can look at P&G by the numbers below:
We delivered strong results in the third quarter of fiscal year 2023 in what continues to be a very difficult cost and operating environment. We remain committed to our integrated strategies of a focused product portfolio of daily use categories where performance drives brand choice, superiority, productivity, constructive disruption, and an agile and accountable organization structure. These strategies have enabled us to build and sustain strong momentum, and we are confident they remain the right strategies to deliver balanced growth and value creation both in tough times as well as good times. Our strong Q3 results enable us to raise Fiscal Year outlook for sales growth and cash return to shareowners.
I take the opportunity to highlight a few other important topics:
First, a word about the new generative Artificial Intelligence (AI) capabilities that have been in the news. (i.e. ChatGPT). With their popularity growing, new users being discovered, yet there are many unknown risks associated with it, it is important to remind you of the importance of protecting P&G data and the need to adhere to the following guidance when using publicly available, free-to-use AI capabilities:
- Do not provide any P&G personal information or PII (e.g., P&G employees, consumers, etc.).
- Do not provide any P&G proprietary data (business use, highly restricted or secret data). This includes proprietary P&G code, confidential claims, or consumer insights.
Please keep in mind that sharing P&G proprietary data with any entity/tool/application/4th party without explicit P&G consent is against our mutual agreement and interest. While P&G does encourage suppliers to innovate and utilize new technologies to improve work processes and bring value to our long-term partnerships, it is our collective responsibility to do so with utmost care regarding P&G data in benefit of our employees, consumers, and stake holders. Thank you in advance for your vigilance in this ever-evolving space. As always, I count on you to govern this area with the utmost discipline.
Second, I am excited to watch our External Business Partners who continue to be active participants on the journey of Supplier Citizenship. Since our kick-off in January, Fabric and Home Care, Family Care, and the Baby and Feminine Care organizational units have hosted citizenship engagements with their respective supply bases. We hope those who have participated have found the sessions to be engaging and inspiring, and that you have been able to take away real, tangible actions and next steps to help us advance together on this journey.
Lastly, I want to emphasize that it is our job to integrate citizenship into our collective business. This applies to Responsible Sourcing (Environmental Sustainability and Social Responsibility) as well as Supplier Diversity. We know that P&G operations is at its best when we collaborate and come together to solve our biggest dilemmas. As such, we count on all of you, to integrate Citizenship into your own business strategies, to take action and formulate a plan that you can track and measure. Thank you for coming alongside us to partner together to deliver transformational innovation that delights consumers and ensures that our superiority is done in a responsible and sustainable way for people and the planet.
As always, I thank you for everything you’ve done, and I count on your partnership to continue winning and growing together.
Chief Purchasing Officer
*See https://www.pginvestor.com/event for P&G's full Q322/23 earnings release issued April 21, 2023, the associated webcast presentation, definitions of non-GAAP measures and reconciliation to the most closely related GAAP measure, as well as cautionary information on forward-looking statements, which are based on current assumptions and subject to risks and uncertainties that may cause actual results to differ materially