Consumer Staples
Household & Personal Products
$414.56B
108K
Key insights and themes extracted from this filing
Net sales increased by 3% to $21.441 billion in Q4 2023 compared to Q4 2022, driven by a 4% increase in pricing. This demonstrates resilience despite unfavorable foreign exchange impacts and a slight decrease in unit volume. Organic sales growth was 4%, indicating underlying strength.
Net earnings decreased by 12% to $3.493 billion in Q4 2023, primarily due to a $1.3 billion non-cash impairment charge related to Gillette and an 8% increase in SG&A spending. This highlights the impact of one-time events and increased marketing expenses.
Gross margin improved by 520 basis points to 52.7% of net sales, primarily due to productivity savings and lower commodity costs. This positive development partially mitigates the negative impact of increased SG&A and the impairment charge.